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INCLUDING Railway & Industrial Section Bankers' Convention Section Bank St Quotation Section Railway Earnings Section NO. 2674 SATURDAY, SEPTEMBER 23 1916 VOL '3 Week ending September 16. The Throntrit• Clearings at Terms of Subscription-Payable in Advance $lo oo Jr One Year 6 00 a• Six Moloths 13 00 Anropean Subscription (including postage) (including postage) Fairopean Subscription six months 7 50 £2 14s. in London (including postage) .nnual Subscription (including postage) lls. Six Months Subscription in London $11 50 pustage) Canadian Subscription (including Subscription includes following Supplements RAILWAY RANK AND QUOTATION(monthly) ELECTRIC AND INDUSTRIAL(3 times yearly) RAILWAY(3 times yearly) (monthly) RAILWAY EARNINOS STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly) Terms of Advertising-Per Inch Space Transient,matter per inch space(14 agate lines) ()times) (Two Months i is rMAitlis r Th le o Standing Business cards §ix Twelve Months(52 times) -3D South La Salle Street, Telephone Randolph7396 CHICAGO OFFICE &Smith,1 Drapers' Gardens, R. O. LONDON OFFICE-Edwards m.381 gine $4 20 22 00 29 00 50 00 87 00 'WILLIAM B. DANA COMPANY,Publishers, Front, Pine and Depeyster Sta., New York. Published every Saturday morning by WILLIAM B. DANA COMPANY. Arnold G. Dana, Jacob Seibert Jr., President and Treas.; George S. Dana andof the Company. Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office CLEARING-HOUSE RETURNS. The folltr.vIng table, made up by telegraph, do., indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day week and $3,660,425,505 have he3n $5,333,290,719, against $5,232,866,879 last the corresponding week last year. Clearings-Returns by Telegraph. Week ending Sept. 23. Per Cent. 1916. 1915. New York Boston Philadelphia Baltimore Chicago St. Louis New Orlean.3 $2,768,553,154 151,966,833 222,414,214 30,059,980 354,350,792 97,949,809 25,068,198 $1,832,483,091 106,696,967 140,344,124 25,351,971 258,175,975 66,433,065 19,124,425 +51.1 +42.4 +58.5 +18.6 +37.3 +47.4 +31.1 Seven cities, 5 days Other cities, 5 days $3,650,362,980 750,003,461 $2,448,609.618 560,241,708 +49.1 +33.9 Total all cities, 5 days All cities, 1 day $4,400,366,441 935,924,278 $3,008,851,326 051,574,179 +46.2 +43.6 $5,336,290,719 $3,660,425,505 +45.8 Total all cities for week The full details for the week covered by the above will bo given next Saturday. We cannot furnish them to-day, clearings being made up, bx the clearing houses at noon on Saturday, and. hence in the above the last day of the week has to be in all cases estimated, as we go to press Friday night We present below detailed figures for the week ending with Saturday noon, Sept. 16,for four years: Week ending September 18. Clearings at 1916. I 1915. $ 3,231,537,322 1,958,889,471 New York Philadelphia _ _ _ 246,427,311 101,603,770 50,081,995 62,561,899 Pittsburgh 29,008,183 38,748,661 Baltimore 11,314,416 15,841,370 Buffalo 4,517,127 4,888,300 Albany 7,404,301 8,544,117 Washington _ 4,002,524 6,236,916 Rochester 2,762,848 3,289,097 Scranton 2,853,091 3,087,954 Syracuse 1,826,865 2,307,579 Reading 2,628,618 Wilmington 1,896,701 1,702,883 Wilkes-Barre _ _ 1,601,968 2,805,131 1,844,074 Wheeling 3,241,144 1,919,732 Trenton 982,743 846,166 York 1,485,692 1,070,477 Erie 600,000 546,250 Greensburg 888,900 725,200 Binghamton __ 1,303,492 989,135 Chester -----583,025 513,522 Altoona ----- 1,761,647 1,554,735 Lancaster 407,816 420,423 Montclair inc. or Dec. 1914. 1913. $ +65.1 1,112,512,149 1,840,626,435 +52.5 135,785,657 160,306,139 +24.9 49,800,985 51,583,752 +33.6 38,000,936 37,837,665 +40.0 12,016,901 13,084,843 5,685,134 +8.2 6,444,699 +15.4 6,788,798 7,164,687 4,514,626 +2e7.2 4,711,803 3,375,013 3,005,066 +19.0 3,060,221 +8.2 2,908,936 1,756,690 1,815,076 +26.3 1,669,794 1,903,143 +38.6 1,580,700 1,462,907 +6.3 1,955,016 2,297,643 +52.1 1,935,759 1,608,355 +68.9 +18.1 903,366 888,766 1,134,080 1,022,261 +38.8 +9.9 713,125 828,298 +22.5 686,700 649.000 +81.7 737,169 620,325 +13.5 607,992 672,184 +13.3 1,582,123 1,643,174 +3.1 408,147 391,081 Total Middle_ 3,644,874,314 2,249,080,377 +62.1 1,386,840,717 2,143,852,588 186,433,957 10,236,600 8,736,775 4,461,688 2,300,198 3,883,465 3,700,000 1,605,486 1,617,299 1,126,329 954,932 525,000 144,404,908 7,163,7c9 6,603,373 3,563,315 2,131,281 3,388,999 2,952,398 1,199,701 1,193,498 865,966 744,795 429,070 +29.0 +42.9 +32.3 +25.2 +7.9 +14.6 +25.3 +33.8 +35.5 +30.2 +28.2 +22 A 118,484,620 7,033,900 4,526,334 3,225,579 1,948,786 2,633,620 2,523,938 1,012,593 971,422 740,643 775,216 423,391 140,839,537 7,524,700 5,263,581 3,021,089 2,121,462 2,609,442 2,673,682 1,193,986 1,049,240 460,439 642,527 379,325 Tot. New Eng. 225.581,729 174,641,004 +29.21 144,309,042 107,779,010 -For Canadian clearings see "Commercial and Miscellaneous News." Note. I 1915. Inc. or Dec. 1914. 7. 1916. PUBLISHED WEEKLY. Boston Providence Hartford Now Haven Portland Springfield Worcester Fall River New Bedford Lowell Holyoke Bangor Electric Railway Section State and City Section i 1913. $ 406,030,191 325,815,261 +24.6 287,436,703 314,890,935 Chicago 26,021,250 22,817,800 27,056,850 +27.8 34,575,200 Cincinnati 24,815,138 25,562,748 34,228,038 +57.5 53,897,175 Cleveland 27,364,707 27,878,614 33,682,035 +53.1 51,569,930 Detroit 16,550,931 16,298,026 16,107,730 +45.1 23,365,041 Milwaukee 8,469,784 7,599,561 9,134,378 +29.6 11,839,919 Indianapolis _ _ _ _ 6,615,300 6,649,200 7,047,400 +42.2 10,022,200 Columbus 5,622,345 7,239,643 7,768,140 +36.8 10,626,480 Toledo 3,826,140 2,609,873 3,113,093 +12.4 3,500,000 Peoria 3,406,874 3,378,072 3,483,614 +37.3 4,783,083 Grand Rapids 2,775,136 1,968.932 1,999,144 +72.0 3,438,865 Dayton 1,135,325 1,192,674 1.854,841 +27.7 2,367,967 Evansville 1,194,079 1,177,204 1,163,497 +39.4 1,621,274 Springfield, Ill 1,211,353 1,235,378 1,280,600 +35.1 1,730,466 Fort Wayne_ _ _ _ 1,684,032 1,563,254 1,698,562 +91.9 3,259,661 Youngstown _ _ _ 1,350,000 1,581,844 1,910,718 +46.5 2,799,013 Canton 885.033 984,278 834,293 +35.7 1,132,389 Rockford 2,210,000 1,880,000 2,308,000 +89.6 4,370,000 Akron 855,569 860,025 825,865 +15.6 954,758 Quincy 709,048 652,629 700,782 +44.4 1,011,523 Bloomington_ _ _ _ 537,786 747,541 610,610 +5.1 642,706 Lexington 653,751 708,785 815,430 +15.1 938,243 South Bend 557,860 597,935 574,508 +27.9 734,838 Mansfield 487,316 462,679 557,800 +32.6 739,413 Decatur 729,738 788,048 1,052,484 +14.0 1,199,655 Springfield, Ohio 606,000 536,090 664,576 +50.7 1,001,702 Jackson 542,279 459,971 547,210 +28.0 700,000 Lima 485,872 495,191 514,253 ---1.0 509,131 Danville • 547,024 515,948 783,999 +43.4; 1,123,859 Lansing 264,575 281,389 293,719 +17.71 345,690 Jacksonville, DI159,686 182,489 201,876 +21.3 Ann Arbor 245,000 45,935 44,684 56,878 +33.5 75,716 Adrian 376.281 328,266 295.775 +36.9 404,338 Owensboro Tot. Mid.West. 641,555,426 488,981,759 +31.2 427,102,094 457,560,372 53,165.378 27,132,506 13,908,250 13,572,467 3,639,358 2,611,421 6,500,426 3,542,102 2,426,889 2,439,309 1,375,788 1,108,809 700,000 926,253 463,802 300,000 San Franclsco_ _ _ Los Angeles Seattle Portland Spokane Tacoma Salt Lake City_ Oakland Sacramento San Diego Fresno Stockton San Jose Pasadena North Yakima_ _ Reno Long Beach Total Pacific 85,847,697 30,376,600 18,204,436 15,169,571 5,276,014 2,568,244 11,158,494 5,423,688 2,629,769 2,302.602 1,613,327 1,498,075 1,082,010 1,051,499 580,933 558,074 672,083 186,013,116 60,656,579 22,385,827 13,474,880 12,191,694 4,060,000 2,145,012 7,300,000 4,196,898 2,469,216 2,181,735 1,419,916 1,238,578 781,816 798,435 488,226 397,363 578.571 136,754,746 +41.5 +35.7 +35.1 +24.4 +29.9 +20.7 +52.9 +29.2 +6.5 +5.5 +13.7 +21.0 +38.5 +31.7 +18.9 +40.5 +16.2 +36.0 52,963,991 22,566,745 13,865,724 11,950,982 4,265,744 2,427,890 6,281,574 3,793,013 2,419,685 2,083,275 1,451,660 1,178,121 850,821 750,992 465,700 303,650 560.396 128,179,963 133,812,758 Kansas City_ __ Minneapolis _ --Omaha St. Paul Denver St. Joseph Duluth Des Moines Sioux City Wichita Lincoln Topeka Davenport Cedar Rapids_ _ Fargo Colorado Springs Pueblo Fremont Waterloo Helena Aberdeen Hastings Billings Total 0th.West 106,194,159 30,845,698 27,539,011 13,178,449 14,673,022 9,872,668 7,887,023 6,329,446 4,553,575 5,651,338 3,226,971 1,895,143 2,132,948 1,817,101 1,813,806 1,055,608 660,228 537,566 1,829,482 1,607,914 983,366 422,725 600,000 245,317,250 75,556,782 28,598,269 20,503,260 11,780,510 9,825,454 7,404,222 8,510,302 5,671,317 3,514,769 4,036,139 2,471,660 1,481,296 1,450,266 1,717,674 1,396,151 777,472 355,713 420,991 1,618,568 1,208,680 770,047 213,116 450,000 189,712,i 6S +30.3 +7.9 +34.3 +11.9 +49.3 +33.3 -7.3 +11.6 +29.8 +40.0 +30.9 +29.7 +47.0 +5.8 +29.9 +35.8 +85.8 +27.7 +13.0 +33.0 +27.7 +98.3 +33.3 +29.3 71,577,105 32,188,750 18,872,239 10,489,076 9,782,379 5,500,433 9,312,124 4,954,330 3,183,168 3,874,528 2,221,715 1,708,121 1,474,419 1,600,000 1,318,456 720,333 685,776 367,263 1,367,416 1,386,552 704.026 361,284 440.615 184,090,588 56,781,802 33,080,854 18,088,771 10,277,523 8,764,967 7.101,415 8,796,953 4,987,086 3,442,698 3,466,204 1,968,125 1,582,665 1,588,009 1,700,000 530,505 673,011 642,411 313,776 1,412,373 1,426,192 412,380 185,899 507.06A 167,730,481 St. Louis New Orleans_ _ _ _ Louisville Houston Galveston Savannah Richmond Fort Worth Atlanta Memphis Nashville Norfolk Augusta Birmingham _ _ Knoxville Chattanooga Charleston Mobile Jacksonville Little Rock Oklahoma Macon Austin Vicksburg Jackson Tulsa Muskogee Meridian 107,155,654 25,119,144 16,586,193 14,292,782 6,214,234 9,871,303 18.557,222 9,470,583 21,582,254 8,334,897 7,662,627 3,970,817 3,811,981 2,675,308 2,207,126 2,407,925 1,832,712 1,125,473 2,500,000 3,305,341 4,969,124 7,284,401 2,800,000 283,139 461,385 3,478,021 1,402,798 362,600 79,111,711 +35.4 19,250,958 +30.5 15,323,349 +8.2 10,092,554 +40.6 4,874,403 +27.5 6,148,597 +60.6 9,816,846 +89.0 7,181,567 +31.9 13,675,617 +57.8 4,399.152 +89.5 7,233,034 +58.5 3,336,005 +19.0 1,687,267 +116.6 2,284,434 +17.1 1,842,527 +19.8 2,277,787 +57.1 1,680,698 +9.0 1,200,824 -6.2 2,464,570 +1.4 1,938,549 +70.5 2,097;300 +136.9 3,333,503 +118.5 1,815,204 +54.3 242,820 +16.9 337,476 +36.8 1,532,266 +127.0 889,444 +57.7 318,300 +13.9 70,771,158 14,965,997 11,322,630 7,931,899 3,441,317 3,403,128 7,985,100 6,533,984 11,313,385 4,929,237 6,087,291 3,743,879 1,366,882 2,350,831 1,884,813 2,173,132 1,356,478 1,050,000 2,687,296 1,934,300 2,398,863 3,079,198 1,789,271 190,717 328,697 1,609,101 876,895 76,600,506 17,967,035 12,224,017 11,622,404 3,838,000 7,732,804 7,988,038 8,605,420 13.473,336 5,980,123 6,554,151 3,575,343 2,331,338 2,831,472 1,821,573 2,284,520 2,282,413 1,300,000 2,852,259 1,961,416 1,711,248 3,970,334 1,693,086 218,970 334,393 1,335,845 865,131 Total Southern 289,525,044 206,366.763 +40.3 177,485,479 203 414,975 5,232,866,879 3,445,537,30/ +51.3 2,448,007.383 3,274,650,184 Total all Outside N. Y_1,998,32g,557 1,486,647,836 +34.4 1,335,495,2341,434,023,744 1064 THE CHRONICLE [vol.. 103. raising revenue ought to be left entirely to the States, THE FINANCIAL SITUATION. except in extreme emergencies such as the existence The session of Congress which recently adjourned of war. The country is not now engaged in conflict will remain distinguished for many things, but for with any foreign nation, and yet, under the new none more than for the load of additional taxes that revenue law, it will take varying percentages of a it has imposed upon the suffering taxpayers. The decedent's estate, depending upon its size, running doubling and trebling of the income tax, the imposi- all the way from 1% to 10%. The 10% rate applies tion of a Federal inheritance tax on a sliding scale only upon the amount by which an estate exceeds at rapidly ascending rates, and the levying of a spe- $5,000,000. Even on amounts running from $1,cial license tax upon corporations, as well as a number 000,000 to $2,000, 000, however, the Government will of other special taxes, are a few of the new tax meas- levy a toll of 6%. The levy will be upon the value ures for which it will always be able to take credit. of the estate as a whole, and not on the value of the We do not believe there ever was another Congress individual bequests. A man might leave an estate so bent on spending money, so lavish and reckless'in worth $2,000,000, divided up among ten beneficiamaking appropriations and so indifferent to appeals ries,giving each one no more than $200,000,but the for economy and saving. Hundreds of millions of Federal Government will first take its percentage dollars have been voted in the name of a prepared- on the value of the whole. ness program which is as much a sham as it is a shame. It should also be remembered that this Federal inOther millions have been appropriated to pay for heritance tax will be in addition to the State inherithe President's blundering in Mexico. The wisdom or tance taxes, which vary widely in the different States propriety of the additional tax burdens seems to but are not light in any of them. In this State the have concerned no one. With an income tax ready inheritance tax law was revised at the recent session to hand capable of yielding large extra sums by the of the Legislature. Here the maximum rate is simple process of raising the rate of the tax, with a reached at much lower figures. The tax is based on Federal inheritance tax offering another device of the value of the bequest and not upon the entire the same kind, with a munition manufacturers' tax estate. On amounts in excess of $200,000 the State available for producing other large sums, Congress takes as high as 8% in some cases. Adding this to has gone ahead on the theory that the raising of the the 10% exacted as a maximum by the Federal huge sum required to defray its unparalleled budget Government, makes altogether 18% that governof expenditures could be made both easy and popular. ment, State and national, will take in certain extreme We flatter ourselves in this country that after the instances. In war times this may be all right, but great war in Europe shall be brought to a close we to exact such large levies in peace times certainly will occupy a position of immense superiority over does not make for financial preparedness. In brief, the impoverished countries of Europe, which will we are availing of sources of revenue that ought to be staggering under the load of indebtedness and be left entirely for periods of dire necessity. Accordtaxes growing out of the war, but we deliberately go ingly, when these latter arrive our extra sources of ahead and by rapid steps load ourselves up with revenue will be correspondingly cut off. In the added burdens, without for a moment considering meantime, our yearly expendit ures are already on a that to the extent this policy is adhered to we will plane that ought to be tolerate d only when we are be throwing away the very advantages that we are at war with another country . relying on with so much confidence to count in our As indicating the prevailing tendency to be liberal favor. When President Taft urged the amendment with the people's money, irrespec tive of the effect to the U.S. Constitution conferring express authority on taxes, we note that a section in the new revenue upon Congress to levy an income tax, the strongest bill (Section 413) provides "that all internal revenue point in favor of the proposal was that it was desir- agents and inspectors be granted leave of absence with able that the legislative body should have this means pay * * * not to exceed thirty days in any of raising large sums of money in case the country calendar year." No doubt these Federal officials think should become involved in war with foreign nations. they are underpaid and overwor ked and deserve speIt was never supposed that an income tax on cial consideration, but in ordinar y business life the individuals would be levied in peace time. But work which they do would be considered extremely Congress no sooner obtained the power sought than light, and the need of a full month's vacation each it availed of it. It began by levying a primary rate year be deemed by no means obvious. of 1% with surtaxes on large incomes. Now, less than three years after the enactment of the first Along with the major taxes the new revenue bill income tax, the primary rate is doubled and the sur- levies some petty taxes the collecti on of which is taxes also raised. likely to prove vexatious and to raise some nice quesUnder the new law the surtaxes have been in- tions. For instance, it is provided that every corporacreased until on sums in excess of $2,000,000 the tion, joint-stock compan y or association, having a Government will appropriate 13% of the amount. capital stock represented shares, by shall pay annually With the primary rate of 2% added, this makes alto- a special excise tax "equivalent to 50 cents for each gether 15% that the Government will appropriate $1,000 of the fair value of its capital stock, and in to its use in the case of such incomes. The objection estimating the value of capital stock the surplus and to this is, not that the fortunate possessors of such undivided profits shall be include d." It is provided, large incomes will not be able to bear the burden, furthermore, that "the amount of such annual tax but that in peace times we are making these large shall in all cases be compute d on the basis of the fair levies and correspondingly exhausting the power to average value of the capital stock for the preceding provide new means of revenue [should the country year." The question that will come up to unfortunately become involved in war. plague Treasury officials is what is meant by The same objection holds good against a Federal "the fair average value" and how is it to be deterinheritance tax. Inheritance taxes as a means of mined? 6E1'E. 23 1916.] THE CHRONICLE In the case of the corporations whose stock is actively dealt in on the exchanges the market price might be accepted as meeting the requirement, though. the law does not say fair "market" value but merely the "fair value" and the "fair average value," but in the case of the thousands of private corporations whose shares are never quoted anywhere, and the value of which rests largely on conjecture and would be a problem even for insiders to fix, how is the Government to proceed in undertaking to make its assessment for the purpose of levying the tax? This is likely to be a puzzle for some time to come. Of one thing, however, the business man may be sure. Already pestered nigh unto death with Government inquiries of one kind or another, failure to comply with which carries heavy penalties, he will now receive more 'sets of blanks and be called upon to furnish a lot of additional information about his business. That the world's wheat production for 1916 has fallen some 20% under the yield for 1915 is indicated by the investigations of the London "Grain, Seed and Oil Reporter," the recognized organ of the grain trade in Great Britain, and is amply confirmed by advices from the International Institute of Agriculture, according to cables from Rome. With harvesting practically at an end in much the greater part of Europe, the "Reporter" has been able to secure more or less reliable data for its usual annual estimate which has now been made public, and shows a falling off from the previous year of a little over 800 million bushels. The estimate, as announced, is only 446,500,000 quarters (3,572,000,000 bushels), and it includes all wheat producing countries except Mexico, Turkey and Persia, the combined yield of which does not reach 100,000,000 bushels. The foregoing total compares with no less than 547,800,000 quarters (4,382,000,000 bushels) last year, 456,500,000 quarters (3,652,000,000 bushels) in 1914, and is the smallest production since 1908. The results as regards Europe are segregated under.three headings, the Entente countries forming one group, the Central Powers another, and neutrals the third, and it is thus indicated that the shortage in. production in the first group, as compared with 1915, is 78,400,000 bushels, and in the second only 2,400,000 bushels, while the neutrals exhibit a gain of 15,200,000 bushels. For the whole of Europe (including all of Russia) an outturn of 2,031,000,000 bushels for 1916 is figured, against 2,097,000,000 bushels in 1915, or a falling off of 66,000,000.bushels. This decline would possess no especial significance were it not for the fact that elsewhere in the world 1916 has been a poor wheat year, reducing in some cases and eliminating almost entirely in others the exportable surpluses upon which Europe relies to make up the home deficiency. The United States, as was shown recently, is set down for only 612 million bushels this year, against 1,012 million bushels•in 1915. Concurrently, the Canadian crop is put at 200 millions, against 384 millions, and, allowing for decreases in Argentina, Australasia and India, the "Reporter" totals up the new supply from outside of Europe at only 192,600,000 quarters (1,540,800,000 bushels), against 285,700,000 quarters (2,305,600,000 bushels) last year. It is this marked shortage in production that is the feature of the situation, particularly as it is coincident with a falling off in other grain crops. 1065 Referring to this phase of the situation, the English authority remarks that the indicated surplus of the exporting countries, excluding Russia and Rumania, is unusually small, amounting to only 20,000,000 quarters (160,000,000 bushels), against the estimated world's import requirements, excluding Germany and Austria-Hungary, of 67,000,000 quarters (536,000,000 bushels). Fortunately, it further says, the world's reserves of old wheat amount to 35,000,000 quarters (280,000,000 bushels), making the total surplus 75,000,000 quarters (600,000,000 bushels) as Russia and Rumania probably hold altogether a surplus of 40,000,000 quarters (320,000,000 bushels), which, however, is unavailable until the Dardanelles are reopened. The National Association of Cotton Manufacturers' convention, held at New London, Conn., Sept. 14 to 16, inclusive, although less largely attended than recent previous assemblies of the kind, was, nevertheless, one in a long series of semi-annual meetings at which much of an instructive and interesting nature has been presented in addition to the usual complement of. papers of a more or less technical character. Labor, naturally, came up as a subject of d scussion and debate, especially after the recent action of Congress on the so-called eighthour day for railway trainmen, but the convention avoided any direct action in the form of censure inasmuch as the officers of the organization had already addressed the President and Congress, expressing disapproval of the measure, and had communicated with the various railroad presidents approving and supporting their stand. The convention was particularly interested in a paper on "The Revolutionary Trend of Foreign Labor," presented by D. Chauncey Brewer, President of the North American Civic League, which, after very clearly depicting the unfavorable side of the subject, due as much to the surroundings in which most of the immigrants find themse ves upon their arrival as to the ideas and characteristics inherent in themselves, suggested possible effective remedies. Summarised, the remedies seem to resolve themselves into a policy of conciliation toward the immigrants and bringing them to understand that those who employ them are interested in their welfare. Outside of the regular sessions of the convention, labor was also a subject of considerable discussion among those in attendance at the meeting, and it was brought to light that many leading men in the cotton-manufacturing, industry are deeply concerned over the scarcity of help, due to the lack of immigration. In fact, the shortage of labor is said to have reached serious proportions in some localities. In discussing in our issue of Sept. 9 the statistics of mercantile failures for August we named some of the larger disasters for the month, and included the Humptulips Logging Company of Aberdeen, Washington in the list. This last we learn was an error. The President of the company has sent us an indignant telegram saying that the report as to his company is wholly without foundation and denying most emphatically that there is the remotest warrant for the statement. We are sorry to have been misled in the matter and deeply regret, it is needless to say,having given publicity to the unfounded report. 1066 THE CHRONICLE Greece has not yet formally entered the war, its position still being one of uncertainty. The new Cabinet which was formed last week has not been recognized by the Entente Powers, it being under suspicion. At the moment the Cabinet is credited with the desire to declare that Greece is willing to abandon neutrality, stating at the same time that two months will be necessary to prepare the army for that event. Whether this method of gaining time will succeed remains to be seen. Meanwhile, former Premier Venizelos, who has been questioned by press representatives at Athens as to the truth of repeated reports that he is going to Saloniki to place himself at the head of a temporary revolutionary government, is quoted in press dispatches from Athens as saying that he cannot answer now, but must wait a brief time and see what the Government proposes to do before deciding on the course it will be best to adopt in the event that Greece does not enter the war. Continuing, he said: "As I said on Aug. 27, if the King will not hear the voice of the people, we must ourselves devise what it is best to do. I do not know what that will be, but a long continuation of the present situation would be intolerable. Already we have suffered all the agonies of disastrous war while remaining neutral." A revolutionary provisional government has been set up on the Island of Crete, according to unofficial advices, which add that a committee of revolutionists is to be sent to Saloniki. The London "Times" yesterday, urging sterner methods by the Entente in Greece, says: "The new Greek Cabinet is a collection of puppets and intriguers, whose position would be merely ludicrous were it not fraught with danger to their country and embarrassment to the Allies. They have been called to office for the sole object of thwarting the Entente. "It is notorious that these men are hostile to the Allies, that they desire the victory of our enemies, that their underhand manoeuvres against us are limited only by their fears. "We must end this state of affairs, which dail3r becomes more dangerous to the interests of the Entente." A Greek note to Germany contains a very firm demand that the Greek troops seized by the Germans at Kavala be brought to the Swiss frontier in order that they may be conducted to a Mediterranean port, from which they will be taken to Greece. The military operations on the various battlefronts in Europe continue, as a whole, to favor the Entente Governments. Even in the Dubrudja district where German, Bulgarian and Turkish troops under Field Marshal von Mackensen have been until now successfully invading Rumania, a severe check has been reported in official statements from Bucharest. A great battle which was the climax of von Mackensen's swift campaign in the Dubrudja district immediately after the declaration of war by Rumania, began on Sept. 15 and ended, says Rumanian headquarters, on the 20th. Russian reinforcements were brought up and a strong line was hastily fortified. This extended along the front of Rachova Txopadin Tuzla—running from the Black Sea to the Danube just south of the ancient double ramparts known as Trejan's wall, which begin at Constanza on the sea and run westward to the river. That the six days' battle was a sanguinary one is indicated by the various official statements, which tell of the intensity of the fighting that con [VOL. 103. tinued without cessation. Berlin, however, denies that Mackensen has been defeated, declaring that severe fighting is still going on along the whole Dobrudja battle front. A German submarine sank an enemy transport in the Mediterranean on September 17. On the western front, notwithstanding the heavy rains that are seasonal in September, the British and French forces have secured noteworthy gains. Official advices a week ago told of an advance by the British forces which is described as the most notable since the AngloFrench offensive began on July 1. As the result, three towns, two woods and the possession of nearly all the high ground between Combles and the Pozieres Bapoume road fell to the British, seriously imperiling the Combles and Theitval positions of the Germans at either end of the British front. The high ground that was gained at the North of Combles gave the British a better command of the approaches to Bapaume. The advance on the northern end of the front was for a distance of two miles. Aiding the British in the encirclement of Combles the French took possession of additional trenches of Le Priez farm. In continuation of their offensive, German positions exceeding four miles in length were captured on Saturday night and Sunday by the British and French armies north and south of the Somme River in France. Heavy counter attacks were repulsed. The advance of the British straightened out the salient that had projected into their lines between Theitval and Curcelette. In an attempt to regain part of their lost territory the Germans on Wednesday, despite the bad weather, made violent counter attacks against the French over a three mile front in the region of Priez farm and Bouchavesnes, north of the Somme. In mass formation they threw attack after attack along the line from nine o'clock in the morning until dark. At the end of the day French positions were everywhere intact, the enemy having been driven back from all points where thay had made temporary gains. On the Eastern fronts, in Russia and Galicia, both Berlin and Vienna report the repulse of heavy Russian attacks in the Lutsk sector of Volhynia and southeast of Lemberg. In Galicia local, successes for the Russians in the Carpathians are conceded by the Teutonic Allies, who say, however, that on the whole the Russian attacks in this region were repulsed. In Transylvania the Austro-Hungarians seem for the moment to have checked the Rumanians, who are invading the territory and have driven them back to the Transylvanian Alps. The town of Petroseny and the Szurduk Pass, through which they entered Transylvania, have been recaptued from them. Along the Stokhod River the Germans seem to have assumed the offensive against the Russians, but have been completely repulsed, according to Petrograd. In Macedonia on the extreme western wing the Entente forces have pushed their way three miles northwest ofPisoderi,according to Paris. Hard fighting for the Kaimackcalan plateau on the Greek-Serbo border northwest of Bodena is in progress, niether side having as yet been able to advance. Except for the repulse by the Italians of an Austrian attack south of Villanova on the Carso front, there have recently been only bombardments in this region. In Macedonia French troops have captured the town of Florina, Greece, from the Bulgarians, who are reported by Paris to be retiring in disorder northwest in the direction of Monastir. hi the Lake Ostrovo SEPT. 23 1916.] THE CHRONICLE region and near Cerna the Serbs have gained additional ground. All of Germany's ports in East Africa now are in the hands of the British, Lindi and Mikindani having been evacuated. In addition, the Germans have been driven from the Uluguru hills, and a juncture has been effected by the British'troops near Kissaki. A captured document signed by General Von Falkenhayn, while Chief of the Kaiser's General Staff, dated Aug. 24, contains the following statement which is considered highly important by the military authorities of the Allies: "The wastage of guns in the last few months has been considerably.in excess of production. The same is true of the ammunition in our reserves, of which there has been a serious diminution. It is the duty of all ranks—not only in the artillery—to endeavor to remedy this serious state of things. All ranks must make a most serious endeavor to assist in the preservation of material as indicated above, for otherwise making good the losses and placing new formations in the field will be rendered impossible." 1067 At a time when the Mexican Commissioners at the New London conference are insisting upon the withdrawal of American troops from Mexico as the first necessity for a settlement of the border dispute, news comes of a new attack and victory by troops led personally by Francisco Villa on Chihuahua City. The bandit chief is understood to have later evacuated the city, taking with him more than 2,000 recruits, ten cannon, many machine guns, hundreds of rifles and nearly all the ammunition stores in the principal depots. It is reported that the bandit has 5,000 men. Carranza's troops are said to be pursuing him. It is hardly likely that much further progress will be made at New London until additional information of a definite character in regard to the Chihuahua attack becomes available. Juan T. Burns, Mexican Consul-General in this city, received a telegraph message to-day from General Jacinto D. Trevino, commander of the northern military zone of Mexico, denying that Francisco. Villa had captured the city of Chihuahua. The , message is dated on Thursday from Chihuahua City and indicates the restoration of communication with the United States. General Trevino asserts the Villistas were completely defeated and predicts the speedy destruction of the band that attacked Chihuahua. Some light upon the French attitude toward peace is shed by a report of a meeting of the French Chamber of Deputies on Tuesday at which M. RouxCustadau asked Premier Briand to see to it that there was not only unity of action on all fronts by the Allies but also proportionate effectives. Premier Briand, in reply, declared that it was unjust to throw The London markets for securities have settled doubt on the efforts of the Allies in such a sacred down to await military and naval developments. cause. England, ho said, had never said "No" to There appears no widespread expectation that peace any demand for aid. Italy had made the utmost will develop within a year. Market operators anefforts she possibly could, considering the difficulties ticipate no important activity until definite indicaof the mountainous theatre of war in which she was tion of the termination of hostilities is in sight. A operating. Russia had sent to France her soldiers suggestion of the current feeling is contained in a from across the world. "To-morrow," continued petition that has been presented to the Stock Exthe Premier,"you will see this joint action expanding change Committee for a continuance of the Saturday still more." Replying to another speaker, M. Bri- holidays during the month of October. This cerzon, the Premier said: "M. Brizon has suggested tainly indicates that members of the Exchange that it is possible for the President of the Council to count upon a continuance of inactivity. The Stock bring the war to an end. That is the idea he is Exchange Committee, however, has refused to trying to propagate, and it is my duty to destroy this grant the petition. Influential pressure still propaganda. Your country, Monsieur Brizon, has is being exerted, however, to secure a reversal a splendid past, which should make you love her. of the ruling. Some degree of weakness has This country was seized by the throat after her been shown in gilt-edged securities which, as one assailant had passed over the bleeding body of Bel- London corresponden t cables, "marks another outgium. To this country, which has the honor to be burst of pessimism regarding the duration of the the champion of right and which has poured out its war." There has been less doing, too, in steamship blood in floods, you say: 'Stop the war; negotiate circles. The annual report of the Prince Line for peace.' * * * If peace were made now it the year ended with June shows profits of £495,000. would be a peace of war and a menace to future Of this £250,000 was placed to the reserve account generations. The treacherous blow Germany tried for protection of the company's trade; also £50,000 to strike failed, but would be tried afresh. For forty- to general reserve. A dividend of 30% is announced, four years your country worked with a wound in her against 19% last year. Furness, Withy & Co., Ltd., side. There already gleams on her forehead the control the Prince Line, putting two directors on aureole of prestige and glory. If you wish the ideals the board, but so far, it is stated, they have made of justice to triumph, pray ardently for victory. no offer for the minority stock. On the other hand, Otherwise there would be a peace humiliating and towards the close of the week home railway securidishonorable and such as no Frenchman could desire." ties took a sharp turn for the better in response to the news that a compromise had been effected with railAdvices cabled from Peking state that the Chinese road labor whereby an increase in the bonus had been Minister of Finance on Thursday formally asked the arranged in lieu of the higher wage scale that had Quintuple group of bankers for a $50,000,000 reor- been demanded under threat of a widespread strike. ganization loan on the security of the salt monopoly In this the English authorities may be credited with surplus. The Quintuple group is composed, the dis- having exercised much greater tact than was the case patch says, of representatives of American, British, in our own country when a short time ago we witRussian, French and Japanese financiers. The news nessed the humiliating spectacle of our national from Peking is a surprise to bankers in this city who Executive and both Houses of our national Legisin the past have been prominently identified with lature rushing through, under an anarchistic threat Chinese financing. of a nation-wide strike, an ill-considered piece of legis.. 1068 THE CHRONICLE [voI, 103 it is lation providing ten hours' pay for eight hours' a report assigning the reasons for the extension, that of 4,480,000,000 francs of paper money stated work. beginning Whatever pessimism may exist in London as to the benefited by the moratorium since the rate, no of the war more than 3,000,000,000 francs has been duration of the war, there seems, at any difference of opinion that the final result will favor paid voluntarily. the Allies. This unanimity may be credited with It is reported unofficially by way of Geneva that full responsibility for the firmness of undertone that Emperor William, attended by Chancellor von Bethhas been reported from the British centre. There lweg and Field Marshal von Hindenburg, seems to have been this week a significant easing in mann-Hol Chief of Staff, will open in person the session of the the money situation there. The revenues of the , which convenes on Sept. 28. A coalition United Kingdom last week were £6,677,000 and the Reichstag nt for the Empire is urged by the Berlin expenditures £27,464,000. Outstanding Treasury governme t" in a long leader by Hans Sivkoich, a bills were increased net by £20,602,000, bringing "Tageblat member of the Reichstag: the total outstanding very close to £950,000,000. "Never since the beginning of the war," he writes, The sales of Exchequer bonds for the week were with such tension £5,165,000. The easier tone in money seems to be "has the German people awaitedng meeting of the in con- and apprehension the forthcomi in line with the policy of the British Treasury Reichstag. The period since the last meeting has nection with war financing of a more permanent brought us successes, but also many difficulties, character. This, sooner or later, must be entered military setbacks, and new enemies. upon, although it is being fought off as long as "After two years of fighting, bloodshed, and selfof the obligations it will entail of denial, the peace for which every heart longs is still possible because lust of higher rates for the war loans already outstanding. at an immeasurable distance. The fighting the enemy has been revived by Russian successes and The Government's revenue returns, on the other the entry of Rumania. The whole people stand at hand, are the source of much encouragement, the the gate waiting and asking. figures thus far showing that, after allowing for all "The Reichstag leaders will have to listen to possible expansion in the debt to the end of the fiscal speeches stronger than ever on the events of the year, Mar. 31, all interest on public indebtedness will last few weeks. Therefore, it were wise to consider be met out of revenue with many millions of pounds carefully whether the leaders of all our great parties to form a coalition to spare. French Treasury bills amounting to should not be called together Ministry." £2,000,000 maturing in October are being renewed The German Ambassador to the United States, in London on a 63/2% basis. It is not yet known offered Count von Bernstorff, has addressed a communicawhether the new French loan will be formally Lansing informing the in London, no official statement having yet been tion to Secretary of State Government would conoffered by the British Treasury. If it should be Secretary that the German any loan to Belgium negotiated formally offered it will compete with other loans; sider null and void in the United States with Belgium's railways as sebut if not offered, British investors will be unable to previous consent of Germany during subscribe freely in Paris because the exportation of curity without there that country's occupation of Belgium. We give British capital is being discouraged. Recently announcement regarding the has been heavy buying of large lines of English bank Secretary Lansing's page. The Secretary's announceacceptances by American banks. The supply was so matter on another for the protection and information was intended 4 light that these bills were obtainable only at 53 % ment and holders of Belgian railway 4 months and 55 % for six months maturi- of American bankers for three securities. Nothing seems to be known in New York 1 ties, in each case 4% below the rate at which here in connection with the loan. Treasury bills were offered. An Associated Press correspondent in Berlin, reexist in GerSubscriptions to the new French war loan which ferring to business conditions as they of the third year of the war, is to be unlimited in amount will be received in many at the beginning been light for some weeks, Paris between the dates of Oct. 5 and Oct. 29, both states that trading has but that was chiefly due to certain restrictions inclusive. The issue will bear 5% and will be offered in June to at 87.50 francs for cash, or 88.75 francs in install- adopted by the Managing Committee be in cash with sub- check what was regarded as an excessive amount of ments, of which 15 francs shall a great wave of scription 23.75 francs on Dec. 16 and 25 francs each speculation. Throughout the spring n was in progress, due partly to option Feb. 16 and April 16. It is announced that bull speculatio but still more National Defense bonds and 3% rentes are accept- mistic views of the military situation, Finance to the fact that industrial companies were then pubable in payment. The French Minister of le in announcing the loan in the Chamber of Deputies lishing their annual reports showing considerab be exempt from tax and increases in dividends. There is a big demand for explained that it would and iron industries, in would be identical with the "rente perpetuelle" skilled laborers in the coal all descriptions, in the chemissued in 1915. Beginning with Jan. 1931 .the loan machine shops of almost ng. In some of may be paid off either in one transaction or in in- ical trade, and even in shipbuildi these industries production is necessarily restricted stallments. The Minister recalled the success of the numbers preceding issue, which he said had always remained by reason of the scarcity of laborers. Large at the present time of the 1,650,000 prisoners of war have been put to above the issue price and was and this has tended to about 3 points higher. The imminence of the new work in various capacities, these ffien fall, loan has recently been the source of weakness on the relieve the pressure for help. Most of category of unskilled labor, this Paris Bourse, bank stocks, railways, Suez Canal of course, under the who conshares, copper stocks and war industrials all sharing being especially the case with the Russians, the great majority of prisoners. in the weakness. By a decree published in the stitute Railway traffic indicates that the volume of busi"Journel Officiel" on Wednesday, the moratorium another three months. In ness keeps remarkably close to the standard set bein France is extended for SEPT. 23 1916.] THE CHRONICLE fore the war began, despite the great shrinkage in shipments for or from the foreign trade. The same thing is indicated by the clearing house receipts, but in a less marked degree. While the Bourse is officially closed, trading still goes on, but without the publication of a quotationl ist, and this trading reflects a considerable degree of German confidence. Official Bank rates at the leading European centres continue to be quoted at 5% in Paris, Vienna and Copenhagen; 532% in Italy, Sweden and Portugal; 6% in London and Petrograd, and 432% in Switzerland, Holland, Spain and Norway. In London the private bank rate has remained at 532@58% for sixty-day and ninety-day bills. Cables from Berlin still give 43'% 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 learn. Money on call in London is quoted at 432%. The rate of discount of the Bank of Bengal was raised on Monday from 5 to 6%. The Bank of England in its weekly statement recorded a further decline in its gold item of £116,583. Note circulation decreased £148,000; hence the total reserve was increased only £32,000. The proportion of reserves to liabilities was lowered to 23.57%, against 23.80% last week and 25.06% a year ago. Public deposits were decreased £6,154,000, while other deposits increased £7,802,000 Government securities remain without change. Loans (other securities) registered an expansion of £1,643,000. The Bank's gold holdings aggregate £54,579,370, as compared with £62,900,176 in 1915 and £51,473,059 the year preceding. Reserves now stand at £37,056,000, against £49,727,541 last year and £35,920,299 in 1914. Loans amount to £96,102,000, which compares with £135,676,805 and £110,732,658 one and two years ago, respectively. The Bank reports as of Sept. 16 the amount of currency notes outstanding as £120,450,887, against £120,306,198 a week ago. The amount of gold held for the redemption of such notes remains at £28,500,000. Our special correspondent is no longer able to give the details by cable of the gold movement into and out of the Bank for the Bank week, inasmuch as the Bank has discontinued such reports. We append a tabular statement of comparisons: BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1916. 1915. 1914. 1913. 1912. Sept. 20. Sept. 22. Sept. 23. Sept. 24. Sept. 25. 35,972,000 Circulation 52,992,000 Public deposits_ _ 104,185,000 Other deposits Govt. securities.. 42,187,000 Other securities_ _ _ _ 96,102,000 Reserve notes dr coin 37,056,000 Coin and bullion__ - 54,579,370 Proportion of reserve t liabilities 23.57% Bank rate 6% 31,622,635 108,733,385 89,645,537 31,313,057 135,676,805 49,727,541 62,900,176 34,202,760 28,672,610 125,287,316 25,682,087 110,732,658 35,920,299 51,473,059 28,659,210 10,238,555 41,967,787 12,453,405 27,614,699 30,472,664 40,681,914 28,828,140 16,869,991 44,040,546 13,367,655 34,570,252 31,315,104 41,693,244 25.06% 5% 23.35% 5% 58.34% 4% 51.39% 4% The Bank of France in its return this week reports a further increase in its total gold holdings of 5,123,725 francs. A cablegram from our special correspondent, however, advises us that the gain is wholly in the total, and that the amount of the metal in vault has been heavily reduced. This results from the fact that the total includes gold held abroad as well as at home, and that during the week a further large amount has been transferred to other centres. In other words, the amount of gold standing to the credit of the Bank abroad has been raised from 573,773,875 francs to 674,553,075 francs, an increase of 100,779,200 francs, while the gold held in 1069 the vaults of the institution itself has fallen off from 4,247,825,675 francs to 4,152,170,200 francs, or 95,655,475 francs. The aggregate holdings at home and abroad during the week increased from 4,821,599,550 francs to 4,826,723,275 francs. Last year the total gold held (all in vault) amounted to 4,500,073,850 francs, and in 1914 to 4,141,350,000 francs. The gold holdings abroad have been increased from time to time since June 8 1916, when the Bank of France first began to show amounts so held. On the date named (June 8 1916), the amount was reported as 69,182,975 francs. From this there has been an increase to 674,553,075 francs. This balance, Yves Guyot explains in a dispatch from Paris to the New'York "Tribune," represents "gold contributed by France to the Allied gold pool held in the Bank of England for the common use of all the Allies in the purchase of munitions, chiefly in the United States. * * *" "Of course," he explains, "all will be paid back to the Bank of France after the war, but in the meantime it is evident that France's contribution to Allied war finance is not quite the negligible quantity it has often been represented in some quarters." The amount of gold held by the Bank itself has been reduced since June 8 1916 from 4,676,061,938 francs to 4,152,170,2.00 francs, a decrease of 523,891,738 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 Sept. 21 1916 of 81,478,362 francs, or from 4,745,244,913 francs to 4,826,723,275 francs. In the following table we show the changes, week by week, in the gold reserve of the Bank from June 8 1916 to date: GOLD RESERVE OF THE BANK OF FRANCE. In Bank. • Week ending-- Francs. June 8 4,676,061,938 15 4,580,401,022 22 4,586,811,159 29 4,492,201,097 July 6 4,498,645,443 13 4,504,487,355 20 4,509,222,283 27 4,515,457,548 Aug. 3 4,522,135,934 10 4,426,380,856 17 4,430,175,672 24 4,335,172,029 31 4,238,958,200 Sept. 7 4,243,545,800 14 4,247,825,675 21 4,152,170,200 Abroad. Francs. 69,182,975 170,107,636 170,107,636 271,055,668 271,055,668 271,055,668 271,055,668 271,055,668 271,055,668 371,965,271 371,965,271 472,885,788 573,773,875 573,773,875 573,773,875 674,553,075 Total. Francs. 4,745,244,913 4,750,508,658 4,756,918,795 4,763,256,765 4,769,701,111 4,775,543,023 4,780,277,951 4,786,513,216 4,793,191,602 4,798,346,127 4,802,140,943 4,808,057,817 4,812,732,075 4,817,319,675 4,821,599,550 4,826,723,275 The silver item during the past week decreased 238,000 francs. The total of silver now on hand is 340,264,000 francs, against 366,155,920 francs last year and 625,325,000 francs the year preceding. Note circulation registered the large increase of 50,792,000 francs, while general deposits were expanded 34,257,000 francs. Bills discounted decreased 10,017,000 francs, as did also Treasury deposits, which suffered a loss of 83,257,000 francs, although the Bank's advances gained 3,087,000 francs. Note circulation is now 16,653,451,000 francs, against 13,309,595,795 francs the year previous and 6,683,175,000 francs in 1914. General deposits aggregate 2,180,615,000 francs, which compares with 2,587,618,617 francs in 1915 and 947,575,000 francs the year preceding. Bills discounted amount to 371,288,000 francs, as against 249,574,117 francs last year, and advances total 1,175,044,000 francs, against 587,366,669 in 1915. In 1914 bills discounted and advances combined aggregated 3,- 1070 - THE CHRONICLE [VOL. 103. 4% for sixty-day funds, 334® changed from 3@31 332% for ninety days and 33/2@3%% for,four, five and six months. Last year sixty days was quoted at 23.1@23/2%, ninety days at 2%%,four months at 2%@3% and five and six months at 3%. In commercial paper trading has continued light, with rates / on the same basis as heretofore, namely, 31 1@3%% for sixty and ninety-days' endorsed bills receivable The statement of the Imperial Bank of Germany, and six months' names of choice character, while as of Sept. 15, shows the following changes: Total names less well known still require 4%. Banks' coin and bullion decreased 1,062,000 marks, gold and bankers' acceptances are quoted as follows: Delivery Spot Delivery increased 503,000 marks. Treasury notes decreased Thirty Within Sixty Ninety 3() Days. Days. Days. Days. 86,429,000 marks, notes of other banks increased 2 9-1602 7-16 2340234 234023i 3 02% member banks 3,361,000 marks, bills discounted increased 411,- Eligible non-member bills 2 11-1602 9-16 2340234 2340234 3 0231 Eligible 3340234 3340234 3340234 334W increased 1,537,000 marks, Ineligible bills 835,000 marks, advances The Philadelphia Federal Reserve Bank has abolinvestments decreased 15,228,000 marks, other securities increased 55,609,000 marks, notes in ished its ten-day rate on commercial paper and subcirculation decreased 296,619,000 marks, deposits stituted in its place a rate on fifteen-day paper; increased 588,912,000 marks, other liabilities in- advances by the Reserve banks to member banks creased 77,330,000 marks. Total gold holdings are on the latter's promissory notes for a period not now 2,470,201,000 marks. One year ago they exceeding fifteen days are authorized, as we noted amounted to 2,414,909,000 marks, and in 1914 to last week, in the amendments recently made to the Federal Reserve Act. The St. Louis and Chicago 1,620,900,000 marks. Reserve banks have likewise abolished their ten-day The local money situation is without noteworthy rate on commercial paper with the establishment of change. Banks seem to have ample funds to meet a fifteen-day rate. We indicate in the following all requirements. While there has been no disposi- table all the banks which are thus far known to have tion to advance quotations there is at the same time established a rate for the new class of paper. The no tendency to compete for business by lowering only other changes in the table of rates are the rethem. Some loans have been arranged on all in- duction by the Atlanta Federal Reserve Bank from dustrial collateral at 4% for five and six months' 33/2 to 3% in the case of its rate on commodity paper 3 maturities, which is about 4% above the figure cur- for all maturities up to ninety days, and the lowering rent for mixed collateral. Importations of gold con- from 5 to 4% of its rate on live stock paper maturing tinue to come in freely but are not remaining perma- from ninety-one days to six months. DISCOUNT RATES OF FEDERAL RESERVE BANKS. nently on deposit here as they find distribution i throughout the country. a The weekly statement of New York Clearing House 1 CLASSES OF . i banks and trust companies, last Saturday, made a DISCOUNTS AND LOAN i a I It 1 1 1 1 1 I 3aLI S in some degree the heavy , i better showing, reflecting a. al imports of gold and large repayments by the Federal Commercial Paper __ ____ 334 _ _.. to 10 Reserve Bank of New York. The loan item was de- 1 to 30 days maturity____. 3 3 4 4 ---. 4 _ --- — 4M 4 3 334 4 4 434 4 4 334 4 " 11 434 4 4 4 434 ____. " 31 creased $4,244,000. Net demand deposits increased 51 to 60 " " __ 4 4 4 434 4 4 4 44 4 434 4 4 434 434 434 4 4 4 " to 90 and $10,175,000, while net time deposits also increased Agricultural Paper— Live-Stock months $169,000. Reserves in "own vaults" were expanded fil days to 6Notes ofmaturity 5 5 434 5 434 4 5 5 5 5 434 534 Memb Promissory Banks— $26,768,000 to 1.427,904,000, of which $363,174,000 Ito 15 days maturity 334 3 334 3344 334 3343 4 4 334 --is specie. A year ago the total in own vaults was Trade Acceptances— 334 3 334 334 334 3 334 334 --- 3 334 4 3343 to 30 $526,763,000, including $452,182,000 in specie. Re- ' 60 days maturity " 31 to 33.4 334 33.4334 33.4 335 --- 3 334 4 61 to 90 " " 334 334 334 4 334 334 --- 334 33.4 4 334 334 serves in Federal Reserve banks decreased $4,244,Commodity Paper 334 ___ 334 —_ 334 3 -_. 3 334 4 3 334 000 to $166,806,000, against $143,190,000 in 1915. 1 to 30 days maturity 334 .... 334 ..._ 3% 3 ._.3 334 4 3 4 " 31 to 60 3M --_ 3M ___ 3;4 — 3 334 4 3 434 Reserves in other depositories declined $1,193,000 to 51 to 90 " " __ _-- 5 51days to 6 months maturit --. --______ $53,426,000, compared with $29,332,000 last year. OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL Note circulation totals $31,307,000, a gain of $347,RESERVE BANKS. 000. Aggregate reserves this week were increased Bankers' Acceptances.—Authorized discount rate for all Federal Reserve banks; minimum, 2%: maximum. 4%. $21,331,000 to $648,136,000, as against $699,285,- Trade Acceptances.-131118 with maturities of 90 days or less, purchased In open branch of Atlanta bank market 000 a year ago. The reserve required registered an Federal without member334 to endorsement, by New Orleans 4%. Reserve Bank: by Dallas Federal Reserve expansion of $2,184,120, while surplus reserves, for Commercial Paper.—BIlls purchased In open market Bank; 3 to 5%. the first time in some weeks, were increased $19,- Bills of Exchange.—BIlls purchased In open market by Atlanta Federal Reserve of excess reserves Bank: 334 to. 534%. 146,880; thus bringing the amount -131118 with maturities of 90 days Bills With or Without Member Bank Endorsement. to $88,947,950, which compares with $220,373,090 or less purchased in open market by St. Louis Federal Reserve Bank; 2 to 4%. in 1915. The bank statement in greater detail is Sterling exchange occupies an entirely nominal given in a subsequent section of this issue. Referring to money rates in detail, loans on call position, rates remaining virtually without fluctuaagain covered a range of 23/2@3%. On Monday tion. Gold has continued to come forward from 2%% was low with 3% the high and ruling quotation. Canada, the receipts at New York amounting to Tuesday, Wednesday and Thursday the range was $2,500,000 and those at Philadelphia $10,000,000, not changed from 23/2@3% and 2%% the basis for while $1,000,000 in South African gold arrived on renewals on each day. Friday the maximum was Tuesday at Boston, thus bringing the total since reduced to 2%%, which was also the renewal figure, the current movement to these centres started in and 23/2% the minimum. For fixed maturities, the May last up to $307,500,000. Money rates in tone has been easier, although actual rates were not London are reported to be somewhat easier. Amen- Kansas CUV. 1 New York 1 202,975,000 francs. Treasury deposits are 123,681,000 francs. At this date a year ago they totaled 118,127,778 francs and in 1914 382,575,000 francs. The figures here given for 1914 are those for the week ending July 30, the Bank having discontinued the publication of weekly returns with the outbreak of the war. SEPT. 23 1916.] THE CHRONICLE 1071 can banks have been quite free buyers of English 70%, which compares with 70 and 70 1-16 last bank acceptances on the basis of 5%% for three week. Kronen finished at 12.02, as against 12.03 months and •5%% for six months. In addition, the week preceding. Rubles closed at 32.30. A London banks continue to actively compete for week ago the close was 32.25. Lire finished at 6 46 New York funds. Some are paying 5% for these for bankers' sight and 6 4534 for cables, compared funds and others 43/2% and even less. It is with 6 45 and 6 443/ at the close on Friday last. understood that there has been considerable corresAs to the neutral exchanges, there was very little pondence by cable recently in the form of protests doing. The trend of quotations was towards infrom the New York banks who have been obtaining creased ease. Weakness developed in Scandinavian the lower rates. As the new French loan will be exchange, although guilders were steadier, showing offered in October, the subscription books remaining slight net advances. Bankers' sight on Amsterdam • open until the 29th of that month, it is not expected closed at 40% minus 1-16, against 409 plus 1-16; that there will be any long term British issue until cables at 40 15-16 minus 1-16, against 40 13-16® after the latter date. The Sub-Treasury at New 40% minus 1-16; commercial sight at 409., against York has this week transferred $1,500,000 to San 40 11-16@40%, and commercial sixty days at Francisco for the purpose of providing an equal 40 8, against 40 9-16 a week ago. Swiss exchange amount of gold for export to the Orient. A shipment finished at 5 33 for bankers' sight and 5 3234 for of $200,000 in gold has gone forward to Spain. cables, as compared with 5 33 and 5 3234 the week Compared with Friday of last week, sterling ex- previous. Greek exchange has not been changed change on Saturday continued quiet but firm with from 5 153/. Copenhagen checks closed at 27.55, 2 demand still quoted at 4 75%, cable transfers at against 27.85. Checks on Norway finished at 4 76 7-16@4 763/i and sixty days at 4 713/. On 28.40, against 28.70, and checks on Sweden at 2 Monday dulness was still in evidence, and notwith- 28.45, against 28.75 a week ago. Spanish pesetas standing the fact that another large consignment of finished at 20.13, which compares with 20.14, the gold was received, sterling rates ruled unchanged; close a week ago. cable transfers ranged between 4 76 7-16@4 763/2, while demand bills remained pegged at 4 75% and The New York Clearing House banks, in their sixty days at 4 713/ No new features were re- operations with interior banking institutions, have 2 . corded on Tuesday and quotations ruled the same as gained $69,000 net in cash as a result of the currency on the previous day. Wednesday's dealings again movements for the week ending Sept. 22. Their receipts from the interior have aggregated $8,600,000, showed inactivity, with quotations still on the basis while the shipments have reached $8,531,000. of 4 753 for demand, 4 76 7-16@4 763/b for cable ing the Sub-Treasury and Federal Reserve AddBank transfers and 4 713/ for sixty days. An increase in operations and the gold imports, which together the supply of commercial bills brought about a frac- occasioned a gain of $38,764,000, the combined tional recession in demand bills on Thursday, which result of the flow of money into and out of the New declined to 4 75 11-16@4 759.., while cable transfers York banks for the week appears to have been a gain did not go above 4 76 7-16; sixty days were not of $38,833,000, as follows: changed, however, from 4 713/ This marked the 2 . Week ending Sept. 22. Into Out of Na Change to Banks. Banks. Bank Holdings. first alteration in the rate for demand bills in nearly Banks' interior movement three weeks. On Friday the market ruled easier, Sub-T-easury and Federal Reserve $8,600,000 $8,531,000 Gain $69,000 Bank operations dr gold imports_ 56,984,000 18,220,000 Gain 38.764,000 with demand quoted at 4 75 11-16, cable transfers Total $65,584,000 $26,751,000 Gain $38,833,000 2 . at 4 763/ and sixty days at 4 713/ Closing quota The following table indicates the amount of bullion tions were 4 713/ for sixty days, 4 76 11-16 for demand and 4 763/i for cable transfers. Commer- in the principal European banks: cial sight finished at 4 75 9-16, sixty days at 4 709., Sept. 211916. Sept. 23 1915. ninety days at 4 68%, documents for payment at Banks of Gold. Silver. I Gold. Total. Silver. Total. 4 71 and seven-day grain bills at 4 74%. Cotton England_ _ 54,579,370 54,579,370 62,900,176 62,900,176 and grain for payment closed at 4 75 9-16. France a _ 166,086,808 13,521,600,179,608,408 180,002,960 14.646,240194,649,200 The Continental exchanges, following the recent period of marked excitement and activity, appear to have relapsed into renewed dulness. The most important event of the week has been the fact that commercial bills on Paris drawn for sixty days have again made their appearance on the market, for the first time since the opening of the war, which served to indicate clearly the marked improvement in French credit here. Francs ruled very firm during the week, both for sight and cables. Reichsmarks presented a firmer front, reflecting persistent banking support. Russian exchange showed increased strength, having recovered some of the loss sustained the previous week, but without special activity, while lire were fairly well maintained. The sterling check rate on Paris closed at 27.90, comparing with 27.90 a week ago. In New York, sight bills on the French centre finished at 5 863, and cables 5 859', against 5 86 and 5 8531 Friday last. Commercial sixty days closed at 5 913/ and commercial sight at 5 86%. Demand bills on Berlin closed at 703/ and cables Germany _ 123,510,100 1,110,100124,620,200 120,745,450 2.124,650122,870,100 Russia _ 155,164,000 8,809,000 163,973, 158,579, 3.189.000161.768,000 Aus-Hun.c 51,578,000 12,140,000 63,718,000 51,578,000 12,140,000 63,718,000 Spain --- 46,356,00 30,164,000 76,520,000 29,638, 29,528,000 59,166,000 38,114,000 3,702,000 41,816,000 45,811, Italy 4,670,000 50,481,000 NetherFds 48,657,000 596,700 49,253,711 31,644,000 157, 31,801,500 Nat.Bel_h 15,380,000 600,000 15,980,000 15,380,000 600 15,980,000 Switz-land 11,195,800 11,195,800 9,675,600 9,675,600 Sweden _ _ 9,207.000 9,207,000 6,301,000 6,301,000 Denmark_ 8,950,000 9.184,000 5,946,000 234, 6,255,000 309, Norway. 6,327,000 3,453,000 6,327,000 3,453,000 70,877,400,805,982,478 70,877,400805,982.478 721,654,186 67,364,390,789,018,576 Tot. week.735,10 Prey.week 738,549,730 70.628,070809.177,800719.601,247 68,184,598,787,785,845 a Gold holdings of the Bank of France this year are exclusive of £26,982,123 held abroad. The gold holdings of the Bank of Russia for both years in the above statement ha o been revised by eliminating the so-called gold balance held abroad. July 30 1014 in both years. h Aug. 6 1914 in both years. DURATION OF THE WAR. The statement made this week by Lord Derby, British Under Secretary for War,after a visit to the officers at the Western front, that the war cannot possibly end within six months, puts very moderately the change in pre diction and expectation which has become general. A year ago at this time the theory was generally held that the duration of the war must be greatly influenced by financial exhaustion. Towards the end of 1915, when the dispatches had repeatedly reported what seemed to be tentative 1072 THE CHRONICLE [vol., 103 overtures for peace by Germany, that conviction conflict, under existing conditions, was bound to spread rapidly. It will be remembered that one be indefinitely prolonged. Yet Lee surrendered and reason for the prolonged reaction on the Stock Ex- the war ended only six months after election day. Our Civil War and the Napoleonic wars, however, change in the early months of 1916, especially in the were both settled by the destruction of the enemy's "munitions shares," was the sudden inference that an early peace might result and the profitable war main army. No one, even the most optimistic critic on the side of the Allies, has ventured to make orders to the United States be terminated. assume that, in so far as pro- prediction of an early similar result to-clay. Any It is reasonable to posals for peace were actually made from the German such expectation must, in fact, make allowance not side a year ago, they were inspired not only by a only for the military preparations, military resources wish to end the war, but by the feeling that such and military spirit of Germany, but for the fact, proposals could be made by.a victorious power with- already demonstrated by the campaigns in Central out involving criticism that they indicated military France during 1914 and in Southern Russia during or political weakness. The Russians had just been 1915, that armies are not enveloped and forced to driven back from the Carpathians in Mackensen's capitulate, under present-day conditions, as they great campaign; there was vague talk of an advance used to be in the time of Wellington and Grant. to Moscow or St. Petersburg or of a separate peace Even an uninterruptedly succesful campaign against with Russia. Bulgaria had declared war, and the Germany would involve protracted manoeuvres,slow • German and Bulgarian troops had moved trium- progress and enormous loss of life. This is probably why military experts among the Gallipoli expedition phantly through Serbia. The of the British fleet and army had ended in humiliat- Allies have been directing attention to Austria as ing failure. Germany might at least, under such the field for a possible great defeat, through which circumstances, have assumed the position of a victor negotiations for the end of war might become inevitable. Evidences certainly point to the fact that offering terms of peace which to it seemed fair. As every one knows, the Allied Governments re- Austria has been extremely hard hit in the vital jected Germany's terms at once, and named terms on point of her mobile armies in the field. Her losses their own side so sweeping as to be certainly inad- in the campaign against Brusiloff are estimated by missible at the time on the part of Germany. Dur- the military experts to have reached a million men in ing the subsequent six months, the German authori- killed, wounded and prisoners; this at a moment ties some what angrily repudiated any desire to nego- when Austria already had few to spare, when the tiate for peace. Now, after the German failure at armies still left were compelled to fight desperately Verdun, the advance of the Allies on the Somme, the on the Italian and Rumanian frontiers, and when crippling of Austria by the Russians and the acces- Germany was too busily occupied on her own hardsion of Rumania to the side of the Allies, the military pressed eastern and western fronts to give the relief situation is largely reversed. On the assumption which she extended to Austria a year ago. The breakdown of Austria has never been wholly conceivably adopted by the Germans at the end of 1915, it might have been imagined that the Allies, absent from the Allied conjectures, and it is conceivoccupying to-day the position of advantage, would able that the Balkan campaign may yet develop into begin to formulate and suggest their own terms of a highly sensational form, through a movement into Hungary and Austria. Yet those who hope for peace. But this has not been so. remarkable incident of this early termination of the war through this means must Instead, the rather period of rising military and political fortunes for be careful not to take too much for granted. All the Germany's antagonists has been the sudden and belligerent nations—France not the least—have seemingly unanimous agreement, both abroad and in utterly confounded prediction by their staying powers this country, that the war is destined to be much fur- and their faculty of bringing forward fresh armies ther prolonged. In England the most frequent com- when the point of physical exhaustion seemed to have ment nowadays seems to be that Kitchener's predic- been reached. Nor is it yet at all certain'what might tion of 1914, to the effect that this would be a three- not be accomplished, in case of actual emergency, years' war, is coming true. Calculating exactly, through withdrawal of the German army from its that would end the conflict in the middle of 1917. advanced positions in France and Belgium and the But there have not been lacking, even in responsible renewal of its defensive and offensive campaign on quarters, predictions of even longer duration to the narrower internal lines. Quite apart from these considerations, it is always war. We presume that this new point of view has extensive specu- possible, in the light of past history, that a great war been partly responsible for the recent lation for the rise in our own industrial shares—just may be shortened less by actual victories in the as Germany's reported hints at peace last December field than by the political attitude of people behind provided the motive for the next month's violent the lines. This was notably true in the Napoleonic conflict; which, after all, is the nearest analogy in decline in the same stocks. Is this new prediction sound and reasonable? modern history with this war. Emperor and army People familiar with past history will possibly be apt became heavily handicapped by the open hostility to remark that a similar phase of public opinion, in of the French people to continuance of war. The which confident belief in a much longer conflict fol- political checkmate to Napoleon's power preceded lowed close on predictions of an immediate end to the decisive military checkmate. That aspect of war, has often been witnessed in the actual last the matter, of which not much was heard in the first stages of a conflict. That was true of 1813 in the two years of this war, is bound to assume increasing Napoleonic war and of 1864 in our own War of Se- importance as the war goes on—not only among the cession. The platform of the Opposition party to people .of Germany and Austria, but in the countries Mr. Lincoln, in the Presidential campaign of 1864, of the Allies. Pressure of the financial and economic strain is declared the war to be a failure; thereby giving expression to a considerable body of opinion that the certain to be felt by all belligerents during the coming SEPT. 23 1016.1 THE CHRONICLE year as at no previous time. This will be so, not only because the power to raise funds for war, except by the most burdensome expedients, is growing steadily less, but because of what seems to be a world-wide shortage in the present season's new supply of foodstuffs. It is a well-known tradition of history that two years of indecisive fighting will go far towards weakening the popular enthusiasm and resolution which always prevail in the early stages of a war. Increasing pressure of hard times, high taxes, and rapidly rising cost of living, inevitably tell on the attitude of the people at home under such conditions. Their influence is general in all belligerent communities; but naturally, it is far more powerful in a nation whose military hopes have been disappointed and whose fortunes in the campaign have come to be unfavorable. UNITY THROUGH ASSOCIATION—THE A.B. A. CONVENTION. "Organization of Credit" and "mobilization of reserves" have become trite terms in the banking world, but the annual meeting of the American Bankers' Association calls forcibly to the attention of the country at large some of the essentials of our financial system and especially the unity of our domestic commerce. c If - redit, as said, is the lifeblood of trade, a banking system is its heart—and its action must be largely automatic, receiving the credit power of the people, vitalizing it, and pulsating it again along the channels of demand. No bank exists alone. It is part of an association of banks existing in and upon the industries and commerce of the entire country. Now, to use another form of speech, brooks run into rivulets, rivulets into rivers, rivers into oceans that wash the shores of all the world. Credit, and the so-called reserves that sustain it, flows, according to the demands of the larger commerce, into international trade. There is, therefore, a natural community of interest between the country bank and the city institution, alike vital to each. It is at these annual meetings of b"ankers that principles, rather than practices, are uppermost. All rivalries are laid aside for the time, and all considerations are for the purpose of aligning practices with principles. Certain supreme facts stand out .distinctly. Banks, individually, or collectively, do not prey upon commerce, they exist and function by reason of it. Trade with Europe and South America energ.zes the small bank of the interior prairies because the price of the farmers' grain is made in the markets of the world. Banks do not and cnnot corner money (gold) or credit, because gold sustains credit and credit originates with and is controlled by the people, toiling and trading under conditions of production and exchange. All labor and all prosper together. No truth is more generally accepted than that the laborer is worthy of his hire. The wholesaler sells cheaper than the retai Cr. He must. His service is no less essential to merchandizing than that of the retailer, but he handles larger quantities at less cost. The small dealer in credit, the small bank, is governed by the same law. It must charge more, proportionately, for the same service than the city n!stitution. 1073 Applying these principles to a solution of many of the current questions of banking, what results? Regional banks, to function effectively, must embrace in their operations certain territorial conditions of producton and exchange. The gold of the country should flow naturally to those fountains of credit, those banks which sustain our industries and trade in a just proportion to their magnitude. And the profits of banking must be adjusted to the kind of service performed in its relation to the costs of operation. Who shall declare these principles save a convocation of bankers from every section of the country acting in concert for the good of all? Certainly, no higher law of guidance can be evolved than the judgment of the American Bankers'. Association. Any superimposed artificial law (State or national) must, so far as banks are concerned, if serviceable, if beneficial, to commerce, be subservient to natural law. And thus free expression, the common voice of bankers, expressing calm conviction, in the interest of all, must conserve the general welfare of the people. It is in this way small banks and large, counselling together, attract the attention, compel the respect and advance the prosperity of all other bodies of business men. Another result should ensue from this particular Association meeting, and with that we may conclude our inquiry into the importance of its deliberations. Personal association begets personal goodwill. All are bankers and all are human. But a greater fellowship exists in what may be termed a business goodwill. There is a lot of twaddle and some truth spoken of Wall Street. If, as a matter of fact, the atmosphere of New York City is, according to common observation, somewhat frigid, there is a colloquilism applied to a part of the magic circle about Kansas City which is not to be forgotten. As between "don't care" and "doubt" you can take your choice, there is not much difference. But the Missouri River farmer cannot sell his corn and wheat to war-stricken Europe at high prices without the intervention and help of the New York bank, and he ought to know it and admit it. And the New York bank would certainly soon have infantile paralysis were there no Mississippi Valley. Year by year, the centre of population moves westward. Decade by decade, wealth, institutions, interchange, tend by the centripital forces of a domestic commerce to centre in this interior central and cementing valley. And even as they do, so New York towers higher upon the Eastern seaboard, the entrepot of that foreign trade which all hope to see expand in the future until the sails of American ships whiten every sea. Valleys produce; seas convey. And bankers, all, whether national or State, whether country or city, are alike human and alike honest. If Kansas City is the cross roads of a huge domestic trade, New York is the cross roads of a greater foreign and international trade. Each is indispensable to the other, and the business fellowship and goodwill which should spring from this opportune meeting, should bring all sections of a common country, all banks of whatever form or size, all bankers of whatever influence and power, together in a common purpose and a common good—the greater perfection of a unified and inter-supporting system of free and independent banks. 1074 THE CHRONICLE RIOTING IN THE LOCAL TRACTION STRIKES. The rioting and violence which always attend traction strikes have been somewhat tardy, but began early in this week, first taking advantage of the preoccupation of the police with the primary election on Tuesday, and then gathering boldness as it progressed. Bricks, stones, bottles, iron bolts and other convenient missiles have been flying, directed chiefly at the surface lines, but not neglecting the elevated. Passengers have been hurt, and one stone which missed the elevated train that was its mark fractured the skull of a little child playing in the street; one tale is that an iron manhole cover, weighing 500 pounds, was actually picked up by a score of men and thrown before a surface car, which was unable to stop quickly enough to avoid an injurious collision. Except that the order of succession in these incidents is possibly different and that persons are hurt or endangered now who have hitherto escaped, this is just what has occurred whenever traction quarrels have arisen in any of the many cities which have been plagued by them. Now they mark desperation, growing out of the evident fact that the strike has failed, and out of the bitterness of the employees who have been deluded into abandoning their places, now closed to them. The threatened sympathetic strikes of various trades are delayed, and they can accomplish nothing more than further to inconvenience the public and add to the reckoning which the exhaustion of public endurance ought to exact ere long. There is still some talk about arbitration, as if there were anything to arbitrate. The right to work and to contract to work is conceded, for the right to draw breath is not more inalienably a natural right; if these are not rights there are none. There is no longer any difference between companies and employees; indeed, Mr. Shonts made a good point when he told a visiting committee of business men who make the old mistake of wanting to smooth over present annoyances somehow or anyhow that the 11,000 men who have remained at work and have made their arrangements voluntarily with the companies must and shall be protected. Were he now to meet and deal with Mr. Fitzgerald, he said, those employees would all walk out;if this seems a questionable statement, we might note that the men said something to like effect to the Mayor, some days ago, that they should consider dealing with these outsiders to be an act of bad faith towards themselves. Mr. Shonts also said to his visitors plainly that business men ought to feel grateful to these employees who stood by,and that if they wanted a real strike, instead of an imitation, it could be had by joining hands now with the outsiders. And why should not the business men of the city, and the whole public here, stand by the loyal employees and turn their sympathies and actions to maintaining order and the usual day's work? Why should there be any tolerance of this invading troubler? If somebody should come here, with a crowd at his heels, and announce terms of peace, on the alternative of shutting the municipal offices, or locking up the police, or taking possession of the docks, or preventing the railroads from reaching the city with food, he would be treated as a public enemy; why should it be otherwise when the threat is to halt the city's lines of urban or suburban trans- [VOL. 103. portation ? If Federal laws are insufficient, there are some stringent provisions in the penal code of the State, only they are not self-enforcing. If regard for the peace and dignity- of the State (as per the familiar old formula) is not enough to stir us to enforcing the laws instead of trying to palter and to arbitrate with those who threaten us, then considerations of policy should stir us. Inconvenience is not pleasant and not desirable, but submitting to so much as is necessarily involved in defending rights is a good investment when it purchases a permanent peace; on the other hand, escape from present inconvenience is dearly bought when it means and breeds renewed disturbance hereafter. Some more courage in executive officers, and some more public determination to hold up their hands in doing their duty, would be both timely and profitable. DEATH OF HORACE WHITE AND SETH LOW. New York and the country have lost, this week, two citizens deservedly eminent for useful lives that leave good examples. The elder, Horace White, passing in his eightythird year, was journalist and writer, and was long counted among the foremost authorities in the country on finance and economy. He began his active life work in a humble way, on a humble daily in Chicago, more than sixty years ago; then he went to Kansas, while that was still a battleground, but the offer of the editorship of the "Tribune" recalled him to Chicago. He reported Lincoln's speech in Springfield, Ills., and followed him during his debates with Senator Douglas in 1858, continuing one of his intimate friends. During the Civil War Mr. White was in Washington, returning to Chicago and the "Tribbune" at its close. After some connection with railroads, he joined Mr. Henry Villard and others in acquiring the "Evening Post" of this city, in which he was a power but was not nominally editor until 1899. In 1903 he became editor emeritus, but retained his interest in the journal and con tinued his contributions to it until a very short time before his death. He was a man of wide reading and varied scholarship, and an expert writer on banking and economics. He fought vigorously and with keen argument and satire the financial delusions of the time, notably fiat paper and free silver. He edited or translated several works, and one of his own,on "Money and Banking, as Illustrated by American History," has long been a college textbook. Seth Low, a Brooklynite by birth and born to good fortune in ancestry and wealth, graduated at the age of 20 from what was then Columbia College. In 1881 he became Mayor of Brooklyn, and served two terms. He ran as a candidate in the first election after consolidation, and was beaten by Van Wyck, but ran again successfully in 1900. In 1881 he became a Trustee of Columbia, and in 1890 became its President. As such, he widened and strengthened the departments of the institution. Largely through his influence it was removed from downtown to its present commanding site on Morningside Heights and it profited greatly by gifts secured by his influence and from himself directly; the fine library which he built for it as a memorial to his father will remain as a visible monument to his own memory. One view he held concerning the functions of universities deserves special mention. He thought each college has its specific need and opportunity SEPT. 23 1916.) THE CHRONICLE 1075 wonderful transformation, and in the case of no property is the change so strikingly revealed as in that of the Chicago & North Western. Holding a unique position of strength by reason of the excellent way it had been administered for so many years, the road was able to make a very creditable record even during the unfortunate period when every hand appeared to be turned against the rail carriers, and to maintain the old rates of dividend distributions, namely 8% on the preferred shares and 7% on the common; but the effect of the adverse conditions noted was seen in the fact that the yearly surplus above the requirements for that purpose dwindled so that very little income remained that could be applied in the prodigal way of the past in making improvements without increasing the burden of capitalization or fixed charges. Now, however, quite unexpectedly, there has come a year when the margin above charges and dividends is again of liberal proportions. Of course special favoring conditions—on the one hand, the marvelous industrial activity engendered by the war, and on the other hand, grain crops in the Northwest of unusual magnitude—are responsible for this,and the enduring character of these favoring circumstances remains to be proved. The spring-wheat crop the present season, it is known, will fall materially short of the bounteous yield of 1915, and if, in addition, railway labor should exact further heavy tolls from the railroads by reason of the eight-hour movement or in other ways, it is easy to see that it might not be long before there would again be another story to tell. As bearing upon the part played by labor in affecting results, it should be noted that this is by far the largest item in the annual expenditures of the roads. Thus, in the case of the Chicago & North Western, of the operating expenses for the year under review no less than $36,001,249, or 58.11%, was paid employees for labor. This compares with $32,920,365 paid for labor in the preceding fiscal year. The increase, it will be seen, is $3,080,884, of which $721,289 was on account of higher rates of compensation and the remainder on account of more time worked. It was because of the steady advance in CHICAGO & NORTH WESTERN'S RECORD FOR operating costs, through higher wages and enhanced A PROSPEROUS YEAR. prices for practically everything entering into the It was a foregone conclusion that in a year of such operating accounts of the carriers, that the Chicago & prosperous conditions as prevailed in the twelve North Western, until this very latest year, found the months ending June 30 1916, a well-managed rail- situation so trying. There was tremendous growth road system like the Chicago & North Western in traffic and in gross revenues, yet it was possible Railway would make a splendid showing. With the to add comparatively little to net income over a report now before us it is seen that expectations in series of years, while in the meantime the company that respect have not been disappointed. As a was engaged in making tremendous new capital outmatter of fact, when one notes the extent of the lays for the proper extension and development of the surplus remaining on the year's operations after system,thereby adding to the total of stock and bonds providing for expenses, charges and dividends, one is outstanding, and increasing interest and dividend reminded of old times—those good old days when requirements. For the present the gratifying fact is that the the railroads had not yet become the prey of foes of all kinds, and when the Chicago & North Western, record of results for the year recently closed is an holding special distinction among the country's unusually encouraging one. For the fiscal year prosperous roads, could always count on having 1914-15 the surplus above charges and dividends several millions of dollars a year to devote out of was only $810,380, and for 1913-14 it was $1,206,054. earnings for the making of improvements, better- Now, for 1915-16 the surplus on the year's operations ments and additions calculated to carry the property over and above charges and dividends of 8% on still further along on the highway of prosperity,and preferred stock and 7% on common stock is $6,166,at the same time improving its capacity for rendering 325. Gross earnings, after having decreased in the efficient services to the public. previous year from $84,559,334 to $80,779,675, Until twelve months ago it seemed as if these old have for 1915-16 risen to $91,313,866. The net times for the railroads had gone, never to return, earnings (before the deduction of taxes) in the but in the interval since then there has been a previous year showed no reduction (expenses having and its location seemed to him one factor in determining that. In Chicago, he urged the university there to become the authority on railroads, being located in a railroad centre; Johns Hopkins, he thought, might wisely give attention to the colored race and its evolution; similarly, he would desire the University of California to take up the problem of the Asiatic races, and as for Columbia, located in the financial centre, he thought it should turn much attention to finance and should also study carefully the problems of immigration. These views seem to us to indicate at once an admirable breadth, foresight, and simplicity in thinking. Mr. Low spent his last ten or twleve years as a holder of various quasi-public offices, offices of service rather than "of profit or honor." He was a member of the Rapid Transit Commission; of the Greater New York Charter Commission; at one time head of the Chamber of Commerce; Chairman of the Chief Committee of Tuskegee Institute; a member of the Civic Federation and in many other positions of possible public service. In his close and constant connection with labor problems he seemed to gradually lean too much towards compromising the future for the sake of present peace, yet nobody ever. doubted the man's largeness of soul and his • earnest desire to do good daily. After all is said, the best thing which can be now remembered of Mr. Low—and it is no more than just to Mr. White to measurably include him in the same statement—is that he was remarkable as an example of the great virtue of public spirit, perhaps we might say also, of civic spirit. To a man possessed of this, New York is more than a place of opportunity for amassing and enjoying wealth; a conception of duty goes with that and stays with him. In these times when there seems to be a dangerous flabbiness of temper creeping over us and when it is too common to talk loftily in public without trying to live up to the professed ideal, it ought to be of lasting value to have such a legacy of public service and public duty. 1076 THE CHRONICLE [Vol,. 103. been diminished in more than the amount of the loss in gross) but. increased from $24,257,759 THE CHICAGO MILWAUKEE & ST. PAUL REPORT. to $24,408,102 and now for 191546 are up to Like other railroads in the United States and $29,361,536. Part of the gain in net, however, was consumed by Canada, the Chicago Milwaukee & St. Paul Railway increased taxes. These taxes are each year becom- Co. in the fiscal year ending June 30 1916 was ing a heavier burden and continue to rise in good blessed with favoring trade and traffic conditions— years and bad years alike. The further increase in in sharp contrast with the depressed and unsatisfacthe late year was $224,584 and this followed $264,152 tory state of things existing in the years immediately increase in 1915; $655,630 increase in 1914; $174,322 preceding—and a great improvement in results is increase in 1913; $306,804 increase in 1912; $136,521 noted as a consequence. At the same time there increase in 1911 and $264,881 increase in 1910. was a further development of operating efficiency, Seven years ago the amount required for taxes was enabling the management to convert a substantial only $2,714,632; for 1915-16 it was no less than $4,- portion of the gains in gross revenues into gains in 741,527. Thus, the increase in this one item alone net. With the change for the better in conditions has been full $2,000,000. the company was put in position of getting a return Another drawback that the road has had to con- from the enormous capital investment it made when tend against is a steady decline in rates. For the it built its Pacific Coast extension. late year the average realized per ton per mile was As has been previously pointed out by us, the only 8.1 mills, against 8.4 mills in 1915; 8.7 mills in building of this extension to the Pacific Coast in1914 and in 1913, and 9.1 mills in 1912. It will be volved the construction of about 1,400 miles of main observed that in the four years the decrease in road, and the work, as it happened, had to be carried average rate has been a full mill per ton per mile. through in decidedly poor times in the railway and This decline in rates coming co-incidently with higher financial world. Since then about 900 miles of schedules of wages and an increase in the prices of the branches have also been constructed. Enormous many other things entering into the operating sums were required to carry out the undertaking)and accounts of the railroads, together with the added one result was a great increase in funded debt, thereby burdens and exactions imposed upon the railroads adding materially to fixed charges. The Pacific by legislative and governmental authority, made it Coast line was well planned and had the advantage necessary that efficiency of operation should be that does not usually belong to new extensions of further extended in every direction. One of the tapping a number of populous centres and districts ways in which this was accomplished was by adding created by the previous building of other lines. The to the train-load, thereby making it possible for the venture was a large one, in any event, and yet might trains to haul more freight with very little addition have entailed less hardships upon the proprietors, to train crews. West of the Missouri River no very had it not been for the coincident fast developing high train load is yet possible and the average for unfavorable circumstances and conditions common to the late year, including company freight, was only the whole railroad world. It is probable that the worst of the company's 209 tons. East of the Missouri, however, the average was 535 tons (also including company freight) troubles, growing out of the enlargement of the sysgiving a general average for the whole system of tem in the way indicated, are now behind it. At all events, the year under review furnishes a pleasing 491 tons. What an improvement this marks as contrasted contrast with the years immediately before. Gross with the years preceding will be apparent when we revenues, after having decreased in the previous say that it compares with only 443 tons in 1915 and year from $93,613,700 to $91,435,374, jumped at one 411 tons in 1914. The advance in these two years, bound in 1916 to $105,646,484, and the net revenues too, comes after very substantial improvement in (before the deduction of taxes), after having fallen the lading of the trains in the years preceding. from $30,723,399 to $29,463,673, moved up to It is not possible to make a direct comparison with $36,525,526. Stated in another way, gross earnings these preceding years since in those years the total in the late year increased no less than $14,211,109, train-load was not given, only the revenue train- and only a trifle more than half of this was consumed load, but in this latter case there was an increase by augmented expenses (the increase in expenses from 261 tons in 1910 to 277 tons in 1911, to 299 tons having been $7,149,256), leaving a gain in net in the in 1912, and then to 348 tons in both the fiscal year substantial amount of $7,061,853, an improvement not far from 25%. 1913 and the fiscal year 1914. Many different circumstances combined to make Under this addition to train load it was possible greatly to enlarge the earnings of the trains per mile the year an unusually auspicious one. In reviewing run, notwithstanding the decline in the average rate. the report for the previous year, we noted that the For 1916 the average freight revenue per train mile company had suffered from depression in the lumber was $3.28, against $3.01 in 1915 and $2.95 in 1914; industry and also from the reaction in general trade, back in 1909 the trains earned only $2.33 per mile as evidenced by a decline in the manufacturing tonrun and in 1910 only $2.32. nage and in the general merchandise traffic. In all This shows how efficiency of operation in the case these particulars there was marked improvement of this system, as in the case of so many other during 1915-16, besides which the agricultural yield systems, has served to offset in part, but only in part, was unusually satisfactory, leading to a further exthe rising cost of operations and which, until the pansion in the volume of the agricultural tonnage. great change for the better in the year under review, It seems unlikely that there will be the same favorthreatened very unfortunate results. It is to be able combination in the immediate future, and cerhoped that what has just been gained will not again tainly the spring-wheat crop, which constitutes such be lost through inordinate demands upon the part an important item of the company's tonnage, will, of railway labor. the present season, be very much reduced, as all SEPT. 23 1916.] THE CHRONICLE 1077 accounts agree in saying that the promise of the years of nearly 38%. Including company freight, harvest in the case of that cereal is decidedly poor. the train-load in 1916 reached 484 tons, against 459' Whether the loss in traffic in that way will be made tons in 1915, 454 tons in 1914 and 415 tons in 1913. good by gains in other directions, remains to be seen, Rates on the Milwaukee & St. Paul continue to but, bearing on that point, it should not escape decline and it is well enough to recall that the falling notice that all the country's industries are in a state off in gross revenues in the previous year, as far at of unexampled activity, and that up to this time least as the freight revenues are concerned, was due there is nothing to indicate any let-up in this activity. entirely to a decrease in rates. For the year under In addition, the Milwaukee & St. Paul has a large review,, under the further decline in rates, the mineral traffic, in part by reason of its lines to the average realized per ton of revenue freight per mile Lake Superior regions, and with the iron and steel was only 7.571 mills, against 7.813 mills for 1915, trade taxed to the utmost in taking care of current 8.078 mills for 1914, 7.930 mills for 1913 and 8.485 demands both at home and abroad, there seems little mills for 1912. This is an important shrinkage in likelihood of any shrinkage in this class of traffic. rates, but with the aid of the increase in train-lo ad, The agricultural tonnage, after running up in 1915 the company was able to make a substantial increase from 7,162,250 tons to 7,742,673 tons, increased still in the earnings per train-mile run. For 1916 the further in 1916 to 8,176,666 tons. This was in face average revenue from freight "per freight and of a falling off in the corn traffic from 1,301,341 tons mixed train-mile" was $3.21, as against $3.05 for in 1915 to 879,174 tons in 1916. The wheat ton- 1915; $3.07 for 1914; $2.83 for 1913 and $2.61 nage, however, after having increased from 1,765,765 for 1912. tons in 1914 to 1,919,243 tons in 1915, moved up Under the expansion in tonnage and gross revenues still further to 2,397,099 tons in 1916, and the flour and the growth of operating efficiency, the income traffic in 1916 reached .1,254,088 tons as against account for the twelve months is, of course, more 1,006,345 tons in 1915 and 1,069,068 tons in 1914. satisfactory than it has been for many a year. On Animal tonnage, too, gained still further and reached the basis of the lower dividend distributions now 2,179,649 tons, against 2,004,733 tons in 1915 and being made there is a substantial surplus where in 1,798,904 tons in 1914. the year preceding there was considerable deficit. As a matter of fact, under the favoring conditions In 1915 the amount of income remaining after the noted, the traffic increased all around. The mineral payment of expenses and fixed charges was only tonnage showed most noteworthy expansion after $11,968,282, whereas the dividend requirement (on having increased somewhat,too, in the previous year. the basis of 7% on the preferred stock and 5% on In other words, "products of the mines" are down the common) was $13,951,711, leaving a deficit of for 10,945,300 tons in 1916, against 8,821,707 tons nearly $2,000,000 on that year's operations. On the in 1915 and 8,262,152 tons in 1914. In forest prod- other hand, for 1916 the balance of income above ucts there had been a drop from 6,037,668 tons in charges was $16,717,357, whereas the call for divi1914 to 5,492,528 tons in 1915, and this has now dends (on the basis of 7% on the preferred stock and been followed by a recovery to 6,004,440 tons in 432% on the common, the semi-annual dividend on 1916. General merchandise, after decreasing from the latter, after having first been reduced to 2%, 3,970,134 tons to 3,526,519 tons, moved up again in having been raised again to 23/2%) was only $13,1916 to 3,947,192 tons, while manufactures, after 391,478. On the basis of full 5% on common, the decreasing from 5,776,169 tons to 5,371,232 tons, call for dividends on common and preferred shares have jumped to 7,060,098 tons. In the aggregate would be $13,979,506, as against the $16,717,357 tonnage, though there had been merely a trifling of income available. The surplus above the requirefalling off in 1915 (the total falling only from 33,- ment represents the equivalent of nearly 23/2% ad007,277 tons to 32,959,392 tons), the total for 1916 ditional on the amount of common stock outhas now risen to 38,313,345 tons. standing and hence it may be said that the company Operating efficiency played its part in producing is once more earning over 7% on common, though the gratifying gain in net income which is disclosed. paying only 5%. We have seen that the augmentation in expenses reached $7,149,256 on an addition to gross revenues RAILROAD GROSS AND NET EARNINGS FOR of $14,211,109. The significance of this is enhanced JULY. when the details of the expense accounts are studied. There is no modification of the favorable character A very considerable portion of the augmentation of the returns of earnings of United States railroads. in expenses is found in the maintenance outlays, Gains continue large in both gross and net results, showing a liberal policy in that respect. On the though they are no longer of the exceptional proporother hand, the addition in the case of the trans- tions of eight or nine months ago. portation expenses has been only a little more than Our compilations this time cover, the month of $2,000,000, with the result that these transporta- July, the first month of the new fiscal year,and the tion expenses constituted only 35.71% of the gross year makes an encouraging beginning. Our staterevenues in 1916, against 39.04% in 1915 and 39.36% ment is, as usual, very comprehensive, covering all in 1914. As indicating one way in which this but a small fraction of the entire railroad mileage growth in operating efficiency has been attained of the country, and no class of roads, nor any section the train-load of revenue freight was still further of the country, is a laggard in the general improveenlarged in 1916 and in a very marked way,.after ment. For July 1916 the gross earnings reach most noteworthy addition, too, in the years pre- $308,040,791, against only $263,944,649 in July ceding. In 1916 the trains hauled an average of 1915, the increase thus being $44,096,142, or 16.'70%. 425 tons of revenue freight "per freight and mixed Net earnings are $108,709,496 for the month this train mile" as against 390 tons in 1915, 380 tons in year, against $88,421,559 in July 1915, the gain here 1914, 357 tons in 1913 and only 308 tons in 1912, being $20,287,937. In tabular form the general giving an increase in the train-load in these four totals are as follows: THE CIIRONICLE 1078 [VOL. 108. In the case of the separate roads there is a long list of increases, both in gross and net, the same as heretofore. There are also a few decreases, but they are 388,421,559 +320,287,937 22.94 $108,709,496 Net earnings of minor consequence and due to special circumof earn- stances, except that in the case of the Erie and the As it happens, comparison is with totals ings in 1915 which showed some improvement over Delaware Sc Hudson heavy increases in expenses the poor results of the years immediately,preceding. have brought a loss in net. For the Erie the deIn the gross the increase in July 1915 was relatively crease in net is $194,602 in face ofa gain of$633,085in small, having been only $2,324,115,or less than 1%, gross, showing an augmentation in expenses of $827,but in the net earnings the gain then was $9,851,240, 687. Taking the New York Central and the Pennowing to a heavy decrease in expenses which reflected sylvania as typical instances of prevailing conditions, the policy then in vogue of cutting the expense ac- we find that the Central reports $3,564,060 increase counts in all directions so as to avoid a further in gross and $1,433,955 increase in net. This is for dwindling of the net at a time when railroad credit the Central proper, as enlarged by the merger with had become greatly impaired. In July 1914, how- the Lake Shore Sc Michigan Southern and some other ever, there was a falling off in both gross and net roads. Including the various auxiliary and controlled results and in the case of the net at least this followed roads, the whole going to form the New York Cena loss in 1913 too. For July 1914 our compilations tral System,the result is a gain of $5,952,875 in gross showed $9,571,763 loss in gross, or 3.67%, and and of $2,600,369 in net. In July 1915 there were $998,911 loss in net, or 1.31%. In July 1913 there also gains in both gross and net-larger in net than was a moderate amount of gain in gross, namely in the gross, owing to the policy then being pursued $12,036,238, or 5.38%, but it was attended by an by all the roads of rigidly curtailing expenses. In augmentation in expenses of $15,302,025, or 9.79%, other words, in the gross there was an increase of $1,leaving, therefore, a loss in net of $3,265,787, or 364,693 and in the net of $2,108,426. In July 1914, 4.83%. As a matter of fact, up to 1915 expenses on the other hand, there was a loss of $2,341,849 in had for a long period shown a most 'pronounced gross, with a gain, however, of $632,922 in net (extendency to rise. In July 1912 there was substantial penses then having also been heavily curtailed.) improvement in both gross and net, but while the In July 1913 the results were the precise reverse of addition to gross was $23,007,660, the gain in net this and with $2,348,994 increase in gross there was was no more than $8,890,588. In July 1911 the $841,025 decrease in net. The Pennsylvania for July the present year, on changes were relatively slight, there being a loss in a the lines directly operated east and west of Pittsgross then of $1,555,652, or less than 1%, with trifling gain in net, namely $31,411. In July 1910 burgh, reports $4,953,775 gain in gross and $1,276,the rising course of expenses was decidedly in evi- 821 gain in net. Including all lines owned and dence, the figures registering $12,812,422 increase in controlled that make monthly returns to the Intergross but $4,485,758 decrease in net. In July 1909 State Commerce Commission, the result is a gain the statement was favorable, there having been of $5,980,030 in gross and of $1,710,342 in net. $24,719,084 gain in gross and $11,083,420 gain in Last year the Pennsylvania on the lines directly net. But the additions then were deprived of much operated added $1,042,563 to gross and increased of their significance by the fact that they succeeded this to $1,630,826 in the net by a curtailment of fell tremendous losses in July 1908, when, according to expenses. In July 1914 the Pennsylvania lines behind in the figures prepared by the Inter-State Commerce $1,808,129 behind in gross and $313,990 Commission, there was a shrinkage of no less than net. In the following we show all changes for the $33,426,116 in gross and of $8,485,484 in net. In separate roads for amounts in excess of $100,000, the following we furnish the July comparisons back whether increases or decreases, and in both gross to 1896. For 1910, 1909 and 1908 we use the Inter- and net. PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY. State Commerce totals, but for preceding years we Increases. Increases. a$4,953,775.New Orl Texas & Mexico $250,523 give the results just as registered by our own tables Pennsylvania 242,161 b3,564,060 Delaware & Hudson_ ___ New York Central 237,428 1,761,121 Hocking Valley Great Northern 230.599 each year-a portion of the railroad mileage of the Baltimore & Ohio 1,483,161 Elgin Joliet & Eastern.._. 200,120 1,382,502 Chicago St Paul M & Om Pacific Northern 195,309 country being always unrepresented in the totals, Union Pacific 1,290,620 Grand Trunk Western... 195,272 Atch Topeka & Santa Fe 1,282,479 Internat & Gt Northern_ 191,970 owing to the refusal of some of the roads in those Southern Pacific 1,282.110 St Louis Southwestern__ 189,790 1,120,732 Toledo & Ohio Central__ Delaware Lack & West 181,919 days to furnish monthly figures for publication. Chicago & North West'n 1,026,764 Southern Railway July (440 roads)Miles of road Gross earnings Operating expenses Inc.(+) or Dec.(-). Amount. % 1915. 1916. +086 0.28 243,563 244,249 $308,040,791 $263,944,649 +$44,096,142 16.70 175,523,090 +23,808,205 13.56 199,331,295 Net Earnings. Gross Earnings. Year. Year Given. Increase (+) Year Preceding. or Dec. (-). Year Given. Year tIncrease (+) Preceding.:or Dec. (-). $ $ July. +60,705 +242,245 15,556,978 15,496,273 1896___ 51,132,768 50,890,523 1807._ 58,183,393 54,228,118 +3,955,275 19,091,230 16,530,293 +2,560,943 -723,324 +833,264 19,971,051 20,694,375 1898._ 63,172,974 62,339,710 1899._ 72,204,314 61,434,246 +10,770,068 24,377,447 19,672,510 +4,704,937 +697,282 1900_ 83,343,882 77,671,358 +5,672,524 26,687,209 25,989,927 1901._ 99,334,538 86,920,806 +12,413,732 34,925,716 27,680,869 +7,244,847 -189,987 97,691,960 +5,268,289 33,634,610 33,824,597 1902. _ _ 102,960,249 1903___ 115,691,747 97,856,175 +17,835,572 38,296,851 31,846,698 +6,450,153 1904._ 106,955,490 113,678,564 -6,723,074 34,398,740 37,353,409 •-2,954,669 1905___ 118,404,552 107,325,222 +11,079,330 43,594,553 40,256,131 +3,338,422 1906._ 129,386,440 114,556,367 +14,830,073 42,808,250 36,718,416 +6,089,834 1907.... 137,212,522 118,666,092 +18,546,430 41,891,837 39,448,771 +2,443,066 1908_ _ 195,246,134 228,672,250 -33,426,116 67,194,321 75,679,805 -8,485,484 1909.... 219,964,739 195,245,655 +24,719,084 78,350,772 67,267,352 +11,083,420 1910_ _ _ 230,615,776 217,803,354 +12,812,422 73,157,547 77,643,305 -4,485,758 +31,411 1911._ 224,761,083 226,306,735 --1,555,652 72,423,46972,392,058 1912_ _ _ 245,595,532 222,587,872 +23,007,660 79,427,565 70,536,977 +8,890,588 223,813,526 +12,036,238 64,354,370 67,620,157 -3,265,787 1913_ __ 235,849,764 -998,911 1914...._ 252,231,248 261,803,011 -9,571,763 75,359,466 76,358,377 1915_ _ 262,948,1 260,624,000 +2,324,115 87,684,98577,833,745 +9,851,240 +44,096,142 108709496 88,421,559 +20,287,937 1916_. 308,040,791 263,944,649 -In 1896 the number of roads included for the month of July was 130; In Note. 1897, 127; in 1898, 123; In 1899, 114; In 1000, 117; In 1901, 108; In 1902, 103; in 106; In 1904, 98; In 1905, 94; In 1006, 90: In 1907, 82; In 1008 the returns were 1903, based on 231,836 miles of road; In 1909, 234,500; In 1910, 238,169; In 1911, 230,076: I n 1912, 230,712; In 1913, 206,084; in 1914, 235,407; In 1915, 243,042 In 1916, 244,249. we no longer include the Mexican roads or the coal-mlnIng operations of the anthracite coal roads In our totals. 172,730 Iron Range_ _ _ Chicago Milw & St Paul_ 1,017,106 Duluth & & 159,438 Southern_ _ _ 986,993 Colorado Chicago It I & Pac Lines_ 157,894 963.666 Yazoo & Miss Valley_ _ _ Illinois Central 155,028 904,211 Lake Erie & Western_ __ Quincy Chicago Burl & 147.844 880.932 Chicago Great Western... St Louts & San Francisco 144,129 813,493 Buffalo Roch & Pitts-__ Minneap St Paul & S S M 144,118 808,429 Florida East Coast Michigan Central 143,509 807,375 Vandalia Missouri Pacific 139,694 719,685 Cinc New Or!& Tex Pac_ N Y N & Hartford_ _ _ _ 136,032 c691,012 Western Maryland Philadelphia & Reading_ 135,221 677,760 Texas & Pacific Cleve Cinc Chic & St L__ 131,343 633,085 Central of Georgia Erie 131,250 _ 620,559 Chicago & Eastern Boston & Maine 127,283 616.761 Long Island Louisville & Nashville... 121,905 610,108 Central New England Missouri Kansas & Texas 116.225 Southern.... 602,437 Kansas City Wabash 112,413 573,736 Chicago Ind & Louisville Lehigh Valley 111,964 453,091 Nashv Chatt & St Louis_ Duluth Missabe & Nor 109,336 429,793 Bingham & Garfield_ _ Atlantic Coast Line 108,845 409,522 Indiana Harbor Belt_ _ Pittsburgh & Lake Erie 377,911 Phila Bait & Wash Representing 69 roads 377,776 Norfolk & Western in our coznpliation_ _$41.179,101 377,119 Wheeling & Lake Erie.._ _ Decreases. 363,208 Central of New Jersey_ _ _ $135,810 329,576 Grand Canyon Chesapeake & Ohio 102,227 319,140 Lehigh & No. England.. N Y Chicago & St Louis_ 297,075 Chicago & Alton Representing 2 roads 291,241 Southwestern_ _ _ El Paso $238,037 in our compilation__ 251,685 Pere Marquette filed -All the figures in the above are on the basis of the returns these Note. Conunission. Where, however, with the Inter-State Commerce the returns do not show the total for any system, we have combined to as possible separate roads, so as to make the results conform as nearly themselves. companies those given in the statements furnished by thetogether with the Pennsyla This is the result for the Pennsylvania RR., Chicago & St. Louis, the vania Company, and the Pittsburgh Cincinnati the Pennsylvania Company Pennsylvania RR.reporting $2,884,155 increase, II III_ __ __ SEPT. 23 1916.1 THE CHRONICLE $1,220,052 gain and the P. C. C. & St. L. $849,568 gain. Including all lines owned and controlled which make monthly returns to the Inter-State Commerce Commission, the result is a gain of $5,980,030. b These figures cover merely the operations of the New York Central itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the whole going to form the New York Central System, the result is a gain of $5,952,875. c These figures are furnished by the company. PRINCIPAL CHANGES IN NET EARNINGS IN JULY. Increases. Increases. New York Central $203,634 b$1,433,955 Pore Marquette Pennsylvania 203,609 a1,276,821 Missouri Pacific Chic Rock Isl & Pacific_ 1,019,450 Pittsburgh & Lake Erie_ 200,237 Northern Pacific 191,244 1,011,993 Wheeling & Lake Erie Chicago & North West 172,066 846,941 Internat & Great North_ Great Northern 166,254 818,015 Colorado & Southern Atch Topeka & Santa Fe 165,210 751,543 Norfolk & Western Dela Lack & Western 159,919 719,218 Lake Erie & Western... Minneap St P & S S M 153,453 705,296 New Orl Tex & Mexico_ Union Pacific 150,487 623,340 Grand Trunk Western_ ... Chicago Burlington & Q 141,428 591,646 Chic St P Minn & Om_ _ Illinois Central 137,911 539,973 Missouri Kansas & Tex_ Wabash 136,227 512,682 Texas & Pacific Southern Pacific 132,769 469,404 Philo Bait & Washington Chicago Milw & St 1' 123,590 410,544 Duluth & Iron Range_ _ _ Cleve Cinc Chic & St L 121,928 360,510 Chicago Great Western_ 118,405 Boston & Maine 351,590 Florida East Coast Duluth Mis.sabe & Nor.. 335,071 Representing 47 roads Michigan Central 330,990 .$18,742,951 in our compilation. Philadelphia & Reading.. c312,037 Central of New Jersey 303,383 Decreases. Louisville & Nashville 262,596 $194,602 242,231 Erie Atlantic Coast Lino 239,962 Seaboard Air Line 165,272 El Paso Southwestern__ _ 228,833 Delaware & IIudson _ _ _ _ 118,782 Denver & Rio Grande_ _ _ 225,203 Grand Canyon Chesapeake & Ohio 116,242 221,395 Lehigh & New England_ Chicago & Alton 100,868 212,246 N Y Chicago & St Louis 204,007 Representing 5 roads N Y N H & Hartford _ _ _ 203,705 in our compilation Lehigh Valley $695,766 a This is the result for the Pennsylvania RR., together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the Pennsylvania RR.reporting $494,476 increase, the Pennsylvania Company $428,125 gain and the P. C. C. & St. L. $354,220 gain. Including all lines owned and controlled which make monthly returns to the Inter-State Corn. mission, the result is a gain of $1,710,342. b These figures merely cover the operations of the New York Central itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the whole going to form the New York Central System, the result is a gain of $2,600,369. c These figures aro furnished by the company. Arranging the roads in groups or geographical divisions, according to their location, we find, what would of course be expected, an increase in gross and net alike in the case of all the different groups. In the year preceding there were losses in three of the geographical sections in the case of the gross and two in the case of the net. Our summary by groups is as follows: SUMMARY BY Section or Group. July Group 1 (18 roads) New England_ _ Group 2(73 roads) East Az Middle_ Group 3 (60 roads) Middle Weet.._ Groups 4 tic 5(90 roads) Southern_ _ Groups6& 7(68 roads) Noithwest. Groups 8 & 9(93 roads) Southwest. Group 10 (38 roads) Pacific Coast.. GROUPS. 1916. 15 14,175,513 86,354,578 39,052,700 35,008,477 67,140,422 46,123,067 20,186,034 Gross Earnings 1915. Inc.(+) or Dec.(-). $ % +1,577,374 12.52 12,508,139 73,455,238 +12,809,340 17.56 31,774,294 +7,278,406 22.90 31,676,077 +3,332,400 10.52 56,310,994 +10,829,428 19.23 39,740,391 +6,382,676 16.06 18,389,516 +1,790,518 9.77 308,040,791 263,944,649 Total (440 roads) -Mileage 1916. 1915. Group No. 1 Group No. 2 Group No. 3 Groups Nos. 4 & S._ Groups Nos.6 & 7.. Groups Nos.8 & 9_ _ Group No. 10 7,827 28,086 23,062 42,006 66,315 57,727 18,326 7,833 28,791 23,451 41,770 66,013 57,458 18,247 1916. 4,867,459 29,491,863 14,001,514 10,940,905 25,920,350 14.592,192 8,805,123 +44,086,142 16.70 Net Earnings 1915. Inc.(+) or Dec.(-). 4,260,620 25,804,634 10,421,703 9.579,724 19,245,991 11,044,092 8,064,795 +606,839 14.24 +3,687,229 14.29 +3,669.811 35.21 +1,361,271 14.21 +6,674,359 34.67 +3,548,100 32.12 +740,328 9.18 244,249 243,563 108,709,496 88,421,559 +20,287,937 Total 22.94 --Group I. includes all of the Now England States. NOTE. Group II. includes all of New York and Pennsylvania except that portion of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland,west and the extreme northern portion of West Virginia. Group III. Includes all of Ohio and Indiana; all of Michigan except the northern peninsula, and that portion of New York and Pennsylvania west of Buttato and Pittsburgh. Groups IV. and V. combined include the Southern States south of the Ohio and east of the Mississippi River. Groups VI. and VII. combined include the northern peninsula of Michigan, all of Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and Missouri north of St. Louis and Kansas City; also all cf Montana, Wyoming and Nebraska, together with Colorado north of a line parallel to the State line passing through Denver. Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south of Denver, the whole of Texas and the bulk of Louisiana; and that portion of New Mexico north of a line running from the northwest corner of the State through Santa Fe and east of a line running from Santa Fe to El Paso. Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah and Arizona and the western part of New Mexico. DENIAL THAT RAILROADS HAVE. ALTERED THEIR STAND AGAINST EIGHT -HOUR LAW. The reports that a change of attitude has been witnessed by the presidents concerning the Adamson Eight-Hour Law, has brought from Frank Trumbull, Chairman of the Railway Executives' Advisory Committee, a statement that the stand of the railroad executives has undergone no change. Following both the regular monthly conference on the 15th - the railroad presidents of the Eastern roads, and a meeting of of the Railway Executives' Advisory Committee on the 20th inst., there were reports that the course announced by E. P. Ripley to contest the law, would not be followed by the Eastern roads, and that the latter had decided to adopt a more conciliatory attitude, especially in view of the fact 1 079 that President Wilson had promised to put through the additional legislation which he had proposed in the settlement of the differences of the trainmen and the roads, and also in view of the forthcoming hearing in November on the Newlands resolution calling for an investigation of Government ownership and control of railroads and public utilities. Mr. Trumbull's statement, issued yesterday denying a change of attitude, says: An entirely erroneous impression concerning the attitude of the railway executives toward the Adamson Eight -Hour Law has been given circulation through inaccurate reports of the proceedings of the meeting of the Railway Executives' Advisory Committee, which was held at this office on Wednesday. There has been no change of attitude on the part of the executives as a whole on this matter, and in whatever deliberations they have pursued concerning it they have proceeded in an orderly way to ascertain, if possible, first, the effect of the law as a practical operating problem, and, second, its legal status. Investigation of the practical problem involved is being pursued by the managers of the roads through the National Conference Committee of the Railways, Elisha Lee, Chairman, and a study of the legal questions has been referred to the counsel of the various railways for investigation and future consideration. The railway executives have, throughout this whole controversy, taken a position squarely in favor .of investigation before action. In harmony with that policy, they are seeking by a study of every phase of the subject and a careful investigation into all of its bearings to prepare the way for the proper course to be pursued. There is to-day, as there was on the day of its passage, great concern and great dissatisfaction with the so-called Eight -Hour Act, both in principle and the manner of its enactment. There has been no change of feeling on these points, nor,indeed,could there be,in the light of the facts. The committee of executives which conducted the negotiations for the railways at Washington, of which Mr. Hale Holden is Chairman, is continuing its activities for the railroads in this matter, and has under consideration the problems to be met. There are various questions of policy, aside from those of an oparating or legal nature, which must be decided. If the railway executive's, on advice of counsel, should conclude that the law is invalid, or even unfair, they must then consider what is to be their attitude to their shareholders in the matter of its enforcement. They must also consider their duty to the public in asking for an increase in railroad rates, as suggested by the Administration. They must meet the question whether or not, under the so-called Eight -Hour Law, they must require men who now work less than eight hours to give a full eight hours of service. These and other questions of policy are all to be considered before decision or action. There was nothing in the deliberations of the executives on the day in question to warrant the reports which have been circulated. The Railway Executives' Advisory Committee consists of Frank Trumbull, Chairman of the board of the Chesapeake & Ohio; B. F. Bush, receiver of the Missouri Pacific; A. J. Earling, President of the Chicago Milwaukee & St. Paul; Howard Elliott, of the New York New Haven & Hartford; W. J. IIarahan, of the Seaboard Air Line; Hale Holden, President of the Chicago Burlington & Quincy; L. F. Loree, of the Delaware & Hudson; Robert S. Lovett, Chairman of the board of the Union Pacific; C. H. Markham, President of the Illinois Central; Samuel Rea, of the Pennsylvania; A. H. Smith, of the New York Central; F. D. Underwood, of the Erie; II. Walters, Chairman of the board of the Louisville & Nashville, and Daniel Willard, of the Baltimore and Ohio. Messrs. Smith, Underwood and Walters were the only members of the committee not in attendance at Wednesday's meeting. BABSON CO-OPERATION CONFERENCE. The Third Annual Conference on Co-operation was held last week at Wellesley Hills, Mass. We are informed that over a hundred concerns were represented, employing nearly a million men and three hundred millions of capital. A day was devoted to co-operation between competing business men, and a day and a half to co-operation between employers and employees. The session opened with able papers by D.B. Doremus, Secretary of the Salt Producers' Association, and Ernest H. Gaunt, Secretary of the Optical Manufacturers' Association. The discussion following these papers consumed the whole of the first day's session. The second day opened with addresses by W. V. Spaulding of the Leather Belting Association and H. S. Wales of the Pressed Metal Association. Both these speakers showed how competing business men, previously unfriendly and distrustful of one another, have been brought together so that they now open their books and treat one another like brothers. The second half of the conference treated of co-operation between employers and employees. The session opened with an address by Meyer Bloomfield. He was followed by Henry S. Dennison of the Dennison Manufacturing Co., who explained the remarkable plan which his company is operating for transferring the control from a body of absentee stockholders over to two hundred and fifty faithful employees of this concern. The final day was devoted to this same subject, the opening address being by Dean S. S. Marquis of the Ford Motor Co. When this man commenced to talk, there were many scoffers and doubters in the audience, some of whom were very much prejudiced against Henry Ford and his methods. It is said that when Mr. Marquis 1080 THE CHRONICLE [VOL. 103. finished every one in the audience was friendly to Henry EXTENSION OF FRENCH MORATORIUM. Ford. Following Mr. Marquis came Mr. Everett Morss, A decree extending the moratorium in France for another & Cable Co., who told of President of the Simplex Wire at Paris the co-operative plan in operation in his factory. The three months was published in the "Journal Officiol" on the 20th inst. In a report giving the reasons for the deconclusions of this Wellesley Hills conference were as follows: cree, it is stated that of 4,480,000,000 francs of paper money (1) Co-operation between competing employers is absolutely legal, and is most effective when the work is confined to mutual publicity, trust and benefited by the moratorium since the beginning of the war education; but that no price agreements whatever can be made and all and the aid given by the Bank of France, more than 3,000,meetings must be open to all concerns in the industry, both large and small. 000,000 francs has been paid voluntarily as the result of the Past and even present prices can be discussed; but future prices must not be discussed, and no member who cuts a price can be in any way frowned economic revision. upon or disciplined. Associations founded on that teaching of the Law of Equal Reaction that "confidence reacts as confidence" succeed; but those that depend on coercion or legal agreements fail. (2) Co-operation between employers and employees is continually helpful as long as the profit sharing and other methods are kept on a business 'basis. The concensus of opinion was that profit sharing has wonderful possibilities for developing the efficiency of employees and for eliminating labor conflicts. Such plans, however, to be successful, must not be paternal, must be free from all taint of charity, and must distribute profits 1 arge enough, during good times, to furnish a real incentive to the employee to do better work. Welfare work and such profit sharing as is given by employers "out of the goodness of their hearts" is usually not successful. Arrangements are now being made for another conference on the same subjects, to be held in September 1917. NEW FRENCH WAR LOAN. Subscriptions to the new 5% French loan will be opened from Oct. 5 until Oct. 29, at a price of 87.50 for cash, or -15 francs in cash, 23.75 Dec. 16 and 88.75 for installments 25 francs each Feb. and April 16. The first quarterly coupons will be due Feb. 16. Obligations of the defense, bonds of the defense and 3M% rentes will be accepted as part payment. The temporary certificates will be delivered immediately. Announcement has been made by the Farmers' Loan & Trust Co. that it would be glad to forward to its Paris office any subscriptions on behalf of investors in the United States. The company performs this service without charge. LIST OF COLLATERAL AGAINST THE $94,500,000ISSUE OF AMERICAN FOREIGN SECURITIES CO. The American Foreign Securities Company, which was the medium through 'which the French Government obtained its recent loan of $100,000,000, has received from that Gov ernment and deposited with the Bankers Trust Co. of this city, as trustee, all of the collateral securing the company's $94,500,000 three-year 5% collateral gold notes. A list of the securities so deposited follows: ARGENTINA. Government. 5% Loan of 1884. 5% Loan of 1886. 4% Loan of 1896. 4% Loan of 1807-1900. 4% Loan of 1900. 5% Interior Loan of 1905. 5% Interior Loan of 1907. 5% Interior Loan of 1909. 4;4% Interior Loan of 1911. 6% Cedulas. SWEDEN. Government. 3.00% Interior Loan of 1887. 3% Loan of 1888. 3%% Loan of 1890. 3% Loan of 1894. 3%% Loan of 1895. 3%% Loan of 1899. % Loan of 1900. 34% Loan of 1904-1900. 3;4% Loan of 1907. 3;i% Loan of 1911, Differ°. 4%% Loan of 1913. SWITZERLAND. Government. Rente 1890 des Chemins de For. 3% 3% Rente 1897, 1 Serie. 334% Loan 1899-1902 des Chemins_de Fer, Series A-K. 4% Rome 1900. 3% Rente 1903. 354% Rente des Chemins de For Federaux, 1 Serfe. 3% Rente Differ° Chemins do Feryederaux. City of Berne. 3% Loan of 1895. 3% Loan of 1897. URUGUAY. Government. 334% Loan of 1891. 5% Lean of 1905. 5% Loan of 1909. EGYPT. Government. Loan. 4% Unified 334% Loan "Privlligtee." BRAZIL. Other Securities. Government. % Loan of 1910, Caisse Ilypotheoaire Suede. de Villes 3% Funding Loan of 1898. SPAIN. NORWAY. EXTENSION OF RUSSIAN MORATORIUM. Government. latest announcement concerning the Russian mora- 334% Loan of Government. • The Exterior Loan. 1886. 1888. torium appeared in July in the Petrograd "Bulletin of Laws," 3% Loan of of 1894. CANADA. 3;i% Lean Province of Quebec. wherein was published an Imperial Ukase, dated July 10-23, 334% Loan of 1895. 3% Loan of 1896. 3% Loan of 1894. prolonging for a further period of six months from the date 33.i% Loan of 1898. SUEZ CANAL. 33,i% Loan of expiration the moratorium on all bills of exchange executed 334% Loan of 1900. of 1902. Government. 1903. previous to July 10-23 1915, for any term, from that date, 3% Loan of of 1904. Actions de Capital. 314% Loan Actions da Jouissance. 10-23 1916, inclusive, when the place of execution up to Jan. 5% Obligations Nouvelles. Other Securities. or the place of payment of the bill is in any of the following 334% Loan, Series 1885-1898, Banque 3% Obligations 2 Serb. . 3% Obligations 1 Serie. Hypothecalre. Governments or districts of Governments (being Govern3% Obligations 3 Serie. of 1904, Banque Proprietes Parts de Societe Clyne. ments and districts in the vicinity of the theatre of war): 354% Loan Agricoles. Cinquiome Parts de Societe Mile. Grodno, Kovno, Courland, Livonia, Minsk; in the 334% Loan of 1905, Banque Hypothe- 5% lions de Coupons Arrieres. calm. following districts of the Government of Volhynia: Vladimir- 33i% Loan of 1907, Banque Ilypothe- UNITED STATES CORPORATIONS. Stocks. Volynsk, Dubno, Kremenets, Kovel, Luts, Ostrov, Rovno, mire. ;Common. 334% Loan of 1909, Dillon% Banque Ateb.Top.& Santa Fe RY.CO. General Eleotrio Co. Staro-Konstantinov, and in the following districts of the Hypothecalre. Nortaern Pacific Ry. Co. Government of Podolia, Kamenets-Podolsk and Proskurov. Southern Pacific Company. DENMARK. Canadian Pacific Railway Co. The moratorium on all bills of exchange executed previous Government. Great Northern Ry. Co., preferred. 334% Loan Union Pacific RR. Co.,commoa. to July 10-23 1915, for any term from Jan. 11-24 1916, up to 3% Loan of of 1886. 1894. Union Pacific RR. Co., preferred. American Telephone & Telegraph'Co. inclusive, when the place of execution or the 3% Loan of 1897. July 10-23 1916, Utah Copper Company. 334% Loan of 1900. place of payment of the bill is in any of the Governments or 334% Loan of 1901. United States Steel Corp., preferred. Bonds. districts of Governments above mentioned, is also prolonged 334% Loan of 1909. Interborough Rapid Transit CoIlstv& Other Securities. for a further six months. A moratorium for six months is Refdg. M. Gold 5% bonds, duo 1966. of 1006, Banque HypotheJ. I. Case Threshing Machine Co. 1st M. also established from the date of expiry of all bills of exchange 356% Loan calre. 6% Serial Gold bonds. Loan of 1908, Banque executed previous to July 10-23 1915,for any term from July 4% Loan of 1912, Banque Hypothecalre. Southern Ry. Co. Development & Gent 4% Hypothecalre. M. 50-Y1. Cold 4% bonds, duo 1956. up to Jan. 10-23 1917, inclusive, when the place 11-24 1916, United States Steel Corp. 10-60-Yr. Sink. HOLLAND. Fund 5% bonds, duo 1063. of execution or the place of payment of the bill is in any of Government. N. Y. C. & Hudson RiverkRR. Co. 1st M.334% Gold bonds, due 1997:1b):1 the above-mentioned Governments or districts of Govern- 3% Rente 1896-98-99-1905. During the above-mentioned terms the bills in ments. question cannot be protested, and no steps can be taken to TRADE UNIONS LIABLE FOR DAMAGES RESULTING FROM STRIKES. recover upon them. The Ukase further empowers the An opinion, handed down in Philadelphia this week:and Minister of Finance to extend the moratorium, if necessary, to other portions of the Empire than those specified, and to which is expected to have a far-reaching effect on the:conflict between capital and labor, decides in effect that trade extend the period of exemption mentioned. unions, heretofore exempt from civil suits, can be holdlliable in actions to recover damages arising from strikes andlother INTEREST DUE OCTOBER 1 ON THIRD GERMAN WAR causes-the trebling of damages recovered beinapossible under the Sherman Anti-Trust Act and the Clayton Act. LOAN MAY BE COLLECTED HERE. Zimmermann & Forshay announce that they are prepared The decision was rendered in Philadelphia by the U. S. Cirto pay the Oct. 1 interest on the 5% bonds, third war loan, cuit Court of Appeals for the Eighth Circuit, and the Philaplaced by them in this country, at the rate of 173c. per delphia "Ledger" of the 21st inst. prints the following cm:1i mark. In order to receive this interest holders should pre- corning it: The decision is the first of its kind over made in this country. Heretofore sent their interim certificates, accompanied by the required stilts have been brought only against instigators of strikes and individual income tax ownership certificates at the offices of the firm, members of unions. The latter always maintained, and successfully, that bodies they 9 and 11 Wall Street. The collection of this interest may, not being incorporatedwere exempt were not subject to be fined, and that from attachment. Employers whosa their associate funds if so desired, be deferred until such time as the rate for Ger- property was destroyed were restricted to suing employees, inost of whont were financially irresponsible. man marks is nearer normal. SEPT. 23 1916.1 -It appears that the common law THE CHRONICLE upheld the contention of the unions. The court now finds that the rule of this law is extended by the language the Sherman and Clayton Acts, which define the parties liable for damof age as including both corporations and associations existing under the laws of the United States or of the several States. By the use of these words it is held that Congress intended to include unincorporated associations as well as those incorporated. . The decision grew out of a suit involving a strike in Arkansas, in the spring of 1914. The dissention was caused by an effort of seven coal companies, controlled by Franklin Bache of Philadelphia, to operate their mines on an open-shop. basis. This caused numerous riots. 111'le battles were fought and resulted in a victory for the union men. The company's men were put to flight and several were killed. The mines were destroyed, the total damages being estimate at $425,000. The disturbance was stopped when President Wilson sent armed troopers to the scene. The company brought suit against the union under the Anti-Trust Law for treble the amount of damages sustained. District Judge Youmans of Arkansas dismissed the writ on the ground that no valid cause of action was stated. The Appellate Court, tile Sallie court that decided the Northern Securities and Harvester Trust cases, reversed Judge Youmans's decision, holding that under the fact alleged in the writ the union was liable. The case will come to trial in the Federal Court before a jury this winter and will, in all probability, eventually reach the Supreme Court of the United States. ITALIAN WAR EXPENDITURES. The following concerning the Italian war expenditures is taken from the London "Financial News" of Aug. 26: Some important features of the Italian financial situation, it is said, in a statement prepared by the financial delegate in London, were revealed in the two speeches recently delivered in the Italian Parliament by M. Carcano, the Minister of the Italian Treasury, who recently visited London in order to confer with the Chancellor of the Exchequer. The war expenditure of Italy—or, rather, the expenditure from credits outside the Budget—that is, without taking account of the ordinary military and naval expenditure, and including some small items (some £4,000,000) not connected with the war—amounted in the financial year ended June 30 1916 to £312,000,000—£26,000,000 a month, or nearly £866,000 a day. This last figure, which is less than the real war expenditure, and which is steadily growing, does not compare badly with the estimate of the daily expenditure of the United Kingdom on purposes of war, £3,350,000, as stated by Mr. Asquith in his July speech, and goes far to demonstrate that the efforts of Italy and the burden of her share in the common struggle have often been underestimated. The system of continuous borrowing, both by means of Treasury bonds and Treasury bills, on the example of the British Treasury, was adopted from June 20, and had in a fortnight brought in about £20,000,000. This new policy promised to prove effective for the future, as the deposits in the postal and ordinary savings banks and credit institutions had shown a constant increase. An important feature of Italian war finance is that the revenue, owing to a bold fiscal policy and to the endurance and patriotism of the Italian taxpayers, shows itself fully capable, not only of sustaining the onus of the existing debts, but also 01 insuring the interest service of several billions of lire of new loans that may be required. There is a surplus revenue of some £21,000,000 above the figures of the preceding fiscal year, and some £3,500,000 more is expected from the full operation, in the new financial year, of the most recent fiscal measures. The satisfactory condition of Italian industry and commerce was shown, even under the present abnormal conditions, by the amelioration ot the exchange, which had progressed almost steadily in favor of Italy from January last, and gives her third place, after England and France, among the belligerent Powers on the principal financial markets of the world. The tacts and figures in M. Carcano's speech, the statement continues, are good omens about the way In which Italy will sustain during the war, and after, her part of the financial burden imposed on all the belligerent nations. NATION HANDICAPPED BY INDISCRIMINATE LEGISLATION. The danger in the present spirit of unrest was pointed out in an address by Alfred E. Ommen, counsel for the United Typothetae and Franklin Clubs of America, at the latter's annual convention in Philadelphia on the 12th inst. Indiscriminate legislation, Mr. Ommen pointed out, is handicapping the nation, the Philadelphia "Press" quoting him as follows: 1081 2. Called to the attention of the President of the United States, the Congress, and the Tariff Commission, when organized, the necessity "that the American tariff system, whatever be its underlying principle, shall possess adequate resources for the encouragement of the foreign trade by commercial treaties or agreements or executive concessions, within defined limits, and its protection from undue discrimination in the markets of the world." 3. Declared that the prospect of keener competition as well as foreign economic alliances after the war made doubly necessary legislation permitting American exporters to combine, exclusively for foreign trade, as do their foreign rivals. This is an endorsement of the principle of the Webb Bill, which passed the House, but will not come before the Senate until the session beginning December. 4. Enunciated the Council's belief in the importance to American trade of the "open door" policy in China and expressed its hope that the President and the Department of State will take steps "jealously to safeguard this principle." 5. Called a great National Foreign Trade Convention to meet in Pittsburgh late in January 1917, for further consideration of the policies necessary to safeguard American commerce and promote "greater prosperity through greater foreign trade." 6. Laid plans for expert business men's investigation of the further development of European economic alliances, changes in foreign trade and commercial treaty policies likely to affect the United States. 7. Planned to co-operate by placing all possible information before the new Government agencies for development of sound foreign trade polities, the Federal Trade Commission, United States Shipping Board, Tariff Commission and Federal Reserve Board. S. Continued the Council's policy of offering prizes to colleges and universities for student essays on topics related to the merchant marine. All sections of the United States were represented at the meeting of the Council, which is non-partisan and nonpolitical, and devoted to encouragement of sound foreign trade policies. James A. Farrell, President of the United States Steel Corporation, and Chairman of the Council, presided. In his annual address he said in part: The European Economic Alliances, foreseen and discussed at the Council's last meeting, have, on the part of the Entente Powers, been concluded, and the present prospect is that when peace settles upon Europe. there will remain two commercial groups, the members of each undertaking a system of mutual trade preferences, which may automatically create discriminations against neutrals. It would be unwise to assume, as many do, that the highly artificial program of commercial preferences after the war will break of its own weight. Whether a reversion to mercantile restrictions, which from the end of the Napoleonic wars until the beginning of the present war, had steadily been discarded, Is a practical method of recovery, remains to be seen. At the end of the conflict, the United States will have the greatest gold accumulation ever possessed by a single nation. American foreign trade has exceeded all records. The United States will be both the largest customer and the most formidable competitor of Europe, if our position is safeguarded by a sagacious policy. Since the total foreign trade of the United States normally is about onetwelfth of that of the entire world, and since both exports and imports serve the interest of our international neighbors and ourselves, it would seem that some method should be devised of arriving at a friendly adjustment of commercial relations without resort to extreme discrimination possibly leading to trade wars. The report of the Committee on the Foreign Trade Aspect of the Tariff was presented by Willard Straight, its Chairman, and signed by D. W.Kempner, a cotton exporter of Galveston, Texas; B. F. Harris, afarmer of Champaign Ill., and R. H. Patchin, Secretary of the National Foreign Trade Council. Attention was called to the fact that present public discussion of the tariff relates almost entirely to its domestic aspect, little being heard of its administrative character, whether it should be a maximum and minimum, a general and conventional, a reciprocity or bargaining tariff. The war was declared to make this a question of the highest policy which Congress, aided by the investigations of the Tariff Commission, was urged carefully to consider. The abrogation by war of European commercial treaties, the revision of European tariffs after the war, and the possibility of the establishment of a general tariff in the United Kingdom will give European nations, said the report, a basis on which to demand that neutral countries, including those of South America,grant concessions in return for their favorable admission to European markets. The report added: There has never been a time in the nation's history when there have been so many strikes, so many disorders, as little regard for law, as much unrest and absence of responsibility as there are to-day. The policemen never had so little authority in a crowd as he has to-day; the courts, the most complete development of civilized society, a shield to the lowly, a check to These circumstanced show the necessity for a greater elasticity than now the proud, are viewed with gradually diminishing respect and fear by those obtains in the American tariff system, regardless of whether the tariff is who, without the courts, would be a menace to the State. The spirit now abroad is to make the incompetent equal by law to the maintained for protection or revenue, or partially for each. It is obvious skilled, the dissolute the equal of the sober, the shirker the equal to the that the United States should have some method of adjusting its tariff to honest man. Are the people so dense that they do not know that unrest new conditions created by political or commercial changes on the part of is the seed of revolution? Never has there been a plainer drift in our coun- our competitors and customers, without resorting to a general revision. try to make idleness a profitable employment, discontent a badge of disThe Council, upon the recommendation of the Committee, tinction and demogogy a sign of light. The public official to-day is not adopted the following resolution: for justice, but for popularity, not fair play but power. The only test is Whereas, the United States offers normally a steadily increasing market "what does the majority want?" for the products of countries which require a foreign supply of articles which are produced in the United States and its possessions, and Whereas, the extension of the foreign the United States, as a DELIBERATIONS OF NATIONAL TRADE COUNCIL— safeguard against domestic depression, trade ofdepends upon favorable largely tariff treatment of American exports and their freedom from foreign disJAS. A. FARRELL'S OBSERVATIONS ON ADJUSTcrimination in favor of like products of competing nations; and MENT OF COMMERCIAL RELATIONS. Whereas, as a result of the European war, European economic alliances As the result of half a dozen investigations of the problems have been formed and are proposed, which by establishing tariff preferof retaining and extending normal American oversea com- ences among their members, would discriminate against neutrals; and Whereas, approximately three-fourths of merce, the National Foreign Trade Council at an all-day the belligerents, whose commercial treaties normal American trade is with regulating tariff relations will meeting at the Biltmore Hotel, this city, on Thursday took be revised after the war,and cannot escape the effect of far-reaching changes of tariff policy on their part, especially since all European governments, the following action: 1. Called attention to the possibility that the European Economic except the British, maintain tariffs devised for concessions or retaliation in the interest of foreign trade and a possibility exists of the establishment Alliance among both the Entente and Central Powers by creating preferences between the nations now allied in arms, may impose discriminations of a tariff In the United Kingdom, affording a basis for preferential agreements with markets whose needs the United States desires more largely to upon the foreign trade of the United States. share; and 1082 THE CHRONICLE Whereas, American labor and producers are entitled to every resource of Government policy necessary to preserve and extend their share of foreign markets in return for the market here afforded foreign products; therefore, be it Resolved. That the National Foreign Trade Council bring urgently to the attention of the President, the Congress and the Tariff Commission, when organized, the necessity that the American tariff system, whatever be its underlying principle, shall possess adequate resources for the encouragement of the foreign trade ot the United States by commercial treaties or agreements or executive concessions, within defined limits, and its protection from undue discrimination in the markets of the world. And be it further Resolved, That the National Foreign Trade Council continue its investigation of the effect of' European economic alliances upon the foreign commerce of the United States, and related subjects, with a view of placing its findings before the United States Tariff Commission, when organized, or before the President or Congress, as may be deemed expedient, and that the Council co-operate with other organizations in the interest of a better public understanding of the foreign trade aspect of the tariff problem. The report of the Committee on Cooperation in Foreign Trade was submitted by John D. Ryan, President of the Anaconda Copper Mining Company, and recorded the widespread approval of the principle of the Webb Bill and the general disappointment of all engaged in foreign trade that the Senate failed to pass it. In the absence of Henry Howard of Boston, Chairman of the Foreign Relations Committee, its report was presented by M. A. Oudin of the Gen.erel Electric Company, Schenectady. It recommended and the Council adopted the following resolution on the far-Eastern situation: Whereas, During the past year the relations between Japan and China have been characterized by certain incidents which have seemed to justify apprehension as to the future of the commercial open door in China and possible prejudice to American interests and Whereas. In response to its inquiries concerning such incidents the State Department has received from the Imperial Japanese Government assurances that Japan would strictly adhere to the principle of equality of opportunity for the trade of all nations in China, now therefore be it Resolved, That the National Foreign Trade Council desires strongly to emphasize its belief in the fundamental importance to American trade of the so-called "open door" policy and to take advantage of this occasion to express its hope that the President of the United States and the Department of State will take steps jealously to sal;guard this principle. [VOL. 103. body and that nothing could be done in time to save that crop even if it bankrupted the entire South. But when organized labor 400,000 strong, threatened the country with a general railroad strike, President Wilson discovered that Congress was not as slow and conservative a body as he thought it was and the eight-hour law was passed in less than that many days. Whether this was right or wrong, we are not now discussing, but it proves very clearly that if the farmer wants anything he has got to go after it and be organized well enough to demand it. To start this cotton holding movement I have been requested to call a meeting in Columbia, Thursady, Sept. 28, at 3 o'clock p. m. This I will do if farmers are interested enough to attend such a meeting ow will join in the holding movement and will so indicate by writing me a card. Yours respectfully, (Signed) M.T. MORRISON, President, South Carolina State Farmers' Union. McClellanville, S. C., Sept. 16 1916. URGING MINIMUM COTTON PRICES. It was reported on the 6th inst. that a minimum of 12 cents per pound as the price for cotton had been fixed at the meeting on that date of the Association of State Farmers' Union Presidents, all bankers, merchants and business interests of the South, it was reported, being urged to co-operate in maintaining this price, in order that the cotton industry of the South might be placed upon a stable basis. In denying that any such figure had been named, Mr. Pope on the 7th inst. made the following statement, according to the Houston "Post" of the 8th: The Houston "Post" of Sept. 7 carries a story to the effect that the Association of State Presidents of the Farmers'Co-operative Union of America, in session at New Orleans, Sept. 5 and 6,in which it is stated the association passed a resolution fixing a minimum price of cotton at 12 cents. I have investigated this story thoroughly and find that it was the result of a telegram with my name signed at the bottom, received on the night of Sept. 6 by "The Post" from New Orleans, purporting to give the proceedings of the meeting, most of which telegram was true. But, in fact, there was no action taken on the minimum price of cotton. There was no resolution offered nor passed fixing any price on cotton, although the matter was discussed privately among the members to the extent that if we had fixed a minimum price, it would have been 20 cents per pound. There was no committee appointed to meet in Houston Sept. 19. Furthermore, I did not send the telegram to the "Post" to which my name was signed, and I do not know who is the author of said telegram, but intend to institute a thorough investigation. The Houston "Post" is entirely justifiable in publishing the telegram they received with my name signed to it, dated New Orleans, Sept. 6. This, story has been sent to a number of leading dailies, I do not know how many which published it in full the same as did tho "Post." The Farmers' Union appreciates all the publicity it can get, but we want the facts. Such false statements as this going out are calculated to do the farmer an irreparable injury on the price of his cotton. HENRY N. POPE. The Merchant Marine Committee's report laid stress upon the fact that the vast tonnage necessary to enable the United States to carry a reasonable proportion of its own commerce could not entirely be provided through a policy of Government ownership and operation, but must be produced by private enterprise, and that the hope of the American Merchant Marine, so far as extended by the law recently enacted, lay in the Shipping Board's authority to investigate the steps On the 9th inst. Mr. Pope was reported to have issued a necesary to develop an adequate fleet for the foreign trade. statement urging all farmers to hold their cotton for 20 cents, The report recommended: declaring that this price would be reached before the present Your Committee deems it highly advisable that all devoted to the upcrop is picked if a general holding plan is put in practice by building of the American Merchant Marine. constantly and cordially cooperate with the Shipping Board, placing before it all possible helpful Southern farmers. He was also credited on the 12th inst. information in the interest of an impartial determination of the policy with having written to all Southern Congressmen and candinecesary to restore the United States to its former proud position among dates for Congress and the presidents of all Southern State the maritime nations. It was decided that the annual convention be held in bankers' associations, asking for concert of action on the part Pittsburgh late in January, at a date later to be fixed. of the financial interests and Government in protecting a Resolutions expressive of the Council's sense of loss in the 12-cent per pound minimum loan on all cotton crops. In death of James J. Hill of St. Paul, one of its original and discussing the plan, Mr.Pope made the following statement: The Federal Reserve Bank has made 6% loans on cotton In storage posmost active members, were adopted by a rising vote. sible, but this legislation should be supplemented by a minimum loan price so as to protect the cost of production and give American commerce an effective trade weapon. American cotton occupies a commanding position In world trade that no other product holds. Nature has forbidden al other countries to produce it and society has demanded that the citizens o every country, race or clime wear it. It is the only exclusive staple American product on land or sea and this God-given advantage is forfeited through lack of a capable marketing plan. -cent selling minimum, or A 12-cont loaning minimum would mean a 20 at least it would enable the farmer to hold his own with the bears. SOUTHERN COTTON FARMERS URGED TO HOLD COTTON. The following letter in which it is predicted that cotton will be selling at twenty cents before the next crop comes in, and urging the cotton farmers of the South to join in a movement for the holding of the staple, has been circulated by M. T. Morrison, President of the South Carolina State FEDERAL RESERVE BOARD'S RULING ON KERN Farmers' Union: To the Cotton Farmers of South Carolina:— AMENDMENT TO CLAYTON ANTI-TRUST ACT. At a meeting of the State Presidents of the Farmers' Union, held in New A statement setting out its interpretation of the Kern Sept. 5 and 6, a resolution was passed urging upon the Orleans, La., cotton planters of the South the importance of holding meetings in their amendment to the Clayton Anti-Trust Act providing that respective States for the purpose of organizing a cotton holding movement. with the consent of the Federal Reserve Board, an officer, While the price was apparently high on the 1st of September, the rapid may serve as an ginning and selling of cotton is already depressing the market, almost twice director or employee of a member bank DS much cotton having been ginned as was last year at this time. The officer, director or employee of not more than two other buyers are naturally taking advantage of this fact and unless we can check banks, not in "substantial competition," was issued this up the selling the price will go still lower. Reports show a very short crop, and probably not more than 11,000,000 week by the Reserve Board. In passing upon applications bales, and when we remember that two years ago, under war conditions, from directors of national banks for permission to serve on a 16,000,000 bale crop was consumed we can appreciate whore cotton will the directorates of other institutions the Board announces probably go to if slowly marketed. Harbin's report gives only 58.7% of a crop for this year, with South that it has considered each case on its own merits, "but has Carolina at 48.2% (about half of a crop, which, as far as my personal taken the general position that the mere purchase by two knowledge goes, is about true.) in the open market, or the making Somebody is going to sell cotton before the next crop comes in at 20 cents banks of commercial paper and up, and, why not the man who makes it? With our State warehouses, of time or demand loans on collateral securities having a money at a low rate of interest and cheap storage and insurance, there wide market, or the purchasing of such securities, need not should be no reason for the majority of the farmers of this State to depress as indicating 'submarket by selling now. In 1914, we made a big crop but got nothing necessarily or invariably be considered the for it; in 1915 the price was fair but the crop short. The 1916 crop will stantial competition' within the meaning of the Kern amendprobably be the shortest we have had in ten years and the world may be The Board expresses the view, however,"that 'subfacing a cotton famine. Why not the producer reap the harvest? To do ment." stantial competition' must be held to exist in cases where the this we must act together; unorganized we can never bull the market. You remember that two years ago, when the Southern farmers asked resources of the banks are of such magnitude, or of such Congress to pass an Act opening up the ports of the warring countries to ability of the banks joiatly to gram* or to they were told that Congress was a slow working and conservative character that the cotton, SEPT, 23 1916.] THE CHRONICLE withhold credit, or otherwise to influence the conditions under which credit may be obtained, might constitute them a dominant factor in the general loan market, even though the character of the deposits carried by the institutions in question might be quite different." Its statement follows: The Federal Reserve Board has received a large number of applications from directors of national banks in all parts of the country asking the consent of the Board to serve as directors of other banking institutions. The Clayton Act, as originally enacted, prohibited directors of member banks of the Federal Reserve system, from serving as directors in other banking institutions, except in certain specific cases, the purpose of the Act being, in the language of the Judiciary Committee of the House, to prevent as far as possible control of great aggregations of money and capital through the medium of common directors between banks and banking associations, the object being to prevent the concentration of money or its distribution through a system of interlocking directorates. The Kern amendment to the Clayton Act provides that with the consent of the Federal Reserve Board, an officer, director or employee of a member bank may serve as officer, director, or employee of not more than two other banks if such other bank or banks are not in substantial competition with such member bank. In passing upon the applications, the Board has given careful consideration to the facts submitted by the applicants, and to the reports and recommendations of the Federal Reserve agents of the respective districts. The Board has considered each case on its own merits, but has taken the general position that the mere purchase by two banks of commercial paper in the open market, or the making of time or demand loans on collateral securities having a wide market, or the purchasing of such securities, need not necessarily or invariably be considered as indicating "substantial competition" within the meaning of the Kern amendment. It is, however, the view of the Board that "substantial competition" must be held to exist in cases where the resources of the banks are of such magnitude, or of such character, that the ability of the banks jointly to grant or to withhold credit, or otherwise to influence the conditions under which credit may be obtained, might constitute them a dominant factor in the general loan market, even though the character of the deposits carried by the institutions in question might be quite different. In drawing the distinction in various cities, no fixed rule as to amount of assets could be applied, as different lines of demarcation had to be observed, suggested by the relative importance of the financial institutions involved and the character and scope of the markets in which they operate. 1083 "Question No. 11. -Describe nature of foreign exchange business, if any, done by the bank. "Reply should indicate amount of the business, with what foreign countries, whether or not done direct or through other institutions, and whether only for customers or a wide-open market business. "Question No. 12. -Describe kind and extent of fiduciary business done . by the bank. 'This includes acting as registrar of stocks and bonds, looking up and guaranteeing titles, &c. "While in cases which are clear the Board does not desire to be technical in passing upon the sufficiency of the answers to the question on Form 94a, it will be necessary for the replies to go more into detail in the doubtful cases, and in dealing with these the Federal Reserve agent should use his own discretion in getting at all facts. The questions outlined in the schedule are only to be considered as general leaders. "Information relating to the ownership or control of the institutions involved would be very helpful in determining the question of substantial competition. Where the same group of individuals control the boards of directors of two banks, the test should be whether the banks would, under normal conditions, be in substantial competition on Oct. 15 1916, i. e., on a date when the control no longer exists. "Where a group of persons owns the majority of the stock in two banks and through such ownership controls both institutions, careful consideration should be given to the question of whether the public is deprived of the benefits of competition by such control, and whether under normal conditions substantial competition would exist between the two institutions. Conditions of that kind, if found, should be considered as tantamount to substantial competition." NEW YORK FEDERAL RESERVE BANK'S REPORT OF OPERATION OF COLLECTION SYSTEM. The Federal Reserve Bank of New York made known on Wednesday the results of its operation of the new check collection system. From July 15 to July 31 the New -ork Federal Reserve Bank handled 237,000 out-of-town checks and from August 1 to August 31 it collected 667,c00 items for member banks. The daily average durin-• July was ; 16,000; during August 24,000,and thus far durinz September, 28,000. In the bills for service charge sent to members by Deputy Governor Treman this week a charge of but one cent per item was made, against the estimated cost at the time of the inauguration of the collection system of a cent and a half. The following is the daily report of the transit Thus far the Board has passed upon 679 applications, of department from Aug. 16 to Sept. 15: which 556 have been granted and 123 denied, as follows: REPORT OF TRANSIT DEPARTMENT OF FEDERAL RESERVE BANK Boston New York Philadelphia Cleveland Richmond Atlanta Granted. Denied. Chicago 15 35 St. Louis 134 48 Minneapolis 9 85 Kansas City 101 8 Dallas 28 49 San Francisco 1 8 Granted. Ilenied. 8 44 7 2 10 15 88 3 The "Federal Reserve Bulletin" for September printed the following concerning the applications under the Clayton Act, and the questions regarding which applicants were required to supply information. Preliminary work upon the applications under the Kern amendment to the Clayton Act for the permission of the Federal Reserve Board to serve at the same time as an officer or director of a member bank and of not more than two other banks, which are not in substantial competition with the member bank, is well advanced. A large number of applications are now ready for the action of the Federal Reserve Board, and they will be taken up immediately. Many applications present simple questions which can be easily determined, but others are complicated by reason of the difficulty in determining whether, from the facts presented, "substantial competition" exists within the terms of the statute. About 5,000 blanks have been sent to those making inquiry, 3,500 of these going out from Washington and the remainder being distributed by Federal Reserve agents. These applications, as they have been returned with the recommendation of the Federal Reserve agents, have been taken up by a committee and are now ready for consideration by the Board. That those making applications might have all the information at its command, the Federal Reserve Board sent out early in August to Federal Reserve agents answers to a number of the questions which had been propounded up to that time, as follows: "There have been received many inquiries relating to applications for consent of the Federal Reserve Board under the Kern amendment to the Clayton Act. "The Federal Reserve Board desires each applicant to make on the reverse side:of Form 94a a complete list of all firms of which he is a member and a complete list of all corporations of which he is a director, officer, or employee. "Inquiries about the questions which banks are requested to answer on Form 94a will be taken up in proper order. -Character of the community which the banking insti"Question No. 1. tution servos. "The answer to this question should state the character of business of the community or in case of a large city of that section from which the o !foi ract ; tl csin k,large mtority ee f m ustomers. bank draws . t f the institution. "Uestreply (lboinmercial banking' would be sufficient if bank did not e n engage in other banking activities. Question No. 3. -Describe nature of demand deposits. "The answer should state whether bank, commercial or individual, whether checking accounts or demand certificates of deposit, whether the average deposit is large or small, and whether interest is allowed. "Question No. 4. -Describe "This means whether savingnature of time deposits. accounts or time certificates and also char actor of depositors and approximate average size of deposits. "Question No. 5. -Describe nature of acceptance liabilities. "A reply stating the liabilities on commercial letters of credit covering exports or imports and domestic transactions and location of the bulk of the customers for whom credits are opened would be sufficient unless the bank issued cash letters of credit, travelers' checks, &c. -State practice of bank in respect to purchasing commer"Question No.6. cisllwaper, e. q., continuous or seasonal. : The reply continuous or 'seasonal,! as the case might be, would be sufficient. It might be well to mention in which markets purchases are primarily made. -Describe nature of collateral. Question No. 8. "This means the character of the collateral, i. e., commercial paper, stocks, bond..;, mortgage notes, &c. -Describe character of investments. "Question No. 9. "A reply stating 'long and short term railroad and municipal bonds nod notes' would be sufficient, unless the bank made investments in real estate securities, &c. "Question No. 10. -Describe practice of bank in respect to acquiring and disposing of investment securities. "Answer should state whether the purchases and sales are made in the open market or directly from corporations, &c. and whether underwriting syndicates are joined or formed, whether securities arc acquired for longtime investment or for short-time investment for re-sale to customers, &c., and also whether there is a bond department. Date 1916Aug. 16 17 18 19 21 22 23 24 25 26 28 29 30 31 Sept. 1 2 5 6 9 11 12 13 14 15 Total Average OF NEW YORK. -Marino 1: ruse(ems.- --Out-of-Town ItemsNo. Amount, No. Amount, 4,174 5,697,414 28,130 7,018,293 4,517 10,551,622 26,100 6,428,835 4,12 8,327,984 25,418 6,518,184 2,,48 11,204,399 23,926 6,070,918 4,173 11,866,952 24,234 5,146,733 4,467 6,065,147 27,674 5,668,957 3,868 5,667,565 24,809 5,656,741 8,155,135 25,282 3,897 5,532,810 3,614 8,660,390 29,341 5,422,016 3,644 10,322,831 23,092 5,747,775 3,996 10,947,891 22,868 5,708,050 8,032,785 27,408 4,423 5,732,939 7,223,438 25.844 3,163 4,987,457 4,384 13,475,132 22,431 6,906,278 3,239 3,386 5,054 4,225 4,329 4,325 4,232 4,327 4,851 3,960 3,996 3,976 10,632,421 8,052,597 30,657,576 9,718,819 11,257,602 11,044,057 8,317,724 18,039,032 11,120,561 7,591,057 10,335,776 14,590,528 24,126 20,758 23,559 22,754 20,423 21,783 29,170 29,660 33,668 37,788 34,552 31,313 5,869,850 7,042,441 7,185,243 6,710,132 8,301,157 8,929,518 8,183,946 8,281,418 8,130,884 9,677,373 8,960,116 8,876,207 No. 32,304 30,617 29,810 26,874 28,407 32,141 28,767 29,179 32,955 28,736 26,802 31,831 29,007 26,815 Total -Amount. 12,715,707 16,980,457 14,846,168 17,275,317 17,013,685 11,734,105 11,324,307 13,687,946 14,082,406 16,070,406 18,655,941 13,765,725 12,210,896 20,381,411 27,365 24,144 28,613 26,979 24,752 28,088 33.402 33,987 38,519 41,746 38,548 35,289 16,502.272 15,095,039 37,842,819 16.428,951 19,558,780 17,973,575 16,501,671 26,320,451 19,251,445 17,268,431 19,295,892 23,266,736 105,160 277,556,246 888,177 178,494,224 791,337 454,050,530 4,045 10,675,240 26,391 8,788,241 30,436 17,463,481 RECOUPING THE LOSS FROM PARRING CHECKS THROUGH FEDERAL RESERVE BANKS. As a means of offsetting the losses which result through the operation by the Federal Reserve System of paying checks on member banks at par, the banks on the Pacifie Coast, which have heretofore accepted Eastern drafts at par, have taken to selling exchanges against Eastern funds thus received. The Farmers' & Merchants' National Bank of Los Angeles, Cal., in its monthly letter under date of the 15th inst., has the following to say in the matter. This institution also declares the charge of 1M cents per item absurd, inasmuch as 2 cents in postage has to be spent in remitting proceeds. On Aug. 15 the Federal Reserve Bank put into operation its arbitrary and revolutionary plan of paying all checks on member banks at par. The effect of this system will be the loss by the banks of the country of a legitimate source of income enjoyed by them for years in exchange charges. This loss will be very considerable, but the banks are not going to sit idly by and see this source of profit vanish without recouping themselves from other sources. The banks on the Pacific Coast, for instance, have heretofore accepted Eastern drafts at par. They recoup themselves by selling exchanges against Eastern funds thus obtained. To-day, if a man walks into a Pacific Coast bank with a draft drawn by a solvent party on an Eastern bank, and wants immediate credit for the proceeds thereof, he will be compelled to pay for the use of the money until the bank cashing the draft has received its proceeds from the party upon whom it is drawn. If a merchant deposits out-of-town items and gets immediate credit for them, he will be compelled to pay the bank with whom he makes the deposit fur the use of the money advanced on those items until the bank has collected them. There are a thousand and one 1084 THE CHRONICLE [VOL. 103. -made on us from Europe in the future. I have no fear but that we can handle any situation, but if you will enlarge our base you will see how much stronger we would be in meeting the great problems that are going to confront us in the future. We have taken care of the army; we have taken care of the militia. It the militia fails us our whole system of national preparedness goes to the ground. So it is with the Federal Reserve System; it is national preparedness; it is a strong institution to meet the troubles of the future. It is a patriotic duty for every bank to come into this system and lend their share to national financial preparedness as the militia does to the United States. NEW DIRECTORS OF PHILADELPHIA FEDERAL If there is no other reason, this should be a good and sufficient one. One RESERVE BANK. banker came to me to-day and said, "It you men can take care of this • national banks, why should these State banks come in if Del., system of tho to take care of it?" The State banks of this country have The election of Henry B. Thompson, of Wilmington, You are going as a Class C director of the Federal Reserve Bank of Phila- got to come into this system or establish an equally sound system of their Because the system of consolidated resources is accepted delphia to succeed George W. Norris, of Philadelphia, who own.allWhy?the world as a sound and proper system of banking. In the now Farm Loan long runover have got to come to us. In the first financial pinch we are resigned to become a member of the Federal they the time Board, was announced by the Federal Reserve Board on the going to see a run of banks asking to join this system. When are now. condition that they may Mr. Thompson's term will expire Dec. 31 1916. comes they open not be in the same liquid if they wait until they have 15th inst. now; we welcome them, but The door is He has been designated as Deputy Federal Reserve Agent to come in they might not be in the condition to enter under the requireof ments that are made to come into the Federal Reserve System. They at .Philadelphia. The election of J. Davis Brodhead, can come in and still make loans on real estate—they can still insure—all we South Bethlehem, Pa., as a Class C director of the Philadel- ask is that their assets should be in a reasonably liquid condition. Some announced. Mr. Brodhead suc- banks have as high as thirty branches, but yet they can all combine with phia Reserve Bank is also benefits of the ceeds Vance C. McCormick, of Harrisburg, whose term would the Federal Bank and have all theof them have ofsystem. They come in carrying national bank with the privilege that some Dec. 31 1916. Mr. McCormick was made in- there some are permitted to carry Federal Reserve notes, which isn't have expired notes; of Chairman of permitted by a national bank. If they do not like the system they can give eligible with his acceptance of the position reasonable notice and take the money they have deposited and turn their the Democratic National Committee. back on the system. We have gone to the limit of liberality. The national banks and commercial banks, all with their separate resources, not organprovides without giving protection—each taking CHARLES S. HAMLIN ON THE FEDERAL RESERVE ized—simply a body that and in time of trouble each bank turns its back care of its own resources, ACT. on its own customers. So that in the panic of 1907, we had banks carrying they Charles S. Hamlin, of the Federal Reserve Board, was a 50% of reserve, but if had acould have been consolidated, as they are topanic in 1907. day, we couldn't have speaker at the annual convention last week of the Ohio average bank president mast hold a certain amount in reserve—it is The Bankers' Association. His remarks were given over to there. These reserves are supposed to be !or use in time of necessity, yet of this reserve he is subject again praise of the Federal Reserve System, to which he accredited if he dips down beyond the legal limits to inspection. the saving of the situation during the critical period at the Now that is all done away with. The Federal Reserve Act, as you know, that reserves outbreak of the war in 1914. Mr. Hamlin admitted that has provided for the consolidation of reserve—it providesbank or in the must be carried as they ought to be—in the vaults of the ue were then operating under the Aldrich-Vreeland Act, but Federal Reserve vaults; an elastic system of carrying Federal Reserve notes, he contended that that Act would have expired if it had not the bank particularly to keep its own paper as reserve. Now some of us by a was been for the Federal Reserve Act. "If the panic had struck prefer the Aldrich Act, so-called. Now thatvery an Act drawn up That well-drawn Act. the Federal Reserve Act the financial momentary commission. It was a got a financial library that us," he essayed, "without commission Went all over the world—they Aldrich Act couldn't have succeeded in collecting wreckage." cannot be duplicated—as a result of their labors. Now, as I say, that Act was as near perfect from a banking standpoint Mr. Hamlin described the Federal Reserve System as repregotten up. The theory that a bank was a purely and he declared it to be a as any banking plan subjected to public control. You could go through senting national preparedness, private business, not patriotic duty for every bank to come into the system and that Act and you will find that the bankers had complete control from the by the United States The governor was lend their share to national financial preparednessas the militia governor down. was bound to appointappointed a list submitted by the him from The following extract from his President-but he distrusted that system—they felt there ought to be does to the United States. bankers. People public control. address is taken from "Cleveland Finance:" of notes—it Now,the Federal Reserve Act is founded on an entirely different theory. So ceupled with conditions, it eliminated the total question is that the bank is a public provided that no banks could issue notes; the result was that the Act was The theory of the Federal Reserve System and the public has a right absolutely unworkable, had it not been for these amendments made by the business, its control has to do with public interest, I want here to Federal Reserve Act. It was made possible by taking away many of the to have a measure, at least, of control over its operations. had been express my appreciation of what Congress has done for this Act. That useless limitations and lowering the tax from 3 to 6%, when it There is a from 6 to 10%. If the panic had struck us without the Federal Reserve Act was party legislation, but it was not partisan legislation. It was adopAct, the Aldrich Act couldn't have succeeded in collecting wreckage. great distinction between the two. One party put it in shape. were adopted, and There will never be any wrecks in this country, for the Federal Reserve ted on the floor of Congress, and many amendments best judgment of the repreAct is so elastic that it can meet any situation that arises before any storm when finally inaugurated it represented the banks sentatives to Congress. I know one banker who voted for that bill who arises, and meet it successfully and well. Before the Federal Reserve do not like in it, but it is 70% good, had opened the problem of how to meet the obligations of the United States said there are some things that I now been and I shall vote for it. You men are practical men, and I think you will abroad, amounting to 5 or 6 billions of dollars, most ot which has we have no fear agree with me that if you can take up every measure that is 70% gbod paid, and now Great Britain comes to us. Gentlemen, of the patriotism of the banks and bankers of the United States. We it is higher than the average. Congress has treated our Board as it should have been treated. I want made an appeal for 100 millions of dollars to the banks of this country Committee know when we had to pay our foreign depositors in gold—and such was the to say here that Congress and the Banking and Currency mail came 110 million. Out no partisanship, and while they did not give us all we asked for, they patriotism oi the banks that almost by return judgment. of that amount only 10 million had to be sent out of the country. It gave us their very best—unbiased partisanmembers of Congress for their I want to express my appreciation to the established the fact that the American people were keen to pay everything from across the water willingness and the way they have helped the boards of the Federal Reserve that was to be paid in gold. When the commission came to us we sat and talked, and talked, and while we talked we could banks. Someone has said, why can't we have one central bank like Germany or see the tide changing, and confidence in the American people growing, and twelve banks scattered before that commission loft we could see how the tide was going. The France? Instead of one bank we have practically bank means problem that Europe was then talking about was how best to pay their all over the United States. If you will consider what a central States, I think you debts to us, as we were glad to pay ours to them. We had a great crisis in Europe, and what it would mean in the United a plan in this country. when the cotton market of the United States wa,s broken—it amounted to will see the impossibility of carrying out such Take twelve central banks if you want to—ono in Chicago--the Chicago all of 25 million dollars. The difficulty that the Federal Reserve Board million. Take San Francisco—it had in raising that amount—we were attacked on all sides. Men said, Bank has a population of over twelve of Great Britain, continental what right have you to raise the price oi cotton? We said: Gentlemen, we has an area so great that all the territory Rumania, and you could add Italy, and are not trying to raise the price of cotton, but a national calamity confronts France, continental Germany, us—we see the trouble and we are obliged to sacrifice, and something must have a place for all New England. A central bank in the United States is impossible. I wish I had more be done to re-establish confidence. Inasmuch as we undertook that fund you are to be addressed by other as you know, and out of the 35 million dollars we finally raised we had time to go into questions, but I know was enough speakers and the time has about come for adjournment. Before touching only to buy one note of 28 thousand dollars. This effect alone remind you that one of the to establish confidence and normal exchange throughout the United States. on the last subject I want to speak a word to you all know, Mr. Rankin, I am an optimist on the Federal Reserve System. I believe we are quick directors of this bank is that splendid man whom all the directors of that bank to undertake any trouble or problems that might come into view. I want your Secretary. I only wish I could have is the time for the before me and express to them my appreciation of their splendid service. to say in the present unequaled condition of prosperity In conclusion, the subject that is filled with interest to me and seems to people and the bankers to be careful, and do not let this situation get clearance plan. There have away from them. They have managed it admirably up to the present time. be of great interest to you all is the co-called plan. It is a purely voluntary system. I believe there will be great developments, but see to it that they are been a great many criticisms on this its own checks unless some normal and not abnormal developments, and the effect on this great No bank will be called upon to pay one of other bank has put that note in the Federal Reserve bank for collection. country is absolutely a certainty. of clearance made me We can never, under the Federal Reserve System, have a currency Not being a practical banker, I found the process different channels until it famine. We are amply equipped to take care of it, but, my friends, that dizzy. I tried to trace a check through the doesn't mean that there isn't going to be hard times in the future. Bankers finally came through marked clear. As I was reviewing that question and getting at the principle it reminded may have their joy rides as well as individuals, and there may be times of on religion. He said: "You stress again, but every member of the Federal Reserve System has, through me of a clergyman who tried to give five points for get religion when you do not want it—when you get it you do not know it— the consolidation of resources—a remedy, and we won't have any fear get it you lose it—if you lose the future. There are over 75,000 commercial and State institutions, and if you know it you haven't got it—when you of mind, very few have entered the Federal Reserve System. The time has come It you never had it." I think this certainly expresses my state mind of many a practical banker in when every commercial bank in the United States that is liquid should and I believe it expresses the state of were invited and permitted to trying to trace out the intricacies of this system. come into this system. The State banks . Now, the Federal Reserve Board considers not only the interest of the come into the system. It we had the State and commercial banks in this people are prosperous system it would tremendously increase our holdings of gold. If we had banker but of the people. We know that when the any demand would be the banks are prosperous. When the people are not prosperous the banks that increase we could look on with a smile that services which banks have heretofore gratuitously performed for their customers that they will now charge for. The absurdity of the charge of 1% cents per item allowed by the Federal Reserve Bank to be made for each item collected, is apparent when you consider that if a bank receives from another bank one collection, it collects 15i cents for its services and spends 2 cents postage to remit the proceeds. The collecting bank is out one-half a cent, in addition to its time and cost of correspondence. SETT. 23 1916.] THE CHRONICLE 1085 suffer in the same degree. That prosperity we are trying to achieve. becomes increasingly apparent," to quote the bulletin, "atThis is an age of efficiency. You see it being produced by the manufacturer to-day—weighed down as they are—more than ever before. We must have tention will be directed more and more toward such questions similar efficiency in this country and we believe that the efficiency we have as the purpose and size of farm loans. How are the proceeds I naug'urated in the long run will act toward better efficiency. We believe it will help in the long run all the banks. Everything points to an unlimited of a proposed loan to be employed? Are they to be expended for a productive purpose, such as would lead to imdevelopment in the next few years in the United States. Lately I have read the history of the Battle of Erie. I never knew there provement in the farming business? Is the size of the loan was such a battle before. Years ago the railroads running into Erie had well adapted to the purpose in view? Does the period for only one gauge of track. Every road had a different gauge, baggage had to be carted from one road's gauge to another road's tracks—clear across which the loan is to run conform to the time the capital is the city of Erie—and passengers had to walk from one to another. When actually needed? All of these questions have a direct bearing the railroads of the country combined together to build a standard gauge through the United States the people of Erie raised up in arms. They said on the costs of short-time farm loans." In seeking to answer the questions as to the purpose and no longer will people pass through our town, patronize our restaurants and stores, no longer will baggage be carried across the city, grass will grow in size of the loan, the bulletin sets out: the streets of Erie. They burned the bridges, pulled up the tracks and the United States troops had to be called out to restore the city of Erie Purpose of the Loan. The use of any given loan ought to yield a return sufficient at least to to order.'The standard gauge was established and you will see that the standard gauge didn't cause grass to grow in Erie streets. So it is with repay both interest and principal. If the returns are not sufficient for this purpose, then the money should not be borrowed. The only way in this Federal Reserve System. which Mr. Hamlin spoke along similar lines before the American provedthe use of credit can be directed so as to serve the interests of imagriculture is to control the that they Association of Public Accountants at their annual dinner at used for productive purposes only. extension of loans sosame time,may be This means, at the a Safer use of credit. occasion he said: the Waldorf on the 21st inst. On that In some localities banks offer loans to farmers at reduced rates of interest good one in many respects, was The Aldrich-Vreeland plan, though a unworkable. It could be used after a panic had struck us, but never when the money borrowed is used for some specific and approved purposes, would have prevented a panic. What turned the tide in 1914 was the such as the purchase of live stock, the building of silos, or the making of assurance that when the Reserve banks opened in December a reserve of other improvements which will make farming more profitable under the $600,000.000 would be provided. Although thus far only limited recourse given conditions. Size of the Loan. to the Federal Reserve system has been necessary, rates for business The banker usually charges a higher rate of interest on a small loan accommodation have been lowered, and never again in this country will the than on a large one. The clerical and bookkeeping expenses are the same business man who de;erves.credt have to be turned down. in both cases. Unless a higher rate were charged on small loans, the point would be reached where the expenses connected with such loans would be greater than COUNTERFEIT $5 AND $10 FEDERAL RESERVE NOTES. large loans the interest. On the other hand, it pays the banker to handle at a lower rate of interest. In calling attention to a counterfeit $5 Federal Reserve The importance of restricting loans to those for approved productive purposes and of having the size of the loan conform to the requirements note, which is in circulation, the New York Federal Reserve of sound farm investment has been recognized by some bankers to such Bank issues the following warning: an extent that they employ advisers who discuss such questions with their September 15 1916. farmer patrons in order to promote the interests of their farm-loan business. On the Federal Reserve Bank of Kansas City, Mo.; check letter "B;" This plan has been followed by banks in the Central West,in New England. W. G. McAdoo, Secretary of the Treasury; John Burke, Treasurer of the and in the South. The plan of one of the Southern banks may be taken United States; portrait of Lincoln. as an example. The agricultural adviser employed by this bank, after a This counterfeit is apparently printed from zinc etched plates, very conference with the prospective borrower, decides whether the proposed crudely executed on cheap paper without silk threads, or imitation of loan is businesslike and expedient. If the purpose of the loan meets with them. The note is so poor that it should be readily detected. A more his approval, he works out a plan of procedure with the farmer. The detailed description of it is, therefore, deemed unnecessary. ' farmer may consider that he needs a loan of $1,000. As a result of his FEDERAL RESERVE BANK OF NEW YORK, conference with the adviser it may be found that $700 is sufficient. They By L. F. Sailer, Cashier. discuss the safety of the proposed investment, the additional equipment The following warning has also been sent out by the New necessary, and in case live stock is to be purchased, the crop rotation that will furnish the most economical supply of feed. These items are all York Reserve Bank'regarding a $10 counterfeit note: arranged and agreed upon before the bank makes the loan. After the loan September 20 1916. has been made and the capital invested, it is the duty of the adviser to On the Federal Reserve Bank of New York; check letter "B"; face plate No. 4; W. G. McAdoo, Secretary of the Treasury; John Burke, Treasurer visit the farm from time to time to see if the plan adopted is adhered to and if the investment is yielding proper results. Such a plan means added of the United States; portrait of Jackson. This counterfeit is apparently printed from poorly etched plates on one protection to both the farmer and the banker. piece of paper, red and blue ink lines being used to imitate the silk fiber of the genuine. The number of the specimen at hand is B3644270A. The lathe work on this counterfeit is particularly poor. In fact the bill should EFFECT OF METHOD AND CHARACTER OF FARMING be readily detected. ON LOANS. FEDERAL RESERVE BANK OF NEW YORK, By L. F. Sailer, Cashier. In a statement coming from the Office of Information, COLLECTIVE ACTION AMONG FARMERS TO IMPROVE THEIR BORROWING CAPACITY. What co-operation among farmers can do to improve their borrowing capacity at banks is thus described in a bulletin recently published by the U.S. Department of Agriculture: some parts of the country where farmers, if they obtained In loans at all as individuals, were compelled to pay very high rates of interest, plans have been tried out under which groups of farmers have been able collectively to establish improved relations with banks. In several localities of the Central Western and Rocky Mountain regions, farmers have formed temporary agreements under which they act collectively as guarantee associations for approved loans of members. The added security from these associations has enabled members to obtain loans at reduced rates of interest. Another plan, illustrated by what has been done in a Texas community, involves a temporary agreement between a group of farmers and a bank, but differs from the plan previously mentioned in that the added security consists of a reserve fund left with the banker. Each borrower allows the bank to retain 5% of his loan for a reserve fund, which Is held as a guarantee tor all the loans made under the agreement and is returned to the farmers at the termination of the agreement. Under another plan, which has been employed in several communities of the Northwest, a group of business men agree to deposit a sum of money with a bank and guarantee the loans given to farmers for some specific and approved purpose. In all such cases farmers have been enabled to obtain credit on more favorable terms than usual. In a number of localities in this country groups of farmers have organized co-operative credit associations or credit unions. Usually each credit union makes definite arrangements with some bank by which the latter acts as a depositary and furnishes loans on specified terms. Thus one of the unions in North Carolina receives 3% interest from its bank on deposits subject to check and 4% on savings accounts left on deposit three months or longer, and pays 5% interest on its loans from the bank. The credit union in turn pays its own members 4% on their savings accounts and furnishes them loans at 6%. Such a credit union not only accustoms its members to the use of check and savings accounts but also enables the members to obtain loans for approved productive purposes on better terms than they could obtain elsewhere. PURPOSE AND SIZE OF FARM LOANS. The above is discussed in a bulletin (No. 409), entitled "Factors Affecting Interest Rates and Other Charges on Short-Time Farm Loans," recently published by the United States Department of Agriculture. "As the importance of promoting and encouraging improved systems of farming U.S.Department of Agriculture, bearing on short-time farm loans, it is pointed out that "it is scarcely possible to lay too much emphasis upon the practical importance of the method and character of farming as a factor affecting interest rates on farm loans." "Every agricultural region," says the statement, "has its own peculiar problems of adapting farming methods and practices to local conditions. There are progressive bankers in various parts of the country who realize the importancO of co-operating with the farmers in promoting the kind of farming that will be permanently beneficialy to the community. This suggests a common interest between bankers and farmers which should be made the basis for further co-operative effort." "In some regions," says the statement, "the lender even more than the farmer is responsible for the continuance of a one-crop system of farming. This is especially true where bankers refuse to extend credit to farmers except on the basis of a single crop, such as cotton in the South or a cereal crop in the North. Such a mistaken policy can be corrected only to the extent that the banker realizes the evil effects of onocrop farming and undertakes to co-operate actively with the farmer in the extension of credit on a proper basis." With regard to the attitude of the loan agency toward the farmloan business, it is added: In many regions the banks are not accustomed to dealing with farmers to any extent, especially with tenants and croppers, and the latter, therefore, must obtain their loans from other sources. This is especially true in the cotton States, where the system of advances from merchants to farmers still prevails. A few banks are breaking away from this traditional attitude, however. In one community of South Carolina the banks are actively soliciting business with croppers and renters as well as with farm owners. One of these banks began this policy fifteen years ago on the assumption that many small accounts of this character properly scattered would be safer for the bank than a few large accounts. The experience of these banks has led them to become more active than ever in the extension of their farm-loan business, while the farmers of their vicinity generally arc obtaining loans on better terms than those living under similar agricultural conditions elsewhere. It is realized that the farmers in some sections of the country are accustomed to carrying check accounts with banks and are as familiar with the requirements of banking relations as other business men. There are other regions, however, where many farmers have not had such experience in 1086 THE CHRONICLE commercial matters and where the bankers could be of practical assistance in making the farmers better acquainted with banking methods. The banker should remember that the farmer is not subject to the periodic visits of an examiner, requiring that certain matters receive attention promptly within definite time limits. This is one reason why farmers do not always realize the importance of meeting their obligations on specified dates. One plan that has proved helpful in this connection is to have the banker give the farmer the benefit of ample written notice with reference to the maturity of interest or other payments. Existing banking methods and practices as related to farm loans are often criticized by reason of the unwillingness or inability of certain bankers to carry over farm loans until the farmer is prepared to meet his obligations. Complaint is often heard of cases where a banker, with a little extra effort, could make arrangements to carry over the loan of some farmer patron, but where in fact an apparent indifference to the welfare of the farmer is shown. It is interesting to learn, however, that many bankers manifest exactly the opposite attitude, and use every resource at their command, including such assistance as they can obtain at larger financial centres in order to carry over their farmer patrons until such time as payment on loans can be made conveniently. Where banks are active in developing farm-loan business they realize the importance of understanding the requirements of safe and progressive agriculture and also the importance of educational work among farmers in the interest of improved agriculture. Such knowledge gives the banker a better understanding of the merits of farm loans and at the same time tends to raise the standard of farm-loan paper. These considerations not only make possible a safer and larger loan business for the banker but also lead to a decrease in the interest rates paid by the farmer. FEDERAL RESERVE BANK OF ATLANTA ON WAREHOUSE AND STORAGE CONDITIONS. The Federal Reserve Board in its September "Bulletin" announces that with a view to improving warehouse and storage conditions, the Federal Reserve Bank of Atlanta has sent out a letter and a list of questions designed to disclose warehouse facilities and practices. In the belief that they were of general interest to Federal Reserve Banks and member banks, they were published in the "Bulletin" and are reproduced herewith: With the purpose in view of obtaining at first hand definite information concerning the business methods and practices of the warehouses of the Sixth Federal Reserve District, we inclose herewith two copies of a statement form, and we desire that you request the warehouseman in your locality to fill in one, sign, and return it to us at his earliest convenience. We know that you recognize the importance of placing receipts of warehouses located in interior points on the same plane of worth, responsibility and acceptability as those issued by warehouses and storage companies at ports and concentrating points. Any other condition would operate against the salability and prices of your locally stored cotton, and would detract from the value of receipts issued by your local warehouse as collateral security for loans. We trust, therefore, that you will aid us in obtaining without delay the Information we desire from your warehouseman, and ask the favor of your co-operation to this end. To the Warehousemen: The standing of your warehouse and the responsibility behind your receipts is a matter of great importance to your customers and to the banks of your community. It is therefore highly important to you that it be known that your business is conducted in a safe and efficient manner. We trust therefore you will give this matter the prompt attention its importance requires. FEDERAL RESERVE BANK OF ATLANTA. In order to facilitate loans to my customers having cotton stored , I hereby certify that the following warehouse at n answers are true and correct to the best of my knowledge and belief. Do you issue a receipt for each bale stored? Do you plainly mark all receipts for cotton stored on platforms or premises adjacent your warehouse, to show its location? Who has charge of your unissued receipts, and where are they kept? Who is authorized to issue and sign receipts? Are your receipts and tags numbered consecutively when printed? Do you require the surrender of the receipts upon the delivery of the cotton? Do you keep records showing daily all receipts surrendered and cotton delivered? Are all receipts surrendered marked "Delivered?" What is done with surrendered receipts? Do you make a practice of checking up to ascertain if you have on hand all cotton for which receipts are outstanding? If so, how Often? Are your records so kept that an inspector from the Federal Reserve bank can verify outstanding receipts against cotton on hand? Are such records kept in a fireproof safe at nights. Sundays and holidays at the warehouse? If records are not so kept,state where they are kept. Will you agree to permit an inspector from the Federal Reserve bank to audit your records and verify your outstanding receipts against cotton on hand, at all reasonable times? Will you agree to use the uniform warehouse receipt recommended by this bank? Do you issue warehouse receipts marked insured; if so, how do you carry this insurance? Is your insurance written by an employee or other party interested in your warehouse? Is your cotton insured by specific policies or by certificates under open policies? Is your warehouse company incorporated? If so, has the charter been accepted and capital stock paid in full; give amount? If not incorporated, who are the owners of the property? If the owners of the property operate the warehouse, please furnish their financial statements. if leased by you, please furnish your financial statement. Signed Warehouse Co. For [vol.. 103 SECOND DIVIDEND DECLARED BY DALLAS FEDERAL RESERVE BANK, The Federal Reserve Bank of Dallas, which declared its first dividend in January last—a semi-annual distribution of 3%—on the 15th inst. declared a similar dividend for the six months ending Dec. 31 1915. The initial dividend covered the period from the date of organization in November 1914 to June 30 1915. According to the Dallas "News," the directors also decided that cotton seed, rice and hay stored in warehouses and elevators or such places of storage, which have qualified to do business under the Warehouse Law of Texas, shall be eligible to the commodity rate. A report submitted by a committee and adopted by the directors also provides that the privileges of the commodity rate shall apply to grain elevators, adjuncts of flour mills, cotton seed warehouses, adjuncts of oil mills and rice warehouses, adjuncts of rice mills, which have qualified under the provisions of the Warehouse Law of the State. ADVANTAGES AND DISADVANTAGES OF IMMUNE SYSTEM—COLLECTION CHARGES, N. Sams of Hillsboro, Ohio, in his address as President 0. of the Ohio Bankers' Association last week, pointed out some of the disadvantages of the Federal Reserve System, but stated at the same time that they were many times compensated for by more important advantages. We quote the following from his remarks: The agitation by the Ohio Bankers' Association had no little effect in formulating the sentiment that finally crystallized in the Federal Reserve Act. This will eventually be regarded, if not already recognized, as the greatest piece of constructive banking legislation in the history of our country. American banking until the enactment of the Federal Reserve Act was essentially provincial. Our so-called "national banks" were such only in charter and name. The European war has given to us as never before the opportunity for the development of foreign commerce. By curious chance the Federal Reserve system steps in and gives us the financial machinery for our international trade. The branch banks, trade acceptances, &c., are already making the United States an important factor in international exchange and promoting our commercial relations with the entire world. For our domestic trade, the Federal Reserve Law has provided us the elastic and responsive credit resources required for the healthful and legitimate expansion and growth of business and the development of our entire country. The new system is said to have some disadvantages, among which may be mentioned the following: The failure to pay dividends. Loss of interest on reserve deposits. Service charge for collection of checks and delayed credit for same. And, lastly, exchange loss by requiring banks to remit for their own checks at par. All these so-called disadvantages, however, are many times compensated for by numerous larger and more important advantages, such as stabilized credit, regulated interest rates, insurance against panics, reduced reserves required, facilities for rediscounting, par collection of checks, mortgage loans on real estate, fiduciary powers and many other functions that enlarge the powers and usefulness of the member banks. No other feature of the Federal Reserve Law has caused such opposition on the part of country banks as the section providing for the collection of checks at par. So strong did the opposition become that the Texas Bankers' Association called a country-wide conference at St. Louis to protest against this section of the law and to take organized steps for its repeal. In some sections of our country it is claimed that almost 25% of the gross earnings of the country banks consist in exchange charges in remitting for their own checks. The Council of Administration was canvassed as to what action, if any, we should take in Ohio, and there seemed to be so little interest in the movement that the Association took no formal action in regard to it. With a view to ascertaining the extent to which the order of the Federal Reserve Board of May I would affect Ohio country banks, a letter was addressed to more than one hundred member banks in Ohio, requesting that the banks addressed report the amount received by them for exchange charges in remitting for their own checks during the month of May of this year. We received prompt and very full replies, and in many instances comments upon the subject of the inquiry, all of which tended to show this to be one of the minor items of profit to the Ohio banks. The average for the banks reporting was a little over $15 for the month of May 1916. The Wisconsin Bankers' Association at its 1915 convention adopted a "payment in advance" rule for the handling of sight drafts and the giving ot credit information, which has become known as the "Wisconsin Plan." The plan, in short, requires an advance fee of 15 cents to cover presentation or draft and its return for non-payment, if payment is refused; if paid, the 15 cents is applied toward the usual collection fee of one-tenth of one per cent, minimum fee 25 cents. All requests for rating except from banks are to be accompanied by the minimum fee of 25 cents each. I am aware that this is not a new question in Ohio. It was one of the leading topics discussed in the convention of 1892, where the subject crystallized into the following language: "There is another class of collections that are perhaps more annoying to bankers generally than any other, and that is drafts made by wholesale merchants on their customers. The number of these that are returned unpaid is, I think, very largely on the increase, and in many cases it almost seems as if the party sending them out had very little expectation of their being paid, and merely took this plan to dun their customers, at the expense of the banks, for the latter are expected to present them, and if unpaid return promptly, paying their own postage. Messenger takes draft over to the place of business and hears the old familiar story: 'Been paid. Sent check. Not correct. Goods returned. Send it back,' &c." To secure information on the present collection problem in Ohio, I wrote to about 60 representative country bankers, private, State and national, requesting a report on the number of drafts received for collection during the month of September, 1915; the number paid; the number returned unpaid; total fees received. A tabulation of the replies showed the following average: Drafts received. 111: paid. 61; unpaid, 50; fees, $11 35. SEPT. 23 1916.1 THE CHRONICLE 1087 the Cincinnati "Commercial," formed the syndicate. Returning to Chicago in 1865 as editor-in-chief of the Chicago "Tribune," Mr. White continued in that capacity until 1874, when he retired on account of ill-health. In 1877 he joined Mr. Villard, who was then receiver of the Kansas Pacific Railroad, and subsequently became Treasurer of the Oregon Railway & Navigation Co., of which Mr. Villard was President. When Mr. Villard decided in 1881 to buy the OHIO BANKERS PROTEST AGAINST REMOVAL OF New York "Evening Post," he invited Mr. White, Carl Schurz and Edwin L. Godkin to assume its management. CINCINNATI SUB-TREASURY. A resolution protesting against the removal of the Sub- Somewhat over a year later Gen. Schurz resigned as editorTreasury at Cincinnati was adopted as follows at the annual in-chief and Mr. Godkin succeeded him, with Mr. White as head of the company. With Mr. Godkin's retirement in convention last week of the Ohio Bankers' Association: Whereas, The United States Sub-Treasury at Cincinnati is cen- 1889 Mr. White succeeded him, serving as editor-in-chief trally located and is of great benefit to the banks located within a until Jan. 1 1903, when he became editor emeritus at his radius of two hundred miles or more, receiving as it does deposits for postal own request. Mr. White was Chairman of the committee funds, transfer of funds, five per Cent fund, mutilated currency, shipment of currency and minor coin by parcel post, and is prepared to exchange the appointed by Gov. Hughes in 1908 to inquire into speculavarious denominations of currency for that needed in the daily conduct of tion on the Stock and Mercantile exchanges, known as the business; Committee on Speculation in Securities and Commodities. And Whereas, The abandonment of the Sub-Treasury would be a distinct loss to the banks, business and agricultural interests of Ohio and this Fed- He was the author of the well-known book, "Money and eral Reserve District; Banking, Illustrated by American History," which has run Now, Therefore, Be It Resolved, That we protest against said removal un- into many editions. He also translated from the Greek provision be made in lieu thereof, and until it may be less some satisfactory Appian's "Roman History," and he edited Bastiat's "Sophdecided to abandon entirely the Sub-Treasury system. And Be It Further Resolved, That copies of this resolution be sent to the ismes Economiques" and Luigi Cossa's "Scienza delle United States Senators and Congressmen from Ohio, urging them to oppose Finanze," besides being the author of the "Life of Lyman any movement for the separate closing of the Cincinnati Sub-Treasury. Trumbull." COLLECTION CHARGES OF COLUMBUS (GA.) MEXICAN AFFAIRS—AMERICAN-MEXICAN CLEARING HOUSE. COMMISSION. At a meeting of the banks composing the Columbus (Ga.) The deliberations of the American-Mexican Joint ComClearing House Association on Sept. 15 1916, the following mission were once more centred on the problem of the schedule was unanimously adopted: border situation with the resumption of their sessions in 1. On and after Sept. 18 1916, all checks or demand drafts received for New London on Monday of this week; on the 11th inst. will be accepted at par. deposit from individuals, firms and corporations 2. On all checks or drafts cashed or collected for non-depositors, the it was reported that the Commission had temporarily set prevailing rates in force prior to this date shall apply. aside the border situation devoting itself to the extent of the 3. On all drafts (with or without bills of lading), or cash items received control exercised by the de facto Government, the informaonly, the prevailing rate in force prior to this date shall apply. for collection 4. On all cotton or cotton-product drafts (with or without bills of lading) tion being supplied by the Mexican conferees. The return received from correspondent banks, bearing endorsement of other bank, to the subject of border control, it is said, was due to the or coming from other point than that of remitting bank, a charge of onereceipt of suggestions from the Carranza Government by eighth of one per cent. shall be made for immediate returns or credit. 5. On all cotton or cotton-proauct drafts (with or without bills of lading Luis Cabrera, Chairman of the Mexican members of the attached), from banks who do not keep an account witn receiving bank, a Commission, that the discussions be confined to the border charge of one-eighth of one per cent. shall be made for immediate returns issue. Mr. Cabrera, in asserting that no other matters were or credit. 6. If request be made by sending bank—whether correspondent or not— being considered was quoted in the "Times" of the 19th for Cashier's check, a charge of one-eighth of one per cent. shall be made, inst. as saying: New York, Atlanta or other Current Exchange. The referendum also disclosed the fact that there are no uniform rules or rates and that almost half the banks reporting are handling their collections at an actual loss. I am not saying to you that you shall charge an advance foe; in fact, I am making no recommendation at all, but in this day when about the only earnings we can safely count on are discount and interest, it seems to me we should all apply the acid test that analysis gives and put our collection departments on at least a self-sustaining basis. Since there is no such thing any more as overdrafts, we might substitute this subject for group discussion. the same as charged for NATIONAL BANK OF COLUMBUS, THIRD NATIONAL BANK, MERCHANTS & MECHANICS BANK,FOURTH NATIONAL BANK, COLUMBUS LOAN & BANKING CO., COLUMBUS SAVINGS BANK, HOME SAVINGS BANK, PHENFX-GIRARD BANK, PHOENIX BANK. DEATH OF HORACE WHITE. Horace White, for many years editor-in-chief of the New York "Evening Post," and one of the foremost journalists and financial authorities of the country, died on the 16th inst. in his eighty-third year. Mr. White retired from active newspaper service in 1903. He was born at Colebrook, N. H., in August 1834, but when he was three years of age ,his parents moved to Beloit, Wis. He was a graduate of Beloit College in 1853, following which he immediately took up newspaper work,joining the staff of the Chicago "Evening Journal," of which in 1854 he was city editor. He remained in the service of the "Journal" about one year, when he was appointed Chicago agent of the New York Associated Press. The following year, 1856, he resigned to become Assistant Secretary of the National Kansas Committee, whose headquarters were in Chicago. His duties in that post consisted of receiving and forwarding arms, ammunition and all kinds of supplies to the Free State settlers of Kansas, and also the outfitting of parties of new settlers who went through Iowa and Nebraska. In 1857 Mr. White became associated with the Chicago "Tribune," this connection bringing him into close contact with Abraham Lincoln. Mr. White reported all the debates of Lincoln and Stephen A. Douglas, a deep and lasting friendship being formed at that time by Mr. White with the martyred President. In 1861 the Chicago "Tribune" sent Mr. White to Washington, where he acted as its correspondent and as Clerk of the Senate Military Affairs Committee. Early in 1864, together with Adams Sherman Hill, later Professor of English in Harvard University, and Henry Villard, Mr. White formed the first news agency to compete with the Associated Press. Mr. White and Mr. Hill managed the service in Washington, while Mr. Villard took the field with the Army of the Potomac. The Chicago "Tribune," Springfield "Republican," "Missouri Democrat," of St. Louis, the Rochester "Democrat," the Boston "Advertiser" and I have received a telegram from Mexico asking about this matter and in answer I authorize a denial that we are considering anything except the withdrawal of the troops and the border situation. I am not emp owered to consider anything else. In a further statement Mr. Cabrera said: Certain questions were asked us by the American Commissioners relative to various phases of the Mexican national life, and it would have been extremely impolite for us not to have given them such information as they wanted. We understood that this information was intended to en able the Commissioners to form an intelligent opinion of the Mexican situation in the light of which they might decide the question of the withdraw al of the troops. There was no discussion of these questions7however. It was expected that the means of adjusting claims of American citizens against Mexico for property and other losses would have been considered on Monday, but instead what was characterized as a "new policy of equal rights" affecting capital was discussed. Concerning this policy the following statement was issued by the Commission: The policy of the Government toward American and foreign interests was given consideration in which an explanation was made that it was the Carranza idea to put both Mexican and foreign interests upon the same footing, allowing preference to neither. It was said by the Mexican Commissioners that the hope was that such a policy would be effected as would make Mexican development by foreign capital both possible and profitable, instead of the present conditions, or of those heretofore in existence, which have given rise to complications with foreign Governments by reason of preferences given to foreign nationalists. It was expected that by the new policy of equal rights a great opportunity would be given to all with capital and the conditions in Mexico would become more peaceful by reason of becoming less subject to outside contentions. Considerable time was devoted on Monday to the discussion of Villa and his attack on Chihuahua on the 16th inst. Concerning the attack a statement issued by the Commission said: The attack upon Chihuahua was made some 200 miles south of the Pershing forces and across two ranges of mountains from the point where the American troops at present have their base. If the American troops are withdrawn it has been proposed that a substitute Mexican force should take their place, which shall be able to cut off the possibility of Villa raiding to the northward. On the 15th inst. a suggestion that the Mexican Government create a constabulary for border duty similar to the rurales of the Diaz regime was made during a brief session of the Commission. Apparently the plan for a joint police force previously discussed was abandoned as impracticable after the Commissioners had conferred with Major General Tasker H.Bliss, Assistant Chief of Staff of the United States Army. It is stated that the theory is that a force of carefully selected mounted police could be disposed in small 1088 THE CHRONICLE posts in the hill country. The chase would become an individual pursuit rather than a military movement, which becomes ineffective if the bondits scatter and mingle with peaceful residents. The police would check up the comings and goings of every man in a suspected community. Moving swiftly, and unhampered by women camp followers, who form the commissary of a Mexican military force, the rurales, it is believed, could do much toward putting a permanent check on brigandage along the border. On the 17th inst. General Carranza was reported to have issued a decree regulating banks and the issue of bank notes. The decree, it is stated, provides that banks shall increase their reserves until they are sufficient to cover all paper money already issued. It was further said that General Carranza would appoint bank examiners, and if banks did not comply with the decree they would have to liquidate and dissolve. The decree, according to the advices from Mexico City, also takes away the monopoly of issuing bank bills from banks, as the Government is preparing to open a bank for the issuance of this form of money. The following day, the 18th,the subjoined dispatch came from Mexico City: The Banco National and the Bank of London and Mexico remained closed this morning pending a conference at the Treasury Department concerning the decree of Saturday ordering banks issuing bills to raise their metallic reserves to cover the issues, dollar for dollar, within sixty days or liquidate. It is estimated that the issues of the two banks, which alone have had the right previously to issue bills, is about 100,000,000 pesos. An explanation of the closing of these banks was furnished the American members of the joint commission on Tuesday, an official statement announcing this saying: On account Of the publication this morning of the fact that two of the banks in Mexico City had been closed, the American Commissioners expressed their desire for information upon this matter. The information was given by the Mexican Commissioners that this was the result of a policy which the Carranza Government felt had been carried on by certain of the Mexican banks to depreciate the Government currency, that these banks were in fact the money trust of Mexico and that the Government was anxious to make these banks more loyal to the purposes for which they were instituted. These banks, it was said, were the chief agencies used for the depreciation of the paper currency, and this was hostile to the welfare of the country. The Government of Mexico is just contemplating, when these banks close permanently, the establishment of a national banking system similar to that in the United States, the foundation for which exists already in the newly established monetary commission. It was stated on Wednesday that the efforts to reach an agreement on the border problem had been halted pending an official report of the attack on Chihuahua by Villa last week. The American Commissioners conferred at length on Wednesday with Counsellor Polk of the State Department. A report received at the War Department on the 21st inst. from Brig.-Gen. Bell at El Paso concerning the attack of the Villa raiders said in part: Evidence increases to show that Villa was completely successful in his attack Saturday on Chihuahua and accomplished all and more than he said he would do. There is diversity of opinion and statements as to the number of men with which he entered Chihuahua. Some reports state he only had about 500, while others give him 1,700, but all agree that he was able to secure possession of the penitentiary, the Governor's Palace and the Federal buildings and hold them for several hours, and all this with a Carranza garrison at Chihuahua which some place at not less than 6,000. He liber ated over two hundred prisoners, secured and carried away more than sixteen automobile loads of arms and ammunition under an escort of desert ing Carranza troops. He left Chihuahua with from 1,000 to 1,500 more men than he entered with. Villa retired leisurely and practically without molestation. The firing by Trevino's artillery occurred after Villa troops had withdrawn. The report reveals the fact that on Sept. 14 Villa sent a letter to General Trevino, commander at Chihuahua, saying he would be in the city at 3 p. m.Saturday to "shake hands." Juan T. Burns, Mexican Consul-General in New York, stated yesterday that he had received a telegram from General J. B. Trevino in Chihuahua, Mex., denying that the Villa bandits had captured the city. Mr. Burns translated the telegram as follows: Permit me to inform you that the report that Chihuahua City was attacked and captured by Villa bandits is entirely incorrect. I can assure you of that. One-third of the bandits who put up the fight did not get away alive, and numerous others of them were taken prisoners after a pursuit. I do not doubt that the whole Villa band will be annihilated soon. This foolish shedding of blood was with the intention of creating difficulties for the conferees of the Commission at New London, and after the machinations of American and Mexican political interests they themselves are now satisfied of their failure. [VOL. 103. was obtained from "several most reliable sources." While he did not divulge his sources of intelligence, he said that he had every reason to believe that his report to the War Department was founded on facts and not based on border rumors. GREAT BRITAIN'S RESTRICTIONS ON SHIPMENTS THROUGH HOLLAND OVERSEAS TRUST. Advices from London under date of the 14th inst. made known new _restrictions affecting the trade of the United States. The announcement stated that the plan of rationing the neutral countries of Norway, Sweden, Denmark and Holland, under which no further licenses will be granted for the present to British exporters, had been extended to apply to the United States by the expedients of refusing to allow the Netherlands Overseas Trust to accept further American consignments and by declining to grant letters of assurance for American shipments destined for these countries. It was further stated that in consequence American shipments for Holland would be stopped absolutely, while the regular transportation companies trading between the United States and Scandinavia would not take cargoes without assurances of. their innocent destination by the British authorities. Two reasons which have been suggested as the basis for inducing the British Government to take this action are, first, the simplicity of the plan, which enables the Government to control supplies at the source, and, second, the growing bill with which Great Britain is being pressed by neutral Governments for demurrage and other expenses incurred by taking suspected ships into Kirkwall and other ports for examination. The dispatches state that, so far as is known, no machinery exists at present for adjusting these claims, as many of these cargoes never actually reach the Prize Court. When shippers ask for compensation they are referred to the Prize Court, which thus far has declined to consider their claims on the ground that they have no standing in court. At the same time it was pointed out that another blockade measure of interest to the United States is the recent arrangement under which bureaus were set up in England and France for granting licenses for exchange of goods which figure on the list of prohibited imports. The American authorities contend that under the British-American commercial treaty of 1815, such prohibitions must be enforced equally against all countries. Consequently any privileges granted to France and not extended to the United States are held to be in violation of that treaty. Lord Robert Cecil, Great Britain's Minister of War Trade, in explaining on the 15th inst. the recent orders of the British Government refusing to allow Holland to accept further consignments of American goods and refusing letters of assurance that American shipments would reach Scandinavia, said that the orders applied only to certain prohibited articles and not to trade in general. Great Britain, he contended, has forbidden the export of various articles to European neutrals on the ground that they have already received in the first seven months of this year more than an ordinary year's supply. Lord Robert said it was not logical to forbid such exports from Great Britain and to permit them from America and other neutral sources. He explained that one neutral nation, taking normally 18,000 tons of coffee, in seven months of this year already had imported 50,000 tons, so all further imports of coffee to that country would be regarded as likely to reach an enemy destination. The list of prohibited articles, he said, varied with different countries, according to what they already had imported, 11 allowances being made for imports formerly made to German ports. The only official information in the matter received by the State Department at Washington is in the form of a cablegram from Consul-General Skinner under date of the 11th inst., which says: Announcement has been made that no further export licenses or other facilities will be given until Oct. 1, or until further notice by the British Government for the shipment of the following goods to the countries named: Denmark—Animal oils and fats, apricot kernels, borate of lime, borax General Trevino issued a statement to the Associated and boron compounds, bristles, egg yolk and albumen, grass seeds, hair, Press describing the reports as "a tissue of lies and false- meat, sago, starches, sulphur, talc (powdered), tapioca, tea, vegetable fibres, vegetable oils and oil seeds (excluding soya beans). hoods." He added: Norway—Beef casings, borax and boron compounds, cocoa, coffee I am at a loss to know where General Bell obtained such bad information. talc (powdered), tar and tar oil. The Villistas carried absolutely nothing away with them,except some of the nickel, pitch, sheepskins, Sweden—Antimony, apricot kernels, binder twine, bristles, Carnauba prisoners from the penitentiary, many of whom have since returned here. wax, casein casing, cocoa, corkwood, coffee, dried fruit, gums (except They captured neither ammunition, cannon nor anything else. margarine (raw materials used in manufacOur artillery drove the Villistas out of the place, which they had taken, shellac), hair, honey, leather, plum kernels, rice, rosin, spices, starches, and pursued them in their hasty retreat with shell, leaving them no time ture of), meat, peach kernels,turpentine and turpentine oil. tea, to carry anything away as they left, galloping in small groups through the sisal, steel (high speed), Netherlands—Biscults, bristles, eggs, egg yolk and egg albumen,fish oil. narrow streets of the town. and kernels, gums, hair, honey, matches, pitch, preserved and General Bell was yesterday quoted as declaring that his fruit, nuts canned goods, sulphur, spirits, spices, starches, rubber and baiata, talc information concerning Villa's attack upon Chihuahua City (powdered). tar, vegetable fibres and yeast. SEPT. 23 1916.) THE CHRONICLE Holders of unexhausted licenses for the shipment of goods named are directed to communicate with the War Trade Department. The foregoing restrictions have been agreed to by the Allies and apply to shipments from the United States. The articles mentioned are those which have been supplied to tho countries concerned in quantities alleged to exceed the normal requirements of such countries. As stocks decline, articles will be removed from the list or prohibition. The Netherlands Overseas Trust has been advised to issue no further permits for goods covered by this notice. It is presumed that American goods already covered by letters of assurance will not be stopped. Supplementing the above the American Consul-General at London forwarded the following cablegram on the 14th inst.: No further export licenses or other facilities will be given until further notice for the importation of clover seeds into Norway, of hides, tanning materials and linen thread into Sweden, or oi nickel into Iloiland. The importation ot fresh apples into the Scandinavian countries and Holland has been restricted. The State Department is directing an inquiry into the new trade restrictions, and also into the arrangement between Great Britain and France for establishment of bureaus to effect an exchange of merchandise on the list of prohibited imports. Legal authorities of the Department are said to believe that such a plan is in contravention of the BritishAmerican commercial treaty of 1815, which provides for free access of nationals and ships of the respective countries and for unrestricted commerce unless prohibitions of imports apply alike to all countries. We refer to the arrangement elsewhere to-day under a separate head. GERMANY'S STAND AGAINST U. S. LOAN TO BELGIUM. Secretary of State Lansing made known on the 16th inst. the receipt of a communication from the German Ambassador, Count von Bernstorff, informing the State Department that Germany would consider "null and void" any loan to Belgium negotiated in the United States with Belgium's railways as security, without previous consent from Germany during the latter's occupation of Belgium. Secretary Lansing's announcement said: The Imperial German Government through its Ambassador at Washington has informed the State Department that in view of the statements that the Belgian Government is trying to contract a loan in the United States, and has for this purpose disposed of the Belgian State Railroad, any such arrangement made during the German occupation and without consent of the German Government will be.considered null and void by Germany. 1089 In accordance with its usual tactics the German Government denies that there is any connection between that extortion and the arrest and deportation, also admitted, of M. Cartier, Director of the National Bank. It is enough to oppose to that denial the fact that M. earlier was arrested and deported, without trial, on Aug. 1, at the time of the manoeuvres for the extortion, which the wireless called "pour-parlers engaged in during several months." A protest against an alleged attempt of the German military authorities to force a loan of 1,000,000,000 francs ($200,000,000) from the Belgian banks was lodged with the State Department at Washington on the 19th inst. The protest, which was filed by the Belgian Legation, not only charges the German authorities with having imprisoned M. Carlier, of the National Bank of Belgium, for his refusal to subscribe to the loan, but to have threatened a similar fate to his colleagues. In a statement of the Legation, it declares that its advices "confirm the information concerning the seizure by the Germans of private capital in Belgian banks and show at the same time the utter contempt in which the German Government holds international laws and the inviolability of private property." The protest says: According to trustworthy information, the German Government is ordering the Belgian banks to subscribe to a forced loan of 1,000,000,000 francs. The National Bank of Belgium, which is a private institution, would be taxed for three-fifths. On account of the forced rate imposed for the German mark, and the withdrawal of the national assets, there exists in Belgium a considerable amount of German money of which a large part is accumulated in the banks. After having created this flow of paper money Germany, under the pretext that it is unproductive, wants to seize it in order to make use of it for belligerent purposes. In order to break the resistance which they met with from the officers of the National Bank the German authorities have thrown into prison the director, M. Carlier, and threaten his colleagues with similar treatment if they persist in their refusal. This forced taxation constitutes a new violation of Articles 43, 46 and 47 of the fourth convention of The Hague. The Belgian Government protests energetically against this outrage against private property and this violation of the international laws and conventions. GERMANY'S BAN ON TOBACCO IMPORTS. Announcement that the German Government had prohibited the importation of tobacco and tobacco products was received by the State Department at .Washington on the 5th inst. in the following message from Ambassador Gerard at Berlin: In giving out the above the Department officials were Until further notice German Government has prohibited the importation said to have declared that they had no knowledge previous of tobacco and tobacco products, not including Oriental and similar tobacco. For consignments shipped to Germany from abroad by mail or rail prior to the announcement of Germany's attitude that the Belgium to August 7 and purchased by firms residing in Germany exceptions may Government was seeking a loan in this country; the an- be made. In case of such oversea shipments appropriate certificate from nouncement of Germany's position, it was explained, was German Consul and the place of shipment is required. This action followed that of Great Britain's Order-infor the purpose of protecting American bankers who might Council, which went into effect Aug. 31, barring tobacco become interested in such a loan. shipments to Germany and Austria. Strong protests by GERMANY DENIES SEIZING CASH OF BELGIAN NA- Southern tobacco growers against the British embargo was TIONAL BANK—PROTEST OF BELGIAN LEGATION. made to President Wilson and Congress and the latter before A report that the German Government had seized the adjourning, as we have before noted, incorporated in the entire cash holdings of the Belgian National Bank,amounting General Revenue Bill a retaliatory measure providing that to 600,000,000 francs ($150,000,000) was denied in a state- whenever, during the existence of war, any country, colony ment issued on the 16th inst by the Overseas News Agency, or dependency shall prevent the importation of any article according to a wireless message from Berlin to Sayville on the product of the United States, the President shall have power to prohibit during the period such prohibition is in that date. The agency statement said: There has been no seizure at all. Several months ago negotiations were force the importation into the United States of similar or opened with the Belgian National Bank and the Societe Generale do Bel- other articles, products of such country, colony or depdendgique, which are now completed, according to which the German Reichsbank notes held by these banks were transferred to the Reichsbank and ency. A letter addressed to Secretary Lansing by a delethere credited to the Belgian institutions. The banks agreed to the trans- gation of tobacco growers, soliciting the aid of the State action, as the Reichsbank is equally responsible for these accounts as for Department in the removal of Great Britain's restrictions, ts bank notes. It is also untrue that the arrest of M. Carlier, manager of the Belgian said: National Bank, is connected with this transaction. It is likewise false that the assets of both banks will be used for subscriptions to the fifth German war loan, subscriptions to which are as free from coercion as in the case of the preceding loans. The "Belgisch Dagblad" was quoted in a dispatch from The Hague on Sept. 11 as announcing that the German authorities had seized £30,000,000 ($150,000,000) placed in the Belgian National Bank in consequence of the suspension of the moratorium, the Germans offering to pay 5% interest and return the money two years after the close of the war. In a statement at Havre on Sept. 14 Aloys Van de Vyvere, Belgian Minister of Finance, expressed belief in the truth of this report, and declared that M. Carlier, one of the Directors of the Belgian National Bank, had been arrested and confined after the refusal of the Directors of the bank to comply with a demand from the German Government for the transfer to it of the cash in the bank. A further statement issued by the Belgian Minister of Finance on the 18th inst., said: The German wireless on Sept. 16 explicitly admits the fact denounced by the Belgian Finance Department of the transfer, after long resistance, of the funds of the National Bank and the Societe Generale de Belgique to the Imperial Bank. The terms of the wireless, in addition, permit of the presumption that the Germans decided to replace the funds extorted by placing in circulation the forced currency without a real guarantee, which can only aggravate the injury to Belgium. The embargo is in full force, and if this situation is permitted to continue it will bring about a repetition of the distressing conditions which prevailed during the season of 1915, when the farmers were compelled to sell their products at prices in many instances below the cost of production. It is stated that approximately 350,000,000 pounds of tobacco are exported annually from the United States, the normal consumption annually by Germany being 20,000,000 pounds. GREAT BRITAIN'S EXPLANATION OF HOLDING UP OF CEBU. Expressions of regret for the action of a British torpedo boat in holding up and examining the Philippine steamer Cebu, within the territorial waters of the Philippines, were formally expressed to the United States by Great Britain on the 20th inst. In the absence of Ambassador Spring-Rice, Colville Barclay, counsellor of the British Embassy, called at the State Department at the request of Foreign Secretary Grey and presented the explanation and expression of regret. It was explained that because of a heavy,fog the commander or.the British cruiser was not aware that the vessel was so near shore. The text of the British Ambassador's note was not made public, but the following formal statement was issued in the matter by Secretary Lansing: 1090 THE CHRONICLE [Vol,. 103. In regard to the caso of the Philippine steamer Ce0U, which was held up and examined by a British cruiser one and one-half miles from Carabao Island, and witnin the territorial waters of the Philippine Islands, the Department has to-day received a note from the British Embassy stating that when the Cebu was boarded the land was hidden, but as soon as the weather cleared and it was found that the ship was within territorial waters the boarding officers were recalled, and that the passenger list was examined, but the ship was not searched. On instructions of Viscount Grey, the regrea,ts of his Majesty's Government were expressed at this accidental Infringement of American territorial waters. according to a report received on the 10th inst. at the State Department from Consul Hathaway at Hull, England, was sunk off that point on the 3rd inst. Consul Hathaway is said to have reported that the vessel probably struck a mine. The crew of twenty-seven and five passengers, it is announced, were saved and landed at Hull. Two sailors lost their lives. Violation of American neutrality through the action of The vessel was en route from Rotterdam. the British torpedo boat in the case of the Cebu was reported The Harrison liner Counsellor, reported as sunk by a to the War Department at Washington on the 12th inst. by Governor-General Francis Burton Harrison. The incident German submarine on the 13th, had on board an American occurred on the 11th inst. According to the report of the passenger, according to information reaching the American master of the Cebu, Lieutenant Bailes, commanding H.M.S. Embassy at London on the 15th. Official maritime reports Destroyer No. 2, boarded the Cebu, made inquiries about stated that all members of the Counsellor's crew were saved, her passengers and took both the ship's manifest and her but made no mention of any American passenger. Lieupassenger list. On releasing the Cebu the On the 20th inst. Consul-General Skinner, at London, tenant made this note on her log: "Boarded at 3:50 a. m., 9-11-16, examined and passed." In order cabled the State Department at Washington that two that there might be no mistake about where the American sailors, William Wooton, Harrison, N. J., and Cebu was at the time she was held up, her exact position was Bernard Sweeney, Bayonne, N. J., were saved from the given by the master as follows: Latitude 14 degrees 16 min- British steamer Strathtay, torpedoed by a submarine utes, longitude 120 degrees 35 minutes, or one and a half Sept. 6 in the English Channel. Whether the Starthtay miles from Carabao Island. Reports from London on the was attacked without warning was not stated. Definite 20th inst. state that the holding up of the Cebu is believed information on this point will be sought before an inquiry is in England to have resulted from efforts of British warships addressed to Germany. The Strathtay sailed from New to capture a German reservist connected with a junta in York for Havre on Aug. 22. Manila. The reservist was believed to have been aboard the Cebu. He is said to be one of a number of Germans and Indians making their headquarters in Manila for the ESCAPE FROM PRISON OF ROBERT FAY, FORMER purpose of sending guns to India and encouraging a revoluLIEUTENANT IN GERMAN ARMY. tion there. Robert Fay,the former Lieutenant in the German Army, who was sentenced to the Federal prison at Atlanta to serve SINKING OF KELVINA WITH AMERICANS ON BOARD. eight years for conspiracy against the United States in Twenty-seven American survivors of the British steamer connection with munition plots in this city, escaped from the Kelvina, which was sunk near Glasgow, Scotland, on the prison where he was confined, between 2 and 3 o'clock on 2nd inst. arrived in New York on the 18th inst. on the Ancona the afternoon of Aug. 29, with William Knobloch another liner Tuscania. At the request of the State Department prisoner. Fay was sentenced May 9 to serve eight years and their affidavits concerning the sinking of the vessel were entered the prison on June 23. Knobloch, his companion in taken by custom officials. In an announcement of the the escape, was serving a sentence of eighteen months for disaster received by the State Department on the 6th inst. using the mails to defraud. They had both been working from the United States Consul at Glasgow,John 0. McCunn, in the electrical department of the prison ever since their the latter said: incarceration. The plot to escape which was, it is said, British steamer Kelvina from Newport News, Aug. 15, for Avonmouth evidently aided from the outside, was carefully laid. They torpedo or mine 2nd inst. Twenty-eight Americans had been doing electrical work around the prison on the day and Glasgow, sunk by aboard saved; now in Glasgow. The American survivors are said to have been unanimous of their escape, when they were allowed outside the gates in declaring that the steamer was torpedoed without'warning. on passes (alleged to be forgeries), on pretense that they In reporting their version of the sinking the New York "Sun" were to make repairs to defective wires. A reward of $100 has been offered for information leading to their recapture. says: The submarine was sighted, the Americans said, about the same moment On Aug. 26 Judge Hand of the Federal District Court the torpedo hit the ship on the port side. Nobody was injured. After signed an order granting Fay an extension of time, until all hands had abandoned the ship they noted the submarine circling her. Sept. 30, to perfect the papers in his appeal from his conAfter the submarine disappeared they rowed back to the Kelvina and found that she could not be saved. A British trawler took them to Bristol, viction. whence they were sent to Liverpool. From Newport News, Va., on the 20th inst., it was reported that F. C. Powell, who was an officer of the Kelvina), had stated that it was the unanimous opinion of the ship's officers that she was the victim of a mine, and that there was nothing to indicate that she was attacked by a submarine. According to his account the explosion which destroyed the ship occurred forward on a clear night. It is stated that until the receipt of information which is being sought by the American Embassy at London concerning the incident. the matter will not be made the subject of a diplomatic inquiry. The American survivors were muliteers. LICENSES FOR PROHIBITED IMPORTS IN GREAT BRITAIN AND FRANCE. The American Consul-General of London sends the following information to Washington under date of the 11th inst., concerning the granting of licenses for prohibited imports in Great Britain and France: The French Government has opened a special office in London for the granting of licenses for the importation into France and Algeria of British goods under import prohibition in those countries. Arrangements have been made whereby French exporters of goods on British prohibited list may apply to the French Ministry of Commerce for approval of applications which will then be transmitted to British Board of Trade import restrictions department in Paris, thus enabling French exporters to overcome existing British restrictions. SINKING OF VESSELS WITH AMERICANS ON BOARD. With the receipt of advices of the sinking of the Kelvina, ESTATE OF JAMES J. HILL. the State Department was advised on the same date by the The State of Minnesota will receive, it is said, approxiUnited States Consul at Barcelona, Carl Bailey Hurst, of the sinking of an Italian vessel, with presumably two mately $1,250,000 as an inheritance tax from the estate of James J. Hill, late President of the Great Northern Railway, Americans on board. His cablegram read: who died May 29, leaving no will. It will be the largest Italian sailing vessel Stella Del Mare sunk by submarine off Balearc Isles, Aug. 29. Had two presumably American citizens in crew, James inheritance tax ever received in the history of the State; Andrews and Lon Bruce, addresses not given. probate officials of Ramsey County so declared on Sept. 12 On the 19th inst. it was reported from Washington that when they learned that a preliminary inventory of the Hill a summary of the affidavits of the two American sailors on estate showed the holdings would amount to more than board the Stella Del Mare received from Consul Hurst, $40,000,000. In the formal petition filed by the widow contained insufficient grounds for complaint; it is stated that of the late James J. Hill for the appointment of Louis W. while the vessel is believed to have been torpedoed, the Hill, now head of the Great Northern system, as adminisstatements of the American seamen are regarded as too in- trator of the estate of his father, the tentative value of the conclusive to furnish the basis for diplomatic inquiries. estate was placed at $10,350,000. On Sept. 11 Louis W. Hill applied to Justice Cohalan of the Surrogate's Court Joseph Morin, an American, was reported as among the in New York for ancillary letters of administration on the crew saved from the British steamer Rievaulx Abbey, which, estate of his father. SEPT. 23 1916.] THE CHRONICLE 1091 The 14th annual convention of the American Institute of Banking washeld at Cincinnati this week. After an invocation by Rev. Daniel McGill*, the delegates Were welcomed to Cincinnati by Hon. George Puchta, Mayor of the city, and Thomas J. Davis, Esq., President of the local clearing house association. An address on "The Banker of To-morrow" was delivered by Mr John J. Arnold, Vice-President of the First National Bank of Chicago. President Robert H. Low. High. Close. Last previous sale. Shares. BANKS—New York. Bean's address brought out some significant facts regarding 175 Sept. 1916-170 *26 Commerce, Nat. Bank of___ 170% 175 231 231 231 Jan. 1913-200 the growth of the institute, over three thousand new mem21 Merchants Nat. Bank bers being added during the year, making the total number *Sold at the Stock Exchange. of men now enrolled 18,096. Fifteen new chapters were The American Bankers' Association will hold its forty- founded and the men who have received the institute cersecond annual convention at Kansas City, Mo., next week. tificate number 940, an increase for the year of 430. The programs of the general convention and all the various Louis F. Kiesewetter, heretofore Vice-President of the sections have already been printed in these columns. The committee meetings will take place on Monday, the Trust Ohio National Bank of Columbus, Ohio, was elected a ViceCompany, Savings Bank, Clearing House and State Secre- President of the Bank of New York, N. B. A. of this city, taries sections will be held on Tuesday, the National Bank at a meeting of the directors on the 19th inst. Mr. MeseSection will meet on Tuesday night, and will also hold a wetter's resignation from the Ohio National to accept the session Wednesday morning; the conference of country New York position was noted in these columns last week. bankers is scheduled for Wednesday, while the general Charles A. Wimpfheimer of the firm of Adolph Wimpfconvention will cover two days—Thursday and Friday. speakers at the general convention will be Paul M. heimer & Brother, commission merchants of this city, was The Warburg, Vice-Governor of the Federal Reserve Board, elected a director of the Importers & Traders National Bank who will discuss "The Federal Reserve Problem and the of New York on the 15th inst. Future of the Federal Reserve System"; Frank A. Vanderlip, Two promotions were announced at the Guaranty Trust President of the National City Bank of New York; Joseph Chapman, Vice-President of the Northwestern National Co. of New York this week. Arthur B. Hatcher, for ten Bank of Minneapolis, and Joseph Hirsch, Vice-President of years Secretary to Charles H. Sabin, President of the company, has been appointed Assistant to the President, and the Corpus Christi National Bank of Corpus Christi. John S. Johnston has been moved up into the position madevacant by Mr. Hatcher's promotion. Mr. Hatcher entered The Mechanics & Metals National Bank of this city in the employ of the National Commercial Bank of Albany the July 16 1906, and was shortly promoted to the position of forwarding to its correspondents its report issued under call of Sept. 12, directs attention to the unusual circumstances confidential messenger for Mr. Sabin, who was then Viceof the times that have made it seem advisable to accede to President and General Manager of that institution. Mr. labor its demands. The bank points out that no more Hatcher accompanied Mr. Sabin when the latter came to complicated problem confronts the American people to-day New York in the spring of 1907 to assume the Presidency of than that which deals with our industrial position when the the National Copper Bank, and was with him when the Nawar ends, and nothing more complicates the problem than tional Copper Bank was absorbed by the Mechanics & Metals the constant striving of American labor to produce less and National Bank, and on July 1 1910 he came with Mr. Sabin earn more, at the very time that European labor is learning to the Guaranty Trust Co. how to increase its production and do with very much less. The Mechanics & Metals National Bank has also published At a meeting of the directors of the Metropolitan Trust a booklet analyzing the Clayton Anti-Trust Law,as it applies Co. on the 20th inst., Joseph Walker Jr. was chosen a memto bank directors throughout the United States. The "inter- ber of that body to fill a vacancy. locking" provisions of this law are to go into effect next month. Recently amended by Congress, interpretation Edward F. McManus of the firm of Lawrence Turnure & of these provisions has led to a great deal of confusion. The Co. was elected a trustee of the Emigrant Industrial Savings booklet of the Mechanics & Metals National Bank is designed Bank of this city at a meeting of the trustees on the 14th inst. to inform bankers regarding the exact requirements of the law, as it now stands. The Franklin Trust Co. of Brooklyn took possession of its new Wallabout Market Branch on the northeast corner The new income tax regulations, included in the Revenue of Flusing and Washington avenues, Brooklyn, on the 20th Act just passed by Congress and approved by the President, inst. The branch, which was opened on Jan. 11 1915, had are, if possible, more confusing to the average person than been occupying temporary quarters at 68 Washington Ave. those of the former Federal Income Tax Law. To simplify Since its opening it is said to have aecumulated deposits of them as much as possible, and especially to aid individuals more than $250,000. and fiduciaries in finding out just what is required of them in the way of reports and how much tax they will have to William G. Shaible, formerly Secretary and Treasurer of pay,is the object of a "Synopsis of the Features of the Federal the Citizens' Trust Co. of Schenectady, N. Y., has been Income Tax Law Affecting Individuals and Fiduciaries" just elected Vice-President and Treasurer of the institution, and Issued for gratuitous distribution by the Guaranty Trust Frank D. King, formerly Assistant Secretary, has been Company of New York. The booklet contains the full text elected Secretary and Assistant Treasurer. of the law, in addition to the comprehensive outline to be The Black Rock Bank of Buffalo, which began business found in the synopsis. Among the new features referred to are the following: last January, was opened as a branch of the Citizens' Comallowed the $4,000 exemption, whereas mercial "Heads of families" are now Trust Co. of that city on the 2d inst. The Black formerly this etemption was allowed only to married persons. Partners in making their reports are now permitted to exclude from their Rock Bank started with a capital of $100,000 and surplus of net distributive interest in the partnership their proportionate share re- $20,000 and during the brief period of its operation its deceived by the partnership from Government, State and municipal bonds, posits exceeded $700,000. The Citizens' Commercial Trust and are also allowed a credit for their proportionate share of dividends on Co. is itself a newly-created organization, embracing the stock owned by the partnership. In regard to non-resident aliens, the law now specifically taxes the income Citizens' Bank and the Security Safe Deposit Co. It has a from stocks or bonds owned by them. A non-resident alien may receive capital of $1,150,000. Robert C. Gaupp, who was Cashier the benefit of the specific exemption by filing a return of his total income of the Black Rock Bank, has been elected Treasurer of the received from all sources in the United States. The normal tax rate has been increased from 1% to 2% and the additional Citizens' Commercial Trust Co., and active manager of the tax now graduates from 1% on incomes of $20,000, or over to 13% on Black Rock Branch. incomes BANKING, LEGISLATIVE AND FINANCIAL NEWS. The public sales of bank stocks this week aggregate 47 shares, of which 26 shares were sold at the Stock Exchange and the remainder at auction. An auction sale of 21 shares of Merchants Nat. Bank stock was made at 231—an advance of 30% points over the price at which the last previous sale was made,in January 1913. over $2,000,000. A charter has been granted to Emery H. Marsters and asThe American Exchange National Bank of this city has sociates for the organization of the Manufacturers' National prepared and is distributing to its customers and friends a Bank of Cambridge, Mass. The new institution, it is said, digest of the 1916 Revenue Law,"for the purpose of giving will have capital stock of $200,000 and surplus of $50,000. them the opportunity to familiarize themselves with the provisions of the Federal Income Tax Act." Stephen E. Ruth, heretofore Assistant Manager of the foreign department of the Philadelphia National Bank, 1092 [VoL. 103. THE CHRONICLE Philadelphia, has been chosen an Assistant Cashier of E. C. Kent and W. H. Battow, Vice-Presidents; R. B. Wilcox, General Counsel, and H. W. Ely, Secretary and that institution. Treasurer. Charles England and Charles E. Falconer, have been —*-On Aug. 29 District Judge Calhoun of the 53rd District elected to the Directorate of the Baltimore Trust Company of Baltimore. Both of the new directors are well known Court of Texas, appointed J. D. Moore of Austin, Texas, business men of Baltimore. Mr. England is a member of receiver of the Farmers & Merchants State Bank of Teague. the Chamber of Commerce and was formerly Chairman of The action of Justice Calhoun was the result of an application the Sewerage Commission. Mr. Falconer is head of the filed in the name of the State of Texas. The petition of the Baltimore firm of Charles E. Falconer & Co., and is Presi- State, according to the "Dallas News" of Aug. 30, "alleged dent. of the Merchants & Manufacturers Association. The that while the face value of the assets of the bank exceeded directors of the Baltimore Trust Company have declared its liabilities, including capital stock, such assets are in reality largely uncollectable and worthless; that the assets do not the usual quarterly dividend of 4%, payable Oct. 2. exceed the probable value of 50 cents on the dollar and that At a recent meeting of the directors of the Colonial Trust said bank is unable to and has not been paying its obligations. Co. of Pittsburgh, Ralph S. Euler, who has for several years The State also alleged that the bank had on hand only been actively engaged in the bond department of the insti- approximately $1,600 in cash." tution, was made Manager of that department, succeeding This bank, as reported in our issue of Sept. 2, was the Jerome Hill, who has resigned his position as Vice-President scene of the shooting of John S. Patterson, State Banking and Bond Manager. & Insurance Commissioner for Texas, who died on Aug. 29 as a result of the wounds received at the hands of the bank's Stacy B. Rankin of South Charleston and Columbus, President, T. R. Watson. Mr. Patterson had been conOhio, has been re-elected Secretary of the Ohio Bankers ducting an examination of the bank's affairs and a notice of Association for the,twenty-sixth consecutive time. On the closing the bank was being posted by State Bank Examiner day of his re-election, Sept. 13, Mr. Rankin was the recipient McKinnon when shots were fired. Two of the bullets pierced of a basket of roses, presented to him by L. F. Kiesewetter, the lungs of the Banking Commissioner, but Mr. McKinnon on behalf of Fred. E. Farnsworth, General Secretary of the escaped unhurt. On Sept. 9 Commissioner of Insurance and American Bankers' Association. With the gift Mr. Farns- Banking Austin, after a conference with Receiver J. D. worth expressed best wishes and esteem of the A. B. A. for Moore, announced that active liquidation of the bank the "pioneer" of State Secretaries. would begin Monday, Sept. 11. President Watson and his sons, J. E. and W. R. Watson, The First National Bank of Cleveland announced last week Vice-President and Cashier, respectively, of the bank, who that it is not only the largest national bank in Ohio, but also were arrested following the shooting, were rearrested on the largest national bank of the first seven to receive charters Aug. 30. On Sept. 5 the two last named were admitted to from.the Government. In 1836 this institution was granted bail in the sum of $5000. each, while on Sept. 13 T.R. Watcharter No. 7, and during the past few years its unwonted son was admitted to bail in the sum of $20,000. Mr. development has carried it past the six banks that secured Watson had been connected with Teague banking affairs earlier charters. The statement issued Sept. 12 shows that since 1908, when he came there from Fairfield, Texas, and the deposits in the First National Bank of Cleveland have organized the Farmers, & Merchants' State Bank with capirisen to more than $54,000,000, and the resources to more tal stock of $60,000. than $60,000,000. The combined resources of the pioneer national bank of Cleveland, together with those of the afStockholders of the Royal Bank of Canada (Head office filiated First Trust & Savings Co., now total more than Montreal) who were unable to take up the new issue of $83,000,000, showing an increase of more than $19,000,000 stock, that is, holders of less than twenty-seven shares of the during the past year. old stock, have received in addition to their current dividend The First Trust & Savings Co. of Cleveland announces that checks, payable Sept. 1 1916, an additional dividend equal during the past year it opened approximately 18,000 new to $4 29 a share,being the pro rata distribution realized upon savings accounts. Despite the fact that this bank is just the sale of the unallotted fractions of new stock offered to three years old, it has built up deposits ot the amount of the shareholders earlier in the year, in furtherance of plans $21,000,000, and its resources exceed $23,500,000. During to round out the bank's capital to $12,000,000. The adthe past year the savings department opened a new account ditional capital, 4,400 shares, was offered at par in the proevery ten minutes of the banking hours of the year. It has portion of one share of new stock for every twenty-seven also been estimated that one person in each forty-two in the shares of the old. The market price of the Royal Bank sixth city opened an account in this bank during the same stock was then in the vicinity of $215 per share,, the right period. to take the new stock being equivalent to a bonus of about 43/2% to shareholders of record Jan. 12. Announcement John A. King, prominent politician and financier of Chi- was made in our issue of Aug. 5 that tenders for the stock cago, died on the 12th inst. in his eighty-third year. Mr. comprising the unallotted fractions were being called for by King was President of the Fort Dearborn National Bank of the bank. Any premium realized from the sale of these Chicago from 1889 to 1902 and was a director in that insti- shares, it was said, would be distributed pro rata among tution at the time of his death. He started his banking the sahreholders unable to take up the new issue, that is, career as a messenger in the employ of the Mechanics' Bank holders of less than twenty-seven shares. This additional of Syracuse. He rose to be manager of the bank. He later dividend just paid is, therefore, the pro rata realized upon moved to Chicago, where he engaged in the wholesale drug- the sale of the unallotted fractions. gist business, selling out that business to become President, in 1889, of the Fort Dearborn National Bank of Chicago. TREASURY CASH AND CURRENT LIABILITIES. Benjamin C. Sammons, for many years a Vice-President The cash holdings of the Government as the items stood of the Corn Exchange National Bank of Chicago, died at his Aug.31 are set out in the following. The figures are taken home in Blue Island on Sept. 6 following an operation a entirely from the daily statement of the U. S. Treasury for week previous. Mr. Sammons received his first banking Aug. 31. CURRENT ASSETS AND LIABILITIES. experience in 1862 as •a messenger for the Commercial GOLD. entered the emNational Bank of Chicago. He afterward Liabilities— Assets— $ 986,226,237 27 Gold certificates outploy of the Merchants' Loan & Trust Co., and later became Gold coin standing 1,619,201,489 00 921,481,450 47 Gold bullion Gold reserve 152,979,025 63 Cashier of the old Northwestern National Bank, his connecAvailable gold In gention with the Corn Exchange following the consolidation eral fund 135,527,173 11 with the latter of the Northwestern National. 1 907,707,687 74 Total 1,907,707,687 74 Total The Banking Trust & Mortgage Co., of Petersburg, Va., organized by the Virginia Finance Corporation with a capitalization of $500,000, will begin business about Oct. 1. Among the 1,200 or more stockholders, more than 200, it is stated, are either officers or directors of other financial institutions. The new company, it is said; has co-operating with it banks in all parts of Virginia. The charter officers of the new company are; G. C. Wright, President; John W. Long, Note.—Reserved against $346,681,016 of U. S. notes and $2,079,799 of Treasury notes of 1890 outstanding. Treasury notes are also secured by silver dollars in Treasury. SILVER DOLLARS. Assets— Silver dollars Total 500,679.775 00 Silver certificates outstanding 482,006,557 00 Treasury notes of 1890 2,070,799 00 outstanding Available sliver dollars In general fund 16,593,410 00 500,679,775 00 Total 500,679,775 00 hlirr. 23 1916.j Assets Avail. gold (see above)_ Available silver dollars (see above) United States notes__ _ _ Federal Reserve notes_ _ Fed. Reserve bank notes National bank notes_ _ Cert. checks on banks_ _ Subsidiary silver coin_ _ Minor coin Silver bullion (available for subsidiary coinage) Unclassified (unsorted currency, &c.) Deposits in Federal Reserve banks Deposits in national banks: To credit of Treasurer United States To credit of other Governm't of[leers_ Deposits in Philippine treasury: To credit of Treasurer United States To credit of other Governm't officers_ THE CHRONICLE GENERAL FUND. Liabilities Treasurer's checks outstanding 135,527,173 11 Deposits of Government officers: 16,593,419 00 Post Office Depart__ _ 4,485,577 00 2,661,140 00 Board of trustees, Postal Savings Sys 60,135 00 tem (5% reserve)_ _ 21,627,49704 Comptroller of the 8,878 98 Currency, agent for 15,929,800 61 creditors of insol758,973 86 vent banks Postmasters, clerks of 5,614,971 77 courts, &c 392,075 65 Deposits for: Redemption of Federal Reserve notes 49,423,210 85 (5% fund) Redemption of Federal Reserve bank notes(5% fund). 34,091,233 92 Redemption of national bank notes 5,130,783 31 (5% fund) Retirement of additional circulating notes, Act May 30 1,464,169 04 1908 Exchanges of cur2,065,289 58 rency, coin, &c__ _ $ 2.790,166 21 10,013,218 39 4,011,334 74 1,439,381 66 15,441,30339 12,029,295 36 500,000 00 25,437,728 36 5,088,745 00 10,795,589 93 87,546,763 04 b Net balance. Including$94,306,766 61 to ftredit of disburs'g officers. 208,287,565 68 Total 295.834,328 72 Total 295,834,328 72 FINANCIAL STATEMENT OF U. S. AUG. 31 1916. (Formerly Issued as "Statement of the Public Debt.") The following statements of the public debt and Treasury cash holdings of the United States are as officially issued as of August 311916. CASH AVAILABLE TO PAY MATURING OBLIGATIONS. Balance held by the Settlement warrants, Treasurer of the United coupons, and cheeks outstanding: States as per daily Treasury statement for Treasury warrants__ $4,279,261 04 635,677 54 Matured coupons_ _ _ Aug. 31 1916 $208,287,56568 392,306 21 Interest checks Add-Net excess of reDisbursing officers' ceipts over payments cheeks 10,950,471 25 In Aug. reports subse2,736,000 16 Balance quently received 194,765,849 80 Revised balance $211,023,565 84 8211,023,565,84 PUBLIC DEBT BEARING NO INTEREST. (Payable on presentation.) Obligations required to be reissued when redeemed: United States notes 8346,681,016 00 Less gold reserve 152,979,025 63 $193,701,990 37 Excess of notes over reserve Obligations that will be retired on presentation: Old demand notes 53,152 50 National bank notes assumed by the United States on deposit of lawful money for their retirement 45,688,358 00 Fractional currency 6,848,076 90 Total 8246,291,57777 DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. (Payable on presentation.) Funded Loan of 1891, continued at 2%,called for redemption May18 1900: Interest ceased Aug. 18 1900 $4,000 00 Funded Loan of 1891, matured Sept. 2 1891 20,950 00 Loan of 1904, matured Feb. 2 1904 13,050 00 Funded Loan of 1907, matured July 2 1907 518,700 00 Refunding certificates, matured July 1 1907 12,040 00 Old debt matured at various dates prior to Jan. 11861. and other items of debt matured at various dates subsequent to Jan. 1 1861 901,370 26 Total 81,470,110 26 INTEREST-BEARING DEBT. (Payable on or after specified future dates.) Interest Amount -Outstanding Aug. 31 1916 Payable. Issued. Registered. Coupon. 7'otal. $ Title of Loan$ $ $ Q. a646,250,150 624,603,350 2,717,500 -J. 2s, Consols of 1930 627,320,850 -F. b198,792,660 47,366,460 16,579,000 3s, Loan of 1908-1918._ -.Q. Q. -F. c162,315,400 101,373,650 17,116,250 63,945,460 Loan of 1925 4s 118,489,900 Panama Canal Loan: Q. -F. d54,631,980 53,819,140 2s, Series 1906 10,340 53,829,480 Q. -F. e30,000.000 29,663,620 2s, Series 1908 203,380 Q.M. 50,000,000 41,514,800 8,485,200 20,867,000 38, Series 1011 50,000,000 Q. 1,412,400 9,277,400 10,689,800 -J• 10,689,800 Is, Conversion bonds notes.Q.-J. 9,175,000 1,645,000 7,530,000 3s, One-year Treas. 0,175,000 2I45, Postal Savings Bonds: J. -j. 8,245,100 lat to 10th series 7,435,120 800,080 8,245,100 -J. 906,700 1016-1936 (11th series) _ _J. 838,980 67,720 906,700 Aggregate of int.-bearing debt 1,171,006,790 909,672,520 62,796,770 972,469,290 a Of this amount $9,754.300 have been converted into Conversion Bonds and $9,175,000 into One-Year Treasury Notes. b Of this original amount issued $132,449,900 have been refunded into the 2% oonsols of 1930, and $2,396,800 have been purchased for the sinking fund and canceled, and $500 have otherwise been purchased and canceled. C of this original amount issued $43,825,500 have been purchased for the sinking fund and canceled. Of this original amount Issued $802,500 have been converted into Conversion Bonds. e Of this original amount issued $133,000 have been converted into Conversion Bonds. GROSS DEBT. NET DEBT. Debt bearing no inter't 8246,291,577 77 Gross debt (opposite)_81,220,230,978 03 Deduct-- Balance availDebt on which interest 1,470,110 26 able to pay maturing has ceased 972,469,290 00 oblig'ns (see above). 194,765,849 80 Interest-bearing debt Aggregate $1,220,230,978 03 Net debt $1,025,465,128 23 TREASURY CURRENCY HOLDINGS. -The following compilation, also made up from the daily Government statements, shows the currency holdings of the Treasury at the beginning of business on the first of June, July, August and September, 1916: 1093 June 1 1916 Holdings in Sub-Treasuries$ Net gold coin and bullion 219.304,536 Net silver coin and bullion 16,066,005 Net United States Treas. notee.... 6,510,734 Net national bank notes 23,273,766 Net Federal Reserve notes 2,618,765 Net Federal Reserve bank notes Net subsidiary silver 18,868,932 Minor coin. &CI 1,677,161 July 1 1916. Aug. 1 1916 Sept. 1 1916 $ $ $ 234,888,296 303,862.781 288,506,199 15,078,547 21,486,349 22 208 391 4,789,347 5,336,387 4,485,577 24,084,897 25,635,837 21,627,497 2,795.605 2,939,155 2,661,140 33,630 23,270 60,135 17,382,273 16.743,003 15,929,801 1.287,731 1.047,625 1,159,928 Total cash in Sub-Treasuries..288,319,899 300,340,326 377,074,407x356,638,668 Lees gold reserve fund 152,979,023 152,979,026 152,979,026 152,979,026 Cash balance in Sub-Treasuries_135,340,876 147,361,300 224,095,381 203,659.642 Cash in Federal Reserve banks 46,626,432 111,475,569 56,422,247 49,423,211 Cash in national banks To credit Treasurer of U. S 33,708,170 61,467,079 33,999,268 34,091.234 To credit disbursing officers 5,515,501 5,593,527 5.130,783 4.891,041 Total Cash in Philippine Islands 39,223,671 67,060,606 4,963,552 4,767,345 38,890,309 39,222,017 4,626,025 3.529,459 Net cash in banks. Sub-Treas.226,154,531 330,664,820 324,033,962 295834,329 Deduct current liabilities 92,597,210 93,785,229 94,055,987 87,546,763 Available cash balance 133,557,321 236,879,591 229,977,975 208,287,566 x Includes Sept. 1 $5,614,971 77 silver bullion and 51,159,928 49 minor coin, &c., not included in statement "Stock of Money." THE ENGLISH GOLD AND SILVER MARKETS. We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of Aug. 24 1916: GOLD. Owing to a contract on of £849,225 in the issue of its notes, the gold holding of the Bank of England there against is reduced by a similar amount. The total production of gold in Canada in 1915 is estimated by the Canadian Department of Mines at "916,076 fine ounces, valued at $18, 936,971, as compared with 77?.178 fine ounces, valued at $15,983,007, in 1914, an increase of $2,953,964, or 18.5%. Although the production has more than doubled since 1907, it has not yet reached the high mark attained during Klondike's best years. The 1915 output was exceeded during each of the four years from 1899 to 1902. Of the total production in 1915 about $5,550,987 was derived from placer and alluvial mining. $9,195,307 in bullion and refined gold and $4,230,677 contained in matteblister copper, residues and ores exported. Ontario has now become the largest gold-producing province in Canada, the production in 1915 from fifteen properties being reported as $8,386,956, or 44% of the total productiaa in Canada, as against a production in 1914 of$5,545,509,an increase of $2,841,447, or 51%. SILVER. The tone continues to be good andprices have advanced after a tempotary setback, in which 315.0. was touched on the 26th inst., to 32d. yesterdiy. Fresh supplies are by no means plentiful in this market, whilest the stock is only three-quarters of the size of that about a montn ago: the total is now about 7,000.000 fine ounces. China has not yet entirely ceased from releasing portions of her already largely depleted silver currency holding. About E100,000 of silver has been purchased by one of the Indian native States for coinage purposes. It is not clear whether the total of the Bombay stock given below was cabled before or after this operation took place. Notwithstanding the heavy purchases being made for the Indian Mint the holding of silver coin in the Indian treasuries continues to shrink. The last three Indian currency returns received by cable give details in hies of rupees as follows: Aug. 7. Aug. 15.Aug. 22. Notes in circulation _------------74,81 74,51 74,34 Reserve in silver coin and bullion 27,65 27,54 27,48 Gold col and bullion 12,18 11,99 11,88 Gold coin in England 11,92 11,92 11,92 The stock in Bombay consists of 3.400 bars, as compared with 3,500 last week. No shipment was made from San Francisco to Hong Kong during the week. Quotations for bar silver per oz. standard: Bank rate Aug. 25_ No _31 9-16 cash) 6% " quotation Bar gold per oz. standard_ _77s. 9d. 26_ _ _313i French gold coin per oz_ _ _ _Nominal fixed 28.._ _ _31 11-16 " I U. S. A. gold coin per oz _ _Nominal for 29_ __ _31 13-16 " forward " 30.... 3E _.32 "J delivery. Av. for wk _ _31.760 id. The quotation to-day for cash is / above that fixed a week ago. ENGLISH FINANCIAL MARKETS -PER CABLE. The daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: London. Sept. 16. Sept. 18. Sept. 19. Sept. 20. Sept.21. Sept.22. Week ending Sept. 22Sat. Mon. Tues. Wed. Thurs. Fri. Silver, per oz 41 32% 32 11-16 3234 324 323 3234 Consols, 234 per cents ______ 60 5934 5934 6034 6034 British 45i per cents 96% 9634 9634 9634 9534 French Rentes (in Paris), fr.. 64.00 63.00 62.75 62.65 62.60 62.50 French War Loan, 5% an Paris, fr 90.00 00.00 00.00 90.00 90.00 The price of silver in New York on the same days has been: Silver in N. Y., per oz_ _eta_ 6834 6834 6834 6834 6834 6834 gremmerciai nuttrAiscellantonsRem .../1011VVIAM•••••.. • DIVIDENDS. The following shows all the dividends announced for the future by large or important corporations: Dividends announced this week are printed in italics. Name of Compang- When Per Cent. Payable. Books Closed. Days Inclusive. Railroads (Steam). Alabama et Vicksburg (annual) 7 Sept. 4 holders Irec. Sept. 4a Ashland Coat & Iron Ry. ((Plan) 1 Sept.25 Holders Ire:). Sept.24a 500. Oct. 2 Holders o free. Sept.20a Beech Creek, guar. (quar.) 2 Boston & Albany (quar.) Sept.30 Holders of rec. Aug. 31a Boston Revere Beach & Lynn (quar.) 134 Oct. 2 Holders of rec. Sept. 15a Canadian Pacific, corn. (quar.) 234 Sept.30 Sept. 2 to Oct. 4 Preferred Sept.30 Sept. 2 to Oct. 4 2 Chicago Burlington & Quincy (quar.)_ _ _ 2 Sept.25 Holders of rec. Sept. 19a Chicago Great Western, preferred 1 Oct. 2 Sept. 10 to Oct. 3 Chicago & North Western,common (qu.) 134 Oct. 2 Holders of rec. Sept. la Preferred (quar.) Oct. 2 Holders of rec. Sept. la 2 Cleve. Ctn. Chic. 4, St. Louis, pref. (qu.) 20 Holders of rec. Sept. 29a Oct.134 Colorado ,t Southern,first preferred 2 Oct. 10 Oct. 3 to Oct. 10 Cuba RR., common 3 Nov. 1 Holders of roe. June 154 1094 Name of Company. THE CHRONICLE Per When Cent. Payable. Books Closed. Days Inclusive. Railroads (Steam) Concluded. Grand7'runk, first preference 24 Great Northern (guar.) 1A Nov. 1 Sept.23 to Oct. 13 Interborough Consol. Corp., pref (qu.)_ 1 A Oct. 2 Holders of roe. Sept. ha Interborough Rapid Transit (guar.) 5 Oct. 2 Holders of rec. Sept. 20a Joliet & Chicago (guar.) 1 Oct. 2 Holders of reo. Sept. 22a Kansas City Southern, pref. (par.) 1 Oct. 16 Holders of rec. Sept. 30a Lackawanna RR. of N. J. (guar.) 1 Oct. 2 Holders of reo. Sept. 9a Lehigh Valley, con. & pref. (guar.) $1.25 Oct. 14 Holders of rec. Sept. 30a Maine Central, common (guar.) 1 A Oct. 2 Holders of roe. Sept. 15a Manhattan Ry. (guar.) Oct. 1 Holders of rec. Sept. 15a 13 Meadville Conneaut Lake de Linesville _ _ _ _ Oct. 1 Holders of rec. Sept. 20a 2 Minn.St.P. & S.S.M..com.& pf.(No.27)_ 33 Oct. 16 Holders of rec. Sept.22a Minn. St. Paul & S. S. M.leased lines__ _ 2 Oct. 2 Holders of rec. Sept. 20a Newark & Bloomfield 3 Oct. 2 Holders of roe. Sept.22a New Orleans & Northeastern (annual)_ _ _ _ 4 Sept. 8 Holders of rec. Sept. 7a New York Central RR. (guar.) 1)( Nov. 1 Holders of roe. Oct. 6a New York & Harlem, common & pref_ _ _ $1 Oct. 2 Holders of rec. Sept.22a N. Y. Lackawanna & western (quar.)... 134 Oct. 2 Holders of rec. Sept. 15a Northern RR. of N. H. (guar.) 13 Oct. 2 Holders of leo. Sept. 5a Norwich & Worcester, pref. (quar.)___ _ 2 Oct. 2 Sept. 15 to Oct. 1 Philadelphia & Trenton (guar.) 234 Oct. 10 Oct. 1 to Oct. 10 Pittsburgh Bessemer & Lake Erie, corn_ 75e. Oct. 1 fielders of rec. Sept. 15 Pittsb. Ft. Wayne & Chic. reg. gu.(guar.) P4 Oct. 3 Holders of rec. Sept. ha Special guaranteed stock (guar.) 1A Oct. 2 Holders of rec. Sept. ha Reading Company, common (par.) Nov. 19 Holders of rec. Oct. 21 2 2d pref. (guar.) 50c. Oct. 12 Holders of rec. Sept. 26a Southern Pacific (guar.) (No. 40) 1A Oct. 2 Holders of rec. Aug. 31a Union Pacific, common (guar.) 2 Oct. 2 Holders of rec. Sept la Preferred 2 Oct. 2 Holders of rec. Sept. la United N. J. RR.& Canal Cos. (quar.).... 234 Oct. 10 Sept. 21 to Oct. 1 Vicksburg Shreveport & Pacific, pref 5 Sept. 8 Holders of roe. Sept. 8a Warren RR 33. Oct. 16 Holders of rec. Oct. 6a West Jersey & Seashore 25i Oct. 2 Holders of rec. Sept. 150 Wisconsin Central, preferred Oct. 2 Holders of rec. Sept. Pa 2 Street and Electric Railways. Asheville Pow.& Lt., p1. (qu.)(No. 18). 1A Oct. 2 Holders of roe. Sept. 16 Bangor Ry. & Elec., pl. (qu.) (No. 20)_._ _ 1A Oct. 2 Holders of rec. Sept. 20 Brazilian Trao., L. & P., Ltd. p1. (qu.) 13. Oct. 2 Holders of rec. Sept. 15 Brooklyn Rapid Transit (guar.) 134 Oct. 1 Holders of rec. Sept 9a Capital Traction, Washington, D.C.(qu.) 13( Oct. 1 Sept. 15 to Sept. 30 Carolina Pow.& Lt., pt. (qu.)(No.30)-13 Oct. 2 Holders of rec. Sept. 16 Central Illinois Public Service, pf. (qu.)__ 134 Oct. 15 Holders of rec. Sept. 30 Chicago City Ry.(guar.) 2 Sept. 30 Sept. 27 to Sept. 29 Ctn. cfc Hamilton Trac., corn. (quar.)._-_ Oot. 2 Sept. 21 to Oct. 1 1 Preferred (guar.) IA Oct. 2 Sept.21 to Oct. 1 Cincinnati Street Ry. (quay.) 134 Oct. 2 Sept. 17 to Oct. 1 Cities Service, cons. & pref. (monthly)._ _ _ 34 Nov. 1 Holders of roe. Oct. 15 Cities Service, corn. & pref.(monthly)_ _ _ A Oct. 1 Holders of rec. Sept. 15 Cleveland Ry. (guar.) 134 Oct. 2 Holders of rec. Sept. 15a Columbia Ry., Gas de Elec., pref.(par.)_ _ 134 Oct. 1 Sept. 22 to Oct. 1 Col. Newark & Zanes. Elec. Ry., pf. (qu.) 134 Oct. 1 Sept.24 to Sept. 30 Columbus Ry., Pow.& Lt., pref. A (qu.) 134 Oct. 2 Holders of rec. Sept. 15 Duluth-Superior Tract., preferred (guar.) 1 Oct. 2 Holders of rec. Sept. 150 Duquesne Light, pref. (qu.) (No. 1( Nov. 1 Holders of roe. Oct. 2 Elmira Water, Lt. & RR., 1st pref. (qu.)_ _ 1% Sept. 30 Holders of roe. Sept. 15 Second preferred (par.) 131 Sept. 30 Holders of rec. Sept. 15 Frank. & Southwark Pass., Phila.(guar.) E4.50 Oct. 2 Holders of rec. Sept. la Green & Coates Sts., Phila., (guar.) $1.50 Oct. 7 Sept. 23 to Oct. 8 Halifax Electric Tramway (guar.) 2 Oct. 2 Sept. 19 to Oct d2 Honolulu Rapid Transit & Land (quar.)_ 2 Sept.30 Sept.28 to Oct. 1 Hosighton County Trac., pref.(No. 17)-- 3 Oct. 2 Holders of rec. Sept. 20a Illinois Traction, pref. (guar.)(No. 47)-. 134 Oct. 1 Holders of rec. Sept. 15 International Traction, Buffalo, common__ 1 Sept. 30 Holders of rec. Sept. 21 7% cumulative 1st pref. (guar.) 131 Sept. 30 Holders of roe. Sept. 21 4% cumulative pref. (guar) 1 Sept. 30 Holders of rec. Sept. 21 Iowa By. & Light, pf. (qu.) (No. 53) 1% Sept. 30 Holders of roe. Sept. 20 Kansas City Rys., pref 234 Oct. 1 Sept. 26 to Oct. 1 Kentucky Securities Corp., pref. (quar.)__ 134 Oct. 15 Oct. 1 to Oct. 11 Preferred (acct. accumulated dim.)._ _ _ Oct. 15 Oct. 1 to Oct. 11 Lancaster County Ry. & Light, pref.(par.) 131 Sept. 30 Holders of rec. Sept.21a Louisville Traction, common (par.) 1 Oct. 1 Sept. 11 to Sept. 15 Preferred 234 Oct. 1 Sept. 11 to Sept. 15 Manila Elee. RR.& Ltg. Corp.(quar.) 134 Oct. 2 Holders of roe. Sept. 18a New Orleans Ry. & Lt., pref. (guar.) 13( Sept. 30 Sept. 21 to Oct. 1 New York State Rys., corn. .3r pref. (qu.) 131 Oct. 2 Holders of roe. Sept. 18a Northern Ohio Tr. & L., pref. (quar.)-- 134 Oct. 1 Holders of roe. Sept. 10a Omaha & Council Bluffs St. Ry., corn.(qu.) 1 Oct. 1 Sept. 17 to Oct. 1 Preferred (par.) 131 Oct. 1 Sept. 17 to Oct. 1 Philadelphia Co., corn. (qu.) (No. 140) 8734c. Nov. 1 Holders of rec. Oct. 2a 6% preferred (No. 8) $1.50 Nov. 1 Holders of roe. Oct. 2a Philadelphia Rapid Transit (No. 1) $1 Oct. 11 Holders of rec. Oct. 4a Philadelphia Traction $2 Oct. 2 Sept. 12 to Oct. 1 Porto Rico Rys., Ltd., pref. (par.) 131 Oct. 2 Holders of rec. Sept. 22 Public Service Corp. of N. J.(guar.) 2 Sept. 30 Holders of rec. Sept. 25a Republic Ry. & Lt., pre/. (qu.) (No. 21).... 134 Oct. 14 Holders of rec. Sept. 30 RidgeAve. Pass. Ry.,Philadelphia (guar.) $3 Oct. 2 Sept. 16 to Oct. 2 Second dr Third Sus. Pass., Philadelphia_ $3 Oct. 2 Holders of roe Sept. la Springf'd(Mo.)Ry.&Lt., pf.(qu.) (No. 7) 131 Oct. 2 Holders of rec. Sept. 15a Springfield &Xenia Ry., pref. (quar.)_- -2 Sept. 30 Sept. 21 to Oct. 1 Mark Electric RR. (par.) 1 Oct. 1 Sept. 26 to Oct. 1 Third Avenue Ry.(guar.) Oct. 1 Holders of Ivo Sept. 150 1 Tidewater Power, common 334 Oct. 1 Sept. 21 to Sept. 30 Toronto Ry. (guar.) 2 Oct. 1 Holders of roe. Sept. 15a Twin City Rap.Tran.,Minneap.,com.(gu.) 134 Oct. 2 Holders of roe Sept. 12a Preferred (guar.) 131 Oct 2 Holders of roc Sept. 12a United Gas & Elec. Corp., 1st pref. (gu.)- 13j Oct. 1 Holders of roe. Sept. 21 United Light & Rys., common (No. 7)- _ 1 Oct. 2 Holders of roe. Sept. 15a First preferred (quar.)(No.24) 134 Oct. 2 Holders of rec. Sept. 153 United Trac. & Elec., Prov.(guar.) 131 Oct. 2 Sept. 6 to Sept. 10 Utah Power & Light, pref. (guar.) 131 Oct. 2 Holders of rec. Sept. 16 Virginia Ry. db Power, common 134 Oct. 20 Holders of rm. Oct. 3 wash.Balt.& Annoy.Elec.RR.,pref.(qu.) 134 Sept.30 Holders of roe. Sept. 100 1VashingtonlVater Power, Spokane (qu.)_ _ 1 Oct. 1 !folders of roe. Sept. 15a West End St. Ry.. Boston. common 51.75 Oct. 2 Sept. 22 to Oct. 1 Western Ohio Ry., 1st pref. (guar.) 131 Oot. 1 Holders of roe. Sept. 23 West India El. Co. (guar.) (No. 131 Oct. 2 Sept. 24 to Oct. 1 York Railways, preferred (guar.) 134 Oct. 30 Holders of rec. Oct. 20 Youngstown & Ohio River, pref. (quar.)_ _ 134 Sept. 30 Holders of rec. Sept. 20 Preferred (acct. accumulated dividends)_ h31 Sept.30 Holders of rec. Sept.20 Banks. Chatham & Phenix National (par.) 234 Oct. 2 Sept. 20 to Oct. 2 Cittzens Central National (guar.) 2 Oct. 2 Holders of rec. Sept. 27a Coal & Iron National (guar.) 2 Oct. 2 Holders of rec. Sept. 13 Commerce Nat. Bank of (guar.) 2 Oct. 2 Holders of roe. Sept. 22a First National (guar.) 7 Oct. 2 Holders of rec. Sept. 30a First Security Co. (quar.) 3 Oct. 2 Holders of roe. Sept. 300 Flatbush, Bank of, Brooklyn (par.) 154 Oct. 1 Holders of rec. Sept. 29 Garfield National (guar.) 3 Sept. 30 Sept. 21 to Oct. 1 Gotham National (par.) 2 Oct. 2 Holders of rec. Sept. 30 Hanover National (guar.) 6 Oct. 1 Sept. 23 to Oct. 1 Irving National (guar.) 2 Oct. 2 Sept. 22 to Oct. 1 Markel & Fulton National (par.) 3 Oct. 1 Sept. 20 to Oct. 1 Metropolitan (par.) 2 Oct. 2 Sept. 23 to Oct. 1 Park, National (guar.) 5 Oct. 2 Holders of rec. Sept. 22 Seaboard National (guar.) 3 Oct. 2 Holders of roe. Sept.253 Yorkville (guar.) 6 Sept. 30 Sept. 21 to Oct. 2 Trust Companies. Bankers (guar.) 5 Oct. 2 Holders of rec. Sept. 26a Brooklyn (guar.) 5 Oct. 2 Holders of rec. Sept. 22a Columbia (guar.) 5 Sept. 30 Holders of roe. Sept. 22a Extra 2 Sept. 30 Holders of roe. Sept. 22a Empire (guar.) 234 Sept. 30 Holders of roe. Sept. 23a Equitable (par.) 6 Sept. 30 Holders of rec. Sept. 22a Fidelity (par.) 2 Oct. 2 Sept. 27 to Oct. 1 Guaranty (guar.) 4 Sept.30 Holders of reo. Sept. 203 Extra Sept. 30 Holders of coo. Sept. 20a 1 Lawyers' Title & Trust (guar.) (No.27) 131 Oct. 2 Sept. 16 to Oct. 2 Manufacturers, Brooklyn (par.) 134 Oct. 2 Holders of rec. Sept. 20 Metropolitan (par.)(No. 79) 6 Sept. 30 Sept. 22 to Oct. 1 New York (par.) 8 Sept. 30 Sept. 24 to Oct. 1 People's (Brooklyn) (guar.) 334 Oct. 2 Holders of rec. Sept.30 Name of Company. [VOL. 103. Per When Cent. Payable. Books Closed. Days Inclusive. Banks (Concluded). Title Guarantee & Trust(par.) 5 Sept. 30 Holders of rec. Sept. 22 Union (par.) 4 Oct. 1 Holders of rec. Sept. 25a U. S. Mtge. & Trust (guar.) 6 Sept.30 Holders of roe. Sept. 23 hliscelianeous. Ahmeek Mining (quar.) Oct. 10 /holders of roe. Sept. 21a $4 Allis-Chalmers Mfg., prof. (guar.) 154 Oct. 16 Holders of rec. Sept. 30a Allouez Mining (quar.) $2.50 Oct. 4 Holders of rec. Sept. 13a Amer. Agric. Chem., corn. (qu.) (No. 20). 134 Oct. 16 Holders of rec. Sept. 25a Preferred (par.) (No. 45) 134 Oct. 16 Holders of rec. Sept. 25a American Bank Note, pref. (guar.) 75s. Oct. 2 Holders of rec. Sept. 15a Amer. Beet Sugar, pref. (qu.) (No. 69).. 134 Oct. 3 [holders of rec. Sept. 16a Amer. Brake Shoe & Fdy., corn. (guar.) _ 134 Sept.30 Holders of roe. Sept.22a Preferred (guar.) 2 Sept.30 [holders of roe. Sept.22a American Can, preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 15a Amer. Car & Fdy. corn. (quar.) (No. 56) A Oct. 2 Holders of roc Sept. 1la Preferred (guar.) (No. 70) 134 Oct. 2 [holders of roe Sept. ha American Cigar, pref. (guar.) 134 Oct. 2 Holders of roe. Sept. 15a American Cyanamid, pref Dec. 1 Holders of rec. Aug. 1 6 American Express (guar.) $1.50 Oct. 2 Holders of rec. Aug. 31a Amer. Gas & Elec., corn. (qu.) (No. 26). 254 Oct. 2 Holders of rec. Sept. 20 Preferred (guar.) (No. 39) 154 Nov. 1 [holders of roe. Oct. 20 Amer. Graphophone, corn.(qu.)(No. 46) 134 Oct. 2 Holders of roe. Sept. 15a American Ice Co., preferred Sept. 29 Sept. 28 to Sept. 29 Amer. Iron & Steel Mfg., com.& pf.(qu.) 131 Oct. 1 Holders of roe Sept. 20a American Locomotive, common (guar.) _ 131 Sept. 2- Sept. 19 to Oct. 17 Preferred (guar.) 134 Oct 21 Sept. 19 to Oct. 17 American Manufacturing, corn. (guar.).— 134 Oct. 1 Sept. 18 to Oct. 1 Preferred (guar.) 15.I Oct. 1 Sept. 16 to Oct. 1 Amer.Pneumatic Service, 1st prof $1.75 Sept.30 Holders of roc. Sept. 9 Second preferred 75e. Sept. 30 [folders of roe. Sept. 9 Amer.Pow.& Light, pref. (qu.) (No. 28) 154 Oct. 2 Holders of rec. Sept. 22 Amer. Public Service, pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 25 Amer. Public Utilities, pref. (quar.)_ _ _ 134 Sept.30 Holders of roe. Sept. 20a Amer. Radiator, common (guar.) 4 Sept.30 Sept.22 to Sept.30 American Screw (par.) 134 Sept.30 Holders of roe. Sept.23a Amer. Seeding Machine, corn. (quar.).. 1 Oct. 15 Holders of roc. Sept. 30a Preferred (quay.) 134 Oct. 15 Holders of rec. Sept. 30a Amer. Smelters Securities, pref. A (guar.) 134 Oct. 2 Sept. 18 to Sept. 24 Preferred 13 (quar.) 134 Oct. 2 Sept. 16 to Sept. 24 American Snuff, common (guar.) 3 Oct. 2 Holders of roe. Sept. 15a Preferred (guar.) 134 Oct. 2 Holders of roe. Sept. 15a Amer.Sugar Refg., corn.(qu.)(No. 100). 134 Oct. 2 Holders of roc. Sept. la Preferred (guar.) (No. 99) 131 Oct. 2 Holders of rec. Sept. la American Surety (par.) (No. 109) 134 Sept.30 Holders of rec. Sept. 23a Amer. Telephone & Telegraph (par.)„ 2 Oct. 16 Holders of rec. Sept. 30a American Tobacco. pref. (guar.) 134 Oct. 2 [holders of roe. Sept. 15a Amer. Type Founders, corn. (quar.)_ _ _ _ Oct.d14 [folders of roe. Oct. 10a 1 Preferred (guar.) 134 Oct.d14 Holders of rec. Oct. 10a American Woolen, common (guar.) 154 Oct. 16 Sept. 16 to Sept. 28 Preferred (guar.) 16 Sept. 16 to Sept. 28 Oct.134 Ansco Company (guar.) 2 Sept. 19 to Oct. 1 Oct.234 Arkansas Light Power (guar.) 134 Oct. 1 Holders of rec. Sept. 20 Armsby Co. of N. Y., pref. (guar.) Oct. 6 134 Sept. 30 Sept. 16 to Associated Oil (guar.) Oct. 16 Holders of roe. Sept. 303 1 Atlantic Gulf & W.I. SS. Lines, pf.(qu.). 134 Oct. 2 Holders of rec. Sept. 15a Baltimore Tube, Ina., corn. & pref. (qu.) 134 Oct. 1 Holders of rec. Sept. 20 Barnhart Bros.& Spindler,lst&2d pf.(qu.) 134 Nov. 1 [holders of roe. Oct. 273 Barrett Co., common (guar.) Oct. 1 13-4 Oct. 2 Sept. 21 to Preferred (guar.) 134 Oct. 16 Oct. 6 to Oct. 15 Bell Telephone of Canada (guar.) 2 Oct. 14 Holders of roe. Sept. 30 Bethlehem Steel, common (guar.) 734 Oct. 2 Holders of roe. Sept. 15a Preferred (guar.) 134 Oct. 2 Holders of roe. Sept. 15a Billings & Spencer (guar.) Oct. 2 Holders of rec. Sept. 25 2 Extra 3 Oct. 2 [folders of roe. Sept. 25 Booth Fisheries, first preferred (quar.)._ 134 Oct . 1 Holders of roe Sept. 20.3 Borne, Scrymser Co. (annual) 20 Oct. 16 Sept. 17 to Oct. 15 Brier Hill Steel, common (guar.) Oct. 1 134 Oct. 1 Sept.21 to Preferred (guar.) lA Oct. 1 Sept. 21 to Oct. 1 British-American Tobacco,ordinary Sept.30 10 See note (r) British-American Tobacco, prof b234 Sept.30 Brooklyn Union Gas (guar.) (No. 62)__ 134 Oct. 2 Holders of rec. Sept. 14a Brunswick-Balke-Collender, pref. (quar.) 134 Oct. 1 Holders of roe. Sept. 10a Buffalo General Elec. (guar.) (No. 88)_ _ 134 Sept. 30 [holders of roe. Sept. 20 Burns Bros. Ice Corp., 1st pref. (quar.)_.. 134 Oct. 2 Holders of rec. Sept. 15a Butte & Superior Mining (guar.) El 25 Sept.30 Holders of roe Sept. 15a Extra Sept.30 [holders of me Sept. 15a $5 California Electric Generating, pref. (quar.) 134 Oct. 2 Holders of rec. Sept.20a California Petroleum Corp., pref. (guar.) 1 Oct. 1 Holders of rec. Sept. 18a Calumet & Arizona Mining (guar.) Sept.25 Sept. 9 to Sept. 17 32 Cambria Iron Oct. 2 Holders of rec. Sept. 15 2 Canada Steamship Lines. nref 134 Nov. 1 Holders of rec. Oct. la Canadian Consol. Rubber, Ltd., pref. (qu.) 134 Sept. 30 Holders of rec. Sept. 22 Canadian Cottons, Ltd., corn. (quar.)_ Oct. 4 Holders of roe. Sept. 22 1 Preferred (guar.) 154 Oct. 4 Holders of roe. Sept. 22 Canadian Crocker-Wheeler, com.&pf. (qu.) 13-4 Sept. 30 Sept. 15 to Sept. 30 Canadian General Electric, corn. (guar.) 134 Oct. 1 Holders of tee. Sept. 15 Canadian Locomotive, preferred (guar.,_ _ _ 13 Oct. 1 Holders of roe. Sept.20 Carbon Steel, common and 2d preferred_ _ _ _ Sept. 30 Holders of rec. Sept. 25 6 Case (J. I.) Thresh. Mach., pf. (guar.) 134 Oct. 2 Holders of roe. Sept. lla Central Aguirre Sugar Cos., common 234 Oct. 2 [holders of roe. Sept.. 25 Central Coal & Coke, preferred (quar.)- — Oct. 15 154 Oct. 14 Oct. 1 to Central Leather, pref. (guar.) 134 Oct. 2[holders of roe. Sept. 9a Central Petroleum, preferred 254 Oct. 1 Holders of roe. Sept. 26 Central States El. Corp. pf.(qu.)(No. 17) 134 Sept. 30 Holders of roe. Sept. 10 Chandler Motor Car (quar.) 2 Oct. 2 Holders of roe. Sept. 183 Extra Oct. 2 Holders of roe. Sept. 18a 1 Chicago Telephone (guar.) 2 Sept. 30 Holders of rec. Sept. 29a Chino Copper Co. (guar.) $1.25 Sept. 30 Holders of rec. Sept. 15a Extra Sept.30 Holders of roe. Sept. 15a $1 & Suburban Bell Teleph. (guar.)-- 234 Oct.2 Sept. 23 to Sept. 30 Citizens Gas (Indianapolis)(No. 14).. 5 Sept.27 Sept. 12 to Sept.27 CityInvesting, pref. (quay.) 131 Oct. 2 Holders of rec. Sept. 27 Cluett, Peabody & Co., Inc.. pt. (guar.) 134 Oct. 2 Holders of roe. Sept. 20a Colorado Spgs. L., H. & P., pref. (quar.)_ 134 Sept.30 Holders of roe. Sept. 15 Colt Patent Fire Arms (guar.) 4 Oct. 2 Holders of roe. Sept. 16a Extra 1234 Oct. 2 Holders of roe. Sept. 16a Computing-Tabulating-Recording (guar.) 1 Oct. 10 Holders of roe. Sept. 25a Consol. Gas,E.L.& P., Balt., corn.(qu.) 134 Oct. 2 Holders of rec. Sept. 15a Preferred Oct. 2 Holders of roe. Sept. 15 3 Consolidated Interstate— Callahan Mining (No.8) $1.50 Sept. 30 Holders of rec. Sept.20a Consumers El. L. & P., N.O., pf. (guar.) 131 Sept. 30 Sept. 10 to Sept. 30 Consumers Power (Mich.), pref. (guar.) 134 Oct. 2 Holders of roe. Sept. 183 Continental Can, Inc., common (guar)._ 134 Oct. 1 Holders of roe. Sept. 200 Preferred (guar.) 134 Oct. 1 Holders of ree. Sept. 203 Corn Products Refining, preferred (quar.)_ 154 Oct. 16 Holders of rec. Oct. 4 Creamery Package Mfg., cons. & pref. (qu.) 134 Oct. 10 [holders of rec. Oct. 2 Crucible Steel, pref. (extra) (No. 8) hi. A Oct. 31 Holders of roe. Oct. 16 Crucible Steel, pref. (guar.)(No. 47)---134 Sept.30 Holders of me. Sept. 15a Preferred (acct. deferred dividends)... 111 34 Sept.30 Holders of rec. Sept. 2a Cuba Cane Sugar Corp., pref. (quar.).-134 Oct. 2 Holders of roe. Sept. 16a Cuban-American Sugar,common (quar.). 254 Oct. 2 Sept. 16 to Oct. 16a Corn.(extra) 10 Oct. 2 Sept. 16 to Oct. 2 Corn. (payable in common stock) Oct. 2 Sept. 16 to Oct. 2 /40 Preferred (guar.) o d:1 r f 107a Sept.See 131 Oct. 2 Holderseers ff rroe.co°c.s pt 22533 Dayton Power & Light, pref. (quar.).... of 154 Oct. 2 Distillers Securities Corp., (guar.) 134 Oct. 16 Dodge Mfg., pref. (qu.)(No. 23) 1,4 Oct. 2 Sept. 22 to Oct. 1 Dominion Glass, Ltd., pref. (guar.) 134 Oct. 2 Holders of roe. Sept. 12a Dominion Iron dr Steel, pref.(No. 30)... 334 Oct. 2 Holders of roe. Sept. 16 Preferred(No. 31) 334 Oct. 2 Holders of roe. Sept. 16 Dominion Textile, Ltd., common (guar.) 154 Oct. 2 Holders of roe. Sept. 15 Preferred (par.) 134 Oct. 16 [folders of roe. Sept. 30a Duluth Edison Elec., Pt. (411.) (No. 42) 134 Oct. 1 Holders of rec. Sept. 2 du Pont(El.) de Nom.Powd., corn.(qu.) 154 Nov. 1 [holders of roe. Oct. 21 Preferred (guar.) 134 Nov. 1 [folders of roe. Oct. 210 Eastern Light & Fuel (guar.) 2 Oct. 1 Holders of rec. Sept. 27 Eastman Kodak,common (guar.) 234 Oct. 2 Holders of rec. Sept. 9a Preferred (guar.) 134 Oct. 2 Holders of roe. Sept. 93 Edmunds & Jones Corp., com.(quarj_ _ $1 Oct. 1 Sept. 21 to Oct. 1 Preferred (par.) 134 Oct. 1 Sept. 21 to Oct. 1 Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Continued). 1X Oct. 1 Holders of rec. Sept. 20 Eisenlohr (Otto) (a Bros., Inc., pf. (qu.)__ Sept.29 Holders of rec. Sept. 29 15 Electric Boat, corn. & pref. (extra) Oct. 2 Holders of rec. Sept. 18a Storage Batt., corn. dr pref. (qu.) 1 Electric Sept.30 Holders of reo. Aug. 31 3 Galena-Signal 011, common (quar.) Sept.30 Holders of rec. Aug. 31 2 Preferred (guar.) Oct. 1 Holders of rec. Sept.23 1 General Baking, weferred (guar.)(No. 19)_ 134 Oct. 2 Holders of rec. Sept. 13a General Chemical, pref.(guar.) Oct. 14 Holders of rec. Sept. 16a 2 General Electric (guar.) I% Sept. 30 Holders of rec. Sept. 25 General Railway Signal,common 134 Sept. 30 Holders of rec. Sept. 25 Preferred (guar.) (No. 49) Nov. 15 Holders of reo. Nov. 3a Goodrich (B. F.) Co., common (quay.).... 1 134 Oct. 2 Holders of rec. Sept. 21a Preferred (guar.) Nov. 1 Holders of rec. Oct. 18a Granby Consd. Min., Smelt. dc Pow.(qu.). 2 1g Oct.1 2 Gray & Davis, Inc., prof. ((mar.) Oct. 1 Holders of rec. Sept. 20 Great Lakes Steamship (guar.) 1% Oct. 1 Holders of rec. Sept. 20 Extra 134 Oct. 2 dSept. 16 to Oct. 2 Great Lakes Towing, pref. (guar.) Jan. 2 Holders of rec. Dee. 15 2 Gulf States Steel, common (No. 1) 134 Oct. 2 Holders or reo. Sept. 15a Gulf States Steel, 1st pref.(guar.) gig Nov. 1 Holders of rec. Oct. 14a Second pref.(guar.) 134 Sept. 30 Holders of rec. Sept. 18 Harrisburg Light & Power, pref. (quar.) 20a of Hart. Schaffner & Marx, preferred (guar.) 134 Sept.30 Holders of rec. Sept. 20a rec. Sept. - 81.1234 Oct. 2 Holders Haverhill Gas Light (guar.)(No.83). 2 Holders of reo. Sept. 15a Helme (Geo. W.) Co., common (guar.). 23-4 Oct. 2 Holders of reo. Sept. 15a g Oct. Preferred (quar.)_ g Oct. 2 Holders of rec. Sept.20 (No. 12). Hendee Manufacturing, pf.(qu.) Sept. 25 Sept. 16 to Sept. 24 2 Hercules Powder, common (guar.) Sept. 25 Sept. 16 to Sept. 24 13 Common (extra) 650. Sept. 25 Holders of reo. Sept. 20a Homestake Mining (mthly.) (No. 504) 134 Sept. 30 Holders of rec. Sept. 16 Fuel, pref. (guar.) Houston Gas cfc 134 Oct. 2 Holders of roe. Sept.20 Hupp Motor Car Corp., p1.(qu.)(No.4)._ 134 Oct. 16 Holders of rec. Sept. 25a Int. Harvester of N.J.,corn.(q11.)(N0.27) 1 Oct. 1 Sept. 16 to Oct. 1 (guar.) International Salt 50o. Oct. 2 Holders of rec. Sept. 23 Island Creek Coal, common (quar.) $1.50 Oct. 2 Holders of reo. Sept. 23 Preferred (quar.) 134 Oct. 1 Holders of reo. Sept.20a Jewell Tea, preferred (guar.) Kansas Gas ,a Electric, pf. (qu.)(No. 26). 13.4 Oct. 2 Holders of rec. Sept. 20 134 Oct. 2 Holders of rec. Sept. 20 Kaufmann Department Stores, pf. (gu.)_ 134 Oct. 2 Holders of reo. Sept. 20a Kayser (Julius) & Co. com. (quar.)_ _ _ _ 134 Nov. 1 Holders of reo. Oct. 20a First and second preferred (quar.)_ _ _ 134 Oct. 2 Holders of rec. Sept. 15a Kelly-Springfield Tire, preferred (quar.)_ Kennecott Copper Corp.(qu.)(No. 3).. $1.50 Sept. 30 Sept. 16 to Sept. 24 Oct. 1 Holders of rect. Sept.28 Keystone Tire ca Rubber, common (quar.).. 2 g Oct. 1 Holders of rec. Sept.28 Common (extra) Oct. 1 Holders of Teo. Sept.28 2 Preferred (guar.) g Oct. 1 Holders of roe. Sept.28 Preferred (extra) Kolb Bakery, preferred (guar.)(No. 19).... 134 Oct. 1 Holders of rec. Sept.23 173-4o. Oct. 2 Holders of reo. Sept. 180 Kresge (S. S.) Co., pref. (guar.) Kress (S. H.) & Co., pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 20 Sept.30 Sept.21 to Sept.24 (quar.)_ _ 2 La Bello Iron Works, preferred 24 Prof. (on acct. of accumulated diva.). h234 Sept.30 Sept.21 to Sept.26 - s 134 Sept.30 Sept.20 to Sept. Steel, common (guar.). Lackawanna 2 5e. Oct. 20 Oct. 1 to Oct. 18 La Rose Consolidated Mines (guar.) Sept. 21 Oct. 2 Holders of reo. Laurentide Co., Ltd. (guar.) El 25 Oct. 14 Holders of reo. Oct. 5 Lehigh Valley Coal Sales (guar.) Oct. 1 Holders of rec. Sept. 21 2 Library Bureau, pref. (guar.) 134 Oct. 2 [faders of rec. Sept. 154 Liggett & Myers Tobacco, pref.(guar.)._ 2 Holders of reo. Sept. 20a Oct.134 Biscuit. 1st pf.(qu.1 (No.18) Loose-Wiles Oct. 2 Holders of reo. Sept. 15a 3 Lorillard (P.) Co. common (quar.) 134 Oct. 2 Holders of reo. Sept. 150 Preferred (guar.) 234 Oct. 14 Holders of rec. Sept.30 MacAndrews (a Forbes, common (guar.) 14 Holders of reo. Sept.30 Oct.234 Common (extra) 134 Oct. 14 Holders of reo. Sept.30 Preferred (guar.) Companies, corn. (qu.)(No. 45) 134 Oct. 2 Holders of rec. Sept. fia Mackay Oct. 2 Holders of rec. Sept. 9a 1 Preferred (guar.) (No. 51) 500. Sept.30 Holders of rec. Sept. 8 Magma Copper (quar.) 134 Oct. 2 Holders of reo. Sept. 23 Manati Sugar, pref. (guar.) 134 Oct. 2 Holders of rec. Sept. 21a Manhattan Shirt, pref. (guar.) Moore, Inc. (guar.) 134 Sept.30 Holuers of reo. Sept.30 Manning, Maxwell & 134 Nov. 1 Holders of rec. Oct. 14 Massachusetts Gas Cos., common (guar.)._ 25 Mass. Lighting Cos., old corn.(quar.)_ _ $1.75 Oct. 16 Holders of recs. Sept. 25 25o. Oct. 16 Holders of roe. Sept. New common (guar.) $1.50 Oct. 16 Holders of rec. Sept.25 Preferred (guar.) 234 Oct. 2 Holders of rec. Sept. Ila Maxwell Motor,Inc.,common (quar.) ml% Oct. 2 Holders of reo. Sept. ha First preferred (guar.) n134 Oct. 2 Holders of rec. Sept. 110 Second preferred (quar.) 134 Oct. 1 Holders of rec. Sept. 20a May Department Stores, pref. (guar.)._ Oat. 1 Holders of reo. Sept.20 McCrory Stores Corporation, pref. (qu.) 2 234 Sept.30 Holders of roe. Sept. 5a Morgenthaler Linotype (guar.) Oct. 1 Holders of rec. Sept. 20 2 Mexican Petroleum, pref. (guar.) I% Oct. 2 Hciders of rec. Sept. 150 Michigan Light, preferred (guar.) 134 Sept.30 Holders of rec. Sept.25 Michigan State Telephone, pref. (guar.)._ 2o. Oct. 20 Holders of reo. Oct. 1 Midwest Oil, preferred Oct. 2 Holders of rec. Sept. 15a Montana Power, corn.(guar.)(No. 16)-- 1 131 Oct. 2 Holders of rec. Sept. 15a Preferred (guar.) (No. 16) Montgomery Ward 6c Co. pref. (guar.). 134 Oct. 1 Holders of roc Sept.20a Oct. 6 Holders of reo. Sept.30 2 Montreal Telegraph (guar.; g Oct. 6 Holders of rec. Sept.'30 Extra 134 Sept.30 Holders of reo. Sept.25 Mortgage-Bond Co. (guar.) Mountain States Telp.caTelg.(tu.)(No.21) Ig Oat. 15 Holders of rec. Sept.30 National Biscuit, corn. (guar.) (No. 73)- 134 Oct. 14 Holders of rec. Sept. 280 Oct. 2 Sept. 23 to Oct. 1 Nat. Gas, Elec. L.& Power,corn.(guar.) 1 134 Oct. 2 Sept. 23 to Oct. 1 Preferred (quar.) 2 Oct. 1 Holders of rec. Sept. 16 National Glue, pref.(guar.) 1 Sept. 30,Holders of roe. Sept. 8a National Lead, common (guar.) 134 Sept. 30 Holders of rec. Sept. 25 National Licorice, pref. (qu.)(No. 57) 134 Oot.d14 Holders of rec. Sept. 30a National Paper & Type, corn. (guar.)_ _ _ 13-4 Oct.d14 Holders of re°. Sept. 300 Preferred (guar.) Oct. 1 Holders of rec. Sept. 15a National Refining, preferred (guar.). _ _ 2 pref. (quar.)_ 134 Oct. 16 Oct. 1 to Oct. 14 Car, National Steel Ltd., 134 Oct. 2 Holders of rec. Sept. 9 National Sugar Refining (quar.) 3 Oct. 2 Holders of roe. Sept.20a National Surety (guar.) (guar.). 50o Sept.30 Holders of reo. Sept. 150 Nevada Consolidated Copper 50e Sept.30 Holders of roe. Sept. 15a Extra 30 (guar.) New England Telep. & Telef. (quar.)_ _ - 134 Sept. 1 Holders of rec. Sept.20 Holders of reo. Sept. 25 134 Oct. Now York Title & Mortgage 4 Oct. 14 Holders of roe. Sept.23 New York Transit (guar.) 2 Oct. 14 Holders of reo. Sept. 300 Niagara Falls Power (guar.) 2 Oct. 14 Holders of reo. Sept. 23a Nipe Bay Co 134 Oct. 2 Holders of rec. Sept. 150 North American Co. (guar.) (No. 50) 13.4 Oct. 2 Holders of reo. Sept.23 Northwestern Electric, preferred (guar.)_ (guar.) 2 Oct. 15 Holders of reel. Sept.30a Nova Scotia Steel db Coal, preferred 2 Oct. 2 Holders of reo. Sept.25 Ogilvie Flour Mills, Ltd. (guar.) 4 Oct. 2 Holders of reo. Sept.25 Bonus corn. stk.) f5 Dec. 1 Holders of rec. Nov. 15 Ohio Cities Gas corn. (pay. in 134 Oct. 1 Holders of reo. Sept. 15 Ohio Cities Gas, pref. (guar.) (quar.)_ 134 Sept.30 Holders of roe. Sept.20 Ohio State Telephone, preferred (quar.)_ 1234o. Sept. 30 Holders of ree. Sept. 20 Oklahoma Producing & Refg. $3 Old Dominion Co. (guar.) Smelt.(qu.) $3 Sept. 29 Sept.15 to Sept.20 & Sept. 28 Sept. 15 to Sept.20 Old Dominion Cop. Min. 2 Oct. 10 Holders of reo. Oct. 2 Osage dc Oklahoma Co. (guar.) 134 Oct. 16 Holders of reo. Sept.30 common (guar.) Otis Elevator, Oct.134 16 Holders of reo. Sept.30 Preferred (guar.) (No.41) 134 Oct. 1 Holders of reo. Sept. 20 Ottawa Light, Ht.& Pow.(qu.) .)_ _ 3 Oct. 1 Holders of rec. Sept.22 common (guar Owens Bottle Machine, 8 Oct. 1 Holders of rec. Sept.22 Common (extra) 134 Oct. 1 Holders of reo. Sept.22 Preferred (guar.) Pacific Telephone & Telegraph (guar.).-- 134 Oct. 15 Oct. 1 to Oct. 15 Pan-Amer. Petrol. & Tramp., pf. (qu.) 134 Oct. 1 Holders of reo. Sept. 20 1 Nov. 15 Holders of reo. Nov. 6 Penmans, Limited, common (guar.) 134 Nov. 1 Holders of rec. Oct. 21 Preferred (guar.) Pennsylvania Wat.& Pow.(qu.)(No.11) 134 Oct. 1 Holders of reo. Sept. 19a Pettibone Mulliken Co., 1st & 2d pf.(qu.) 134 Oct. 2 Holders of reo. Sept.20a 234 Sept. 29 Holders of roe. Sept. 19a Phelps, Dodge dr Co. (guar.) 534 Sept. 29 Holders of reo. Sept. 194 Extra 134 Oat. 1 Sept. 17 to Oct. 1 Pittsburgh Plate Glass, corn. (quar.) Oct. 31 Holders of rec. Sept. 30 3 Prairie Oil & Gas (guar.) Oct. 31 Holders of reo. Sept. 30 2 Extra Oct. 31 Holders of roe. Sept. 30 5 Prairie Pipe Line (guar.) Oct. 31 Holders of rec. Sept.30 5 Extra Oct. 14 Sept. 24 to Oct. 11 2 Procter db Gamble, preferred (guar.) 1095 THE CHRONICLE Slum 23 1916] Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Concluded). $1 Oct. 2 Holders of rec. Sept.20 Providence Gas (guar.) Providence Telephone (guar.) $1 Sept. 30 Holders of rec. Sept.20 234 Oct. 16 Holders of rec. Oct. 20 Quaker Oats, common (guar.) Common (payable in common stock)._ 10! Sept. 30 Holders of rec. Sept. la Preferred (guar.) 154 Nov. 29 Holders of rec. Nov. la 4 Quincy Mining (guar.) Sept.25 Holders of rec. Sept. 2a Ray Consolidated Copper (quar.) 50c Sept. 30 Holders of rec. Sept. 15a Extra 25c Sept. 30 Holders of rec. Sept. 156 Reece Buttonhole Machine (guar.) Oct. 16 Holders of rec. Oct. 2 3 Reece Folding Machine (guar.) 1 Oct. 16 Holders of rec. Oct. 2 Regal Shoe, pref. (guar.)(No.87) 134 Oct. 2 Holders of rec. Sept.20 Republic Iron & Steel, Di.(qu.)(No.52)_ 134 Oct. 2 Holders of reo. Sept. lba h4 Preferred(on acct. of accum.divs.).. Oct. 2 Holders of rec. Sept. lba Reynolds (R. J.) Tobacco, corn. (guar.) 3 Oct. 1 Holders of rec. Oct. 20 2 Common (extra) Oct. 1 Holders of rec. Oct. 20 Preferred (guar.) 134 Oct. 1 Holders of reo. Oct. 20 Royal Baking Powder,corn.(guar.) Sept. 30 Holders of me. Sept. 1ba 2 Preferred (guar.) 13-4 Sept. 30 Holders of roe. Sept. lba 2 Safety Car Heat & Lighting (quay.) Oct. 2 Holders of rec. Sept. 15a St. Louts Rocky Mt.& Pae. Co., cont.(gu.)_ 54 Oct. 10 Oct. 1 to Oct. 9 St. L. Rocky Mtn. & Pac. Co., pf. (qu.) 134 Sept. 30 Sept. 21 to Sept. 29 100. Oct. 2 Sept.21 to Oct. 2 Sapulpa Refining (monthly) Savoy Oil (monthly) Sc. Sept. 25 Holders of reo. Sept. 15 Sc. Sept. 25 Holders of rec. Sept. 15 Extra Saxon Motor Car Corporation (guar.) 134 Oct. 2 Holders of rec. Sept.29 Sears, Roebuck & Co., preferred (quar.)134 Oct. 1 Holders of rec. Sept. 15a 50c. Oct. 20 Holders of rec. Sept. 30a Shattuck-Arizona Copper (qu.) (No. 17) 75c. Oct. 20 Holders of rec. Sept. 30a Extra (No. 5) Shawinigan Water dr Power (guar.) _ 134 Oct. 10 Holders of reo. Sept. 30 Sloss-Sheffield Steel & Iron, pref. (qtr.) 154 Oct. 2,Holders of rec. Sept. 18a Southern Calif. Edison, pf. (qu.)(No.29). 13.4 Oct. 15 Holders of rec. Sept.30a 134 Oct. 2 Holders of reo. Sept. 18 Southern Utilities, preferred (guar.) 5 Sept.:30 Sept. 16 to Oct. 1 South Penn 011 (guar.) 3 Sept.30 Sept. 16 to Oct. 1 Extra Oct. 2,Holders of rec. Sept. 15a South Porto Rico Sugar, common (guar.) 5 2 Oct. 2 Holders of rec. Sept. 15a Preferred (guar.) Southwestern Cities Electric, pref. (guar.)_ _ 13.4 Oat. 11Holders of rec. Sept. 15 Oct. 2 Holders of rec. Sept.15 3 South West Pa. Pipe Lines (guar.) Oct. 11Holders of rec. Sept. 21 Springfield Body Corp., pf.(qu.) (No.2) 2 Valley Water (guar.) 87340. Sept.30 Sept. 17 to Sept.30 Spring Sept. 30 Holders of reo. Sept. 15 1 Standard Oil Cloth, common (guar.) Sept. 30 Holders of rec. Sept. 15 1 Common (extra) Preferred A (guar.) 134 Sept. 30 Holders of reo. Sept. 15 Preferred 13 (guar.) 134 Sept. 30 Holders of reo. Sept. 15 Oct. 2 Sept. 16 to Oct. 2 4 Standard 011 (Kentucky) (guar.) Oct. 2 Sept. 16 to Oct. 2 1 Extra 334 Oct. 2 Sept. 2 to Sept. 20 Standard Oil (Ohio) (guar.) Stutz Motor Car of America (No. 1)_ _ $1.25 Oct. 2 Holders of reo.Sept. 15a $1.50 Oct. 16 Holders of rec. Sept. 30 Submarine Boat Corp. (guar.) Subway Realty (guar.) 131 Oat. 2 Holders of reo. Sept. 200 2 Oct. l'Holders of rec. Sept. 10 Swift & Co.(guar.)(No. 120) 2 Oct. 10 Holders of reo. Oot. 9 Temple Coal, preferred (guar.) Texas Company (quar.) 254 Sept. 30 Holders of reo. Sept. 156 Oct. 2 Holders of rec. Sept. 18a 2 Tidewater Oil (guar.) Tobacco Prod. Corp. pf. (qu.)(No. i5)_ 134 Oct. 2 Holders of reo. Sept. 18a $1.75 Sept.30 Holders of rec. Sept. 20 ToddShipyards Corp. (No. 1) Tonopah Belmont Devel. (guar.) 123-4c. Oct. 2 Sept. 16 to Sept. 21 10c. Oct. 1 Sept. 10 to Sept.20 Tonopah Extension Mining (guar.) Sc. Oct. 1 Sept. 10 to Sept.20 Extra 15c. Oct. 21 Oct. 1 to Oct. 8 Tonopah Mining,of Nevada (guar.) Torrington Co., common (guar.) 75c. Oct. 2 Holders of rec. Sept.22 Oct. 2 Holders of reo. Sept.20a Underwood Typewriter, common (guar.) 1 Preferred (guar.) 154 Oct. 2 Holders of reo. Sept.20a Union Carbide (quay.) Oct. 2 Holders of rec. Sept. 16 2 e200 Oct. 2 Holders of rec. Sept. 18 Stock Dividend Union Switch & Signal,corn.& pref. (4111.) $1.50 Oct. 14 Holders of res. Sept.30 Union Tank Line 254 Sept. 25 Holders of reo. Sept. 1 United Fruit (quar.) (No. 69) Oct. 14 Holders of reo. Sept. 250 2 United Gas Improvement (guar.) $1 Oct. 14 Holders of reo. Sept.300 United Globe Mines (guar.) $18 Sept. 28 Holders of rec. Sept. 14 United Paper Board, preferred (quay.)... n134 Oct. 15 Holders of rec. Oct. 1 United Shoe Machinery, corn. (guar.)-50o. Oct. 5 Holders of rec. Sept. 19 Preferred (guar.) 3734o. Oct. 5 Holders of rec. Sept. 19 U.S.Gypsum, preferred (guar.) 154 Sept. 30 Sept.21 to Sept.30 U.S. Industrial Alcohol, pref. (guar.)--- 13.4 Oct. 15 Holders of rec. Sept.30a U. S. Steamship (extra) % Oct. 1 Holders of rec. Sept. 16 U. S. Steel Corporation, common (guar.) 134 Sept.29 Sept. 2 to Sept. 11 Common (extra) Sept.29 Sept. 2 to Sept. 11 1 75c Sept. 2.5 Holders of rec. Sept. 9 Utah Consolidated Mining (guar.) Utah Copper Co.(guar.)(No. 33) $1.50 Sept.30 Holders of rec. Sept. 15a $1.50 Sept.30 Holders of rec. Sept. 156 Extra (No. 3) Oct. 31 Holders of reo. Oat. 17 3 Vacuum Oil $4 Oat. 20 Sept.21 to Oct. 20 Washington Oil Western Union Telegraph (qu.)(No. 190) 134 Oot.d16 Holders of reo. Sept. 204 Oct. 21 Holders of rec. Sept.300 $2 Westinghouse Air Brake (guar.) Oct. 2 Holders of reo. Sept.19 2 Westmoreland Coal (guar.) Oct. 2 Holders of rec. Sept. 16a common (quar.)_ _ 3 Weyman-Bruton Co., 13.4 Oat. 2 Holders of rec. Sept. 16a Preferred (guar.) Sept.30 Sept. 17 to Oct. 1 3 Wheeling Steel & Iron 8734o. Oct. 1 Holders of reo. Sept. 16 White Motor (guar.) Willys-Overland, corn. (payable in comOat. 2 Holders of rec. Sept. I5a k5 mon stock) 154 Oat. 2 Holders of rec. Sept. 23a Preferred (guar.) Wilson Sc Co., Inc. (formerly Sulzberger 154 Oat. 2 Sept.21 to Oct. 1 & Sons Co.), preferred (guar.) $8 Oct. 2 Holders of roe. Sept. 9a Wolverine Copper Mining - 154 Oct. 1 Holders of roe. Sept. 9a Woolworth (F. W.)Co., pref.(guar.). 134 Oct. 2 Holders of rec. Sept.20 Worthington Pump & Mach., pref. A 134 Oct. 2 Holders of rec. Sept.26 Yale & Towne Mfg. (guar.) (No. 84) 5 Oct. 2 Holders of reo. Sept.26 Extra (No.85) Oct. 1 Holders of rec. Sept.20 Youngstown Sheet At Tube,common (guar.) 2 134 Oct. 1 Holders of rec. Sept.20 Preferred (guar.) $I Sept.30 Sept. 9 to Sept. 10 Yukon-Alaska Trust (guar.) 734c.Sept.30 Sept. 9 to Sept.13 Yukon Gold Co. (guar.) a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. k Declared 10%. payable in enninion stock 5% as above and 5% April 2 1917 to holders of record March 15 1917. mDeclued 7% payable in quarterly installments. n Declared 6% payable in quarterly installments. o Declared a stock dividend 01 40%. payable in two installments, 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 payment of dividend to transferees. a Declared 6% payable in quarterly installments. I Declared 3%, payable 13.5% Nov. 1 to holders of record Oct. 14, and 134% Feb. 1 1917 to holders of record Jan. 15 1917. -The following information regarding National Banks. national banks is from the office of the Comptroller of the Currency, Treasury Department: APPLICATIONS FOR CHARTERS. For organization of national banks: $25,C00 The First National Bank of Newdale, Idaho. Capital 25,000 The First National Bank of Avondale, Mont. Capital The Merchants National Bank of Asbury Park. N. J. Capital_ 100,000 For conversion of State banks: 100.000 The Montana National Bank of Billings, Mont. Capital__ Iva Conversion of the Bank of Montana, Billings, Mont. I $250,000 Z„.Total capital CHARTERS ISSUED. Conversion of State bank: 100,000 The Planters' National Bank of Tulsa, Okla. Capital Conversion of the Merchants & Planters Bank, Tulsa, Okla. INCREASE OF CAPITAL APPROVED. The Farmers & Merchants National Bank of Minneota, Minn. $15,000 br,Capital increased from $25,000 to $40,000. Increase 1096 THE CHRONICLE LIQUIDATIONS. The First National Bank of Baltimore, Md. Capital $1,000,000 Consolidated with the Merchants-Mechanics' National Bank of Baltimore, Md. Liquidating agent: Henry B. Wilcox, Baltimore, Md. Canadian Bank Clearings. -The clearings for the week ending Sept. 16 at Canadian cities, in comparison with the same week in 1915, shows an increase in the aggregate of 39.8%. Week ending Sept. 16. Clearings at1916. Canada Montreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax Hamilton St. John Calgary Victoria London Edmonton Regina Brandon Lethbridge Saskatoon . Moose Jaw Brantford Fort William New Westminster Medicine Hat Peterborough Sherbrooke Kitchener Total Canada 1915. Inc. or Dec. 1914. 70,456,266 48,853,942 +44.2 48,999,937 44,960,058 32,372,448' +38.9 35,044,036 35,151,398 22,814,374 +54.1 30,336,160 6,451,434 6,172,589 +4.4 8,116,592 5,458,321 3,633,388 +50.2 4,027,014 3,421,273 3,652,451 ---6.3 3.955,841 2,390,163 2,081,882 +14.8 1,943,726 3,866,887 3,258,534 +18.7 3,067,219 1,523,822 1,574,301 -3.2 1,502,658 4,093,484 2,507,371 +6.25 3,804,958 1,463,303 1,379,514 +6.1 1,981,837 1,668,298 1,607,388 +3.8 1,500,383 2,031,099 1,573,929 +29.1 2,408,648 2,623,297 1,488,206 +76.3 1,777,911 534,612 411,026 +30.0 462,615 556,204 311,618 +78.6 393,665 1,195,808 830,025 +40.4 1,093,031 947,085 580,917 +63.0 793,696 651,664 411,872 +58.3 474,288 507,691 311,456 +62.9 643,972 295,733 249,038 +18.5 396,334 313,281 185,232 +69.2 371,732 483,844 377,387 +28.1 411,966 467,909 Not include d in tot al 491,328 Not include d in tot al 1913. 57,692,953 40,680,636 25,281,544 12,554,966 4,245,088 3,134,510 1,990,586 3,693,819 1,499,877 4,204,295 3,269,019 1,610,578 3,911,162 1,979,985 508,209 481,214 1,361,401 1,152,941 658,669 849,440 493,771 645,462 191,045,025 136,638,888 +39.8 153,508,219 171,900,125 Auction Sales. -Among other securities, the following, not usually dealt in at the Stock Exchange, were recently sold at auction in New York, Boston and Philadelphia: By Messrs. Adrian H. Muller & Sons, New York: Shares. Stocks. Per cent.1 Bonds. 21 Merchants Nat. Bank $25,000 Lankershire Realty Co. 231 50 Entz Motor Patents Corp. tr.ctfs 39 1st 68 $25 lot By Messrs. Francis Henshaw & Co., Boston: Shares. Stocks. $ per sh. Shares. Stocks. $ per sh. 10 Hamilton Mfg. Co 8234 10 Merchants' National Bank_ _290 6 City Manufacturing Co 115 1 Lowell Bleachery 13534 2 Androscoggin Mills 219 15 Pepperell Mfg 18034 16 Collateral Loan Co 118 5 Hamilton Mfg 8234 10 Shawmut SS. Co., pref 9834 7 Farr Alpaca Co 150 25 American Glue, common__ _ _123-124 17 Draper Co., new 14234 :35 Tremont & Suffolk Mills 12834 17 Waltham Watch Co., cm_ 17 16 National Shawmut Bank 195 1 Boston Atheneum 425 By Messrs. R. L. Day & Co., Boston: ' Shares. Stocks. $ per sh. Shares. Stocks. $ per sh. 20 Hamilton Mfg 8234 1 Worcester Elec. Lt. Co. right 1434 250 Connecticut Fair ASSOC., Inc 10 10 Boston Ground Rent Trust_102 2 Boston Atheneum,$300 each.408-421 7 Sullivan Machinery Co 13534 15 Gray & Davis,Inc., pf., ex-div. 9634 [VOL. 103. By Messrs. Barnes & Lofland, Philadelphia: Shares. Stocks. S per sh. Shares. Stocks. $ per sh. 17 Amer. Pipe & Construction... 3134 25 Pennsylvania Fire Insurance_425-426 7 Am.Pipe & Cons. Sec., pf _ 9434-94% 10 Union Passenger Ry • 189% 90 People's Nat. F. Ins., $25 each 18 20 United Elec. Co. of W. Va..-$3 lot 61 Penn National Bank 335 25 Pacific Wireless Tel. & Tel_.-132 lot 50 U.S. Wire Tire, $5 each 10c. 500 Interstate Publishing Co $1 lot 50 Internat. Wire Tire, 35 each. 10c. 6 Columbia Paper Co 5 10 Camden & Burl. Co. RR.,$25 25 Keystone Watch Case.- -.8034-8034 each 33% 55 Detroit Soluble Oil, $10 each. 100. Bonds. Per cent. 3 Fidelity Trust Co 710-71034 $5,000 Empire Gas & Fuel 1st 6s, 2 Fire Assoc. of Phila.,$50 each _340 1926 9934 Imports and Exports for the Week. -The following are the reported imports of merchandise at New York for the week ending Sept. 16 and since the first week of January: FOREIGN IMPORTS AT NEW YORK. For 1Veek. 1916. For the wdek Previously reported.' I 1915. 320.553,827. 899,548,312 Total 37 weeks__ _I $920,102,139 1914. I $16,385,282 669,334,4411 $685,719,723 1913. $16,703,758: 691,716,4571 $18,263,300 676,624,659 $708,420,2151 $694,887,959 EXPORTS FROM NEW YORK. I 1916. I For the week $34,823,541 Previously reported.' 1,939,185,945 1915. 1914. I 341,494,4011 958,379,101 1913. 517,208,1991 578,710,824 $14,561,782 617,643,678 Total 37 weeks )$1,974,009,48& 5999,873,5021 $595,919,023i $632,205,460 EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Week ending Sept. 16. Exports. Gold. Week. Great Britain France Germany West Indies Mexico South America All other countries Total 1916 Total 1915 Total 1914 Silver. Great Britain France Germany West Indies Mexico South America All other countries Total 1916 Total 1915 Total 1914 Since Jan, 1. Imports. Week. Since Jan. 1. $6,282,679 $10318429 $37,125,762 14,840 $200,000 27,162,941 705,500 638,000 9,615,261 1,500,000 13,881,348 89,525 208,217 123,090 9,755,404 2,413,379 7,394,697 1,898,581 31,763,800 357,647,729 $10740161 $58,602,663 18,000 10,482,488 1,190,793 32,860,816 68,004 127,520,948 258,906 6,762,286 $786,995 $33,587,489 332,600 277,032 854,297 29,467 1,531,703 10,300 $1,064,027 $336,345,856 748,950 28,317,716 1,131,359 31,619,448 $17,161 6,631 $4,540 116,657 141,328 207,597 197,756 6,784,379 4,443,913 1,142,492 $470,122 $12,592,332 28,8981 6,172,635 185,8341 6,937,046 Of the above exports for the week in 1916, 81,715,000 were American gold coin. The Federal Reserve Banks. -Following is the weekly statement issued by the Federal Reserve Board on Sept. 16: Increases for the week of 6.5 millions in earning assets and of 7.8 millions in the combined gold reserves, a decrease of gate cash reserves, and net withdrawals of 4 millions of Government deposits, are indicated by the statement as at close of 11.8 millions in aggrebusiness on Sept. 15. New York reports an increase of 5.6 millions in its gold reserve, and a decrease of 14.9 millions in its total cash reserve. The reduction In the bank's reserve results from net withdrawals of Government and member bank deposits, a reduction of the balance due to other Federal banks, additional investments and transfers of gold to the Agent to reduce the bank's liability on Federal Reserve notes. Chicago Reserve shows a reserve, together with a reduction of its favorable aggregate balance with other Federal Reserve banks. substantial gain in Losses of the weekly settlement account largely for the decreases in reserves shown for the Minneapolis and Kansas City banks. Richmond's gain gold in in total reserve is due mainly to a change of a favorable to an adverse balance in its accounts with other Federal Reserve banks. Aggregate holdings of discounted paper increased less than $200,000 during the week, the larger increase reported by the Richmond more than offset by decreases shown in the holdings of the Atlanta and Dallas banks. The total of 27.7 millions is inclusive of Bank being the amounts advanced to member banks on their own notes secured by collateral in the shape of commercial paper. Such advances were authorized by a recent amendment of the Federal Reserve Act, and special rates for such loans have been announced by five banks. Bills bought in•open market, mainly bankers' acceptances, show an increase of 2.8 millions, the three Eastern banks and Cleveland reporting substantial of this class of paper. Of the total bills, including acceptances. on hand, 43.7% mature within 30 days, and 36% after gains In their holdings 30 but within 60 days. A gain of about 1 million in the amount of United States bond holdings Is shown, mainly the result of considerable of 2% bonds by the New York and Cleveland banks. Investments on a large scale in New Jersey and New England purchases during the week. city bonds account for an millions in the total of municipal warrants held. Earnings assets are close to 190 millions, and increase of over 2.5 paid-in capital, as against 331% shown the week before. Of the total earnings assets acceptances represent 43.5%; constitute 343% of the total United States 'kinds, 24.7%; miscounts, 14.6%; warrants, 12.5%; and Treasury notes, 4.7%. The week witnessed considerable withdrawals of Government funds from the Reserve banks in the three central reserve cities and BostOn. Member bank deposits show but slight change in the aggregate. Federal Reserve bank notes in circulation increased by about $880,000 during the week. The net amount of Federal Reserve to the banks stands now at $202.530,000, an increase of $3,312,000 for the week. Against this total the Agents hold $185,161,000 notes Issued $18,452,000 of paper. The banks report a total of $179,409,000 of Federal Reserve notes in circulation, and aggregate liabilities of of gold and $14,223,000 upon notes issued to them by the Agents. The figures of the consolidated statement for the system as a whole are given in the following table, and in addition we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table wo show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks. COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS SEPT. 15 1916 Sept. 15 1916 Sept. 8 1916. Sept. 1 1916. Aug. 25 1916I Aug. 18 1916 Aug. 11 1916 Aug. 4 1916. July 28 1916, July 211916. 1 RESOURCES. Gold coin and certificates In vault Gold settlement fund Gold redemption fund with U. S. Treasurer Total gold reserve Legal tender notes. silver, Sze $250,308,000 $248,846,000 $245,358,000 $259,799,00018260,926,000 3258,952,000 3256,437.000 8259,931,000 3262,049,000 125,271,000 118,050,000 104,601,000 110,951,0001 110,001,000 106,121,000 106,811,000 102,911,000 99,561,000 1,894,000 1,884,000 1,812,000 1,637,0001 1,991,000 1,915,000 1,852,000 1,931,000 1,918,000 $377,473,000 $369,680,000 $351,771,000 8372,387,000 $372,918,000 3366,925,000 3365,163,000 3364,760,000 3363,541,000 7,898,000 27,487,000 13,605,0,10 12,265,000, 16,998.000 11,127,000 11,699,000 16,589,000 13,802,000 Total reserve 3385,371,000 $397,167,000 $365,376,000 3384,652,000 11389,916,000 5378,052,000 3376,862,000 8381,349.000 $377,343,000 ' 5% redemption fund ag'st F. R. bk notes 500,000 t484,000 500,000 500,000 500,000 450,000 500.000 450,000 450,000 Bills discounted and bought 1 Maturities within 10 days $15,685,000 $14,318,000 $15,733,000 $12,955,000 $8,163,000 $12,425,000 $15,271,000 $17,308,000 Maturities from 11 to 30 days 32,521,000 32,236,000 23,671,000 27,507,000 29,267,000 26,310,000 23,863,000 19,421,000 $17,163.000 26,740,000 Maturities from 31 to 60 days 39,788,000 39,625,000 42,674,000 42,781,000 42,400,000 41,898,000 42,566,000 40,019,000 36,302,000 Maturities from 61 to 90 days 20,697,000 19,333,000 21,250,000 23,548,000 24,584,000 25,388,000 25,228,000 30,493,000 30,121.000 Maturities over 90 days 1,631,000 1,823,000 2,342,000 2,387,000 2,480,000 3,006,000 2,950,000 3,807,000 3,993,060 Total $110,322,000 3107,335,000 $105,670,000 8109,178,000 $106,894,000 $108,971,000 $109,934,000 $111,048,000 $114.319,000 *Acceptances (Included In above) Investments! U. S. bonds One-year U. S. Treasury notes Municipal warrants Total earning assets 382,609,000 $79,808,000 $79,278,000 882,146,000 $80,138,000 380,513,000 379,519,000 $83,454,000 $85,382,000 346,915,000 $45,954,000 $46,821,000 $46,796,000 347,029.000 $46,703,000 848,037,000 $48,656,000 149,746,000 9,039,000 9,055,000 8,205,000 8,205,0001 8,351,000 7,885,000 7,925,000 7,925,000 7,190,000 23,714,000 21,166,000 21,302,000 27,863,000 27,788.000 27,975,000 27,375,000 27,220,000 27,723,000 !me oon non 21Rq ton twin S1R1 MR non 5102 (142 nen'aiRO MIR non 5109 000 nna 21, 271 non sins RAO non 11111R.975 WM 12 Awry. 23 1916.] THE CHRONICLE 1 097 Sept. 15 1916 Sept. 8 1916, Sept. 1 1916. Aug.25 1916 Aug. 18 1916IAug. 11 1916 Aug. 4 1916. July 28 1916. July 21 1916. RESOURCES (Concluded). firought forward (total reserve & earn'g assets) $575,861,000 $581,161,0 00 $547,874,000 $577,194,000 $580,012,000 1570,552,000 $570,583,0 00 $576,648.000 $576.771.000 Federal Reserve notes -Net $19,975,000 $19,324,000 $20,890,000 $21,222,000 $19,887,00 0 Due from Federal Reserve banks -Net 28,937,000 28.706,000 35,607,000 21,654,000 21,068,000 $20,069,000 $20,426,000 $20.308,000 $20,014.000 16,447,000 19,947,000 12.620,000 11.982,000 All ether resources 2,969,000 t3,403,000 3,031,000 3,541,000 3,226,000 3,731,000 4,411,000 5,514.000 4.756,000 Total resources 1627,742,000 $632,594,000 $607,402,000 $623,611,0 1624,193,00 00 0 1610,799,000 *615,367,000 $615,090,000 $613.523,000 LIABILITIES. Capital paid In $55,416,000 $55,406,000 $55,390,000 $55,363,00 0 $55,110,000 $55,130,000 $55,148,000 $55,206,000 $55.183.00 Government deposits 40,199,000 44,236,000 50,918,000 0 Member bank deposits -Net 514,343,000 514,225,000 484,697,000 50,099,000 49,717,000 53,259,000 56,607.000 56,542,000 54,277.000 Federal Reserve notes -Net 14,223,000 16,076,003 14,416,000 502,421,0(10 505,090,000 489.219,000 490,625,000 491.266,000 492.000.000 13,733,000 12,295.000 11,212,000 Federal Reserve bank notes in circulation 11,029,000 10.122,000 10,120.000 3,214,000 2,334,000 1,690,000 1,690.01)0 1,691,000 1,691,000 All other liabilities 1,692,000 1.692.000 347,000 1,692.000 317,000 291,01:0 305,000 290,000 288,000 266,000 262,000 251,000 Total liabilities $627,742,000 8632,594,000 5607,402,000 5623,611,000 $624,193,000 $610,799,000 $615,367,000 $615,090,0 00 5615,523.000 Gold reserve ag'st net dep. & note liabilities (a) 69.9% 67.7% 68.4% 68.4% 68.3% Casts reserve ag'st net dep. & note liabilities (a) 68.3% 71.4% 67.7% 66.9% 66.8% 72.8% 71.0% 70.6% Cash reserve against net deposit liabllitkes after 71.4% 70.4% 70.0% 69.9% 69.3% setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in circulation (a) 72.2% 73.8% 71.9% 71.4% 72.1% 71.0% 70.6% 70.5% 69.9% (a) Less items in transit between Federal Reserve banks, viz $28,937,000 $28,706,000 $35,607,000 $21,654,00 0 $21,068,000 $16,447,000 119.947,000 $12,620,00 0 111.982.000 Federal Reserve Notes $202,530,000 $199,218,000 1194,645,000 $179,838,0 Issued to the banks 00 $176,620,000 $175,602,000 $175,551,000 $174,023,0 23,121,000 21,437,000 24,084,000 23,493,000 In bands of banks 00 22,176.000 22,374,000 22,764,000 21,433,000,5175.219,000 21,181,000 $179,409,000 $177,781,000 $170,561,000 $156,345,000 $154,444,0 In circulation 00 $153,228,000 $152,787,000 $152,590,0001 1154,038,000 Gold and lawful money with Agent $185,161,000 $181,029,000 $177,035,000 $163,834,000 $162,036,0 00 $162,085,000 $162,184,000 $162,776,000 $163.932.0 Carried to net assets 19,975,000 19,324,000 20,890,000 21,222,000 00 Carried to net liabilities 14,223,000 16,076,000 14,416,000 13,733,000 19,887,000 20,069,000 20.426,000 20,308,000 20,014,000 12,295,000 11,212.000 11,029,000 10,122.000 10.120.000 Federal Reserve Notes (Agents' Accounts) Received from the Comptroller $351,400,000 $349,900,000 $312,100,000 $302,660,0 00 Returned to the Comptroller 69,829,000 68,582,000 67,097,000 66,197,000 $300,520,000 $299,520,000 $298,520,000 $298,520,000 $297,540,000 65,126,000 63,977,000 62,778,000 61.066,000 59,510,000 Amount chargeable to Agent $281,571,000 $281,318,000 $245,003,000 8236,463,000 $235,394,000 5235,543,000 $235,742,000 $237,454,00&$238,030 In hands of Agent 79,041,000 82,100,000 50,358,000 56,625,000 .000 58,774,000 59,941,000 60,191,000 63.431.000 62,811.000 Issued to Federal Reserve banks $202,530,000 $199,218,000 $194,645,000 $179,838,000 $176,620,0 00 $175,602,000 $175,551,000 $174,023,000 $175.219.000 How Secured By gold coin and certificates $129,365,000 $127,675,000 $124,475,000 $114,796,000 $112,146,0 00 $112,006,000 $112,006,000 $110,406,000 $109.167.0 By lawful money 00 By commercial paper 17,369,000 18,173,000 17,610,000 16,004,000 14,584,000 13,517,000 Credit balances In geld redemption fund 10,366,000 10,964,000 10,860,000 11,138,000 11,240,000 10,659,000 13,367,000 11,247,000 11,287.000 11,208,000 11,830,000 Credit balances with Federal Reserve B'cl. 45,430,000 42,390,000 41,700.000 37,900,000 12,415,000 38,650,000 39,420,000 38,970,000 40,540,000 42.350,000 Total $202,530,000 $199,202,000 $194,645,000 $179,838,000 $176,620,000 $175,602,000 $175,551,000 $174,023,000 $175,219,000 Commercial paper delivered to F. R. Agent__ 518.452.000 518.702.000 517.842.000 517.048.00 0 516.547.000 516.152.000 115.993.000 113.267_000 11287700 *Including bankers' and trade acceptances bought In the open market. t Amended 0 figures WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 15 MS Boston. New York. Philadel'a. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City. Dallas. San Frani Total. RESOURCES. I S I $ $ $ $ $ 1 $ $ Gold coin & etre. In vaultI3129000 155 158 000 8,520,000 14,805,000 $ , 7 $ 1 $ 4,984,000 4,253,00026,066,000I 5,475,000 6,144,000 4,153,000 Gold settlement fund.--!16,787,000, 11,747,000 16,890,000,12,187,000 12,603,000 3,343,000,25,180,000 4,530,000 2,747,000 10,312,000 3,242,000 10,191,000,250,308,000 Gold redemption fund.. 5,355,000 3,590,000'125,271.000 5,000 250,000 50,000, 18,000 443,000 238,000 200,000 102,000 30,000 126,000 422,000 10,000' 1,894,000 Total gold reserve....24,104,000 167,155,000 25,465,00027,010,000 18,030,000 7,834,00/51,446,000 10,107,000 8,921,000 14,591,000 9019,000113,791.000377, 473, 000 Legal-ten.notes,sliv.,&c.1 98,000 2,117.000 237,000 1,034,000 62.000 1.003,0001 1,305,000 1,067,000 220,000 70,000 617,0001 68,000 7.898.000 Total reserve ,24,202,000 169,272.000 25,702,000,28,044,000118,092,000 8,837,0001 52,751,000 11.174,000 9,141,000 14,661,000 9,636,000113,859.000 385,371.000 is% redemp. fund-F.R. bank notes Bills: 400,000 100,000 500,000 Discounted-Members 659,000 993,000 339,000 528,000 6,177,000 Bought In open mkt 10,948,000 27,716,00011,928,000 6,823,000 1,335,000 3,476,000 3.161,000 1,147,000 1,891,000 1,766,000 7,196,000 380,000 27,713,000 2,042,000 4,968,000 5,123,000 3,024,000 L333,000 583,000 6,786,000 82.609,000 Total bills on hand... 11,607,000 28,709,000:12,267,000 7,351,0001 7,512,000 5,518,000 8,129,000 6,270,000 4,915,000 3,099,000 7,779,0001 7,166,000 110,322.000 Investments: U. S. bds_ 2,972,000 2,659,000, 2,825,000 6,179,000 1,074,000 1,508,0001 8,463,000 2,714,000 3.374,000 9,617,000 Ono-yr. U.S. Tr. notes 250,000 2,282,0001 818,000 2,896,0001 2,634,0001 46,915,000 760,000 684,0001 526,0001 850,0001 570,000 Municipal warrants... 4,496,000 4,539,0001 2,431,000 2,883,000 350,000 529,000' 804,0001 9,039,000 86,000, 173,000, 4,219,000, 1.525,000 1.010,000 616,000 370,000 1,982,0001 23,714,000 Totalearning wets-- 19,325,000 38,189,00018,341,000 17,173,000 9,356,0001 7,725,000:21,661,00/11,079,0001 9,649,000 13,702,000 11,204,00012.586,000i189.990,000 Fed. Res've notes -Net 951,000 13,842,000 , 544,000 351,000 . 1 1,391,000, Due from other Federal 1,224,000 1 1.672,0001 19,975,000 , Reserve Banks -Net. 1,182,000 . 1 2,760,000 722,000 10,298,0001 5,297,000 2,962,000 2,826,000 1,465,0001 other resources All 44,000 293,000 52,000 4,742,000a28,937,000 308,000 79,000 376,000 527,000: 186,000 68,000 199,000, 693,000 144,0001 2,969,000 Total resources 45,704,000 221,596,000 11,639,000 14,636,000 27,527,000 17,660,000 86,628,000 27,736,00023,044,000 31,788,000 23,098,000 33,003,0001627,742.000 LIABILITIES. Capital paid in 5,024,0001 11,601,000 5,222,000 Government deposits 2,803,000 5,887,000 6,372,000 5,998,000 3,365,009 2,490,000 6,675,000 2,792,000 2,591,000 3,046,000, 2,691,000, 3,921,000 55,416,000 1,970,000 Member bk deposits-Net 37,736,000 203,838,000 30,685,000.10,668,000 2,905,000 3,542,000 2,957,000 4,294,000 1,117,000 1,765,000, 2,169,000; 4,418,000 40,199.000 15,207,000 9,441,000 76,996,000 23,584,000 19,336,000 24,041,000 Fed. Res've notes -Net. 11,147,000 24,664,000514,343,000 5,169,000 2,175,000 66,000 F.R.bank notes in eire'n 1.302,000, 5,511,0001 14,223,000 F.R.banks-Net 270,000 2,276,000,, Due to 1,634,000' 1,580,000, 3,214,000 775,000 141,000 All other liabilities 84,000 110,000 12,0001 1 347,000 Total liabilities 45,704,000 221,506,000 11,639, 000,48,631_,000L_7,527,000 17,660,00086,628,000 27,736,000 23,044,000 31,788,000 23,098,000 33,003,000 Federal Reserve Notes 627,742,000 3,000 7,696,000, 9,271,000 11.310,000 Issued to banks 10,447,000 76,7F 7 16 656,000 3,340,000 6,956,000113,324,000 15,954,000 20,664,000 951,000 13,842,000 In hands of banks.... 544,000, 351,000 10,139,000 202,530,000 828,000 1,391.000 801,000 398,000 934,0001 1,224,000 185,000, 1,672,000 23,121,000 FR. notes In circulation 0,496,000 62,931,001) 7,152,000; 8,920 ,00010,509,000 15,828,000 1,949,000 6,022,00/12,100,000,15,556,000 20,479,000 Geld and lawful , 8,467.000 179,409,000 mow with agent 10,447,000 76,773,0001 7,696,000 9,271,000 - 1 1 5,340,000 13,653,000 3,340,000 5,956,000 13,324,00014,254,000 14,968,000 Carried to net assets__ _. 951,01)0 13,842,000 544,0001 351,000 10,139,000185,161000 1,391,000 Carried to net liabilities_ 1 1,224,0031 1 ; 1,672,000, 19,975,000 _ 5,169,000 2,175,000 1 66,000 1,302.000 5.511.000, ' 14.223.000 a Items in transit. I. e., total amounts due from less total amounts due to other Federal Reserve banks. STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS SEPT. 15 1916. 9 9 I Boston. New Yo k.lPhiladel'a Cleveland. , Richmond. Atlanta. Chicago. 1St. Louts.I.Minneap. Kan.City. Dallas. San Fran Total. Federal Reserve Notes $ S $ $ $ $ I Cernptreir 20,380,000 143,400,000 15,480,000 15,160,000 S Reed from $ $ $ 18,500,00026,400,000 9,380,000 12,600,00/21,000,00022,620,000 32,600,000 Returned to Cetnptrel 5,113,000 39,667,000 4,714,000 2,589,000 5,040,000 3,000,000 1,159,000 1.882.0O0[_6.000 1,513,0001 3,395,000 13,880,000 351,400,000 1,181,0001 69.829,000 Chargeable to Agent_- 15,267,000 103,733,000 10,736,000 12,571,000 13,460,0002 3,400,000 8,221,000 10,718,000120,454,000 21,107,000129,205,000 12,699,000 281,571,000 In hands of F.R.Agent 4,820,000 26,960,000 3,040,000 3,309,000 2,150,000 6,744,000 4,881,000 3,762,000 7,130,000 5,153,000 8,541,000 2,560,000 79,041,000 Issued to F. R. bank_ 10,447,000 76,773,000 7,696,000 0 ,271.00011,310,000 16,656,0001 3,340,000 6,956,00013,324,000 15,954,000 Held by F. R. Agent 20,664,000 10,139,000.202.530.000 Gold coin & cents__ __ 9,700,000 73,315,000 3,820,000 8,700,000 5,050,000! 2,850,000.11,320,000 4,270,000 10,340,000 Credit balances* 129.365,000 In gold redemption I'd 456,000 747,000 3,458,000 571,000 240,000 1,303,000 396,000 260,000 654,000 With F. R. Beard.... 784,000 399,000 10,366.000 3,420,000 5,100,000 7,300,000 3,080,000 2,710,000 1,350.000 9,200,000 1,098,000 Notes secured by com3,530,000 9,740,000 45,430,000 mercial paper 5,970,000 3,003,000 1.000.000 1,700,000 5,696,000 17,369.000 Total _J10,417,000 76,773,000 7,696,000 9,271,000 11,310,002116,656,000 3,340,000 6,956,00013,324,00015,954,000120,664,000 10,139,0202,530,000 Amount of comnal pave delivered to F.R.Ag't 6,532,000. 3,012,000 1,000.000 1,718,000 6,190,000 18.452,000 [VOL. 103. THE CHRONICLE 1098 -The following detailed statement Trust Companies. Statement of New York City Clearing House Banks and for the week ending Sept.16. The figures for the sepHouse members shows the condition of the New York City Clearing the case of the totals, actual figures at end of the week are also given. arate banks are the averages of the daily results. In actual condition for each of the three groups and also the In order to furnish a comparison, we have inserted the totals of grand aggregates for the three preceding weeks. . NEW YORK WEEKLY CLEARING HOUSE RETURN CLEARING HOUSE MEMBERS. Week Ending Sept. 16 1916. (00: omitted.) Loans, Discounts, Investorts, dbc. INat.Irks June 301 1StateB'ks June 301 Capital. Net Profits. Gold. Legal Tenders. Silver. Nat.Bank Nat Bank. Federal Noses Notes Reserve (Not [Reserve Notes for State Coasted [Not as hassisslions'. Reserve]. Reserve]. A dent 'al Reserve Deposits Net with with Demand Legal Legal Deport- Deposits. Depot. tales. taries Nationa . Bank Net CirculaTime Deposits. lion. Average. Average. Average. Average. Average. Average. Average. $ Average. Average. Average. Average. Average. $ I s $ $ $ I $ a $ 789,0 380,0 $ 30,899,0 $ 2,361,0 4,0 576,0 1,084,0 1,834,0 33,377,0 1,651,0 27,286,0 2,000,0 4,896,9 44,0 1,927,0 27,0 712,0 1,274,0 28,842,0 1,155,0 131,047,0 2,628,0 4,925,0 2,000,0 2,356,3 82,0 9,284,0 66,0 418,570,0 9,114,0 1,799,0 6,000,0 9,314,9 119,779,0 16,052,0 4,605,0 3,931,0 58,0 1,009,0 35.106,0 450,0 31,300,0 25,000,0 a40,809,8 398,168,0 51,758,0 4,581,0 6,164,0 3,0 2,286,0 52,0 632,0 1,538,0 150,0 316,0 36,453,0 1,936,0 12,406,0 3,000,0 8,193,0 49,0 1,016,0 12,0 272,0 182,0 46,0 879,0 12,027,0 0, 2,194,0 1,000. 126,0 4,0 146,0 29,0 77,0 2,850,0 90,4 80,463,0 4,636,0 4,892,0 300,0 58,0 6,777,0 65,0 1,432,0 155,0 83,993,0 6,258.0 1,545,0 234,678,0 1,289,0 5,000,0 5,193,3 18,431,0 34,0 3,0 2,675,0 60,089,0 5,206,0 1,756,0 25,000,0 18,279,9 229,623,0 18,040,0 6,012,0 159,0 4,653,0 274,0 1,854,0 130,0 60,745,0 3,775,0 1,065,0 134,249,0 3,500,0 2,025,7 23,0 12,483,0 17,0 24,631,0 1,575,0 1,007,0 15,772,8 116,251,0 20,910,0 1,557,0 2,088,0 3,000.0 10,0 2,193,0 35,0 298,0 1,091,0 153,0 27,432,0 1,197,0 9,760,0 2,550,0 2,519,8 806,0 25,0 84,0 477,0 390.0 765.0 10,375,0 97,215,0 1,000,0 2,017,8 7,000,0 603,0 51,0 87,133,0 5,645,0 1,122,0 3,751.0 29,013,0 3,500,0 6,991.2 2,380,0 4,0 375,0 33,310,0 1,385,0 1,628,0 138,791,0 1,918,0 3.542,0 1,500,0 7,614,6 70,0 11,092,0 53,0 2,774,0 50,0 25,0 2,424,0 5,000,0 15,535,3 137,251,0 12,150,0 1,736,0 219,0 8,0 201,0 34,0 696,0 86,0 2,408,0 73,4 15,127,0 250,0 66,0 1,100,0 31,0 429,0 289,0 17,980,0 1,048,0 125,0 4,606,0 165,231,0 1,000,0 3,357,0 12,073,0 34,0 4.469,0 640,0 363,0 78,924,0 10,000,0 23,562,7 169.698,0 14,045,0 2,326,0 3,142,0 38,0 5,844.0 13,0 197,0 72,044,0 5,416,0 1,270,0 10,377,0 4,000.0 3,898,3 743,0 16,0 98,0 624,0 78.0 349.0 450,0 10,560,0 201,350,0 10,868,0 500.0 1,059,6 90,0 14,271,0 105,0 3,912,0 888,0 20,0 19,561,0 5,000,0 10,453,5 188,932,0 15,882,0 5,299,0 24,0 1,691,0 146,0 498,0 708,0 398,0 18,592,0 1,575,0 8,929,0 1,000,0 1,908,2 775,0 50,0 32,0 370,0 141,0 576,0 246,0 9,598,0 152,0 5,344,0 1,000.0 1,275,6 402,0 5,0 6,0 246,0 141,0 177,0 70,0 5,551,0 43,939,0 417,8 250,0 22,0 4,034,0 11,0 499,0 38,344,0 3,016,0 1,223,0 1,289,0 56,079,0 2,675,0 1,000.0 2,888,2 31,0 5,034,0 24,0 413,0 241,0 52,434,0 2,315,0 1,889,0 1,732,0 9,276,0 1,000,0 3,443,2 701,0 7,0 34.0 169,0 173,0 396,0 834,0 29,0 9,292,0 10,029,0 758,1 1,000,0 824,0 10,0 18,0 442,0 347,0 50,0 226,0 43,0 11,634,0 9,286,0 1,000,0 1,068,0 656,0 28,0 441,0 180,0 391,0 500,0 9,707,0 22,233,0 1,000,0 1,130,1 18,0 1,763,0 52,0 529,0 166,0 20,923,0 1,812,0 937,6 1,500,0 2,121,600,0 42,103,0 31,276,0 1,999,0 1,943,0 168,051,0 2,055,364,0 191,384,0 41,442,0 48,909,0 Totals, avge. for week 118,850,0 198,634,8 2,133,953,0 42,331,0 31,307,0 2,097,0 1,649,0 166,806,0 2,054,517,0 200,617,0 44,145,0 51,854,0 2,112,813,0 42,559,0 30,980,0 1,826,0 2,499,0 171,050,0 Totals, actual condition Sept. 16 2,052,910,0 188,662,0 38,485,0 45,395,0 2,134,395,0 42,833,0 31,387,0 Sept. 0 181,536,0 Totals, actual condition 1,647,0 1,937,0 2,037,854,0 219,855.0 46,610,0 47,151,0 2,084,729,0 47,034,0 31,139,0 1,757,0 1,427,0 167,871,0 Totals, actual condition Sept. 2 56,238,0 1,987,519,0 217,057,0 44,866,0 condition Aug. 26 Totals, actual • State Banks. Not Members of 750,0 47,339,0 622,0 19,0 2,922,0 Federal Reserve Bank. 85,0 5,606,0 2,223,0 1,737,0 41,700,0 29,702,0 Bank of Manhattan Co_ 2,050.0 4,999,1 68,0 30,0 31,107,0 3,106,0 1,859,0 1,328,0 11,955,0 6,211,6 628,0 1,500,0 Bank of America 209,0 488,0 85,0 11,202,0 1,192,0 6,196,0 500,0 1,189,9 Greenwich Bank 128,0 79,0 482,0 550,0 1,0 6,809,0 2,665,0 122,0 160,0 2,0 500,0 1,005,7 Bank Pacific 3,0 117,0 104,0 187,0 2,648,0 15,300,0 445,9 200,0 21,0 People's Bank 44,0 871,0 950,0 939,0 18,612,0 3,673,0 43,0 220,0 Metropolitan Bank....._ 2,000,0 1,976,8 34,0 60,0 47,0 350,0 4,051,0 6,412,0 804,4 250,0 216,0 Bowery Bank 10,0 142,0 157,0 697,0 6,380,0 790,5 17,878,0 750.0 German-American Bank 23,0 988,0 546,0 16,777,0 2,121,0 4,731,0 308,0 100,0 2,187,3 Fifth Avenue Bank__ 88,0 78,0 53,0 405,0 5,106,0 6,529,0 827,6 304.0 200.0 German Exchange Bank 130,0 159,0 128,0 740,0 8,323,0 13,269,0 350,0 796,0 200,0 1,064,5 20,0 Germania Bank 45,0 518,0 466,0 709,0 14,005,0 4,616,0 105,0 277,0 Bank of Metropolis____ 1,000,0 2,130,4 33,0 129,0 251,0 274.0 4,478,0 16,605,0 586,5 1,113,0 1,946,0 200,0 West Side Bank 87,0 , 319,0 407,0 28,0 15,361,0 1,283,0 25,722,0 38,0 1,493,0 N. Y. Produce Ex, Bk.. 1,000,0 1,067,8 169,0 506,0 675,0 2,028,0 23,094,0 678,4 1.500,0 State Bank 807.0 62,0 8,437,0 3,226,0 212,592,0 20,187,0 8,433,0 7,519,0 1,156,0 Totals, avge. for week_ 11,950,0 25,944,4 205,662,0 807,0 57,0 8,477,0 2,821,0 211,857,0 856,0 206,145,0 20,513,0 8,041,0 6,409,0 1,038,0 Sept. 16 60,0 8,519,0 4,144,0 210,688,0 Totals, actual condition 856,0 205,086,0 20,088,0 8,730,0 5,755,0 1,175,0 45,0 8,196,0 4,809,0 207,007.0 Totals, actual condition Sept. 9 985,0 8,039,0 5,049,0 856,0 203,913,0 19,864,0 48,0 8,519,0 4,182,0 212,749,0 Totals, actual condition Sant. 2 203,794,0 20,905,0 10.347,0 6,093,0 1,105,0 26 Totals, actual condition Aug. - -Trust Companies. Not Members of 27,955,0 7,319,0 27,0 1,397,0 1,720,0 Federal Reserve Bank. 206,0 286,0 496,0 38,355,0 1,865,0 21,0 9,242,0 2,167,0 184,639,0 25,272,0 Brooklyn Trust Co____ 1,500,0 3,991,0 204,853,0 16,437,0 1,659,0 1,219,0 19,0 42,386,0 17,366,0 10,000,0 15,498,8 16,0 2,119,0 4,345,0 Bankers' Trust Co 185,0 170,0 43,0 59,952,0 3,873,0 22,408,0 6,787,0 828,0 1,117,0 U.S. Mtge.& Trust Co. 2,000,0 4,278,2 18,0 117,0 10,0 28,830,0 1,963,0 27,389,0 1,014,0 1,369,0 1,078,0 1,250.0 1,712,5 41,0 Astor Trust Co 107,0 152,0 296,0 42,246,0 2,190,0 728,0 333,135,0 34,537,0 16,656,0 Title Guar.& Trust Co_ 5,000,0 12,227,2 361,584,0 31,315,0 331,0 1,043,0 669,0 048,0 7,890,0 353,0 394.0 Trust Co...... 20,000,0 31,073,7 33,0 Guaranty 99,0 42,0 639,0 9,898,0 20,209,0 1,131,0 356,0 1,000,0 1,210,3 31,0 1,010,0 Fidelity Trust Co 23,0 202,0 294,0 27,303,0 1,559,0 60,889,0 16,706,0 156,0 3,044,0 1,628,0 Lawyers' Title dc Trust_ 4.000,0 5,472,0 153,0 498,0 163,0 78,530,0 5,281,0 21,660,0 1,185,0 675,0 16,0 1,083,0 Columbia Trust Co...... 2,000,0 8,097,3 104.0 272,0 109,0 22,205,0 1,697,0 71,160,0 8,220,0 702,0 1,000,0 1,860,2 85,0 3,568,0 People's Trust Co 21,0 436,0 81,079,0 5,176,0 1,476,0 16,504,0 2,814.9 708,0 825,0 9,0 New York Trust Co___ 3,000,0 11,372,3 39,0 262,0 136,0 755,0 19,148,0 1,198,0 12.616,0 446,0 631,0 1,000,0 1,301,3 8,0 Franklin Trust Co 41,0 215,0 69,0 920,0 12,993,0 57,503,0 4,813,0 525,4 417,0 1,000,0 20,0 2,875,0 Lincoln Trust Co 342,0 743,0 60,298,0 3,799,0 1,624,0 Metropolitan Trust Co_ 2,000,0 8,424,3 430,0 45,320,0 16,151,0 006,343,0 126,867,0 77,898,0 7,086,0 5,714,0 1,620,0 Totals, avge. for week_ 54,750,0 101,844,5 1,045,340,0 410,0 44,949,0 15,611,0 898,838,0 127,281,0 1,040,696,0 76,303,0 9,964,0 7,478,0 1,544,0 427,0 46,100,0 17,647,0 910,972,0 126,835,0 Totals, actual condition Sept. 16 1,047,606,0 78,905,0 5,929,0 0,418,0 1,581,0 279,0 45,001,0 27,907,0 912,959,0 126,719,0 Totals, actual condition Sept. 9 6,472,0 1,700,0 1,050,570,0 76,017,0 9,842,0 Sept. 2 326,0 45,738,0 28,987,0 914,666,0 131,680.0 Totals, actual condition 1,052,589,0 77,841,0 13,151,0 7,115,0 1,812,0-Totals, actual condition Aug. 28 3,240,535,0 169,777,0 31,276,0 2.776,0 1,999,0 2.435,0 221,808,0 19,377,0 +1,398,0 +81,0 -112,0 289,469,0 58,961,0 82,142,0 Grand Aggregate, avge. 185,550,0 329,423,7 3,308,366,0 -5,139,0 +2,618,0 +3,572,0 -13,0 +236,0 -161,0 +3,227,0 -3,081,0 -597,0 Comparison prey. week 170,419,0 31,307,0 2,097,0 2,116,0 220,232,0 18,435,0 3,244,648,0 +169,0 +347,0 297,433,0 82,150,0 65,741,0 2,580,0 Grand Aggregate,actual condition Sept. 18 3,301,358,0 +9,778,0 +9,006,0 +8,143,0 -159,0 +271,0 -870.0-5.437,0 -3,356,0 +10,175,0 -4,244,0 Comparison prey. week ) 30,960,0 2.986,0 225,669,0 21,791,0 3,234,473,0 170,250,0 31,387,0 287,655,0 53,144,0 57,598,0 2,739.0 1,826,0 170,408,0 Grand Aggregate actual condition Sept. 9 3,305,802,0 315,736,0 64,491,0 58,672,0 2,685,0 1,847.0 2,261,0 214,783,0 32,716,0 3,254,361,0 179,570,0 31,139,0 Grand Aggregate actual condition Sept. 2 3,292,337,0 315,803,0 68,364,0 69,448,0 2,717,0 1,757,0 1,801,0 222,158,0 33,169,0 3,212.144,0 Grand Aggregate actual condition Aug. 26 3,243,902,0 Members of Federal Reserve Bank. Bank of N. Y., N.B.A. Merchants' Nat. Bank Mech. & Metals Nat__ National City Bank__ _ Chemical Nat. Bank__ _ Atlantic National Bank Nat. Butchers' & Drov. Amer. Exch. Nat Bank National Bank of Corn. Chatham & Phenix Nat. Hanover National Bank Citizens' Central Nat__ Market & Fulton Nat_ Corn Exchange Bank__ Importers'& Traders'__ National Park Bank___ East River Nat. Bank_ Second National Bank.. First National Dank.... Irving National Bank.._ N. Y. County Nat. Bk.. Chase National Bank.... Lincoln National Bank_ Garfield National Bank Fifth National Bank___ Seaboard Nat. Bank___ Liberty National Bank_ Coal & Iron Nat. Bank_ Union Exchange Nat.._ Nassau Nat, Bank____ Broadway Trust Co__ a 83.000.000. a Includes capital set aside for Foreign Branches, STATEMENTS OF RESERVE POSITION. Actual Figures. Averages. Cash Reserve Reserve in in Vault. Depositaries Total Reserve. a Reserve Required. Surplus Reserve. Inc. or Dec. Cash Reserve Reserve in from Previous Week Os Vault. Deposita Total Reserve. b Reserve Required. Surplus Reserve. Inc. or Dee. from Previous Week $ X 186,806,000 463,422,000 386,228,090 77,193,910 +16,038,200 Members Federal -1,420 383,993,150 65,792,850 +2,232,000 296,616,000 8,477,000 44,476,000 38,134,260 6,341.740 Reserve Bank____ 281,735,000 188,051,000 449,786,000 38,266,560 7,465,440 +599,080 35,999,000 134,825,700 5,412,300 +3,112,10(1 37,295,000 8,437,000 45,732,0 State Banks. 1,686,550 +1,051,900 95,289,000 44,949,000140,238.000 92,318,000 45,320,000 137.638,000135,951,45 Trust Companies' +19,148,880 427,904.000220.232,000648.136,000559,188,050 88,947,950 -26.028,070 +3,882,980 411,348,000221,808,000 633,156,000 558,211,160 74,944,840 42,308,520 401,136,000 225,669,000628,805,000557,003.930 69,801,070 Total Sept.18 557,829,140 71,061.860560,537,860 95,829,14 -29,581.220 410,310,000218.581,000628,891.000 214,783,000658,367,000 Total Sept. 9 125,390,360 -2.202,860 667,706,000 554,335,82 113,370,380-12,538,040,441,584,000 449,098,000218,610, Total Sept. 2 +14,128,5701456,330,000222,158.000678,488,00553,097,640 448,701,000224,919,00 673,620,000547.713,580125,908,420 Total Aug.26 Reserve Banks but In the case of Members of the Federal 26,$2,364,700. • Not members of Federal Reserve Bank. Aug. Deposits in the case of State Banks and Trust Companies. a This is the reserve required on Net Demand Time Deposits.which was as follows: Sept. 16,82,105.150; Sept.9,82,133,950; Sept. 2,12,205,000; Reserve Banks but in the case of Members of the Federal also the amount of reserve required on Net Includes in the case of State Banks and Trust Companies,Sept.9,$2,127,950; Sept.2,$2,141,650; Aug.26, $2,351,700. b This Is the reserve required on Net Demand Deposits Deposita,which was as follows: Sept. 16,32,116,550; Net Time Includes also the amount of reserve required on SEPT. 23 1914.1 THE CHRONICLE 1099 The State Banking Department reports weekly figures, In addition to the returns of "State banks and trust comshowing the condition of State banks and trust companies panies in Now York City not in the Clearing House," furnished in New York City not in the Clearing House, and these are by the State Banking Department, the Department also shown in the following table: presents a statement covering all the institutions of this class SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT. in the whole State. The figures are compiled so as to distin(Figures Furnished by State Banking Department.) Differences from guish between the results for Now York City (Greater Nov, Sept. 16. previous week. Loans and investments 5722,630,000 Dee. $3,039,900 York)and those for the rest of the State, as per the following : Gold 60,263,200 Dec. 123,700 Currency and bank notes For definitions and rules under which the various items 9,597,100 Ina. 186,700 Total deposits 897,305,200 Inc. 4,266,600 are made up,see "Chronicle," V.98, p. 1661. Deposits eliminating amounts due from reserve depositaries and from other banks and trust comThe provisions of the law governing the reserve requirepanies in New York City, and exchanges 764,604,900 Dec. 2,879,200 Reserve on deposits 200,574,400 Inc. 8,416,700 ments of State banking institutions wore published in the Percentage of reserve, 27.7%. "Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE. -State Banks - --Trust Companies - tions relating to calculating the amount of deposits and what Cash In vaults 512,330,100 10.62% 557,530,200 9.46% Deposits in banks and trust cos__ 19,276,700 16.60% 111,437,400 18.33% deductions are permitted in the computation of the reserves were given in the "Chronicle" April 4 1914 (V. 98, p. 1045). Total 331,606,800 27.22% 3168,967,600 27.79% STATE BANKS AND TRUST COMPANIES. The averages of the New York City Clearing House banks and trust companies, combined with those for the State banks \ Stale Banks I Trust Cos. State Banks Trust Cos. Week ended Sept. 16. in , outside of in and trust companies in Greater Now York City outside or the outside of 'Greater N. V. Greater N. F. Greater N. Y. Greater N. Y. Clearing House,compare as follows for a series of weeks past: s 1 $ I COMBINED RESULTS OF BANKS AND TRUST COMPANIES Capital as 'eek ended- Loans and Investments Juno 24 July 1 Jt July 8 Jt July 15 Jt Jt July 22 July 29 Jt A Aug. 5 Aug. 12 A Aug. 19 A Aug. 26 Ipt 2 Sept. 9 .IA. 16 - --- $ 4,025,626,8 4,017,526,4 4,011,831,8 3,956,132,5 3,901,908,7 3,903,877,9 3,926,634,6 3,939,268,3 3,952,230,3 3,947,932,5 3,966,687,2 4,032,6:32,9 4.028.996.0 Demand Deposits. Specie. Other Money. $ 4,026,435,3 4,024,927,0 3,966,998,0 3,903,760,1 3,871,422,7 3,876,459,5 3,840,711,7 3,868,552,7 3,899,806,1 3,932,563,9 3,973,033,4 4,006,621,1 4,005,139,9 $ 431,258,6 440,874,8 407,219,3 405,666,1 413,668,2 417,059,9 417,394,3 425,409,4 431,356,5 442,280,4 441,533,7 413,564,9 411,871,2 $ 83,456,1 79,417,4 62,520,9 66,617,8 79,582,4 79,857,2 77,337,1 75,347,5 74.696,7 74,631,4 75.932,3 66,542,4 69,334,1 of June 30._- IN GREATER NEW YORK. We omit ciphers in all these figures. Burt lus as of June 30____ Total Entire Money Reserve on holdings. Deposits. 3 511,714,7 520,292,2 489,740,2 472,283,9 493,250,6 496,917,1 491,731,4 500,756,9 509.053,2 516,931,8 517,466,0 480,107,3 481,203,3 S 816,890,8 850,228,8 786,127,1 779,462,3 812,531,2 821,628,3 828,101,3 812,538,1 810.646,0 863,60%1 861,249,8 821,018,7 833,730,4 -r, Loans and Investments__ Change from last weed_ Gold Change from last week_ Currency and bank notes_ Change from last week_ Deposits Change from last week_ Reserve on &posits Change from last week_ 23,450,000 75,550,000, 1 I 40,068,50 173,239,300, 9 ! ! 388,902,800 1,666,448,200, +1,884,300 -7,822,800, I ! 39,248,700. 135,763,800. -784,800 +646,400, I I 21,528,400 16,730,900 +2,594,500 -143,300 I 534,915,200 1,933,067,300 +18,989,200 +3,720,100 I 106,456,800 339,239,500 +3,773,400 +4,002,800 P. o. of reserve to deposits Percentage last week 25.6%, 24.8%' 11,783,000. 14,900,000 14,654,000 14,381,600 156,863,900 -561,000 249,557.900 +1,005,400 169,338,400 +2,219,400 264,937,000 +161,800 31,301,500 +1,399,400 38,045,300 -128,400 21.7% 21.0% 17.9% 18.0% 21.9%1 21.5% 1 + Increase over last week. -Decrease from last week. Non-Member Banks and Trust Companies. -Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the "Clearing House return" on the preceding page: RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE. CLEARING NON -MEMBERS. Capital. Members of Fed'l Reserve Bank Battery ParkNat___ First Nat., Brooklyn Nat. City, Brooklyn First Nat., Jers. City Hudson Co. N., J.()_ First Nat., Hoboken Second Nat., Hobok. Total Net Profits. Loans, Discounts, f Nat. bks. June 391 Invest'State bits. Juno 30f meats, ,te. Week Ending Sept. 16 1916. Gold. 410,700 2,210,000 851,400 8,491,000 655,900 7,782,000 184,300 1,435,000 116,300 2,875,000 474,900 6,315,000 243,500 4,145,000 581,600 6,076,000 807,900 17,944,000 189,100 4,594,000 129,000 603,000 608,000 109,000 254,000 597,000 259,000 423,000 780,000 239,000 3,800,000 4,518,600 61,897,000 4,001,000 Trust Companies. Not Members of the Federal Reserve Bank HamiltonTrust,13kIn Mechanics',Bayonn 500,000 1,103,500 8,219,000 200,000 297,600 5,135,000 539,000 04,000 700,000 1,401,10013,354,000 Total Silver. Nat.Bank NOM!(Reserve for State Institutions1 Nat.Bank Reserve Notes[Not Federal with Courued Reserve Legal as Notes[Not DeposReserve]. Reserve] Caries. Additional Deposits with Legal Net DeposDemand Caries. Deposits. Net Time Deposits. National Bank Circulotion. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. S $ 3 $ $ $ $ $ $ $ 3 $ $ 200,000 $ 189,000 5,617,000 563,000 70,000 50,000 2,000 437,000 5,881,000 279,000 188,000 300,900 679,400 5,340,000 165,000 47,000 119,000 16,000 22,000 616,000 166,000 4,970,000 300,000 120,000 292.000 583,000 5,618,000 153,000 69,000 123,000 6,000 7,000 689,000 65,000 5,635,000 400.000 1,200,500 4,838,000 224,000 299,000 118,000 84,000 12,000 12,000 536,000 2,497,000 4,477,000 250,000 755,500 4,908,000 150,000 392,000 17,000 69,000 83,000 3,000 489,000 220,000 449,000 4,073,000 628,100 6,051,000 163,000 195,000 22,000 45,000 13,000 9,000 404,000 125,000 271,000 2,473,000 3,219.000 216,000 291,300 4,853,000 71,000 41,000 92,000 3,000 2,000 313,000 360,000 2,606,000 2,132,000 98,000 1,795,000 4,397,800 37,225,000'1,494,000 551,000 602,000 135,000 55,000 3,484,000 3,808,000 30,115,000 5,750,000 1,499.000 State Banks. Not Members of the Federal Reserve Bank. Bank of Wash. Ins_ 100,000 Colonial Bank 400,000 Columbia Bank___ _ 300.000 Fidelity Bank 200,000 International Bank _ 500,000 Mutual Bank 200,000 200,000 Now Netherland._ Yorkville Bank 100,000 Mechanics', Bklyn.._ 1,600,000 North Side, 13klyn 200,000 Total Legal Tenders. 11,000 48,000 181,000 451,000 18,000 233,000 10,000 38,000 21,00 54,000 57,000 164,000 37,000 134,000 85,000 252,000 136,000 717,000 53,000 98,000 -609,000 2,189,000 - 27,000 40,000 139,000 12,000 1,000 40,000 54,000 90,000 199,000 14,000 616.000 108,000 93,000 1.812,000 546,000 596,000 9,108,000 497,000 234,000 8,284,000 81,000 89,000 1,348,000 4,000 161,000 517,000 2,679,000 391,000 110,000 6,292,000 8,000 247,000 4,137,000 394,000 778,000 6,570,000 1,149,000 3,298,000 19,145,000 259,000 311,000 4,315,000 15,000 120,000 120,000 89,000 369,000 277,000 89,000 410,000 27,000 3,833,000 6,026,000 63,690,000 1,234,000 633,000 22,000 52,000 18,000 82,000 65,000 40,000 2,000 17,000 331,000 1,439,000 6,617,000 882,000 112,000 568.000 2,243,000 2,793,000 74,000 100,000 105,000 19,000 443,000 2,007,000 8,860,000 3,675,000 Grand aggregate-- 6,295.000 10,317.500 112476000 0,128,000 1,231,000 2,891,000 Comparison,prey.w +1113000 +113000 -38,000 +41,000 721,000 255,000 101,000 7,760,000 11,841,000 102665000 10,659,000 1,499,000 -27,000 -12,000 Excess reserve. decrease ------ _ $0,7 =_____ ___ ___ +22.000 +77.000 +351,000 +1124000 +88,000 -17,000 == Grand aggr'teSept. , 6,295,000 10,317.500 111363000 6,015,000 1,27 7 2,000 2,817,000 74 8.000 2(T7,000 Grand aggr'teSept. : 6,295,000 10,317,500 111158000 6,214,000 79.000 7,683,000 11,490,000 101541000 10.571,000 1,516,000 Grand aggeteAug.2 , 6.295,000 10,317,500 111456000 6,182,000 1,230,000 2,769.000 745.000 160,000 63,000 7,735,000 12.533,000 101619000 10,602,000 1.522,000 Grand aggr'teAug.1 15,795,000 10.459.700 111469000 6,008,000 1,389,000 2,758,000 840,000 146,000 55,000 7,760.000 11,787,000 102416000 10.521,000 1,518,000 2,889,000 72,0001,660,000 11,729,000 101431000 10,939,000 1.515,000 Grand aggr'teAug.1 ' 5.705.000 10.459.700 110746.000 5.989mnn 1,199,000 •1 n I 1 nnn 644,000 334,000 I qn, 51110 van nnn •Ittet !inn •,/ n..n, 41112 nnn 11 755 ono In107, (Inn In CHIA nun 1 via nnn Philadelphia Banks. -Summary of weekly totals Clearing House banks and trust companies of Philadelphia:of We omit two ciphers (00) in all these figures. Due Loans, Deposits. from Disels Reserve Bank. Indivtd1, Total, Invest'ts. Banks. Held. Excess Reserve. Sept. 16. Nat. banks. 365,422,0 T2,883,0 168,068,0 302,282,0 470,350,0 Trust cos- - 149,898,0 4,814,0 3,716,0 137,986,0 141,702,0 83,110,0 26,805,0 26,478,0 6,242,0 Total _ _ 515,320,0 77,697,0 171,784,0 440,2858,0 612,052,0 109,588,0 32,017,0 Sep .t. 514,717,0 71,312,0 168,940,0 434,993,0 603,933,0 108,504,0 31,140.0 515,893,0 72,434,0 169,921,0 438,517,0 608,458,0 Aug. 26___ 511,475,0 69,971,0 169,209,0 429,670,0 597,888,0 105,855,0 28.353,0 108,373,0 31,310,0 510,242,0 72,588,0 166,587.0 431,907,0 598,494,0 " 12..._ 508,341,0 66,743,0 161,405,0 427,724,0 589,129,0 106,982,0 30,395,0 105,238,0 29,179,0 509,061,0 68,772,0 161,584.0 425,200,0 586,874,0 97,790,0 Ju!T 509,024,0 71,446,0 163,328,0424,646,0 587,972,0 08,288,0 22,699,0 510,676,0 75,318,0 165,127,0 427,642,0 592,769,0 96,702,0 23,175,0 21,6(32,0 151: 518,482.0 75,386,0 167,786,0 440,822,0 608,588,0 99,465,0 22,538,0 -National !sank note circulation Sept. 10, 39,229,000; Note. exchanges ing House (included in "Bank Deposits"), banks, $15,430,090; trust for Clearcompanies, S1,989,000; total, $17,410,000. Capital and surplus at latest dates: banks, $64,175,600; trust companies, $41,295,200; total, $105,470,80 0. Boston Clearing-House Banks. -We give below a summary showing the totals for all the items in the Boston Clearing-House weekly statement for a series of weeks: BOSTON CLEARING HOUSE MEMBERS. Sept. 16 1916. Change from Sept. 9 Sept. 2 previous week. 1916. 1916. Circulation 38,458,000 Dec.' 518,000 $6,476,000 $6,477,000 Loans, disc'ts & investments_ 429,761,000 11143.110,234,000 419,527,000 Individual deposits, Inci.U.S. 339,750,000 Inc. 9,848,000 329,902,000 413,596,000 328,593,000 Due to banks 130,044,000 Inc. 5,408,000 124,636,000 122,285.000 Time deposits 26,146,000 Dec. 25,000 26,171,000 Exchanges for Clear. House_ 14,919,000 Inc. 1,174,000 13,745,000 28,579,000 11,852,000 Due from other banks 41,316,000 Inc. 2,248,000 39,068,000 35,092,000 Cash reserve 24,698,000 Inc. 1,121,000 Reserve in Fed. Res've Banks 23,839,000 Ins. 2,179,000 23,577,000 23,106,000 21,660,000 21,881,000 Reserve with other banks 38,387,000 Dee. 1,226.000 39,613,000 47,115,000 Reserve excess in bank 705,000 Inc. 305,000 400,000 251,000 Excess with Reserve Agent 22.391,000 Dec. 1,770,000 24,161,000 31,879,000 Excess with Fed. Res've Bk. 3,844,000 Inc. 1,499,000 2,345,000 2,836,000 Imports and Exports for the Week. -See third page preceding. [VoL. 103. THE CHRONICLE 1100 anktrs' Oazettz. Wall Street, Friday Night, Sept. 22 1916. The Money Market and Financial Situation.—News or developments affecting the security markets have been unusually meagre this week. Business at the Stock Exchange continues large in volume, but the public seems to have had less interest in the matter than of late and the movement of prices has, therefore, not attracted much attention. The market, indeed, bears unmistakable evidence of extensive operations by the professional element. Politics are, however, becoming more and more a factor in the business world, whether so recognized or not, and it is significant that in circles where wagers are laid on election results there is reported to be an abundance of funds offered at odds of two to one in favor of Hughes for President. Comment on this fact seemi unnecessary, except to say that in the past, as results have shown, Wall Street's opinion, backed up by cash, is based on something more substantial than personal preference or sentiment. One is inclined to wonder, however, whether these funds would have been so freely and confidently offered and found so few takers if the recent threatened trainmen's strike had been settled in a different way. Government action brought to compel the Reading and Lehigh Valley railroads to segregate their coal-producing and marketing business from transportation had been expected and therefore passed with little market effect. Locally, the street railway strike "pursues its weary way" and is becoming more and more a public inconvenience. Banking circles have been interested in the receipt of additional gold and in the fluctuating surplus reserve held by New York City banks. The latter is, as is well known, quite in contrast with the record of a year ago. Foreign Exchange.—Sterling exchange has continued in the same arbitrary rut that it has occupied for several months. The week's gold imports have amounted to $2,500,000 at New York, $10,000,000 at Philadelphia and $1,000,000 at Boston. The Continental exchanges have ruled irregular. sponsible for the upward movement in Anaconda from 903% to 9678 and in Inspiration Copper from 61% to 64%. Of the spectacular issues last week, General Motors was not quoted, while Bethlehem Steel lost 21 points, but gained back 6 points to 560 at the close. Driggs-Seabury was most erratic. % From 110 it advanced to 1193 , fell to 9432 and closed at 9932. American Smelting & Refining Co. fluctuated be4 tween 1063/2 and 111%, closing at 1103 , while the high, low and last prices for Crucible Steel, International Mercantile Marine, Maxwell Motors, Baldwin Locomotive and Tobacco Products were 973/-91 /8-933%, 49%-43%-45 4 8 ..887 and 563 -51-55 943/2-883/2-923', 92%_873/ Among the railroad issues, Baltimore & Ohio, Chesapeake & Ohio and Chicago Rock Island & Pacific each gained over a point, while Great Northern pref. advanced from 118 32 to 121, closing at 1183 . Contrary to its movement of a week ago, Reading fell from 1143% on Monday to 110g on Wednesday, but gained back at the close to 112. Atchison, New York Central, Norfolk & Western and Northern Pacific all lost fractionally. For daily volume of business see page 1109. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: Sales STOCKS. Week ending Sept. 22. for Week. Range for Week. Lowest. Highest. Range since Jan. 1. Lowest. I Highest. Par. Shales $ per share. $ per share. 15 per share.3 per share. Aug 5951 Sept Acme Tea tem Ws_ _100 1,700 58 Sept 16 593'4 Sept 16 51 200 95 Sept 21 95 Sept 21 9334 Sept 9734 June tern ctfs. _100 1st pref Sept July 67 50 500 6534 Sept 22 66 Sept 18 63 Ajax Rubber 00 400126 Sept 1912734 Sept 22 123 June 140% Jan American Express_ _ _100 100 65 Sept 18 65 Sept 18 60% July, 69% Apr Am Teleg & Cable_ _100 Jan Mar, 8 100 3 Sept 20 3 Sept 20 3 Assets Realization_ _100 Jan Jan' 77 500 6854 Sept 18 70 Sept 20 62 100 Associated Oil Sept 19 124 Sept 21 11% Sept; 12% Sept 200 11% Allan Birm dr A tI _..i00 354 Jan Batopilas Mining. ..20 7,200 14 Sept 21 234 Sept 21 1% June' 45 Sept Sept; 100 45 Sept 20 45 Sept 20 45 100 Booth Fisheries Sept Sept 18 50% Jan' 67 67 Sept 18 67 1 100 Brown Shoe Jan July 14 200 74 Sept 16 8 Sept 18 6 Brunswick Terminal.100 July May 100 5 100 Sept 22 100 Sept 22 92 Buff Roch & Plttsb_ _100 Jan Aug 87 Sept 18 66 100 1,300 7951 Sept 18 804 Burns Bros Jan Jan 109 1 107% Sept 20 10734 Sept 20 104 100 Preferred Feb Jan 121 200 108 Sept 18 108 Sept 20 96 100 Bush Terminal May 110 8334 Sept 16 83% Sept 16 83% Sept 90 100 Case (J I) pref Jan Sept' 20 18 Sept 19 18 Sept 19 18 1 Chic & Alton prof. _ _100 Jan Apr 76 Cluett, Peabody&Co 1001 400 72 Sept 20 734 Sept 16 68 Jan June 112 300 108 Sept 19 108 Sept 19 108 100 Preferred exchange were 4 71% for -day s (Friday s) actual rates for sterling To 300 46 Sept 18 4634 Sept 20 4034 July 52% Jan sixty days, 4 75 11-16 for checks and 4 76 7-16 for cables. Commercial Computing-Tab-Rec.100 1,100 May 9834 Feb Sept 20 89 9134 Sept 18 924 % on banks, sight 4 75 9-16, sixty days 4 704, ninety days 4 686 and docu- Deere & Co pref._ _100 Mar 14154 Jan 26513934 Sept 20 14034 Sept 22,131 100 ments for payment (sixty days) 4 71. Cotton for payment 4 75 9-16 and Detroit Edison _ _ _100 500 5 Sept 20 574 Sept 191 454 Mar 634 May Duluth S S& Atl_ grain for payment 4 75 9-16. Sept Apr 71 800 6934 Sept 22 71 Sept 22 58 Elec Stor Battery_ _ _100 were no rates posted for sterling by prominent bankers this week. There May 9634 Sept 1,900 90 Sept 20 94 Sept 16 71 To-day's (Friday's) actual rates for Paris bankers' francs were 5 91% Gulf States St tr ctf _100 May 10134 June 200 9934 Sept 21 100 Sept 22 87 1st preferred tr etfs100 for long and 5 86% for short. Germany bankers' marks were 70 9-16 for 2d preferred tr Ws 100 1,600 914 Sept 20 96 Sept 22 72 May 9834 Sept sight, nominal for long and nominal for short. Amsterdam bankers' guildApr Apr300 5 270 Sept 19 270 Sept 19 205 100 Ingersall-Rand ers were 404 for short. 7714 Sept 20 78 Sept 16 683-4 Mar 8434 May Exchange at Paris on London, 27.90 francs: week's range, 27.90 francs Int Harvester Corp_ _100 400 108 Sept 18 109 Sept 19 10434 Apr 109 June 200 100 Preferred francs low. high and also 27.90 Aug 11154 Feb 6001063.4 Sept 21 1064 Sept 20 105 lot Nickel pref v t c_100 Exchange at Berlin on London, not quotable. May July 6 200 3 Sept 16 3 Sept 161 2 100 Iowa Central The range for foreign exchange for the week follows: Apr July 113 100 10011034 Sept 22 110% Sept 22 104 Jewel Tea prof Cables. Checks. Sixty Days. Sterling, Actual— June 100 99 Sept 16 99 Sept 16 803-4 Mar 100 Kayser (Julius) At Co 100 476 475% Feb High for the week_ _ _4 71% Sept 20 128 Sept 21 12634 May 131 23012774 Kings Co Elect TAStP _100 4 76 7-16 475 11-16 Low for the week_ _ _ _4 71% Feb 100 800 10551 Sept 1610634' Sept 16 10314 Mar 107% Feb Laclede Gas Paris Bankers' Francs— 1x, 91 Mackay Companies. 100 900 853.4 Sept 16 86 Sept 20 78 i Apr 5 85 5 85% High for the week_ _ _ Aug 1% Sept 22 1 100 1% Sept 22 Manlattan Beach_ _ 100 585 5865 Low for the week_ _ _ _ May Jan 118 100 1134 Sept 20 11334 Sept 20 109 Manhat Shirt pref...100 Germany Bankers' Marks— May May Dept Stores_ 100 300 62 Sept 18 6234 Sept 22 503-4 Jan 683-4 Sept 70 11-16 70% _ _ High for the week _ _ _ May 8474 950 83 Sept 18 8434 Sept 20 71 Nat'l Cloak & Suit_ _100 70% 701-16 for the week_ ___ _ Low Feb 100 Preferred 13911074 Sept 19 11054 Sept 19 106 May 113 Jan Amsterdam Bankers' Guilders— Apr 45 800 35 Sept 16 363.4 Sept 18 33 N Y Chle & St Louls_100 40 15-16 40% _ Sept High for the week_ _ _ 700 1434 Sept 19 16 Sept 18 934 May 16 New York Dock_ .11 I 40% less 1-16 703i plus 1-16 Jan Low for the week_ __ _ Apr 27 200 24 Sept lel 24 Sept 16 20 Boston, par. Norfolk Southern...!'' Jan Domestic Exchange.—Chicago, 15c. per $1,000 discount. 800 36 Sept 221 38 Sept 16 3234 Apr 44 St. Louis, 15c. per $1,000 discount bid and 10c. discount asked. San Fran- Pacific Tel dc Tel....III Sept 170 98 Sept 20 98 Sept 20 933.4 Jan 98 Preferred Montreal, par. Minneapolis, 30c. per cisco, 10c. per $1,0J0 premium. 7,400 314 Sept 22 3374 Sept 18 2534 July 33% Sept Coal ctfs dep $1,000 premium. Cincinnati, par. New Orleans, sight 50c. per $1,000 Pltts Aug 100 102 Sept 20 102 Sept 20 10034 Aug 103 Preferred ctfs dep.._ dLscount and brokers' 50c. premium. 1.500 9934 Sept 1810134 Sept 18 9334 Feb 101% Sept 1 PIHs Steel, pref Jan s of State bonds at the Sloss-Shoff SdrI pref _100 100 9834 Sept 161 984 Sept 16 9154 Apr 101 Juno State and Railroad Bonds.—Sale Apr 73-4 181 7 Sept 18 5 634 Board this week are limited to $7,000 New York State 4s, Toledo St L & west.ill 1,800 1314 Sept 18, 1354 Sept 18 10 . Feb 1354 June Sept ill 200 Preferred Feb 11 May 100 854 Sept 18 814 Sept 18 8 1959 at 101% to 1013%, $6,000 Virginia 6s, tr. co. recpts. at Preferred tr reels.... Sept Jan 107 Underwood T'writer_100 1,903100 Sept 16 x107 Sept 22 86 54 to 55 and $6,000 New York State 4%s,at 11578 to 116. Mar 400 4934 Sept 211 5034 Sept 19 4734 Aug 64 ill May Feb III Sept 16 106 at the market for railroad and United Cigar Mfrs_ 1 The volume of business 100 108 Sept 16 108 Preferred Sept 4931 Apr 200 28 Sept 20 28 Sept 20 28 ill materially larger than that of last U S Express industrial bonds has been Feb US Realty & Impt_ _1 200 29 Sept 20: 21/51 Sept 20 25 June 49 week, and from a list of 25 most active issues, advances have• US Reduc & Refg_ _1 1,000 174 Sept 211 254 Sept 16 1 51 June 334 Jan Jan Aug 4 300 14 Sept 16: 134 Sept'1 10 Preferred American Smelters Securities 6s, the most been the rule. July 6234 Jan Iron C & 0.100 3,350 493.4 Sept 22 5834 Sept 18 41 spectacular, advanced from 1123/2 to 114. Atchison Topeka VirginiaDetinning. _ _100 385 8 Sept 18 1034 Sept 19 7 Mat 1054 Sept Vulcan 235 2034 Sept 18 2634 Sept 19 20 June 2634 Sept Preferred..1ii & Santa Fe gen. 4s, Baltimore & Ohio gold 4s, and cony.432s Jan 1,020127 Sept 16 128 Sept 20 123% MaY135 moved up fractionally and Rock Island deb. 5s, continuing Wells, Fargo Express 100 2,900 1 Sept 18 234 Sept 18 54 Sept 254 Sept Willys-Overland rights_ _ 3634 3554 their movement of last week, advanced from 57 to 583/8. In Worth'tonP&M v t c 100 900 33 Sept 21 100 Sept 18 25 July 100 Sept Sept July Sept 16 95 200 100 Sept 16 Preferred A v t c_ _100 sympathy with the movement of shares, United States Steel 100 65 Sept 18 65 Sept 1815234 July 6634 Sept Preferred B v t c_ _100 / s. f. 5s, gained % of a point to 1063s, while fractional advances and declines were common. Transactions in New York State bonds were slight, but those of foreign Government issues, such as Anglo-French 5s, American Foreign Securities 58 and United Kingdom of Great Britain & Ireland 5s, were very large, the latter advancing fractionally in value. Sales on a s-20-f basis, indicating, presumably, sales for foreign account have increased, being $32,000, as against ,000 a week ago. United States Bonds.—Sales of Government bonds at the Board this week, include $2,500 3s coup. at 100% to 1003 , and $10,000 4s coup. at 111 to 1113/2. For to-day's 4 prices of all the different issues and for the week's range see third page following. Railroad and Miscellaneous Stocks.—The market has been but slightly less active than during last week. Sales have each day averaged over a million shares, to-day reaching 1,521,304, and quotations have also been irregular. From a list of 15 active railroad issues 9 advanced and 6 declined, while from 25 industrials 13 advanced and 12 fell away. United States Steel again made a new high record of 1143.<, / closing at 1133s,leading the metal securities, which as a whole were most conspicuous. The oft repeated rumor of a consolidation in the copper group might have been partially re- Outside Securities.—Business at the Broad Street "curb" has been brisk and prices generally advanced. Atlantic Steel moved up from 75 to 85, fell to 80 and closed at 83. Canadian Car & Foundry pref. moved between 72 and 80. Chevrolet Motors, as usual the most spectacular, advanced from 211 to 212, fell away to 206, the closing price. Gaston, / Williams & Wigmore advanced from 505i to 523%, the final figure, however, being at 51, while General Motors pushed up from 152 to 156, falling away at the close to 150. Guantanamo Sugar fluctuated between 67 and 71, while ScrippsBooth, Springfield Body and White Motors lost 43%, 2 and points, respectively. Midvale Steel advanced steadily 4 during the week from 713 to 7478, closing at 7378; while Maxim Munitions advanced fractionally. The Standard Oil issues were fairly active, Prairie Pipe Line moving between 273 and 277, closing at the latter, and Ohio Oil gained from 250 to 265. Standard Oil of California and,Standard Oil of New York moved between 295-290 and 229-227, respectively. The other oil issues sold well with slight advances in value the rule. Among the bonds traded in at the "curb" were $380,000 Cosden Oil 6s w. i. at 1013% to 1023/2, $260,000 Midvale Steel 5s at 96 to 9678 and $64,000 Russian Government 63/2s w. i. at 1003/2 to 100%. A complete record of "curb" transactions for the week will be found on page 1109. New York Stock Exchange-Stock Record, Daily, Weekly and Yearly OCCUPYING TWO PAGES. 1101 For record of sales during the week of stocks usually inactive, see preceding page. HIGH AND LOW SALE.PRICES -PER SHARE. NOT PER CENT. Saturday Sept. 16 Monday Sept. 18 Salesfor the Week Shares STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1 -share lots On basis of 100 PER SHARE Range for Previous Year 1915 Tuesday Frtd2y IVednesday Thursday Sept. 19 Sept 21 Sept. 20 Sept 22 Lowest Highest Lowest I Highest share $ per share $ per share $ per share $ per share 2 per share $ Per Railroads Par $ per share $ per share $ per share $ per share '10612 10718 105 10714 1055 10618 1045 106 105 10538 10518 106 8 8 28,609 Atch Topeka & Santa Fe. 100 10014 Apr 22 10812Jan 4 9213 Feb 11114 Nov 100 100 4 093 100 997 10012 100 10018 10011 10014 100% 10012 4,200 Do pret 100 9833 Aug 30 102 Feb 24 96 Jan 102% Nov 113 11314 11338 11412 .113 11518 113 11318 .113 114 .113 11418 600 Atlantic Coast Line RE...100 10612 Apr 19 11714 June13 98 Mar 116 Nov 4 8914 907 888 903 8 8918 893 4 8814 8914 8813 8934 8834 897 27,650 Baltimore & Ohio 8 100 8278 Apr 24 96 Jan 4 63% Feb 96 Dec 4 7418 743* 743 743 4 75 75 75 *743 7514 7514 747 75 4 1,220 Do pret 100 7212 Aug 30 80 Jan 15 87 Feb 7934 Nov 8514 8518 8614 *8518 8512 8518 8513 85 .85 86 85 85)3 4,100 Brooklyn Rapid Transit 100 x8338 Sept 8 88s June 6 83% Aug 93 Apr 17934 181 17918 1807 17814 179 8 17712 17914 178 17818 17834 180 14,470 Canadian Pacific 100 216212 Mar 1 1833 Jan 3 138 July 194 Nov 4 *290 350 .295 350 *290 350 *290 350 .290 350 Central of New Jersey 100 290 Jan 3 5310 May18 5250 Sep 325 Jan 6358 617 8 6138 66 4 6414 6514 6314 6414 633 65 65 - - 67 51,200 Chesapeake & Ohio 8 355 July 643 Nov 100 58 Apr 24 673 June 8 4 4 127 13 13 131 1 13 4 123 1234 1,900 Chicago Great Western_ _ _100 113 Apr 24 1538Jan 3 • 1014 Jan 13 1234 123 4 4 1234 123 4 1712 Nov 36 37 3613 37 3634 3634 36 3612 358 36 353 3634 3,000 Do pret 4 100 33 Apr 24 Jan 3 4 JanJa 2512 May 4112 Nov 953 98 4 9514 957 957 9734 8 96 9534 9634 95 96 9634 40,403 Chicago Milw & St Paul 100 91 Apr 22 10634 7784 July 10118 Dec 32 125 125 126 12613 126 12614 5,300 Do pret 12513 126 126 126 126 126 100 12412 Septi3 13618Jan 5 1207 Sep 135 Dec 8 12518 1275 128 12814 128 12814 12778 12778 12612 12712 1,900 Chicago & Northwestern 100 124 Sept 8 1347 Jan 3 11812July 13518 Nov 8 .165 170 §170 170 .165 '170 100 Do pret 100 5165 Apr 13 175 Jan 11 163 July 11313 Nov 1734 1818 -. 1813 1918 18 8 113T4 1958 1838 20 181 197 188 28,600 Chicago Rock Isl & Pac3-100 1512 Apr 22 2412Jua e11 4 m ny25 1012July 38% Apr *115 125 .115 125 *115 125 .115 125 .115 125 Chic St Paul Minn & Om--100 11514 Sept 1 123 5114 Apr 123 Nov .133 148 .135 148 .133 148 .133 145 .133 145 Do pref 100 1313 Apr 12 139 Aug 28 124 Sep 135 Dec 4 7 5534 *52 . 50 5414 5512 54 52 55 5313 5312 .513 55 - 2,100 Clev On Chic & St Louis-100 38 Apr 27 5912June 8 521 4 Jan 52 Oct 8212 83 8418 813 .81 8412 8358 8338 8412 8412 8412 8412 1,100 Do pref 4 100 70 Feb 2 13612Jaae13 5318 Feb 77 Oct 86 j un 4 3212 31 31 31 31 31 3112 .31 *31 31 32 3212 800 Colorado & Southern 100 243 Apr 24 4 24 Mar 38% Nov *57 5($ 59 5712 *57 5314 59 59 5613 57 • 57 57 1,403 Do 1st pref 100 46 Apr 1 60 June 9 45 Jan 60 Nov 50 *50 55 55 *50 55 55 . *59 55 .39 Do 2d pref. 100 40 Mar13 5734 June10 35 Sep 52 Nov •15113 153 .15212 153 .152 153 *15112 15312 *151 153 152 152 --- iOti D Delaware & Hudson 100 14918 Apr 20 5518 May23 1381: Aug 15418 Nov .227 230 230 230 *230 210 *230 210 .230 234 .231 210 203 Delaware Lack & Western. ..50 216 Mar18 237 June 9 199% Jan 238 Nov 15 1314 .13 *13 *13 200 Denver & Rio Grande_ _ _100 1313 1334 *13 15 *13 14 14 88 M ar30 1614 June13 1612 Nov 4 Jan 31 3334 34 3414 3518 3312 3412 3334 3114 31 4,500 Do pref 3112 34 100 15 Mar 8 33 jany13 612 Jan 29% Nov 37:J ul 9 397 8 383 398 3834 3914 39, 393 125,200 Erie 4 3914 4018 3918 4014 31) 8 4 100 32 Apr 22 1431122Jjaan 3 a 304938 j:331 19% Feb 45% Nov 5414 5534 51 5578 54 5434 5358 5414 54 5112 54 543 12,000 Do 1st pref 4 100 48 Apr 22 3214 Feb 5912 Nov 44 45 46 45 45 4634 46 45 45 3,000 Do 2d pref 441.2 4612 46 100 41 Apr 22 27 Feb 5414 Dec 1197 12014 1197 12034 11912 12018 z11814 1187 16,503 Great Northern pref 8 11978 12012 120 121 8 100 11618 Aug 30 12712Jan 4 428 4334 42 4213 4414 4313 4458 48,615 Iron Ore properties_ _No par 3334 June26 5Q34Jan 4 11234 Jan 128% Nov 4134 4338 4238 443 43 2514 Jan 54 Oct 3 1031, 10118 10313 10112 103 101% 1023* 10258 1025 103 8 103 103 2,900 Illinois Central • 100 993 Apr 17 4 99 July 113 Apr 1614 1614 1612 1818 1713 1834 1714 1778 1734 1712 17 1758 22,903 Interbor Con Corp, vtc No par 1534 Feb 15 7212ls: 3 18% July 2512 Nov 21 8 a 3 73 7413 738 713 4 733 7334 7314 7312 733 733 4 4 7,400 Do prof 100 71 Feb 15 70 July 82 Nov 26 2613 2512 26 2514 2512 253 26 2558 - 12 2612 2578 26 5,930 Kansas City Southern 4 100 23% Apr 28 647:Jan 4 321 20% Feb 3513 Nov .59 61 61 61 60 60 61 .0018 61 61 .6014 61 503 Do pref 100 58 Aug 18 Jan 31 54% Feb 8512 Nov *1812 1912 1913 20 *19 2014 1912 20 400 Lake Erie & Western 2014 *19 5 Jan 1638 Dec 100 10 May 2 2212July19, 431, 44 4312 443 8 4358 4358 44 *43 4112 44 44 41 903 Do pref 100 32 Apr 20 45 June21 19 May 4112 Dec 81 82 8114 8214 8012 8114 8014 81 805 804 81 8 8178 14,000 Lehigh Valley 50 7412Jan 31 85 May31 64% Feb 5314 Nov 35 :35 *34 35 317 317 8 8 35 .3412 30 35 317 3512 8 800 Long Island 50 20 Jan 31 4112 June12 15 Jan 27% Oct 132 132 13214 13212 13114 131% .131 133 .129 13212 132 132 700 Louisville & Nashville.... _100 1211 Mar 1 13512June13 10412 July 13012 Nov .126 130 *126 127 §12814 12314 .12614 129 .126 130 §12814 12814 50 Manhattan Elevated 100 128 Apr 28 13138Jan 28 125 June 132 Dec *414 57 513 *434 512 612 900 Minneapolis & St Louis. 03 4 64 .6 67 8 7 ...100 63 4 Mar 1 1538Jan 4 4 8 Sept 1934 Feb .11 20 .11 20 .11 22 . 20 15 118 18 .17 50 Do pret 25 100 1414 July 3 24 Sep I 49 Feb 124 12512 12414 12514 121 12434 .121 1243 12413 124% :i 6 33 a ne1 5 - 2,500 Minn St Paul & 88 M__ _ _100 11614 Apr 24 127 j n 13 106 Jan: 12612 Nov 9 ui 4 *130 130 132 132 *130 136 100 Do pre 130 136 132 132 . 100 130 Aug 18 137 Jan 15 123 June' 136 Dee 3 1,100 Missouri Kansas & Texaa_100 418 418 411 438 43 414 *4 412 .4 414 4! 318 Sept 6 4 Sep: 1514 Apr 48 200 Do pref •10 •10 115 12 8 12 12 *10 12 12 .10 100 10 Apr 3 1234 .10 j Jan 6 uty 4 10% Sep' 40 Apr 45 4 43 118 418 48 48 4,350 Missouri Pacific 418 414 414 413 412 43 100 4 314 Sept 1 13 July 4 1814 Apr 43 412 43 4 418 414 418 412 48 6,100 Trust co etfs of deposit... _ _ 413 413 413 43 4 738July 6 314 Sept 1 3 Dec 712 Nov 233 233 4 4 2314 2114 11,103 Missouri Pacific(new)when Iss. 2218 Sept 6 2414 Sept22 221 2318 227 2312 2312 237 8 4,003 Do pref(or Inc bonds) do... 473 Sept 5 51 Sept22 49 49 _ 49 49 4914 4934 .5018 5018 5013 51 4 10718 1073 1077 10934 126,200 N Y Central & Bud River_100 10014 Apr 22 11112Jan 19 10812.1- - 10734 1094 1073 1045 107 108 4 693 4 8 4 8 8112 Mar 110% Dec 8 63 6014 601 6134 (12 6112 6212 61 6112 6018 61 6138 11,200 NY N II & Hartford 100 57 Apr 26 7778 Jan 10 43 Feb 89 Oct 2713 28 .2634 28 27 2712 2718 2734 2612 2712 2612 27 3,300 N Y Ontario & Western__ _100 26 May 5 31 Jan 3 2134 Jan 35 Apr 132 13212 13112 133 1307 13214 13,403 Norfolk & Western 1303* 13134 130 13012 13014 131 8 100 114 Mat 1 13758June 7 9912 Jan 122% Dec .84 857 86 86 *84 86 .84 8 86 .85 86 203 Do adjustment pref....100 841s Feb 25 8918 May22 8012 Sep 90 June 11134 11212 112 113 8 113 1133 11234 1137 11214 11234 11214 113 4 13,725 Northern Pacific 100 10814 Sept 2 118%Jan 4 9918 Feb 118% Dec 4 5718 5734 571.1 575 8 57 5618 563 5712 573 573 51,815 Pennsylvania 5712 57 3 4 50 55 Sept12 5934Jan 4 51% Feb 8112 Nov 8313 8313 8312 8312 83 *8313 85 82 82 • 83 *8312 85 600 Pitts On Chic & St Louis_ _100 78 Feb 17 88 June 5 65 May 86 Nov 93 .93 97 * .93 97 §93 97 * 97 .93 98 20 Do pref 100 88 Jan 26 Jan 90 June 9812June 112 1134 11158 11114 11131 11314 11014 11314 1104 11234 11178 114 303,700 Reading 50 7518 Jan 31 161483142 n14 13 6938May 8558 Nov 4412 4412 4412 4458 4412 4412 .4412 45 4414 4412 *43 45 803 2d preferred 1stpreferr 50 41Feb 19 46 Feb 29 % 40% Sep 45 June *453 47 4 .4112 47 4618 4618 4612 4634 *4512 47 46 47 600 preferred _50 4114 Feb 21 52 May19 40 Feb 44 Apr .10 1613 16 1634 .1012 17 .16 16 1612 17 . 700 St Louie & San Fran new (w1). 1512 May18 173 4June28 20 *____ 20 .____ 20 4 1934 20 193 600 St Louis Southwestern... 100 16 May 4 2034 June 9 Sep - 23 Nov 11 4212 *____ 4212 .39 4212 .39 4212 100 Do pref 3912 3912 -- 4212 3712Sept 7 4612 June 9 29 Sep 4512 Dec 16 15% 1513 16 .15 15 1434 143 *15 16 4 _ 700 Seaboard Air Line 100 14 Apr 22 1878Jan 13 1118 July 2014 Nov 33 .37 367 37 37 38 .37 8 37 38 37 3612 362 1,000 Do pref 100 341s Apr 24 42 Jan 13 3014 July 4334 Nov 10034 102 8 10114 10212 1003 1013, 9958 101 1013 46,203 Southern Pacific Co 100 941 Apr 22 1041a Jan 4 / 4 4 8114 Feb 104% Dec 2414 25 8 2434 2514 2412 25 247 255 2114 243 4 24 2514 54,300 Southern Railway 100 18 Apr 24 25% Sept18 1212 July 26 Nov 6713 6912 6814 6914 683 037 4 673 69 6712 6712 6814 6814 10,900 Do 'pref 4 100 56 Apr 24 71 June 9 42 July 65 Nov 117 1113 113 113 4 4 113 13 4 1278 13 .12 1234 __ 2,900 Texas & Pacific 100 61:Feb 14 13% June21 812 July 17% Apr 60 60 6014 6112 61 6112 6113 62 613 617 613 62 3,870 Third Avenue (New York) 100 591 Jan 31 4 4 sue 22822 J Juneet 35 Jan 6412 Oct *9612 98t2 *9612 98 197 9812 .96 9812 97 *9612 9812 .96 37 Twin City Rapid Transit_ _100 94 Mar 21 90 July 100 Apr 14718 14318 145% 1473 1455 14713 14514 147 1453 14734 14712 1407 262,500 Union Pacific 4 4 8 8 100 1293 Apr 22 1963872 4818 4 11534 Jan 1411: Nov 82 . 82 83 8318 83 82 8:3 8212 8212 83 827 83 3,350 Do pref 100 x80 Sept 1 84 Jan 28 z79 Mar 84% Nov 8 8 8 812 9 2,125 United Railways Invest 10 9 73 May 9 2114Jan 4 4 0 100 8 Jan 271: Oct 17 1912 '191. 20 777 1912 21 *17 19 9% 205' 3,300 Do pref 3 100 17 Sept16 2114 Mar 4734 Oct 1378 1414 - 1414 -1- -34 1414 143 1414 1412 1458 10,400 Wabash 44 1418 1418 11 100 1318 Septi3 12% Oct 1712 Nov 5034 5134 5134 5218 51 5014 28 50% 251 517 5013 51 8 3123 in 33 100 4112 Mar 1 5791 1: 3 :J 1 258111: 32,903 Do pref A y 43% Oct 4914 Nov 2734 2818 2734 283 8 2814 2834 2734 2814 2734 17,500 Do pref B do 100 25 Apr 22 2512 Oct 3212 Nov 2912 30 2018 297 8 283 303 2918 291 4 4 2914 30 3 2918 30 8,800 Western Maryland 100 241 Feb 28 321VM nr261 924 Jan 3512 Oct 3 4 aa 17 44 44 44 44 44 4634 45 4614 4414 4414 45 100 40 Mar 7 51 June131 25 Jan 50% Oct 4513 1,900 Do pref *4 412 *4 5 *4 412 4 4 4 4 *312 412 309 Wheeling & Lake Erie_ _ _ _100 258Jan 20 6 July 10 12 July 614 Nov .12 14 .12 15 1214 1214 . 121i 14 12's 1218 13 400 Do 1st preferred 100 1014 Apr 27 1812 July 5 13 2 Aug 1934 Nov *412 612 .412 512 *412 6 6 5 *5 5 5 5 200 Do 2d preferred 100 314Jan 18 734July 5 % Aug 8% Nov 50 5114 5014 51 50 5012 50 50 50 5213 513 52 3,400 Wisconsin Central 100 33 Apr 19 5612July 20 4 28 July 45 Nov Industrial & Miscellaneous 16 16 18 10 18 10 .1618 18 . 15 18 17 500 Advance Rumely 17 100 14 Aug 22 2112 Apr 29 3112 3112 3412 34 _ .3'3% 3112 .3114 3412 *33% 3412 300 Do pret 100 317 July28 43 Apr 28 - ---1412 14 1414 1313 14 14 143 4 14 13 135 8 1278 135 11,000 Alaska Gold Mines 8 10 111k Aug 30 2612Jan 7 2114 Dec 4012 Apr 712 73 4 7i2 712 73 4 73 4 712 712 712 712 73 4 7% 3,003 Alaska Juneau Gold Ikfin'g_10 7% Aug 30 10l Jan 7 934 Dec 13, Nov 2 20 263 8 2514 2613 2513 2614 25 2514 2113 2512 2514 26% 8,400 Allis-Chalmers Mfg v t c__100 19 July 19 337 Marl-I 2 734 Jan 4912 Oct 7912 79i2 . *80 81 80 8012 803 78 4 80 80 79 79 800 Do preferred v t c_ .._ _100 7012 JulY 18 8412 May16 33 Feb 8578 Dec 8014 8214 8134 82 4 80) 81% 80% 82 813 82 4 8134 82 5,900 Amer Agricultural Chem__100 63 Apr 22 8334 Sept14 48 Jan 741: Nov 102 102 . 10112 102 *10113 102 1017 101% 102 102 *10113 102 , 900 Do pre( 100 96 Mar23 102 Sept12 90 Mar 10118 Nov 92% 9334 91% 93% 9213 94% 9314 943 4 9313 95% 9414 9614 36,009 American Beet Sugar 4Feb 1 9614 Sept22 100 613 00 3314 Jan 727 Dec .97 101 . 98 101 .97 101 99 *9613 101 99 .98 100 109 Do pref 93 Apr 24 102 June22 83 Feb 95 Nov 6213 64 65% 66 63 .65% 6314 6412 6214 61 63% 6178 65,030 American Can 100 5014 June27 6614 Sept22 25 Feb 6S1: Oct . 112 1123 11212 11312 1,000 Do pref 11212 11212 112 112 113 113 *112 114 4 10814 July.13 115 Sept 5 9112 Jan 11312 NOV 8 8 67% 6814 30,903 American Car & Foundry_100 52 July 8 78 Jan 3 4 653 675 67% 6814 6658 6858 6612 6818 6314 663 40 Feb 98 Oct *11512 11612 116 11612 *116 1183 11718 11718 .117 1183 .117 1183 4 4 309 Do prof 4 100 11538Aug 9 11912 Mar 11 11112May 118 Aug 5412 5412 *5412 5513 55 55% 5412 5412 5414 5518 54% 65 1,990 American Cotton 011 39 Ian 64 00 100 50% Apr 22 5712Jan 17 Oct 102 102 .101 102 .101 102 101 101 .100 102 102 Mar 15 91 June 1021 Nov / 4 - 1I14 -1 - 8 .1114 12 -15 11 1212 1158 12i, 8,500 American eiride & Leather_100 6 34Jan e 6 1314 Sept13 1118 11% 11 1114 16 ° po PrH u 3 8 j 438 Feb 1414 Oct 6112 62 6112 62 61 61% 5912 6034 59% 6312 6314 6412 14,603 Do pref 100 45 Mar 1 67 Sept12 1934 Jan 5912 Oct 2814 285 8 2918 2913 28% 2918 2812 28% 2812 28% 29 2958 7,600 American Ice Securities__ _100 25 Jan 20 311± Feb 19 2034 Jan 35 Apr 2312 21, 4 2312 2414 2313 2334 23 4 2312 2312 7,200 American Linseed 2312 2312 233 1714 July 14 251s Jan 26 714 Jan 3118 Oct 53 63 5212 53 52 5212 50 5238 52 525 8 5214 523 4 3814 Mar 1 5334 Sept13 24 Jan 501: Oct 7912 80% z7813 80% 783 793 4 4 7814 7912 7713 7878 79 80 38,100 American Locomotive__...12 58 July14 833 Mar 14 6 00 po pret 4 1100 19 Mar 7434 Oct z10412 10412 10134 105 10534 1053 10534 1053 105% 106 4 4 1,000 Do pref 100 9912July 13 10678 Sept14 75 Mar 105 Nov -;89 *8 9 .8 9 8 8 8% 83 8, 4 2 812 700 American Malt Corp r3r un ell 10 Apr 7 5 :la 3% Apr 1318 Oct 40 .3912 40 40 .39 *34 3912 3912 3912 40% 40 4018 1,300 Do Aref 4078 Sept13 2112May 3711 Dec 18612 8612 .8512 87 .3512 87 .85 86 80 86% 867 87 8 350 Amer Smelters Sec pref B.100 84'2 July 13 88 May25 78 Jan 883 8May 96 96 95 96 95 .94 .94 95 96 9514 9518 9518 600 Do pref Sec A stamped__ 9134.1111Y 11 97 Sept 6 86 Oct 92 Dec 1073 1083 10613 108% 10714 11012 109% 111% 107% 10914 108 109 4 4 132,300 Amer Smelting & Retteing_100 8812 Apr 22 1132 2Jan 4 2 58 Jan 1087 Dec 11434 1113 11434 115 11414 11414 11414 115 , 115 11511 11514 115% 1,700 Do Met 3 3 014 m ar 2 109 A pr 22 11514 Sept21 100 Jan 113 Nov 1145 145 .140 148 .143 148 .140 148 143 113 .140 145 American Snuff 135 A 14912June 8 144 Jan 165 Apr .103 108 •103 108 •103 103 .103 104 . 103 103 103 103 100 Do pest 100 10612 Mar 22 110 Jan 27 103 Jan 11034 Nov 59 593 5714 5812 5612 5712 503 5712 57, 8 58% 59 4 4 100 44 Apr 24 6114 Jan 4 241 Mar 7412 Oct 110% 112% 11218 11214 1107 11112 111 11112 111 11178 11112 5814 7,700 Am Steel Foundry 3 113 13,600 American Sugar Refining_ _100 10512 Apr 22 11612Jan 8 9912 Feb 11978 Nov *118 120 11978 11978 1197 119% 1197 120 8 8 11913 11913 900 Do pref 100 11518May 5 120 Sept20 109 Feb 1191: Nov 1323 133 133 13318 133 13318 132% 133% 11978 119% 4 13234 133 133 13314 6,210 Amer Telephone & Teieg_ _100 12614 Feb 1 13338 Sept21 116 Jan 13014 Nov 222 223 222 22278 222 224% 22214 22214. 223 228 22234 223% 1,303 American Tobacco 1100 188 Feb 16 225 Aug 11 19512 Dec 25212 Apr 00 .10613 -- *107 -_ 5107 107 .107 *107 _ .10712 _ 33 Do pref (new) 4 Apr 44 109 Septl 1 10314 Jan 111 Nov 4718 4818 473 48% 4714 4814 47 - - -14 46% 467 4 47 8 4612 -- 3 15,200 Am Woolen of Mass 481922 J n 1 100 42 Jan 10 5514 Mar 14 Oct 46 Nov 56 .9512 97 9614 9612 9012 9714 967 96% 97 8 97 .9613 98 800 Do pref Jan 102 Mar 10 95 Dec 9814 Nov 34 33% 3518 3334 34% 33% 3158 3314 34 33 3314 3414 12,180 Am Writing Paper pref _ _100 11 Jan 8 36 Septll 5 July 15 Apr 3934 4111 41 4212 4112 4312 4212 4312 4213 44 423 4414 22,600 Am Zinc Lead & 8 4 971g Apr 10 8July 10 25 293 6714, Dee 714 Deo 7712 7712 77 78 77 78% 7814 7814 _ 7712 78 2,500 Do pref 25 5912July 11 791:Septil 9014 91 9014 913 8 4 905 9134 91% 9112 913 9518 917 96% 443,150 Anaconda 8 Copper 50 77 Apr 22 967 Sept22 e243 Feb 9138 Nov 8 4 893 9112 89 4 9018 8512 8834 83 2 8812 88 8 89 903 91 4 , 12,030 Atl Gulf& W 189 Line ctfe 100 56 July12 95 Sept14 6714 6712 6712 6712 67 633 8 6612 64 63 6712 6712 6712 2.000 Do pref cents 100 61 July 12 68% Septi6 8912 903 4 8912 9218 8912 91 8712 9013 8412 8938 8731 89% 80,400 Baldwin Locomotive 100 6538July 14 118.58 Jan 3 2634 Mar, 15412 Oct 106 1061 i •10513 10612 106 106 106 106 106 106 106 106 000 Do pref 100 104 June20 110 May24 92 Mar, 114 See Bid and asked prices; no sales on this day. t Et-rights. Less than 100 shares. a Ez-div and rights. b New stock. e Par $25 per share. e First installm )nt pal 1. s Ex-dividend. s Full paid. ' 179: 101 10034 12 New York Stock Record-Concluded-Page 2 1102 For record of sales during the week of stocks usually inactive, see second page preceding. -PER SFIARE. NOT PER CENT. HIGH AND LOW SALE PRICES Saturday Sept. 16 Monday Sept. 18 Tuesday Sept. 19 Wednesday Thursday Sept. 20 1 Sept 21 Friday Sept 22 &Ilesfor the Week Shares STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1 -share lots On basis of 100 Lowest Highest PER SHARE Range for Precious Year 1915 Lowest Highest Per share $ per share Industrial&Misc.(Con.) Par I per share $ per share $ Per share I $ Per share $ per share $ per share I $ Per share $ per share 100 151 Sept16 153 Sept15 1,600 Barrett C3(The) 15158 152 153 153 x152 152 *151 152 151 15113 153 153 616- Oct 4614 Jan 100 415 Jan 11 580 Sept14 Bethlehem Steel 1,675 55913 560 560 560 554 554 559 561 57413 574121 569 575 Oct Jan 184 91 100 126 July21 145 Jan 8 Do pref •130 138 *130 140 *130 139 *130 138 *130 138 *125 138 5613 Aug 79% June 4 65 6418 653 64 4 643 65% 29,200 Butte & Superior Copper-..10 6012July 11 10514 Mar 9 8 6312 648 637 6614 6314 64 8 July 38% Dee 8Jan 3 2312 16,400 California Petroleum, vto_100 15 June27 425 225 2412 2212 2314 23 243 22 2134 22 2114 22 30 July 81 Deo 8Jan 3 100 40 June29 803 5114 6,200 Do pref 51 51 4812 5212 4913 5213 50 4813 49 49 *45 32% Feb 6114 Nov 100 49 Apr 22 6934 Sept22 6712 693 68,300 Central Leather 4 6414 67 4 6338 6414 6212 637 8 6313 8414 635 643 100 10872Jan 3 11478 Sept21 10038 Jan 11013 Nov 925 Do prof 8 8 114 11412 41114 11413 §11418 11418 11418 114% 11413 1147 11414 1147 • 100 8812 Apr 24 131 June 5 900 Chandler Motor Car 105 105 *104 107 106 106 10914 310518 10518 108 106 109 2338 Deo 28% Nov 25 195s July 14 2538Jan 5 223 2313 68,250 Chile Copper 4 218 217 23 8 8 197 2018 20 4 1958 1958 193 197 3234 Jan 57% Nov 5 46I3 July 11 60 Feb 19 5514 56% 31,100 Chino Copper 5313 527 533 8 4 5353 55 5314 548 53 5314 537 2134 Jan 0812 Sep 4 100 3818 Apr 22 563 Sept15 8 54% 5558 71,000 Colorado Fuel & Iron 5553 5278 5478 5278 547 5458 5618 54 5514 58 13012 Mar 1 14484 Jan 8 11334 Jan 15012 Oct 8 8 13734 13812 13714 13712 1383 1377 138 13814 8,500 Consolidated Gas(N Y)...100 7514 13714 13778 13812 140 Oct 4014 Jan 127 Jan 31 x111 Sept20 100 8 1067 10914 104 10712 20,900 Continental Can 105 10612 106 111 3107 111 10512 106 8812 Jan 10912 Dee 100 108 Feb 1 311218 Sept20 200 Do pref 109 11012 *108 11212 11018 11018 311218 11218 *108 115 *10812 115 • 8 Jan 2112 Oct 8 1512 16 1553 1558 1558 165 11,550 Corn Products Refining_.100 13% Aug 8 2514Jan 25 1614 1534 16 1614 1653 16 65 Jan 9634 Deo 100 85 June26 10112Jan 14 4 1,7001 Do prof 9118 9113 9112 9012 923 913 9112 9118 9112 91 92 *90 1814 May 109% Sep 95 269,450 Crucible Steel of America_100 52%Jan 12 9912 Mar 16 9212 92 96 9314 9718 94 9133 9478 89 9314 95 84 May 11212 Sep 100 10814Jan 11 12134 Sept22 4 4 4,100 Do pref 11912 11912 1203 1213 11918 12034 11912 120 117 11934 119 119 No par 5214 Aug 3 63% July 6 5818 593 4 5934 62 122,400 Cuba Cane Sugar 4 6014 583 60 59 4 5818 5912 5838 583 100 93 July 14 90 Sept13 9413 9414 9412 94% 9514 8,950 Do prof 9414 94 9412 94 94 95 *94 38 Jan 177 Dec 257 25913 260 26112 1,750 Cuban-American Sugar_..100 152 Jan 5 26113 Sept22 261 261 8 2567 280 255 *246 260 93 Mar 110 Sep 4 100 1043 Feb 1 110 June 8 100 Do pref 108 108 -•100 110 ---- 100 110 • 512 Mar 5012 Oct 12,400 Distillers' :Securities Corp_100 41 July 10 5412 Apr 29 4 4758 4714 473 4812 -4714 48 8 47 48 1 4814 4818 49 48 10 2234 Aug 29 2912Feb 8 :18 June 301., Dec 8,900 Dome Mines, Ltd 2478 26 27 25 2434 2434 *2458 25 *2413 25 2434 25 100 85 Sept 8 11934 Sept18 9934 98 9912 7,600.Driggs-Seabury Ord 95 110 11334 9412 103 4 112 11678 112 1193 8 Mar 60 June 24 23 25 600 Federal Mining d,Smelt_..100 1258 July 13 35 Jan 7 *20 *18 -24 21 21 24 *18 20 Mar 65 June 100 3518 Apr 24 5712Jan 7 43 900 Do pref 42 45 *41 42 4313 44 4333 4333 42 100 §285 Jan 5 350 Mar 18 165 Jan 360 Oct 20 General Chemical *303 307 *301 303 *301 303 *555- 310 *305 310 §30934 30934 150 Do prof 100 1113 Jan 5 118 Jan 27 106 Mar 911812 Nov 116 116 •115 117 *115 117 *115 117 1116 116 *115 116 100 159 Apr 22 17812Jan 17 138 Mar 18512 Oct 4 8 17034 1711 17153 1737 173 17514 17418 17513 1733 1747 174 17513 21,500 General Electric 82 Jan 558 Dee 200 General Motors 100 405 Apr 24 750 Sept14 680 700 *____ 725 740 *690 745 *690 745 *705 740 *670 90% Jan 136 Dec 2,200 Do pref 100 108 July 14 12813 Sept 6 126 1263 12434 126 4 4 4 4 12634 1263 1263 1263 127 12718 126 120 2413 Jan 8014 Oct 4Jan 31 80 Aur 10 100 673 3 7213 73% 17,350 Goodrich Co (B F) 4 7214 727 72% 723 4 7214 73 '7212 '733 73 72 95 Jan 11414 Oct 100 Do pref 100 11034 Fob 1 11634 Mar 16 11378 11378 *114 116 79% Apr 91 June -0113 9413 11,500 Granby Cons M S & P_ _ _ _100 80 July 12 99 Feb 10 92 907 8 91 8812 87 871874 -; 4 -88- If;- *87 8 37 Oct 52% Dee 493 8 487 4913 481 507 8 4914 50% 17,325 Greene Cananea Copper.._100 34 June28 533 Mar 9 8 4913 49 4912 49 49 1658 Jan 4713 Oct Cons Copper--20 42% Apr 22 6434 Sept22 8 4 62 g 7 6178 607 62 6458 637 643 233,215 Inspiration 60 62 4 603 6112 60 512 Mar 2934 Nov .._100 11 Aug 30 2978Jan 5 500 Internat Agricul Corp. *13 16 17 *13 1358 15 18 •13 *1514 16 16 *15 8 Mar 7134 Dee 100 3818 July 14 74 Jan 5 45 4514 3,500 Do prof 4514 485 48 45 8 4 483 49 49 47 48% 49 90 May 114 June 11934 June 7 ..100 10812 Jan 7 11713 11713 *117 11712 1,400 Intern Harvester of N J. ____ 4 1173 118 4 4 1163 1173 1178 118 100 114 Feb 29 120 July19 110 July 120 Nov 120 120 306 Do prof *118 120 4 4 8 11177 1177 1193 1193 *11634 120 18 Dec 2012 Dec 8 4 45% 4714 204,800 Int Mere Marine etfs of dep.- 13% Feb 15 507 Sept14 8 465 4878 4358 4738 43% 453 497 48 4814 497 5513 Nov 7712 Dec 6114 Mar 1 12533 Septll 4 1213 12312 12112 12378 11933 12258 11753 12034 11734 12014 120 12214 181,200 Do pref ctfs of dep Oct 4 • 50 5214 52% 5412 302,200 Intern Nickel (The) 3 o...25 3958 Aug 22 56% Jan 17 1793 Dec 22312 Dec 4834 483 50 4534 45 4 4514 4514 48 1278 8 Jan 100 912 Mar 1 3178 Sept12 2913 2918 29% 40,900 International Paper 2714 2913 28 3012 2812 30 28 28 27 33 Feb 5034 Dec 4 94 100 4213 Feb 1 100 Sept12 9412 12,100 Do pref 4 95 9312 9413 933 948 9512 94 93 4 913 93 100 67 Mar 9 96 Apr 4 9014 1,000 Jewel Tea, Inc 90 8813 8813 8912 90 90 8 3 897 897 *88 89 89 25 66 July 18 8514 Sept 6 8314 20,350 Kelly-Springfield Tire 4 82 823 4 82 834 82 8 8214 823 8258 8214 827 82 00 9538July 15 101 Sept 5 100 Do pref *96 100 *96 100 *96 100 *96 100 99 99 *97 100 5412 55 161,900 Kennecott Copper_ _.No par 4412 Aug 2 59 Apr 3 5318 53'8 5412 8 5212 5318 52 4 8 523 533 8 513 525 28 Jan 94% Sep 100 64 May 5 8614 Sept14 8313 8234 8353 83% 8414 33,000 Lackawanna Steel 4 843 8514 383 8412 857 8514 86 471 4778 4513 4612 46 4714 4,000 Lee Rubber & Tire_..No par 41 July 13 5012 June 5 47 47 48 4713 4712 *47 & Myers Tobacco_100 240 Apr 14 294 Sept 2 207 Jan 260 Dee 292 100 Liggett 28934 28934 *285 290 *280 *290 294 *290 300 *290 294 100 118 Mar 30 12214 Sept 5 11334 Jan 120 Dec 10 Do pref *121 123 §123 123 *121 125 *121 125 *12213 125 *12213 125 Jan 16 Feb 31 300 Loose-Wiles 13lee tr co ctfs.100 14 Sept22 21 Jan 18 14 1512 *1512 19 *1513 19 *1513 19 *1513 19 *1512 19 86 Feb 10518 Jan 200 Do 1st preferred 100 78 Dolan° 9112Jan 13 7814 7814 *784 82 82 *7814 82 *80 80 80 82 •80 100 17014 Jan 19 23978 Aug 19 18512 Jan 189 Nov Lorillard Co (P) *222 240 *225 239 *225 239 *225 239 *225 239 *225 239 200 Do prof 100 11512Jan 6 12213 Sept22 112 Sep 118 Jan *121 12212 *121 12212 *121 12213 *121 12212 12214 12214 12213 12212 1514 Jan 92 Oct 3 9118 9234 9113 9378 9178 9412 907 9358 9112 9314 94,700 Maxwell Motor Inc tr ctfs..100 5714 Mar 3 9413 Sept20 92 .89 4 4314 Jan 1033 Dec 87% 3,020 Do 1st pref stk tr ctfs_100 78 Apr 22 93 Jan 3 8 87 8714 8718 8714 8612 867 87 1 8512 8612 8612 87 18 Jan 6812 Oct 7 5758 5658 57 5658 5658 5712 6,920 Do 20 pref stk tr 0318_100 4214 Mar 2 6078 June 6 5814 4 553 5614 55 5584 56 Jan 12412 Dec 51 88% June28 12958Jan 3 100 8 112 1137 11258 11434 92,300 Mexican Petroleum 11213 11512 11378 116 11258 115 11214 114 67 Jan 10413 Dec 200 Do pref 100 8912 June28 10558Jan 3 *92 98 98 . 98 s95 08 *9512 967 3935 935 - Es 8 8 1714 Jan 3618 Des 3913 5 33 Aug 3 3912 Sept22 3912 32,500 Miami Copper 39 4 4 373 3833 68 3733 3712 3758 3734 3712 373 42 Jan 7934 Dec 94% 1,000 Montana Power 100 68% Mar 1 9414 Sept22 94 04 *93 9313 94 4 4 933 933 *9113 94 93 *90 99 Jan 120 Dee 100 109 Jan 3 118 June23 Do prof 11512 *111 11512 *111 11512 *111 11512 *111 11512 *111 11512 *111 800 National Biscuit 100 118 Sept 9 12514 Mar 20 116 Apr 132 Jan *11812 12218 *118 12112 *12012 12112 12112 12112 1213 12158 12113 12112 100 Do pref 100 124 June30 12958 May12 119 May 12713 Dec *126 12913 *126 12912 12614 12614 *125 128 *125 128 913 Jan 36% Oct 28,050 Nat Enain'g & Stamp'g_100 1954 Apr 22 3114 Sept20 4 30% 31 3114 2953 303 3014 3118 29 4 2913 31 293 29 79 Apr 97 Dec 100 92 Jan 19 0713 Fob 18 250 Do pref 95% 9512 96 *95 96 95 95 196 96 *94 97 *94 4 44 Jan 703 May 8 100 6012 Apr 22 745 Sept21 7334 36,500 National Lead 4 7158 703 748 72 4 7018 7113 6958 7034 70 8 703 713 100 112 Feb 9 11878 Aug 21 10434 Jan 115 Nov 200 Do pref 11212 11212 114 114 *114 118 *114 118 *11418 118 *114 119 17 Nov 1134 Feb 20,765 Nevada Consol Copper 5 15 Jan 31 23% Sept14 22 21% 2213 2111 2158 2112 2114 2112 21% 2113 21 21 56% Feb 16434 Sep 100 118 July14 15313 Jan 15 14234 14358 3,000 New York Air Brake 14013 141 4 1423 14314 140 143 142 14213 *142 145 64 Jan 81 Apr 100 8513 Apr 26 75 Jan 3 North American Co 891. 4 *683 6912 *663 6913 *67 6912 *87 4 4 *663 69 *684 69 2 Feb 1238 Dee 8 July20 1138Jan 7 4 818 6,700,Ontario Silver Mining- _100 73 7 7 71s 818 753 718 *7 7 8 733 73 381., Dec 38 Aug 5 1134Jan 3 31 Aug 21 4 263 2714 5,400 Pacific Mall 2814 2613 27 28 29 2858 27 2812 28 28 -100 10013 May 5 11178Jan 3 10812 Dec 12312 Apr 1083 11012 10,200 People's G L & C (Chic). 10812 109 4 106 10734 10712 109 10258 10412 105 108 3512 Apr 49 Sep 4038 4012 4012 40% 2,900 Philadelphia Co (Pittsb)__ -50 38 Junel5 46 Jan 17 41 40 3933 3958 3958 3913 *3812 40 1514 Jan 4212 Oct _ 32 1,000 Pittsburgh Coal 32 100 22% Apr 24 3634 Jan 17 8 33% 3318 __ 8 3312 337 337 33 81% Jan 114 Oct 1,600 Do pref 100 100 Mar 8 11134Jan 13 *100 110 *103 110 25 Mar 7814 Oct 100 4212July 14 6518Jan 4 4 5834 111- -6014 61 20,200 Premed Steel Car 5958 6058 5812 16 5934 6012 i054 81 Oct Jan 4 86 100 97 300 Do pref 4.101 10212 *10112 103 102 103 4 *102 103 *10214 10312 103 103 1,800 Public Serv Corp of N J_ - _100 114 July18 10478 Sept22 10012 Mar 106 Des Aug 120 an 31 13874 135 13614 135 135 4 13412 13412 1343 1343 134 135 134 134 8 100 1597 May10 17134 Jan 17 15018 Mar 17014 Oct 925 Pullman Company 3 166 1667 166 167 §16578 16578 4 16712 1673 *166 168 4 4Jan 19 53 Nov 2% Mar 22 14 Mar 63 100 100 Quicksilver Mining 3% *3 _ 678 Nov 4Jan 28 83 312 May25 4 3 Mar 47s 100 2001 Do pref *4 5 - -514 514 -----------------5 19 Mar 54 Oct 5314 - 8 33,300 Railway Steel Spring e37 100 32 Apr 22 5612800315 4 , 5514 5358 5514 523 5438 523 54 5378 5512 5312 87 Mar 102 Nov 100 9514 Mar 9 10153 Sept18 5001 Do prof 4 4 10158 10158 1003 1003 *10012 10112 10014 10014 101 101 1514 Jan 2712 Nov 2513 2513 2614 53,000 Ray Consolidated Copper_.10 20 June23 2614 Sept14 25 2558 247 2513 2478 2518 2478 25/8 25 19 Feb 5714 Dee 4 6814 81,600 Republic Iron & Steel 100 42 June26 693 Sept14 8 67 8 6538 6714 6413 677 4 6714 6812 6718 6812 663 677 72 Jan 112% Des 1088 June26 11613 Sept14 2,9001 Do pref 111 4 100 8 11018 11013 10958 1101 110 11034 1105 11078 11018 1107 1103 4 5,900 Saxon Motor Car Corp_...100 77 Sept15 8434 Sept19 843 4 4 833 8453 84 8 4 8312 823 8434 837 843 82 8033 82 100 16814 Mar 1 21212 Aug 23 313134 Mar 20912 Feb 1,500 Sears, Roebuck & Co 8 20778 20834 2077 208 *208 211 209 20934 20758 208 100 125 June28 127% Mar 3 121% Jan 126 Dee 2001 Do Prof 126 126 *12314 12712 *12314 12713 *12314 127 *12314 127 _ 10 24 July 11 4014 Feb 14 3 3112 3218 11,300 Shattuck Ariz Copper 3078 3014 3034 3012 317 3034 31114 30 31 -8012 24 Jan 66% Des 59 593 4 3,000'Sloss-Sheffield Steel & Ir.._100 37 July 14 6314Jan 3 5712 5712 *573 5912 69 59 59 4 59 60 60 40 Feb 164 Dec 100'South Porto Rico Sugar_..100 146 Jan 29 240 Junel0 180 180 *178 188 *180 190 *180 186 *175 185 *175 185 89% Feb 110 Oct *113 100 106 Feb 2 120 June 6 --- 1 Do prof __ *113 ____ *113 *112 ____ .113 *112 *9513 98 ---300 Standard Milling 4312 Feb 96 Dee 100 88 Mar 10 10312 May25 96 9812 96 98 *9413 - - 96 98 *94 98 *94 66 Feb 85 Nov 4601 Do Prof 91% 9178 100 85 Aug 23 94 May17 91 908 91 *89 91 *89 91 *88 91 *88 4 353 Jan 195 Oct 56,100 Studebaker Corp (The)__ _100 11914 Sept 1 167 Jan 3 131 133 8 8 129% 130% 12918 13212 12914 1317 12918 13138 1287 131 91 Jan 11912 Oct 5001 Do pref 100 109 Apr 27 114 Mar 14 109 10914 11013 11012 4 10934 1093 *109 111 76 7314 -7514 7334 7334 7414 74 7414 7234 7438 73 7314 2312 76 22,800 Stutz Motor of Am Ine_No par 7234 Sept20 6612Sept22 2513 Feb 70 Sep Jan 5 25 22% July20 2514 36,100 Tennessee Copper 8 2534, 2612 255 2614 2558 2578 2234 2534 2334 2514 17714 June27 23512Jan 3 120 May 237 Dee 4 202 20412 203 21712 215 21912 214 21912 215 2173 218 22434 38,700 Texas Company (The) ..100 4814 Sept 7 5638 Sept19 5512 56 80,330 Tobacco Products Corp __100 5518 5638 5518 56 5118 5414 5412 5638 5115 52 95 May 103 Nov 100 99 July 14 10913 Mar 16 1,100 Do pref 104 104 10312 10434 104 104 103 103 *103 105 *10114 105 4% Jan 9% Des 414 May 9 11 Sept12 100 9% 9% 9,400,Union Bag & Paper 958 10 938 958 958 1018 958 10 958 958 22% July 3112 Dee 100 28 Jan 27 59 Sept12 56 56 2,2001 Do pref 58 5618 56 5712 56 5653 §58 5612 5613 56 59 Dec b1012 Oct 100 59 Feb 9 10534 Aug 9 104 1047 17,900 United Cigar Stores 8 10212 10553 10312 105 10112 10258 10234 10512 *10112 102 100 81112Feb 10 120 Aug 9 b1112 Oct b1218 Nov 100 Do pref 118 118 *110 119 *110 119 • __ 118 *____ 118 *-___ 118 100 136%Jan 31 16912 June 8 139 Nov 183 Nov 4 8,100 United Fruit 1823 164 316212 163 i8114 1611 16158 16313 163 16413 16214 163 8 Jan 31% Oct 100 15%Jan 31 2612 Mar 14 2234 2318 3,100U S Cast I Pipe & Fdy 2212 23 4 2338 2334 223 23% 2278 2278 2238 2234 3212 Mar 5512 Nov 100 4812 Feb 5 55% Sept18 55 1,5001 Do prof 5512 55 *54 58 8 5513 5513 *55 555 55 55 55 4 15 Jan 1313 Dee 127 12013 12918 13012 44,000 U S Industrial Alcohol_...100 97 July13 17013 Apr 6 129 13214 12712 132 133 129 4 1283 131 70 Jan 107 Nov 100 9913July 11 114 Jan 13 130 Do pref *103 10412 *103 10412 10413 10412 *103 10412 *102 10412 *103 10412 July 7434 Apr 44 5834 60 14,500 United States Rubber.. 100 47% Mar 1 6178 Sept13 5818 59 587 593 4 5814 59 4 593 60 5912 60 s 2,400 Do 1st preferred 100 10618 Feb 5 115 Sept18 1013 Feb 110 Apr 114 11434 114 11418 114 114% *113 114 11414 11414 11414 115 4 50 6212 June27 803 Apr 4 7714 783 22,400 U S Smelting Ref & M 4 77 74 74 74 75 3 4 743 75 4 73 76 75 50 50 June20 5312 June 9 200 Do prof 5213 *5112 5258 *5112 5258 *5112 5238 *51 511352 _ 38 Feb 8912 Dec 4 100 3793 Mar 1 11453 Sept22 107 10834 10713 1097 10978 114% 1048300 United States Steel s 10718 109 168 100 115 May 3 12134 Sept22 z102 Feb 117 Oct 4 121 12118 121 1213 15,000 Do pref 12018 12014 12014 12012 12013 12118 12012 121 4 4812 Jan 813 Dee 4July 14 93 Sept22 10 743 78,800 Utah Copper 9058 9038 93 8 8818 8718 88 4 8 853 867 8512 867 4 843 858 100 1614 June 9 2034 Feb 3 1958 *1812 1958 2,950 Utah Securities v t c 19 19 19 19 19% 1934 1914 1913 19 15 Jan 52 Oct 4 43% 44% 8,700 Virginia-Carolina Chem__ _100 36 Apr 24 51 Jan 17 8 4314 4413 43 433 4 44% 447 4478 4414 443 44 80 Jan 1137 Dec 100 108 Apr 22 113 Sept22 113 113 600 Do pref 112 11212 *111 114 *108 114 112 112 *111 112 8 57 Jan 00 Nov 8 24,300 Western Union TelegraDh.100 87 Mar 1 1027 Sept16 10018 101 398 9958 9814 9914 993 102 3 4 993 1027 10012 102 8 32 Feb 747 Oct 6418 6558 106,700 Westinghouse Elec & Mfg_ _50 5234 July 14 7158 Mar 15 1 6514 6318 6434 6314 65 6313 6414 63 8312 64 5813 Mar 85 Oct 50 70 Apr 19 79 Mar 15 74 74 600 Do 1st preferred *7012 74 74 *70 74 74 738 74 74 *70 1 n325 June 5 n87 Feb n268 Nov ...25 4338 Sept 4718 4512 4614 45% 4612 87,700 Willys-Overland (The). 46 4 4813 4812 463 48 4518 46 1,400 Do pref Sub recta full pd 100 102 Mar 2 117 Juno 5 10413 105 310378 104 4 10418 1043 10412 10412 105 105 105 105 9014 Jan 12013 Dee 100 118 Jan 5 13912 May12 1,900 Woolworth (F W) 138 13812 138 138 137 137 *138 138 *138 138 137 137 100 123 June29 12512June 6 115 Jan 124 Aug Do pref *12314 12414 *12214 124 *12214 124 *12214 124 *12212 121 *12213 124 Ex-rights. a Ex-div. and rights. b New stook. c Par $25 per share. a Ex-stook dividend. • Bid and asked prices: no sales on thIsday. g Less than 100 shares. -dividend. n Par $100 per share. 3E3 Jaw. - 10738 10833 New York Stock Exchange-Bond Record, Friday, Weekly and Yearly 1103 In Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now all -and futerest"--except for income and defaulted bonds. Price Friday Sept. 22. BONDS N. Y. STOCK EXCHANGE Week Ending Sept. 22. Week's Range or Last Sale Range Since Jan. 1 BONDS N. Y. STOCK EXCHANGE. Week Ending Sept. 22. r; Price Friday Sept. 22. Week's Range or Last Sale Range Since Jan. 1 1Bid U. S. Government. Ask Low High No. Lots High Chic Burl * Q (Con.)Bid Ask Low High No. Low High I U 5 2s consol registered_ _ _ d1930,C1 - J' 99 ---- 00 Aug '16 ---- 99 Illinois Div 45 997 1949 J - .1 94 Sale 94 9412 65 9378 9688 d1930 Q - J 90 ---- 10012 Sept'16 ---- 994 10012 U 5 28 consol coupon Iowa Div sink fund 5s__ _ _1919 A - 0 10212 ---_ 10212 Sept'16 ---- 10214 1031 , k191.8 Q - F 1001 4100 Aug '16 U S 35 registered 12 Sinking fund 49 10234 9934 1919 A - 0 9954 ---- 993 Aug '16 ---998 997 4 coupon kI918 Q - F 10014 ____ 1005 8 U 5 1.1 1003 4 Joint bonds. See Great North 3 100 1027 U S 4s registered 1925 Q - F 10912 _-__ 11014 July'16 Nebraska Extension 4s_ _ _1927 M-N 9814 99 9814 9814 4 9754 100 1925 Q - F 110 11012 11114 U S 4s coupon 1 12 Registered 10 110k 1124 1927 111-N ---- -..-- 98 July'16 ---- 96 09 98 U S Pan Canal 10-30-yr 2s_k1936 Q - F 9814 __-- 9814 Oct '15 -_ -__ ..__ Southwestern Div 45 1921 M- S 9918 June'15 -- -9814 --__ 97 July'15 ____ ._ _ _ U S Pan Canal 10-30-yr 23_1938 Q -N General 4s 1958 M- S 93 Sale 9258 93 33 -ii - - 5 6i4 Panama Canal 38 g_ _ _ _1961 Q -M 10112 ___ 103 Sept'16 ---- 10178 103'14 Chic dr E Ill ref de imp 45 g_ _1955 J - J U5 2412 30 2514 2612 8 2114 2612 U S Philippine Inland 48.1914-34 Q - F 100 _-__ 100 Feb '15 ____ 2314 26 lp .. U S Mtg & Tr Co ctfs of de03 4 2312 2518 10 20 28 Foreign Government. consol gold 6s 1st A. -- 6 11118 ---- 10712 Aug 98 Sale 98 Amer Foreign Recur 5,7 (w 1)_'19 98% 408 93 9818 General consol 1st 5s 1937 M- N 8712 ---- 86 Sept'16 ---- 175 186 '6 °4 971 1 Anglo-French 5-yr 5s Eater loan_ ---0533223 9312 9612 A 15 953 sale 9518 Registered 1937 M- N 85 __-_ 82 May'16 ---- 82 82 Argentine-Internal 5s of 1909_ _ M- 5 92 93 923 4 93 19 8984 953 863 ____ 85 Sept'16 ---- 75 4 U 5 Mtg de Tr Co ctfs of dep __ __ 8538 Chinese(Hukuang Ry)-5s of'11 .1 -D t 72 7212 72 72 2 89 Guar Tr Co ctfs of dep 88 Sale 88 7814 8818 6 74 , 881 Cuba-External debt 58 of 1904_ M- 5 993 Sale 93 100 19 9614 10084 Pur money 1st coal 5s____1942 F - A 9638 96 Exter dt 5s of '14 ser A_ _ _1949 F - A 96 98 --4 2234 MFeab;1163 ---2 -- 9712 Chic & Ind C Ry 1st 5s_ _ _1936 -I - J -ii 1 94% 97 85 86 86 Aug '16 ____Chic Great West 1st 45 External loan 430 1949 F - A 1959 M- S 6978 Sale 6918 69% 46 69 74 9918 Dominion of Canada g 5s w 11921 A -0 997 100 100 146 813 187 Chic Ind &014 Louisv-Ref 68_1947 J - J 113 115 113 Aug '16 ---- 11112 1.-145- 9 12 0 88 - i 4 Do 100 1920 A -0 993 Sale 9914 do 74 97% 10114 Refunding gold 5s 1947 J - J 100 ___- 100 Sept'16 ----I 100 101 Do 1931 A -0 10014 Sale 99% 100% 138, 968 1N3 do 83 Sale 83 4 Refunding 4s Series C 184 1917 J - J 83 2 8712 83 4 6 3 67 3 : Japanese Govt-£ loan 430_1925 F - A I 8712 89 8714 8714 4' 82 70 -- 70 Sept'16 Ind de Loulsv 1st gu 4s_ _ _1958 J - J -Second series 430 e L3172 Sept'16 1925 J - J t 12 ,18 Chic Ind & Sou 50-yr 4s_ _1956 J - -1 87 90 7812 87 88 Sept'16 7° 8 7 ° 9112 8 Sale Do do "German stamp"_ 39 73 2 8414 Chic L S dr East 1st 430_ _ -_1969 J -D _--- 96% 0712 Apr '18 73 7013 Sterling loan 41 7012 1931 .i---j 1 70 1 63 7212 Chicago Milwaukee & St Paul 57 50 Aug '18 _-- 45 Mexlco-Exter loan £ 5s of 1899 Q - J ; 47 9138 Sale 9014 Gen'l gold 4s Series A_ _ _e1989 J - J 60 913 8 24 8912 94 35 43 39 Aug '16 _ Gold debt 41 of 1904 Registered 9238 Feb '16 --:: 9238 9238 e1989,Q - J 2712 50 9512 Jan '1. ____ Prov of Alberta-deb 4359__ 221 .1 -- D 54 F A 9412 Sale 92 Permanent 48 9412 la 92 19251 9514 Tokyo City-5s loan of 1912_ _-_ l'af- S t 78% Sale 7813 7884 Gen & ref Ser A 430_ _ _a2014 -I -I 93 8I ii II 19 9112 9432 A ) 93 Sale 9214 g0 2 , 99if. Sale 99 U K of Gt Brit & I 2-yr 5s_1918 9911 2915 987 998 / 2 4 Gen ref cony ser B 5s__a2014 F - A 10612 Sale 10638 107 804 105: 11012 100 2 1 78 :These are prices on the basis of iiitoi 793 Sale 7934 96 4 10 Gong gold 330 Ser B____e1989 J - J 80 State and City Securities. General 435s Ser C e1989 J - J 10214 Sale 10114 10212 30 4 -130 Corp sock _1960 61- 1 10314 10312 10314 N Y City 10312 24 101 10312 8 25 -year deben 4s 4 1934 J - J 907 913 9012 9138 33 90 9312 1 10le 4 1964 111- S 10 1.1 Sa4321 10 a2 43.s Corporate stock 413 10413 35 101 10412 1003 Sale 100% 4 Convertible 430 101 13 100 1038 3 4 .its Corporate stock__ _ _1966 A- 0 10438 5 10418 10438 Chic & L Sup Div g 5s_ 21 J - J 1932 i -D 103 ---- 103 July'16 --- 103 1037 s 430 Serial corp stock. 1917-31 A- 0 Chic & Mo Rly Div 58_1926 J - .1 10484 ---- 105 Sept'16 ---.- 10412 1057 - . 4 1965 .1 -D i663 5:4172- i663-4 435s Corporate stock iici35 a 116- -- igr Chic & P W 1st g 53 4 1 4 1921 J - J 1023 103% 1023 1023 4 1 102 104, 1963 M- s 10934 sale 10938 4355 Corporate stock 1091i 79 10573 10934 917 905 Sept'16 ---- 8912 917 C M & Puget Sd 1st gu 48_1949 J - J 8 4% Corporate stock 10138 88 977 1013 2 Dubuque Div 1st s f 6s_ _ _1920 J - J 108 ____ 10638 Aug '16 ___ 1 -8: 6 7 (13: 6 4% Corporate stock 10114 17 98 1 )1 4 Fargo & Soll 839UM g 6s_ _19241J - J 110 -_-. 110 June'1:3 --__ 1957 61-N 10114 Sale 101% 4% Corporate stock 1013 8 9758 101 18 , La Crosse & D 1st 55 19191J - -1 10112 10214 102 Aug '16 ---1956 M-N 10012 1003 9714 Jan '16 ---- 974 9714 4 4% Corporate stock Wis & Minn Div g 5s 19211J - .1 10234 10312 1023 Sept'16 ---- 1021 105 4 4 I0938 ---- 1095 1957 M- N 10938 10 1054 109 8 New 430 Wis Vali Div 1st 68 1920 J - .1 107 _ _ __ 107 Sept'16 ---- 10612 10714 1917 M- N ---- 101 10014 July'16 ____ 10014 10014 ' New 430 4 Mil & No let ext 430___ _1934 J -17 10138 10212 10114 Sept'16'---09 10le 0 435% Corporate stock_ _ _1957 M-N 10 % 5a2 10912 '1093 Cons extended 435s.._ _1934 .1 -D 101% ____ 1013 June'161---- 10114 1017 extend 9 103 10934 4 4 101 1013 4 & Nor WestExt 4131886-1926 F - A 8 43 1007 June'16 ____ 10078 100% ChicRegistered 5% Assessment bonds_ _1917 M -N 95 -_-- 98 Aug '161-- 9512 9758 9314 ___- 93 Sept'16 ---1954 M-N 335% Corporate stock 9438 ___ 1886-1926 F - A 9/ Ayr '16'--- 97 97 July'16 ---- 1032 10/584 General gold 330 3: ) 105 N Y State-1s 22 52 M: j 1961 i S 8038 813 8012 Sept'16 ---- 80 1987 M- N 4 84 12 Canal Improvement 4s_ _1961 J i J I0712 -__-__ -__ -__ 105 July'16 ---Registered 2 10 J 11518 ____ p1987 Q - F ---- -- .'14 Generm is 48 sta alped 10214 Jan '16 -___ 10214 10214 95 Sale 9412 jee95 -23 Canal Improvement 4s_ _ _1982 -- fii8 1987 NI- N 78 ; 021 16 Canal Improvement 4s_ _1960 J - J ___. _--- 10514 Aug '16 ____ 11212 10 6 1987 51- N 933 96 8 115 Sept'16 ---- 113 11514 General 5s stamped Canal Improvement 430_1964 1987 M- N 111 11414 11234 Aug '16 ---- 11214 1163 4 4 4 SInkig g fund (35 itenistered Canal Improvement 4Xs_1065 J - J 1093 _ _ 1093 Sept'16 .._ _ 10612 10934 1879-1929 A - 0 no ____ 11212 Jan '16 11212 11212 m_ s 110 WO 115% 6 Highway Improv't 430_ _1963 116 1879-1929 A -0 109 ..- - 10912 Apr '16 4 _ 1093 July'16 -- 107 1093 Highway Improv't 43(8..1965 111 - 5 1093 _ Sinking fund 5s I05' -.10434 Aug '16 4 1879-1929 A -0 °912 9 104 1043914 2 5214 g6 85 Aug '16 -_ 843 8838 54 4 Virginia funded debt 2-3s_ _1991 J - i -,-- 53 Riii.eegRegistered 1879-1929 A - 0 10411 --- - 10312 Apr '16 6 50 55 5812 (is deferred Brown Bros ctfs_ _ _ __ __ Debenture t t 1921 A -0 10212 Sale 10212 10212 1 11°312 LI%13 10112 Railroad ered11 . _ 101 Dec '12 -5 1921 A - 0 ._. s 412 610 Ann Arbor 1st g 4s 65 h1905 Q - J-,7,7- . 65 68 2 0212 9518 83 Sinking deb 5s WI-Nd 1933 111-N 10314 104 10312 Sept'16---- i6314 105 .9212 9314 2341 Atch Top & S Fe gen g 4s___1995 A - 0 vis fundRegistered ---- 10312 10414 June'16 ---1933 14 Registered 92 al 92 _15_ 40 1a58 142 Frem Elk & Mo V 1st 6s__1933 A - 0 12014 12112 12012 Sept'16.---- 1044 104 12012 121 85 92 - 8 e 8378- July'16 Adjustment gold 4s N- 0 h2U A ov Man G 13 & N W 1st 330_1941 .1 - J ---- ---- 9012 Sep 09.--- ____ -- - _ gi: 84 81 Sept'16 --_ 81 8612 Registered 41- 1 //1 Ng 1 c)( 21 Milw & S L 1st gu 330_ _1941 J - J 84% Sale 8312 Stamped 85 68 8314 8814 Mil L S & West 1st g 6s___1921 111- S loi- 166- 108 Ju1y.18 ____ log48D 105 10512 1053 Cony gold 1053 8 1 10084 10718 Ext & imps f gold 5e_ _ _1929 F - A 10618 ___- 10612 Aug '161____ 106 i6610712 10514 Sale 10514 Cony 4s 18$1,10 of 1910 106 Ashland Div 1st g Os__ _1925 111- S Dec '161.... 10034 Sale 1003 10 -year 55 4 1003 Mich Div 1st gold 6s_ _ _1924 J - J 11134 78iiie- 111% 4 96 6 1 18 4 11 1 95:4 967 953 Sept'16 -__' 20 1097441 ,, ill iii1- 4 : 4 East Okla Div 1st g 48.._ 21 Mil Spar dr N W lat gu 48_1947 RI- S 913 Sale 0112 4 8 7 le 9538 9612 911 4 .9 9 Rocky Mtn Div 1st 4s___ _1965 3 - J 84 Sale 84 Northw Union 1st 78 g_ _ _1917 51- S 10114 ---- 10738 May'14 ----1 9018 Sale 8904 Trans Con Short L 1st 48_1958 J - . 9018 10 84 1 8 21 St L Peo & N W 1st gu 5s_1948 J - J 10518 10512 10518 9 1 8929 10518 109 - -i6 Cal-An. 1st & ref 430"A"1962 111- S 9612 Sale 9638 9612 01 8 903 99 3 Winona & St 21 Dec '15 ---11, 034 _a_l_e_ 102% Aug '16 __ 1027 10412 Chicago Rock P 1st ext 79_1916 J - D 10114 Rifi 1 S Fe Pros & Ph 1st g 5s 1942 M- S 10278 8 2 10118 8 10118 Is! & Pac(35_1917 J - .1 8 3 1 1611 ioi7Coast L 1st gold 43._ _h1952 M- S Ail Cot 9134 9214 18 91 94118 Registered 1017 J - J 101 --- 101 Sept'16 ---- 101 102 Gen unified 430 4 1984 .1 -D 883 8958 10896% ______ 18293144 102% 97534 4 1988 .1 - J 8312 833 8318 833 4 13 82 ByReoeter gold 4s gcnsraled 87 Ala Mid 1st gu gold 58._ _ _1928 M- N 10614 10718 Julie'16 1988 J - J ---- 8312 83 June'16 923 0312 9414 MaY'I6 ::::: Bruns & W 1st gii gold 49_1938 3 - J 8 Refunding gold 4s 1934 A -0 72 Sale 7112 72% --‘,/ I, 6334 75 2 841414 , Charles de Say 1st gold 7s_1936 3 - J 1.13 .37e 1297 Aug 15 s 30 -year debenture 59 ' 58% Sale 5714 1932 1 - J 59 21:0: 83 • 41 4 L & N coil gold 4s 8334 8414 28 -S -iif8 o1952 M-N Coll trust Series P48 • 1918 /11-N ip 9514 9714 9714 Aug '16.---. 9512 6864: 9738 -0 11858 _ July'16 _ 1 a 11918 1934 A Say F & W 1st gold 85 R I Ark & Louis 1st 430__1934 111- S -__ 59 58 Aug '16 ---- 54 6538 . 3 2 Z i y, , (1 1st gold 5s 1934 A-0 1 4 joy) - 11 .L ire)0 ..-_-____-: _6618. 1_ :6 2 1 81 7 Bur C R& N-1st g 5s_ _ _1934 A -0 100 10118 9912 July'16 ______._. 978 100 4 511Sp Oca de G gu g 43_ _ _ _1918 J - J CRIF&NWIstgu 59_1921 A-0 993 ---- 1007 Mar'll ---4 __ ____ 8 8 Bait & Ohio prior 330 1925 J - J 925 027 9238 927 IS 9214 937 8 M & St L 1st gu g 78 1927 .1 -D 9 0 Registeredh1925 Q - J 0278 ijaiw 92 June'16___ 9112 9238 _ Choc Okla dic G gen g 59_ _o1919 J - J -156- --:---- 9934 Sept'16 -- -68 4 .1- 9934 s Ist 50 -year gold 43 h1948 A -0 897 8 91 171Consol gold 58 1952 NI- N 90 ____ 97% July'15 ---Registered 31948 Q - J __- _--- 8912 Aug '16 ,..._ 8 12 9214 4 34 9112 Heok & Des Moines 1st 55 1923 A - 0 6212 65 6312 Sept'16 ---- "ii- .65'10-yr cony 430 1933 -- -- 95 Sale 943 4 9518 -160 937 9858 64 St Paul & K C Sh L lst 430'41 F - A 6712 67 Aug '16 ---- 65 71 Refund & gen 5s Series A_1995 J -D 10014 10012 176 997 10134 Chic St PM &0 con 6s___ _1930 J -D 11714 118 11712 11712 7 1 10012 Pitts June 1st gold 6s_ 1922 J - 3 108 Sale109 112 Jan '12 Cons 13s reduced to 3359_19301J -D 91 ____ 873 Feb '16,---- 11714 118 ... 4 875 87% 4 9214 ..- 91 Sept'16 ---- -sji - -92 P June & M Div 1st g 330 1925 M- N ____ Debenture 55 1930 61- S 100 10138 10058 Sept'16 ---- 100 103 7 P L E & W Va Sys ref 43_ _1941 M- N 8618 _ ,_ 85% 8612 33 8518 90 Ch St P & Minn 1st g 6s_ _1918 111-N 11612 ---- 11712 May'161---- 11712 11814 Southw Div 1st gold 330_1925 J - J 907 9-114 90% 8 9114 __6_ jo9;: 1927 North Wisconsin 1st 65_ _ _1930 .1 - J 11612 __-- 12938 May'09 --- _ __ - _8 i 0718 2 Cent Ohio R 1st c g 430_1930 M- S 10 018 10118 100 Apr '13.St P & S City 1st g 6s_ _ _1919 A -0 10414 1057 10414 Aug '18 ---- 504 10538 8 Lor & W con 1st g 5s_..1933 A - 0 106% 10714 10732 Aug '16 CI 0 18 ...____ _104_ 1_ .. Aug '16 -__-_-: 58 Superior Short L 1st 59 g-g1930 Si- S 1745 i. 2 1041: .0 . 1 412 Motion River 1st gu g 5s__1919 F - A 101 June'16 Chic TI!& So-east 1st 5s_ _ _1960 J -0 70% 80 101 68 Sept'16 ---- , 63 88 8 Ohio River RR 1st g 58_1936 J -D Did-I- ---_- 107 July'16 -_-_-_ 10612 101 10733 Clitc & West Ind gen g 6s_g1932 Q -M 106 2 ---- 10614 Sept'16 ---- 1108 107% , General gold 5s 1937 A -0 105 i551- 105 July'16 2 76 Consol 50-year 4s 10514 7658 773 7738 1952 J - .1 4 32 75% 8118 Pitts Clev dc Tol 1st g 8s 1922 A -0 10612 ____ 11312 Feb '12 .- 105 Cin H de D 2d gold 430_ _1937 J - J 91 _--- 8612 Jan '16 ---- 8612 861s Pitts dc West let g 48 1917 J - J 993 ---8 Ist & refunding 45 1959 J - .1 ---- 80 Stat Ii Ry 1st gu g 430_ _1943 J -D ir Junon ___ -6433 -6912 t 9 1 1st guaranteed 4s 78 Aug 16 --- 78 1959.3 - J 78 8 ---1937 NI- S ilig5- - 10834 July'16 Buffalo R & P gen g 55 Cm D dc I 1st gu g 5s_ _ _1941 NI- N 40 ...... 25 Juiy'15 ------- i0712 110 1957 M-N 101, ---- 10112 2 Consol 430 10112 8 10114 103 C Find & Ft W Ist gu 4s g 1923 NI- N -.......88 Mar'll 8 owe. ikA .. All & West 1st g 4s gu_ __ _1998 A - 0 905 ____ ---. -•-•,..,, ---- 9238 925b an I& W Ist gu g 4s____1953 .1 - J ---- ---- 65 July'14 ---- ____ Clear de Mah 1st gu g 5s_ _1943 j - j 106 _ _ __ 10313 Feb '16._ 103% 10318 Day & Mich 1st cons 4348_1931 .1 - J -- -- ---- 948 Dee '14 ---8 -- IC914 Aug '16 ___ _ 1073, 10914 Rod( & Pitts 1st gold 6s__1921 F - A 108 Ind Dec & W 1st g 5a 1935 J - J .. _ _ 65 July'14 -___ __ _ --10812 .-_ 110 July'16 Consol 1st g 68 1st guar gold 59 ---- 10734 11014 10712 Dec '02 1935 3 - J Canada Sou cons gu A 59_ _13E 101 1027 1027 8 ; 1027 5 10112 10434 Cleve CM C & St L gen 4s.1993 .1 -D 79 Sale 7834 79 4 7712 81 Car Clinch & Ohio 1st 30-yr 53'38 1 -D 9411 Salo 9412 9412 1 92 20-yr deb 430 95% 8512 8312 Sept'16 ---- 8312 904 1931 J - J 84 Central of 011 1st gold 58_ _ _0945 F - A 107% - 10784 Aug 16 ____ 10712 Gen 56 Series 13 9914 1993 J -D 9914 Sale 9914 2 9914 1005 8 Consol gold 59 10014 HIT 10014 10014 6 100 108 1945 M- N Cairo Div 1st gold 4s 102 8 1939 J - J 8458 855 85 Sept'16 ---- 82 87 Chatt Div pur money g 4s 1951 .1 -D 841i Mar 16 _ _ _ 7512 7618 7838 Sept'16 ---Cm W & M Div let g 4s 1991 J - J 7512 7712 Mac dr Nor Div 1st g 5s_ _1946 .1 - J i(ii- :::: 10104 Mar 19 _-_ 8312 8412 St L Div 1st coil tr g 4s_ _ _1990 M- N 803 8138 8034 Sept'16L.. 79 10134 10184 4 Mid Ga & Atl Dly 5s 8438 4 1947 3 - 3 10J ____ 1001 Mar'15 __ Registered 821 Mar'14 4 1990 M- N Mobile Div 1st g 5s 1946 J - J 103 _ - _ 10214 Jan '18 _ Spr & Col Div let g 4e.,..,,1940 51- S 8612 June'16 --- 85 8612 Cen RR & Dot Ga col g 5s 1937 M-N 94% 953- 9418 Sept'16 -_-_- 10214 10214 4 W W Val Div let g 4s , 94 97 1940 J - .1 8014 8338 8438 Jan '16 ---- 8484 843 cent of N J gen'l gold 5s_ _ _ _1987 J - J 1153 Sale 11534 4 4 11618 010 11534 11814 911 1 4 88,8 i‘ ne'1 5 % 7 C I St L & C consol 6s u 1920 NI-N 105 3. 3_ 105 Jlay. 6 ziii 75 774 ._ 31987 Q - J 114 116 115 Aug '16 Registered . ---- 115 11714 let gold 4s k1936 Q - F 9212 _-- 9212 Aug '16 ..-. 9118 9212 Am Dock & Imp gu 5s____1921 j - j 1031 104 103% July'16 .... __ 10314 10334 Registered k1936 Q - F Leh & HudRivgen gu g 53_1920 j - j Jane'13 -- .- - _ ---On S de CI con let g 5s___1923 J - J 102 _--- 102 Sept'16 ---- 102 10212 N Y & Long 13r gen g 4s_ _1941 M- S 90% _ . 10012 Jag '13 ---C CC & I gen con g 68_ _ _1934 .3- J 11618 ---- 11613 June'16 ---- 11818 1131k Cent Vermont 1st gu g 4s_e1920 Q - I.' - - - 10 - - 8114 79 Aug '16 --Ind B de W 1st pref 4s_ _1940 A -0 85 --- - 94 July'08 ---- -------- -gi Chess & 0 fund & impt 53.._1929 J - J 6,112 951- 95'2 95 2 , 5 94 2 98 0 Ind & W let prof 5s_ _ _d1938 Q - J 1030 3 -N 10512 Sale3 105 , 2 ---- ___ --1st consol gold 5s 10612 15 1043 1075s Peo & East let con 4s____1940 A -0 --;,-,-- -ii1% 21-511; July'16 ---- 63 77 103 10412 12;1 June'16 __ 2 Registered 32 Income 4s 34 I 32 Sept'16 ---- 23 1990 Apr 1‘0,! -66- i3a-l-e9 I"- N 1 2 38 g General gold 430 29 89 9314 Cleve Short L 1st gu 4%e___1961 A -0 993 100% 10012 4 10012 8 9934 10112 9012 Feb '16 ,. Registered Col Midland let g 45 7% 13% 13 Aug '18 ---I 7 9012 91 1947 J - J 1614 E 4 S2(3 8318 3- 8 12 20-year convertible 430..6(1 84 69 8313 89 Trust Co certfs of deposit----------714 Sale 714 7 ----153 4 714 18 6 Sale 30 -year cony secured 5s_ _1946 A -0 _ Aug3(83 851 9218 95 Colorado dc Sou let g 49_ _ _ _1929 9112 Sale 91 91, 2 5 90 9314 Big Sandy 1st 49 :9,358.W. Refund de Ext 4359 1935 NI-N 83% Sale 8312 84 9 82% 8718 Coal River Ry 1st gu 4s...211 .1 IT 6Z 83% 33 klar'16 :L. f1114 3 . :184 Ft W & Den C 1st g 6s__ _1921 J - D 10434 105 10434 Aug '16 ---- 1043 Craig Valley let g 5s 4 106 % 9634 Feb '16 --- 9(334 9684 Conn dr Pas Rh% let g 4s___1943 1940 J - 3 92 100 A -0 Potts Creek Br 1st 4s____1946 J - J ____ _ _ 8484 Jan '13 ____ 94 Feb '16 :::: -64 - 94 - - - - - - - Cuba RR 1st 50-yr 5s g___ _1952 J - J -------- It ,s, A Div 1st con g 4s......1989 J - .1 8714 873 87 4 87 4 8419 83 Del Lack & Western2d consol gold 46 8112 June'l0 -- -- 81% 8318 1989 J - J 8012 82 Morris & Es 1st gu 330_2000 J - D -___ 86% 868 867 1 8534 87 Greenbrier Ry Int gu g 441_1949 1\1- N 88 -___ 90 Apr 14 __ N Y Lack & W 1st 6s.,..1921 .1 - J 10638 --_ - 1073 8 1073 8 1 10858 109% Warm Springs V Ist g 5s 1941 M- S --------11314 Feb '15 ...._ - - - - - -- Construction 5s 1923 F - A 10318 10312 10312 Sept'16 ---_ 10234 104 Chic & Alton RR ref g 3s___1949 A -0 3i ) 5912 59% 6 Term & Improve 4s_ _ _ _1023 NI- N 9834 99% 9814 983 4 8 98 98% Railway 1st lien 330 4912 20 ,5 1950 J - J 4912 Sale 49 j In Warren 1st ref gu g 335s2000 F - A 84 ....-_ 1024, Feb '03 ____ Chic 13 & Q Denver Div 49_1922 F - A 997 ---_ 997 Aug '18 -__ 99 100 Del & Hud 1st Pa Div 7s 1917 M- S 103 ---- 103 Aug '16 __-- ilii - 16412 Illinois Div 330 8512 85 1949 J - J 85 85 2 8314 87 Registered 1917 M- S __-- - 10412 Feb s16 ---_ 10412 104 2 , • NO mice Friday; afeet this week. 4 Due Alw11. *Due Mar. o Due June. h Due July. k Due Aug. o Due Oct. p Due Nov •Duo Dec. 4 Option sale. ,83721, IgN'zi,3; 10133 Sale 1218 9334 ,438 93, 9354 .0 nir,;:D 4:14 JA:g F.: A' - -E18 New York Bond Record-Continued-Page 2 1104 BONDS N. Y. STOCK EXCHANGE Week Ending Sept.22. 13s. t Price Friday Sept. 22. Week's Range or Last Sale 13 a Range Since Jan. 1 1' 3 BONDS t N. Y. STOCK EXCHANGE. zi ...8,, Week Ending Sept. 22. Price Friday Sept. 22. iVoL. 103. Week's1a e3 Range or 44 Last Sale ' Range Since Jan. 1 High No, Low High Ask Low Bid High No. Low High Ask Low Bid Delaware & Hudson (Conn / 4 Leh Val Coal Co 1st gu g 53_1933 J - J 11)4 10514 10414 Sept'16 --- - 104 1061 2 1004 102 / 1 10118 1922 J - J 10118 10114 101 1st lien equip g 440 - 105 Oct '13 1933.3 - J --_Registered 9858 18 9614 9938 1943 M-N 9813 Sale 9812 1st & ref 4s ___ _-__ ---1933.3 - J 92 ____ ___ 1st int reduced to 4s 8 62 105 108 1057 4 1935 A -0 106 10612 1053 20 -year cony 5s / 1 1945 M- S ---- --__ 8914 July'16 -_ -. 894 90 Leh & N Y 1st guar g 4s 1 8514 88 8714 1946 A -0 8714 Sale 8714 Alb & Susq cony 340 . __ 1945 M- S ,,_,._ . -------- _ Registered / 4 Renss az Saratoga 1st 713_1921 M-N 1121 .___ 11238 July'16.- 11253113 8 / 4 s..,...,, 106 June'16 - 1047 1061 / 4 781 901 76 J - J 781 Sale 773 / 4 4 7912 Long laid 1st cons gold 5s_h1931 Q- J 1053 Deny az It Or 1st con g 421_1938 / 1 81931 Q - J 94 ____ 944 June'16 __-- 9414 964 86 1st consol gold 4s 10 83 84 1936 J - J 84 8414 84 Consol gold 440 / 1 1938.3 -D 85 8712 8514 Sept'16 ---- 854 90 General gold 45 8212 5 783 85 4 Improvement gold Ss___. 1928 J -D 8212 Sale 8212 / 9938 Apr '16 _._ 991 993 1 4 __ 98 gg 1922 a1- 5 461 5813 73 Ferry gold 440 1955 F - A 86 Sale 65 1st & refunding 5s _ 9914 Oct '06 -----------1932 J -D ------ _ Gold 4s 863 Sept'16 ---- 86% 88 8 Rio Gr June 1st gu g 5s 1939 J - D 87 95 / 1 4 8512 84 July'16 ____ 8412 86 1949 M- S 83 Unified gold 45 6112 Apr '11 --J - .1 3412 44 Rio Or Sou 1st gold 45_ A940 97 96 96 Aug '16 ---- 96 1931 J -D 95 Debenture gold 5s June'16 -i5 - -2514 J - J 3412 . 35 1940 Guaranteed 8714 2 8614 91:114 le 8711 71 1949 111- El Guar refunding gold 4s s 75 1939 J - J 75 Sale 733 Rio Cr West 1st g 4s ____ 1949 PSI- 5 --------96 Jan It --- _. 61 --il 71 4 6 Registered 74 64 61 1 Mtge & colt trust 4s A_1949 A -0 61 N Y B & M B 1st con g 53.1935 A -0 102 ---_ 10312 Mar'16 -. 10112 10312 Apr '14 ---- _ 90 Utah Cent 1st gu g 4s_a1917 A -0 r/ 4 1927 M- $ *.. 1021 10214 Sept'16 ---- 10214 103 N Y & It B 1st gold 5s 99 --- ---- 99 Sept'16 _-- 99 Des Moines Un Ry 1st g 5s_1917 M-N / 1 4 Nor Sh B 1st con g gu 58_01932 Q - J 98 ---- 100 Aug '18 ---- 99 102 85 90 Jan '16 -- 90 90 Dot & Mack-1st lien g 4s 1995 .1 -D 76 9638 9713 July'16 ---- 88 9712 Louisiana & Ark 1st g 5s ,A927 M- 5 91 85 75 July'16 ----, 75 1995 .1 -D 75 80 Gold 4s / 4 1930.3 -D 112 11214 112 Aug '16 _- 1111 113 Louisv & Nashv gen 65 2 9034 94 8 907 8 907 / 92 1 4 Det Rh,Tun-Ter Tun 4401961 MN 90 4 1937 111-N 1083 110 109 Aug '16 ---- 10831 11012 Gold 5s 104 104 104 Apr '18 J - J 104 Dui MIssabe & Nor gen 5s 1941 8 9412 00 923 96 / 1 1940.3 - J 944 Sale 933.1 Unified gold 4s 10112 10112 10314 -2 CI Dul & Iron Range 1st 5s .1937 A - 0 1012 i61.1- 10112 9318 / 1 1940 J - J ---- 93¼ 934 Sept'16 --- 93 Registered ... 106 Mar'08 --1937 A -0 Registered 5 1u37 10514 8 104 . 9212 9512 1 Collateral trust gold 55... _1931 M- N 104 Sale 104 92 / 923 1 4 J - J 92 4 923 4 MI So Shore at Atl g 5s 1937 ._ 8 4 - D 1073 --_- 1075 Dec '15 --- . 1919 J E H & Nash 1st g (Ss 10314 May'16 .-- 103 104 Elgin Joliet & East 1st g 5s_1941 111-N 103 4 / 1011 4 / 4 5 1003 102 L Cin dc Lex gold 440_1931 M- N 10113 ___. 1011 / 4 3 10838 1111 4 109 1920 M S 109 11014 1083 Erie 1st consol gold 78 4 9613 / 4 4 1930.3 - J 1133 1141 11334 Sept'16 ---- 1133 11612 NO dr M 1st gold 65 / 1 N Y & Erie 1st ext g 4s -1947 M-N 9512 ____ 954 Sept'16 ---- 9512 1021 / 1 4 4 1930.3 - J 107 10914 109 May'16 ---. / 4 2d gold 65 2d ext gold 5s 1919 M- S 102 _--- 10128 June'16 -- 1011 Paducah & Stem Div 4s 1946 F - A 87 -___ 8812 July'16 -_-- 8812 9018 1923 M- S 100 ____ 100 Aug '16 --- 100 100 3d ext gold 440 St Louis Div 1st gold 624_1921 M- 5 10018 --_- 108 Apr '16 ---- 107 10814 8 1920 A - 0 1013 102 10112 Aug '16 -- 10112 10218 4th ext gold 55 64 1 01 6112 / 4 1980 P4- S 611 6314 6112 2d gold 38 0 4 N o ' -8 0 , 3 .5th ext gold 4s 1928 J -D 91 10834 198 A0 v:1. ..--_ii 18 141 11 8 863 Sept'16 ---- 812 90 / 4 Atl Knox & Chi Div 4s_1955 111-N 861 87 M- S 10814 N Y L E & W 1st g fd 7s._1920 Atl Knox & Nor 1st g 5s...1946 J - D 10712 ___ 111 Jan '13 ----------8312 Erie 1st con g 4s prior. _1996 J - J 83 Sale 83 4 Hender Bdge 151 s f g 6s_ _1931 M- S 107 ____ 10814 .11ine'lti ---- 1053- 107 80 Oct '15 --1996 J - J ..- 83 Registered 4 Kentucky Central gold 46.1987 J - J 8812 ---- 8834 Sept'16 ---- 873 8918 7112 1st consol gen lien g 4s___1996 J - J '7112 Sale 71 8 Lex & East 1st 50-yr 5s gu.1965 A -0 101 10218 1013 Sept'16 -.- - 100 10172 -7212 June'16 --5e g12 -g12 1996 J - J Registered 8 4 L&N&M & M ist g 4gs 1945 M- 5 993 10012 101 July'16 ---. 997 101 -38 89 Penn coil trust gold 4s_ 1951 F - A -ifi- "go - 89 80 Sept'16---- 7712 82 L & N-South M Joint 48_1952 J - J 781 80 5 31 7018 37 6 % r12 50 -year cony 4s Series A._1953 A -0 69 Sale 69 . 81952 Q- J ---- ----95 Feb '05 ---84 Registered 51 70 74 do Series B 1953 A -0 7314 Sale 7318 4 . 1051 1053 / 4 ,1 2 1053 10714 / 4 N Fla & 5 1st gu g 5s____1937 F - A 1051 867 238 84 8 8812 Gen cony 4s Series D 1952 A -0 8618 Sale 86 8 / 9912 1 4 , N & C Bdge gen gu g 440_1945 .1 - J 97 ___- 9758 May'16 .--- 975 975 4 / 4 / 1 1932 M-N 104 107 1064 Sept'16 --- 1053 1071 Chic & Erie 1st gold 5s Pensac & All 1st gu g 6s__1921 F - A 10818 109 10814 May'16.- 10818 10831 8 101 1,0 '15 -Clev & Mahon Vail g 5s 1938 J - J 1035 *.211 S & N Ala cons gu g 58. _ _1936 F - A 10612 _-__ 10838 Sept'16 --- - 10514 1083 4 A - 0 12234 ____ 123 July'16 ---- 1 / 12314 Long Dock consol g 6s 1935 2 100 1031, 100 Gen cons gu 50 -year 5s_1963 A - 0 10018 101 100 / 4 Coal & Rit 1st cur gu 6s..._1922 M-N 1011 104 102 Mar'16 --- 102 102 L & Jeff Bdge Co gu g 4s_1945 M- 5 79 ___- 811 Ar '16 --. 8018 821; / 4 Dock at Imp 1st ext 5s 1943 J - J 100 _--- 106 Aug '16 -- 1021 106 . 79 ---------•--- - - - • ---Manila RR-Sou lines 4g___1936 FA-N Aug '12 -N Y & Green L gu g 5s 1946 M-N ___ ___ 10312 ._..... __. ___. M al Mex Internat lst cons g 4s__1977 M- S -9312 -99 97 99 May'16 N Y Susq & W 1st ref 5s 1937 J 79 '''ev'10 - __ ___. 1977 M- S Stamped guaranteed 10014 Dec '06 .7_ 2d gold 440 1937 F - A . _--. -------- 101 Oct '09 .. . Midland Term-lst a f g 58_1925 J - D 1 -72 - -61 78 78 8 General gold 55 1940 1e - A 757 78 1927 J -D 1103 1151 115 Mar'16 ..-.. 115 115 1 10512 10512 Minn & St L 1st gold 7s / 1 4 10512 10512 1943 111-N 105 Terminal 1st gold 5s 1921 A -0 ---- ---- 103 Aug '18 ...-- 103 1031, Pacific Ext 1st gold 6s 4 104 104 A - 0 104 - 104 104 Nild of N J 1st ext 5s 1940 887; 89 Aug '16 -- 8812 90 1st consul gold 58 1934 M- N 85 835 83 July 16 __-- 8278 90 8 Will & Eas 1st gu g 5s 1942 J -D 9 5234 841, 598 a 6012 59 1st & refunding gold 4s 1949 M- 5 60 Ev & Ind 1st con gu g 6s 1926 J - J -- 40 106 May'12 --- __ _ 64 61 7 50 61 63 Ref & ext 50-yr 5s Ser A 1962 Q - F 80 3 90 lla 102 J - J 101 _-__ 101 Evansv & T 1-1 1st cons 6s 1921 Des M at Ft D 1st gu 4s 1935 J - J --------60 Feb '15--_ . 83 May'16 ---- 03 1st general gold 5s 1942 A - 0 gels iii go 551, . . 86 Iowa Central 1st gold 5s1938 J -D 8414 87 Mt Vernon 1st gold Gs___ _1923 A-0 ---- ---- 108 Nuv'll 1951 111- S 57 Sale 56 5712 39 5112 60 ----------Refunding gold 4s FloridaA -0 ---------95 June'12 .. ..: Sull Co Branch 1st g 5s 1930 9112 19 9114 987 1 937 931 57 -6112 . 8 M StP&SSM con g 48 lot gu.1938 J - J 9113 Sale 9112 / 4 E Coast 1st 4gs 1959 J -D 93 - -9312 93 1941 M- N 85 _-_- 9714 June'12 -----_ - _. 1st Chic Term s f 4s Fort St U D Co 1st g 440_1941 J - J ---- --- 92 Aug •lu --99 9712 Sept'16 --- 97 M SS & A 1st g 40 Int gu_1926 J - .1 9712 98 5 -8114 -66 68 .1 63 Sale 6014 Ft NV & Rio Or 1st g 45 1928 J 9271 / 4 1949 J - J 921 _ .- 9212 July'16 --„, 90 Mississippi Central 1st 5s Great Northern 73 4 7334 39 7012 787 4 18 / 3 977 191_ 0 51 N34 Mo Kan & Tex 1st gold 4s1990 J -D 733 74 4 4 C B & Q coil trust 4s 1921 J - J 973 Sale 973 501 4514 22 40 4 2d gold 4s g1990 F - A 443 451 1 4434 2 97 / 1 4 / 1 4 97 / 97 1 4 / 4 1921 Q' J 971 Registered h 3 373 521 4 8 377 8 381 377 / 4 1914 M- N 38 1st ext gold 58 4 9911 8 983 10012 4 4 1st & ref 41-Is Series A 1961 J - J 983 9912 983 62 1 51 61 8 1st & refunding 45 2004 M- S 5912 607 61 96 June'16 .., -J 1961 J Registered 48 4 36 4112 42 41 Gen sinking fund 440.. _1936 J - J 41 908 1933 J - J .96 - 9714 96 Sept'16 ____ 98 St Paul M & Man 4s 46 St Louis Div 1st ref g 4s....2001 /Utz() 37 --_- 37 Aug '16 ---- 37 1933 J - J 12014 1207 12014 Sept'16 --- 12014 122 8 1st consol gold 6s Dall & Waco 1st gu g 59._1940 M- N 67 _--- 9934 Dec '13-- ____ ___ . __ 11934 Aug '16 __-- 11934 12112 -1 1933 J Registered 72 Kan City & Pac 1st g 4s...1990 F - A 65 _--- 72 July'16 ---- 60 / 1 4 2 1014 1033 / 1023 4 8 10258 J Reduced to gold 440.1933 j - J --_- Sale 1021 8914 8312 Aug '16 ---- 74 84 1933 - j _ _ Mo K & E 1st gu g 5s 1942 A - 0 74 ____ 10212 MaY'lti ---, 10211 1g3 1538 14 Registered 87 5 50 65 65 65 M K dz Okla 1st guar 58 1942 M-N 64 8 / Sale 953 1 4 2 95 / 1 4 Mont ext 1st gold 45-1937 . -D 95 I1 73 7018 23 48 9612 70 Sale 6912 M K & T of T 1st go g 58_1942 M- S 9512 Mar'16 --_ 9612 0 1937 - -0-_,,.. 96 Registered 501 50 1 50 50 _. _ _ Sher Sh & So 1st gu g 5,s 1942 J - D ---- 53 - J 854 / 1 8512 Nov'15 _-- . Pacific ext guar 4s £ 1910 J 63 573 56 Sept'16 ---- 49 4 Texas & Okla 1st gu g 5s1943 M- 5 50 921 Aug '16 ___ 9214 93 / 4 4 933 E Minn Nor Div 1st g 4s-1948 A -0 9278 __s / 4 1922 J - J 10812 1091 1093 June'16 ---- 1(191. 10938 Missouri Pacific (reorg Cu) Minn Union 1st g (is :: 9212 931 let & refunding 5s wh iss -------- 90 --- 9212 Aug '16 -7 4 1937 J - J 123 .__ 1223 Aug '16 -- 12234 123 Mont C 1st gu g 6s _ 641 Safe 6418 / 4 6412 120 6338 651 General 43 when issued -• 1937 J - ---------13614 NIuy•06 --Registered 10938 Aug 16 --- 10914 1103 4 Missouri Pac 1st cons g (Ss__ _1920 Ki-N 10114 10212 10112 Sept'16 -- -- 100 102 12 1st guar gold 5s 1937 J - i Trust gold 53stamped___a1917 NI- S 100 - - -- 100 Sept'lQ - --- 8914 100 Registered 1937 J - i 6(1917 M- S --------82 Oct '15 -Registered 4 .4 10934 11078 . 8 1111- 1643- Atig iii Will & SF 1st gold 5s 1938 i'D 1221- . 9512 Aug '16 ---- 8318 -221 1st collateral gold 5s 1920 F - A 9412 97 Feb 7712 75 Jan •16 70 Green Bay & W deb ctfs"A"_14 747 15 8 1478 801 71 Registered Sale 13 Feb 143 4 Debenture ctfs -13" 4 - ;163- 9 3218 5i 4 * 40-year gold loan 4s 1 8413 8812 19-15 M - 5 82 ii i63 86 86 ___ Gulf dr S I 1st ref & t g 5s_ _51952 J - .1 8 511 4834 483 4 1 40 1st & ref cony 50 1959 NI- 5 -_-- 50 2 913- 907 Sept'16 --- 9014 96 4 Hocking Val 1st cons g 440_1999 J - J 91 82 82 May'I6 --82 85 3d 7s extended at 4%.,,,1938 M- N 81 Registered Boonv St L & 8 1st 5s gu_1951 F - A --------100 Feb '13 ---- __ ___ ii 8 '1 - 8 34 San'4 Col & H V 1st ext g 4s_ -1998 j -- 0 -ifs; -2212 973 jept 16 ---.-_-.. - - -§1; 1949 A .1 67 0 87 Aug '16 ---Cent Br fly 1st gu g 4s_ _1919 F - A *--- 68 87 Col & Tol 1st ext 48 :955 F - A 8814 ____ 87 Aug '16 --- 86 1918.3 -D ------- 7712 Dec '13 -----------Cent Br U P 1st g 4s Houston Belt & Term 1st 58_1937 J - i 87 ____ 9412 Feb '15 -- --Leroy arC V A L 1st g 58_1926 J - J --------110 Mar'05 ----012 -97511 8 Illinois Central 1st gold 4s_1951 J - J 975 ---- 9712 Aug '16 ---- -9 92 3 89 8918 / 4 ii Pao It of Mo 1st ext g 4s 1938 F- A 891 Sae 8918 1951 J - J __ 92 Aug - ,.__ Registered 2d extended gold 5s -5 / 4 1938 J - .1 101 ____ 10013 July'16 ---, 100 1001 4 / 4 1st gold 34, 0 1951 J - J 8412 8513 861 Sept'16 __._ -63 * -8 -1 1015 8 22 9984 102 2 St L Ir M & 5 gen con g 5s.1931 A -0 10112 Sale 10138 / 1 1951 J - J 824 8512 83 Nov•15 --- Registered „ ____ Gen eon stamp gu g 5s 1931 A -0 ---. --- 102 rly '148412 1 -13412 -E168.8 Extended 1st gold 3448.-1951 A -0 8412 Sale 8412 63 7412 85 85 Unified & ref gold 48,,,,1929J - .1 8414 Sale 8112 -:. 1951 A -0 8212 --Registered -- .--. 807 Oet '12 ... 8 1929 J - J ----. Registered 22- J'Ii-i/i-) 1st gold 3s sterling 1951 M- 8 3 8 73 737 723 8 0 08 - "i8"Riv & G Div 1st g 4s_,1933 PA- N 73 ---- . . 1951 M- 8 Registered Verdi V I & IV 1st g 5s_1926 PA- S 77 ____ 87 Sept'15 --1 -83 - -9112 88 877 88 8 Coll trust gold 4s 1952 A - 0 87 4 / 4 1927 J - D 1113 1131 11213 July'16 -- 112 115 _ Mob & Ohio new gold 6s -- _ 1952 A -0 - . ____ 9514 Sep '12 Registered 10912 109 Feb '10 ..-. 102 109 1st extension gold 6s____81927 Q - J 7 -8734 -9112 883 4 1955 M- N 8834 Sale 88 1st refunding 48 7614 7518 July'16 ---- 75 7512 General gold 4s 1933 M- S ---- 76 4 81 8112 803 Sept'16 _--- 8034 83 1952 J - J Purchased lines 334s Montgomery Div 1st g 58_1947 F - A 9912 ___- 102 Feb '16 ---- 102 102 11 843 8714 8478 4 844 / 1 L N 0& Texas gold 48_1953 M- N 851 1 86 94 39 Dec '15 ---- . .. .. St Louis Div 58 19275 - D 00 May'14 ---. 84 Registered 1953 M- N 8212 84 St L & Cairo guar g 4s1931 J - J 8712 -- - - 8812 Apr '16 ---- 8812 88 - 212 90 June'16 ---/ 1 4 1950 J -0 Cairo Bridge gold 48 / 1 . Nashv Chatt & St L 1st 513 1928 A -0 10512 10714 10512 Aug 16 ---- 1034 10714 Litchfield Div 1st g 3s......_1951 J - J ---- ---- 74 Feb '14 ---------_ 4 1923 J - J 1073 ---. 11014 Mar'16 ---- 11014 110 Jasper Branch 1st g 6s 4 4 4 / 1 Loulav Div az Term g 340 1953 J - .11 ---- '783 753 Sept'16 ---- 783 814 4 / 4 1917 J - J 1001 _-_ 1003 July'16 ---- 10034 101Is McM M W & Al 1st 6s 83 Aug '12 --Registered 1953 J - i 1917 J - J 10018 - - -- 113 July'01 --__ - - --T & P Branch 1st 63 -Middle Div reg 5s 1921 F - A 121 ------- 102 June'16 _--- 10114 102 30 Nat Rys of Mex pr lien 440_1957 J - J 3I ____ 3e14 Aug '16 ---- 30 71 70 Aug '16 ---- 70 / 4 Omaha Div 1st gold 3s_1951 F - A 861 71 35 1977 A -0 --------35 Aug '18 --.- 35 Guaranteed general 4s 681 Sep '15 / 4 St Louis Div & Term g 38_1951 J - J-- -- '76 ___ _ 8 Nat of Mex prior lien 440._1926 .1 - J ------987 Feb '13 ... Jan '16 1951 J - J ---- ---- 8118 Gold 33s ._ .... 19.51 A -0 30 ---_ 30 Aug '15 --Si) June'16 ,l)18 IV 1951 J - J 79 Registrd ' 1st consul 4s 40 May'15 ... NO Mob & Chic 151 ref 5s1960 1 - J--- .... 55 80 / 79 Sept'16 ---. 7834 79 1 4 SprIngf Div 1st g 31-is..,,1951J - J 79 73 4 69 73 71 75 9012 May'16 --- 89 / 9CI 1 4 9012 New Orleans Term 1st 4s_ -1953 J - .1 72 Western lines 1st g 4s 1951 F - A 88 114 1115 11078 117 8 N Y Cent RR cony deb 613_1935 M-N 1133 Sale 113 Registered 1951 F- A ___: ---: 85 57 81Iy 8678 1998 F - A 8412 Sale 8231 Consol 4s Series A 11 -i12 45)'10 ---- - -- -Bellev & Car 1st 6s 8 924 272 9178 953 / 1 / 4 8 2013 A - 0 925 Sale 911 Ref az imp 440 "A" Carb & Shaw 1st gold 4s_ _ IM j S 86 ---- 9412 1'13 '12 --IVI--I 8 / 4 8214 41 8112 835 NY Central & 11 fig 330.._1997 J - J 82 Sale 811 4 1063 Chic St L & N 0 gold 5s 1951 J -D 10814 - - 4 Sept'16 ... 1C163 109 8 8178 807 Sept'16 ---. 8078 825 5 1997 J - .1 81 Registered 114 eel, '11 1951 J -D Registered 4 9114 30, 893 93Ill 11 Sale 90 / 1 4 1934 111- N Debenture gold 48 90 Oct '09 Gold 340 1951 i -D 9C 1934 PA-N ---- ----90 June'16 -.1 90 Registered 1951 i -D Registered 718 5 74 4 / 4 757 8 Lake Shore coil g 340-..1998 F - A 761 7912 75 4 40 100 10318 4 Joint 1st ref 5s Series A_1963 J -0 1003 Sale 10012 1003 7314 July'16 ---- 7314 7E 1998 F - A 7412 70 Registered 7 Dec ' 90 - -Memph Div 1st g 4s_1951 J -0 (3 75 8C 4 753 Sept'16 ..4 Mich Cent coll gold 340-1998 F - A 7534 77 .. 0 _-. 8712 -----------------. 1951 J Registered 74 1 74 77 71 34 74 1998 F - A 73 Registered St Louis Sou 1st gu g 4s- _1931 M- 5 -___ 9234 98 .171y'08 Battle Cr &Slur 1st gu 3E3_1989 J - D 60 / 1 4 911,8 Ant '18 93 62 90 1950 J - i 89 Ind I11 & Iowa 1st g 4s ..-_ 9412 91 / 4 984 / 1 95 Beech Creek 1st gu g 4s...1936 J - 1 941 9518 95 July 98 951 Aug '16 ___ / 4 Int az Great Nor 1st g Os__ ._1919 M- N 9612 4 Registered 4 1936 J - i 933 9512 933 Sept'16 ---- 9334 0-134 5 pt2 1112 9012 eo4 James Frank & Clear 1st 43.1959 J -D 8914 9012 9014 1936 J - J 10212 _- 104 May'RS ___ 104 104 2d guar gold 55 Kansas City Sou 1st gold 38_1950 A -0 6818 69 687 8 887 8 1936 J - .1 -----.... ---- --- ..... -Registered 63 Oct •Ilo 1950 A -0 Registered --Beech Cr Ext 1st g 3ge 81951 A -0 -- -. -,-- -,,/ 1 10 814 91 00 s Apr 1950 J - J 90 Sale 897 Ref & 'rapt 58 81 88 91 88 JUne'16 ._. 1981.3 -D 88 Cart & Ad 1st gu g 4s 88 41 8534 8918 / 1 Kansas City Term 1st 4s__1960 1 - J 874 Sale 8718 .• . _ 4 ...._ -Gouv & Oswe 1st gu g 5s 1942 J -D 9 9614 100 9814 9812 98 Lake Erie & West 1st g 58_1937 J - J 93 9 , Mar'16 .. 94 Mob & Mal 1st gu g 4s__1991 M- S ---- ---- - 94/ 4 831 1941 J - J 791 8112 8312 Sept'16 ::- 75 2d gold 5s -- 8914 Feb '16 - 8914 81 NJ June R guar 1st 4s _1986 F - A -.. 98 Mar•14 North Ohio 1st guar g 5s_.1945 A - 0 72 '15...-. _2000 PA-N 8412 .... 85 1.n, N Y & Harlem g 340_ 10018 -i 10018 103 Leh Vail N Y 1st an g 440 1940 J - J 101 10114 10018 - 10512 iii513 10512 Marl° N Y & Northern 1st g 5s_1923 A -0 10612 1940 J - J 5.___ 100 10012 May'16 ___. 10012 102 Registered 9112 8 N Y & Pu 1st cons gu a 4s 1993 A -0 893 8934 88 Aug 'ir ---- 88 9012 Aug '16 ---- 8912 921 Lehigh Vali( Pa) cons g 4s 2003 M -N -- 91 -0 1183 -- - /13 Mar1 a 8 Pine Creek reg guar 6s--- -1932 J 13014 20, 9914 1011. / 4 4 I 2003 Pi - N 100 1001 993 General eons 4I-'s 3 10338 12 . 412 1033 8 8 R W &0 con 1st ext 5s h1922 A -0 10312 104 1035 4 Leh V Term Ry 1st gu g 5s 1941 A - 0 11212 ____ 1113 Aug '16 ____ 1 110 112( n. Iv k rvis ft Ise zni tths 1918 M-N 102 __-- 1114 June'l -_I 11113 June'16 _ 11112 11112 1941 A- 0 11114 Registered ._ _ $ No pr ce Fri lay- latest bid end asked this wee a Due Jan. b Due Fen, 'Due Ato11. e Due May. - Due June -- Due Jule. t Due Aug. I) Dun Ont, One Nov. a Option sale. New York Bond Record-Continued--Page 3 SEPT. 23 1916.1 BONDS , N. Y. STOCK EXCHANGE Week Ending Sept. 22. 11 -.0. Price Friday Sept.22. Week's Range or Last Sale 11 Range Since Jets. 1 BONDS N. Y. STOCK EXCHANGE Week Ending Sept. 22. ig t4 P.a: 1105 Price Friday Sept. 22. Week's Range or Lau Sale 21 B. Ro ngs swe Jets. 1 N Y Cent & H R RR (Con.) Bid Ask Low High NO. Low High Bid Ask Low High No. Low High Rutland 1st con g 4128._ 1941 J - J 80 854 813 De,:'15 ---- -- -. 4 Peoria dr Pekin Un 1st g 6s 1921 Q - F 100 ---- 102 Nov'15 Og & L Chain 1st gu 45 91948 J - j 6814 ____ gg Aug .16 ____ 69 69 2d gold 434s b1921 M-N 87 -__ 87 Mar•18 "if- "if' -Canada 1st gu g 48_1949 J - J 67 _-- 92 June'09 ---. Rut Pere Marquette -Ref 4s 1955 J - J 2012 ---_ 14 Apr '16 8 Ha- 100 Oct '15 ---- -. St Lawr & Adir 1st g 5s___1998 .1 -.7 Refunding guar 4s 1955 J - J ____ 2058 Sept'16 14 24 10 % 2d gold 6s 1998 A - 0 _9 11912 Mar'12 Chic & West Mich 5:3 D 8914 - -_- 8.5 June'16 83 85 1f1 Utica & 131k Riv gu g 4s__ _1922 J - J 3 ; . -- 974 July'16 ---- -971i .9712 Flint dr P M gold 6s MI'T -- 0 105 ..-__ 10112 Aug '16 A 101 105 Lake Shore gold 3125 1997 J -D 8312 Sale 8312 831 7 832 86 1st consol gold 5s 1939 51-N 70 --__ 7512 Apr '16 74 76 Registered 1997 J -D ---- ---- 83% July'18 ---- 83 833 4 Pt Huron Div 1st g 5s_1939 A -0 40 48 68 Jul y•15 ---- ---.. Debenture gold 45 1928 M- S 9514 Sale 9518 051 13 9438 96 Sag Tus & H 1st gu g 4s_ _1931 F - A 947 25 -year gold 45 1931 131-N 94 Sale 0414 16 9334 9514 Philippine Ry 1st 30-yr a f 4s 1937 J - J - : .Li- -7.7.- Er Apr '16 ___. "go -iiRegistered 8 1931 1111-N ---- ----945 Feb '16 ---- 94 9458 Pitts Sh dr L E 1st g 58 1940 A - 0 10614 ____ !1313 .1i61 .6. _ 0 : Ka A & G R 1st gu c 58---1938 J - J ---- ........ ...... 1st consol gold 5s ____ --- 17911'ov•l? ---- -- - i18 1061 4 N lg u Mahon Cl RR 1st 58 , 1934 J - .1 lOr ---- --- 1511; Dec '18 ---9518 Sale 947 Reading Co gen gold 4s 119(4 8 9514 56 Pitts dr L Erie 2d g 5s..__a1928 A -0 103 ---- 103 July'16 ...- 102 104 Registered 9412 944 June'16 -...., 9234 95 M Pitts McK & Y 1st gu 6s_ _1932 3 - J 1154 130% Jan '09 ---5 _ . Jersey Central coil g 4s__ _1951 A -0 iii 96 . 2 955 955 5 944 9714 2d guaranteed 65 1934 3 - J 11312 ---- 12314 Mar'12 -City guar 48 g 1951 J - J 93 --__ __ MoKees & 13 V lat g 6s..1918 j - J St Jos & Gr Is! 1st g 4s 73 - 2 Sepi 15 1947 J - .1 69 691-' -aci - -131112 - Michigan Central 55 1931 51- 5 WWI;:::: 11161; Aug'IE St Louis & San Fran (reorg CO3- I Registered 1931 Q -M 10412 --- 105 July'16 -----_-_ 106 ii5614 9614 0 1950 .7 .1 673 Sale 6712 Prior Lien ser A 4s 4 831: 167; : 75is 6, 8 43 6 12 8 1 7 .1 - J 901 _ 98 Apt '12 ___ 4s 1940 847 8458 2 171 837 88 .._. Prior lien ser B 5a 2 1950 J - J 8512 86 Registered 1940 J - J --------87 Feb '14 ---adjust ser A 6s 1955 J - J 8314 Sale 83 ---- ---.1 L & S 1st gold 3;48_1951 M- S -------- 90 June'08 ---5312 51 Income series A 135 8212 Sept'16 ---- -gif2 -315-- St Louis & San Fran gen 681931 .1 - .1 1V)38 _5 _12 113 Sept'16 ---_ 13 1st gold 334s 1952 111-N 824 86 _3. 53 . 1y 969 49 09 12 % 4 20 -year debenture 4s._ _1929 A -0 84 863 8614 July'16 ---- 8,614 90.2 2 10214 ..37 1801 1100;4 a 6 14 General gold 5s 1931 J - J 10214 Sale 109 .3 0 : 1 1:1 4037 0 8 N Y Chic & St L lat g 48.._1937 A -0 923 Sale 9234 Aug. 3 ___6_ 9034 9 12 926 18 91 334 5 St L dr S F RR cons g 48..1996 J - .1 .74 ---- 78 May'16 8812 78 Registered 1937 A -0 90 General 15-20-yr 5s._.1927 13I-N 72 -___ 72 72 45 4 73 1 i53 7812 - 4 Debenture 4s 4 7812 843 1931 M-N _-_,_ 79 73 4 Trust Co ctfs of deposit_ 46 -- -- 69 9012 18 8714 93 West Shore 1st 48 guar 2361 J - .1 901; Sale 0012 89 do Stamped 2361 j - 3 8712 877 8812 Registered 8812 3 8672 90 Southw Div 1st g 5s ------67A-, 921k 9212 Sept'16 1947 N Y C Lines eq tr 5,3_1916-22 ;41.. N 100 --_- 1004 Sept'16 --- 10018 102 Refunding gold 4s 804 Sept'16 ---- 8714 82 1951 J - J '1 9934 July'16 ---- 9934 10058 Equip trust 434s__1917-1925 j - 3 994 Registered --------8014 Mar'll -993- 9918 4 994 NY Connect 1st gu 4345A 1953 F - A 98 3 9712 10018 Trust Co ctfs of tam ped ___ j 8 80 8 ---- 8012 804 24 depos9 1 -_-..._ 1it5_ 3 N Y NH& Hartford do .._, 7334 7412 733 7418 --7 -ff.i14 - 4 44 g2 1947 111- S 7912 82 793 8 Non-cony deben 40 793 8 K C Ft S dr M cons g 60_1928 M-N 1095 Sale 10912 10952 14 2 7938 8114 73 Feb '11 -.-- 73 Non-cony deben 330__ _1947 M- 8 K C Ft S & M Ry ref g 46_1936 A -0 7512 Sale 75 73 753 4 8 75 78 Non-cony deben 33.,13.-1954 A -0 -----_-- -i(11; 71 Aug '16 7 72 8 69 KCAMR&BIstgu 58_1929 A-0 109 __ ... __ .._ 191:1842 AJa n6516 _ i 1:ziass 17:01713s24 8 0 g00 Ju g664. 1 111 un • 344 7712 Saxe 7712 1955 J - J 7712 Non-cony deben 4s 7712 8112 St L S W 1st g 48 bond ctfa 1989 M- N 7612 Sale 75% 7612 2 :758 15 174 1" 0 7714 7812 7818 Aug '16 ---- 7818 82 1956 51-N Non-cony deben 48 2d g 4s income bond ctfa..p1989 J - J 82 6434 6412 June'16 2 883 73 70 69 ' 69 Cony debenture 334s 1956 J - .1 69 Consol gold 48 1932 .1 -DI Cony debenture 6s 1948 J - J 110 11034 no nois 17 no 4 116 1st termi & unit 5s gr7s Sale 28 4 3 65 -----1 1 - 6 's ;2 _ ...._ --- -- ____ Cons Ry non-cony 48 1930 F - A 7912 Gray's Pt Ter 1st gu g 58....13V . : .ii u Non-cony deben 4s 1954 1 - J ---- 7912 -ii1- Jan • 12 ---- ..... -- -. £3 A dr A Pass 1st gu g 4s_ 2 -• 1943 J - J 66 663 tz32 4 822t12 8114 Non-cony deben 4a._ 1955 J -- 794 7912 Apr '16 ---- 7914 7912 8 F & N P 1st sk fd g 5s 1919 .1 - J _10_1_7_ 3 Non-cony deben A -0 --- ..--- -..... ---- -... --- Seaboard Air Line g 4s Non-cony deben 4s__.._1956 J - j ___ 80 Gold 411 stamped 7814 79 79% 79 9 % 2 7814 8314 Harlem R-Pt Ches 1st 48_1954 III- N 901- - -: 911 2 (44 -Iii. 65 Sale Adjustment 5a - - 9 3;:69 2 ne 1i _ -. i Bdr NY Air Line 1st 4s_ _1955 F - A 90 _ 6512 6558 __. . Refunding 4s :1 3 k _ 1919 F --Cent New Eng 1st gu 48....1961 Aug A Birm 30-yr 1st g 413. 9 3 M 84tI 4 --- 82 Sept'16 M- j --- .....1 _ 185 .. __ ......... i..:::: 80 83 Hartford St Ity 1st 4s (353 . 0 0 1930 .1 - S ---------.., m a; J 8818 ---- 88 June'16 -- 88 Car Cent 1st con g 45 88 Housatonic R cons g 5a 1937 M-N 4 - ----. Fla Cent & Pen 1st g 5a_ _ _ Ng ..::J 1004 --__ 993 Sep '15 --- - ___ - --Naugatuck RR 1st 4a__1954 M-N 9114 ---- 87 J'ly '14 ---- -- .... 8 1st land gr ext g 58 1930 .1 - J 1015 _ -_. 101 Deo '15 -- -1 1 0;.. 31-0 - N Y Prov & Boston 4s 1942 A -0 904 ____ 88 Aug '13 -10238 4 8 Consol gold 5a 1 10238 1033 1943.3 - J 1023 --__ 1023 8 NYWN3hes&B 1st Berl 4345'46 J - J 7412 Sale 73 7412 9 -7i - -ii Ga dr Ala Ry 1st con 5s_ _o1945 J - J 102 _-- - 1034 July'16 ---- 103 1033 4 N 11 & Derby cons cy 59_1918 M-N 1004 --- 107 Aug '09 ---- - ---. Ga Car & No 1st gu g 58_ _1929 J - J 10218 .-.. 102 102 Boston Terminal 1st 4s_ 1939 A -0 ---- ---- ------ ---- ..-- ........ Seab dr Roan 1st 58 1926 .1 - .1 102 ---- 9914 Aug '15 New England cons Ss_ 1945 j - J 10018 ---Southern Pacific Co-5512 MI' ---- ---- -7u li Consol 4s 1945 J - .1 Gold 4s (Cent Pac coil)....k1940 J - D 8458 Sale 833 21 8312 88 4 85 Providence &cur deb 48_1957 M - N -5614 iWe- 6914 6914 -e -6914 'id Registered 90 Feb '14 /1949 J - D --__ 84 Prov dr Springfield 1st 58.1922 J - J ---. --__ 997 Dec '14 --. ---_ -- _ 8 20 . -year cony 4s 875 Sale 87 8 88 Providence Term 1st 4s......1956 M- El --- ---- 83% Feb '14 ---. ----. 20 -year cony 5s 108 -i4 897 ,1 J 9' 8_ 1N9 I f- I/ 10478 Sale 10412 10518 -7.6;: 10211 107 1 W & Con East 1st 4346_1943 J - J 88 Cent Pao 1st ref gu g 4s... 194 F 8914 Sale 88313 8938 72 87% 91 N Y 0 de %V ref 1st g 48...._g1992 M- 23 80 go -3 -764 ; -. 8 .- .--(5 -ii7 -84 0 8 Registered ---- 8834 89 __ Registered $5,000 only_ _g1992 M- S 9212 June'12 ---- ___. -. _ Mort guar gold 334s_ _k19 9 J -- D --974 81% 8974 .W13''6 8 6 1 4 F A 8 2 9 6 8 1 8414 91 89 8112 8 General 45 791 1955 J -D 7o18 - ; 79 Apr '16 ---- 713 79 Through St L 1st gu 46_1954 A -0 5 84 8133 4 Norfolk Sou 1st dr ref A 58_1961 F - A 7812 82 78 Aug '18 ---- 78 80 °HASA M&P 1st 5s 1931 III-N ---- 1044 102 May'16 -- 102 102 Norf & Sou 1st gold 5s 97 Sept'16 ---- 97 98 1941 M-N 97 9914 CillaV G de N let gu g 5s_ _1924 PA-N 1024 11,014 Jan 'le --- 100 10014 ___ 0114 02, Nod de West gen gold 138._ _1931 111- A 11918 11914 119 Sept'16 ---- 11878 120 Hotta E & WT 1st g 5s 1933 111-N ---- 102 102 Improvement dr ext g 6s 1934 F - A 1205 12134 12118 July'16 -- 12012 122 8 1st guar 5s red _ 101 1011s Apr '16 ---- 10114 1534 1933 M-N New River 1st gold 8s 1932 A -0 11912 120 120 Sept'16 ---- 11912 1204 H dr TO 1st g Stint gu...1937 J - 1 10812 June'16 -108 10613 N& W Ry lst, cons g 4a 6 9 ; a 3 6 33 31 : 933 4 Gen gold 4s int guar_ _1921 A -0 96 ---- 96 July'16 --- 9414 96 1996 A - 0 _6 14 t3_61e_4 923 D00 16 __20 9112 94 Registered 1998 A - 0 Waco & N %V div 1st g 6s'30 M-N _-_. ..... 1st lien & gen g 48_1944 J - J 9012 9114 I& -a83 -331 A & N %V 1st gu g 100 4 103 NI21415 99 8 % ---- ---10 -year cony 4s -25 1932 J -D 13118 Sale 13118 13118 Louisiana West 1st 6s_ 5 1134 133 5a9 1 .1:J 10518 192 4 .' /une'14 --10 -year cony 48 -20 1932 NI- S -___ 135 130 Sept'16 -_-_-_- 114 13512 Morgan's La & T 1st 7s 1918 A -0 ---- 11153 106 j 8 10434 July'16 6 Wit Dili; . ; 10 -25-year cony 41-4s__ _1938 M- 5 --- 135 129 Sept'16 1st gold (Is 11512 13712 1920 .1 - .1 1118 105 Pocah C & C joint 4s_1941 j - D 883 8834 8814 8 1 88 9014 8814 No of Cal guar g 5s 1563 4 COAT lat guar gold 58_ _1922 3 - 3 104 -___ 1034 Jan •16 ---, 193 2 10312 014 , Ore & Cal 1st guar g 5s 4 8 10214 0 1 St 1 5 1937 J:J 1007 --- 105 ( t : 6 - -- 100% jail, 928 A 0 ) :p Selo VANE 1st gu g 4s 1989 M- N 93 Sale 93 93 So Pac of Cal-Gu g 5s_ 1937 M- N 108 ____ 10112 Nov •13 . Nor Pacific prior lien g 4s 1997 Q. .1 924 Sale 91 12 9238 301 914 9414 So Pac Coast 1st gu 4s g 1937 J - .1 95 96 95 Aug '16 -- 94% 97 Registered 9114 61 9012 9312 1997 Q. J 9114 Sale] 9012 San Fran Term! 1st 4s 4 1950 A-0 833 Sale 833 8412 44 8212 84 4 F 8818 Sale 657 General lien gold 38 a2047 Q6618 100 6512 67 Tex & N 0 con gold 53._ _1943 J - J Registered a2047 Q- F 6614 6614 6533 June'16 --6312 6534 So Pac RR 1st ref 4s 19552 - i -551;s 61 0 9 114---10078 Sale 1003 AD 00 4 2 9 )7412 -a1 8 4 :1 9 9 6 9112 9112 St Paul-Duluth Div g 48_ _1996 J -0 614 i Southern-lst cons g 5a_ 13 1994 J - J 1004 10 4 00 00 3 1 St P dr N P gen gold 6a_ _ _1923 F - A 111 113 113 Sept'16 _. 199531% 1914 10014 1024 1004 Aug '18 ---Registered Registered certificates_ _1923 Q - A 10912 Oct '15 ---- _ ._ 6 6 Develop & gen 45 Ser A. 1994 j:0 71 Sale 7012 78 76 ..1956 A 71;4 32 St Paul de Duluth 1st 5s-1931 F - F 1of" 7.... 107 Mar'16 ---- 107 - 107 Mob & Ohio coll tr g 4s.....1938 M- 5 1 6 79 7 % 8 8 3 2d 54; 4 1917 A -0 1003 ---- 10034 Sept'16 ---- 100 8 101 18 5 Mom Div 1st g 43-4s-5:3_1996 1 - J 100 10112 109 July-16 -- 100 104 1st consol gold 4s 1968 .1 -D 88 ---- 9055 Mar'16 90 St Louts div 1st g 48 9058 817 81 1951 J - .1 81 81 13 80 841 Wash Cent 1st gold 4s._ 1948 Q -M 85 87ss 904 Feb '16 -go 9012 Ala Con 1st g 613 1918 J - J 1023* 10255 10314 June'16 10218 10314 Nor Pac Term Co 1st g 6s 1933 J - J 111 11112 11112 11112 Ala Gt Sou 1st cons A 5s 1943 J -D 9812 9812 May'16 9812 99 Oregon-Wash 1st & ref 45.._ _1961 J - J 85 Sale 8358 85 17 11314 18181'2 i Atl & Char A L 1st A 434s 1944 J - J 944 9414 May'16 9414 98 Pacific Coast Co 1st g 5s_ _1946 J -D 96 97 96 Sept'16 ---- 93 100 1st g48r B 1944 J J 15114 10138 1o114 se 10114 Paducah & Illa 1st f 4128_1955 J - J 98 9878 98 Sept'16 -- 98 23_0 82 811 July'16Y:16-1003 10338 2 1!mAr6 -Di 8112 851, AtidrDan1r 58 9834 3 1st 8 1948 J - i Pennsylvania RR 1st g 4s_ 1923 111-N 9918 Sale 9918 99l8 1 9814 9912 2d 4a -_-_-_-_ 794 814 Consol gold 58 1919 M- S 103 __ _ 103 Sept'16 __ 10212 10314 Atl dr Yad 1st g guar 45_1 49 j:0 75 - - - - 75 4 Dee '14 9 8A 3 Consol gold 48 1943 1W-N 987 Sale 987 8 9878 11 9814 9912 E T Va dr Ga Div g 5a 1930 .7 - .1 10414 ---. 1043 Apr '18 * Consol gold 42 1948 M-N 9812 99 98 98 1053 ---- 10514 Sept'16 --:--- 105114 00814 3 Con 1st gold 5s 6 248 1960 F - A 1043 Sale 1043 Consol 4;is 4 4 1043 4 331 104 1993 9 12 3 E Ten reor lien g 53 8 19 6 !W N 10112 Sale 10112 3 M S 5 : 8 10112 General 4348 when issued_1985 J -D 1013 Sale 101 12 1017 4 8 85 10034 1027 Ga Mkliand 1st 3s 8 1946 A -0 July'16 Alleg Val gen guar g 48_..l942 M- S 9814 97 9614 9614 561 67 : Ga Pac Ry 1st g as 1922.7 - J 1063 10(1,4 15087 -- ---- !. 106 8 107% 5' %12 99 77' 61 D R Rit&B'ge 1st gu 4s g_1936 F - A 0418 --_- 944 Seven ....1 944 9976 . 612 Knox & Ohio 1st g 6s___ _1925 J - .11 10814 ---. 10914 Aug '16 ---- 108 1104 Phila Bait Jr %V 1st g 4s_ _1943 Mob de Bir prior lien g 50.1945 J - J 10214 _-_- 10512 Nov'12 M- J --------102 Jan 98% Sodus Bay & Sou 1st g 58_2924 .7 - N981 --Mortgage gold 48 71 1945 .7 - J 98%9858 Sunbury St Lewis 1st g 48_1936 3 - J 93 -------------------------Rich & Dan deb 5s stmpd_1927 A -0 10358 104 - 103 4 Nia 16 __-_-_--_-: 1034 1043 - -14 71% ep 6 S s U N J RR dr Can gen 4s._1944 M- a mos ::::. 665 &io -icifs hi6" Rich dr Meek 1st gu 4s__ _1948 M- N Pennsylvania Co So Car & Gat 1st g 5s 1919 1.11-N 151 4 1017 10112 8 p t42 .18 73 Se p 16 Guar 1st gold 4548 4 10112 42 10012 10212 1921 J - J 10112 Sale 1003 Virginia Mid ser D 4-58_1921 M- S 10218 ____ 1024 June'16 Registered 1921 3 - J 10014 _ __ __ _ 1800612 n 4 _ _ _ _ 100 1011a g 6 Series E 5s 1926 PA- 13 10314 ---- 10318 Aug '16 Guar 334s coil trust reg A _1937 M- 8 8114 _ Jan Series F 5s 8612 8812 1931 M- S 11438 ..-. 104 Mar'13 _-_Guar 334s coil trust ser B_1941 F - A 85 881; 85 Sept'16 __ 86 8514 General 5s 1036 1W-N 108 _-__ 106 Sept'16 Trust Co ctfs gu g 334s_1918 M- N -Si_ 10013 Jan '16 ---- 9934 10018 Va & So'w'n 1st gu 56_2003 .1 - J 10312 fg1 2 1( 105 May'16 :::: igi8-4 f. i118.3 : !t 4. Guar 334s trust Ms C 8 1942 .1 - D -f1-118618 July 16 __ 8618 8618 1st cons 50 -year 5s__ _1958 A -0 85 90 8012 Aug '16 38 Guar 33.48 trust Ws D.. 1944 J - D 8414 86 8518 Mar16 -__ 86 8612 W 0 dr 9234 91 Sept'16 -25-year gold 4s_ _1931 A -0 943 954 9514 Aug '16 ---- 9412 98% Spokane W 1st cy gu 4s_ _ 1924 F - A 02 Guar 15 4 Internet 1st g 513_ _1955 J - .1 90 _ -- 93 Jan '16 40 -year guar 45 ctfs Ser E_1952 131 - N 9114 ---- 92 Aug '16 ---- 92 92 Ter A of St L 1st g 434s 9934 9912 Aug '16 1939 A -0 Cin Leb & Nor gu 45 g 1942 M- N 9014 Sale 9014 9014 1 9014 903 1st con gold 58 2 100 105 105 Aug '16 1 -11 1:099980f338921i1:5;g - --- Ci & Mar 1st gu g 43413-1935 IW-N 9912 ___. 99 Aug '16 ____ 99 Gen refund s f g 45 1894-1911 I -993 .1 844 8518 8518 4 . j 8518 2 84% 11.10099°903760341424 88 cl & P gen gu 434s ser A 1942 .1 - J 10314 --__ 105 Apr '16 ____ 10418 1054 St L M Bridge Ter gu g 58_1930 A -0 10034 10112 1003s Aug '18 9912 10114 1942 A -0 102 4 --- 104 Deo '18 -_ 3 Series 13 To:& Pao let gold 58 2000 2 -D 974 Sale 9634 95 97's 9818 reduced to 3;45_1942 A -0 8718 ---- 9114 Feb '12 ..- ---- ---Int - --- -- - 2d gold Inc 5a 361s 40 3612 45 3612 14 35 1948 M- N 8718 __ _ 904 Oot '12 _ Series C 3348 La Div B L 1st g 58 -88 90 Jan '16.... 90 90 1950 F - A 8912 Sale 8912 Series D 33413 8912 i -8912 -3 2 - 3311_ 95 10612 Nov'04 W Min W dr N W 1st gu 581931 F 93 1 0 -14 all .. Erie & Pitts gu g 33413B 1940 3 - j 88 884 90 July'16 ....::: 90 90 10334 105 1037 Aug '16 Tol &0 C 1st g 5s 8 103 10514 8812 9018 J'Ir '12 1940 J - ./ 88 Series C Mestern Div 1st g 53 5A 193 sT :0 101 10112 Mar 18 ---- .e608 15833 . 2. .10 9i23 101116, . . i89 3 6i44 993 9938 Aug '16 4 It & I ex 1st gu g 43.451941 J - J 99 Or 1935 J: -tiiii "iii General gold 53 A Do ___ 90 94 May'18 Ohio Connect 1st gu 45-1943 M- S 9418 ..-. 93 May'14 ___. n & M 1st gu g 48 1990 8212 8312 823 4 823 4 Pitts Y A Ash 1st cons 5s..1927 M- N 104% ---- 109 May'l0 ---------------24 20 1927 J - J 96 ---- -.. -year 5a 9712 9818 Aug '16 ---- 97 99 Tol W V &0 gu 4;48 A-1931 J - .1 99 --- 9812 Oet '15 Tol P dic W let gold 4s 1917 J - J 5318 55 534 Sept'16 Series 13 4340 1933 J - J 99 - _. 9814 June'15 Tel St LAW pr lien g 3%8-1925. - i 8012 8212 804 Aug '16 -- 7812 83 1 Series C 45 94 Apr '16 ---- "Eli "iii1942 M- S 93 98 1950 A -0 5518 Sale 55 -year gold 4s 50 ---- --554 12 54 60 /CCAStLgu 430A-1940 A -0 1014 ---- 101 101 101 10238 Coll tr 48 g Ser A 1917 F - A 20 50 1855 Merit; 185 18% 8 Series 13 guar 1942 A -0 10118 --__ 10114 Aug '18 _....! 10114 1025 8 Tor Ham & Buff 1st g 48_ _81946 J - D ---- 87 83 APr '113 __ Is4..N 101 ---_ 9714 .11113.15 ___., Series C guar 1942 Ulster & Del 1st con g 58....-1928 ./ -D 100 10012 100 Aug '16 -_ 83 1011a 9913 86 Series D 48 guar 4 1945 /41- N 944 --__ 943 May'16 -6-124 -Egli 1952 A -0 _ 74 Mar'15 Series E 33-4s guar gold. 1949 F - A 94 -- _ - 9412 Sept'16 -_ 92 Un1onrPacific 88 g 48 18t efund 814t 95 1947 J - J -51134 Sale 951 967 2 Series F guar 4s gold_ _1953 3 - D 9412 -- 95.4 Jan '14 .._. Registered 1947 J - J 96 __-- 96 Aug '16 __ -- 96 974 -- .-, Series G 4s guar 2 1957 144.. N 943 __. 9258 Aug '16 20 -year cony 48 1927.7 - J 943 Sale 9414 8 9514 158 924 9514 Series I cons gu 434s.._ _1963 F - A 101 ---- 101 Aug '16 101 1024 1st dr ref 4s 0008 M- S 90 Sale 893 4 90 34 8912 9112 C St LA P 1st cons g 55.._1932 A -0 1074_, , = 10712 Sept'16 ---- 1074 10712 Ore RR & Nay con g 4s__1946 J -D 91 -- 93 93 3, 914 93 • No price Friday; latest bid and asked. a Due Jan. b Due Feb. 6 Due May. g Due June h Due July. t Due Aug. o Due Oct. o Due Nov. g Due Dec S Option sale. -- __ --------Atlantic --------Cum ____ i- mg 2 _-8 g s -------- ..ieji4 7, . 2 4,3 9034 r3 BONDS N. Y. STOCK EXCHANGE Week Ending Sept. 22. [VOL. 103. New York Bond Record-Concluded-Page 4 1106 vs Ii •o4 Price Friday Sept. 22. Week's Range or Last Sale 174 Range Since Jan. 1 BONDS N. Y. STOCK EXCHANGE Week Ending Sept. 22. Z•z?, Price Friday Sept. 22. Range Since Jan. 1 Week's Range or Last Sale High No. Low High Bid Ask Low High No. Low High Ask Low Bid Union Pacific(Con)10084 10114 Union Elec Lt & P 1st g 5s_ _1932 M- S ____ 101 10034 July'16 10712 109 8 4 Ore Short Line 1st g 68--1922 F - A 1073 - -- 1075 Sept'16 _ 89 Mar'15 Refunding & extension 5s_1933 111-N 106 1077 8 1946 J - J 106 107 106 Sept'16 1st consol g 5s 7 -6313 -66 . 9414 94 943 4 Utah Power & Lt 1st 5s_ _ _ _1944 F - A 94 94 927 8 54 91 8 1929 J - D 927 Sale 9213 Guar refund 48 _ Utica Elec Lt & P 1st g 5s_1950 J - J 10018 ---- 10214 Mar'15 102 102 102 Mar'16 1926 J - J Utah & Nor gold 5s_ 1957 J - J 98 Aug '15 Utica Gas & Elec ref Is 95 90 Apr '16 90 9234 100 1933 - J 1st extended 45 10414 id55 8 8 8 Westchester Ltg gold 55,.._1950 J - D idE- 16E5- 1045 Aug '16 9034 91 4 4 Vandalla cons g 45 Ser A_.. _ _1955 F - A 903 ---- 903 Aug '16 Miscellaneous 91 9112 _ 91 June'16 4 1957 M- N 903 Consol 4s Series B 2 82 854 5 84 8414 8312 8313 1948 -_ Adams Ex coil tr g 4s 4212 Aug '15 87 Vera Crus & P 1st gu 4;0_1934 J - .1 S 9013 95 9 85 117 0014 78 9714 99 Alaska Gold M deb Os A_ 1925 90 4 , 99 1962 1111-N 98s Sale 9814 Virginian 1st 5s Series A 9013 10 85 105 9 103 105 Cony deb Os series B 1926 Ill- S 0014 Sale 00 4 1939 PI- N 10312 Sale 10312 1033 Wabash 1st gold 55 95 933 195 93 4 Armour & Co 1st real eat 4 yis'39 J -D 9314 Salo 9318 40 98 100 99 8 1939 F - A 99 Sale 985 2d gold 5s 0814 10 9814 9912 ---- Braden Cop M coll tr f 68_1931 F -A 9814 Sale 9814 90 June'12 1939 J - J 80 110 Debenture Series B - 8612 89 1952 A -0 8713 ____ 8814 Aug '16 Bush Terminal 1st 4s 9612 100 100 May'16 1st lien equip s fd g 5s_ _ _ -1921 M- S 9613 3 8678 61 92 1955 J - J 8814 Sale 8814 88 4 , Consol 5s 85 Dec '15 1954 J - J 70 1st lien 50-yr g term 4s 8712 10 86 1960 A-0 8738 Salo 87 Bldgs 58 guar tax ex idi 105 July'16 Det & Ch Ext lst g 5s--_ -1941 J - J 10312 65 100 -- Chic UnStat'n 1st gu 43is A 1963 J - J 100 Sale 9978 80 Aug '12 1939 - J Des Moin Div 1st g 4s 12978 392 120 10514 9 % 30 9 Chile Copper 10-yr cony 7s_1923 111-N 12918 Sale 12013 7418 72 Apr '16 73 72 1941 A -0 69 Om Div 1st 4 3)s 8314 19 Computing Tab-Rec s f 6s_ _1941 J - J 83 Sale 83 86 June'16 82 87 86 Tol & Ch Div 1st g 45._ 194I NI- S 80 5 10158 10614 81 105 69 28 - N 10512 109 105 414 Granby Cons M SSt P con 6sA. 3 4 15 8 23 4 113 Sept'16 Wab Pitts Term 1st g 4s_ _ _ _1954 J -D 103 109 12 334 1928 - N 10512 1063 10413 Sept'16 Stamped 4 15s Sept'16 158 2 Centand Old Col Tr Co certs__ 1 9914 10118 12 312 Great Falls Pow 1st 5t 5s_1940 M- N 10014 1003 1003 4 1003 4 4 114 Sept'16 15 8 2 Columbia Tr Co cents ______ 51 95 10914 378 Int Mercan Marino 4;is 109 12 1922 A -0 109 Salo 109 112 Sept'16 15 8 3 Col Tr ctfs for Cent Tr c - _ 109 Sale 10878 78 10918 3139 9518 10038 14 14 Certificates of deposit 14 Aug '16 54 2d gold 45 11819-8 34 18 973 914 9614 9818 4 New 1st & coll tr s f 6s1941 A -0 975 Sale 9714 14 July'16 Trust Co certfs 0584 09 4 10812 14 9138 1055s F - A 8458 -- _ - 8438 Aug '16 ____ 8312 8434 Int Navigation 1st s I 53_ _ _ _1929 F - A 10814 1083 108 Wash Terml 1st gu 3 8 985 8 29 ' --- Montana Power 1st 5s A__ _11 43 J - J 985 Salo 977 8512 9112 Aug '15 1945 F - A 94 1st 40-yr guar 45 4 9214 93 9214 9214 9213 9214 27 71 Morris & Co 1st s f 4;is_ _ __1939 J - J 711 75 West Maryland 1st g 4s_ ___1952 A-0 7114 Salo 71 83 Apr '14 Mtge Bond (N Y) 45 ser 2_.i966 A -0 10418 July'16 --- 10334 105 West N Y & Pa 1st g 5s -1937 J - J 10414 94 tic; 1932 J - J -------- 94 June'16 10-20-yr 5s series 3 _ 84 Aug '16 --- 8112 8434 1943 A-0 8418 Gen gold 4s 1 71 N Y Dock 50-yr 1st g 48_ _ _1951 F-A.72 71 37 Aug '16 ---- 37 37 37 ___ p1943 Nov Income bs 10134 102 7 0 7511.: Niagara Falls Power 1st 55_1932 J - J 10113 IC13 10214 June'16 100 1 98 102 _1926 A-0 100 _- 100 Wheeling & L E Ist g 5s.._ _ Ref & gen 6s a1932 A -0 6 96 9714 9813 9914 Wheel Div 1st gold 5s____1928 J - .1 9714 99 -513 -92 - 925 Niag Lock & 0 Pow 1st It._1954 M- N -11612 -6i" -HE8 Feb '16 8 _ _ 97 Mar'16 Exten & Impt gold 5s_......1930 F - A 983 9512 92 92 923 02 4 173 68 Ontario Power N F 1st 58_1943 F - A 92 77 97 97 7 77 Sale 73 1949 M- S RP. 1st consol 4s 86 0013 86 Sept'16 Ontario Transmission 5s__ _ _1945 1111-N --- 90 75 80 80 Sept'16 ---- 80 80 1922 .1 20 -year equips f bs 0213 25 893 9314 4 85 July'16 ---- 8412 8712 Pub Serv Corp N J gen bs_ _1959 A-0 9212 Sale 0134 88 Winston-Salem S 13 1st 4s_ _1960 J - J 86 1 9 88 125 8754 Tennessee Cop 1st cony Os .1925 M- N 9014 9212 02 12, 84 85 8418 Wis Cent 50-yr 1st gen 48._ _1949 J - J 8434 85 -10014 10312 Jan '14 ---_ 121 85 853 4 87 90'8 Wash Water Power 1st 5s_ _1939 J - J Sup & Dul div & term 1st 48'36 M-N 87 88 Manufacturing & Industrial Street Railway 0 10178 10314 _ 103 10314 2! 10038 10334 Am Ag Chem 1st c Is 1928 A - 0 10318 101 101 Brooklyn Rapid Tran g 5s_ A945 A-0 10012 101 42 963 101 4 Cony deben bs 1924 F - A 101 Sale 9914 101 1! 7418 81 7418 1st refund cony gold 4s__ _2002 J - J 7418 Sale 7418 14 9512 97 4 97 3 9613 8 1003 216' 100 10118 Am Cot 011 debenture 5s__ _1931 51-N 965 97 8 -year secured notes 5s_ _1918 J - J 10014 Sale 10014 6 10338 10412 S 104 10418 104 Sept'16 1919 -_ -- 10013 10214 Am Hide & L lst s f g 6s Bk City 1st con 5s_1916-1911 J - J 102 _ _ 102 Aug '16 14 85 883 4 87 88 873 88 4 1 9313 9418 Amer Ice Scour deb g 6s_ _ _ _1925 A 9312 Bk Q Co & S con gu g 5s_ _1941 51-N 9312 Sale 9313 Am Smelt Securities s I 6s_ _1026 F - A 1141s Sale 11212 11414 364 10614 118 101 May .I3 Bklyn Q Co & S Ist 5s_ _ _ _1941 J - J 3 977 0858 9813 9858 9813 8 Am Thread 1st coll tr 4s__ _1919 20812 3 100 102 10114 10114 Bklyn Un El 1st g 4-58-....1950 F - A 118 120 Am Tobacco 40 -year g 6s 1944 A - 0 11914 120 120 Sept'16 10114 Sept'16 1950 F - A 101 Stamped guar 4-58 6 8212 8513 s 85 85 Gold 4s 1951 F - A 837 _ _ 5 181:a 182 s s 0; 6a 4 833 4 Kings County El 1st g 48_1949 F - A 8358 8513 833 98 Juno'14 1951 F - A Registered 1 8313 8632 72 7614 4 1949 F - A 8314 863 8318 Sept'16 Stamped guar 45 8213 59 6518 8213 8 Am Writ Paper 1st s f 58_ 1919 J - J 823 Sale 815 73 73 Nassau Mee guar gold 45_1951 J - J 7314 74 10412 105 967 Sept'16 8 953 983 4 4 Baldw Loco Works 1st 5s_ _ _1010 81-N 10313 105 10412 Apr '16 1927 F - A 9634 97 Chicago Rys 1st 55 4 8 1033 4 20 10212 10412 101,: 10218 Beth Steel 1st ext s f It._ _1926 5-5 1033 Sale 1035 991 0 1 102 , Conn Ry & List & ref g 4101951 J - J 10114 -- 102 10013 Sale 10014 10058 114 9978 103% 1942 1st & ref 5s guar A 10118 Aug '16 10114 1951 .1 - J Stamped guar 4;is 4 1025 8 43 1003 10258 -year g 5s 1925 A-0 10212 Salo 10238 89 7418 831i Cent Leather 20 80 Det United 1st cons g 43is 1932 - J 80 Sale 7012 _ 973 Jan '15 4 1951 F - A 8118 Consol Tobacco g 4s 84 Jan '14 --Ft Smith Lt & Tr 1st g 5s-1936 M- S 9812 99 91) io618 99 Aug '16 Corn Prod Ref s f g Is 1931 2 87 94 93 --- 9334 93 1952 F - A Havana Elec consol g 5s 957 991, 8 1934 - N 9614 9612 9612 Sept'16 1st 25 -year s f Is 29 6813 7514 70 Hud & Manhat 58 Ser A_ _ _ _1957 F - A 70 Sale 6813 6 10113 103 10213 27 Sale 2513 2714 183 2513 3114 Cuban-Am Sugar coil tr Os_ _1918 A-0 10218 1024 10213 Adjust income 58 1957 _ _ _ 7412 28 69 8 78 3 Distil Sec Cor cony 1st g 5s_1927 A -0 7418 7412 7411 10013 102 1932 F - A --_- 10013 10013 July'16 N Y &Jersey 1st 5s 1 101 10712 10113 4 731 106 7213 7613 E I du Pont Powder 4;is__ _1936 J -D 10113 102 10112 Interboro-Metrop coil 40_1956 A-0 7318 Sale 723 85 85 9512 85 Mar'16 302 9713 9912 General Baking 1st 25-yr 68_1936 J -D 98 973 Sale 9712 4 Interboro Rap Tran 1st 5s_ _1966 J - J 78 82 8312 _.1042 F - A 82 8212 82 Gen Electric. deb g 8 9014 15 8813 93 Manhat Ry(N Y)cons g 4s_1990 A -0 897 9038 90 10512 87 10318 10512 Debenture 5s 1952 M- S 10512 Sale 10413 9314 31 89 91 Stamped tax-exempt 1990 A 0 91 Salo 9013 56 8912 023 92 4 III Steel deb 4 3-is 1940 A - 0 92 Sale 9158 Metropolitan Street Ry10313 131 10118 10312 1952 - N 10313 Salo 103 8 9978 997 Sept'16 ---- 9314 10014 Indiana Steel 1st Is Bwav & 7th Av 1st c g 5s_1913 J - D 99 100 Oct '13 1935 .1 - J 4 98 10038 Ingersoll-Rand 1st Ss 9812 , Col & 9th Av 1st gu g 58_1993 NI- S 98 2 0913 9812 4 748 79 7512 91 101 7834 7513 Int Agricul Corp 1st 20-yr Is 1932 - N 4 Lex Av & P F ist gu g 5s I993 M- S 983 10112 9912 Aug '16 11 10118 10234 102 30 Mar'14 ------------ Int Paper Co 1st con g Os_ ,_1918 F - A 10134 Sale 10158 -- Met W S El(Chic) 1st g 4s_ -1938 F - A 12 81 05 95 1935 - J 94 Sale 93 Consol cony s f g 5s 10134 Aug '16 7 Milw Elec Ry & Lt cons g 5s1926 F - A 151 2 5 71 7858 71 June'16 Int St Pump 1st s f 5s_ _ _ .1929 M- S 9238 Feb '15 -Refunding & exten 4 As_ _1931 J - J 64 80 80 80 Sept'16 Certfs of deposit i(101. -- 101 Aug '16 --- . 4 8'01 Minnows St 1st cons g 5s_ _ _1919 J - J 10 9722 1005 10018 8 s Lackaw Steel 1st g Is 1923 A-0 997 100 10018 95 92 July'16 --- 92 Montreal Tram 1st & ref 53_1941 J - .1 91 .94 977 s 4 9514 106 90 1st cons Is Series A 1950 N- S 951s Salo 013 8334 Aug '16 ---- 80 86 86 New Orl Ry & Lt gen 4;is_ _1935 J - J 7 12312 127 126 Liggett & Myers Tobac 7s.._1944 A -0 125 125 4 12518 , 99 99 Sept'16 ---- 99 N Y Municip Ry Ist s I 5s A 1966 J - J 99 13 10014 1301 1951 F- A 102 sale 10112 102 bs 6 7313 79 75 75 Sale 74 1942 J NY Rys 1st RE &ef 4s 1255 8 22 12253 127 1944 A -0 1255s Sale 1251s 5613 891 5458 6378 Lorillard Co (P) 75 a1942 A - 0 56 Sale 55 30 -year adj Inc Is 7 10014 10214 10114 1951 F- A 10114 Sale 101 bs 8313 1 83 8313 8812 NY State Rys 1st cons 43s 1062 M- N 8318 84 5 1065 128 3 11612 8 9412 Mexican PetrolLtdcon 6s A 1921 A -0 1103 Salo 11038 9113 July'16 -- 91 _1930 M- N ---- 89 Portland Ry 1st & ref 5s 4 105 12513 116% 1st lien & ref 6s series C1921 A -0 11614 Sale 116 785 July'16 --- 781 80 8 Portld Ry Lt & P 1st ref 55_1942 F - A ---- 78 _ 9012 99 98 Sept'16 1929 J -D 9712 98 _ _ 100 May'15 ------------ Nat Roam & Stpg 1st 5s Portland Gen Elea 1st 58_1935 J - J _ 8512 8812 8513 Aug '16 Nat Starch 20-yr deb 5s__ _1930 J - J 8518 92 St Jos Ry,L,II & P 1st g 5s_1937 SI-N 95 4 ---- 96 , 8 10113 77 997 10112 National Tube 1st 58 1952 - N 10138 Sale 101 MP 6 St Paul City Cab cons g 58_ _1937 J - J 10218 --- - 100 Sea7415 95 - -96y N Y gi gi 8 9 101 10512 8 10313 28 Air Brake 1st cony 6s 1928 11I-N 10312 Sale 1027 82 s 1960 J - J 8112 817 81 Third Ave 1st ref 45 4 13 773 8434 Railway Steel Spring 785 8 79 a1960 A -0 7812 79 Adj Inc 5s 4 10014 Sep t'16 --_- 993 10014 Latrobe Plant 1st a f 5s_ _1921 J - J 10014 5 1013 10818 10818 8 1937 J - J 10818 Sale 1067 Third Ave Ry 1st g Is 5 9412 08 9713 Interocean P 1st s f 5s 9713 1931 A -0 9714 --- 9713 4 s 10013 50 983 1007 Tri-City Ry & Lt 1st s f 5s 1923 A - 0 10018 Sale 9914 4 9913 203 953 993 Repub I & S 10-30-yr 5s s L1940 A-0 9938 Sale 983.1 Undergr of London _ _1933 1 - J -------- 9512 July'14 -3 957 100 8 987 3 1930 M- N 9812 Sale 9813 '- Standard Milling 1st 5s 61- -66 66 - 69 Jan '16 Income 6s 1948 10512 78 104 106 8 The Texas Co cony deb 68_ _1931 J - J 10458 Sale 1045 Union Elev (Chic) 1st g 5s_ _1949 ---- 84 Oct '08 34 8018 90 91' 8 - J 905 9478 89 Union Bag & Paper 1st 5s_ _1930 -1 67 74 67 67 United Rys Inv 5s Pitts iss_1926 1/1-N ____ 80 1930 J - J 90 __ 8714 Sept'16 ---- 8213 8714 Stamped 6114 Sept'16 ---- 5913 62 United Rys St L 1st g 48._ _1931 J -2 6112 68 o' 70 Sept'16 - 68 73 5978 US Realty & I cony deb g 58 1921 J - J 68 55 55 Apr '16 St Louis Transit gu 5s 1924 A -0 - 65 15 177 16 Aug '16 ..-__ 1012 16 8 331 -155 30 463 4 U S P.ed & Refg 1st g 6s_ _ _1931 J - J United RRs San Fr s f 4s.._1927 A -0 3312 Sale 3112 10214 13 10178 10312 US Rubber 10-yr col tr 6s,1918 J -D 10214 Salo 10214 92 8712 Aug '16 _.-- 87 ---- 88 Ry & Pow 1st & ref 5s 1934 J Va 11213 10 109 1151s US Smelt Ref & M cony 65_1926 F - A 11212 Sale 11118 Gas and Electric Light 8 10638 612 10334 1063 8 US Steel Corp-'coup_ ___d1963 M-N 1063 Sale 10512 103 Sept'15 19472 -D 10414 Atlanta CI LCo 1st g 58 1 1035s 106 4 106 S 1 10-60-yr 5sfreg d1963 SI-N 106 Sale 1053 3 log- 107 10613 1061 Bklyn Un Gas 1st cons g 5s_1915 51-N 10638 _ _ 4 16 963 095 4 8 8 983 4 54 June'13 ---- Va-Car Chem 1st 15-yr 5s_ _ _1923 J -D 983 Sale 977 Buffalo City Gas 1st g 5s__ _1917 A -0 ---29 100 10314 4 4 102 Cony deb 6s 81924 A-0 1003 102 1003 97 Feb '15 -Columbus Gas 1st gold 58_1932 J - .1 5 10112 1033 8 10213 8 53 120 12613 West Electric 1st bs Dec .._1022 J - J 10213 Sale 1017 12238 124 Consol Gas cony deb 6s_ _1920 Q- F 123 1241.i 13 112 14112 126 130 127 129 4 101 10212 Westingh'se E & M cony 58_1931 102 Detroit City Gas gold 55_1923 J - J 102 Sale 10112 2 1004 10153 8 1005 8 10-year coil tr notes 5s_1917 A-0 100% 101 1005 9713 Nov '15 -Detroit Gas Co cons 1st g 5s 1918 F - A 100 Beal & Iron 4 10238 1043 4 4 Detroit Edison 1st coil tr 5s_1933 J - J 1033 Sale 10312 1033 9612 July'16 Buff & Susq Irons f 5s 1932 J -D 9614 09 2 01 1011 h1940 M- S 10114 Sale link, 1.0114 1st & ref 58 ser A 9613 96114 9 0 06 June'16 63 95 Debenture 5s a1926 Si- S 93 10013 May'15 -----------Eq L N Y 1st cons g 5s.._1932 _ 923 98 4 98 Sept'16 8 Col F & I Co gen s f 5s_ _1943 F - A 045 100 100 Feb '13 -Gas & Elec Berg Co c g 58_ _1919 J -D 1001 7418 82 813.1 4 1934 F - A 8013 8114 813 103 10334 Col Indus 1st& coil 5s gu 8 4 Hudson Co Gas Ist g 5s____1949 M-N 1023 10312 1033 Sept'16 1712 _ 73 Mar'14 Cons Ind Coal Me 1st 5s_ __1935 J -D 91 91 Jan 'le ---- 91 Kan City(Mo)Gas lst g 58_1922 A 4 90 9014 0014 93 Cons Coal of Md lst&ref 5s_1950 5-0 9012 02 4 1651-8 1043 Sept'16 --- 104 105 Kings Co El L & P g 5s_ _ _ .1937 A -0 9938 Feb '14 1997 A -0 11612 11914 11613 Aug '16 ---- 114% 11813 Continental Coal 1st g 5s_....1952 F - A Purchase money 6s 041, 943 Marla 4 Or Rh' Coal & C 1st g 6s_h1919 A -0 1925 M- 8 120 128 126 Mar'16 --- 128 128 Convertible deb 6s _ 09 Sept'16 8814 Kan & II C & C 1st st g 5s1951 J - J 4 Ed El III Bkn 1st con 4 45_1939 2 - J 873 89 8813 Sept'16 ---- 88 . 9112 Sep t 16 89 04 93 Pocah Con Collier 1st s I 58_1957 J - J 92 3 2 1005 102 4 8 1007 4 Lac Gas L of St L 1st g 5s__81919 Q- F 1003 102 1003 4 83 87 June'16 1014 1081, 88 8313 85 1007 10212 St L Rock Mt & P5* stmpd_1955 J 3 8 8 _ 10133 1015 1934 A-0 1015 Ref and ext 1st g 58 4 1951 J - J 10013 102 1013 Sept'16 Tenn Coal gen 5s 93 7 9114 9313 9313 93 Milwaukee Gas L 1st 4s__1927 el-N 93 3 4 1003 102 4 Birm Div 1st consol 6s._1917 J -J ____ 1003 100 4 Sept'16 10358 10358 10358 Mar'16 1918 J -0 10312 Newark Con Gas g 5s 1003 100112 June'16 8 10013 102 Tenn Div 1st g 6s a1917 A - 0 6 103 10512 10412 8 NYGELII&Pg 5s 1948 J -D 1043 105 10414 Cali C M Co 1st gu 6s___.1922 5-0 15612 108 101 Dec '14 8814 26 833 87 4 Purchase money g 4E1-A949 F - A 8614 Sale 8412 1953 J - J ____ 8713 72 Apr '14 Victor Fuel 1st s f 5s 8 Ed El Il 1st cons g 5s-- _1995 J - J 108 1083 1085 Aug '16 --- 108 109 4 -7 13 -8 8 9013 83 86 4 NY&Q El L & P 1st con g Is 1930 F - A 10018 101 1003 Aug '16 -- 10012 10114 Va Iron Coal&Coke 1st g 58_1949 1/1- S 8314 86 Telegraph & Telephone N Y Rich Gas ist g _ _1921 M-N _- 9212 July'09 -8 9178 93 9013 9213 9134 Sale 913 Am Telep & Tel coil tr 4s_ 1929 J -J Pacific G & El Co Cal5s_0&E 4 100 10433 1013 8 10438 S Convertible 4s 1936 9912 15 9758 100 9914 Sale 994 Corp unifying & ref 5s__ _1937 M- N 11112 173 1055 112 8 20-yr convertible 4;is_ _1933 11- S 11114 Sale 11012 Pac Pow & Lt 1st & ref 20-yr 4 10318 1023 Sept'10 --- 10113 1031a Cent Dist Tel 1st 30-yr 5s_1043 -D -931 9218 23 92 -A 9313 9218 1030 F Is Internal Series 7212 75 Commercial Cable 1st g 4s...2397 QPat & Passaic G & El 58_ _ I919 M- S MU, ____ 9913 001 '15 -----------71 73 July'16a 1 731 Idy 6:2: 73 2397 Q 73. 7 Registered 115 Sept'16 1148* 11521 Peon Gas & C 1st cons g 68_ _1043 A 4 9914 10058 10018 115C718 8 4 -51947 M- S 1011- 101 8 10113 Sept'16 ---_ 1003 10218 Cumb T & T Ist & yen 5s_ _ _1937 J J - - 10012 100 Apr '16 ____ 98 Refunding gold Is 98 98 100 Keystone Telephone 1st 5s_ _1935 J - J Registered 1947 M- S 993 99 Sept'13 -4 1007 Sept'16 8 1 4 1211 13 7 8 s 8 Ch G-L & Coke 1st gu g 58_1937 J - J 1023 1023 10212 Sept'16 - _ i(i07- i152-3- Metropol Tel & Tel 1st s f 5s 1918 111 - N ia( 7- _ 4 4 101 Sept'16 ---_ 101 10118 Mich State Telep 1st 5s_ _ _ 1924 F - A 10038 10034 10012 Sept'16 _Con G Co of Chi 1st gu g 5s 1936 J-0 10114 4 100 June'16 ____ 1003 10034 34 NY&NJ Telephone 5s g-1020 131-N 10112 87 87 June'16 ____ 87 88 Ind Nat Gas& 01130-yr 5s 1936 M- Pt 0814 399 9712 9913 98 Sale 9734 8 Mu Fuel Gas 1st gu g 5s 1917 M- N 1664 7 8 - 1003 Mar'16 -_ 1003 10034 N Y Telep 1st & gen s f 4;is_1939 M- N 71 41 96 2 512 16 995: 10213 1937 J - J 10113 Sale 10112 Tel & Tel 1st 5s 4 Philadelphia Co cony 5s._ 1919 F - A 9718 973 98'3 Aug '16 _-- 89614 9812 Pac 12 0938 10138 101 89 Sept'16 ____ 88 9312 South Bell Tel & T 1st s I 58_1941 - J 101 Salo 101 90 Cony deben gold 53 1922 M- N 89 0 158 8 West Union coil tr cur 58_ -1938 2-5 10158 102 105 Sept'16 ____ 100 10218 100 5 9812 1027 Stand Gas & El cony s f 68_1926 J 100 10014 9978 101) 9512 Sale Fd and real eats 43is_ _ _1950 -N e 1. 4 10033 J Lug .16 - 993 100 4 8514 A m'2 , Syracuse Lighting 1st g 5s..1951 J - D 101 1941 11-N 10234 _ _ _ _ 10114 Apr '16 -- 10114 10112 Slut Un Tel gu ext 5s .Syracuse Light & Power 5s 1954 J - J 95 05 Mar 16 ____ 95 Northwest Tel gu 48is g_ _1934 J - J 9612 86 Trenton G & El 1st g 5s_ _ _ _1049 el- S 10112 ------- 10113 June'14 Due June. A Due July. k Due Aug. a DUO Oct. g Due NOV.(Due Dec. Option sale Due Jan. 0 Due Age a Due May e •No Price Friday;latest bid and asked. idg -7513 -- - SEPT. 23 1916.1 BOSTON STOCK EXCHANGE-Stock Record -NOT PER CENTUM PRICES. SHARE PRICES Saturday Sept. 16 Monday Sept. 18 Tuesday Sept. 19 Wednesday , Thursday Sept21 Sept. 20 Friday Sept22 Sales of the Week Shares STOCKS BOSTON STOCK EXCHANGE ONDS Next Page See! Range Since Jan. 1 Lowest Highest 10p4 0, 1107 Range for Previous Year 1916 Lowest Highest Last Sale 1033 4Aug'18 AtaTorka imad ta Fe__13 16i 51,42ra . 100 : Aptig 21 : Jan 3 0 1 rof R al& Sana : 9234Feb 10938 Nov *10612 107 *106 1063 *10514 106 *10412 105 4 Last Sale 993 Aug'16 8 Mar 9 97 Jan 10112Nov *994 100 *993 10014 *9914 100 *100 10012 4 175 175 100 17434 Sept12 198 Feb 16 170 Mar 198 Jan 110 Boston 43 Albany 175 175 __ 175 176 175 176 175 175 *175 '743 '7812 1,208 Boston Elevated 75 4 74173 June 98 Jan 8812Jan 19 74 7312 75 74 744 74 - 2 74 74 100 122 Sept14 145 Feb 11 109 Feb 13812 Oct 117 Boston & Lowell 125 126 *124 125 *123 125 *123 125 123 125 -451 14. Boston & Maine 100 34 Aug 29 52 Feb 14 43 20 Feb 42 42718 42 41 3712 Oct *202 _421_2 4214 4212 43 43 _ 100 200 Aug 4 23512 May29 225 Jan 240 June _ *200 _ _ _ 203 ---- ---- ----1 Boston & Providence 200 200 *200 210 Last Sale 412 May'18 Boston Suburban Elea Cos.__ 4 412 Feb 29 5 Jan 8 5 Dec 10 Mar 4 *_ 4 *_ *---4 *---Last Sale 39 May'16 Do pref 39 May19 4012 Feb 29 40 Sep 56 Mar *-- 40 •-__ 40 *_ 40 •- - 40 Last Sale 412 Sept'16 Boston & Wore Electric Cos4 Mar18 54Jan 5 5 Nov 9 Sep *44 5 *44 5 '1i2 5 -5,iii2 5 . 50 Do pref 42 Feb 28 4518 July18 39 Jan 47 July *4412 47 45 *4412 47 . *4412 47 Last le 154 Sept'16 Chi() Juno Ry & U_S Y-__100 154 July26 154 July26 157 Feb 160 Sep *........ 150 ' ___ 150 *___ 150 *--5_ 107 107 91 Do pref 10212 Apr 28 110 July14 I0112July 110 Apr 107 107 *10812 108 107 107 107 107 i.;1 .3i4 1131-4 103 Connecticut River 100 123 Sept 1 162 Feb 19 140 Feb 185 Jan 140 148 135 135 134 134 136 136 134 134 100 693 sept19 87 Feb 14 693 6934 4 4 35 Fitchburg pref 51 Feb 76 Nov 3 *71 34 6.6 4 *114 7112 7112 7112 49 _693_ * 9182 ia 18 39 , *129 12912 400 Georgia Ry dr Elea stampd100 122 Jan 3 12912 Sept21 114 Apr 120 Feb *1274 - *12778 ___ 90 90 90 90 100 z86 Jan 10 90 May25 12 Do pref 88 Mar 84 Aug *89 90 90 *89 90 *9812 _ __ 100 100 60 Maine Central 102 Jan 17 92 Mar 10312 Nov •98 100 98 *98 100 98 * * *512 6 - W2 -(i150 Mass Electric Cos 102 9g J411 0 8e ,3 478 June 10 Sep 8 Aug 30 ll *512 6 4 53 4 6 *512 -6 , 5 8 538 3 36 36 440 Do pref stamped 100 31 May 2 4434 30 36 36 36 61 61 36 Jan 36 36 36 3618 36 975 N YN H & Hartford 100 57 May 5 773 *60 ,3,81ie ( L12 613 4 6012 61 4Jan 9 33 43 Feb 3 856734 ct 6114 8113 6138 6212 61 Sale 1C1'7 Sept'16 Northern New Hampshire_100 97 Jan 3 107 Sept14 89 Oct . 98 Apr *104 110 *105 109 *105 109 *105 108 135 135 57 Old Colony 13712 13712 *13514 13712 *134 136 136 137 100 135 Sept21 157 Feb 26 140 Aug 157 Apr 28 - i)- 16 28 50 Rutland, pref 26 100 20 May 1 30 Jan 3 *25 15 Mar 30 Nov .25 26 26 25 *25 25 Last Sale 141 Aug'16 Union Pacific 100 130 Apr 26 14278 May23 11612Jan 14188 Nov • 147 1473 *14512 146 ' 514614 147 *14512 146 4 Last Sale 8212 Aug'16 Do pref 100 817 Mar 1 8314 Jan 3 8 7934 Mar 8178 Oct 382 Vermont& Massachusetta_100 10012Aug 29 125 Mar 1 105 Feb 125 Apr 2 - 110 ..iiil fir *IOC 116 z55 110 -L4" 55 West End Street 161i 50 z55 Sept21 8712Jan 19 61 May 7212 Jan •56 57 56 57 564 50' 4 56 57 112 Do pref 7018 7018 701s 704 7118 7112 100 69 July13 86 Feb 25 72 80 July 9312 Feb *70 72 '70 *70 72 Miscellaneous 82 82 880 628 Amer Agricul Chemical-100 64 Apr 24 824 Sept22 81 82 82 14 8214 8212 8212 8112 82 8112 7334 Nov 48 Jan 10112 10134 1015 102 8 683 Do pref 102 102 102 102 100 9512Mar23 102 Sept14 10112 102 8712Mar 10112Nov • 10112 102 13 178 4 134 154 178 3 Amer Pneumatic Service 85 s 17 8 134 Mar 4 17 412 Oct 314 Apr 12 112July 8 4 *15 •134 17 50 4 13 8 13 _ 13 *__ __ 1212 •___ 1212 _ 12 13 15 Do pref 12 •12 1912Jan 50 1134July 8 18 May 4 12 13 Dec 11114 11114 11034 11118 111 137 11012 111 112 112 8 111 112 897 Amer Sugar Refining 100 108 Apr 22 11612Jan 8 100 Feb 11912 Nov 11812 11812 119 11912 11914 11912 11914 120 11914 120 118 118 349 Do pref 100 11412Mar 1 120 Sept21 109 Feb 119 Dee 4 13278 13338 13314 13312 2,858 Amer Telep & Teleg 4 1323 13314 133 13318 1323 133 132 133 100 12618Jan 31 13312 Sept22 116 Jan 13012Nov 4712 474 *48 48 47 4812 4812 48 5714 Oct *4712 48 4812 4812 60 American Woolen of Mass.100 42 Aug 5 55 Mar14 1612 Apr 9612 97 97 97 964 9634 9612 0634 9612 97 97 97 99120ct 447 Do pref 100 92 Jan 11 10158 Mar14 77 Feb *7014 7212 7114 7214 ' 57114 74 •71 704 71 75-__ 5913 Jan 87 Apr 70 Amoskeag Manufacturing --- 66 Jan 3 76 Aug 18 _ 98 "98 98 98 99 98 98 98 *98 0912 7 Do pref 9712May 101 Feb 98 July24 10114Feb 10 9038 9114 8914 913 4 8814 9012 85 883 4 8512 883 - - 8012 12,278 Atl Gulf & W I S S Lines_ _100 27 Jan 14 9434 Sept14 4 33 36 Nov 4 Feb 6712 68 673 68 6712 68 4 6712 66 *66 67 6712 6712 IN 42 Jan 15 6914 Sept14 391 Do pref 978 Mar 49 Nov 23 24 24 2412 23 2318 2258 2314 223 23 4 2234 23 1,005 Cuban Port Cement_315 pd w818 Apr 28 10 *87 8 914 *87 9 9 8 014 9 878 87s ....__ ___ 9 260 East Boston Land 812 Dee 812 Aug 16 HZ.launlIg 1314 Apr 10 ?NI., Apr 27 2.50 Mar 7 230 May 260 Jan 238 238 0 3 238 238 239 2393 239 239 239 239 4 112 Edison Electric Ilium •170 17112 172 172 22 178 Jan 17 13814Feb 184120ct 152 General Electric 174 175 .1 174 17438 17434 175 1743 175 *101... 101 10112 *101 10112 101 101 *100 101 68 McElwain(W H) 1st pref_100 95 June 8 10212 Sept 8 9612 Aug 104 Mar 850 Massachusetts Gas Cos-100 79 Sept21 8613 Jan 5 81 - 81 804 "iiii1 - -381 79 80 4 31 4 793 80 4 793 80 78 Apr 94 Aug 186 Do prof 81 100 78 Sept14 89 Feb 14 80 *79 80 80 *78 80 80 78 7912 80 84 Nov 80 Mergenthaler Linotype_1.3 Last Sale 161 Sept'16 162 *158 ____ *15712 ____ *18712 161 •May , 172 Jan 19 154 Feb 200 Jan Mexican Telephone Sept'16 Last Sale 1 _., •.60 __-_ i.0 .3 _ ' -. ' 5.60 14 Apr 5.60 3 Sep Mississippi River Power 100 15 Jan 18 19 Last Sale 16 June'16 IT *___ 17 *.-- _ --1i1i 10 June 1838 Dec Do pref Last Sale 39 Aug'16 100 39 Apr 21 44 Feb 8 39 *-- -- 39 • 39 39 35 Feb 4612Jan __ ____ . .._ 10 New Eng Cotton Yarn _ *25 ____ *25 25 25 100 2312July18 30 Jan 7 *28 _- *26 20 Apr 30 Nov 54 54 - 53 53 53 20 Do pref •52 _ *5212 if- 53 58 Jan 7 25 July 55 Dee 512 New England Telephone 1! 122 jug 16 160 May16 212714 June 143 Jan 12812 1283 z127 12714 127 128 4 8 -12734 12 -12 12812 129 12912 130 -1 Jan 11 40 m r 7 A an 151 152 *151 15212 152 152 *____ 150 255 Nipe Bay Company 148 148 1497 150 8 100 10218 167 187 _ 166 166 4 1663 1663 18512 16512 4 165 Pullman Company *166 168 *167 15812Apr 28 171 Jan 17 150 Feb 1f(11 Oct *155 16 8 16 8 *1512 16 16 1534 -16 - 157 16 16 16 35 Reece Button-Hole 10 15 Feb 3 1612 May23 1814 Jan 15 Sep 15112 15214 15112 15212 150 15134 150 15212 15112 15212 1,626 Swift & Co 150 153 100 125 Feb 5 153 Sept16 10434Jan 128 Nov 61 63 62 63 61 2 61 58 2203 Torrington 88 62 57 63 Sept19 28 Mar 364 Deo --- ---- *3118 -_-_ *314 32 *31 3012 3012 32 32 -250 Do pref __ _-2g N 1:: 1: 32 Mar 2 28 Mar 3014 Sep .1 13 4 *1 134 *1 112 100 Union Copper L & M 112 112 *1 13 --4 -25 .90 Mar28 114 Apr .95 Jan 2 Feb 23 1617 162 163 164 21621- 1621; 1,049 United Fruit 8 162 16312 16214 18414 162 163 4 100 13612Jan 31 16834 Aug 21 110 Feb 163 Nov 5412 55 5412 543 5478 55 1,833 United Shoe Mach Corp 4 5418 547 25412 55 8 5412 55 N 50 June23 834 May12 65 May 48 Aug 245 Do pref 3014 3014 3012 31 23012 3012 *3014 ____ *3014 ____ 3014 3014 2812Jan 3 31 Sept18 28 Mar 30 Aug 10812 108 10778 10832 10712 109 10714 1083 10712 1098 1093 1.1414 10,134 U S Steel Corporation--100 7934 Mar 1 11414 Sept22 4 4 4 38 Feb 8912 Dec 1193 1204 120 120 310 Do pref 1203 1203 1203 12114 1203 1203 4 4 4 4 _ 4 100 11514Feb 5 12114 Sept20 10214 Jan 11714 Oct 4 miniOll 718 73 5,000 Ventura Consol na Fields_ 5 8 65 8 714 7 7 63 4 713 67 8 7 74 7 1438 Nov 1058 Dec 658 Sept18 13 Jan 3 *313 4 *312 4 312 312 314 314 34 34 345 Adventure Con 312 334 25 134Feb 17 478 Apr 4 Jan 518 Apr 11 105 106 2102 1024 10212 105 105 105 10512 106 105 106 1,060 Ahmeek 25 91 Aug 1 10612 Sept14 9212 Dec 103 Aug 1438 133 14 4 1418 1413 1414 1413 14 13 1358 1278 1314 4,270 Alaska Gold 4034 Apr 2112 Dec 2612Jan 7 113 *114 112 112 112 *138 Ila 112 112 112 114 114 650 Algomah Mining 434 Apr .45 Feb 2 Apr 7 6618 664 67 66 67 6612 68 1 6612 67 8734 6713 6812 676 Aliouez 3513 Jan 68 Deo 8 44 l'ie t19 1 ig 57 8iu ly2 0 1:jii 3 i 7412 Feb 21 5 : f 4 4 43 4212 413 4312 413 4312 4234 44 3912 403 444 9,795 Amer Zinc, Lead & Smelt_ 25 2912Julyll 9758 Apr 10 4 41 4Jan 7214 Nov 163 7612 7612 7712 7712 7714 7812 78 78 77 77 77 7712 1,329 Do pref 25 60 Julyll 79 Sept 9 8 1214 127 125 8 12 8 123 13 8 1214 125 1214 125 4 8 1214 125 7,325 Arizona Commercial r :14Ir T4 Jan 1 p 12 ectlg 178 112 15 8 I5 17s 8 134 *112 178 13 4 13 4 13 4 212 4,650 Butte-Balaklava Copper 10 112 Aug 2 645 8 65 6614 64 6578 65 6413 64 6333 633 4 64 6513 5,045 Butte & 3534Jan 80 June 7112 7112 7212 7234 7312 3,839 CalumetSup Cop (Ltd).- 10 6012July10 10514 Mar 9 7112 7134 71 7112 71 7178 71 5112Feb 7834 Apr 10 66 June28 7514 May20 & Arizona 555 557 555 559 558 559 555 559 555 558 1 555 559 124 Calumet & Heals 25 515 July14 586 Feb 14 350 Jan 630 Apr 19 *18 1812 1812 183 19 19 1812 1812 *18 19 "18 4 25 Apr 300 Centennial 25 14 July17 204 Aug 25 15 Jan 5458 5312 5312 5314 534 5414 543 5312 54 *53 4 5532 5 3: 214 61 2 h 46 Julyll 60 Feb 19 631 Chino Copper 57 Nov 327 Jan 8 6514 65 6514 64 64 88 8' 65 644 657 86 4 055 663 15,800 Copper Range Cons Co-10" 5412July11 6834 May19 30 Jan 8 65 Dec , *234 3 234 3 "212 3 3 3 2 10 12 jul yl2 378 Mar17 112J l 3 335 Daly-West 8Jan 534 Apr 17 1578 16 8 16 153 153 16 1 * 4 1614 157 16 1614 16 1614 2,415 East Butte Copper Min 1734 Sept 8 812Jan 1012 Dbo 34 3 8 8 812 812 9 84 914 9 912 912 962 Franklin 25 6 June23 1034Jan 8 412 Feb 1414 Apr 912 12 88 873 913 4 4 9114 9214 914 9378 3,930 Cranby Consolidated 87 874 83 874 88 1 100 79 July14 988 Feb 10 58 Jan 9412 Apr 8 49 4912 4914 51 4 483 4912 4938 492 50 50 504 5012 1,208 Greene Cananea 100 3434 June26 5212 Mar 9 5238 Dec 2314 Feb 14 1312 1312 *13 14 1312 1312 .1313 14 13 •1314 14 25 1012 June28 1912Jan 4 11 Jan 2412 Apr 210 Hancock Consolidated _ *312 4 *312 4 4 4 *34 4 110 Indiana Mining 25 214Jan 6 Jan 3 2 July10 1012 Apr 44 *43 43 43 44 *42 • 13 4472 z43i1: 4212 *434 444 44 318 1 242125ept22 5434 Apr 11 131 Island Creek Coal 41 Mar 52 Aug 90 91 90 *90 90 *9018 9012 89 90 90 •89 1 88 Jan 29 92 May22 89 8512Jan 9118 Apr 31 314 3!1 3112 31 4 313 32 3114 31 14 3134 4 ,3 74 .11. 313 2 4 72 4 1,93 Isle Royale Copper25 25 July13 32 Sept15 1712Jan 34 Apr * 4% 4% *434 5 *43 4 5 *458 478 47850 Kerr Lake 43 5 53 May 3 312 Mar 4 8 3 Aug )r 42 0 51811 1 4 7 4 63 63 7 7 *65 8 7 67 8 7 834 7 25 8 Apr 6 234 Feb 11 850 Keweenaw Copper 112 Aug , 4 13 2 1312 13 1312 133 *1312 133 4 133 • 4 14 133 4 1334 1438 955 Lake Copper Co 25 914 July14 1912Feb 10 1978 Dec 512Jan 412 412 434 514 512 4 4 414 5 412 412 , 5 1,615 La Salle Copper 25 314July15 5 534Jan 3 9 Apr 318Jan 4 8 478 , 214 214 312 4 33 8 214 314 2 5 29:582802 Mason Valley Mine 112 Aug 3 1 Mar 5 Dec 5 Sept22 8 11, 1rs 414 1 4 3 1412 147 8 1412 1434 1414 145 Mass Consol 25 10 July13 1512 Sept22 412 1g 22 4358 5 4 : 17 Apr 3 Jan 14 34 3 3 314 3 3 425 Mayflower g %.jun 5 5 Feb 10 3 Aug 8 Apr a ly 312 3 2 338 , *312 334 4 4 *33 4 4 4 4 .60 Mar 3 Apr 418 Sept 8 5 9114 0134 91 9134 90 -1 4 ,,212 9318 1,Ng 1/VIoicliliirvakn 25 7712Julyll 10312Mar10 98 Dec 4614 Jan 9 2 3 4 *2112 c' 213 ' 221 O21 2112 2114 2113 2112 9114 90 2112 21 2n2 221g 280 Nevada Consolidated 5 15 Jan 28 2318 Sept14 1158 Feb 17 Apr 8 8 4 712 73 714 714 712 Vs 63 4 714 413 Feb 484 July14 1014 Jan 4 73 4 818 1414 June 590 New Arcadian Copper__ _.. 25 • 14 15 1414 1414 *1312 15 1414 1412 *1414 15 4 July 1312 Aug 4Jan 19 180 New Idria Quicksilver 5 9 July19 243 814 83 s 3 813 8 4 814 84 814 838 83 4 83 -i883 854 4 518 Aug 87 Nov 5 8 6 Mar 1 9 Sept14 2013 2013 2013 2134 2034 21 2114 21 2114 213 22112 -22 4 lp tirlutres r 1,712Iis 2214Jan 387 Apr 15 20 July13 32 Jan 3 8 24 24 24 2 2 214 214 2 *2 2 4 *2 1 Jan 412Jan 3 44 Apr 214 25 .50June 2 360 North Lake ' 138 51.14 *112 2 118; •138 , 17 8 t ru 158 s•t, 158 112 112 .50 Mar 278 Apr 8 118July15 140 Olibway Mining 312 Apr 25 218 228 24 2 *2 2 2 2 2 2 214 Nov 4 Jan 3 380 Old Colony 718 Apr 25 114 July14 6812 68 i114,2 68 6 .*ii 69 : . 6812 69 69 69 4Mar11 3812 Mar 84 Dec 25 80 July14 733 .912 7012 1,895 Old Dominion Co 92 9312 9112 92 9 92 92 4 923 93 64 Jan 2. 805 Osceola 9312 Apr 25 70 July14 10112Mar14 4 1612 1584 1 2 1514 1512 1514 153 1512 16 1534 16 1213 6/5 Pond Creek Coal 19511 Aug 10 1112 Mar 7 1612 Aug 16 12 Jan 91 4 91 4 9112 9112 9112 9112 893 903 50 Jan 95 Apr 658 Quincy 25 81 July12 9834 May16 2. 25 25 25 2514 25 2512 25 •25 91. 26 29413 1534Jan Ray Consolidated Copper.. 10 2034June22 2614 Sept22 2715s Nov 89 87 8712 88 89 8634 87 85 5 34 9, 34 90 3 3 93? , % 14 28 Jan 6512 Dec 602 St Mary's Mineral Land 25 6112Jan 31 9312Sept22 5 212 234 213 212 212 213 *212 234 258 21 . 2,425 Santa Fe Gold & Copper 37s Jan 8 1 Mar 114 July28 5 Oct 10 s 912 97 93 10 4 93 10 4 97 10 8 9 s 1014 7 1212Feb 14 4 Jan 1112 Apr 93 32,3 3,100 Shannon 4 10 4 317s 3178 8315* 3012 *3012 303 *3012 31 530 *3012 31 ' 4038Feb 14 1834Jan 5 Shattuck-Arizona 38 Nov *53 6 4 6 6 6 0 614 3 63 3 6 8 *6 73 July 6 4 614 812 Jan 4 4 Aug 4 600 South Lake 514 Nov 25 1812 1812 18 1834 1812 1812 174 1814 *16 17 17 2212.811 T 2812 JIM 3 1712 415 Superior.. 4112 Apr 37 54 355 512 3 28 5 s 37 1 373 : 3T2 3712 3 3 3713 3312 3T2 6 980 Superior.20 1211122:11aunlY1153 5 8 .3 14 4 ,, 2 5 5 ' 5 2 512 6 : 6 Sept14 1 Mar & Boston Copper_ 15 412 Apr 25 Jan Taima y T nitrack _ r 25 35 Aug 5 5614 Jan 14 585s Aug 83 612 7 4 7 7 712 7 8 (Ps 67 s 7 7 .lllany12 123 4 i ul 20 1 322 4Jan 3 1512Oct 2t 23 Feb s .52 .53 .50 .50 .62 .52 .52 .52 .51 .52 . 7 53 . 6 .60 May31 7 51 4,1 Tuolumne Copper .63 Apr .20 Jan 7338 7414 7414 763 743 7513 7312 7414 4 76 75 4 7714 7813 15,016 U 3Smelt Min & Mln 50 5418Jan 3 80 8June 9 5 54 Dec 20 Feb 52 52 504 5134 52 5112 52 60 49 Feb 1 5334 Apr 11 1 11iot Do pre : 504 Dec 28 Jan 418 414 41 418 4 4 418 418 g 11 2 Jan 54 Apr 10 2,102 Utah-Apex Mining 53 sJune 142 8 14 51:134 5 84 543 137 54218 54 1312 133 4 4 133 1334 1378 14 4 1414 1114 1 1534 Feb 11 1 1638 June Utah Consolidated 94 Feb *8512 88 85 85 89 87 9018 9012 9214 864 86 *86 10 75 June27 9214 Sept22 645 Utah Copper Co 8134 Dec 488 Jan 4 7 714 712 714 713 712 715 *67 7 3 713 7 71 1: 2501 Utah Metal& Tunnel 1 612July18 1112 Mar13 *35 4 4 358 4 4 3 13 3 2 *33 4 4 4 , 4 5 23 114 1,465 Victoria. 25 4Jan 3 1 Feb 412 Apr 47s Fob 14 535 *5 5 5 512 514 514 514 514 5 334 M ar27 25 13 4Jan Winona 712 May31 5111 May 48 48 4812 4812 48 3 474 48 4712 477 48 48 632 Wolverine. 25 4612 Aug 9 8712Feb 10 32 Jan 48 70 Apr *ltis 2 *113 2 I _ *113 2 3 13 _ 14 . _*1 ___112 __*08 2 4 .50 Mar 234 Feb 14 25 Wdott yan 14 Aug 12 214 Apr _ . .. •Bid And IAN prices a Mg-dividend and rights. 0 Ex-etook dividend. 0 Assessment paid. AEx-rights. x Ex-dividend. 2Ex Tamarack stock. w Half-paid. ,tg *41.i. ____ ____ Sale ;gr.:17412 •ma- fa- *iiii- fa- 1.2 Apr 18 3,2 v5. 3P ?g 18 21.4111 .11:11 NLb en THE CHRONICLE 1108 [VOL. 108. Friday Last Week's Range Sales Sale. ofPrices. for Price. Low. High. 1Veek. Outside Stock Exchanges -Boston Bond Record. -Transactions in bonds at Boston Stock Exchange Sept. 16 to Sept. 22, both inclusive: Friday Last Week's Range Sales Sate ofPrices I for Price. Low. High. Week BondsAmer Agri° Chem 5s_ A924 Am Tel & Tel coil tr 481929 Convertible 45s._ _1933 Atl G & W I SS L 5s_ _1959 Chic June & U S Y 5s_1940 Dominion Coal 55_ _ _ _1940 Gt Nor-C B & Q 4s__ _1921 KC Ft S& M ref 4s_ _1936 K C Mem dr Bir inc 5s_ _ Mass Gas 454s 1931 Miss River Power 5s_ _1951 N E Telephone 5s_ __ _1932 Pond Creek Coal 6s_.1923 Swift & Co 5s 1944 United Fruit 454s_ _ _ _1925 U S Smelt R & M cony 6s_ West End 4s 1932 Western Tel & Tel 58_19321 100 100 I 31,000 914 9134 9134 13,000 11054 1104 1, 100 84,4 8454 8434 70,500 10154 10134 6,000 94 94 1,000 3 973 97%. 15,000 4 1 9534 95% 1,000 92 92 5,000 944 95 8,000 7754 774 3,000 10134 10134 10,000 964 3,000 96 10034 1004 10054 37,500 97 1,000 97 9,000 1104 111 6,000 100 100 100 1004! 9,500 100 Stocks- American Radiator_ _ _ _100 Amer Shipbuilding_ _ _ _100 4934 Preferred 100 Amer Strawboard 100 Avery Co, preferred__ _100 Booth Fisheries, com_ _100 46 Preferred 100 '85 Cal & Chic Canal & D.100" ChicCity & C Ry pt sh corn 44 Preferred 2834 Chicago Elev Ry, common 10 Preferred Chic Pneumatic Tool_ _1C10 734 Chic Rys part ctf "1"_ Chin Rys part ctf "2" -- 1834 Chic Rys part ctf "3" 3 Chic Title & Trust rights_ _ Commonw'th-Edison _ _100 - 14434 Deere & Co, prof 100 Diamond Match 100 12034 Edmunds & Jones, corn 100 Hartman Corp'n 100 72 Hart,Shaff&Marx,com.100 90 Illinois Brick 100 Lindsay Light 22 Preferred National Cat bon 100 Preferred 100 122% Pacific Gas& Elec Co_ _100 People's Gas Lt & Coke 100 1104 Pub Servt of N Ill, com_ 100 117 Preierced 100 Quaker Oats Co 100 Preferred 100 110 Sears-Roebuck, cony _ _100 Stew Warn Speed,com..100 112% Swift & Co 100 152 Union Carbide Co 100 165 United Paper Bd com_ _100 2194 Preferred 6 1 Ward, Montg & Co, prof ........ Bonds. Chicago City Ry 5s_ _1927 994 Chic Cy & Con Ry 5s_1927 Chicago Rys 58 1927 Chic Rys 5s, Series"A" Chic Rys 48, Series "B".. 68 Chicago Telephone 5s_1923 Commonw-Edison 58_1943 Metr W Side El 1st 4s.1938 Poop GL&C ref g 5s_.1947, Chic G L & C 1st 5s.1937 Sulzberger dr Sons 1st 6s'41 100% Swift & Co 1st gold 5s_1944 10054 Low. 96% 90% 10554 74 100% 9334 9754 95% 674 93 77 10154 87 9814 97 109% 100 99 July Jan Mar Jan May Feb July Sept Feb Mar July Jan Feb Jan Jan Apr Sept Jan High. 100 93 11134 854 102 96% 99 95% 92 96 81 104 9854 1004 97% 115 100 101% Sept Apr Aug Sept Aug Feb Feb Sept Sept Jan Jan May Aug June Apr June Sept June Range since Jan. 1 Low. High. 65 385 400 400 Jan 400 696 33 49 4934 Jan 50 75 75% Jan 94 94 94 May 24 2 12 22 22 41 10034 July 1084 102 102 44 Jan 47% 584 25 4734 Jan 8654 185 66 8454 8554 110 45 4954 50 May 50 454 24 44 4,401 234 July 15 July 264 264 18,679 15 5 May 10 11 10 10 Apr 72 28 100 25 28 7434 73 857 634 Mar 79 Apr 80 20 70 73 73 Apr 19 19 1,733 13 14 4 3 234 July 3 85 Sept 29 578 26 2734 29 469 139% June 146% 14234 145% May 98 100 89 92 92 Mar 122 85 102 120 121 500 3834 Aug 4434 41 4454 Sept 7354 433 72 72 7354 Aug 91 72 86 90 9034 355 764 Jan 8954 88 8934 64 Jan 25 , 224 5,850 22 954 Mar 1154 10% 10% 50 5.5 167 189 190 July 193 65 12054 Feb 125 122% 123 70 5734 Aug z6654 59 59 May 112% 102 110% 2,008 100 Jan 11754 310 107 116% 117% 8 100 10154 102 Apr 104 Jan 363 95 309 310 316 Jan 111 202 107 10954 110% 508 169% Mar 2124 208 21154 4,207 8254 Apr 119 111% 114 150 1524 6,496 12654 Jan 15254 Sept 215 159 16954 2,057 a155 3,438 13% June 22 204 22 69 6934 221 51% June 6954 29 1124 June 11754 1154 116 9994 694 96% 8654 6734 1014 10234 7154 10154 10254 100,4 1004 9954 $14,000 10,000 70 17,000 97 864 15,000 7,000 68 10234 19,000 10254 5,000 71% 2,000 1014 7,000 10254 5,000 100,4 13.000 10034 21,500 98% 694 96 8654 65% 101% 101% 71 100% 102 9954 984 Apr Sept May Aug July Apr July May July May Apr Jan 100 714 0834 92% 75 102% 102% 7334 , 102% 102% 10034 100% Jam Aug &apt Sept Feb Sept Sept Jan Sept Sept May Jan Mar Jan Sept Jan Sept Mar Feb Sept Sept Sept Sept Sept Aug Aug Sept Aug Apr Jan Sept Feb Jan June Aug Aug Sept Sept Sept Sept Aug Feb Jan Feb Feb Jan Feb Jan Jan Jan Jan Sept May -The complete record of Pittsburgh Stock Exchange. transactions at the Pittsburgh Stock Exchange from Sept. 16 to Sept. 22, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, not per cent. For bonds the quotations are per cent of par value. Stocks- American Sewer Pipe_ _100 Am Wind Glass Mach _100 Preferred 100 Caney River Gas 25 Columbia Gas & Elea- _100 Consolidated Ice corn_ _50 Independent Brewing_ _50 Preferred 50 La Belle Iron Works_ ..100 Mfrs Light & Heat 50 Nat Fireproofing corn. _50 Preferred 50 Ohio Fuel 011 1 Ohio Fuel Supply 25 Peoples Nat Gas & Pipe..25 Pittsb Brewing corn... _50 Preferred 50 Pittsburgh Coal corn_ _100 Pittsb-Idaho 1 Pittsb 011 & Gas 100 Pittsb Plate Class 100 Pure Oil common 5 Ross Mining & Milling.. _ _ 1 San Toy Mining 1 Union Natural Gas_ __MO Union Switch dz Signal_ _50 U S Glass 100 U S Steel Corp 100 100 Preferred West'honse Air Brake. 50 West'house El & Mfg_ _50 West Penn Rvs nref__ _100 Range since Jan. I. Low. High. 45 15 June 1714 Jan 1554 1534 624 2,775 3434 June 6434 May 61 61 Apr 255 1224 July 155 124 124 12434 280 36 June 424 Jan 40 3954 40 2514 2594 264 10,210 1454 Mar 26% Sept Mar 5 3 July 110 354 334 554 Aug 2% Mar 4 54 4,142 Aug 436 154 Mar 22 2034 2154 Sept 984 49 June 62 614 6054 62 683 4934 Apr 5934 Sept 5834 5834 5834 Jan 1,385 • 64 July 12 74 734 734 285 1534 July 2434 Jan 16 17 164 Jan Aug 19 100 14 1554 1554 47 Feb 4754 June 47 890 38 46 Jan July 37 20 34 35 35 654 Aug 454 Mar 925 5% 6% Aug 150 1654 Feb 25 22% 20 100 2334 Apr 3634 Jan 3354 3354 1.20 Sept 1.10 Sept 1.10 1.25 1,525 1.25 94 Apt 225 655 Mar 834 834 854 Jan 128 685 115 Sept 128 12254 128 2,284 z1734 May 214 Mat 197 20 4 20 Apt Apr 30o 5c 21e 34,000 21c 18c Jar 23c 28,950 14c June 250 18c 18c Sept 75 141% Apr 158 15734 15754 Jar May 126 478 109 11954 115 120 30 2534 June 3954 Aug 3554 3554 Sept 10754 112 112 330 8034 Jan 109 Sept 11 1164 Feb 120 120 120 Sept 3,935 1334 Apr 155 1534 149 155 2,291 5354 July 714 Mai 6354 6594 65 74 10 73 June 75 Jun( 74 $8,000 5954 60 10034100% 7,000 1,000 9855 9834 Low. High. Mar 62 Aug 49 994 Aug 10054 Sept 96% May 9814 Jan Baltimore Stock Exchange. -Complete record of the transactions at the Baltimore Stock Exchange from Sept. 16 to Sept. 22, both inclusive: Stocks-- sales smay Last Week's Range for 1Veek Sale ofPrices Par. Price. Low. High. Shares. Arundel Sand & Gravel 100 37 3734 50 43 Bait Electric, pref 43 Baltimore Tube 100 125 124 126 100 98 Preferred 9734 99% 28 Commercial Credit, pfd_ 25 28 Preferred B 2654 2654 110 111 Consol Gas E 1.& Pow_100 112 113 100 Preferred Consolidation Coal_ _ _ _ 100 9954 9934 100 Cosden & Co 5 1574 15% 1654 Cosden Gas 5 12% 124 13 4% 474 Preferred 5 44 36.4 37 Davison Chemical (no par) 37 16 Elkhorn Coal Corp 16 50 16 Preferred 33 33 33 1454 15 Houston 011 trust ctfs_100 Preferred trust ctfs_ _100 59 59 Mer & Min Tran new. _100 70 75 Monon Vail Trac 100 59 584 59 Mt V-W'b'y Mills v t r 100 1254 12 Preferred v t r 100 5454 53 Northern Central 50 854 8634 Okla Prod & Refg - 5 754 774 Penna Water & Pow_ _100 77 7854 Poole Engineer & Mach100 9434 92 9434 Sapulpa Refining 5 834 9% United Ry & Flee 50 2754 274 2734 Wayland Oil & Gas 5 5 454 654 Bonds Alabama Coal & I 5s 81 Anacostia & Potom 55 1949 Anniston Water 48 Atl & Charleston 1st Is__ Atian Coast L (Conn)1925 9134 Certfs 5-20 45 Chicago Chic Ry 5s_ _1927 Chicago Ry 1st 5s_ __ _1927 City & Sub(Wash)Ist 5s'48 102% Coal & Iron 1st 5s _ _1920 Consol Gas gen 4548_ _1954 Cons0 E L & P 4%0_1935 9034 Consol Coal ref 454s _1934 1923 Convertible 6s 101% Cosden Gas 68 Elkhorn Coal Corp 68_1925 1918 Elkhorn Fuel 58 Fla Cen & Pen cons 5s 1943 Ga Car di Nor 1st 58_ 1929 Georgia Pac 1st 6s_ _ _1922 _ _ _ _ .. _ Ga Sou & Fla equip 454s_ Houst 011 div ctfs 1923-25 8054 Jersey Cent Tr 55 Maryland Dredge 6s 1931 Md Elec Ry 1st 58 Minn St & St P C it 5s 1928 Monon V Trac 5s_ __ _1942 1949 97 Norf Ry & Lt 55 Penns W & P 5s 1940 Syracuse R T 55 United Ry & E 4s 1949 Income 4s 1949 Funding 55 small_ _1936 1921 ______ Notes 5s 35 10 298 218, 55 60 440 104 45 7,767 1,810 790 1,584 20 20 142 10 85 170 233 314 97 364 135 400 560 1,803 8,965 Range since Jan. 1. Low. 3534 41 63 8234 28 264 107 107 96 1354 6 451 3534 15 31 13.4 57 5034 57. 10 49 8574 6 72 92 7% 2554 334 Aug July Jan Jan June June Mar June Feb Aug Apr Apr Aug Aug Aug Aug July Feb June Mar June Sept Mar Mar Sept Aug Jan Aug High. 42 4454 13154 100 30 264 11654 117 103 2674 184 64 7134 19 33 2354 68 80 65% 1634 55 90 8% 7954 148 1654 29 93-4 Feb Jan Aug June Jan June June Aug Jan June June June Jan Mar Sept Jan Jan June Jan Jan May Jan June Sept Jan Feb Feb Feb 37,000 7634 Jan 81 8034 81 1,000 96 Jan 100 100 100 2,000 77 80 Sept 80 77 10154 10134 11,000 101 Sept 103 Sept Sept Sept Mar 9134 9134 9954 993.4 9734 974 10254 1024 993.4 9934 94 94 91 90 92 92 10254 103 1014 1024 9754 974 100 100 103 103 1024 mg 106% 10674 1009410054 804 804 904 9034 0994 09% 9894 99 10154 101% 94 93 9614 97 9134 9154 101 101 8294 83 6254 62% 8654 8654 100 100 Jan July Felt Sept Feb Jar Sept Mai Jar Jun( Jar Feb Jun( Jan Apt Sept May Sept Aug Mat May Sept Aug Apt Sept Jar May Feb Sent 4,800 1,000 7,000 9,000 1,000 2,000 51,000 1,000 11,500 191,000 1,000 5,000 3,000 4,000 4,000 3,000 1,000 1,000 10,000 3,000 10,000 6,000 4,000 1,000 2,000 11,000 19,200 900 17,000 91 9874 96 10254 9834 9234 864 91 10254 100 96% 994 103 102 106% 10034 79 90 9934 964 101 9234 95 90 101 82 6054 8394 99 Mar Apr May Jan May May Aug July Sept Aug Aug Aug Sept Aug Sept Sept Apr July July Jan Aug Jan Feb Jan Sept July June May Feb 93 102 9954 10254 9934 9454 91 9334 105 120 0854 10034 10334 10354 107% moyg 8254 9054 9954 99 10254 94 97 9234 101 85 64 8754 100 -The complete record Philadelphia Stock Exchange. of transactions at the Philadelphia Stock Exchange from Sept. 16 to Sept. 22, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, not per cent. For bonds the quotations are per cent of par value. Ex-dividend. a Ex-dividend 2%, stock dividend 40%• Friday Sales Last Week's Range for Week Sale of Prices Par. Price. Low. High. Shares. 59% Range since Jan. 1. -Complete record of transacChicago Stock Exchange. tionsatChicago Stock Exchangefrom Sept.16 to Sept.22,both inclusive, compiled from the official sales lists, is as follows: Friday Sales Last Week's Range for Sale of Prices. Week Par. Price. Low. High. Shares. BondsIndepend Brewing 68_1955 La Belle Iron Works 58 '40 Pittsb Coal deb 5s_ _ _1931 Range since Jan. 1. Stocks- Friday Sales Last Week's Range for Week ofPrices Sale Par. Price. Low. High. Shares. 10 Alliance In.yurance American Gas of NJ._100 American Rys vet__ _100 Baldwin Locomotive_ _100 Buff & Snag Corp v t c _100 Preferred v t o 100 Cambria Iron 50 Cambria Steel 50 Consol Trac of N J._ _ _100 Elec Storage Battery_ _100 100 General Asphatt 100 Preferred Insurance Co of N A _10 J G Brill Co 100 Lake Superior Corp--100 50 Lehigh Navigation 50 Lehigh Valley Lehigh Vatley Transit_ 50 Preferred 50 MInchill dz S H 50 Northern Central 50 Pennsylv Salt Mfg 50 Pennsylvania 50 Philadelphia Co (Pitts)_50 Pref (cum 6%) 50 Philadelphia Electric_2254 Phlia Rapid Transit_ _50 Voting trust recta_ _ _50 Philadelphia Traction_ _50 Reading 50 1st preferred 50 Tono-Belmont Develop-1 Tonopah Mining 1 Union Traction 50 United Cos of N J 100 50 United Gas Impt U S Steel Corporation_100 100 Preferred Warwick Iron de Steel_ _10 West Jersey & Sea Shore 50 Westmoreland Coal.._ _50 Wm Cramp & Sons_ _ _ _ 100 York Railways 50 Preferred 50 9454 71 70 13% 76 81% 100 5734 41 2854 21 7854 1134 4,4 57 4 46 89 113 934 71 82 1954 1954 121 121 9454 94 87% 91 52 55 56 56 44 44 814 8154 73 73 7134 z68 3054 3054 70 7094 2754 2754 39 40 139-4 1434 76 7654 8034 824 21 21 4254 43 5755 5754 86 85 99 10034 564 574 394 41 42 41 2854 2874 204 2114 2034 2174 77 784 11054 114 4434 4454 434 47-16 534 5% 4434 464 224 224 8834 8936 1064 11434 121% 12154 9% 9% 484 494 724 z71 844 82 134 14 374 3734 Range since Jan. 1. Low. High. 3 1754 May 20 Jan 5 119 July 123 Feb 8 2 9354 Feb 100 Mar 710 69 July 11554 Feb 181 38 Jan 55 June July 6234 Jan 173 54 Feb Jan 47 6 44 May 104 7034 Jan 00 Mar 73 June 45 70 8,780 5854 Apr 7134 Sept 300 2734 Aug 38 Mar Aug 7334 Mar 317 69 464 25 Jan 2794 Sept 543 34 Apr 4834 Jan 28,442 834 Jan 1434 Sept May 794 Jan 609 74 828 744 Jan 85 May 110 18 Jan 2354 Mar 236 38 Jan 4454 Mar 60 56 Feb 5834 June Jan 131 85 Sept 90 84 97 July 10234 Feb 11,384 553-1 Aug 5554 Jan 395 3834 Sept 4554 Jan Apr 80 394 July 45 Mar 2934 June 27 1,521 May 2134 Sept 17 424 May 2174 Sept 48,358 17 May 7934 Jan 93 75 2,998 754 Jan 11454 Sept 63 4234 May 4554 Feb 1,575 ,4 Mar 5 7-15 May Jan 7 402 554 Aug 8,547 4154 Jan 464 Sept 1 22254 July 22754 June 607 8754 May 9254 Jan 32,740 794 Mar 1144 Sept 6 115% May 1214 Sept 820 954 Aug 1154 June 45 4894 Sept Si Jan 410 6554 Apr 7234 Sept Jan Mar 87 1,005 70 854 Feb 1651 Juno 410 Mar 60 3454 Jan 39 SEPT. 23 1916.1 THE • CHRONICLE Friday Last Week's Range Sales of Prices,. • Sale. for Price. Low. High. Week. Bonds - Range since Jan. 1. Low. High. Amer Gas & Elec 58_ _2007 0834 96 0634 $13,000 89% Jan 0654 2007 Small 06 96 500 8934 Jan 96 Anglo-French 5s 95% 9514 95% 10,000 95% Jan 05% 99% 09% 3,000 0934 Apr 100 Choc Ok dr Gulf gen 58_1919 102 102 Consol Tree NJ 1st 58 1932 1,000 10134 Jan 10231 107 107 Edison Elec stk tr ctf 5s'46 2,000 105 Mar 108 Small bonds 107 107 100 105 May 10734 Elec & Peop tr ctfs 4s_ 1945 80% 80% 80% 8,000 7934 May 814 small 1045 82 1,000 76 82 82 do Apr 83 102% 102% 3,000 101 Harwood Electric 6s.. _1042 Jan 103 57 Inter-State Rys coil 45 1943 57% 12,000 57 May 58 Keystone Teleph 1st 5s '35 97% 97% 2,000 96 Jan 100 3834 39% 43,000 2034 Jan 39% Lake Superior Corp 58 1924 Lehigh C & N cons 434s'54 101 101% 13,000 101 Aug 1034 Lehigh Val annuity Os_ 1,000 135 135 135 Jan 137 Consol reg (3s 1,000 10934 Sept 111 1923 109% 10934 Gen consol 4s 2003 3,000 89 90 90 Sept 94 Gen consol 43s___ _2003 28,000 99% Aug 103% 99% 100 Lehigh Val Coal 1st 5s 1933 104% 10434 2,000 104 Aug 106 LehValTran ref&imp5s'60 1,000 91 91 91 Aug 93 Market St El 1st 4s_ _ _1955 9834 064 96% 3,030 95 Jan 974 Pennsylv RR gen 4%s 1965 101% 1014 101% 6,000 100% Jan 103 Consol 434s 1960 104% 104% 104% 7,000 10434 July 106% Pa & Md Steel cons 6s 1925 1064 106% 11,000 104 Jan 107 5,000 87 Phil Co cons & coil tr 58'51 87 87 Aug 94 Phila Elec tr ctfs 5s_ _1948 105% 105 10534 11,000 103% Jan 105% 1,300 103 Small 104% 105 1948 Jan 105 Trust cents 48 1950 8434 8434 8454 21,300 8135 May 85 700 82 844 84% Small 1950 May 85 111% 11134 5,000 1104 Jan 113 Phil & Read Term 5s.1941 95 Reading con 4s 95/4 12,000 9354 May 9634 1997 102% 102% 1,000 101% May 102% Spanish Am Iron 6s_ A927 69% 70 24,000 67% Sept 74 United Rys Invest 53_1926 71 71 500 71 Small bonds Sept 71 95% 96 7,000 9254 Jan 9634 York Railways 1st 58_1937 Sept Sept June Sept Apr Aug Aug Feb Jan Jan Jan Feb Sept Feb June July Feb Feb Jan Feb Feb Feb Feb Mar Feb Sept June July July June Jan Feb Apr Sept Apr Volume of Business at Stock Exchanges TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY. WEEKLY AND YEARLY. Week ending Sept. 22 1916. Stocks. I Shares. 771,3911 869,730,350 1,162,523 102,312,800. 1,039,435 88,776,125 1,109,215 87,149,590 1,331,818 90,990,800 1,521,304 120,697,400 Saturday Monday Tuesday Wednesday Thursday Friday Total Par Value. Railroad, dcc., Bonds. State, Men. & Foreign U. S. Bonds. Bonds. $2,239,0130 51,224,030 2,734,000 1,647,000 3,779,500 1,238,000 2,956,500 1,425,500 745,000 3,311,500 4,417,500 1,108,000 $2,000 1,500 1,000 3,000 $6,935,686 3559,656,775. $10,438,000 $7,385,500 $7,500 Week ending Sept. 22. Sales at New York Stock Exchange. 1916. Jan. Ito Sept. 22. 1915. 1916. 1915. 6,935,688 -No.shares_ _ . Stocks 5,180,036 126,281,656 108,513,837 $559,656,775 3465,740,295 S10,910,465,1151 $9,388,462,493 Par value Bank shares. Par 81,300 $1,000 $178,900; J 139,300 Bonds. Government bonds_ _ _ $7,500 811,500 $685,9501 $815,000 State, mun.,&c.,bonds. 7,385,500 108,801,500 600,500 16,051,000 RR.and misc. bonds 19,438,000 18,990,500 552,163,000. 563,273,200 Total bonds $26,831,000 810,602,500 $751,510,450' $580,139,200 DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND BALTIMORE EXCHANGES. Boston. Week ending Sept. 22 1916. Saturday Monday Tuesday Wednesday Thursday Friday Total.. Philadelphia. I Baltimore. Shares. Bond Sales. Shares. 'Bond Sales.' Shares. Bond Sales. 25,668 36,206 32,029 36,963 44,322 58,419 $35,500 15,000 73,600 24,500 28,000 24,000 22,215 30,707 14,036 43,986 35,043 24,515 234,507 5200,600 170,502 834,2001 83,0001 48,200 37,0001 61,500; 29,000k $292,900 2,656 2,346 9,831 4,675 3,436 5,435 $34,200 58,800 100,400 83,700 72,000 72,400 28,370 $421,500 New York "Curb" Market. -Below we give a record of the transactions in the outside security market from Sept. 16 to Sept. 22, both inclusive. It covers all the sales for the week ending Friday afternoon. Friday Last Week's Range Week ending Sept. 22. Sale of Prices Par. Price. Low. High. Stocks- Sales • for Week Shares. 1034 Aetna Explos_r__.(no par) 1034 10 1254 1354 Amer Druggist Synd _ r _10 Am Int Corp $50 pd..--100 6034 5934 61 12 12 American Navigation_ _ _10 4 ' 534 Am Writ Paper oom-r_100 434 100 83 73 85 Atlantic Steel 96 06 Preferred 100 Brit -Am Tob ord bearer.E1 20 1054 20 Butler Chemical.r 4 434 434 5 Irritterworth-Judson_r (t)_ 69 60 72 Canad Car & Fdy pt.r_100 80 72 Canadian Natural Gas _1 34 1 Carbon & 88 89 Car mgSteel com_r---100 power_r_ _25 41-4 431 434 Central Foundry r . 100 123.4 13 100 28 Preferred _ r 29 534 6 Charcoal Iron Co of Am_10 10 74 734 Preferred 63.4 200 *215 100 Chevrolet Motor 24 30 Curtiss Aerop & NI(no par) 30 54 34 Electric Gun Corn r 1 j) 10 Emerson Phonograph_-5 10 Federal Sugar Refg_r_100 77 70 74 94 09 Preferred_ r 100 Fisher Body Corp.r 40 4034 (no par) Gaston, Williams dr Wigmore_ r 5234 51 (no par) 51 General Motors_ r_w I__ 149 156 Preferred _w 1 04 *953.4 Grant Motor Car Corp_10734 83-4 Guantanamo Sugar__ _ 50 71 69 Hall Switch & Signal_ r_100 1354 ii Preferred 2154 2154 100 Haskell & Barkear(no Dar) 41 *3934 4354 Holly Sugar com....(no par) 4734 4534 4734 Preferred 100 9854 97 9834 Hupp Motor Car Corp -10 63-4 64 Imp Carbon Chaser_r__ _I 30c 36c 42c Intercontinental Itubb_100 16 16 18 12,200 300 15,700 1,000 3,600 1,700 50 4,400 2,670 38,200 845 500 35 400 600 700 400 4,225 4,760 200 1,000 1,748 1,200 500 250 11,000 4,100 150 400 200 1,850 1,200 3,300 580 850 000 60,500 3.750 Stocks-(Concl.) 1109 Friday Sales Last Week's Range for Sale of Prices. Week Par. Price. Low. High. Shares. list Arms & Fuze Sec_ _25 .20% 23% 925 Joplin Ore & Spelter_r_o_5 50c 48c 54c 9,600 Kathodlon Bronze, pref__5 17 16 17 800 Kelsey Wheel pref _ r_ _100 98 98 200 Keyst The dr Rub pf_r_10 11 *12 1,500 Lake Torpedo Boat_r_ _10 731 *73i 8 1,910 Manhattan Transit_ _ _ _20 1 15-16 1 200 Marconi WIrel Tel of Am_5 34 3% 3% 3,800 Marlin Arms v to (no par)- 334 30 34 5,545 Preferred v t c 100 84 84 85 280 Maxim Munitions.r----10 5% 434 634 9,000 Mexican Petrol Export r _ 17% 17% 17% 700 Midvale Steel & Ord _ r__50 73% 71 7534 102,500 Mitchell Mot_r _re _(no par) 7134 68 7134 5,000 N Y Transportation_ ..10 154 1634 500 Ohio Cities Gas com_r_ _25 72% 64 72% 8,700 Peerless Truck & Motor_50 26 25% 27 9,000 88 Poole Eng & Mach_ r _ _100 95 05 450 PullmanVentilatorCorp.r.5 234 2% 3% 7,300 Preferred 5 554 54 634 2,700 Republic Mot Truck r (t). 704 59 77 7,670 Riker & Heg (Corp for)._5 534 5 5% 5,400 10 174 164 174 5,000 St Joseph Lead_r 1 5-16 St Nicholas Zinc_r 31 A 23,000 ScrIpps-Booth_r_ (no par) 5534 55% 62 . 5,500 Seab'd St Manganese (t)_ _ 294 30 30 500 9% 10% 3,800 Smith &Terry Transp p110 10% Springfield Body Corp_100 84 700 87 Sterling Gum 5 9,000 % 1 Stromberg Carbur (no par) 43 43 444 2,600 Submarine Boat__(no par) 39% 38 39% 11,800 Todd Shiny ards_ r(no Par) 81 2,575 77% 81 United Motors.r _(no par) 67% 66 68% 28,200 United Profit Sharing__ A 1 54 134 17,600 U S Llgat & Heat Corp r 10 234 2% 2,300 254 U 8 Steamship 10 734 734 14,600 734 US Tungsten _ r 1 29 27 29 16,000 United Zinc Smelt (no par) 5 800 5% Western Pacific RR r_ _100 12 12 200 12 Preferred r 100 37 36 37 75 Western Pac ctts dep_ r_ 23 23 23 7,000 White Motor 50 554 54% 55% 8,500 Willys-Overland new w L _ 46% 47 390 World Film v t c 5 ---13-4 14 1% 16,000 Zinc Concentrating_r_.10 4 3% 4 1,800 RightsCosden dr Co 34 Former Standard Oil Subsidiaries Atlantic Refining 100 Crescent Pipe Line 50 IllinoisPipe Line 100 Ohio Oil 25 Prairie Oil & Gas 100 Prairie MO Line 100 Southern Pipe Line_ __ _100 W Pa Pipe Lines__ _100 Standard 011 (Callf)__ A00 Standard 011 (Ind)_ _ _ _100 Standard 011 of N J_I00 Standard Oil of N. Y__100 200 266 277 788 225 3 -16 34 50,000 800 805 40% 41 186 200 250 268 420 438 262 277 211 213 109 110 290 295 700 788 531 532 223 229 Range since Jan. 1 Low. 7 o35e 14 9734 113.4 6% 54 23 70 4 17% 57 64 1234 64 2034 86% 234 5% 54 454 14 54 49% 24% 9% 51 4134 3134 73% 57 3.1 24 4 27 434 12 36 23 4851 41 54 3% 3-16 Sept 25 650 55 4034 400 155 785 189 180 359 430 205 55 180 25 106 70 z234 525 487 50 495 190 200 High. July 2634 Jan Aug o61c Aug Aug 33 Jan Sept 101% July Sept Sept July 1334 Jan Aug 234 Jan Apr 434 Jan June 3734 Jan May 85 ' Sept Mar 13 Jan Sept 1754 Sept Apr 77% Jan Aug .7134 Sept Feb 16% Mar Sept 72% Sept Jan May 32 Sept 150 Jan June 334 Aug July 634 Aug Aug 77 Sept Mar 631 Feb July 17% Mar Sept 34 Sept Sept 62 Sept Aug 30 Sept Aug 1134 Sept Apr 88 Aug July 2% Jan Aug 454 Aug July 43M Jan July 81 Sept Aug 94 June May 2 1-16 Jan July 434 Jan Apr 8 Sept Sept 29 Sept Sept 811 June Sept tol5 Jan Sept 37 Sept Sept 23 Sept Jan 60 June Sept 47 Sept July Jan 3 634 Apr Aug Jan Sept June Jan Aug Apr July Apr Apr Jan Apr Mar % Sept 805 44 200 268 439 277 226 118 384 788 548 230 Sept Mar Sept Sept Jan Sept Jan Feb Jan Sept Jan Sept Other 011 Stocks • Alberta PetroLr (prosp'ct) 60c 58c 60e 700 50c June 60o Sept Barnett Oil & Gas_r.......1 2% 24 2,500 234 234 Jan 434 May Coaden & Co_r 5 16 15% 1634 5,500 13 Aug 27 June Cosden 011 & Gaa_r 5 12% 12% 13 8,000 6% Apr 1834 June Federal 011 r 5 14 111-16 17,300 1 34 Feb 1% Mar General Ref & Prod _r _ 36 11-16 1 1-16 33,500 34 Aug 134, Sept Houston 011, com_r_ _ _100 14 1434 300 12 Aug 23 Jan Internat Petroleum_r__ £1 11% 104 124 4,200 9% June 13% Jan Kenova Oil (prospect). -1 3( 7-16 26,600 34 Aug 93e June Metropolitan Petroleum.5 17 16% 18 10,000 10 Aug 25 May 1 47c 46c 50c 20,700 38c Aug 85e Feb Midwest 011 corn_ r N Y-Oklahoma 011.r- _ ....1 134 1 1-16 1 3-16 10,650 700 June I% Aug Oklahoma 011 cora _r _ _ _ _1 9%c 14e 162,800 12c 7c Mar 210 June Preferred r 7-16 5-16 7-16 22.320 g Aug I% May 1 Oklahoma Prod & 734 834 20,600 5% Aug 854 8% June Omar 011 & Gas 650 70c 25,400 50o Aug 950 Aug 1 70c Pan-Am Pet & Tr pf_r_100 700 '80 9134 93 July 102 May Sapulpa Refining 1,790 734 Aug 16% Feb r 1 9% *8% 934 Sequoyah Oil & Ref 14 134 9,980 1% Sept 1 1 5-16 1% Sept Sinclair Oil & Ref r(no par) 39% 39% 40 3,300 35% Aug 50 May Tex-Mex Petroleum_i_ _1 1 13-16 24,100 690 July 134,.Sept U S Consolidated Oil__ _ _5 200 54 6 434 Apr 6% May United Western 1 1 I 134 9,800 54c Mar 2% June Utah Pet (prospect) 35c 45c 6,200 35c Sept 45e Sept 1 390 Vacuum Gas&O,Ltd 8,200 28c Sept 560 Apr 28c 350 310 Victoria Oil_r 134 1 5-18 11,100 I 1 3-16 Mar 234 Jan 8,700 Wayland 011 & Gas corn. 5 434 6 3% Aug 9% Feb Mining Stocks Alaska-Brit Col Metals r 1 Alaska Mines Corp 1 Alaska Westover Cop-rA Arizona Copperfields.r....1 Range since Jan. 1. Atlanta Mines_ r 1 Big Ledge Copper Co.... Low. High, Bingham Mines 1 Booth _r 7 July 25 Feb 1134 June 1434 Jan Boston & Montana Dev_ _5 Buffalo Mines Ltd 1 v1234 Jan 161 Sept Butte Copper Zinc v to 10 May 1254 May Butte & N Y & Copper__ _ _1 2 Mar 634 Sept Calaveras Copper_r 5 55 Jan 85 Sept Caledonia Mining 1 06 Sept 96 Sept Calumet & Jerome Cop r_ I 1554 May 2034 Aug Canada Copper 5 254 Mar 754 Apr Cerro de Pasco Cop(no par) 60 Sept 72 Sept Columbia Mines 1 70 Aug 101 Jan Consol Ariz Smelt 5 % Sept 234 Jan Consol-Homestead _ r _1 55 Feb 90 Sept Consul Nevada-Utah..._ _3 334 Aug 734 Apt Crystal Copper 1 11 Jan 1354 Jan Dundee Arizona CoPP-4-1 20 Jan 29 Sept Emma Copper_r 1 54 Aug 834 May First National Copper.. .6 534 June 73-4 Sept Florence Sliver_r 1 115 Jan 278 June Goldfield Cons'd blines..10 18 Aug 60 Jan Goldfield Merger_r % Sept 134 Mar Goldstone M in_r _f 1 834 July 1434 Jan Green Monster Mining.r.1 74 Sept 79 Sept Ilecia Mining 25o 04 Sept 99 Sept Howe Sound 1 3754 Aug 4234 Sept InspirationNee dlesCopri 1 International Mines_r_ _1 3734 July w7034 Apr Iron Blossom_r 100 124 Sept 160 Sept Jerome Verde Copper_i_..1 94 Sept 98 Sept Jerome Victor Exten_r_i_l 7 Apr 14 June Jim Butler_r 1 u56 Sept 80 Apr Jumbo Extension 1 5 Aug 214 Jan La Rose Cons Mines_ _5 2034 Sept 43 Feb Louisiana Consolidated 10c 3334 July 5434 Jan Magma Copper 6 41 Apr 55 June Marsh Mining r 1 934 June 984 Sept Marysville Gold Mining.1 6 Sept 1134 June McKinley-Darragh-Say...1 25e Aug 420 Sept Mich Gold Min & Mill_r_, 10 June *19 sent Mojave Tungsten_r 2 480 50c 1,400 450 Aug 1.02 May 72c 76c 35,600 590 Sept Ito Sept 9-16 % 12,300 "I July 70c July 234 3 19,185 350 July 39-4 Sept 90 10c 10,300 90 Aug 23340 Jan 5 6 48,700 1 7-16 Feb 6 Sept 934 1054 1,200 934 Aug 1534 May 12340 1234c 1,000 120 Aug 440 Jan 83c 92,100 50o Mar 1 99c 234 June 1 134 % Feb 1,388 154 134 May 54 84 46,000 434 June 1234 Mar 7% 134 2 1,600 154 July 434 Mar 6 834 3,700 634 Sept 254 Jan 630 60c 650 7,150 530 Aug 1 5-32 Apr 154 1 3-16 1 5-16 32,950 I% Sept 154 Aug 1 9-16 13.4 13-4 3,700 1 3-16 Mar 23.4 May 391,4 3834 404 11,700 323.1 July 4254 Feb 68c 70c 70c 3,800 65o Aug 700 Aug 1% 1 7-16 134 8,700 2 134 July Jan fi July 9-16 54 9.5 34 Sept 00 4 5-16 8,600 34 Jan 44 Mar 34 July 1 1-16 15-16 134 6,400 134 July 134 13-4 8,715 1% 234 May 134 June 13-4 210,200 17340 Jan 134 61c 1% Sept 534 6,300 5 3 July 434 834 Jan 8,600 70c July 770 Sept 73c 77e 74c 73c 76c 8,550 73o Sept 740 1 3-16 Jan Sc 834c 11,000 8c 70 Aug 21c Jan 39c 44c 28,200 350 Aug 440 Sept 440 154 25-4 50,000 2 3-16 1 Aug 214 Aug 534 5 5-16 5,910 534 334 Jan *534 June 5% 5% 300 8 43.4 June Jan I I 7-16 54,100 60o July 14 17 Sept 4 120 14c 700 10o Mar 310 Apr 134 13-4 2,250 1% 1 Jan 2)4 Apr 2 294 67,000 2 3-16 24( May 134 July 3 334 10,000 3 13-4 June 354 Sept 82c 92c 1 2,200 810 July 1 3-16 Jan 330 40e 25,660 32c Sept 40c 1)( Jan 34 11-16 1,300 9-16 Mar 1 May 190 19c 5,000 12c May 21c July 16 18 1 19,500 13 18 July 1931 May 100 1034c 8,500 10o Aug 410 Mar 100 134 134 134 10,500 1 Aug 134 Sent 60c OR, 650 2.000 380 Mar 72o May 640 65c 13,300 42c, Aug 700 Aug 434 434 5,050 4% 23-4 Aug 8 May 50c 76c 9-16 294 90 534 104 [vol.. 103. THE CHRONICLE 1110 --Jib Sales Friday Last Week's Range for Week Sale of Prices Mining (Concluded).Par ?rice. Low. High. Shares. Monitor Sil L & Z M & M 1 Montana Gold MInes_r_ _1 1 Mother Loder 1 Newray Mines, Ltd_r N.Y.&Honduras Rosario.10 5 Nipissing Mines North Butte Devel__r_ _I 10c Oatman Big Jim Old Emma Leasing_r _Alio 1 Peterson Lake Pittsb-Idaho Co, Ltd.._ _ _1 Pittsb Jerome Copper_ r_l 5 Ray Hercules r 1 Rex Consolidated_r 1 Rochester Mines 1 Round Mountaln_r Sacramento Vail Cop_ r _ _1 10 Santa Fe_ r 1 San Toy Mining 1 Silver Pick Consol_r Standard Silver-Lead__-1 1 Stewart Mining 1 Success Mining_r Teck Hughes_ r..(prosp't) 1 Temiskamingr 1 Tonopah Belmont_r 1 Tonopah Extension Tonopah Mining 1 United Eastern U S Continental Mines_r1 United Verde Exten_r.50c 5 Unity Gold Mines West End Consolidated.. l White Oaks Mines Cons r 5 5 Yuscaran Consol_r Bonds Cerro de Pasco Cop Cs 1925 Cosden & Co new fis Range since Jan. 1. Low. Quotations for Sundry Securities High. 2% May % Apr 4,670 1% 2 Aug 1 4200, 640 June 970 99c Jan 43e Apr. 3630 300 128,500 200 64o 72e 66,000 34o June 72o Sept Aug 17% June 2,375 15 15% 16 9% Sept 1 , 63 Feb 8% 8% 12,000 % June % Feb 3-4 3-16 1,000 1% 1% 21,600 700 July 2 3-16 Apr 1 5-16 15c 310 179,000 12c Aug 310 Sept 30o Jan 2,000 210 Sept 390 240 24c 1% Sept 1,200 1 1-16 Sept 1 1-16 1% Sept 2 53,600 85c July 1% 1 11-16 2 534 Mar 2% Mar 700 3% 3% 3% 310 2630 3134c 125,100 10o Aug 390 May 520 50e 530 10,300 50e Sept 780 May 830 34o Sept 78e May 420 40e 420 134 Sept 1 1-16 11-16 1% 4,200 1 1-16 Sept 3% Jan Sept 2 200 2% 2% Jan 1934e 220 33,300 13o Aug 26o 30 Feb 2334eSept 8,000 19c 200 20o Jan July 2 1 1 7-16 1 7-16 134 11,900 % Jan 5-32 June 500 % 3-4 350 400 22,200 30c Aug 950 Feb 390 2,000 40o Sept 42o Sept 400 40e 3,200 Sic Mar 810 May 620 630 825 5% May 4 June 4% 4%, 7% May 5% 5 7-16 5 11-16 10,350 3 15-16 Jan 860 734 May 534 Aug 5% 5% 5% 4% may 1,050 4 334 July 3 13-164 4o Aug 18o Mar 11% 110 12c 21,400 634 Jan 45 Sept 42% 31,020 41% 39 3% Sept 334 3% 2,800 3% 134 Apr 1% Juno 8,000 65e Sept 71e 80o 800 534 810 5 5% 374 Aug 16% May 1% May % July 1,800 134 1% 13-4 2 970 37e 72c 15% 83-4 115 100 1013.4 96 Midvale St & Ord 5s.r.1936 97 Govt 634s_r_w L_ 1003.4 1003-4 Russian 95 Sinclair Oil & Ref 6s.r.1926 1003-4 Sulzberger & Sons 6s_ r_'41 82 West Pao RR new 53_1946 82 101 115 101 1023-4 97 1007-4 95 10034 82 322,000 110 225,000 100 36,000 9934 192,000 94 63,000 100 7,000 94% 50,000 1)9 5,000 82 June Sept Aug July July Sept Aug Sept 123 101 125 100 101% 99% 100% 82 Feb Sept June Feb Aug May Sept Sept *Odd lots. t No par value. t Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. m New stock, par value 312 50. n Old stock, par value 325. o New stock. r Unlisted. s Ex-100% stook dividend. t $50 paid. u Ex-cash and stock dividends. s$10 paid. sr When issued. x Ex-dividend. y Ex-righta. z Ex-stook dividend. CURRENT NOTICE. -Ames, Braced].& Co. and the Illinois Trust & Savings Bank, Chicago, are offering, at 91 and Interest, $400,000 Kentucky & Indiana Terminal RR. First Mtge. 43.4% gold bonds. -R.A. H. Thompson and associates announce the formation of the firm of Thompson & Company, Investment Bankers, Chicago. The firm occupies Suite 415-137 S. La Salle St. -The municipal bond house of William R. Compton Co. has published a schedule of the Federal income tax showing in concise form the effect on incomes ranging from $5,000 to 8.500,000. -The Arkansas Light & Power Co. has declared the regular quarterly dividend of 134% on the preferred stock, payable Oct. 1 to stockholder of record Sept. 20. -Kissel, KinnIcutt dr Co., New York & Chicago, are offering at 7874 and interest Consolidated (now First) Mortgage 4% bonds of the Denver & Rio Grande RR. New York City Banks and Trust Companies Ask Banks-N.Y. Bid America•___ 530 22F5iAmer Exch. 225 185 Atlantic__ 180 175 Battery Park 165 -____ Bowery *._ _ 390 Bronx Bore. 200 0 8 __ - 1--Bronx Nat__ 145 6 -BryantPark. 13 125 Butch dr Dr_ 115 350 Chafes, new _ 1335 340 Rights .._ 335 230 Chat dc Phen 225 Chelsea Ex•. 125 Chemical.... _ gi 402 180 CitizensCent 175 490 470 City.. 195 Coal & Iron_ 185 Colonial'___ 450...._ 325 Columbia. _ 300 8 Commerce-- t1707 t175 330 Corn Exch... 324 -___ Cosmopol'n• 100 ---East River__ 75 165 Fidelity'._.. 150 Fifth Ave.__ 4300 4800 275 250 Fifth.. 990 1005 First 195 Garfield........ 185 140 Germ-Amer. 130 ____ German Ex. 380 400 Germania 0_ 375 ___ Gotham........ 200 __ Greenwich._ 310 650 . Hanover __ 640 390 Harriman_ _ 375 Imp & Tract_ 490 500 192 188 Irving 790 Liberty _ S -33 --1 Lincoln...._ 325 Ask Trust Co's. Bid Ask Bid Banks. New York 315 Manhattan• 305 __ 440 250 Astor 455 Mark & Fult 240 280 Bankers Tr_ 478 482 Mech & Met 275 e ---: w Merchants' - t231 ,_,. 6% a= e Y NS Metropolis._ 290 18U Columbia _ _ 600 Metropol'n • 175 __ Commercial_ 100 -11li Mutual _ ___ 325 2 - 5 Empire .. ___ 290 2310 New Neth.- 215 480 New Yorke() ---- 725 Equitable Tr 473 385 Farm L & Tr 1650 1675 Now York.... 375 210 Pacific'....... 275Fidelity_- 200 280 470 iii- Fulton Park igli235 Guaranty Tr 444 People's.- 220 147 140 198 Hudson_ Prod Exch._ 138 Law Tit& Tr 132 Public •-- iii117 Seaboard_ _ _ 420 ig- LincoInTrust 108 410 Metropolitan 413 424 395 Second 135 Mut'l(West Sherman .. ... 125 118 chester)- _ 125 113 State • 135 N Y Life Ins 23d Ward._ 100 & Trust.- 975 1000 143 Union Exch. 135 ____ N Y Trust.._ 595 605 Unit States. 500 400 Wash Irts... 225........ Title Gudar 390 175 Transatlan Westch Av. 160 'o155 415 410 Union Trust West Side* _ 380 550 US NItg&Tr 395 Yorkville •__ 475 400 Brooklyn UnItedStates 1010 1025 140 Westchester. 130 140 Coney Isrd. 130 270 255 First 185 Brooklyn Flatbush- 150 105 Brooklyn Tr 540 Greenpoint _ 155 115 Franklin.. _ _ 255 265 Hillside ._ _ _ 100 90 Hamilton_ _ - 265 _ 275 Homestead •-Mechanics._ 130 - 140 Kings Co..... 640 660 110 Manufact'rs Montauk'... 85 207 150 200 Citizens.... 145 Nassau 275 People's-..-- 282 292 Nation'iCity 268 185 Queens Co.... 70 80 North Side'.. 170 140 People's-- 130 118 ii" t Sale at auction or at Stock *Banks marked with a (*) are State banks. y Ex-rights. t New stock. Exchange this week. New York City Realty and Surety Companies Ask Bid 80 Alliance R'tY 75 Amer Surety 155 310 Bond & M 0 800 Casualty Co 11i City Invest'g -- - 21 68 Preferred... 130 Bid LawyeraMtg 159 Mtg Bond.._ 110 Nat Surety_ 290 N Y Title & 00 Mtge Ask 165 114 300 100 Bid Realty Assoc (Brooklyn) 93 US Casualty 195 US TitieG&I 60 Wes &Bronx Title & MG 165 Ask All bond prices er "and interest" except where marked "f" Standard 011 Stocks Pc'Dare Par,' Mit Att Anglo-Amer Oil new...... £11 .16 1612 100 810 825 Atlantic Refining 100 410 430 Borne-Scrymser Co Buckeye Pipe Line Co.__ 50'i05 110 Chesebrough Mfg new...._100 450 460 100 60 70 Colonial 011 100, 420 430 Continental Oil Crescent Pipe Line Co.._...so; .40 43 Cumberland Pipe LIne_1001 94 96 Eureka Pipe Line Co____100I 230 235 Galena-Signal OH corn......100, 165 168 100; 140 145 Preferred 100 195 200 Illinois Pipe Line Indiana Pipe Line Co._50 *104 107 4 £1 .103 1114 Internet Petroleum National Transit Co__12.50 .15 17 New York Transit Co......100x210 215 Northern Pipe Line Co__100 103 106 25.267 269 Ohio 011 Co 25 .56 58 Perm-Mex Fuel Co 25 •14 1413 Pierce 011 Corp 100 435 438 Prairie Oil & Gas 100 276 278 Prairie Pipe Line 100 320 330 Solar Refining Southern Pipe Line Co_100 210 215 100 368 373 South Penn 011 Southwest Pa Pipe Linea_ 100 110 115 Standard 011 (California)100 298 301 Standard 011 (Indiana)-100 775 785 Standard 011 (Kansas)_100 490 510 Standard 011 (Kentucky)100 460 480 Standard 011 (Nebraska).100 500 525 Standard Oil of New Jer_100 531 534 Standard 011 of New rrk100 224 226 100 425 435 Standard 011 (Ohio) 100 115 120 Swan & Finch 100 83 85 Union Tank Line Co 100 297 300 Vacuum 011 10 .45 50 Washington 011 Percent. Beads. Pierce Oil Corp cony 6s..19241 82 -Per S Ordnance Stocks 84 rd, Aetna Explosives pref-__100 60 62 100 10 20 Amer & British Mfg 100 20 40 Preferred Atlas Powder common...100 178 182 100 98 100 Preferred 1294131 1 Babcock & Wilcox common__50 *690 715 Bliss(E W)Co 50 *75 85 Preferred Canada Fdys dr Forgings100 185 195 100 90 100 Preferred Canadian Car & Fdry___100 40 60 100 65 75 Preferred Canadian Explosives com100 380 460 100 100 110 Preferred Carbon Steel common.....100 87 90 100 85 88 let preferred 68 71 1 2d preferred Colt's Patent Fire Arms 100.2865 880 Mfg Crocker-Wheeler Co com.100 95 100 duPont(E I) de Nemoursum 293 303 & Co, common Debenture stock---- 100 100 104 100 380 390 Electric Boat 100 380 390 Preferred Hercules Powder com---100x314 321 100 112 116 Preferred Hopkins & Allen Arms- _100 10 20 109 40 65 Preferred 25 •20 25 International Arms 8 Lake Torpedo Boat corn...1O .75 Midvale Steel & Ordnance 50 '74 75 -Pond com_100 168 172 -Bement Niles 190 105 110 Preferred 100 595 605 Scovill Mfg Submarine Boat..--(no par.) "38 39 Winchester Repeat Arms 1001375 1450 RR. Equipments-perCt Basis Baltimore de Ohio 434s Buff Roch dr Pittsburgh 434ii Equipment 4s Canadian Pacific, 434a Caro Clinchf & Ohio 5s Central of Georgia 5s Equipment 434s Chicago & Alton 45 Chicago dg Eastern Ill 5345.. Equipment 434s Chic Ind Bc Louisv 4348 Chic St L de N 055 Chicago & N W 4345 Chicago RI & Pao 434. Colorado dg Southern Si...... Erie5s Equipment 43.4s Equipment 4s Hocking Valley 4s Equipment Ss Illinois Central 55 Equipment 430 Kanawha & Michigan 4%8-Louisville de Nashville Minn St P&SSM Missouri Kansas & Texas 55.. Missouri Pacific 5a Mobile dr Ohio 58 Equipment 434s New York Central Lines 6..... Equipment434s N Y Ontario dr West 4348 Norfolk de Western 4348_-__ Equipment 48 Pennsylvania RR 4346 Equipment 45 St Louis Iron Mt & Sou Si.... St Louis & San Francisco 193.. Seaboard Air Line 5a Equipment 4348 Southern Pacific Co Southern Railway 4348 Toledo & Ohio Central 45.-- -Per She to. Tobacco Stocks Par' Bid. Ask. American Cigar common1001 110 120 100; 98 00 Preferred Amer Machine & Fdry 100 78 83 British-Amer Tobac ord--£1 "1812 20 Li .19 20 Ordinary, bearer 100 300 350 Conley Foil Johnson Tin Foil & Met..100 100 150 MasAndrews & Forbes...100 177 182 100 99 101 Preferred Porto Rican-Amer Tob_ _100 245 252 Reynolds(R J) Tobacco_100 590 615 100 121 123 Preferred Tobacco Products corn..-100 5514 55 100 150 160 Young(J 5) Co 100 105 112 Prelerred Short Term Notes. Per Cent, Am Cot 011 5s 1917_ _M&N Amer Locom 5s, July '17-J-J Am T & T 434s 1918 Anaconda Copper 55'17 M-S Canadian Pao 6s 1924_M&S2 Chic Eley Ry 54 1916____J-J Chic & West Ind 58'17_M&S Erie RR 5345 1917____A-0 General Rubber 55 1918 J&D Hocking Valley 58 1917_M-N Int Harv 65 Feb 15 '18..F-A K C Rys 53461918____ J&J Morgand,Wright 5s Dec.1,18 New Eng Nay 68 1917_M-N NYNII&H 43.4s May 1917 Penn Co 4345 1921__J&D15 Pub Ser Corp NJ 5s'19 M&S Rem Ams 1J.M.C.58'19F&A Southern By 58 1917.._M-S2 United Fruit 58 1918.._ M-N .22 M-S15 UtahSecurCorp 6s Winches RepArms5s'18M&S New York City Notes (is Sept 1 1917 Canadian Govt. Notes le&A Se Aug 1 1917 190%100% 10058101 10014 10012 1005 8 81007 1015810178 - --_ 95 4 993 100 10054 101 100%1005 s 1005810078 1013810154 1005 81007 8 8 100181003 8 100181003 100181003 8 10034101 10014 1003 4 8812 8913 100% 100 8 5 10078 10114 95 9512 98 9812 5 102%102 8 100121003 4 Public Utilities 50.153 158 Am Gas de Elec torn 50 *4913 51 Preferred Am Lt & Trao common__100 376 380 100 110 112 Preferred Amer Power & Lt cora...._100 70 71 100 84 86 Preferred Amer Public Utilities com100 41 43 100 72 75 Preferred Cities Service Co corn......100 319 322 100 8612 8712 Preferred__ Com'w'Ith Pow By & L.._100 62 63 100 84 85 Preferred Dayton Pow & Lt pref...._100 • 94 95 Flee Bond 3,Share pref__100 101 103 Federal Light de Traction100 1012 12 100 44 4812 Preferred Great West Pow 58 1946.J&J 89 90 Indiana Lighting Co....__100 85 79 81 48 1958 _____ North'n States Pow corn-100 98 99 100 07 98 Preferred 4 1st de ref 5s 1941_ _ - _A&O 953 9612 Pacific Gas & Flee corn.. A00 5814 59 100 90 91 1st preferred 1(10 4514 46 Republic By & Light_ 100 76 78 Preferred South Calif Edison com 100 92 95 100 105 108 Preferred Southwest Pow & L pref..100 9712 100 Standard Gas dr El (Del).. 50 '15 16 50 *42 43 Preferred Tennessee Ry L de P com100 10 11 100 48 49 Preferred United Gas & Eleo Corp_100 14 17 100 x71 75 1st preferred 100 15 18 2d preferred United Lt & Rys som-100 50 52 100 74 7612 1st preferred Western Power oommon_100 20 21 100 694 71 Preferred Ask. 4.45 4.30 4.45 4.30 4.45 4.30 4.65 4.40 4.75 4.50 4.25 4.15 4.85 4.50 5.50 4.90 Industrial 5.70 5.15 and Miscellaneous 5.70 5.15 4.95 4.50 100 4.75 4.40 American Brass 4.371 4.15 American Chicle com____100 100 Preferred 5.20, 4.85 4.80, 4.50 Am Graphophone corn....100 100 Preferred 4.75 4.45 4.75; 4.45 American Hardware___ _100 4.75; 4.45 Amer Typefounders com-100 100 Preferred 4.75; 4.45 4.75; 4.45 Borden's Cond Milk com.100 100 Preferred 4.45' 4.25 100 4.45' 4.25 Celluloid Company 4.80 4.40 Havana Tobacco Co--- _100 100 Preferred 4.37 4.15 1st g Ss June 1 1922_J-D 4.70 4.40 5.50 5.00 Intercontinen Rub coin_ -100 5.50 5.00 Internal Banking Co-- _100 100 4.70 4.50 International Salt A-0 1st g 6. 1951 4.70 4.50 4.60 4.35 International Silver pref_100 4.60 4.35 Lehigh Valley Coal Sales_ 501 100 4.65 4.40 Otis Elevator corn 100 Preferred 4.40 4.151 4.40 4.15, Remington Typewriter 100 4.35 4.15' Common 100 1st preferred 4.35 4.151 100 2d preferred 5.50 5.00 5.50 5.00 Royal Baking Powd Com-100 100 Preferred 4.70 4.45 4.70 4.45 4.40 4.20 4.70 4.45 5.00 4.50 300 03 82 85 82 178 80 172 75 131 134 43 46 91 95 111 113 10713 10912 185 90 34 112 3 2 /50 58 16 1612 160 163 41 43 /76 78 98 01 .85 89 70 72 94 96 14 1412 74 39 40 150 160 10112 98 210 _ 175 •Per share. S BM!. 4 Pure/war Mao pays lammed nivideed. I New Stook' f Flat price. DM:minal. :Mx-dividend. V Ex-11111140. SEPT. 23 1916 THE CHRONICLE 1111 butestment and Sailtaati RAILROAD GROSS EARNINGS. The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other period. The returns of the electric railways are brought together separately on a subsequent page. Latest Gross Earnings. ROADS. Week or Month. Current Year. Previous Year. July 1 to Latest Date. Current Year. Previous Year. Ala N 0& Tex Pac$ N 0 & Nor East.. August 649,420 34,322 293,652 586,806 Ala & Vicksburg.. August _ _ 147,536 127,507 290,761 251,544 Vicks Shrev & P_ August. _ 145,165 118,909 275,287 240,006 Ann Arbor 534,765 1st wk Sept 49,447 . 48,886 442,044 Atch Top & S Fe _ July 11704821 1 122341 11.704,821 10,422,341 58,122 Atlanta Birm & Atl let wk Sept 587,874 61,728 508,202 93,566 1,367,285 1.185,337 Atlanta & West Pt_ June 107,298 Atlantic Coast Line July 2,607,180 2,177,387 2,607,180 2.177,387 128,169 128,169 116,593 116,593 Charlest & W Car July 136,383 111028 Lou Hand & St L July 136,383 111,028 10153913 8.670,752 10,153.913 8,670,752 aBaltimore & Ohio_ July 147,767 147,767 128,206 B & 0 Ch Ter RR July 128,206 211,051 226,295 211,051 226,2115 Bangor & Aroostook July 1,292,958 1,265,806 1,292,958 1,265,806 13essemer & L Erie_ July 68,499 87,874 87,874 68.499 Birmingham South.. July 4.719,795 4,099,236 1,719,795 4,099,236 Boston & Maine__ July Buff Roch & Pittsb_ 2d wk Sept 283,621 248,154 2,905,313 2,454,311 142,288 116.065 142,288 116,065 Buffalo & Susq RR_ July Canadian Nor Syst_ 2d wk Sept 668,000 590,900 8,896,000 4,992,700 Canadian Pacific 2d wk Sept 2,728,000 2,214,000 30,534,440 20,525,375 1,119,170 987.827 1,119370 Central of Georgia.. July 987,827 2,975,906 2,608,058 2,975,006 2.608,058 Cent of New Jersey July Cent New England.. July 486,046 364,141 486,046 364,141 Central Vermont July 361,552 320,602 361,552 320.602 Ches & Ohio Lines_ 2d wk Sept 975,835 917,201 9,926,909 9,340,791 Chicago & Alton July 1.485,433 1,188,357 1.485,433 1.188,357 Chic Burl & Quincy July 8,278,336 7,374,125 8,278,336 7,374,125 b Chicago & East Ill July 1,292,036 1,160,785 1,292,036 1,160,785 c Chic Groat West_ 2d wk Sept 390,177 357,710 3,420,856 2,982,830 Chic Ind & Louisv_ 2d wk Sept 183,106 155,773 1,795,142 1,517,164 Chic Milw & St P..1 July 9,236,387 8,219,281 9,236387 8,219,281 Chic Mil& Pug S dChic & North West July 8.223,382 7,218,689 8,223,362 7,218,689 Chic Peor & St L July 148,595 127,413 148,595 127,413 Chic Rock Isl & Pac July 6,381,385 5,438,427 6,381,385 5,438,427 Chic R I & Gulf July 228,561 272,595 272,595 228,561 dChic St P M & Om July 1,647.960 1.433,333 1,647.960 1,433,333 163,270 Chic Terre H & S E July 210,919 210,919 163,270 Cin Ham & Dayton July 920,751 933,890 933,890 920,75/ 121,917 127,642 Colorado Midland_ July 127,642 121.917 e Colorado & South.. 2d wk Sept 311,987 303,185 3,233,042 2,941,366 Cornwall July 11,109 23,002 11,109 23,002 Cornwall &Lebanon July 40,628 57,246 57,246 40,628 Cuba Railroad_ _ _ _ July 571,491 571,491 420,039 420,089 Delaware & Hudson July 2,287,311 2,045,149 2,287,311 2,045,149 Del Lack & West July 4,507,804 3,387,072 4,507,804 3,387,072 Deny & Rio Grande 2.1. wk Sept 542,100 543,200 5,529,417 5,316,900 Western Pacific July 773,102 '702,452 773,102 702,452 Denver & Salt Lake 4th wk Aug 65,334 62,000 372,009 348,018 Detroit Tol & Iront July 186,205 133,103 186,205 133,103 Detroit & Mackinac 2d wk Sept 19,746 25,597 262,473 220,033 Det & Tol Shore L.. July 117,444 177,444 105,897 105,897 Dul & Iron Range July 1,035,129 862,399 1,035,129 862,399 Dul Sou Shore & Atl 2d wk Sept 77,543 68,016 859,030 773,511 Duluth Winn & Pac June 134.535 103.448 1.692,720 1.285.548 Elgin Joliet & East_ July 1,113,066 882,467 1.113,066 882.467 El Paso & Sou West July 1,040.083 748,842 1,040,083 748,842 Erie July 6,306,214 5,673.128 6,306,214 5,673,128 Florida East Coast.. July 362,787 506,905 362,787 506,905 Fonda Johns & Glov August 92,813 166,220 80,347 189,951 Georgia Railroad.. _ July 280,989 205,778 280.989 205,778 Grand Trunk Pac 4th wk Aug 99,359 542,439 93,422 754,903 Grand Trunk Syst_ 2d wk Sept 1,253,629 1,044,808 13,597,427 11,220,346 Grand Trunk By 4th wk Aug 1,586,196 1,225,511 8,817,808 7,258,559 Grand Trk West.. 4th wk Aug 271,161 223,781 1,670,271 1,308,084 94,737 85,870 Det Or H Sc Milw 4th wk Aug 579,095 516,692 Great North System August _ 7,91.4,121 6,162,627 5,533,367 12.020,751 156,178 140,022 Gulf & Ship Island_ July 156,178 140,022 July 780,564 543,136 Hocking 780,564 543,136 Illinois Central_ .._ _ August 6,389,780 5,529,843 1.2,232,272 10,408,669 Internat & Gill Nor July 854,971 659,699 854,971 659,699 Kansas City South.. August 938,003 807,407 1,885,584 1,638,763 Lehigh & Bud Riv_ July 201,944 154,095 201,944 154,095 Lehigh & New Eng.. July 217,775 320,002 217,775 320,002 July Lehigh Valley 4,307,497 3,733,761 4,307,497 3,733,761 July Ark Louisiana & 137.144 136,889 137,144 136,889 Louisiana By & Nay July 163,644 169,239 163,644 169,239 & Nashv 2d wk Sept 1,256,305 1,153,640 12,975,135 11,358,494 July Maine Central 1,084,537 996,964 1,084,537 996,984 Maryland & Penns_ July 34,568 36,482 34,568 36,482 Midland Valley__ _ _ July 180,635 125,267 180,635 125,267 Mineral Range........ 2d wk Sept 22,044 20,643 233,331 221,865 Minneap & St Louis 1st wk Sept 230,235 247,687 2,044,219 1,863,027 Minn St P & S S M.2d wit Sept 691,712 689,451 7,521,280 6,130.768 68,565 Mississippi Central_ July 64,033 68,565 64.083 g Mo Kan & Texas.. 2d wk Sept 717,995 598,867 7,701,732 6,342,299 5,570,674 4,763,299 5,570,674 4,763,290 h Missouri Pacific July 1.054,266 942,303 1.054,266 Nashv Chatt & St L July 942.303 8,271 13,146 Nevada-Cal-Oregon 2d wk Sept 98,452 96,851 17127204 13947771 17,127,204 13,047,771 Now York Central July 1,834,625 1,535,298 1,834,625 1,535,298 Boston & Albany July nLake Erie & W.. July 644,407 489,379 644,407 489,379 Michigan Central July 3,857,971 3,049,543 3,85/,971 3,049,543 Clove 00 & St L July 3,841,219 3,163,459 3,841,219 3,163,459 Cincinnati North. July 161,,49 161.749 139,018 139,018 Pitts & Lake Erie July 2,064,955 1,655,433 2,064,955 1,655,433 Tot & Ohio Cont.. July 592,756 402,967 592,756 402,967 Kanawha & Mich July 283,641 277,546 283,641 277,546 Tot all lines above July 30408527 24660414 30,408,527 24,660,414 150,831 140,970 New On Great Nor_ July 150,831 140.970 Latest Gross Earnings, ROADS. Week or Month. Current Year. IJuly 1 to Latest Dale. Previous I Current I Previous Year. Year. Year. $ 3 $ Period. Various Fiscal Years. Buffalo Sc Susquehanna RR__-- Jan Jan Delaware Sc Hudson Jan Erie Jan New York Central_f Jan Boston Sc Albany Jan Lake Erie Sc Western_n Jan Michigan Central Cleve °Inc Chic Sc St Louis Jan Jan Cincinnati Northern Jan Pittsburgh Sc Lake Erie Jan Toledo Sc Ohio Central Jan Kanawha & Michigan Jan Total all lines New York Chicago Sc St Louis.._ Jan N Y Susquehanna Sc western...... Jan Jan p Pennsylvania Railroad Baltimore Chesap Sc Atlantic Jan Jan Cumberland Valley Jan Long Island Maryland Delaw Sc Virginia.. Jan Philadelphia Sc Norfolk.. Jan NY Phlla Baltimore & Washingen Jan Jan West Jersey Sc Seashore Jan Pennsylvania Company Grand Rapids Sc Indiana_ _ Jan Pitts Cline Chic Sc St Louis Jan Jan Vandalla -East Pitts Sc Erie Jan Total lines -West Pitts Sc Erie Jan -All lines E Sc W.. Jan Dec Rio Grande Junction Jan Rutland Current Year. Previous Year. July 31 $965.413 $790.589 July 31 15,257,914 12,826,446 July 3142,419,764 35,28i,168 July 31 114810062 89,906.759 July 31 12,19.,527 9,654,805 July 31 4,112,254 .1,255,518 July 31 25,759,953 19,607,596 July 31 25,997,393 20,205,718 846,498 July 31 1,056,958 July 31 13,541,988 8.693,377 July 31 3,346,387 2,475,030 July 31 2.106,754 1.603.364 July 31 202929278 156249668 July 31 8,807,866 6,646,493 July 31 2,487,053 2,320,820 July 31 131283992 104914649 640,518 July 31 619,859 July 31 2,046,596 1,636,575 July 31 8,387,976 7,606,353 484,795 469,824 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 249489209 197234892 523.924462,775 June 30 to July 31 2,299,185 1,947,101 1 to 1 to to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to 1 to to 1 to 1 to 1 to 1 to 1 to 1 to to 1 to AGGREGATES OF GROSS EARNINGS-Weekly and Monthly. • Weekly Summaries. Current Year. Previous Year. Increase or Decrease. % - * Monthly Summaries. Current Year. Previous Year. Increase or Decrease. % 3 $ Cur Yr. Prey. Yr. . Mileage. $ 1st week July (36 roads)....... 14,49,190 11,3f6,239 +2,772,951 24.54 November-246.910 245.858 306,733,317 240.1,695 +66.310,622 27.58 ld week July p6 roads)..--- 14,903,388 11.775,242 +3,128.146 26.48 December _248,437 247,673 295,202,018 232,763,070 +62,438.948 26.82 Id week July 35 roads)__-.. 14,551,530 11,557,175 +2,994,355 25.91 JanuarY----247,620 246,838 267,043.635 220.203,595 +46,840,040 21.27 +58.005,851 lth week July i35 roadsL...... 20,837,695 17,635,279 3,202,416 18.16 February --245,541 244.809 267,579,814 209,573,963 +58,731.563 27.68 20.47 Let week Aug 35 roadsS.._.._ 15,151,993 12,201,051 247,363 246,548 296.830,406 238,098,843 2,950,942 24.19 March Id 2 week Aug 33 roadsS...._. 15,698,481 12,415,730 246,615 245,773 288,453,700 237,512,648 +50.941,052 21.45 April 3,282.751 aB week Aug. 35 roads).._.... 15,813,607 12.792,433 +3,021,174 26.44 May 248,006 247.189.308,029.096 244,580,685 +63.448,411 25.94 23.62 Ith week Aug (35 roa.dsi____ 22,632,906 18.169,117 +4.463,789 24.65 June 226,752 225,803,285349,746 237,612,967 +47,536,779 20.01 st week Sept (35 roads ____ 13,302,575 11,719,000 +1,583,575 13.51 July 244,249 243,563,308,040,791 263,944,649 +44,096,142 16.70 Am.."... 09 AAA 00.7691 85.956.786 69,264,008 +16.692.778 24.12 Bweek Sent tnn ,...,i. in 701.400 12.081.028 +I a9n R79 IR Al a Includes Cleveland Lorain & Wheeling By. b Includes Evansville & Terre Haute. c Includes Mason City Sc Fort Dodge and the Wisconsin Minnesota Sc Pacific. d Includes not only operating revenue, but also all other receipts. 6 Does not include earnings of Colorado Springs Sc Cripple Creek District By. f Includes Louisville Sc Atlantic and the Frankfort Sc Cincinnati. g Includes the Texas Central and the Wichita Falls lines. h Includes the St. Louis Iron Mountain Sc Southern. 3 Includes the Lake Shore Sc Michigan Southern By., Chicago Indiana & Southern RR. and Dunkirk Allegheny Valley Sc Pittsburgh RR. n Includes the Northern Ohio RE. p Includes the Northern Central. •We no longer include the Mexican roads in any of our totals. ' 145,704 145,704 139,596 N 0 Mobile & Chic.. July 139,596 N Y Chic& St Louis July 1,283,928 964.788 1,283,928 964,788 NYNH& Hard_ _ July 6,967,344 6,247,659 6,967,344 6,247,659 987,743 961,572 987,743 N Y Ont & Western July 961,572 298,144 317,790 N Y Susq & West_ July 298,144 317.790 398,045 332,445 Norfolk Southern.... July 396,045 332.445 Norfolk & Western.. July 4,845,121 4.467,345 4,845,121 4.467.345 Northern Pacific.._ _ 4th wk Aug 2,107,000 2,020,000 13,690,286 11,426,784 Northwestern Pac_ July 527,192 462,502 527,192 462,502 June Pacific Coast Co 520,569 597,220 7,212,557 6,284,493 p Pennsylvania RR_ July 19639799 16755645 19,639,799 16,755,645 159,597 Bolt Ches & Atl_ July 159,597 153.760 153,760 267,645 244,587 Cumberland Vail. July 267,645 244,587 July Long Island 1,680,636 1,553,353 1,680.636 1.553.353 105,126 105.126 106,120 106.120 Mary'd Del & Va July 561,975 481,467 561,975 481.464 N Y Phila & Norf July 2,282,598 1,904,687 2,282,598 1.904,687 Phil Bolt & Wash July 935,206 895,105 985,206 895,10.5 W Jersey & Seash July 6,863.075 5,640.024 6,860,075 5,640,024 Pennsylvania Co_ _ _ July 500,534 454,957 500,534 454,957 Grand Rap & Ind July 4.239,754 3,390,186 4,239,754 3,390,186 Pitts00 & St L_ July July 921,255 1,064,764 921,255 1,064,764 Vand alia Total lines 26067973 22400640 26,067,973 22,400,640 East Pitts & Erie July 12816186 10544483 12.816,186 10,544,483 West Pitts & Erie July 38884159 32945123 38,884.159 32.945,123 All East & West. July Pere Marquette.._ _ 2d wk Sept 482.353 396,820 4.618,337 3.994,744 Reading Co4,774,210 4,083.198 4,774,210 4,083,198 Phila & Reading_ July 2,679,411 1,817,280 2,679,411 1,817.280 Coal & Iron Co.._ July 7,453,621 5,900,478 7,453,621 5,900.478 Total both cos-- July 252.927 325,823 325,823 252,927 Rich Fred & Potom July 999,707 1,004,292 71.027 87,602 Rio Grande June_ _ _ June 117,133 116,331 10,900 11.598 Rio Grande South__ 28 wk Sept July 340,335 313,757 340.335 313,757 Rutland 177,760 177,760 116,155 116,155 St Jos & Grand Isl.. July 493,226 493,226 183,306 183,306 St L Brown.sv & M.. July 2,854,523 2,432,049; 2,854,523 2,432.049 St L Iron Mtn Sc So July 4,431,155 3,550,223 4,431,1553,550,223 St Louis Sc San Fran July St Louis Southwest_ 2d wk Sept 273,000 219,000 2,763,597 2,185.626 1,024,318 1,083,462 1,024,318 1,083,462 San Pad L A Sc S L.. July 1,691,605 1,1)73,851 1,691.605 1,673,851 Seaboard Air Line__ July 14255788 12963204 14,255.788 12,963.204 Southern Pacific___ July Southern Railway__ 2d wk Sept 1,426,544 1,316,443 14,632,207 13,290,032 Mobile & Ohio...... 2d wit Sept 212,057 204.352 2,327,831 2,225,587 Cin N 0& Tex P_ 2d wk Sept 233,884 180,012 2,326,107 1,899,175 961,153 77,126 1,123,288 Ala Great South_ 2d wk Sept 105,883 461,797 444,930 46,741 44,995 Georgia So & Fla.. 2d wk Sept 480,589 425.955 480,589 425,955 Spok Port & Seattle July 16,177 23,052 1,510 2,111 Tenn Ala Sc Georgia 1st wk Sept 129,874 145,046 145.046 129,874 Tennessee Central.. July Texas Sc Pacific__ 2d wk Sept 387,773 357,236 3.968.783 3,589.002 202,644 198,073 101,505 110.618 Toledo Poor Sc West August _ Toledo St L Sc West 2d wk Sept 132,567 118,249 1,220,979 1.067,364 52,835 62,085 62,085 52,835 Trinity & Brazos V_ July 9.137,486 7.846,866 9,137,486 7.846,866 Union Pacific Syst_ July 588.616 688.244 688,244 588.616 July Virginian July 3,024.920 2.422,483 3,024.920 2.422,483 Wabash Western Maryland.. 2d wk Sept 255,522 215,011 2,520,775 2,169,873 94.636 96,626 Western By of Ala_ July 94,636 96,626 1.918,042 1,229.598 Wheel Sc Lake Erie.. August 979,118 2,251,869 1,897,043 Yazoo & Miss Vail_ August 1,193,186 -In the table which Latest Gross Earnings by Weeks. follows w sum up separately the earnings for the second week of September. The table covers 30 roads and shows 13.41% increase in the aggregate over the same week last year. 1915. 1916. Second week of September. Increase. Decrease. $ $ . $ 28,757 77,126 105,883 Alabama Great Southern 35,467 248,154 283,621 Buffalo Rochester & Pittsburgh 77,100 590,900 668,000 Canadian Northern 2,728,000 2,214,000 514.000 Canadian Pacific 58,634 975,835 • 917,201 Chesapeake & Ohio 32,467 357,710 390,177 Chicago Great Western 27,333 155,773 183,106 Chicago Ind & Louisville 53,872 180,012 233,884 Cinc New Or!& Texas Pacific__ 8,802 303,185 311,987 Colorado & Southern 543,200 542,100 Denver & Rio Grande 5,851 19,746 25,597 Detroit & Mackinac 9,527 68,016 77,543 Duluth South Shore & At! 46,741 44,995 Georgia Southern & Florida_ _ _ _ Grand Trunk of Canada 1 1,253,629 1,044,808 208,821 Grand Trunk Western Detroit Gr Hay & Milw____j Canada Atlantic 1,256,305 1,153,640 102,665 Louisville & Nashville 1,401 20,643 22,044 Mineral Range 2,261 689,451 691 712 Minneapolis St Paul & S S M.._ 598,867 119,128 717,995 Missouri Kansas & Texas 7,705 212,057 • 204,352 Mobile & Ohio 13,146 8,271 Nevada-California-Oregon 85,533 396,820 482,353 Pere Marquette 10,900 11,598 Rio Grande Southern 54,000 219,000 273,000 St Louis Southwestern 1,426,544 1,316,443 110,101 Southern Railway 30,537 357,236 387,773 Texas & Pacific 14,318 118,249 132,567 Toledo St Louis & Western_ _ _ _ 40,511 215,011 255,522 Western Maryland 13,701,400 12,081,028 1,628,791 1,620,372 Total (30 roads) Net increase (13.41%) I First week of September. 1916. I 1915. 3,117,113 1,554,427 1,746 Total operating revenues.. Operating expenses 193,238 167,411 173,241 2,014,047 164,652 1,693,507 1,659,688 1,575,942 Net operating revenue.. Uncollectible rev. from trans. Express taxes 25,827 31 4,745 13,591 5 7.948 315,539 529 50,945 83,725 100 51,948 21.030 5,637 264,031 31,677 Operating income ELECTRIC RAILWAY AND TRACTION COMPANIES. 4,875 698 8,419 17,452 • 598 -In our "RailNet Earnings Monthly to Latest Dates. way Earnings" -Section or Supplement, which accompanies to-day's issue of the "Chronicle," we give the July figures of earnings of all steam railroads which make it a practice to issue monthly returns or are required to do so by the Inter-State Commerce Commission. The reader is referred to that Supplement for full details regarding the July results for all the separate companies. In the following we give all statements that have come in the present week covering a later or a different period from that to which the issue of the "Railway Earnings" Section is devoted. We also add the returns of the industrial companies received this week. --Gross Earnings- -Net Earnings Previous Current Previous Current Year. Year. Year. Year. 375,730 789,215 382,523 749.046 Charges & Taxes. $ 332,004 697,348 252.645 427.924 Balance, Surplus. $ 37,196 35,668 74,368 71,671 15,588 10,540 37,158 25,123 INDUSTRIAL COMPANIES. --Net Earnings -Gross Earnings Previous Current Previous Current Year. Year. Year. Year. Companies. $ $ • 197.738 228,098 377,343 Northern States Power a Aug 443,982 5,744,706 4,868,762 3,201,097 2,694,728 Sept 1 to Aug 31 Utah Securities Corp (sub214,065 251,684 409,165 Aug 471,772 sidiary cos only) 3,568,067 3,089,245 1,951,564 1,591,525 Jan 1 to Aug 31 Fixed Balance, Net after Gross Sur Ins. Charges. Taxes. Earnings. June 301914-15. 1,532,685 96,983 1 Increase. Decrease. 16,415 20,983 22,423 20,993 230,664 150,767 140,307 147,878 693,602 720 257,336 40.834 257,670 4,951,013 326,667 2,258,449 342,707 zdef27,092 263,795 338,087 zdef70,032 219.967 3,024,696 2,719,527 x652,930 2,662,083 2,699,653 x288,855 19,673 44,641 18,135 39.133 148,163 446.201 144,348 305,964 149.838 191,515 106,755 169,910 1.555,016 1,101,846 843.629 1,323,931 83,646 x144,021 86,415 x164,370 676,720 x1,198,535 670,268 x1,116,800 136,380 1,892,419 121,627 41.863 127,814 37,398 43,416 381,431 288,185 604,322 298.170 5,208,683 2,585,116 Balance. Surplus. 157,234 36,004 13,302,575 11,719,000.1,711,389 11,583,575 Adirondack El Power Corp 116,345 July '16 106.297 '15 855,370 7 mos '16 714,413 '15 628,823 Cities Service Co.... _Aug '16 '15 312,737 8 mos '16 5,366,168 '15 2,696,021 Columbia Gas & Elec Syst584,587 Aug '16 515,175 '15 8 mos '16 5,901,896 '15 5,349,410 Dityton Power & Light 123,924 Aug '16 80,498 '15 8 mos '16 1,011,016 668,777 '15 306,595 Great West Pow Sys Aug'16 244,582 '15 8 mos '16 2,425,752 i15 1,887.722 Southern California Edison 223,067 408,349 Aug '16 241,042 429.560 '15 8 mos '16 3,288,370 1,783,310 '15 3,147,638 1,706,233 Fixed Charges. $ Revenue from transport'n_ Operations other than trans_ $ 109,764 807,407 Kansas City South'n_b_Aug 938,003 1,885,584 1,638,763 July 1 to Aug 31 667,793 Wheeling & Lake Erie b Aug 979,118 1,918,042 1,229,598 July 1 to Aug 31 Total Other Net Gross Income. Earnings. Earnings. Income. $ Fonda Johns & Olov52,784 6,366 46,418 92,813 Aug '16 46,208 4,897 41,311 80,347 '15 111,526 14,430 97,096 189,951 2 mos '16 96,794 12,639 84,155 '15 166,220 Net, after Taxes. 6 1,100 $ $ $ Previously reported (25 roads)_ 11,675,110 10,262,603 1,522,271 561 48,886 49,447 Ann Arbor 3,606 58,122 61,728 Atlanta Birm & Atlantic Grand Trunk of Canada 1,276,061 1,091,711 184,350 Grand Trunk Western Detroit Grand Hay & Milw_ Canada Atlantic 247,687 230,235 Minneapolis & St Louis Iowa Central 8,481 7,883 Nevada-California-Oregon 601 1,510 2,111 Tennessee Alabama & Georgia_ Total (35 roads) Net increase (13.51%) Gross Earnings. 103 a Net earnings here given after deducting taxes. b Net earnings here given are before deducting taxes. EXPRESS COMPANIES. -Month of June---July 1 to 1915-16. 1915. 1916. Canadian Express Co. 272,871 3,882,747 334,397 Total from transportation__ 136,491 1,990,327 -Dr 177,163 Express privileges $ For the first week of September our final statement covers 35 roads and shows 13.51% increase in the aggregate over the same week last year: Roads. VOL.I THE CHRONICLE 1112 x25,369 x22,294 x302,328 x169,670 x80,590 x80,399 z716,718 x619,855 Latest Gross Earnings. Name of Road. Week or Month. Current Year. Previous Year. Jan. 1 to latest date. Current Year. Previous 192,026 190,682 44,761 44,197 July Atlantic Shore Ry 209,030 187,488 1,155,862 1,072,711 cAur Elgin & Chic Ry July 439.583 456.137 72.642 68.146 Bangor Ity.•& Electric July 106,296 119,661 17.421 16.016 Baton Rouge Elec. Co July 402,164 • 376,938 79,753 63,881 (NYC)June BeltL Ry Corp 518,417 556.054 97.834 91.244 Berkshire Street Ry_ July /7195000(6703000 147145.000144387.110 Brazilian Trac, L & P July 63.339 66.923 15,256 15.346 Brock eir Myna St Ry_ July 2555,237 2384,038 14,143,851 13,095,402 Bklyn Rap Tran Syst June 186.917 212,942 32.859 31,320 Co July Cape Breton Eke 599,233 707,010 102,884 90.116 Chattanooga Ry & Lt July 236.092 261,593 50,976 46,151 Cleve Painesv & East July 698,182 755,055 118,010 113.040 Cleve Southw & Col_ July 398.658 473,077 70,246 57.365 Columbus(Ga) El Co July 287.226 239,594 1.996,481 1,754.967 Colum (0) Ry. P & L July . g Com'w th P,Ry & L August _ _ _ 1358,867 1181,948 10,826,)31 9,202,661 July 932,506 806.482 5,428.057 4,574,916 Connecticut Co 363,295 305,310 2,622,193 2,126,069 Consum Pow (Mich).. July 264,023 262,080 1,562,731 1.437,310 Cumb Co(Me) P & L July 144.236 144.101 1.090,282 1,017.501 Dallas Electric Corp_ J.aly 1445.018 1205.861 8.976.256 7.242 569 Detroit United Lines .July 238,416 247,371 42,867 41,040 D D E B & Batt(Rec) June 652,263 777.245 125,552 97,203 Duluth-Superior Tnic July 258.367 200,599 1,664,150 1,374.586 East St Louis & Sub_ July 386,587 461.375 0 65.038 72.30 Eastern nixes Flee_ _ July 548,650 612,079 76,173 77.426 gEl Paso Electric Co_ July 960,657 979,475 170,971 162,5-11 42d St M & St N Ave June 172.036 174.093 1,097.480 1.131.721 Galv-Hous Lim Co.._ July g Georgia Ry & Pow_ August _ _ 570,226 498,869 4,548,363 4,170,522 f161.:317 753,687 113,948 105.596 Grand Rapids Ry Co July 535,875 603,955 57.321 79,422 Harrisburg Railways July L & P.. July 492.520 448.505 3.3.61.516 3,199,879 Ilavana El Ry 337,549 375,077 54.064 49,531 Honolulu It T & Land July 154.994 184,35'6 31,808 26,177 Houghton Co Tr Co_ July July 449.095 427.915 3,410.309 3.196.537 b Hudson & Manhat_ 950.390 861,29.5 6.804.540 6,153.485 Illinois Traction ____ July 2957,776 2689,444 19,058,493 17,163,039 Interboro Rap Tran_ June 362,804 367,301 50,981 50,097 Jacksonville 'frac Co July 131,703 137,92.5 20.224 18.687 Keokuk Electric.... _ July 65,392 66.190 9,323 9,517 West Electric_ _ _ July Key 761,570 886,916 164.595 136.446 Lake Shore Mee Ry_ July 927,263 206.616 167,643 1,166,959 Lehigh Valley Transit June 406,272 440,553 83.759 75,376 Lewist Aug & Watery July 112.567 109,801 23,549 25,593 Long Island Electric_ Juno 250,857 238,733 2,031,105 1,940,703 Louisville Railway__ August 447,692 3,974,6:33 3,373,442 541,177 Milw El Ry & Lt Co.. July 820.247 Milw Lt, Hi & Tr Co July _ _ 190.410 141.904 1,013,017 620,980 976,396 Monongahela Vail Tr August _ _ _ 123,375 86,325 1,353.672 1,213,933 199,043 166,92'i Nashville Ry & Light July 498,711 577,751 100.628 90.112 NewpN dc HRy.G&E July 340,882 368,552 63,236 58,871 N Y City Interboro__ June 200.188 193,662 36,993 39,270 N Y & Long Island__ June 76,948 77,417 14,495 14,810 N Y & North Shore__ June 654,994 706,090 June 125,290 128,992 N Y & Queens Co...... 1171,076 1134,141 6,768,648 6,588,305 New York Railways_ June 211.058 213.182 44.931 49,783 N Y & Stamford Ry_ July 713.037 614,755 4,832,292 4,163,993 N Y State Railways_ July 267.372 306.232 50,044 42,611 N Y Westches & Bos_ July 116,290 132,248 16,296 17,119 Northampton Trac__ August _ _ 2,860.643 2,128,388 481,143 371,736 Nor Ohio Trac & Lt_ July 939,262 155.967 151,850 1.062.120 North Texas Electric July 49,727 50,158 June 15,517 15,859 Ocean Electric (L 162,452 177.963 26,379 23,196 gPaducah Tr & .Lt Co July 144,116 162.346 20.964 21.040 Pensacola Electric Co July 2149,836 1897,763 17,787.133 15,736.149 Phila Rapid Transit.. August _ 214,215 241,275 45,420 40,234 Phlia & Western Ry_ June 448.219 467,946 3,130,195 3.204,301 Port(Ore)Ry ,L&PCo July 663,746 664,564 4,508.691 4,358.631 Tr, L & P July g Puget Sd 335,579 260,792 2,596,205 1.968,619 g Republic Ry & Lt.... Aug 569,275 472.148 3,297.887 2.764,268 Rhone Island Co.._ _ _ July 175,530 185,047 38,025 36.794 June Richmond Lt & RR_ 724,126 778.863 110.725 101,463 St Jos Ry. LII & PCo July 228,236 266,491 44,646 38,860 Santiago Elec Lt & '1'r June 458,509 461.116 69,445 67,285 Savannah Electric Co July 409,316 411,897 80,147 79,751 Second Ave (Rec)_ _ _ Juno 109,066 111,631 19,571 20,358 Southern Boulevard.. June 141,903 146,561 31,058 33,134 Staten IsI'd Midland.. June 569.009 558.925 74,626 78,979 Tannoa Electric Co.._ July . June 393,092 336,163 2,081,146 1,891,236 Avenue Taird Twin City Rap Tran_ 2d wk Sept 198,547 200,838 7,138,381 6,589,023 279,452 251.078 1,455,814 1,330,892 Union Ry Co of NYC June 488,698 442,699 3,845,295 3,368,472 Virginia Ry & Power_ August.. 464.026 499.789 79,977 71.966 Wash Bait & Annap_ July 272,074 272,390 51,687 51,365 Westchester Electric_ June 142.362 141.659 23,125 26,016 Westchester St RR_ July 536,889 430,390 3,493,929 2,818,052 g West Penn Trac Co July 354,048 389,310 71,721 60,752 Railroad...... June Yonkers 525,207 629,678 80,075 71,771 August _ _ _ York Railways 163.343 190,696 32,252 24.407 Youngstown & Ohio_ July 109.403 95,008 19,122 16.851 South July Youngstown & consoligures are b Represents income from all sources. c These fg Includes for constituent dated company. f Earnings now given in milrels. companies. -The following table Eleatric Railway Net Earnings. gives the returns of ELECTRIC railway gross and net earnings with charges and surplus reported this week: -Gross Earnings- -Net Earnings Previous Current Previous Current Year. Year. Year. Year. $ $ $ $ 203,808 256,904 498,869 Georgia Ry & Power_a_ _Aug 570,226 4,548.368 4,170,522 2,003,140 1,720,184 31 Jan 1 to Aug Roads. SEPT. 23 1916.] THE CHRONICLE 1113 ---Gross Earnings- -Net Earnings Chicago & North Western Railway. Previous Current Current Previous Year. Year. Roads. Year. Year. (57th Annual Report-Year ending June 30 1916.) Santiago El Lt & Tract_June 44,646 38,860 22,372 19,772 The report of the President, Mr. Richard H. Aishton, will Wisconsin Edison_ a __ _Aug 830,202 600,346 be found on subsequent pages; also the balance sheet. Sept 1 to Aug 31 9,707,961 c3,971,904 OPERATIONS AND FISCAL RESULTS. c For August 1916 balance available for depreciation of subsidiary companies was $164,986 and $2,357,212 for the twelve months. 1915-16. 1914-15. 1913-14. 1912-13. 8,108 8,108 8,071 7,974 Gross Net Fixed Chgs. Balance, Average miles operated_ Equipment Earnings. Earnings. & Taxes. Surplus. Locomotives 1,847 1,840 1,830 1,722 $ $ Passenger cars 1,990 1,959 1,918 1,796 Comm'w'th P. Ry & Lt (and Freight cars 66,743 68,242 65,950 61,263 constituent cos)_ _Aug '16 1,358,867 667,860 493,727 174.133 3,670 3,626 3,579 2,831 597,054 '15 1,181,948 436,792 160,262 Work cars, &c Operations 8 mos '16 10,826,081 5,585,870 3,944,327 1,641,543 33,328,529 33,079,550 33,389,428 32,441,450 '15 9,202,661 4,763,763 3,422,856 1,340,907 Passengers (No.) Passenger mileage_ _ _ _1155,960,132 11301297,641 1173435,140 1113831,351 Harrisburg Rys_ _ _ _July '16 57,321 17,501 32,211 def14,710 Rate per pass. per mile_ 1.86 cts. 1.82 cts. 1.84 cts. 1.85 cts. 42,758 79,422 '15 32,143 10,615 Freight (tons) 51,238,459 40,399,215 43,309,643 44.839,071 603,955 348,091 7 mos '16 225,209 122.882 Freight (tons) mileage_7412265,747 6216280,599 6229944,417 6282916,222 535,875 296,880 '15 223,635 73,245 Rate per ton per mile_ 0.81 cts. 0.84 eta. 0.87 cts. 0.87 cts. Monongah ValTrac_ Aug '16 123,375 73,733 33,236 491.14 443.10 40,497 Av. tr.load,(tons) all frt. 411.48 54,678 86,325 '15 27,935 $3.01 $3.28 $2.95 26,743 Earns, per frt. tr. mile $3.03 976,396 583,901 8 mos '16 258,370 $1.27 $1.22 $1.27 325,531 Earns, per pass. tr. mile $1.23 620,980 367,655 '15 208,028 $11,262 159,627 Oper.revenues per mile_ $9,963 $10,477 $10,413 Muskogee Electric Traction EARNINGS. EXPENSES. CHARGES. ETC. 34,318 16,544 2 mos end Aug 31 '16 6,353 10,191 Operating Revenues 1915-16. 7,454 22,777 1914-15. '15 1913-14. 6.376 1,078 Freight revenue $60.353,399 $51,923,861 $53,989,475 488,698 249,604 Virginia Ry & Pow_ Aug '16 147,987 x110,742 Passenger revenue 21,445,004 20,528,443 21.540,543 442,699 221,544 '15 143,930 x85,083 Other transportation 7,448,366 6,694,250 7,257,653 986,104 511.907 2 mos '16 295,546 x233,827 Incidental 2,067,097 1,633,121 1,771,664 451,571 891,556 '15 287,305 z183.395 80,075 Aug '16 38,421 York Railways 25,831 Total operating revenues 12,590 $91,313,866 $80,779,675 $84,559,335 71,771 '15 35,968 24,839 Expenses 11,129 712,194 371,914 232.677 139.237 Maintenance of way and structures_ _311,608,646 $10.450,740 $12,213,095 9 mos '16 595,508 '15 279,624 72,231 Maintenance of equipment 207,393 14,598,777 12.648,935 12,358,488 Traffic, Gross 1,288.448 Net, after 1.331,856 Balance, Fixed Transportation 32,119,223 29,753,444 31,949,238 Earnings. Taxes. Charges. Surplus. General expenses 1,874,091 1,764,487 1,783,383 3 Miscellaneous operations 664,390 604,058 El Paso Elect Co and subsidiary cos 665,516 Cr219,936 Cr138,539 July '16 76,173 2,025 4,893 def2,868 Transportation for investment 77,426 '15 33,419 4,203 29,216 Total operating expenses $61,952,329 $56,371,573 $60,301,576 612,079 7 mos '16 263,468 33,199 230,269 Percentage of expenses to (67.85) (69.78) (71.31) '15 548,650 246,764 29,398 217,366 Net operating revenue earnings_ _ _ $29,361,537 $24,408,102 $24,257,759 Northampton Tree_ Aug '16 16,206 5,645 Taxes accrued 4,741,527 4,516,943 4,252,790 17,119 15 8,319 Uncollectibles 13,303 7,255 12 mos '16 196,357 83,724 44,700 39,024 '15 176,330 74,492 44,700 29,792 Operating income $24,606,707 $19,883,904 $20,004,969 Phila Rap TransAug '16 2,149,836 Other income 926,363 815,011 111,352 -credits '15 1,897,763 811,019 815,941 $841,242 def4,922 Rents 3484,442 $518,778 2 mos '16 4,364,765 1,919,817 1,630,279 289,538 1)Ividends on stocks owned 1,561,932 1,600.227 1,579.236 '15 3,837,669 1,655,230 1,632,538 22,692 Interest on funded debt 5,896 5,506 5.650 Interest on other securs., loans, &e 644,406 Puget Sd Trac Lt & Pow and subsidiary cos 709,825 1,137,294 July '16 663,746 245,517 155,351 90,166 Total other income $33,053,476 $2,800,000 $3,240,958 109,032 664,564 262,427 153,395 '15 $27,660,182 $22,683,901 $23,245,927 455,565 Gross income 7 mos '16 4,508,691 1,539,212 1,083,647 Deductions '15 4,358,631 1,588,416 1,106,840 481,576 Rents -debits $941,169 $1,066,013 $1,586,064 Republic Ry & Lt Co & sub cos Interest accrued on funded debt 9,312,124 9,595,616 9.239,008 Aug : 152,43172,437 16 335,579 x82,371 Other deductions 124,379 108.196 114,712 260,792 102,504 56,922 245,725 Sinking funds 216,570 204,054 200,473 8 mos '1(3 2,596,205 1,072,753 * 555,831 x521,168 '15 1,968,619 750,037 446,846 x301,263 Total deductions $10,594,242 $10,973,909 $11,140,257 Youngst'n & South_July '16 19,122 788 3,950 def3,162 Balance $17,065,940 $11,709,995 312.105.670 '15 16,851 7,560 3,950 3,610 Dividends on common stock (7%) 9,108,015 9,108,015 9,108,015 a Not earnings hero given are after deducting taxes. Dividends on preferred stock (8%)_ _ 1,791,600 1,791,600 1,791.600 z After allowing for other income received. Balance, surplus $6,166,325 $810,380 $1,206,055 New York Street Railways. -Gross Earnings-- --Net Earnings BALANCE SHEET JUNE 30. Current Previous Current Previous [For further details see subsequent page.) Roads. Year. Year. Year. Year. 1916. X 1915. $ 1916. $ 1915. $ Hudson & Manhattan &June 325,386 Assets LiabtlUtes295,156 c175,196 c152,413 Jan 1 to June 30 2,049,917 1,865,398 1,116,151 1,000,711 Road & equip_ _375,529,534 367,713,923 Common stock _132,455,531 132,455,531 Sinking funds__ 4,416,471 4,200,342 Preferred stock_ 22,398,954 22,398,954 Interboro R T (Sub).a_June 1,575,089 1,418,653 955,612 853.527 Jan 1 to June 30 583,307 1,254,789 Special stock_ _ _ 65,000 10,421,152 9,311,738 6,557,332 5.821,504 Misc.phys.prop, Invest.attn. cos. 14,563,843 14,635,605 cap.stk. 29,658 29,858 Interboro R T (Elev).a_June 1,382,687 1,270.791 630,811 597,084 Other invest'ts_ 14,273,750 14,249,779 Prem.on debt_ Bonded _ _218,253,000 218,489,000 Jan 1 to Juno 30 8,637,338 7,851,298 3,970,157 3,670.416 Co.'s stock scrip Traffic, &c.,bal. 1,605,477 1,626,796 Total Interbor R T_a_Juno 2,957,776 2,689,444 1,586.423 1,450,611 in treasury_ _ _ vouchers Jan 1 to Juno 30 19,058,493 17,163,039 10,527,489 9,491,922 Dds., ctfs., dro., 2,342,337 2,342,337 Audit wages_ _ _ 4,080,715 and 3,342,791 Brooklyn Rap Trans_ a_June 2,555,237 2,384,038 in treasury.... 3,618,000 7,908,000 Miit'd int., &c. 3,453,412 3,377,881 859,860 793,692 Jan 1 to Juno 30 14,143,851 13,095,402 4,65.1,753 4,266,084 Cash 14,475,623 9,778,404 Cons, S. F. cur. New York Railways_ a_June 1,171.076 1,134,141 1,712 1,712 bds.mat'd,&c. 163,000 366,988 324,663 Bills receivable_ Jan 1 to June 30 6,768,648 6,588,305 2,010,751 1,837,621 Traffic,&c., bal. 140,858 110,906 Miscellaneous_ _ 428,406 335,547 Agents & cond_ 3,203,018 2,397,429 Accrued taxes__ ' 67,550 Bolt Line_ a Juno 52,000 79,753 63,881 23,226 2,277 Material & sup_ 5,319,677 4,907,020 Interest accrued 1,938,439 Jan 1 to Juno 30 402,164 1,908,775 376,938 99,362 58,977 Miscellaneous_ _ 2,823,520 2,190,124 Acc.dep'n equip. 10,240,390 8,149,420 Second Avenue_ a June 80,147 79,751 18,536 27,223 Prepaid ins.,&c 38,088 47,102 Bal. prem.on C. Jan 1 to Juno 30 411,897 409,316 66,792 & N. NV. Ry. 88,367 Other unadjust. Third Avenue_ a Juno 393,092 debits 1,082,554 1,082,008 5% gen. M. 336,163 195,416 145,482 Jan 1 to Juno 30 2,081,146 1,891,236 bds. of 1987_ 1,020,844 876,808 686.984 Dry Dock E B & Bat_a_June Oth.unadj.cred, 42,867 723,237 419,268 41,040 7,406 8,892 Jan 1 to June 30 Approp. surplus 4,413,669 4,197,099 247,371 238,416 24,086 19,708 Profit and loss__ 41,017,807 35,875,758 42d St Man & St N Av a June 170,971 162,541 77,113 64,282 Jan 1 to Juno 30 979,475 960,657 431,266 379,841 Total 442,192,089 432,819,478 Total 442,192,089 432,819,478 N Y City Interboro_a_ _Juno 63,236 58,871 26,826 18,459 -V. 103, p. 493. Jan 1 to Juno 30 368,552 340,882 131,546 102,414 Southern Boulevard_ a_June 19,571 20,358 6,221 7,156 Chicago St. Paul Minneapolis & Omaha Ry. •111,631 Jan 1 to Juno 30 109,066 2i,606 33,246 Union Ryof N Y City_ a_June 279,452 251,078 100,298 72,843 (Report for Fiscal Year ending June 30 1916.) 1,455,814 1,330,892 Jan 1 to Juno 30 386,668 295,201 Westchester Elect_ a_ _ _Juno 51,687 51,365 The report of President James T. Clark will be found on 4,461 18,476 Jan 1 to Juno 30 272,390 272,074 59,155 55,836 subsequent pages; also the balance sheet. Yonkers_ a Juno 60,752 71,721 19,446 def2,919 Jan 1 to Juno 30 389,310 354,048 OPERATIONS AND FISCAL RESULTS. 116,558 42,268 Long Island Electric_ a_June 25,593 23,549 4,553 6,89:3 1915-16. 1914-15. Jan 1 to Juno 30 1913-14. 1912-13. 109,801 112,567 def7,855 3,137 Average miles operated_ 1,753 1,753 1,748 N Y& Long Isi Tract_ a_June 1.747 36,993 39,270 Operations 5,943 10,398 Jan 1 to Juno 30 193,662 200,188 12,907 5,436,588 35,906 Passengers carried 4.767,823 4,881,961 4,500.947 N Y & North Shore_ a_ _Juno Passenger mileage 254,754,659 252,307,030 266,685.999 234,515.623 14,495 14,810 4,265 4.203 Rate per pass. per mile_ Jan 1 to Juno 30 77,417 76,948 1.975 cts. 2.031 cts. 2.125 cts. 22,920 19,505 *Freight (tons) carried_ 2.038 cts. N Y & Queens Co_ a_ _ _Juno 128,992 10,082,061 8,794,488 125,290 10,260 6,767 *Freight (tons) mileage_1578936.405 1336106,367 8.466,632 8.205.927 Jan 1 to June 30 706,090 1294143,291 1262998,048 654,994 def13,251 def25,133 Av. rate per ton per mile 0.81 cts. 0.86 cts. Ocean Elect (L I)_a___June 0.88 cts. 0.86 eta. 15,517 15,859 209 8,768 Av. tons fr't per tr. mile. 390 Jan 1 to Juno 30 360 331 50.158 276 49,727 491 12,274 Av. earn. per pass. tr. m. $1.40 $1.31 $1.40 $1.31 Richmond Lt & RR_a_ _Juno 38,025 36,794 Av. earn, per fr't tr. m 10,508 17,730 $2.89 $2.86 $2.69 $2.37 Jan 1 to Juno 30 185,047 175,530 * Revenue freight only. 31,622 23,010 Staten Isl Midland_ a.._June 31,058 33,134 def5,889 895 Jan 1 to Juno 30 146,561 INCOME ACCOUNT. 141,903 de15,790 1,202 a Not earnings here given are after deducting taxes. Earnings1915-16. 1914-15. 1913-14. c Other income amounted to $78,001 in June 1916,against $12,860,214 $11,523,103 $11,427,563 384,8031n 1915. Freight revenue Passenger revenue 5.191,441 4,983,700 5,415,710 Other transportation 1,142,836 1,022,195 1,071,044 Incidental 328,072 312,349 ANNUAL REPORTS 295,766 Total operating revenue $19,522,563 $17,841,348 $18,210,083 Annual Reports. -An index to annual reports of Operating expenses railroads, street railways and miscellaneous companies steam Maintenance of way and structure.-- $2.340,884 $1,956,804 $2.627,189 which Maintenance of equipment 2,419,137 2,476,957 2,303,124 have been published during the preceding month will be Traffic expenses 350,316 344,363 357,570 given on the last Sa turday of each month. This index will Transportation 7,208,271 : 6.737,697 6,932,903 . 472,922 433,205 431,169 not include reports in the issue of the "Chronicle" in which General expenses Miscellaneous operations 185,008 178,411 182,162 it is published. The latest index will be found in the issue Transportation for investment Cr17,700 Cr19,839 of Aug. 26. The next will appear in that of Sept. 30. operating expenses Total $12,958,8.8 312 107,598 312.831.117 THE CHRONICLE 1114 [VOL. 103. tees to reimburse the company for expenditures incurred for additional property and paid from earnings, these bonds being available for corporate purposes: General and Refunding Mtge. bonds, $25,000.000, and General Mtge. bonds, $159.000. COMPARATIVE RESULTS OF OPERATIONS. 1915-16. 1914-15. 1913-14. 1912-13. $4,402,684 Miles operated, average 10,130 10,053 9,613 9,684 261,341 Equipment (a) 58,411 2,004 1,983 1,952 1,969 40,072 Locomotives Passenger equipment_ _.. 1,615 1,606 1,570 1,559 66,673 67,170 68,627 67,490 $4,762,508 Freight & miscell. cars Operations 16,134,559 16,065,456 16,426,016 16,123,475 $641,604 Passengers carried 2,052,901 Pass. carried one mile 899,872,201 858,452,321 912,375,815 862,229,683 Rate per pass. per mile_ 2.103 cts. 2.091 cts. 2.141 cts. 2.078 cts. 46 787,976 c Freight (tons) carried_ 38,313,345 32,959,392 33,007,277 34,805,491 1,298,934 c Frt. (tons) car. 1 mileb10,043,236 b8,185,988 b8,079,690 b8,570,061 Rate per ton per mile.. 0.7571 cts. 0.7813 cts. 0.8078 cts. 0.7030 cts. 390 425 380 357 $4,827,803 Av. rev. tr.-load (tons)_ 96.29 cts. 99.05 cts. 96.54 cts. def.$65,295 Earns, per pass. train m. 97.98 cts. Earns. per frt. train m_ _ $3.2141 $3.0486 $3.0678 $2.8308 Earns, per mile of road.. $19,429 $9,096 $9,667 $ 9,787 Per cent expenses to earnings Net operating revenue Taxes accrued Uncollectibles 1915-16. 1914-15. 1913-14. (70.48) (67.86) (66.38) $6,563,725 $5.733,750 $5,375,966 $073,282 $1,022,053 $1,015,029 6,337 4,835 Operating income Rents -credit Divs. & int. on securities owned Miscellaneous $5,535,335 $4,713,887 357,852 269,812 61,576 61,571 37,151 24,112 Gross corporate income $5,991,915 $5,069,382 Deductions Hire of equipment-balance,&c $756,784 $673,696 Int. accrued on funded debt 2,215,377 2,152,313 Other interest, &c 16,727 24288 Dividends on preferred stock (7%)_ _ 788,148 787,976 Dividends on common stock (7%)_ _ _ 1,298,969 1,298,934 Total deductions $5,076.005 $4.937,207 Balance for year sur.$915,910 sur.$132,175 GENERAL BALANCE SHEET JUNE 30. [For further details see a subsequent page.] 1916 1915. 1916. Liabilities -Asseta-Road & equipm't_76,274,511 74,255,873 Corn. stk.& scrip_21,403,294 Invest. in aft!!. cos. 532,742 529,681 Prof. stk. & scrip_12,646,833 1,600 Funded debt Other investments. 41,387,634 Misc. ph. prop_ 191,113 220,387 Vouchers & wages. 1,292,039 Co.'s stk. in treas. 4,231,181 4,231,128 Traffic, &c., bats_ 336,828 634 50,634 Miscell. accounts_ 175,092 Bonds on hand__ _ 2,515,826 900,204 Unmat'd int., &c_ 1,452,613 Cash Mans dr supplies_ 1,094,582 1,368,715 Int.& dies. unpaid 50,336 Bills receivable_ 1,856 Taxes 707,425 127,442 Accrued deprec'n_ 2,293,867 Traffic, &c., bals_ 121,703 Agents & cond'rs. 519,439 442,295 Prem. on fund. dt. 112,553 435,318 Other unadj. items 170,647 Miscel. accounts_ 579,670 0th. unadj.items_ 644,701 596,331 Profit and loss_ _ _ 4,646,942 Total 86,706,102 83,161,464 -V. 102, p. 608. Total 1915. 21,403,294 12,646,833 39,387,634 978,440 356,785 104,321 1,420,546 45,597 665,904 1,912,784 107,786 157,838 3,973,702 86,706,102 83,161,464 Chicago Milwaukee & St. Paul Ry. (52nd Annual Report-Year ending June 30 1916.) President A. J. Earling, August 1916, says in substance: Results. -The operating revenues were $105,646,484, an increase of $14.211,109 compared with the previous year. The revenue from freight traffic was $76,036,096-71.97% of total revenue-an increase of $12,082,298, or 18.89%. The number of tons of freight carried was 38,313,345, an increase of 5.353,953 tons, or 16.24%. The following classes of commodities show an increase compared with the previous year: Products of agriculture, 433,993 tons; products of animals, 174,916 tons; products of mines, 2,123,593 tons; products of forests, 511,912 tons; manufactures, 1,688,866 tons, and commodities not specified, 420,673 tons. The number of tons of revenue freight carried one mile was 10,043,235,657 -an increase of 1,857,247,282, or 22.69%. The revenue per ton per mile was .7571 cent -a decrease of .0242 cent, or 3.10%. The average miles each ton of revenue freight was carried was 262.13 miles -an increase of 13.76 miles, or 5.54%. The revenue from passenger traffic during the year was $18,923,89317.91% of the total revenue-an increase of $071,464 compared with the previous year, or 5.41%. The number of passengers carried was 16,134,559, an increase of 69,103, or .43%. The number of passengers carried one mile was 899.872,201-an increase of 41,419,880, or 4.82%. The revenue per passenger per mile was 2.103 cents -an increase of .012 cent, or .57%. The average miles each passenger was carried was 55.77 miles an increase of 2.34 miles, or 4.38%. --The operating expenses for the year were $69.120,Operating Expenses. 958, an increase of $7,149,257 compared with the previous year. There was an increase in maintenance of way and structures of 81,186,584, in maintenance of equipment of $2,780,940, in traffic expenses of $142,227, in transportation expenses of $2,030,610, in miscellaneous operations of $15,744, in general expenses of $57,528 and a decrease in transportation for investment--cr. $935,623. During the year 25 steel bridges, aggregating 2,271 feet in length and 8 masonry bridges, aggregating 1,329 feet in length, were built-replacing 2,356 feet of wooden bridges, 464 feet of iron bridges and 780 feet of embankment, and 8,908 feet of wooden culverts were replaced with iron and concrete pipe. About 5.5 miles of pile bridges were filled with earth, 77 bridges having been completely filled and 74 reduced in length by filling. Acquisitions. -On Jan. 25 1916 the railway, property and franchises of the Idaho & Washington Northern RR. were 'bid in by your company, which has since owned and operated the same. (V. 102, p. 436.) -During the year the Chicago Union Station Co. sold Chicago Station. $30,000,000 of its First Mtge. 434% gold bonds, designated Series A, and maturing July 1 1963, to pay for property acquired, to carry on street and bridge work as required by the ordinance, and for other construction purposes. The total authorized issue is $60,000,000: the remainder is to be issued as required. The bonds issued are guaranteed as to principal and interest jointly and severally by the C. B. & Q. RR., Pitts. Cin. Chic. & St. Louis By.,Penna. Company and Chic. Milw.& St. P. By.(V.103,p.608) Extension of Subsidiary Lines (capital stock all owned by Chic. Milw. -The eastern extension of the Seattle Port Angeles & St. Paul By. Co.) & Western Ry. was placed in operation in May 1916. A 6-mile extension from Majestic, Wash., westward was about 25% completed at the close of the fiscal year. An extension of the railway of tho Big Blackfoot By. Co. from McNamara Junction to Clearwater, Mont., approximately 2() miles, was about 5% completed on June 30. A branch line of the Bellingham & Northern Ry. from near Goshen to Welcoma, Wash., 11.3 miles, was about 95% completed on same date. Property Investment, $17,965,918 (Net) During Year ending June 30 1916. Equipment $2,958,036 Purchase of Idaho & Washington Northern RR 5,629,784 New branch lines and extensions 152,363 New additional main tracks and reducing grade & perfecting lino 1,179,475 Other additions and betterments 9,309,126 Credit -Property retired or converted $1,262,915 Additions and Betterments. -Authority has been given for the purchase or building of additional equipment as follows: 23 electric locomotives, 1,066 steel underfraine box cars, 120 steel underframo flat cars, 249 automobile box cars. 100 logging cars. New Line. -The new line from Groat Falls to Agawam, Mont., 70 miles, should bo .placed in operation this fall. Electriftcation.-Elearical operation of the Rocky Mountain Division between Deer Lodge and Three Forks, Mont., a distance of 112.2 miles, was started in December 1915 and between Three Forks and Harlowton, Mont., a distance of 114.2 miles, in April 1916. By May 31 1916 there had been received the required number of electric locomotives to operate the entire Rocky Mountain Division with the exception of two local passenger trains. Work on the Missoula Division between Avery, Idaho, and Deer Lodge, Mont., is progressing at a rate which indicates the completion of the electrical construction work on this division by the end of the calendar year. (V. 102, p. 436.) Depreciation. -On Juno 30 1015 there was at the credit of reserve for accrued depreciation the sum of $7,597,065. The credits to the fund during the late year, plus adjustments, aggregated $2,001,901, while the charges to this reserve were only $186,157, leaving the balance of this reserve Juno 30 1016 at $9,412,809, which represents the estimated depreciation of rolling stock subsequent to Juno 30 1907. Funded Debt. -This has been decreased during the fiscal year by $2,848,000 Dakota & Great Southern By. Co. 5% bonds, $55,000 Dubuque Division 6% bonds and 830,568,470 European loan of 1010-4% bonds retired. It has been increased by $2,856,000 General Mtge. 45i(7 bonds, $30,568,4704% gold bonds of 1925 and $8,576,000 General and eefunding Mtge bonds issued. The amount of bonds issued at the close of this fiscal year is $400,662,155, of which $132,418.200 (an increase of $8,524,400) are in the treasury and $358,243.955 (an increase of $4,600) are outstanding. The $132,418,200 treasury bonds include (a) General and Refunding Mtge. bonds, available for the acquisition of additional property or for other additions and betterments, $107,259,200; (b) bonds certified by trus- a Includes narrow-gauge equipment. b Three ciphers (000) omitted. c Revenue freight only. OPERATIONS AND FISCAL RESULTS. Operating Revenues1915-16. 1914-15. 1913-14. Passenger $18,923,893 $17,952,428 318.961,225 Freight 76,036,097 63,953,799 65,315,755 Mail, express, &c 9,154,513 8,193,891 7,865,187 1,531,981 Incidentals, &c 1,335,256 1,471,533 Total operating revenue $105,646,484 $91,435,374 $93,613,700 Expenses Maintenance of way and structures_ _311,563,769 $10,377,185 $10,722,100 Maintenance of equipment 16,518,476 13,737,535 13,625,096 Traffic expenses 1,799,621 1,756,801 1,899,027 Transportation expenses 37,728,571 35,697,961 36,848,934 General expenses 1,920,467 1,664,079 1.862,939 Miscellaneous operations 738,379 722,635 778,716 Cr1,247,732 Cr2,183,356 Cr2,548,245 Transportation for investment Total operating expenses $69,120,958 $61,9/1,701 $62,890,301 Per cent oper. expenses to earnings (65.43) (67.78) (67.18) Net operating revenue $36,525,526 $29,463,673 $30,723,399 Taxes 5,264,331 4,746,721 4,106,558 Operating income $31,261,195 $24,716,952 $26,616,841 Interest on bonds owned 221,861 • 342,257 234,842 Dividends on stocks owned 515,191 51,143 150,971 Int. on other securs., loans & accts._ 1,906,979 2,065,328 1,974,565 Rents received 402,547 464,892 487,988 Hire of equipment 272,636 Miscellaneous 614,743 329,712 448,605 Total not income $34,620,640 $28,366,665 $30,091,942 Accrued bond interest $15,604,262 $14,636,298 $13,254,823 Hire of equipment 908,132 173,809 Rents paid 1,039,907 871,503 765,363 Miscellaneous 595,470 350,983 716,772 Preferred dividends (7%) 8,109,206 8,109,206 8,109,206 Common dividends (5%)5,870,300(434)5258254(5)5,842,505 Total deductions 331,882,790 $29,765,842 $28,567,367 Balance, surplus or deficit sur$2.737,851 df$1,399,177sur$1524,575 OPER. FOR FISCAL YEAR 1915-16 OF COS. INDEPENDENTLY OPER. Milw. Tacoma Bell'm & Gallatin Big S.P.& A. East. RR. Nor. Ry. Term. Ry. Vali. Ry. Bk.Fk.Ry. W. Ry. Revenues $513,855 $203,258 $156,820 $128,836 $81,987 $234,189 Expenses 372,692 152,035 101,807 96,291 43,334 117,076 Net revenue Taxes 3141,163 44,005 Operating income $97,158 Rents received, &c.. 21,986 Hire of equipment_ 45,662 $51,223 • 555,013 20,833 9,751 $32,545 16,003 $38,653 5117.113 2,202 12,042 $45,262 316,542 $36,361 $105,071 1,323 $30,390 6,309 Total $164,806 $36,699 $45,262 $16,542 537,684 $105,071 Deduct Accrued int. on bds. $44,200 $28,700 Hire of equipment_ 438 $1,034 $17,710 $16,202 $59,466 Rents paid 8,124 825 4,045 538 Miscellaneous 1,209 15 7,292 Sinking fund 6,565 $59,466 *Total dedue'ns_ $52,317 $39,747 $2,780 $17,725 $24,326 *Bal.,sur. or det_S.$112,489 D.$3,048 5.542,482 D.51,183 6.813,358 8.545,605 *Excluding interest on funds advanced by the Chic. Milw. & St. P. By. BALANCE SHEET JUNE 30. 1915. 1916. 1916. 1915. ' Assets $ Road & equip_x573,293,471 557,143,297 Common stock _117,411,390 117,361,400 yStks.control.cos.10,449,767 9,026,834 Preferred stoek_116,274,900 116,274,900 36,184 36,184 Prem.on cap.stk. yBonds, &e., controlled cos. 217,000 5,541,000 Funded debt__ _357,900,955 357,896,355 Bills payable.. _ _ 30,280 Advances to con30,280 trolled cos_ _ _z30,795,007 z34,993,759 Tref., &c., bals_ 1,074,887 554,624 Miso. phys. prop. 641,377 620,742 Pay rolls&vouch. 7,873,137 7,393,080 41,897 47,582 Coup, not pres_ Other misc. Inv_ 209,017 167,831 12,635,516 15,426,097 Miscellaneous_ 1,155,319 Cash 664,429 17,961 Acor. bd.int.,&e. 5,438,740 5,459.273 Tref., &c., bal_ 969,027 Agts.& cond'rs_ 1,835,092 2,264,100 French Gov. tax Mat'ls & supp's. 9,275,277 8,258,192 European loan 767,703 832,130 Miscellaneous 4,262,331 3,563,181 Ins. res've fund_ 2,724,067 2,721,272 Unmatured Int_ 67,777 570,335 Other deferred 550,730 439,463 Secur.in Ins. id_ 2,818,100 2,818,100 credit items_ 678,547 543,611 Sinking fund_ _ _ 592,707 534,521 Sinking fund ., d38,749,292 33,904,375 Taxes prepaid 294,179 1,056,176 Surplus Oth.def.deb.items 2,573,264 2,508,507 Total 650,764,791 (144,390,474 650,764,791 644,390,474 Total d After adding $2,188,490 profit on property sold and other miscellaneous net credits and deducting $374,906 extinguishment of book value of equipment destroyed, sold or taken down; $92,270 Dubuque Division and 'Wisconsin Valley Division sinking funds; $76,750 surplus appropriated for investment in physical property: $71,245 not loss on property sold or abandoned and not replaced, and $54,281 discount on General Mtge. and General Refunding Mtge. bonds. x After deducting $9,412,809 reserve for accrued depreciation. y Unpledged. z Advances to controlled com-V. 102, p. 1718. panies for construction, equipment and betterments. Chicago Indianapolis & Louisville Railway. (Income Statementfor Fiscal Year ended June 30 1916.) The annual report for the fiscal year ending June 30 1916, will be published in full another week. 1912-13. 1913-14. 1914-15. 618 617 Average miles operated_ 1915-16. 2 6226 1 Operating revenues__ 37.694.733 86,559,665 ,36,944,035 $6,085,944 4.678,021 5.103.937 5,184,728 Operating expenses_ _ _ _ 5,111,039 Net earnings $2,533,694 81,881,644 81,759,277 31.882,007 $319,011 $332.990 8294,039 $369,409 Taxes Operating income_ _ _ _ 32,217,285 31,562,633 $1,426,287 $1,587,968 206,514 338.272 232,182 311,268 Miscellaneous income._ Total income $2,555,557 31,794,814 31,632,830 31.899,236 3829,723 13896,883 Interest on bonds $804,071 V31,663,474 657,309 556,804 Rents, &c 1 658,158 8239,773 $538,361 Balance,surplus $892,083 $145,798 $200,000 Dividend on pref. (4%) $199,752 $199,752 $199,752 Dividend on common(3 %)341,129 (1 %)170,568(3X)341,138 -V. 103. p. 320. SEPT. 23 1916.] THE CHRONICLE Kansas City Southern Railway. (Report for Fiscal Year ending June 30 1916.) The full text of the remarks of President J. A. Edson will be found on subsequent pages. ROLLING STOCK JUNE 30. Locomotives. Pass.Cars. Freight Cars. Miscellaneous. 191 87 4.894 1916 654 192 87 5.148 1915 768 5,567 195 90 1914 889 STATEMENT FOR YEARS ENDING JUNE 30. 1915-16. 1914-15. 1913-14. 1012.13. 837 Miles operated 827 837 827 Operations $11,497 $12,121 Gross earnings per mile_ $12,645 $12.365 *4,130 $4,717 Net earnings per mile_ _ $4,897 $4,641 3,921,723 Tons carried 4.105,929 4,066,018 3,915,083 Tons carried one mile---1099973,148 1128730,654 1062756,263 1017522,676 6.92 cts. 7.84 cts. Av. per ton p. m 7.44 cts. 7.88 cts. Freight recta. per mile... $9.344 $9,781 $10,071 33.75150 Fgt. rec. per rev. tr. milo $4.07313 34.6857 $398,509 541.74 Rev, train-load, tons... 547.61 508.38 520.11 1,614,570 Rev, passengers carried_ 1,635,872 2,005,881 1,775,973 Rev. pass. carried 1 mile 66,820,088 64,546,023 73,356,612 67,533,444 2.212 cts. Avge. por pass. por mile. 2.293 cts. 2.311 cts. 2.542 cts. INCOME ACCOUNT. 1915-46. 1914-15. Gross 1913-14. $8,094,107 $7,731,118 $8,257,449 Freight 1,513,168 Passenger 1,410,618 1,675,168 976,355 894,160 Mail, express, &c 1,037,786 1115 INCOME ACCOUNT FOR YEAR ENDING JUNE 30. -1Vab.-Pitts.Ter.- West Side Belt RR. -Total Both Lines1915-16 1914-15 1915-16 1914-15 1915-16 1914-15 3 $ 11 $ $ $ General freight 464,615 274,372 151,019 87,914 615,634 362,286 Ore freight 72,108 46,091 72,108 46,081 144,216 92,172 Coal freight 361,079 300,617 402,283 247,800 763,363 548,417 109,734 102,741 Passenger 7,880 6,776 117,614 109,517 Miscellaneous 79,524 69,181 10,841 4,124 90,366 73.305 Total oper. revenue.. _1087,061 793,002 644,132 392,695 1731,192 1185,697 Maint. of way & structures162,264 117,299 50,333 39,964 212,597 157,263 172,487 154,621 Maint. of equipment 41,815 63,826 214,302 218,447 23,472 21,575 12,520 12,383 35,993 33,958 Traffic expenses Transportation ez(penses_ _337,918 280,682 128,070 95,028 465,988 375,710 Gen.& miscell. expenses 65,267 61,218 28,949 28,212 94,216 89,430 Total oper. expenses__ _761.408 635,395 261,688 239,413 1023,096 874,808 325,652 157,607 382,443 153,282 708,096 310,889 Net oper. revenue 90,191 90,003 Taxes, &c 3,783 3,600 93,974 93,603 Operating income Hire of equipment Other income 235,461 106,161 91,770 67,604 378,660 149,682 614,122 217,286 26,597 75,585 16,429 8,692 108,198 84,277 433,392 169,786 395,089 158,374 722,320 301,563 Total income • 126,679 73,313 20.517 46,716 Hire of equipment Rentals, &c 41,787 42,028 34,457 20,786 76,244 62,814 Interest on bonds 19,083 19,150 19,083 19,150 Int. on reedy. certificates_143,753 143,753 42,857 42,857 186,610 186,610 Rental Wabash equipm't. 17,586 17,586 Int. on real estate mtge_ _ _ 42,018 41,880 42,018 41,880 deductions Total 227,558 227,661 223,076 173,692 344,473 374,756 Balance,stir, or def___sur.205,834 df.57,875 sr.172,013(11.15,318sr.377,847 df.73,193 WABASH-PITTSBURGH TERMINAL RY. BALANCE SHEET JUNE 30. $10,583.630 $10,035,896 $10,970,403 Total revenues 1915. 1916. 1916. 1915. Operating Expenses Liabilities Assets structure_ _ _ _ $1,132,086 $1,132,078 $1,143,806 Maintenance of way & Road & equipm't_53,420,103 53,426,646 Capital stock_ _ _ _10,000,000 10,000,000 1,277,531 Maintenance of equipment 1,185.016 1,351.691 Stks.owned(pledged): Secured debt 3,298,504 Transportation expenses 3,397,007 3,671,223 Wh.& L. E.RR_ 6.000,000 6,000,000 Mortgage bonds_50.236,000 50,236,000 Traffic expenses 334,668 336,196 324,709 P. T. RR.& C__ 3,159,740 3,159,740 Wabash notes__ _ 5,268,000 5,268,000 General expenses 410,184 489.008 418,992 P.& C. Crk. RR. 12,487 Real est. mtges__ 795,217 12,487 795,867 Cr.91,251 Transportation for investment Cr.60,484 Bonds pledged Loans & bills pay P. T. Wabash RR__ _ _ 300,000 300,000 Total operating expenses $6,361,722 $6,478,821 $6,910,321 Cash RR.& C. 3,500,000 3,500,000 Miscellaneous_ _ _ 145 87,074 145 87,074 P.C.of expenses to earnings (60.11) (62.99) Wh.& L. E. note_ 300,000 (64.56) 300,000 Audited acc'ts,&c_ 105,168 105,189 Net earnings $4,221,9019 $3,557,075 $4,060,081 Loans & bills roc 35,000 35,000 Mat'd int. unpaid 1,034,836 1,205,836 Interest, discount, rents, &c 194,448 170,919 197,415 Miscellaneous.... 127,120 63,576 126,881 H.F. Baker, rev__ 75,586 176 Accr'd deprecia'n_ 187 Net income $4,416,357 $3.727,994 $4,257,496 Miscellaneous_ ___ 123 Deduct Profit & loss deb__ 1,335,452 1,512,963 Taxes $561,990 $567.857 3574,316 Total Interest on bonds 1,700,659 1,693,298 66,554,596 66,560,899 1,746,474 66,554,596 66,560,899 Total Rents,&c 150,404 211,061 38,527 WEST SIDE BELT RR. BALANCE SHEET JUNE 30. Interest on equipment notes 63,292 57.092 65,084 Assets1916. Hire of equipment 99,820 97,925 159,920 1015. Liabilities1916. 1915. Road & equipment$4,193,503 $4,197,025 Capital stock_ _ _ _$1,080,000 $1,080,000 8,328 8,205 Miscellaneous 840,000 840,000 840,000 Securities owned... 60,001 x Dividend on pref. stock (4%) 60,001 Secured debt 3,042,143 3.046,143 Other investm'ts_ 687 687 Loans & bills pay_ 106,000 106,000 Total $3,524,641 $3,427,563 $3,372,047 Special deposit_ _ . 1,237 1,237 Audited vouchers_ 161,116 161,128 Balance, surplus $891,710 $3Q0,431 1,239 1,239 Miscellaneous_ __ _ $885,449 Miscellaneous.... 106 161 Depr'n equip., &c. 4,442 442 x Charged against profit and loss account but here deducted from income Receiver, &c 32.010 35.503 account. Profit & loss (deb.) 169,151 169,188 Total $4,256,666 $4,280,189 OPERATIONS OF SUBSID. PROPERTIES OPERATED SEPARATELY. Total $4,256,666 $4,260,189 RECEIVERS' BALANCE SHEET JUNE 30 1916. Gross. Net (over tax). Int.,&c. Balance. Arkansas Western Ry_1915-16_348.772 def.35,042 $37,648 def.$42,691 Assets Liabilities-W.-P.Ter.Ry. TV.S.B.RR. do do 1914-15_ 47,434 def. 6,366 37,476 def. 43,842 Road & equipm't.52,457,047 5847,321 Equip. tr. offs_ 8850,000 K. C. Sh. & G. Term_ _1915-16_ 28,816 sur. 7,124 161,560 6,871 stir. 76,120 Receivers' ctfs__ _ 2,395,880 $714,286 253 Cash do do do 1914-15_ 29,453 sur. 7,968 6,849 stir. 1,119 Spec. deposits,&c. 152,328 1,135,193 Acc'ts, wages, &c_ 463,432 206,128 Pt. Arthur Can & D.__1915-16_ 36,978 def.39,531 Malls & supplies_ Int.,taxes accr.,&o. 125,446 71,484 24,722 52,582 def.92,113 66,129 do do do 1914-15_ 60,103 def.22,678 50,000 def. 72,678 H.F. Baker (Rec.) 63,576 32,010 0th. unadj. acc'ts 14,007 10.893 Poteau Valley RR 1915-16_ 22,373 sur. 4,397 5,382 def. 13,391 170,524 Accr'd deprec'n__ 193,921 984 Deferred,&c.,ac'ta 10,061 do do 1914-15_ 15.797 sur. 578 Add'ns to prop'ty_ 156,949 4.152 def. 3,574 177,071 IC. C. S. Elevator Co_ _1915-16_ 30,201 def. 6,585 ____ def. 6,585 Profit and loss_ _ _ deb.430,249 cr.251,321 do do 1914-15_ 43,871 def. 435 do --_ def. 435 BALANCE SHEET JUNE 30. Total $2,919,386 $2,285,889 Total 2,919,386 2,285,889 -V.103, p. 940, 759. 1916. 1915. 1916. 1915. LiabilitiesAssetsi i $ 5 Property ilea_ al01,947,027 100,624,106 Preferred stock_ 21,000,000 21,000,000 Interborough Rapid Transit Co. 935,135 Common stock_ 30,000,000 30,000,000 Prop.abandoned b846,075 187,596 First M. bonds_ 30,003,000 30,000,0,00 Agts.& conduo209,046 (Report for the Fiscal Year ending June 30 1916.) c1,987,936 1,724,160 Refund.& impt. Cash Co.'s stock in bonds 18,000,000 On subsequent pages will be found extracts from the retreasury (par) 40,100 Equip. tr. notes 1,054,000 17,000,000 40,100 1,178,000 port of President Shouts and also the general Material & supp 1,209,448 948,516 Unpaid coupons balance sheet 804,388 460,524 colletLoans on Accrued interest 228,467 229,423 and a condensed statement of operating results for 12 years. 83,341 111,191 Traffic balances oral security_ 215,051 177,986 Regarding the new construction work and the additions 47,011 44,835 Pay-rolls & fleets 1,090,719 Bills receivable. 994,946 281,652 280,668 Bills payable... Traffic. balances 297,450 297,722 and improvements during the year Pres. Shonts says in subst.: Individls & cos. 603,319 579,389 Accrued taxes 277,271 271,547 Additions and Betterments. -During the year $28,063,562 was expended 12,636 U.S. Governm't 12,204 Renewal and refor additions and betterments,divided as follows: (1) $2,110,348 on existing Wells,F.&Co.Ex. 30,924 15,552 serve funds 207,024 207,024 lines of the Manhattan Ry. division; and (2) $25,979,152 on new subways, Investm'ts in dr Prof. div'd payelevated improvements and extensions, consisting of (a) Contract No. 3 advs. to proable July 15._ 210,000 210,000 construction and equipment, $17,135,226; (b) Manhattan third prietary cos__ 2,168,138 2,349,086 Miscellaneous -tracking, 323,330 170,393 $6,291,677; (c) Elevated extensions, $1,621,614; and (d) Manhattan power Miscellaneous__ 293,455 230,860 Profit and loss_ d6,052,409 5,885,833 house improvements. $930,635. Approximately 22,000 ft. of single track was 109,760,109 108,083,308 Total Total 109,760,100 108,083,398 leased from the New York Central RR. for theconstructed on property purpose of storing and equipping the 478 new steel car bodies recently purchased for subway a Includes in 1916 cost of properties, $79,496,698, and improvements and operation and the 475 composite car bodies removed from the subway serrehabilitation, $23,503,638, less value of equipment, buildings and tracks vice for operation on the Manhattan Ry. division. destroyed or abandoned, which,loss salvage, has been caarged to operating Manhattan Elevated Improvements. -The third-tracking of the elevated expenses, $936,060; and also less credit of $209,100 to equipment from The renewal and reserve funds and $320,232 salvage from equipment sold or linos is practically completed. Southnew facilities on the Second and Third lines from City Hall and Ferry to 149th St., and on the Ninth dismantled. h This is property abandoned In course of improvements, Ave. less salvage which was taken out of cost of properties and shown hero as a Ave. line from Cortlandt to 130th streets were placed in operation on separate item pending amortization by order of the Inter-State Commerce Jan. 17 1916. The new centre track on the Third Ave. line from 149th St. to Fordham Commission, $1.079,518, less $212,760 charged to operating exnenses Road is completed but not operated on account of the necessity of using account of other Property and $20,682 to profit and loss account of right of this trackage for car storage until the Webster Ave. extension and the way,leaving a balance of 3846.074. c The item of cash in 1916,$1 ,987,936, storage yard at 239th St. and White Plains Road are completed. Ten staincludes a reserve for dividend, 3210,000; reserve for coupons unpaid, tions on this lino have been reconstructed and are now being operated. $804,388; available for other purposes, $973,548. d After deducting $115,The the Ninth 451, the estimated original cost of property abandoned and not replaced. pleted section of exception Ave. line from 130th St. to 155th St. is comwith the of the station at 155th St., which cannot be less salvage; 392,487 discount and expenses of sales of refunding and im- completed until the New provement mortgage bonds sold; $289,080 interest on Guardian Trust Co's. is transferred to the new York Central Putnam Division terminal station applicable to profit and loss; $208,054 advances to Central RR. Co. of the river at Sedgwick terminal now being constructed on the Bronx side claim Ave. of Louisiana reduced to nominal value; and $20,078 miscellaneous adjustExpress stations have been located and opened for service (excepting ments. -V. 102, P• 976. 145th and 156th streets) at 33 intermediate points on the Ninth, Third and Second Ave. lines where transfers may be had to local trains, thus the express Wabash-Pittsburgh Term. Ry. and West Side Belt RR. securing the benefit of Extensions. service throughout the entire system. Interborough Elevated -The Queensboro Bridge line connecting the Second Ave. line at 59th St. with the elevated lines in Queens at the (Report for Fiscal Year ending June 30 1916.) Queensboro Bridge Plaza is 25% completed. The contract for steel work for the Queensboro Bridge line from the east side of Second Ave. and 59th TRAFFIC STATISTICS. St. to about Ely Ave. in Queens was awarded in June 1916. -TVab.-Pitts.Ter. West Side Belt.RR. -Total Both LinerThe Webster Ave. extension from Fordham Road through Webster Ave. •(000) omitted. 5,3535,9 1015-16 1914-15 1915-16 1914-15 1915-42 1914-15 and Gun 11111 Road to White Plains Road is now under construction. Total rev. tons carried*..... 4,411 2,907 The West Farms subway connection from 143d St. through private prop3,853 Total rev, tons carper m.* 93,717 72,772 41,413 27,321 135,130 100,093 erty, Willis and Bergen avenues and over the present subway to a connecAv. earns, per ton (cts.)_ 11.68 12.16 21.36 20.35 25.78 26.03 tion with the Manhattan-Bronx Rapid Transit lino at Westchester Ave. is Av. rate per ton mile (01s.) 0.958 1.510 1.397 0.854 1.127 1.002 50% completed. Av. earns, per train mile._ $7.38 $8.66 The 8th Ave. and 162d St. connection, extending from a point in 8th $5.83 $10.71 38.46 $8.66 Av. tons per train mile__ 620 709 770 683 750 665 Ave. near 157th St. over the Putnam Bridge and private property to SedgNo. of pass. carried. 55 71 630 701 579 634 wick Ave. near 162d St.,thence as a tunnel through the bill to Jerome Ave., No. pass. carried one miles 6,520 350 433 6,054 5,946 6,296 thence across Jerome Ave.and private property on an elevated structure to Av. rate p. pass. p.m.(ets,) 1.68 1.94 1.73 1.82 1.69 1.74 a connection with Jerome Ave. extension of the new subway in River Ave., Av.earn. p. tr. mile (cts.). 80.82 $0.47 $0.79 $0.79 $0.55 $0.76 is under construction. Gross earn, per rev. tr. m. 3.80 Contracts for the main portions of these three extensions were awarded in 3.00 6.51 8.61 4.80 3.66 • Ratio of exp. to earnings__ 70.04 60.97 59.10 80.13 40.63 73.78 February 1916. 1116 THE CHRONICLE New Subway Construction.-Tho construction of the new subways for which the Interborough Rapid Transit Co. has the operating contract is progressing favorably. On June 30 1916 and June 30 1915 the several lines were completed to the extent shown below: Completed as of June 30 1915. 1916. 50% 80% Seventh Ave.line from Times Sq.to W.Bway.& Vesey St. Two-track extension Vosey St. via Greenwich St. to South 25% 77% Ferry Park Place, William and Clark Sts. line from W.B'way to 10% 52% Borough Hall, Brooklyn Eastern Parkway lino, Brooklyn, from Atlantic Ave. to 46% 25% Nostrand Ave 14% • _ _ Nostrand Ave. line ---Eastern Parkway line from Nostrand Ave.to Buffalo Ave.. • 17% Lexington Ave. line from Park Ave. and 38th St. to Lex25% 60% ington Ave. and 43d St 25% 58% From 43d St. to 53d St. on Lexington Ave From 53d St. via Lexington Ave., Mott and Gerard Ayes. Completed to 157th St Jerome Ave. extension from 157th St. to Woodlawn Road_Comploted 80% Southern Boulevard and Westchester Ave. extension from 60% 91% Southern Boulevard and 138th St. to Bancroft St [The remaining portion of this line from Bancroft St. via Westchester Ave. to the terminus at Pelham Bay Park (which is an elevated structure), has been placed under contract, but no work has yet been done.] White Plains Road extension from 179th St. and Boston 70% 97.3% Road to East 241st St. and White Plains Road Queensboro line from the Grand Central Station near East 42d St. and Lexington Ave. to Jackson Ave., Long Completed Island City, is completed and in operation 70% 92% From that point to Queensboro Bridge Plaza The Woodside and Corona elevated line from Queensboro 50% • 98% Plaza to Vandam St Bridge From Vandam St. via Queens Boulevard and Roosevelt Completed Ave. to Alburtis Ave Astoria Elevated line from Queensboro Bridge Plaza via Completed _ _ _ _ Second Ave. to Ditmars Ave The contract for the construction of the Livonia Ave. line from Buffalo to New Lots Ave. has not yet been let. The contract between the Ave. old and new subways at Mott Ave. and 149th St. has not yet been placed under contract. The elevated portions of the subways on the Astoria and Corona lines in Queens and the White Plains Road and Jerome Ave. lines in the Bronx will be available for use in connection with the present elevated and subway systems in advance of the completion of the subway portions of these lines. These branches will be placed in operation in conjunction with the existing line as soon as completed so as to give the residents of those sections through traffic accommodations at the earliest possible date. Under Contract No. 3 of March 19 1913, the lease of the new subways to the Interborough Rapid Transit Co. is to begin whenever the main trunk lines and the tunnels under the river shall be completed and ready for operation. If before that time any section of the new subways shall be declared ready for oneration and your company is called upon to equip and operate same, It will be able to do so under the contract on a basis which will insure it against loss. INCOME ACCOUNT FOR YEARS ENDING JUNE 30. 1913-14. 1914-15. 1915-16. $35,891,528 $33,433,743 $33,515,395 Gross operating revenue 14,008,166 12,941,314 12,902,053 Operating expenses 2,081,948 2,133,980 2,341,606 Taxes $19,541,756 $18,358,449 $18,531,394 Income from operation 612,852 623,631 580,831 Non-operating income $20,122,587 $18,982,080 $19,144,246 Gross income Interest & sinking fund on city bonds $2,380,620 $2,360,066 $2,361,065 3,043,630 2,632,573 2,238,233 Int. on I. R. T. 1st Sc ref. 5s 482,650 Int. on I. R. T. 1st M.5s 1,591,080 1,591,080 1,604,556 Int. on Manhattan Ry. consol. 4s.. 246,638 129,876 180,453 Other interest, &c Guar. div.7% on Manhat. Ry.stock 4,200,000 4,200,000 4,200,000 $11,409,260 $10,913,596 $11,119,666 Total deductions $8,713,327 $8,068,484 $8,024.580 Net corporate income (a) 5.663 178,688 Add Queensboro subway $8,892,015 $8,074,147 $8,024,580 Total (20%)7,000,000(20)7000,000(15)5250,000 Dividends Balance, surplus $1,892,015 $1,074,147 $2,774,580 a Included in 1913-14 in profit and loss credits. GENERAL BALANCE SHEET JUNE 30. (For details of the balancesheet as of June 30 1916,see a subsequent page) 1915. 1916. 1915. 1916. $ Liabil.(Concl.) 3 AssetsFixed capital_ _118,568,474 90,467,611 Coupons due,not 27,271 33,747 presented _1._ Investments ___ 24,902,885 24,512,530 Adv.to assoc.cos 2,458,307 2,398,307 Manhattan Ry. 131 102 3,497,233 3,844,967 divs. unpaid.. Cash Manhattan Ry. Cash Manh. 3d divs. July L. 1,050,000 1,050,000 track (contra) 4,625,000 1,600,000 I. It. T.Co.div. Cash for Manh. 875,000 1,750,000 July 1 Power plant Int. on 1st Sc ref. 150,000 impts.(contra) M.5s,July 1_ 3,716,450 2,591,450 Accts.&bills rec. 2,616,284 0,102,463 284,695 179,424 263,530 Due for wages 728,941 Int.& divs. rec_ Material & supp 2,486,450 1,634,878 Accounts pay'le. 1,075,503 1,485,174 689,055 700,118 Special deposits. .6,569,692 4,564,753 Accrued taxes 3d tracking cash Construction & nab. for adv. equIpm't cash M1,978,970 22,272,650 from general funds Prepayments.... _ 1,077,844 1,036,712 fund (contra). 4,625,000 1,600,000 Manhat. power Items awaiting house cash lia467,759 70,749 distribution_ _ bility for adv. Secur.for volun68,644 from general 68,644 tary relief fd_ 150,000 fund (contra). Unamort. debt &gel Sc exp 10,051,624 7,867,389 Accr. amortiz'n 2,892,885 2,292,637 of capital__ 219,851,098 167,102,194 Manhattan Ry. Total 102,154 142,311 equip. reserve Liabilities-18,601 48,236 Capital stock _ _ _ 35,000,000 35,000,000 Miscellaneous_ _ 1st &ref. M.58_148,658,000 103,658,000 Items awaiting 242,883 679,429 distribution.... Manhattan Ry., 377,323 Profit and loss_ .z17,530,978 15,509,109 377,323 lease account.. Accr.int.& rents 219,851,098 167,102,194 Total 1,241,594 1,300,711 not due a Includes in 1916 special deposits to meet coupons due, not presented, $33,747; to meet uncollected dividends on Manhattan Ry. stock, $101; stock $1,050,000; to to meet dividend duo July 1 1916 on Manhattan Ry.Transit Co., $1,750,meet dividend due July 1 1916, Interborough Rapid due July 1 1916 on 1st Sc ref. mtge. 5s, $3.716,450, 000; to meet interest b Includesin and cash deposit with State Industrial Commission,$19,,95. third-tracking 1916 subway contribution cash, $36,412,590; Manhattan cash. $5,544,495; and Manhattan power cash, $10,638; elevated extension house cash, $11,247. z After $258,741 tax refunds and other credits and deducting $128,886 taxes prior years, amortization, capital requirements, -V.103, p. 11332, 938. Sec., charges. [Vol,. 103 BALANCE SHEET AS Al' JULY 31. 1916. 1915. 1915. 1916. AssetsLiabilities$ $ $ $ Prop.& equip.. _ _ a8,353,203 6,268,074 Pref. stook 1000,000 1,000,000 Goodwill b 6,800,000 6,800,000 800,000 800,000 Corn. stook Cash 220,497 108,442 3 yr. 5% notes_ 1,250,000 770,512 Notes payable.. _ _ Notes & accts. rec 1,137,783 400,000 c998,531 16,290 30,449 633,222 Accts. payable__ 1,103,855 Merchandise_ 24,400 29,100 Insurance reserve Cash exp. acct.. _ 643,753 486,437 growing crops_ 743,287 Surplus 769,906 111,930 100,309 Live stock & sup_ 65,749 9,177 Miscellaneous_ _ $10,279,455 59,483,024 Total $10,279,455 $9,483,024 Total a Includes in 1916 property in Florida, Georgia, Connecticut and Massachusetts (book value) $6,287,376 and farm implements, packing house equipment, furniture and fixtures, &c. $65,826, against 83,196,677 and $71,397, respeotIvely In 1915. b Goodwill of A. Cohn Sc Co., Inc. recently acquired, oost in common stook. c Includes advances. -V.102, p. 343. Cosden & Co. and Cosden Pipe Line Co., Oklahoma. (Report for Seven Months' Period ending July 31 1916.) In connection with the 6% convertible bond issue (see a subsequent page), the following statement is given: EARNINGS FOR 7 MONTHS ENDING JULY 311916. Earnings of Cosden Sc Co. and Cosden Pipe Line Co. for the 7 mos. ending July 311916, before providing for depreciation or $2,174,202 Interest on bonded and other indebtedness Less -Net interest paid during the 7 mos 129,979 $2,044,223 Balance 128,041 Profit during the 7 mos. ending July 31 1916,in sale of invest'ts $2,172,264 CONSOLIDATED BALANCE SHEET AS AT JULY 31 1916. (After giving effect to the stock dividend payable Aug. 6 1916 and the sale of $5,753,000 of the proposed new issue of bonds.) Liabilities (Total, $15,532,908)Assets (Total, $15,532,908)Capital stock: auth. $7,000, 011 lands, leases, pipe lines, $7,092,269 000 (shares of $5 each); issue$5,752,870 refineries, &c 924,457 10-yr.6% 1st M.sk. fd. cony. Invest's in MM.cos 5,753,000 bonds of Oct. 1 1916 1,952,260 Advances in Mtn. cos 262,258 Purchase money obligations_ 218,643 Materials & supplies 789,495 177,200 Ace'ts payable, &c Insurance unexpired, &c *3,018,900 Surplus Crude Sc refined oils (at approx 3,819,053 cost) 534,282 Notes Sc acc'ts receivable 203,545 Due by attn. cos. for oil sold 562,583 Cash Contingent liaollity as endorsers on notes receivable discounted $237,401. * Before providing for depreciation of capital assets. A cash dividend of7% was declared Aug. 16, payable Aug. 2611)16.-V. 103, p. 409, 147. Total Hupp Motor Car Corporation. (Report for Six Months' Period ending June 30 1916.) President J. Walter Drake says in substance: -The purchase of the American Gear Sc Mfg. Company's plant Purchase. at Jackson, Mich., the addition of two stories to the buildings at Detroit, practically doubling the size of the plant, the installation of machinery for the manufacture of the important parts entering into the Hupmobile heretofore purchased from outside sources, and the new power plant are nearing completion. This has involved the expenditure of more than $1,000,000 (V. 101, p. 2074)• Operating Costs.-DurIng the past year we have faced constantly* increasing costs in materials, manufacturing expense and labor, e. g., brass parts have advanced about 40%; aluminum 75%; sheet steel 66%; bar steel 129%; paint 107; electrical supplies and wiring 40%; upholstery material 10%; machine labor has gone up 12 %;common labor 18 to 20%; wood working labor 5%. Raw materials also have been scarce. There have been strikes and machinery equipment has been overloaded with work. -While our production was not as largo as planned, yet Earnings, &c. we did increase 47.3% over 1915, although with great difficulty duo to plant enlargement. The earnings for the first six months of the current year, Jan. 1 to July 1 1916, although largely in excess of the preferred stock requirements for the entire year, have fallen somewhat short of reasonable expectations, due to the abnormal increase in cost of material and the difficulties encountered in production duo to the building operations. To overcome these conditions, which are general in the industry, the price of the litmmobile on June 1 was advanced $100 with no apparent effect on the demand for the company's product. Earnings to be Conserved.-Tho shortage of materials, especially metal products, necessitates the carrying of largely increased stocks of materials, requiring a considerably larger amount of capital than is needed under normal conditions. On this account it is deemed wise by your board to maintain the financial soundness of the company by conserving its earnings for the present needs and the completion of its plans. CONSOLIDATED INCOME ACCOUNT FOR PERIOD ENDING JUNE 30 1916. Net profits from Jan. 1 to May 311916,$217,495; for month of June, $82, $300,371 877; total 49,173 Dividends declared on preferred stock (April and June) $251,198 Balance surplus as shown in balance sheet below CONSOLIDATED BALANCE SHEET JUNE 30 1916. (Incl. the American Gear & Mfg. Co.) Liabilities (Total, $8,225,576) Assets (Total, $8,225.576)$1,309,900 Land, bldgs., mach., &c_*$1,248,729 Preferred stock 5,190,100 490,608 Common stock Cash 504,317 Duo acc't purch. of plant_ Acc'ts receivable, &c of Am.Gear & Mfg. Co. 300.000 2,074,063 Inventories at cost 785,463 48,938 Current liabilities Prepaid insur. & taxes 63,888 names,&c 3,858,921 Res. for ace. taxes Sc int.Goodwill, trade Reserve for cust. depos. & redemp'n of serv. coups 325,027 Surplus 251,198 * After deducting $242,297 reserve for deprociation.-V. 103,p.496,64. Canadian Locomotive Co., Ltd., Kingston, Ont. (5th Annual Report-Year ending June 30 1916.) President Aemilius Jarvis, Sept. 20, wrote in substance: -The increase in our profits for the year reviewed is due to the Results. revival of business in our locomotive shop and profits from munitions. Our property account shows an increase of $387,829, chiefly for machinery to manufacture munitions and for other necessary additions to meet the requirements of our growing business. From our profits $165,000 was taken for depreciation reserve account and $25,000 for special replacement. The net results of this year's operations are a subject of gratification. The net profits on our business are 44% in excess of those of any previous year since the organization of our company. 1915-16. 1914-15. 1913-14. 1912-13. 1911-12. June 30 Years$574.211 $134,614 $342,057 $396,886 $326,380 Profits American Sumatra Tobacco Co., Atlanta, Ga. and N. Y. The total profits for the five years wore $1,774,149, or an average of $354,830 per annum. -Year ending July 31 1916.) (6th Annual Report Labor Trouble.-Tho labor problem has been a serious one with us, and to a certain extent has affected our earnings. We have now succeeded in INCOME ACCOUNT FOR FISCAL YEARS ENDING JULY 31. getting together a fairly efficient force of about 1,200 men. as we have 1915-16. 1914-15. 1915-16. 1914-15. coming year are most encouraging Outlook. $267,653 $499,134 I Pref. diva.__*(14)3140,000 (7) $70,000 orders for -Prospects for the Net income locomotives amounting to $2,600,000, munitions $1,200,000 and $429,134 3126,153 Bal. surplus__ 1,500 wilscel. charges extra work $90,000, or a total businessibooked of 53,890,030. all at satisfac. dividends paid to Mar. 31 1910 (two years). *Includes preferred SErw. 23 1916.] THE CHRONICLE 1117 tory prices. We shall doubtless secure additional contracts, as we antici- claim that the company can rehabilitate itself if given a chance, a receiverpate a growing demand for locomotives, as during the past two years railways of Canada have done very little purchasing of motive power. the ship offers the best opportunity to try the experiment under the most favorable conditions. INCOME ACCOUNT FOR YEARS ENDING JUNE 30. The shareholders on Sept. 19 at a special meeting voted 1915-16. 1914-15. 1913-14. 1912-13 ratification of the action Manufacturing profits_ _ _$572,983 of the directors in accepting the $130,027 $334,114 $377,043 Interest from investments_ 1,229 4,587 7,943 19,843 receivership proceedings. -V. 103, p. 1031, 937. Total income 8574,212 $134,614 8342,057 Buffalo & Lake Erie Traction Co. $396,886 -Receiver's Ctfs.Deduct-Bond interest_ _ _ _ $90,000 $90,000 $90,000 Receiver Geo. Bullock has been authorized by Justice Wesley Dudley in $90,000 Loss invest. bds. sold,&c. 12,691 112 14,168 12,624 the Supreme Court at Buffalo to issue receiver's certificates to the extent ej Depreciation reserve.. _ _ _ 100,000 *75,000 50,000 $140,000, $135,000 of which will be used to retire an equal amount of seSinking fund 15,000 curities and the balance for improvements to the property. -V. 101, p. 129. Special replace't reserve.. 25,000 *25,000 40,000 25,000 Amort. of exp. on muniCanadian Northern Ry.-Terminal Loan. -The "Monetion equipment 65,000 tary Times" of recent date says: Preferred dividends(7%) 105,000 105,000 105,000 105,000 A new loan on Canadian Northern Terminal securities amounting to Total deductions $412,691 $295,112 some $1,850,000 has been arranged in New York by Sir William Macken$249,168 $282,624 Balance, sur. or def___sur.$161.521def.$160,498 sur.$92,889sur.$114,262 zie, President of the Canadian Northern, who is on his way to London. This provides for the completion of the Montreal terminal of the road. The *Deducted by company from profit and loss; shown here for simplicity. same class of terminal bonds as have been used for previous financing since the war began were used as collateral. Sir William is said to have borrowed BALANCE SHEET JUNE 30. tHoun7 to t5aya oflt! pnrlvg.lu% paying, with craf a e ,i na o in AssionIbover $%. i03 . t p . l Compare 1916. 1915. 1916. 1915. 933. Assets Liabilities Plant,good-will,&c 5,047,500 4,889,030 Preferred shares_ _ _ _1,500,000 1,500,000 Central Railroad of New Jersey. -Income Statement. Add'ns during year 387,830 158,469 Ordinary shares._ _ _2,000,000 2,000,000 June 30 1915-16. 1914-15. 1915-16. Work in prog.(cost). 395.095 1914-15. 36,274 First mtge. bonds_ _1,500,000 1,500,000 Years8 Mater.& supp.(cost) 158,735 $ 82,863 Int.accr.(pd. July I) 45,000 45,000 Gross earnings33,462.92 3 23,742,236 Total income_13.511 ,216 11,961 ,564 , Notes & accounts reAccounts payable,&c 390,684 07,103 Net earnings_12,333,033 9,790,949 Int..taxes.&c 7,538,643 6,649,386 ceivable 601,761 264,552 Loans from banks_. x581,500 Other income_ 1,178,182 2,170,614 Divs. (12%)_ 3,292,416 3,202.416 Municipal and other Dividend July 26,250 26,250 bonds 23,185 Depreciation reserve 250,000 150,000 11,923 Tot. income13,511,216 11,961,561 Bal. surplus 2,680.156 2,019,762 1,093 Reserve spec. replac- 115,000 Miscellaneous 811 90,000 Coal Litigation. 43,828 Other reserves Cash 180,298 80,000 See Reading Company below. 21,861 Profit and loss 8,804 Def. chges. fo oper_ -V. 103, p. 60. 304,322 142,802 Chicago Great Western Ry.-Income Statement. 0,792,757 5,521,155 Total Total 6,792,757 5,521,155 -A press report gives thefollowing for year endingJune 30,1916: x Secured fo the extent of $557,900.-V. 101, p. 1187. 1915-16. 1914-15. 1913-14. Gross earnings $15,067,345 $13,920,685 $14,349,739 Operating expenses and taxes 11,280,296 11,030,754 11.422,398 GENERAL INVESTMENT NEWS RAILROADS, INCLUDING ELECTRIC ROADS. Bay State Street Ry.-Application to Issue Notes. - 'rids company,controlled by the Massachusetts Electric Cos., on appeared before the Mass. P. S. Commission, seeking authority Sept. 20 to the $2,766,277 of serial notes authorized by the shareholders early issue in the year to provide for replacements, renewals and construction (compare V. 102, p. 2165).-V. 103, p. 1031, 937. Net earnings Other income $3,787,049 $2,889,931 197,495 246,695 Gross income Fixed charges $3,984,544 $3,136,626 $3,073,480 2,220,550 2.177,510 2,268,432 Balance, surplus -V. 102, p. 1163, 975. $1.763,994 $868,194 $2,927,341 146,140 $895,970 Chicago Indianapolis & Louisville Ry.-New Director. Robert H. McCormick Jr. has been elected a director, succeeding Judge Boca & Loyalton RR. -Sold to Western Pacific. -This E. C. Field, deceased. See Statement" under "Annual Reports" on a preceding 55-mile road was bid in at foreclosure sale on Sept. 8 by page. "Income p. 320. -V. 103, Alexander R. Baldwin, Vice-President of the Western PaCities Service Co., New York. -Control. cific RR.,for $35,100. Compare V. 103, p. 492. See "Toledo Traction Light & Power Co." balow.-V. 103, P• 1031,043 Boston & Maine RR. -Directors Explain Necessity for Colorado & -A Receivership. -A circular dated at Boston, Sept.5, and signed dividend of 2%Southern Ry.-First Pref. Div. Resumed. has been declared on the $8,500,000 1st pref. by all 14 of the directors, says in substance: stock, payable Oct. 10, to stockholders of record Oct. 2. We have hitherto had occasion to say to you repeatedly that, in the , opinion of this board, a reorganization of the system offered the only This is the first payment since Oct. 1913, when 2% was practicable way in which the road could be effectively relieved from its paid. -V. 101, p. 1552. financial difficulties. Better credit, new capital and a safer ratio of fixed charges to income have appeared to us to be indispensable to the perma(The) Connecticut Company. -Equipment Notes Ofnently successful operation of the system as a whole, and we have believed -Clark, Dodge & Co., N. Y. and Conn., are offering that these could be adequately obtained only by a consolidation of its com- fered. ponent parts into one strong corporation. Hence we have done all we $460,000 432% Gold Equipment Notes, Series B, dated • could to bring about such a reorganization by friendly negotiations and to Sept. 15 1916, due $46,000 s.-ann. Mar. & Sept. 15 1917avoid a receivership. A majority of our board has been willing to make concessions to the leased lines to accomplish this result, feeling that the 1921. Interest payable M. & S. 15 at the Security Trust ultimate gain would justify the present sacrifice. Co., Hartford, Conn., trustee. Authorized and outstandBut with deep regret we are obliged to report that our efforts have It became apparent before the meeting of our board on Aug. 22 failed. ing, $460,000. Coupon notes of $1,000 each. Tax-free that a friendly reorganization, outside of a receivership, could not be accomplished in Connecticu t when held by individuals. on any fair basis. It seems hardly necessary for us to say that this board, which has fought off a receivership for nearly two years, could bring itself to accept such an outcome only with the greatest reluctance. But upon the most careful consideration we could give to the mattes'there seemed to be nothing else to do. That the road could not pay its maturing obligations was perfectly clear. The $13,306,060 of short-term notes of the Boston & Maine, and the $2,300,000 of notes of the Vermont RR. endorsed by the Boston & Maine were sure to be overdue on Valley Sept. 1. On the same day claims were sure to be made against the Boston & on 62,000,000 of notes of the Connecticut River RR. To meet these Maine amounting to about $17,600,000 the road had $8,107,717 of cash claims and $2,389,930 of So-called quick assets, which could probably beon hand realized on at short notice only by a considerable sacrifice. Nor could the available cash be properly applied in part payment of these claims,for it is obvious that a road without credit must carry a considerable cash balance to meet its current operating obligations, and debts of this character to the amount of approximately $3,000,000 must be paid now and Jan. 1. It is clear,of course,that if all these claims wore between to become overdue and were not extended, the company wouldpermitted probably be immediately overwhelmed with attachments of its would have no means of removing, and which would property, which it probably seriously , impede, if not prevent, its operation of the road. Sound quired us to take such action as would protect the road judgment reagainst attachments. Furthermore, the physical limitations of the road such as a transportation agency are a matter of public record. We do not under present conditions it can satisfactorily care for the businessfeel that much less take care of the probable growth of its traffic. It is the offered, duty of the company to put itself in a position where it can fully perform these public functions. It is claimed by some that we should have sought a further extension of these notes. But it seemed clear to us that we ought not to do so unless we saw in such a move some reasonable hope of permanent the law, such notes can be extended only for short periods,relief. Under not one year, and there seems to be no reasonable expectation that exceeding they be taken care of in that time out of earnings. Funding them by thecould of stock or bonds is, of course, impossible in the present condition issue of' the road's credit. Were we to obtain one extension it would another, and merely perpetuate present conditions with only lead up to no likelihood of permanent relief. We have extended many of these notes seven times. A majority of our board have thought it wise to do this as long as there was a reasonable hope of a friendly reorganization which would take care of them permanently. In fact, the prospect of such a reorganization has been the chief argument which has persuaded the noteholders to extend. And there is every reason to suppose that many of them would refuse to extend further, now that there is no longer hope of such reorganization. There never has been an extension yet in which some have not refused to extend, and the number of would probably be very greatly increased when it is apparent that refusals , tension can only lead to another, and that no extension by part of one exholders will do any good unless the number and amount of those the notebe such that the company can justly pay them in full without who refuse seriously impairing the security of the other creaitors. But even if practically all the holders of these notes stood ready tend, it would not materially affect the desirability of a receiver. to exabsence of any hope of a friendly reorganization, the argument in In the favor of extension is that if given time the road may be able to pay of its own earnings. But if the present favorable conditionsthese notes out continued long enough to enable the road to pay this debt, it is evident that the radical difficulty with the present system will remain and our troubles whenever we strike a few bad years. Assuming that it were will recur the road to work itself out of its financial difficulties by its own possible for efforts,it is clear that it would take time to do so and that in the meantime it should be protected from the ruinous attacks of creditors seeking to got ahead of each other in the collection of their claims. In short, if there is anything in the Secured by new equipment costing more than $580,000 (the company paying in cash more than 6120,000), viz.: (a) 60 convertible steel prepayment passenger cars, equipped with four 40 h. p. motors;(b) 30 convertible . steel prepayment passenger cars equipped with two 50 h. p. motors; (c) 10 convertible steel prepayment pa.ssenger cars for suburban use, equipped with four 50 h. p. motors. The agreement of lease and cpnditional sale provides that if any new mortgage shall be placed on any property now owned those notes shall be secured thereby equally with any bonds to be issued under such mortgage. The company operates 708.53 miles of street railway track, of which 412.24 miles are owned and 296.29 miles are leased. It also owns 89.20 miles which are leased to the Shore Line Electric fly. Co. Operates in the cities of Now Haven, Hartford, Bridgeport, Waterbury, Middletown and adjacent territory, and serves a population of about 975,000. 260 miles of track are free of mortgage lien, including the lines in and around the city of New Haven, except the Dixwell Ave. line, the lines in and around Middletown, except the Portland line, and certain mileage around Waterbury. The entire $40,000,000 capital stock is owned by the New England Navigation Co. and in accordance with decree of the U. S. District Court, control of the company is vested with trustees pending its sale. All of the ' company's mortgage debt has been assumed, principal and interest, by the New York New Haven & Hartford RR.Co. Earnings of The Connecticut Company for Years Ending June 30. 1916. 1915. 1914. Gross earnings $8,947,974 $7,960,821 $8,085,399 Net earnings (after op. exp.& taxes)_ _62,893.906 $2,233,938 $2,318,010 Other income 244,950 275,504 260,523 Total income $3,138.856 $2,509,442 62,578,533 Rentals 1,054,356 1,052,919 1,037,931 Interest charges 129.826 133,066 39.529 Surplus 81.954,674 $1,323,457 61,501,073 -V. 160, la 139. Detroit Bay City & Western RR. -Bonds Offered. Lawrence Mills & Co., Chicago, are offering at 96 and int., yielding 5V8%,$100,000 1st M.5% sinking fund gold bonds, dated Oct. 1 1912 and due Oct. 1 1932, but red. at par and int. on 60 days' notice on and prior to Oct. 1 1922; thereafter at 105 and int. Total authorized issue, $1,250,000. This issue (at the rate of less than $8,000 per mile) constitutes the entire bonded debt and is secured by a first mortgage (including equipment and valuable terminals in Bay City) on approximately 85 miles of standard steam railroad from Bay City, Mich., to Fargo, Mich., traversing a country of great fertility of soil and of richness in coal deposits, and with numerous industries. Additional bonds may, within certain limitations, be issued for enlarged terminal facilities at not exceeding 75% of the actual cost and for additional completed mileage ready for operation at not exceeding $8,000 per mile of main track, exclusive of siding's, switches, &c., provided the annual net earnings are twice the interest charges, including all bonds proposed to be issued. These $100,000 bonds are issued for the extension of the line to Fargo, Mich., 13% miles. CapitalizationAuth. Outstand'g. Capital stock $450,000 $450,000 Bonds 1,250,000 658,000 Earnings for Year ending June 30 1916. with Only 71 Miles in Operation. Gross earnings $209,0671Int.on $658.000 1st M.5s,, $32,900 Not earnings $84,332 I Surplus $51,432 1118 L THE CHRONIC- E The net earnings do not include any earnings from the 13% miles confleeting Peck and Fargo, which has just been opened for traffic. Traffic.—The passenger traffic has developed to the extent of accounting and for about 40% of our revenue, farm products contribute about 30%, the along forest products only 1%. Extensive coal mines are operatedfuel. Bay give us considerable tonnage and permit of cheap line, which City, the western terminus, has a population of 45,166. Eztensions.—We expect ultimately to acquire a continuous, standard an railroad from Bay City to Port Huron, Mich., which city has become active railroad centre by reason of the Sarnia Tunnel permitting of a much consignment shorter rail route to Buffalo and the East, and owing to theat Detroit. of marine traffic to this harbor on account of the congestion Equity.—The value of our completed properties, to and including Fargo, Mich., will aggregate over $1,316,000, which represents an equity of over 100% in excess of our present bonded debt.—V. 102, p. 2254. Eastern Pennsylvania Rys. Co.—Sub. Co. Mtge.— See Pottsville & St. Clair Electric Ry.—V. 98, p. 1392. Empire United Railways, Inc.—Plan Rejected.— The plan for the reorganization proposed by Ford, Bacon & Davis of New York has, it is stated, been formally rejected by the Bondholders' Protective Committee, Arthur W. Loasby, Chairman, representing the 1945 of the Rochester $5,000,000 outstanding 1st Mtge 5% bonds, duebe under consideration, Syracuse & Eastern Ry. Other plans are said to pending foreclosure proceedings.—V. 102, p. 2341. [VOL. 103. lem River to Bronx Park, and the steel bridge over the Harlem River at Second Ave.; also certain valuable real estate. The Manhattan Co. also owns the present full equipment of its elevated railroads. The franchises, except as to the third tracks built under the certificate from the Public Service Commission, dated March 19 1913, are perpetual. The lease and subsequent agreements provide that in case of default by the Interborough Co. and consequent forfeiture of the lease, the Manhattan Co. shall, within 18 months, pay the Interborough Co. for capital expenditures upon the road and equipment not provided for by the Consol. or 2d Mtges. of the Manhattan Co., and that in the event of a recapture of the third tracks and additional structures provided for under the P. S. Commission's certificate of March 19 1913 the Manhattan Co. will repay the Interborough Co. for its expenditures in construction from the moneys received from the city to the extent that the Interborough Co. has made such expenditures. 1914. 1915. Earnings for Calendar Years— $15,892,380 $15,957,275 Gross earnings 7,493,510 expenses and taxes)........ 7,407,729 Net earnings (after oper. Annual interest on all bonds now outstanding, in$1,805,280 eluding bonds now offered The property forms a most valuable part of the Interborough Company's and elevated lines. The Interborough Co. has included system of subways its interest under the lease in the security pledged under its First & Refunding Mtge. of March 20 1913, and its net profit from the Manhattan Company's lines over and above payments of all Manhattan Company's interest and a 7% dividend on Manhattan Company's stock was $1,525,253.— V. 103, p. 1032. Fitchburg RR.—New Bonds.—The stockholders will vote Meridian & Memphis Ry.—Notes Offered.—Sidney SpitSept. 27 to (a) rescind their vote authorizing the issue of zer & Co., New York, are offering at 101 and int. $260,000 authorize the issue of bonds to an Collateral Trust First Lien 3 -Year 6% gold notes, dated $3,175,000 bonds; (b) amount not exceeding $3,300,000, to provide for the funding July 1 1916, due July 1 1919. A circular shows: to $2,609,000, and to provide for of floating debt amounting Subject to call as a whole (not in part) on Jan. 1 1917 or any interest and int. Int. J. & J. in Chicago the pay-meat for permanent additions to and improvements date thereafter at 101Continental & Commercial Trustor N. Y. Denom. & Savings Bank, Trustee, on the property, all under the terms of its lease to the Boston $1,000 c. Chicago. Secured by a first lion against all the property of the company, through p. 60. & Maine RR.—V. 103, Mtge. deposit with the trustee of the company's $675.000 First (closed) stock. and of its $500,000 (total issue) capital Grand Trunk Ry.—Dividends Resumed.—A dividend of 5% bonds (total issue) income tax paid in so far as lawful. ' Federal Present normal 2M% has been declared on the 1st pref. stock for the half Data from Letter of President J. T. Schley, Mobile, Ala., Sept. 1 1916. year. This is the first payment since April 1914, when 23/% Gold Notes.—The major portion of the proceeds of this note issue is for improvements and betterments and the balance for part of the construction was paid.—V. 103, p. 938, 758. cost of the Meridian terminals recently completed, heretofore carried as has short-time loans with local banks. Short-time financing viewboon adopted Jackson & Eastern RR.—New Project.— of the probasecurities in their entirety, in in order to keep the railway bility of future consolidation with one of the connecting trunk lines. Property.—The company (a Miss. corporation) owns a standard-gauge steam railroad line from Meridian, Miss. (33.4 miles main line), to Union, under "Industrials" See Kansas City Light & Power Co. Miss., where it connects with the New Orleans Mobile & Chicago RR., V. 102, P. 1718. 1540. giving the latter an entrance into Meridian, the largest city and most imin the State. About 4 miles are known as the termiportant Kentucky Securities Corp.—Accumulated Dividends.— nal, andshipping point into, or rather around, the city, forming a belt line, is an entranco A dividend of % of I% has been declared on the pref. stock on account securing its own tracks to all the industries. Also owns 56 acres of wellor accumulations, along with the regular quarterly 1% %, both payable located terminal property near the centre of the city, conservatively valued Oct. 16 to holders or record Sept. 30.—V. 101, p. 2068. at $2,000 an acre. Deducting value of terminal property, the debt against railway line proper is less than $4,450 a mile. Road laid with new Lehigh Valley RR.—Appeal Filed by Govt. in Anti-Trust the rails, well constructed, with 1% maximum grade, four degrees maxisteel Litigation.—The Government on Sept. 20, through Attorney- mum curvature and sufficient rolling stock. 3% times the amount of this • Property is appraised at $871,367, or about General Gregory, filed an appeal in the U. S. Supreme Court note issue, which, through deposit of the collateral. is a first lion. Earnings.—Fo from the decision of the Federal Dist. Court for the Eastern not earnings (43 r the year ending June 30 1916: Gross earnings, $132,512: times interest charges on notes), $68,165. Gross earnDistrict of Pa. in the case of the Government's attempt to ings for the first six months of 1916 were $76,731, against $47,784 for 1915, Gross earnings for the have the company declared a monopoly in restraint of trade an increase of over 60%. net earnings at $78,500. calendar year 1916 are and to divorce it from the Lehigh Valley Coal Co., the Lehigh estimated at $155,000 and M. Ry. gives the Now Orleans Mobile & Chicago Traffic, &c.—The M.& RR. an entrance into Meridian, permitting it to compete with the Southern Valley Coal Sales Co., &c. A press dispatch says: through the Meridian gateway. Also exchanges In the lower Court the Government was defeated on the authority of a for the traffic thatt, goes three other railroads with which it connects at Meridian. similar case against the Delaware Lackawanna & Western RR. and others. traffic with the and there was reversed by the Supreme Court. The territory through which the railway runs is heavily timbered, In the latter case, however, the decision of wood-working mills in operation at various points along through The contention of the Government is that the Lehigh company, stock it arc now a number of this section is well adapted for agriculture, the prodthe line. The soil coal company and other subsidiary companies, all of whose tho form an important part of the traffic of owns, is alleged to have created a monopoly in the mining and moving to ucts of which will undoubtedly market of anthracite coal along its line, embracing about 90,000 acres of this line. Meridian.—The population of the city has shown a steady growth as coal properties. It is charged that in getting possession of this producing 14.050: 1910, 23,285; 1916, 28,826 (oat.). area a number of competing companies have been wiped out of existence follows: 1890, 10,624; 1900, g Meridian's wholesale trade exceeds $20,000,000 per year. Manufacturin either by absorption or by lease and exclusive sales agencies. cars of freight are handled company, it is charged, was formed by the railroad company is also a very important industry. Over 60,000 The sales Court, merely as a in and out of Meridian annually. in 1912, following an adverse decision of the Supreme Ownership.—Controlled by strong financial interests in Mobile, Ala., device to circumvent the commodity clause of the Inter-State Commerce and economically managed. Act, which forbids a railroad from carrying in inter-State commerce coal and the property is ably direct or with Report of Engineer H. E. Riggs. which it has mined, or in which it has any interest of ownership, com- Supplementary Data Furnished indirect. The evidence obtained, it is asserted, shows that the sales other at The authorized issue of bonds, given as $800,000, will be closedand pany has the same directors as the railroad, leases its coal yards and are supplied over the President's signature, facilities from that copmanv, and under contract receives certain "allow- $675,000. These figures approved by counsel, the amount of $675,000 been practically rebates in violation of law. (Compare V. ae this note issue hascorrect. All of the bonds and the total capital stock ances" which are bonds (total issue) is 102, p. 1346; V. 101, p. 180Y; V. 99, p. 1910, V. 103, p. 574, 489.) are advised will be deposited as collateral to secure this note issue. We be put into that the major portion of the proceeds oi this note issue will replenishing Project.— Lubbock & Great Northern RR.—New of this railroad improvements and betterments in the way of ditching cuts, rePress reports state that the contract for construction fills, ballasting and building sidetracks, &c. This will bring the total has been awarded for $3,000,000. The line is to run from Lubbock, Tex., placement value up to nearly $1,000,000. it is announced, to Hollis, Okla., about 150 miles. The company,Y. F. Mossop of is comMortgageCo., organized in 1912 to finance the The Equitable Loan & Kansas posed of Kansas City and San Antonio interests. M. & M., owns all of the outstanding bonds and either owns or controls City is Secretary and Treas. It is stated that funds have been provided and all the capital stock. The Equitable has a paid-up capital of $300,000 that construction work will be started immediately. and among Its stockholders in Mobile are: J. Hammel ($25,000); W. P. Owen (335.000); C. D. Willoughby, Vice-Pros. First Nat. Bank 442,500); Manhattan (Elevated) Ry., N. Y. City.—Bonds Offered. McCartney & Schley, private bankers ($30,000), and Henry Hall ($20,000). yielding The directors (and officers) of the road are: .I. T. Schley, Mobile, Presi—Redmond & Co. are offering at 903/2 and int., dent; S. A. Neville, Meridian. V.-Pres.; C. W. Sclummbler, Meridian, Sec. 4.45%, a block of Consolidated (now 1st M.)4% gold bonds & Treas.; Julius Hammel, Mobile; E. S. Bostick and Tom Lylle, Meridian; RR. Manager B. of 1890, due April 1 1990, outstanding $40,684,000, of which A.Mr.Patterson,the active Meridian Light & road,Co. two other railway has promoter of the Neville, Nos. 28,183 to 40,894 incl. are stamped exempt from taxa- propositions in course of development which are being separately financed M. out which should add materially to the M. & M. earnings and which tion in New York State. viz.: (1) Jackson es ultimately are intended to tie up with the M. & The Equitable Trust Co. of N. Y. and E. H. Rollins & Eastern, now being pushed from Union west into Leake, County, 133 miles 4.60% a block of the is graded to Sebastopol. Rail and ties are on hand and the road should Sons are offering at a price to yield be ready for business by Oct. 15. Probable further development not present issue of $4,523,000 Second Mtge. 4% gold bonds, stated. Present objective, Lea.ke County business, which wilt besecured 1 2013. dated June 1 1913 and due June by building 20 to 25 miles of road. Grades easy, grading light, bridging & Deepwater, projected from Meridian to the whole but The 2d M. bonds are subject to redemption at 105 and int., in and semi- not serious. (2) Meridian Nanafalia, 42 miles east. Five miles graded Louisville & Nashville at not in part, on any interest day, on 30 days' notice. Principal will connect it with the Ala. Tenn. & Northern, annual interest June 1 and Dec. 1, payable in N. Y. City. Denom. $1,000. ready for ties; 20 miles inlet to Metidian. This line also would give the which should welcome an Coupon or registered bonds interchangeable. 21 1916. L. & N. an entrance into Meridian and, with the N. 0. M. & C. and Digest of Statement by V.-Pres. J. H. McClement, N. Y., Feb. Rapid Frisco, a short line from Pensacola to Memphis and the West. Lease.—The company leased all its properties to the Interborough 1910. 1916 (est.) 1890. 1900. Population of— Transit Co. Jan. 1 1903 for 999 years from the incorporation of the Manhat28,826 10,624 14,050 23,285 tan Company, namely Nov. 1 1875, the Interborough agreeing to pay as City of Meridian 16,925 21,422 29,283 the payment to the stockholders of the Manhattan Meridian district (including city) rent and guaranteeing 17,360 18,298 14,803 Company an annual dividend of 7% from Jan. 1 1906 on the $60,000,000 Leake County (no railroad) the interest —V. 96, p. 1298. outstanding stock of the Manhattan Company, and assumingissue. upon all of the Manhattan Company's bonds, including this Authorized. Outstanding. Metropolitan Street Ry. (N. Y.).—Litigation.— filed Capitalization— $60,000,000 $60,000,000 Judge A. N. Hand in the U. S. I Mstrict Court at Now York recently Capital stock 40,684,000 40,684,000 an order granting the petition of the Farmers' Loan & Trust Co. in the old Consol. Mtge., now 1st Mtge., due April 1 1990 4,523,000 Metropolitan Street Railways litigation directing that the offer of the New 5,400,000 Second Mtge. 4% bonds, due June 1 2013 for the settlement of a distributive rate of The lease provides that after the remaining $886,000 2d Mtge. bonds have York Railways Co. providing bonds with two coupons attached, dated upon the Manhattan Company's rail- $350 for each of 121 refunding been issued all further expenditures Oct. 11908,amounting to $42,350 less $5,309 for compensation and roads and property will be made by the Interborough Company. and April 1trustee and various disbursements shall be accepted. It is provided of the The 2d Mtge. bonds are secured by a mortgage upon all the property of the refunding bonds in the possession of $40.franchises of the Manhattan Company, subject to the prior lien ofunder in the order that $16,483,000shall be submitted to the Farmers' Loan & Railways Co. 684,000 Consol.(now First) Mtge.4% bonds, due April 1990, issued issue, the New Yorkstamped as paid.—V. 95, P. 729. Trust Co. and which, while It contains provisions for further the Consol. Mtge., is now practically closed. In an agreement, executed simultaneously with Midland Railway (Ga.).—Operation of New Line.— Company and the the execution of the 2d Mtge., between the Manhattan the 2d Mtge. shall SavanInitial service on this company's newly constructed line between Oct. 1, Interborough Company, it is provided that the lien of 18. About nah and Steven's Crossing, Ga., was instituted on Sept. scheduled, running be superior to the rights and lien of the Interborough Co. under the lease. regular passenger service will be Co. The properties owned and leased to the Interborough also It is stated, a double miles beyond Steven's Crossing. To do this 3 miles Properties.— 3 nclude all the elevated railroads in the Borough of Manhattan and liar- trains to Midville,Florida Ry. will be used.—V. 102, p. 251. of the Georgia & he elevated railroad in the Borough of the Bronx extending from the See Meriden & Memphis Ry. below. Kansas City Ry. & Light Co.—Lighting Company.— below.— SEPT. 23 1916.] THE CHRONICLE 1119 Minneapolis St. Paul & Sault Ste. Marie RR. -Earns. of record on Oct. 2 the privilege of subscribing Minneapolis St. Paul & Sault Ste. Marie Ry. for $5,000,000 of the new stock at par ($100 a share) between Oct. 6 and Gross Oper. Net Other Charges, Balance, June 30 Income. Expenses. Earnings. Income. Taxes, ctc. for Divs. Nov. 1, in amounts equal to 20% of their respective holding Year. s. A circular dated Sept. 19 further shows: $ 1915-16-22,804,825 12,160,318 10,644,507 947,416 5,422,347 6,169,576 1914-15-17,817,855 11,059,59 Subscript 4 6,758,261 1,043,965 4,828,222 Wisconsin Central Railway (Chicago Division). 2,974,004 1915-16_12,205,239 6,920,750 5,284,489 51,846 3,279,476 2,056,858 1914-15_ 9,945,370 6,751,780 3,193,590 61,281 3118,139 136,732 Dividends on Minneapolis St. Paul & Sault Ste. Marie pref. call for $882,238 yearly and 7% on common stock for $1,764,47 stock (7%) balance, surplus, of $3522,862 in 1915-16, against $327,290 in6, leaving a 1914-15. Dividends on the Wisconsin Central Ry. (Chicago (4%) call for $450,612 in 1915-16 against $450,688, Division) pref. stock $1,606,247 in 1915-16, against a deficit of $313,956 inleaving a surplus of 1914-15. -All the dividends shown above are paid out of profit Note. and loss surlus but are deducted here for simplicity. -V. 103. p. 321. 145. ions must be filed with the company at its office in Newark, N. J., or its agency, Guaranty Trust Co., Nov. 1 1916, when negotiable certificates N. Y. City, between Oct. 6 and of subscription will be issued in lieu thereof. Subscriptions are payable in cash on Jan. 2 1917, but subscribers for whole shares will have the right at and Nov. 1 incl. to pay their subscriptions, in any time between Oct. 6 which event interest at 5% per annum will be allowed on the amount of such payment from Nov. 1 to Dec. 311916. Subscribers having paid their subscriptions in 1917 will after that date be entitled to certificat full on or before Jan. 2 ticipate in all dividends payable after Dec. 31 es of stock that shall par1916. paid for on or before Jan. 2 1917 will be exchangeable Fractions of shares for stock after Jan. 2 1917 only when presented in amounts aggregating whole shares. Certificates for fractions of shares unless exchanged before redeemable only in cash at par and not be exchange Mar. 1 1917 will be tificates of subscription for fractional shares will not able in stock. CerSubscription warrants will be mailed on or about bear interest. Oct. 6 1916.-V. 103. p. 759, 407, 321. Missouri Pacific Ry.-Sale Recommended. -Special Master James G. Graham on Sept. 21 filed a report with the U. S. District Court in the suit brought by the Banker Trust Co., as mortgage trustee, finding that the plaintiff s is entitled to a decree of foreclosure under the First and ReQuebec Ry., Light & Power Co. -Strike Settled. A strike of a number of funding mortgage of 1909, interest upon which was default higher wages and recogniti ed their union took place Aug.employees forbut a part of the company' on of 30, affecting Sept. 1 1915. There are $29,806,000 of the bonds outstand- ' is stated that the men were under contract s lines. It to abide by of wages until Dec. 1 1916, and upon the arrest of several the present scale ing. -V. 103, p. 939, 662. the charge of breach of contract, the disturbance was of the strikers on submitted to arbitration. -V. 92, P. 188. New Orleans Mobile & Chicago RR. -Traffic. -See Meridian & Memphis By. above. -V. 101, p. 1811. Reading Company. -Government Files Brief .-Attorn New York New Haven & Hartford RR. -New Station General Gregory at Washington, Bonds. -Plans are to be drawn immediately for a new station brief in the U. S. Supreme Court D. C., on Sept. 18 filed at New Haven, Conn., funds for the construction of which cision of a Federal District Courtin the appeal frog the d in will consist of an issue of $1,000,000 5% debenture bonds the Government's plea for dissolutionPennsylvania, refusi of the Reading Co maturing in 10 years. the "backbone of the alleged monopoly of anthraei An announcement in the Hartford "Courant" of Sept. 22 states that A press report says: Pres. Morgan J. 13ulkeley of the Aetna Life Insuranc purchase in behalf of his company $700,000 of the e Co. had agreed to company previously offered to provide any additional bonds. The railroad New Haven civic body committee secured 8700,000. funds necessary if the It was that the New Haven Chamber of Commerce take an issue of also proposed $700,000 5% debentures at 99,to be paid for in annual installments of $100,000 . The combination, the brief says, has a history permeate and characterized by a deliberate purpose to chive °theed with ille ' resulting in increased prices out of proportion to increased from the f d. production costs. The Government contends in its brief that the company , through its subsidiaries, the Reading Coal Co. and Reading By. Co., controls the production, transportation and sale Equip. CertificatesOffered.-The Bankers Trust Co, N.Y., kill region and that this control of anthracite coal in a part of the Schuylwas acquired and is maintained by than normal and Evans, Stillman & Co.are offering $1,300,000 equipment the Reading methods of industrial development. It further contendsother Holding Co. acquired control of the Central RR. of N. that trust 4 series "CC", on a basis of from 3.25% to 4.55% competing carrier of anthracite and of the Lehigh & Wilkes-Barre CoalJ., a Co.. a competing producer of anthracit dated Sept. 1 1916; due $65,000 semi-annually Mar. 1 1917 the production, e, further restraining and monopolizing transportation and sale of such coal. to Sept. 1 1926, incl. Trustee Commercial Tr. Co., Phila. The Government asks that the several coal companies and railroads These bonds are secured on new standard equipment costing about stituting the combination be completely separated from each other conand $1,620,590 of which the company paid $320,590, viz.: 50 steam locomotives; erected into independent units to the end that competition in the anthracite coal trade may be restored 2 wrecking derricks, 2 15-ton and 2 30-ton cranes, 4 steel dining cars, and and clause prevented. Compare V. 102, further violations of the commodity 1 steel business car. P. 1347. The defendants in the Government suit Tho $2,450,000 Series BB equipment trust 434s were brought include: Individuals. January. They are dated Doc. 1 1915. Duo semi-annually fromout last -Edward T. Stotesbury, George F. Baker, Henry Juno 1916 to Dec. 1 1925, inclusive. Cemmercial Trust Co., Philadelp 1 Henry A. du Pont, Daniel Willard and Henry P. McKean. C. Frick, hia, Baer, Samuel George F. trustee. Secured by new standard equipment costing $2,937,75 Dickson and Peter A. $487,750 has been paid in cash by the railroad company, viz.: 0, of which died since the suit was instituted. B. Widener, original defendants, nave 500 all-steel hopper cars; 63 all-steel passenger cars; 2 all-steel funeral Cornpanies.-RoadIng Co., Philadelphia & Reading cars; Coal & Iron Co., baggage cars; 25 milk cars; 30 Mikado locomotives; 2 steel 35 all-steel Philadelphia & Reading By., Central RR. of N. J., The Lehigh & Wilkesdining cars, Barre Coal Co. The 50 steel refrigerator cars. -V. 103. p. 844. 759. Lehigh Coal & Navigation Northern Ry. and Tae Lehigh & Now England Co., The Wilmington & RR. -V. 102, p. 1347. New York & Pennsylvania RR. -Discontinuation.--San Francisco-Oakland Terminal Rys.-Earning The stockholders at a meeting on Sept. 18 s.York and Pa. P. 8. Commissions for authoritydecided to petition the New Earnings for June 30 Years1915-16. discontinue the 1914-15. 1913-14. of the road, which extended from Canisteo to Shinglehouse, operation Gross operating revenue *84,417,848 $4,353,891 $4.562,113 to 57 miles. Operating and general expense -V. 90, p. 772. s*$2,295,272 $2,280,258 $2,250,240 Maintenance,including depreciation_ 4 '719,726 652.394 x685,053 New York Railways.-Litigation. Special charges y48,085 Taxes See Metropolitan Street By. above. 264,992 -V. 103, p. 844, 579. 251,882 238.884 . Philadelphia,Rapid Transit Co. Net earnings $1,089,771 $1,169,357 $1,387.936 -Initial Common Divi- Miscellaneous income dend.-An initial dividend of 2% has been declared on 60,413 62,665 89,222 $30,000,000 common stock, payable Oct. 11 to holdersthe Gross income of Bond and other interest $1,150,184 $1,232,022 $1,477,158 record Oct. 4. 1,082,317 1,101,112 1,057,927 Other fixed charges 3,153 2,524 See Earnings Department on a preceding page. 10.608 -V.103, p. 759 579. 4 Balance (The) Pine Bluff Co. $64,714 $128,386 -Preferred Stock. $408,624 -John Nicker- Interest charged to capital assets_ _ _ _ 66,009 78,053 236,328 son Jr., N. Y., and St. Louis, has purchased for distribu Total the entire present issue of pref. stock of this company, tion Reserve for adv. $130,723 $206,439 $644,952 doing to Oakland Term.Co. 83,991 z247,039 the electric-light and power, street railway and Balance, surplus or deficit ness in Pine Bluff, Ark., a city of 27,000 people.water busisur.$46,732 def.$40,600sur.$644,952 The now pref. stock will be 7% cumulati * Included in these amounts are Direct Exposition Ferry earnings, dends, redeemable at 115. It is expected ve, pref. as to assets and divi- $114,553; expenses, $65,392; legal details will be arranged loss due to jitney competition during this fiscal and the stock offered within two weeks. Earnings for year, estimated at $320,000, with no corresponding decrease in operating as reported below, were about twice the div. charge on the past 12 months, expenses. x Excluding depreciation the now pref. stock. reserve. y Consist principally of Digest of Bankers' Prelimin valuation and other expenses incurred during previous years, carried by Capitalization.-Pref. stock authorized, ary Statement. former management in suspense, now charged against income 31,000,00 in accordance 000; par, $100 a share. Dividends are payable 0; outstanding, $600,- with I. S. C. Comm. regulations. s Reserve for advances quarterly (Q. when and as declared. Redeemable at 115 and divs. -J.) 1% ° A Terminal Co. includes advances made during previous years; to Oakland amount apPreferred as to assets and dividends, fully-paid and nonon 60 days' notice. plicable to this period, $96,367.-V. 103, P. 759, 580. -assessable. There are also outstanding $600.000 common stock and $880,000 bonds Property.-Tho company does the entire electric light Second Avenue RR., N. Y. City. -To Pay Oct. -Interest. railway and water supply business in Pine Bluff, Ark. and power, street Receiver John Beaver has been authorized (pop'n important industrial centre. 'rho property is under managem 27,000), an Guy to pay the October (semi-annual) interestby Supreme Court Justice on $3,140,000 6% certifiBacon & Davis, engineers, who estimate the reproduction ent of Ford, cates of indebtedness issued in 1912, and to issue new certificat value now as holders of the es to such 81,493,244 at July 31 1916. Practically rebuilt within past old five years. formed the Court issue as may prefer them. The receiver, it is stated, inFavorable franchises, the earliest maturity being 1947. that the property, barring strike condition enough to pay the expenses and the interest on the certificat s, was earning Earnings for Twelve Months ending July 311916. es. -V.101, p. 2146. Grass $260,5601 Balance, after charges 876,436 Net 124,100 I Preferred dividend Tennessee Central RR. 42,000 Security, &c.-(1) Additional pref. -Reorganization Matters. An or additions when earnings after allstock is.suable only for improvements charges, including depreciation, are being examination of the company's physical property. it is stated, is made in the interest of the reorganization committee, 1 4 times dividend requirements, including now Alexander J. stock to be issued. (2) Hemphill, Chairman, represent A stun equal to 15% of the gross earnings must ing be applied to maintenance, bonds, which committee will, upon the $8,353,000 outstanding Gen. Mtge. renewals and replacements, from earnings, receipt of the inspector's report, dividends. (3) Depreciation reserve to be before paying common stock as to the purchase of the road when the order of the sale is entered decide built from this charge up to October by Judge E. early in $125,000. (4) Articles of incorporation may T. not be amended or bands or In view of the fact that Sanford in the U. S. Dist. Court at Knoxville. Stock ranking equal to or prior to this issue may the not be issued without the $4,014,000 outstandi priorIllinois Central and Southern ItRs. own all the consent of 50% of this pref. stock. (5) The pref. ng lien bonds, stockholders to have full respectively, it is presumed that the two holding one-third and two-thirds, voting power. railroads may bid for the property. -V• 103, p. 939. 146. See description of property, &c., in V. 102, p. 976. Portland (Ore.) Railway, Light & Power Co. This company has retired the final $87,000 First Mtge. 6% City & Suburban Ry., original issue $1,000,000, dated Sept. bonds of the 1 Sept. 1 1916. Their retirement was provided for under the 1891 and due indenture securing the First and Refunding 5% bonds of the terms of the Portland By., Light & Power Co. -V. 103, p. 61. Pottsville 8; St. Clair Electric Ry.-Mortgage.- Toledo Traction, Light & Power Co. -Contro -It was announced on Sept. 18 that assents representing l. more than 75% of the $6,738,500 outstanding preferred and $7,821,900 outstanding common stocks having been received by Henry L. Doherty & Co., depository, by Sept. 15, the plan for exchange. into Cities Service Co. stocks had been duly declared operative. This company, organized in Oct. 1915 in the interests of the Eastern Pennsylvania Itys. Co., has completed its line between Pottsville and St. Clair and made a mortgage to the Real Estate Trust Tho basis of Co. of Phila. securing each share of exchange is 35% of Cities Service pref. and 7% common for an issue of $350,000 bonds. Toledo common, while the pref. is exchanged share for share. The matter of the issuance of securities is before the Penn. Public Service (V. 103, P. 494.) Commission and has not finally been passed upon. The company, incorporated in 1913 in Maine, Is a holding company owns (a) over 89% of the $13,875,000 capital stock of the Toledo , and Rys. & Public Service Corporation of New Jersey. Light Co., which owns the street and -New tric light, power and gas heating railway system city does the entire elecbusiness in Stock-Option to Subscribe. of Toledo, -The authorized limit of capital large part of the bonds and underlying bondsthe the Toledo Rys.O.; (b) a & Light stock having been increased on July 27 from 825,000 Co., as well as the capital stocks and certain of bonds of several ,000 $50,000,000, the directors have voted to offer to shareho to roads entering the city of Toledo, and of a street railway propertyinterurban in Adrian lders Mich. 1120 THE CHRONICLE )voL. 1(13 The announcement made yesterday that the Baldwin Locomotive Works is to take over the management of the Eddystone Ammunition Corporation contract with the British Government does not accurately express the situation. The stock of the Ammunition corporation has been acquired by of directhe Anglo-Russian Commission, which will designate its board its lesseeand tors. The corporation itself continues its corporate existence and is to conings.Tuscaloosa (Ala.) Ry. & Utilities Co.-Earn the buildings which have been constructed for its use ship of August-- Year ending tinue to perform its contract. Juty-Aug.31 '16. 1916. 1915. 1916. 1915. The relationship of the Baldwin Locomotive Works in the matter of $202,706 undertaking to carry on the business is in no wise altered. It has under$16,964 $23,970 $18,380 $20,210 Gross earnings 96,743 taken to render some services for the benefit of the Ammunition corporation 9,496 8,876 8,714 9,607 Operating expenses for which it will be compensated, in addition to a rental. The .Baldwin $105,963 Locomotive Works assumes no financial responsibility whatever. $8,089 $14,474 $8,773 $11,496 Net earnings *55,554 Interest on total bonds outstanding amounts to in 1915-16 . The New York "Times" on Thursday said: year $50,409 The contract was obtained by the Eddystone company more than a Net surplus for the year ending August 31 1916 ago, but so many delays occurred in the factories that the first completed The monthly interest amounts to $4,630. ago. addition on new gas plant which commenced shells were not shipped Until about six weekswas formed with a nominal * Interest on bonds issued for in Tao Eddystone Ammunition Corporation conoperation June 1 1916, and subsequent additions to property deducted capital of $50,000, and several factory buildings completed and under M. -V. 103, p. 2344, 1988. the above statement. leased. S. struction by the Baldwin Works at Eddystone, Pa. werehead of the new company, was efected s. -Director Vauclain, Vice-Pres. of the Baldwin Union Traction Co., Philadelphia. was made with the Baldwin company coversucJames G. Balfour and John C. Gilpin have been chosen directors, 818. corporation and an agreementof a stated sum for the lease of the buildings -V.99, p. ing the payment to the latter ceeding George W. Elkins and Jacob S. Disston, deceased. and land and also for each such turned out. An arrangement of a similar Arms nature was made by the Baldwin management with the Remington -Acquisition. Western Pacific RR. Co. of Dela., which also leased buildings for the manufacture of 3,000,000 See Boca & Loyalton RR.above. rifles for Russia. exeThe bankers holding the bulk of the Eddystone stock, it Is stated,their Possible Negotiations With Denver & Rio Grande RR. , divided in proportion to See report of that company in last week's "Chronicle," V. 103, p. 1038,' cuted a composite bond for 310.000,000 to furnish sufficient funds to stock holdings, and obligated themselves V. 103, p. 845. 408. & Co. c,arry contract through. The order was placed through J. P. Morgan start. from the -This company's -Sale. The Eddystone Corporation met with difficulties almost changes In the Wheeling & Lake Erie RR. ordered numerous The Russian Government, it is said, property is advertised to be sold at foreclosure sale on Oct.30. shell specifications, and inspections were so rigid that deliveries of finished Russia sought a further bond to The upset price was recently reduced to $12,000,000. See shells were held back. Whenstockholders decided to abandon cover the the task. completion of the order, the when It V. 103,p. 1033, 845. The Russian officials consented to the transfer of the contract Works • would be accelerated. The Baldwin was made clear that deliveries and had an ample n Central Ry.-Annual Statement. Wisconsi had done much shell work for the British Government See annual statement of the Minneapolis St. Paul & Sault Ste. Marie force of trained workers. corporation -V. 102. p. 1061. By. above. 'rue details of the agreement provide that the Eddystone plant and they'invested in the all the -New -Div. Youngstown & Ohio River RR. the $1,000,000President. shareholders shall get back shall bemoney from their obligations under relieved with interest, and pref. stock material A dividend of Yi of 1% has been declared on the bond. of on account of accumulations along with the regular quarterly 1%%, both It is reported that the original contract called for a percentage profit payable Sept. 30 to holders of record Sept. 20. for the Eddystone corporation on the gross business. Chas. S. Thresher has been elected Pres. to succeed Will Christy; Warren 12% contract %vim the Russian Government for shells has been commonly (The Bicknell was elected Sec. and Treas.-V. 103, p. 494. -Ed .I-V. 103, v. 495. reported as aggregating 340,000.000. Population of the City of Toledo, Showing Growth of City. 1916 est. 1910. 1900. 1890. 1880. Year200,000 168,497 131,822 81,454 50.137 Population . 1033, 845. -V. 103. p. -Merger. California Packing Corporation (of N. Y.) INDUSTRIAL AND MISCELLANEOUS. • -William Salomon & Co., with whom are Stock Offering. les--Earnings,&c.Acme Tea Co., Inc., Phila.-Sa Year end. July 3- associated on the Pacific coast, Bond & Goodwin, it is August July1914-15. 1915-16. 1915. 1916. 1915. 1916. expected, will offer in the near future at $36 per share, about $ $ $ $ The initial .729 1,367,406 1,334,694 1,215,477 12,521,405 16,705,316 200,000 shares (no par value) common stock. Gross sales_1,494 $689,277 Net profits for fiscal year ending July 3 1916 were issue of preferred stock was nearly all subscribed for at Deduct divs. paid for full year (1st pref.,7%,$192,500;2d pref., 227,500 organization. A circular shows: 7%, $35,000) Data from Preliminary Circular. Presently issued. $461,777 Authorized. CapitalizationBalance, surplus, for the fiscal year ending July 3 1916 $7,405,800 Balance Sheet as of July 3 1916. Prof. stock, cony. 7% cum.(par $160)_.. 310,000,000 335,292 shares 500,000 shares Common stock (with no par value) Liabilities (Total 37,008,157) -J., Assets (Total 37,008,157) pref. stock is to be entitled to quarterly dividends, payable Q. at $2,750,000 The First pref. stock Real estate, buildings, 500,000 and is to be convertible at the option of the holder into common stock $1,669,536 Second pref. stock 1 share machinery, &c 3,500,000 any time prior to Jan. 1 1932, at the rate of I% shares of common for divs. Common stock 3,875,000 Good-will to redemption at 115 and accr. 33,566 Trade and other creditors.. 113,222 of pref. The prof. stock is to be subj. Preliminary expenses_ 42,442 Data Furnished by J. K. Armsby, President of the Corporation. 4.980 Accrued charges Other investment assets 49.914 General reserve acquire free of mortgage or other funded debt the business, Assn.•, Will 843,117 Inventories 52,579 and properties of the J. K. Armsby Co.; California Fruit Canners 28,326 Surplus Accounts receivable of 387 Central California Canneries; the Griffin & Skolley Co.; and upwards of Co Crown Stamp The business 509,638 70% of the capital stock of the Alaska Packers' Assn. 1865. This comCash dates back to 43,607 these concerns was established at various Miscellaneous dried fruits pany will be the largest packer and distributor of California factors In the Hawaiian President John Glenn is quoted as saying: and canned goods, and one of the most importantis the largest packer of Assn. To date this year we have opened about 15 new stores and more will be pineapple industry. The Alaska Packers opened as the year progresses. We now have more than 425 stores operating canned salmon in the world. indicate exceptional stability; the and will continue to expand as new territory and present locations demand. Sales of combined companies from combined volume shows practically continuous growth In fact with our present organization and stores we can take care of between $35,000,000 increase about $27,314.000 In 1911, to in 1916 $1,500,000 and $2,000,000 additional sales a year with but a small profit on sales are made on a cash basis). (Partly estimated. The in operating expenses. We make only a little more than 4 cents' our businames, &c.) of good will, of business, but our salvation is found in the fact that a year. Total net assets (exclusive of of their lasttrade year as carried $1 worth fiscal combined companies at end ness is strictly for cash and our capital is turned over about 15 times Co., on the books, and as emitted to by Price, Waterhouse & As of July 3 last we had working capital of $1,238,709, of which $509,637 Packers' including 70% of the total net assets of the Alaska addition we have taken care of the requirements of the bywas cash. In about $928,000 additional cash capital now$16,041,884 of the first preferred for retirement. Association, and laws and acquired $55,000 par value being provided, aggregate This stock is not due to be retired until June 1917.-V. 103, p. 408, 240. $2,250,000 Based on partial reappraisal of the properties and including - representingaestimated surplus earnings during the present year, the total -Consolidation. Treadwell Gold Mining Co. Alaska , which is equal to over are increased to upwards of $19,500000 net Shareholders of this company, the Alaska Mexican Gold 2% assets the par value of the present pref. stoic Issue, and to $36 per share times Mining Co. and the Alaska United Gold Mining Co., are in on common stock after allowing par for the pref. stock to bo-prosently issued. Earnings of Combined Companies Based on Independent Audits. on receipt of the following in substance recently published in the adding 6% Including 707 of profits of Alaska Packers' Assn. and London "Financial News": $98,000 additional cash capital now provided. per share-Approx. Earns, By circular letter dated April 17 1916 you were advised that a committee Earnings Com. Stock. Pref. Stock. consisting of Messrs. H. C. Perkins, Heinlein Jennings and F. W. Bradley as above. had been appointed to visit Alaska, examine the physical properties of the Average rate per annum for last such share as to the basis upon which, in their judgment,work per share $23-i per 44 companies, and report $1,391,172 $18 five fiscal years its 3 " 20 properties should be consolidated. This committee has completed 1,484,071 Last fiscal year 5 " 30 and its report will be mailed to each stockholder. 2,250,000 com- Present fiscal year (estimated) The committee recommends a speedy consolidation of the three the Above earnings on common stock are after allow log 7% on the prof stock. common panies in as intimate and binding a way as possible, and finds that %; Application will be made in due course to list both the pref. and Treadwell, 54 -V. 103, p. 760, 847. equitable basis for the consolidation is as follows: Alaska and recommenda- on the N. Y. and San Fran. Stock Exchanges. as Alka United, 34%; Alaska Mexican, 12%. The report companies -Dividend Increased. tions were duly approved and adopted by the directors of all the Central Aguirre Sugar Cos. the prof. stock. payon Aug.7 1916, who feel that the report and recommendations will commend A quarterly dividend of 2%% has been declared on increase of % of 1% This is an themselves to the stockholders. record Sept. be necessary able Oct. 2 to holders of -V. 102. p.25. In order to carry into effect the recommendations, it will over previous payments. to increase the capital stock of the Alaska Treadwell Co. to 400,000 shares the 51% of the (par $25). To effect this increase the consent ofthis consentstock of Charcoal Iron Co. of America.7-Status.-The following obtained is Alaska Treadwell Co. will be required. When given out as authoritative: will be asked to send your certificates of stock to the Metropolitan statement has been you this company is to be followed at Trust Co., N. Y., to be exchanged for your proportion of the 400,000 shares The recently published statement ofent of dividends on the pref. stock. of Alaska Treadwell Co. The distribution of this stock will be in the fol- the October meeting by the commencem new shares for the 200,000 shares of present outstand- That statement showed net earnings for tho quarter ending Juno 30 of over lowing ratio: 216.000 38% on of ing Alaska Treadwell Co. stock, being at the rate of 1.08 new shares for $350,000 after charges and depreciation, or at the rate The over company was one present share. 136,000 new Alaska Treadwell shares for the 180,200 the common stock after allowing for the pref. dividend. Alaska United shares, being at the rate of organized in May 1915 with 35,217,250 cum.6% prof. stock and $2,839,350 shares of present outstanding No dividends have 1,360-1.802 new share for one present share. 48,000 new Alaska Treadwell common stock. It has no bonded or floating debt. cumulative from shares for the 180,000 shares of the present? outstanding Alaska Mexican as yet been paid on the pref. stock on which dividends are n, amounting to for one present share. to have the accumulatio Co. stock, being at the rate of 4-15 new share July 1 1915, but it was intended declared next Ocinitial dividend Is -- about 10%%, paid shortly after thewill probably all be settled by April 1 -Div.Increased. American Agricultural Chemical Co. tober. These cumulative dividends 4 1 A quarterly dividend of 1%/ has been declared on the $18,430,900 1917, and thereafter it Is intended to pay dividends on both classes of stock. This compayments preferred new common stock, payable Oct. 16 to holders of record Sept. 25. Attention was called to the fact that with these pares with 1% quarterly since Jan. 1912. The regular quarterly 1%% on stockholders up to that period will receive about 1511% on the par value -V. 103, p. 754. the same day. price. Estimates loased on the pref. stock was also declared payable or equal to over 20% on the present market for the next 12 months Co. contracts already made are that the net earnings American Telephone & Telegraph alsocharcoal, pig iron, for the Chicago Telephone will be over $1,500,000. The entire output of oi the estimated Federal Telephone & Telegraph Co. below, See year 1916 is practically sold as well as a largo proportion Co. below. -V. 103, p. 760. company's production of acetate production for tne first halt 01 1917. Theannum, is sold up to March 1917 -Bonds Purchased. Atlantic Steel Co. of lime, amounting to 21,000,000 lbs. per acetone. of This company has purchased $1C0,000 of its $1,000,000 1st mtge. 6% to the British Government in the form in the United States of charcoal The company is the largest producer -V. 103, p. 846. sinking fund bonds of 1941. The sinking fund does not become operative alcohol. until 1918, but the unexpectedly large earnings have made it desirable to pig iron, acetate of lime and wood withdraw a tenth of the issue at this thne.-V. 103, p. 756. & Power Co. (The) Cheboygan (Mich.) Electric Light -Yard, Otis & Taylor, Chicago, are offering --Bonds Offered. at par and int. $225,000 1st M.6% sinking fund gold bonds. -$40,000,- A circular shows: Baldwin Locomotive Works, Philadelphia. notice at 102. Dated Aug. 1 1916. due Aug. 11923, callable on 30 days' Union Trust 000 Russian Shell Order.-Pres. Alba B. Johnson yesterday and nt. F. & A. at Merchants' Loan & Trust Co., Chicago, made the following statement: Avery Co., Peoria, Ill.-Accumulated Dividend. A dividend of 53 % has been declared on the pref. stock on account of accumulations, payable Oct. 20.-V. 102, P• 711. SEPT. 23 1916.j THE CHRONICLE Co., the mortgage trustee, Detroit. Exempt from Mich. State taxes. Authorized and approved by the Mich. RR. Commission. CapitalizationAuthorized. Issued. Capital stock $200,000 $200,000 1st M.6% bonds, denom. $500 & $1,000 500,000 225,000 A first mortgage on all property rights and franchises now owned or hereafter acquired. Reproduction cost, allowing for depreciation, appraised at V35,000, while a further $25,000 from proceeds of this bond issue, is to be spent on the property before Jan. 1 1918. Sinking fund begins Sept. 1 1917, to be used to retire bonds or for extensions and additions. The final V75.000 escrow bonds may be taken down from time to time on the basis of 80% of the actual cost of betterments and extensions, but i only when the annual net earnings are 1 Y times the interest charge, including bonds proposed. -Incorporated July 24 1896 in Mich. Owns and operates Property, &c. (a) two hydro-clectric plants, one on the Black River, constructed in 1905, nine miles east of Cheboygan, with capacity of 1,000 k. w., and one on Maple River, capacity of 150k. w., acquired in 1912, which is supplemented by a reserve steam plant at Cheboygan with a capacity of 200 k. w.• (b) transmission lines of 78% miles, of which 54 miles Is 11,000-volt 3 -phase and 24% miles is 6,600-volt single phase. It is planned to use part of the proceeds of this bond issue to increase the development on the Black River, to provide for additional business, including a largo tannery, and ultimately to serve Petoskey and Harbor Springs, both now having municipal plants operating at high cost. There are no other electric properties operating in the territory served. Franchises are favorable, and with one unimportant exception extend beyond the life of the bonds. Earnings for Calendar Years1913. 1914. 1915. Gross earnings $46,194 $48,637 $50,922 Net earnings after taxes $232603 $25,431 $30,587 Interest on the present $225,000 first mortgage as calis for $13,500 The management, the same since organization, has turned back a largo portion of the surplus earnings into the property. -City of Cheboygan, Mackinaw City, Pellston, AlanTerritory Served. son, Oden, Conway, Mullet Lake, Topinabee, Indian River, Long Point, Carp Lake, Levering, Van, Brutus, Ponshewaing and rural districts in Ivernoss, Tuscarara, Mackinac and Burt townships in Cheboygan County, • and Boar Creek, Little Traverse, Littlefield and McKinley townships in Emmet County. Cheboygan has a population of 6,859 in 1910, and the townships served in Cheboygan and lmmet counties total 17,493. During the summer months the company serves at least twice this number. Cheboygan and Emmet counties are developing rapidly as agricultural counties, raising potatoes, small grains, ensilage corn, small fruits, &c. Territory is attractive as summer resorts 1121 Erie Lighting Co. -Bonds Called. - Five 1st Mtge. 5% gold bonds have been drawn for payment a 105 and interest on Oct. 1 at Guaranty Trust Co.. N. Y.. trustee. -V. 97,_p. 1736. Federal Telephone & Telegraph Co., Buffalo., N. Y. -Merger Proceedings. The security holders' committee has issued a circular announcing that tno American Telephone & Telegraph Co. interests are prepared to give. subject to the approval of the Buffalo City Council. the capital stock of that cnnpany in exchange for the securities of the Federal company on the following basis: Each holder of bonds of the Federal company, the InterOcean Telep. & Telog. Co. and the Frontier Telephone Co.. and all other subsidiaries of the Federal company will receive 6600 par value of American Tel. & Tel. stock for each $1,030 of his bond holdings. -V. 99. p. 201. The Fisk Rubber Co.,Chicopee Falls, Mass. -Increase in Capital Stock-New Preferred Provisions-Options to Subfor $5,000,000 First Pref. Convertible 7% Stock scribe at Par and $2,500,900 7% 2d Pref.-The shareholders will vote Oct. 2 on increasing the capital stock. A circular dated Sept. 14 says in substance: Principal Matters to be Voted on at Meeting Oct. 2. (a) On increasing the authorized capital stock by $24,500,000 or less, and of establishing $7,500,000 or less of such increase as first preferred convertible stock and $5,000,000 or less of such increase as second preferred stock, and in connection with the foregoing to authorize an increase in the authorized amount of common stock by such amount as may be required upon the exercise of the conversion privilege incident to said stocks, and of establishing $12,000,000 or lass of such increase as common stock, and to determine the terms of the disposition of such increased stock. (b) On striking out all provisions relative to the second preferred stock. series B. and in connection therewith to reduce the authorized capital stock by $5,000,000, being the amount of second preferred stock, series B, authorized but not issued. (c) On extending from Nov. 1 1917 to Nov. 1 1923 the time within which the second preferred stock may be exchanged for common stock. (d) On providing that the annual meeting shall be held annually in Chicopee on the third Wednesday in February in each year. Description of New Preferred Stock. It is proposed that the First Preferred Convertible Stock to be authorized at this meeting shall be divided into 75,000 shares of a par value of $100 each, shall be entitled to preferential, cumulative, quarterly dividends at the have the same priority as to earnings as Chicago Telephone Co. -Purchase Blocked. -This com- the rate of 7% per annum, shall and in case of liquidation or dissolution. present first pany's agreement for the purchase of the telephone system of shall share in thepreferred stock,with the existing first preferred stock and assets pro rata the Illinois Tunnel Co. (Chicago Utilities Co.) was made shall be paid in full at par (or in case such liquidation or dissolution be voluntary, of par) any payments shall be made to the holdcontingent upon the obtaining of the approval of the merger ers of the at 110%preferredbefore common stocks. At the option of the second and by the U. S. Attorney-General. It was announced on Sept. company this stock shall, on any interest day, be redeemable at 110. The company of surplus and net 21 that Attorney-General Gregory had decided that he had no sinking fund by shall out of the total par value ofearnings establish a which 5% this stock then issued. whether or not the same authority to pass on the agreement and therefore the in each calendar year be then outstanding, shall be retired and canceled commencing Jan. 1 1918. Prior to Jan. 1 1922 this -V. 103, p. stock, at the option of the holder, may be converted into common stock in purchase could not be completed as planned. the ratio of four shares common for five shares preferred, and from Jan. 1 940, 760. 1922 to Dec. 31 1926, both inclusive, it may be converted as aforesaid in -Telephone Sale Blocked. the ratio of four shares common for six shares preferred. In all respects Chicago Utilities Co. except as stated above, this stock shall have substantially the same rights --4.•103, p. 758. See Chicago Telephone Co. above. and privileges and be Lssued upon substantially the same conditions as the Columbia Gas & Electric Co.-Application to List. present first preferred stock of the company. The New York Stock Exchange has been asked to list the $50,00),000 It is proposed that the Second Preferred Stock to be authorized at this meet-V. 103, p. 1029. 751. capital stock. ing shall be identical in terms with the second preferred stock now outCosden & Co., Tulsa, Okla., and Baltimore. -Balance standing, and in this connection it is proposed to amend the agreement of association by extending the time in which all second preferred stock, old Sheet. -See "Annual Reports" on a preceding page. and new, may be exchanged for common stock. Convertible Bonds Underwritten.-Hallgarten & Co. and Stockholders' Option to Subscribe for New Stock-New 1st Pref. Underwritten. (a) It is proposed to offer pro rata to the present holders of the outstandEugene Meyer, Jr. & Co., have underwritten $5,753,000 of ing first the new issue of 6% first mortgage 10-year gold bonds, con- stock forpreferred stock 25,000,000 of the new First Convertible Preferred subscription at par and accrued dividends. (b) It is proposed to offer pro rata to the present holders of the outstandvertible into stock as below stated. These bonds are offered ing second preferred and common stock $2,500,000 new Second Preferred to stockholders of record Oct. 3 for subscription at 99 and stock for subscription at par and accrued dividends, so that each holder of second preferreu and common stock snail have the right to subscribe for interest on or before Oct. 28. Digest of Statement by President J. S. Cosden, Tulsa, Sept. 20 1916. one share of such new stocic for each,four shares of 2d preferred and comIn order to secure additional working canital and to provide for im- mon stock them hell by him. It is proposed that holders of the first preferred stock shall have no rights provements now contemolated, and to pay off floating debt incurred for other Improvements and additions already made, it is proposed to issue of subscription to the new first preferred convertible stock except as stated presently $5,753,000 First Mtge. Sinking un.d Convertible 6% gold bonds, above, and that such part of the said new stock as is not subscribed for by the stockholders as above stated shall be underwritten by a syndicate Part of a total authorized issue of $6,000,000 coupon bonds. m The bonds are to be dated Oct. 11916,to mature Oct. 1 1926 (int. A. Si0.) headed_hy E_stabrook & Co. -V. 102, P. 975. Denoin. $500 and $1,000. Both principal and interest are to be payable in General American Tank Car Corp. -Initial Div. - N. Y. City in U. S. gold coin of the present standard of weight and fineness. An initial quarterly dividend of 114% has been declared on tne stock, The bonds are to be convertible, at option of holders thereof, at any time on or before the dates set for payment or redeinntion, into the common payable Oct. 1 to holders of record Sept. 20.-V. 103. p. 147. 64. stock at $18 per share (par $5), accrued interest ana current dividends to ba General Petroleum Corporation.-Bond3 Offered.- . 2 adjusted at time of conversion. The bonds are to be redeemable as a whole, but not in part (except through the sinking fund), upon any interest Blyth, Witter & Co., San Francisco and Los Angeles, are date upon 60 days' published notice at 105% and int.: and are to have an annual sinking fund amounting to (1) 10% of the face amount of the offering at par and int. $1,400,000 First M.6% 10-year sinkbonds theretofore authenticated: or (2) 20% of the annual net earnings of ing fund gold bonds (new issue, closed mortgage), dated the company (whichever shall be the greater) to purchase the bonds or June 1 1916, maturing June 1 1926. A circular shows: call them at 105% and interest. Int. J. & .1. in San Francisco or N. Y. Denom. $1,000 c*. Red. at 100 'rho bonds are to be a first mortgage upon all property owned hereafter acquired. Provision is to be made for a reductionnowthe rate or ad int. on any int. date. Sinking fund commencing Jan. 1 1918 will retire of of conversion in case any additional common stock shall be issued at less than $150,000 bonds annually. Federal income tax deducted. Trustee, Mer$18 per share, and also proper provision for the pres rvation of the quick cantile Trust Co. of San Francisco. , CapVatizatton Authorizad. Outstanding. assets. Any bonds not to be issued presently and offered to the stockholders Closed mtge. $1.400,000 for subscription as provided below will be reserved for general purposes. First mortgage 6% bonds The stockholders will vote Oct. 21 1916 on authorizing the bonds and Preferred 7% stock $3,212,200 3,212,200 Common stock 13.490.200 the creation and reservation of sufficient stock for the conversion thereof. 13,490,200 Sublect to such authorization, shareholders of record Oct. 3 1916 may, Organization. -Organized under a plan devised by a bankers' committee. on or before Oct. 28, subscribe pro rata for the new bonds at 99% and int. Frank B. Anderson, Pres. of the Bank of California, Chairman, to place the to Oct. 28 1916. being $993 66 per $1,000 bonds, to a face amount equal valuable but over-capitalized properties of the original company on a sound at par to their respective holdings of stock. Subscriptions must be paid financial basis. (See V. 102, p. 889.) The present issue was created on or before Oct. 28 1916 at the Equitable Trust Co. of N. Y. 37 wen et., to liquidate theprior claims of Andrew Weir and associates for cash advanced Munsoy Building, Baltimore, by by them. All other obligations of the original company, whether bonded N. Y., or at the Equitable Trust Co.' duly certified check payable to the order of Cosden & Co. and drawn upon or floating debt, were liquidated by the issue of common and preferred stock New York or Baltimore funds. Subscription warrants will be issued on in the new The 1st M. bonds are therefore a first lien on all the or before Oct. 5 1916. Fractional warrants, if surrendered on or before properties and are further secured by the equity and earnings of the General company' Oct. 26 1916, in amounts aggregating $500, may be used for subscription. Pipe Lino Co. through stock ownership. Price, Waterhouse & Co., certified public accountants, have certified Property. -Owns in fee 8,946.8 acres in the several oil fields of Cal. and to the company the correctness of its balance sheet as of July 31 1916, and holds leases on 2,189.09 additional acres of patented land and has lease and also of a statement of its earnings for the seven months ending July 31 1916. locators' rights to 12,518.15 other acres. It leases also in Mexico 24.070.52 (Soo "Annual Reports" above.). acres in the oil fields and owns 317.86 acres water-front for terminal site. -V. 103, p. 147. 409. On the California lands there are 258 producing wells and 12 wells being Crucible Steel Co. of America. -Extra Dividends. drilled. Present production is 4,000,000 barrels annually An extra di% Idond of 1%% has boon declared on tile $25.000,000 prof. to this is handling 8,000,00 barrels either purchased or and in addition exchanged. acco int of accumulations, payable Oct. 31, to holders of stock on The corporation under the reorganization became the sole owner of the record Oct. 16. A like amount was paid in Sept. and % of 1% was paid in Juno. capital stock of General Pipe Line Co.. which has outstanding $4,511,030 103. p. 667. 64. -V. bonds. It operates an 8 -inch line from the San Joaquin Valley fields to -inch line to Mojave. the Santa Pedro, 189.09 miles. Also a branch 8 -Municipal System Abandoned. Sanand Denver Union Water Co. Fe Southern Pacific Ry.'s Junction point, 51.82 miles. Storage caMee -Denver'. in -state & City Dept." on another page. -V.103. p.846. pacity, 3,150,000 barrels steel tanks and a 500,000 barrel concrete reservoir. The earnings shown below for 1914 and 1915 are the actual results from -Decree of Sale. Eastern Steamship Corporation. e presen ed ar to e n a za on t rot .np Judge Putnam in the Federal Court at Portland, Me., on Sept. 5h, as a gerations ef thAftrntr comfa= priore ufeoga iza ion but pp step toward the reorganization of the company, now in receiver's hands, inerto fits 'of tha- Gle al e granted a decree of foreclosure and sale of the property. The Court also Pipe Line Co., after payment of all charges of every nature, which profits, ordered the sale oft 'e corporation's property not embraced in tee mortgage or such portion as may be disbursed in dividends by General Pipe Line Co., or deed of trust. The lowest price receivable on the mortgaged property accrue to General Petroleum Corp. through exclusive ownership or is to be $3,516,000, being about 60% of the amount of the $5,700,000 bond stock in the pipe line company. is 11 Earnings for Year1915. 6 mos. 1916. The property will be sold in two parcels, one consisting of the union Net, after taxes $914,058 $1,457,340 $1,053,191 Wharf property at Boston, at an upset price of $200,000. Soo plan of Interest on $1.400,000 1st M. bonds 42,030 reorganization, V. 103, p. 846. Bal. for sink. fd., deprec'n and prior Empire Gas & Fuel Co. 12 Mos.' Earnings. -3 and to July 1 1916, for fixed charge.; $914,058 $1.457.340 $1,011,191 3 Mos. to Gross Minority Bonds.,&c., Equity. Ezp.,Tax.& -The value of the property, excluding its equity in the pipe line, Balance, July 31. Earnings. Int.onSub.Bs. Ownership. Interest. Surplus. has been appraised in excess of $13,500,000, or more than nine times the 1916 $2,526,733 *210,000 -V. 103. p. 940, 324. , $67,936 $962,257 • $1,286,540 total bonded debt. . 2-a -A 41--14 12 Mos. te July 3119l5-16.-$6.744.591 $2,789,501 General Pipe Line Co. $840,000 $318,118 -Bonds. 32,706,972 ---V. 103, P. 1034• See General Petroleum Corporation above. -V. 102. p. 889. [VOL. 103. THE CHRONICLE 1122 -Extra Dividend. Great Lakes Steamship Co. New England (Bell) Telephone & Telegraph Co. Earnings Reported to Public Service Commission. -Equipment Certificates. Harper Transportation Co. 1915-16. June 30 Years$ Gross earns_ _19,992,816 Net, aft. taxes 4,348,663 Other income_ 446,697 Gross income.. 4,795,360 An extra dividend of 1A % has been declared on the stock, along with the quarterly 2%, both payable Oct. 1 to holders of record Sept. 20. -V. 102. p. 979. Albert E. Nettleton was elected First Vice-President. -V. 97, p. 301. See Shawmut Steamship Co. below. -Stock Increase. Pressed Steel Co. 1914-15. $ 17.973,606 3,948,925 294,677 4,243,602 1915-16. 1914-15. Gross income_ 4,795,360 4,243,602 Rentals 12,923 18,975 942,084 903,216 Total deduc Divs. (7%)- 3,246,075 3,025,732 Bal., surplus_ 594,277 295,678 Hydraulic -V. 103, p. 498. The shareholders will vote on Oct. 16 on authorizing (a) an increase in the authorized capital stock from $1,700,000 to $2,700,000, such increase New York Telephone Co. -Bonds Offered.-Harris, of $1,000,000 to be divided into 10,000 shares of pref. stock (par 3100), having such preferences, rights, voting powers and restrictions as shall be Forbes & Co., New York, Harris, Forbes & Co., nc., Bosapproved by the directors. ton, and the Harris Trust & Savings Bank, dhicago, are On April 12 last the shareholders authorized an increase in the common stock from $1,000,000 to $1,500,000, which with $200,000 pref. stock offering for sale to investors, at 98 and int., a block of made then a total capitalization of 51.700.000. See V. 102, p. 1543. First and General (closed) Mtge. gold sinking fund 432% -Holders -Dividend. Kansas City Light & Power Co. of beneficial preferred parts of the company are notified that a dividend has been declared upon the stock of this company, payable Sept. 25 1916. The trustees are thus enabled to, and on Oct.2 1916 will pay a dividend of $2 50 upon each whole part represented by such certificates to holders of record Sept. 25 1916. This company was incorporated Jan. 3 1916 in connection with the reorganization of the Kansas City Ry. & Light Co., and took over the light and power business of the old organization, while the railway business was transferred to the new Kansas City Railways, a wholly independent organization. For each share of Kansas City Ry. & Light Co. there were issued a participation certificate representing 2-3 of a share of K. C. Rys. Co. stock, and a participation certificate representing 1-3 of a share of K. C. Light & Power Co. The capital stock of the last named company Is in the nominal sum of $2,000 and is represented by 31,810.3 common and 31.358.3 preferred participation certificates of no par value. For further details see V. 101, p. 614, 689; V. 102, p. 1718, under Kansas City Ry. & Light Co. Also see page 56 of "Electric Railway" Section. bonds. Dated Oct. 1 1909, due Nov. 1 1939. Callable at 110 and int. on any int. date. Int. M.& N. in N. Y. or Boston. Trustees, the Farmers' Loan & Trust Co., N. Y., and John H. Parsons. c*r*. The net earnings for 1915 were over five times interest deductions. For description of issue see V. 102, p. 1815; V.89, p. 1351; V. 102, p. 2081. Northwestern Elec. Co., Portland, Ore.-Pref. Stock. A press report states that the company has sold $500,000 6% prof. stock to a syndicate of San Francisco bankers thus making the total outstanding Issue of pref. stock $1,781,100.-V. 103, p. 498. -Extra Dividend. Ogilvie Flour Mills Co., Ltd. An extra dividend of 4% has boon declared on the common stock in addition to the regular quer. 2%, both payable Oct. 1.-V. 101, p. 1805. -Stockholders' Committee to Ohio Copper Mining Co. Prepare New Plan. The stockholders committee named -below has consented, at the request of a large amount of common stock dissatisfied with its treatment under the reorganization plan brought out by the bondholders' committee, to act for the protection of the interests of the common stock. Accordingly, -Initial Dividends. Keystone Tire & Rubber Co. holders of common stock are asked to deposit their stock certificates, only Initial quarterly dividends of 2% have been declared on both the common endorsed for transfer, with Central Trust Co. of N. Y., as depositary, and pref. stocks together with extra payments of 54 of 1% on the pref. 54 Wall St., N. Y. City, under a deposit agreement to be dated Sept. 25 and 4 of 1% on the common stock, all payable Oct. 1 to holders of record 1916. Committee: William J. Brown, Arthur W. Middleton, Edward C. Sept. 28.-V. 103, p. 1035. Deveraux and Chas. H. Stanton, with Cecil C. Graham as Secretary, 60 Wall St. and Frederic W. Frost as counsel. -August Sales.(S. S.) Kresge & Co. A cominittee formed by Salt Lake City stockholders includes: W. M. Increase. Havenor, George Baglin and J. R. Whitney. -1915. Increase 1916-8 Months -August-1915 1916 . The North American Liquidation Co. has become interested in the $2,009,722 $1.597,867 5411,8551515,111,568 $12,180,730 $2,930,838 affairs of the Ohio Copper Co. -V. 103. p. 242. -Bonds Paid Off. Lake of the Woods Milling Co. The "Monetary Times" announces that this company has paid off $750,000 6% bonds of the Keewatin Flour Mills Co., which it guaranteed under the terms of the agreement by which the Keewatin company was absorbed by the Lake of the Woods Co. The bonds matured Sept. 1 and were paid off at par and int. See V. 99, p.1671; V. 101, p.1192. -Litigation. Lehigh & Wilkes-Barre Coal Co. -V. 101. D• 1473. See Reading Co. under Railroads above. -Extra Dividend. MacAndrews & Forbes Co. An extra dividend of 2A % has been declared on the common stock along with the regular quarterly 234% on the common and 134 on the pref., all payable Oct. 14 to holders of record Sept. 30.-V. 102, p. 2345. .-Suit Won Marconi Wireless Telegraph Co. of Amer. Judge Julius M. Mayer in the U. S. Dist. Court at New York on Sept. 20 filed an opinion in favor of the company in its suit against the De Forest Radio Telegraph & Telephone Co. for infringement of the Fleming patent, covering an improvement on the detector device for receiving wireless messages. The action against Lee De Forest personally was dismissed. Before the suit was decided, the Marconi company had admitted infringement of two patents in counter claims filed by the Do Forest company. The suit was begun two years ago. See V. 100, p. 1676; V. 103, p.941. -Transfer of Assets. Martinsburg Power Co. -V. 103, P. 411, 324. See Potomac Light & Power Co. below. Mathieson Alkali Works (Saltville, Va.).-Bonds Sold. Hayden, Stone & Co., Boston, New York, &c., have sold the entire issue of $1,300,000 7% cumulative preferred stock recently offered by them at 101 and accrued dividend. For details of offering see V. 103, p. 1035. Milwaukee (Wis.) Gas Light Co.-Results for Year as Reported to N. Y. Stock Exchange. Interest Deprec. Balance, Other Net after Gross June 30 Charges. Reserve. Surplus. Inc. Taxes. Earnings. Year1915-16_ _ -52,593,790 $1,511,758 575,926 3327,124 $180,000 $1,080,560 Balance Sheet at July 1 1916 (Total each side $15,971,015)• $5,000,000 Plant & investment_ _ _ _$13,502,987 Capital stock 9,531,000 Storehouse & supply accts. 370,145 1st M.4% bonds 113,955 Consumers deposits_ _ _ _ Unamortized debt dis226,364 55,463 Accounts & taxes payable count & expense 68,865 360,450 Coupons and int. accrued Accounts receivable_ _ _ 43,718 834,000 Special operat. reserves.. 1st M.4s in treasury_ _ _ _ 676,009 847,970 Depreciation reserves_ _ _ Cash 311,104 Surplus -V. 103, p. 1035. -Earns. & Pow. Co., Boston. • Montpelier & Barre Lt. June 30 Years. 1915-16. 1014-15.1 June 30 Years. 1915-16. 1914-15. $100,658 $100,739 Gross earnings.._ _$377,237 $346,445 Interest, &c 72,169 Net, after taxes__ 211,376 172,908 Net for stock_ _ _ _ 110,718 -V. 100, p. 1082. -Extra Dividend. Montreal Telegraph Co. i An extra dividend of y of 1% has been declared on the $3,589,400 stock In addition to the regular quarterly 2%,payable Oct.6 to holders of record Sept. 30.-72 p. 778. ---New President. National Lead Co. E. J. Cornish has been chosen President to succeed the late W. W.Law-V. 102, p. 1056, 804. rence. -The directors -Stock Increase. National Surety Co. on Sept. 19 decided to recommend an increase in the authorized capital stock from $3,000,000 to $4,000,000. The price at which it is proposed to offer the new stock to stockholders is not announced, but it is believed to be substantially below the market price of about $300 a share. The following is confirmed: Previous stock dividends, &c., were: In 1909 a 50% stock dividend was paid. In 1910 an extra cash dividend of 4% and a stock dividend of 33 1-3% were declared. In 1912 stockholders received the right to subscribe to one-third of their holdings at $100 a share, and last year additional stock was sold at $150 a share. The company pays regular 12% dividends, and, it is stated, earned more than $1,000,000 last year. Earnings this year, it is reported, are running larger. By the increase in capital the combined capital and surplus will be increased to more than $8,000,000.V. 102, p. 890. -The plan of the committee Plan of Bondholders' Committee. (representing, it is said, about $1,000,000 of the $1,240,000 1st M. bonds of the company) is dated June 8 1916 and provides for the issuance of the following new securities: $2,750,000 Capital Stock, in $1 shares (or voting trust certificates) Registered 6% Cumulative Repayment Convertible Bonds, interest payable only out of net income,and at least 25% of the balance remaining after paying said interest to be applied annually on 2,250,000 account of principal of the new bonds equally and alike Under the plan, bondholders of Ohio Copper Co. would receive in lieu of their said bonds and coupons, bonds and stock of a new company,as follows: 75% of principal in new bonds and 75% in new stock; and,in the discretion of the committee, their pro rata proportion of new bonds and new stock against cash received in the foreclosure and bankruptcy proceedings. Bingham Central Ry. 1st M.6% bondholders are offered the privilege of participation upon the basis of 463j'7 of principal of their bonds (which aggregate $975,000). I. e., each $1,0010 bond would be exchanged for $465 In bonds and $465 in stock of the new company. with a like provision for cash received in the Bingham Central Railway Co. foreclosure. Stockholders of Ohio Copper Mining Co. and of Bingham Central Ry. Co. are offered the right to subscribe at par and interest for at least $350,000 bonds of the new company, with a bonus of 134 share of stock of the new company for each dollar of principal amount of bonds so subscribed for and allotted. The new bonds, would become convertible into stock at such time as the committee should determine, and at least 25% of the net income of the new company, as defined in the plan, would be applied annually in payment of the principal of the bonds. Receivers appointed in the foreclosure action have leased, under order of the court, the properties that are subject to the mortgage. The cash rental returns from the lease paid to the receivers to Juno 8 aggregated in excess of 5170,000. Accordingly, an assessment of the bondholders seemed unnecessary. [From statements made at the stockholders' meeting in N. Y. City on, Sept. 15, it appears that the properties were leased to the General Exploration Co., which has a capital of $5,000, and that the latter concern realized approximately $1,100,000 during eleven months of the lease, of which 28% was paid to the trustee of bankruptcy of the Ohio Co. and 72% retained in the General Exploration Co.] Bondholders' committee: Grayson M. P. Murphy, Chairman, Junius Beebe, William M. Fleitmann, William P. Hawley, with Herbert G. Catrow as Secretary, 43 Exchange Place, N. Y., and the Guaranty Trust Co.. -V. 103, p. 941. N. Y., as depositary. -Extra Dividend. Owens Bottle Machine Co. An extra dividend of 8% has been declared on the common stock along with the regular quarterly 3% on the common and 1%% on the old and new pref., payable on the common and new pref. Oct. 1 to holders of record Sept. 22.; on the old pref. on and after Sept. 30 on surrender of stock cer-V.103, p. 935, 669. tificates for redemption of shares thereby represented. People's Water Co., Oakland, Cal.-Changes in Plan. 0 1.C. Havens and Henry E. Bothin of San Francisco have as stockholders filed application for a modification of the plan of reorganization so as to authorize the East Bay Water Co. (the proposed successor company, incorporated July 10 1915), to issue securities as follows: (a) First mtge. -year gold bonds, $9,128,000; (b) 6% cumulative prof. stock, % 30 Class A. $4,440,000;(c) 6% non-cumulative pref. stock, Class A, $2,960,000 (said stock to be cumulative as against the stockholders), and (d) common stock, par value $500,000, or such other amount as shall besatisfactorY. They also ask that the pref. stock, Class A and Class 13, be allotted to the owners and holders of bonds of the People's Water Co., and the common stock to the stockholders of the People's Water Co. The petitioners contend that the plan outlined in V. 103, p. 946, is inequitable to the present stockholders, also that practically all of the owners and holders of bonds will consent to the modified plan and that nearly all -V. 103, p. 946. the stockholders have already consented. -Rehearing. Philadelphia Electric Co. A petition for a rehearing on the lease of the Keystone Telephone Co's. conduits to the company will be made on general grounds to the Pennsylvania P. S. Comm. on or about Sept. 27. Compare V. 103, p. 1036. -Listing. Pittsburgh-Idaho Co., Ltd. The Pittsburgh Stock Exchange has listed $1,000,000 capital stock of this company, which operates lead and silver mines in Idaho. An extra dividend of 134% has been declared, along with tho regular quarterly 3%. both payable Oct. 2 to holders of record Sept. 16. -Pros., Irvan Neckerman and The officers are: Pres., A. S. Ross; V. R. B. Little; Sec. & Treas.. W. A; McCutcheon. -Financial Statement. Pittsburgh (Pa.) Steel Co. 1915-16. 1914-15. -16. 1915 Sales. Sm.-321,848,036 $11,649,864 Net earns__ $4,544,902 19,158 Exp.& chgs.*17,303,127 10,803.349 Other Inc.._ 1914-15. $846,515 11,645 Bal.fordiv. 54,561,067 $858,160 Net earns. $4,544,909 $846,515 * Includes depreciation charge of 5500,000.-V. 103, p. 946. SEPT. 23 1916.] 1123 HE CHRONICLE Per $50 Sit. 1st Pf. -Successor Co. Potomac Light & Power Co. 106% $53 $7,777,338 Net quick assets 72% The company was incorporated last month in West Virginia and has Net fixed assets 36 5,269,185 acquired all of the property formerly owned by the Martinsburg Power Co., thereto has a cash working capital of practically $100,000 $89 and in addition 178% $13,046,522 Total in its treasury. Authorized. Outstand'g. Pledged. Earnings of United Drug Co. and Subsidiary Cos.for 5 Mos. end. June 30'16. Capitalization$980,134 Total net earnings, after all charges Prof. stock 6% cum. after 3 years (par $100) $350,000 $350,000 $2.352,300 This is at the rate (for 12 months) of 250,000 250,000 Common stock (par $100) $510,045 Dividends on $7,286,350 7% 1st pref. stock call for 750,000 $425,000 M. bonds,6% 30-year 1st -V. 103,p. 849, 417. 5-year 6% notes,$200,000"A" prior lien and 400,000 400,000 Willys-Overland Co.-Status.-Pres. John N. Willys, $200,000 "B" junior lien $750.000 bond issue, $425,000 have been issued and no more can Of the who owns a majority of the common shares and is personally be issued until the"A"and "B" notes hereinafter mentioned are paid. The trustee under this mortgage is the Fidelity Trust Co. of Balto. The $425,- directing the affairs of the company,is quoted in substance: public, but 000 bonds above-mentioned have not been sold to theFrederick, ashave been Production has increased from 401 cars during 1908 to 95,000 cars during collateral deposited with the Central Trust Co. of Maryland at six months from Jan. 1 to June 30 1916, and it is at this time about 20,000 security for an issue of $400,000 6% notes, payable 5 years after date, cars behind in actual deliveries. '.A" prior lien notes, and arc perferred $200,000 of which are designated as By the end of the present year all construction and additions to equipover the "B" notes as to principal and interest. The remaining 8200,000 ment necessary to give Willys-Overiand an annual capacity of 300,000 cars are designated as the"B Junior" lion notes, and are a lion against the above- will have been completed, the total outlay for which will be less than 65,are paid. mentioned collateral after the "A" notes 000,000. and this will terminate the company's policy of expansion, which The present earnings, after deducting operating costs, are approximately has made the Willys-Overland Co. the second largest manufacturer of au$48,000 annually, or about double the interest charges on the "A" and tomobiles in the world. From this time on the time, experience and ability 'B" notes. Compare V. 101, p. 619. of the organization will be devoted to reducing costs, increasing efficiency production. -Initial Common Dividend. and improvingof 600,000 shares of common stock has placed the company Price Brothers & Co., Ltd. Recent sale The "Monetary Times" of Toronto, Can., on Sept. 15 announced the in such financial position that no further increase of preferred or common declaration of an initial dividend of 04% on the common stock, payable stock will be required for carrying on of its present business, or for taking care of probable growth. From the statement of assets and liabilities as Sept. 30 to holders of record Sept. 12.-V. 103, p. 243, 411. applied to the balance sheet of June 30 1916, it can be seen that upon pay-Bond Call. ment for new stock the company will have more than $20,000,000 cash on San Francisco Gas & Elec. Co. F. 30-year 43i11 gold bonds, hand, and more than $25,000,000 of other quick assets. See V. 103. p. General Mtge. S. One hundred ($100,000) dated Nov. 1 1903, have been drawn for redemption at 10a and interest, 1046, 1023. -V. 93, p. on Nov. 1 1916 at Union Trust Co.. San Francisco, trustee. Worthington Pump & Machinery Corporation. 875. The following includes besides this company itself, its prede- -Dividend Increased. -A quar- cessor company and the subsidiary companies: Saxon Motor Car Corp. terly dividend of 1h% has been declared on the $6,000,000 1134 Mos. ending Sept. 7. Increase. 1915-16. 1914-15. Periodsstock, payable Oct. 2 to holders of record Sept. 29. This Orders booked $16,089,551 $9,381,402 16.708,149 over the initial payment of 1 of 1% is an increase of 7,025,898 3,119,415 3,906,483 Sept. 7 Unfilled orders Income Account and Financial Statement for 10 Mos. to July 31 1918. in July. $2,084,511 Gross income 529,659 Deduct: Deprec'n,$500,000;sundry int. chgs., $29,659; total_ -Merger-Stock SubScripps-Booth Corporation, N. Y. -Miller & Co., New York, announce that they scribed for. $1,554,852 Balance available for dividends Preferred Dividend Charge for 10 Months have received subscriptions for 25,000 shares of capital stock On $5,592,833 Class A 326,249 7% preferred (cumulative) (no par value) of this company. A prospectus shows: The corporation will acquire and operate the Scripps-Booth Co. and the Sterling Motor Co., both operating plants at Detroit, Mich. The ScrippsBooth Co. manufactures the well-known Scripps-Booth automobile, having made its first shipment a little over a year ago. The Sterling Motor Co. manufactures motors for the Scripps-Booth Co. and the trade generally. Data from Letter of Pres. Clarence H. Booth, N. Y., Sept. 5 1916. -Incorporated July 28 1916 in N. Y. with a total Organization-Stock. capitalization of 70,000 shares (no par value), of which 32,290 shares were issued to the vendors, 12,710 shares remain in the treasury, and 25,000 shares have been offered for public subscription. The new corporation will hold all the outstanding stock of the two constituent companies. !The underlying companies, we are informed, have no bonds or other obligations of any sort.] This merger has been arranged so as to afford an opportunity for an increased production of the Scripps-Booth car. The acquisition of the Sterling Motor Co. will enable us to manufacture our own motors. With the enlarged capital resulting from the merger, we expect to be able greatly to Increase operations. Up to the present the company has shipped approximately 6,000 cars, about 1-3 having found their way into high-class foreign markets. The Scripps-Booth Co. early this year completed a now factory, which has more than doubled the capacity. The company manufactures two types of cars, a four-cylinder roadster, selling at $825, and an eight-cylinder fourpassenger car. at $1,175. It is planned to market, during the coming year at least 10,000 cars; the facilities afforded by the additional capital and the economical production, combined with the income from the Sterling Motor Co., wi ich, in addition to making the Scripps -Booth motors, manufactures motors for the trade. The funds realized from the 25,000 shares of stock now being sold proceed directly to the treasury, thus giving the corporation ample working capital. The now corporation will start business with no bonds or preferred stock and will have approximately $1,250,000 in net quick resources. I confidently predict a net income for the ensuing year of approximately $15 per share. -Clarence H.Booth, Detroit, Mich., Bros. ScrippsDirectors and Officers. Booth Corp.; W. H. Little, Detroit, Pres. Sterling Motor Co.; N. J. Miller, -Pros. Scripps N.Y. City, Miller & Co., bankers; W.E. Seripps, Detroit, V. Booth Co.; F. J. Sensenbrenner, Neenah, Wis., Treas. Scripps-Booth Corp.; Alfred P. Sloan Jr., N. Y. City, Pros. United Motors Corp., Pres. IIyatt Roller Bearing Co.; T. W. Warner, Toledo, 0., l'res. Warner Mfg. Co. V. 103, p. 499. 412. -Equipment Certificates. Shawmut SS. Co. Four hundred and forty-seven ($447,000) Harper Transportation Marine Equipment Trust Certificates dated March 1911 have been called for payment on Oct. 2 at par and dividends, and the bonus ranging from 2% to 5%,at the Philadelphia Trust Co., successor trustee. -V. 103, p. 762. Temple Coal Co.-Bonds Called. One hundred and forty-nine ($149,000) 1st & Coll. Trust Mtge. bonds, dated July 1914, have been drawn for payment at 101 and int. on Oct. 1 at Pennsylvania Co. for Insur. on Lives & Granting Annuities, Phila., trustee.---V. 102, p. 1065. -Kissel, Kinnicutt United Drug Co.-Pref. Stock Offered. & Co. and Dominick & Dominick, New York, are offering Cumulative First Prof. Stock at $52 per share a block of 7% ($50 par value). A circular shows (compare V. 103, p.417): Stock. -Preferred as to assets and dividends over second preferred and common stocks. Dividends payable Q. -F. 1. Redeemable as a whole or in part at 120% and dividends, but in case part of the first pref. stock shall be redeemed, a ratable part of the shares of each holder shall be redeemed. Transfer agent, Bankers Trust Co. Registrar, Guaranty Trust Co. Data from President Louis K. Liggett. dated Sept. 13 1916, and Accountants, Flarvev S. Chase & Co. -Of the proceeds of the sale of this issue of first prof. stock, Purpose. amounting to about $2,200,000, it is proposed to expend $460,000 in enlarging the plant in Boston and the balance for additional working capital. -The company manufactures "Rexall" and other tradeBusiness. marked articles and operates, through the Louis K. Liggett Co. 151 retail stores in the larger cities throughout the United States and Canada, known as the "Liggett Stores," this being in addition to the 8,000 Rexall agents, of whom 800 are in England and 700 in Canada, all of them retail druggists and stockholders of the United Drug Co. This company does the largest business of its kind in the world. CapitalizationAuthorized. Outstanding. 1st prof. stock, 7% cum.($50) (incl. present issue),.$7,500,000 $7,286,350 2d prof. stock,6% non-cum.($100) 10,000,000 9,109,000 Common stock ($100) 35,000,000 20,050,000 Subsidiary companies-Bonded debt 662,500 Preferred stocks 233,826 All other securities of these companies are owned by the United Drug Co. At their present bid prices, the 2d pref. and common stocks outstanding give the first pref. stock issue an equity of about $22,000,000. Application has been made to list the company's stocks on the Now York Stock Exchange. -The consolidated balance sheet of the United Drug Net Quick Assets. Co. and subsidiary companies as of June 30 1916, with the proceeds of sale of $2,200,000 (par value) shares of first pref. stock (sold recently) appliel, shows: Balance ___________________________________________ _ _ _ _$1,228,603 On $10,321,671 Class B 6% pref. (non-cum. until Apr. 1 1919)- 516,085 $712,518 Balance for common dividends When, however, the class B stock has received full dividends for three consecutive years the class A stock shall lose its priority and the two issues share equally, it is provided that the "B" stock may be called at 105 and accrued dividends. Holders of the B stock are expected to receive the proportion of the dividend accruing to them for the period of nine months to the end of this calendar year. As the dividends are not cumulative, the distribution must. be made from this year's earnings or be lost to the holders. But insomuch as the dividend is being earned with a good surplus the feeling on the part of the management Is that holders of the B stock should receive the proportion of the dividend for nine months or 4 3. %. On July 31 1916 current assets amounted to $11,722,529. of which $2,180,050 was cash on hand; current liabilities amounted to only $765,999, or a ratio of 15 to 1. The company is progressing on its 64,500,000 shell contract and will complete it within the specified time. It has not had a single shell re-V. 103, p. 762. 139. jection. Yale & Towne Mfg. Co. -5% Extra Dividend. This company has declared an extra dividend of 5% on the 64.500,000 outstanding capital stock, payable Oct. 2 to stockholders of record Sept. 26; also the regular quarterly disbursement of 1X %. payable same day. -V. 102, Extra dividends of 10% were paid in June and 5% in May last. p. 2082. CURRENT NOTICE. -11 diversified list of municipal corporation and short-term issues suitable for the investing requirements of financial institutions„ etc. is advertised by A. B. Leach & Co. in to-day's "Chronicle" on the advertising page opposite our weekly statement of bank clearings, The list is extensive and at the prices offered the yields are attractive to the conservative investors in bonds desiring the highest grade of standard investments. The advertisement gives general details: full particulars regarding any of the securities offered for sale may be had on request. -Poor's Manual of Industrials for 1916, which has just been issued, contains 3,112 pages of text, or nearly 10% more pages than the previous issue. The editors say: "The book contains the latest income accounts and balance sheets of industrial companies. These tables are in most cases presented in comparative form, showing at a glance the growth of the business. The general information in the book is revised to Aug. 15. It also contains an appendix giving recent information on the steam railroads and the public utilities." -Having sold all of the 1945 maturity and a large part of the 1935 maturity of $1,568,000 City of Calgary, Alberta, 5% bonds, Spitzer, Rorick & Co. of this city, Toledo and Chicago are offering the balance of 1935 maturity at 95 and interest, subject to sale and advance in price. See to-day's advertisement of this offering on another page and the firm will furnish full particulars upon request. Ask for circular "C." -Flanders & Company, 20 Broad St., New York, have issued a further compilation showing the profiles of the fluctuations of Mexican Government securities and the railroad shares of that country, together with an article written by a member of the firm on the nationalization of the rail roads of Mexico, and issued by the American Bankers' Association. -T.Stockton Matthews,for the past 14 years with Baker, Watts & Co.. Baltimore, has been appointed Manager of the Bond Department of the firm of Robert Garrett & Sons, Baltimore. To the usual conservative list of high-grade railroad and public utility bonds which this firm has handled in the past, they now intend to add carefully selected issues of municipal bonds. -John H. Braungard, who has been prominently identified with Rock Island affairs for the past two years, has severed his connection with George S. Fox & Setts, bankers, Philadelphia, and established the firm of Braungard & Co., Stock Exchange Building, Philadelphia. The new firm will deal in short-term notes, equipment obligations and high-grade bonds. -A list of public utility bonds selected for safety, yielding 4.86 to 6.34%, and preferred stocks yielding 6.06 to 7.06%, is advertised by the firm of John Nickerson Jr., 60 Broadway, this city, and 300 Broadway, St. Louis, in our advertising department. Descriptions of each bond and preferred stock furnished on request. -William Salomon & Co., 25 Broad St., this city, and 105 So. La Salle bonds, due St., Chicago, are offering $1,500,000 New York City gold 4 April 1 1966, to yield 4.03%. See the advertisement in the "Chronicle" for other details. THE CHRONICLE 1 124 gtports [VOL. 1.03. watt pocnments. CHICAGO AND NORTH WESTERN RAILWAY COMPANY -FOR THE FISCAL YEAR ENDING JUNE 30 1916. FIFTY-SEVENTH ANNUAL REPORT FREIGHT TRAFFIC. REPORT OF THE BOARD OF DIRECTORS. To the Stockholders of the Chicago dc North Western Railway Company: The Board of Directors submit herewith their report of the operations and affairs of the Chicago & North Western Railway Company for the fiscal year ending June 30 1916. Average number of miles operated, 8,107.82. Operating Revenues: $60,353,399 00 Freight 21,445,004 22 Passenger 7,448,365 75 Other Transportation 2,067,096 93 Incidental $91,313,865 90 Total Operating Revenues Operating Expenses (67.85 per cent of Operating Revenues)_. 61,952,329 34 $29,361,536 56 Net Revenue from Railway Operations Railway Tax Accruals (5.19 per cent of Op$4,741,527 44 erating Revenues) 13,302 60 Uncollectible Railway Revenues 4,754,830 04 Railway Operating Income Non-operating Income: Rental Income Dividend Income Income from Funded Securities Income from Unfunded Securities and Accounts and Other Items Total Non-operating Income Deductions from Gross Income: Rental Paymen,s Interest on Funded Debt Other Deductions $24,606,706 52 $841,242 34 1,561,932 00 5,895 75 644,405 63 The details of Freight Traffic for the year ending June 30 1916, compared with the preceding year, were as follows: -Increase-Amount. 1915. 1916. % Freight Revenue $51,923,860 74 $60,353,399 00 $8,429,538 26 16.23 Percentage of 1916. Inc.orDec. 1915. Tons of Revenue Freight Carried__ 51,238.459 +26.83 40,399,215 Tons of Revenue Freight Carried One Mile 6,216,280,599 7,412,265.747 +19.24 -3.53 Average Revenue Received per Ton $1 13 $1 29 Average Revenue Received per Ton -3.57 per Mlle .81 of a cent .84 of a cent Averaga Distance each Revenue Ton was Hauled -5.99 153.87 miles 144.66 miles +6.53 Mileage of Freight and Mixed Trains 17,250,535 18,376,722 Average Number of Tons of Revenue and Non-Revenue Freight Carried per Train Mile: 534.93 +11.52 East of .Missouri River 479.68 +2.67 208.93 West of Missouri River 203.49 Whole Road Average Number of Tons of Revenue and Non-Revenue Freight Carried per Loaded Car Mlle_ _ _ Average Freight Revenue per Train Mile +10.84 443.10 491.14 21.11 22.06 +4.50 $3 01 $3 28 +8.97 3,053,475 77 PASSENGER TRAFFIC. $941,168 86 9,312,121 54 124,378 87 The details of Passenger Traffic for the year ending Juno 30 1916, compared with the preceding year, were as follows: --Increase-Amount. Per Ct. 1915. 1916. $17,282,510 02 Net Income Passenger Revenue_ __$20,528,443 46 $21,445,004 22 $916,569 76 4.46 Disposition of Net Income: Sinking Funds $216,569 82 Percentage Dividends 1916. of Increase. 1915. 1,791,600 00 8% on Preferred Stock 33,328,529 .75 Inc. 33,079,550 Revenue Passengers Carried 9,108,015 00 Revenue Passengers Carried One 7% on Common Stock Mile 1,130,297,641 1,155,960,132 2.27 Inc. 11,116,184 82 Average Fare Paid per Passenger_ Total Appropriations 62 cents 64 cents 3.23 Inc. Average Rate Paid per Passenger $5,166,325 20 Balance Income for the year 1.86 cents 2.20 Inc. 1.82 cents per Mile =--:' le operating results as compared with the preceding Average Distance Traveled per 34.17 miles 34.68 miles 1.49 Inc. Revenue Passenger year were as follows: Mileage of Passenger and Mixed $8,429,538 26 21,613,332 1.13 Inc. Trains 21,372,414 Freight Revenue increased 91e 560 76 Average Passenger-Train Revenue Passenger Revenue increased 754,116 11 per Train Mile $127 4.10 Inc. Other Transportation Revenue increased $122 433,975 47 Incidental Revenue increased 10,377,672 27 Total Deductions from Gross Income $10,534,190 60 5,580,756 30 Total Operating Revenues increased Operating Expenses increased $4,953,434 30 Net Revenue from Railway Operations increased $224,584 34 Railway Tax Accruals increased 6,047 96 Uncoliectible Railway Revenues increased_ _ _ _ 230,632 30 $4,722,802 00 Railway Operating Income increased Of the Operating Expenses for the current fiscal year $36,001,249 65, or 58.11 per cent, was paid employees for Labor, as compared with $32,920,365 11, or 58.40 per cent, paid during the preceding fiscal year. The increase of $3,080,884 54 in the amount paid is accounted for as follows: $2,359,595 37 firCivase account more time worked 721,289 17 Increase account higher rates of compensation $3,080,884 54 MILES OF RAILROAD. The total number of miles of railroad owned June 30 1916 7,946.13 miles was In addition to which the company operated: Through Ownership of Entire Capital Stock Wolf River Valley Railway (Junction east of Elton to 1.98 " Van Ostrand, Wis.) Under Lease De Pue Ladd & Eastern Railroad (Ladd to 3.25 miles Seatonville, Ill.) Belle Fourche Valley Railway (Belle Fourche 23.52 to Newell, S. D.) James River Valley & Northwestern Railway (Blunt to Gettysburg, S. D.) 39.55 Macoupin County Extension RalPway (Benld to Staunton, Ill.) 4.36 Iowa Southern Railway (Miami to Consol, 12.25 Iowa) 82.93 " Under Trackage RightsPeoria & Pekin Union Railway (in the City of Peoria, Ill.) 2.02 Chicago Indiana & Southern Railroad (Churchill to Ladd, Ill.) 2.80 Union Pacific Railroad (Broadway Station, Council Bluffs, Iowa, to South Omaha, Neb.) 8.73 Missouri Valley & Blair Railway & Bridge Company's track 3.36 Chicago St. Paul Minneapolis & Omaha Railway: 24.70 Blair to Omaha, Neb 22.79 Elroy to Wyeville, Wis 2.28 In Sioux City, Iowa Illinois Central Railroad (Sioux City to Wren, 10.10 Iowa) 76.78 " 14 16 Total miles of railroad operated June 30 1916 The above mileage is located as follows: In Illinois In Wisconsin In Michigan In Minnesota In Iowa In North Dakota In South Dakota In Nebraska In Wyoming Total 8,107.82 " 824.53 miles 2,170.03 " 519.88 650.30 1,633.14 14.28 1,063.15 1,102.05 130.46 16 46 14 .6 8,107.82 41 MAINTENANCE OF WAY AND STRUCTURES. The total Operating Expenses of the Company for the year ending June 30 1916 were $61,952,329 34; of this amount $11,608,646 14 was for charges pertaining to the Maintenance of Way and Structures. Included in these charges is a large part of the cost of 82,109 tons of steel rails, the greater portion of which was laid in replacement of rails of lighter weight in 595.98 miles of track; also the cost of 3,819,928 new ties. The charges for Maintenance of Way and Structures also include a portion of the cost of ballasting 35.01 miles of track with crushed stone, 126.16 miles with gravel and 122.09 miles with cinders; the erection, in place of wooden structures, of 23 new steel bridges on masonry, and 12 on pile supports, aggregating 1,526 feet in length and containing 978 tons of bridge metal; and the replacement of other wooden structures with masonry arch and box culverts and cast-iron pipes, the openings being filled with earth. The wooden structures replaced by permanent work aggregate 5,227 feet in length. The charges on account of Maintenance of Way and Structures for the year ending June 30 1916, compared with the preceding year, were as follows: Inc.(+) or Dec.(-). 1915. 1916. Cost of Rails: +331,280 52 698,965 82 1,030,246 34 New steel rails +416,27786 842.610 97 1,258,888 83 Usable and re-rolled rails_ 1,541,576 79 2,289,135 17 Less value of old rails and 1,191,307 88 1,956,070 34 other items +747,558 38 333,064 83 350,268 91 Net charge for rails 1,547.651 05 2,198,949 95 Cost of Ties 97,782 89 117,254 77 Cost of Ballast 490,433 54 Cost of Other Track Material_ 375,613 88 Roadway and Track Labor and 4,486,656 40 4,873,440 87 Other Expanses --17,204 08 +651,298 90 -19,471 88 +114,819 66 Total Charges for Roadway 6,877.445 01 and Track Other Charges Account Maintenance of Way and Structures were as follows: Bridges, Trestles and Culverts Road Crossings, Fences, &c__ Signals and Interlockers Buildings, Fixtures & Grounds Docks and Wharves Superintendence Roadway Tools and Supplies_ _ Sundry Miscellaneous Charges +764,762 46 +386,784 47 7,993,672 08 +1,116,227 07 697,475 13 833,833 69 349,746 42 296,673 21 495,382 14 419,141 63 995,745 24 1,017,182 13 78,824 30 88,452 05 526,277 47 515,022 78 179,888 94 130.502 96 293,922 88 270,197 53 -136,358 58 +53,073 21 +76,240 51 +21,436 89 -9,627 75 +11,254 69 +49,385 98 -23,725 35 Total Charges Account of Maintenance of Way and 10,450,739 45 11,608,616 14 +1.157,906 69 Structures The above charges for Maintenance of Way and Structures for the current year amount to 18.74 per cent of the total Operating Expenses, as compared with 18.54 per cent for the preceding fiscal year. SEPT. 23 1916.1 THE CHRONICLE 1125 BONDS IN THE TREASURY AND DUE FROM MAINTENANCE OF EQUIPMENT. TRUSTEE. The charges on account of Maintenance of Equipment for At the close of the preceding fiscal year the the year ending June 301916, compared with the preceding amount of the Company's Bonds in the Treasyear, were as follows: 1915. Increase. 1916. ury and due from Trustee was Locomotives $7,908,000 00 $4,740,217 79 $5,369,889 08 $629,671 29 Passenger-train Cars 1,268,877 15 1,427,374 26 158,497 11 The above amount has been increased during Freight-train Cars 5,873,407 23 6,903,028 62 1,029,621 39 Work Equipment 156,987 57 32,440 23 the year ending June 30 1916, as follows: 189,427 80 Shop Machinery and Tools Superintendence Sundry Miscellaneous Charges 170,396 43 354,854 54 84,194 47 46,543 09 18,594 17 34,474 42 216,939 52 373,448 71 118,668 89 Total Charges Account of Maintenance of Equipment $12,618,935 18 $14,598,776 88 $1,949,841 70 The above charges for Maintenance of Equipment for the current year amount to 23.56 per cent of the total Operating Expenses, as compared with 22.44 per cent for the preceding fiscal year. RESERVE FOR ACCRUED DEPRECIATION .ON EQUIPMENT. At the close of the preceding fiscal year there was a balance to the credit of the Equipment Reserve Accounts of $8,149,419 47 During the year ending June 30 1916 there was credited to the Equipment Reserve Accounts on account of depreciation 2,536,813 01 charges to Operating Expenses above$10,686,232 48 And there was charged during the year against the amount the Accrued Depreciation on Equipment retired or transferred from one class of service to another 445,842 44 Leaving a balance to the credit of the Equipment Reserve Accounts on June 30 1916, of $10,240,390 04 C.& N. W.Ry. Consolidated Sinking Fund Currency of 1915. 7%, Redeemed C. R. & M. R. RR. Third Division First Mortgage, 7%, Redeemed North Western Union Ry. First Mortgage, 7%, Redeemed M.L. S.& W.By. Extension and Improvement Sinking Fund Mortgage, 5%, Redeemed C.& N. W. Ry. Sinking Fund of 1879,5%, Redeemed C. & N. W. Ry. Sinking Fund Debentures of 1933, 5%,Redeemed C. & N. W. Ry. General Mortgage Gold Bonds of 1987,5%,Received on Account of Construction Expenditures made during the year $163,000 00 2,332,000 00 65,000 00 65,000 00 188,030 00 269,000 00 1,000,000 00 4.082,000 00 $11,990,000 00 The Bonds on hand and due from Trustee have been decreased during the year, as follows: C. & N. W. By. General Mortgage Gold Bonds of 1987, 5%, Sold to Reimburse the Company for Past Expenditures made for Construction and in Redeeming Matured Bonds 67,972,000 00 C. & N. W. By. Equipment Trust Certificates of 1913,45i%, Retired 400,000 00 TRANSPORTATION EXPENSES. 8,372,003 03 The Transportation Expenses of the Company for the year ending June 30 1916 were $32,119,222 84, or 51.85 Total Juno 30 1916 $3.618,000 03 per cent of the total Operating Expenses. Of this amount $20,799,544 55, or 64.76 per cent, was charged for labor; Net Decrease during the year $4,290,000 00 $6,405,078 70, or 19.94 per cent, was charged for fuel for In addition to the foregoing transactions, the following locomotives; and $4,914,599 59, or 15.30 per cent, was Treasury Bonds were exchanged for an equal charged for supplies and miscellaneous items. The increase N. W. Ry. General Mortgage Gold Bonds of amount of C.& 1987, 5%, viz. in the Transportation Expenses for the year ending June 30 C.& N. W.By. Consolidated Sinking Fund Currency, 1916, as compared with the preceding fiscal year; was C. R. & M. R. RR. Third Division First Mortgage Bonds $163.000 00 7% $2,365,778 78, or 7.95 per cent, distributed as follows: 2,332,000 00 Increase in amount charged for labor $1,530,904 19 Increase in amount chsrgal to' fuel for locomotives 562,507 06 Increase in amount charged for supplies and miscellaneous items 272,367 53 M. L. S. & W. By. Extension and Improvement Sinking Fund Mortgage, 5% C.& N. W. By. Sinking Fund Bonds of 1879. 5% 0.& N. W. Ry. Sinking Fund Debentures, 1933, 5% 40,000 00 136,000 00 200,000 00 $2,365,778 78 $2,871,000 00 CAPITAL STOCK. CONSTRUCTION. There was no change during the year in the Capital Stock and Scrip of the Company. The construction charges for the year ending June 30 1916 Special stock to the par value of $65,000, issued in 1873, were as follows: has,in accordance with the rules of the Inter-State Commerce On Account of Additional Main Tracks, viz.: Miles. Commission and as a matter of record, been brought upon Second Track, Otis to Cedar Rapids, Ia. 3.43 $71,293 46 the books of the Company. This stock being considered of Second Track, Cedar Rapids to Beverly, Iowa 4.80 merely nominal value has not heretofore been shown. 30.300 18 $101,593 64 The Company's authorized Capital Stock is Two Hundred On Account of Extensions, viz.: Million Dollars ($200,000,000), of which the following has Kingston Extension, Wisconsin 15.54 $214,124 08 Koopenick Extension, Wisconsin 8.73 5,403 10 been issued to June 30 1916: Outstanding : Common Stock and Scrip Preferred Stock and Scrip Special Stock $130,117,028 82 22,395,120 00 65,000 00 • Total Stock and Scrip Outstanding $152,577,148 82 Owned by the Company: Common Stock and Scrip $2,338,502 15 Preforrad Stock and Scrip '3,834 56 Total Stock and Scrip owned by the Company 2,342,336 71 Total Capital Stock and Scrip, June 30 1016 $154,919,485 53 FUNDED DEBT. of At the close , the preceding fiscal year the amount of Funded Debt, exclusive of Bonds in the Treasury and Due from Trustee, was $210,531,000 00 The above amount has been decreased during the year ending June 30 1916, by Bonds and Equipment Trust Certificates redeemed, as follows: C. R. & M. R. RR. Third Division First Mortgage 7% Redeemed $2,332,000 00 North Western Union By. First Mortgage 7% Redeemed 65,000 00 M. L. S. & W. By. Extension and Improvement Sinking Fund Mortgage, 5%, redeemed 65,000 00 C. & N. W. By. Sinking Fund of 1879, 5%, redeemed 187,000 00 C. & N. W. By. Sinking Fund Debentures \ 0, of 1933,57 redeemed 269,000 00 C. & N. . By. Equipment Trust Certificates of 1912, : 4%,redeemed, viz. $300,000 00 Series A 300,000 00 Series B 400,000 00 Series C 1,000,000 00 Total Funded Debt Redeemed 63,377.553 33 Less Original Cost of Equipment Retired, as follows: 28 Locomotives $217,451 31 3,928 Freight-train Cars_ _ _ _ 1,983,080 30 14 Passenger-train Cars 55,237 20 338 Work Equipment Cars. 58,847 67 Other Items 83,043 09 2.402,659 57 1,474,893 76 $7,815,610 50 3,918,000 00 $206,663,000 00 And the above amount has been increased byiBonds sold during the year, as follows: 0. & N. W. By. General Mortgage Gold Bonds of 1987, 5%, sold to re-imburse the Company for past expenditures ade redeei trti e ..... bonds ........................ .Total Juno 30 1916 Net Increase during the year 219.532 18 On Account of Elevating Tracks, viz.: Greenfield Avenue north, Milwaukee, Wis 267,078 45 Sundry Construction: Land for Transportation Purposes $744,783 36 Buildings and Fixtures 642,814 48 Bridges Trestles and Culverts 618.500 15 New Sidings, Yard Tracks and Spurs to Industries 287,369 39 Crossings and Signs 127,785 03 Signals and Interlockers 88,742 62 Betterment of Roadway and Track 1,206,163 15 Shop Machinery 53,125 81 Extension of Ore Docks, Ashland, Wis 315,696 39 Calumet Terminal Elevator, Chicago, Illinois. 806,310 83 Kinnickinnic Elevator, Milwaukee, Wis Miscellaneous Construction, including Fences, 691,417 05 Wharves and Docks and other items 169,806 16 5,752.514 47 Equipment: 35 Steam Locomotives, 2,800 Freight-train Cars, 50 Passenger-train Cars, and 6 Work Equipment Cars 3,413,143 41 Improvement of Equipment 464,409 92 7,972,000 00 $214,635,000 00 $4,054,000 00 LANDS. During the year ending June 30 1916, 3,417.69 acres and 71 town lots of the Company's Land Grant lands were sold for the total consideration of $107,525 92. The number of acres remaining in the several Grants June 30 1916 amounted to 314,448.61 acres, of which 9,125.68 acres were under contract for sale, leaving unsold 305,322.93 acres. Appended hereto may be found statements, accounts, and statistics relating to the business of the fiscal year, and the condition of the Company's affairs on June 30 1916. By order of the Board of Directors RICHARD H. AISHTON, President. THE CHRONICLE 1126 [VoL. 103. CHICAGO & NORTH WESTERN RAILWAY COMPANY GENERAL BALANCE SHEET JUNE 30 1916. (7,946.13 miles.) LIABILITIES. ASSETS. Capital Stock Investments $152,577,148 82 Outstanding Road and Equipment 2,342,336 71 Owned by Company Balance to Debit of this Account,June 30 $154,919,485 53 $367,713,923 16 1915 29,657 75 Premium Realized on Capital Stock Add Sundry Construction and EquipLong-Term Debt ment Expenditures for the year ending $203,848,000 00 Bonds held by the Public elseJune 30 1916, as see statement Equipment Trust Certificates held by the 7,815,610 where herein 7,396,000 00 Public 50$37,,33 66 4,416,471 41 Bonds held by Trustee account Sinking Cash and Securities in Sinking Funds 3,387,000 00 Funds 583,306 73 Miscellaneous Physical Property 14,563,843 16 Equipment Trust Certificates held by TrusInvestment in Affiliated Companies 4,000 00 tee account Sinking Funds Other Investments 418.000 00 Bonds owned by the Company $20,000 Chicago St. Paul Minneapolis & Equipment Trust Certificates owned by the $20,550 00 Omaha Railway Debentures of 1930_ 3,200,000 00 Company 149,200 shares of Capital Stock of the Chic. St. Paul Minn.& Omaha Ry.Co. 10,337,152 29 41,715 shares of Preferred Stock of the 3,910,575 93 Union Pacific Railroad Company_ _ _ _ 5,471 81 Miscellaneous 14,273,750 03 218,253,000 00 $409,366,904 99 Current Liabilities Current Assets Traffic and Car Service Balances Due to $14,475,622 90 Cash $1,605,477 23 Other Companies 1,712 35 Bills Receivable Audited Vouchers and Wages Unpaid...... 4,080,715 18 Traffic and Car Service Balances Due from 226,779 99 Miscellaneous Accounts Payable 140,656 05 Other Companies 3,453,411 61 Matured Interest and Dividends Unpaid.._ Net Balance Receivable from Agents and 1,938,439 17 Unmatured Interest Accrued 3,203,017 86 Conductors 201,625 81 Other Current Liabilities 2,245,834 49 Miscellaneous Accounts Receivable 5,319,676 96 Materials and Supplies 377,685 08 Other Current Assets 11,506,448 09 25,764,205 69 Unadjusted Credits Unadjusted Debits $67,550 00 Tax Liability _ $38,087 67 Insurance Premiums Paid in 10,240.390 04 Accrued Depreciation-Equipment Advance__Capital Stock and Scrip, C. & N. W. 11y. Balance Premium on C. & N. W. By. 5% 2,342,336 71, Co., held in Treasury 1,020,844 19 General Mtge. Gold Bonds of 1987- -.... $65.000 North Western Union Ry. First 723,236 75 Other Unadjusted Credits 65,000 00 Mortgage Bonds, held in Treasury.._ _ _ 12,052,020 98 $42,000 M. L. S. & W. By. Extension and Corporate Surplus Improvement Sinking Fund Mortgage Sinking Fund on North Western Union By. 42,000 00 Bonds, held in Treasury $1,766,794 01 Gold Bonds $111,000 C.& N. W.Ry.5 Sinking Fund Sinking Fund on W. & St. P. RR. Exten111,000 00 Bonds of 1879, held in Treasury 2,646,875 00 sion Gold Bonds $200,000 C.& N. W.Ry. Sinking Fund De4;413,669 01 200,000 00 bentures of 1933, held in Treasury 41,017,806 84 Profit and Loss W. Ry. Equipment $3,200,000 C. & N. Trust Certificates of 1913, Series D, 3,200,000 00 held in Treasury 1,062,554 04 Other Unadjusted Debits 7,060.978 42 $442,192,089 10 $442,192,089 10 CHICAGO SAINT PAUL MINNEAPOLIS AND OMAHA RAILWAY COMPANY THIRTY-FIFTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1916. increase To the Stockholders of the Chicago Saint Paul Minneapolis and paid during the preceding fiscal year. The as follows:of $604,741 16 in the amount paid is accounted for Omaha Railway Company: $513,928 22 time worked . Increase account more 90,812 94 The Board of Directors submit herewith their report of the Increase account higher rates of compensation Saint Paul Minneapolis operationsand affairs of the Chicago 3604.741 16 and Omaha Railway Company for the fiscal year ending MILES OF RAILROAD. June 30 1916. The total number of miles of railroad owned of miles operated, 1,752.81. Average number 1,683.22 miles June 30 1916 was Operating Revenues: Freight Passenger Other Transportation Incidental $12,860,214 17 5,191,440 62 1,142,835 68 328,072 10 Total Operating Revenues Operating Expenses (66.38% of Operating Revenues) $19,522,562 57 12,958,837 50 $6,563.725 07 Net Revenue from Railway Operations Railway Tax Accruals (5.23% of Operating $1,022,052 69 Revenues) 6,336 98 1.028,389 67 Uncollectible Railway Revenues Railway Operating Income Non-operating Income: • Rental Income Dividend Income Income from Funded Securities Income from Unfunded Securities and Accounts, and other items $5,535,335 40 $357,852 35 43,351 00 15,224 78 37,151 39 Total Non-operating Income Deductions from Gross Income: Rental Payments Interest on Funded Debt Other Deductions Net Income Disposition of Not Income: Dividends 7% on Preferred Stock 7% on Common Stock Total 2,087,116 50 $915,910 30 The results as compared with the preceding fiscal year were as follows: $1,337,110 73 Freight Revenue increased 207,740 73 Passenger Revenue increased 120,640 80 Other Transportation Revenue increased... _ _ 15,722 63 _, Incidental Revenue increased Railway Operating Income Increased $1,681,214 89 859,766 46 $821,448 43 Of the Operating Expenses for the current fiscal year $7,204,098 51, or 55.59 per cent, was paid employees for labor, as compared with $6,599,357 35, or 54.51 per cent, In Wisconsin In Minnesota In Nebraska Total 3851,239 99 7,024 08 1,50239 781.14 miles 473.04 " 102.04 " 88.20 " 308.39 " 1,752.81 " In addition to the foregoing, the company owned and operated 183.03 miles of second track, located as follows: $3,003,026 80 $788,147 50 1,293,96900 69.59 " 1,752.81 " The above mileage is located as follows: 2.988,888 12 Balance Income for the year Total Operating Revenues increased Operating Expenses increased Railway Tax Accruals increased Uncollectible Railway Revenues increased_ Total miles of railroad operated June 30 1016 In Wisconsin In Minnesota In Iowa In South Dakota 456,579 52 In Nebraska $756,783 86 2,215,37733 16,726 93 Total Deductions from Gross Income In addition to which the company operated: Under Trackage Rights Northern Pacific Railway (Superior, Wis., to 1.59 miles Rice's Point, Minn.) Great Northern Railway (St. Paul to Mirme11.40 " apolis, Minn.) Minneapolis & St. Louis Railroad (Minne27.00 " apolis to Merriam, Minn.) Illinois Central Railroad (LeMars to Sioux 25.20 " City, Iowa) Sioux City Bridge Company (bridge across Missouri River and tracks at Sioux City, 3.90 " Iowa) Chicago and North Western Railway (Sioux City to Sioux City Bridge Company's track) .50 ." 157.09 miles 24.23 " 1.71 " 183.03 " FREIGHT TRAFFIC. The details of Freight Traffic for the year ending Juno 30 1916, compared with the preceding year, were as follows: Increase % Amount. 1916. 1015. $11,523,103 44 $12,860,214 17 $1,337,110 73 11.60 Per cent of Increase or Decrease. 1916. 1915. 8,794,488 10,082,061 +14.64 Tons of Revenue Freight Carried.. _ _ Tons of Revenue Freight Carried 1,336,106,367 1,578,936,405 +18.17 One Mile $1 28 -2.29 31 31 Average Revenue Received per Ton Average Revenue Received per Ton .86 of a cent .81 of a cent -5.81 per Mile Average Distance each Revenue Ton 151.93 miles 156.61 miles +3.08 was Hauled 4,449,389 +10.51 4,026,069 Mileage of Freight and Mixed Trains.. Average No. of Tons of All Freight 390.31 +8.38 360.13 Carried per Train Mile Average No. of Tons of All Freight 20.39 21.30 +4.46 Carried per Loaded Car Mile Average Freight Revenue per Train $289 +1.05 $2 86 Mlle Freight Revenue SEPT 23 19164 THE CHRONICLE 1127 PASSENGER TRAFFIC. CAPITAL STOCK. The details of Passenger Traffic for the year ending June 30 No Stock was issued or sold during the year. The com1916, compared with the preceding year, were as follows: pany's authorized Capital Stock is fifty million dollars Increase ($50,000,000), of which the following has been issued to June 1916. Amount. % 1915. Passenger Revenue_ _ _ $4,983,699 89 $5,191,440 62 $207,740 73 4.17 30 1916: Common Stock and Scrip held by the Public_ _4;18,559,086 69 Per cent of Increase or Common Stock and Scrip owned by the Company 1915. 1916. Decrease. 2,844,206 64 Passengers Carried 4,767,826 5,436,588 +14.03 $21,403,293 33 Passengers Carried One Mile 252,305,000 254,754,659 +.97 Preferred Stock and Scrip held by the Public $11,259,859 09 Average Fare Paid per Passenger__ _ _ 104.53 cents 95.49 cents -8.65 Preferred Stock and Scrip owned by the Company Average Rate Paid per Passenger per 1,386,974 20 +3.19 1.975 cents 2.038 cents Mile 12,646,833 29 Average Distance Traveled per PasTotal Capital Stock and Scrip, June 30 1916 miles 46.86 miles -11.45 senger 52.92 334,050,126 62 Mileage of Revenue Passenger and 4,349,764 4,404,103 +1.25 Mixed Trains FUNDED DEBT. Average Passenger Train Revenue At the close of the preceding fiscal year the amount of Bonds $1 34 per Train Mile 31 40 +4.48 held by the Public was The above amount was decreased during the year ending339,337,000 00 MAINTENANCE OF WAY AND STRUCTURES. June 30 1916 by Bonds redeemed as follows: Sault Ste. Marie & South-Western Railway First MortThe total Operating Expenses of the Company for the year gage 5% Bonds of 1890, matured Nov. 1 1915 ending June 30 1916 were $12,958,837 50; of this amount And the above amount has been increased by Bonds sold 350,000 00 during the year as follows: $2,340,883 41 was for charges pertaining to Maintenance of Chicago, St.Paul,Minneapolis & Omaha Ry. Consolidated Mortgage 6% Bonds of 1880, Way and Structures. Included in these charges are $124,issued to redeem Sault Ste. Mario & South506 88 for steel rails, $350,986 75 for ties, and the cost of Western Ry. First Mortgage Bonds of 1890, re-ballasting 112.11 miles with gravel and cinders, also part matured Nov. 1 1915 $400,000 00 Debenture Gold Bonds of 1930, 5%, issued cost of replacing 2,664 feet of wooden bridging with perduring the year, with the approval of State manent work. authorities, for additions, improvements and equipment During the year 6,424 tons of new steel rails and 8,605 2,000,000 00 tons of usable and re-rolled steel rails were laid in track, a Total Bonds sold 2,400,000 00 greater portion of which replaced rails of lighter weight; Total Juno 30 1916 341,387,000 00 671,654 ties of all descriptions were laid in renewals. In addition to theforegoing, The details of the charges to Maintenance of Way and & Omaha Ry. Consolidated Chicago,St.Paul, Minneapolis Mortgage 6.% Bonds of 1880 Structures for the year, compared with the previous year, were issued for a like amount of the following underlying were as follows: bonds retired: 1915. 1916. Inc. or Dec. Cost of Rails: New steel rails Usable and re-rolled rails_ Less value of old rails and other items $362,580 63 138,315 69 $203,432 82 -$159,147 81 229,051 76 +90,736 07 $500,896 32 Chicago, St. Paul & Minneapolis Ry. First Mortgage Bonds of 1878. 6% $95,000 00 North Wisconsin Ry. First Mortgage Bonds of 1880, 6% 4,000 00 $432,484 58 -368,411 74 369,953 94 307,977 70 -61,076 24 Net charge for rails $130,942 38 Cost of Ties 229,376 56 Cost of Ballast 20,270 06 Cost of Other Track Material 117,233 06 $124,506 88 350,986 75 17,970 71 122,156 44 -$6,435 50 +121,610 19 -2,299 35 • +4,923 38 Roadway and Track Labor and _774,745 18 _781,740 35 Other Expenses +6,995 17 Total Charges for Roadway and Track $1,272,567 24 $1,397,361 13 +3124,793 89 Other Charges Account Maintenance of Way and Structures were as follows: Bridges, Trestles and Culverts_ 159,950 88 374,012 22 +214,061 34 Road Crossings, Fences, Etc.._ 64,003 35 73,771 69 +9,768 34 Signals and Interlocking Plants 28,082 14 24,269 38 -3,812 76 Buildings, Fixtures & Grounds 207,458 28 263,795 65 +56,337 37 Docks and Wharves er.96 30 1,523 02 +1,619 32 Superintendence 107,451 21 110,132 92 +2,681 71 Roadway Tools and Supplies.. _ 24,502 41 30,498 01 +5,995 60 Sundry Miscellaneous Charges_ 92,884 28 65,519 39 -27,364 89 Total Charges Account Maintenance of Way and Structures 31.956.803 49 32,340,883 41 +3384,079 92 $99,000 00 BONDS IN THE TREASURY. On June 30 1915 the amount of the Company's Bonds and Scrip in the Treasury was The amount of bonds and scrip was decreased during the year as follows: Sault Ste. Marie & South-Western Ry. First Mortgage 5% Bonds of 1890 retired Total June 30 1919 350,634 09 50,000 00 $634 09 CONSTRUCTION. The construction charges for the year ending June 30 1916 were as follows: Account Cost of Locust Street Viaduct, Omaha, Nob Permanent Bridges (cost of new over old) Betterments of Roadway and Track Sidings and Spur Tracks Buildings: Now General Office Building, St. Paul, Minn..-$46,394 95 Other Buildings 148,682 26 $25,428 19 46,188 64 185.334 87 42,683 93 $195,077 21 Less amount charged to Operating Expenses account old General Office Building, St. Paul, torn down 63,709 52 The above charges for Maintenance of Way and Structures Machinery 131,367 69 and Tools 5,252 44 for the current year amount to 18.06 per cent of the total Miscellaneous Charges Operating Expenses,as compared with 16.16 per cent for the Equipment acquired (10 locomotives, 2 dining, 2 lounging, 41,939 47 1,500 box, 300 automobile and 100 refrigerator cars) 1,923,481 32 preceding fiscal year. Improvements to Equipment 57,397 46 Total MAINTENANCE OF EQUIPMENT. 32.459,074 01 Loss Original Cost of Equipment Retired as follows: The charges on account of Maintenance of Equipment for 5 Locomotives 345,000 00 594 Freight-train Cars the year ending June 30 1916, compared with the preceding 346,779 67 7 Work Cars , 4,900 00 . year, were as follows: Other Items 43,756 00 1915. 1916. Inc. or Dec. 440,435 67 Locomotives $975,126 79 $1,000,517 91 +$25,391 12 • $2,018,638 34 1,061,967 59 Freight-Train Cars 977,559 14 -84,408 45 CHANGE OF LINE. 265,800 71 Passenger-Train Cars 245,929 07 -19,871 64 35,127 09 Work Equipment 50,937 54 +15,810 45 Work has been commenced on a change of line between 31,300 56 Shop Machinery and Tools...... 32,680 20 +1,379 64 Superintendence 68,929 43 66,772 19 -2,157 24 Norma and Jim Falls, Wis., made necessary by the construcMiscellaneous Charges.._ 38,704 54 Sundry 44,741 24 +6,036 70 tion, now in progress, of a large dam by the WisconsinTotal Charges Account MainMinnesota Light & Power Co. which will completely flood tenance of Equipment $2,476,956 71 32.419.137 29 -$57,819 42 a large portion of our present track. This ' work is being The above charges for Maintenance of Equipment for the current year amount to 18.67 per cent of the total Operating done by and at the expense of the Light & Power Company under the direction of our Engineering Department. Expenses, as compared with 20.46 per cent for the preceding fiscal year. SUNDRY ADDITIONS AND BETTERMENTS. Eight steel spans, including the draw span, of Bridge No. RESERVE FOR ACCRUED DEPRECIATION ON 15 over the Mississippi River at St. Paul, Minn., joint with EQUIPMENT. At the close of the preceding fiscal year there was a balance the Chicago Milwaukee & St. Paul Railway, were replaced to the credit ot the Equipment Reserve Accounts of $1,912,783 32 with spans of heavier construction. During the year ending June 30 1916 there was credited to the Equipment Reserve Accounts on account of charges to The general office building at the corner of Fourth and Operating Expenses for Accrued Depreciation 465,420 52 Rosabel streets, St. Paul, Minn., was torn down and work begun on the erection of an eight-story, steel-frame, brick And there was charged during the year against the above32378203 84 building on the same site. . The general offices of the Comamount the Accrued Depreciation previously credited this account on Equipment retired or transferred from one class pany in the meantime are occupying temporary quarters service to another of 84,336 62 at the corner of Fourth and Broadway streets, St. Paul, Minn. Leaving a balance to the credit of the Equipment Reserve Accounts on June 30 1916 of Work is in progress on a steel viaduct at Locust Street, $2,293,867 22 TRANSPORTATION EXPENSES. Omaha, Nebr., joint with the Union Pacific and Missouri The Transportation Expenses of the Company for the year Pacific Railway Companies. At Chippewa Falls, Wis., a new brick and tile passenger were $7,208,270 51, or 55.62 per cent of the total Operating Expenses. Of this amount ,019,860 36, or 55.77 per cent, depot and a wooden freight depot were constructed to replace was for labor; $2,157,988 19, or 29.94 per cent, was for fuel a combination freight and passenger depot destroyed by fire. A new concrete and tile passenger depot was built at for locomotives; and $1,030,421 96, or 14.29 per cent, was Windom, Minn., and the old structure remodeled for use as for supplies and miscellaneous items. a freight depot. The total increase in the charges as compared with The Chicago & North Western Railway Company is preceding year was $470,573 34, distributed as follows: the erecting a new brick freight station at Sioux City, Iowa, to Increase in amount charged for labor $380.085 51 be joint Increase In amount charged for fuel for locomotives with this Company. Decrease in amount charged for supplies and miscellaneous 235,523 54 A combination freight and passenger depot of concrete items 145,035 71 constructure was built at Bancroft, Nebr.,replacing a wooden 3470,573 34 structure destroyed by fire. ivoL. 103. THE CHRONICLE 1128 LAND DEPARTMENT. Six 100-ft. brick and concrete stalls were added to the The Net Receipts from all Grants were $3,336 43. engine house at Spooner, Wis., and a five-stall brick engine 2,734.20 acres were disposed of, leaving 70,450.99 acres house was built at Emerson, Nebr., replacing a two-stall unsold June 30 1916. wooden structure. was 2.81 miles. The net increase in sidetracks and yards Appended hereto may be found Statements, Accounts and The length of wooden bridging was decreased 2,664 feet, Statistics relating to the business of the fiscal year, and the as follows: 1,053 feet condition of the Company's affairs on June 30 1916. By construction of permanent bridges and culverts 606 " By construction of iron pipe culverts 911 " By order of the Board of Directors. By construction of concrete pipe culverts 63 " By construction of vitrified pipe culverts 31 " JAMES T. CLARK, By filling President. 2,664 " CHICAGO ST. PAUL MINNEAPOLIS & OMAHA GENERAL BALANCE SHEET JUNE 30 1916. (1,683.22 miles.) LIABILITIES. ASSETS. Capital Stock Investments Common Stock and Scrip held by the Public 18,559,086 69 Road and Equipment Preferred Stock and Scrip held by the Public_ 11,259,859 09 Debit of this Account, June 30 Balance to $29,818,945 78 $74,255,872 81 1915 Common Stock and Scrip owned by the ComAdd Sundry Construction and Equipment $2,844,206 64 pany Expenditures for the year ending June 30 Preferred Stock and Scrip owned by the Com1916, as see stAtement elsewhere herein.. 2,018,638 34 1,386,974 20 pany 376,274,511 15 4,231,180 84 191,112 98 Miscellaneous Physical Property 532,742 04 • Investments in Affiliated Companies 834.050,126 62 376,998,366 17 Long-Term Debt $41,387,000 00 Bonds held by the Public Current Assets 634 09 $2,515,825 58 Bonds and Scrip owned by the Company_ _ _ Cash 41,387,634 09 Traffic and Car Service Balances Due from 121,703 48 Other Companies Current Liabilities Net Balances Receivable from Agents and Traffic and Car Service Balances Due to 519,439 38 Conductors $336,828 39 Other Companies 579,669 63 Miscellaneous Accounts Receivable 1,292,038 53 Audited Vouchers and Wages Unpaid 1,094,581 64 Materials and Supplies 175,092 24 Accounts Payable 4,831,219 71 Miscellaneous 50,336 00 Matured Interest and Dividends Unpaid.._ _ _ Unadjusted Debits 1,452,612 50 Unmatured Interest and Dividends $10,764 33 3,306,907 66 Discount on Funded Debt Stock, C. St. P. M. & 0. Ry. Co. Common Unadjusted Credits 2,844,206 64 held in Treasury 68 $707,424 Tax Liability C. St. P. M. & 0. Ry. Co. Preferred Stock, 142,553 13 Premium on Funded Debt 1,386,974 20 held in Treasury 2,293,867 22 Accrued Depreciation-Equipment Consolidated Mortgage Bond Scrip Due from 170,646 67 Other Unadjusted Credits 634 09 Trust Company Central 3,314,491 70 633,939 73 Other Unadjusted Debits 4,646,941 80 4,876,515 99 Profit and Loss 686,706,101 87 886,706,101 81 THE KANSAS CITY SOUTHERN RAILWAY COMPANY SIXTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1916. Kansas City, Mo., September 15 1916. of The Kansas City Southern Railway Co.: To the Stockholders The sixteenth annual report of the affairs of your Company, being for the year ended June 30 1916, is herewith presented. MILES OF RAILROAD. The track mileage of your Company at the end of the fiscal year was as below stated: Main Line: Kansas City. Mo., to Belt Junction, Mo Grandview, Mo., to Port Arthur, Tex Branches: Spiro, Okla., to Fort Smith, Ark Jenson, Ark., to Bonanza Mine West Lake, La., to Lockport, La DeQuincey, La., to Lake Charles, La 11.99 miles. 765.14 " 777.13 miles. 16.44 miles. 2.80 " 4.03 " 22.59 " 45.86 " Yard, Terminal and Side Tracks: North of Belt Junction, Mo.,and in and around 84.31 miles. Kansas City All other Yard, Terminal and Side Tracks.. _.337.11 " Second Track: Between Second and Wyandotte streets, Kansas City, Mo.,and Air Lino Junction, Mo_ _ 5.57 nines. 3.75 " Between Mile Posts 159 and 163 Between DeQueen, Ark.,and Neal Springs,Ark. 8.45 " 17.77 miles. 1,262.18 miles. Total owned or controlled Operated under Trackage Rights: Tracks of the St. Louis & San Francisco Railroad Co., between Belt Junction, Mo., and Grandview, Mo., used under contract: 11.01 miles. Main Line 2.33 " Sidings Tracks of the Kansas City Terminal Railway Co., between Union Station at Kansas City, Mo., and Sheffield, Mo., operated under joint contract: 5.31 First Main Track 5.11 Second Main Track Tracks of The Missouri Pacific Railway Co., between Troost Avenue and Santa Fe Street, Kansas City, Mo., used under contract_ _ _ _ 1.55 25.31 " Operated Under Lease: Yard Track to plant of the Armour Packing 3.83 miles. Co., Kansas City, Mo.-Kan Yard Track to plant of the Fowler Packing Co., 1.09 Kansas City, Mo 4.92 " 1,292.41 mile:. Total Miles in System 421.42 MILEAGE BY STATES. STATE. Missouri Kansas Arkansas Oklahoma Louisiana Texas Totals Owned by The K.C.S.Ry.Co. and Subsidiary Companies. Operated Under Lease Yard Track mgienco12:1,rdack.i• Main and Sidings. Yard Track. Line. .83 114.04 9.32 174.65 4.09 58.15 18.38 52.48 4.20 8.45 152.92 49.20 15.04 127.64 87.39 26.62 222.46 60.16 81.08 777.13 17.77 l 45.86 421.42 4.92 Operated Under Trackage flights. Total Mileage. 25.31 324.15 80.62 218.05 191.88 336.47 141.24 25.31 1,292.41 Therefore, the total mileage operated by your Company The total track mileage of the System underwent a decrease during the year from 1,293.64 to 1,292.41, making a net was: 793.45 decrease of 1.23 miles, which consists of the following items: Main Line 43.06 Branches Deduction: 2.78 miles. Yard, Terminal and Side Tracks (net) Addition: of The Missouri Pacific Railway Co., operated under Tracks 1.55 " contract 1.23 miles. in System Mileage Net Decrease Second Track Yard, Terminal and Side Tracks Total Mileage Operated 836.51 22.88 429.74 1,289.13 During the year the total operated track mileage increased. from 1,288.67 to 1,289.13, a net addition of .46 mile, comSystem mileage, the following posed of these items: Of the foregoing aggregate was not operated by your Company: Addition: Bonanza Coal Mine Spur: Operated by the Central Coal & Coke Co. under contract: 2.80 miles. Main Branch .48 " Sidings Total not operated by The Kansas City Southern By. Co_3.28 miles. Tracks of The Missouri Pacific Railway Co., operated under 1.55 miles. contract Deduction: 1.09 " Terminal and Side Tracks (not) Yard, .46 mile. Total Increase in Operated Mileage SEPT. 23 1916.] THE CHRONICLE 1129 EQUIPMENT. Inc.( +)or Operating Expenses1915-1916. 1914-1915. Dec.(-). Maintenance of Way and Structures $1.132,085 53 $1,132,078 43 +$7 10 Maintenance of Equipment_ 1,277,530 86 Acquired Acquired 1,185,015 81 +92,515 05 Traffic Expenses under under 334,668 08 336,195 76 -1,527 68 Equipment Freight Equipment Transportation Expenses_.._ 3,298,504 03 3,397,006 64 -08,502 61 Locomotives. Equipment. Owned. trusts. General Expenses Owned. trusts. 410,184 02 489,008 66 -78,824 64 Passenger Transportation for Invest29In Commercial Service NI Freight ment-Cr 110 -1.8 2,214 Box Cars Cr.91,250 91 Cr.60,484 23 +Cr30,766 68 Switching Furniture 32 146 5 99 Total Stock 307 ___ _ $6,361,721 61 86,478,821 07 -$117,099 46 Total 171 20 186 Tank Passenger Equipment. Coal 479 1,006 Net Revenue $4,221,908 73 83,557,075 00 +$664.833 73 Coaches 23 263 Flat 198 Taxes 561,990 43 574,315 98 -12,32555 Chair Cars Vinegar tank 25 2 Operating Income 3,659,918 30 2,982.759 02 +677.159 28 Ratio of Operating Expenses Coach and Baggage--- _ 4 to Gross Revenues Coach and Mail 1 Total 3,595 1.299 60.11% 64.58% -4.45% Baggage Ratio of Operating Expenses 18 In Work Service & Taxes to Gross Revenues Baggage. Coach and 222 Box Cars 65.42% 70.28% -4.86% 1 Furniture 1 There follows a comparison of the Gross Revenues for Express and Mail 1 10 Coal Office and Pay Cars__ 66 Flat 5 the late annual period with those of the previous year: Ballast 148 Increases in Gross Revenues Total Convertible Coal and 87 Due to the development of territory and general Work Equipment. Ballast 98 improvement in traffic relations and conditions_$654,427 31 Outfit Coaches 2 Water Cars 9 Due to an increased movement of coal, caused by Derricks 10 the high price of oil Steam Shovels Total 538 4 Due to increased movement of lumber, caused by 195,156 69 Slope Levelers 3 improved business conditions Ditchers Cabooses 2 79 Due to increased movement of petroleum, caused 235.565 87 Pile Drivers 2 principally by increased consumption of gasoline 273,582 79 Lidgerwoods Grand total 4,212 1,299 7 $1.358,732 66 Less Decreases, viz.: Total 37_ _ In addition to this railroad property, its rights of way, From movement of wheat, caused by diversion to$404,604 39 the Atlantic Seaboard real estate, building's, equipment and appurtenances, the From movement of corn, other grain and other mill products, caused by abundant crops for Company controls, by viture of its ownership of securities, home consumption in Oklahoma, Texas and Louisiana all the property of the following corporations, viz.: 406.394 00 THE ARKANSAS WESTERN RAILWAY COMPANY. 810.998 39 A standard-gauge line from Heavener, Oklahoma, to Net Increase in Gross Revenues $547,734 27 The Rolling Equipment owned or otherwise controlled on June 30 1916, consisted of: Waldron,Arkansas,32.33 miles, together with rights of way, The regulations of the Inter-State Commerce Commisbuildings and appurtenances; controlled by your Company sion, in effect July 1 1914, require that when men or materthrough ownership of all the capital stock and bonds. ials employed in construction are conveyed in revenue trains, THE POTEAU VALLEY RAILROAD COMPANY. A standard-gauge line from Shady Point, Oklahoma, to the estimated cost of their transportation shall be credited Calhoun, Oklahoma, 6.59 miles, together with rights of way, to Operating Expenses and charged to the appropriate inbuildings and appurtenances; controlled by your Company vestment account. No revenue charge was made against Company material used in operation. through ownership of all the capital stock. The net decrease of 8117,099 46 in Operating Expenses THE KANSAS CITY SHREVEPORT & GULF TERMINAL CO. Union depot property at Shreveport, Louisiana, including was brought about by the causes below enumerated: Decreases in Operating Expenses its real estate, buildings and 1.16 mile of yard and terminal Traffic Expenses. track; controlled by your Company through ownership of Miscellaneous net decreases $1.527 68 Transportation Expenses. all the capital stock. Resulting from curtailment PORT ARTHUR CANAL & DOCK.COMPANY. Lands, slips, docks, wharves, warehouses, one grain elevator (capacity 500,000 bushels), &c. all at Port Arthur, • Texas; controlled. by your Company through ownership of all the capital stock and bonds. THE K. C. S. ELEVATOR COMPANY. One first-class elevator, of capacity 650,000 bushels, situated at Kansas City, Missouri; controlled by your Company through ownership of all the capital stock. THE MENA LAND & IMPROVEMENT COMPANY. A Company formed for taking title to real estate at Mena employees in consequence of the estabArkansas, vacated by. lishment of new division terminals at Heavener, Oklahoma, and DeQueen, Arkansas; controlled by your Company through ownership of all the capital stock. GLENN-POOL TANK LINE COMPANY. in: Locomotive and train expenses.._ _ _$103,227 64 Station service 6,131 80 $109,359 44 Less Increases, viz.: Yard expenses Casualties and miscellane-38,028 84 ous 4,826 99 10,856 83 98.502 61 General Expenses. Decrease in Valuation Expenses, account of work nearing completion__ $65,107 69 Decrease in Law Expenses 8,824 94 Miscellaneous net decreases 4,892 01 78,824 64 Transportation for Investment-Cr. Credit to Operating Expenses on account of men engaged in and material for construction moved in revenue trains, in excess of similar credit for the previous year 30.766 68 $200,621 61 Less Increases,viz A Company owning and operating 160 tank cars; con- "Maintenance of Way and Structures. Nominal increase, due to ordinary fluctuation $7 10 trolled jointly by your Company as the owner of 75 per cent Maintenance of Equipment. of the capital stock, and the Midland Valley Railroad ComIncrease in current repairs of equipment pany as owner of the remaining 25 per cent of the stock. $60,423 59 Increase in casualties 12,503 28 In order to provide for an increased movement of crude Increase due to charge to Operating Expenses for depreciation of equippetroleum, and by reason of the prevailing high prices of ment in June 1916, made by direcequipment, the Company has acquired 100 additional tank tion of the Inter-State Commerce Commission cars by lease for a term expiring December 1 1918. None 12,014 58 Increase in charges on account of of these cars, however, have been delivered. equipment retired 4,719 72 Miscellaneous net increases 2,853 88 That portion of the System lying within the State of Texas, 92,515 05 92,522 15 the mileage of which is included in the operated mileage of your Company, is operated separately by its owner, the Net Decrease in Operating Expenses $117.099 46 Texarkana & Fort Smith Railway Company, which company The Revenue Tonnage movement for the year,as compared has its own general offices and books of account at Texarkana, with that of the year preceding, was as follows: Texas, in accordance with the Texas law. For the year ended June 30 1915: For the sake of completeness, however, the reports of that Revenue Tons one mile-North 628,776,501 Revenue Tons one mile-South company are included in those of the Kansas City Southern 499,954,153 1.128.730,654 Railway in so far as is necessary to show the reFor the year ended June 30 1916: sults of the operation of the whole line from Kansas City to Revenue Tons one mile-North 719,846,702 Revenue Tons one mile-South tho Gulf. 380,126,446 RESULTS OF OPERATION.. 1.099,973,148 The following statement shows the results of operation Decrease in Revenue Tons one Mile 28,757,506 the The Kansas City Southern Railway for the year ended It will be observed from the foregoing that, although there June 30 1916, compared with corresponding results for the was a decrease of 28,757,506 in the number of revenue tons, preceding year: moved one mile, there was an increase in Freight Revenue ) ((1-or Mileage1915-1916. Operated of $362,988 75. This is explained by an increase in high1914-1915. Dec. 793.45 Mlles of Main Line 793.45 class traffic, in consequence of which the average freight 43.06 Miles of Branches 43.06 429.74 Miles of Sidings and Spurs 429.28 +.46 revenue per ton per mile increased from 6.85 mills m 1915 to 22.88 Miles of Second Main Track 22.88 7.36 mills this year. Revenues from Operation $8,094,107 07 $7,731,118 32 +$362,988 Freight Revenue 75 Passenger Revenue 1,513,168 19 1,410,617 95 +102,550 24 Excess Baggage Revenue 16.742 42 14,039 86 +2,702 56 Mail Revenue 141,871 32 141,535 27 +336 05 Express Revenue 211.552 58 172.012 22 +39,540 36 Other Passenger-Train Revenue 2,026 85 1,931 79 +95 06 Switching Revenue 530,169 99 499,636 36 +30.533 63 Special Service Train Revenue 1,963 40 4,176 50 --2,213 10 Other Freight-Train Revenue 427 64 693 66 --266 02 Revenue from Operations Other than Transportation 71,600 88 60,134 14 +11,466 74 Gross Revenues $10,583,830 34 $10,035,896 07 +$547.734 27 THE GULF STORM. On August 17 1915 a tropical storm of great severity occurred on the Gulf coast, which extended from the vicinity of Houston and Galveston through Fort Smith, Arkansas, and thence northeast. This disturbance necessitated a suspension of traffic between Beaumont and Port Arthur for six days, and caused damage to the property of your Company to the extent of about $15,000 00. The severity of the storm, the limited extent of your road affected, and the small amount of damage done, suggest that no serious loss from this cause need be apprehended in the future. [Vol,. 103. THE CHRONICLE 1130 REFUNDING AND IMPROVEMENT MORTGAGE'BONDS. To provide funds for the construction of bridges; the purchase and improvement of additional real estate; the construction, purchase or acquisition of terminals, stations, yards, sidings, industry tracks, shops, depots or warehouses; ditching, ballasting and increased weight of rail, and for other additions to or betterments of the property, there were, sold during the year $1,000,000 00 par value of the Refunding and Improvement Mortgage Bonds authorized by the Stockholders on June 29 1909. The situation at June 30 1916 with respect to such bonds was as follows: An additional station building, of modern design and ample capacity, is in process of construction at Beaumont, Texas. Improvements inaugurated include a number of new sidings to serve industries not heretofore reached by your tracks, and to accommodate new industries in process of establishment. The following is a list of such industry tracks, some of which have been completed, and others are in course of construction: NEW TRACKS TO SERVE NEW INDUSTRIES. Completed Milo 535. Producers Oil Co Watts, Okla. Trowbridge & Martin $10,000,000 00 Sheffield, Mo. Brass & Metal Manufacturing Co Lake Charles, La. 5,000,000 00 Lake Charles Gas Co 500,000 00 Starks, La. Miller-Link Lumber Co Miles 115-116. 500,000 00 Mulberry Coal Co Cedar Grove, La. 500,000 00 American Oil Refining Co 250,000 00 Beaumont, Tex. Phelan-Josey Co 44,000 00 Kansas City, Kas. Missouri Valley Bridge & Iron Co 206,000 00 Uncompleted Dorsey, Ark. 1,000,000 00 L. F. Dawson 18,000,000 00 G. W. Tatum Anderson, Mo. $3.000,000 00 NEW TRACKS TO SERVE EXISTING INDUSTRIES. Unissued June 30 1916 Completed Neosho, Mo. The status as regards the Refunding and Improvement Neosho Milling Co Beaumont, Tex. and outstanding on that date is Josey-Miller Co Mortgage Bonds issued East Manchester, Mo. United States Stock Food Co subjoined exhibit: Gas Center, La. set forth in the Louisiana 011 Refining Co Mile 588. $18,000,000 00 Frost-Johnson Lumber Co Total issued and outstanding Expended to June 30 1915, as shown by the ABANDONED PROPERTY. $16,564,964 55 Fifteenth Annual Report The estimated cost of property abandoned in the course Expended during the year ended June 30 1916: $90,000 00 Discount of improvements amounts to $1,079,517 86, which amount Net expenditures for Additions has been segregated from Capital account. Of that total 453,217 03 and Betterments Applied to the reimbursement of $144,382 40 had been previously disposed of, as shown by Surplus for Additions and the Fifteenth Annual Report, and $89,060 52 was charged Betterments made from current funds in prior years.._ _ _672,434 71 to Operating Expenses during the year ended June 30 1916, 1,215,651 74 17,780,616 29 leaving for future amortization a balance of $846,074 94, as $21,000,000 00 Total authorized issue Issued and sold: July 1 1909 February 15 1911 November 1 1912 December 2 1912 April 2 1913 May 5 1914 October 7 1914 April 1 1915 December 15 1915 $219,383 71 Balance unexpended Juno 30 1916 EQUIPMENT TRUSTS. The total face amount of Equipment Trust Obligationst outstanding June 30 1915 was: 00 $1,178,000 124,000 00 Series "D," dated December 15 1912 Paid during the year $1,054,000 00 Outstanding June 30 1916 ADDITIONS AND BETTERMENTS. Net expenditures were made duting the year for Additions and Betterments to Road and Equipment in the amounts following: From proceeds of Refunding and Improvement $453,217 03 Mortgage Bonds 521,915 25 From current funds $981,132 28 A classified schedule of such expenditures is elsewhere presented. The length of steel bridges underwent an increase during the ye r from 22,015 to 22,171 feet. A net addition of 104 feet to the length of trestles resulted from the construction of 381 feet of new trestles to afford enlarged waterway in case of floods,from an increment of 32 feet in the length of trestles renewed, and from a reduction of 309 feet on account of trestles replaced by steel bridges. The number of stone and concrete culverts increased from 667 to 673,the number of cast-iron pipe culvertsfrom 570to 572,and the number of concrete pipe culverts decreased from 98 to 97. The work of widening cuts and fills to standard specifications, preparatory to the reception of additional ballast, was carried forward as rapidly as occasion required. Substantial progress was also made in drainage and the protection of banks. Ballast was applied to 197 miles of your main track. The stage to which plans for ballasting had progressed at the close of the fiscal year was as below indicated: Section of 6 inches or more under ties Section of less than 6 inches under ties 664.13 milcs 113.00 " 777.13 miles Total main line mileage owned During the year 28.903 miles of your main line between Neosho, Missouri, and DeQueen, Arkansas, which had for-pound rail were relaid with merly been laid with 75 and 80 -pound steel, making the weights of rail on your main new 85 line mileage owned as of June 30 1916, as follows: Rail weighing 85 pounds per yd Rail weighing 80 pounds per yd Rail weighing less than 80 pounds per yd Total main line mileage owned 624.85 miles 98.27 " 54.01 " 777.13 miles shown by the Balance Sheet. Under existing •requirements this remainder is chargeable to Operating Expenses at the rate of approximately $90,000 00 per annum. LITIGATION. The Guardian Trust Company litigation, mentioned in previous reports, was on February 21 1916 decided adversely to your Company by the Supreme Court of the United States. Under this judgment your Company has paid to June 30 1916, from surplus funds, $821,623 28, leaving unsettled certain items of costs which have not yet been determined. For some years your Company has been engaged in litigation with The Kaw Valley Drainage District concerning the reconstruction of your bridge across the Kansas River at Kansas City, Kansas, in accordance with the plans of the District to remove obstructions and to widen the channel of the river in order to prevent floods. Your Company held that the reconstruction of the bridge was unnecessary. On account of the hostility aroused in the shipping public, however, the management finally determined that it was advisable to meet the demands of the Drainage District and discontinue the controversy. The estimated cost of reconstructing this bridge and approaches is $236,004 33. The work was commenced in April 1916, and is now in progress. FEDERAL VALUATION. On the basis of the surveys and inventories which were completed in April 1915, the forces of the Inter-State Commerce Commission have made tentative estimates.of the Cost of Reproduction New, and Cost of Reproduction less Depreciation, of your properties. Based upon surveys and inventories completed by your forces at about the same time, the valuation of your railroad, as required by the Federal Valuation Act, has been practically completed. The results so far reached by the Commission have been. compared with those obtained 13y your staff, and the differences developed are now in process of adjustment. All orders of the Inter-State Commerce Commission have been fully complied with by your Company, and especial efforts have been made to co-operate with and assist the forces of the Government in the valuation of your property. The cost to your Company of Federal valuation to date is as follows: For the Year. Ended To June 30 1915. June 30 1916. Total. $68,824 72 $68,824 72 Field work Valuation Orders, Inter-State Com20,229 49 $4,829 86 15,399 63 merce Commission Contributions to Presidents' Confer1,09015 282 92 807 23 ence Committee 4,608 89 7,457 39 2,848 50 Appraisal of real estate 52,855 73 24,915 47 27,940 26 General and miscellaneous Work was begun upon a matured program for the reinforcement of track through the application of tic plates, anti-creepers and other devices, with a view to stability, $112,795 55 337,661 93 $150,457 48 permanence, and economy of maintenance. There was exTotals pended for this purpose during the year $33,776 36. New station buildings, required by public authority or The appended Balance Sheets and statistical statements made necessary by the demands of traffic, have been erected give full detailed information concerning expenditures for at the following locations. These facilities involved ex- Improvements, and the results of operation. penditures as below stated: A report, including balance sheet, income account and For the Year ended Prior to other pertinent data, in form prescribed by the Inter-State Total. July 11915. June 30 1916. $9,523 23 Commerce Commission, has been filed with that body at $6,151 18 $3,372 05 Anderson, Mo 12,690 31 Washington. Your Board has deemed it advisable, however, 4,445 8.3 8,244 48 Siloam Springs, Ark 9,845 48 9,845 48 Stilwell, C>kla 11,049 37 to retain herein the forms heretofore adopted and long 10,497 64 551 73 Sallisaw, Okla 15,696 29 familiar to the Stockholders. 15,696 29 Spiro, Okla 970 10 967 97 2 13 Page, Okla By order of the Board of Directors. 1,25106 1,25106 Frierson, La 1,407 21 J. A. EDSON, President. 1,407 21 Ludington, La Totals $12.170 39 $50,262 66 $62,433 05 (For Comparative Statistical tables see under "Annual Reports" on a preceding page.) THE CHRONICLE SEPT. 23 1916.1 1131 INTERBOROUGH RAPID TRANSIT COMPANY ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1916. No. 165 Broadway, New York, Sept. 1 1916. ToTthe Stockholders: Your Board of Directors submits herewith its report of the operations of the Interborough Rapid Transit Company for the fiscal year ended June 30 1916. The comparative income account for the years ended June 30 1916 and 1915, is: COMPARATIVESTATEMENT OFINCOME ACCOUNT. Increase( -I-) or Decrease (-)• 1915. 1916. Year ended June 30th Gross Operating Revenue____35,891,528 29 33,433,742 81 +2,457,785 48 Operating Expenses 14,008,165 97 12,941,314 22 +1,066,851 75 Net Operating Revenue..-21,883,362 32 20,492,428 59 +1,390,933 73 Taxes 2,341,606 64 2,133,980 09 +207,626 55 Income from Operation_ 19,541,755 68 18,358,448 59 +1,183,307 18 -42,800 37 623,631 25 Non-operating Income 580,830 88 Gross Income 20,122.586 56 18,90:079 75 +1,140,506 81 11,409,259 57 10,913,595 48 +495,664 09 Income Deductions Net Corporate Income for +644,842 72 8,713,326 99 8,068,484 27 the Year 5,66293 +173, 178,68767 Add Queensboro Subway 48,892,014 66 87074;1- 7 20 +817,867 46 'Add Surplus June 30 1915 and 15,509,108 58 15,214,403 12 +294,705 46 June 30 1914 11,813 97 +246,926 75 Tax Refunds and Other Credits 258,740 72 Totals 24,659.863 96 23,300,384 29 +1,35,499 67 Appropriated for Taxes Prior Years, Amortization, Capital Retirements and Other Charges 128,886 07 791,255 71 -662,369 64 Dividends 7,000,000 00 7,000,000 00 Total Appropriations 7,128,886 07 7,791,255 71 -662,369 64 Profit and Loss -Surplus 17,530,977 89 15,509,108 58 +2,021,869 31 The results from operations are shown in the following: UTTTEMENT OF OPERKTIONStFOR'THE YEAR' ENDED JUNE 30 1916. Gross Operating Revenue Operating Expenses $35,891,528 29 14,008,165 97 Net Operating Revenue Taxes $21,883,362 32 2,341,606 64 Income from Operation Non-operating Income $19,541,755 68 580,830 88 Gross Income $20,122,586 56 Interest and Sinking Fund on City Bonds..__ $2,380,619 84 Interest on Interborough Rapid Transit ComFirst and Refunding Mortgage 5% pany Gold Bonds 3,043,630 26 Interest on Manhattan Railway Consolidated Mortgage 4% Bonds 1,604,556 51 Interest on Manhattan Railway Second Mortgage 4% Bonds 66,839 89 Interest on New York Elevated Railroad 57 Debenture Bonds 33,423 92 Manhattan Railway Rental (Organization) 35,000 00 Guaranteed Dividend-7% on Manhattan Railway Company Capital Stock 4,200,000 00 Interest on Unfunded Debt 37,500 00 Other Rent Deductions 7,376 48 Amortization of Debt Discount and Expense Railway Second Mortgage on Manhattan 312 67 4% Bonds Total Income Deductions Net Corporate Income Add: Queensboro Subway 11,409,259 57 $8,713,326 99 178,687 67 $8,892,014 66 Dividenlls on Interborough Rapid Rapid Transit Company Stock (20%) 7,000,000 00 Surplus $1,892,014 66 Per Cent Expenses to Earnings Passengers Carried 39.03 683,752 114 The increase in traffic on both Subway and Elevated Divisions, as well as the enlarged express service upon the Elevated Lines, led to an expansion of the train service, resulting in an increase in Car Mileage on the Subway Division of 3,772,304 car miles and on the Elevated Division of 1,255,749; this increase in car mileage, the shortening of the hours of Station men and increase in rates of pay of Transportation Employees, were responsible for the increase in the cost of transportation amounting to $714,400 51. NET OPERATING REVENUE. The Net Operating Revenue was $21,883,362 32, as compared with $20,492,428 59 last year, an increase of $1,390,933 73 or 6.79%,result of a gain on the Subway Division of 41,336 16 or 7.23%, and a gain on the Manhattan Railway Division of $549,597 57 or 6.21%. TAXES. The total amount of Taxes was $2,341,606 64 as compared with $2,133,980 09 last year, an increase of $207,626 55 or 9.73%; Subway Division shows an increase of $61,257 84 or 13.85%, and the Manhattan Railway Division an increase of $146,368 71 or 8.65%. As the result of vigorous protest made before the State Tax Commission with respect to the 1916 valuations, the special franchise valuation of the Manhattan Railway Company in the Borough of Manhattan shows a decrease of $7,925,000 from the 1915 figure. There was an increase of $2,558,000 in the Bronx valuation, making a net deduction in the special franchise valuation for 1916 for the Elevated System of $5,367,000. However, because of an increase in the "equalization rate" in the city for the year 1916, the special franchise tax assessment against the Manhattan Railway Company in the Borough of Manhattan shows a decrease of $6,010,250 and in the Borough of The Bronx an increase of $2,420,360, or a net decrease of $3,589,890 as compared with 1915. The large increase in the Bronx assessment is considered unwarranted and the same will be litigated. The litigation which the Company instituted in the Federal courts to recover the sums which it had paid to the U. S. Government as excise taxes on account of the Manhattan Railway Company has been successfully concluded. The Government admitted that the Company was entirely correct in its contention that the Manhattan Railway Company was not "engaged in business" so as to subject it to the tax. A refund of $83,987 21 was secured as the result of this litigation. INCOME FROM OPERATION. Income from operation was $19,541,755 68 as compared with $18,358,448 50 last year, an increase of $1,183,307 18 or 6.44%, the result of a gain on the Subway Division of $780,078 32 or 6.96%, and the gain on the Manhattan Railway Division of $403,228 86 or 5.63%. NON-OPERATING INCOME. Non-Operating Income was $580,830 88 as against $623,631 25 last year, a decrease of $42,800 37 or 6.86%, principally duo to the decrease in interest on bank balances and loans and reflects the temporary advances from General Cash for the purposes of the construction of the Manhattan Third Tracks and Power Plant Improvements. GROSS INCOME. • Gross Income was $20,122,586 56 as compared with $18,982,079 75 last year, an increase of $1,140,506 81 or 6.01%, the result of a gain on the Subway Division of $763,024 08 or 6.53%, and a gain on the Manhattan Railway Division of $377,482 73 or 5.17%. INCOME DEDUCTIONS. Income Deductions were $11,409,259 57 as compared with $10,913,595 48 last year, an increase of $495,664 09 or 4.54%, the details of which are set out on Page No. 32 [pamphlet report]. SURPLUS. The Surplus over Dividends of 20% on the Capital Stock was $1,892,014 66, a gain of $817,867 46 in Surplus over the previous year. FINANCIAL. OPERATING REVENUE. Gross Operating Revenue for the year ended June 30 1916, was $35,891,528 29, as compared with $33,433,742 81 last year, an increase of $2,457,785 48 or 7.35%, the result of a gain on the Subway Division of $1,513,457 75 or 8.48%, and on the Manhattan Railway Division of $944,327 73 or 6.06%. The increase on the Subway Division of $1,513,457 75 was to the amount of $1,296,296 04 the result of an increase in passenger revenue, and to the amount of $217,161 71 an increase in sale of power and in other operating revenue; the increased Subway traffic may be attributed to the revival of business evidenced in the Fall of 1915 which continued substantially unbroken to the close of the ficsal year. The increase on the Manhattan Railway Division of $944,327 73 was the result of an increase in passenger revenue 1916. 1915. Increase. $35,000,000 $35,000,Q00 of $520,498 16 and in sale of power and in other operating Capital Stock revenue of $423,829 57; the increase in passenger revenue First and Refunding Mortgage 5% Gold Bonds dated January 1 on the Manhattan Division took place in the last six months 1913, due January 1 1966 148,658,000 103,658,000 $45,000,000 of the fiscal year and reflected the improved facilities Totals $183,658,000 $138,658,000 $45,000,000 afforded by the Third Tracking of the Elevated Lines which The First and Refunding 5% Gold Bonds dated Januwere opened for operation January 17 1916. ary 1 1913, above referred to, were issued for the following purposes:, OPERATING EXPENSES. To provide funds for Subway Contribution under Contract Operating Expenses were $14,008,165 97 as compared with No. 3 dated March 19 1913 $73.090,000 $12,941,314 22 last year, an increase of $1,066,851 75 or To provide funds for Elevated Third Tracking under Cer- 11,550,000 tificate dated March 19 1913 8.24%, the result of an increase on the Subway Division of To provide funds for Elevated Extensions under Certificate dated March 19 1913 8,195,000 $672,121 59 or 10.83%, and an increase on the Manhattan To provide funds for the Manhattan Division Power Plant Railway Division of $394,730 16 or 5.86%. Improvements 3,208,000 The charges to Operating Expenses for maintenance and For the Refunding of $15,000,000 notes due May 1 1913 and the Forty-five Year Mortgage 5% Gold Bonds called depreciation of both Way and Structures and Equipment 52.615.000 November 1 1913 were $181,520 71 over similar charges for the previous year. $148,658,000 THE CHRONICLE CO. 0.3 4. 40 00 4.4.c . 1..9 0 . . 0.30.30 0.3 )00 11Pt W C0 10Q000 VO0Wc V w. 0 M; -.6M0 vovvo 00 6t. 9TV6192 00 WU .t482:285 . . 1,,U -410001001 00 . . . . v070.001140000 OW00.400140 g'2=3884t3 00 .N WC= bM.bb.MMio woo..ow.w -4 WU Oft=15?XtP 1000.00 otOw 0000) 000.300040 NOVOVOOWO C004.04.0003.4 00 .0 wwo b044M;404.MM 0000000000094.0100 0 4. WU 140010 .0 0..00C 3 00.0t0p000 5% 000w. V. 0000)000900000 1000000,00140 000,04.00000 CONSTRUCTION AND EQUIPMENT CASH FUNDS.. 41,978,969 96 Subway Contribution Cash $36,412,590 39 Manhattan Third Tracking Cash 10,637 60 Elevated Extension Cash 5,544,495 24 Manhattan Power House Cash 11,246 73 PREPAYMENTS 1,077,844 12 Insurance $171,651 10 Taxes 895,958 27 Rents 10,234 75 . .0 4,0.300 0200000020000V 03 .c4t w wb M1014 0%8838838 842§§tih 000 .0.0.0000 .4..00.0.. V &▪ WO ttttkOt:74 00 03 00 co 6£ 96VOCES to 00 fit EA 09 04 mw T 00003 Co o‘loM 0.14 0 molt, 0,0 wwo 001C. wo. UU V v14 c 4.00 vtO vv. WO 141.4-4 0000 00 gg . tow. IDOM.M 0000 4.00 woo ovw 00030000o. 030000 .s 00 wo00 oomo. 28r4 too w 00 wvv mo. ovowo o. 4o.n: 03 .m0 . oo 8 , op 0 agt: g st4 14bb .e.v3No 4. t V82 1009004. 454 000 0 oU m . w.. F vv o Oil 004 00 0 41.4%2 IP . . 14 MM -. Q .0 000 0 ow 00. ..4.0w WO W ow 004.0 ....40 .00 ...0. 8t8 84 8 wv 04. . 0000 004. 4. &W. P-46.9c) 000003 ;&:t: 00 bOL4 MM 0 et3P4 004.00 yoa ww. o b m w w. 0 00 V t VW 000900 000000 .60M Obi :L., t* 0 000003 ovw 00000 wwo :o ,? V F, 1 UUU 004.00 0000 0.3 .v00 00. .w Mae. 4,C 0.30310) mwtow. 0. 00 r0;QA oov 0000. .400 4.000) 0.03 , 4.'.10) ov co w .tt w c4:w C31 0. PV6,c ) 004. 0300' M ioMM 000 alt 4 . 4 0010 co.m.00 CO 094.0 0003 11144 0 v. CO t 0. .0 0 .v. 4 00 : 4 t. .4.C4 OWV4.-4 11.141414U 0004. 4.0000 ..V 00.4 88224 0.... 00 OW .14 1 , w.m 422: g coo wv. mw. wo4. ta01 74 14Mo 4. 224 4 0)000 0.4.0, 0,000 0'0'a'0 EtE 014. 00)00 00003 891£2 OL 068. OrET,CZ 098'698. 69 . . WO 03 . - e 00 0 C00.4 000000 § W00000 ° 4 7 tHZ 00 . 10 4.04. 2 88823 88844 0020 0.0 .40= wow M64. g asgh com. g Zt CV& 00140 COO . 0300 10 . . 0000 Vo4W .00 OWO 04. .W. 4.0101 00 .o0 . b N0 C. . 044 .oc 04. CA OV moo VW V 141oO w.. 2 o. P 03C.-• 28 -4 t432 00 00 .w otic)el 0 00 ;4k4 .0 , 1:1RQ 00-4 -40 000) 1.3 64 0-3 82 2 00 4. ' 42 -6' ' V an t9AN, 4,40 mp g $3.149,743 82 12.75 32.702.145 79 11.80 82.068.949 45 10.28 to 00 b coM 00 448 tn Co .to vv 0. 0009(31 14.b19 Mlo oom 845 ... Co wv 0.-4 ooo .w .w 0.. vv m , m oot C)-1 L4M 0 4.0na b 0 0 66 88V9862 O 0 .0Wc 1CUi+ .88 CoMb 0.0 w ww coww cowo ow ..w MO. wo8 104 WTI ww 00 IC • • • • • • • • 0.4 co ooftm ' W ; -.1n wa ii00 000 000)00 ASSETS. FIXED CAPITAL ;118,568,474 38 INVESTMENTS 24,902,884 65 ADVANCES TO ASSOCIATED COMPANIES 2,458,306 73 CURRENT ASSETS 20,673,600 95 Cash $3,497,233 47 Cash advanced from General Fund for Manhattan Third Tracking (see contra)! 4,625,000 00 Cash advanced from General Fund for Manhattan Power Plant Improvements (see contra) 150,000 00 Accounts Receivable 2,610.163 67 Bills Receivable 6,120 00 Interest and Dividends Receivable 728,940 75 Material and Supplies 2,486,450 21 Special Deposits: To most Coupons due notpresented _ _ _ _ 33,746 80 To meet Uncollected Dividends on Manhattan Railway Company Capital Stock 101 50 To meet Dividend due July 1st 1916, on Manhattan Railway Company Capital Stock 1,050.000 00 To meet Dividend due July 1st 1916 on Interborough Rapid Transit Company Capital Stock 1,750.000 00 To meet Interest due July 1st 1916 on First and Refunding Mortgage Gold Bonds 3,716,450 00 Cash Deposit with State Industrial Commission 19,394 55 .0000. 0,300 .6 .0 • ITEMS AWAITING DISTRIBUTION 70,749 10 SECURITIES IN TRUST FOR VOLUNTARY RELIEF FUND 68,644 01 DEFERRED CHARGES 10,051,624 17 Unamortized Debt Discount and Expense. TOTAL $219,851,098 07 LIABILITIES. CAPITAL STOOK $35,000,000 00 FUNDED DEBT 148,658,000 00 First and Refunding Mortgage 5% Gold Bonds. MANHATTAN RAILWAY COMPANY, LEASE ACCOUNT 377,322 73 CURRENT LIABILITIES 14,521,936 82 Interest and Rentals Accrued, not due__ $1,241,593 69 Coupons due, not presented 33,746 80 Dividends April 1st 1909 to April 1st 1916, inclusive, on Manhattan Railway Company Capital Stock, unpaid 101 50 Dividends due July 1st 1916 on Manhattan Railway Company Capital Stock 1,050,000 00 Dividends due July 1st 1916 on Interborough Rapid Transit Company Capital Stock 1,750,000 00 Interest due July 1st 1916 on First and Refunding Mortgage 5% Gold Bonds 3,716,450 00 Duefor Wages 179,423 69 Accounts Payable 1,075,503 00 Taxes Accrued 700,118 14 Third Tracking Cash Liability for advances from General Fund (see contra)_ 4,625,000 00 Manhattan Power House Cash Liability for Advances from General Fund (see contra) 150,000 00 RESERVES 3,083.431 40 Accrued Amortization of Capital $2,892,885 44 Manhattan Railway Equipment Reserve.. 142,310 99 Interest on Investment of Depreciation Reserve 47,922 30 Manhattan Railway Company 2nd Mortgage Bond Discount and Expense Amortization 312 67 ITEMS AWAITING DISTRIBUTION 679,429 23 PROFIT AND LOSS SURPLUS 17,530,977 89 L.: TOTAL $219,851,098 07 . 8§§4 64 0,3 0 03 ww 00 141. 10 oo .w. wm pw m -.."."oMk woo w. tg " 00090) (00) 00 vo P .0. 4.0 00 vo co.. co o .8% o. M.Mb Mio b 03 1a' w. o V : op w. t ml&m owM Q .482 gt wm. 000 4000. ww. .0 0001 a' 5 90 . . 00 03'00 b'm 0000= to. 00 88 VA.V010 Co ..0 ow 000100 0000000 00003 om o (31)000 CV.V. 00 .0. O. w 0. 0300 0)00 c.02:02 000 04. § CO cz M co .CoM MM b oon mw ET 9t8'181$ 0,3 -40'00000 4.00) 000-4 w b 1301,3 &woo. wopp. o o 8885$1 ra etr6tres GENERAL BALANCE SHEET JUNE 30 1916. 0.3 [VOL. 103. 0000 4. 4. Log 2 20 2 go 4g V Vt 4' 1 ' 1 Vt g 24 0..1 0100 1.;. 00 19 00 09 8E . Co M14 01.. vo 82 8 vw 24 8 .w owp0 , .0 0. 0. WCO N. Taa U .0 0 fE nt P. 8 "P. s ER ' 88 35 4q 10. 4 00. t:11 g R CONDENSED STATEMENT OF OPERATING RESULTS OF THE INTERBOROUGH RAPID The Sinking Fund of one-half of 1% semi-annually on the First and Refunding Mortgage 5% Gold Bonds dated January 1 1913, does not commence to accrue until January 1 1918, the first payment into the fund becoming due July 1 1918. The above First and Refunding Mortgage 5% Gold Bonds are listed on both the New York and London Stock Exchanges. GENERAL REMARKS. The increase in passenger travel on the Manhattan Railway Division for the six months ended June 30 1916, as the result of third track operation, is very gratifying. Without any of the northern terminals, extensions or feeders being included in this operation, there was an increase between January 17 1916, the date of initial operation, and June 30 1916, of 11,893,155 passengers, as against a decrease of 976,972 passengers for the first six months' period of the present fiscal year, and 461,904 for the first sixteen days in January. During this same period there was an increase of 15,840,859 passengers on the Subway Division as against an increase of only 6,216,718 for the previous six months. While these increases indicate that the number of rides per capita per annum increase as facilities for travel multiply, experience has demonstrated that the greatest benefits are derived from the development of the new sections. In the case of the present Subway, this growth was gradual but steady and of substantial volume from the date facilities first became available, especially in The Bronx and the outlying districts. Both the Subway and Elevated feeders in these districts will be ready for operation in connection with existing lines in advance of the new subways, thus affording an opportunity for development and the creation of a permanent traffic pending the completion of the trunk lines. • 61 SIT. 7.02,t6 1132 SEPT. 23 1916.] THE CHRONICLE 1133 C.Mk UNITED FUEL GAS COMPANY (Organized under the laws of West Virginia.) OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING OF FIRST MORTGAGE SIX PER CENT TWENTY-YEAR SINKING FUND BONDS, SERIES A. Charleston, W. Va., August 9 1916. the sinking fund at one United Fuel Gas Company (hereinafter called the Com- amount thereof and hundred and five per cent of the face accrued interest. Bonds acquired for pany) hereby makes application for the listing on the New the sinking fund York Stock Exchange of $7,932,500 (of an authorized issue held uncanceled through said annual payments are to be of $15,000,000) of its First Mortgage Six Per Cent Twenty- not negotiable. by the Trustee and stamped by the Trustee Year Sinking Fund Gold Bonds, Series A,No. MI to M1336, The mortgage provides that M1339 to M1420, M1425 to M1933, M1935 to M1617, to the sinking fund other than any moneys paid into or added M6119 to M6212, M6214 to M6251, M6253 to M6268, when received by the Trustee, through said annual payments, shall be M6270 to M6272M6274 to M6289, M6291 to M6318, of bonds in the open market or the applied to the purchase acquisiti M6320 to M6322,'I\16326 to M6458 and M6461 to M7613, lot at not more than five per cent premium on of bonds by and accrued inall inclusive, for $1,000 each, and No. D1 to D93 and D166 terest, and all bonds so purchased or redeemed are to be canto D749, all inclusive, for $500. each, now issuedand out- celed by the Trustee. standing in the hands of the public and to authorize the list- The Company at its option from time ing from time to time upon official notice of sale of $55,000 all or any part of the bonds atmay hundred to time redeem and five per cent additional of said bonds, No. M1337 to M1338, M1421 to of the face value thereof and one accrued interest, on any interest M1424, M1934, M6118, M6213, M6252, M6269, M6273, payment date, after four weeks' published notice. All reM6290, M6319, M6323 to M6325 and M6459 to M6460, all inclusive, for $1,000 each, and No. D94 to D165 inclusive, deemed bonds are to be canceled. The mortgage provides that in case default shall be made for $500 each, now held in the treasury of the Company, in the payment of any installment of interest on any of the making the total amount applied for $7,987,500. , bonds when and as the same shall become payable, and such The bonds, the listing of which is applied for, are secured default shall continue for the period of thirty days, or in case by a mortgage, known as the Company's First Mortgage, dated January 1 1916, made to The New York Trust Com- default shall be made in the payment of any installment of the sinking fund and any such default shall continue for the pany,as Trustee. Said mortgage and the issue of period of of said bonds were authorized by resolutions of $7,500,000 payment ninety days, or in case default shall be made in the the stock, observan holders and directors passed at meetings held on February 5 enants, conditions ce or performance of any other of the covand 1916, and the issue of $487,500 of bonds was authorized by pany contained in the agreements on the part of the Comresolutions of the directors at a meeting held on April 20 fault shall continue bonds or in the mortgage and such defor a period of ninety days after written 1916. notice from the Trustee, the Trustee may, and, upon the Said First Mortgage is a first lien upon all the properties written request of the holders of a majority in amount of and franchises of the Company now owned or which may the bonds then outstanding shall, by written notice delivered hereafter be acquired, with the exception of certain shares to the Company, declare the principal of all the bonds then of stock which may hereafter be acquired, and with the further exception that there are two purchase money liens prior outstanding to be due and payable immediately,and upon any to the lien of the First Mortgage, one for $125,000 reserved such declaration the same shall become and be immediately due and payable. This provision, however, is subject to the by Hamilton Natural Gas Company, upon property United Fuel Gas Company by deed dated April 1sold to condition that if at any time after the principal of the bonds 1916, shall have been so declared due and payable, and before any and one for $145,000, of which $72,500 was paid on July 25 sale of 1916, reserved by Davenport Oil & Gas Company upon interestthe trust estate shall have been made, all arrears of upon all the bonds, with interest on overdue installproperty sold to United Fuel Gas Company by deed dated ments of interest at the rate of six per cent per annum calApril 15 1916. culated semi-annually, together with reasonable charges The bonds are dated January 1 1916, mature January 1 and expenses of the Trustee, its agents and attorneys, shall 1936 and bear interest at the rate of six per cent per annum, either be payable semi-annually on the first day of January and the estate, paid by the Company or be collected out of the trust first day of July in each year. Both principal and interest been and all other defaults under the mortgage shall have are payable and all registrations and transfers of said bonds then,made good to the reasonable satisfaction of the Trustee, and in such case the holders of a majority in amount are to be made at the office of the Trustee, in the Borough of Manhattan, City of New York, or, at the holder's option, of the bonds then outstanding, by written notice to the Company and to the Trustee, may waive such default and its at the office of the Pittsburgh Trust Company,in of Pittsburgh, Pennsylvania. Both prnicipal and the City consequences. interest The mortgage provides that the bonds may be issued in are payable in gold coin of the United States of the standard of weight and fineness as it existed or equal to series, the bonds of each series to be distinctively designated. on January 1. All bonds of any one series shall be identical, except that 1916, without deduction for any tax, assessment mental charge (other than any Federal income or govern- they may be of different denominations and may be in coupon the Company or the Trustee may be required tax) which and registered form, and except that as between bonds of to pay or to different denominations and as between coupon bonds and retain under any present or future law or of any State, county, municipality orof the United States registered•bonds there may be such appropriate differences. . ity therein. The Company has agreed, other taxing author- authorized or permitted by the mortgage, as may be deterby a separate ment with the Trustee, to reimburse bondholders agree- mined by the Board of Directors or Executive Committee of for the four mill annual Pennsylvania State tax, upon receivin the Company at or before the creation of the series. Any affidavits of payment thereof as in said agreement providedg of the coupon bonds may be for $1,000 or for $500. Regis. tered bonds may be of the denomination of $500 or such The bonds of Series A are in coupon form, of the denomi- multiple nations of $1,000 and $500, are registerable as to principal Committs thereof as the Board of Directors or the Executive and are interchangeable with fully registered bonds of the bonds ee may from time to time authorize. All coupon will be dated and bear interest from January 1 1916, denominations of $500 and multiples thereof. and The mortgage provides that the Company will pay to the from the registered bonds will be dated and bear interest the interest day next preceding the date of issue or Trustee as a sinking fund, on March 1 1922, and annually from the date of issue if an interest day. All bonds and thereafter until all of the bonds shall have been redeeme d or coupons are to be expressed in the English language, but paid, a sum equal to one and one-quarter cents for every may also at the election of the Board of Directors, one thousand cubic feet of gas produced and sold during the pressed in one or more foreign languages, the Englishbe exnext preceding year ending January 1st from text, the property however, to govern in the construction thereof. from time to time subject to the mortgage, provided that The mortgage provides that whenever it may be lawful such annual payment shall not be less than an amount if paid annually will be sufficient to retire the entirewhich so to do, the Company may issue bonds that shall be payissue able as to principal and interest without deduction for any of First Mortgage Bonds at maturity; nor shall the Company Federal or State income be required to pay any. sum in excess of an amount which if be so provided therein) tax, or either thereof (which shall and may provide for the exchange of paid annually would retire the entire issue All payments to the sinking fund shall on January 1 1931. all existing bonds for such new bonds. be in gold coin of The mortgage provides that the bonds shall be payable the United States of America of or equal to the of weight and fineness as it existed on January standard in the City of New York, or at the option of the respective 1 1916, or holders, at Pittsburgh Trust Company, in the City of at the option of the Company as to the whole or thereof in bonds at par and accrued interest. any portion Pittsburgh. If the Company, however, shall so determine, All install- any series of the bonds may be made payable only, or at the ments of the spiking fund shall be applied the purchase in the open market of bondsby the Trustee to option of the respective holders, at some place or places in at ceeding one hundred and five per cent of theprices not ex- a foreign country or countries in the moneys current atsuch face thereof, together with accrued interest, and if andamount place or places of payment, at such reasonable fixed rate or to the extent that the same cannot be so applied, then the same rates of exchange as may be expressed in the bonds, and, if made payable in some foreign country or countries, such shall be applied to the acquisition by lot on any interest payment date after four weeks' published notice of bonds for bonds may contain such additional provisions as may in the judgment of the Company be requisite or expedient to 1134 [VOL. 103. THE CHRONICLE conform to the requirements of law or of commercial usage in the country or countries in which they may be so made payable. In case of the issue of bonds payable in foreign money only, the face amount of such bonds may be a round sum in such money, thus: 500 francs, 2,500 francs, or 5,000 francs; or £100 or £200. For the purposes of the limitation prescribed by the mortgage of the principal amount of bonds at any time outstanding thereunder, the amount of bonds payable only in fixed amounts of foreign money which the Company shall be entitled to have issued under the provisions of the mortgage shall be ascertained at the A rate of 5.18 francs to the dollar or of 4.861 dollars to the pound sterling , as the case may be, and the indebtedness represented by such bonds in United States gold coin shall for all other purposes of the mortgage be calculated at the same rates. The Company may confer upon the holder of any bond or bonds payable only in foreign money, the right to exchange the same upon surrender and cancellation thereof, and of any unmatured coupons thereto appertaining, and upon such other terms and subject to such adjustments and other conditions and limitations as may be therein expressed or provided, for a bond or bonds payable in United States gold coin; but in any such case, for the purposes of the limitations prescribed by the mortgage of the principal amount of bonds at any time outstanding, the principal amount of bonds payable in United States gold coin issuable upon such exchange shall control if such principal amount shall exceed the amount of such bonds payable in foreign money calculated as above provided. The bonds which are covered by this application were issued for the following purposes: For refunding an equal face amount of obligations of United Fuel Gas Company or secured upon its properties, as follows: United Fuel Gas Company Debenture 6% Gold Bonds$4,392,000 United States Natural Gas Company 6% Col1,721,000 lateral and Mortgage Gold Bonds Kanawha Gas Company First Mortgage 6% Gold 60,000 Coupon Bonds Triple State Natural Gas & Oil Company 6% 26,000 Gold Bonds Demand notes held by t' e Standard 011 Company 751,000 of New Jersey On March 31 1916 the Company owned in fee oil and gas rights, and in some cases surface rights also in the following real property: Acreage. Class. Acreage. Class. Location. Location. 17. 1,773.52 Kentucky _ _ _Lots West Virginia_Operated Unoperated .14 noperated 28,533.15 Ohio Virginia_UWest 9. Lots 197. Ohio West Virginia_Lots 637.56 Kentucky ____Unoperated On March 31 1916 it held under lease oil and gas rights and in some cases surface rights also in the following properties: Acreage. Class. Location. Acreage. Class. Location. 3,979.10 42,241.21 Kentucky __Operated West Virginia_Operated West Virginia_Unoperated672 188.96 Kentucky ____Unoperated 78,249.06 279. Unoperated Ohio 5. West Virginia_Lots The wells of the Company, comprising 518 gas wells and 77.5 oil wells, are located on the property shown above as operated. The unoperated property is held almost entirely for the value of the oil and gas underlying it, but this property has not as yet been developed by actual drilling. The operated leaseholds are held under leases which provide in almost every instance that the Company may retain the property as long as oil or gas is produced in paying quantities. The unoperated leaseholds are held under leases providing for payment of rentals periodically, but may be placed in the operated class by drilling at any time. The properties classed above as lots are all occupied by the Company's compressor stations, shops, office buildings, warehouses,regulator houses, &c., except certain vacant lots in the town of Kermit, West Virginia. The Company's predecessor laid out the town of Kermit. A number of the lots in this town are occupied by the Company's buildings, as stated above, and others are vacant. The vacant lots are carried on the books of the.Company at a nominal value. The Company owns the following franchises: Date. 0 T years 2 erm Jan. 3 1898 50 years Apr. 20 1906 50 years Aug. 16 1904 20 years Jan. 21 1898 Jan. 2 18991 During good\will of Board 25 years Mar. 28 1898 Natural Gas Ceredo, W. Va 30 years Mar. 1 1894 " " Charleston, W. Va 50 years Oct. 24 1905 30 years 6 1900 Mar. 20 years Aug. 31 1906 " Clendenin, W. Va 50 years !Natural Gas lAug. 9 1901 $6,950.000 Coal Grove, Ohio land Telephone 50 years Sept. 19 1900 Natural Gas To reimburse the Company for notes paid prior to Guyandotte, W. Va 137,000 20 years Mar. 3 1913 " the execution of the mortgage Greenup, Ky 358,000 50 years " Nov. 29 1897 To create a working capital Huntington, AV Va 50 years Sept. 11 1911 Telephone To pay or in reimbursement for 80% of the cost of 50 years Aug. 27 1906 improvements to the Company's property be- • 487,500 50 years tween July 1 1915 and March 31 1916 INatural Gas \Aug. 7 1906 Hurricane, W. Va $7,932,500 land Telephonef The $55,000 of bonds, held in the treasury of the Company, Oct. 18 1898 Inez, Ky.(Formerly Eden)_ _ _Natural Gas Feb. 3 1913 w'ich are covered by this application, are issuablo for the 55,000 25 years Dec. 6 1897 general corporate purposes of the Company Ironton, Ohio 10 years Nov. 19 1909 ., $7,987,500 50 years Aug. 6 1898 Kenova, W. Va Aug. 30 1902fAmending gas Telephone The balance of the bonds are issuable for the general cor7,012,500 1franchise porate purposes of the Company 20 years July 1 1898 Natural Gas Ky $15,000,000 Louisa, W Va 20 years Nov. 21 1912 Logan, 25 years Oct. 14 1909 New Boston, Ohio 10 years Oct. 14 1909 was incorporated. The present United Fuel Gas Company 25 years Feb. 3 1905 Portsmouth, Ohio 25 years Mar. 2 1911 February 1 1916, under the laws of the State of West Vir- Pratt, W. Va 25 years July 2 1909 ginia under the name of Kermit Gas Company, the name Ravenswood, W. Va 50 years Jan. 26 1909 W Va 25 years Sept.28 1910 being changed to United Fuel Gas Company on March 14 Reedy, W. Va Ripley, 20 years Oct. 14 1905 Secretary of State of West Russell,Ky 1916 by certificate filed with the 20 years Oct. 20 1897 expires February 11966. Spencer, W. Va 50 years June 7 1905 Virginia. The Company's charter !Telephone and} Company is $10,000Telegraph The authorized Capital stock of the 1g3 1 , o Mar. 2 irili Natural Gas and is outstanding, Williamson, W. Va 000, of which $9,000,000 has been issued Chesapeake, Ohio 100 years Aug. 4 1914 " all of which is fully paid and non-assessable, and no personal Proctorville, Ohio Character. Locality— Natural Gas Ashland, Ky " Barboursville, W. Va .. " Cassville, W. Va " Catlettsburg, Ky.(Fort Gay)_ " Telephone Catlettsburg, Ky 46 " 66 " 41 44 44 .4 61 16 4. 64 46 6( " 14 66 64 44 64 64 14 64 6. " 64 66 . =s liability attaches to the shareholders. All of the stock is common stock and has a, par value of $100 per share. The Company acquired all of the property of, and is the successor to, a former corporation of West Virginia also named United Fuel Gas Company, which was voluntarily reorganized pursuant to a plan and agreement of reorganization dated January 1 1916, $9,000,000 of stock of the new Company (the present United Fuel Gas Company) being issued for the acquisition of the property of the old Company, being the same amount of stock as was outstanding in the old Company, and $6,950,000 of bonds of the new Company being issued to take up all of the outstanding bonds and practically all of the indebtedness of the old Company. The old Company was reorganized in order to get rid of its floating debt in the form of demand notes of about $800,000 to obtain working capital of which it was in urgent need, and to create a marketable security which could be sold in the future to raise moneys for drilling or purchasing new wells and extending its distributing systems and otherwise enlarging the scope of its business, the various mortgages covering parts of its property having been closed, and then the outstanding debenture bonds being entitled to,share in the lien of any junior mortgage. The purposes Of the reorganization have been accomplished. In accordance with its certificate of incorporation, the Company is engaged in the production of natural gas and oil for light, heat, power and fuel, the operation of pipe lines and telephones and of other businesses incident to the above, and will shortly commence the manufacture of gasoline. The total sales of natural gas in the year 1915, were 29,594,673,000 cubic feet, and the total oil production was 78,176.77 barrels. The total number of employees is slightly in excess of 1,000. The following dividends have been paid on the stock of the Company and its predecessor: Amount of Stock Dividend Rate. Outstanding. Dividend. Date— June 29 1915 (Old Company)_ _50% stock dividend $6,000,000 $3,000,000 540,000 6% cash dividend10,000,000 April 15 1916 The Company also owns franchises for the maintenance of pipe lines and telephones in the roadway in the counties of Boone, Cabell, Fayette, Jackson, Kanawha, Logan, Mason, Mingo, Nicholas, Putnam, Wayne. Roane, W. Va.; Boyd, Greenup, Lawrence, Martin, Ky.; and Lawrence and Scioto, Ohio. The Company owns 518 gas wells, 77.5 oil wells, 1,213.3 miles of pipe lines and 260 miles of telephone and telegraph lines between its compressing stations, warehouses and fields. The Company owns a three-story steel frame office building at Charleston, West Virginia, which it uses for its general and operating office, a, two-story building at Huntington, West Virginia, used by its Huntington office, and a one-story building at Catlettsburg, Kentucky. It also owns compressing stations at Kermit, Walgrove, Spencer and Goad, West Virginia, and warehouse buildings at Clondenin, Kermit and Spencer, West Virginia. There are now under construction gasoline-distilling plants at Warfield and Sandyville, West Virginia, and other plants are projected at One., Charleston, Blue Creek and Porter, i West Virginia. The mortgage of Kanawha Gas Company, the bonds secured under which were refunded and canceled, has been satisfied and released of record. There are now outstanding $4,000 of Triple State Natural Gas & Oil CompanyiSix Per Cent Per Annum Gold Bonds, formerly a lion on a part of the Company's property, the money for the payment of which has been deposited with the trustee under the mortgage securing them and the lien of said bonds and mortgage duly released. The United States Natural Gas Company Six Per Cent Collateral and Mortgage Gold Bonds, which were formerly a lien on a part of the Company's property, were called for redemption on July 1 1916 and the money for the paynnnt thereof was deposited with the trustee under the mortgage securing them and the lien of said bonds and mortgage duly released. Iii SEPT. 23 1916.] THE CHRONICLE GROSS EARNINGS OF TIIE PREDECESSOR OF THE PRESEN T COMPANY FOR THE LAST FIVE YEARS. 1911 $2,359,315 82 1912 3,406,367 09 1913 3,339,643 09 1914 3,107,532 11 1915 3,235,813 38 1135 The Company has not previously published its financial statements and reports. The Company agrees with the New York Stock Exchange as follows: In the event that it shall have any constituent, subsidiary, $15,448,671 49 owned or controll ed companies, not to dispose of its stock interest in any constituent, subsidiary, owned or controll INCOME ACCOUNT OF THE PREDECESSOR OF THE PRESEN ed T COMPANY FOR THE YEAR ENDING DEC. 31 company, or allow any of said constituent, subsidiary, owned 1915. Sale of gas or controlled companies to dispose of stock interests in other $2,940,060 92 Interest earnings 3,310 28 Rents companies unless for retirement and cancellation, 6,120 51 except Water 117.50 under existing authority or on direct authorization of stockMiscellaneous 643 08 Shop 995 51 holders of the company holding the said companies. Timber 109 42 011 To publish atleast once in each year and submitto the stock141,556 28 Miscellaneous oil 698 57 holders, at least fifteen days in advance of the annual Drilling tools 103,407 02 meetTeam 26,130 04 ing of the corporation, a statement of its physical and finanCleaning out tools, oil 11,364 00 Cleaning out tools cial condition, an income account covering the previous 1,300 25 $3.235,813 38 fiscal year, and Total expenses a balance sheet showing assets and liabilities 1,938,407 41 at the end of the year; also annually an income account and Net income-------------------------------------------$1,297,4 05 Fixed charges----------------------------------------- 380,419 97 alance sheet of all constituent, subsidiary, owned or con36 Surplus-------------------------------------------, ---- $916,986 61 trolled companies, if any. To publish semi-annually an income account and balance GENERAL BALANCE SHEET OF THE PREDECESSOR OF THE sheet. PRESENT COMPANY AS OF DEC.311915. To maintain, in accordance with the rules of the Exchange, ASSETS. Gas Investment (see note) a transfer office or agency in the Borough of Manhattan, $15,955,904 87 011 investment (see note) 641,074 92 $16,596,979 79 City of New York, where all listed securities shall be directly Suspense construction account 83,204 11 transferable, and the principal of all listed Material and supplies at cost securities with 362,054 74 Securities owned 92 25 interest or dividends thereon shall be payable; also a regisCash 50,762 41 Bills receivable 287,075 31 try office in the Borough of Manhattan, City of New York, Accounts receivable 521,352 78 other than its transfer office or agency in said city, where all Total assets $17,901,521 39 listed securities shall be registered. Not to make any change in listed securities, of a transfer LIABILITIES. Capital stock $9,000,000 00 agency or of a registrar of its stock, Bonds: or of a trustee of its bonds United States Natural Gas Co. bonds or other securities, without the approval of the Commit $1,721,000 00 Triple State Natural Gas & 011 Co. bonds tee 26,000 00 on Stock List, and not to select as a trustee an officer Kanawha Gas Co. bonds 60,000 00 or diUnited Fuel Gas Co. debentures 4,392,072 90 rector of the company. 6,199,072 90 Bills payable 938,200 00 To notify the Stock Exchange in the event of the issuance Accounts payable 593,415 10 Interest payable 3,37935 of any rights,or subscriptions to or allotments of its securities Surplus 1,167,454 04 and afford the holders of listed securities a proper period Total liabilities $17,901,521 39 within which to record their interest s after authorization, Note. -The items headed "Gas Investment" and clude lands, buildings, equipment, supplies, &c., "011 Investment" in- and that all rights, subscriptions or allotments shall be transused in the production ferable, of gas or oil, respectively, at cost, and also expenditures payable and deliverable in the Borough of Manfor freight and other expenses in connection with the developm labor, teaming, ent of such pro- hattan, City of New York. duction. To publish promptly to holders of bonds and stocks any CONSOLIDATED INCOME ACCOUNT OF THE PRESENT COM- action in respect to interest on bonds, dividends on shares, PANY AND ITS PREDECESSOR FOR THE PERIOD FROM or allotment of rights for subscription to securities, JANUARY 1 1916 TO MAY 31 1916. thereof to be sent to the Stock Exchange, and to givenotices Gas earnings to the $1,819.625 20 Stock Exchange at least ten days' notice in advance of the Oil earnings 98,402 46 Gasoline earnings closing of the transfer books or extensions, or the taking of 535 08 Shop earnings 758 35 a record of holders for any purpose. Miscellaneous oil department 49 95 Miscellaneous gas department To notify the Stock Exchange if deposited collateral is 508 20 Rent 684 67 changed or removed. Interest earned 2,136 26 Water The fiscal year ends December 31st. 69 50 Timber 12 00 The Directors (elected annually) are: F. W. Crawford, $1,922,781 67 Columbus, Ohio; G. W. Crawfor Expenses d, Pittsburgh, Pa.; W. Y. 697,649 12 Cartwright, Cincinnati, Ohio; W. W. Freeman, Cincinnati, Net earnings $1,225,132 55 Ohio;P.0. Gossler, New York, N.Y. Fixed charges 183,691 46 The Officers are: F. W.Crawford, President; W. Y. CartSurplus $1,041,441 09 wright, Vice-President and General Manager; P. G. Gossler, Vice-President; D. L. Babcock, Secretary and Treasurer; CONSOLIDATED GENERAL BALANC E SHEET OF l'RESENT L. A. Seyffert , Assistant Secretary and Assistant Treasurer. COMPANY AS OF MAY 31 1916. The annual meeting is held in Charleston, West Virginia, ASSETS. at the principal office of the Company, on the second TuesGas investment (see note) $16,512,224 28 011 Investment (see note) day in February. 798,674 07 New York office for registration and transfer of bonds: $17,310,898 35 Suspense construction accounts 243,042 18 New York Trust Company. Securities owned-------------------------. 2,092 25 Cash-----------------------------------------Pittsburgh office for registration and transfer of bonds: -921,93980 921,939 80 Material and supplies at cost 374997 71 Pittsburgh Trust Company. , Bills receivable 236,119 14 Accounts receivable (gas, shop and water lodgers) UNITED FUEL GAS COMPANY, $117,974 65 Accounts receivable (miscellaneous) 327,427 56 By P. G. GOSSLER, Vice-President. 445,402 21 Reserve for United States Natural Gas Co. bonds in escrow__ 6,840 00 This Committee recommends that the above described $19,541,331 64 $7,932,500 First Mortgage Six Per Cent Twenty-Year Sinking Fund Bonds, Series A, due 1936, Nos. M-1 to M-1,336, -------------------------- _ Capital stock $9,000,000 00 M-1,339 to M-1,420, M-1,425 to M-1,933, M-1,935 to United Fuel Gas Co. First Mtge.6% Bonds_:-$7,987,50 0 00 M-6,117, M-6,119 to M-6,212, M-6,214 to M-6,251, M-6,253 Deduct Treasury Bonds 57,500 00 7,930,000 00 to M-6,268, M-6,270 to M-6,272, M-6,274 to M-6,289, Accounts payable $115,344 04 M-6,291 to M-6,318, M-6,320 to M-6,322, M-6,326 to Bills payable 270,000 00 M-6,458 and M-6,461 to M-7,613, all inclusive, for $1,000 385,344 04 Bills discounted 235,000 00 each,and Nos. D-1 to D-93 and D-166 to D-749, all inclusive, Accrued taxes ----------------------------- $59,668 14 Accrued bond interest for $500 each, be admitted to the list, with authority to add 196,595 00 Accrued note interest 1,918 65 $55,000 of said bonds, Nos. M-1,337 to M-1,338, M-1,421 Accrued other interest 3,507 95 to M-1,424, M-1,934, M-6,118, M-6,213, M-6,252, M-6,269, 261,689 74 Security deposits M-6,273, M-6,290, M-6,319, M-6,323 to M-6,325 and $26,135 00 Unclaimed accounts 1,280 56 M-6,458 to M-6,460, all inclusive, for $1,000 each, and Surplus-----27,415 56 Nos. D-94 $1,167,454 04 to D-165, inclusive, for $500 each, on official noSurplus, 5 months- ----ths --- ------534,428 26 tice that they have been sold and passed beyond the control 1,701,882 30 of the company, in accordance with the terms of the appli$19,541,331 64 cation, making the total amount authorized to be listed $7,987,500. -The items headed "Gas Investme Note. include lands, buildings, equipment, supplies, nt" and "Oil Investment" &c., used in the production WM. W. HEATON, Chairman. of gas or oil, respectively, at cost, and Adopted by the Governing Committee, September 13 1916. freight and other expenses in connectioalso expenditures for labor, teaming, n with the development of such production. GEORGE W.ELY,Secretary. 1136 THE CHRONICLE [VOL. 103. machine, steel, 37c., 73 to 76 degrees, steel and wood, 31® 3443.; 68 to 70 degrees, 28@31e. Crude oil is as a rule unchanged. The possibility of an advance in crude prices was lessened by an increased production in the midcontinent field, despite the fact that some midcontinent wells were COMMERCIAL EPITOME drilled into the sand and left to await the course of prices. Friday Night, Sept. 22 1916. California's oil industry has enjoyed the greatest prosperity Trade is still extremely active. Gold is still coming in and in its history since the beginning of this year. Prices follow: $1 43 Illinois, above 30 30 North Lima 47 _ the United States is rapidly becoming a creditor nation, with Penns lvania dark $2 82 South Lima 1 43 degrees 1 Cabot 1 28 Kansas and Okla- 90 1 80 Indiana almost everywhere through- Mercer black the American dollar at a premium 1 47 homa Princeton 1 80 New Castle Caddo La., light__ 90 1 80 Somerset,32 deg.._ 1 65 Caddo La., heavy- 65 out Euroe. For steel there is an enormous demand and it Corning 75 1 65 Ragland Wooster Canada tra183 the mills to make deliveries at all promptly. Some Thrall is hard for 95 Elec California oil ___73@78 95 95 95 Moran 95 ship-building contracts have had to be sent to the Pacific Strawn 1 08 Henrietta 80 Plymouth first De Soto Coast, and even then can be filled no earlier than the moderate demand and firm. TOBACCO has been in quarter of 1918. Naturally steel prices are strong or higher. High prices prevail for the new crop, Ohio tobacco not exReports are persistent that very large foreign orders for cop- cepted, although some Ohio tobacco was recently injured by Government reports show that per are about to be filled here. In general trade, cooler high winds and hail. Latest nearly harvested and that the the crop is retailers, but jobbers and wholesalers generally in New England In Pennsylvania the crop has matured and weather helps quality is good. . are doing a big business. Chicago reports that its sales of cutting has begun. The bulk of the crop has been housed merchandise were never before exceeded and high record trade and is being cured in Virginia, Kentucky and Tennessee. is reported from various Western centres. Prices for all Rains have improved Maryland tobacco and a good crop is who kinds of goods are high, but people seem to have the money to promised. Sumatra has sold freely to manufacturers, with is firm buy. Sales of dry goods are very alrge. Money is remarka- are producing cigars on a large scale. Cuban have raised Makers of cheap cigars bly easy for this time of the year and collections are good. an excellent demand. their prices; brands heretofore selling at six for 25 cents are other hand, production is more or less hampered by a now 5 cents straight. All advertised cigars are expected to On the scarcity of labor. Shortage of cars has affected export sales follow this lead. The rise is attributed to higher cost of of grain to some extent and is retarding deliveries in other material and labor. branches of trade, including steel. The corn crop has been COPPER strong and active; Lake here on the spot, 28@ ic nipped by frost over much of the Central West. The cotton 28Y .; electrolytic, 28 ®28 Vic.; for future delivery 27 prosome crop looks to be short. In other words, there is as usual a 28c. November electrolytic scarce and higher, more said whole is cheerful. ducers asking 283'c. London higher. It is once fly in the amber, but the feeling on the that an Allied order for 125,000 tons-some say 300,000,000 LARD in fair demand and higher; prime Western, 15.25c.; to 500,000,000 lbs.-will soon be given out here. American t, 15.80c.; South America, 16.15c.; refined to the Contienn brass mills have,it is reported, bought 40,000,000 to 50,000,Brazil, 17.15e. Futures declined, then rallied. Some 000 lbs. this month, partly in filling war orders for discs and on had a depressing effect for decline in grain and liquidati tubes. Foreign buymg is also reported. Tin active and a time, but later came good buying by packers against higher on the spot at 38%c.; later dull and lower at 384c. prices ended at a small net advance export sales, and to-day London and Singapore advanced at one time. Arrivals thus for the week. Hogs were slightly higher. 3,765 tons. Spelter in IN CHICAGO. far this month 1,610 tons; afloat at 9.70c.; later 93'c., DAILY CLOSING PRICES OF LARD FUTURES Thurs. Fri. brisk demand and higher on the spot Wed. Mon. Tues. Sat. and in less demand. London higher, then lower. Zinc ores Sept. de]ivery_ __cts_14.47 14.50 14.57 14.70 14.72 14.70 14.60 14.45 14.42 14.50 14.60 14.65 14.02 October delivery active at Joplin and have advanced $5 a ton, blende $50© 13.75 13.87 13.97 14.00 December delivery___ _13.90 $65 with the largest shipments last week since April. Lead 74$297 Beet, in heavy demand and higher on the spot at 7.100.; later, a ®3" 71E-Tle77$2 -PRKsteady; mess, $20 50(021; extra India mess, $31 50@$32. Cut lower and less active at 7c. At Joplin a sharp demand for meats firm and fairly active; pickled hams, 10 to 20 lbs., lead ores caused an advance to $70. Since January 1st . i 17Y ®17%c.; pickled bellies, 16 ®16Mc Butter, creamery, shipments have reached 42,038 tons, or 10,337 tons more . 30 ®35c. Cheese, State, 15 ®20c Eggs, fresh, 22®38c. than in the same time last year. Pig iron has been in good y for export on the spot; No. 7 Rio, 9707; demand in the East and at Chicago especiall COFFEE quiet and lower at one time. Latterly, fair to good Cucuta, 11 M ©12c. under the spur of lower ocean freightssomewhat with freights No.4 Santos, 11 34@11 Mc.; the demand has fallen off Futures declined in response to lower Brazilian quotations however, stronger. No. 2 Northern, $19 50@$19 75; No. and full receipts with spot trade still disappointing. Prices, reported , $14 50@$15, Birmingham. Steel has been in it is true, have rallied at times as Santos became a little 2 Southern hard to get, and tending upward in price. firmer. On the rallies Cotton Exchange houses and others good demand, wants about all that the lower cost and freight prices and Europe is a ravenous buyer. Itspecified periods. Domehave sold, owing partly to ess of the spot market. To-day American mills can supply within into line. The idea is the persistent sluggishn whipped futures advanced, closing 13 to 15 points higher, with sales tic consumers have been likely to continue during the year war is of 30,000 bags. But the ending showed some decline as spreading that the prospective foreign consumption is there1917, and that the compared with a week ago., Prices were as follow: are in 8'.87 May-cts-8.909.00 fore likely to be abnormally large. Structural shapes , -- .77.7=a 77 January=8.86 8.89 June file 9.04@9.08 keen demand and very firm. Shipyards are so hard pushed _8.88 October 8.85@8.86 February 9.07@9.09 9.92(8.93 July November __8.80 8.81 March with orders that a Pacific Coast yard has been given the 8.95 8.96 August December- _8.83 8.84 April contract for three vessels for delivery as far ahead as the SUGAR in good demand and higlIer"; centrifugal, 96-de- first quarter of 1918. grees test, 6.02c.; molasses, 89-degrees test, 5.12c.; granulated, 6.75c. Futures advanced in response to higher spot prices for raw and refined. Shorts in SepCOTTON tember and near months have been covering, and bull Friday Night, Sept. 22 1916. manipulation has not been wanting. Receipts at Atlantic THE MOVEMENT OF THE CROP,as indicated by our ports, moreover, have fallen off. The total for last week was 21,627 tons, against 22,044 in the previous week, and telegrams from the South to-night, is given below. For the 53,584 in 1915; meltings at the same time were up to 53,000, week ending this evening the total receipts have reached against 39,000 in the previous week and 44,000 in 1915; 230,375 bales, against 182,381 bales last week and 187,016 stocks only 206,398 tons, against 237,771 a week previous bales the previous week, making the total receipts since and 272,528 a year ago. The Cuban crop movement is 725,582 bales for the practically over. It is said that the stocks at Atlantic ports Aug. 1 1916 964,814 bales, against are over estimated. To-day prices closed 3 points lower to same period of 1915 showing an increase since Aug. 1 1916 7 higher, with sales of 20,750 tons. The brisk demand for of 239,232 bales. raw and refined was the dominant factor. Refiners are said Sat. Mon. Tues. Wed. Thurs. Fri. Total. to be carrying small stocks of raw sugar. Prices follow:4 i•-• Sept._ „cts-4.§6 4.90 January_ ct8_4.20 4.21 MaY=cts24.0347)'5 14,836 13,9'71 29,629 12,926 15,423 12,891 99,676 4.06(4.08 Galveston 4.86 4.87 February _4.00 4.02 June 5,609 October 4.09@4.11 Texas City 3.98@4.00 July 492 November_- 4.75@4.76 March ---------------------492 4.12 4.14 Aransas Pass,&c._4.00 4.02August December..--4.55 4.56 April 4,669 7,086 10,486 5,810 31,417 6,372 37,840 New Orleans 91 2,024 122 1,330 392 52 37 .OILS 1-Linseed in rather better demand and ingher; Ciy, Mobile 2,442 2,442 raw, American seed, 70®72c.; City, boiled, American seed, Pensacola e,&c.. Jacksonvill -7 5,348 51,464 6 li0,2: '1 0 71@73c.; Calcutta, $1. Lard, prime, $1 08@$1 16. Co- Savannah 4,000 ------------------------ 4,000 10,477 Brunswick coanut, Cochin, 133@14c.; Ceylon, 13 ®13Mc. Corn, Charleston 976 2,211 2,622 1,271 1,566 1,831 1,516 %. 766 2,604 1,334 1,019 1,520 1,924 9,163 .30c. Palm Lagos,9 ®9 c Cod,domestic,63@ Wilmington 9.25 ®9 660 6,061 803 502 645 _ _ 640. Cotton seed oil nominalon the spot; September 10.400. NorfolkNews,&c. ____ 1,931 ____ _ ___ ____ __ _ _ . N'port 585 586 bid, 10.75c. asked. Spirits of turpentine, 47®47Mc New York 247 139 66 ____ 36 e ____ Boston Strained rosin, common to good,$6 25. 108 108 ____ ___ ____ ____ Baltimore 422 50 162 110 100 boWe em d Philadelphia_ _ _ _ eav in1 37C ''PETROLEUM .-- le andm foreign sources and steady. Refined in barrels,$8 35@$9 35; Totals this week 33.206 38.227 55.074 36.150 31.285 36.433 230.375 bulk, $4 50©$5 50; cases, $10 75@$11 75. Naphtha, 73 The following shows the week's total receipts, the total to 76 degrees, in 100-gallon drums and over, 40 Mc. The with active; motor gasoline, since Aug. 1 1916 and the stocks to-night, compared home demand for gasoline continues 24c. to consumers; gasoline, gas last year: steel barrels, 22c. to garages, The Tommercial Times. SEPT. 23 1916.1 THE CHRONICLE 1916. 1915. 1137 reports have been good, both from New Engl This Since Aug This Since Aug cashire. The speculation here has broad and and LanWeek. 11915. 1Veek. 1 1914. 1916. Waldorf-Astoria interests have been buyin ened somewhat; 1915. g. The outside Galveston 99,676 386,244 97,402 250,620 163,29 0 188,045 public has taken a rather larger part in the trading. Bulls Texas City 5,609 17,078 7,733 18,458 15,814 Port Arthur 18,408 are convinced that the next Government crop 163 report is Aransas Pass, &c_ 492 going to show a sharp falling off 2,097 18,346 19,058 50 New Orleans_ __ _ 37,840 148,101 28,704 in the condition. 3,994 90,344 134,132 138,073 They think it will Mobile make it absolutely plain that 2,024 35,731 5,853 14,358 10,598 Pensacola 16,168 this is a short crop. At the 963 same time they believe that the Jacksonville, &c_ 2,442 5,809 1,239 2,738 2,237 Savannah 536 consumption is going to be large. On the other hand 51,464 223,394 64,494 200,657 153,58 , the 6 161,416 recent advance was very Brunswick 4,000 27,000 4,500 rapid, a long interest accumulated, 7,600 5,000 Charleston 6200, 10,477 28,000 23,704 39,128 36,308 Georgetown 63,688 and liquidation caused some reaction from the top price 45 45 s. Wilmington Also there have been rumors from Washingt 9,163 24,468 19,508 30,431 40,414 on that Norfolk 57,633 submarine 6,061 50,621 12,342 46,160 controversy with Germany may be reope the 27,750 N'port News,&c.. 37,187 8,515 _ ned 742 owing to a reported sinking of the British steam New York - 86 1,276 6'86 900 83,937 237,955 Boston 247 4,316 tay with two Americans on board, in the Engli ship Strath51 968 4,971 Baltimore 4,159 sh Channel on 1,669 108 398 2,218 4,593 Philadelphia 3,606 Sept. 6 by a German submarine. In the excit 422 495 29 31 ement of a 974 1,996 Presidential campaign it is contended this may be taken up 00.4 21.4 9A4 0011 725.889 Wag arm Totals ma nuA and made the most of, to the disturbance of general trade. At times Liverpool has sold out straddles In order that comparison may be made with other on the other side we give below the totals at leading ports for six seaso years, owing,it is understood,to a decline in ocean freights ns: pointing seemingly to an increase in Liverpool's stock . On the recent advance ofsome$6a bale itis also believed Receipts at 1916. . 1915. 1914. 1913. thattheshortinterest 1912. 1911. was greatly reduced. In other words, the Galveston _ 99,676 technical position 97,402 52,502 146,322 186,815 161,04 Texas City,&e 3 has been more or less weakened. In any 6,101 26,079 1,615 22,401 case too the price 35,117 8,099 is already high. New Orleans_ 37,840 28,704 8,240 Not a few contend that it already disco 17,524 17,993 23,512 Mobile 2,024 5,853 3,488 unts 18,082 9,941 10,498 any bullish factors in the situation to Savannah _ _ _ 51,464 64.494 18,574 say nothing of 92,934 58,994 131,192 Government repor Brunswick_ 4,000 4,500 500 t to be issued on Oct. 2, even though the 12,000 5,500 19,200 Charleston,&c 10,477 23,749, this 4,075 27,211 21,977 27,405 may turn out to show the lowest condition, Wilmington 9,163 19,508; 3,720 as the bulls 18,797 23,996 25,017 dict,for forty-five years Norfolk 6,061 12,3421 2,651 . To-day prices after a brief advapre8,913 12,938 24,597 N'port N.,&c. nce 1 461 216 264 128 declined sharply, owing partly to a rumor that the All others_ _ 3,569 2,3671 1,890 3,122 National 511 6,834 Ginners' Association had stated the condition of the crop Total this wk. 230,375 284,998, 97,716 367,522 373,946 437,525 at 61.1%, against 62.7% in its report of last month and the Since Aug. 1_ 964,814 725.582 282,468 Government condition last month of 61.2,showi 1,316,717 1,171,516 1,464,969 that the deterioration during September had ng apparently The exports for the week ending this evening not been so of 59,726 bales, of which 32,233 were to reach a total great as it was generally supposed to have been. Besides, 3,865 to France and 23,628 to the rest of Great Britain, the movement into sight for the week was large and big Exports for the week and since Aug. 1 1916 the Continent. ginning figures are expected in the next report on Oct. 2. are as follows: On the decline Liverpool and trade buyers and prices close higher for the interests were good Week ending Sept. 22 1916. Fron Aug. 1 1916 to Sept. 22 1918. closed at 16.05c. for middling uplan week. Spot cotton Exported toExported to ds, showing a rise for Exports the week of 45 points. from Great . Great The official quotation for middling Britain. France. Other. Total. Britain. France. upland cotton in the Other. Total. New York market each day for the Galveston__ 26,093 past week has been: 10,300 36,393 143,76 Receipts to Sept. 22 Stock. 0.211 .27K Texas City_ NewOricaus Mobile ____ Pensacola... Savannah.._ Brunswick _ Wilmington Norfolk..__ New York.. Boston __ Baltimore__ San Fran__ Seattle ___ _ Tacoma ..- 6 125 2,700 1;ia' 1,054 1,928 714 714 500 2,825 1;i6 3,521 1,054 9,314 8,907 3,865 714 500 6,907 200 714 200 32,233 51,451 21,823 5,298 8,666 18,261 400 11,768 23,218 7,891 13,640 7,228 • 8,207 45,423 28,176 5,671 23,464 1,900 3,865 23,628 59= 332,051 Sept. 16 to Sept. 22191,829 Sat. Mon. Tues. Wed. Thurs 11,768 Middling uplands 15.55 15.85 16.15 16.00 16.15 . Fri. 115,882 16.05 21,823 NEW YORK QUOTATIONS FOR 5,298 32 YEARS. 29,052 45,609 The quotations for middling uplan 18,261 d at New York on 25,231 38,871 Sept.22for each of the past 32 years have been as follows: 1,100 16,535 1916.c 16.05 1908..c 9.30 1900..c 53,771 127,370 1915 10.62 1892_c T.38 .40907 12.20 1899 336 6.62 1891 6,007 1914---------- 1906 -8.30 9.70 1898 500 23,964 1913 5.56 1890 10.44 13.55 1905 10.95 1897 1,000 6.81 1889 2,900 1912 11.85 1904 11.25 11.30 1896 18,125 8.56 1888 18,125 1911 10.44 11.00 1903 11.60 1895 24,482 8.25 1887 24,482 1910 9.69 13.08 1902 9.00 1894 11,523 6.69 1886 11,523 1909 13.15 1901 9.38 47,663 41,213 8.31 1893 93,300 253,996 680,247 57,062 206,532 406,28 3 5 41,996 71,018 8.38 1885 10.06 MARKET AND SALES AT NEW 142,689 • 29,017 The total sales of cotton on the spot each YORK. week at New York are indicated in the follo day during the Note. -Exports from New York Include 60 bales Peruvi an to Havre. wing statement. For the convenience Df In addition to above exports, our telegrams to-nigh t also show at a glance how the reader we also add columns which give us the following amounts of cotton on shipb the market for spot and futures closed cleared, at the ports named. We add similar oard, not on same days. figures for New York. Total 1915.. 49,230 35,614 38,634123,478 Total 1914_ 11,407 18,038 29,445 On Shipboard, Not Cleared for Great GerOther Sept. 22 at- Britain. France. many. Contl. Coastwise. Total. Leaving Stock, New Orleans__ 4,314 7,764 ____ 15,117 1,518 Galveston ____ 27,831 6.960 ____ 10,851 14,000 28,713 105.419 Savannah ___ 6,800 1,000 ____ 5,000 2,500 59,642 103,648 Charleston__ _ 15,300 138,286 36,308 Mobile -8 3,----------------3,877Norfolk 862 6,721 ---- ---- - --..„ ---700 1,562 New York........ 2,000 1,500 26.188 ____ 000 -___ 6,500 Other ports_ _ .. 10,C00 1,000 77,437 ____ 5,000 ____ 16,000 68,053 --- Total 1916 55,684 18,224 ____ 38,968 18,718 131,59 4 Total 1915 65,597 16,079 100 54.809 5,566 142.151 552,060 mrstni 1014 14 877 ____ 4.443 17.552 15 rill 51 871 706,913 ono nna Spot Market Closed. Saturday...._ Monday _ Tuesday _ Wednesday_ Thursday __ Friday Futures Market Closed. SALES. Spot. Contr'ct Total. Quiet, 5 ots. dec.. Steady Steady, 30 pts. adv.. Very steady Steady, 30 pts. adv_ Very steady Quiet. 15 pts. dec.... Steady W 15 pts. adv_ Steady Wet,:0 pts. dee_ Barely steady Total_ FUTURES. -The highest, lowest and . New York for the past week have been as closing prioes at follows: Saturda y, Monday, Tuesday, Wed'day, Thursd' Speculation in cotton for future delivery has Sept. 16. Sept. 18. Sept. 19. Sept. 20. Sept. y,l Friday, 21.Sepi. 22. Week. been more active at an advance, owing to poor crop reports, September an tation of a bullish Government report on Oct. 2, and expecRange lessened Closing.. 16.03 15.35-39 15.68-.72 15.98-.02 15.78-.84 15.94- 116.08 hedge selling. Besides, mills and spot houses .98,- 1 buying, and Liverpool and Wall Street have have been October 15.33-.48 15.44-. also bought. Range ..-- 15.38-.39,15.7 75 15.71-.05 15.83-M4 15.77-.05 15.82-.1 15.33-.111 Closing Spot markets have been firm, with reports of large 1-.73 16.01-.02 15.82-.83 15.87-.98,15.83-.84 by mills in both the East and the South. Hedge buying November Range selling at Closing___ _ 15.42 -15.78-.8 Liverpool and New York has been as a rule easil 0 16.08 -15.90 - 16.05 _h i5.92 The Continent has also been buying in Liver y absorbed. December Range 15.51-.68 15.55-.89 15.87-. 1 pool. LiverClosing___ _ 15.51-.53 15.87-.89 16.18-.19 15.98-.20 15.92-.25 16.01-.32 15.51-.32 pool has been a large buyer here to undo strad 19 15.99-.00 16.14-.16 16.02-.0 Tuesday, it is understood to have bought 50,00 dles. Last January Range 15.59-.73 15.65-.98 15.95-.28 16.07-. for that purpose. On the advance stop orders 0 bales here Closing_-- 15.60-.62,15.95-.97 16.26-.28 16.08-.30 16.01-.321 16.11-.40 1549-.40 09 16.23-.2416.12-.13 side have been encountered. The weather has on the short February Range been too cool 16.28-. for late cotton in the Carolinas. The boll weevi Closing..__ _ 15.67-.69 16.02-.04 16.33 33 -16.14-.16 16.29-.31)16.18-.20 16.28-.33 ued to destroy new squares in Texas as fast l has contin- March Range as they are 15.75-.861 15.83-.15 16.10-.44 16.21-.44 16.15-. formed. Little top crop is expected in 46 16.25-. 15.l6-.60 Closing.. 15.76-.78 16.11-.12 16.42-.43 16.22-.23 16.38-.39,16.25-.26 homa the top crop is developing only Texas. In Okla- April slowly. Parts of Range Alabama need rain. The weevil in that State Closing___ _ 15.82 -16.18 -16.49 -1 6.30 -16.46 -16.33 - ous. In Louisiana, according to Government is still numer- May advices, there Range 15.92-.05 15.99-.32 16.28-.60 18.41-.63 will be no top crop owing to the weevil. 16.35-. Closing_15.94-.95 16.30-.32 16.57-.60 16.41-.42 16.57-. 64'16.43-.68 15.92-.68 Exports have June 59,16.43-.4 continued to run well ahead of of Range other day ocean freight from New those ns last year. The Orlea to Liverpool and Closing.... 15.97-.99 16.32-.35 16.63 -16.44 -16.61 -,16.47 Havre were reported some 20cents --July I Range 16.06-.09 16.08-.34 16.36-.69 16.55-.66 16.45-. New York to Liverpool $1 50 hasper 1001bs.lower. From 75 16.54-.77 16.06-. Closing.... 16.03-05 16.38-.39 16.69-. been accepted. Trade 70 16.53-.55 16.67-.89 16.53-.55-- 77 - - made THE VISIBLE SUPPLY OF COTTON to-night, as , cable and telegraph, is as follows. Foreign stocks up by as the afloat, are this week's returns, and consequently as well g. all foreign figures are brought down to Thursday evenin t to make the total the complete figures for to-nigh , But States (Friday), we add the item of exports from the United ing in it the exports of Friday only. includ 1913. 1914. Sept. 22Stock at Liverpool Stock at London Stock at. Manchester [Vol, 103. THE CHRONICLE 1 138 bales Total Great Britain stock Stock at Hamburg Stock at Bremen Stock at Havre Stock at Marseilles Stock at Barcelona Stock at Genoa Stock at Triest,, 1915. 1916. 588,000 1,034,000 829,000 13,000 72,000 32,000 62,000 62,000 28,000 648,000 1,168,000 904,000 *1,000 *29,000 *1,000 *3,000 *185,000 *1,000 10,000 201,000 225,000 3,000 4,000 9,000 29,000 44,000 29,000 0 1 00 147,00090,00 0 22,000 *20,000 * *1,000 OVERLAND MOVEMENT FOR THE WEEK AND -We give below a statement showing the SINCE AUG. I. overland movement for the week and since Aug. 1, as made for the up from telegraphic reports Friday night. The results : week and since Aug. 1 in the last two years are as follows Sept. 22ShinnedVia St. Louts Via Mounds, &e 449,000 Via Rock Island 5,000 Via Louisville 29,000 Via Cincinnati Via Virginia points 483.000 Via other routes, &c 17,000 77,000 Total gross overland 83,000 2,000 Deduct Shipments Overland to N. Y., Boston, &c 10,000 Between interior towns 6,000 Inland, &c., from South 12,000 -1915Since Aug. 1. 24,349 7,075 -1916--Since Aug. 1. 22,899 4,448 Week. 3,441 2,028 576 777 1,138 8,236 4,182 6599 7,345 66,958 958 549 941 4,879 3,254 4,466 6,316 37,978 16,692 112,431 12,796 83,438 1,127 798 4,123 7,756 6,349 26,658 1,128 996 2,799 4,117 5,755 16,828 Week. 4,813 1,152 26,700 4,923 40,763 6,048 Total to be deducted 387,000 344,000 513,000 207,000 Total Continental stocks 56,738 7,873 71,668 10,644 Leaving total net overland * 1,035,000 1,512,000 1,417,000 690,000 Total European stocks 85,000 77,000 103,000 14,000 for Europe__ _ nt by rail to Canada. * Including moveme India cotton afloat 56,471 473,722 Amer. cotton afloat for Europe._ _ 329,984 252,466 ent 33,000 nd 17,000 25,000 The foregoing shows the week's net overlathe movemlast Egypt,Brazil,&c.,afloat for Eur'pe 13,000 117,000 *80,000 96,000 week 18,000 Egypt bales for Stock in Alexandria, 510,000 601,000 434,000 has been 10,644 bales, against 7,873 417,000 Stock in Bombay, India 683,654 939,064 321,271 480,747 year, and that for the season to date the aggregate net overStock.in U. S. ports 255,150 223,769 bales. Stock in U. S. interior towns,.__ _ 542,588 575,202 23,813 land exhibits an increase over a year ago of 14,930 1,899 1,000 -1915 U.S. exports to-day 1916 Since Since 2,540,051 In Sight and Spinners' 3,054,196 4,009,631 2,850,892as follows: Aug. 1. Week. Total visible supply Aug. 1. Week. descriptions are Takings. 725,582 Of the above, totals of American and other 964,814 284,998 230,375 Receipts at ports to Sept. 22 56,738 American 7,873 71,668 10,644 bales_ 452,000 798,000 535,000 274,000 Not overland to Sept. 22 510,000 Liverpool stock 17,000 595,000 65,000 43,000 49,000 tion to Sept.22- 78,000 25,000 Manchester stock 167,000 Southern consump *294,000 *274,000 *395,000 473,722 1,292,320 Continental stock 56,471 319,019 1,631,482 357,871 329,984 252,466 Total marketed 98,025 77,836 American afloat for Europe 188,824 131,375 683,654 939,064 521,271 480,747 Interior stocks in excess U. S. ports stocks 542,558 575,202 255,150 223,769 U. S. interior stocks 23,813 ______ 435,707 1,899 sight during week_ _ _450,394 1,000 Came into 1,390,345 U.S. exports to-day 1,820,306 Total in sight Sept. 22 1 2,328,196 2,889,631 1,605,892 1,660,05 185,957 26,787 Total American 205,124 to Sept.22- 20,778 Nor.spinners'takings East Indian, Brazil, ctc.136,000 236,000 294,000 175,000 Liverpool stock 5,000 Movement into sight in previous years: 13,000 72,000 32,000 Bales. London stock 12,000 Since Aug. 119,000 Bales. 13,000 3,000 Week873,958 Manchester stock 40,000 222,882 1914-Sept.24 *93,000 *70,000 *118,000 -Sept. 24 1,913,673 Continental stock 85,000 1914 -Sept.25 467,509 1913 77,000 103,000 25 14,000 -Sept. 1,793,304 India afloat for Europe 33,000 1913 -Sept.27 1912 17,000 478,346 25,000 13,000 -Sept. 27 Egypt, Brazil, &c., afloat 96,000 1912 18,000 117,000 *80,000 OTHER ON Stock in Alexandria, Egypt QUOTATIONSFOR MIDDLING COTTionsAT middling 417,000 510,000 601,000 434,000 Stock in Bombay, India of -Below are the closing quotat ETS. MARK 726.000 1,120,000 1,245,000 880,000 1 cotton at Southern and other principal cotton markets for Total East India, &c 2,328,196 2,889,631 1,605,892 1,660,05 Total American 1 each day of the week. 3,054.196 4,009,631 2,850,892 2,540,05 Total visible supply 7.85d. 5.55d. 6.59d. 9.62d. Middling Upland, Liverpool 14.10e. Closing Quotations for Middling Colton on 11.55c. 16.05c. Middling Upland, New -York__ 8.45d. 10.80d. 9.60d. 14.38d. Week endin Egypt, Good Brown, Liverpool 9.00d. . Tuesday. Wed'day. Thursd'y. Friday. 8.75d. Saturday. Monday Sept. 22. Peruvian, Rough Good, Liverpool 13.75d. 10.90d. Ad. ' 6, 5.10d. 6.20d. 9.15d. 15.75 15.75 Broach, Fine, Liverpool 15.75 15.75 5.30d. 6 15-16d. Galveston 15.45 6.32d. 15.35 9.17d. 15.50 15.50 Tinnevelly, Good, Liverpool_ '15.38 15.38 15.13 New Orleans,.,.,. 15.13 15.50 15.50 *Estimated. 115.50 15.37 15.12 15.12 bales. Moblle 15% 15% 1534 1534 15% ental imports for past week have been 41,000 week Savannah 153i Contin 1534 1534 over 15@34 1534 15 15 Charleston 1516 The above figures for 1916 show an increase1915,last 1534 1534 l53 15 an excess Wilmington_ _ _ _ 15 15.69 15.e0 15.50 15.15 8 bales, a loss of 955,435 bales from 15.25 of 190,16 15.19 15% 1534 1534 bales over Norfolkre 1534 1534 1534 Baltimo 16.30 16.40 of 203,304 bales over 1914 and a gain of 514,145 116.25 16.40 16.10 Philadelphia..... 15.80 15.69 15.69 15.63 15.56 15.32 1913. 15.06 Augusta 15.75 15.75 115.75 15.75 15.50 15.37 -that is, Memphis 1534 1534 .15% AT THE INTERIOR TOWNS the movement nts for St. Louis 15341534 15.55 15.70 15.60 15.75 Aug.1, the shipme 5 ig:5 15.30 Houston 15.50 the receipts for the week and since 15.50 15.50 15.25 15.110 15.011 the same items for the Little Reek the week and the stocks to-night, and out in -The highcorresponding period of the previous year-is set NEW ORLEANS CONTRACT MARKET. cts in the detail below. and closing quotations for leading contra been as est, lowest have New Orleans cotton market for the past week Movement to Sept. 24 1915. Movement to Sept. 22 1916. follows: Ship- Stocks Receipts. Ship- Stocks Receipts. ments. Aug. , Friday, ments.' Sept. Saturday. Monday, Tuesday, Wed'dau, Thursd'y Sept. 22. Week. 11. 21. Week. Season. Week.! 22. Week. Season. Sept. 16. Sept. 18. Sept. 19. Sept. 20. Sept. 318 7,657 5,587 135 6,297 1,994 4,310 583 Ala., Eufaula.._ 8,763 27,529 4,372 61,064 SeptemberMontgomery.. 2,488 11,563 1,664 36,052 4,288 12,423 3,062, 24,495 e 5 15.30-.32 932 9,855 5,145 1,184 Selma 14.84 -15.19 -15.49-.51 15.28 - 15.45-.5 -1 1,660 Closing 1,049 690 601 4,165 4,498 2,667 Ark., Helena 0 2,670 1,2771 5747 October 5 15.32-.65 15.43-.65 15.35-.67 15.43-.7 4 10,627 26,128 3,770 21,352 1,435 Little Rock_ _ 15.03-.14 15.04-.3 Range 2,620 3,126 4,463 15.58-.60 15.43-.4 276 12,786 1,707 Pine Bluff __ _ 4,869 10,581 15.03-.05 15.34-.35 15.64-.65 15.43-.45 9,792 Closing 9,963 1,486 2,339 2,326 10,474 1,274 9,892 December r1,728 Albany Ga., ClosingDecembe 7,330 1,650 15.59-.92 15.69-.95 9,800 2,900 7,028 4,750 5,225 Athens 15.25-.35 15.29-.60 15.56-.90 15.66-.92 15.83-.84 15.69-.70 Range 2,917 11,173 10,609 33,716 7,756 17,071 6,703 13,157 4,290101,921 15.27-.28 15.58-.60 15.89-.90 15.67-.68 Atlanta 24,760 90,539 5,294 77,959 31,539 65,253 1,645 28,778 January Augusta 7,764 6 15.83-.10 5,523 1,664 6,090 1,4 1,943 15.38-.50 15.44-.74 15.70-.04 15.80-.08 15.73-.0 15.83-.81 Columbus_ 7,185 Range 8,163 34,537 5,857 13,578 4,324 10,986 1,811 3,624 15.41-.42 15.72-.73 16.03-.04 15.82-.83 15.98 Macon Closing 3,774 1,180 869 2,801 1,685 3,517 1,270 Rome 13,842 4,160 28,764 March 8 16.05-.23 15.60-.70 15.64-.05 15.92-.25- - 15.94-.20 16.05-.06 La.,Shreveport 9,628 26,473 4,460 17,322 5,992 Range 100 3,157 1,069 567 635 57 219 100 15.61-.62 15.93-.95 16.24-.25 16.03-.01 16.18-.2 Miss.,Columbus Closing 382 9,354 6,401 5,489 1,000 5,000 3,754 4,000 Greenville -_ 771 11,120 May 6 16.37-.45 8,895 ---15.85-.16 16.10-.44 16.22-.47 16.14-.4 2 16.26-.28 Greenwood--- 9,523 12,697 1,326 11,844 5,508 Range 2,620 2,705 8,037 16.40-.4 615 3,591 1,330 2,462 427 Meridian _ _ _ _ 0.82-.84 16.14-.16 16.45-.46 16.24-.25 Closing 5,151 1,011 4,875 6,662 1,686 4,590 1,852 2,416 Natchez 8501 5,393 July 2,598 8 16.33-.63 882 1,064 61 814 546 Vicksburg _ _ _ 15.98-.00 16.04-.26 16.41-.54 16.44-.54 16.57-.59 16,41-42 Range 26 5,892 2,939 50 2,300 1,986 992 185 Yazoo City _ _ 15.96-.98 16.29-.31 16.62-.63 16.42-.4 7,493 Closing 18,669 4,813 4,70:1 1.728 13,998 3,441 3,531 Tone Mo.,St. Louis_ 4,933 990 10,661 2,065 Steady Steady Steady Steady Steady Steady Bar. sty Steady Steady N.C.,Gensboro 2,234 16,417 1,507 5,532 228 Spot 500 1,138 608 65 Firm 75 Firm 468 107 steady Raleigh Ontinna 7,128 1,629 12,505 753 17,551 1,120 14,006 0., Cincinnati_ 1,732 330 231 581 412 ____ 4,715 4,798 ces to Okla., Ardmore 3,169 476 787 227 826 2,23 WEATHER REPORTS BY TELEGRAPH.-Advi 2,843 1,572 Chicasha 23 23 e a con1,970 3,706 5,876 4,603 lingo 500 us by telegraph from the South this evening indicat 281 "iio 163 478 2,878 1,738 Oklahoma _ _ _ 1,207 16,128, 3,413 7,971 4,017 13,052 2,073 6,339 tinuation of favorable weather during the week and a conS.C.,Greenvill 6,06 510 5,495 1.325 785 804 2,385 1,583 825 Greenwood_ _ _ 19,764 7,936 54,323 sequent rapid progress in gathering the crop. Marketing Tenn.,Memph 25,019 56,425 5,512 72,701 7,912 1,461 1,461 551 1,264 Nashville 3,374 1:66 1,818 is also upon a free scale. 9,559 2,000 3,628 2,247 Tex., Abilene_ _ 4,000 5,715 1,087 2,446 3,127 14,374 2,862 1,622 1,133 Brenham -__ -Weather conditions during the week have 1,102 Galveston, Tex. 1,117 640 6,607 12,060 3,166 6,794 Clarksville_ _ 4,233 the gathering of the crop, which has made 5,786 17,935 3,668 9,494 5,031 10,532 3,891 Dallas 460 been ideal for 527 low and hin972 372 9,790 4,765 3,688 Honey Grove_ 5,931 progress. Temperatures were dectdedly active and 81,313108,394 114,713 472,385i 88,287117,272 98,139 310,529 3,304 2,641 rapid Houston 5,94 . Weevils are reported still the past further growth 14,082 29,176 10,537 11,457 3,938 22,65 Paris 3,004 7,361 dered no rain 3,189 20,8013" 2,474 4,184 3,787 San Antonio to be destroying now growth. We have had lowest 68. 50,231575,202 week. Average thermometer 76, highest 84, 645,1711 Total,41 towns 311,8431,034,776180,4685-12,558228,067 -There has been no rain the past week. 'rho addition of 8 towns. Abilene, Tex. -Our Interior Towns Table has been extended by theTable and a number being 92 and the Note. the Visible Supply thermometer has averaged 71, the highest This has made necessary the revislon of of other tables. in- lowest 50. Towns. Rang has The above totals show that the interior stocks have 44 --Dry all the week. The thermometer Brenham, Tex. creased during the week 131,375 bales but are to-night32,6at averaged 77,ranging from 62 to 92. receipts therbales less than at the same time last year. The same week -It has been dry all the week. The Cuero, Tex. all towns have been 83,776 bales more than the from 50 to 94, averaging 72. mometer has ranged last year. 6EPT. 23 1916.] THE CHRONICLE 1139 Fort Worth, Tex. -We have had no rain durin WORLD'S SUPPLY AND TAKINGS OF week. Average thermometer 75, highest 94, g the past COTTON. lowes Henrietta, Tex. The following brief but comprehensive -We have had no ram the past weekt 56. statement indicates . The at a glanc thermometer has averaged 76, the highest e the world's supply of cotton for the being 100 and the week and lowest 52. since Aug. 1 for the last two seasons, from Huntsville, Tex. all sources from -We have had no rain the past week which statistics are obtainable; also the . The thermometer has averaged 70, ranging takings, or amounts from gone out of sight, for the like period. Kerrville, Tcx.-We have had no rain 54 to 86. during the week. The thermometer has ranged from 46 to 88, averaging 67. Lampasas, Tex. Cotton Takings. --We have had no 1916. 1915. Week and Season. Average thermometer 71, highest 92, rain the past week. lowest 50. Week. t Season. Longview, Tex. Week. Season. -There has been no rain during the week. Visible supply Sept. 15 The thermometer has averaged 70, the 2,8C4,028 3,816,631 Visibl highest being 90 and Amerie supply Aug. 1 3,198,251 the lowest 50. can in sight to Sept. 22.._ 4,664,410 Bombay receipts to Sept. 21..._ 450,394 1,820,306 435,707 1,390.345 Luling, Tex. -We have had no rain the past week. b15,000 0 Other shipm'ts to The AlexanIndiareceipts to Sept. 21 b5,000 104,000 36,000 185,000 thermometer has averaged 74, ranging from 30,00 12.000 dria 63,000 Sept. 20_ b16,000 58 to 90. 30,000 14,000 27,000 Nacogdoches, Tex. b2,000 -It has been dry all the week. The Other supply to Sept. 20 s 21,000 2,000 17,000 thermometer has ranged from 50 to 90, avera Total supply ging 70. 3,352,422 5,203,557 4,316,338 6,346, Deduct 755 Palestine, Tex. -We have had no rain the past week. Visible supply Sept. 22 3,054,196 3,054,196 4,009,631 4,009. Average thermometer 74, highest 90, lowest 58. 631 takings to Sept. Paris, Tex. -There has been no rain durin the week. The Totalwhich American 22_a____ 298,226 2,149,361 306.707j 2,337, Of 243,226 1,580;361 229.7071 1,755,124 thermometer has averaged 74, the highest g Of which other 124 being 96 and the 55,000 569,000 77,000* 582,000 lowest 52. * Embraces receipts in Europ San Antonio, Tex. e from Brazil, Smyrna, West -Rain has fallen on one day during a This Indies, &c. since Aug. 1 the week, the rainfall reaching five hundredths of an inch. Southern total embracesbales in 1916 the total estimated consumption by mills 595,000 not being available-and the aggreg and 510,000 bales in 1915 -takings The thermometer has. averaged 75, ranging from 62 to 88. ate amounts taken by North spinne ern and 1.554,361 bales -Dry all the week. Minimum thermometer foreign985.361rsbales and 1.245. in 1916 and 1,827,124 bales in 1915, of Taylor, Tex. which 124 bales American. b Estimated. 60. Weatherford, Tex.-We have had no rain the past EXPORTS OF COTTON GOODS Minimum thermometer 52, highest 94, average 73. week. FROM GREAT BRITAIN. -Below we give the exports of cotto Ardmore, Okla. -It has rained on one day durin n yarn, g the goods, &c., from week, the precipitation being twenty hundredths Great Britain for the month of August The thermometer has averaged 73, the highest of an inch. and since Aug. 1 in 1916 and 1915, as compiled by us from being 96 and the lowest 50. the British Board of Trade returns. It will be noticed that Marlow, Okla. -We have had no rain thermometer has averaged 70, ranging the past week. The we have reduced the movement all to pounds. from 45 to 95. Little Rock, Ark. -The week's rainfall has Cloth. twenty-six hundredths, on one day. Averbeen one inch and 000s Yarn & Thread. Total of All. age thermometer omitted. 1916. 1915. 1916. 68, highest 85 and lowest 51. 1915. 1910. 1915. 1916. 1915. New Orleans, La. -It has been dry all the lbs. lbs. yds. I yds. lbs. lbs. lbs. thermometer has averaged 76, the highest beingweek. The August_ 17,750 15,318 424,317 418,794 79,312 78,27! 97,06 lbs. 88 and the 93,597 lowest 64. Stockings and socks 24 158 Shreveport, La.-Thero has been no rain the past week. Sundry articles 4,43• 2,545 The thermometer has averaged 72, ranging from 52 to 92. Total exports of cotton manufactures Columbus, Miss. 101,74 -There has been no rain during the 96,300 The thermometer has ranged from 43 to 92, averaging week. The foregoing shows that there have 67. been exported from Vicksburg, Miss. -Dry all the week. Average ther- the United Kingdom during the month 101,744,00 mometer 68, highest 85, lowest 53. 0 pounds of manufactured cotton, against Mobile, Ala. -Picking is going on rapidly. All 96,300,000 pounds last planters year, an increase of report very short crops in this section. Ther 5,444,000 pounds. only a trace of rain the past week. The ther e has been DOMESTIC EXPORTS OF COTTON averaged 74, the highest being 86 and the lowest mometer has 59. MANUFACSelma, Ala. TURES. -We give below a statement showing -Rain has fallen on one day of the exports inappreciable extent. The thermometer hasthe week to an of domestic cotton manufactur averaged 69, es for June and for the twelve ranging from 54 to 82. months ended June 30 1916, and, for purposes of compariMadison, Fla. -It has rained on one day of the precipitation reaching eleven hundredths of an week, the son, like figures for the correspoding periods of the previous inch. The year are also presented: thermometer has ranged from 58 to 87, averaging 72. Tallahassee, Fla. -It has rained on one day during the Manufacturers of Cotton the rainfall being twenty-two hundredths of an inch. week, !Month ending June 30. 12 Mos. ending June 30. Exported. Lowest thermometer 58, highest 87, average 73. 1916. 1915. 1915-16. 1914-15. Albany, Ga.-There has been no rain during the week. Piece goods yards' 53,292,427 47,931,504 550,61 The thermometer has averaged 72, the highe 8,898 396,950,195 st being 85 Piece goods value' $4,766.420 and the lowest 58. Wear'g apparel-Knit goods_value 2,222,533,$3,302.335 $46,414,200 $28,682,515 1,390,412 20,861,288 13,080 Do ,445 -All other Savannah, Ga.-It has rained on one day of value 1,232,203' 975,282 13,365 ,376 16,469,645 Waste the week to an Yarn cotton value 478,5091 208,738 inappreciable extent. The thermometer 3,871,637 2,934,654 value 583,658 has averaged 72, All other 442,309 5,276, ranging from 57 to 85. value 2,095,4171 1,007,359 22,264 105 1,866,476 ,521 8,939,762 L. Charleston, S. C. -We have had rain on one day Total manufacturers of_ _value $11,37 8,740 $7,317,435 $112,053,127 $71,97 during the week, the precipitation reaching one 3,497 hundredths. The thermometer has inch and forty-five ranged from 59 to 86, INDIA COTTON MOVEMENT.-The recei averaging 73. pts of India Greenville, S. C. cotton at Bombay and the shipments from -Dry all the week. Highest all India ports for thermometer the week 87, lowest 50, average 69. ending Aug. 31 and for the season from Aug. 1 for Charlotte, N. C. -There has been only a trace of rain dur- three years have been as follows: ing the week. The thermometer has averaged 64, the highest being 82 and the lowest 45. 1916. 1915. Goldsboro, N. C. 1914. Aug 31. -It has rained on one Receipts at week. The precipitation reached eighty-fiv day during the Since Since Since Week. Aug. 1. Week. Aug. 1.1 an inch. The thermometer has averaged e hundredths of Week. Aug. 1. 66, ranging from Bombay 47 to 84. 12,000 54,000! 28,000 92,000, 4,000 38,000 116 Memphis, Tenn. -Pic being actively pushed. king, ginning and marketing are For the Week. Since August 1. Dry all the week. The thermometer Exports has ranged from 50 to 85, avera frontGreat Conti- !Japan ging 66. Great ContiJapan Britain neat. &China Total. Britain . neat. & China Total. COTTON CONSUMPTION AND OVERLAND MOVE- Ekanbay-MENT TO SEPT. 1. 1916___ 1,000 28,000 29,000 -Below we present 2,000 1915._ 1,000 8,000 23,000 32,000 125,000 crop movement for the month of August fora synopsis of the 3,000 1914____ 109,000 6 three years: 8,00 14,000 Calcutta-39,000 1916. Gross overland for Augus bales_ Net overland for Augus t Port receipts in Augus t t Exports in August Port stocks on Aug. 31 Northern spinners taking s to Sept. 1.._ _ Southern consumptio Overland to Canada n to Sept. 1 for August (included in net overla nd) Burnt North and South Stock at North. interio in August Caine in sight during r markets Aug. 31 Came in sight balancAugust e season Total crop Average gross weight of bales Average net weight of bales 1915. 1914. 63,519 37,804 333.309 364,582 430,831 108,099 349,000 45,025 36,851 132,842 158,812 662,738 89,875 282,000 22,225 3,090 50,206 12,841 234,480 45,921 234,000 5,523 5,369 1916_ 1915____ 1914_ Madras -1916___ 1915___ 1914_ All others 1916._ 1915__ 1914___ 1,000 2000, 2000, 1,000 2,000 3,000 1,000 1,000 1,000 1,000 1,000 2,000 3,000 2,000 1,000 6,000 1,000 12.000 33,000 20,000 5,223 Total all 292 14,110 1916_ -14,253 2,000, 30, 12,209 32,000 3,000 631,113 1915-140,000 414,693 9,000 25, ,, 287,418 36,000 11,000 1914147,000 12,539,757 14.779,820 6,000 8,000 14,000 , 1.000 60,000 12,953,450 15,067,247 511.94 According to the foregoing, Bombay appear 506.04 514.00 last year s to show a decrease compared with 486.94 in the week's receipts of 16,000 bales. Export 481.04 489.00 a loss of 4,000 s from all India ports record bales during the week, and sincelAug. 1 show a decrease of 7,000 bales. [VoL. 103. THE CHRONICLE 1140 ALEXANDRIA RECEIPTS AND SHIPMENTS OF -The following are the receipts and shipments for COTTON. the week ending Aug. 30 and for the corresponding week of the two previous years: 1916. Alexandria, Egypt. August 30. Receipts (cantars)This week Since Aug. 1 300 2,000 7,923 29,466 25,062 51,738 Since Since Week. Aug. 1. Week. Aug. 1. Exports (bales) To Liverpool To Manchester To Continent and India_ To America 6,062 2,480 9,293 4,665 5,354 5,474 8,947 1,712 10,829 2,389 1,133 793 Total exports 793 9,584 14,331 34,423 Since Week. Aug. 1. 2,000 400 398 963 2,300 4,500 3,398 5,250 3,761 15,448 750 lbs. -A canter is 99 lbs. Egyptian bales weigh about Note. Aug. 30 This statement shows that the receipts for the week ending foreign shipments 793 bales. were 25,062 cantars and the -Our report received by MANCHESTER MARKET. cable to-night from Manchester states that yarns and cloth are firm with the demand encouraging. We give prices for to-day below and leave those for previous weeks of this and last year for comparison: Monday. Tuesday. Wednesday. Thursday. Friday. Moderate demand. Quiet. Moderate demand, Moderate demand. 9.44 HOLIDAY. 9.55 9.60 9.54 9.62 12,000 500 8,000 500 8,000 800 7,000 500 7,000 500 Steady 7849 pts. advance. Quiet Quiet 8 7849 PM 8@834 Pt . advance. decline. Futures. Market 5 opened 1 Steady Steady 734010 unch. to 34 pt. adv. pts. adv. Market, 1 434 P. M. Unsettled Irregular Quietunch. Very st'dy Steady pts. 2©734 pts. 10012 pts. 234pts.dee. to 434 pts. 13416 advance. advance, advance. to34pt.adv. decline. The prices of futures at Liverpool for each day are given ry below. Prices are on the basis of upland, good ordina other wise stated. clause, unless The prices are given in pence and 100ths. Thus: 9 34 means 9 34-100d. Thursday. Friday. Sept. 16 Saturday. Monday. Tuesday. Wed'day. to 134 434 434 134 434 134 434 1341p434 p.m. p.m. 134 134 Sept. 22. 1234 . p.m. p.m. p.m. p.m.p.m. p.m. p.m. p.m. p.m.1 .m d. d. d. d. d. d. d. d. d. d. d. d. 9 34 36 45 46 5034 4334 443443% 52 593-" Septemb'r 47345434 9 29% 3134 41 44 4834,42 4034 39% 50 57 -Nov. Oct. -Feb_ Holt day 9 2834 31 42 48 55 47 4434 4334 5234 59% Jan. 50 58 49 4636 4534 9 28 31 4334 -Apr. Mar. 61% 9 28 32 4534 51 6034 5134 4934 48 5434 5634 May-June 9 22 26 4034 47 55 47 4434 4334 50 July-Aug_ 1915 1916 82s Cop Twist. Saturday. Mid.Upi'ds Sales Spec.&exp. 1914. 1915. Spot. Market, I 1:30 jGood demand, P. M. , 834 bs. Shirt- Cot'n isles, common Mid. Up 's to finest. 32s Cop Twist. 834 in. Shirt- Coin lags, common Mid. Up 's to finest. BREADSTUFFS d. s. 1334 7 1334 7 13% 7 1434 8 s. d. d. 3 09 6 6 849 9 9 09 9 3 84103 d. d. 8.57 8% 8.54 834 8.86 8% 9.42 834 SZOS CVOS ZOCC 0662 Friday Night, Sept. 22 1916. . has been in rather better demand and latterly firmer Flour small and the large bakers and Stocks here are reported yn jobbers are reported more disposed to buy. The Brookl 5.78 9% 69 ©8 0 ' Association has asked President Wilson to put 9.90 8% Boss Bakers 15 8 6 8410734 6 10 08 1% 6.12 9.38 9% 15% 8 8 @106 6.44 an embargo on the exportation of wheat from the United 10% 73 (348 0 9.51 9% 15% 8 8 84106 934 prices for flour 10% 73 07 1034 6.59 9.62 15% 8 8 010 6 States and are predieting very much higher In their memorial to the President the and the bread loaf. -As shown on a previous page, the Association says: "It appears that the quantity of wheat from SHIPPING NEWS. States the past week have exports of cotton from the United including the surplus of last year, is barely suffimade the last crop, of the . reached 59,726 bales. The shipments in detail, as cient for the needs of this country; that the quality up from mail and telegraphic returns, are as follows: bales. wheat crop for the current year is deficient; that the price of Total 1.928 wheat is constantly rising, and that by reason of our -To Liverpool-Sept. 15-Orduna, 1,928 NEW YORK -Older, 1,000; wheat is To Havre-Sept. 14-Andree, 2,440; Sept. 18 3,865 increasing population a greater quantiy of Sept.21-Frednes,425 100 ore, and we ToBergen-Sept. 19-Bergensfjord, 103 1,921 needed for actual consumption than heretof To Archangel-Sept. 16-Vologla, 1,921 1,301) petition the President to call a special session -Missourian, 1,300 To Genoa-Sept. 20 200 respectfully the advisability To Venezuela-Sept. 19-Mimer,200 -Albanian, 6,716; of Congress for the'purpose of considering GALVESTON-To Liverpool-Sept. 15 26,093 of wheat, and that at -Indian, 19,377 Sept. 19 10,300 of an embargo upon the exportation ona, 10.300 -Barcel To Barcelona-Sept. 16 125 -Newland,125 members thereof adopt legisla-To Glasgow-Sept. 20 NEW ORLEANS 2,500 said session of Congress the -Aspen, 2,500 To Gothenburg-Sept. 20 200 tion that may be necessary to protect the welfare of our -Aspen, 200 To Christiania-Sept. 20 1,105 ondale, 1.105 food product." SAVANNAH-To Manchester-Sept. 19-Brac people in stabilizing the most essential -St. Hugo, 54; Sept. 22-Sept. 8 NORFOLK-To Liverpool 1,054 cool suggestion being acted Dromore, 1,000 714 There seems no likelihood of this 714 BOSTON-To Manchester-Sept. 14-Ninian,ngham, 714 714 -Rocki question is likely to be a burning one. -Sept. 8 BALTIMORE-To Liverpool 500 upon. But the bread -Alf, 500 PHILADELPHIA-To Manchester-Sept.6 6,907 The Commissioner of Weights and Measures hero says that -Seattle Maru, 6,970 -To Japan-Sept. 18 SAN FRANCISCO 200 ordinances -To Manila-Sept. 1-Ixion, 200 SEATTLE he will warn bakers that Section 30 of the city 59,726 power to confiscate all bread not sold Total gives the authorities week, by weight and turn it over for use by city institutions. The particulars of the foregoing shipments.for the the bread riots : Resort was taken to this ordinance during arranged in our usual form, are as followsVlad., to ingore the law, said to have i.EuropeHol- -Olt to advice Great French &c. Japan. Total. in 1863. In answer s-' Britain. Ports. land. North. South. 9,314 ____ 200 to Brooklyn bakers at a meeting, the Commi 2,021 1,300 New York__ 1,928 3,865 36,393 been given insist that ___- 10,300 Galveston ___26,093 2,825 sioner sent all his inspectors to that borough to ____ 125 New Orleans_ 1,105 that the exact weight be Savannah ___ 1,105 1,054 bread be sold only by weight and ____ 1,054 firm Norfolk 714 on every loaf. In Chicago a large baking 714 Boston 714 indicated ____ 714 Baltimore 600 has raised the price from 5 cents to 6. Meantime, there 5G0 Philadelphia _ 6,907 6,907 suitable San Francisco 200 are complaints at the Northwest of a scarcity of Seattle it is said, wheat for grinding and some of the smaller mills, 400 6,907 59,726 ____ 4,721 11,600 moderate 32,233 3,865 Total bales may have to close down. There has been a The exports to Japan since Aug. 1 have been 41,146 polis reports that domestic trade export business. Minnea from Pacific ports. is active, but export business light. later, closing -Current rates for cotton from Wheat declined early in the week but rallied COTTON FREIGHTS. r, to have sold out York are as follows, quotations being in cents per pound: higher. Mr. Patten is said, howeve New selling early in the week 2.00(4)2.25c.; Rotterdam. Liverpool, 2.00c.; Manchester, 2.00c.; Havre, asked; Leghorn, 2.60c.; 1,500,000 bushels. Also there was 2.00c. 3.00c. nom.; Genoa, 2.00c. asked; Naples, lm, 3.25c.; Malmo, 3.25c.; of a large increase in the visible supply. It 3.25c.: Stockho Christiania, 3.25c.; Bergen, Barcelona, 2.00032.25c.; Libson, 2.00c.•, on the prospects g the total in this counGothenburg, 3.0003.25c.; 3.00c. asked; Shanghai did increase 1,481,000 bushels, makin Oporto, 2.70c.; Marseilles, 2.50c. asked; Japan, 2.50c. year ago. 3.00c. asked; Bombay, 3.00c. asked; Vladivostok, ,000 bushels, against only 10,401,000 a try 55,451 ,000 bushels against about 5,000,000 -By cable from Liverpool we have the fol- Canada has some 16,000 New York the stock is 6,300,000 LIVERPOOL. At that port: lowing statement of the week's sales, stocks, &c.,at Sept. 22. bushels a year ago. bushels a year ago. Also, there were reSept. 1. Sept. 8. Sept. 15. 43,000 against 356,864 40,000 42,000 26,000 at under American Sales of the week 1,000 2,000 9,000 ports of Argentine wheat being offered here Of which speculators took 3,000 2,000 ly bought here at 2,000 Of which exporters took 31,000 prices. It is said that a cargo was actual 34,000 33,000 19,000 cerSales, American 1,000 4,000 6,000 1,000 less than American quotations, and that Actual export 65,000 considerably 73,000 58,1100 52,000 Forwarded 604,000 588,000 tainly did not set well. The weather is better in France and 647,000 621,000 Total stock ina is 521,000 494,000 472,000 452,000 Of which American 50,000 England, and the outlook for the wheat crop in Argent 37,000, 22,000 Total imports of the week 36,000 48,000 29,000 14,000 freights have declined 10 shillings since which American Of good. Argentine 128,000 166,000 196,000 Amount afloat 6d. There are 110,000 148,000 181,000 Friday, the rate now being 132s. Of which American Kansas and futures last large unsold holdings of cash wheat at The tone of the Liverpool market for spots prices of said to be a. The Dutch Government, it is each day of the past week and the daily closing City, Omaha and Wichit spot cotton have been as follows: Aug d. 4 12% 11 12% 13 12% 25 13% Sep. 1 14% 14% 15 14% 22 14% d. s. 5 934 6 8% 6 6 s. d. d. 9 07 3 0 07 6 6 07 9 6 07 9 d. 5.53 5.43 5.42 5.63 SEPT, 23 1916.] THE CHRONICLE said, has been buying in Argentina rather than here. Scarcity of ears has interfered with export business. Certainly it has been disappointing. Large elevator interests in Chicago have been free sellers. In Australia the crop outlook is improving. In India the weather is favorable. In the Balkan States crop prospects are said to be good. But, on the other hand, everything points to a short crop in this country and a poor harvest in Europe, so that in the end it is believed foreign buying of American wheat will have to be large and persistent and that ultimately prices are likely to go higher. Liverpool has latterly been firm, despite lower freights, with Argentine prices firm. Besides, Liverpool adds that Russian prices have been rising. Unfavorable crop reports from Canada have had noticeable effect there, and also the poor grading at Winnipeg and the belief that the American surplus will be very light. The Canadian crop is officially stated this year at 168,611,000 bushels, against 376,306,000 last year. The yield in the three Northwestern Provinces was estimated at only 145,368,000 bushels, against 167,000,000 a week ago. The Continent is absorbing all available wheat cargoes. The European is demand broadening. Threshing in France is slow, owing to the scarcity of labor, and though the movement of new wheat is increasing, it is still only moderate. France is receiving considerable foreign wheat but is taking it readily, as its stocks are moderate. In Argentina drought prevails over a wide area. The Australian acreage is much smaller than that of last year. The Italian crop is far smaller than the previous one. Russian advices state that rains are general and are hindering completion of harvesting and plowing. Estimates of yields are being reduced and it is believed that official figures are much too high. Old reserves are abundant of all grain, but the quality is unsatisfactory, as much of the good wheat has already been consumed locally and for seed. Prices are advancing. Stocks at north ports and also at Black Sea ports are moderate, as it is not believed that the Straits will be reopened to enable shipments to be made this season and therefore movement is light everywhere. Many here do not believe that the Dardanelles will be reopened in the near future; perhaps not this winter. To-day prices advanced, owing to higher cables, bullish Argentine news, a better demand for export, buying at Kansas City by Northwestern and Eastern mills, scarcity of good milling wheat in South Dakota, covering of shorts and reports that Mr. Patten and other prominent operators were buying at Chicago. Drought and locusts are said to be injuring the crop in Argentina. DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. No. 2 red 159% 160 cts_1573 158% 163 169 DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. September delivery in elevator cts_147% 149 1494 149% 149% 151% December delivery in elevator__147% 148% 149 149% 150% 153% May delivery in elevator 148 149% 150 150% 151 153% 1141 Winnipeg also had a noticeable influence. Export sales have reached 100,000 to 300,000 bushels a day, and probably would have been larger but for the difficulty in getting cars. Barley has also been strong, with export sales of anywhere from 50,000 to 200,000 bushels daily. Back of all this there were reports of damage to the crop in Canada by recent cold weather. That accounts for the firmness at Winnipeg. Under the circumstances, shorts have covered and some operators who recently sold heavily have latterly bought. To-day prices advanced in sympathy with corn. Besides, there was a good cash demand and receipts were moderate. The ending was at an advance for the week. DAILY CLOSING PRICES OF OATS IN NEW YORK. Sat. Mon. Tues. Wed. Tues. Fri. Stand'ds_5134-514 51%-51% 514-52% 51%-523( 51% -52% 52%-53 4 , No.2 w'te Nom. Nom. Nom. Nom. Nom. Nom. DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. September delivery in elevator cts_ 44% 44% 44% 45A 45% 46 5 5 December delivery in elevator..__ 47/s. 47% 47% 48 47% 483 May delivery in elevator 51 513 503/i 50% 51 51% FLOUR. Winter. low grades_---$5 35 $5 90 Spring, low grades __.--$4 75§S5 50 Winter patents 7 65 795 Kansas straights,sacks- 7 50 775 Winter straights 7 25 750 Kansas clears, sacks--- 6 05 685 Winter clears 6 75 7 10 City patents 9 30 Spring patents 8 15 8 50 Rye flour 6 400 6 80 Spring straights 7 75 8 05 Buckwheat flour Spring clears 6 85 710 Graham flour i60@ 660 GRAIN. Wheat, per bushel -f.o. b.Corn, per bushel N. Spring, No. 1, new__-_$1 81 No. 2 mixed f. o. b. Nom. N. Spring. No. 2 No. 2 yellow c. 1. f.$0 973i Red winter, No. 2, new...... 1 69 No. 2 yellow kiln dried___ Nom. Hard winter, No. 2 1 69 Argentina in bags Oats, per bushel, newcts. Rye, per bushel Standard New York 52@53 c. 1. f. $1 29 No. 2, white Nom Western e. 1. f. $1 29 No. 3, white 52Ca52% Malt Nom. No. 4. white 513 ©52 WEATHER BULLETIN FOR THE WEEK ENDING SEPT. 19. -The influences of weather on the crop as summarized in the weather bulletin issued by the Department of Agriculture for the week ending Sept. 19 were as follows: CORN. -Considerable damage was done to late corn by frost during the week just ended in Indiana, Illinois, Iowa, Minnesota, North Dakota, South Dakota, Montana, and in Grant County, Ore., but while frost occurred in Ohio, Wisconsin, Nebraska,'Colorado, and New Mexico, the injury was slight. Harvesting was delayed in Florida and Minnesota by rains, while corn in Maryland and South Carolina was benefited. Cutting is general throughout most of the country. Good crops are expected in Pennsylvania, Maryland, Virginia, West Virginia, Kentucky, Tenee,ssee, Alabama, Arkansas, Oklahoma and most of Oregon. Corn is maturing rapidly in Iowa and Oklahoma, and generally in the far West. Seventyfive per cent of the crop in northwestern and central Minnesota is safe, and 90% in southern counties. The crop is developing slowly in New England., and in Michigan it is maturing unevenly; much is being cut for fodder in North Dakota, and the yield of late corn in Mixgissippi will be below expectations. WHEAT. -Plowing for winter wheat is general in most parts of the area, but is delayed by dry weather in south-central Iowa and a portion of Missouri, in much of Michigan, Indiana, Ohio and Kentucky, and parts of Virginia. Seeding is under way in western Kansas, most portions of Iowa and Wisconsin, and some parts of Missouri, Illinois, Indiana, Ohio and Pennsylvania. In the mountain counties of Arizona, it is stated that seeding has begun. The thrashing of winter wheat is nearly everywhere completed, or is being finished under favorable conditions. In the spring-wheat area the weather was favorable for thrashing, except in Minnesota, where heavy rains delayed the work. The yields are satisfactory in Oregon, but in North Dakota they continue poor. -Conditions were favorable for oats and buckwheat, OTHER GRAINS. but considerable damage was done to late flax by frost in North Dakota, South Dakota, and Montana. The barley yield in New York will be light,' seeding barley has begun in Arizona. The harvest of early rice is well along in Arkansas, and the yield is excellent, but late rice was injured slightly by blight; rice harvest in Texas is progressing, with excellent yield, and rice in Louisiana is practically all saved. COTTON. -The weather was too cool for cotton in North Carolina and South Carolina. and progress in the first-named State was unsatisfactory, there being complaints of boll rot and other deterioriation, although some picking was in progress. The weather favored picking and ginning almost everywhere, and the work is proceeding rapidly in northern and central South Carolina, southern Georgia, Tennessee, Alabama, Mississippi, Arkansas, Louisiana, Oklahoma, Texas and Arizona. Rains delayed picking in western Florida, and some lint was stained by rain. Cotton is about all open in Georgia, but the late crop is beginning to need rain in northern Alabama and boll weevil continue numerous in infested areas. The top crop in Oklahoma is progressing slowly, and in Louisiana and Texas little or no top crop is expected, owing to boll weevil. Cotton is reported as being made in the greater portion of Arkansas. POTATOES. -Owing to the hot and dry summer white potatoes are only fair to poor in many sections, and are almost a failure in Ohio, though the crop is said to be maturing well in eastern Wyoming. The early crop is being dug in Colorado and good yields are reported in Maine, and large shipments are going forward from both States, as well as from New Jersey, where the late crop is fine. In New York, however, late potatoes are small in size and rot is reported in Pennsylvania, where they are being dug. Frost in the upper Mississippi Valley and Michigan damaged some potatoes, but in Wisconsin as the early crop is mostly harvested and the late crop so far advanced, it is believed the injury is not serious in that State. In New York it will take two to three weeks to put late potatoes beyond frost danger. Sweet potatoes are in generally good condition, having been Improved by rains in South Carolina, though rain is still needed in parts of Mississippi and in Arkansas. An excellent crop is assured in Georgia. Indian corn declined slightly and then turned upward. Some sympathy with a decline in wheat was at one time noticeable. But later reports of damage by frost and something of a rally in wheat had a noticeable effect, although the advance was nothing very marked. Damage by frost in the northern portion of the belt is said to have been more serious than was at first supposed. Government reports confirmed the advices of frost in Illinois and Iowa. These reports also state that considerable damage was done to late corn by frost in Indiana, Minnesota, North and South Dakota, Montana and in Grant County, Oregon. Harvesting was delayed in Minnesota by rains. Chicago the other day sold 350,000 bushels of No. 2 white to the seaboard at equal to 883/2c. at Chicago, October loading. Moreover, the available supply in North America decreased last week 1,005,000 bushels, as contrasted with an increase of about 50,000 bushels in the same week last year. The total supply is now put at 5,356,000 bushels against 2,531,000 a year ago and 8,026,000 in 1914. Liverpool reports arrivals moderate and consumption larger than expected. Drought has cut down the crop in Italy. Still, fine weather of late at the West caused some renewal of selling and a reaction. Liverpool has been rather dull, as lower Argentine freights latterly offset the effects of firmer American quotations. To-day prices advanced, especially on September, owing to unfavorable crop reports and the firmness of wheat. Heavy to killing frosts are said to have put a stop to the growth of much of the crop The statement of the movement of breadstuffs to market in the Central West. Prices end higher than last Friday. indicated below are prepared by us from figures collected by DAILY CLOSING PRICES OF CORN IN NEW the New York Produce Exchange. The receipts at Western YORK. Sat. Mon. Tues. Wed. Thurs, Fri. lake and river ports for the week ending last Saturday and No. 2 yellow cts- 97 06% 96% 96% 96% 973 since Aug. 1 for each of the last three years have been: DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. September delivery in elevator cts- 863 87 86A 86% 86 88 December delivery in elevator_ __ - 72 72% 73% 73% 72 733 May delivery in elevator 75% 76%, 76% 76% 76 77 Oats declined slightly and then rallied. The scarcity of cars at the West has tended to check cash business. Also .an embargo has been placed on shipments to Newport News and on the Michigan Central Kensington elevator. At Chicago, too, the contract stock has increased to 7,809,000 bushels. The visible supply increased last week in the United States 2,830,000 bushels, and is now 34,231,000 bushels, against 11,721,000 a year ago, so that the present stock is more than treble what it was at this time last year. Besides oats sympathized somewhat with the depression which at one time prevailed in other grain. But of late in spite of the scarcity of cars there has been a good cash demand at Chicago. That was not without its effect. An advance at Receipts at- Flour. Wheat. I Corn. Oats. Barley. Rye. bbis.1961bs.bush.60 lbs.bush. 56 lbs.bush.32 lbs.bush.48lbs.bush.56tbs. Chicago l68,O00 1,230,000 2,328,1 I 1 3,246,000 675,000 75,000 2,691,000 Minneapolis 113,000 1,549,000 394.$ 66 987,000 1,287,000 Duluth 66,000 498,000 320,000 248,000 264,000 1,382,000 733,5 I I Milwaukee -47,000 153,000 323,000 63,000 137,000 Toledo 8,000j 120,000 164,000 Detroit 85,000 Cleveland ___ 34,000 57,000 48,000 207,000 16,000 93,000 169,000 912,000 508,1 1 5 St. Louis 51,000 8,000 34, 742,000 Peoria 65,000 234,000 92,110 18,000 136,000 1,987,000 Kansas City. 434,000 Omaha 1,177,000 184,000 493,000 Total wk. '16 384,000 10,062,000 4,167,000 8,420,000 2,443,000 379,000 15,145,000 4,117,661 6,846,000 3,273.000 Week 1915___ 436,000 19,383,000 2,405,000 7,265,000 3,600,000 Week 1914_ __ Since Aug. 1: 1916 2,384,000 78,308,000 23,220,000 69,833,000 12,182,6 to 2,156,000 64,259,000 20,917,000 48,271,00010,136,m 1915 1914 2.987.000 89.192.0001 29,710,000 61,269,00012.860,000 1,577,000 997,000 724,000 3,407,000 3,326,000 3,817,000 1142 THE CHRONICLE Total receipts of flour and grain at the seaboard ports for the week ended Sept. 16 1916 follow: Flour. Receipts al- Wheat. Oats. Corn. Barley. Rye. Barrels. Bushels. Bushels. Bushels. Bushels. Bushels. New York__ _ • 169,000 3,291,000 97,000 808,000 282,003 31,000 Portland, Me. 389,000 Philadelphia . 23,000 533,000 76,000 679,000 2,000 Baltimore ___ 51,000 1,561,000 136,000 1,009,000 8,000 91,000 NewportNews 602,000 Norfolk 22,001 Mobile 30,000 New Orleania 34,''' 813,000 93,000 24,001 Ga:veston _ 619,000 40,000 Montreal_ 127,000 2,029,000 63,000 985,000 155,000 St. John 64,000 Boston 178,000 23,001 54,000 145,000 1,000 Total week'16 449,000 9,477,000 589,000 4,252,000 446,000 124,000 SinceJan.1 '1619,061,000293,450,001 47,498,000139,728,00022,253,000 8,611,000 Week 1915_ _ _ 526,000 5,846,000 394,000 3,621,001 546,000 290,000 SlInretistn I '1F 1R flilq 1101117Q sm9 non 44 al 1 ono inn A10 11f1 , 7 RA") OM 7 79R (111(1 * Receipts do not include grain passing through New Orleans for foreign ports on through bills of lading. The exports from the several seaboard ports for the week ending Sept. 16 are shown in the annexed statement: Exports from, Corn. bushels. Wheat. bushels, I Flour. Oats. Rye. Barley. Peas. barrels. bushels. bushels. bushels, bushels. New York Portland, Me Boston Philadelphia Baltimore Newport News Mobile New Orleans Galveston Montreal St. John, N.B. 2,453,144 389,000 387,732 190,000 1,534,521 736,000 1,096,000 2,226,000 64,000 30,000 22,000 19,000 41,000 7,000 129,000 73,000 56,000 Total week Week 1915 9,076,397 6,026,214 848,145 302,888 2,549,121 81,213 1137095 17,079 58,164 249,664 1,786,190 292,639 379,056 4,405 413,166 87,817 18,737 97,000 47,000 159,979 13,334 434,215, 986,095 17,079 473,000 976,908 81,213 602,000 151,000 The destination of these exports for the week and since July 1 1916 is as below: Flour. Exports for Week and Since July 1 to- Wheat. Since July 1 1916. Week Sept. 16 1916. Week Sept. 16. 1916. Corn. Since July 1 1916. Week Sept. 16. 1916. Since July 1 1916. Barrels. Barrels. Bushels. Bushels. Bushels. Bushels. United Kingdom_ 146,320 1,118,287 3,919,802 29,045,762 332,319 7,810,576 Continent 69,606 1,356,300 5,150,595 44,954,640 438,789 4,485,421 So.& Cent. Amer. 41,172 290,643 6,000 79,952 364,898 7,590 West Indies 415,189 43,620 3,333 67,242 821,371 Brit.No.Am.Cols. 100 1,846 700 Other Countries_ 61,086 2,070 5,000 9,756 2,205 Total Total 1915 302,888 3,243,351 9,076,397 74,088,687 249.664 2.157.185 6.026.214 37.456.313 848,145 13,492,722 58.164 3.578.120 The world's shipments of wheat and corn for the week ending Sept. 16 1916 and since July 1 1916 and 1915 are shown in the following: Wheat. Exports. Corn. 1915.a 1916. Week Sept. 16. I I Since July 1. Since July 1. I I 1916. 1Veek Sept. 16. 1915.a Since July 1. Since July 1. Bushels. Bushels. I Bushels. Bushels. Bushels. Bushels. North Amer* 7,834,000, 96,137,000 53,252,000 950,000 13,931,000 2,041,000 Russia 664,000 560,0001 3,990,000 281,000 I)anube_ Argentina___ 840,0001 12,873.000 4,696,000 2,594,000 28,907,000 53,150,000 , Australia_ _ _ moon, 8,672,000 184,000 368,000, 6,246,000 8,608,000 India 0th. eountr's 248,000, 1,695,000 2,296,000 179,000 1,836,000 928,000 Total -_-- 10,730,000129.613.000 69.700,000 3,723,000 44,955,000 56,119,000 a Revised. * North America. -The Canadian Government has officially prohibited the Issuance of both manifests and exports until after ten days. This is effective during the continuance of the war. The quantity of wheat and corn afloat for Europe on dates mentioned was as follows: Wheat. United , Kingdom. Continent. Bushels. Sept. 16 Sept. 9 Sept. 18 Sept. 19 1916_ 1916_ 1915_ 1914_ Corn. Total. United Kingdom. Continent. Bushels. i Bushels. Bushels. Bushels. 42,768,000 46,512,000 20,216,000 29,536,000_ _ Total. Bushels. 20,800,000 22,066,000 24,880,000 11.866,000 The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard ports Sept. 16 1916 was as follows: United StatesNew York Boston Philadelphia Baltimore Newport News New Orleans Galveston Buffalo Toledo Detroit Chicago Milwaukee Duluth Minneapolis St. Louis Kansas City Peoria Indianapolis Omaha On Lakes On Canal and River Total Sept. 16 1916 Total Sept. 9 1916 Total Sept. 18 1915 GRAIN STOCKS. Wheat, Oats. Corn. bush. bush, bush. 3,940,000 812,000 167,000 85,000 16,000 237,000 1,666,000 328,000 134,000 2,332,000 860,000 229,000 80.000 460,000 2,899,000 154,000 175,000 2,000,000 15,000 3,288,000 367,000 2,800,000 2,042,000 55,000 825,000 334,000 94,000 253,000 7,449,000 957,000 18,257,000 91,000 785,000 52,000 6,503,000 252,000 5,625,000 3,000 3,956,000 2,663,000 153,000 598,000 11,315,000 284,000 869,000 16,000 134,000 847,000 208,000 369,000 779,000 1,932,000 77,000 1,097,000 688,000 41,000 643,000 134,000 Rye. bush. 21,000 17,000 10,000 110,000 4,000 Barley. bush. 465,000 3,000 70,003 112,000 57,000 4,000 44,000 57,000 58,000 247,000 93,000 15,000 44,000 121,000 240,000 953,000 202,000 34,000 31,000 41,000 81,000 249,000 55,451,000 3,742,000 34,231,000 846,000 2,539,000 53,970,000 3,518,000 31,401,000 629,000 2,039,000 10,401,000 1,766,000 11,721,000 1,072,000 1,601,000 [VOL. 103. Note. -Bonded grain not Included above: Wheat, 2,359,000 bushels at New York, 140,000 Baltimore, 125,003 Philadelphia, 110,033 Boston, 73,000 Duluth, 1,067,000 Buffalo; total, 3,879,000 bushels, against 336,000 bushels in 1915. Oats, 531,000 New York, 14,030 Boston, 6,000 Palladelp da, 13,000 Baltimore, 32,003 Duluth, 1,364,000 Buffalo; total, 1,960,000 bushels, against 8,090 in 1915; and barley, 59,000 New York, 3,000 Boston, 5,000 Baltimore, 46,000 Buffalo, 14,000 Duluth; total, 129,000, against 16,000 in 1915. Canadian Montreal 970,009 550,000 4,253,000 84,000 206,000 Ft. William & Pt. Arthur__ 4,360,000 2,772,000 Other Canadian * 6,714,000 5,811,000 Total Sept. 16 1916._ _ __12,044,000 590,000 12,818,000 Total Sept. 9 1916...._13,766,000 915,000 12,092,000 Total Sept. 18 1915 4,961,000 11,000 855,000 Summary American 55,451,000 3,742,000 34,231,000 Canadian 590,000 12,818,000 12,044,000 Total Sept. 16 1916 Total Sept. 9 1916 Total Sept. 18 1915 84,000 152,000 1,000 206,000 410,000 22,000 846,000 2,539,000 84,000 206,000 67,495,000 4,332,000 47,049,000 930,000 2,745,000 67,736,000 4,433,000 43,493,000 781,000 2,449,000 15,362,000 1,777,000 12,576,000 1,073,000 1,623,000 * Including Canadian at Buffalo and Duluth. THE DRY GOODS'TRADE New York, Friday Night, Sept. 22 1916. With prices for all classes of dry goods holding firm and in some cases moving upward, demand continues active and sales for both nearby and future delivery have been heavy. The strength of the raw material market appears to have convinced buyers that prices for dry goods arc not likely to recede within the near future and they are anxious to provide for their requirements at the present basis of quotations. Mills are making but little headway in catching up with backward deliveries and many merchants are in need of goods that were ordered some time ago. In all sections of the country, goods for prompt delivery are reported scarce and stocks in commission houses need replenishing. Jobbers generally appear to have under-estimated fall requirements and are showing considerable anxiety about covering their needs. General conditions surrounding the market are considered strong with very little speculation. The high prices prevailing have been brought about by the supply and demand 'situation which is being steadily strengthened by the increasing demand for both domestic and export account. Retail trade continues active with out-of-town houses reporting distribution on a record breaking scale. According to members of the National Retail Dry-goods Association, who -were in convention in this city during the past week, business conditions throughout the country are exceptionally good, with little difficulty encountered in making collections. The cooler weather which has prevailed throughout the country during the past week has stimulated a more active inquiry for fall goods. Manufacturers continue to experience great difficulty in securing yarns, prices for which are being advanced. As supplies are badly needed, however, they readily pay the prices asked. Export trade is improving i with many inquiries for prompt shipments coining to hand from South American countries and Europe, which American firms are unable to fill owing to the scarcity of goods. There is also a good inquiry for Mexican account, but owing to the unsettled conditions in that country merchants hesitate about accepting the orders. DOMESTIC COTTON GOODS. -While ,prices for all lines of staple cotton goods rule firm, bleached goods display the greatest strength with quotations advanced one quarter to one half cent during the week. Many mills are reporting a shortage of cotton blankets and are refusing orders for delivery this year. As many manufacturers have 'secured but very little low priced cotton from the present crop few in the trade look for any recession in prices for manufactured products. Finished goods are being purchased freely as buyers have taken advantage of the fact that jobbersinsome cases have been selling this class of goods close to the levels asked for distant deliveries of gray goods. Converters and printers have also been good buyers of print cloths and gray goods. According • to reports, some very large contracts have been booked during the past week and many mills are sold ahead for the remainder of the year. Where mills are willing to accept orders, business in fine goods is active. Gray goods, 38-inch standard, are quoted at 6%c. to 63/8c. -Prices for various lines of woolen WOOLEN GOODS. and worsted goods have been advanced during the week. Business has not been particularly active as manufacturers have been discouraging the placing of large orders while jobbers have only been buying on a conservative scale. Jobbers, however, are not believed to have covered their requirements. Many complaints are being received regarding colors and it is stated that a number of blacks and blues are proving to be unsatisfactory. Gabardines, in solid colors, especially dark shades, are becoming quite popular while velours are also moving freely. Raw material markets remain firm and manufcaturers continue to have in securing sufficient supplies of wool. -Demand for linens for next FOREIGN DRY GOODS. spring continues to increase and mill representatives are reported to have booked an exceptionally large business. Household linens are in active request, with demand reported to be exceeding production. Towels are being particularly well taken, both foreign and domestic makes and domestic manufacturers are well sold ahead. Foreign production of linens is said to be increasing but prices rule firm and according to latest advices are likely to continue so. Burlap markets rule steady, with business moderately active. Light weights are quoted at 6.90c. to 7.00c. and heavy weights 8.35c. to 8.40c. THE CHRONICLE SEPT. 23 1916.] 1143 person, the estate so passing shall be subject to a tax at the rate of 5% on TAT every $100 value thereof; that estates passing to for of the grandfather, grandmother, father, mother, wife, brother, MO CITY DVPHITMEENT, I sister or lineal descendantprovided,descedent shallhusband, or to athe use of such be subject tax of News Items. British Columbia (Province of).—Woman Suffrage Reported Carried.—Incomplete returns available on Sept. 16 from the election held in this Province on the 15th show, it is stated, that woman suffrage carried in every district. Denver, Colo.—Proposed Building of Municipal Water System- Called Off.—The contract between the city and the Van Zant-Houghton Co. of San Francisco was suspended on Sept. 15, according to the Denver "Rocky Mountain News," by an agreement drawn up between Armour C. Anderson, City Utilities Commissioner, and representatives of the firm. The action, it is said, brings to a temporary and possibly a permanent close the survey for an independent water system for this city, which has been in progress for about a, year. Mr. Anderson in explaining the reasons for discontinuing the work at this time said: The sole purpose of suspending the contract was to save money. Notwithstanding criticisms and innuendoes, the campaign to halt the work at this time was to avoid the needless expenditure of $25_,900 or $50,000, while the rate case affecting the appraisal of the Denver Union Water Co. is pending in the Supreme Court of the United States. It was not advisable to continue the work with the prospect that that decision might make it unnecessary.—V. 103, p. 862. France (Republic of).—New War Loan.—Subscriptions to the new 5% war loan will be opened from Oct.5 to Oct.29. For further particulars see reference in our editorial columns this week. Lambertville, Hunterdon County, N. J.—Commission Government Adopted.—Newspaper reports state that at an election held Sept. 19 the commission form of government was adopted by a vote of 478 to 328. Maryland (State of).—Court of Appeals Upholds Reassessment Act.—On Sept. 16 the Court of Appeals reversed the recent decision of the Circuit Court declaring invalid an Act passed by the 1916 Legislature providing for the reassessment of property in the State outside of the City of Baltimore, on the ground that the Legislature had no right to delegate to the State Tax Commission the power to order a general reassessment. V. 103, p. 678. The Court of Appeals in upholding the new Act, according to Baltimore papers, had the following to say: Chapter 629 of the Acts of 1916 did not grant to the State Tax Commission the power to order a general reassessment and was not passed for that purpose. That power had already been conferred upon the COITITIliSSIOn by the Act of 1914, Chapter 841. The manifest object and purpose of the Act of'1916 were to provide supplementary machinery for the assessment provided for by the Act of 1914, by which the powers granted by that Act might be more effectively executed. All its provisions are purely administrative. 1% on every $100 value thereof in excess of $15,000, and provided further that such tax shall not be imposed upon any property bequeathed or devised where such bequest or device is exclusively for State, county; municipal, benevolent, charitable, educational or religious purposes. The foregoing rates are for convenience termed the primary rates. When the amount of the market value of such property or interest exceeds $15,000. the rate of tax upon such excess shall be as follows: (1) Upon all in excess of $15,000 up to $50,000, at the primary rates. (2) Upon all in excess of $50,000 and up to $250,000, two times the Primary rates. (3) Upon all in excess of $250,000 and up to $1,000,000, three times the primary rates. (4) Upon all in excess of $1,000,000, four times the primary rates. (B) The personal representative of such descedent shall pay the whole of such tax, except on real estate, to sell which or to receive the rents and profits of which he is not authorized by the will, and the sureties on his official bond shall be bound for the payment thereof. (C) Where there is no personal estate, or the personal representative is not authorized to sell or receive the rents and profits of the real estate, tax shall be paid by the devisee or devisees, or those to whom the estate may descend by operation of the law and the tax shall be a lien on such real estate, and the Treasurer may rent or levy upon and sell so much of said real estate as shall be sufficient to pay the tax and expenses of sale, &c. (D) Such payment shall be made to the Treasurer of the county or city in which certificate was granted such personal representative for obtaining probate of the will or letters of administration. (E) The corporation or hustings court of a city, or the circuit court of a county or city, the chancery court of the city of Richmond, the law and chancery court of the city of Norfolk, or the clerk of the circuit court of a county or city before whom a will is probated or administration is granted, shall determine the inheritance tax, it any, to be paid on the estate passing by will or administration, and shall enter of record in•the order book of the court or clerk, as the case may be, by whom such tax shall be paid and the amount to be paid. The clerk of the court shall certify a copy of such order to the Treasurer of his county or city and to the Auditor of Public Accounts for which services the clerk shall be paid a fee of $2 50 by the personal representative of the estate. The Auditor of Public Accounts shall charge the Treasurer with the tax and the Treasurer shall pay the seine into the treasury as collected, less a commission of 5%. Every personal representative or other party or officer failing in any respect to comply with this section shall forfeit $100. (F) Any personal representative, devisee or person to whom the estate may descend by operation of law, falling to pay such tax before the estate on which it is chargeable is paid or delivered over (whether he be applied to for the tax or not) shall be liable to damages thereon at the rate of 10% per annum for the time such estate is paid or delivered over until the tax is paid, which damages may be recovered with the tax, on motion of the attorney for the Commonwealth and in the name of the Commonwealth against him, in the circuit court for the county or in the corporation or hustings court of the city wherein such tax is assessed, except that in the city of Richmond the motion shall be inithe [chancery court. Such estate shall be deemed paid or delivered at the end of a year from the decedent's death, unless and except so far as it may appear that the legatee or distribute° has neither received such estate nor is entitled then to demand it. All taxes upon said inheritance paid into the State treasury shall be placed to the credit of the public school fund of the Commonwealth and shall be apportioned according to school population and be used for the primary and grammar grades. Bond Calls and Redemptions. Birmingham, Ala.—Bond Call.—The following publicimprovement bonds were called for redemption during the month of August: Bonds No. 12 to 15, incl., of Ensley Series 132, at the Sept. 1 1916 interest period. Bonds Nos. 34 to 37 incl., of Ensley Series 135-B, and bonds Nos. 51. 52 and 53 of Ensley Series 136-B at the Sept. 24 1916, int. period. Bond No. 37 of West End, Series No. 12, and bond No. 96 of West End, Series No. 16, at the Sept. 10 int. period. Massachusetts (State of).—Special Session of Legislature Adjourns.—Governor McCall on Sept. 14 prorogued the special session of the Legislature, which lasted for three days. Spokane, Wash.—Bond Call.—The following specialimEight general Acts, one special Act and three resolutions provement bonds are called for payment at the City Treasurwere, it is stated, passed, and have been approved by the er's office on Oct. 1: Governor. They consisted for the most part of relief meas- Name and Up to dc Name and Up to & Name and Up to d: Dist. No. Incl. Dist. No. ures for Massachusetts militiamen on border duty and their Incl. Dist. No. Incl. Pavement Grade(Con.) Walk (Con.) dependents. Provision was also made for absentee voting 8-9 & Maple- 614_ 24 14th Ave., 667St., 12 3rd Ave., 436 11 Grand Blvd.,5l9 _ _ 162 1st Ave., 603 for President and other Federal officers in November. 39 Sewer— Monroe St., 245_ ___ 145 Greene St., 644 15 Alley, 857 22 Hatch St., 947 Montreal North, Que.—Superior Court Favors Loan for Overbluff & 20thAve. 13 Alley, 1022 8 1028 5 Nevada St., 696 22 Cotta Ave., 686 13 Public Works.—The 'Financial Times". of Montreal in a Sprague Ave., 76W.. 35 Post St., 460 83 1st Ward, 5 51 recent issue states that Justice Greenshields has handed down Sprague Ave., 974_ 77 7ta Ave., 422 22 let Ward, 17 80 6th Ave., 702 23 12th Ave., 2 a judgment in the Practice Division of the Superior Court 6th Ave., 703 21 5th Ave, 689 4 9 13th Ave., 612 11 5th Ward, 10 1,196 at Montreal, dismissing a petition asking for the issue of a 25th Ave., 1001 11 Walton Ave., 647_ 14 16th Ave., 681 17 Grade— Walk— writ of injunction to restrain the Council from enforcing a 13th Ave., 630 11 Ave., 37 12 Crown Ave., i016.. 6 12th Ave., 700 11 by-law authorizing the town to borrow $250,000 for the pay- CottaAve., 581 15th 29 Mission Ave., 1096 3 ment of public works. Justice Greenshields in his judgment said: Considering that the said by-law was submitted to the Lieutenant -Governor-in-Council and received approval, and was submitted to a the proprietors and rate-payers of the municipality and received vote of approval of the majority in number and value of the ratepayers; theaffithat davits produced establish that the said loan is necessary for the completion of works already commenced, and the necessity for the said loan is pressing and inunediate and serious loss and damage and great inconvenience would result to the municipality if the injunction were granted—the demand of the petitioner is unfounded, and the petition for an injunction Is dismissed with costs. Virginia (State of).—Torren's System of Uniform Land Title Registration Approved by Legislature.—The 1916 Legislature passed an Act (Chapter 62) to provide for certain, cheaper and more speedy settlement, registration, transfer and assurance of titles to land, and to establish or designate courts of land registration, with jurisdiction for said purposes, and to make uniform the laws of the States enacting the same. • Legislature Passes Act Providing for a Direct Inheritance Tax. —The Legislature also passed an Act at the 1916 session (Chapter 484), imposing a tax upon inheritances to provide for the raising of revenue for the support of the government and the public free schools, and to pay the interest on the public debt, and to provide a special tax for pensions. The Act in full follows: 1. Be it enacted by the General Assembly of an Act entitled an Act to raise revenue for of Virginia, That section 44 the and public free schools and to pay the interest support of the government Provide a special tax for pensions ti3 authorized on the public debt, and to by section 189 of the Constitution, as amended by an Act approved March 14 1910, to amend and re-enact section 41 of an Act to raise revenue entitled an Act of the government and public free schools, and to pay thefor the support public debt, and to provide a special tax for pensions, asinterest on the section 189 of the Constitution, be amended and re-enactedauthorized by so as to read as follows: Section 44. (A). Tax on inheritance.—Where any estate in the Commonwealth of any decedent shall pass under a will or under the ilatng descents and distributions, to any person, or to or for the laws reguuse of any Bond Proposals and Negotiations thisweek have been as follows: ADA COUNTY SCHOOL DISTRICT NO.23(P.O. Meridian R. No. 2), Idaho.—BOND OFFERING.—Proposals will be received F. D. until 10 a. m. Sept. 30 by F. C. Wilson, Clerk Bd. of Trustees, for 31,500 coupon school bonds. Denom. $500. Date Oct. 1 1916. Int. A. & O. Due Oct. 1 1931, subject to call $500 in 1921 and $500 in 1926. AITKIN, Aitkin County, Minn.—BOND OFFERING.—Proposals will be received until Sept. 25 by S. D. Field, City Clerk, it is stated,for $3,000 6% 15-year bonds. Date Sept. 1 1916. Int. semi-annual. ALBANY COUNTY (P. 0. Albany), N. Y.—BOND SALE.—On Sept. 20 the $80,000 4Ys% highway (county's share) bonds (1'. 103, p. 1055) were awarded to Crandell, Sheppard & Co. of Albany at 102.175. ALDAN, Dalaware County, Pa.—BONDS AUTHORIZED.—The Council has, according to reports, adopted an ordinance providing for the issuance of 512.009 road bonds. ALHAMBRA, Los Angeles County, Calif.—BOND OFFERING.— Sealed proposals will be received until 7:30 p. m. Oct.2 by Walter M.Eddy, City Clerk, for the following 5% bonds: $324,000 municipal water-system construction bonds. Denom. $1,000. Due $9,000 yearly Oct. 1 from 1921 to 1956 incl. 13.000 sewage-disposal works construction bonds. Denom. 3500. Due $500 yearly Oct. 1 from 1917 to 1942 incl. Date Oct. 1 1916. Prin. and semi-ann. int. (A. & 0.) payable at the City Treas. office. Cert. or cashier's check for 3% of amount of bid, payable to the City Clerk,required. Purchaser to pay accrued int. Bonded debt, excluding these bonds, $202,525. No floating debt. Cash on hand July 1 1916, $37,503 27. Assess. val. 1916-17, $9,186,628; total actual assess. val. 1916-17,$10,787,973. A certified copy of an opinion by Messrs. Gibson, Dunn & Crutcher favorable to the validity of the bonds, to be furnished to the successful bidder. ALLEN COUNTY (P. 0. Fort Wayne), Ind.—BOND OFFERING.—. Bids will be received until 10 a. in. Sept. 28 by Win. F. Ranke, Co. Treas., for the following 4 % road bonds: $18,000 Geo. Feighner et al. road bonds in Wayne Twp. Denom. $900. 4,400 August Sharpenberg et al. road bonds in Jefferson Twp. Dcnom. $220. 8,000 J. F. Keyser et al. road bonds in Lafayette Twp. Denom.1400. 4,400 August Sharpenberg et al. road bonds of Madison Twp. Denom. $220. 10,200 Chas. Simmers et al. road bonds in Monroe Twp. Denom. $510. 5,000 J. F. Boerger et al. road bonds in Madison Twp. Denom. $250. Date Oct. 2 1916. Int. M.& N. Due part each six months. mai 1144 THE CHRONICLE ALLIANCE, Stark County, Ohio. -BOND OFFERING. -Proposals will be received until 12 m. Sept. 27 by Chas. 0. Silver, City Aud., for 16 Issues of 5% street-impt. assess, bonds aggregating $63,031 19. Date Sept. 1 1916. Principal and semi-ann. int. payable at office of Sinking Fund Trustees. Due part yearly beginning Sept. 1 1917. Certified check on a solvent national or State bank for 3% of bonds bid for, payable to the City Treasurer, required. Purchaser to pay accrued interest and furnish at own expense the necessary blank bonds. Bids must be made on forms furnished by the City Auditor. Official circular states that the city has never defaulted in the payment of its bonds and interest. ANDOVER, Essex County, Mass. -BOND OFFERING. -Proposals will be received until 2 p. m. Sept. 28 by Geo. A. Higgins, Town Treasurer, for $100,000 4% 10%-year average coupon high-school bonds. Denom. -A.& 0.$1,000. Date Oct. 11918. Principal and semi-annual interest payable at Old Colony Trust Co.,-Boston. Due $5,000 yearly on Oct. 1 from 1917 to 1936, inclusive. Bonds will be ready for delivery on or about Oct. 2. The above trust company will certify as to the genuineness of these bonds and will also further certify that the legality of this issue has been approved by Ropes, Gray, Boyden & Perkins of Boston, a copy of whose o will accompany bonds when delivered, without charge to the purill cgaser. Bonded debt Sept. 15 1916, including this issue, $412,000; loss water debt of $177,000; net value 1915, $8,803,295. AUGLAIZE COUNTY (P. 0. Wapakoneta), Ohio. -BOND SALE. The Industrial Commission of Ohio has accepted the $21,000 5% 2Uyr. aver,road bonds which were advertised to be sold Sept. 16.-V. 103, p.863. AUGUSTA, Butler County, Kan. -BONDS VOTED. -By a vote of 98 to 25 the question of issuing $15,000 city-hail erection, $10,000 waterworks ext. and $10,000 electric-light-system ext. bonds carried, it is stated, at the election held Sept. 6. BAKERSFIELD, Kern County, Calif. -BOND ELECTION. -Reports state that an election Will be held Oct. 24 to vote on the question of Issuing $175,000 East Bakersfield municipal-system bonds. BATAVIA SCHOOL DISTRICT (P. 0. Batavia), Genesee County, N. Y. -BONDS VOTED. -The proposition to issue $200,000 school bonds carried at the Sept. 16 election by a vote of836 to 829. Due $10,000 YrIY. BAYOU PAUL DRAINAGE DISTRICT (P. 0. Burtville), Iberville -Reports state that the $20,000 6% 1-13-year Parish, La. -BOND SALE. serial drainage bonds offered on July 18 (V. 103, p. 259) have been purchased by the Whitney-Central Trust & Savings Bank of New Orleans. BEATRICE, Gage County, Neb.-BOND ELECTION. -A vote will be taken on Oct. 17, it is stated, on the question of issuing $25,000 municipal lighting plant bonds. BEATRICE, Gage County, Neb.-BOND SALE. -The Farmers' Trust Co. of Beatrice have purchased at 100.6715, it is stated,the$30,000 -20 5% 5 -year (opt.) paving bonds (V. 102, p. 2271). BEAUFORT, Cartaret County, No. Caro. -BOND OFFERING. Further details are at hand relative to the offering on Sept. 29 of the -30 $100,000 5% 10 -year (opt.) coupon sewerage, water-works, sidewalks and breakwater bonds (V. 103, p. 1055). Proposals for these bonds will be received until 3 p. m. on that day by C. H. Bushell, Town Clerk. Denom.$1,000. Date Oct. 1 1916. Int. A.& 0.at the Hanover National Bank of New York. Certified check for 2%, payable to the Town Treasurer, required. Bonded debt,including this issue, $140,000. Floating debt, $1,800. Sinking fund, $7,800. Assessed valuation 1915, $700,000. BEDFORD COUNTY (P. 0. Shelbyville), Tenn. -BONDS DEFEATED. -Reports state that the proposition to issue $350,000 road bonds (V. 103, p. 600) failed to carry at the election held Sept. 16. BELLAIRE CITY SCHOOL DISTRICT (P. 0. Bellaire), Belmont -BOND SALE. County, Ohio. -The $109,000 4%% coup. school bonds which were offered on Sept. 15-V. 103, p. 773 -were awarded to Seasongood & Mayer of Cincinnati on Sept. 18, it is stated, for $111,216, equal to 102.033. BELL COUNTY (P. 0. Pineville), Ky.-BOND ELECTION. -An election will be held Nov. 7, it is stated, to vote on the question of issuing $105,000 road bonds. BERGEN COUNTY (P. 0. Hackensack), N. J. -TEMPORARY LOAN. -This county recently borrowed from the First National Bank of Lyndhurst $100,000 for four months at 334% int., issued in anticipation of taxes, it is said. BLACKLICK TOWNSHIP SCHOOL DISTRICT (P. 0. Expedit) Cambria County, Pa. -BOND SALE. -On Sept. 18 the $21,000 434 -V. 103, p. 959 2-25-yr. optional building bonds -were awarded to Martin & Co. of Phila. at par. Denom. $500. Date July 1 1916. Int. J. & J. Due July 1 1941, subject to call after July 1 1918. BRAINTREE, Norfolk County, Mass. -TEMPORARY LOAN. -This town recently negotiated a loan of $25,000, maturing April 1917, with H.C. Grafton Jr., of Boston, at 3.49% discount, it is stated. BREVARD COUNTY (P. 0. Titusville), Fla. -BIDS R,EJECTED.-ADVERTISED. -All bids received for the $40,000 6% coupon BONDS RE Special Road & Bridge Dist. No.2, bridge constr. bonds offered on Sept. 11 (V. 103, p. 864), were rejected. The sale of bonds will be re-advertised. -BOND ELECTION. BROOKSVILLE, Hernando County, Fla. Reports state that an election will be held Oct. 9 to vote on the question of issuing $20,000 water-system bonds. BROWNSVILLE, Haywood County, Tenn. -BOND SALE. -On Sept. 6 the $25,000 6% 6-30-yr. (ser.) street impt. bonds (V. 103, p. 773), were awarded, it is stated, to Well, Roth & Co., of Cincinnati at 107.222. -BOND SALE. -On Sept. 20 BUCYRUS, Crawford County, Ohio. the $6,540 5% coupon street assessment bonds (V. 103, P. 864) were awarded, reports state, to the Hanchett Bond Co. of Chicago for $6,697, equal to 102.40. BUREAU COUNTY SCHOOL DISTRICT NO. 17(P.O. Ohio), Ill. BOND SALE. -On Sept. 13, an issue of $12,500 5% 20 yr. school bonds was awarded to Wm. R. Compton Co. of St. Louis. Denom. $500 and $1,000. Date May 1 1916. Int. ann. in May. BUREAU COUNTY SCHOOL DISTRICT NO.504 (P. 0. Neponset), Ills. -BOND SALE.-Geo. M. Bechtel & Co. of Davenport were awarded on Sept. 1, an issue of $18,000 5% 20 yr. school bonds for $18,775 equal to 104.194. Denom. $500 and $1,000. Date Oct. 1 1916. Int. A. & 0. These bonds were awarded subject to the bonds receiving a favorable vote at an election to be held Sept. 30. BUREAU COUNTY SCHOOL DISTRICT NO.505 (P. 0. Ohio), Ills. -BOND SALE. -Wm.R. Compton Co of St. Louis, were awarded on Sept. 13, $12,500 5% 20 yr. school bonds. Denom. $500 and $1,000. Date May 1 1916. Int. ann.in May. CALCASIEU PARISH (P. 0. Lake Charles), La. -BOND OFFERING. -Sealed bids will be received until 3 p. in. Oct. 3 by H. G. Chalkley, -year (ser.) road-construction Pres. of Police Jury,for the $900,000 5% 1-25 bonds voted Sept. 12 (V. 103, p. 864). Date Jan. 1 1917. Int. annually, New York payment. Cert. check for $18,000 required. Purchaser to furnish blank bonds at his expense. Delivery will be facilitated by shipment of bonds to satisfactory bank at central point, subject to express charges and free of exchange. Bonds are offered subject to approval of Chas. B. Wood, Esq., Chicago, whose opinion will be obtained by the parish. CALEDONIA SCHOOL DISTRICT (P. 0. Caledonia) Marion -Proposals will be received until -BOND OFFERING. County, Ohio. 12 in.Sept.30 (date changed from Sept.20) by C.N.Clarke,Clerk of Bd. of Ed..for the $15,000 5% coup. school bonds voted Aug.8. V. 103, p. 959. Auth. Secs. 7625, 7626 and 7627, Gen. Code. Denom. $500. Prin. and semi-ann. int. (M. & S.) payable at Caledonia Banking Co., Caledonia. Due $500 each six months from Mar. 1 1917 to Sept. 1 1931 inclusive. Purchaser to pay accrued int. Bonds to be delivered Sept. 30 or within a reasonable time thereafter. -BOND ELECTION. CALMAR, Winneshiek County, Iowa. -An election will be held Oct. 16 to vote on the questions of issuing $10,000 -system and $5,000 sewer bonds. C. G. Anderson, Town water-works Clerk. -BOND OFFERING. CAMDEN, Kershaw County, So. Car. -Proposals will be received until 12 in. Sept. 26 by J. J. Goodale, Secy. Bd. of Uommrs. of Public Works, for $18,000 water-works-plant-ext. and $7,000 [vol.. 103. electric light-plant-ext. 5% 20-40-year (opt.) coupon bonds. Denom. $1,000. Int. semi-annual. Cert. check for $500, payable to the above Board, required. CANAL FULTON, Stark County, Ohio. -BOND SALE. -On Sept. 18 the two issues of 5% 53.4-year aver, coup. street-assess. bonds, aggregating -were awarded to the Ohio Nat. Bank of Columbus $9,700-V. 103, 864 for $9,837 25(101.414) and int., a basis of about 4.70%. The other bidders p. were: Otis & Co $9,726 50 $9,802 00 Brien & Green Bolger, Mosser & Willaman 9,801 00 Stacy & Braun 9,718 69 Durfee, Niles & Co 9,710 00 9,791 00 Spitzer, Rorick & Co Hanchett Bond Co 9,759 75 -BOND CARMI TOWNSHIP (P. 0. Carmi), White County, Ills. ELECTION. -Reports state that an election has been called for Sept. 25 to vote on the proposition to issue $5,000 road bonds. -BOND SALE. CARRICK, Alleghany County, Pa. -On Sept. 7 the two issues of 4% coup. tax-free bonds aggregating $125,000, were awarded to Lyon, Singer & Co. of Pittsburgh, it is reported. -BOND SALE. -On CARROLL COUNTY (P. 0. Delphi), Ind. Sept. 19 the three issues of434% 5 1-3-year average road bonds, aggregating $22,600 (V. 103, p. 1056), were awarded to Miller & Co. of Indianapolis for $22,984 (101.699) and interest, a basis of about 4.35%. -The question CHADRON, Dawes County, Neb.-BONDS VOTED. of issuing $15,000 city-hall erection bonds carried, it is stated, at the election held Sept. 12. -BOND ELECTION.CHEROKEE COUNTY (P. 0. Rusk), Tex. An election will be held shortly to vote on the proposition to issue $300,000 road-construction and $250,000 Jacksonville District road-impt. bonds. -On -BOND SALE. CLARK COUNTY (P. 0. Jeffersonville), Ind. -V. 103, • 959 -were Sept. 14 the $9,000 434% 634-year aver, road bonds -and -101.622 awarded to Gavin L. Payne & Co. of Indianapolis for 39,146 p. interest. Other bidders were: $9,085 Fletcher Amer. Nat. Bank.._ _39,1411J. F. Wild & Co Breed, Elliott & Harrison_ _ _ - 9,1371 -BOND OFFERING. CLARK COUNTY (P. 0. Springfield), Ohio. Bids will be received until 12 m. Oct. 2 by J. M. Pierce, County Auditor, for $10,000 Children's Home and $10,000 Infirmary 5% coupon bonds. Authority, Sec. 2434, Gen. Code. Denom. $500. Date Oct. 2 1916. Int. A. & 0. at County Treasurer's office. Due $1,000 of each issue each six months from Oct. 2 1919 to April 1 1924, inclusive. Certified check for 5% of amount of bonds bid for, payable to the County Auditor,required. Bonded debt Sept. 1 1916, excluding .these issues, $499,500; no floating debt; sinking fund, $17,851; assessed valuation 1916, $102,741,950; State and county tax rate per $1,000, $3 00. -Thos. -BOND OFFERING. CLAY COUNTY (P. 0. Brazil), Ind. W. Swinehart, Co. Treas., will receive bids until 10:30 a. m. Sept.30 for the following 434% 634-year aver. highway-impt. bonds: $13,400 John F. Kumpf et al. road bonds of Posey Twp. Denom. $335. 15.400 J. R. Benham et al. road bonds of Harrison Twp. Denom. $385. Date Sept. 8 1916. Int. M.& S. Due one-twentieth of each issue each six months from May 15 1918 to Nov. 15 1927 incl. Bids must be made on forms furnished by the county. Cert. check for $500, payable to the Co. Treas., required with each issue. -The First -BOND SALE. CLAYVILLE, Oneida County, N. Y. 0 Nat'l Bank of Utica, was awarded at 104 on June 29, the $4,000 5_7 1034 -V. 102, p. 2361. Denom. yr. aver, village hall bonds offered on that day $200. Date July 1 1916. Int. ann. on July 1. Duo $200 yearly on July 1 from 1917 to 1936 inclusive. CLEARCREEK TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. -BOND OFFERING. Stoutsville), Fairfield County, Ohio. -Proposals will be received until 12 m. Oct. 7 by C.0. Barr, Clerk Board of Education, for $30,000 5% coupon school bonds. Auth., Sec. 7629, Gen. Code. Denom. $500. Date, day of sale. Principal and semi-annual interest M. & S. -payable at Farmers' & Citizens' Bank, Stoutsville. Due $500 each six months from March 30 1918 to Sept. 30 1947, inclusive. Certified check for 2% of bonds bid for, payable to the above Clerk,required. Bonds to be delivered and paid for within ten days from time of award. Purchaser to pay accrued interest. CLEVELAND HEIGHTS (P. 0. Cleveland), Cuyahoga County, -On Sept. 18 the five issues of 5% coupon street -BOND SALE. Ohio. assessment bonds, aggregating $111,220 (V. 103, p. 864), were awarded, It is stated, to J. C. Mayer & Co. of Cincinnati for $115,065 20, equal to 103.457. -Proposals COMMERCE, Jackson County, Ga.-BOND OFFERING. will be received until 10 p m. Dec. 4 by C. A. Goodin, City Clerk and Treasurer, for the $10,000. 5% coupon electric-light bonds voted Aug. 15V. 103, p. 774. Denom. $500. Date Jan. 1 1916. Int. J. & J. at Commerce. Due $500 yearly Jan. 1 from 1918 to 1937 incl. No deposit reired. Bonded debt, including this issue, $70500. Floating debt, ,925. Sinking fund, $2,865 60. Assessed valuation, 1915, $1,285,672. ity tax rate, per $1,000, $15. -BOND OFFERING. CRAWFORD COUNTY (P. 0. English), Ind. Proposals will be received until 2 p. m. Oct. 2 by A. II. Flanigan, County -year average road bonds: Treasurer, for the following 434% 5 1-3 $7,000 John R. Agan et al road bonds in Whisky Run Twp. Denom.$350. 3,000 Abe Roberson et al road bonds in Sterling Twp. Denom. $150. Date Oct. 2 1916. Int. M. & N. Due one bond of each issue each six months from May 15 1917 to Nov. 15 1926, inclusive. DANVILLE, Pittsylvania County, Va.-BIDS.-The following are the other bids received for the two issues of 434% bonds, aggregating $100,000, awarded on Sept. 15 to the National Bank of Danville at 102.115 -V. 103, p. 1056. R. M. Grant & Co., N. Y..101.278 H. A. Kehler & Co., N.Y_-_100.68 Alexander Brown & Son,Balt_101.191 W.R. Compton Co., N. Y..100.635 Townsend Scott & Son,Balt_100.951 F. K. Notting & Co. and Old Dominion Tr. Co., Richm_100.512 Weil, Roth & Co., Cinc 100.85 Hambleton & Co.,Baltimore 100.77 Strother,Brogden& Co.,Balt.100.501 Sidney Spitzer & Co., Toledo 100.70 Harris, Forbes & Co.. N. Y..100.412 Nelson, Cook & Co., BaltiTillotson & Wolcott Co., Cle_100.32 more 100.6831Baker, Watts & Co., Balt_ __100.121 -BOND OFFERING, DECATUR COUNTY (P. 0. Greensburg), Ind. -Bids will be received until 2 p. m. Oct.6 by Albert Boling, County Treas., for $14,600 434% highway impt. bonds, it is stated. -BIDS. -The other DEFIANCE COUNTY (P. 0. Defiance), Ohio. bids received for the 321,000 4 o 434-year aver, road bonds awarded to the Fifth-Third Nat. Bank of Cincinnati at 100.92 on Sept). 12 were as follows -V. 103, p. 1056: $21,105 00 Prov. Say. Bk. & Tr. Co_321,176 40 Well, Roth & Co 21,092 00 -Bertram Co 21,165 00 Durfee, Niles & Co Davies 21,081 90 New First Nat. Bank_ _ _ _ 21•,134 00 Sidney Spitzer & Co 21,065 00 Seasongood & Mayer_ _ _ _ 21,127 5() Hayden, Miller & Co.. 21,015 00 Tillotson & Wolcott Co-_ 21,113 40 Spitzer, Rorick & Co -BOND OFFERING. -R. R,, DUNKIRK, Hardin County, Ohio. McElroy, Village Clerk, will receive bids until 12 in. Oct. 14, for the following 5% Walnut St. impt. bonds: $4,700 assess. bonds. Denom. 9 for $500, 1 for $200. Due $500 yriy. on April 1, from 1917 to 1925 incl. and $200 April 11926. 800 village's portion bonds. Denom. $400. Duo $400 April 1 1922 and 1927. Date Aug. 1 1916. Int. P. & A. Cert. check for 5% of bonds bid for payable to the Village Treas., required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay accrued interest. 'DUNKIRK VILLAGE SCHOOL DISTRICT (P. 0. Dunkirk), Bar -On Sept. 15 the $5,000 5% 6%-year -BOND SALE. den County, Ohio. -Bertram Co. -were awarded to Davies -V. 103, p. 959 aver. school bonds of Cincinnati at 102.30 and int., a basis of about 4.58%. Other bids wore: 35,066 00 Breed Elliott ,Sc Harrison_35,094 50 Hayden, Miller & Co 6,065 50 J. O. Mayer & Co 5,085 00 W. L. Slayton & Co Durfee, Niles & Co 5,068 00 Prov. Say. Bk. & Tr. Co-- 5,065 50 -BOND OFFERING. DURHAM COUNTY (P. 0. Durham), No. Car. -Proposals will be received until 2 p. m. Oct. 3 by 0. W. Flowers, Chairman Bd. of Co. Conunrs., it is stated, for $75,000 4 % court-house bonds. Denom. $1,000. Date Oct. 1 1916. Duo $5,000 yearly Oct. 1 from 1919 to 1933,incl. t SEPT. 23 1916.] THE CHRONICLE EAST FORK IRRIGATION DISTRICT (P. 0. Hood River), Ore. BOND OFFERING. -Proposals will be received until Oct. 3 by the Secretary of Board of Directors, it is stated, for $15,000 irrigation-system bonds. EDMOND, Oklahoma County, Okla. -BOND SALE. -We that this city has sold $8,000 sower and $9,000 light bonds. are advised ELKHART, Elkhart County, Ind. -BOND OFFERING. -Proposals will be received until 10 a. m.Sept. 25 by Walter A.Sykes, City Comptroller for $30,000 4% 20-yr. funding bonds. Denom. $500 or $1,000, to suit purchaser. Date Oct. 11916. Int. A.& 0. A similar issue of bonds was sold on July 17 to the Fletcher American National Bank of Indianapolis. -V. 103, p. 339. ELKHART COUNTY (P. 0. Goshen) Ind.-BOND OFFERING.Winship, Co. Treas., will receive bids until 10 a. as. Sept. 25 for W. H. $23,000 43 % 5%-year aver. David R. Myers et al. road bonds in Elkhart Twp. Denom. $575. Date Sept. 15 1916. Int. M. & N. Due $1,150 each six months from May 15 1917 to Nov. 15 1926 incl. ELLIS COUNTY LEVEE DISTRICT NO. 3 (P. 0. Waxahachie), -BONDS NOT SOLD. Tex. -No sale was made of the $110.000 6% coupon taxable levee constr. bonds offered on Sept. 1 (V. 103, p. 680). ELMIRA, Chemung County, N. Y. -BOND SALE. -On Sept. 5 the $25,000 4% reg. school bonds -V. 103, p. 775 -were awarded to Stacy & Braun of N. Y. at 102.282. Other bids were: Kissel, Kinnicutt & Co_ __ _*102.671 Isaac W. Sherrill Co 101.47 Farson, Son & Co 102.168 Elmira Says. Bank 100.80 II. A. Kehler & Co 101.90 ID. J. Ervin, for $5,000 101.25 Geo. B. Gibbons & Co 101.71 IJ. A. Gibson, for $3,000_ __ _100.00 C. E. Denison & Co 101.67 *This bid appears higher than that of the pur baser, but is so furnished to us. 1145 HARRISON COUNTY (P. 0. Gulfport), Miss. -BOND SALE. Reports state that Sidney Spitzer & Co. of Toledo were awarded on Aug. 9 an issue of $550,000 seawall-constr. bonds for $552.400 -equal to 100.436. HERKIMER (Village), Herkimer County, N. Y. -BOND ELECTION. -The question of whether or not this village shall issue $350,000 bonds for water-extension will be submitted to a vote on Oct. 6, reports state. HICKMAN COUNTY (P.O. Centerville), Tenn. -BONDS VOTED. The proposition to issue $225,000 road-construction bonds carried, it is stated, at the election held Sept. 14. HUNTINGTON, Huntington County, Ind. -BOND OFFERING. Bids will be received until 10 a. as. Oct. 11 by H. I. Young, City Clerk, for $24,000 4% 6M-year aver. fire-dept. bonds. Denom. $500. Date Oct. 1 1916. Int. A. & 0. Due $2,000 yearly on Jan. 1 from 1918 to 1929 incl. Certified check for $500 required. Bids must be for issue, purchaser must take up $9,000 immediately upon approval entire script and remaining $15,000 with accrued int. to be taken Apr. 1 of tran1917. INDIANAPOLIS, Ind. -TEMPORARY LOAN. -On Sept. of $40,000, dated Sept. 16 1916, and maturing Dec. 16 1916, was15 a loan to awarded the Indiana Trust Co. of Indianapolis at 3M% interest plus $10 premium. Other bids were: Meyer-Kiser Bank, Indianapolis -3M% interest Fletcher-American National Bank, Indianapolis plus $6 premium. -3.75% interest. JACKSON COUNTY(P.O. Murphysboro), Ills. -BOND ELECTION. -According to reports the proposition to issue $340,000 road-construction bonds will be submitted to the voters at the general election to be held Nov. 7. JASPER COUNTY (P. 0. Rensselaer), Ind. -BOND -On Sept. 20 the two issues of 4A% 53 -year aver, road bonds, SALE. aggregating $13,200-V. 103, p. 1057 -were EVERGREEN SCHOOL DISTRICT, Santa Clara County, Calif.- Amer. Nat. Bank of Indianapolis awarded, reports state, to the Fletcherfor $13,41190, equal to 101.605, a basis BOND SALE. -On Sept. 5 the $20,000 5% 1-20-yr. serial building bonds were awarded, it is stated, to Blyth, Witter & Co. of San Francisco at of about 4.15% • 105.22. JAY COUNTY(P. 0.Portland), Ind. -BOND OFFERING. -Bids will be received until 10 a. as. Oct. 2 by S. W. Kuder, Co. Treas., for the folEXCELSIOR SPRINGS, Clay County, Mo.-BOND OFFERING. - lowing 43.4% 6 1-3-year aver. highway impt. bonds: Bids will be received at any time by W. S. Silvers, City Clerk, for the $12,240 Mike Kennedy et at. road bonds in Pike Twp. Denom. $612. $20,000 5%% 10 -20-year opt, park-improvement bonds authorized by vote 11,600 Chas. C. Jones et al. road bonds in Richland Twp. Denom.$580. of 463 to 102 at the election held Sept. 14. Date Oct. 2 1916. Int. M.& N. Due one bond of each issue each six FAIRBURY, Jefferson County Neb.-BOND ELECTION. -The months from May 15 1918 to Nov. 15 1927 incl. question of issuing $50,000 street and alley paving bonds will be ' submitted JEFFERSON COUNTY (P. 0. Madison), Ind. -BOND OFFERING.to a vote on Oct. 10, according to reports. -Proposals will be received until 1 p. m.Sept. 30 by Edw. Jeffries, County FAIRVIEW, Major County, Okla. -BOND ELECTION. -An election Treasurer, for $5.200 and $5,000 4%% 5 1-3-year average road bonds of will be held Oct. 10, it is stated, to vote on the question of issuing $30,000 Madison Twp. Denom. $260 and $250, respectively. Date Sept. 5 1916. Int. M. & N. Duo one bond of each issue each six months from May 15 railroad-aid bonds. 1917 to Nov. 15 1926, inclusive. FLINT, Genesee County, Mich. -BOND OFFERING. -Reports state JEWETT, Harrison County, Ohio. that proposals will be received until 3 p. m. Sept. 28 by D. E. Newcomb, -BOND SALE. -On Aug. 28 the $6.000 5M% street bonds (V. 103, p. 775) were awarded to Durfee, Niles & City Clerk, for the $400,000 211-3-year aver, water bonds voted Aug. 10Co. of Toledo for $6,206 75 (103.445) and interest. Other bidders were: V. 103, p. 680. Int. semi-ann. Certified check for $5,000 required. Terry, Briggs & Co $6,203 00 People's Bkg. Co., Coshoc46,155 00 FLOYD COUNTY (P. 0. New Albany), Ind. -BOND OFFERING. 6,200 08 Harrison Nat. Bk.,Cadiz.._ 6,150 00 - Jewett State Bank Proposals will be received until 10 a. m. Sept. 29 by Claude A. Sittason, W. L. Slayton & Co 6,184 20 Security S. County Treasurer, for $15,800 44% road bonds of New Albany Twp. Tillotson & Wolcott Co_ _ _ _ 6,181 20 Well, Roth Bk.& Tr. Co__ 6,137 40 & Co 6,132 00 Denom. $395. Date Sept. 29 1016. Int. M. & N. New First National Bank-- 6,165 00 Breed, Elliott & Harrison 6,123 00 6,161 00 Ohio National Bank FOSTOR/A, Seneca County, Ohio. 6.061 81 -BOND SALE. -A local paper Hanchett Bond Co states that the Sinking Fund Trustees have arranged to take over the JOHNSON COUNTY (P. 0. Smithfield), No. Caro. -BOND OFFERgeneral bond issue of $6,785 60, passed by the City Council to provide ING. -Proposals will be received until 2 p. m. Oct. 2 by Sam T. Honeycutt, funds for certain street and sewer improvements. Clerk Bd. of Co. Commrs.,for the following 5% 30-year coupon road bonds: FRANKLIN COUNTY (P. 0. Columbus), Ohio. -BOND SALE. -On $40.000 Boon Hill Twp. and $16,000 Micro Twp. Cert, check for 2% of Sept. 18 the $8,500 % 3 yr. aver, road impt. bonds-V - bid required. were awarded to Seasongood & Mayer of Cincinnati for . 103, p. 865 $8,550 (100.588) JOLIET, Carbon County Mont.-BOND OFFERING. and int., a basis of about 4.29%. Other bidders were: -H.B. Town Clerk, will sell at public auction at 8 p. m. Oct. 16 $22.000Pierce, New First Nat. Bank $8,543 5010hio 10 -20$8,531 10 year optional Joliet Water Co.'s water-plant-purchase and improvemen Breed, Elliott & Harrison__ 8,533 151StacyNational Bank & Braun t 8,519 65 bonds authorized by vote of 28 to 3 at the election held Aug. 25 (V. 103, FRESNO COUNTY RECLAMATION DISTRICT NO. p. 1057). Denom. $1,000. Date Oct. 1 1916. Interest (rate not to 1606 (P. Fresno), Calif. -BOND SALE. -On Sept. 7 $74,000 (part of an issue0. exceed 6%)payable semi-annually (J. & J.) at the Town Treasurer's office, of or, at the $600,000) 6% 233. -year aver, reclamation bonds were holder, at awarded to the designated option of the Treasurer. some bank in New York City, to be Farmers' Nat. Bank of Fresno at par and in*. Denom. by the Town An unconditional certified check on $1,000. Date some reliable bank for Dec. 1 1914. Interest J. & J. $500, payable to the Town Treasurer, required. The town has no indebtedness. Assessed valuation equalized, 1915, FULTON COUNTY (P. 0. Rochester), Ind. - $173,844; actual valuation, estimated, $900,000. Wm.II. Biddinger, County Treasurer, will receive-BOND OFFERING. bids it is stated, for $8,900 4M% highway-impt. bonds. until 3 p. m. Oct. 4, JONES COUNTY (P. 0. Laurel), Miss. -BONDS VOTED. -The election held Sept. 18 resulted, it is stated, in favor of the question of issuing GALLATIN COUNTY (P. 0. Warsaw) -On Sept. $20,000 South Mississippi Charity hospital bonds. 16 $50,000 5% coupon road bonds were ,Ky.-BOND SALE. awarded, it is stated, to J. C. Mayer & Co. of Cincinnati at 102.45. Denom. $500. /KEARNEY SCHOOL DISTRICT (P. 0. Kearney), Buffalo County, Prin. and semiannual Int., payable at the Warsaw Deposit Bank, Warsaw. Due $2,000 Neb.-BOND SALE. -On Sept. 11 the $10,000 4% 10-20-year (opt.) yrly. from 1921 to 1930, incl. and $3,000 Yrly. from 1931 coupon refunding bonds (V. 103, p. 866) were awarded to R. M. Grant & to 1940, incl. Co. of Chicago at 100.11 and interest. GALVA, Henry County, Ills. -BOND OFFERING. -Proposals will be received until 8 p. as. Oct. 3 for KENTON, Hardin County, Ohio. -BOND SALE. -On Sept. 12 the hall bonds voted April 18-V. 103.the $12,000 5% fire station and cityp. Date July 1 $31,100 5% 18j -year average refunding bonds (V. 103, p. 960) were 1916. Int. ann. at City Treas'. office.340. Denom. $500. follows: Due on July 1 as $1,- awarded to the Fifth-Third National Bank of Cincinnati at 107.01 and 500, 1917; $1,000 1918 to 1021 incl; $1,500, 1922 and 1923, -a basis of about 4.439%. Other bids were: and $3,500 in interest 1924. Cert, check for $500 Premium. Premium. A. H. Johnson is City Clerk.payable to Geo. D. Palmer, Mayor, required. Seasongood & Mayer $2,052 60 Stacy & Braun $1.658 47 GARLAND, Boxelder County, Utah. Weil, Roth & -BOND -SALE.-On Sept. 8 Breed, Elliott Co Harrison_ 2,021 50 Cummings,Prudden & Co.. 1,577 00 an issue of $38,000 5%% 20-year water-system & 1,959 9 0 25 44 -installation bonds were Providend S. Bk.& Tr. Co.. 1,887 30 Security S. Bk. & Tr. Co__ 1, 7 00 awarded,it is stated, to the Palmer Bond & Mortgage 77 W. L. Slayton & Co 1,452 37 Co. of Salt Lake City. SidneySpitzer & Co 1,816 25 Spitzer, Rorick & Co GAYLORD, Sibley County, Minn. -BONDS VOTED. 1,800 00 -Reports state Otis & Co that the question of issuing water-works bonds Denom. 1 for $600,61 for $500. Date Oct. 1 1916. Principal and semicarried at the election held Sept. 4. annual interest -A.& 0. -payable at office of City Treasurer. Due $8600 GEORGE COUNTY (P. 0. Lucedale), Miss.-BON Oct. 1927 and $1.000 each six months from April 1 1928 to April 1 1958, D SALE. -Reports inclusive. state that an issue of $90,000 5% road improvemen t bonds have been purThis item was inadvertently reported under the head of Kenton, Ind.. chased by the Hibernia Bank & Trust Co. of New Orleans at 101.73. in last week's "Chronicle," page 1057. GIBSONBITRG, Sandusky County, -BOND OFFERING.KEWANEE CONSOLIDATED Bids will be received until 12 m. Sept. 25 byOhio. Merritt Mason, Village Clerk. wanee), Lauderdale County, SCHOOL DISTRICT (P. 0. Kefor $6,600 4% 5%-year average water improvemen Miss. -BOND ELECTION. -Reports t $660. Date Sept. 25 1916. Interest annual. Duo $660 bonds. Denom. state that an election will be held Sept. 30 to vote on the question of issufrom 1917 to 1926, inclusive. Certified check for 5% yearly on Sept. 25 ing school bonds. of bonds bid for, payable to the Village Treasurer, required. Bonds KNIGHT SCHOOL TOWNSHIP (P. 0. Evansville), Vanderburgh to paid for within ten days from time of award. Purchaser be delivered and County,Ind. -BOND SALE. to pay accrued int. -On Sept. 16 the $16,000 4 % school bonds (V. 103 p. 866) were awarded, reports state, to J. F. Wild & Co., of InGIBSON LEVEE DISTRICT (P. 0. Augusta), Woodruff County, Ark. -BOND OFFERING. -Proposals will be received until 2 p. as. dianapolis, for $16,591, equal to 103.693. Oct. 2 by J. H. Dale, Secretary Board of Directors, for $10,000 KNOXVILLE, Knox County, Tenn. -BOND ELECTION. 6% bonds. -An elecDue $1,000 yearly for ten years. tion will be held Oct. 24, it is stated, to vote on the question of issuing $225.000 water-pump-installation bonds. GRAND FORKS, Grand Forks County, No. Dak.-BOND TION. -Local papers state that an election will be held Oct. 2 to ELEC8178A, Okmulgee County, Okla. -BOND SALE. vote on -Reports state the proposition to issue $25,000 4% water-system-extension bonds. the $25,000 sewerage-system bonds recently voted have been sold. that GREENVILLE, Greenville County, So. Caro. -BOND ELECTION. LAKE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 15 -An election will be held on Sept. 26, it is stated, to vote on the questions (P. 0. Sorrento), Fla. -BOND OFFERING. -Proposals will be received of issuing $60,000 hospital, $65,000 street-paving and $25,000 sewer and until Oct. 9 by Wm.F. Kennedy, Supt. Board of Public Instruction (P. 0. sewerage-extension bonds. Umatilla), for $2,500 6% 15 -year building bonds. Denom. $500. GULFPORT, Harrison County, Miss.-BOND SALE. -On Sept. 9 LAKE COUNTY SPECIAL TAX DISTRICT NO. 40, Fla. the $200,000 5% seawall-construction bonds(V. 103, p. -BOND -On Sept. 8 $2,000 6% 15 it is stated, to Vardaman & Vardaman of Jackson at 1057) were awarded, SALE. -year building bonds were awarded to the par. Board of Public Instruction at par and interest. Denom. $500. Date HAMLET, Richmond County, No. Caro. -BOND OFFERING. -Bids June 1 1916. Interest annually on June 1. will be received until 8 p. m. Oct. 9 by L. R. Terry, City Clerk, for $50,000 LAKE MILLS, Winnebago County, Iowa. 5% 30 -year coupon street-impt. bonds. -BONDS VOTED. question of issuing water-main-extension bonds carried by a vote -The of 183 HAMPDEN COUNTY (P. 0. Springfield), Mass. -NOTE OFFERING. to 22 at the election held Sept. 15. Proposals will be received until 10 as. Sept. 29 by Fred. A. Beano, County Treasurer, for $100,000 4% a.-year LANCASTER, Fairfield County, Ohio. -BOND SALE. -Reports 3 Chap. 252, Acts of 1915. Date Oct. 11916. reg. tax-free notes. Auth. state that at its meeting held Sept.6 the Sinking Fund Commission decided Int. A. & 0. Due Oct. 1 1919. These notes be certilled as to their genuineness by the Old to purchase $5,000 city hospital bonds. Colony Tr. Co. and will further certify that will LA PORTE COUNTY (P. 0. La Porte), Ind. been approved by Ropes, Gray, Boyden & the legality of this issue has -BOND SALE. Perkins of Boston, a copy of following were the bids received for the five issues of 454% road -The whose opinion will bonds, to the purchaser. accompany the bonds when delivered, without charge aggregating $36,900, offered on Sept. 20 (V. 103, p. 1058): $2,400 $2,400 $8,800 62,700 $19,600 HARDIN COUNTY (P. 0. Savannah), Road. Road. Tenn. Road. -BOND Road. Road. -On Sept. 16 the $100,000 5% coupon tax-free road-improvemenSALE. t bonds (V. 103, p. 960) were awarded to the Mercantile Union Trust Co. of Jackson Dolling & Co 2,430 50 2,430 50 8,932 00 3,745 50 19,895 50 at 101.66 and interest. There were five Fletcher-Amer. Nat. Bank_2,431 25 2,431 25 8 931 00 3,753 25 19,901 00 other bidders. Miller & Co HARRISBURG SCHOOL DISTRICT ---(P. 0. Harrisburg), Dauphin Breed, Elliott de Harrison_..2,424 00 $675 premium on all issues County, Pa. -BOND ELECTION. 2 424 CIO 8,943 00 3,755 50 20,012 00 -Dispatches state that the question Was. E. Richman3, of issuing $1,250,000 school bonds will be submitted 2,440 00 2,440 00 74600 to the voters on Nov.7. J. F. Wild & Co 2,435 50 2,435 00 8,950 10 3.747 50 20,b-2-0.143 1146 THE CHRONICLE [Vol. 103. -BOND OFFERING. MORGAN COUNTY (P. 0. Martinsville), Ind. Walter Rosenbalm, Co. Treas., will receive bids until 12 m. Oct. 9 for $8,100 436% 536-year aver. Wm. L. Norris et al. road bonds in Gregg Twp. Denom. $405. Date Sept. 15 1916. Int. M. & N. Due $405 each six months from May 15 1917 to Nov. 15 1926 incl. MORIAH UNION FREE SCHOOL DISTRICT NO. 1, Essex County, . -On Sept. 15 an issue of $50,000 5' 17-yr. aver. N. Y. -BOND SALE. school bonds was awarded to Geo. B. Gibbons & Co. of N. Y. at 101.50 and int., a basis of about 4.87%. The other bids were: 1 10 2 II. A. Kahler & Co 101.45 1Sam. M. String, Schenec'y_ _ _101. 5 101.05 101.419 Hornbiower & Weeks Isaac W. Sherrill Co Denom. $2,000. Date Oct. 1 1916. Int. ann. at Citizens' Nat. Bank, Port Henry. Due $2,000 yrly. on Oct. 1 from 1921 to 1945 inclusive. -BOND OFFERING. MORROW COUNTY (P. 0. Mt. Gilead), Ohio. -Proposals will be received until 11 a. m. Oct. 13 by C.0, Higgins, County Auditor, for the following 5% coupon road-improvement bonds: $7,000 Twp.'s portion of Sexton-Thatcher road bonds. Denom. $500. Due $500 Sept. 1 1918 and $500 each six months from Sept. 1 1919 to Sept. 1 1925 incl. 6,219 assess. bonds. Denom. 1 for $219, 12 for $500. Due $219 Sept. 1 1918 and $500 each six months from Mar. 1 1919 to Sept. 1 1924 incl. 14,850 Twp.'s portion bonds. Denom. 1 for $350, 29 for $500. Due $350 Sept. 11918,$500 Mar. 1 1919 to Mar. 1 1920 incl. and $1,000 each six months from Sept. 1 1920 to Sept. 1 1926 incl. 14,092 assess. bonds. Denom. 1 for $592, 27 for $500. Due $592 Sept. 1 1918, $500 Mar. 1 1919 and $1,000 each six months from Sept. 1 1919 to Sept. 1 1925 incl. Auth. See. 6929, Gen. Code. Date Sept. 1 1916. Int. M.& S. Cert. check on a Morrow County bank for 10% of bonds bid for, payable to the County Auditor. required. Bids must be unconditional and upon forms furnished by the above Auditor. Bonds will be printed and ready for delivery on date of sale. Purchaser to pay accrued interest. -BONDS REFUSED MOUNT CLEMENS, Macomb County, Mich. -According to a local OPTION GRANTED-IVEW ELECTION CALLED. paper, Cummings, Prudden & Co. of Toledo have refused to accept the -paving bonds awarded them at 101.55 on Aug. 7 $34,000 436% street V. - 103, p. 867. An option of one week at par has been given to John F. McLean & Co. of Detroit. The Council has called a special election for Sept. 26 to re-vote the issue in case the Detroit firm should also refuse to purchase the issue. MOUNTAIN VIEW SCHOOL DISTRICT, Santa Clara County, -Proposals will be received until 11 a. m. -BOND OFFERING. Cal. -The following are the other bids received for Oct. 2 by Henry A. Pfister, Clerk Bd. of Co. Supers. (P. 0. San Jose), -BIDS. MACON, Oa. -year -year (average) hospital, Series 2, and $100,000 17 the 3100,000 17 building bonds voted Aug. 14. auditorium building and equipment4% coupon bonds, awarded for $9,000 5% (average) -BOND MOUNT MORRIS (Village), Livingston County, N. Y. on Sept. 12 to W. M. Davis Co. and the Fourth ational Bank of Macon -Proposals will be received until 8 p. m. Oct. 5 by Geo. L. OFFERING. at 104.06 (V. 103, p. 1058): 3207,860 00 Bailey Vii. Clerk, for $24.000 1236-year aver. water-impt. bonds at not & Abstract Co., Macon Security Loan 206,750 00 exceeding 5% int. Date Sept. 1 1916. Due $1,000 yearly on Sept. 1. S. M.Solomon, Sr., and Georgia Trust Co., Macon 206,552 00 from 1917 to 1940 incl. Cert. check on a responsible bank or trust comJ. H. Hilsman & Co., Atlanta 206,483 12 pany for 1% of bonds bid for, payable to the VII. Treas., required. The Augusta John W. Dickey, 208,382 00 opinion of Dillon, Thomson & Clay as to the validity of this issue will be Citizens' National Bank, Macon 206,381 00 furnished purchaser. Merchants & Mechanics Savings Bank, Macon 206,373 00 Macon Savings Bank, Macon -BOND OFFERING. MOUNT VERNON, Westchester County, N. Y. 206,320 00 Estabrook & Co., New York Bids will be received until 8 p. m. Sept. 30, it is stated, by Peter Collins, 206,250 00 Weil, Roth & Co., Cincinnati 0 . -year highway bonds. Int. semi-ann. 205,623 33 City Clerk, for $30,000 4q7 20 Robinson-Humphrey-Wardlaw Co., Atlanta required. A. B. Leach & Co., N. Y.,and Security Trust Co., Spartanburg 205,158 00 Cert. check for $1.000 205,040 -BOND SALE. C. E. Denison & Co., Cleveland MURFREESBORO, Rutherford County, Tenn. 00 On Sept. 14, $15,000 5% 10-yr. street-impt. and $9,000 6% I-5-yr. serial 205,020 American National Bank, Macon 204,780 00 street impt. bonds were awarded to the Hanchett Bond Co., of Chicago Macon National Bank, Macon 204,172 80 for $24,346, equal to 101.441. Denom. $600. Date Sept. 1 1916. Int. Hornblower & Weeks, New York 204,020 Sidney Spitzer & Co., Toledo M. & S. Field, Richard & Co., and Seasongood & Mayer, Cincinnati_ _ _ 203,650 00 -BONDS NATCHITOCHES PARISH (P. 0. Natchitoches), La. *103,775 00 Georgia Casualty Co., Macon -The question of issuing 3250.000 road bonds carried, it is stated, VOTED. at an election held recently in Road Dist. No. 19. • • 4.* 0 For auditorium bonds. NEBRASKA CITY SCHOOL DISTRICT (P. 0. Nebraska), Otoe -BONDS NOT SOLD. MADISON COUNTY(P.O. Huntsville), Ala. -The question of issuing $30,000 school County, Neb.-BONDS VOTED. Reports state that no satisfactory bids were received for the $75,000 436% building and $5,000 building impt. bonds carried, it is stated, at an election road bonds offered on Sept. 12 (V. 103, p. 776). -year refunding 30 held Sept. 12. -BOND -Bids will 7 -BOND OFFERING. NEWARK, Licking County, Ohio. MANATEE COUNTY (P. 0. Bradentown), Fla. SpecialSALE. & Road The $250000 6% 20-year gold coupon Sarasota-Venice1829). have been be received until 12 m. Oct. 16 by A. Nelson Dodd, City And., for 436 % on May 20 (V. 102, p. street assess, bonds aggregating $76,500. Auth. Secs. 3914 and 3939, Gen, Bridge District bonds offered interest. Code. Date Sept. 1 1916. Int. M. & S. Due on Sept. 1. Cert, check awarded to Cummings, Prudden & Co., Toledo. at 104.26 and for, payable to the City Treas., required. Bonds for 2% of bonds -Proposals to be delivered andbid for within 10 days from time of award. Purchaser -BOND OFFERING. Marion County, Ohio. paid MARION, will be received until 12 m. Oct. 11 by Frank J. Weber, City Aud., for the to pay accrued interest. following 5% bonds: -BOND OFFERNEWBURGH HEIGHTS, Cuyahoga County, Ohio. for $200, $11.700 Central Fire Bldg. bonds. Denom. 1months from23 for1$500. ING. Sept. 1918 -Proposals will be received until 12 m. Oct 17, (date changed from Due $200 Mar. 1 1918 and $500 each six Sept. 26) by J. A. Fitzgerald, Village Clerk (P.O.Brooklyn, R. F. D. 3), to Sept. 1 1929 incl. 960. bonds: 1,500 Police Station bonds. Denom. $500. Due $500 Mar. 1 and for the following sewer -V. 103, p.bonds. Denom. 11 for $500, 1 for assessment $6,174 61 5% Sept. 1 1918 and $500 Mar. 1 1919. 6 for $500. Due $674 61. Date July 15 1916. Due $500 yearly on Sept. 3,200 sanitary purpose bonds. Denom.'1 for 3200,from Mar. 1 1920 1 from 1917 to 1924, inclusive, $1,000 Sept. 11925, and $200 Sept. 1 1919 and $500 each six months 04 31,174 61 Sept. 11928. 0 to Sept. 1 1922 incl. 1,775 34 5% sower assessment bonds. Denom. 1 for $275 34. 3 for Sept. 11916. Int. M. & 5.7, Cert. check:for 5% of each amount Date $500. Date July 15 1916. Due $275 34 Sept. 15 1919 of bonds required. and $500 Sept. 15 1922, 1924 and 1926. -BOND OFFERING. MARION COUNTY (P. 0. Indianapolis), Ind. 1,903 00 5% water assessment bonds. Denom. 1 for $403, 3 for $500. G. Sourbier, Co. Date July 15 1916. Due $403 Sept. 15 1919 and $500 will be received until 10 a. m.*Sept. 25 byPEd. Peake et al. road -Bids J. T. Sept. 15 1922, 1924 and 1926. Treas., for an issue of $25,000 436% 536-year aver. 1 1916. Int. M.& N. • bonds of Center Twp. Denom. 3625.N4, Date Sept. 20,00000 4%% sewer bonds. Denom. $500. Due Sept. 15 1936. incl. -payable at Broadway -M. & S. Principal and semi-annual interest Due $1,250 each six months from May,15 1917 to Nov. 15 1926 Cleveland. Certified check on a Cleveland bank Savings & Trust -BOND OFFERING. MARIANNA (Town), Marshall County, Miss. G. Fant, Attorney of for 5% of amount Co., bid required. Bids must be made upon blank forms furL. Proposals will be received until 2 p. m. Oct.2 by it is stated, for nished by above Clerk. Separate bids must be made for each issue. the Board of Road Commissioners (P. 0. Holly Springs), at both NEW CASTLE SCHOOL DISTRICT (P. 0. New Castle), Lawrence $25,000 1736-year (average) road bonds. Bichliare requested -Bids will bo received until 7:45 p. m. -BOND OFFERING. County, Pa. 536 and 6%. Certified check for 3% required. ) - Oct. 10 by H. M. Marquis. Sec. Bd. of Directors, for $45,000 V; 15-30-yr. County, Calif. MARTINEZ SCHOOL DISTRICT, Contra Costa a. m. Oct. 2 by optional tax-free site and building bonds. Denom. $1,000. Date Mar. 1 -Proposals will be received until 10 BOND OFFERING. Treas., (P. 0. Martinez) for $51,000 5% gold coupon or 1916. Int. semi-ann. Cert. check for $500, payable to the Dist. Treas., .T. Rio Baker, Co. $1,000. Date Oct. required. reg. tax-free building and equipment bonds. Denom.$1,000 Oct. -BOND Due NEWCASTLE SCHOOL DISTRICT, Placer County, Calif. 2 1916. Int. A. & 0 at the Co. Treas. office. Cert. check for 5%2 1918, of bid, SALE. -Reports state that the $2,500 5% building bonds (V. 103, p. 511) Oct. 2 from 1919 to 1943 incl. and $2,000 yriy. issue, payable to the Co. Treas., required. Bonded debt, including this $2,- have been awarded to the First Nat. Bank of Auburn at 103.12. -On Sept. 19 $81,000. No floating debt. No sinking fund. Assess. val. 1916. -BOND SALE. NEWPORT, Cocke County, Tenn. 735,050. the $6,500 6% coupon school-site purchase bonds (V. 103. p. 1059) were -The ques- awarded to W W. Willis & Co. of Knoxville for $6,635 (102.076) and int. County, Mo.-BONDS VOTED. MARYSVILLE, Marshall according Purchaser to furnish blank bonds. Other bids were: tion of issuing $11,000 park bonds carried at a recent election, $6,625 00 Stacy & Braun, Toledo to reports. 6,623 25 Cincinnati -It is reported that J. C. Mayer & Co.,Chicago -NOTE SALE. 6,617 00 MASSACHUSETTS (State of). years, was recently purchased by Hanchett Bond Co., 6,611 55 an issue of $300,000 notes, maturing in 3 interest plus $48 premium. P. Brooks Coffin 6,566 50 & Willaman, Chicago E. II. Rollins & Sons of Boston at 336% Bolger, Mosser -On Sept. 18 the First National Bank, Barnesville, Ohio -BOND SALE. Lucas County, Ohio. MAUBIEE, 5 6, 51 0 8532 0 0 348,480 44 (V. 103, p. 867), were Powell, Garard & Co., Chicago four issues of 5% bonds, aggregating 44, equal -BOND OFFERING. awarded, it is said, to Terry, Briggs & Co. of Toledo for $49,400 NIAGARA FALLS, Niagara County, N. Y. to-day (Sept. 23) by 0. E. Carr, to 101.897. Proposals will be received until 10 a. m. (P. 0. Milan), Sullivan County, Mo.- City Manager,for $72,000 43 % 18-yr. aver. reg. water bonds, auth. Chap. MILAN SCHOOL DISTRICT (V. 103, Denom. $1,000. Date Sept. 1 1916. Prin. and -On Aug. 29 the $15,000 high-school-bldg. bondsSt. Louis 530, Laws of 1916. S. BOND SALE. Co. of semi-ann. int.-M. & -payable at Hanover Nat. Bank, N. Y. in N. Y. p. 867) were awarded, it is stated, to Wm. R. Compton exchange. Due $15,000, Sept. 1 1932 to 1935, incl. and $12,000, Sept. 1 -equal to 103.333. for $15,500 1936. Cert, check on a solvent bank or trust company for $3,000, payable -BOND County, Calif. MIDWAY SCHOOL DISTRICT, Kern Oct. 4 by the Clerk Bd. of to the City Clerk required. Bonds to be delivered and paid for on or before -Proposals will be received until Oct. 3, unless a subsequent date shall be agreed upon. Bids must be made OFFERING. 5% building bonds. on forms furnished by the City Clerk. Purchaser to pay accrued interest. Co. Supers. (P. 0. Bakersfield), it is stated, for $20,000 Total bonded debt excl. this issue, but incl. $1,241,500 water bonds, $3.Denom. 32.000. -At the 135,219, assess. val. 1915-1916, real estate $34,799.755, personal $396,000, -BOND ELECTION. MILFORD, Clermont County, Ohio. issuing $2,500 bonds special franchises 31,590,025, city tax rate 1915-1916, per $1,000, $21.01. general election to be held Nov. 7, the question of -On Sept. 15, -BOND SALE. it is stated. NOBLEICOUNTY (P. 0. Albion), Ind. will be submitted to a vote, PAID the two,issues of 436% highway bonds aggregating $16,900-V. 103, p.777 MILWAUKEE COUNTY (P. 0. Milwaukee) Wisc.-PRICE House -were awarded to J. F. Wild & Co. of Indianapolis for $17,179 45 (101.serial 1-20-yr. FOR BONDS.-Thc price paid for the $380,000 43ro Harris Trust & Savings 653) and int. Other bids were: of Correction bonds awarded on Sept. 14 to theequal to 103.861. 317,171 00 Albion Nat. Bk., Albion_ _$16,984 00 Miller & Co Bank of Chicago (V. 103, p. 1058), was $394,673, 17,166 25 Germ. Amer. 13k., Fort W. *2,724 75 Amer. Nat. Bank.. 4 (P. 0. Missoula, Flet. MISSOULA COUNTY SCHOOL DISTRICT NO.the $2.500 6% 6-20- Ed. P. Eagles, Albion_ _ - 17.000 00 -On Sept. 8 -BOND SALE. For the $2,700 issue. F. D. No. 2), Mont. R. State Board of Land yr. (opt.) coupon building bonds were awarded to the -BOND Assess. val. NORTH HEMPSTEAD (Town), Nassau County, N. Y. Commissioners. Denom. $500. BondedLdebti$2.500.1 OFFERING,-Bids will be received until Oct.3 for an issue of $40,000 bonds $296,073. -BOND OFFERING. LAWRENCE COUNTY (P. 0. Bedford), Ind. Bids will be received until 2 p. m. Sept. 30 by Earl G. Short, County 436% road bonds, reports state. Treasurer, for $26,000 -BONDS LAWRENCE COUNTY (P. 0. Lawrenceburg), Tenn. St. OFFERED BY BANKERS.-Kauffman-Smith-Emert Invest. Co. of bonds. This is offering to investors the $342,000 5% coupon road 776). Bonded Louis (V. 103, p. issue was offered for sale by the county on Sept. 5 debt, including this issue, $357,000. Sinking fund. $8,500. Assess. val., 33.826,856 15; est. actual val., $10,500,000. -Proposals -BOND OFFERING. LEBANON, Warren County, Ohio. will be received until 12 m. Oct. 10 by M.E. Gustin, Vii. Clerk,for 320,000 13 1-6-yr. aver. sowage-disposal works constr. bonds. Denom. $500. 5% Mar. 1 Date day of sale. Int. semi-ann. Due $500 each six months frompayable 1920 to Sept. 1 1939 incl. Cert. check for 5% of bonds bid for, within required. Bonds to be delivered and paid for to the Vii. Treas. ' 20 days from time of award. Purchaser to pay accrued interest. -On Sept. 19 LEXINGTON, Fayette County, Ky.-BOND SALE. stated, an issue of $15,435 02 street-improvement bonds was sold, it is and int.to Finance of Lexington, at 101.082 Frank G. Ott, Commissioner of -Reports ELECTION. LITHONIA, DeKalb County, Ga.-BOND state that an election will be held Oct. 12 to vote on the question of issuing 335,000 5% 30-yr. water-works and sewerage-system bonds. -The -BOND ELECTION. LOCKHART, Caldwell County, Tex. question of issuing $35,000 sewer-system bonds will be submitted to a vote, it is stated, on Oct. 17. -On LOGAN COUNTY (P. 0. Logan), W. Va.-BOND SALE. Sept. 16 the 3200,000 5% coupon Logan Dist. road-constr. bonds (V. 103, . 960) were awarded to C. W. McNear & Co. of Chicago for $202,075 01.037) and int. Purchaser to furnish blank bonds. Other bids were: Stacy & Braun, Toledo_ _J202,0501Fifth-Third Nat.13k., Oln_ 13201,200 201,350 Seasongood & Mayer, Cm.. Tillotson & Wolcott Field, Richards & Co., Chi_ 201,240 Spitzer, Rorick & Co., Tol_ 200,785 -BOND ELECTION.Angeles County, Calif. LONG BEACH, Los • Reports state that an election will be held Oct. 11 to vote on the questions $300.000 harbor improvement, $500,000 pier-construction and of issuin $50,000 hospital-building 5% bonds. -We are advised -BOND SALE. LYNDEN, Whatcom County, Wash. that this city has disposed of an issue of 326,000 bonds. D 4 SEPT. 23 1916.1 THE CHRONICLE for the Great Neck Park District it is stated. Denom. $1,000. Due $2.000 yearly from 1926 to 1945, inch Thos. O'Connell is Town Clerk. (P. 0. Manhasset). NORWOOD, Hamilton County, Ohio. -BOND OFFERING. -Bids will be received until 12 m. Oct. 16 by G.P. Evans,City And.,for $10,000 43% 103-yr. aver, coup. street-impt. bonds. Denom. $500. Date April 1 1916. Prin. and semi-ann. int.-A. & O. -payable at Norwood Nat. Bank, Norwood. Due $500 yrly. on April 1 from 1917 to 1936 incl. Cert. check for 5% of bonds, payable to the City Treas., required. Purchaser to pay accrued interest. NORWOOD CITY SCHOOL DISTRICT (P. 0. Norwood), Hamilton -BOND SALE. -On Sept. 18 the $10,000 4%% 18-year County, Ohio. -V. 103, p. 961, were awarded, reports state, aver, coupon school bonds to Seasongood & Mayer of Cincin. at 104.91; a basis of about 4.13%. The other bidders were: $10,407 Fifth-Third National Bank.. $1O,354 J. C. Mayer & Co Wm. R. Compton Co 10,382 First Nat. Bank, Norwood__ 10,351 10,380 Cummings, Prudden & Co__ 10,341 A. E. Aub & Co Prov. Say. Bank & Trust Co.. 10,379 Terry, Briggs & Co 10,328 Weil, Roth & Co 10,356 Bolger, Mosser & Willaman_ 10,126 NOWATA, Nowata County, Kan. -BOND ELECTION. -Reports state that an election will be held Sept. 26 to vote on the question of issuing $7.000 fire-equipment and bridge bonds. OGDEN SCHOOL DISTRICT (P. 0. Ogden), Boone County,Iowa. -Proposals will be rc.ceived until Sept. 29 by E. G. -BOND OFFERING. Carlson, Secy. Bd. of Directors, for $10,000 43 % high-school building , 6 bonds authorized by vote of 101 to 43 at the election held Sept. 15. OKMULGEE, Okmulgee County, Okla. -BONDS VOTED. -The question of issuing hospital-erection and water-works system ext. bonds carried, It is stated, at an election held Sept. 8. -BONDS VOTED. -By a vote of ORMOND, Volusia County, Fla. 91 to 39 the question of issuing $35,000 6% street-paving bonds carried at the election held Sept. 6. Due July 1 1946. Geo. Rigioy is Mayor. OSCEOLA COUNTY DRAINAGE DISTRICTS NOS. 22 AND 23 -BOND SALE. -On Sept. 8 $23,021 53% drainage (P.O. Sibley), Iowa. bonds were disposed of, according to reports. -BOND SALE RESTRAINED. OSWEGO, Oswego County, N. Y. The sale of the $345,000 45i% 12 yr. aver. reg. power development bonds, which was to have taken place on Sept. 15, has been restrained by a court -V. 103, p. 868. order. -BOND OFFERING. OTTAWA, Putnam County, Ohio. -Bids will be received until 12 in. Oct. 2 by Chas. F. Heckman, Vii. Clerk, for $9,000 5% 534-year aver, coupon street-impt. bonds. Denom. $450. Date -payable at any bank in Oct. 1 1916. Prin. and semi-ann. int.-A. & 0. Ottawa. Due $450 each six months from Apr. 1 1917 to Oct. 1 1926, incl. Cert. check for $500, payable to the Vii. Treas., required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay accrued interest. Bonded debt, excl. of this issue, $64,500. No floating debt, assess. val., $1.800,000. OWATONNA SCHOOL DISTRICT No. 1 (P. 0. Owatonna), Steele -An election will be held Sept. 30 County, Minn. -BOND ELECTION. (date changed from Sept. 18) to vote on the question of issuing to the tate of Minn. $150,000 4% high-school-building bonds, (V. 103, p. 868). -BOND OFFERING. lp. OXFORD, Granville County, No. Caro. -Proposals will be received until 8 p. in. Oct. 5 by R. B. Hines, Clerk Bd. of Commrs., for not less than 3170,000 nor more than $180,000 5% streetimprovement bonds. Date Nov. 11916. Prin. and semi-ann. int.ioayable in New York. Due approx. $75,000 of the issue in 10 equal annualinstallments and approx. $100,000 of the issue in 30 years. Cert. check for $2,500, payable to the Treas. Bd. of Commrs., required. The validity of the bonds will be approved by Caldwell & Masslich of N. Y., whose opinion will be furnished to the purchaser without charge. Bids must be conditioned only upon the approval of said attorneys. PARKE COUNTY (P. 0. Rockville), Ind. -BOND OFFERING. Newspaper reports state that bids will be considered until 2 p. in. Oct. 4 by J. H. Rush, Co. Treas., for $4,440 and $7,675 4% highway-impt. bonds. -BOND OFFERING.PIKE COUNTY (P. 0. Petersburg), Ind. Cl. D. Henke, Co. Treas., will sell at public auction at 10 a. m. Sept. 26 an issue of $28,800 43i% John W. Scales et al. road bonds of Monroe Twp. Denom. $720. Date Sept. 15 1916. Int. M. & N. Due part each six months beginning May 15 1917. PIKE COUNTY (P. 0. Magnolia), Miss. -BOND SALE. -On Sept. 4 -year serial coupon Second Road Dist. road-construction the $130,000 1-25 bonds were awarded, reports state, to the Hibernia Bank & Trust Co. of Now Orleans for $130,800 (100.615) as 534s. These bonds were reported sold on Aug. 7 to the Provident Savings Bank & Trust Co. of Cincinnati as 5s (V. 103, p. 683). -BOND SALE. -On Sept. 14 PITTSFIELD, Berkshire County, Mass. the following three issues of 4% bonds, aggregating $101,000, well)awarded to F. C. Peach of Pittsfield at 102.735 (see V. 103, p. 961): $15,000 water bonds. Due ,000 yearly on Sept. 1 from 1917 to 1921 incl. 60,000 sewer bonds. Due 2,000 yearly on Sept. 1 from 1917 to 1946 incl. 26,000 municipal-yard bonds. Due $2,000 yearly on Sept. 1 from 1917 to 1929 incl. Denom. $1,000. Date Sept. 1 1916. let. M.& S. The other bidders were: 102.279 Blake Bros. & Co Merrill, Oldham & Co 101.55 102.19 R. L Day & Co lianis, Forbes & Co 101.539 102.133 Estabrook & Co Arthur Perry & Co 101.44 102.06 Adams & Co Biodget & Co 101.041 101.82 Chandler, Wilbur & Co Curtis & Sanger 100.51 POCATELLO, Bannock County, Idaho. -BONDS VOTED. -Local papers state that the election held Sept. 14 resulted in favor of the question of issuing $300,000 water-system-improvement bonds. PORT ARTHUR, Jefferson County, Tex. -BOND OFFERING. Proposals will be received until Sept. 30 1Dy R. H. Dunn, Mayor, for the $64,000 5% 40-year street-paving bonds authorized by vote of 318 to 231 election held Aug. 26. Due Sept. 1 1956. at the -BOND OFFERING. PORT GIBSON, Claiborne County, Miss. Proposals will be received until 7:30 p. m. Oct. 21 by O. R. Wharton, City Clerk, for $20,000 sidewalk bonds. Denom. $500. Date Oct. 2 1916. Gibson Bank. These bonds are Int. ann. on Oct. 2. payable at the Port tax-exempt. Due $2.000 yearly for 8 years and $4,000 in 9 years. Cert. cheek for $250, payable to the City Clerk, required. Bonded debt, incl, this issue, $58,380. Floating debt, $2,500. Sinking fund,$1,000. Assess. val. 1915, $900,000. PRINCESS ANNE COUNTY (P. 0. Princess Anne), Va.-BOND OFFERING. -Sealed proposals will be received until 12 m. Sept. 25 by the Board of County Supers., John C. Wood. Chairman, for $130,000 5% coupon (with privilege of registration) ICempsville Dist. road-impt. bonds. Denom. $1,000. Date Oct. 1 1916. Prin. and semi-ann. int. (A. & 0.) payable at the Nat. Bank of Commerce, Norfolk. Due on Oct. 1 as follows: $10,000 1926, $20,000 1931, $25,000 1936, $25,000 1941 and $50,000 1946. Cert. check on some State or national bank for 1% of amount bid for, payable to J. E. Old. County Treasurer, required. PRINEVILLE, Crook County, Ore. -The ques-BONDS VOTED. tion of issuing $100,000 railroad-construction bonds carried, it is stated, at the election held Sept. 11. These bonds take the place of the $100,000 issue offered, but not sold, on June 6. See V. 102, p. 2276. RANDOLPH COUNTY (P. 0. Winchester), Ind. -BOND OFFERING. Proposals will be received until 11 a. so. Sept. 23 by Elijah Puckett, Co. Treas., for nine issues of 4%% 5%-year aver. road-impt, bonds aggregating $77,900. Denom. 20 bonds of equal amounts to each issue. Date Aug. 15 1916. Int. M. & N. Due one-twentieth of each issue each six months from May 15 1917 to Nov. 15 1926 incl. RENVILLE COUNTY (P. 0. Olivia), Minn. -The -BOND SALE. Minnesota Loan & Trust Co. of Minneapolis, Kalman, Matteson & Wood of St. Paul and the Olivia Trust Co. of Olivia recently purchased $350,000 5% coupon County Ditch No. 63 constr. bonds. Denom. $1,000. Date Sept. 11916. Prin. and semi-ann. int.-J. & D. -payable at the Northwestern National Bank of Minneapolis. Due $23,000 yearly June 1 from 1922 to 1931 incl. and $24,000 yearly June 1 from 1932 to 1936 incl. J. L. .Johnson is County Auditor, 1147 -BOND OFFERING RICHLAND COUNTY (P. 0. Mansfield), Ohio. -Proposals will be received until 12 m. Sept. 30 by the Board of County Commissioners for the following 5% township road bonds, aggregating 168,310 64: $2,500 00 Mifflin Twp. bonds. Denom.$500. Due $500 each six months from Apr. 1 1917 to Apr. 1 1919 incl. 7,810 64 Washington Twp. bonds. Denom. 1 for $610 64, 18 for $400. Due $610 64 Apr. 1 1917 and $800 each six months from Oct. 1 1917 to Oct. 1 1921 incl. Auth. Secs. 1222 and 1223, Gen. Code, and in accordance with resolutions adopted by Co. Commissioners Aug. 30 1916. Principal and semi-ann. int. at County Treas. office. The bonds will be delivered at County Treasury Oct. 1 1916. Conditional bids will not be considered, except that the legality of the bonds will be subject to the approval of the proper and qualified attorneys. Cert. checks for $100 and $200, respectively, payable to the Board of County Commissioners, required. John N. Case is County Aud. RICHVALE DRAINAGE DISTRICT NO.100(P.O. Richvale), Butte -BOND OFFERING.-According.to reports bids are asked County, Calif. for until 2 p. m. Sept. 29 for $50,000 (of the $150,000) drainage system bonds voted May 20. V. 102, p. 2100. Frank Robinson is Engineer of the District. RIO GRANDE DRAINAGE DISTRICT (P. 0. Monte Vista), Rio -BOND OFFERING. -Proposals will be received Grande County, Colo. until 2 p. m. Sept. 30 by 0. A. Cramer Dist. Secy., for $100,000, or not more than $130,000. 53% coupon drainage-system bonds. Auth. vote of 49 to 21 at election held July 28. Denom.$100 and $500. Date Oct. 1 1916. Int. A. & 0. Due ($130,000) on Dec. 1 as follows: $6,000 1922 to 1926 incl.: $6,500 1927; $7,800 1928; $9.100 1929; $10,400 1930; $11,700 1931; $13,000 1932: 814,300 1933; $15,600 1934 and $11600 in 1935. Cash deposit of $5,000 required. Bids should be for entireissue, $20,000 to be delivered Oct. 1, other deliveries to be specified by bidder. By law sale cannot be made at less than 95% of face value. These bonds were offered but not sold on Sept. 5(V. 103, p. 1059). -On Sept. 19 the ROANOKE, Roanoke County, Va.-BOND SALE. -year coupon school-building bonds (V. 103. p. 868), $125,000 4 % 30 were awarded to Hambleton & Co. of Baltimore for $130,087 50 (104.07) a basis of about 4.259%. Other bids were: Rate Bid. Bid. $127,575 00 102.06 First National Bank, Roanoke 100,000 00 100.00 Southwest Virginia Trust Co., Roanoke 127,662 50 102.13 Sidney Spitzer & Co., Toledo A. B. Leach & Co., New York 1127,683 75 102.147 Strother, Brodgen & Co., Baltimore Harris, Forbes & Co., New York 128,522 50 102.818 Baker, Watts & Co., Baltimore )128,706 25 102.965 Estabrook & Co., Boston and New York Fifth-Third National Bank,Cincinnati 127,587 50 102.07 Robert Garrett &, Son, Baltimore 129,010 00 103.208 National City Co., New York 129,220 00 103.376 H. A. Kahler & Co., New York 125,850 00 100.68 E. H. Rollins & Son, Boston 126,610 00 101.288 Mercantile Trust & Deposit Co., Baltimore 1128,835 00 103.068 Nelson, Cook & Co., Baltimore 128,851 00 103.0808 Cummings, Prudden & Co. Toledo 127,040 00 101.632 Seasongood & Mayer, Cincinnati 128,242 50 102.594 Redmond & Co., New York 126,280 00 101.024 Tillotson & Wolcott Co., Cleveland 128,705 00 102.964 C.E. Denison & Co., Cleveland 128,438 00 102.7504 Bolger, Mosser & Willaman, Chicago 129,662 50 103.73 Hornblower & Weeks, New York Stacy & Braun, New York 127,125 00 101.70 National Exchange Bank, Roanoke 127,812 50 102.25 Fred E. Nolting & Co., Richmond 1127.300 00 101.84 Old Dominion Trust Co., Richmond Well, Roth & Co., Cincinnati 128,209 00 102.5672 American National Bank, Roanoke 128,857 00 103.0856 Colonial Bank & Trust Co., Roanoke 125.656 50 100.5252 Alexander Brown & Son, Baltimore 129,301 25 103.441 R. M. Grant & Co., New York 129,458 75 103.575 ROBESONIA SCHOOL DISTRICT (P. 0. Robesonia), Berks AWARDED IN PART. -Of the $27,000 4% school County, Pa. -BONDS bonds offered but not sold on July 1-V. 103, p. 264-$1,500 have been sold locally at par. Denom. $100. Date Aug. 1 1916. Int. F. & A. optional after 5 years. Due from Aug. 1 1919 to 1946, -On Sept. 18 the two issues of -NOTE SALE. ROCHESTER, N. Y. notes aggregating $350,000 and payable 6 months from Sept. 21 1916-were awarded to Salomon Bros.& Hutzler, New York, V. 103, p. 1059 interest 3.31, premium $1 50. Other bidders were: Interest. Premium. Goldman, Sachs & Co., New York 3.38 $35 00 Bond & Goodwin, New York 3.45 18 00 Bernhard, Scholle & Co., New York 3.49 George H. Burr & Co., New York 3.50 fioo Farmers' Loan & Trust Co., New York 3.50 ---BOND OFFERING.ROGERSVILLE, Hawkins County, Tenn. Proposals will be received until 1 p. m. Oct. 10 by W. B. Hale Jr., Town Recorder, for $25,000 5% water-works and improvement bonds. Denom. $1,000. Interest semi-annual. Due $2,000 yearly beginning 15 years after date of issuance. Certified check for $500. payable to the Recorder, required. The town has no indebtedness. Assessed valuation, $262,348; actual valuation, $1,200,000. Tax rate (per $1,000); $15 50. ROLFE SCHOOL DISTRICT (P. 0. Rolfe), Pocahontas County, -Proposals will be received until 7 p. m. Iowa. -BOND OFFERING. -year building Sept. 26 by tjae Secy. Bd. of Ed., for the $65,000 4%% 20 bonds authorized by vote of 280 to 68 at the election held Aug. 31 (V. 103. p. 777). A dept of $2,000 required. -BOND OFFERING. ST. HENRY, Mercer County, Ohio. -Bids will be received until 12 in. Oct. 2 by Alex. Siegrist, Village Clerk, for an issue -year coupon water bonds. Auth., Sec. 3939, Gen. Code. of $3,000 5% 10 Denom. $500. Date Sept. 1 1916. Int. M. & S. at Village Treasurer's office. Certified check for $200, payable to the Village Treasurer, required. Bonded debt, including this issue, $14,500. No floating debt. ai -BOND OFFERST. JOSEPH COUNTY (P. 0. South Bend), Ind. ING. -Proposals will be received until 10 a. m. Sept. 27 by Fred W. Mar. tin, Co. Treas., for $3,700 43% 53 -year aver. John Emery et al. road bonds of Hudson Twp. Denom.$185. Date Sept. 151916. Int. M.& N. Due $185 each six months from May 15 1917 to Nov. 15 1926 incl. -Local papers state that the ST. LOUIS, Mo.-BOND ELECTION. question of issuing $3,000,000 school bldg. bonds will be submitted to a vote on Nov. 11. ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BOND SALE. -On Sept. 14 the $520,000 45% coupon registered road and bridge bonds (V. 103, p. 869) were awarded, it is stated, to the Mississippi Valley Trust Co. and Wm. R. Compton Co., both of St. Louis, at their joint bid of 101.09. SALEM, Columbiana County, Ohio. -BOND OFFERING.-Geo. Holmes, City Aud., will receive bids until 12 m. Oct. 10 for $15,000 5% 16%-year aver, refunding bonds. Auth. Sec. 3916, Gen. Code. Denom. $1,000. Date Sept. 15 1916. Int. M.& S. Due $1,000 yearly on Mar. 15 from 1926 to 1940 incl. Cert, check for 2% of bonds bid for, payable to the City Treas., required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay accrued interest. SANDUSKY, Erie County, Ohio. -BOND SALE. -On Sept. 14153 -V. 103, p. 777 -were awarded to Seasongood $11,200 43% street bonds & Mayer of Cincinnati for $11,351 (101.348) and int. Other bids were: Spitzer, Rorick & Co..__ _$11,350 00 I Field, Richards & Co_ _ _ _$11,319 84 Fifth-Third Nat. Bank_ _ _ 11,342 25!Prow. S. B. & Tr. Co.... 11,317 60 SEATTLE, Wash. -BOND SALE. -During the month of August the following 6% 10-year special improvement bonds, aggregating $70,321 24, were sold by this city at par: Amount. Dist.No. Purpose. Date. Amount. Dist.No. Purpose. Date. $13,872 11_ _2909_ _Paving_ _Aug. 8 $1,441 27__2944__Paving__Aug. 11 6,706 17_ _2912_ _Sewer_ _ _Aug. 8 2,229 50_ _2961_ _Water __Aug. 11 15,420 932919_ _Paving_ _Aug. 10 23,043 51_ _2873_ _Paving_ _Aug. 17 979 54...2960....Water __Aug. 10 2,899 52.._2908__PlankingAug. 17 1,658 71_ _2962_ _Water __Aug. 10 2,069 98.._2920__Grading_Aug. 17 All of the above bonds are subject to call part yearly. 1148 THE CHRONICLE SHARON, Mercer County, Pa. -BOND OFFERING. -Additional information is at hand relative to the offering on Oct. 10 of the $5,000 sidewalk, $40,000 sower, $40,000 funding, $20,000 municipal building and $20,000 street 41 % 17-yr. aver, tax-free bonds 4 -V. 103, p. 1060. Proposals for these bonds will be received until 12 m. on that day by Claude B. Lartz, Boro. Secy. Denom. $1,000. Date Oct. 1 1916. Prin. and semi-ann. int.-A. & 0. -payable at office of Boro. Treas. Bonds may be registered as to principal only. Due $5,000 yearly from 1921 to 1945 incl. Cert. check or certificate of deposit on a well-known banking house for 2% of bonds bid for, payable to the Boro. Treas., required. John G. Johnson of Phila. has approved the legal steps relative to these issues. Funded debt, incl. these issues, $405,000; floating debt, $70,000. Assess. val. 1916, $7,948,555. There is no litigation, pending or threatened, affecting the corporate existence of the borough of Sharon, the boundaries thereof, the titles of its present officers to their respective offices, the validity of the proposed issue or of any other issue of Sharon bonds. SHELBYVILLE, Shelby County, Ind. -BOND SALE. -On Sept. 18 the $22,000 434% 6k-year average fire department bonds (V. 103, p. 684) were awarded, it is said, to Miller & Co. of Indianapolis, for $22,801 (103.640) and interest, a basis of about 3.875V. The other bids were: Flet.-Amer. Nat. Bank ..$22.741 40 Indiana Trust Co $22,580 00 Breed, Elliott & Harrison_ 22,715 00 Hanchett Bond Co 22,449 75 J. F. Wild & Co 22,675 00 Security Tr. & Say. Bk__ 22,400 40 Shelbyville Trust Co 22,667 70 Amer. Mtge. Guar. Co__ 22,385 00 Meyer-Kiser Bank 22,633 33 SIDNEY INDEPENDENT SCHOOL DISTRICT (P. 0. Sidney), Fremont County, Iowa. -BOND SALE.-Geo. M. Bechtel & Co. of Davenport have purchased the $30,000 building bonds voted May 12. V. 102, p. 2010. SPENCER, Clay County, Iowa. -BOND ELECTION. -An election will be held Oct. 9, it is reported, to vote on the question of issuing $50,000 light and power plant erection bonds. STARKE COUNTY (P. 0. Knox), Ind. -BOND OFFERING. -Bids will be received until 12 m. Sept. 25 by Henry Luken,Co.Treas.,for $13,500 434% 534-year aver. highway-impt. bonds. Denom. $175. Date Sept. 5 1916. Int. M. & N. Due $175 each six months from May 15 1917 to Nov. 15 1926 incl. STARK COUNTY (P. 0. Canton), Ohio. -BIDS. -The other bids received for the $88,000 43i% road bonds awarded to Stacy & Braun of Toledo at 100.974 -1- on Sept.6 were as follows(V. 103 . 1060): Hayden, Miller & Co_ __ J88,854 00 Seasongood & Mayer..___388,748 00 Fifth-Third Nat. Bank.._- 88,818 40 Spitzer, Rorick & Co_ _ 88,724 00 E. H. Rollins & Sons 88,816 64 Ohio National Bank 88,606 25 Well, Roth & Co 88,782 00 Tillotson & Wolcott Co.. 88,471 90 Prov. S. B. & Tr. Co_ _ _ _ 88,756 80 • STEALEY HEIGHTS (P. 0. Clarksburg), Harrison County, W. Va. -BOND SALE. -On 'Sept. 14 $20,500 6% street-paving bonds were awarded to the Clarksburg Trust Co. of Clarksburg for $20,884, equal to 101.873. Other bids were: Lowndes Savings Bank, Clarksburg 320,851 J. C. Mayer & Co., Cincinnati 20,810 Empire National Bank, Clarksburg 20,751 W.L. Slayton & Co.,Toledo 20,500 Union National Bank,Clarksburg (for $20,000) 20,371; Denom. $500. Date Sept. 11916. Int. ann. on Sept. 1. Due Sept. 1 1926, opt. on any interest paying day after Sept. 1 1916. SUTHERLAND, Lincoln County,Neb.-BOND OFFERING. -Sealed bids will be received until 6 p. m. Sept. 26 by C. A. Lau, Village Clerk, for $9,000 6% reg. electric-light-plant bonds. Denom. $1,000. 'Date July 1 1916. Int. J.& J. at the State Treas. office. Due $1,000 1924, 1926, 1928, 1930, 1932, 1933, 1934, 1935 and 1936, subject to call after 5 years. The village has no indebtedness. Assess. val. about $100,000. SUTTER COUNTY (P. 0. Yuba City), Calif. -BOND ELECTION. Reports state that the propositions to issue $165,000 Nicolaus bridge, $45,000 Grimes Bridge, $30,000 Live Oak bridge, $60,000 Long bridge trestle-completion and $20,000 hospital 434% bonds. TACOMA, Wash. -BOND SALE. -During the month of August this city issued the following 6% bonds, aggregating $4,366 43: Amount. Impt.Dist. No. Purpose. Date. Due. Grading $550 15 964 Aug. 4 1916 Aug. 4 1921 Lighting 1.501 33 • 5,505 Aug. 11 1916 Aug. 11 1921 Paving 728 20 4,036 Aug. 23 1916 Aug. 23 1926 963 Grading 1,586 75 Aug. 23 1916 Aug. 23 1921 All the above bonds are subject to call part yearly. TARBORO, Edgecombe County, No. Caro. -BOND OFFERING. Sealed bids will be received until 9 a. m. Oct. 9 by J. A. Jacocks, Town Clerk, it is stated, for $25,000 5% 30 -year water and sewer-system-extension bonds. Interest semi-annual. Certified check for $500 required. TAVARES COUNTY (P. 0. Tavares), Fla. -BONDS VOTED. -The proposition to issue $65,000 road-improvement bonds carried, it is stated, at the election held in Leesburg-Howey Special Road District on Sept. 11. -BOND SALE. TCHULA, Holmes County, Miss. -On Sept. 5 the throe issues of bonds, aggregating $13,600 (V. 103. p. 869) were awarded to J. A. Weeks at Par and int. for 53.45. -BONDSPURCHASED BY STATE BOARD OF EDUCATION. TEXAS. -At the September meeting the State Board of Education purchased at par and interest the following 5% bonds, aggregating $119,200: County Common School Districts. Anderson No. 20 $1,800 Hopkins No. 93 .41,200 Anderson No.8 2,000 Hopkins No. 85 2,000 Angelina No. 5 1,000 Hopkins No. 91 1,800 Angelina No. 9 Hunt No. 52 1,000 2,200 Angelina No. 14 1,000 Irion No. 4 c8,000 Bell No. 10 4,000 Kaufman No. 15 1,750 Clay No. 36 3,000 Kaufman No. 75 1,750 Comanche No. 57 500 Lamar No 27 4,000 Coryell No. 14 2,500 Lamar No 101 2,500 Coryell No. 50 4,500 Limestone No.8 4,000 Donley No. 17 1,000 Limestone No. 38 3,000 Donley No. 20 1,000 Limestone No. 109 2,000 Ellis No. 10 a5,000 McLennan No.4 d8,000 Ellis No 62 b9,000 McLennan No. 27A 3,000 Erath No.4 2,500 Shelby No. 63 400 Erath No. 17 1,200 Travis No. 8 3,000 Haskell No. 30 2,500 Trinity No 4 1,500 Haskell & Jones No. 25 1,200 Van Zandt No. 50 700 Hill No. 2 800 Van Zandt No. 66 700 Hill No. 107 1,500 Van Zandt No. 68 600 Hopkins No. 17 1,800 Victoria No. 12 2,000 Hopkins No. 18 1,500 Wood No.62 1,000 Hopkins No. 23 1,400 Young No. 48 4,000 Hopkins No. 50 600 Hopkins No. 80 1,300 Independent School Districts. Lyford $3,000 1 Waller $3,500 Of the $119,200 bonds purchased, $97,700 was paid for. a $1,250 of this issue paid for. b $2 50 paid for. c $2,000 paid for. d $2,000 paid for. BONDS REGISTERED. -The following bonds have been registered by the State Comptroller: Place and Purpose of Issue- Amount. Date Reg. Rate. Due. Angelina Co. Corn. S. D. No.5_ _ $1,000 Sept. 11 5 5-10-yr. (opt.) Angelina Co. Corn. S. D.No.8_ _ 2,000 Sept. 11 5 5-10-yr. (opt.) Angelina Co. Com. S. D. No.9_ _ 1,000 Sept. 11 5 5-10-yr. (opt.) Angelina Co. Corn. S. D. No. 14_ 1,000 Sept. 11 5 5-10-yr. (opt. Clarksville (sewer-repair) 1,996 Sept. 11 5 10-25-yr. (opt. Clarksville (sewer-repair) 1,996 Sept. 11 5 10-25-yr. (opt. Kingston Indop. School District_ 1.500 Sept. 12 5 75 Years. Coryell Co. Corn. S. D. No. 14- 2,500 Sept. 12 5 10-20-yr. (opt.) Coryell Co. Corn. S. D. No.50 4,500 Sept. 12 5 20-40-yr. (opt.) Houston (sewage-disposal) 100,000 Sept. 12 5 $2,500 yearly. McAllen Indep. School District.._ 72,000 Sept. 14 5 10-40-yr. (opt.) Limestone Co. Corn. S.D.No.56_ 2,200 Sept. 14 5 7 years. Hale County Corn. S. D. No. 27_ 1,000 Sept. 16 5 20 years. Collingsworth County (bridge) 1,995 Sept. 16 534 10-20-yr. (opt.) Collingsworth County (bridge) 1,995 Sept. 16 534 10-20-yr. (opt.) [VOL. 103. THORNBURG SCHOOL DISTRICT (P. 0. Thornburg), Keokuk County, Iowa. -BOND ELECTION PROPOSED. -According to reports an election will be held soon to vote on the question of issuing $8,000 building bonds. TOOLE COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Kevin), Mont. -BOND SALE. -On Sept. 16 $3,000 6% 5 -10-year (opt.) cshoolbuilding bonds were awarded to the State Board of Land Commissioners at par. Denom. $100. Date Sept. 1 1916. Interest annually in Sept. TRENTON, Grundy County, Mo.-BONDS VOTED. -The question of issuing $30,000 water-filtration-plant bonds carried, it is stated, by a vote of 351 to 64 at the election held Sept. 6. TRENTON, N..T. -BOND OFFERING. -Proposals will be received until 2 p. m. Sept. 28 for not exceeding $77,000 of 434% coup, or reg. (purchaser's option) sewer refunding bonds. V. 103, p. 869. Date July 1 1916. Prin. and semi-ann. int.-J. & J. -payable at City Treas. office in N. Y. exchange. Due $8,000 yearly July 1 from 1918 to 1924 incl., $10,000 July 1 1925 and $11,000 July 1 1926. Cert, check on an incorporated bank or trust company for 2% of bonds bid for, payable to City Treas., required. Official circular states that this city has never defaulted in payment of principal or interest. Total indebtedness incl. this issue, $8,652,359. Sinking funds, $2,394,909. Assess. val. 1915 real est.. $70,757,923. Personal $12,185,600. Tax rate per $1,000, $22 80. The opinion of Hawkins, Delafield & Longfellow will accompany bonds on delivery. TROY, N. Y. -BOND SALE. -On Sept. 21 an issue of $57,500 434% 1034-year average registered tax-free public improvement refunding bonds was awarded to A. B. Leach & Co. of N. Y. for $59,402 93, equal to 104.179-a basis of about 4.01%. Other bids were: Rhoades & Co $59,874 75 Mfrs. Nat. Bank, Troy_ _359,800 00 Hornblower & Weeks_ _ 59,840 25 Kissel, Kinnicutt & Co.._ _ 59,760 33 Farson, Son & Co 59,825 00 Harris, Forbes & Co 59,685 58 Cummings, Prudden & Co 59,823 00 H. A. Kahler & Co 59,616 00 Union Nat. Bank, Troy 59,820 69 Geo. B. Gibbons & Co_ 59,552 75 Denom. 40 for $1,000, 20 for $875. Date Nov. 15 1916. Int. M.& N. Due $2,875 yearly on Nov. 15 from 1917 to 1936, inclusive. Debt statement of Sept. 11 1916 as follows: General, $2,058,000; water, $2,750,886: sinking fund, $104,055; certificates of indebtedness for public improvements, $50,000; revenue bonds, $100,000; assessed valuation 1916: real estate, $54,434,518; franchise, $4,477,671; personal, $2,178,217; total, $61,090.406. TURLOCK IRRIGATION DISTRICT (P. 0. Turlock), Stanislaus -BONDS VOTED. County, Calif. -The proposition to Issue $162.478 irrigation-system-improvement bonds carried, it is stated, at a recent . election. UINTA COUNTY (P. 0. Vernal), Utah. -BOND ELECTION. -The proposition to issue $50,000 road bonds will be submitted to a vote, it is stated, on Nov. 7. UPSHUR COUNTY (P.O. Gilmer), Tex. -BOND SALE. -On Sept. 11 the $100.000 5% Road District No. 1 road-improvement bonds (V. 103, p. 778) were awarded, it is stated, at 100.25. 'O'TE, Monona County, Iowa. -BOND SALE. -The $15,000 5% electric-light bonds offered on May 16 (V. 102, p. 1742) have been awarded to Geo. M. Bechtel & Co. of Davenport. VAN WERT, Van Wert County, Ohio. -BOND ELECTION. -The question of issuing $50,000 street-impt. city's portion bonds will be submitted to the voters on Nov. 7. VERMILION TOWNSHIP (P. 0. Vermilion), Erie County, Ohio. BOND SALE. -The following bids wore received for the $21,000 5% 634-yr. ave. coup. road bonds offered on Sept. 16 (V. 103, p. 1060): Hayden, Miller & Co_ ___$21,520 00 Cummings. rudden&Co.$211.,378 00 Davies-Bertram Co 21,515 00 Tillotson & Wolcott Co__ 21,373 80 Wm, R. Compton Co 21,481 00 Security Sav. Bk.& T. Co. 21,354 90 Durfee, Niles & Co 21,451 30 Seasongood & Mayer__ 21,350 00 E. L. Coen, Vermilion 21,421 50 Spitzer, Rorick & Co_ 21,215 00 Bolger, Mosser & Willaman21,420 00 First Nat. Bank,Cleverd_ 21,108.40 Ohio National Bank 21,382 25 VERNON, Oneida County, N. Y. -BONDS VOTED. -At the election Sept. 19 the proposition to issue $20,000 5-year street-improvement bonds carried, reports state. WALLA WALLA COUNTY (P. 0. Walla Walla), Wash. -BOND ELECTION PROPOSED. -Reports state that the question of issuing $25,000 bridge bonds will be submitted to a vote at the general election. WAPAKONETA, Auglaize County, Ohio. -BOND ELECTION. The question of issuing $7,000 deficiency bonds will be submitted to the voters at the Nov. 7 election. WASECA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 89 (P. 0. New Richland), Minn. -BOND OFFERING. -Sealed bids will by received until 1 p. m. Sept. 26 by A. 0. Lea, Clerk of School Board, for 315,000 building and equipment bonds at not exceeding 57 int. Denom. $1,000. Date July 1 1916. Int. semi-annual. Due $1,000 yearly July 1 from 1918 to 1932, incl. Bonded debt, including this issue, $42,000. Assess. val. 1915, $286,617. WASHINGTON COURT HOUSE, Fayette County, Ohio. -BOND SALE. -On Sept. 11 the three issues of 5% street assess, bonds, aggregating $31,300-V. 103, p. 962 -were awarded to Breed, Elliott & Harrison of Ctn. for $32,147 83 (102.708) and in . Other bidders were: A E Aub & Co $32,102 85 Security S.D.& Tr.Co___ 331,826 15 Seasongood & Mayer 32,038 00 Sid. Spitzer & Co 31,821 31 Ohio National Bank 32,006 25 W. L. Slayton & Co 31,722 33 Tillotson & Wolcott Co_ 31,964 11 Commercial Bank al *6,900 00 Terry, Briggs & Co Washington O. 31,890 40 __ * For the $6,800 issue. WATERFORD IRRIGATION DISTRICT (P. 0. Modesto), Calif. BONDS VOTED. -The proposition to issue $465,000 irrigation-system-construction bonds carried, it is stated, at the election held recently. WAYNE SCHOOL TOWNSHIP (P. 0. Gosport), Owen County Ind. -BOND OFFERING. -Additional information is at hand relative to the offering on Oct. 7 of the $1,400 434% school bonds (V. 103, p. 1061). Bids for these bonds will be received until 11 a. m. on said day by James L. Dunagan, Township Trustee. Denom. $350. Int. J. & D. Due $350 on June 30 and Dec. 30 1917 and 1918. WAYNESFIELD, Auglaize County, Ohio. -BOND SALE. -Reports state that the highest bid received for the two issues of 57 coupon street bonds, aggregating 316,300, offered on Sept. 18 (V. 103, p. 870) was $16,415 45 (100.708) and interest, submitted by Tillotson & Wolcott Co. of Cleveland. WAYZATA,Hennepin County, Minn. -BOND SALE. -On Sept. 15 the $15,000 5% road and bridge impt. bonds were awarded to Wells & Dickey Co. of Minneapolis at 102. Other bids were: Minnesota Loan & Trust Co., Minneapolis $15,150 00 Merchants Trust & Savings Bank, St. Paul 15,097 50 F. E. Magraw, St. Paul 15,085 00 Northwestern Trust Co., St. Paul 15,075 00 Bolger, Mosser & Willaman, Chicago 15.037 50 Date Sept. 11916. Prin. and semi-annual int. payable at the purchaser s office. Due $3,000 yearly Sept. 1 from 1917 to 1921 incl. WELD COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Gowanda), Colo. -BONDS VOTED. -The question of Issuing $5,000 school-building bonds carried, It is stated, at an election held Sept. 11. WELLSVILLE, Columbiana County, Ohio. -BOND OFFERING. Bids will be received until 12 m. Oct. 18 by J. F. McQueen, City Aud., for the following 5% bonds: $3,100 00 fire-dept. bonds. Denom. $310. Date July 1 1916. Int. semi-annual. 1,864 15 street-impt. bonds. Denom. 9 for $186, 1 for $190. Date Dec. 1 1915. Int. ann. Cert. check for 2% of bonds bid for, payable to the City Treas., required. Bonds to be delivered and paid for within 10 days from time of award.. Purchaser to pay accrued interest. WEST MONROE, Ouachita Parish, La. -BOND SALE. -On Sept. 11 the $45,000 5% coupon municipal improvement bonds(V. 103, p. 962) were awarded, it is stated, to J. R. Sutherlin & Co. of Kansas City, Mo., at. par less $750. SEPT. 23 19164 THE CHRONICLE WEST ORANGE-OLIVE PROTECTION DISTRICT (P. 0. Redlands), Calif. -BOND ELECTION. -An election will be held to-day (Sept. 23). it is stated, to vote on the question of issuing $31,099 bonds. WEST PARK, Cuyahoga County, Ohio. -BOND SALE. -On Sept. 19 the two issues of 5% coupon bonds, aggregating $9,500 (V. 103, p. 7781 were awarded to the Security Say. Bank & Trust Co. of Toledo at 106.81 and interest. Other bids were: Seasongood & Mayer $10,0101W L. Slayton & Co $9,978 33 Hayden, Miller & Co 9,9881 WIBAUX COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Wibaux), -BOND OFFERING. Mont. -Bids will be received until 6 p. m. Sept. 25 (to be opened Oct.4) by Mrs. W.C. Howard, Clerk Bd. of School Trustees, -10 for 31,150 5 -year (opt.) coupon site-purchase and building bonds at not exceeding 6% int. WILLIAMSPORT, Lycoming County, Pa. -BOND OFFERING. Bids will be received until Sept. 25 by H. S. Meyer, Supt. of Accounts, for $60.000 10-30 -year optional impt. bonds, it is said. Int.semi-ann. Cert. check for 10% required. 1149 Issue. Certifiec check for 2% of each block bid upon, payable to above Trustees. required. These bonds are not new issues but securities which were held in the Sinking Fund as investments. Canada, its Provinces and Municipalities. AYLMER, Que.-DEBENTURES NOT SOLD. -The $35,000 5% 30 year filtration-plant debentures which were offered on Aug. 24 have not yet been sold, it is reported. -V. 103, p. 606. CALGARY, Alta. -DEBENTURES OFFERED BY BANKERS. Spitzer, Rorick & Co. are offering, at 95 and interest, the unsold balance of $1,568,000 5% debentures, due in June 1935-1945. These debentures are a direct obligation of the city of Calgary, and the amount of taxes which can be levied on all taxable property in the city is unlimited. The issue has been approved by the Board of Public 'Utility Commissioners of the Province of Alberta, also the Minister of Municipal Affairs making them incontestable. The sale of these debentures was reported in the WOODWARD, Woodward County, Okla. -BOND SALE. "Chronicle" of July 8, page 177. $12,500 water-works-impt. and $2,500 electric-light 5% 5-25-yr. -The (opt.) bonds recently voted have been sold at 100.05. HALTON COUNTY (P. 0. Milton), Ont.-DEBENTURE OFFER-Proposals addressed to Wm. Panton, Co. Clerk, will be considered ING. WOOSTER, Wayne County, Ohio. -BOND ELECTION. -An election until 10 a. m. Oct. 3 for an issue of $24,400 5% 25 -year debentures. has been set for Nov.7 to decide whether or not this city shall issue $80,000 water-works-system bonds, it is said. HAMILTON, Ont.-DEBENTURES PROPOSED.-DIspatches state that $180,000 hydro-electric debentures are under contemplation in the WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio. -BOND city. SALE. -On Sept. 15 three issues of 5% road bonds, aggregating $33,400. were awarded to the Provident Say.Bank & Tr. Co. of Cincinnati at 102.20. KITCHENER (Formerly Berlin), Ont.-DEBENTURES PROPOSED. Other bids were: -It is stated that the City Council has adopted the recommendation of the Breed, Elliott & Harrison.$34,238 34Durfee, Niles & Co 1 Finance Committee asking the Council to raise $100,000 for erection and $34,060 Spitzer, Rorick & Co.._ 34,157 00 Seasongood & Mayer 33,935 completion of a water-works-plant in Bridgeport. Hayden, Miller & Co____ 34,105 00 Tillotson & Wolcott Co_..-- 33,852 MONCK TOWNSHIP (P. 0. Alport), On,t.-DEBENTURE OFFERDate Aug. 1 1916. Int. F.& A. Due Aug. 1 1925. ING. -According to reports, bids will be received until Oct. 1 by H. F. YALOBUSHA COUNTY (P. 0. Coffeeville), Miss. -BONDS AUTH- Bickmore, Township Clerk, for $4,600 53 % ten-installment debentures. -Reports state that on Sept. 6 the Board of Supervisors authorORIZED. OAK BAY, B. C. ized the issuance of $100.000 road-improvement bonds. -DEBENTURES PROPOSED. -Newspaper dispatches state that $2,929 53. % 10 -year local improvement debentures YARDLEY SCHOOL DISTRICT (P. 0. Yardley), Bucks County, are under consideration. -BONDS AUTHORIZED. -It is reported that the School Board has Pa. authorized an issue of $30,000 high-school bonds. QUEBEC ROMAN CATHOLIC SCHOOL COMMISSION, Que.DEBENTURES PROPOSED. -This Commission is contemplating the issuYOUNGSTOWN, Ohio. -BOND OFFERING. -Bids will be received ance of $200,000 school-improvement debentures, it is stated. until 12 m. Sept. 25 by F. A. Scott, Secretary of Sinking Fund Trustees, SASKATCHEWAN SCHOOL DISTRICTS. for the following 5% bonds: -DEBENTURE SALE. $8,000 public health bonds. Due $2,000 yearly on Oct. 1 from 1918 to On Sept. 6 the Local Government Board sold five issues of school debentures, aggregating $5,200, to Towenson, Forwood & Co. of Toronto 1921, inclusive. at an average price of 103.486, it is said. 4.000 street repair bonds. Due $2,000 on Oct. 1 1918 and 1919. 3,000 sidewalk and crosswalk bonds. Due $1,000 Oct. 1 1918, 1919 and WELLESLEY TOWNSHIP (P. 0. St. Clements), Ont.-DEBEN 1920. -On Sept. 11 the $1,735 65 454% 15 -installment drainage 28,000 city's portion improvement bonds. Due $4,000 yearly on Oct. 1 TURE SALE. debentures (V. 103, p. 963) were awarded to Geo. A. Stimson & Co. of from 1918 to 1924, inclusive. Toronto for $1,600 44, equal to 92.21. Denom. $161 61. Date June 8 24,820 Brier Hill District sewer bonds. Due $4,964 yearly on Oct. 1 from 1916. Interest annually in June. 1917 to 1921, inclusive. Denom. $1,000 and $964. Denom. $1,000, except last issue. Date April 15 1916. Principal and WEST KILDONAN, Man. -DEBENTURES VOTED. -The proposition semi-annual interest -payable at Sinking Fund Trustees office. to issue the $3,000 school debentures carried, it is -A.& O. reported, at the election Bonds may be registered or coupon. Separate bids must be made for each held Se t. 8.-V. 103, 1 779 3• . . NEW LOANS. TRUST COMPANIES. $85,000 CITY OF MINNEAPOLIS BONDS Sealed bids will be received by the Committee on Ways and Means of the City Council of the City of Minneapolis, Minnesota, at the office of the undersigned, WEDNESDA'Y, SEPTEMBER_ 27T1i, 1916, AT 2:45 O'CLOCK P. for the whole of $85,000 00 School Bonds. M.. The above bonds to be dated September 1, 1916, and become due and payable at a time not less than five years nor more than thirty years from the date thereof, as desired by the purchaser thereof, and will bear interest at a rate not exceeding five per cent (5%) per annum, the rate of interest to be bid by purchaser and to be payable semi-annually,and no bid will be entertained for a sum less than the par value of said bonds and accrued interest upon same to date of delivery, and each proposal or subscription must designate clearly the date on which it is desired that said bonds shall be made payable. The right to reject any or all bids is hereby reserved. A certified check for Two Per Cent of the par value of the bonds bid for, made to C. quist, City Treasurer, must accompanyA.BloomCircular containing full particulars each bid. will be mailed upon application. DAN C. BROWN City Comptroller, Minneapolis, Minn. GEO. B. EDWARDS BROKER Tribune Building, NEW YORK. N. Y. IPOR SALE.-Thnber, Coal, Iron, Ranch arm6 other properties. ;Confidential Negotiations. Investigations; Settlements. Purchases of Property. 4$ 'Milted States, West Indies, Ookrusda, Mealirs. WANTED Commercial & Financial Chronicle October 30, 1915, Issue. AND January 1st, May 20th,and 27th The Union Trust Company of New York (established in 1864) has for many years made a specialty of Personal Trusts-under Will or under Agreement-and maintains a carefully organized department for handling them. Many millions of dollars worth of property-real and personal -have been entrusted to the company by conservative people, residents not only of New York State but of other States in which the Union Trust Company is authorized to transact business. Correspondence or interviews with persons considering the formation of trusts of any kind-for themselves or for others -are solicited. UNION TRUST CO., 80 Broadway CAPITAL AND SURPLUS - $8,500,000 Securities Corporation General 1338 Chestnut St., Philadelphia 34 Pine St., New York Authorized Capital 310,000,000 00 Issued 35,021,875 00 Deals and invests in public service securities Participates in security underwritings Finances public service enterprises P. M. CHANDLER, President S. W. FFOULKES, Vice-President G. W. ROBERTSON, Vice-President J. C. TRIMBLE, Sec'y & Treasurer ALSO Bank and Quotation Section January 1914 Will pay 20 cents each William B. Dana Company 138 Front St., New York, DIRECTORS CALDWELL HARDY, Norfolk, Va. ALEXANDER J. HEMPHILL, New York HOWARD A. LOEB, Philadelphia S. Z. MITCHELL, New York FERGUS REID, Norfolk, Va. CEO. W. ROBERTSON, Shamokin, Pa. J. K. TRIMBLE, Philadelphia F. W. ROEBLING, Jr., Trenton, N. J. S. W. FFOULKES, Philadelphia J. G. WHITE, New York P. M. CHANDLER, Philadelphia F. T. CHANDLER. Philadelphia PARMELY W. HERRICK, Cleveland, 0. Vol,. 103. THE CHRONICLE 1150 jfinancial ginantial ATLANTIC MUTUAL INSURANCE COMPANY New York, January 28th. 1013. TruWet, Its conformitu via the Charter of the Company, submit the following staament of its affairs OIS 31st of December, 1915. and Inland transportation insurance. The Company's business has been conaried to rpartne $6,153.868 ditt -t'remiums on such risks from the 1st January, 1915, i the 31st December, 1915 993,965 13 rremiums on Policies not marked off 1st January, 1:,15$7,147,831 83 Total Premiums 0 $6,244,127 13, !Premiums marked off from January 1st, 1915. to December 31st. 1915 interest on the Investments of the Company received during the year $328,970 78 75,237 08 interest on Deposits In Banks and Trust Companies, etc 97,835,23 $502,043 09 Rent received less Taxes and Expenses ...oases paid during the year. $2,233,703 62 $205,247 59 448,602 85$ 653,850 44 Less* Salvages Re-insurances $1,579.853 18 $1,076.516 36 Re-Insurance Premiums and Returns of Premiums Expeftses, including compensation of officers and clerks, taxes, stationery, $ 717.114 89 advertisements,etc A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid CO WI.; I.:riders thereof, or their legal representatives, on and after Tuesday the first of February next. The outstanding certificates of the issue of 1910 will be redeemed and paid to the holders thereof, es tt..‘eir legal representatives, on and after Tuesday the first of February next, from which date 40 Interest thereon will cease. The certificates to be produced at the time of payment, and canceled. A dividend of Forty per cent is declared on the earned premiums of the Company for the year call= 3Iot December, 1915, which are entitled to participate in dividend, for which, upon apdlication, certificates wit/ be issued on and after Tuesday the second of Ma next. G. STANTON FLOYD-JONES, Secretary By order of the Board. TRUSTEES. DALLAS 13. PRATT. ANSON W.HARD, EDMUND L. BAYLIES, ANTON A. RAVEN. SAMUEL T. HUBBARD. JOHN N. BEACH, JOHN J. RIKER, LEWIS CABS LEDYARD. XI1CHOLAS BIDDLE. , DOUGLAS ROBINSON, WILLIAM H. LEFFERTS ERNEST C. BLISS, , WILLIAM JAY SCHIEFFELIM CHARLES D. LEVERICH JAMES BROWN, SAMUEL SLOAN, GEORGE H. MACY, JOHN CLAFLIN, WILLIAM SLOANE, NICHOLAS F. PALMER, GEORGE C. CLARK, LOUIS STERN, HENRY PARISH, CLEVELAND H.DODGE. WALTER WOOD PARSONS) WILLIAM A. STREET, CORNELIUS ELDERT. GEORGE E.TURNURE, ADOLF PAVENSTEDT, RICHARD H. EWART, GEORGE C. VAN TUYL,It, FLOYD-JONES, CHARLES A. PEABODY: (1 STANTON RICHARD I/. WILLIAMS. JAMES H. POST, ;922IILIP A S FRANKLIN, CHARLES M.PRATT, kiERBERT L- GRIGGSA. A. RAVEN, Chairman of the Board. CORNELIUS ELDERT, President. N,VALTER WOOD PARSONS, Vice-PresideleC CHARLES E. FAY, 28 Vice-President. ASSETS, Crinited Staten and State of New York $ 670,000 00 Bonos Raw York City, New York Trust 1,783,700 00 Companies and Bank Stocks 2,832,463 65 7SLocks and Bonds of Railroads 386,185 00 Other Securities 47acial Deposits In Banks and Trust 2,000,000 00 Companies ieal Estate cor. Wall and William Streets and Exchange ?lace, con4,299,426 04 taining offices Seal Estate on Staten Island (held under provisions of Chapter 481. 75,000 00 Laws of 1837) 660,314 60 yremium Notes 788,575 31 ,31.118 Receivable Cash In hands of European Bankers to pay losses under policies payable 256,610 85 In foreign countries. 1,695,488 03 Cash in Bank 135,000 00 Loans $15,582,783 48 LIABILITIES. Estimated Losses, and Losses Unset$ 3,117,101 01 tled in process of Adjustment 903,703 0(.' Premiums on Unterminated Certificates of Profits and Interest 273,130 A Unpaid 108,6960 Return Premiums Unpaid 76,949 15 Reserve for Taxes Rehtsurance Premiums on Termi215,595 71 nated Itlsks Claims not Settled, including Corn115,375 73 pensation,etc Certificates of Profits Ordered Redeemed, Withheld for Unpaid Pre, , 22,557 8( miums_ 1,230 fit Income Tax Withheldiat fikaource 5,899 Ye Suspense Account 7 , Certificates of Profits Outstanding... 7.187,37002 $12,025,609 IX $3,557,1530 Thus leaving a balance of_ $ 40,528 CV Accrued Interest on the 31st day of December, 1915, amounted to $ 26,588 111 Rents due and accrued on the 31st day of December 1915, amounted to.. due or accrued, in companies authorized In New York, on the 31st day of 3e-Insurance $ 172,389 U December, 1915, amounted to gl'ote.: The Insurance Department has estimated the value of the Real Estate corner Wall and 450,573 St William Streets and Exchange Place in excess of the Book Value given above at._ _$ 63,700 OID $ And the property at Staten Island in excess or the Book Value, at oxceeds the Tao Insurance Department's valuation of Stocks, Bonds and other Securities $1,727,337 383 Company's valuatica by $6,037,250 50 basis of than inerassall valmation,a the balance would be lfu the OUR BOND DEPARTMENT is equipped to serve in all matters connected with the purchase, sale or investigation of high-grade securities. It has special facilities for handling Municipal and Drainage Bonds of the Middle West. Mississippi Valley Trust Co Capital, Surplus and Profits over $8,000,000 ST. LOUIS STONE &WEBSTER FINANCE public utility developments. BUY AND SELL securities. DESIGN steam power stations, hydroelectric developments, transmission lines, city and interurban railways, gas plants, industrial plants and buildings. CONSTRUCT either from our own designs or from designs of other engineers or architects. REPORT on public utility properties, proposed extensions or new projects. MANAGE railway, Light, power and gas companies. NEW YORK CHICAGO BOSTON MELLON NATIONAL BANK PITTSBURGH, PA. STATEMENT OF_CONDITION AT THE CLOSE OF BUSINESS JUNE 30, 1916 RESOURCES $66,874,744 14 13 01 7,696,695 17 17,382,722 33 $91,954,174 65 Loans, Bonds and Investment Securities Overdrafts Cash Due from Banks C. R. BERGMANN & Co. Investment-Securities LIABILITIES $6,000,000 00 3,509,602 32 316,765 86 3,417,997 50 78,709,808 97 $91,954,174 65 Capital Surplus and Undivided Profits Reserved for Depreciation, Etc Circulating Notes Deposits 66 Broadway New York Telephones: Rector 6860-1-2-3-4 MinoisTrast&SavingsBank CHICAGO Capital, Surplus and Undivided Profits AMERICAN MFG. Co • - $16,000,000 Has on hand at all times a variety of eaPays Interest on Time oellont seourities. Buys and sells Deposits, Current and Reserve Government, Municipal and A000unts. Deals In Foreign ExCorporation Bonds, shange. Transaots a General Trust Business. NIANILA, SISAL AND JUTE CORDAGE Sales Office Aoble & West Sts,, Brooklyri„ N. V.
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