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dffirtanttal

The

ItIrtitude
VOL.103 SEPTEMBER 9 1916 NO.2672

Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr.. President and Treas.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G.Dana.Sec. Addresses of all. Office of the Company.

CLEARINGS-FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING SEPTEMBER 2
August.
1916.

1915.

Week ending September 2.

Eight Months.

Clearings at.
Inc. or
Dec.

1916.

1915.

Inc or
Due.

1916.

1915.

Inc. or
Dec.

1914.

1913.

-A

$
$ maul
11,767,316,806 8,537,442,171 41.8 95,924,529,575 64,039,790,654 +49.8 3,144,407,462 2,251,925,096 +39.7 1,083,487,986 1,724,626,481
New York
655,855,938 +50.7 8,128,805,617 5,314,034,556 +53.0
998,420,106
Philadelphia
233,076,486 173,965,888 +34.0 146,756,149 147,954,873
211,960,446
257,803,272
t21.6 2,181,246,524 1,683,645,970 +29.5
57,035,176
47,473,729 +20.1
Pittsburgh
48,306,137
44,150,145
128,759,756
180,286,590
40.0 1,480,444,520 1,150,691,263 +28.7
33,539,553 +7.2
35,945,958
Baltimore
33,860,813
31,734,911
66,532,590
48,067,008
13,338,192
38.4
10,597,405 +25.8
Buffalo
10,903,483
383,984,832 +30.9
9,365,453
502,457,889
19,450,174
22,032,526 --11.7
4,000,000 +2.5
4,100,000
Albany
6,085,470
187,886,311 -11.0
5,342,212
167,304,173
34,730,011
30,032,830
+15.6
7,363,767
7,406,371
8,006,737
+8.7
Washington
266,645,632 +16.9
6,735,322
311,666,211
23,622,313
18,729,847 +26.1
5,021,752 +2.8
4,818,328
5,163,843
Rochester
162,328,459 +24.5
4,917,930
202,170,857
12,954,878
12,884,658 +0.5
2,714,462 -2.7
3,615,980
2,670,376
109,441,060 -32
Scranton
105,983,004
3,408,427
14,814,954
11,501,598 +28.8
2,823,332 +17.5
3,317,261
102,166,062 +11.
Syracuse
3,252,509
.9
114,317,141
3,007,928
8,776,158
7,323,093
+19.9
-3.1
1,825,260
1,795,950
1,769,891
61,199,538 +26.4
Reading
77,354,294
1,622.185
11,740,322
9,538,384 +23.1
Wilmington
1,986,757 +30.5
1,476,743
2,591,272
1,954,190
65,112,505 +47.8
96,237,174
7,481,135
7,230,609 +3.5
Wilkes-Barre
1,448,029 -0.0
1,667,178
1,447,623
1,269,406
55,938,311
+6.9
59,803,926
12,355,637
8,146,368
Wheeling
1,842,053 +48.9
1,758,633
65,960,513 +43.8
2,742,035
2,002,76.5
94,828,648
8,188,894
7,131,231 +
Harrisburg
+5
14
1.'8
7
64,729,780
55,556,646 +16.5
8,242,785
8,063,208 +2.2
Trenton
1,741,408
2,121,559 -4.7
75,371,929
2,022,488
1,927,132
62,466,009 +20.7
4,340,052
3,662,424 +18.5
York
769,431
751,134 +43.1
34,734,718
31,052,624 +11.9
802,839
1,075,756
6,099,522
4,560,727 +33.5
Erie
975,119
45,583,882
1,003,024 +28.4
942,534
33,768,681 +35.0
1,298,774
5,204,832
3,281,629 +58.6
Chester
39,609,808
+62.5
620,408
604,180
705,495
22,885,482 +73.1
1,146,493
2,664,511
3,500,000
Greensburg
29,336,394
766,643
24,310,822 +20.7
620,000
559,157 +25.2
700,000
2,845,800 +311..15
3,457,100
Binghamton
28,719,800
639,600
570,700
23,233,600 +23.6
678,100 -10.4
607,600
2,140,570
2,523,086
17.9
Altoona
20,291,715
619,204
18,189,016 +11.6
581,172
496,960 +15.7
575,000
1,088,422
48.3
1,614,504
Franklin
12,248,090
8,220,120 +49.0
1,474,260 +17.0
1,724,220
Frederick
13,324,501
11,868,858 +12.3
2,109,993 +32.7
2,798,116
21,817,273
Beaver County, Pa._
18,035,222 +21.0
5,791,176 +20.5
6,976,693
66,693,765
56,280,471 +18.5
Lancaster
1,599,141
1,478;809
1,528,501
1,585,490 -3.6
1,879,313 17.6
2,021,880
19,509,011
16,420,713 +18.8
Norristown
1,567,297
6.3
1,666,009
14,697,703
14,512,433 +1.3
J.lQnj31lr
298,153
276,942
312,738
14.5
348,909
3.0
2,909,078
2.997,894
26,646,289
27,783,433
qraffeel
_
it7477,640.533 0,759,895,365 +38.1 09,960,464,211 -74:072,630,290
Total Middle
33K-86077 2,554,776,911 +38.0 1,863,151,422 1,995,894,536
577,213,242 126.8 6,868,724,486 5,145,539,976 +33.5
732,109,922
Boston •
156,159,377 132,957,737 +17.4 106,788,102 118,804,147
24.9
36,756,100
29,419,500
327,028,900
Providence
261,241,300 +25.2
5,740,100
6,675,100 +7.6
7,180,400
6,207,600
27,895,263
19.5
33,324,928
272,006,742
Hartford
222,341,539 +22.3
6,571,762 +2.5
6,738,028
4,233,965
4,474,461
15,203,564
18,566,891
t
22.1
149,516,878
New Haven
128,088,539 +16.7
3,575,583
4,409,013
2,796,728
+24.4
3,275,217
9,984,768
8,597,002
16.1
Portland
81,940,351
66,590,800 +23.1
1,940,581 +16.1
2,195,650
2,252,839
2,076,723
14,342,318
11,996,038
19.6
Springfield
139,572,670
98,280,606
+42.0
2,597,749
2,216,886
2,967,155
+14.2
2,188,689
15,435,929
10,851,112 +42.2
Worcester
125,148,183
89,809,789 +39.3
2,597,339 +20.8
1,981,927
2,092,690
3,138,087
6,280,611
4,185,855 +50.1
Fall River
52,873,954
40,764,052 +29.7
1,015,002 +16.1
869,901
1,178,633
912,420
5,427,940
4,083,700 132.9
New Bedford
45,964,901
35,507,184 +29.4
903,718 +22.8
892,893
1,109,278
864,629
4,127,558,
Lowell
3,318,541
24.4
33,618,311
27,467,621
361,318
750,785
+12.9
+22.4
615,048
847,974
4,107,585
Holyoke
2,946,293
39.4
32,827,598
25,234,547 +30.1
655,291 +30.1
577,396
664,558
852,815
Bangor
2,697,630'
1,749,431
54.2
22,139,776
13,958,518
462,763
+62.4
+58.6
430,355
489,636
699,098
7,126,000
Waterbury
5,331,400 +44.9
66,245,500
41,698,000 +58.9
Total New England
890,888,180
702,790,941 +26.88,217,608,250 --6196,522,471 -+32.6 -187532,697 -76-0,671;002 +16.7 130,649,773 -F417113
1,697,059,267 1,234,596,410 t37.5 12,874,088,672 10,351,474,437 124.4
Chicago
390,220,970 305,796,421 +27.6 273,960,811 273,225,444
Cincinnati
131,566,500
108,984,150
20.7 1,118,617,050
869,993,950
28.6
31,137,950
21,286,400
24,839,700 +25.4
22,675,450
Cleveland
207,418,787
65.1 1,435,833,799
125,614,400
50,903,746
956,253,888
50.1
22,430,167
32,297,228 +57.6
25,454,007
Detroit
209,368,152
42.8 1,382,729,912
146,638,385
40,853,251
924,884,715 +49.5
27,964,253 +46.1
22,006,471
21,792,654
Milwaukee
81,285,099
61,171,970 132.9
14 380,875 +25.2
644,615,422
18,000,000
14,131,420
542,717,086 +18.8
15,912,303
45,570,536
24.0
Indianapolis
36,736,542
8,987,673 +19.1
356,259,575
7,869,346
10,700,000
7,772,131
284,033,677 +25.4
41,135,000
49.3
27,554,000
Columbus
7,349,700 +30.3
315,157,100
9,573,000
220,637,500 +42.8
6,184,700
6,155,700
38,037,917!
27,804,140 +36.8
Toledo
301,820,011
5,819,742 +36.1
208,694,919 $44.6
7,919,104
5,851,357
5,919,900
15,659,793,
11,832,961 +32.3
Peoria
126,002,476
101,023,157
3,300,000 .+13.6
2,871,492
3,773,133
3,750,000
24.8
19,227,522
15,587,331 -23.4
Grand Rapids
142,582,141
114,267,473
3,410,222 +18.5
3,303,513
2,951,672
4,041,212
24.8
14,630,330
8,706,420 -68.0
Dayton
107,974,606
73,458,674 -47.0
2,392,812
2,758,446
2,450,910 +75.4
4,299,920
8,398,660
-28.1
6,554,828
Evansville
60,114,376
42,644,406 +41.0
1,607,064 +19.5
1,225,840
1,199,333
1,920,509
6,525,102
4,966,484 -31.4
Springfield, Ill
50,531,421
39,786,952 -27.0
825,000
1,117,260 +22.0
823,469
1,363,215
6,656,161;
4,946,891 -34.6
Fort Wayne
49,332,583
44,099,253 -11.9
1,228,668
1,113,541 +29.5
1,286,004
1,442,157
10,295,781'
Youngstown
6,507,133 -58.2
87,206,563
49,742,729 -75.3
1,707,339
2,483,151
1,399,526 +77.5
1,307,556
16,634 000
Akron
8,876,000 +87.4
127,747,000,
65,892,000 -93.9
2,280,000 +60.6
1,393,000
3,661,000
1,702,000
11,260,006
Canton
6,722,661 +67.5
62,378,523 -37.3
85,766,5781
1,275,000
3,336,098
2,141,599 +55.8
1.943,654
2,486,764
Lexington
2,649,336 -6.2
27,120,100
26,693,031
+1.6
612,194
617,144 -8.8
562.979
781,592
5,011,992
Rockford
3,486,234
38,223,501
32,220,348 +18.6
752,477
715,397 +42.0
1,015,954
816,742
3,610,311
Quincy
2,873,332 -32.6
31,912,175
26,975,798 +18.3
.751,807
884,642 -10.3
793,700
786,225
3,651,996
South Bend
2,868,668 -27.3
29,606,830
+24.7
23,750,262
570,941
719,281
•
559,161
-0.5
715,389
4,039,158
Bloomington
3,215,838 -25.6
29,672,902
25,592,446 -15.9
818,741
884,170 +4.9
813,856
927,208
2,945,362,
Decatur
2,344,928 -25.6
22,602,034
16,264,187 -39.0
488,570
540,843 +15.3
441,977
623,805
4,156,685,
Sipringfield, Ohio_ _ _
3,177,185 -30.8
34,406,604
26,791,366
-28.5706,189
1,302,364
915,383
3,079,703
Mansfield
2,365,053 -30.2
22,672,792
18,931,613
-19.8
592,840
516,541
+53.3
543,272
908,945
2,396,324
Danville
2,136,445 -12.2
21,123,679
17,759,870
-18.9
592,945
-7.0
551,658
430,000
454.593
3,976,717
Jackson
2,432,562 -63.5
+45.21
28,785,554
19,819,718
487,767 +96.6
958.347
413,780
550,000
3,237,318
Lima
2,209,332 -46.5
23,822,937
16,427,842 +45.01
698,461 +36.1
950,000
586,320
533,827
1,559,492
Jacksonville, Ill
1,129,763 -38.1
11,904,727
0,857,512 120.81
281,670 +13.1
318,907
259,821
349,059
3,795,503
Lansing
2,594,660 -46.3
32,586,159
10,822,997
64.41
404,237
+100.7
811,227
408,603
389,240
1,319,706
Ann Arbor
1,045,986 -26.3
11,354,549
8,091,955
40.3:
228,118 +20.6
275,000
200,438
188,378
356,350
216,746 -64.5
Adrian
2,605,025
2,040,537 +27.71
35,765 +43.4
51,228
50,000
41,364
1,660,455
Owensboro
1,247,007 -33.1
12,042,725
12,176,308 +6.3
314,907 +31.4
365,561
414,725
413,046
5,160,830
2,922,150 -76.6
Flint
36,136,270
19,465,153
+85.6
731,565
505,541 -44.7
Lorain
4,430,304
3,630,275 +22.0
2,654,594
1,327,692 +100.0
Gary
18,421,707
10,019,425 +84.0
500,168
481,062
New Albany
4,476,813
4,805,465 -6.8
3,175,001
3,000,014 tb:g
Paducah
30,729,693
27,415,354 +12.1
Total Middle West- i20 234,667 1,8-88,031,540 +38.8 W741,022,365 -15:320,534,801
--5911;785,040 4513/40,401 +31.1 405,194,211 397,913,356
Details of Pacific and Other 'Western on page 912.
498,965,806 +30.7 4,861,704,341 3,984,000,813 +22.0
651,941,813
Total Pacific
139,314,257 119,602,607 +16.5 117,217,777 112,011,962
669,914,669 +54.4 7,202,529,630 5,805,504,580 +24.1
Total Other West_ _ 1,034,202,135
228,475,540 162,346,872 +40.7 155,165,156 147,215,950
298,053,783 -41.7 3,298,385,967 2,623,939,234
St. Louis
422,299,482
75,026,858
71,505,995 +39.6
62,449,268
92,673,383
+25.7
61,874,514 -56.3
New Orleans
96,696,818
777,547,404
598,808,010 +29.8
17,061,260
15,084,039 +67.0
14,856,399
25,186,038
Louisville
60,733,694 -17.3
71,232,794
618,753,702
463,109,282 +33.6
11,972,034
15,834,670
11,779,637
14,579,854 +8.6
Houston
27,809,587 -43.1
38.801,491
319,179,100
263,200,026
+21.3
10,197,366
6,900,000
7,188,850
10,588,876
+53.5
Galveston
17,439,379 -13.1
19,737,632
131,003,023
147,249,176 -11.0
3,650,000
3,157,172
5.329,957
3,464,869 +53.
Richmond
37,103,546 -88.8
70,062,849
548,298,488
310,581,794 +76.5
6,172,205
16,508.019
9,144,930 +80.5
7.369,867
Atlanta
43,633,758 t48.4
64,757,676
536,082,438
423,233,106 +26.7
10,197,534
11,149,135 +38.4
9,785,804
15,429,077
Memphis
16,190,920
46.8
23,768,615
244,411,716
209,018,191 +16.9
5,042,413
5,295,284
5,117,544
3,621,344 +41.3
Nashville
21,925,712
32,300,955
47.7
250,247,769
179,294,192 +26.8
5,214,182
5,721,836
5,900,000
4,976,137 +18.6
Fort Worth
28,371,047 t20.6
34,225,779
278,604,534
267,228,200 +4.3
6,520,425
5,609,632 +27.8
5,000,000
7,168,997
Savannah
14,185,
69.5
24,040,488
172,390,805
148,183,867 +16.3
4,749,782 +47.4
3,055,583
5,720,359
7,000,000
Norfolk
13,715
17,421,390
27.0
152,961,204
130,108,512 -1- 19.6
3,103,380
3,300,359
3,566,130
2,938,645 +21.3
Birmingham
9,261, 94 +8.6
10,054,750
93,419,277
81,673,109 +14.4
2,281,635
2.003,529 +10.6
2,427,074
2,612,843
Knoxville
8,305,256
6,855,179 +21.2
74,445,325
56,713,884
+31.3
1,800,105
1,763,390
2,000,000
1,868,791
+11.1
Chattanooga
9,721,488
9,398,813 +3.4
95,312,628
77,036,947 +23.7
1,971,193 -9.5
2,041,193
1,714,583
1,783,676
Jacksonville
12,362,908
9.698,534 +27.5
117,316,397
92,957,578 +26.2
2,500,000
2,138,988
2,600,000
2,713,927
+16.9
Mobile
5,246,395
4,108,318 +27.8
37,502,616
36,621,400 +2.4
1,400,856
1,007,502 +39.2
1,250,000
1,284,647
Augusta
7,455,675
74.2
4,280,471
55,218,708
50,628,862
+9.1
2,332,443
1,060,095
1,106,588
+120.0
1,665,308
Little Rock
8,921,427
22.5
7,281,317
78,949,791
67,547,770 +16.9
2,034,696
1,516,791 +34.2
1,710,497
1,846,449
Charleston
6,598,931
32.3
4,987,904
74,431,657
61,479,216 +21.1
1,253,472
1,158,927 +8.2
1,069,494
1,267,702
Oklahoma
20,447,001
99.5
10,251,000
123,592,834
82,383,981 +50.0
4,656,108
1,169,101
2,445,900 +90.4
2,318,200
18,445,722
Macon
9,167,952 +101.2
115,635,925
88,802,248 +30.2
5,641,598
2,225,601 +15.3
2,494.276
2,056,780
3,179,185
Beaumont
2,583,479 +23.1
30,304,689
23,737,631 +27.7
Wilmington, N. C.-1,871,094
1,417,998 +32.0
16,335,442
13,541,834 +20.7
1,659,376
Columbus, Ga
1,089,318 +52.3
14,639,552
12,916,774 +13.3
9,411,514
Austin
6,599,359 +42.6
115,865,595
97,145,634
+19.3
2,400,000
1,394,517 +72.1
1,581,580
2,11-5Wm
848,067
Vicksburg
773,000 +9.7
8,206,353
8,608,464 -36
156,662
153,224
163,575 -4.2
270,237
2,989,669
Columbia
2,519,343 +19.1
33,004,462
27,959,742 +18.0
2,236,662
Jackson
1,342,879 +66.6
20,044,573
13,530,979 +48.1
335,427
217,478 +54.3
116,497
300.264
13,769,254
Tulsa
5,690,800 +142.0
112,863,650
46,309,806
+143.7
+157.2
1,122,768
1,147,245
2,888,271
944,118
4,389,206
Muskogee
2,938,442 $49.4
40,262,630
24,849,863 +62.0
1,027,535
769,149
665,343
697,458 +47.3
11,987,700
El Paso
8,674,981
38.2
91,700,206
71,338,950 +28.5
Meridian
1,581,700
894,500
76.8
13,748,700
8,998,308 +52.8
261,900 +23.9
324,400
Total Southern..._ 1,076,918,449
750,852,242 +43.5 8,690,757,250 ---6,8-28,736,570 +27.3
243,30,07?) 174,970,689 -+39.1 1613903441 --0-2-.991,207
Total all
19,751,826,277,14,270,450,563 +38.4 158,674 986 047 112,205,929,525 +40:it
3,627,408,482
4,920,291,681
+35.6 2,332,572,783 2.977,160,665
Outside New York_ 7,984,509,4711-57/3-3,108.392
?fa 62,750,450,4/2 -48,166,168;871 -24.36:3 1,775.884.219 1,375383,386 -4-29A 1,249X64:7-07 1,252424LTS4
Clearings.:bylTelegraph and Canadian Clearings on page 912.
•




t2.

874

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[VOL. 103.

its new display of zeal in that particular. Thus,
THE FINANCIAL SITUATION.
last week's statement, after noting a decrease of
Now that Congress, in amending the Federal $20,616,000 in the combined gold reserve of the
Reserve Act, has definitely declined to give the twelve Reserve banks, takes pains to add that
Reserve banks authority to issue Federal Reserve "about $13,200,000 of gold was transferred to the
notes against deposits of gold or gold certificates, the Federal Reserve Agents to reduce the banks' liapractice of emitting notes in this way by meretricious bilities on notes issued." Even the Federal Remethods should not only be sternly discountenanced serve Bank of New York has resumed the practice
but entirely discontinued. Almost from the day of of transferring gold in this way, notwithstanding
their inception the Reserve banks have been engaged that in its ordinary everyday transactions whenin doing, by a process of indirection, the very thing ever there is an increase in payments to it, it gets
for which they lately asked express authority; but literally overwhelmed with silver and legal tenders,
now that the matter has been brought to the atten- which it finds hard to get out again. During the
tion of Congress, and that body has shown that it last two weeks the Federal Reserve Bank of New
does not approve of the issue of Reserve notes in York has increased the volume of its Reserve notes
that way, the Reserve authorities should no longer outstanding from $67,269,800 to $72,994,800. Not
fly in the face of intelligent public sentiment, but a dollar of this is secured by commercial paper.
should conform to the letter and spirit of the law, That is the same as saying that none of the notes
the more so as they will thereby be respecting the are out with legal warrant. One would have supwishes of Congress in refusing to sanction a course posed that at least the Federal Reserve Bank of
which the Reserve authorities have been following New York would desist from the practice, seeing
without any warrant of law whatever. The practice the way silver and legal tenders are being forced back
is at best a reprehensible one, and not altogether upon it as they are being displaced in the channels
devoid of menace.
of circulation by the pushing out of Reserve notes.
It is,the purpose of the Reserve Act, indeed was
The process of issuing further amounts of notes in
its chief object, to provide an elastic and flexible this way is not only objectionable itself but is rendered
system of note issues—characteristics so sadly lack- doubly so because of the reprehensible practices that
ing in all our other currency issues—and with that have to be pursued in carrying out the process. Only
end in view and to guard against the Reserve notes by resort to desperate subterfuge can even nominal
remaining in circulation when they are no longer legal authority be found for the act. In the first
needed to meet trade requirements, it is distinctly instance, Reserve notes can only be issued on the
provided in Section 16 of the law that "No Federal deposit of commercial paper. There is no dispute
Reserve bank shall pay out notes issued through as to this. Section 16 of the law provides that "Any
another under penalty of a tax of 10 per centum Federal Reserve bank may make application to the
upon the face value." This was inserted to keep the local Federal Reserve Agent for such amount of the
volume of notes rigidly limited to trade needs. On Federal Reserve notes hereinbefore provided for as
the other hand, the effect of the practice of the it may require. Such application shall be accomReserve authorities is to encourage the issue of notes panied with a tender to the local Federal Reserve
in unlimited amounts and to keep them out in- Agent of collateral in amount equal to the sum of the
definitely. According to last Saturday's statement Federal Reserve notes thus applied for and issued
of the Reserve banks there are $194,645,000 of Fed- pursuant to such -application. The collateral seeral Reserve notes outstanding and only $17,610,000 curity thus offered shall be notes and bills accepted
are out in the way contemplated by the statute-- for rediscount under the provisions of Section 13 of
that is, are secured by commercial paper. The other this Act, and the Federal Reserve Agent shall each
$177,035,000 are in forced circulation, put out so day notify the Federal Reserve Board of all issue's
that the Reserve banks could go through the nominal and withdrawals of Federal Reserve notes to and by
process of retiring them by depositing gold for that the Federal Reserve Bank to which he is accredited."
purpose, but with no intention of actually retiring
There is, however, still another clause in Section
them.
16 of the Law which relates to the redemption of the
It -seems almost incredible, but is a fact, that at notes and it is this clause that is made to do duty in
the very time Congress was being beseeched by the the process pursued. This clause declares that "any
Reserve authorities to confer the authority, now lack- Federal Reserve bank may at any time reduce its
ing, to put out notes against acquisitions of gold, and liability for outstanding Federal Reserve notes by
were being refused, the Reserve banks were engaged depositing with the Federal Reserve Agent its Fedin putting afloat millions more of the notes, though eral Reserve notes, gold, gold certificates or lawful
Congress had so plainly put the seal of its disapproval money of the United States." It is provided that
upon the proceeding by withholding the authority Federal Reserve notes so deposited shall not be resought. It will be a surprise to most persons to issued, "except upon compliance with the conditions
hear'that during last week the total of Federal Re- of an original issue." It is further provided that
serve notes outstanding was increased in amount of, "the Federal Reserve Agent shall hold such gold,
roughly, $15,000,000. In other words, the aggre- gold certificates, or lawful money, available exgate of notes was raised from $179,838,000 to clusively for exchange for the outstanding Federal
$194,645,000. Of the $15,000,000 additional notes Reserve notes when offered by the Reserve bank of
put afloat, only $1,606,000 were put out on addi- which he is a director."
tional commercial paper, and of the whole $194,What the•Reserve banks are doing is to tender the
645,000 only $17,610,000 altogether are out on com- commercial collateral requisite in the first instance
mercial paper. The remaining $177,035,000 of and then immediately follow up this act by depositing
notes ought not to be out at all.
gold with the Reserve Agent for the nominal retireIt is worth noting, too, that the Reserve Board ment of the notes, which retirement, however, there
in its weekly return refers with evident pride to is not the remotest intention of carrying out. Au


SEPT, 9 1916.]

THE CHRONICLE

875

thority for the action is sought in another section of Agent against notes already(out,leaving only
the law and which has no connection with the note- $135,000 of paper to be used in putting afloat Reserve
issuing function whatever. This is Section 14, deal- notes for the purpose of depositing gold for their
ing with the open market operations of the banks. nominal retirement.
There a sentence is found saying that Federal ReObviously, with an average of $750,000 of new
serve banks may "exchange Federal Reserve notes notes to get out per day and only $100,000 or $200,for gold, gold coin or gold certificates," meaning 000 of rediscounted paper available to tender as colsimply that if any Federal Reserve notes are on hand lateral for new note issues the Federal Reserve
they may be thus exchanged, and not that the note- Agent had to be approached several times a day and
issuing business may be indulged in for the purpose of with the same pieces of paper each time and asked
getting out notes in indefinite amounts and to keep to lend his aid in getting more of the notes out.
permanently afloat. The provision in Section 16
We may presume that promptly at 10 o'clock in
already referred to which says that no Federal Re- the morning $100,000 of rediscounted paper would be
serve bank shall pay out notes issued through an- presented to him and a corresponding amount of
other under a penalty of a tax of 10%, indicates Reserve notes requested against the same. At
clearly that notes if issued legitimately in the first 10:15, or 10:30 it may be, an identical amount of
instance are to be forced promptly home when no gold or gold certificates would be tendered to him
longer needed by the trade exigencies which alone by the bank authorities and the rediscounted paper
are supposed to call them into being.
deposited fifteen or thirty minutes before be withHow the spirit and purpose of the law are being drawn. Then a few minutes later the same batch
perverted in these operations becomes apparent of paper would again be offered to him and a new
when we trace them back to their origin in the case issue of notes requested. Then gold or gold certifiof the Federal Reserve Bank of this district, for cates would once more be presented and the redisthe New York Reserve Bank has been carrying counted paper released. Thus set free this same
them out on a greater scale than the bank of any paper would again be tendered for the purpose of seother district—to its own detriment, as is shown by curing a new batch of notes, which later would in
its experience in getting nothing but silver and legal like manner be restored to freedom by the deposit of
tenders, when there is a sudden large accession to a further equivalent in gold and in that manner the
its holdings of cash. In order to issue Reserve operation be kept up to the end of the day and to the
notes at all, a Reserve bank must have the proper end of the week, a given batch of paper doing duty
supply of re-discounted paper. But the Federal over and over again in setting afloat new note issues.
Reserve Bank of New York has never been asked Apparently there is nominal compliance with the
to do rediscounting for the member banks on any law, but actually a palpable evasion of it.
considerable scale. The records show that its
The operation is akin to that practiced on Sundays
aggregate of rediscounts has never at any time by the liquor dealers at Coney Island. The law
reached a million dollars. For long periods at a forbids the selling of liquor on Sundays but allows
time its total of rediscounts has not exceeded the serving of liquors with meals at hotels and restaur$200,000 to $300,000. Yet with only such limited ants. So a sandwich is always kept ready
on the
amounts of rediscounts in its possession to tender table to give the appearance of a meal being
served
as collateral for the issuance of Reserve notes, it and prevent interference by the police. With the
has been putting out Reserve notes by the millions. sandwich on the table, liquor is dispensed ad
libitum:
Last year $2,000,000 to $4,000,000 of notes a week The presence of a sandwich with no one to call in
were emitted. Handicapped by the absence of the question the legality of the performance relieves
necessary amount of rediscounts, considerable jug- 'the liquor dealer from fear, if it does not
afford
gling with the law was necessary. One of the absolute protection to him. Going through
the
amendments to the Act which has had the consider- motion of tendering the same batch
of commercial
ation of Congress would give the right to tender as paper in the process of endless emissions
of Reserve
security for new note issues, paper purchased in notes may, in like manner, afford immunity so long
the open market as well as paper rediscounted. as the good faith of the transaction is not challenged,
Up to the present time, however, there has been but serves in equal degree to bring the law into
no right to put out notes, exceptagainst rediscounts, contempt.
and these, as stated, have run very low with the
We have referred so often to this subject that we
Federal Reserve Bank of New York.
have hesitated about dealing with it again at length.
To show how the law had to be trifled with in When the Reserve authorities,
however, in face of
order to carry out these operations we may take the refusal of
Congress to give legal sanction to
almost any week of the last three or four months of their proceedings
continue to put out new notes
last year, when the movement was being conducted with the same
unconcern as before; when in a single
with so much confidence and buoyancy. We will week they add
$15,000,000 to the volume of these
take, for illustration, a week in December, say the notes; when the
Federal Reserve Bank of New
week ending Dec. 10, when the volume of notes York injects into circulation
over $5,500,000 of the
outstanding was increased from $79,160,000 to notes in
two weeks to displace a corresponding
$83,560,000. This was an addition of $4,400,000, amount of
silver and legal tenders which are already
or an average of $750,000 for the six days. But at proving such an intolerable bane,
it is time to call
that time the New York Reserve Bank held alto- a halt and to characterize
the transaction in fitting
gether only $275,000 of rediscounts available for terms.
note issues. Accordingly, the same paper had to be
Of course it has from the first been plain that the
offered over and over again throughout each day. Reserve authorities
had some ulterior purpose in
It is not at all certain that even $275,000 of paper view in s' egregating gold and forcing into circulation
was actually available, as $140,000 of it appears to Reserve notes against the same. That purpose
have been constantly on deposit with the Reserve was disclosed when the Reserve Board went to Con


876

THE CHRONICLE

gress and not only asked unqualified authority to
issue Reserve notes against deposits of gold, but
also asked to be allowed to count gold so obtained
as part of the Reserve required against deposits and
against note issues. The lower House of Congress
would not give its assent to any such scheme and it
failed.
Perhaps it is thought that sooner or later the required authority will be obtained and that in the
meantime it is advisable to continue the present
questionable performances. With gold thus acquired
beforehand and with power to issue Reserve notes,
not only against rediscounted paper but against
purchased paper, the foundation will be laid for an
era of paper money inflation such as the world has
never before seen. The present Reserve Board may
be far from entertaining any intentions of that kind,
but the foundation will be there all the same for
any future Bryan to avail of. Surely, warnings
against perils of this kind are not amiss.
Bank clearingslin the United States continue to
reflect in no uncertain manner the extreme activity
in many commercial and industrial lines that has
been the salient feature of the country's business
history for so long. It does not follow, of course,
that all of our current prosperity is directly due to
the European war, but it is true, nevertheless, that
the unfortunate development abroad in stimulating
an extraordinary demand upon us for some articles—
munitions, &c.—indirectly affected favorably our
business affairs as a whole, and from a condition of
depression here at the time hostilities commenced,.
we are now experiencing unwonted prosperity. For
the month of August 1916 the returns of clearings
compare with a period a year ago when the war
demand was in full swing and yet a decidedly heavy
further augmentation in the total is to be noted.
Furthermore, at all but a few of the cities the figures
are high records for August, and in a few instances
establish new high-water marks for any monthly
period. The exhibit at New York this year is distinctly good, notwithstanding the smaller volume of
financial transations recently passing, operations on
the Stock Exchange in August having been of much
less magnitude than for the like period of last year.
The railroad situation, as indicated by latest reports
of earnings, is certainly very satisfactory, but how
the roads will be affected by the eight-hour law (if
declared to be constitutional), unless increases in
freight rates be sanctioned remains for the future to
,determine.
Only 2 of the 162 cities included in our detailed
compilation of clearings on the first page of this
issue record decreases from a year ago, and it appears
that contrasted with the comparatively heavy aggregate of that period the total for the whole country
.exhibits a gain of 38.4%. The magnitude of the
increase, moreover, is not to be ascribed to results in
any special locality, gains of conspicuous size being
discernable in all sections of the country. At New
York the increase for August as compared with a year
ago is 37.8%, and the total for the 161 outside cities
is 39.2% in excess.
For the eight months of the calendar year 1916
the aggregate of clearings at 162 cities reaches no
less than $158,674,986,047, this being a gain of 41.4%
*over 1915 and 44.5% over 1914. At New York the
Increase over last year for the period is 49.8% and the
over 1914 reaches 57.6%, while at the outside
Digitized excess
for FRASER


[VoL. 103.

cities 30.3% and 28.1%, respectively, measure the
augmentation. As regards the individual cities comment seems unnecessary, except to remark that in
only seven instances are there decreases from a year
ago, and none of these worthy of note, while in 36
cases gains of over 40% are shown. Of the various
groups into which the figures are segregated all exhibit important increases over a year ago.
Speculative transactions on the New York Stock
Exchange in August were, as stated above, of much
greater volume than in July, but considerably less
than for the same month last year. The trend of
values was quite generally upwards during most of
the month, and especially in industrial properties,
but in the closing days, with a wide-spread railroad
strike a probability, there was some recession . The
dealings in the month this year were 14,626,082
shares, against 20,432,350 shares a year ago, nil in
1914 and only 6,086,374 shares in 1913. For the
eight months they aggregated 108,869,600 shares,
against 96,733,962 shares, 45,990,575 shares and
57,467,687 shares respectively in the like period of
the three preceding years. Less free trading than a
year ago is also to be noted in railroad and miscellaneous bonds, but active operations in foreign securities,
such as the Anglo-French issue, Imperial Japanese
and Dominion of Canada bonds, as well as in
the American foreign 5s, served to swell the total
materially. In fact the sales of all classes of bonds
for the month were in excess of August 1915, while
for the period since Jan. 1 they aggregated 700 million dollars par value, contrasting with 524 millions
a year ago.
Canadian clearings returns continue to make very
favorable comparison with the similar period of the
previous year, gains being recorded at all cities and
particularly heavy at Winnipeg, Calgary, Regina,
Moose Jaw and Medicine Hat. The total for the
twenty-three cities for which we have comparative
figures exhibits an increase for the month of 51.7%,
and the eight months' aggregate exceeds 1915 by
41.7% and 1914 by 18.7%.
The commercial failures exhibit for the United
States for August 1916, although less favorable in
point of number than in either June or July, and
exceeding in amount of liabilities all months since
January last, while, furthermore, showing a greater
volume of debts than a year ago—in part due to a few
large insolvencies—furnishes no basis for pessimism
especially when it is considered that the showing
for the year to date, in the aggregate indebtedness
involved, is the best since 1912. The number of
large failures this year (for amounts in excess of
$100,000) was 24, or the same as in 1915, but represented debts of $7,987,209, against $6,981,362.
Contributing most largely to the current year's
total we mention the failure of the Garland Corporation (holding company), Pittsburgh, $1,800,000;
North Pacific Lumber Co., Portland, Ore., $725,000;
American Coal Corp., Birmingham, Ala., $487,524;
Canister Co., Phillipsburg Pa., $432,712; Northland Rubber Co., Buffalo, $345,011; Northwest
Lumber Co., Minneapolis, $211,638; Jos. H. Tasker,
contractor, Syracuse, $133,131; and Humptulips
Logging Co., Aberdeen, Wash., $100,000.
Messrs. R. G. Dun & Co.'s compilation of mercantile disasters for August, which furnishes the
basis for our remarks, gives the number of failures
for the month as 1,394, with liabilities of $20,128,-

SEPT. 9 1916.]

THE CHRONICLE

877

709; these contrasting with 1,395 for $17,733,552 in scene of the trouble, the:withdrawal:of the Chinese
1915; and a commercial mortality of 1,272 for no garrison, indemnification of the families of the
less than $43,468,116 in 1914. Segregating the Japanese killed and the extension of Japanese police
insolvents into classes, the most favorable showing authority to inner Mongolia. Actual accounts of the
this year is in the trading division, where, although disputes vary. The Chinese claim that it arose
there is a moderate increase in the number of de- when Japanese soldiers attacked the Chinese garrifaults, the volume of debts is comparatively light, son and seized the local magistrate who had ordered
being, with the exception of the total for the pre- the punishment of a Japanese merchant who had
ceding month, which is slightly exceeded, the small- refused to obey instructions issued by the Chinese
est for any like period since Sept.1913,despite especial because bandits were operating in the city. The
stress in a few lines. In the:brokerage, &c., section Japanese contend the Chinese arrested the merchant
there is a decrease in the number of insolvencies, illegally and fired on a small body of Japanese troops
but liabilities show an augmentation due to the sent to investigate. About 50 Chinese and 17 Japfailure of the Garland Corporation, referred to above, anese were killed. In connection with the secret
the total at $2,686,600 comparing with $1,618,596 demands it is of interest to recall the famous 21 dea year ago. In 1914, however, the aggregate of mands made upon China by Japan on Jan. 18 1915,
debts was no less than $18,888,313, having been the existence of which was denied for several weeks.
swelled inordinately by the suspension of such A version containing all demands later was given out
prominent concerns as S. H. P. Pell & Co. and by the Japanese Embassy in London, omitting the
Flower & Co., the downfall of which coincident vital Group 5. On April 25 a revised list was pubwith the breaking out of war abroad, was merely lished, and on May 7 Japan sent a 48-hour ultihastened, not caused, thereby, developments here matum, which was acceded to the next day.
having already acted to undermine the standing
of the concerns. In manufacturing branches fewer
A significant step indicative of the trend of public
insolvencies are to be noted, but reported liabilities opinion in England from the time-honored free trade
of $10,884,301 compare with $9,197,401 in 1915, basis was taken by the Trades Union Congress
the noteworthy expansion in debts this year having representing the 2,500,000 organized workers which
occurred in glass, &c., and miscellaneous or un- was held at Birmingham on Wednesday. Resoluclassified lines. In a number of lines distinct im- tions virtually endorsing the principle of protection
provement is in evidence, notably so in iron, foun- were adopted by the large majority asking for "the
dries and nails, machinery and tools, and lumber, adoption of methods for restricting or preventing
carpenters and coopers.
the importation of cheap manufactured goods proFor the eight months of 1916 the failures total duced at lower rates of wages and under worse labor
12,096, against 15,874 in 1915 and comparing with condition than prevail in this country." But although
11,226 in 1914. The liabilities, however, at only the words themselves (quoting a press dispatch from
$143,047,368, fall 82 million dollars below a year Birmingham) accept the principle of a protective
ago, when the aggregate was $225,255,990 and con- tariff wall, the protectionists among the labor deletrast with $248,944,994 in 1914 and $174,083,682 gates and in other circles are not inclined to regard
in 1913. Manufacturing insolvencies involved $53,- the workmen as having been won over to a complete
767,348 this year, against $84,958,899 a year ago, change from free trade. One of the Labor members
trading indebtedness reached $68,082,814, against of the House of Commons interpreted the meaning
$114,059,485, and liabilities of brokers, &c., were of the resolution to be merely that measures should
$21,197,206, against $26,237,606.
be taken to investigate the origin of goods and conThe Canadian failures situation in August was ditions under which they are produced with a view
distinctly satisfactory, the number forced to the wall of preventing the unloading of cheap goods in Engstanding at only 98, against 235 in 1915, with lia- land after the war, a feature that is very much
bilities but $794,164, against $2,609,566, the showing feared. The Congress considered other resolutions
in the trading division having been especially favor- regarded as of importance for labor'after the war,
able. For the eight months the aggregate debts in including one dealing with restoration of tradesmanufacturing branches at $6,789,208, compares union rights which have been suspended in order to
with $10,508,133 a year ago; among traders the increase the output of munitions. Undue delays in
contrast is between $8,989,551 and $14,739,903,and granting pensions to those incapacitated in the war
in the brokerage, &c., class $3,399,444 and $4,048,- by wounds or disease were denounced, and demands
947, making the total of all $19,178,203 in 1916, were advanced for the abolition of what was charand representing 1,242insolvents, against$29,296,983 acterized as "antediluvian old fogeyism" of the
and 1,895 in 1915.
Pensions Commission. The Congress went on record
in favor of creation of a State Department for adJapan, according to advices received in Washing- justment of pension claims. Nationalization of
ton, has presented a new list of secret demands upon agriculture, shipping industries, and mines met with
China, and the relations of the two Governments unanimous approval of the delegates, who also called
in the Far East have taken such a turn as to be the for nationalization of railroads. A fixed minimum
source of much concern to our State Department. wage and shorter hours of labor also were advocated
These demands were presented in connection with to avoid unemployment and distress after the war.
four formal demands of a public nature that were
made upon China for settlement of the clash between
While there appears slight basis for doubt that
Chinese and Japanese troops at Chengchiatun. Greece will, in the near future,align itself on the
side
But the published demands are believed in Wash- of the Entente Allies, definite proclamation to that
ington to be unimportant in comparison with the effect has not yet appeared. However, the railroads
secret ones. The former call for dismissal of and telegraph lines have been placed in possession
Chinese officers in command of the troops at the of the Anglo-French troops and a large fleet of




878

THE CHRONICLE

British, French and Italian ships have appeared off
Piraeus, the port of Athens, presumably for the
purpose of landing troops wherever and whenever
needed. Rumania, on August 30, declared war
against Turkey. Owing to the interruption of wire
communication it was not until Saturday last that
the Rumanian Charge d'Affaires notified the Turkish
Government. Meanwhile, Rumanian troops have
continued to press their advantage against the
Austro-Hungarians all along the Transylvania front.
On the other hand, they themselves have suffered
a reverse from the Bulgarians, the latter having
captured the fortress of Turtukai, one of the main
defenses of Bucharest. The victors claimed to have
taken 20,000 Rumanian prisoners, besides a large
amount of material.
On the Western front both the French and the
British are keeping up their steady push almost
without intermission and are making gradual progress. General Joffre declares that the German
counter attacks have lost their vim and push. The
Germans are heavily shelling the French in the old
first line German trenches a mile in length between
the Baux-Chapitre region and the town of Chenois
in the Verdun sector, which were taken by the
French on Wednesday night. In Galicia the
Russians have not yet captured Lemberg, but are
keeping up their pressure against the AustroGermans. Westward from the regions of Brzezany
and Halicz, near the former, the Russians have
driven back the Teutons from fortified positions and
have advanced to the Naraiuvka River, a tributary
of the Gnita Lipa. At some points they have
crossed the stream. Near Halicz the railway line
has been cut by the Russians, who are now bombarding the city, which the troops of the Central Powers
are defending, although the place is in flames. In
Wednesday's fighting in the Halicz sector 5,646
officers and men of the Teutonic Allies were made
prisoners. Both Berlin and Vienna admit retirements between the Zlota Lipa and Dniester rivers.
Likewise, Vienna concedes a retreat of the Austrian
forces before the Rumanians near Olah Toplitza in
Eastern Transylvania, 20 miles from the Rumanian
border.
The Russians in Turkish Armenia near Ognott are
driving the Turks from their strong mountain defenses,
according to the Russian War Office. The Russians
also have put down a Turkish offensive west of
Erzingan. On the Macedonian front and in the
Austro-Italian theatre the fighting is still mainly
by artillery. In German East Africa two additional
ports, Kilwa Kivinje and Kilwa Klsiwan, south of
Dar-es-Salaam have surrendered to the British.
Four attacks in dense formations were launched by
the Germans south of Somme on Thursday night
between Vermandovillers and Chaulnes. None of
these attacks succeeded. A regrouping of German
forces in France is believed to be imminent. Gen.
von Buelow, one of von Hindenburg's chief advisers,
has replaced the German General von Gallwitz in
command of the Somme. A military expert in
Munich writing in the "Neueste Nachrichten" seems
to be preparing the German public for a reduction of
the front by the Chief of Staff of the Field Army.
Near Ginchy to the north of Guillemo the British have
made further progress,securing all territory between
the Fafemont farm and Lueze woods and between
that wood and the outskirts of the town. South of
the Somme the French have taken the town of Chilly




[VOL. 103.

situated one mile west of the railroad leading to
Roye, a line of trenches east of Soycourt and numerous isolated positions between Vermandovillers and
Chilly. Berlin reports that in Galicia in the region
of Brzezany and near Fundul Moldowl in the Carpathian region strong Russian attacks were repulsed
with heavy casualties. Berlin admits the loss of
an airship on the night of Sept. 2. It is probable
that this was the Zeppelin which London reported
was brought down during a raid on the east coast
of England on Saturday night.
The treaty providing for the purchase from Denmark of the Danish West Indies for $25,000,000 was
ratified in the Senate at Washington on Thursday.
Favorable action at this Session of Congress had
been urged strongly by the Administration, particularly because of the influence it might have upon
the situation in Denmark, where, although the lower
House of Parliament has approved the transfer, a
fight is being made against the ratification in the
Upper House. An amendment by Senator Norris
to reduce the purchase price from $25,000,000 to
$10,000,000 was defeated and the treaty was approved just as it was signed by Secretary Lansing
and Minister Brun in New York Aug. 4.
The American-Mexican Joint Commission which
is to adjust affairs on the border held its first conference on Monday and was welcomed by Robert
Lansing, Secretary of State. The members were
then taken on board the Mayflower, the President's
yacht, and proceeded to New London, Conn.,where
at the Hotel Griswold they are holding a series of
conferences that are expected to continue for a
month or more. That President Wilson regards
the Mexican crisis as having been successfully
negotiated is indicated by the decision to demobilize
a considerable part of the National Guard that is
now on the border. The first step in this direction
was taken on Thursday when orders was given by
Secretary of War Baker for mustering out the 15,000
guardsmen recently ordered to home stations. Other
orders to this effect are expected to quickly follow.
This will be good news to the banks and other institutions, many members of whose staffs are serving in
the Guard, a fact that is causing much inconvenience
in office routine.
The London security markets are aptly described
in press advices as cheerfully idle. American securities, as has been the case in New York, responded
early in the week to the favoring news of the settlement of the strike, the same tendency, too, being
shown to ignore the ultimate consequences of the
basis on which the removal of the labor crisis was
accomplished. The entrance of Rumania into the
war has been the source of direct encouragement.
It is interpreted as an acknowledgment that the
shrewd leaders of that Government have recognized
the winning side and have acted accordingly. Rumania's co-operation, it is believed, opens up the
prospect for Russian stocks of wheat finding their
way before winter to Italy and Southern France,
thus removing the pressure on American supplies.
Liquidation of German business in England is being
pushed rapidly by the British Board of Trade.
Shipping shares continue in demand by English
investors. The Khedivial Mail Steamship shares
have advanced sharply on a revival of rumors of

SEPT. 91916.1

THE CHRONICLE

approaching consolidation with a French company,
presumably the Messakeries Maritimes. The revenue of the United Kingdom last week was £7,446,000
and the expenditure £39,171,000. Sales of Exchequer bonds, &c., amounted to £5,303,000.
An exceptionally favorable showing is contained
in the official figures of the trade of the United Kingdom, published by the British Board of Trade on
Thursday for the month of August. For that month
imports were increased by 0,716,000, while the exports were £15,281,000 higher. The principal increases in imports were in cotton, which accounted
for 0,000,000, while oils, seeds and fats were responsible for 0,250,000. The export increases were
made up principally of manufactured articles. Of
these cotton textiles increased £3,000,000, iron and
steel products absorbed £2,500,000 of the increase
and coal £1,500,000. The trade of the United Kingdom in August, 1916, and for the eight months ending Aug. 31, compares with the same period in 1915
as follows:

879

Keen interest is being taken in London and Paris
as to the degree of success which will greet the fifth
German war loan, the subscription books of which
opened on Monday,in view of the conceded change in
the military situation since the preceding loan. The
fall in Berlin exchange in New York to 689', a new
low level, during the week was considered significant
in view of the offering. ThelGerman Chancellor,
von Bethmann-Hollweg, told a group of Reichstag
leaders who conferred with him on Tuesday that the
new loan promises all the success that attended the
four previous loans. The Krupp Company has subscribed 40,000,000 marks; four other corporations
between them have taken a total of 50,000,000
marks. No limit has been placed on the amount to
be subscribed. Installments will be due Oct. 18,
Nov. 24, Jan. 9 and Feb. 6. The Chancellor declared that Rumania's entrance into the war, while
it made Germany's task heavier, would not change
the final result. On the other hand, advices from
London,
which may, perhaps, not be considered
Augusi
Jan. 1 to Aug. 311915.
1916.
entirely unbiased, assert that subscriptions to the
1916.
1915.
£78,116,919 £69,400,919 £626,883,226 £573,846,051
Imports
Exports (British produce only) 47,719,855 32,438,855 335,850,938 250,783,254 German war loan during the first few days indicate
£28,397,064 £36,962,064 £291,032,288 .023,062,797, that the issue is a failure.
Excess of imports
This news purports to
have reached London in a dispatch to the Exchange
There is active criticism in English labor circles Telegraph Co. via Amsterdam.
The returns for the
regarding the inability of the Government to check first few days, the dispatch
says, were far behind the
the advance in necessities. The London "Econo- total raised in a corresponding lime
for the previous
mist's" index number, to be published to-day (as war loans. A large number
of
subscriptions
have
cabled to the "Journal of Commerce"), is 4372, rep- been received from cities,
savings banks and munisensational
advance to a new high level tions firms, but the
resenting the
public have not responded and
of 168 points from the July figure. Stated differ- there is talk of extending the
time limit to Oct. 15.
ently, the number represents an advance of 983/
2% James W. Gerard, American Ambassador
at Berlin,
from the basic number of 2200, which is the average has informed the
State Department that until further
of the commodities in question for the five-year notice the German Government
has prohibited the
period 1901-05. At the end of July an advance of importation of tobacco and
tobacco products, not
91.1% was indicated. The advances in August were including Oriental and similar tobacco.
The Berlin
general rather than exceptional. Cereals and meat, correspondent of the "Tribune" cables
that the
for instance, advanced from 961 to 9993/2; other food German Government has created
a
"Bureau
for the
(tea, sugar, &c.) from 525 to 5313/
2; textiles from 797 Transition Period between
War
and
Peace
Condito 882; timber, leather, rubber and other heavy com- tions," which is charged
with
probably
the
hardest
modities from 1040 to 1086. Minerals were the task any such
organization ever was confronted with.
only classification to decline, the reduction being These are some of
the principal functions of the
from 881 to 873.
Bureau:
(1) To provide raw material for German manuThe exact terms of the new French loan have not
facturers
without their being forced to pay enhanced
given
press
in
dispatches.
been
Prices on the
yet
French Bourse remain at the high level which was prices, which would certainly follow if they were to
reached a few days ago, but the market has calmed bid against each other;
(2) To facilitate the export to foreign countries;
down very materially. Conservative. French bank(3) To take care of the labor question (directing
ers, press correspondents tell us, consider prices at
soldiers to places of employment and prothe moment high enough and argue that conditions returning
viding employers with efficient help);
do not justify a further rise for the present. The
(4) Draw up temporary laws to facilitate the attainentrance of Rumania into the war will, it is expected, ment of these and similar objects.
tend to aid in the maintenance of prices of many
One of the most prominent practical economists
Balkan investments. The question of re-establishof
Germany, Senator Sthamer of Hamburg, has, it is
ing French industries in the invaded districts is being
said,
been appointed the chief of this bureau. He
a
in
practical
taken up
fashion, the presidents of the
has
been
Civil Governor of Antwerp since the city
great industrial French concerns having formed a
was
taken.
society to deal with the re-establishment of the
industries ruined by invasion. The Government
Official bank rates at the leading European centres
has promised its official help. M. Ribot, French continue to be
quoted at 5% in Paris, Vienna and
Minister of Finance, is to ask the Chamber of Copenhagen; 5% Italy,
in
Sweden and Portugal;
Deputies for appropriations for the last quarte.. of 6% in London
and Petrograd, and 432% in Switzer1916 amounting to 8,347,000,000 francs ($1,669,- land, Holland, Spain and
Norway. In London the
400,000), or about 500,000,000 francs ($100,000,000) private
bank rate remains at 532@58% for sixty
more than was asked for the present quarter. The and ninety-day bills.
Cables from Berlin give
total of the appropriation asked by the French 45
4% as the private bank rate at that centre. No
Government since August 1914 amounts in round reports
have been received by cable of open market
numbers to 61,000,000,000 francs ($12,200,000,000). rates at other European
centres, so far as we have



880

THE CHRONICLE

[VOL. 103.

ion of
been able to learn. Money on call in London is the Bank having discontinued the publicat
war.
the
of
outbreak
the
with
in
1914
returns
weekly
quoted at 432%.
The .Bank of England in its weekly statement
registers a further decrease in its gold item of £855,695, which obviously does not reflect the $35,000,000
arrival in New York this week from Ottawa. Note
circulation expanded £112,000, and consequently
the total reserve was decreased £968,000. The proportion of reserve to liabilities fell to 23.86%, against
24.91% last week and 24.11% a year ago. Public
deposits were decreased £142,000, although other
deposits showed a gain of £2,953,000. Government
securities remain without change. Loans (other
securities) again increased, this time £3,798,000.
The Bank's gold holdings aggregate £55,341,803,
which compares with £67,479,221 in 1915 and £47,508,429 the previous year. Reserves total £37,528,000, against £54,138,361 a year ago, and £30,736,844 in 1914. Loans now stand at £95,739,000.
A year ago the total was £145,230,005 and in 1914
£116,922,759. The Bank reports as of September 2,
the amount of currency notes outstanding as £119,528,924, against £119,264,381 a week previous. The
amount of gold held for the redemption of such
notes remains at £28,500,000.

The weekly statement of the Imperial Bank of
Germany as of Aug. 31 indicates an increase of.454,000 marks in the gold item and a decrease in the item
of total coin and bullion of 1,636,000 marks. The
total of gold is 2,469,036,000 marks; one year ago it
was 2,410,204,000 marks and in 1914 1,556,499,000
marks. Other items in the statement register the
following changes: Treasury notes, decrease 7,353,000; notes of other banks, decrease 892,000; bills discounted, increase 418,902,000; advances, increase
2,404,000; investments, increase 7;833,000; other
securities, increase 2,357,000; notes in circulation,
increase 254,701,000; deposits, increase 144,384,000;
other liabilities, increase 14,832,000.

A somewhat better demand for time money has developed this week. Lenders are showing rather more
independence, though rates still remain at quotations
current a week ago. Some business in the six-months'
maturity, all industrial collateral, has been reported
at 4%, but on regular mixed collateral the range
continues at 332@39%. Arrivals of gold not unnaturally add to the easiness of the general situation.
Reports have been current that negotiations are in
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1912.
1913.
1914.
progress for a large loan to Mexico. Investigation
1915.
1916.
Sept. 12.
Sept. 11.
Sept.9.
Sept.8.
Sept. 6.
does not disclose any substantial basis for these re36,265,000 31,790,860 35,221,585 29,049,255 28,959,275 ports.
Advices from Peking declare that because of
Circulation
9,008,592 15,513,133
52,219,000 129,587,552 24,406,348
Pubis deposits
in the United States, the
105,004,000 85,942,422 130,704,462 43,554,786 47,355,484 its inability to obtain funds
Other deposits
13,367,655
gly responding to
Govern't securities_ 42,187,000 34,418,357 25,747,587 12,453,405
unwillin
is
ent
Chinese Governm
95,739,000 145,230,005 116,922,759 26,522,749 36,088,331
Other securities
31,659,826
of $30,000,000 or
loan
31,835,238
a
for
30,736,844
Japan
from
54,138,361
s
37,528,000
overture
Reserve notes& coin
55,341,803 67,479,221 47,508,429 42,434,493 42,169,101
Coln and bullion
is declared to be
situation
financial
China's
more.
Proportion of reserve
50.34%
60.54%
10.81%
24.11%
Great Britain,
23.87%
that
add
to liabilities
advices
The
e.
desperat
4%
6%
43,
5%
5%
6%
Bank rate
te in the
participa
to
France and Russia are likely
be the
probably
will
y
loan and that the salt monopol
The Bank of France this week reported a further security. There has been no definite progress reincrease in its gold holdings of 4,587,600 francs. ported in connection with the proposed new Russian
The gain this time was in the amount of gold held loan. Several details are yet to be arranged. It is
by the Bank itself, which increased from 4,238,958,- understood that the amount will be approximately
200 francs to 4,243,545,800 francs, the balance held $50,000,000.
abroad, according to the cablegram of our special
In the weekly statement of New York Clearing
correspondent, remaining unchanged at 573,773,875 House banks and trust companies, which was issued
francs. The total holdings at home and abroad ag- on Saturday, the loan item showed a further heavy
gregate 4,817,319,675 francs. Last year the amount increase of $48,435,000. Net demand deposits also
held (all in vault) was 4,377,441,281 francs, and in ncreased substantially—$42,217,000. Net time de1914, 4,141,350,000 francs. The silver item showed posits, however, declined 89,162,000. Reserves in
an increase of 1,112,000 francs for the week and now "own vaults" decreased $14,746,000, to $441,584,amounts to 339,721,000 francs, as compared with 000, of which $374,408,000 is specie. A year ago the
364,326,436 francs last year and 625,325,000 francs total in own vaults was $502,237,000,including 1,'27,the year preceding. Note circulation showed the 143,000 specie. Reserves in Federal Reserve banks
enormous expansion of 174,215,000 francs. General were decreased $6,285,000, to $161,586,000, against
deposits decreased heavily, viz., 91,445,000 francs, $138,440,000 in 1915. Reserves in other deposiand bills discounted 60,501,000 francs. Treasury tories were reduced $1,090,000, to $53,197 Mon ,
deposits increased 91,174,000 francs, although the compared with $31,651,000 last year. Note circulaBank's advances were reduced 1,278,000 francs. tion totals $31,387,000, an increase of $248,000.
Note circulation is now 16,598,862,000 francs, against Aggregate reserves registered a decrease of $22,121,13,223,032,630 francs last year and 6,683,175,000 000, and now stand at $656,367,000, against $672,francs in 1914. General deposits total 2,122,214,000 328,000 at the corresponding date a year ago. The
francs, which compares with 2,478,744,220 francs reserve required was also increased $7,440,220, while
and 947,575,000 francs one and two years ago, re- surplus reserves were again reduced, this time $29,spectively. Bills discounted amount to 377,818,000 561,220, thus carrying the total down to $95,829,francs, as against 264,230,118 francs in 1915 and 140, against $209,110,910 in 1915.
advances aggregate 1,173,556,000 francs as compared
Referring to money rates in detail, loans on call
with 589,330,719 francs last year. In 1914 bills 'dis- have covered a range of 23/2@3% this week, compared
counted and advances combined amounted to 3,202,- with 4@3% a week ago. Monday was a holiday.
23
975,000 francs. Treasury deposits are 171,337,000 On Tuesday 3% was the high and ruling quotation
francs
00
57,283,7
totaled
they
ago
year
A
francs.
and 2W1% low. Wednesday the minimum figure
and in 1914 382,575,000 francs. The figures here
declined to 23/2%, while 3% continued the high as
given for 1914 are those for the week ending July 30,




SEPT. 91916.]

THE CHRONICLE

well as the basis for renewals. On Thursday and
Friday the range was 2%@3%, with the renewal
figure 3%. For fixed maturities the trend is toward
continued ease and quotations have remained at
29@3% for sixty-day money, 3@314% for ninety
days, 331@332% for four months and 332@3Y
.
4%
for five and six months. Last year sixty days was
quoted at 23/2%, ninety days at 2%,four months
at 3% and five and six months at 331%. Business
was light. Commercial paper is in improved demand, although trading was not active because of an
inadequate supply of bills. Sixty and ninety days'
endorsed bills receivable and six months' names of
choice character declined to 33
/
1@314%, against
3M@3%%. Names less well known, however, still
require 4%. Banks' and bankers' acceptances are
quoted as follows:

881

Phtkidsiphia.

came in 846 wooden boxes, 73 of which arrived here
by express on Tuesday and the remainder 773 boxes
on Sunday. The boxes averaged $30,000 apiece.
The total imports since the beginning of the current
movement in May last exceeds $267,000,000. An
additional $400,000 in gold was engaged at the local
Sub-Treasury on Tuesday for shipment to Spain.
Last week $1,700,000 was exported from San Francisco to Tokio, and the Yokohoma Specie Bank has
this week arranged for a consignment of $1,000,000
to the same point.
Compared - with Friday of last week sterling exchange business on Saturday was of a pre-holiday
character; transactions were almost at a standstill
and quotations little more than nominal; demand
3 cable transfers at
bills were still quoted at 4 75%,
4 76 7-16 and sixty days at 4 713/
2. Monday was a
.Spot. Delivery
Delivery
Ninety
Sixty
Thirty
'Within holiday. Fresh arrivals of gold from Canada on
Days.
Days.
Days. 30 Days.
2 9-1662 7-16 234©2'/ 2%02% 2%62% Tuesday, though without appreciable effect, acted
Eligible member banks
Eligible non-member bills__ _2 11-1662 9-16 2%0234 234®234
3623
as a steadying influence on the sterling market
Ineligible bills
3623
3623
36234 334©3
There have been no changes this week in the rates which continued to show strong evidence of the
dominating power of British Treasury operations;
of any of the Federal Reserve Banks.
figures remained pegged at 4 75%
3 for demand,
REDISCOUNT RATES OF FEDERAL RESERVE BANKS.
4 76 7-16 for cable transfers and 4 71 for sixty
days; the tone was firm despite a quite considerable
i
.: •
,..
CLASS
.4
i
accumulation of bills over the holiday. On WednesOF
'
REDISCOUNTS.
day buying of .cable transfers by an international
111 1 1 1 • it's
1
banking concern proved the feature; offerings were
Commercial Paperliberal
but readily absorbed and quotations remained
3 3 334334 ------3343 --- 4% --- 3
1 to 10 days maturity
3344 4 4 4 4 4 4 4 4344 8% unchanged,
11 to 30
with demand again at 4 759-i, cable
0
4 4 4 4344 4 4 4 4 4344 4
31 to 60 '
4 4 4 434 4 4 4344 434 4% 4 434 transfer
61 to 00
s at 4 76 7-16 and sixty days at 4 713/
Agricultural and
2. As
Live-Stock Paper91 days to 6 months maturit 5 5 434 5 4345 5 5 5 5 434 534 is so often the case on Thursday, trading was dull
and featureless; rates continued at the figures which
Trade Acceptances1 to 30 days maturity
331 3% 3% 3 334 3% — 3 334 4 3343
have ruled uninterruptedly for nearly two weeks,
31 to 60
334 336 336 336 334 336 --- 3 334 4 334 3
61 to 90 "
334 334 334 4 334 335 -- 334 334 4 334 334
namely, 4 75% for demand, 4 76 7-16 for cable
Commodity Paper1 to 30 days maturity
334 — 33-4 --- 334 334 — 3 334 4 3 334 transfers and 4 713/ for sixty days. On Friday the
31 to 60
334 ._-334 -- 334 334 ___3 3344 3 4
61 to 90
334 --- 334 --- 334 334 -__ 3 33-4 4 3 43f market ruled quiet but steady with demand still at
61 days to 6 months maturit' --- --- 4 75%, cable transfers at 4 76 7-16 and sixty days
OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
at 4 713/
2. Closing quotations were 4 71 for sixty
RESERVE BANKS.
Bankers' Acceptances.—Authorized discount rate for all Federal Reserve banks; days, 4
75% for demand and 4 76 7-16 for cable
minimum, 2%; maximum. 4%.
Trade Acceptances.-1311Is with maturities of 90 days or less, purchased in open transfers.
Commercial sight finished at 4 75 9-16,
market without member bank endorsement, by New Orleans branch of
Atlanta sixty days
at 4 709 and ninety days at 4 68%,
Federal Reserve Bank; 334 to 4%.
Commercial Paper.—BIlls purchased in open market by Dallas
Federal Reserve documents for payment at 4 71 and
seven-day grain
Bank; 3 to 5%.
Bills of Esc/mtge.-131118 purchased in open market by Atlanta Federal
at 4 749. Cotton and grain for payment closed at
Reserve
Bank; 334 to 534%•
4 75 9-16.
Bills With or Without Member Bank Endorsement.—Bills with maturities
of 90 days
or less purchased in open market by St. Louis Federal Reserve Bank; 2 to 4%.
In the Continental exchanges this week the outstanding feature again proved to be the persistent
The sterling exchange situation is without new weakness in reichsmarks, which
broke to 68% for
feature. There are virtually no fluctuations in rates. sight bills on Wednesday, another
new low record.
A total of about $25,000,000 in gold consigned to J. As in the previous week, the break was
attributed
P. Morgan & Co. reached this centre from Ottawa to unfavorable war news and an absence
of banking
early in the week, and an additional $10,000,000 support. Before the close a partial
rally took place,
arrived yesterday. Approximately $55,000,000 in mainly on covering of shorts
for speculative account.
securities from the Bank of England also arrived this French exchange, on
the other hand, ruled strong and
week, the White Star Liner Adriatic bringing in $30,- registered an advance
to 5 883/2. Rubles were very
000,000 and the Carpathia $25,000,000. Both the firm though
without special activity. Kronen, in
gold, which consisted in part of 20-franc (French) sympathy with Berlin
exchange, also showed extreme
pieces, and the securities are understood to be coming weakness. The
sterling check rate on Paris closed
forward in connection with the collateral for the new at 28.003/2
, compared with 28.083/ a week ago. In
English loan of $250,000,000. The full amount of New York sight
bills on the French centre finished
the collateral has not yet arrived but the loan agree- at 5
and cables at 5 873/2, against 5 89% and
883
ment provides that substitute securities or gold may 5 88 on Friday last. Demand
bills on Berlin closed
constitute temporary collateral. Only on such a at 693 and cables
at 69 5-16, comparing with 693'
basis does it seem reasonable to attempt to explain and 69% the week
previous. Kronen finished at
such a heavy importation of the precious metal, at a 12.05, against 12.16
last week. Rubles closed at
time when the proceeds of the $250,000,000 have 32.90, which compare
s with 33.60 a week ago.
just become available. Whence comes the gold that Lire, which have also
ruled firm and higher during
the British Treasury shows such. ability to forward the week, finished at 6 421
/
1 for bankers' sight and
from Canada whenever needed is one of the financial 6 41% for cables, against 6 48 and
6 471
4at the close
secrets of the war. The early week's importations on Friday last.
11.•




882

THE CHRONICLE

[vol.. 103.

Whether the bureau officers of the English Government have knowingly presumed on this state of public sentiment in the United States, may perhaps be
doubtful. But it is impossible to deny that an arbitrary and inexcusable interference with certain
American rights and privileges has been in progress
for many months, and that the British Government's
response to our State Department's representations
of the matter has not been altogether satisfactory.
That this interference (as in the matter of the mails)
concerned what, relatively speaking, were small
things, did not help the matter, and the declaration
of a blacklist on certain American firms made a controversy quite inevitable.
The gist of the retaliatory provisions added to the
Revenue Bill in the Senate, by a vote of 42 to 16,
was contained in three amendments. That of Senator Thomas of Colorado is directed at the refusing of
facilities of English ships to "blacklisted" firms in
were as
The New York Clearing House banks, in their the United States. Its essential provisions
operations with interior banking institutions, have follows:
lost $2,169,000 net in cash as a result of the currency
"That whenever, during the existence of a war in
movements for the week ending Sept. 8. Their re- which the United States is not engaged, the President
ceipts from the interior have aggregated $7,413,000, shall be satisfied that there is reasonable ground to
while the shipments have reached $9,582,000. Add- believe,that any vessel, American or foreign, is, on
practices of a
- ing the Sub-Treasury and Federal Reserve opera- account of the laws, regulations, orsubject
ing any
*
*
*
ment,
tions and the gold imports, which together occasioned belligerent govern
ation,
corpor
or
firm,
ny,
compa
,
person
lar
particu
a gain of $1,357,000., the combined result of the flow or
in the United
traffic
of
tion
descrip
lar
particu
any
of money into and out of the New York banks for States or its possessions, or any citizens of the United
-the week appears to have been a loss of $812,000, States residing in neutral countries abroad to any
as follows:
undue or unreasonable prejudice, disadvantage, injury, or discrimination in regard to accepting, reNet Change in
Out of
Into
Week ending September 8.
Bank Holdings.
Banks.
Banks.
ceiving, transporting, or delivering * * * any
0
52,169,00
Loss
0
$9,582,00
cargo, freight, or passengers, or in any other respect
57,413,000
Banks' interior movement
24,984,000 Gain 1,357,000
26,341,000
Sub-Tress.&Fed.R.oper.&goldimp.
whatsoever, he is hereby authorized and empowered,
$812,000
$33,754,000 $34,566,000 Loss
Total
in his discretion, to direct the detention of such
bullion
of
t
amoun
vessels by withholding clearance or by formal notice
the
es
indicat
table
The following
forbidding departure, and to revoke, modify, or
in the principal European banks:
renew any such direction as in his opinion the public
Sept. 9 1915.
Sept. 7 1916.
interest may require."
Banks of
Total.
Gold.
Total.
Silver.
Gold.
Further, the Thomas amendment provided that,
are thus denied by a
67,479,221 when privileges of this sort
55,341,803 67,479,221
England..- 55,341,803
189.670,680
40
14,573,040
2175,097,6
183,241,71
13,499,88
American citizens, the President may
Frances-. 169,741,832
50120,691,650 2,125,100 122,816,750 belligerent to
Germany. 123,451,800 1,263,650 124,715,400
00158,546,000 4,093,000 162,639,000
163,233,0
163.233,0
8,303,000
0
154,930,00
Russia
ion proclaim that similar privileges to
63,718,000 51,578,000 12,140,000 63,718,000 in his discret
Aus-IIun.c 51,578,000 12,140,1
0 28,931,000 29,530,000 58,4o1,000
Spain __-_ 45,704,000 30,384,000 76,088,000 45,811,000 4,670,000 50,481,000 citizens of such belligerents in the United States
38,441,000 3,705,000 42,146,00
Italy
193,500 31,729,500
685,900 49,503,900 31,536,000
Netheri'd 48,818,000
600,000 15,080,000 shall be denied.
600,000 15,980,000 15,380,000
Nat.13el.h 15,380,000
9,630,500
9,630,500
10,907,100
Switz-land 10,907,100
6,299,000
The amendment of Senator James of Kentucky is
9,211,000 6,299,000
Sweden __ 9,211,000
309,000 6 255,000
5,946,000
9,186,000
217,000
8,969,000
Denmark _
3,434,000 aimed at England's prohibition of certain imports
111
3,434,000
6,328,
Norway_ _ 6,328,000
luxuries by the English people -the
720,360,011 68,233,6401788,593,651
Tot. week.738,801,535 70,798,43 809,599,96 718,620,918 69,799.640.788,420,558 whose use as
Prey.week 738,905,026 70,887,26 809,792,28
Government wishes to prevent. When such
exclusive of £22,950.955 British
a Gold holdings of the Bank of France this year are
shall be taken by a belligerent power, "the
held abroad.
both years in the above statement action
•The gold holdings of the Bank of Russia forgold
held abroad.
balance
so-called
the
g
eliminatin
by
revised
have been
President is authorized and empowered within his
both years.
c July 30 1914 in both years. h Aug. 6 1914 in
discretion to prohibit or restrict, during the period
TS."
DMEN
prohibition or restriction is in force, the imAMEN
such
RY
THE "RETALIATO
United States of similar articles,
Undoubtedly the first impression of the "retalia- portation into the
United States does not import similar
tory" amendments to the Revenue Bill, voted by the or in case the
that country, then other articles,
Senate Tuesday night, sent to the Conference Com- articles from
country, dependency or colony, as
such
of
mittee of the House, and passed, with one,exception, products
public interest may require."
n
the
opinio
unhis
in
by both houses, was to most readers of the news
ments were said to have been
amend
these
the
Both
to
pleasant. It was so, partly because of dislike
State Department. The third
fastening on a routine legislative bill of "riders" not approved by the
by Senator Phelan of California
in the least germane to its purpose, but chiefly be- amendment offered
not. It is aimed at interference
cause the great body of our people have deprecated apparently was
on its way between the United
the occasional legislative demonstrations which, in with mail matter
It provides that:
ny.
Germa
their general purport, had seemed to point to the pick- States and
ing of a quarrel with England. This second feeling
"Whenever American citizens, firms or corporahad been naturally increased by the effort of people tions are not accorded any of the facilities of comwhose sympathies lay in the opposite direction to merce, including the unhampered traffic in mails,
companies or
represent a violation of neutral property rights as on which the vessels or citizens, firms, y enjoy in the
countr
belligerent
a diplomatic footing exactly similar to unlawful de- corporations of that
or its possessions, or are not accorded
States
United
lives.
neutral
of
struction

As to the neutral exchanges, the feature has been
the easier tendency in Scandinavian exchange. Sight
bills on Stockholm at one time were quoted as low as
28.20, while guilders also were lower. Transactions,
however, were not active. Bankers' sight on Amsterdam closed at 40 13-16, against 41 1-16 plus 1-16;
8, against 413/i plus 1-16; commercables at 403/
cial sight at 40 11-16 @409, against 40 15-16, and
commercial sixty days at 40 9-16 against 403/i last
week. Swiss exchange finished at 5 313/ for bankers'
sight and 5 31 for cables, comparing with 5 293 and
5 283/2 the week previous. Greek exchange has remained at 5 153/2 for sight bills. Copenhagen checks
closed at 27.20, against 28.50. Checks on Norway
finished at 28.05, against 28.35, and checks on Sweden at 28.10, against 28.40 a week ago. Spanish
pesetas finished at 20.15, which compares with 20.16
on Friday of last week.




SEPT. 9 1916.1

THE CHRONICLE

883

by such belligerent equal privileges or facilities of allowed to receive them without hindrance. Private
trade with vessels or citizens, firms, companies or letters have been lost, or detained until useless.
corporations of any nationality other than that of Such practices cannot be defended, even on the
such belligerent, the President is hereby authorized ground of necessary examination by the censor for
and empowered, in his discretion, to deny to the citi- matter relating to military or political interests of
zens, firms, companies or corporations of such bel- the enemy. It has been a wholly unwarrantligerent countries the use of the United States mails,
able meddling with the most obvious rights of
or the facilities of any express company engaged in
neutrals.
wireless
telegraph,
inter-State commerce, or of any
We expect that England, which is anxious to
company."
cable
or
our national friendship, will respond by
retain
perby
any
prohibition
such
And the violation of
altering or annulling its practices and laws in these
son or company is declared to be a penal offense.
and that our retaliatory provisions will
respects,
The retaliatory provisions were thus extremely
be
applied. That such powers should be
never
their
drastic, supposing them to be applied. Had
to the discretion of the Executive is a
committed
mandatory,
y
application been made immediatel
matter in itself. But the protest
enough
serious
them
to
from
objection
there would have been serious
amendments is, after all, only one
the
in
embodied
The
interests.
people's
own
the point of view of our
in
the consistent procedure of the
chapter
more
would
mean
force,
that
into
put
,
Thomas amendment
g the rights of neutrals
all our shippers would lose the use of freight room on United States in safeguardin
a foreign war.
by
menaced
always
as
the vessels proscribed, because of the discrimination —now
when
moment
our
a
at
referred to, and would lose it
CE SPEECH
legitimate export trade needs every possible available PRESIDENT WILSON'S ACCEPTAN
RECORD.
AND
would
amendment
deJames
The
shipping facility.
In his turn, Mr. Wilson has now had his "day,"
prive our importers and consumers of foreign-made
surprise of a notification, and has
articles which they need, because the Government has received the
and carefully prepared address.
long
a
with
replied
under whose auspices such articles are produced had
of four years ago as
"promises"
to
the
He
refers
interfered with our export trade. The Phelan
single-term pledge
the
kept;
including
having
been
beamendment would create a situation in which,
such promises
kept—as
been
have
they
for
himself,
mail
communicacause England had obstructed our
list of acts
long
a
to
points
He
proudly
usually
are.
t
obwould
Governmen
own
tion with Germany, our
has
quantity
The
struct all communication with England itself—by of "constructive" legislation.
should
which
subjects
mail, express, or telegraph—including important been more than ample; few
have been left alone have gone untroubled, and in
commercial, financial and private messages.
should
On the face of things, therefore, it would certainly respect to much of it the adjective applied
of
instead
"de"
writing
change,
slight
a
have
seem that in the process of retaliation we should in"con."
jure ourselves quite as much as we should injure the
Such as it is, the record is before the country.
offending foreign community. In principle, though
watched and studied it have had
on a smaller scale, the action taken would resemble Those who have
their own judgment upon it; for
form
the Non-Intercourse and Embargo Acts of our Gov- opportunity to
watched it, but have a general
not
have
who
those
ernment in the Napoleonic wars, the effect of which
Wilson is a man of patriotic
Mr.
that
impression
industry
and
measures was disastrous to American
meant well, it would hardly
has
always
and
impulses
to
n
appeal
seemed
commerce. This consideratio
large space required for a
the
to
take
-be
profitable
in
the
al
mind,
of
case
Congression
the
to
especially
may leave that to the
We
.
examination
careful
use
regarding
of
amendment
the
Phelan
the
mails. That amendment was, accordingly, dropped campaigners.
But Mr. Wilson conspicuously omitted to mention
from the bill in the conference committee.
his
latest constructive achievement, in settling the
The two other amendments were duly passed; but
problem by forcing the enactment of an eight.
labor
made
mandatory. Their
their provisions were not
which is not an eight-hour law and does not
law
hour
the
President's
discretion, and,
application is left to
to prevent railway employees from
attempt
directly
serious
obviously
s
consequence to
in view of the
hours in a day. Although this
twenty-four
working
that
unlikely
they
extremely
ever
will
ourselves, it is
be
to
forgotten,let us very compactly
recent
too
is
still
the
s,
s
were
Nevertheles
amendment
be applied.
possibly the only way in which effective protest, state again the bare facts. Having failed to agree,
sure to get a hearing, could be made against Eng- the brotherhood men and the railway executives
land's recent ill-judged policies. The blacklist was a went to Mr. Wilson, and a prolonged series of talk!
most awkward extension of arbitrary power. Pro- followed, in which, so far as appears, he spoke with
hibition of use of certain luxuries by the English the brotherhood men privately and confidentially
people may have been warranted by the circum- only. As a finality, the executives offered to put the
stances; but if so, it should have been enforced disputed amount of money in a trust, supervised by
through regulation of internal trade, and certainly the Inter-State Commerce Commission, and to be
not through injecting into international trade held subject to the verdict of arbitrators to be searrangements provisions which were wholly contrary lected by him, without retaining any voice therein
to the spirit, and probably to the letter, of formal for themselves. No, said the brotherhoods, we will
have no more arbitration, for it has not satisfied us
treaties.
As for the interference of the censor with the hitherto; we will not discuss the subject; we demand
mails, that long ago—probably through the activities the money now, and you may discuss and investigate
of bureau busybodies—reached a point where rightful and arbitrate afterwards to your satisfaction; the
exasperation on the part of our own people was money is what we want, and right away; we will not
entirely justified. No German newspapers have wait; otherwise, we strike on Labor Day. Having
been received in the United States for something like exhausted entreaty without moving the executives
six months; yet the English press and people are from their stand, and having carefully washed his



884

THE CHRONICLE

hands of responsibility, Mr. Wilson rushed to Congress, with the result which is now only a week old.
The brotherhood men, backed by the 640 local
chairmen who came to Washington to add to the
impression, demanded the money immediately, on
penalty of starving the whole people, themselves included. One can never be quite sure what would
have followed if something had been unlike what it
was, but it is reasonable to believe there would not
have been any strike, because that is a familiar threat
which has always brought the roads and the public to
their knees, and so has never been put really to the
test. Had that test come—and, observe, it still
impends although once more deferred—there is excellent reason to believe the strikers would have been
beaten. Therefore, the surrender appears to have
been without the excuse of necessity.
However, as far as appears, Mr. Wilson did nothing but instantly join the brotherhood men in their
attempt at coercion. He did not cite either law or
duty to them; he did not reason or remonstrate with
them; he did not even request them to desist. He
did not try to use his powers as the sworn executive
of our "strong" Government; he did not inquire what
those powers are; he did not seek legislation to repair
any defects they may have. He ordered the retreat
sounded, and proudly led it himself.
He has been somewhat too harshly criticised in
respect to the war; on the other hand, his persistent
blundering and bungling in Mexico justifies all his
severest critics have said. Has he really "kept us
out of war?" Observe that this man is "Commanderin-Chief of the Army and Navy of the United States;"
then try to imagine the condition of the country if a
real war in acts should befall us while he remains in
office. Had he been an ideal President up to the
month of August, his conduct in the last three weeks
of that month ought to consign him to political
oblivion.
There has been some attempt to argue that he is
safer for the next four years than an untried man and
that his mistakes are a quasi-warrant against repeating them; there has even been an attempt to
twist in his favor Lincoln's saying that it is a bad plan
to swap horses while crossing a ford. The strangest
plea is offered by the Springfield "Republican,"
that if the American people wish "to condemn before
the whole world what Mr. Wilson has done with reference to the European war, they must elect Mr.
Hughes, but they cannot elect Mr. Hughes without
repudiating the Wilson policies of peace and the
utilization of all the resources of diplomacy for the
safeguarding of the country against participation in
the war whenever grave crises come to strain our relations with one or another of the combatants; nor
can they elect Mr. Hughes without crowning with
triumph the notorious efforts of our professional
hyphenates to punish President Wilson for refusing
to accept the German view of submarine warfare and
neutral rights." The truth is, both men have declared for "Americanism" in terms equally explicit,
and attempts to make campaign material against
either on that account should prove unavailing.
The "Republican's" plea that Mr. Wilson must be
re-elected or the country's views concerning the conduct of the war will be misunderstood by the world
islfutile, and so is the attempt to make Mr. Taft a
sharer of the Wilson course in Mexico. The Mexican trouble was passed down to Wilson from Taft,
as it had been passed to Taft by Roosevelt, and no



[VOL. 103.

otherwise; the record also shows that Huerta assumed
his official position barely two weeks before the Wilson inauguration, and therefore Mr. Taft properly
refrained from possibly embarrassing his successor
by taking any action himself.
The truth is that while Mr. Wilson may be on trial
before the people as to his conduct internationally,
that is not the only issue, and not the largest one.
His ignorance of practical affairs and of business is
too patent to need demonstration. He has persistently meddled with what he does not understand,
and when the men who had given their adult lives
to the subject in hand have tried to remonstrate he
has waived them aside as being interested and therefore presumably too selfish to be trustworthy advisers
or witnesses. His frequent disquisitions about private integrity and public independence have been
ideally lofty, but his political practice has been very
low; in particular, his appointments to office have
averaged miserably poor. He has shown an unhappy
mixture of obstinacy, instability and self-confidence
that his latest intuition is positively right. The
number of commissions, bureaus and investigations
has been extraordinary, and the waste of money has
corresponded, the chief financial anxiety exhibited
being to produce more taxesfor scattering. Bills ordering plants for new government construction have been
pushed through in disregard of remonstrance and all
just notions of business; efficiency in public service
has been largely abandoned, since organized labor
has been granted its way in that, as elsewhere. Mr.
Wilson has dominated everything, and if a one-man
rule is really the country's wish, it would be better
to conform practice to fact and save expense by dispensing with the 536 men for registering the White
House edicts under the title of a Congress.
Mr. Hughes has some defects in his public record,
but we must take one man or the other, and Mr.
Wilson's handling of the country's domestic affairs
is an issue quite large enough for passing judgment
on him. The question is whether the country'has or
has not had enough.
THE GRAIN CROP SITUATION.
The grain crop report of the Department of Agriculture for September 1, issued yesterday, reflecting
unfavorable conditions in important producing
sections in August,indicates a further contraction in
the yield of the leading cereals, and collectively
the current promise is for a harvest very appreciably
less than a year ago, moderately under 1914 and
only 227 million bushels more than the short crop
of 1913. The wheat crop, which, according to the
August 1 forecast, showed a shortage of 357 million
bushels from last year's record yield, from present
indications, as officially interpreted, will not come
within 400 million bushels of the 1915 yield, material
damage to the spring variety from rust and blight
being reported in the late month in the Dakotas and
Minnesota.
Furthermore, unless the current estimate of the
Department of Agriculture be quite materially exceeded, the wheat crop of the United States for 1916
will prove to be smaller than for any year since 1904,
and after providing for home requirements and seeding purposes,leave practically no exportable surplus.
Consequently, demand from abroad will have to be
supplied from wheat left over from the last crop,
with the possibility of a practical exhaustion of

SEPT. 9 1916.1

THE CHRONICLE

supplies here before the next crop begins to move.
A further deterioration in the condition of corn is
to be noted during the month, as a result of lack of
moisture, causing a reduction of some 68 million
bushels in the prospective harvest and hot weather
has apparently had a deleterious effect upon oats.
The condition of corn in the United States on
September 1 is .stated by the Department of Agriculture as 71.3, against 75.3 a month earlier, 78.8
a year ago, 71.7 in 1914 and a ten-year average of
77.1. Drought was especially severe in the Southwest, but extended to other sections as well. In
Texas condition dropped from 74 on August 1 to
69 on Sept. 1 and the latter compares with 80 a year
ago. In Oklahoma the relative status is 57 and 45
and 95; in Missouri 60 and 54 and 75; in Kansas 48
and 27 and 88, and in Illinois 75 and 71 and 78.
On the basis of the average condition percentage
Sept. 1 an approximate yield of 24.9 bushels per
acre is figured out, which indicates a total crop of
2,710,000,000 bushels, or about 345 million bushels
under the harvest of last year, and 415 million
bushels less than the record crop of 1912.
The situation of spring wheat at the present time,
as officially interpreted, is indicated by the fact that
condition is placed at only 48.6, or 14.8 points lower
than on the 1st of August, 46 points under last year,
28.9 points below the ten-year average, and, moreover, the poorest for very many years, if not in all
time. As worked out by the Department, an average yield of but 8.8 bushels per acre is foreshadowed—
lower even than in 1911—or a total yield of barely
156 million bushels, which compares with no less than
357 million bushels last year and 206 millions in 1914.
Combining the indicated spring-wheat yield with the
preliminary winter-wheat estimate of 455,000,000
bushels, we have an aggregate of 611,000,000 bushels
for 1915, which, as remarked above, is the smallest
crop of this cereal since 1904, and contrasts with
1,012,000,000 bushels last year, 891 million bushels
in 1914 and 763 million bushels in 1913.
Oats, adversely affected by hot weather during
the harvesting season, which is now virtually ended,
shows further deterioration, the condition on Sept. 1
being announced as 78.0, against 81.5 a month ago
and 91.1 at time of harvest last year. Clearly, then,
the prospective yield is less than was expected even
on Aug. 1. In fact the Department calculates the
yield per acre as 30.3 bushels, against the final 37.8
bushels last year, and an average of 30.5 bushels for
the period 1910 to 1914, inclusive. The estimated
production is only 1,231 million bushels, against
the record of 1,540 millions a year ago. The current
report also indicates some reduction in barley and
rye from the estimates promulgated on Aug. 1. The
following furnishes a summary of the five leading
grain crops:
•

885

THE LOCAL TRACTION TROUBLES AGAIN.
The local traction strife which was settled, a few
weeks ago, by a treaty providing for future arbitration, through the earnest efforts of Mr. Straus and
Mayor Mitchel, but soon broke out anew, hurriedly
recalling the Mayor from his Plattsburg training
camp to smooth it, has now broken out afresh. A
simple statement makes the matter clear. The
second outbreak was because of an alleged violation
of the treaty by discharging certain men for various
offenses, whereas the treaty provided for taking
back all the men "without prejudice;" upon the
Mayor's urging, the company waived this, took
back the men, and peace was restored. Now the
demand of the Amalgamated Association is that the
Interborough, which was not a party to the other
arrangement, cancel and annul contracts between it
and a large majority of its employees, contracts
whereby the men obtain material advantages; the
company positively refuses, saying that the right of
individual contract must be upheld and is not arbi.
trable.
The present trouble grows out of the company's
attempt to deal directly with its men and to organize
them into a quasi-independent union. The outsider, "Organizer" Fitzgerald (the precise accuracy
of his title is not very material) pronounces this
contract coercive, and he finds a serious objection in
its depriving the men of the right to strike, as
though, apparently, anything could deprive them
of that. The contract lies entirely within law and
within reason; it is "binding," but a contract which
does not bind is no better than blank paper. But
it ties up the men for two years, protests Fitzgerald;
so does every contract for a term—contracts of
lease, for example. It seems to have been signed
voluhtarily, and a large majority of the men have
signed it; but Fitzgerald says they did not understand it and did not realize what they were doing,
which is to say that they are imbecile and cannot
get on without a guardian from Detroit or some
other outside city. His real objection is clear
enough, and does credit to his shrewdness, though
not to his frankness; he perceives that when employer and employee get together in an amicable
relation the professional disturber finds his pleasant
occupation gone, and nothing left for him but to don
working gall) and begin earning his living, and that
is a prospect which he cannot contemplate without
distress.
As it stands, therefore, Mr. Fitzgerald declared
real war this time, and said he would "paralyze the
transit of New York as it has never been paralyzed
before." Accordingly, a minority of the men have
been persuaded to consent to a strike, and the strike
was "on" in the small hours of Wednesday night,
the threat to involve the other lines through
with
Production.
Final.
Previous
Estimated. Final.
(000,0003 omitted.)
1914.
1913.
Records.
1916.
1915.
"sympathy" and "tie up every line between
so-called
wheat
bush_
523
455
685
Winter
685(1914)
655
240
206
Spring wheat
357(1915) Yonkers and Coney Island," without regard to the
;
0
2,7r
2,447
2,673
Corn
3,125(1912)
3,0g57
1,231
1,122
1,141
1,540
1,540(1915)
Oats
for submitting all
184
178
195
237
Barley
237(1915) treaty of August 7, providing
42
41
49
43
Rye
49(1910
future disputes to arbitration.
4,778
Total bushels
4,551
5,893
4,943
5,993
The issue raised is the same old one of open or
In connection with the foregoing, it is to be noted closed shop—in one word, of control. These outthat the Canadian wheat crop is expected to show a siders came here with the avowed determination to
considerable reduction from the bumper yield of bring under their control the entire transit scheme
1915, due to damage by rust and blight in the North- of the Metropolis. They failed, but they are unwestern Provinces. In fact, current estimates are willing to accept failure and go away; so they have
for a yield not much over 200 million bushels, against stirred the strife a second and now a third time.
The company declares itself both determined and
336 million bushels last year.




886

THE CHRONICLE

amply prepared for the clinch which may better
come now than be again deferred; whether it will be
carried to a finish now or patched over a third time
is yet to be seen, but no question for arbitration
appears, except the right to agree and the power of
an agreement to bind its makers. Still, one clause
of the treaty declared that the question whether a
particular matter is arbitrable should be referred
to arbitration, so that there is room for emollient
talk.
Last evening, after two days' trial, the strike had
accomplished nothing worse than a partial interference with regular service on some of the surface
lines; that is, it has publicly failed. Mr. Fitzgerald
professed himself "satisfied" on Thursday, and he
should be more fully so now. There appears to be
nothing to hinder his returning to Detroit.
The futility of trying to provide for peaceful living
by compacts which do not settle but rather avoid
the fundamental question of individual liberty as
against irresponsible outside control is shown once
more. This renewed quarrel may also be noted as
among the first fruits of the surrender in Washington
last week; for that must inevitably embolden malcontents and organizers everywhere. One surrender
provokes fresh demands and makes the way for the
next.
•

NORFOLK & WESTERN'S RECORD OF
PROSPERITY.
We think it correct to say that there is no other
small railroad system in the country that has such
a marvelous record of growth and progress as the
Norfolk & Western Railway. With a length of
road running but little in excess of 2,000 miles (the
average number of miles of road operated in the late
year having been 2,059 miles) it does a volume of
business equal to that of many systems operating
four to five times the same mileage. Its development was a marvel even in normal times; and in the
fiscal year ending June 30 1916, under the great
stimulus to industrial activity exerted everywhere
in the United States by European war orders, the
•traffic and the revenues of this little system have
• taken a further leap forward in a manner that is
simply astounding.
As compared with the fiscal year preceding freight
revenues have increased no less than $13,008,590,
or 3532%, rising from $36,550,550 to $49,559,140;
passenger revenues have increased $1,057,045, or
over 22%, rising from $4,739,538 to $5,796,583;
and total operating revenues have increased $14,317,542, or 33.31%, the amount expanding from
$42,987,044 to $57,304,586. It may be urged that
in the previous fiscal year gross earnings had decreased as a result of the business depression then
prevailing, and that is true, but the loss then in
total operating revenues was only $1,663,265, as
against the gain of $14,317,542 now recorded in
1916. It follows that the preponderating proportion of the improvement for the year under review
represents further growth and not merely a recovery
of what had previously been lost. With this further
growth total gross revenues have been brought up,
as already seen, to $57,304,586, being over $27,000
per mile, certainly a most noteworthy record.
In the net earnings in the previous year there
was no shrinkage at all, operating economies having
offset the loss in gross revenues, though a change
in the Inter-State Commerce Commission's classi


[VoL. 103.

fication of revenues and expenses made it out of the
question to give precise comparisons. Accordingly,
the further gain in net in the late year represents
just so much additional net. And the extent of the
addition, and still more the ratio of the addition,
is one of the striking features of the report. With
$14,317,542 gain in gross revenues the augmentation
in expenses was only $4,349,530, leaving a gain in
net of almost $10,000,000, the total of the net (from
railway operations) rising from $15,155,228 to $25,123,240. Taxes are an ever increasing item and in
the late year they exacted a further toll of $187,000,
while in the four years from 1912 to 1916 the charges
for taxes increased from $1,410,000 to $2,065,000.
Nevertheless, this still left a gain of $9,779,524 in
available net. After allowing for fixed charges and
other deductions and for dividends, on the Adjustment preferred stock the income balance remaining
on the operations of the twelve months stands at
$19,704,386, which compares with only $9,490,233
in the preceding fiscal year. In this instance,
therefore, the improvement has been over 100%.
The requirement for dividends on the enlarged
amounts distributed was only $8,312,964. Out of
the remainder no less than $9,053,278 was applied
in betterments and improvements, or "appropriated
for investment in physical property," as the precise
designation is.
The exact amount charged for dividends was 731%,
the company having raised the dividend rate from
13/2% quarterly to 1% quarterly in June, and
having at the same time made an extra distribution
of 1%. President L. E. Johnson in his remarks
points out that there is no assurance that revenues
throughout the year ending June 30 1917 will show
equally large gains over those of the preceding year,
but the sustained volume of earnings in the spring
of 1916 and the favorable outlook were what determined the management in enlarging dividend distribution. He also points out that the company adheres to its policy of maintaining and strengthening
its credit by 'financing a portion of its expenditures
for additions and betterments to road and equipment
by means of special appropriations of surplus instead
of by new issues of capital obligations, ;thereby
avoiding to that extent increase of the fixed charges."
From a table in the report it appears that from the
time of the reorganization of the company on
Oct. 1 1896 to June 30 1916 there was provided
out of surplus or charged directly to income for
additions and betterments an aggregate of $41,545,902.
Of , course such a gratifying exhibit and such a
record of prosperity as is here revealed would be
out of the question except that operating achievements on this little system are becoming each
year more striking and more noteworthy. The
relatively small addition to expenses in the twelve
months to June 30 1916 in face of the huge expansion
in gross revenues, is an indication of what is being
accomplished in that respect. But the operating
statistics tell a still more wonderful tale. It deserves to be noted, too, that the splendid exhibit
of income is based on very low average rates. The
company's traffic is made up mainly of coal and
other minerals, which will bear only very low rates.
That, indeed, has been the problem of the management throughout the whole existence of the company: it has been necessary to do an ever increasing
volume of traffic at a steadily decreasing cost. With

SEPT. 9 1916.]

THE CHRONICLE

887

each succeeding year efficiency of operations has ther addition to the tonnage/movement:one mile of
2,877,342,269, bringing the revenue tonnage moved
been carried a step further.
mile up to the prodigious figure of 11,795,891,557.
one
long
the
had
limit
that
supposed
One might have
is at the rate of over 532 million tons one mile
This
fact
the
of
advance
matter
a
as
but
ago been reached,
in operating efficiency in the late year excelled the per mile of road!
The company's finances for the late year present
ompany's own best records. We have spoken
above of the great expansion in revenues in 1916. a record no less notable. The funded debt was
The figures of the freight tonnage furnish evidence reduced during the twelve months in the sum of
of the magnitude of the traffic on which this expan- $12,173,000; $2,100,000 of this decrease represents
sion is based. In the number of tons of freight equipment trust obligations retired and $10,053,000
carried there was an increase from 32,767,701 tons the conversion into common stock of that amount
to 44,373,456 tons, or over 35%, while in the number of convertible bonds, besides which $20,000 of
of tons moved one mile the increase was from another issue of bonds was purchased and paid off.
8,918,549,288 units to 11,795,891,557 units, the The outstanding amount of common stock was
increase here being over 32%. Looking now at increased by the amount of convertible bonds
the train statistics, we find that with 32% in- retired. The balance sheet shows for June 30 1916
crease in the tonnage movement one mile, the ad- $4,961,705 of cash on hand, besides $2,000,000 of
dition to freight train mileage was only a little over time drafts and deposits, while total current assets
16%. That means of course that the average (including these items and also $4,340,933 of mafreight train load, already exceptionally high, must terials and supplies on hand) aggregate $14,906,154.
have been raised still higher. As a matter of fact, The outstanding current liabilities at the same date
the further addition to train load in the late year were no more than $5,374,039.
New capital expenditures in the late year were not
was no less than 115 tons, bringing the average
unusually heavy, being $7,373,726, but in the period
train load up to nearly 957 tons.
The record of the growth of the train load on this from Oct. 1 1896 to June 30 1916 the road and
little system during the past four years has been a equipment expenditures aggregated no less than
wonderful one, considering the high figures • pre- $146,496,751, of which $41,545,902 was supplied
viously attained. As against 957 tons for the late out of earnings. We observe that the report says
year the average for 1915 was 841 tons; for 1914, that with the completion by May 1917 of 14.81
802 tons; for 1913, 764 tons and for 1912, 692 tons. miles of double track now under construction, there
Thus the addition for the four years has been 265 will be in operation between Lambert's Point and
tons, or nearly 40%. In view of this record now Columbus 704.02 miles of double track main line
established of an average train load in the superb (including as second track the low grade lines around
figure of 957 tons, we can wily repeat what we have Petersburg, Va., and Lynchburg, Va., the Burkesaid before, but with greater emphasis, namely ville to Pamplin low grade connecting line and the
that this high average is not duplicated on any of Big Sandy Line) and 3.31 miles of single track.
the large systems of the day and excelled by very
few roads in the country and only in the case of
AND NET EARNINGS FOR
such as possess special advantages in the way either RAILROAD GROSS
HALF-YEAR.
THE
combined.
of traffic or of grade, or of both
United States in the first six
the
of
railways
The
of
story
the
the
tell
comloads
Such high train
pany's success in face of the very low rates at which months of the current calendar year made not only
traffic has, of necessity, to be carried. The average very substantial gains in their gross revenues, but
rate realized in the late year was a trifle better than also in their net earnings. We gave an extended
in the year preceding and yet amounted to only 4.20 analysis of the gross results in our issue of Aug. 12,
mills per ton mile. At this figure it is necessary to where we summarized the trade and traffic conditions
move two and a half tons of freight one mile in order to responsible for the marvelous improvement recorded,
earn a single cent gross. Butthe constantly increasing but were not then able to furnish figures of net revetrain load has made it possible to net large profits, nues because many roads had not yet completed their
even at these small rates. As previously pointed returns for the month of June. We accordingly
out by us, it is through the additions to train.loads now supplement our analysis of the gross with exand the constant lowering of the unit of cost per tensive tabulations covering both the gross and net
ton that the loss in rates which, up to the latest year results.
The year 1916 will always remain memorable for
had been almost continuous, has been overcome.
train
load
the
the
road the magnificent way in which the great transportaThrough this increase in
has been able to raise—almost uninterruptedly to tion systems of the United States were able to enraise—the earnings per train mile. In the late year large both their gross and their net income. The
the earnings per freight train mile were actually year stands unique for the imposing nature of the
over $4, being $4.0205; this compares with $3.4484 gain in gross and net alike. In this these transportain 1915; $3.3324 in 1914; $3.2420 in 1913 and $2.9664 tion agencies, of course, simply reflect the wonderful
in 1912. In the four years, it will be seen, the expansion in trade and industry generally as the reearnings of the freight trains per mile run have been sult of the demands upon the United States arising
out of the gigantic conflict, being waged between the
raised fully 33 1-3%.
It is not alone, however, the high train load that leading countries of Europe. Prior to the presentexmakes it possible to obtain a profit at the low rates pansion in revenues, which had its inception about
at which this little system is obliged to move its September or October last year, the railroad industraffic. The tremendous volume of tonnage that try had for many years been languishing. Indeed,
the road has been able to build up has been an it was in a bad way, as cost of operations was rising
equally important factor in the problem. We have and traffic and revenues failed to expand in a comalready seen that in the late year there was a fur- mensurate way. But under the stimulus to indus


888

THE CHRONICLE

try afforded by the present world war, they have now
retrieved the past and at one bound regained all they
had previously lost, and, advancing to new heights,
are now surpassing by far the best records of the past.
The very circumstances here mentioned, however,
namely that this year's apparently phenomenal improvement reflects in no small measure the absence
of previous growth, qualifies for that reason the significance to be attached to the present gains. As
bearing upon the relative prosperity of the roads, there
is still another factor that must not be lost sight of
in considering the importance and significance of
the present unusual gains. We refer to the fact that
while railroad revenues were standing still, or actually retrograding, the capital invested in the properties has kept steadily and largely increasing, inasmuch as hundreds of millions of dollars have to be
invested each year to provide additional accommodations and greater facilities and equipment. Present
returns, therefore, cover a greatly increased capital
investment.
These generalizations are obviously a pertinent
preliminary to the presentation of the figures themselves for the half-year. Stated in brief, as compared
with the six months ending June 30 1915, the gross
earnings of United States railroads for the six months
of 1916 increased no less than $328,012,578, the total
rising from $1,403,448,334 to $1,731,460,912. As
against this large improvement in gross revenues
there was an augmentation in expenses in the substantial sum of $161,861,191, but this still left a gain
in net in the satisfactory amount of $166,151,387,
or 42.26%,the total of the net for the first six months
of 1916 being $559,376,894, against $393,225,507 in
the first six months of 1915.
Jan. 1 to June 30-Increase or Decrease(400 Roads).
1916.
1915.
Amount.
Miles of road
249,249
248,495
Inc.754 0.30
Gross earnings
81,731,460,912 84,403,448,334 Inc. S328,012,578 23.37
Operating expenses...... 1,172,084,018
1,010,222,827 Inc. 161,861,191 16.02
Net earnings

8559,376,894

8393,225,507 Ine.$166,151,387 42.26

As already indicated, the significance of these imposing gains is modified by the fact that comparison
is with poor or indifferent returns in most of the years
immediately preceding. In 1915 conditions for the
railroads were very unfavorable, and our compilation
for the half-year recorded a loss in gross earnings of
$39,998,560. Expenses, however, were cut in a
most drastic fashion, as the outlook then for the
roads appeared very dismal; consequently in the net
earnings for these six months of 1915 there was actually an increase of $47,615,341. Comparison then,
however, was with very poor results for 1914. Our
compilation for this last-mentioned year registered a
decrease of $85,033,426 in the gross, or 5.72%, and
a loss of $50,660,208, or 12.82%,in the net. For the
two years combined there was a falling off in the
gross of $125,031,986 and of $3,044,867 in the
net. When the comparisons are carried still further
back, additional examples of unfavorable results are
obtained. In the first six months of 1913 the volume
of traffic was still satisfactory, and as a consequence
a substantial addition to gross earnings was then recorded, it amounting to $136,168,743, or 9.97%; but
such was the augmentation in expenses that only
$26,799,669 of this gain in gross was carried forward
as improvement in net. In 1912 the showing was
still poorer. The increase in gross was only $56,349,506, and this was converted into a loss in net of
$2,037,477 because of the increase in expenses. In
1911 there was for the half-year a loss in both gross
and net-$28,958,798 in the former and $25,717,377



[vol.. 103.

in the latter. In the first half of 1910 business was
very active and gross earnings registered a gain of no
less than $179,089,522; but augmented expenses
consumed $142,271,707 of this, leaving an increase in
net of only $36,817,815. In 1909 the showing was
much better. The railroads were then recovering
part of the large loss in gross earnings sustained after
the panic of 1907,but were still practicing rigid economy in every direction; as a consequence, in the six
months of that year there was a gain of $120,332,208
in gross and of $76,640,239 in net. But this succeeded tremendous losses in 1908, the latter being the
period of industrial depression following the panic
of 1907. At that time large numbers of roads withheld their figures, •the returns being so very bad.
Our compilations then embraced an aggregate of only
168,839 miles of road reporting both gross and net.
On this mileage the loss in gross for the six months
of 1908 aggregated $172,868,595. Over 30,000 miles
of road, however, had made reports of gross without
furnishing the figures of net; hence in the case of the
gross alone we had a footing covering 202,1'72 miles
on which the loss in gross reached no less than V97,085,791. That still left about 30,000 miles of road
unrepresented, and careful computations which we
made showed that for the whole railroad mileage of
the country the loss in gross must have reached
$235,000,000. In the net we estimated that for the
full railroad mileage the amount of the loss then
must have been about $85,000,000.
Going back to 1907, prior to the panic of that
year, we find that at that time, too, rising expenses
were the most pronounced feature of the returns.
For, while the addition to gross revenues in the first
half of that year, according to the roads making returns, was $114,656,528, the increase in net was no
more than $19,273,550. In the following we furnish
the half-yearly comparisons back to 1897. We give
the results just as registered by our tables each year,
and it should be borne in mind that in 1908 and prior
years a portion of the railroad mileage of the country
was always unrepresented in the totals, owing to the
refusal of some of the roads in those days to furnish
monthly figures for publication.
Gross Earnings.

Net Earnings.

Year
Year
Given.

a Year
Preceding.

Increase or
Decrease.

Year
Given.

Year
Preceding.

Increase or
Decrease.

$
Jan. 1 to June 30.
1897 405,003,731 407,164.468 -2,160,737121,059,320 115,427,318 +5,632,002
1898 460,528,130 410,596,441 +49.931,689 139,585,717 121,895,682 +17,690,035
1899 489,509,765 461,993,058 +27,616,707150.599,074 140,545,835 +10,053,539
190 577,149,664 506,366,345 +70.783,319180,718,437 155,591,468 +25,126,969
1901 638,334,794 580,421,956 +57,912,838206.218,320170.495,140 +26,723,180
1902 670,398,926 631,494,280 +38,904.646209.973.703202,250,797 +7,722,906
1903 727,932,367 637,690,839 +90.232,528218,024,056 198,250,826 +19,767,230
1904 731,774,531 744,860,135 -13,085604108,807,547224,157,420 -25,349,873
1905 847,334,204 790,321,750 +57,012,454 234,333,810215,417,468 +18,916,342
1906 923,551,268 815,486,025 +108,068,243 272,101,047226,345,855 +45,755,192
1907 999,082,691 884,426,163 +114,656,528280,i97,496 261,423,046 +19,273,550
1908 863,860,965 1036,729.560 -172,868,595231,254,071 294,738,973-63,484,902
1909 1172,185,403 1051,853,195 +120,332,208 371,591,341 294,951,102 +76,640,239
1910 1351,570,837 1172,481,315 +179.080.522408.380,483371,562.068 +36,817,815
1911 1310,580,765 1339,539,563 -28.958.798378,852,053404,569,430-25,717,377
1912 1365,355,859 1309,006,353 +56.349,506 373,370,171 375,407.648 -2,037,477
1913 1502,472,942 1366,304,199 +136,168,743 400.242,544373,442.875 +26,799,669
1914 1401,010,280 1486,043,706 -85,033,426 343,835,677394,495,885 -50,660,208
1915 1407,465,982 1447,464,542 -39,998,560394,683,548347,068.207 +47,615,341
19161731,460.912 1403,448,334 +328 012.578559,378,894 393,225,507 +166151387
Note.-In 1897 number of roads Included in the total Is 170; In 1898, 179; in
1899, 165; In 1000, 170; In 1901, 172: in 1902, 154; In 1903, 159; In 1904, 136: in
1905, 148; In 1906, 143; In 1907, 148; in 1908 the number of miles represented was
168,839; in 1909, 233,902; in 1910, 239,652; In 1911, 241,923; In 1912, 237,608; in
1913, 239,983; In 1914, 245,312; in 1915, 247,745; In 1916, 249,249. Neither the
Mexican roads nor the coal-mining operations of the anthracite coal roads are Included in any of these totals.

As far as the separate roads are concerned, the
showing the present year is of the same nature as the
general totals, that is, there is improvement of the
most pronounced character in both gross and net,and
the improvement extends to all classes of roads. It
would be tedious to attempt to enumerate all the
more important increases. We will content ourselves by adverting merely to the figures for those

SEPT. 9 1916.]

two prominent systems, the Pennsylvania Railroad
and the New York Central. The Pennsylvania on
the lines directly operated both east and west of
Pittsburgh records an increase in the large sum of
$39,807,639 in gross and of $18,355,364 in net. Including all lines owned and controlled, which make
monthly returns to the Inter-State Commerce Commission, the gains are of yet larger magnitude,
reaching $46,832,233 in gross and $22,954,874 in net.
In 1915 the Pennsylvania on the lines directly operated east and west of Pittsburgh had a loss of $5,462,528 in gross but a gain of $1,874,804 in net,
and this followed a loss of $13,633,685 in gross and
of $1,791,242 in net in 1914.
The New York Central the present year reports
$24,102,448 gain in gross and $12,250,004 gain in
net. This is for the Central proper as enlarged under
the merger with the Lake Shore and other roads.
Including the other auxiliary and controlled roads,
the whole going to form the New York Central System, the result is a gain of $41,788,556 in gross and
of $23,472,300 in net. This succeeds a gain of $2,440,551 in gross and of $11,894,781 in net on the
same system in the first six months of last year. In
1914, however, the New York Central System lines
recorded a loss for the six months of no less than
$23,590,602 in gross and of $17,601,444 in net, affording an idea of the extent to which this year's
large improvement represents merely a recovery of
what was previously lost.
In the following we bring together all changes for
the separate roads for amounts in excess of $500,000,
whether increases or decreases, and in both gross and
net.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR St X MONTHS
Increases.Increases.
Pennsylvania (3)
a$39,807,639 Chicago & East Illinois_ $1,603,489
b24,102,448 Buffalo Rochester & Pitts 1,570,986
New York Central
1:57
60
2:97
453
5
12,764.762 Duluth Missabe & No.... 14
Union Pacific (3)
10,961,014 Chicago & Alton
Baltimore & Ohio
1:2
321:2
94
90
9
Atch Topeka & Sa Fe (4) 10,218,080 Chic St Paul Minn & Om 17
as Coast
Southern Pacific (10)- 9,587,225 Florida Et
9,021,766 Cin New Onl & Tex Pac_ 1:2
10
36
8:3
468
7
Great Northern
8,946,801 Virginian
Northern Pacific
8,598.433 Bessemer & Lake Erie.._ 1,137,756
Chic Milw & St Paul
Onicago Burlington & Q x7,746,469 Nash Chatt & St Louis.... 1,130,845
7,636.336 Vandalia
Norfolk & Western
1,060,373
Chic & North Western.... 7,559,419 Western Maryland
1,041,769
6,551,434 Grand Trunk Western.... 1,002,494
Phila & Reading
6,499,511 Hocking Valley
Erie (2)
970,080
Louisville & Nashville.... 6,291,012 St Louis Southwest (2)
949,423
NYNH& Hartford
6,205,068 Chicago Groat Western..
Railway
,
Colorado
&
6,186,950
Southern
Southern (3)
936,134
5,343,928 Western Pacific
Michigan Central
896,385
5,273,263 San Pod Las Ang & S L..
Illinois Central
884,900
5.113,915 Union (Pa)
Cleve Cin Chic & St L
883,614
4,871,712 Chicago Ind & Louisv- _
Missouri Pacific (2)
717,672
Chesapeake & Ohio
4,658,170 Yazoo & Miss Valley..
715,038
Dela Lack & Western- 4,549,008 Lake Erie & Western
701,710
Pittsburgh & Lake Erie_ 4,439,089 Toledo & Onio Central
681,568
4,371,511 Indiana Harbor Belt
Boston & Maine
678,418
Minneap St P & S S M.. 4,148,698 Mobile & Ohio
670,676
Chic R I & Pac Lines (2) 4,047,396 Texas & Pacific
660,610
4,017,569 Long Island
Wabash
654;340
St Louis & San Fran (4) 3,887,383 N Y Phila & Norfolk
609,752
2,894,023 Alabama Great Southern
Central of New Jersey
599,934
2,803,343 Maine Central
Elgin Joliet & Eastern
576,537
2,732,420 West Jersey & Seashore
Lehigh Valley
561,473
2,508,148 Caro Clinchf & Ohio_
Atlantic Coast Line
556,489
Phila halt & Wash
2,369,732 Canadian Pacific in Me_
538,242
Wheeling & Lake Erie.... 2,220,635 Duluth & Iron Range_
526,351
Delaware & Hudson..
2,189,305 Kansas City Southern
507,461
Pere Marquette
2,002,135 Toledo St Louis & West
504,645
N Y Chic & St Louis
1,842,234
Seaboard Air Line
1,816,599
Denver & Rio Grande.._ 1,751,287
Representing 103 roads
El Paso Southwestern...._ 1,689,601
in our compilation_$303,664,160
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to inake the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
The figures in parenthesis indicate the number of roads so combined.
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 $23.485,189 increase, the I'ennsylvania Company$10 397,986 gain and the P. C. C. & St. L. $5,924.464 gain. Including
ing ail lines owned and controlled which make monthly returns to the
Inter-State Commerce Commission, the result is a gain of $46,832,333.
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 Now
York Central System, the result is a gain of $41,788,556.
x These figures are for five months only.
PRINCIPAL CHANGES IN NET EARNINGS FOR Si X MONTHS.
Increases.
Increases.
Pennsylvania (3)
a$18,355,364 Southern Railway
$4,485,898
New York Central
b12,250,004 Wabash
3,644,078
7,970,290 Cleve Cin Chic & St L..- 3,447,053
Union Pacific (3)
Chicago Burlington & Q.. x6,486,837 Michigan Central
3,225,480
Atch Topeka & Sa Fe (4) 5,171,259 Minneap St P & S S M.... 3,175,863
Norfolk & Western
5,144,064 Illinois Central
3,119,478
Nashville
5,063,350 Chic R I & Pac Lines (2) 3,113,419
Louisville &
Southern Pacific (10)...... 4,990,578 Lake Erie & Western
3,051,590
Reading
4,735,750
Great
Phila &
Northern
2,916,759
4,680,595 Boston SuMaine
Northern Pacific
2,892,297




889

THE CHRONICLE
Dela Lack & Western....
Chic & North Western__
Erie (2)
Chesapeake & Ohio
Atlantic Coast Line....
Chic Milw & St Paul..
Phila Bait & Washington
Central New Jersey
St Louis & San Fr (4)....
Wheeling & Lake Erie
N Y Chic & St Louis..
Denver & Rio Grande
Pere Marquette
Chicago & Alton
El Paso Southwestern_....
Chicago & East Illinois..
Elgin Joliet & East
Colorado & Southern (3)
Grand Trunk Western
Seaboard Air Line
Florida East Coast
Cin Ham & Dayton-

Increases.
$2,794,049
2,669,664
2,174,667
1,867,617
1,824,317
1,649,009
1,623,741
1,618,409
1,484,198
1,303,450
1,260,261
1,258,234
1,169,976
1,169,869
1,158,512
1,147,454
1,094,181
1,026,696
979,572
978,645
936,989
800,549

Lehigh Valley
Virginian
Texas & Pacific
Nash Chatt & St Louis
Chicago Great Western..
Western Maryland
Chic St P Minn & Om
Lake Erie & Western
Delaware & Hudson..
Duluth Missabe & No....
Western Pacific
San Pod Los Ang & S L..
Toledo St Louis & West

Increases.
$782,538
778,327
760,916
698,938
688,282
655,520
619,490
606.869
5,32.933
577,390
576,276
523,076
515,316

Representing 78 roads
in our compilation_$148,275,936
Decreases.
Missouri Kan & Texas__ $2,538,482
716,188
Baltimore & Ohio
Representing 2 roads
in our compilation
$3,254.670

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 $10,942,771 increase, the Pennsylvania Company $5,048,391 gain and the P. C. C.& St. L.$2,361,202 gain. Including
all lines owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a gain of $22.951,874.
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 $23,472,300.

It will be seen there are no decreases running as
high as $500,000 in the case of the gross and only
two in the case of the net. The two exceptions are
the Baltimore & Ohio and the Missouri Kansas &
Texas; in both instances the losses follow from heavy
increases in the expense accounts. The Baltimore
& Ohio in its gross gained for the six months no less
than $10,951,014, and its loss in net of $716,188 occurs in face of that fact. The circumstance should
not be overlooked, however, that in the six months
of last year the Baltimore & Ohio, while having fallen
behind $796,150 in gross, managed, through a reduction in expenses, to make a gain of $4,412 237 in
net. In the case of the Missouri Kansas & Texas
the result for the present year is $32,045 increase
in gross, but $2,538,482 decrease in net; this follows
$1,259,195 gain in gross and $649,965 gain in net in
the first six months of last year.
It is almost needless to say that when the roads are
arranged in groups or geographical _divisions, according to their location noteworthy: improvement
is recorded for the half-year in gross and net alike
for all the different divisions. Our summary by
groups is as follows:
SUMMARY BY GROUPS.
Jan. 1 to June 30.
Section or GroupGroup 1 (18 roads), New England
Group 2 (88 roads), East & Mid..
Group 3 (64 roads), Middle West
Groups 4 & 5 (97 roads), Soutn'n
Groups 6 & 7 (79 roads), Nortbw
Groups 8 & 9 (100 roads), Southw
Group 10(44 roads),Pacific Coast
Total (490 roads)

1916.
81,217,008
483,345,220
215,991,487
225,484,973
384,731,333
257,951,110
102,739,781

1,731,460,912 1,403,448,334 +328,012,578 23.37
--Mileage
1916. 1915.

Group No. 1
Group No. 2
Group No.3
Groups Nos. 4 & 5__
Groups Nos.6 & 7....
Groups Nos.8 & 9__
Group No. 10
Total

Gross Earnings
1915.
Inc.(+)or Dec.(-)
$
t
68,109,814 +13,107,194 19.24
387,487,888 +95,857,352 24.79
162,749,807 +53,241,680 32.39
183,928,035 +41,556,938 22.60
290,845,851 +73,885,482 25.40
225,442,425 +32,508,685 14.44
84,884,534 +17,855,247 21.12

7,828
29,684
23,280
42,221
68,907
58,791
18,538

7,834
29,578
23,677
42,124
68,426
58,520
18,336

1916.
24,739,232
150,941,073
68,071,011
79,538.150
124,262,558
73,827,254
37,997,616

Net Earnings
1915.
Inc.(+) or Dec.(--)
$
20,100,713 +4,638,519 23.07
109,359,055 +41,582,018 38.07
36,396,199 +31,674,812 87.45
52,515,813 +27,022,337 51.47
86,859,206 +37,403,352 43.09
59,534,657 +14,292,597 24.01
28,459,864 +9,537,752 33.47

249,249 248,495 559,376,894 393,225,507+166,151,387 42.26

NOTE.-Group I. Includes all of the New England States,
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, 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 Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and 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 of 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.

The improvement continued through all the different months of the half-year, and the remark applies to both gross and net. We insert here a summaryZofithe:monthly:_totals:

THE CHRONICLE

890
Gross Earnings.
MM.
1916.

1915.

Inc. or Dec.

I

--Gross
Group II.(Con.)- 1916
1915

Net Earnings.
1916.

1915.

Inc. or Dec.

$
$
Jan _ 267,043,635 220,203,595 +48,840,04021.27 78,899,810 51,552,397 +27,347,413
Feb_ 281,579,814 209,573,963 +58,005,85127.68 79,929,46351,043,120 +28,886,343
Mar.296,830,406 238,098,843 +58,731,55324.66 97,771,59068,392,963 +29,378,627
Apr_ 288,453,700 237,512,648 +50,941,052 21.4593,002,395 57,396,538 +25,695,857
May 308,029,095 244,580,685 +63,448,41125.94 103598 255 71,701,320 +33,806,935
June 285,149,745 237,612,967 +47,536,77920.01 97,636,81576,693,703 +20,943,112
Nets.-Percentage of increase or decrease in net for the above months has been
Jan., 53.05% Inc.; Feb., 56.59% inc.; March, 42.96% inc.; April, 38.13% Inc.;
May, 47.09% inc.; June. 27.31% inc.
In January the length of road covered was 247.620 miles; in February, 245,541
miles; in March, 247,363 miles; in April, 246,615 miles; in May, 248,006 miles; in
June, 226,752 miles.

We now give our detailed statement for the halfyear. It shows the results for each road separately.
EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO JUNE 30.
Net
-Gross
Group I
1915
1916
1915
1916
Inc or Dec
New England
$
S
$
$
$
Atl & St Lawrence_ 1,220,121
321,783
92,521
755,339
+229,162
Bangor & Aroostook 2,081,789
836,588
2,054,062
896,560
-59,972
Boston & Maine_ _ _ 26,441,124 22,060,613
7,978,396
5,086,099 +2,892,297
772,756
505,925
Can Pac lines in Me 1,310,998
216,616
+289,309
Central Vermont_ _ _ 2,191,915
1,911,408
564,170
430,397
+83,773
Grafton & Upton- _
72,571
53,594
25,178
5,910
+19,268
63,421
42,465
10,662
Hoosac Tunn & Wil
12,226
-1,564
Maine Central
6,016,565
5,440,029
1,871,735
1,516,498 +355,237
Montp & Wells Itiv_
141,494
126,209
16,099
14,973
+1,126
N Y N 11 & Hartf
38,489,037 32,283,969 11,627,963 11,130,397 +497,566
Newport& Richford
135,889
def6,768
87,085
def10,768
+4,000
Portland Terminal_
140,745
75,130
49,269
105,645
+26,861
Rutland
590,835
1,958,852
1,033,345
431,312 +159,523
23,664
St Johnsbury & L C
174,544
153,224
5,577
+18,087
23,081
Sandy R & Rang L.
92,894
25,176
107,925
-2,095
124,216
Sullivan County_ _ _
303,631
240,687
60,952
+63,264
Union Freight
68,650
37,653
20,620
97,273
+17,033
111,922
Vermont Valley_ _._
269,112
216,839
66,278
+45,644
Total (18 roads)_ 81,217,008 68,109,814 24,739,232 20,100,713 +4,638,519
----Gross
Group 11
1916
1915
East & Middle
$
$
Baltimore & Ohio_ _ 55,628,377 44,677,353
Benwood & Wheel_
77,596
8,417
33 537
Bloomsb & Sullivan
48 450
Buffalo & Simi RR_
823,124
674,524
4,422,021
Buff Roch & Pittab_ 5,993,007
Cambria & Indiana_
133,051
151,544
Central New Eng__ 2,394,840
2,158,018
Chestnut Ridge_ __ _
65,371
50,514
Connecting Term'l_
77,501
40,004
Cornwall
147.187
61,386
Coudersp & Pt Alleg
69,841
62,135
Cumberland & Penn
362,669
399,627
Del & Nortnern_ _ _
61,174
67,453
Delaware & Hudson 12,970,603 10,781,298
Del Lack & Western 24,929,327 20,380,319
Sussex
83,179
77,353
Dorora Southern..
62,455
41,748
E Broad Tp RR & C
164,487
158,702
104,734
EastJerseyRR&Ter
101,378
Erie
32,064,488 26,459,062
Chicago & Erie-See Group HI
Fonda Johns & Glov
482,460
414,818
Genesee & Wyoming
131,177
111,048
Greenwich & Johnss
70,463
59,515
99,059
Hoboken Manufac_
57,734
325,550
257,870
Hunt&BTMtRR&C
Ironton
148,673
130,410
67,292
LakeErie Fran k &CI
75,700
Lake Champ & Mo_
157,819
49,184
Lehiga & Hud Rh,. 1,015,067
911,640
Lehigh & New Eng_ 1,482,509
1,277,806
Lehigh Valls)?
23,141,354 20.408,934
147,436
Ligonier Valley_ _ _ _
95,665
231,734
Maryland & Penna..
227,303
90,532
248,275
McKeesport Conn_
387,555
508,987
Monongahela Conn
188,571
Montour
266.500
151,460
Morgantown& King
178,008
Morristown & Erie_
64,164
55,378
New Jerrey & N Y.
401,111
418,571
N Y & Pennsylvania
49,035
49,017
N Y Central
108,045,758 *83,943.310
For Lines West of Buffalo see Group HI
N Y Ont & West
3,987,310
4,149,808
N Y Susq & Western 1,822,937
1,645,580
Northamp & Bath_
42,121
71,586
Norwood & St Lawr
54,280
35,329
Pennsylvania-Lines East of Pitts & EriePennsylvania RR..z 111,644,192 88,159.003
Bait & Spar Point_
85,077
28,707
13alt Ches & Ati
486,758
460,261
Cornwall & Leh_
250,399
140,438
Cumberland Vail_ 1,778,951
1,391,988
Long Island
6,707,340
6,053,000
Maryland Del& Va
378,675
364,697
602,709
Monongahela
1,033,614
NY Phila & Norf.. 2,476,001
1,866,249
Pennsylvania Term-See Groups 13/ & V
9,716,617
PhllaBalto& Wash 12,086,349
Susq Blooms & Ben
145,854
48,773
Union RR of Bait.
940,749
769,320
Waynesb & Wash..
68,254
53,377
2,778,222
WestJersey&Seash 3,339,695
For Lines West of Pitts & Erie see Group HI
PittsAlleg&MeKRk
107,538
29,008
Pitts Shaw & Nor
1,198,552
871,025
Potato Creek
152,190
135,947
Reading CompanyAtlantic City
921,127
1,048,028
Catasauqua & Fogl
129,138
102,117
Cent RR of IS J
16,654,203 13,770,180
Ches & Del Riv
101,175
223,324
Gettysb & Harrlsb
106,091
122,461
Northeast Penns
52,347
56,401
Perkiomen
299,604
380,515
Phlla dc Reading
29,482,968 22,931,534
75,262
PhilaNewton&NY
84,813
Port'lleading
876,342
753,575
Reading & Colum_
219,585
175,643
Raritan River
283,143
139,643
Reynoldsv & Falls C
35,538
43,000
St Clair Terminal
141,638
83,564
Sheffield & Tionesta
60,423
53,836
South Buffalo
262,604
489,151
Staten Island
189,148
167,935
Staten Ial Rap Trans
689,033
626,965
Susquehanna dr N Y
111,782
150,498
Ulster & Delaware_
435,234
420,505
Union RR Co,Penn 2,598,345
1,714,731
Wellsville & Buffalo
130,147
116,933
West Side Belt
315,506
144,761
Western Maryland_ 5,525,030
4,483,261




[VoL. 103.

Net
1916
1915
Inc or Dec
$
$
$
14,146,976 14,863,164 -716,188
16,241
def1,578
L +17,819
20 357
8,919
+11,438
194,875
67,575 +127,300
1,629,021
1,176,608 +452,413
18,455
49,378
-30,923
946,079
971,028
-24,949
31,664
24,947
+6,717
50,300
18,844
+31,456
90,398
21,474
+68,924
26,271
13,508
+12,763
14,174
46,756
-32,582
15,267
7,572
+7,695
4,205,356
3,622,433 +582,933
9,820,851
7,025,802 +2,794,049
def1,104
def7,910
+6,806
def52,923
def19,323
-33,600
89,559
85,050
+4,500
1,275
20,031
-18,756
8,432,598
6,700,632 +1,725,966

Wilkes-Dame dr East
Williamsp & N Bch_

365,970
75,117

357,449
63,870

1918
129,009
25,176

Net
1915

Inc or Dec

132• ,337
12,399

-3,328
+12,777

Total (88 made)_483,345,220 387,487,868 150,941,073 109,359,055+41,582,018
•Comparative figures here shown are the combined results of the N. Y. Central,
the Lake Shore & Mich. Southern, the Chic. Ind. & So., St. Lawrence & Adirondack and the Dunkirk Allegheny Valley & Pitts., all of walch are now merged
in the present New York Central RR.
z Includes the Northern Central.
-Gross--Net
Group ///
1915
1916
Inc or Dec
1916
1913
Middle West
82,381
AkronCant& Young
+57,464
157,929
40• ,496
97,960
88,718
35,027
Aliquippa & South_
152,252
+17,703
17,324
402,620
1,345,993
1,095,871
Ann Arbor
+92,349
310,271
1,713,874
Bessemer & Lake E 4,570,854 3,433,108
1,233,560 +480,314
150,415
46,183
122,823
Boyne C Gayl & AI_
-154
46,337
1,521,752
3,154,977
773,051
Chicago & Erie.... 4,049,052
+748,701
160,472
ChicDet&CanGrTr
602,164
481,075
110,574
+49,898
3,152,249
1,303,916
1,005,166 +298,750
Chic Ind & Louisv_ 3,869,921
61,178
177,604
68,323
Chicago River& Ind
173,107
+7,145
Chic Terre H & S
1,285,916
293,095
1,021,746
299,853
+6,768
89,831
4,203
Chi Georgt & Ports
85,288
+20,306
24,509
4,555,558
171,267 +800,549
Cin Ham & Dayton 4,694,739
971,816
121,146
111,319
-11,145
Cinc Sag & Mackdef37,301
def48,446
69,082
77,523
+7,617
Dayton & Union_ _ _
19,413
11,796
Delray Connecting_
144,025
45,586
+58,522
31,989
def26,533
606,422
517,800
189,049
Detroit & Mackinac
+54,038
125,611
920,648
733,809
543,571
Det& Tol Sh Line
363,394 +180,177
1,275,230
269,935
Det or Hay & Mil_ 1,500,121
198,955
+70,980
165,431
Detroit Terminal._
351,544
233,822
138,836
+26,595
253,850
Det Tol & Ironton- 1,121,545
720,892
62,139 +201,711
1,602,744
623,172 +979,572
Grand Trunk West- 4,552,770
3,550,276
Hocking Valley_ _ _ - 3,611,583 2,641,503
834,208
+89,365
923,633
-5,090
Hal L S & Ch Ry Co
y43,427
y7,389
y45,229
y1,399
5,569
+14,364
81,414
Kanawha & W Va
64,477
19,933
-23,174
285,568
213,860
27,474
Lake Terminal
4,300
65,346
+1,786
Lakeside & Marbleh
87,960
31,011
29,225
Lorain & West Va
159,788
113,977
126,728
84,168
+42,550
135,148
98,341
23,815
+24,985
Loulsv & Jeff Bridge
def1,170
87,295
+34,496
Manistee & N
287,081
250,071
52,799
60,369
49,058
9,761
10,744
-983
Marietta Col & Clev
125,675
+11,816
Michigan Air Line_
101,029
defI9,087
def30,903
New York Central-See Group 17
97,718
+13,070
110,548
49,868
36,798
Chic Kal & Sag.-.
116,818 +145,367
707,479
805,209
262,185
Cinc Northern.._ _
3,584,407 +3,447,053
7,031,450
ClevCinCh&StL* 22,156,174 17,042,250
37,801
881
-12,196
32,345
def11,315
Det & Charlevoix_
Indiana Harbor Belt-See Groups VI & VII
558,544
383,045 +275,499
1,325,818
Kanawha & Mich.. 1,823,114
2,755,138
683,890 +506,869
Lake Erie & West- 3,467,848
1,190,759
7,279,636 4,054,156 +3,225,480
Michigan Central_ 21,901,981 16,558,053
7,037,944
Pitts & Lake Erie- 11,477,033
5,886,177 2,834,587 +3,051,590
2,753,530
2,072,062
550,539
290,060 +260,470
Tol & Ohio Cent
-15,792
147,028
def40,165
def55,957
182,198
Zanesv & Western.
5,681,706
2,228,231
967,970 +1,260,261
N Y Chic & St Louis 7,523,940
121,763
300,031
66,255
+55,508
455,716
Newburgh & So Sh..
def3,686
91,636
def1,064
-2,622
105,091
Ohio River & West_
Pennsylvania-Lines West of Pitts & Erie4,835
105,699
91,370
def13,2135
+18,120
Central Indiana
403,893
307,166
43,472
+65,076
108,548
Cino Leb & Nor
582,265
Grand Rap & Ind_ 2,767,609
2,465,530
445,150 +137,105
Pennsylvania Co
35,514,209 25,210,223 11,205,424
6,157,033 +5,048,391
135,229
Pitts Char& Yough
244,728
146,085
58,700
+70,529
Pitts Cin Ch & St L 24,354,074 18,439,610
6,392,274
4,028,072 +2,364,202
Toledo Peo & West-See Groups VI & VIIVandalia
6,217,371
5,155,998
929,878
+303,957
1,323,835
Waynesb & Wash-See Group II3,051,078
8,677,501
1,881,102 +1,159,075
Pere Marquette.... 10,679,636
4,455
138,532
123,073
def607
+5,062
Pontiac Oxf &North
30,831
30,164
77,992
der2,810
+33,641
Pullman RR
136,196
102,653
170,630
202,249
+33,543
St Clair Tunnel Co_
27,956
28,335
105,742
-369
114,735
Tionesta Valley.._ _
det27,255
def42,104
+14,849
78,425
96,086
Tol Sag& Muskegon
532,157 +515,316
1,047,473
Tol St Louis & West 2,848,733 2,344,088
215,996
+7,824
100,275
231,911
92,451
Toledo Terminal...
5,712,607 2,058,529 +3,544,078
17,824,015 13,806,446
Wabash
177,889
335,060
578,141
+140,158
37,721
Wabash-Pitts Ter
35,443
110,365
141,473
1,836
+33,607
Western Allegheny_
560,414 +1,303,450
1,863,864
Wheel & Lake Erie- 4,780,873 2,560,238
53,700
76,336
138,229
+12,635
157,549
Youngstown & Ohio

228,171
195,112
+33,059
80,362
65,183
+15,170
39,030
30,877
+8,153
5,487
1,929
+3,558
141,533
114,510
+27,123
71,063
94,839
-23,776
28,750
27,258
+1,491
90,881
7,532
+83,349
419,258
331,898
+87,370
593,201
639,144
+54,057
6,790,576
6,008,038 +782,538
Total (64 roads)_215,991,487 162,749,807 68,071,011 36,396,199+31,674,812
87,806
44,144
+43,662
65,393
56,896
+8,497 -* Includes Peoria & Eastern.
115,518
def12,653 +128,171
107,631
Net
-Gross
67,616
+40,015
de169,566 de1104,621
1910
Inc or Dec
Groups IV dr V
1916
1915
1915
+35,055
34,838
14,491
Southern
$
$
+20,347
.5
$
$
25,724
78,149 +129,423
28,151
+2,427 Alabama & Vicksb_
848,459
700,452
207,572
+11,002
87,154
97,664
65,034
-10,510 Ala Tenn & North- 265,393
235,636
70,036
11,275
+24,444
2,137
+4,020 Appalachicola Nor_
107,264
65,847
35,719
6,157
14,525
41,997
+27,472
109,405
60,706
37,456,471 n5,200.457+12,250,004 Ashland Coal & Iron
Atl & St Andrew's B
33,528
18,405
84,311
+15,032
106,033
172,424
580,552
140,596
695,710
+31,828
1,145,942
973,073 +172,859 Atlanta & West Pt_
1,278,829
254,646
104,113 +150,533
519,081
583,342
-64,251 Atl Birm & Atlantic 1,478,663
7,195,650
5,371,342 +1,824,317
3,353
def5,807
+9,160 Atlantic Coast Line- 19,037,124 16,528,970
56,247
45,663
781
29,918
def10,418
+11,199
10,892
+19,020 Birm & Northw____
51,023
50,387
-8,285
Birm & Southeast...
14,649
22,934
74,886
+33,608.
538,630
346,750
108,494
30,749,951 19,807,180+10,942,771 Birm Southern__ _ _
41,786
56,871
+15,085
def2,224
57,126
233,555
197,503
+59,350 Carolina & N V...
452,555 +307,624
760,189
49,820
30,160
+19,660 Caro Clinch & Ohio 1,593,077
1,036,588
48,114
25,442
63,154
+22,672
+70,659 CaroClinch&OofSC
93,036
99,804
29,145
1,635,081
5,774,804
1,512,215 +122,856
872,963
472,292 +400,071 Central of Georgia_ 6,088,267
79,140
32,807
27,592
81,955
+5,215
1,889,895
1,572,310 +317,580 Central W Va & Sou
979,726
870,605
360,747
250,107 +110,640
19,585
9,648
+9,937 Chariest & W Caro_
104,463
118,359
30,434
42,991
516,726
-12,537
278,599 +238,127 Charleston Term Co
204,492
150,854
liar
North_
4,971
def29,620
&
+34,591
357,251
825,501
+468,250 Charl
69,296
54,048
24,655
Chattahoochee Vail
36,065
+11,410
6,174,811 +1,867,617
8,042,428
3,258,495
1,544,754 +1,623,741 Chesapeake & Ohio_ 24,502,722 19,944,552
def21,814
def11,150
33,156
33,521
+10,664
58,534
2,359
+55,275 Chesapeake Beach_
def2,890
11,152
66,512
+14,042
76,680
834,021
642,301
+192,230 Chic Memph & Gulf
1,911,261
1,483,600 +427,661
4,659,557
3,683
1,157
+2,526 Cin New Orl & T P_ 5,866,024
107,596
554,471
471,154
110,540
-2,944
609,587
237,609 +351,918 Coal & Coke
59,210
Colum Newb &Laur
167,956
130,454
19,795
+39,415
84,916
+31,705
171,634
137,390
53,210
32,711
def2,810
+35,521 Durham & South_
dell,437
21,440
+4,105
23,570
def5,542
219,453
242,780
-23,327 Eastern Kentucky_
63,210
89,111
129,535
37,397
+25,813
23,923
10,320
+13,603 E Tenn & W No Car
78,071
+1,070
17,543
Fernwood & Gulf
82,343
15,473
2,496,866
1,559,877 +936,989
174,024
30,891
+143,133 Florida East Coast_ 4,675,148 3,403,858
40,354
6,453
+4,396
50,242
10,859 '
70,533
42,508
+28,025 Frankfort & Clue_
83,435
14,108
+9,445
94,209
23,514
5,972,596
4,354,187 +1,618,409 Gainesv Midland
def52,285
+62,378
358,416
295,166
10,093
150,998
52,623
+98,375 Georgia & Florida
196,352 +185,317
1,519,028
1,278,710
381,679
31,186
28,741
+2,445 Georgia
46,654
234,300
254,041
46,465
-189
def5,460
def8,067
+2,607 Georgia Fla & Ala
21,297
85,353
98,884
26,015
+4,719
205,852
157,655
+48,197 Georgia Northern..
9,782
41,172
7,189
49,535
-2,593
12,340,266 7,604,516 +4,735,750 Ga Southw & Gulf_
257,299 +118,542
796,894
375,841
985,865
def3,519
1,420
-4,939 Gulf & Ship Island_
18,738
48,642
52,041
299,292
417,954 -118,672 Harriman & N E
ILO
def4,744
++US7
53,665
53,904
35,410
27,943
+7,467 Hawkinsv & Fla Sou
defi6,615
46,440
185,011
53,686
+63,055
135,070
78,677
+50,393 Interstate
23,553
15,449
65.211
39,205
+8,204
14,704
11,307
+3,397 Kanawha Glen J & R
46,794
40,204
86,896
72,062
+6,590
36,251
32,948
+3,303 Kentucky & Tenn
10,828
27,589
83,516
92,684
-7,701
18,133
19,513
-1,380 Kentwood & East
19,779
42,301
51,089
9,251
+10,528
155,800
82,120
+73,680 Lancaster & Chester
64,694
93,338
39,878
123,872
+24,816
17,669
27,377
+9,708 Live Oak Perry & G
23,059
52,422
9,890
+13,169
74,338
220,946
269,485
-48,539 Louisiana Southern
5,639,621 +5.063,350
27,110
7,880
+19,230 Loulsv & Nashv__ _ 31,052,750 24,761,738 10,702,971
666,223
280,300
127,460 +152,840
835,631
112,655
3,568 +109,087 Louisv Rend & St L
51,259
3,473
+36,441
71,460
def32,968
663,024
19i,797 +455,227 Macon dr Birmingh.
+208
225,227
223,423
61,116
50,818
def134
def21,530
+21,390 MaconDublin&Sav
361,948
145,811
401,191
125,826
+19.985
182,392
41,513 +140 879 Mississippi Central_
859,144
1,558,082
+098,938
1,987,925
1,332,405 +655,520 Nashv Chatt dr St L 6,402.477 5,271,532

Net
1915

Gross

Gross
1916
1915
1916
$
Groups IV & V(Con)- $
def9,314
64,386
15,112
Natchez Col & Mo.
660,035
1,727,918
New Orleans & N E 1,902,698
450,984
782,459
892,897
New Orl Great Nor_
322,550
852,947
New Orl Alob & Chic 1,050,789
def1,953
48,376
42,768
NO Natalb & Natch
46,741
152,445
111,920
Norf & Ports Belt L
.821,515
Norfolk Southern__ .2,368,615 .1,912,038
Norfolk & Western_ 29,142,058 21,505,722 12,925,501
18,381
56,179
60,700
N W of South Caro_
def21,380
44,325
56,509
Ocilla Southern_-99,376
Term
233,069
252,274
Pennsylvania
925,955
1,560,008
Rich Fred & Potom 1,003,869
69,883
106,721
151,795
Sandy Vail & Elkli_
def8,510
78,825
99,073
Savannah & Northw
4,488,656
Seaboard Air Line__ 13,042,008 11,226,309
27,015
82,065
105,913
South Georgia
Southern Ity
35,620,884 29,433,934 12,283,459
993,522
2,330,834
Alabama & Gt So_ 2,930,768
8,645
74,548
73,579
Augusta Southern_
23,237
85,875
98,760
Blue Ridge
84,092
165,648
Danville & West_
184,204
283,249
1,023,568
Georgia So & Fla
1,232,561
1,797,891
5,341,386
6,012,062
Mobile & Ohio_ _
131,616
245,515
329,622
Northern Alabama
87,671
425,215
518,802
South'n Ity in Miss
6,402
50,911
56,722
Tallulah Falls_ __ _
173,512
824,005
970,546
Virginia & Southw
def908
3,523
12,619
Standard & Herna.n
def623
53,436
56,277
Tampa Northern
def13,883
32,208
59,351
Tenn Ala & Georgia
175,849
714,673
803,370
Tennessee Central_
56,814
30,786
75,195
Tennessee & No Car
41,041
12,954
49,353
Union Ry (Meniph)
53,129
33,162
73,738
Va & Caro South_ _ _
73,619
50,286
112,656
Virginia-Carolina
2,878,117
2,007,634
4,016,485
Virginian
42,282
def10,734
42,786
Wadley Southern
665,862
397,528
920,841
Washington South164,899
619,147
647,286
Western Ry of Ala_
49,130
52,810
81,604
Williamson& Pond C
191,885
221,478
358,765
Winston-Sal Southb
(1014,407
124,564
113,528
Wrightsv & Tennille
1,985,703
5,784,652
Yazoo & Miss Vali_ 6,499,690

26,191
-35,505
434,552
+225,483
261,705
+189,279
218,325
+104,225
8,788
-10,741
28.062
+18,679
*411,826
+409,689
7,781,437 +5,144,064
18,791
-410
7,044
-28,424
95,635
+3,741
619,983
+305,972
35,703
+34,180
(1033,780
+25,270
3,510,011
+978,645
15,139
+11,876
7,797,561 +4,485,898
582,166
+411,356
3,939
+4,706
21,380
+1,857
63,950
+20,142
162,981
+120,268
1,663,787
+134,104
78,746
+52,870
def1,385
+89,056
def4,812
+11,214
173,115
+397
def5,695
+4,787
def39,782
+39,159
def18,328
+4,445
113,895
+61,954
+7,932
22,854
+24,942
def11,988
22,640
+10,522
31.898
+18,388
1,229,307
+778,327
def12,761
+2,027
210,162
+187,366
100,237
+64,662
28,876
+20,263
75,791
+116,094
17,669
-22,076
1,681,954
+303,749

79,538,150

52,515,813+27,022,337

Total (97 roads) 225,484,973 183,928,035

--

Inc or Dec.

only.
.These returns are for that portion of road operated by steam
Net
Gross
1915
Inc or Dec
1916
1915
1916
Groups VI & VII
8
8
$
S
Northwest
+10,394
10,750
21,144
52,148
55,755
Western
Ahnapee &
242,719
-06,307
176,412
733,652
921,626
B & 0 Chic Ter Tr_
646,098 -161,826
484,272
1,490,574
Belt RY of Chicago- 1,494,656
34,520
-14,519
20,001
75,017
62,333
Big Fork & Inter F_
1,210,907 +1,169,869
2,380,776
6,699,005
Chicago & Alton-- 8,171,978
688,444 +1,147,454
1,835,898
6,505,896
Chile & East Illinois 8,109,385
30,426
52,193
+21,767
126,479
159,902
Chic & Ill Midland_
7,202
def7,239
-14,441
64,438
50,379
Chic & Illinois West
Chic & North West_ 44,840,068 37,280,649 13,640,510 10,070,846 +2,669,664
75,459
def15,109
(1019,476
90,190
-5,633
Chic & West Ind_ __
Chic Burl & Quincy 941,816,901 934,070,432 y15,704,913 y9,218,076 +6,486,837
9315,571
y44,619
ydef2,062
+47,581
Quincy Om & K C 9340,152
6,535,27() 2,107,809
+688,282
1,51)9,527
Chic Great Western 7,483,293
989,388
+78.233
138,230
216,463
Chicago Junction__ 1,195,972
181,809
230,556
+18,347
26,818
45,165
Chic Milw & Gary_
Chic Milw & St P_I 51,243,739 42,645,306 14,773,063 13,124,054 +1,649,000
Chic Milw & P S_ f
+112,830
39,783
722,628
866,241
152,613
Chic Peo & St Louis
+619,490
2,443,769
3,063,259
8,246,292
Ch St P M & 0_ _ 9,568,241
2,476
+18,961
21,437
34,623
79,305
Chicago Short Line
+45,273
29,990
99,512
192,866
Chic NV Pull & Sou
+20,293
124,471
264
75:37
144
352,999
449,615
Copper Range
-620
def7,486
def8,106
33,216
61,926
Dav It I & Northw
-528
def16,490
(1ef17,018
39,901
49,952
Denver Lar & N W
36,826
-19,145
17,681
46,512
" 54,703
Des Moines Union_
+119,956
902,694
1,022,650
2,093,744
Dul & Iron Range_ 2,620,095
44,619
+6,591
51,210
108,392
122,206
Dul & Northwest
63,078
-62,364
714
209,100
152,048
Dul & No Minn_ _ _
1,650,022
+577,390
2,227,412
3,099,342
Dul Missabe & Nor 4,659,797
252,737
453,873
+201,136
1,436,843
I)ul So Sh & A tl_ _ _ 1,735,841
+160,993
216,366
377,359
639,191
1,002,005
Dul Winn & Pac
57,150
91.947
202,038
+34,797
240,674
East St Louis Conn
3,525
9,764
40,253
-6,239
59,064
Electric Short Line
2,758,033
4,291,953
1,663,852 +1,094,181
Elgin Joliet & East 7,095,296
65,182
183,785
168,500
84,480
-19,2Q3
Escanaba & Lake S
31,042
626
42,508
def5,407
+6,123
Farmers Or & Ship59,950
43.886
8,094
+5,229
2,865
Gallatin Valley__
26,853,227
35,874,993
12,020,537
9,103,778 +2,916,759
Northern
Great
56,212
95,945
21,084
0171
+21,155
Great Western
373,324
409,019
124,093
+24,239
99,804
Green Bay & West
41,246
39,208
def1,126
def3,503
+2,377
Hannibal Connect34,760,981 29,487,718
9,313,408' 6,193,930 +3,119,478
Illinois Central
167,956
81:113
108
237,509
858
+35,478
66,380
Illinois Northern_ _ _
259,374
349,101
+29,142
58,971
Illinois Southern
143,364
227,217
95,777
46,504
Illinois Term RR
+49,273
1,581,970
716
1:5110
56
2
491,633
Indiana Harb Belt_ 2,260,388
+224,877
105,058
116,580
38,850
+12,662
ICewaunee Or B&W
101,605
50,118
273,633
def41,781
+91,899
Lake Sup & Istipem
50,087
97,430
127,112
29,042
+21,045
LItclif & Madison
24,885
22,729
78,700
73,257
-2,150
Manistique& Lake S
18,994
32,257
4,337
52,773
+14,657
Manufacturers' Jet_
73,031
450,648
124,389
-51,858
522,568
Mineral Range_ _ _ _
5,949
71,154
12,508
-6,559
86,577
Minn & Rainy Itiv_
1,681,645
4,795,082
1,460,482
+231,163
Minn & St Louis_'( 5,197,385
Iowa Central_ _ __ f
6,962,995
3,787,132 +3,175,863
Minn St P & SS M t 16,451,689 12,302,991
Wisconsin Cent__ f
134,850
147,827
+12,977
428,946
Minnesota & Int_ _ _
467,073
30,960
-8,722
22,238
Milwaukee Term_
71,15982,018
10,254
-2,614
Mineral Pt & Nor
7,640
42,182
63,562
19,496
Mont Wyo & Sou
+23,797
43,293
66,669
101,834
+42,612
Munising Mar & SE
96,297
53.685
294,592
218,647
Muscatine N & S
+6,640
16,660
23,300
80,992
63,170
Northern Pacific_
36.538,577 27,591,776 15,727,655 11,047,060 +4,680,595
127,873
87,268
Peoria & Pekin Un_
+40,005
558,135
128
Term
Co
14,251
Peoria ICY
37,857
+23,606
131,312
115,
471,221
def191
Pierre It C & N W
18,689
180,713
+18,880
132,443
42,413
Ry Trans of Minn..
58,200
119,473
+15,787
98,238
So
36,810
Rock Island
42,027
126,174
+5,217
111,545
2,621
102,474
7,859
+5,238
St Louis & Hannibal
106,158
114,110
47,650
60,072
+12,422
St Louis & O'Fallon
94,565
185,939
43,155
84,205
+41,050
St Louis Troy & E..
132,023
128,655
36,572
+6,141
42,713
St Paul Bridge & 'I'
109,997
y125,806
1/32,627
v15,314
-17,313
South Dakota Cent
9118,319
73.675
28,170
Stanley Merrill & I'
+2,037
30,207
82,470
576,759
Toledo Peo & West
(1029,308
+97,793
541,534
30,368,163 22,256,743 13,65
Union Pacific
52
48
3
8,032,505 +5,623,847
6 ,5
68
Oregon Short Line-See Group x
Ore-Wash RR & Nay-Sec Grout)X
948,583
St Jos & Or Island
118,862
+123,966
242,823
656,858
276,150
Union Stock Yd Om
61,032
241,506
+31,781
58.877
Wabash Ches & W
i,8473
de0f2
51,812
13
1,354
-3,827
88,479
Wisconsin & Mich_
12,241
67,897
+10,885
23,126
233,280
Wyoming & N W_
+60,048
48,791
164,947
109,439
Total (70 roads).361,731,333 290,845,851 124,262,558 80,859,206+37.403,352
Gross
Net
1915.
1015.
Inc. or Dec_
1916.
Groups VIII & IX. 1916.
Southwest.
103,461
123,539
51,199
44,022
-7,177
Abilene & Southern
121,905
106,872
35,507
33,614
-1,893
Ark & Louis MidI'd
49,039
39,664
9,477
def1,985
+11,462
Arkansas Central_ _
69,917
66,513
54,732
51,703
+3,029
Atch & East'n Bdge




891

THE CHRONICLE

SEPT. 91916.]

1916
1915
3
Groups VIII & Ix(Con) $
Atch Top & SantaFe 56,666,052 46,912,743
7,484,014
Gulf Colo & S Fe__ 7,237,274
2,023,318
Panhandle & S Fe_ 2,724,514
154,773
144,458
R G El Paso & S Fe
Grand Canyon-See Group X.
69,324
31,300
BrImstoneRlt&Can
y42,219
958,777
Biuthe Leach&Ark S
101,636
02,133
Butler County RR_
Chic RI & Pacific__ 35,254,015 31,392,525
1,314,580
Chic R I & Gulf_ _ 1,500,486
63,912
26,933
Colo & South East_
3,468,372
Colorado & South'n 4,152,733
2,392,652
Ft Worth & DenCy 2,707,146
486,189
423,468
Wichita Valley__ _
393,475
408,187
Trin & Brazos Vail
49,861
83,215
Clinton & Okla Wes
335,003
528,003
Colorado & Wyom_
653,899
674,145
Colorado Midland_
58,311
41,162
Colo Wyom & East_
628,292
667,327
Cripple Ck & Col Sp
0,625,875
Denver & Rio Gran 11,377,162
685,981
816,918
Denv & Salt Lake__
261,215
363,075
Ft Smith & Western
05,559
100,500
Fort Worth Belt._ _
177,581
159,101
Galv bus &'lend_
819,450
707,796
Galveston Wharf __
72,086
73,246
Gulf & Sabine River
88,180
69,800
Gulf Texas & West_
46,612
147,166
lions & Brazos Vail
4,260,169
Int & Great North_ 4,537,561
y112,865
Jonesb Lake C & E. 9144,434
170,083
158,914
K C din & Springf_
1,159,399
K C Alex & Orient_ 1,233,169
4,747,319
Kansas City South_ 5,254,780
415,588
463,801
Kansas City Term_
835,305
777,695
Louisiana & Arkan_
123,419
129,971
Louisiana & N W__
160,339
134,010
Louisiana & Pacific_
1,024,201
975,795
Louisiana Ry & Nay
28,906
12,672
Manitou & Pike's P
17,801
136,635
Mfrs Ry of St Louis
88,685
96,042
Marshall & EastTex
130,113
134,882
Mem Dallas & Gulf
41,823
63,269
Midland Terminal_
943,715
632,568
Midland Valley__ _ _
439,284
344,729
Miss Illy & Bonne T
575,442
537,985
Missouri & Nor Ark
Mo Kans & Texas__ 15,728,590 15,606,545
113,952
65,540
Alo Okla & G of Tex
547,050
AI° Okla & Gulf.._
707,462
Missouri Pacific_ _ _ 15,667,362 12,006,855
St L Iron Mt & Sou 16,185,490 14,074,285
Missouri Southern_
82,083
75.582
New Iberia & North
32,464
44,769
N 0 Sou & Gr lob__
958,765
y46,922
Ouachita & Northw
111,268
91,085
l'arls & Mt Pleasant
54,369
61,304
Prescott & Northw_
49,081
44,035
Quanah Acme & Pac
153,823
142,329
Rio Cr & Eagle Pass
70,076
75,542
91,233
Roscoe Snyder& Pac
74,456
254,205
259,644
Rio Grande South'n
St Louis & San Fran 23,417,243 19,561,208
392.727
394,911
Ft Worth & Rio Gr
47,999
64.764
Paris & Grt North
St L S Fr & Texas
475,135
487,534
Beau S L & West__
264,099
316,946
Louisiana South-See Groups IV & V.
674,375
792,532
N 0 Texas & Mex89,475
67,270
Orange & Northw_
1,143,302
St L 13rownsv & M 1,243,452
878,874
St L Mer 13(Ig&Ter_ 1,179,506
3,229,317
St Louis Southwest 4,016,233
1,764,928
St L SW Ity of Tex 1,927,435
189,631
235,919
St Louis Transfer__
1,632,193
San Ant & AranPass 1,567,910
261,881
307,650
S A Uvalde & Gulf_
Southern Pacific-See Group X.
Arizona Eastern-See Group X.
Gals' Harris & S A. 6,286,140
5,221,327
Houston & Shreve_
161.946
114,098
bus& Texas Cent 2,861,421
3,059,585
Hens E & W Texas
748,580
693,742
Lake Charles & No
135,250
108,181
Louisiana Western 1,225,715
1,048,290
1,991,549
MorLs&TRR&SS_ 2,259,447
Texas & New Orl. 2,223,744
1,888,582
15,243
17,549
Sugar Land
1,303,003
Ter RR Assn 01St L 1,653,754
8,410,075
9,070,685
Texas & Pacific_
93,430
64,223
Texas City Term_ _ _
154,071
226,704
Texas Mexican_ _ _ _
228,511
260,428
Texas Midland_ _ _
166,586
110,866
Texas Okla & East_
73,444
64,843
Texas Southeastern
122,797
150,416
Tremont & Gulf
138,693
228,375
Ilintah
640,523
801,324
Vicks Shrev & l'ac_
63,700
74,239
Viet Fisher & West_
66,361
W&N W
60,977
Weath

1916
$
21,739,306
1,461,366
1,084,890
40,621

Net
1915

Inc or Dec

16,999,704 +4,739,602
1,684,792 -223,426
+646,025
438,865
+9,058
31,563

+38,043
def332
37,711
-17,594
14,027
ydef3,567
-20,687
37,660
16,973
7,538,480 +2,982,022
10,520,502
+131,397
254,269
385,666
+29,751
5,116
34,867
+573,851
812,302
1,386,153
+494,804
520,965
1,015,769
-41,959
203,849
161,390
-77,664
def65,932
def143,596
+21,202
19,899
41,101
+132,070
134,335
266,405
+4,023
def4,966
de1943
-19,508
30,014
10,506
+69,568
278,291
347,859
3,356,001 +1,258,234
4,614,235
-31,134
176,864
145,730
+40,115
5,470
45,585
+5,538
4,558
10,096
42,907
-30,779
12,128
-86,005
441,732
355,127
-1,267
18,840
17,573
-25,904
def19,087
def44,991
+78,496
def19,574
58,922
+473,880
394,362
868,242
+6,045
v23,645
p29,690
-12,628
27,230
14,602
+40,813
def18,753
22,060
+351,694
1,661,066
2,012,760
+7,335
200,869
208,204
-32,050
201,346
259,296
+3,053
11,982
15,040
-55,813
91,043
36,130
-6,860
260,862
253,993
-7,657
def8,428
de116,085
+129,131
def55,114
74,017
-4,933
dcf1,553
de16,486
-9,683
14,959
5,276
-23,321
28,109
4,788
+125,741
130,679
256,420
+2,850
167,674
170,524
+162,565
38,798 def123,767
4,407,657 -2,538,482
1,869,175
+18,336
def9,184
de127 520
+160,112
def4,980 def165,092
+262,123
2,534,218
2,796,341
3,824,252
4,015,087 -100,835
14,846
-2,035
16,881
+15,786
def24,124
def8,338
+3,794
3,355
7,149
+15,682
def6,002
9,680
+1,144
16,886
18,030
-12,010
14,397
2,387
81,213
-26,157
55,056
+9,171
25,593
34,764
-14,948
50,137
35,189
94,189
-18,381
75,808
6,019,465 +1,457,631
7,477,096
-24,451
11,874
de112,577
+7,112
def15,957
def8,845
+43,906
de159,540
def15,634
-5,282
37,641
32,359
def17,244
def15,346
268,778
344,578
1,559,004
def49,544
44,725
def86,599
66,865

def14,807
11,928
325,634
240,399
1,127,011
def8,982
21,780
def95,914
24,061

-2,437
-27,274
-56,856
+104,179
+431,993
-40,562
+22,945
+9.315
+42,804

1,403,529
60,831
638,697
259,233
59,560
463,251
597,400
494,765
8,830
766,903
2,186,636
21,023
81,350
10,783
78,113
7,710
60,743
95,960
208,955
3,812
4,381

759,432
18,573
558,824
195,290
41,351
273,430
340,267
198.801
8,065
611,821
1,425,720
33,310
27,439
867
57,499
22,055
47,199
28,434
32,375
def4,475
22,765

+644,097
+42,258
+79,873
+63,943
+18,209
+189,821
+257,133
+295,964
+765
+155,082
+760,916
-12,287
+53,911
+9,916
+20,614
-14,345
+13,544
+67,526
+176,580
+8,287
-18,384

t
53e4,657+14,292,597
,
Total (100 roads)257,951,110 225,442,425 73,827,254 59,
Net
1,16. Gross
Inc. or Dee.
1915.
1916.
1915.
Group X.
$
$
$
$
Pacific Coast.
$
+42,712
156,312
199,024
350,321
403,528
Arizona & New Alex
21,620
+322
21,942
103,765
Bellingham & Nor
465,636
748,369
9
+232,733
513
3:6
760
Bingham & Garfield 1,143,981
def6,598
def1,675
12,392
+4,923
8,454
Boca & Loyalton_ _ _
20,794
16,735
66,593
+4.059
72,065
Bullfrog-Goldfield
v17,737
v41,478
v80,229
+23,741
v89,857
Cal West lty & Nov
+13,300
y36,168
954,468
9132,966
v167,946
Columbia & Puget S
1,589,352 +1,158,512
4,008,246
2,747,864
5,697,847
El Paso & S W Co
16,286
-19,305
def3,019
59,946
65,723
Gilmore & Pittsb__ _
-70,683
1
26
218,748
65:36
3459
148,065
279,046
Grand Canyon_._ _
+2,475
11,935
4
410
4:44
17
70,594
Las Vegas & Tono...
4,938
+12,506
111,360
143,959
McCloud Riv RR Co
def231
-13,931
def14.165
45,082
44,711
Alorenci Southern
def31,475
+45,786
14,311
155,544
140,958
Nevada-Cal-Oregon
9,791
16,602
58,166
60.753
NevadaCoNarrowG
1.
18
44
9:8
+6
+26
330,881
600,329
678,169
1,005,120
Nevada Northern
4
57
70
+280,095
300,112
0:2
589
1,521,572
1,933,381
Northwestern Pac
def33,530
+6,349
100.960
def39,879
69,692
Ocean Shore
+9,378
376
112,197
Oregon Trunk
+3,330
4
76
1,727
32
2:3
76
5
def1,603
57,773
Pacific & Idaho Nor
-3,913
12,947
9,034
Pacific Coast
1
27
60
717,6
+30,747
3:7
11
18
113
2
5
,6
17
151,028
2
86
30
8:3
60
1'9
2
Ray & Gila Valley
+10,888
2.303
37,956
42,009
Salt Lake & Los Ang
def51,651
-436
132,485
de155,087
78,744
San Diego & S E
-7,268
def18,717
18,791
def2.5.985
20,508
San Joaquin & East
+523,076
1,785,564
2,308,640
4,324,807
San Pod Los A & S L 5,709,707
55,642
+33,653
89,295
145,200
181,379
Sierra fly of Calif
Southern Pacific54,595,640 47,417,722 19,070,854 15,983,671 +3,087,183
Pacific System
+312,097
462,798
774,895
1,803,210
1,170,802
Arizona Eastern
For remainder of system see Groups VIII & IX.
+390,484
908,582
518,098
1,874,479
Spok Port & Seattle 2,295,435
-2,648
92,327
94,975
332,342
353,276
Spokane Internat..-17,176
30,009
47,185
142,389
154,447
Sumter Valley
+75,105
21,550
96,655
146,946
188,531
Sunset/
+6,016
53,282
59,298
182,617
247,987
Tacoma Eastern...
--43
156,374
156,331
339,238
332,301
Tonopah & Goldf_
+51.115
65,911
171,052
117,026
237,425
Tonopah & Tidew-

THE CHRONICLE

892
Gross
1916.
1915
Group x (Con)—
$
4
110,643
85,983
Tooele Valley
Union Pacific—See Groups VI & VII.
Oregon Short Line 11,952,046 8,727,053
Ore-Wash RR & N 8,376,766 6,948,417
56,267
80,492
United Verde & Pac
136,729
124,009
Virginia & Truckee_
188,256
131,999
Wash Idaho & Mont
Western Pacific_ _ _ _ 3,517,289 2,620,904
131,148
143,955
Yosemite Valley__ _

18,662

Net
Inc or Dec
1915
$
22,665
—4,003

5,594,685
2,046,236
11,855
15,199
36,330
1,207,803
55,602

3,162,328 +2,432,357
—85,914
2,132,150
def12,843
+24.698
—2,368
17,567
2,513
+33,817
631,527 +576,276
49,154
+6,448

1916

Total (44 roads) 102,739,781 84,884,534 37,997,616 28,459,864 +9,537,752
Grand total (490
roads)
1,731,460,912 1403448,334 559376,894 393225,507 +166,151,387
y These figures are for five months only.

EX-CONGRESSMAN FOWLER THINKS GOLD STANDARD ENDANGERED BY FEDERAL RESERVE ACT.
To the Editor:
Though some of the ends sought by the framers of the Federal Reserve
Bank Act were desirable in themselves, the mistakes made and the economic
laws violated in the undertaking, compel the conclusion that it were better
that the Act had never been passed.
The framers sought to create an economic central reserve of gold, but
broke It into twelve separatefragments,thereby destroying its chief purpose,
a single central common defense and clearing centre of all our commercial
credit, and a determining factor in controlling the international movement
of gold.
The framers of the Act undertook to give the country a currency that
would automatically adjust itself to the ever varying demands of trade,
rising and falling with the tides of commerce, as the seasons came and went,
But from the day that the Act became operative to this hour, there has been
one constant steady stream of circulation poured into the channels of trade
in season and out of season, until we now have $39 00 per capita of circulation, as against only $34 35 Jan. 1 1914, when the Act actually became
operative. The United States Federal Reserve Bank notes now outstanding aggregate $180,000,000.
If we had had such a bank currency as they have in Canada,the variation
from maximum to minimum would range from $300,000,000 to $400,000,000, during the summer and fall, as compared with the winter months, for
the conditions prevailing here justify the conclusion that while in Canada
the variation ranges from $4 00 to $5 00 per capita throughout the yea'r
our variation would range from $3 00 to $4 00 per capita. However, under
the Federal Reserve Bank Act there has been no contraction of our circulation whatever, but expansion! expansion! expansion!
He who cannot see overwhelming disaster in the continuation of present
conditions must be utterly blind to all the lessons of history.
Tragic as are the portents of this mad expansion to any sane mind
acquainted with the monetary past, the Federal Reserve Board, not content
with the use of the United States Federal Reserve Bank notes in twentyfive thousand State banking institutions as reserves, recommended in tneir
Bulletin of July 1916 that these United States Federal Reserve Bank notes
be made legal tender; for they urged an amendment of the Federal Reserve
Act in these words:
"Upon the affirmative vote of not less than five of its members the
Federal Reserve Board shall have power, from time to time by a general
ruling covering all districts alike to permit member banks1. To carry in the Federal Reserve banks of their respective districts
any portion of their reserves now required by Section 19 of this Act to be
held in their own vaults.
2. To count as part of their lawful reserve Federal Reserve notes of their
own district not exceeding in the aggregate an amount equal to five per
centum of their net demand deposits."
That is, the member banks can make these debts, these demands for gold,
a part of their legal reserve, they therefore of necessity become a part of the
legal tender of the country.
The astounding thing about this proposal of the Federal Reserve Board
is that It will cost the member banks just as much to carry this wind and
water reserve, this false pretense of a reserve, as to carry gold itself.
Think of this just a moment. This legislation is urged in the face of the
appalling fact that we now have in this country $1,100,000.000 of mere
paper promises to pay which are now being used as Bank reserves,—that
is, there are $750,000,000 national bank notes which are being treated
indiscriminately as reserves by all of our State banking institutions and
$346,000,000 of United States notes or greenbacks, making a total of
$1,100,000,000. In addition to these paper promises there are $500,000,000 of silver certificates, or a total of $1,600,000,000 outside of gold that
can be used as reserves, not one single dollar of which is fit to be used as
a reserve.
Pass the amendment now proposed by the Federal Reserve Board, and
then certainly the caption of the Federal Reserve Act should be rewritten,
and the title should be "An Act to Increase the United States Notes or
Greenbacks Without Limit." For this step is the beginning of the end.
United States Notes or Greenbacks.
The gold reserve now lodged behind the $346,000,000 United States
notes or greenbacks is $150,000,000. This is a reserve of 43.35%. The
amount of gold reserve required behind the United States Federal Reserve
bank notes is only 40%.
An economic lie is just like any other lie in always demanding a bigger
and still bigger lie to cover each preceding lie until the whole fabric of lies
breaks down.
The attack upon the gold standard through the Federal Reserve Act
is not quite so bold, not quite so obvious; but it is the more dangerous
because more subtle and more likely to deceive until it is too late,—when we
have paid the penalty for our folly in committing this economic crime. This
Is our peril. This is our certain danger and overwhelming disaster waits
only upon time.
Gresham's omnipotent and never varying law, by which the poorer
always drives out the better money, working with the certainty of the law
of gravitation, has already been put into operation, and when conditions
change and the times are favorable, our gold will be driven out of the country
by ship-loads, and the balloon of credit now being created by forcing the
Federal Reserve bank notes into circultaion will explode, leaving only a
sad recollection of our fool's Paradise.
There are some who ignorantly, and therefore foolishly, say that we do
not need all the gold we now have. Note these facts and decide the question
for yourself. The amount of gold now being used throughout the world
for monetary purposes is in excess of $8,000,000,000. Our bank liabilities
are now approximately 45% of all the bank liabilities of the whole world;
therefore, if we had our share of the monetary gold we should have more
than $3,000,000,000 of gold. But we have only $2,500,000,000, or we are
$500,000,000 short of our proper share.
The trouble is that we are in the habit of comparing the gold that we have
zilith that of Great Britain, Germany, Russia or Franco, when we should




[VoL. 103.

compare what we have with what all the rest of the world has precisely as
we are now compelled to compare our bank liabilities with the bank liabilities
of all the rest of the world.
Silver, Greenbacks and Federal Reserve Notes are Economically Identically the
Same Thing.
A forty cent silver dollar, a United States note or greenback, with 43.35%
of gold behind it, and a United States Federal Reserve note with 40% of
gold behind it, are economically the same thing, and no man by any course
of sophistical reasoning can point out the slightest difference between them
economically. For lot it be set down as an eternal truth, that an increase
in any one of them will have the same effect economically in the end as a
corresponding increase of either of the other two, and that from this deadly
peril there can be no possible escape except by discontinuance, as we have
already learned both in the case of greenbacks and in the case of free silver.
Retirement of Greenbacks.
Instead of taking steps which must inevitably lead to an unlimited issue
of United States notes in the form of United States Federal Reserve bank
notes which are to become a part of the bank reserves of the country as
fast as issued, and which the Federal Reserve Board now urge as a part of
our legal tender money, we should have taken immediate and positive
steps for the retirement of all United States notes or greenbacks outstanding; not only because they are a menace in themsleves, but because their
presence teaches an economic lie,— that a debt, that a demand for money,
that a demand for gold, can itself be money, can itself be gold; or can
even serve the purpose of a gold reserve for which it is itself a demand.
Not only that, but we should have forever fixed by statute a limitation
of bank reserve to gold and gold alone.
The Bank of England Act of 1844 contained a provision by which the
Bank could count silver as a part of its reserve up to 25%, but the Bank
has never recognized anything but gold as fit for reserve, and the result has
been that the Bank of England, following this important, this essential
principle, has demonstrated to the world beyond all possible cavil that if
any country hopes ever to become the financial centre of the world, gold
must always be had for the current price of its use, expressed in the rate
of interest without the Interference of forces set in motion by a violation of
this all important law of baking economics,—that is the absence of Gresham's
Law is essential to the attainment of this ambition.
England learned her first lesson from 1800 to 1844 through many most
bitter and seemingly never ending experiences, and finally overwhelming
disaster.
We learned our first lesson from 1791 to 1832 when the slight differential
of about I% in favor of silver drove all of our gold out of the country. We
learned our second lesson from 1861 to 1879 when the United States notes
or greenbacks kept us off of the gold standard for eighteen years. We
learned our third lesson from 1879 to 1893 when through the siren call of
free silver we went to the very precipice of national repudiation. Are the
American people such consummate fools as to venture once more into this
maistrom of destruction?
The Demands for Reserves and the Demands for Currency Come from Entirely
Different Sources.
The movement or increase and decrease of gold is related wholly, yes
exclusively, to international commerce,—of course, there is an exception
with regard to increase where a country produces gold, but I am speaking
now economically of gold as a commercial commodity.
The movement, or increase and decrease of currency is related wholley,
yes exclusively, to the demands of domestic trade.
There may be such an export of gold as to bring about acute and rapid
liquidation which in turn would call for a much greater expansion of
cash. This demand for cash should be met by a conversion of commercial
credits into current credits—cash—an operation that should be left wholly,
yes exlcusively, to the banks and should in no way be directly related to
the institution that is organized to control the movement of gold.
An apt illustration of the principle here announced, but cumbersome
and uselessly expensive, was the conversion of $385,060,000 of commercial
credits into current credits—cash—at the outbreak of the European war,
under the Aldrich-Vreeland Act.
On the other hand, there may be a large import of gold which should
enter immediately into the channels of trade and primarily, if not permanently,perform the function of the cash of the country, and'therefore correspondingly displace or reduce the amount of currencey put into circulation as a natural result of the demands of trade.
The reserves of a country and the currency of a country when strictly
performing their respective functions are diametrically the opposite of each
other,—the one is the redeemer and the other is the redeemed, and nothing
whatever should be done to change their relative natures, for by so doing
you interfere with the perfect performance of their allotted functions.
New York Federal Reserve Bank An Illustration,
While I have not discussed the matter with any member of the Board
of Directors of the New York Federal Reserve Bank, the appalling danger
of identifying these two entirely different elements,—reserves and currency,
—in banking economics, I am confident has already imposed itself upon
the management of the New York Federal Reserve Bank. For, on July 7
this institution held $31,223,000 in greenbacks and silver certificates,
demonstrating to a mathematical certainty that the banks of the country
were already discriminating between real money,—gold,—and pretended
money,—greenbacks and silver certificates.
If this discrimination has already shown itself in those flush times when
gold is constantly coming into the country, and more is promised, what may
be expected when hundreds of millions of gold will have to be shipped out
of the country?
As to the fact, I challenge the Board of Directors of the New York Federal
Reserve Bank to deny the above allegation. And, if I have stated a fact,
I assert that it is their duty in the interest of truth and in the interest of
the general welfare of the whole country, to come forward at once and make
confession of their trouble in keeping the poorer money of the country,—
greenbacks and silver certificates,—from flooding them to the exclusion of
the better money,—gold.
If I have stated, in the foregoing, a fact, how could any intelligent man,
that is a man who is informed upon the principles and history of this
question, if he is still sane, urge that we add still further to the quantity
of the substitutes for gold by making the debts the I 0 U's, or the Federal
Reserve banks or what is still worse of the U. S. Government, a part of the
legal tender of the country,—that is, make the notes of the Federal Reserve banks legal reserves for all member banks.
An Irrevocable Truth.
Every act, every paragraph, every sentence, every word, every syllable,
that is used to change or convert a true bank credit instrument into paper
coin, or make it perform the function of coin, corresponding y and identically to the same degree destroys its virtue and usefulness as a credit instrument and makes it to the same degree and directly in the same proportion, the deadly and destructive enemy of the very coin whose nature
it is made by statute to approximate or assume.

SEPT. 9 1916.]

THE CHRONICLE

The Two Greatest Lessons of Financial and Banking History.
The two most clearly demonstrated facts, the two established principles
of fundamental importance in the financial and banking history of the
world, are:
First. That there should be one single central reserve and that reserve
should consist of gold, and gold alone, and that the function of creating
currency out of credit should not be identified with or a part of the central
reserve system.
Second. That the best and cheapest kind of currency in the world is
"bank credit currency," and that it should spring into being in the regular
course of business, precisely as checks do, and be redeemed daily at the
counter of the bank of issue and through the clearing houses precisely as
checks are, for they are identical in principle-both are bank credit, both
are I 0 U's-the one, the depositor's check, being order credit; the other,
the bank note, being current credit.
These two demonstrated facts, these two great fundamental principles,
recognized and followed to their logical conclusion, will unerringly lead us
to adopt the "central gold" reserve system of England, and the "bank
credit currency" system of Canada. These two being combined, will give
us the most natural, the simplest, soundest, the most economical and the
most efficient banking system in the world, and guarantee to us every
natural advantage to become the financial centre of the world.
Conversion of Commercial Credits into Cash.
The framers of the Federal Reserve Act undertook to provide for the
banks of the country additional credit resources by superimposing upon
conditions which were the outgrowth of our own banking experiences,
a foreign scheme, an alien device wholly unsuited to our peculiar needs
which could have been completely and perfectly met by the extension
throughout the country of our clearing house organizations, which are the
most perfect banking instrumentalities ever yet developed.
Instead of this alien device, further involved and handicapped by twelve
arbitrary locations, where rediscounts might be obtained under the most
impractical set of rules and regulations conceivable, every bank in the United
States should have been given the opportunity of obtaining at that credit
centre where it was in the habit of usually clearing its checks, all such
additional credit facilities as the exigencies of the seasons and times
required, and in accordance with those banking practices which our own
banking experience had approved. The business convenience of the banks
of the country and the advantages of their customers demand this natural
selection of credit centres, of which there are about fifty in the country,
instead of the unnatural and arbitrary selection of twelve distant points.
Can anything more absurd be imagined than that the banks of Louisiana should be compelled to go to Atlanta or Dalles rather than to New
Orleans for rediscount accommodations?
The framers of the Act wanted to take the control of the reserves from a
few hands. What they actually did do, was to take the reserve held by
367 national banks located in fifty cities and acting as reserve agents for
all other banks, and place them in twelve banks located in twelve cities.
Not only that, but the reserves now held by the twelve Federal Reserve
banks are controlled by the Federal Reserve Board of seven members,
appointed by the President for a limited period of years and removable by
the President at will without cause. Again, the Federal Reserve Board of
seven members is empowered to remove all the directors of the twelve
Reserve banks without cause.
Professor Edward Sherwood Meade of the University of Pennsylvania
says:
"The same party which Mr. Bryan led in 1896 against the Money Power
has erected in the Federal Reserve Board a political Money Power, dominated by the President of the United States, which is far more potent than
the imaginary combination of the past."
"The Federal Reserve Board can expand or contract the currency at will
and without limit."
"They caniix
. the rate of interest the country over, raising or lowering it
at pleasure."
"They can raise or lower the cash reserves of all the national banks."
"They can expand or contract the credit of every class of business man."
"They hold the power of life and death over every American business."
The London "Statist" of July 22 1916 used this language:
"Every government desires to maintain active trade conditions, not only
because active trade helps to make it popular, but also because activity of
trade is of benefit to the country, and with a Presidential election coming
on it is obvious that the present American Government will do all that it
can do reasonably to maintain active conditions, and, if necessary, will set
free the cash that is accumulating and is unused in the Federal
banks."
These certainly are non-partisan and impartial judgments upon the
political aspects of the Federal Reserve Bank Act.
The framers of the Act planned and the Federal Reserve Board are doing
everything in theirpower to take all the reserve from all the banks,leaving
them nothing but Federal Reserve Bank notes in their stead; although
during the past twenty-five years all the leading bankers of London, and
all the English authorities in banking economics have been urging persistently, in season and out of season, that all banks should carry at least
a 10% cash reserve in gold in addition to what they held at the Bank ey
England. For many years Herr Havenstein, President of the Imperial
Bank of Germany, as a result of his harrowing experience in trying to stem
the tide of Gresham's law, has been urging identically the same thing upon
all the banks of Germany. If this was a wise precaution in both Germany
and Great 13r1taln, it is a hundred-fold more important in this country,
considering our individual, independent banking system, composed as it is
of about 30,000 separate units.
The Amount of a Central Reserve.
Under no circumstances should more than one-half to three-fifths of the
required bank reserve, which should always be ample, be centralized, if
we hope to maintain a solid foundation for our commercial credits, which
should be subjected to daily redemption, through our clearing houses,
in gold coin. * * *
CHARLES N. FOWLER.

NEW BRITISH 5% LOAN LISTED AND TRADING
THEREIN TO BE PERMITTED IN FRACTIONS
OF SIXTEENTHS.
At a special meeting of the Governing Committee of the
New York Stock Exchange held Sept. 7, the $250,000,000
5% 2-year notes for which payment in full was made to
J. P. Morgan & Co. on Sept. 1, were admitted to the
Stock Exchange list. The committee also ruled that
trading in the bonds should be permitted in fractions of
sixteenths. This is the first time, it is stated, such a ruling
ever has been made or that bonds have been traded in fractions smaller than M.



893

The Governors decided that the commission on the new
British bonds should be 1-32 of 1% under this ruling. The
ruling, it is said, was made under.the section of the constitution of the Exchange which specifies that "on subscription rights, bonds or notes of foreign countries, notes of
corporations or bonds having two years or less to run such
rates to members as may be determined by the Committee
on Commissions with the approval of the Governing Committee shall be permitted."
With the Anglo-French bonds, which have five years to
run, commissions are determined between customer and
broker, while with the American Foreign Securities Co.
notes, which have two years to run, the commission is 1-16.
CANADIAN AND NEUTRAL GOVERNMENT SECURITIES BEHIND NEW BRITISH LOAN. J.P. Morgan & Co. made public on Tuesday a list of
the securities embraced in Groups 2 and 3, which are to
serve as collateral for the $250,000,000 loan to the United
Kingdom of Great Britain and Ireland. The list of American
securities (Group 1), which has been pledged as part of the
collateral, and which are valued at $100,000,000, was
published in our issue of August 26, page 704. As previously
announced, the other two groups provided for under the
agreement were to consist of (Group 2) bonds or other
obligations of the Dominion of Canada, either as maker or
guarantor, and stocks, bonds, or other securities of the
Canadian Pacific Ry., and (Group 3) bonds or other obligations of the Governments (either as maker or guarantor) of
Argentina, Chili, Norway, Sweden, Denmark, Switzerland
and Holland, also valued at $100,000,000. Group 3, as
made public this week, contains only a list of obligations of
Argentina and Chili. It is stated in explanation that the
British Treasury has as yet failed to forward the securities
of the other neutral governments; it is also said that if the
Argentine and Chilian obligations prove to be of sufficient
value to make up the required $100,000,000 no additional
foreign securities will be used. The following are the two
groups.of securities announced this week:
GROUP 2.
Dominion of Canada.3% Sterling bonds or stock 1938.
Dominion of Canada 33%% Sterling bonds or stock, 1909-34.
Dominion of Canada 334% Registered stock, 1930-50.
Dominion of Canada (Canadian Pacific Railway) 33%% Land Grant
bonds or stock, 1938.
Dominion of Canada 33%% bonds, 1925-28.
Dominion of Canada 33%% bonds, 1914-19.
Dominion of Canada 4% stock, 1940-60.
Dominion of Canada 43%% bonds, 1920-25.
Dominion of Canada 434% bonds, 1925-45.
Canadian Northern Alberta Ry. Co. 33%% debenture stock guaranteed
by Canadian Government, 1960.
Canadian Northern Ontario Ry. Co.33%% stock guaranteed by Canadian
Government. 1961.
Canadian Northern Ry. Co. First mortgage 3% debenture stock guaranteed by Canadian Government, 1953.
Canadian Northern Ry. Co. 33%% debenture stock guaranteed by
Canadian Government, 1958.
Canadian Northern Ry.Co.4% debenture stock guaranteed by Canadian
Government, 1934.
Canadian Pacific Ry. Co. 4% perpetual consolidated debenture stock.
Canadian Pacific Railway Co.4% non-cumulative preference stock.
Canadian Pacific Railway Co.6% Notes Certificates, 1924.
Canadian Pacific Railway Co. Common Stock.
Grand Trunk Pacific Ry. Co. 3% First mortgage sterling bonds guaranteed by Canadian Government, 1962.
GROUP 3.
Argentine Government 33%% bonds external, 1889.
Argentine 4% bonds, 1897.
Argentine 4% Railway guaranteed Recission bonds, 1897-9.
Argentine 4% loan, 1898.
Argentine 4% bonds. 1899.
Argentine 4% bonds, 1900, Laws 3378, 3783.
Argentine 4% bonds, 1900. Laws 3378, 3885.
Argentine 4%, 1908.
Argentine Government 43%% Internal gold loan, 1888.
Argentine Government 43.5% Sterling Conversion Loan, 1888-9.
Argentine Government 5% loan, 1884.
Argentine 5% loan, 1886-87.
Argentine Government 5% Treasury conversion bonds, 1887.
Argentine Government 5% loan. 1887-8-9 North Central Ry. extensions
Argentine Government 5% Railway bonds, 1890.
Argentine 5% Buenos Aires Water Supply and Drainage bonds. 1892.
Argentine Government Port of Buenos Aires 5% debentures.
Argentine Government 5% Internal gold loan, 1907.
Argentine Government 5% Internal gold loan, 1909.
Argentine Government 5% Internal gold loan, 1910.
Chilian Government 43% %loan,1886.
Chilian Government 43%% loan, 1895.
Chilian Government 43%% Coquimbo Railway bonds.
Chili= Government 43% % gold loan, 1906.
Chili= Government 5% loan, 1896.
Chillan Government 5% loan, 1892.
Chili= Government 5% loan, 1905.
Chillan Government 5% loan, 1909.
Milan Government 5% loan, 1910.
Chili= Government 5% loan, 1911, First series.
Chillan Government 5% loan, 1911, Second series.

894

THE CHRONICLE

ITALIAN GOVERNMENT TO REDEEM ONE-YEAR
CONVERTIBLE GOLD NOTES.
In an advertisement appearing this week it is announced
that the 6% one-year convertible gold notes due Oct. 15
1916 will be paid on that date. The holders of these securities are given the privilege of converting them into 6% oneyear convertible gold notes, payable Oct. 15 1917, provided
they are presented for stamping to that effect at the offices
of Lee, Higginson & Co., in Boston, New York or Chicago,
on or before Sept. 15 1916. The new one-year notes will be
convertible at the option of the holders at maturity (upon
60 days' notice) par for par into 10-year 532% gold bonds,
payable at the option of the holder either in lire or in United
States gold.

ANNOUNCEMENT OF SECOND CANADIAN WAR
LOAN.
Newspaper dispatches state that the Assistant Receiver
General of Canada will announce the terms of the second
domestic war loan to bankers and brokers to-day (Sept. 9).
They will in turn, it is stated, be permitted to inform their
clients about the conditions on Sept. 12.
It is also reported that the Canadian Bankers' Association,
in anticipation of the new loan being for $100,000,000, has
offered to take $50,000,000 of the same. At the time of
the last Dominion war loan, which was made Nov. 22 last,
the bankers offered $25,000,000 worth of subscriptions, but
when the deluge of money poured in and the loan first announced at $50,000,000 was more than twice over-subscribed
and then increased to $100,000,000 by the Minister of Finance, it was necessary to cut down the bankers' allotment
to less than $25,000,000 in order to allow the public to get
their proportion of the issue. It is thought that the new
loan will be issued on practically the same terms as the former
one, which was for a series of ten years at 97%, bearing 5%
interest and payable in six installments.

[VOL. 103.

of war that the quantity of our gold to the paper money circulating should
remain in the present proportion, but measures must be taken that after
the war, when the normal valuation of our money in foreign countries must
be re-established, the issues of the Reichsbank must be limited to rock
bottom necessities." According to the "Frankfurter Zeitung," it is hard
work to make even Government officials use a check book, and the journal
demands that these, and especially the military officials, be made to set
an example.
The correspondent of the New York "Tribune" at Frankfort-a-Main
explains how Germany has gotten along so well without the check system,
and gives as the principal reason for the slow development of this means
of settling accounts, the efficiency of the German mall service and the forethought of its greatest organizer, the late Postmaster-General Stephan.
In Germany the letter-carrier may receive your money for a money order
and issues a receipt to you for it. At the post office he has the order made
out and mailed, and at its destination the party for whom it is intended
receives the money order through another letter-carrier directly at his
place of business or residence, and there at once the letter-carrier cashes the
order. It Is impossible to imagine anything more direct or convenient.
No wonder the German people are indifferent to any innovation.

NATIONAL CITY COMPANY TAKES OVER CALIFORNIA BUSINESS OF N. W. HALSEY & CO.
The National City Company announced yesterday that,in
connection with the acquisition by it of the bond business of
the National City Bank and the business of N. W. Halsey
& Co. of New York, it has also acquired the business of
N. W. Halsey & Co. of California. The National City
Company will conduct, through the medium of the organization thus acquired, a distributing business in investment
bonds on the Pacific Coast, with offices at San Francisco,
Los Angeles and Portland.

CONFERENCE OF COUNTRY BANKERS ON FREE REMITTANCE OF CHECKS.
A call has been issued for a meeting of country bankers
during the week of the convention of the American Bankers' Association for the purpose of supporting the St.
Louis conference as to free remittance of checks and to
take such action as seems best against branch banking and
unnecessary burdens upon country banks especially.
The meeting is called by the officers of the St. Louis conference, supported by a group of country banks in which
THE CHECK SYSTEM—SEEKING TO POPULARIZE IT Andrew J. Frame, of Wisconsin,
has been a prominent figure,
IN FRANCE AND GERMANY.
and will be held in Convention Hall, Kansas City, Wednes[From "The Bache Review," of J. S. Bache Sr Co.]
The circulation of the Bank of France is somewhere around 16,000,000,- day, September 27. It will be recalled that the country
000 francs, the equivalent of $3,200,000,000. This is a very largo sum, bankers at the St. Louis conference, held June 10, placed
but it must be remembered that in France nearly all payments are made in
in the hands of an Administrative Committee full power to
cash and not by check. In this country, on the contrary, a very large
part of all our cash transactions are settled through the use of checks. The act for them in protesting against the nation-wide clearing
clearings of the United States foot up something near $20,000,000,000 in a plan of the Federal Reserve Board. But the exchange
month. If the check system were not in use in the United States, settlements for these vast sums would have to be made in specie or bank notes. question is not the only one that has menaced the interests
of the country banks. The attempt to make postmasters
Check Education in Prance.
The Bank of France has started a campaign to educate the French perform clearing functions, the proposal to inaugurate
people to a more general use of checks, and has issued a pamphlet pointing
branch banking and other matters all have stirred the
out the disadvantages of the present system of carrying around bank
notes in the pocket and passing them from hand to hand in daily purchases. country bankers into a realizing sense of the necessity for
Bank notes are issued in 5, 10 and 20-franc notes (and upwards). This concerted action to protect themselves.
corresponds to our $1, $2 and $5 bills. Nearly everyone in France carries
The Administrative Committee of the St. Louis conferaround in his pockeys either a few hundred or a few thousand francs, but
the aggregate foots up into billions, and is a waste of capital, because bank ence is as follows:
notes have to have behind them a certain amount of reserve in gold, and
the loss on this would be saved if checks were used as in the United States.
The Bank also points out the risks of error in counting and the risks of loss
and of theft. It gives a full description of the use of checks as known in
America, opening of the account, issuance of check books, correct form of
checks,&c. In this country we make checks to order, and the bank cashing
a check must be certain thatithe amount is paid to the rightful holder, otherwise the bank LS responsible. Under the new French law the method of
protecting the drawer of a check that is to be sent througn the mails and
therefore subject to special risk of loss, is to allow the drawer to trace across
the face of the check two parallel lines. When this is done, a check is
negotiable only at a bank and the bank becomes responsible for any payment to a wrongful holder.
The same system, called "crossing" a check, prevails in England, and a
crossed check is payable only to order. The teim used in France is "barres
transversales." In order to inaugurate the system, payments by the
French Government will hereafter be largely by check, and private establishments can also make payment to the Government by check.
The check system came into use in the United States in the days of
wildcat currency. Bank notes were formerly used as on the continent,
but so many of them went wrong and became worthless over night through
failing banks, that people began more and more to avoid carrying them
around, and if they received them, did not hold them any longer than was
absolutely necessary. Introduction of the National banking system did
not supply any true bank notes whose volume would rise and fall with the
needs of legitimate business. Consequently, the use of checks became
more and more general, and to-day it is estimated that 95% of all the
cash transactions in the United States are settled by check.
Campaign to Make Checks Popular in Germany.
Germany is also without a check system. Bankers there for some years
before the war were interested in our wholesale use of checks in current
business, and had made investigations here with reference to getting their
own people to adopt the system. Nothing, however, of importance was
done, and then came the war. But the war has increased the amount of
paper money so greatly that Germany has now taken the matter up
earnestly and is said to have entered upon a "crusade" to make the check
popular, through articles and explanations in the financial and other
journals. The Berlin Chamber of Commerce has sent out an appeal to
merchants and business people generally. It says: "It is the interest not
only of the Reichsbank, but of the entire Fatherland, to restrict the issue
of paper money as much as possible. The habit of settling with checks
should be cultivated now, not only because It is advisable during the time




J. D. Norwood, Commercial National Bank, Demopolis, Ala.
B. C. Powell, Merchants & Planters Bank, Camden, Ark.
Reuben R. Cooke, Tucson, Ariz.
J. F. Lewis, Citizens Bank, Valdosta, Ga.
J. A. Brad'ey, First National Bank, Centerville, Iowa
J. W. Bolton, Rapides Bank, Alexandria, La.
M. J. Dowling, Olivia State Bank, Olivia, Minn.
Walker Broach, First National Bank, Meridian, Miss.
0. A. McLoud, First National Bank, York, Neb.
H. B. Jones, First National Bank, Tucuracarl, N. M.
F. E. Lyford, First Natiosial Bank, Waverly N. Y.
James B. Lambertson, Sioux Falls, S. D.
E. L. Rice, Bank of Commerce & Trust Co., Memphis, Tenn.
II. A. Wroe, American National Bank, Austin, Tex.
D. W. Twohy, Old National Bank, Spokane, Wash.
A. B. C. Bray, Ronceverte, W. Va.
E. M. Wing, Batavian National Bank La Crosse, Wis
S. Conant Parks, First National Bank, Lander, Wyo.
L. H. Wulfekuhler, Wulfekuhler State Bank, Leavenworth, Kan,

Nathan Adams, American Exchange National Bank,
Dallas, Tex., is Chairman of the Administrative Committee,
and T. If, Dickson, Secretary of the Mississippi Bankers'
Association, Vicksburg, is Secretary.
REDUCTION OF INTEREST RATE IN SEATTLE AND
PROPOSED DISSOLUTION OF CLEARING HOUSE.
The adoption of a rule by the Seattle Clearing House
Association reducing the rate of interest to be paid by its
members beginning July 1 from 4 to 3% has resulted in
litigation proceedings against the Association. The People's
Savings Bank of Seattle, which, through its President, E. C.
Neufelder, has instituted the action, secured a temporary
injunction restraining fifteen banks as members from dissolving the Association. The People's Savings Bank in its
petition alleged that with its refusal to comply with the ruling
of the Association a meeting of the latter was called for

SEPT. 9 1916.1

THE CHRONICLE

895

July 12, and the bank was notified Unit any member refusing in their alternation:
The measured grain crops are a billiou
to reduce its rate of interest would .have to resign or be bushels less, practically
expelled. The bank declined to resign, and on Aug. 9 a to the bank's compilat 15%, than last season, according
ion. Its estimated yield for 1916 of
resolution was adopted announcing that it was the intention the various crops is
set out as follows:
of the Association to sell its property and dissolve the AssoCrop—
Estimated Yield 1916.
ciation, this action to be followed by the formation of a new Wheat
628,000,000 bushels
Corn
2,684,700,000 bushels
organization, thus, it was contended, forcing the plaintiff Oats
1,247,000,
000 bushels
into surrendering its rights. The order temporarily restrain- Rye
41,150,000 bushels
Barley
ing the Association from dissolving was issued by Judge
187,000,000 bushels
Hay
85,000,000 tons
John S. Jurey of the Superior Court at Seattle on Aug. 19. Cotton
10,500.000 bales
A motion to quash the temporary order was denied by Judge
Concerning the wheat crop it says:
Kenneth Mackintosh of the Superior Court on Aug. 23.
The total crop of all wheat as indicated by our reports is
approximately
On behalf of the national banks named in the complaint 628,000,000 bushels; last year it was 1,001,000,000. The production
being 62% of last year and the smallest wheat crop since
1911. To the
the attorneys for these institutions argued that national banks wheat grower it is a calamitous yield,
though offset partly by the higher
being under Federal statutes are not amenable to injunctions priced market, and to the country it brings increased
cost of living, and
issued by State courts, and accordingly asked that the loss of a much needed exportable commodity. The domestic need is 625,or the entire crop. The carry-over from the large yield
of last
restraining order be quashed. In denying the motion to 000,000
year was unusually big, the reported volume on farms and
trade channels
quash, Judge Mackintosh took the ground that national being 145,000,000 bushels, and this suggests a surplus ofin10,),000,00
0 for
export; the exports last lyear were 240,000,000, the previous
banks are only exempt from the jurisdiction of State courts 000,000
year 330,bushels. High prices may increase the exports and
decrease
the
in the conduct of their actual banking business under the home consumption, but the advance In price will not yield
the
the
rules of the Federal statutes, and he held them to be amen- monetary value of last year's wheat exports—$303,000,000 incountry
grain and
able to injunctions issued by the State courts when they step flour.
The world's harvests of wheat last season were the largest of
aside from these duties and engage in outside occupations. a total estimate of 4,127,000,000 bushels. Of the countries record at
harvesting
In compliance with the request of counsel for the national thus far in the year the loss is 800,000,000 bushels. Europe hover raises
bread supplies and in the coming twelve months the importers
banks for a continuance in order that they might confer with its
will
be hard pressed to meet the needs
the accessible countries, even at
the attorneys for the State banks which had submitted no the reduced consumption that is apt of
to follow unusually high prices. As
answer to the order, the temporary order was extended until the surplus of this country will be in great demand, our prices will be
a further hearing of the case could be had on its merits. high in conformity with the world's shortage.
With regard to general business conditions the bank in
On Aug. 31 the State Supreme Court temporarily enjoined
has the following to say:
the Superior Court from further proceeding with the suit. part
American business is forging ahead in a way that
is highly satisfacThe writ of prohibition temporarily restrains the Superior tory and indicates no decided
let up, at least until hostilities in the
Court from further action in the proceedings until the higher war zone are checked pending negotiations for peace. At theEuropean
moment
this does not appear to be a possible
development of the immediate future,
court has passed upon the decision, Judge Mackintosh over- hence
the outlook is bright for a continuation of
industrial activity in this
ruling the motion of attorneys for the national banks. The country for a considerable time.
There is a preponderance of evidence of sound
Supreme Court has set Sept. 29 as the date for a hearing on
in our domestic situation. Only a few industries fundamental conditions
are lagging. In nearly
the writ of prohibition. The hearing upon the application all directions
activity is unprecedented,and while the cost
of materials has
of the People's Bank for the injunction against the clearing increased greatly the volume of business
is estimated from 15 to 25%
house dissolution, which was scheduled for Aug. 30, has been greater than in normal times and in some instances is so abnormally large
to make comparison difficult.
continued until Oct. 1, pending the outcome of the hearing asThere
has been a notable change in the banking position of the country.
before the Supreme Court.
The plethoric money conditions of a year ago have given way
to a someThe Northwest Trust & Safe Deposit Co. of Seattle, which what healthier banking situation. Business, and especially that relating
to exports, without any development of wild speculation, has expanded
is said to have been.the only institution to file an answer
to and is slowly absorbing the additional credit which the great influx of gold
the complaint, admitted the acts of the Association as
has created. This, in itself, is reassuring and has resulted in a firmer and
set healthier
money market, affording to the banks a slightly more profitable
forth in the complaint, but denied any share therein or rebusiness without any danger of stringency. However, interest rates
are
sponsibility therefor. The burden of the petition of the still considerab
ly lower than the seasonal average and the feeling seems
to
People's Savings Bank was set out as follows in the Seattle be that they will continue so as long as the great influx of
gold continues.
Bankers have succeeded in holding speculative ventures at a
"Post-Intelligencer" of Aug. 20:
minimum,
even in face of a continuation of a plethora

of money and unsatisfactory
That the defendants, except the American Savings Bank
& Trust Co. bank earnings. So far as the Federal Reserve
system is concerned, there
and the Northwest Trust & Safe Deposit Co., have wrongfully and
unlaw- is some complaint from the smaller banks of a
tendency to encroach on
fully conspired and confederated together for the purpose of preventing
the their prerogatives, but there is reason for the belief
that in the course of
free and open payment of interest by banks in the city of Seattle
carrying time this will work out satisfactorily and
savings and commercial accounts, and have unlawfully and
that the system will prove its
conspired and confederated together for the purpose of fixing wrongfully value. It will be necessary to wait until general conditions in and out of
and control- the money market get
back to a more nearly normal basis before its real
ling the rate of interest which might be paid by banks carrying
savings and value can be fully realized and appreciate
commercial accounts, and for the purpose of reducing such
d by the country at large.
rate from 4%
Xhe
reduction
of
the
reserve requirement, together with the tremendous
3%,
and
of
preventing
annum
per
to
banks from paying such rate of
on savings accounts as they might desire, see fit or deem wise, and interest influx of gold, through an unprecedented increase in foreign trade, created
purpose the defendants caused a majority of the members thereof for that abnormal conditions and made a fair test of the efficiency of the Federal
to adopt Reserve impossible.
a rule that on and after July 1 1916 the rate of interest paid
by banks
Our extension of credit to foreign countries, both neutral and belligerent
should be 3%.
—in the form of direct loans and banking credits, has been very largo
and
J. W. Spangler, Secretary of the Seattle Clearing
affords
a bulwark against any abnormal foreign liquidation of American
House
Association, in a statement concerning the stand of
securities and other investments. It is essential that we loan money
and
the credit to those with whom we would do business, and
an investment along
Association, said:
this line, (those to foreign governments alone aggregating approximat
ely
The Seattle Clearing House Association is one in which
membership is $1,500,000,000) is one of the greatest assurances of continued peace
voluntary and the Association desires that its members should
and
friendly international relations.
conduct
their business conservatively. The bankers of the most
extended and
widest experience throughout this entire country believe
that conservation,
business prudence and the safe conduct of a
bank require that, under THE RAILWAY STRIKE
SETTLEMENT—COWARDICE
existing conditions, the rate of interest on
time deposits should be reduced.
It is the difference of opinion upon this—what we believe
IN AND OUT OF CONGRESS.
to be the vital
point—that has given rise to the suit of the
People's Savings Bank against
St. Louis, Sept. 4 1916
all the other banks of the city.
Editor Commercial & Financial Chronicle, New York.
We do not care to say anything more at this
Dear Sir:—Now that the curtain has gone down on the last
time as the matter is before
act of the
courts.
the
wed-staged railroad wage matter, more than one particular kind of
investiAccording to the petition of the People's
gation would seem in order. It is refreshing to note the
fearless and imSavings Bank, partial way your paper treats the
matter, in marked contrast with the
the Seattle Clearing House Association began business
on timidity and cowardice displayed by a large percentage of the press.
Aug. 26 1889; the plaintiff became a member in
If, as one of the four representatives of the various brotherhoods is said
1900;
the
Association has property valued at $8,000 and
to have stated in the very beginning of the play,"the President is thoroughl
y
controls
familiar
with the ca-se," he must have also known how it was intended to
$1,000,000 in gold deposited by members, includin
g $30,000 wind up. Aside from all this, is there any sound reason
why the President
deposited by the People's Savings Bank.
of the United States, admittedly the busiest person in the world, should
wrangle from the 17th day of August until the 3d day of September
, devoting his entire time and energy towards adjusting a single dispute between
CROP REPORT AND BUSINESS REVIEW OF
employer and employee? Does any sane person believe that it
would have
TAL de COMMERCIAL NATIONAL BANK,CONTINEN- required any more time and effort to have enacted a compulsory arbitration
law for both employees and employer, than a law compelling the
CHICAG
O.
one side
In pointing out in its annual crop report and
capitulate to the brazen affront of the other?
business to The
review for 1916 that the agricultural results
time has come for the press and public and private men as
well to
this year fall speak out on such matters, for if this proceeding
goes unchallenged, cowardmuch below last season, the Continental &
ice In and out of Congress will become the order of the day, and
Commerc
ial
if,
perNational Bank of Chicago states that "seldom has
it results in retaining the present Administration In office for
the farmer chance,
the
ensuing term, the White house will become the national bargain
had a more unpropitious year for the working of his
counter
land."
clearing house for all grievances between employer and employee,
and
Wet and dry, says the summary, have run to
extremes in decent government will come to an inglorions end.
every section; unseasonable cold and heat were
Very truly yours,
disastrous
F. E. NIESEN.




896

THE CHRONICLE

[VoL. 103.

Only two Democrats,' itepresentatiVes Black of Texas and
ENACTMENT OF EIGHT-HOUR RAILROAD LAW AND Steele of Pennsylvania were among the dissenters; the
RECALLING OF STRIKE ORDER.
affirmative votes were cast by 170 Democrats and 69 ReThe adjustment to the satisfaction of the trainmen, of the publicans. The provision excluding from the bill railroads
controversy regarding the eight-hour day has been effected of less than 100 miles in length, and electric street and interwith the enactment of the Adamson Bill establishing an urban railroads was not in the bill as presented by Representaeight-hour day for employees of carriers engaged in Inter- tive Adamson, but was inserted by the House along with the
State and foreign commerce and employed in the running provision making the bill apply to roads of less than 100 miles,
of trains. This bill, as we recorded last week, passed the whose business consists in furnishing terminal or transfer
House on Sept 1, and the Senate accepted it on the 2nd. facilities. The House also changed the date when the eightIt was signed by President Wilson on Sunday, the 3rd, and hour day would become effective from Dec. 1 1916, to Jan.
to make certain of the legality of the Act, the President 1 1917. An amendment offered by Representative Clark
again affixed his signature to it on the 5th inst. The Presi- of Florida, providing that the eight-hour day should be exdent pursued this unusual course because of the fear that the tended to all employees of railroads, such as trackmen and
railroads, in attacking the measure might attack its constitu- shopmen was defeated by a vote of 120 to 81. In offering
tionality on the ground that it was signed on Sunday. As his amendment, Representative Clark said:
I want to say that these employees, the train dispatchers, the shopmon,
the enrolled bill went to the Senate Department on the 5th
trackmen, and other men who are engaged in their different work are
inst. to become a public record, it bore the President's signa- the
just as much engaged in the real operation of inter-State trains as are the
ture twice, with the dates Sept. 3 and Sept. 5. The Act engineers and the conductors, but the language of the bill would limit its
provides for an eight-hour day beginning Jan. 1 next, with application to those actually upon the trains.
Now, if these people who are pressing this bill want to vote fair, if they
the present ten-hour rate of pay and pro rata rate for over- really
want to benefit the laboring people of this country, they will not stop
time for employees actually engaged in the operation of with increasing the salaries of the highest-paid workmen in the railway
trains; railroads less than one hundred miles in length are service. The engineers and the conductors get more pay in proportion to
the work done than do the shop men, the little 'station agents, and these
exempted from the provisions of the Act, as are electric other
people whom I have named in that amendment, and their work is
is
railroads.
It
street railroads and electric interurban
just as necessary for the operation of the trains as is the work of the engineers
provided, however, that the exceptions "shall not apply' to and the conductors.
I want to say to you, gentlemen, that so far as I am concerned—and I
railroads though less than 100 miles in length whose principal freely
say it, because I do not want to take advantage of or mislead anybusiness is leasing or furnishing terminal or transfer facilities body—I am opposed to this legislation, but if you intend to legislate, then,
God's sake, legislate fairly and give all these people the advantage of
to other railroads or are themselves engaged in transfers of for
what you propose
freight between railroads or between railroads and
I am in favor of an eight-hour day for all labor, all kinds of labor. But
industrial plants. The Act also provides for the this is not an eight-hour-day proposition. It is simply a proposition to
have Congress exert its power to raise the wages of certain classes of people
appointment of a commission of three which is to in
this country. I question our constitutional right to do it, and I have
institution
observe the operation and effect of the
no doubt whatever as to the fact that we have no moral right to do it. I
of the eight-hour standard day during a period of not less am in favor of arbitrating all these difficulties.
Arbitration is the only fair method to pursue in order to reach a just.and
than six months nor more than nine months, the commission honest
conclusion, but that method is refused and we are rushed into the
within thirty days thereafter to report its findings to the enactment of legislation which we have no time to consider and deliberate
President and Congress. The sum of $25,000 is appropriated upon.
I want to say this, gentlemen; I feel sadder to-day than at any time during
for the expenses of the commission. Pending the report and my 12 years' experience hero, because I have seen the legislative body of the
for a period of thirty days thereafter the compensation of the nation taken practically by the throat by the representatives of four organtrainmen affected by the Act is not to be reduced below the izations and made to do what they say, made to do their bidding, and
given a limited time in which to do it. It is the work of the highwayman;
present standard day's wage. The following is the text of it is characteristic of the banditti to hold up Congress and say,"if you do
not do this, we will do the other We will plunge this country into chaos,
the newly enacted measure:
An Act to establish an eight-hour day for employees of carriers engaged in
inter-State and foreign commerce, and for other purposes;
Be it enacted by the Senate and House of Representatives of the United Stales
of America, in Congress assembled:
That beginning Jan. 1 1917, eight hours shall, in contracts for labor and
service, bo deemed a day's work, and the measure or standard of a day's
work for the purpose of reckoning the compensation for services of all employees who are now or may hereafter be employed by any common carrier
by railroad, except railroads independently owned and operated, not
exceeding 100 miles in length, electric street railroads, and electric interurban railroads, which is subject to the provisions of the Act of Feb.4 1887,
entitled "An Act to Regulate Commerce," as amended, and who are now
or may hereafter be actually engaged in any capacity in the operation of
trains used for the transportation of persons or property on railroads, except
railroads independently owned and operated, not exceeding 100 miles in
length, electric street railroads, and electric interurban railroads from any
State or Territory of the United States or the District of Columbia, to any
other State or Territory of the United States or the District of Columbia, or
from one place in a Territory to another place in the same Territory, or
from any place in the United States to an adjacent foreign country, or from
any place in the United States through a foreign country to any other place
in the United States, Provided, That the above exceptions shall not apply
to railroads though less than 100 miles in length whose principal business is
leasing or furnishing terminal or transfer facilities to other railroads, or are
themselves engaged in transfers of freight between railroads or between
railroads and industrial plants.
Section 2. That the President shall appoint a commission of three, which
shall observe the operation and effects of the institution of the eight-hour
standard work day as above defined and the facts and conditions affecting
the relations between such common carriers and employees during a period
of not less than six months nor more than nine months, in the discretion of
the commission, and within thirty days thereafter such commission shall
report its findings to the President and Congress; that each member of the
commission created under the provisions of this Act shall receive such
compensation as may be fixed by the President. That the sum of $25,000,
or so much thereof as may be necessary, be and hereby is appropriated, out
of any money in the United States Treasury not otherwise appropriated,
for the necessary and proper expenses incurred in connection with the work
of such commission, including salaries, per diem, traveling expenses of
members and employees and rent, furniture, office fixtures and supplies,
books,salaries, and other necessary expenses the same to be approved by the
Chairman of said commission and audited by the proper accounting officers
of the Treasury.
Section 3. That pending the report of the commission herein provided
for and for a period of thirty days thereafter the compensation of railway
employees subject to this Act for a standard eight-hour work day shall
not be reduced below the present standard day's wage, and for all necessary
time in excess of eight hours such employees shall be paid at a rate not less
than the pro rata rate for such standard eight-hour work day.
Section 4. That any person violating any provision of this Act shall be
guilty of a misdemeanor,and,upon conviction, shall be fined not less than
$100, and not more than $1,000, or imprisoned not to exceed one year,
or both.
Approved September 3 1916.
Approved September 5 1916.

and we will being misery and untold suffering upon all the millions of
people in this land."
I am absolutely opposed to this legislation, because it is wrong. It
is undemocratic and in radical opposition to every pronouncement of my
party. I am further opposed to its being enacted in this manner. It is the
act, as I said before, of the highwayman. The highwayman at the point
of a pistol demands your money and these men with a threat to bring untold misery and suffering upon the nation, demand this legislation. This
proceeding is in exact accord with the method of the bandit, and as one
Member of this House I will forfeit my seat in it to-day, and I hope I may
never occupy it again, before, with my convictions on this subject I will
bow to the command of these arrogant brotherhood leaders and stultify
myself by swallowing this kind of stuff.

Representative Bennet of New York also assailed the bill
while it was before the House. In his attack against the
legislation he said in part:
I agree with Mr. Gompers, the President of the American Federation of
Labor,in one statement that he made yesterday He said there were worse
things than strikes. There are, and one of those things is, the destruCtion
of the American system of Government.
1 have not always agreed with laboring men, but I have never deceived
them. I shall not deceive them now, for this proposed legislation Is the
worst blow that any one ever dealt to organized labor. To-day you are
trying to fix the pay of 400,000 men employed in one industry, to give them
an increase of 25%. If you fix the pay of those 400,000 men to-day, you
must fix the pay to-morrow of the remainder of the 2.000,000 men in that
Industry If you fix the pay of 2,000,000 men to-morrow, within a short
time you will have to fix the pay of every employee of every factory in the
United States that manufactures goods to go into inter-State commerce.

Representative Mann, in voicing his opposition to the
bill, said:
This bill is entitled "a bill to establish an eight-hour day for employees.
and carriers," but there is no pretense in the bill itself that it does or even
tends toward the establishment of an eight-hour day. The only purpose
of this bill is to have Congress write into law and into contract already
made a provision that for the purpose of compensation eight hours shall be
a day's labor. There is no intention on the part of either the railroad managers or the railroad employees to shorten the hours of labor from thoso
now used. In the contest between the employer and the employee upon
the railroad the public is somewhat interested. The railroad managers
would just as lief give a day's pay for four hours' work if they could recoup
themselves from the public. It is idle to say you can increase the rate of
pay without in some way increasing the rates for freight and passengers
In the United States. I do not believe that Congress, with doubtful Constitutional power to change or alter contracts or to determine the rate of
pay on transportation lines, without knowledge, without investigation,
should impose a burden upon the whole people of the land..

Two unsuccessful attempts of the Republicans to incorporate in the Bill a provision for compulsory arbitration, such
as is provided in the Canadian Commission Act,were defeated
in the House. Two motions to recommit, mot a similar fate
in the House; one of these recommended that the Bill be
As noted in our issue of Saturday last, the Adamson Bill recommitted with instructions, and the other that it be repassed the House on the 1st inst. by a vote of 239 to 56. committed without instructions. When Representative




SEP/. 9 1916d

_

.

THE CHRONICLE

J. Sterling of Illinois, Republican, proposed to write into the
Adamson bill legislation' patterned after the Canadian Arbitration law, Representative Adamson made a point of order
against this amendment and .it was sustained by Speaker
Clark. On an appeal from the decision of the chair the decision was sustained.by a vote of 204 to 87.

897

greatest crisis of its history. If we are met here with a demand which we
cannot postpone for information, which we must execute without information, and most of all if we propose to execute it without information, then,
indeed, the spirit of the fathers has departed and traditions of
this body
will soon be turned to shame and humiliation.
If this Congress would pass a resolution this afternoon to the effe?..t that
we are in favor of proceeding with this matter at this session of Congress
until we shall have comprehensively dealt with it, the strike would be as
dead by Monday morning as it will be if this bill is passed.

The Senate bill, drafted by Senator Newlands, Chairman
In signing the bill on the 3d inst. President Wilson used
of the Senate Committee on Inter-State Commerce, and
reported by the latter to the Senate on the 1st inst., was four pens, each of the heads of the railroad brotherhoods
broader in its scope than the Adamson bill, one of the features receiving one of the pens. Senator Clarke of Arkansas,
embodied in the Newlands and not in the House bill, being a President pro tem. of the Senate, refused to attach his sigprovision empowering the Inter-State Commerce Commission nature to the bill, having retired from the chair which he
to fix the hours of labor and wages of Inter-State railroad occupied in the absence of Vice-President Marshall. Senator
employees it the end of the proposed period of investigation Clarke exercised his right under the rules to designate a
and thereafter. The Newlands bill was debated in the presiding officer for the time being, and Senator Hughes of
Senate from 2:30 p. m. until 6 o'clock on the 1st, when New Jersey, who was named to preside, signed as the Senate
a recess was taken. When the Senate reconvened in the presiding officer. Senator Clarke voted against the bill
evening, Senator Pittman moved that the Senate bill and supported Senator Underwood's amendment which
be laid aside and that consideration be given to the House would have given the Inter-State Commerce Commission
bill; following this, at the request of Senator Newlands, power to fix wages of employees on inter-State railroads.
unanimous consent was given the motion to take up the
The calling off of the threatened strike of the trainmen
House bill. Senator Underwood, at the night session on
the 1st inst., offered as an amendment to the House bill (scheduled to go into effect on the 4th inst.) was witnessed
Section 6 of the Senate bill giving the Inter-State Commerce before the signing of the bill, but not before the labor leaders
Commission power to fix the hours of labor and wages of the were thoroughly assured. that the legislation would be
railroad men. No action was taken on the Underwood enacted into law by Monday. A statement announcing the
motion until the following day. Shortly after 11 o'clock rescinding of the strike order was issued on the 2d inst. by
Friday night (the 1st inst.) the Senate agreed to a proposal A. B. Garretson. Chairman of the Brotherhood Conference
of Senator Newlands to close debate at 4 o'clock Saturday Committee:
The strike order has been rescinded. It had been at first judged
afternoon,and to then proceed to a vote on the House bill and
best
that we wait until
President signed the bill, but upon receipt of assurall amendments and to a final vote not later than 6 o'clock. ance that he wouldthe
sign it before Monday morning, and in order to remove
An adjournment was then taken until 10 a. m. Saturday. the possibility of difficulty in transmitting the recall message on Sunday,
the Committee of Thirteen decided at 8:30 to rescind the order at once.
On that day (the 2d) the Adamson bill was passed by the That
has been done and there will be no strike Monday morning.
Senate without amendment by a vote of 43 to 28. Senator
La Follette was the only Republican to vote for the bill,
On the 3d inst. the St. Louis members of the four brotherwhile Senators Hardwick of Georgia and Clarke of Arkansas
hoods
adopted the following resolution thanking the Presiwere the only Democrats to vote against the bill. Before
dent and Congress for their action:
the final vote on the bill, several amendments were voted
We are not unmindful of the indefatigable efforts of the President of the
down. The Underwood amendment, already referred to, United States to bring about an amicable adjustment
of the eight-hour
was lost by a vote of 57 to 24. Before the vote was taken on issue, and we know that the 400,000 members, their families and their
friends appreciate his loyalty to our cause and we convey to President
this amendment Senator Underwood accepted an amend- Wilson and Congress our thanks for them.
ment to it by Senator Shafroth, stipulating that "nothing
herein contained shall be construed as compelling the emIn denying on the 3d inst. that Congress was being held
ployees to work at the wages prescribed." An amendment up for the legislation, Representati
ve Adamson said:
of Senator Newlands to make interference with the moveYou can say that it is all poppycock to talk about Congress being
held
ment of trains a misdemeanor punishable by fine and im- up for the eight-hour day legislation. It was
time for that measure, and it
prisonment was defeated by a vote of 52 to 14. Senator means as much or more for the public as it does for the trainmen of the
Thomas withdrew' a similar amendment. An amendment brotherhoods.
The law will stand the test of the courts. I have no
fear on that score,
of Senator La Follette to provide that nothing in the pro- and it will apply to all men who operate trains.
It does not step at the
posed law should be held to amend, alter, or repeal the Act 400,000 in the brotherhoods.
We know that an eight-hour law would come at some time in
the near
of May 4 1916, limiting the time of service on railroads to future, but we wanted
to couple it with other features of railroad legislation.
sixteen hours, was lost by a vote of 46 to 24. The utterances We will not stop with that bill. When Congress meets again we
will add
provisions to protect the carriers and especially to safeguard the public.
against the bill in the Senate were as marked as the attacks toIitthink
that the law passed yesterday will make for better service to
in the House.
shippers and the traveling public. I feel to-day that we acted wisely
in
Senator Underwood, in urging the adoption of his amend- stopping where we did. The time was too short to cover the entire subject
involved in the controversy between the railroads and their employees.
ment, spoke in part as follows:
The bill without this amendment means nothing. There is no
permanent
solution of the situation for the future. All that I have offered to the
Congress is a court of arbitration where all sides may have an opportunity to
be hoard. It is true that if the verdict of that court is satisfactory to
the
men, the railroads will have to accept it, because it will be governing so far
as they are concerned. If it is not satisfactory to the men, the men
have
a right to reject it, and the only coercion that they would face if they
rejected the finding of the verdict of the Inter-State Commerce
would he the question of public sentiment, and in the end theyCommission
must stand
the test of public opinion on all their efforts. They cannot maintain
a
strike for a day or an hour when the sentiment of the American
people
is against them.
There is no coercion in this matter, but I say that the bill as it
stands
without this amendment is an absolute abandonment of the court of
arbitration, and Congress has taken unto itself the tight to fix the
wages
of
inter-State commerce without a hearing from either side. It
satisfactory to the men employed on the great railroads of the may be
country
to-day to take this verdict of Congress because the verdict is for them.
but
I ask those men if to-morrow will they he satisfied with a verdict of
the
Congress in reference to their rates of wages if that verdict is against
them?
If Congress is to render these verdicts without consideration and
without
an
opportunity for one side or the ether to be heard, or what / am
proposing
is a permanent court of arbitration, a court that compels no man
except so
far as public sentiment will compel them.
If we de not present some affirmative legislation at this stage of
the bill,
then the American people are of necessity compelled to say that
Congress
paid the Price of peace without attempting permanently to solve the
great
•question that they were confronted with. There must be a
solution of
this question that will be fair to all railway employees and fair
to
the
shipping'public of this country.

Senator Borah,in expounding his views, said:
If, indeed, we are up against the preposition that we are dealing with a
body of men who would not permit Congress to have the facts or
to
time to investigate and to pass intelligentiy upon them; if I have take
placed
too high an estimate upon the character and patriotism of these
men and
we are yielding to the suggestion and the dictation and the
direction of
these men, then, indeed, the Congress of the United States has
mot the




Had we the time we could have gone on with it all, but we simply met
the
emergency.
I think that it is unjust for anybody to charge that Congressmen were
prodded or driven to this legislation. The question of the eight-hour day
is not a now one. It came up suddenly and unfortunately for those who
wanted to adjourn Congress, and when crops are being harvested for market. That made it the more necessary that we act at once to avert the
threatened strike. We followed reason in the matter.
I believe that the adoption of the eight-hour day, with the safeguards
provided to protect the status quo until investigation can be made, was the
proper thing now. In future sessions of Congress we will have ample time
and opportunity to express our views on the subject of railroad legislation
affecting the men and the roads and adjust the relations between the two
great forces. We are compelled to preserve the roads and to protect the
public against employees and employers of transportation systems.
The bill signed by the President to-day is not a temporary measure. It
was passed in haste to meet an emergency, but it will stand. People who
operate trains should be in full possession of faculties of mind and
body
and they should not work more than eight hours a day, except in cases of
extreme emergency. On that theory we have legislated for eight hours of
service. We have sixteen hours and nine hours under certain conditions.
In the new law we went a little further. We will finish the legislation
after we get more information.

In questioning the right of Congress to enact legislation of
the sort embodied in the Adamson bill, E. P. Ripley, President of the Atchison Topeka & Santa Fe, was quoted as
follows in the Chicago "Herald" of the 1st inst.:
As I understand it, this bill provides that the railroads shall adopt the
eight-hour day and shall pay for the eight hours what we are now paying
for ten hours' work. I ant not much of a lawyer, but I don't understand
that Congress has any such right. It has the right, of course, to pass any
bill, but I don't understand that it has a Constitutional right to pass thia
particular bill and make it effective.
Even if Congress passes the bill. that doesn't mean that the railroads
will agree to it. I don't think they will. The union," might accept th
bill and postpone the strike or call it off, but that will not settle the matter

4

898

THE CHRONICLE

I suppose the railroads would refuse to pay in the increase in wages, and
then it would be up to the Administration or the Washington officials to
Sue the railroads to compel the payment of the increase in wages. Then,
of course, it would be a case for the courts to determine whether Congress
has the right to fix the wages the railroads or any other enterprise must
pay its employees. I can't see where action by Congress on this basis
would settle the controversy. On the contrary, I don't think it would.

In a formal statement issued at Topeka on the 6th inst.
Mr. Ripley declared that the Atchison did not intend to
comply with the provisions of the new law. President
Ripley declared that the so-called eight-hour law was
nothing more than an advance of 20 to 25% in wages to the
men who receive the most money in the railway service.
•Mr. Ripley's statement follows:
Congress, hastily acting under a threat of four leaders of labor organizations, enacted a so-called eight-hour law, which is nothing more nor less
than an advance of 20 to 25% in the wages of the best'paid men in railway
service. It is only fair to the public and to our employees to say that the
Atchison Topeka & Santa Fe Railway Company does not intend to comply
with the law until ordered to do so by the court of last resort.

Mr. Ripley was also quoted as saying:

[Vol,. 103.

PRESIDENT LOREE ON THE EIGHT HOUR DEMAND
OF RAILWAY EMPLOYEES.
;
- In his statement last week before the Senate Committee
on Inter-State Commerce, President L. F. Loree of the
Delaware & Hudson Co., discussed very thoroughly the
=lands of the railway train men for 10 hours' pay for 8
hours' work, and his remarks have been reprinted in pamTh—lerform. Mr. Loree points out that the present standard
of payment in freight service is a trip of 100 miles or less
accomplished within ten hours or less. Every freight
trainman, he says, is paid for at least 100 miles and for at
least ton hours' work each time that he goes upon duty,
even though his train traverses a shorter distance and even
though the movement is accomplished within .a shorter
period. He is accorded proportionate extra pay for every
mile over 100 miles and for every minute over ten hours.
Mr. Loree then goes into an exhaustive analysis of the whole
subject. We quote the latter part of his remarks.

There is no likelihood that any class of Santa Fe employees will receive
As it has come to pass that railways in the United States cannot now
increase in salary until the wage trouble with the trainmen is settled. receive for the services which they perform more, in the aggregate, than
workers
railway
of
class
other
any
that
I have said, and still maintain,
shall meet their expenses and taxes and afford a reasonable return on the
Is entitled to more money than the trainmen, but by saying that other fair value of their property, it must be remembered that in any such disworkers than trainmen are entitled to more money, I do not mean to say cussion as that now in progress the railway corporations are as to the sums
that we have in mind any advance in wages for any of our employees. paid in wages merely conduits through which moneys pass from the
Advances certainly will await the outcome of the argument with the traveling and shipping public to the train employees. Furthermore, the
brotherhoods.
shippers do not themselves actually pay the freight rates, but collect
from the ultimate conIn answer to Mr. Ripley, Representative Adamson on tile the amounts so paid either directly or indirectlyadded
to wages must be
sumers. It, therefore, follows that whatever is
7th inst., said:
rates, and (second)
freight
in
railways
(first) to the sums paid to the
added
I have seen Mr. Ripley's published statement and all I can say at this to the prices of the commodities shipped, that is to say, to the cost of living
time is that 11 Mr. Ripley or any othel• railroad official disobeys this eight.. to the ultimate consumers. This makes it apparent that the present prohour law the first step taken will be the swearing out of a warrant, and position is, in fact, one to increase the cost of living of the great multitude
the violators are likely to find themselves in jail. If a poor attorney of Americans who have incomes lower than those received by railway
Informs a railroad official that the law is unconstitutional it should be trainmen in order to increase these higher incomes. If there is any quesarranged so that the accused official would have the benefit of other counsel tion as to the propriety of such a procedure, it is doubtless certain that a
in court, and the ill-advised railroad attorney can go along to jail with decision adverse to the general public ought not to be reached upon ex pane
his client. There is no doubt of the constitutionality of the law and of the testimony or without a careful investigation in which all concerned should
power of Congress to regulate commerce between the States and provide have a right to be heard. To this extent the railways which are resisting
for the safety and comfort of the traveling and shipping public. I shall the trainmen's proposition are merely standing for the rights of the general
soon make a speech which will be an extended reply to such recalcitrants public. On the other hand, if increases in wages should be granted and
and critics as Mr. Ripley.
there should be no adjustment of freight rates, or an inadequate adjustfrugal and the
Mr. Ripley on the 7th inst. added to what he had already ment, the loss would fall upon investors, that is upon the
saving.
.
following:
the
said
The adroitness of the officers of the railroad brotherhoods in playing
We don't question the right of Congress to fix an eight-hour day, but upon the public dread of disturbances in the railway situation which might
we do question its right to take our money and give it to some one else. possibly lead to strikes, has, during the last ten years obtained for the
That is what the law awarding ten hours' pay for eight hours' work amounts employees they directly represent, very considerable increases in wages.
to. We are willing to grant the mon an eight-hour day and pay them for It is not intended here to question the propriety of these increases, all of
eight hours' work, but not for ten.
which were imposed upon the railroads either by insistent demands of
public officers assuming to represent the public, or by arbitrations conducted
under statutory authority. It is necessary to note, however, that they
supplemented by the present demand
Jacob H. Schiff, in declaring against the new legislation have taken place and that they arelabor
and the real responsibilities of the
during a period in which the actual
said:
3d,
the
on
Harbor
at Bar
trainmen have been diminished by legislation requiring the installation of
of
s
100.the
upon
representative
A few men have forced their dictates
many kinds of safety devices and signals and in other ways. As a matter
000,000 people. It would have been far better if these men had been bidden of fact, only a portion of the time during which railway employees are
to do their worst.
technically on duty is devoted to actual physical work. A careful investiIf a strike had in reality come and could have been made effective, which gation was made of the work of these employees on the railway of The
have
would
this
duress
under
the
railroads
Is open to considerable doubt,
Delaware & Hudson Company with the results shown in the following
doubtless had to give in, but the principle of arbitration would not have table:
become sacrificed and democracy would not have been made a mockery
and a sham.
Branch
It is doubtful whether worse could have happened in an autocracy. One
Through Way or
Line
Local
Through
labor
of
cause
the
to
has
done
been
harm
incalculable
that
certain,
thing is
Local
Passen- Passen- Passen- Freight
Itself.
Trains: Freight
per
per
per
Item—
I consider the action of the labor leaders in forcing the eight-hour law
Trains:
Trains:
Trains: Trains:
from Congress a most serious blow to democratic institutions, as well as
of incalculable harm to the cause of organized labor. It is certain to act
M.
M. H. M. II.
M.II.
M.II.
II.
Conductors—
as a boomerang.
7 50 12 09 10 33 10 50
Time on duty per day-- 7 40
Time actually engaged
7 06
4 26
5 07
4 53
4 51
in work
65.5
Hale Holden, President of the Chicago Burlington &
42.1
42.1
62.5
63.3
Per cent
executives
Baggagemen—
Quincy RR. and the spokesman for the railroad
7 46 12 09
Time on duty per day.... 7 19
during the Washington conferences, in outlining the attitude
Time actually engaged
inst.,said:
2d
the
on
measure,
4 01
of the carriers toward the new
2 59
3 20
in work
will
33.1
38.5
45.6
Per cent
The railroads will take no immediate action and no single railroad
all
for
speaking
am
I
that
sure
am
I
Flagmen—
take any hasty steps in this matter.
crisis.
another
with
12
09 10 33 10 50
country
51
the
7
confront
51
7
to
going
not
per
dayare
duty
We
on
Time
of them.
Time actually engaged
The plan is to accept the law under protest, pending the period of investiour
if
6 05
time,
shorter
4 43
a
4 06
3 36
3 34
in work
gation by the President's commission, or possibly
56.2
44.7
33.7
45.8
45.5
Per cent
lawyers so advise us. They are busy on it now, but have had to go slow
because no one knew in just what form the legislation would come through Head Brakemen—
--------9 23 10 33 10 50
Time on duty per day
Congress.
and I
Time actually engaged
I regret that Congress has had to make this humiliating surrender
6 03
3 46
4 48
__ _ _
__
in work
believe that I am expressing the sentiment of my colleagues In regretting
We
55.8
35.7
51.1
Per cent
that Congress did surrender. The Burlington was ready for a strike.
we
because
first,
night,
Middle Brakemen—
issued our modifications in the embargoes Friday
11
26*
place,
the
second
in
16
and,
10
through
going
was
legislation
day
the
Time on duty per
were sure that
loyal to
Time actually engaged
because we had found that enough of our employees would remain
48*
5
walkout.
3 26
in work
us to operate our full schedule from the first day of the
50.8*
fighting
33.5
Per cent
But the railroads have no disposition to fight just for the sake of
is concerned,
and will accept the law under protest. As far as Congress
more
*First middle brakemen on through freight trains.
it got just what was coming to it. This slap in the face is. nothing
unions ImThe foregoing shows that the "days" of the various employees repreor less than a natural result of the legislation giving the labor
the Anti- sented in through, main line service ranged between a minimum of 7 hours
munity for the restrictions imposed on other monopolies under
law that and 19 minutes to a maximum of 10 hours and 33 minutes and that the
Trust laws. Congress said, in effect, when it passed the Clayton
2 hours and 59
has time actually engaged in 'work varied from a munimum
labor could run wild and do what it pleased, and that is what labor
small
minutes to a maximum of 4 hours and 43 minutes. The relatively
been doing
somewhat
service
averaged
local
and
numbers employed on branch lines
from
longer service. This obviously presents a very different situation
With the indications of the calling off of the strike, incident that of those vocations in which there is reason to support the principle
that
idea
the
day. This principle is based upon
to the enactment of the eight-hour railroad law, the various of the bona-fide eight-hour
to which it applies require close application and intense
occupations
the
their
on
embargoes
placed
This has
roads of the country which had
and uninterrupted effort during the whole working period.
the prinfreight shipments began to modify or lift the embargoes on been shown not to be the case as to railway trainmen and hence
reason
The
applied.
2d inst. all of them had been withdrawn ciple cessante ratione legis, cessat ipsa lex should be

or

Aug.31, and by the




SEPT. 9 1916.]

TIIE CHRONICLE

899

- for the bona-fide eight-hourAity does not exist in connection with the moveThe President's recommendations include a practicable measure for the
ment of railway trains and, therefore, the principle should not be applied.
accommodation of future differences which threaten to interrupt inter.
It is certainly no time td burden the rallreads with additional uncom- State commerce. This is tho only feature of the suggested legislatior
pensated expenses. The hea"iIncreases in-wages to which they have been which offers a possible remedy for future difficulties and it would be most
compelled to submit and the largely augmented cost of the materials they unfortunate if it should not receive present consideration.
are obliged to purchase led the railroads to attempt in the year 1910 to
The• willingness of the railways to arbitrate all the demands made
obtain an adjustment of their rates so as partially to make up to them the upon them by the trainmen is matter of public record and proof of their
losses they had sustained through the decline in the purchasing power confidence in the justice of their position. They have at all times been
of the standard money by which their rates are measured. It was not, ready to arbitrate under the Federal statute (the Newlands Act), enacted
however, until Feb. 21 1915 that they were able, with the permission of in part upon the request of the trainmen, or before the Inter-State Comthe Inter-State Commerce Commission, to make increases in their rates merce Commission, or a special tribunal appointed by the President, or
which were very much less than those originally asked for, although be- otherwise. The refusal of the trainmen to arbitrate was absolute and it
tween the original application and the permission to make the advances was this refusal which brought about the situation which Congress is now
there had been additional increases in rates of wages and further increases attempting to relieve.
in the cost of materials and supplies.
The President realizes that the cost of the proposed higher wages ought
not to fall upon the railways themselves, but ought to be passed along to
shippers and through them, of course, to ultimate consumers, but it is
not at all certain that effective mechanism to accomplish this result exists CHARLES E. HUGHES ON THE RAILWAY STRIKE.
or can be created. The President does not legislate, and although he may
SETTLEMENT.
recommend legislation, he cannot guarantee the enactment of any measCharles E. Hughes, Republican candidate for President,
ure. The Preisdential promise to the late Mr. Harriman, to repay to the
Southern Pacific all sums which it might expend in performing the public who has availed of the enactment of the eight-hour
railroad
service of saving the Imperial Valley from inundation, by stopping the flew
campaign material, made some cogent observations
of the Colorado River into the Salton Sea, a task which the Federal Govern- law as
ment found itself incapable of accomplishing, has never been carried out on the submission of the Administration to the demands
by Congress, and the inducement of higher freight rates with which of labor. The remarks to which we have particular reference
President Roosevelt, aided by the then Chairman of the Inter-State Commerce Commission, prevailed upon the railways, in 1908, to avoid a threat- were addressed to a gathering at Lexington, Ky., on the
ened strike by Increasing the wages of train employees was, at the first 5th inst. Alluding to President Lincoln, whose birthplace in
opportunity, repudiated by the Inter-State Commerce Commission, and Hodgenville, Ky., encased in granite
memorial building, had
President Taft took no public steps to obtain different action.
The fact that abnormal conditions in the export trade of the country the previous day been accepted as a national shrine on
have brought about a temporary condition of activity in railway traffic behalf of the Government by President Wilson, Mr. Hughes,
must not be permitted to occasion false security as to the fundamental In saying what
it was that distinguished the martyred
conditions of this great industry. There is no good reason whatever
for considering that the situation thus produced will outlast the con- President' more than anything else, laid it to the fact that
ditions from which it has resulted. In 1915 the total length of line of he "incarnated the spirit of the plain people of this land."
railways in the hands of receivers rose to about 42,000 miles. The high- This spirit
Mr. Hughes described as "the spirit of reasonableest total previously reported to the Inter-State Commerce Commission
was on June 30 1894, when the aggregate was 40,819 miles. The total ness; it is," he said, "the spirit of fairness; it is the spirit
length of railway lines in receivers' hands on Dec. 31 1915 was 38,661 miles, of generous thought and judgment; it is the spirit which
these figures comparing with 18,608 miles on June 30 1914, 16,286 on demands the rule of
calmness and reason and repudiates the
June 30 1913, 9,786 on June 30 1912 and 4,593 on Juno 30 1911.
of tyranny, and of force."
It must always be remembered that capital seeking investment is not demands of
subject to legislative regulation. Within constitutional limitations which
Leading up to the new spirit- which demands executive
the
railway industry In such
are not very effective, Congress can regulate
legislation in advance of investigation, he said:
a way as to decrease railway receipts and increase railway expenses. WithWe have a new spirit abroad in these recent days in America. It is the
in the scope of its legislative power, each State has similar power. But
neither Congress nor State legislature has any authority to require any spirit that demands legislation in advance of investigation. It is the spirit
person to furnish a dollar of capital to any railway enterprise. Those that demands executive action and Congressional action in advance of an
who seek capital for railway development have recently met increased examination of the facts upon which action should be based. It is the
competition from two sources. It is only within a very short time that spirit that says, "Legislate now and investigate afterwards." It is the
any of the groat manufacturing and mercantile enterprises of the country spirit of force. It is not American.
have been so organized as to permit a direct appeal to investors. For
In the bottom of my soul I desire fair dealing in this country between
some years, however, they have been so organized as to make such an man and man. There is no one more anxious than I that there should be
appeal and, offering relatively high interest and being able to show In- equity in connection with all our relations. I want to see our human
creased stability and substantial freedom from legislative and governmen- resources conserved by wise and intelligent action. I want to see every
tal interference, they have been able to secure a large share of the annual particle of class antagonism vanished in the presence of the application
Investment fund. On the other hand, the volume of governmental secur- of just principles. I want to see our men knit together in a common fellowities, which appeal to the most conservative investors, has been very largely ship. I want labor to have safe means of work, sanitary conditions of
augmented by heavy Issues of municipal bonds, and these have been put woik, wholesome opportunities for recreation, reasonable hours for work,
out higher rates of interest than were formerly paid upon securities rest- fair wages, provision for old ago. I want what is reasonable for labor.
ing upon taxation, so that the former difference in income in favor of
There is one thing that underlies all, and that is that in our efforts to
Investors in railway bonds has been almost eliminated. Moreover,the secure what is just we keep the priceless institutions of this land which
freedom of all classes of governmental securities from the Federal income distinguish us as a free country and separate us from all the autocracies
tax and even from the requirement to make public disclosure of income of the world.
received, has made them additionally attractive. One consequence of
It may be very important that here or there there shall be a change in
these conditions is that although the railroads need for normal develop- the wage scale. I know not. It is a matter for careful examination. I
ment not loss than one billion dollars per annum, and have needed that should be the first to recognize any demand that is just. There is someamount for many years, they have been able to obtain scarcely five hun- thing that precedes any demand, however,
and that is the willingness to
dred million. Another consequence is that in 1915 the total amount of abide by the results of reason. It is the demand that when we do anything
new railway mileage constructed in the United States was less than during in this country we should understand the way we travel, where we put
any other year subsequent to the Civil War, the total construction during our foot down, and never surrender to any force of any
kind.
the year being 933.24 miles. In the year 1849, when the railway system
It is, as the future will unfold, our priceless heritage that we have a
in this country was actually in its infancy,the new lines constructed amount- country where intelligence reigns, where there are
many opportunities of
ed to 1,369 miles and from that time to and through the year 1914 there education, where we are trying to stamp out every
abuse working against
were only three years, 1861, 1962 and 1864 in which loss than 1,000 miles our institutions. We prize the rule of
informed public opinion. We
were constructed. Of the 66 years from 1849 to 1914, inclusive, there submit ourselves, with respect to our greatest national
concerns, to the
were five in which the new construction was more than one thousand and arbitrament of the public judgment every four years. We submit
our
less than 1,500 miles, eleven in which it was more than 1,500 and less than arguments, tell what we think and desire to be done; then we go to the
2,000, eleven in which it was more than 2,000 and less than 3,000,nine- polls and express our convictions, and then every American citizen, whether
teen in which it was more than 3,000 and less than 5.000,fifteen in which it he is victorious or defeated, goes home satisfied, and reason rules. But
was more than 5,000 and less than 10,000 and two years (1882 and 1887) the day must never come—and I regret to say we have gone very far
in which it exceeded 10,000 miles.
toward that day—when we shall have any action under pressure, instead
In 1906 the Inter-State Commerce Commission was given extensive of on a consideration of the facts.
powers over the supervision of railway accounts and, beginning with
July 1 1907, the property accounts of all inter-State railways have been
Nashville on the 4th-inst., Mr.7Hughes, in declaring
kept in accordance with the system of accounts officially prescribed and
himself in favor of arbitration, said:
actually subject to Federal inspection. The reports of the Inter
-State
Commerce Commission show that between 1907 and 1914, the actual
I believe there is no grievance with respect to labor that cannot be settled
cash expenditures for additions and betterments to the American railway by a fair candid examination of the facts. We have, in the past, had to
system amounted to $3,627,283.380. This additional investment amounted deal frequently with the opposition of employers to the principle of arbito more than one-fourth of the aggregate investment at the beginning of tration. Sometimes they have refused to arbitrate disputes. Public
the period. Yet, in spite of this heavy addition to the amount of capital opinion has been against them. I believe in and I stand hero firmly for
employed, the amount available for return to capital, including
Interest the principle of arbitrating all industrial disputes, and I would not surrender
on capital secured by the issue of bonds, was actually $74,110,851 lower it to anybody in the country. I believe that anything that is right in this
in 1914 than in 1907. In other words, having invested almost $4,000 - country can be settled right. What is our great republican Government?
000,000 to extend and improve their facilities the railways earned less
What are our free institutions?
.
by the use of those facilities in 1914 than in 1907. During the whole
We have come down the long course of history, with the people fighting
period there were only two years in which the added capital expended slowly, slowly, slowly, now with defeat and now with victory, for a recogin improvements and extensions brought in any return whatever, and in nition of the reign of reason, instead of the reign of tyranny and force.
those years the rate of return was but 1.28% and 3.42%, respectively.
We have emerged Into a great country, peopled with intelligent men and
It would be seriously unfortunate if what appears to be a present emer- women. We have educational opportunities on every side. We have an
gency should be dealt with in such a way as to increase the difficulties of alert electorate, we have people who understand expertly all the various
the future and without providing any effectual means for settling any of activities of our life from every possible side.
the disagreements that arise. If the threat of suspending the industrial
Now, then, I stand for two things: First, for the principle of fair, imparactivities of the Nation by stopping railway transportation should now tial, thorough, candid arbitration; and second, for legislation on facts
suffice to extort from Congress a statute sanctioning the counterfeit eight according to the necessities of the case. And I am opposed to
being dichour day and so force a heavy increase in wages, the result will invite tated to either in the executive department or in Congress by any power
similar threats whenever the desire for easier conditions or higher pay sug- on earth before the facts are known and in the absence of the facts.
gests. Even the pending demands would not be settled by the enactWe have a great country and a great future, but it can only be preserved
ment of the counterfeit eight-hour day, and the example would prove In one way—that way is the way of honest, fair investigation and candid
contagious, other classes of workmen would attack other industries with treatment. Show me that way that is right and I will take it, but I won't
similar plans of campaign.r
take any way that I do not know anything about.




oppression,

rAt

III

*1

VA 40

900

THE CHRONICLE

BOASTFUL ATTITUDE OF RAILWAY STRIKE
LEADERS.
The following, dealing with the comments of A.B. Garretson, President of the Order of Railway Conductors, concerning the victory of the trainmen, was printed in the New York
"Evening Sun" of the 4th inst., having been received from
one of its special correspondents at Washington.
''There probably never will be a railroad strike of the size of the threatened
one which has just been averted. There may never again be a threat of
such a strike. But it is wholly unfounded speculation—bosh—to say that
there never again will be another railroad strike, because the issues in
railroad operation can never again be a personal matter between employer
and employed. There will be plenty of strikes."
This statement was made to-day by Austin B. Garretson, leader of the
four railway brotherhoods, in commenting on the statement of those who
predict that as a result of the brotherhood victory in Congress railway
wage disputes will hereafter be prevented or settled by the Inter-State
,Commerce Commission or a similar body.
"Notfor a long time will there be the possibility of a strike of the size of
the one just averted, because the railroads will not join in their opposition
to the employees' demands. There will be plenty of strikes, however,
on individual roads and in adjusting grievances of broad scope we will
probably go back to the days when disputes were fought out by the associations, Eastern, Western or Southern.
How the Roads Fell In With the Men's Idea.
"It was our proposal that the railroads should unite to consider our
demands. They got their fingers burned so badly that I suppose they will
never again want to put the interests of all in the hands of one committee,
not for ten years anyway—not until the memory of this has passed.
lithe railroatighad accepted our first proposal it would have been much
loss costly to them. Assuming their estimate that our proposal would cost
them $50,000,000 a year to be correct—and L don't accept their figures—the
legislation just passed will cost 50% more,or $75,000.,000.
'I have my own opinion as to why the executives and the bankers back
of the executives did not grant our demand and why the directors and bankers didn't have the railroads accept the President's proposals. I don't
mean to be offensive in saying this and I refer to the class, not the individual.
It seems to me that there was a lack of foresight and understanding of industrial conditions resulting from long continued authority and dominating
over property to the exclusion of the rights of others.
"That,to my mind,is the secret, for this victory represents no upheaval,
no cataclysm. The bankers were looking through glasses marked dividends,
and could not see far.
"The victory-won is epochal because with eight hours established by the
greatest legislative body in the land as the proper working day, the employees in all industry are benefited. This is going to give great impetus to
the movement for social betterment. So I say it is a great victory, perhaps
'unparalleled in the history of unions, whether or not the wage fixing or
any other feature of the bill is finally judged to be unconstitutional. The
hour of the eight-hour day in industry has struck and the clock can't be
turned backward.
"I do not bellevet hat a compulsory arbitration law will be passed by
Congress, nor that wages in the future are going to be fixed by the InterState Commerce Commission. A law for compulsory arbitration or compulsory investigation would make this,a country of lawbreakers. The
employees would have to smash through it to get their rights. The mailed
fist has ruled and it will rule. Only one of two things can happen; either
those who have the advantage in position and power will realize the condition and assist in equalization of circumstances or the two sides will fight
till they are exhausted, and the struggle will continue until there are no
more parasites on the profits of toil.
"It is a misstatement of the facts to say that President Wilson was against
arbitration. He stood for arbitration just as we stood for it—for the things
that are arbitrable. You can arbitrate moot questions, nothing else.
"If you're Scotch you're not willing to arbitrate the question of your
nationality. As the eight-hour day had already been accepted as the
standard, neither the President nor the union was willing to arbitrate that
question. And if the eight-hour day was to be put into effect it was impossible to consider a decrease from the ten-hour wage. If the eight-hour
day is right, where does society get any benefit when, because of a decreaes
in hours, wages are reduced below the standard already set for a day's work ?"

As to the likelihood of the law being attacked by the railroads, Mr. Garretson, according to the New York "Times,"
had the following to say:
I understand that it may be attacked on three grounds; first, that it is
class legislation; second, that it is confiscatory, and, third, that Congress
cannot pass wage legislation.
Now as to its being class legislation: If Congress has the power to enact
legislation controlling inter-State commerce, is it class legislation to pass a
law affecting all of the class of men who operate the trains in inter-State
commerce? It must be borne in mind that this legislation affects not only
the members of the brotherhoods, but as well it affects the unorganized
engineers, firemen, conductors and trainmen.
As to Its being confiscatory, confiscation is like charity, it covers a lot
of things. There is nothing more confiscatory in Congress fixing the wages
of the men than there is in a board of directors of a railroad fixing much
higher salaries for railroad officials.
As to whether Congress has the power to legislate wages—well, Congress
legislated wages to-day, didn't it?

Mr. Garretson, in expressing the view that the law is
applicable to telegraphers and switchmen, said:
In my opinion, it includes telegraphers and switchmen and every one
else really engaged in the operation of inter-State commerce.

Mr. Garretson later (on the 3rd) stated that he and the
other labor leaders were ready at any time to do all they
could to aid the railroad nmanagers to work out new schedules in conformity with the eight-hour law. In indicating
that he does not share in the belief that the law means merely
25% increase in wages, he said:
When a man has a run that cannot be cut, it will mean to him simply a
25% increase in pay, but to many of the 400,000 men concerned it will mean
the same pay with two more hours of their time at their own disposal. The
railroad managers themselves did not mean what they said when they declared that the eight-hour day meant merely an increase in wages.

He claimed that there were thousands of schedules which
could be changed without cost to the railroads so that a man



[Vor, 103.

could do in eight hours all the work he now does in 10. This
is how the brotherhood chiefs explain the difference between
$100,000,000, the railroads' estimate of what it would cost
to give the trainmen the eight-hour day, and $20,000,000,
the estimate of the unions.
Mr. Garretson also stated that as he believed the action
of Congress in legislating the eight-hour day on the railroads
leads logically to Federal regulation of all railways, so he
believed that Federal regulation would lead to Government
ownership of railroads. On this point, according to the
"Times," he said:
If the Government keeps on regulating, the inevitable question will arise
In vital form, "What of the road that does not make a profit under such
regulation?" Will not the Government be responsible for guaranteeing an
income on the investment? This means but one thing—that the Government must take over that road and operate it. But if the Government must
operate the roads that do not make money under its regulation, why should
it not take over the roads that flourish under the same regulation? Why
should it not get the profit if it makes good the deficit?
Therefore, I say that I would vote for Government ownership as the
lesser of two evils. There are many arguments against it, not the least
of Which is that nowhere in the world is there such service as has been built
up in America under the competitive operation of railroads. On the other
hand, some Governments have made a sorry business of conducting railroads. But the Post Office is the great example that the American Government can operate a great business successfully. Perhaps the example of the
Post Office answers the argument that because of politics the Government
could not successfully operate the railroads.
I might say that there would never be the danger again unless the railroad managers blinded themselves to the seriousness of the situation, but
that is just what happened in this case. You may say that Congress can
act again, but I tell you that Congress would not act if the President didn't
wish it to act. In this case if we hadn't had a President of the United
States who was willing to stake his own fortunes in a supreme effort to
head off the strike it would have taken place before this.

W. G. Lee, President of the Brotherhood of Railway
Trainmen, was quoted on the 2d inst. as saying:
Of course I am pleased that we have avoided a strike. We did not want
a strike any more than any one else in this country, but we had come to a
point where if a strike became necessary to win our demands we were
willing to go into one. I feel confident, too, that we would have emerged
victorious if a strike had been necessary.
That situation, however, now is past. I do not know what the future
may bring as a result of the eight-hour day legislation. It is probable, of
course, that the railroads will ask for increased freight rates. If they can
show that they are deserving of them, the brotherhood will help obtain
them, but unless they can show good cause for advances, of course we will
not go to their assistance.
The bill as enacted to-day does not contain all that we should have liked
to have. We were willing to make sacrifices and we made them. We are
willing to abide by the legislation as passed by Congress.

VICTOR BERGER SEES GOVERNMENT OWNERSHIP OF
RAILROADS IN EIGHT-HOUR ACT.
The statement that the enactment of the eight-hour railroad law is not only a step toward the Government ownership of the roads, but that in the adoption of the legislation
by Congress the general public and the workers have been
buncoed, comes this week from ex-Congressman Victor
Berger, and editor of the Milwaukee "Leader," a Socialist
daily. According to the New York "Times," Mr. Berger,
while in New York recited his views concerning the Act, as
follows:
Congress has taken one of the most momentous steps in the history of
our country, one of the greatest steps in the direction of socialism ever
taken, and when it took that step Congress did so without knowing what
it was doing. For the first time in the history of our country Congress
has passed legislation fixing the hours of work and practically also the
scale of wages in privately owned enterprises, for the railroads of America
are privately owned. Heretofore Congress has scrupulously refrained from
enacting legislation of this kind.
In my opinion, everybody has been buncoed, Congress, the general
public, and the workers. In the first place, Congress has passed a law
which it has not the ways and mean to enforce. You cannot force the
railroads to pay a certain wage as long as they are privately owned. You
cannot compel the railroads to do this any more than you can compel the
owner of an American newspaper or any other privately owned enterprise
to pay a certain wage.
I do not know what the United States Supreme Court is going to do.
But, unless President Wilson appoints enough now members of the InterState Commerce Commission to make possible the granting of an increase
in passenger and freight rates to the railroads, the railroads will slimily
say that they cannot pay the new wage scale because they must pay dividends and interest on bonds or declare themselves bankrupt. Then the
Government will have to step in and run the railroads. This is all said
under the supposition that the Supreme Court decides that the law is
constitutional.
But now, let us suppose that the Supremo Court decides that the law is
unconstitutional and void. In that event the men will get neither the eight
hours nor the increased wage, and then there will be nothing to keep them
from striking again, and we will be face to face with the same situation
we were up against last week, the only difference being that it won't be
seven or eight weeks before a national election, and that Mr. Wilson, or
whoever happens to be President, will not hasten to send special messages
to both Houses of Congress to pass laws for his especial favor in order to
help along the personal boom of a nominee.
The worst buncoed elvment in any case, however, is the great public,
including the workin; lasses, who not only will have to pay the difference
in wages for the me 1 rut also $5 in profits dividends, and interest for
every $1 of increase sages paid by the railroads to the men. Moreover,
in the event the wrangle between the managers and the brotherhoods leads
to a strike after all, business will be paralyzed, there will be a general
cessation of work, and the people will face starvation during the period
the managers and brotherhoods are fighting the matter to a finish.

6DP1'. 9 1916.]

THE CHRONICLE

901

-

Very soon the country will-have to come to the only solution of this
matter, which Is collective oivnership and !governmental.management of
the railroads.

OKLAHOMA COMMISSION ADVANCES RATES AS
RESULT OF EIGHT-HOUR DAY.
Anent Ole action of Congress in fixing an eight-hour day
for trainmen, the interesting announcement came from
Oklahoma, under date of the 2d inst., that the Corporation
Commission of that State would advance both freight and
passenger rates on Inter-State business, the increases to go
into effect simultaneously with the eight-hour law. The
Dallas "News," in reporting this, said:
The advance will be flat 2% of the present rates. This figure has been
arrived at by taking the bulk increase of cost of operation claimed by the
railroads and applying the known data of Oklahoma thereto. The Oklahoma data is complete as a result of the rate case just closed in Federal
Court here.
This increase in rates will make passenger faros 2.04 cents a mile. A
passenger will have to pay 1 cent more on every twenty-five miles he
travels. The increase in freight rates will be at the same rate and will
apply to the present tariffs by a simple process of addition. If a rate
under the tariff is $5, the cost will be $5 10.
This action is to be taken in order to forestall an expected application
by the railroads for an increase in the rates, to meet the increase in cost
of operation due to the eight-hour days.

SAMUEL GOMPERS ON COMPULSORY ARBITRATION.
Samuel Gompers, President of the American Federation
of Labor, in a Labor Day address at Lewiston, Me., on the
4th inst. commended the Wilson Administration for its
achievements in the interest of the laboring man, and denounced the decisions of the Supreme Court in the Danbury
hatters' and Arizona anti-alien law cases, which he pointed
out were participated in by Charles E. Hughes, the Republican Presidential nominee. In a lengthy discussion of the
threatened railway strike he defended the brotherhoods and,
while he praised President Wilson for his efforts to settle
the controversy, he indicated his opposition to any attempt
at legislation to compel arbitration. Mr. Gompers said:
The demand of the brotherhoods is a clear-cut issue. They now make
the simple demand that their lives and their physical well-being shall be
protected and that they shall be required to work only such a reasonable
period of time as industrial experience has shown to be expedient. For the
eight-hour principle has been universally accepted by society. The eighthour workman is a better, a more resourceful, a more productive worker
than the one who labors long hours.
The railroad brotherhoods have not refused to accept arbitration. They
have declared the eight-hour work day involves a principle of human welfare that cannot be disputed and therefore cannot be arbitrated. They are
willing to submit every other issue, all of which are arbitrable, to a mutually
satisfactory tribunal. In this position they are in accord with every organization or organism that has ever declared for the principle of arbitration.
The brotherhoods are standing firmly for a fundamental principle of human
welfare.
The railroad men presented their demands and made their fight in a simple, direct manner. They have relied entirely upon their economic organization. They have not sought any special privilege, any legal protection,
or endeavored to utilize any governmental agency to establish their just
demands. They have secured attention and won favor to their cause
because back of their contentions was an organization that repreSented
power and service.
They have made a virile, straightforward fight, and they deny that railroad presidents or managers ought to be given the privilege or the advantage
that would accrue from compulsory arbitration. Their position is in accord
with the position of the American Federation of Labor.
Compulsory arbitration or so-called investigation Is simply a way to
restrict free necessary action on the part of wage earners and to make them
more easily dominated by employers. It only makes the striker a criminal
and gives authority for jailing workers who quit work.
Employers appreciate the importance of the shorter work day; they know
that it means more independent workmen, workmen not so readily held in
submission. It is necessary for the protection and the best interests of our
workers to whom the law will apply, that every man shall do his best, that
every woman in Maine shall aid to secure the approval of this Act.
The effectiveness and the possibilities of the organized labor movement
have never been more clearly demonstrated than they have been by recent
events.
Labor Day, September 1916, finds the trade union movement of the
United States in a stronger position than over before. The labor movement
means something more than demands for more money and shorter work
days; it means the ideals which these demands represent. The movement
represents the great desire of the masses of people for more freedom, for
justice, for a better and a higher life.
In a word, though the trade union movement may to some be a seemingly
slow course in the attainment of all the rights and the justice and freedom
to which the toilers are entitled, it is the sure growth. It has in it all the
elements of the human heart, human brain and the human soul. It goes
down to the deepest depth of misery and helps to lift up the submerged
that they may take their places side by side with the great struggling
masses of the toilers.

HEARINGS OF CONGRESSIONAL COMMITTEE INQUIRING INTO PUBLIC UTILITIES.
It was announced on the 6th inst. that the joint sub-committee of Congress which is to investigate the subject of
Government control and regulation of public utilities will
begin its hearings in Washington on Nov. 20. The appointment of the committee is authorized under the resolution
(known as the Newlands resolution) signed by President
Wilson on July 20. In the original form in which it was
introduced the resolution provided for an investigation into



railroad regulation, but as itlpassedithe7Senate on Feb. 16,
its scope was broadened so as to include an inquiry into the
advisability of Government ownership of public utilities,
such as telegraph, telephone and express companies, as well
as railroads. The House which passed the resolution on
July 15 amended it by extending the investigation to wireless
and cable operations. The Senate on July 17 concurred in
the House amendments and on July 20 the President affixed
his signature to the resolution. The text of the resolution
is as follows:
PUBLIC RESOLUTION—NO.25-64TH CONGRESS.
[S. J. Res. 60.1
Joint resolution creating a joint sub-committee from the membership
of the Senate Committee on Inter-State Commerce and the House Committee on Inter-State and Foreign Commerce to investigate the conditions
relating to inter-State and foreign commerce, and the necessity of further
legislation relating thereto, and defining the powers and duties of such subcommittee.
Resolved by the Senate and House of Representatives of the United Stales of
America in Congress assembled, That the Inter-State Commerce Committee
of the Senate and the Committee of the House of Representatives on InterState and Foreign Commerce, through a joint sub-committee to consist of
five Senators and five Representatives, who shall be selected by said committees, respectively, be, and they hereby are, appointed to investigate the
subject of the Government control and regulation of inter-State and foreign
transportation, the efficiency of the existing system in protecting the rights
of shippers and carriers and in promoting the public interest, the incorporation or control of the incorporation of carriers, and all proposed
changes in the organization of the Inter-State Commerce Commission and
the Act to regulate commerce, also the subject of Government ownership
of all public utilities, such as telegraph, wireless, cable, telephone, express
companies and railroads engaged in inter-State and foreign commerce and
report as to the wisdom or feasibility of Government ownership of such
utilities and as to the comparative worth and efficiency of Government
regulation and control as compared with Government ownership and operation, with authority to sit during the recess of Congress and with power to
summon witnesses, to administer oaths and to require the various departments, commissions and other Government agencies of the United States
to furnish such information and render such assistance as may, in the
judgment of the joint sub-committee, be deemed desirable, to appoint
necessary experts, clerks and stenographers,and to do whatever is necessary
for a full and comprehensive examination and study of the subject and report to Congress on or before the second Monday in January 1917; that the
sum of $24,000, or so much thereof as is necessary to carry out the purposes
of this resolution and to pay the necessary expenses of the sub-committee
and its members, is hereby appropriated out of any money in the Treasury
not otherwise appropriated. Said appropriation shall be immediately
available and shall be paid out on the audit and order of the Chairman or
acting Chairman of said sub-committee, which audit and order shall be
conclusive and binding upon all departments as to the correctness of the
accounts of such cub-committee.
Approved, July 20 1916.

In announcing the date when the hearings would start,
Senator Newlands, Chairman, said:
The committee believed it could do nothing at present on account of he
general inkerest of members in the campaign. Some Senators and all the
House members are up for re-election, so we determined that we wonld
not begin this investigation until the dates named. The scope of the resolution under which we will act is very broad and the committee can take
up any phase of the railroad question it may deem advisable. I am of the
opinion that the question of the relations of wages to the receipts of rail
roads will be given careful consideration.

LEGAL PROCEEDINGS AGAINST RAILROAD STRIKE.
On the 2d inst. Judge Day, in the District Court of Douglas County, Omaha, vacated the injunction obtained by
E. A. Hamilton, a member of the Conductors' Union, on
Aug. 30 preventing the officers of the union from declaring
a strike on the Union Pacific. The only point involved was
whether the required number of members of the union had
voted to strike. To settle this question the strike ballot
was brought into court and canvassed by Judge Day. The
canvass showed that 363 men had voted to strike and 112
against the strike. The result gave the union conductors on
the Union Pacific the legal right to strike on Monday, had
they chosen in the end to take that course.
PRESIDENT WILSON'S SPEECH ACCEPTING
RENOMINATION.
President Wilson formally accepted his renomination on
the Democratic ticket in an address delivered at Long Branch
on the 2d inst. from the veranda of Shadow Lawn, generally
termed the summer White House. The President was renominated by the Democratic National Convention in St.
Louis on June 15. Senator 011ie M. James delivered the
notification speech, to which the President responded.
The latter reviewed the work accomplished by Congress
in the way of constructive legislation, contrasting this with
what he described as the failures of the Republican Party.
The revision of the tariff, the creation of a Tariff Board,
the clarification of the laws against trusts, the enactment of
the Federal Reserve Act and the Rural Credits Act, the "recreation" of an American merchant marine, the regulation
of speculation in futures and the establishment of standards
in the marketing of grains, the child labor legislation, &c.,
were some of the accomplishments of the Democrats recited
by the President. As to legislation on behalf of the working

902

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men of America, he said they have been given "a veritable
emancipation by the legal recognition of a man's labor as
part of his life, and not a mere marketable commodity; by
exempting labor organizations from processes of the courts
which treated their members like fractional parts of mobs
and not like accessible and responsible individuals; by releasing our seamen from involuntary servitude; by making
adequate provision for compensation for industrial accidents;
by providing suitable machinery for mediation and conciliation in industrial disputes, and by putting the Federal
Department of Labor at the disposal of the working man
when in search of work." He claimed other accomplishments, such as that "we have instituted a system of national
aid in the building of highroads such as the country has
been feeling after for a century. We have sought to equalize
taxation by means of an equitable income tax. We have
taken the steps that ought to have been taken at the outset
to open up the resources of Alaska. We have provided for
national defense upon a scale never before seriously proposed
upon the responsibility of an entire political party. We
have driven the tariff lobby from cover and obliged it to
substitute solid argument for private influence." Concerning our foreign and Mexican policies, he said:
In foreign affairs we have been guided by principles clearly conceived and
consistently lived up to. Perhaps they have not been fully comprehended
because they have hitherto governed international affairs only in th^ory,
not in practice. They are simple, obvious, easily stated and fundamental
to American ideals.
We nave been neutral not only because it was the fixed and traditiohal
policy of the United States to stand aloof from the politics of Europe and
because we had had no part either of action or of policy in the influenese
which brought on the present war, but also because it was manifestly our
duty to prevent, if it were possible, the indefinite extension of the fires of
hate and desolation kindled by that terrible conflict and seek to serve mankind by reserving our strength and our resources for the anxious and difficult days of restoration and healing which must follow, when peace will
have to build its house anew.
We ventured to enter Mexican territory only because there were no
military forces in Mexico that could protect our border from hostile attack
and our own people from violence, and we have committed there no single
act of hostility or interference even with the sovereign authority of the
Republic of Mexico herself. It was a plain case of the violation of our own
sovereignty which could not wait to be vindicated by damages and for which
there was no other remedy. The authorities of Mexico were powerless to
prevent it.

As to the future problems confronting us, he said in part:
The future, the immediate future, will bring us squarely face to face with
many great and exacting problems which will search us through and through
whether we be able and ready to play the part in the world that we mean to
play. * * * We must be ready to mobilize our resources alike of brains
and of materials.
We can no longer indulge our traditional provincialism. We are to play
a leading part in the world drama whether we wish it or not. We shall
lend, not borrow; act for ourselves, not imitate or follow; organize and initiate, not peep about merely to see where we may get in.
We have already formulated and agreed upon a policy of law which will
explicitly remove the ban now supposed to rest upon co-operation among
our exporters in seeking and securing their proper place in the markets of
the world. * * * We must co-ordinate the railway systems of the
country for national uso, and must facilitate and promote their development with a view to that co-ordination and to their better adaptation as a
whole to the life and trade and defense of the nation.

In full the President's speech was as follows:
Senator James, Gentlemen of the Notification Committee, Fellow-Citizens. I cannot accept the leadership and responsibility which the National
Democratic Convention has again, in such generous fashion, asked me to
accept without first expressing my profound gratitude to the party for the
trust it reposes in me after four years of fiery trial in the midst of affairs
of unprecedented difficulty, and the keen sense of added responsibility
with which this honor fills (I had almost said burdens) me as I think of the
great issues of national life and policy involved in the present and immediate
future conduct of our Government. I shall seek, as I have always sought,
to justify the extraordinary confidence thus reposed in me by striving to
purge my heart and purpose of every personal and of every misleading
party motive and devoting every energy I have to the service of the nation
as a whole, praying that I may continue to have the counsel and support
of all forward-looking men at every turn of the difficult business.
For I do not doubt that the people of the United States will wish the
Democratic Party to continue in control of tne Government. They are
not in the habit of rejecting those who have actually served them for those
who are making doubtful and conjectural promises of service. Least of
all are they likely to substitute those who promised to render them particular services and proved false to that promise for those who have actually
rendered those very services.
Boasting is always an empty business, which pleases nobody but the
boaster, and I have no disposition to boast of what the Democratic Party
has accomplished. It has merely done its duty. It has merely fulfilled
its explicit promises. But there can be no violation of good taste in calling
attention to the manner in which those promises have been carried out
or in adverting to the interesting fact that many of the things accomplished
were what the opposition party had again and again promised to do but
had left undone. Indeed, that is manifestly part of the business of this
year of reckoning and assessment. There is no means of judging the future
except by assessing the past. Constructive action must be weighed against
destructive comment and reaction. The Democrats either have or have
not understood the varied interests of the country. The test is contained
in the record.
What Is that record? What were the Democrats called into power to do?
What things had long waited to be done, and how did the Democrats do
them? It is a record of extraordinary length and variety, rich in elements
of many kinds, but consistent in principle throughout and susceptible of
brief recital.
The Republican Party was put out of power because of failure, practical
failure and moral failure; because it had served special interests and not the
country at largo; because, under the leadership of its preferred and established guides, of those who still make its choices, it had lost touch with the




[VoL. 103.

thoughts and the needs of the nation anti Was living in a past age and under
a fixed illusion, the illusibh of greatness It had framed tariff laws based
upon a fear of foreign 'trade, a fundamental doubt as to American skill,
enterprise and capacity, and a very tenaer•regard for the profitable privileges of those who had gained control'or domestic markets and domestic
credits; and yet had enacted anti-trust laws which hampered the very
things they meant to foster, which were stiff and inelastic, and in part
unintelligible. It had permitted the country throughout'the long period
of its control to stagger from one financial crisis to another under the
operation of a national banking law of its own framing which made stringency and panic certain and the control of the larger business operations
of the country by the bankers of a few reserve centres inevitable; had made
as if it meant to reform the law but had faint-heartedly failed in the
attempt, because it could not bring itself to do the one thing necessary
to make the reform genuine and effectual; namely, break up the control
of small groups of bankers.
It had been oblivious, or indifferent, to the fact that the farmers, upon
whom the country depends for its food and in the last analysis for its prosperity, were without standing in the matter of commercial credit, without
the protection of standards in their market transactions, and without
systematic knowledge of the markets themselves; that the laborers of the
country, the great army of men who man the industries it was professing
to father and promote, carried their labor as a mere commodity to market,
were subject to restraint by novel and drastic process in the courts, were
without assurance of compensation for industrial accidents, without
Federal assistance in accommodating labor disputes, and without national
aid or advice in finding the places and the industries in which their labor
was most needed. The country had no national system of road construction and development. Little intelligent attention was paid to the army
and not enough to the navy. The other republics of America distrusted
us, because they found that we thought first of the profits of American
Investors and only as an afterthought of impartial justice and helpful
friendsnip. Its policy was provincial in all things; its purposes were out
of harmony with the temper and purpose of the people and the timely
development of the nation's interests.
'So things stood when the Democratic Party came into power. How do
they stand now? Alike in the domestic field and in the wide field of the
commerce of the world, American business and life and industry have been
set free to move as they never moved before.
The tariff has been revised, not on the principle of repelling foreign trade,
but upon the principle of encouraging it, upon something like a footing
of equality with our own in respect of the terms of competition, and a
Tariff Board has been created whose function it will be to keep the relations
of American with foreign business and industry under constant observation,
for the guidance alike of our business men and of our Congress. American
energies are now directed toward the markets of the world.
The laws against trusts have been clarified by definition, with a view to
making it plain that they were not directed against big business, but only
against unfair business and the pretense of competition where there was
none; and a Trade Commission has been created with powers of guidance
and accommodation which have relieved business men of unfounded fears
and set them upon the road of hopeful and confident enterprise.
By the Federal Reserve Act the supply of currency at the disposal of
active business has been rendered elastic, taking its volume, not from a
fixed body of investment securities, but from the liquid assets of daily
trade; and these assets are assessed and accepted, not by distant groups
of bankers in control of unavailable reserves, but by bankers at the many
centres of local exchange who are in touch with local conditions everywhere.
Effective measures have been taken for the re-creation of an American
merchant marine and the revival of the American carrying trade indispensable to our emancipation from the control which foreigners have so
long exercised over the opportunities, the routes, and the methods of our
commerce with other countries.
The Inter-State Commerce Commission has been reorganized to enable it to perform its great and mportant functions more promptly and
more effeciently. We have created, extended, and improved the service
of the parcel post.
So much we have done for business. What other party. has understood
the task so well or executed it so intelligently and energetically? What
othat perty has attempted it at all? The Republican leaders, apparently,
know of no means of assisting business but "protection." How to stimulate it, and put it upon a new footing of energy and enterprise they have
not suggested.
For the farmers of the country we have virtually created commercial
credit by means of the Federal Reserve Act and the Rural Credits Act.
They now have the standing of other business men in the money market.
We have successfully regulated speculation in "futures" and established
standards in the marketing of grains. By an Intelligent Warehouse Act
we have assisted to make the standard crops available as never before, both
for systematic marketing and as a security for loans from the banks. We
haVe greatly added to the work of neighborhood demonstration on the
farm itself of improved methods of cultivation, and, through the intelligent extension of the functions of the Department of Agriculture, have
made it possible for the farmer to learn systematically where his best
markets are and how to get at them.
The workingmen of America have been given a veritable emancipation,
by the legal regognition of a man's labor as part of his life, and not a mere
marketable commodity; by exempting labor organizations from processes
of the courts which treated their members like fractional parts of mobs and
not like accessible and responsible individuals; by releasing our seamen
from involuntary servitude; by making adequate provision for compensation for industrial accidents; by providing suitable machinery for mediation
and conciliation in industrial disputes, and by putting the Federal Department of Labor at the disposal of the workingman when in search of work.
We have effected the emancipation of the children of the country by
releasing them from hurtful labor. We have instituted a system of national
aid in the building of highroads such as the country has been feeling after
for a century. We have sought to equalize taxation by means of an equitable income tax. We have taken the steps that ought to have been taken
at the outset to open up the resources of Alaska. We have provided for
national defense upon a scale never before seriously proposed upon the
responsibility of an entire political party, We have driven the tariff
lobby from cover and obliged it to substitute solid argument for private
influence.
This extraordinary recital must sound like a platform. a list of sanguine
promises; but it is not. It is a record of promises made four years ago and
now actually redeemed in constructive legislation.
These things must profoundly disturb the thoughts and confound the
Plans of those who have made themselves believe that the Democratic
Party neither understood nor was ready to assist the business of the
country in the great enterprises which it is its evident and inevitable destiny
to undertake and carry through. The breaking up of the lobby must
especially disconcert them; for it was through the lobby that they sought
and were sure they had found the heart of things. The game of privilege
can be played successfully by no other means.

SEPT. 91916.]

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903

This record must equally astonish those who feared that the Democratic yet see the case with true vision and assess its issues with true American
Party had not opened its heart to comprehend the demands of social jus- feeling. The rest can be.left for the present out of the reckoning until
tice. We have in four years come very near to carrying out the platform this enslaved people has had its day of struggle toward the light. I have
heard no one who was free from such influences propose interference by
of the Progressive Party, as well as our own,for we also are progressives.
There is one circumstance connected with this program which ought to be the United States with the internal affairs of Mexico. Certainly no friend
the Mexican people has proposed it.
of
which
was
It
resisted
at
every
stop by the interests
very plainly stated.
The people of the United States are capable of great sympathies and a
the Republican Party had catered to and fostered at the expense of the
country, and these same interests are now earnestly praying for a reaction noble pity in dealing with problems of this kind. As their spokesman
which will save their privileges—for the restoration of their sworn friends and representative, I have tried,to act in the spirit they would wish me
to power before it is too late to recover what they have lost. They fought show. The people of Mexico are striving for the rights that are fundawith particular desperation and infinite resourcefulness the reform of the mental to life and happiness-15,000,000 oppressed men, overburdened
banking and currency system, knowing that to be the citadel of their con- women and pitiful children in virtual bondage in their own home oi Iertile
trol; and most anxiously are they hoping and planning for the amendment lands and inexhaustible treasure! Some of the leaders of the revolution
of the Federal Reserve Act by the concentration of control in a single bank may often have been mistaken and violent and selfish, but the revolution
which the old familiar group of bankers can keep under their eye and itself was inevitable and is right. The unspeakable Huerta betrayed the
direction. But, while the "big men" who used to write the tariffs and very comrades he served, traitorously overthrew the Government of which
command the assistance of the Treasury have been hostile—all but a few he was a trusted part, impudently spoke for the very forces that had
with vision—the average business man knows that he has been delivered, driven his people to the rebellion with which he had pretended to symand that the fear that was once every day in his heart, that the men who pathize. The men who overcame him and drove him out represent at
controlled credit and directed enterprise from the committee rooms of Con- least the fierce passion of reconstruction which lies at the very heart of
gress would crush him,is there no more, and will not return,unless the party liberty; and so long as they represent, however imperfectly, such a strugthat consulted only the "big men"should return to power,the party of mast- gle for deliverance, I am ready to serve their ends when I can. So long
erly inactivity and cunning resourcefulness in standing pat to resist change. as the power of recognition rests with me the Government of the United
The Republican Party is just the party that cannot meet the new con- States will refuse to extend the hand of welcome to any one who obtains
ditions of a new age. It does not know the way and it does not wish new power in a sister republic by treachery and violence. No permanency
conditions. It tried to break away from the old leaders and could not. can be given the affairs of any republic by a title based upon intrigue and
They still select its candidates and dictate its policy, still resist change, assassination. I declared that to be the policy of this Administration
still hanker after the old conditions, still know no methods of encouraging within three weeks after I assumed the Presidency. I here again vow it.
business but the old methods. When it changes its leaders and its pur- I am more interested in the fortunes of oppressed men and pitiful women
poses and brings its ideas up to date it will have the right to ask the Amer- and children than in any property rights whatever. Mistakes I have
ican people to give it power again; but not until then. A new age, an age no doubt made in this perplexing business, but not, in purpose or object!
More is involved than the immediate destinies of Mexico and the reof revolutionary change, needs new purposes and new ideas.
In foreign affairs we have been guided by principles clearly conceived lations of the United States with a distressed and distracted people. All
and consistently lived up to. Perhaps they have not been fully compre- America looks on. Test is now being made of us whether we be sincere
hended because they have hitherto governed international affairs only in lovers of popular liberty or not and are indeed to be trusted to respect
theory, not in practice. They are simple, obvious, easily stated, and national sovereignty among our weaker neighbors. We have undertaken these many years to play big brother to the republics of this hemifundamental to American ideals.
We have been neutral not only because it was the fixed and traditional sphere. This is the day of our test whether we mean, or have ever meant,
policy of the United States to stand aloof from the politics of Europe and to play that part for our own benefit wholly or also for theirs. Upon
because we had had no part either of action or of policy in the influences the outcome of that test (its outcome in their minds, not in ours) depends
which brought on the present war, but also because it was manifestly our every relationship of the United States with Latin America, whether in
duty to prevent, if it were possible, the indefinite extension of the fires politics or in commerce and enterprise. These are great issues and lie at
of hate and desolation kindled by that terrible conflict and seek to serve the heart of the gravest tasks of the future, tasks both economic and
mankind by reserving our strength and our resources for the anxious and political and very intimately inwrought with many of the most vital of
difficult days of restoration and healing which must follow when peace will the new issues of the politics of the world. The republics of America have
in the last three years been drawing together in a new spirit of accommohave to build its house anew.
The rights of our own citizens, of course, became involved; that was inevi- dation, mutual understanding, and cordial co-operation. Much of the
politics of the world in the years to come will depend upon their relationprinciple;
guiding
that
was
our
property
this
rights
did,
they
table. Where
can be vindicated by claims for damages when the war is over, and no mod- ships with one another. It is a barren and provincial statesmanship that
ern nation can decline to arbitrate such claims; but the fundamental rights of loses sight of such things!
The future, the immediate future, will bring us squarely face to face
humanity cannot be. The loss of life is irreparable. Neither can direct violations of a nation's sovereignty await vindication in suits for damages. The with many great and exacting problems which will search us through and
nation that violates these essential rights must expect to be checked and through whether we be able and ready to play the part in the world that
called to account by direct challenge and resistance. It at once makes we mean to play. It will not bring us into their presence slowly, gently,
the quarrel in part our own. These are plain principles, and we have never with ceremonious introduction, but suddenly and at once, the moment
lost sight of them or departed from them, whatever the stress or the per- the war in Europe is over. They will be new problems, most of them;
plexity of circumstance or the provocation to hasty resentment. The many will be old problems in a new setting and with new elements which
record is clear and consistent throughout and stands distinct and definite we have never dealt with or reckoned the force and meaning of before.
They will require for their solution new thinking, fresh courage and refor any one to judge who wishes to know the truth about it.
The seas were not broad enough to keep the infection of the conflict out sourcefulness and in some matters radical reconsiderations of policy. We
of our own politics. The passions and intrigues of certain active groups must be ready to mobilize our resources alike of brains and of materials.
It is not a future to be afraid of. It is, rather, a future to stimulate and
and combinations of inert amongst us who were born under foreign flags
injected the poison of disloyalty into our own most critical affairs, laid excite us to the display of the best powers that are in us. We may enter
violent hands upon many of our industries, and subjected us to the shame it with confidence when we are sure that we understand it—and we have
of divisions of sentiment and purpose in which America was contemned provided ourselves already with the means of understanding it.
Look first at what it will be neess.sary that the nations of the world
and forgotten. It is part of the business of this year of reckoning and
settlement to speak plainly and act with unmistakable purpose in rebuke should do to make the days to come tolerable and fit to live and work in;
of those things, in order that they may be forever hereafter impossible. and then look at our part in what is to follow and our own duty of preparaI am the candidate of a party but I am above all things else an American tion. For we must be prepared both in resources and in policy.
citizen. I neither seek the favor nor fear the displeasure of that small
There must be a just and settled peace, and we here in America must
alien element amongst us which puts loyalty to any foreign power before contribute the full force of our enthusiasm and of our authority as a
loyalty to the United States.
nation to the organization of that peace upon world-wide foundations
While Europe was at war our own continent, one of our own neighbors, that cannot easily be shaken. No nation should be forced to take
revolution.
In
that
by
shaken
matter, too, principle was plain and it sides in any quarrel in which its own honor and integrity and the forwas
was imperative that we should live up to it if we were to deserve the trust tunes of its own people are not involved; but no nation can any longer
of any real partisan of the right as free men see it. We have professed remain neutral as against any wilful disturbance of the pav,ce of the
to believe, and we do believe, that the people of small and weak States world. The effects of war can no longer be confined t the areas of
have the right to expect to be dealt with exactly as the people of big and battle. No nation stands wholly apart in interest when the life and
powerful States would be. We have acted upon that principle in dealing Interests of all nations are thrown into confusion and peril. If hopeful
and generous enterprise is to be renewed, if the healing and helpful arts
with the people of Mexico.
Our recent pursuit of bandits into Mexican territory was no violation of life are indeed to be revived when peace comes again, a new atmosphere
enter
to
Mexican
territory only because of justice and friendship must be generated by means the world has never
of that principle. We ventured
there were no military forces in Mexico that could protect our border from tried before. The nations of the world must unite in joint guarantees
hostile attack and our own people from violence, and we have committed that whatever is done to disturb the whole world's life must first be tested
there no single act of hostility or interference even with the soverlign author- in the court of the whole world's opinion before it is attempted.
These are the new foundations the world must build for itself, and we
ity of the Republic of Mexico herself. It was a plain case of the violation
of our own sovereignty which could not wait to be vindicated by damages must play our part in the reconstruction, generously and without too much
and for which there was no other remedy. The authorities of Mexico were thought of our separate interests. We must make ourselves ready to play
it intelligently, vigorously and well.
poweless to prevent it.
Many serious wrongs against the property, many irreparable wrongs
One of the contributions we must make to the world's peace is this: We
against the persons. of Americans have been committed within the terri- must see to it that the people in our insular possessions are treated in their
tory of Mexico herself during this confused revolution, wrongs which own lands as we would treat them here, and make the rule of the United
could not be effectually checked so long as there was no constituted power States mean the same thing everywhere—the same justice, the same
in Mexico which was in a position to check them. We could not act consideration for the essential rights of men.
directly in .that matter ourselves without denying Mexicans the right to
Besides contributing our ungrudging moral and practical support to the
any revolution at all which disturbed its and making the emancipation establishment of peace throughout the world we must actively and intelligently prepare ourselves to do our full service in the trade and industry
of her own people await our own interest and convenience.
For it is their emancipation that they are seeking—blindly, it may be, which are to sustain and develop the life of the nations in the days to come.
We have already been provident in this great matter and supplied ourand as yet ineffectually, but with profound and passionate purpose and
within their unquestionable right, apply what true American principle selves with the instrumentalities of prompt adjustment. We have created
you will—any principle that an American would publicly avow. The in the Federal Trade Commission, a means of inquiry and of accommodaPeople of Mexico have not been suffered to own their own country or direct tion in the field of commerce which ought both to co-ordinate the entertheir own institutions. Outsiders, men out of other nations and with prises of our traders and manufacturers and to remove the barriers of
Interests too often alien to their own, have dictated what their privileges misunderstanding and of a too technical interpretation of the law. In
and opportunities should be and who should control their land, their lives the new Tariff Commission we have added another instrumentality o
and their resources—some of them Americans, pressing for things they observation and adjustment which promises to be immediately serviceable.
could never have got in their own country. The Mexican people are The Trade Commission substitutes counsel and accommodation for the
entitled to attempt their liberty from such Influences; and so long as I harsher processes of legal restraint, and the Tariff Commission ought to
have anything to do with the action of our great Government I shall do substitute facts for prejudices and theories. Our exporters have for some
everything in my power to prevent any one standing in their way. I time had the advantage of working in the new light thrown upon foreign
know that this is hard for some persons to understand; but it is not hard markets and opportunities of trade by the intelligent inquiries and activifor the plain people of the United States to understand. It is hard doc- ties of the Bureau of Foreign and Domestic Commerce which the Demotrine only for those who wish to get something for themselves out of Mexico. cratic Congress so wisely created in 1912. The Tariff Commission comThere are men, and noble women, too, not a few, of our own people, pletes the machinery by which we shall be enabled to open up our legislative
thank God. whose fortunes are invested in great properties in Mexico who policy to the facts as they develop.




904

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We can no longer indulge our traditional provincialism.. We are to play
a leading part in the world drama whether we wish it or not. We shall
lend, not borrow; act for ourselves, not imitate or follow; organize and
initiate, not peep about merely to see where we may get in:
We have already formulated and agreed upon a policy of law which will
explicitly remove the ban now supposed to rest upon co-operation amongst
our exporters in seeking and securing their proper place in the markets of
the world. The field will be free, the instrumentalities at hand. It will
only remain for the masters of enterprise amongst us to act in energetic
concert and for the Government of the United States to insist upon the
maintenance throughout the world of those conditions of fairness and of
even-handed justice in the commercial dealings of the nations with one
another upon which, after all, in the last analysis, the peace and ordered
life of the world must ultimately depend.
At home, also, we must see to it that the men who plan and develop and
direct our business enterprises shall enjoy definite and settled conditions
of law, a policy accommodated to the freest progress. We have set the
just and necessary limits. We have put all kinds of unfair competition
under the ban and penalty of the law. We have barred monopoly. These
fatal and ugly things, being excluded, we must now quicken action and
facilitate enterprise by every just means within our choice. There will
be peace in the business world, and, with peace, revived confidence and
life.
We ought both to husband and to develop our natural resources, our
mines, our forests, our water power. I wish we could have made more
progress than we have made in this vital matter; and I call once more,
with the deepest earnestness and solicitude, upon the advocates of a careful
and provident conservation, on the one hand, and the advocates of a free
and inviting field for private capital, on the other, to got together in a
spirit of genuine accommodation and agreement and set this great policy
forward at once.
We must hearten and quicken the spirit and efficiency of labor throughout our whole industrial system by everywhere and in all occupations doing
justice to the laborer, not only by paying a living wage but also by making
all the conditions that surround labor what they ought to be. And we
must do more than justice. We must safeguard life and promote health
and safety in every occupation in which they are threatened or imperiled.
That is more than justice, and, better, because it is humanity and economy.
We must co-ordinate the railway systems of the country for national use,
and must facilitate and promote their development with a view to that coordination and to their better adaptation as a whole to the life and trade
and defense of the nation. The life and industry of the country can be
free and unhampered only if these arteries are open, efficient and complete.
Thus shall we stand ready to meet the future as circumstances and international policy' effect their unfolding, whether the changes come slowly
or come fast and without preface.
I have not spoken explicitly, gentlemen, of the platform adopted at St.
Louis; but it has been implicit in all that I have said. I have sought to
interpret its spirit and meaning. The people of the United States do not
need to be assured now that that platform is a definite pledge, a practical
program. We have proved to them that our promises are made to bo
kept.
We hold very definite Ideals. We believe that the energy and initiative
of our people have been too narrowly coached and superintended; that they
should be set free, as we have set them free, to disperse themselves throughout the nation; that they should not be concentrated in the hands of a few
powerful guides and guardians, as our opponents have again and again,
in effect if not in purpose, sought to concentrate them. We believe,
m:oreover—who that looks about him now with comprehending eye can
fail to believe?—that the day of Little Americanism, with its narrow horizons, when methods of "protection" and industrial nursing were the
chief study of our provincial statesmen, are past and gone and that a day
of enterprise has at last. dawned for the United States, whose field is the
wide world.
We hope to see the stimulus of that new day draw all America, the
republics of both continents, on to a new life and energy and initiative in
the great affairs of peace. We are Americans for Big America, and rejoice
to look forward to the clays in which America shall strive to stir the world
without irritating it or drawing it on to new antagonisms, when the nations
with which we deal shall at last come to see upon what deep foundations
of humanity and justice our passion for peace rests, and when all mankind
shall look upon our great people with a new sentiment of admiration,
friendly rivalry and real affection, as upon a people who, though keen to
succeed,seeks always to heat once generous and just and to whom humanity
Is dearer than profit or selfish power.
Upon this record and in the faith of this purpose we go to the country.
Senator James in his notification speech to the President
said:
Mr. President, the Democracy of the Republic assembled in national
convention at St. Louis, June 14 1916, was genuinely representative of the
true spirit of America, its ideals of justice and of patriotism.
These representatives of the purest democracy in the world, after three
and a half years of trial of your service to the people of the country, with
a nation to choose from to fill the greatest office in the world, instinctively
and enthusiastically turned to you. By this they not only registered their
own will and desire, but also the will and wish of the people back home,
whose trusted and honored spokesmen they were. With an enthusiasm,
unanimity and earnestness never surpassed in the political life of America,
they have summoned you again to lead the hosts of peace, prosperity and
American righteousness.
They do not make this call upon you for the purpose of honoring you,
for you have already had bestowed upon you by your countrymen the
greatest honor within their gift. They call you for service to America
and mankind; a service you have so amply proved to be of the highest type
known to just governments among men; a service that has given justice to
all men upon free and equal terms; a service that has restored taxation to
its historic and constitutional function; a service that has freed trade to
individual and honest endeavor; a service that has lifted from the tables and
homes of the plain people of America a burden of taxation which they have
unjustly borne for more than a half century and placed it upon the wealth
and fortunes of the land; a service that has driven monopoly from its
rendezvous of taxation; a service that has denied to the Trusts of Republican
creation a hiding place in our economic life; a servete to the toilers of
America that lifted them from the despised level of a commodity to the
high plane of a human unit in our industrial life; a service that has dignified
them—the great army of workers of the field, factory, and mine; a service
that opened the courts to all men upon equal terms of justice and constitutional liberty; a service that freed the money of a nation from the control
of a "money oligarchy' and lodged it in the hands of the Government; a
service that at once destroyed two Trusts, a Money Trust and a Panic
Trust, where the business cannot be oppressed or destroyed by manipulation of the money market, nor legislation controlled, intimidated or suppressed by the Panic Trust. These two Trusts that your service and match-




[VoL. 103.

less leadership destroyed live only in memory, as contemporary with the
malodorous rule of the boss-ridden and monopoly-controlled stand-pat
Republican Party.
It is a service which has prepared the nation fbr its defense; a service to
fair and equal treatment to all men by destroying a subsidy fed to an
American monopoly; a service to the farmers of our country who yearn for
a home and fireside to call their won, by enacting into law a pederal Rural
Credit system that makes credit and home-building easy to the tillers of
the soil; a service that in the stormiest hours of America's life and the
bloodiest days of the life of the world, you have kept our people at peace
with all the earth; a service that has kept homes happy, family circles unbroken, while the Old World staggers beneath its weight of sorrow mourning and death; a service whose victories for the freedom of the seas, the
rights of neutral life, the protection of American citizens and American
rights stands respelenderit in the world's international law and in the earth's
diplomacy. This great triumph which you achieved for America and the
world gave protection to non-combatants and neutrals that war-mad
countries must respect, and this diplomatic achievement will be the guiding
protecting precedent to millions of lives of the innocent and unoffending
long after you are gone. This triumph of yours will not be told in history
by a great war debt, a mammoth pension roll, vacant chairs at unhappy
firesides, and Decoration Day services to place flowers upon tho mounds
of those who achieved it, but it will be told in the victory of matchless
diplomacy and of irresistible logic, presenting in an unequaled manner the
everlasting principle of justice.
Under your unrivaled and fearless leadership you have rescueed the
little children of America—the future fathers and mothers of our race—
from the grinding slavery of the sweatshop and the factory. No dividends
or fortunes in the future will bear the stain of their toll and tears; their
youthful days will be spent in the fresh air of growing life and in the schoolrooms of the land, where they will be properly prepared in strength and
mind to become the future citizens of a great, humane and free Republic.
You behold your country after three and a half years of your Administration more prosperous than over in its history. The earnings of the laborers
of America exceed by $3,000,000,000 their earnings under four years of the
'Administration of your predecessor; the savings of the people deposited
in the banks of our country amount to $6,000,000,000 more than was deposited under the four years of the Administration of Mr. Taft.
Our exports for the first time in our history lead the world; our farmers
are more prosperous than ever; business is free; individual endeavor is no
longer denied its reward. The increase in the business of the commercial
world is so great that it almost staggers the mind to contemplate it, notwithstanding a world's war has called for legislation to stay the process
of the courts in debt collections in all the neutral countries of the world
Your beloved
except here, where plenty blesses and prospers our people.
country marches forward to a prosperity never dreamed of. Your opponents
are unwillingly forced to admit this happy condition of our people, which
they say is not permanent, but they shall be no more regarded as prophets
now than they were when they said it could not come.
Four years ago in accepting the nomination of the Democratic Party for
the Presidency you stated that you would seek advice and counsel wherever
you could obtain it upon free terms, this you have done. You uncovered
and drove a mighty lobby out of the Capitol and invited Americans of all
stations to come and counsel with you. The laborer with his grimy hand,
the farmer with the tan of the blazing sun upon his face, the railroad men
who hold the throttle, swing the lantern and direct the rolling wheels of
commerce, the toiler from the damp and darkness of mine, from the shop,
the mill and the factory; the business men from their offices, the clerk
from the counter, the banker, the artisan, the lawyer and the doctor have
come and found welcome and shared counsel with you. They know you
were free to serve, that you were unbossed, unowned and unafraid. They
knew you only sought the truth, and when you found it you were ready to
challenge all of its adversaries to any conflict.
When peace shall spread her white wings over a charred and bloody
world, in the quiet of the chamber of the just historian, when the din and
roar of political antagonism shall have ceased, when the prejudice and
passion of partisanship shall have died away, when principle'shall actuate
men and parties rather than appetite, when ambition shall no longer lure
men and parties to unjust attack, the historian wilt accord to you at your
Administration a foremost place in the Republic's life.
Americans are not ungrateful; the people are not unpatriotic; they recognize the thousands of difficulties that no man could foresee which you have
encountered and mastered. Their verdict is already written; it has been
agreed upon at the firesides of the land and has been molded in the schoolhouses, the places of worship and wherever Americans meet to talk over
the affairs and good of their country. That verdict leaps forth from almost
every American heart in undying gratitude to you for the service you have
rendered,for the peace, prosperity and happiness your leadership has given,
and I but voice this day the overwhelming wish of Americans everywhere
for your triumphant re-election.
This great convention which nominated you was neither controlled nor
intimidated by any un-American or foreign influence. It had the heart
beat and spoke the true sentiment of our country.
A committee composed of the permanent Chairman of the convention and
one delegate from each State and Territory was appointed to inform you of
your selection as the nominee of the Democratic Party for President of the
United States and to request you to accept it, and the convention did me the
honor to make me Chairman of this committee charged with such a happy
mission.
Therefore, in compliance with the command of that convention, this
committee performs that pleasing duty, and as the appointed agent of that
great National Democratic Convention I hand you this formal letter of
notification signed by the members of the committee accompanied by a
copy of the platform adopted by the convention and upon that platform 1
have the honor to request your acceptance of the tendered nomination.
And on behalf of the Democrats of the whole Republic who are proud of
your great Administration we pledge you their enthusiastic and united
support and our prayer is that God who blesses the peace-maker may'
guide you to a glorious victory in November.

ADJOURNMENT OF CONGRESS.
The first session of the Sixty-Fourth Congress adjourned
yesterday (the 8th inst.) at 10 a. m. The session, which had
begun on Dec.6 1915, covered a period of 245 days. During
the session 17,800 bills and 642 resolutions were introduced
in the House. Of these 252 bills became laws and 33 public
resolutions were adopted, in addition to 150 private bills and
resolutions passed. Some of the principal legislation enacted
included the Rural Credits Act; the Railroad Eight-Hour
Law; Uniform Bill of Lading Act; Cotton Futures Act;
Good Roads Law; Federal Warehouse Act; Federal Grain

SEPT. 91916.]

THE CHRONICLE

Standardization Bill; War Revenue Bill creating a Tariff
Commission, and providing for an inheritance tax along with
the income tax; Federal Workmen's Compensation Act;
an Act for the Establishment of a Merchant Marine; Child
Labor Law; Philippine Bill; Enlargement of Navy and Increase in Army, &c., &c., The following statement with
regard to the work of Congress was issued by President
Wilson with its adjournment:

905

of any article the product of the United States, the President, within his discrimination, shall have power to prohibit
during the period such prohibition is in force the importation into the United States of similar articles. An amendment likewise adopted, offered by Senator Chamberlain, and
directed against Canadian discrimination against fish,
provided that ninety days after the passage of the revenue
bill no fresh or frozen halibut or salmon, from the North
A very remarkable session of Congress has just closed, full as all the Pacific Ocean or its tributary waters, would be admitted to
recent sessions have been of helpful and humane legislation which constitutes the United States through any foreign
country except when
contributions of capital importance to the defense, the economic progress
the same shall be in bond from American port. As agreed
and wholesome life of the country.
It is to be regretted that the session could not have been continued long to in conference, and finally approved by the House and
enough to complete the program recently projected with regard to the Senate on the 7th inst., the
amendments giving the Presiaccommodations of labor disputes betNveen the railways and their employees,
but it was not found feasible in the circumstances to continue the session dent authority to withhold clearance to vessels of nations
any longer and therefore only the most immediately pressing parts of the which discriminate against or interfere with American trade
program could be completed. The rest, it is agreed, has merely been postor to retaliate on embargoes against American goods, are
poned until it can be more maturely deliberated and perfected. I have
every reason to believe that it is the purpose of the leaders of the two Houses retained. The conference, however, struck out the Phelan
immediately upon the reassembling of Congress to undertake this additional amendment authorizing the President to deny use of the
legislation. It is evident that the country should be relieved of the anxiety
mails, telegraph, telephone, wireless, express and cable
which must have been created by recent events with regard to the future
facilities to citizens of foreign belligerents which interfere
accommodation of such disputes.
Representative Fitzgerald, Chairman of the House Com- with American mails. It also eliminated the Chamberlain
mittee on Appropriations in a review of the appropriations amendment striking at Canadian fisheries in the Pacific%
made by the session, said that the specific appropriations Northwest. It is stated that the committee consulted the
amounted to $1,626,439,209 63, while contracts were author- State Department regarding the Phelan amendment and was
ized to be entered into obligating Congress to hereafter told counter-retaliations might operate to the hardship of
appropriate $231,945,275 20. The appropriations for mili- American citizens in foreign countries.
As finally enacted the bill retains the income and inheritary and naval purposes and for addition to sea coast defenses
alone amount to $685,709,823 09. Senator Smoot, the tance taxes, the munitions net profit tax raised from 10 to
Republican expert on the Finance Committee, estimates that 123/2%, a tax of 50 cents on each $1,000 of stock of corporations in excess of $99,000, beer, wine, liquor and theatre.
the total direct and authorized expenditures will amount to
taxes. All stamp taxes and a tax on refiners of copper are
$1,947,259,048.
eliminated.
The conferees agreed to accept the House tax of 10 cents
PRESIDENT.
BY
SIGNED
BILL
REVENUE
WAR
a gallon on brandies used in fortifying wines instead of
WILSON.
55 cents, as proposed in the Senate amendment, and a
The work of Congress was practically closed with the graduated tax on still wines instead of the Senate rate of
approval by both branches on the 7th inst. of the conference 8 cents a gallon. The dispute on the dyestuff schedule was
agreement on the so-called Omnibus Revenue Bill, designed compromised. The House agreed to retain the increase of
to raise $205,000,000 annually from taxes on inheritances duty on coal tar medicinal derivatives and flavors of 30%
and war munitions and from increases in the income tax, &c. ad valorem, but without an additional special tax of 5 cents
The President signed the bill yesterday (the 8th inst.). The per pound proposed by the Senate. It also was agreed that
bill passed the House on July 10; the Senate, after materially the tariff on alizarins and indigo should be 30% without
amending it, passed the bill in the early morning hours of the special tax of 25 cents a pound.
the 6th (12:20 a. m.), after having been in continuous session
The Tariff Commission is retained without the continuing
more than fourteen hours. The Senate vote on the bill was appropriation of $300,000 a year, and anti-dumping pro42 to 16; five Republican Senators—Cummins, Kenyon, visions and increased duties on dyestuffs remain in the bill.
La Follette, Norris and Clapp—voted for the bill. All the The salaries of the Tariff Commissioners have been fixed at
negative votes were cast by Republicans. A motion to re- $7,500 a year; a salary of $10,000 a year was provided for
commit, made by Senator Penrose, was defeated by a vote in the bill as originally reported to the House, but the House
of 39 to 21; at the last moment Senator La Follette moved reduced it to $7,500; the Democratic members of the Senate
that there be attached to the bill a series of questions upon Finance Committee last month increased the salaries from
which the Tariff Commission (created under the bill) would $7,500 to $10,000, and the Democratic caucus at
first apbe required to secure data; this proposal, however,, was proved this change, but later restored the $7,500 salary.
rejected. A motion of Senator Underwood, to strike out On the 5th an effort to increase the salary to $10,000
was
the section creating the Tariff Commission, was lost by a made, but an amendment to this end, offered by Senator
A
proposal
5.
of
to
vote of 55
Senator Weeks for an amend- Cummins, was defeated by a vote of 35 to 18. The stamp
ment to the provision relating to the tariff Commission taxes were retained in the bill, as it came from the Senate,
directing an investigation by it of the Paris Economy Act but their elimination was agreed in conference on the 6th,
and similar organizations and arrangements in Europe, was the House conferees yielding in exchange for this concession
accepted by the Senate on the 5th. On the same date their demand for the restoration of a tax on refiners of copper.
several admendments were adopted designed to permit the To make up for the loss of about $5,000,000 in revenue
President of the United States to adopt reprisal and retalia- sustained by sacrificing the stamp taxes, the conferees
tory measures against belligerent Powers discriminating agreed to a suggestion of House members that the net profit
against Americans. These measures were directed against tax of manufacturers of munitions of war be increased from
the blacklist policy of Great Britain and France, and the 10 to 123/2%. The new law increases from 1 to 2% the
interference with the United States mails. These amend- normal income tax with an exemption of $4,000 for married
ments were grafted on to the unfair trade provisions of the and $3,000 for single persons, and for the following surtaxes:
bill; one of them, proposed by Senator Thomas, of Colo1% On amount by which the net income exceeds $20,000 and does not
rado, and adopted without dissent, empowers the President exceed
$40,000; 2% 340,000 to $60,000; 3%, $60,000 to $80,000; 4%.
refuse
$80,000
clearance
to $100,000; 5%.$100,000 to $150.000;6%,3150,000 to $200,000;
papers to any belligerent merchantman
to
to $250,000; 8%. $250,000 to 3300,000; 9%, 8300,000 to
$200,000
7%,
refusing American goods unless and only because of lack of
$500,000; 10%, $500,000 to $1,000,000; 11% $1,000,000 to $1,500,000;
cargo space. An attempt to sail without clearance is made i2%, 31,500,000 to $2.000,000 and 13% on the amount by which
the net
punishable by heavy fine and imprisonment of two years. Income exceeds 32,000.000.
The ship may be seized by the Government. Another
The inheritance tax provision calls for a tax on the transfer
amendment, offered by Senator Phelan, was proposed, in- of the net estate of decedents dying after passage of the Act
tended to prohibit the use of the mails, the cable, wireless, of 1% of the amount of such net estates not in excess of
express and other means of communication to citizens, firms, $50,000; 2%,$50,000 to $150,000;3%,$150,000 to $250,000;
corporations, &c., of countries that do not accord full and 4%, $250,000 to 4450,000; 5%, $450,000 to $1,000,000;
free facilities to American citizens in commerce, "including 6% on $1,000,000 to $2,000,000; 7% on $2,000,000 to $3,the unhampered traffic in the mails." A further amendment, 000,000; 8% on $3,000,000 to $4,000,000; 9%, $4,000,000
proposed by Senator James, having for its object the adoption to $5,000,000, and 10% of the amount by which such estate
of retaliatory measures against Great Britain for its embargo exceeds $5,000,000.
against the importation of American tobacco, was also acThe corporation income tax is renewed, exempting labor,
cepted by the Senate on the 5th. It provides that whenever agricultural and horticultural organizations, mutual savings
any country, dependency, &c., shall prohibit the importation banks not having capital stock represented by shares, fra


906

THE CHRONICLE

ternal beneficiary societies,TdomesticThuilding and loan
associations, civic organizations, Federal land bank and
national farm loan associations.
An amendment to the corporation stock tax provided that
in determining the basis for taxation stocks are to be assessed
at a "fair value" instead of "market value."
On August 26, while the bill was before the Senate, a move
to lower the exemptions under the income tax provisions
from $4,000 to•$3,000 in the case of married persons and
$3,000 to $2,000 in the case of unmarried individuals was
made by Senator Underwood, but his amendment was lost
by a vote of 31 to 19. On the same day Senator Wadsworth
of New York sought to have the income tax provision
amended to exempt the incomes of widowers with dependent children. This amendment was defeated, 29 to 17.
On the 5th inst. Senator Husting of Wisconsin offered an
amendment designed to open to the public all the income
tax returns of individuals filed with the Collector of Internal
Revenue, as well as the income tax returns of corporations.
The amendment was rejected by a vote of 26 to 32. On
the same date Senator Lewis proposed to add to the bill
the Webb Bill permitting combinations in export trade, but
was later prevailed upon to withdraw the same.

WoL. 103

Democrats voted with the Republicans on Aug. 21 to sidetrack the Revenue Bill and take up the Immigration Bill; the
vote on this was27 to 24. On Aug.22,0en President Wilson
let it be known that he would veto the bill if it came before
him again with the literacy test, five of the revolting Democrats turned about and voted against the consideration of
the measure, it thus being finally shelved for the session by
a vote of 32 to 23. The bill passed the House on March 30.

PRESIDENT SIGNS SHIP PURCHASE BILL.
The newly-enacted Administration Ship Purchase Bill
was signed by President Wilson on Sept. 7. The bill originally passed the House of Representatives on May 20, but
was amended by the Senate before it was passed by that
body on Aug. 18. (An outline of the Senate amendments
was given in our issue of Aug. 26.) The Senate amendments
were approved by the House on Aug. 30. The now law
creates a corporation or corporations with capitalization of
not more than $50,000,000 to buy or lease ships and put them
in trade if they cannot be leased for operation to private
capital. It also provides for a Board of five members, each
to draw a salary of $7,500, to be appointed by the President.
On Sept. 7 Secretary McAdoo, who has been its chief
sponsor, in a statement analyzing the bill and forecasting
SENATE RESOLUTION PROPOSES INVESTIGATION OF •its results said:
r am sure the new Shipping Bill will vindicate itself as thoroughly, and
ALLEGED FOREIGN LOBBY.
Command in the same high degree the approval of the American people, as
The Senate yesterday (the 8th inst.) passed a resolution the Federal Reserve Act has vindicated itself and earned the approval of the
of Senator Curtis of Kansas directing the Senate Lobby Com- American people.
The Shipping Board has not the wide powers of the British Board of
mittee to investigate the activities of the alleged foreign Trade. I wish it had, but at least, it has ample power to protect and to
lobby opposing retaliatory provision of the Revenue Bill help incalculably, not only the American shipowner, but as well, American
commerce upon the high seas.
against Canadian fisheries.
The Bill gives the Shipping Board $50,000,000 for the purpose of con-

REVENUE BILL PROVISION FOR DEDUCTIONS FOR
INTEREST ON MORTGAGE INDEBTEDNESS.
Supplementing its statement printed in these columns
Aug. 12, the Advisory Council of Real Estate Interests of
this city commented as follows on the 4th inst. upon the
further amendment to the war revenue bill insofar as the
income tax provision purporting to tax the mortgage indebtedness of real estate corporations is concerned. The
following is:the Council's statement of the 4th:
Property owners and real estate corporations will be gratified to know
that the House of Representatives and Senate have amended the Revenue
Bill so as to permit deductions for interest on mortgage indebtedness in
estimating the income tax due under that law. Since the first Income
Tax Law was passed in 1909, there has been considerable confusion as to
whether the interest paid on real estate mortgages could be deducted as an
expense of doing business. In determining exactly what income tax must
be paid the Government, the law provides that any business expenses
may be deducted before the net income is decided upon as a basis of taxation. While Mr. Wickersham was Attorney-General, the law was construed so as to permit a taxation for mortgage interest. When Mr. McReynolds succeeded Mr. Wickersham, the new ruling was put into effect,
whereby a deduction was only allowed on mortgage indebtedness which
did not amount to more than the capital stock of real estate corporations.
This naturally resulted in an unjust discrimination, for a corporate dealer
in grain, or other commodities, was allowed to deduct the entire interest
which he paid on indebtedness, secured by a pledge on the entire commodity in which he dealt. There was certainly no good reason why the
same privilege should not have been accorded to another corporate merchant, who happens to deal in real estate equities. In fact, in the case of
Anderson vs. 42 Broadway Company, the U. S. Supreme Court said:
"It may well be that mortgage interest may, under special circumstances,
be treated as among the ordinary and necessary expenses, or as included
among the charges required to be made as a condition to the continued
use or possession of property."
The new Revenue Bill, as first introduced in the House of Representatives,
provided that the only deductions for interest on indebtedness, should be
In the case of indebtedness secured by personal property. This, naturally,
would not have permitted any reduction for interest on indebtedness
secured by real property.
The Advisory Council of Real Estate Interests, through a special committee, consisting of Messrs. Walter Lindner, George T. Mortimer, Robert
E. Simon and John M.Stoddard, submitted comprehensive briefs to members of both the Houses of Representatives and Senate. The Revenue
Bill, as amended, grants a distinct concession to real estate and mortgage
Interests, as compared to the Income Tax Law of 1909 and the revised
laws of 1911 and 1913. The provision as finally agreed upon by the
Conference Committee, is as follows:
"That in the case of indebtedness wholly secured by property collateral,
tangible or intangible, the subject of sale or hypothecation in the ordinary
business of such corporation, joint-stock company or association as a
dealer in the property constituting such collateral, or in loaning the funds
thereby procured, the total interest paid by such corporation, company,
or association within the year on any such indebtedness may be deducted
as a part of its expenses of doing business, but interest on such indebtedness shall only be deductible on an amount of such indebtedness not in
excess of the actual value of such property collateral."

IMMIGRATION BILL FINALLY SHELVED BY
THE SENATE.
A final effort to consider the Immigration Bill before.adjournment was witnessed on Aug. 21, when Senator Smith,
of South Carolina presented a motion to take up the bill;
despite the action (on July 31) of the Democratic members
of the Senate in adopting a resolution in which it was decided
to postpone action on the bill until the.;:next session, ten



structing and purchasing merchant ships suitable for naval auxiliaries, and
for the commerce of the United States. Most of these vessels will undoubtedly be built in American shipyards. American navy yards will
also aid.
The Bill gives the Board power to lease or to sell to American citizens the
ships built with the $50,000,000 appropriation, retaining with the Government the right to repossess itself of these ships under fair conditions whenever they are needed for naval or military purposes. The Bill also gives
the Shipping Board power to establish lines of steanships to South America
and other places under conditions that do not interfere with private enterprise in the shipping field.
If private capital wants to operate such lines on terms that are fair to the
public and advantageous to American commerce, the Board can permit
such private operation; otherwise, the Board itself may operate such lines;
but the Bill provides that such operation, shall not continue for a longer
period than five years after the close of the European War.

WEBB BILL PERMITTING COMBINATIONS IN
EXPORT TRADE GOES OVER.
The Webb Bill, designed to permit American manufacturers to enter into combinations for the promotion of export trade, was passed by the House on the 2nd inst. by a vote
of 199 to 25. The bill had been reported to the House on
Aug. 15. On the 5th inst. it was announced that no vote
would be taken on the bill in the Senate at this Session.
Senator Lewis, who had intended to offer it as an amendment
to the Revenue Bill, made known his decision to withdraw it,
since it could not be passed without prolonging the session.
•

DANISH TREATY RATIFIED BY SENATE.
The treaty providing for the purchase by the United States
from Denmark of the Danish West Indies (St. Croix, St.
Thomas and St. John) for $25,000,000, was ratified by the
United States Senate on the 7th inst. There was no roll
call; less than half a dozen Senators, including Senators
Norris, Clapp and Jones, voted against it. The treaty was
ratified without any change in its form as signed by Secretary
of State Lansing and the Danish Minister, Constantin Brun,
on Aug. 4. An amendment by Senator Norris'to reduce
the purchase price from $25,000,000 to $10,000,000 was
defeated by an overwhelming vote.
As noted in our issue of Aug. 26 the Folkething, or lower
branch of the Danish Parliament voted in favor of the sale
of the Islands on Aug. 14, if a plebiscite favored the sale.
The Landsthing, or upper house, sitting in Committee on
Aug. 24, adopted a resolution to the effect that if the sale
of the Islands cannot be postponed until after the war, the
question shall be settled by general election. Premier Zahle
of Denmark on the 1st inst. submitted to the Folkething a
proposal to dissolve the Chamber on Oct. 5, according to
a Reuter dispatch from Copenhagen. The proposal of the
Premier also calls for the holding of elections for the Folket n="073.Landsthing in October and November.
An/As
.related Press dispatch fromiCopenhagonfonithe 7th
inst. san..
The proposal of the Conservative Party for the appointment of a Parliamentary Cornmitee of thirty members to consider the negotiationsifor the

SP I. 9 1916.1

TILE CHRONICLE

sale of the Danish West Indies to the United States was agreed to to-night
by the Representatives of various parties in the Rigsdag after a lengthy
meeting. The Representatives also agreed to the Conservative proposal
for a plebiscite under the new constitution when the Committee makes Its
report.
No agreement, however, has yet been reached concerning the formation
of a Coalition Cabinet. That matter will be discussed at another meeting
of the Representatives to-morrow.

According to a dispatch on Aug. 30 from St. Thomas, one
of the Islands involved, the Legislature of Santa Cruz has
adopted and handed to the Danish Government at Copenhagen a resolution favoring the sale of the Danish West
Indies to the United States. The Colonial Council of St.
Thomas and St. John, the two other Islands of the Danish
West Indies,already has taken similar action. The resolution
adopted by the Santa Cruz Legislature follows:
The Colonial Council unanimously request the Ministry to hasten the
negotiation toward ratification of the treaty with the United States, which
is the only means of relieving the intolerable and ruinous state of affairs
on this Island. There is no hope otherwise of rectifying our condition
in the future.

FEDERAL WORKMEN'S COMPENSATION ACT BECOMES A LAW.
The Workmen's Compensation Bill, providing uniform
compensation for Federal employees which, as reported in
our issue of July 22, received the almost unanimous approval
of the House of Representatives on July 12, passed 0'6
Senate on August 19 in practically the same form as it passed
the House. The slight differences between the bills were
adjusted in conference, and both the House and Senate
agreed to the conference report on Sept. 4. The Act was
signed by President Wilson on Sept. 7. It affects between
400,000 and 500,000 Government employees'. Under the
bill Federal employees will receive two-thirds wages throughout disability and provision is made for adequate medical
attendance of injured to effect economy in preventing protracted compensation payments. A commission to administer the workmen's compensation affairs will be composed
of three members at $4,000 a year each. The bill was
drafted by the American Association for Labor Legislation,
of which Irving Fisher of Yale is President. President
Wilson, Jane Addams and Justide.Brandeis are among the
Vice-Presidents.
CONFERENCE AMERICAN-MEXICAN JOINT COMMISSION.
The members of the American and Mexican Joint Commission which was recently appointed to work out an adjustment of the Mexican border difficulties, began their deliberations at the Hotel Griswold, New London, on the 6th inst.
The conferees were brought together in preliminary gathering
at a luncheon tendered them at the Hotel Biltmore, New
York, by Secretary of State Robert Lansing. The luncheon
was attended by the three American Commissioners, viz.:
Franklin K. Lane, Secretary of the Interior; Judge George
Gray of Wilmington, Del.; Dr. John R. Mott of New York;
the three Mexican Commissioners, namely Luis Cabrera,
Chairman of the Mexican delegation, and Secretary of the
Treasury of Mexico; Alberto J. Pani, President of the National Railways of Mexico; and Ygnacio Bonillas, Minister
of Communications and Public Works, and besides the foregoing guests included Eliseo Arredondo, the Mexican Ambassador Designate; Dr. Juan B. Rojo, Secretary to the Mexican
Commission; L. S. Rowe, Secretary to the American Commission; James Linn Rodgers, Special Representative of
the State Department at Mexico City; Henry P. Fletcher,
the American Ambassador Designate to Mexico; Juan T.
Burns, Mexican Consul-General at New York; Stephen
Bonsai., Attache of the State Department and Advisor to the
American Commission, and Eduardo L. Gogorza, official
translator. In addressing Monday's gathering and indicating the purposes of the conferences, Secretary Lansing was
quoted in the "Times" as follows:
We have watched the progress of the revolution with anxious
solicitude;
we have tried to be fair in judgment and to see things from the point
of
view of those who control the destinies of Mexico; we have sought to
be
patient and to await the thne when the approach of peace and
order
in
Mexico would offer favorable opportunity for the adjustment of
our difficulties; from first to last we have kept our minds free from
bitterness and prejudice, and have in a spirit of disinterested rancor and
friendliness
confidently expected that the day would come when the
representatives
of the two countries could meet and calmly and frankly discuss
our relations.

901

service to your countries. But if suspicion, doubt, and aloofness mark
your deliberations, you may expect to accomplish little and leave the
two
nations in the same tangle of misunderstandings and false Judgments which
I feel have been the chief reasons for our controversies in the past.
The responsibility rests with you, gentlemen. The burden is not a
light
one, but you have generously and patriotically assumed it in response
to
the call of your Governments. I am sure that the American Commissioners
,
whom I know so well, and the Mexican Commissioners, for whom
I have
high respect, knowing from others of their distinguished attainments,
will
show that consideration and patience which will bring you into harmony
and agreement.
It is not my purpose to dwell upon the subjects which will be
considered
by the Commission. The immediate subject and the immediate cause
of
your meeting here to-day is the situation along the international
boundary.
I believe that a temporary solution could be readily found, but the Government of the United States seeks a permanent, not a temporary, settlement
of the difficulty, and I feel assured that the Government of Mexico
desires nothing less. To reach such a settlement, one that will be lasting
and
sure, ic will be necessary to go to the root of the matter, to consider
international rights and duties, and to discuss the relation of the
individual to
the State as well as the relation of the State to the individual, subjects
fundamental to social order and to the intercourse between
enlightened
governments.
It seems to me that if you would reach a complete adjustment
of the
matters affecting our relations which will satisfy the future as well
as the
present, you cannot avoid considering the personal rights and
economic
nterests of Americans who have found in Mexico a field for their energies.
It is through the consideration of such subjects that seeds of future controversy can be destroyed and entire confidence restored, so that the Mexican
Government and people may build on the ruins of war and disorder a
new
and more lasting prosperity than the Republic has ever known, a prosperity
founded on liberty and Justice under a Government supported by the united
will of a free people.
This, gentlemen, I conceive to be your task; and I hope most earnestly
that your sphere of discussion will widen as You meet from day to
day, so
that every obstacle, which has arisen or which might hereafter
arise to
vex the cordial relations of your Governments, may be removed
and your
two countries and their peoples may be drawn into a closer union,
cemented
by friendship and good will and by that mutual respect for
Justice which
should govern all nations in their intercourse with one another.
To the Commission, as a whole. I look with confident hope
that they
will succeed in the great mission with which they have been
I know that this hope is near to the hearts of millions of charged. and
Americans and
Mexicans who are watching you to-day as you enter upon the
performance
of your duties.
-1 .11

• Secretary Lane, who was also a speaker at the luncheon,
advised the Mexican delegates that "you can ask nothing
from us for which you patriots fought that we will not be
willing to grant; as neighbors we respect your rights, as
neighbors we shall expect you to respect ours." Secretary
Lane added:
Our people have gone among you in confidence and entered into the development of your country with an enthusiasm as great as they have shown in
the United States. Their lives and their fortunes are sacred to us and
wrongs done to them would react against you, even though the United
States never raised its hand nor sent a man across your border, for you
are
to live beside us always, and:a Mexican who does us wrong does a greater
wrong to Mexico.

Chairman Cabrera of the Mexican Commission replying
on behalf of the latter, spoke in part as follows:

The Mexican Commissioners are working for the same
thing as the
American Commissioners. The American people at large
want peace with
their neighbor, and the Mexican people do not want war
with the United
States.
The political and social principles of the Democratic Party, now
in control of the American Government,are Just the same principles
and the same
ideals as are entertained by the Mexican Constitutionalist Government.
Even the men trying to bring about war in the United States are the
same
enemies who try to bring intervention in Mexico. We have to face
the
same enemy. Since our purposes are the same and the ideals of our
Governments are the same and the foes to fight are the same, It would seem
that
the conferences will have more the character of a co-operation against
a
common enemy than of a discussion of conflicting tendencies, and consequently we may be sure of success.

Secretary Lane announced at the luncheon that Senor
Cabrera would preside at the first day's conference, and that
he (Secretary Lane) would preside on alternate days. "We
expect" he said, "to hold two conferences a day, except on
Sundays. The conferences will be as informal as we can
make them. We do not know how long it will take to
finish our work."
The first formal conference of the joint commission on
Wednesday was devoted to an exchange of views in general
concerning the situation in Mexico, and especially on the
border, with a view to making a preparatory study of the
subject. The following summary of the day's proceedings
was issued at the conclusion of the conference:

This morning's session lasted three hours, from 10 to 1, during which
Mr. Cabrera presided. The first matter of importance was the
presenting
of mutual credentials. In accordance with the Mexican form of
opening
conferences, Mr. Cabrera made a declaration of the purpose of the Mexican
members of the Commission,saying that it was their duty to fulfill in every
way possible the great responsibility cast upon them by First Chief
Carranza, and that they all stood committed to giving their full
powers to
bringing to a conclusion this conference in such a manner as would
be most
profitable to Mexico and the United States. After that Mr.
Cabrera
stated that it was the desire of the Mexican members of the Commission
That day has at last arrived. The present conference is a
realization of that the fullest information should be given to the
Commission regarding
our expectation, and I look forward to its future accomplishmen
t with all matters involved, and that they were quite ready to meet
assurance that it will settle the questions which have been
the Americans
causes of irrita- in a spirit of utmost frankness.
tion. Its success depends in largo measure—I think that I may
say enThe members of the Commission then exchan;ed views in general
tirely—upon the spirit which you, commissioners of both
about
Governments, the situation in Mexico and especially on the border, with
the view to
evince when you come to discuss the various phases in our relations.
making a preparatory study of the subject. During the conference
the
If this spirit is one of frankness, of trust, of sympathy, it requires no Commissioners
reviewed the growth, control and strength of the
Constiprophet's vision to foresee that you will succeed; and, if you succeed,
you tutional Government which has become every day stronger daring
the
last
will have the satisfaction of knowing that you have performed an inestimable
two years, and in particular since the recognition of the Constitutional




908

THE CHRONICLE

[VOL. 103.

de facto Government,showing that order was being established throughout
the republic, railroad service being extended, &c.

THE AMERICAN INDUSTRIAL COMMISSION'S
TRADE TOUR TO FRANCE.
Friday
The conference adjourned from Wednesday until
Industrial Commission, composed of fifAmerican
The
in order to enable Minister Cabrera to go to Boston on permen of the United States, and
business
prominent
teen
conferWednesday's
of
sonal business. At the conclusion
of the American Manufacturers'
uspices
t
the
under
formed
ence the Commissioners sent to President Wilson and to
Export Association of 160 Broadway, New York, for the
General Carranza the following message:
The American and Mexican Joint Commission, in addressing itself to purpose of making a scientific study of industrial conditions
the task assigned to it, desires to send to your Excellency most cordial in France to determine the most advantageous method
greetings, and to express the hope that its labors will be productive of
whereby resources in this country may be made to co-operate
results satisfactory to both countries.
in
the reconstruction that will follow the close of the present
the
sent
above
to
President Wilson on the 7th in reply the
European conflict, arrived at Bordeaux on the 3d inst. The
following telegram to the Commissioners:
May I not express to the American and Mexican Joint Commission my Commission sailed for France on Aug. 26. The body has
very warm appreciation of the telegram just received, my profound interest the official sanction of France and the United States. It was
in the tasks of friendship and accommodation to which it is addressing itself
for the purpose of securing orders but
and my confident hope and expectation that its deliberations will bo not, it is said, formed
crowned with a success which will long cement the friendship between the was suggested by the visit of the French Industrial Commistwo nations?
sion to the United States In the winter of 1915-1916. The
While the formal sessions were suspended on Thursday American Commission contemplates on a scale never before
the American members spent the day in the study of data attempted a rehabilitation of France and her industries now
on conditions along the border and in the examination of and after the war, and is designed to promote by active coSpecial Agent James Linn Rodgers and Stephen H.Bonsai.
operation with French collaborators an intimate commercial
between the two nations. A statement issued
relationship
of
plans
of
out
rumors
This week's conferences brought
announcing the purposes of the Commisthe
Association
by
the Carranza Government to arrange for a loan in the United
said:
sion
report
(one
$100,000,000
least
at
to
amounting
States,
• The American Industrial Commission to France has for its main purpose
mentioned $250,000,000 as the figure) for the purpose a helpful investigation of industrial conditions in France, who is contemof effecting the reorganization of its finances. It was pointed plating, on a scale unparalleled in history, a rehabilitation of her communiand industries, now and after the war; to determine the most effective
out in local banking circles that there was no likelihood of ties
manner in which American facilities may contribute to the recovery of a
any loan being made before the establishment of a stable structure seriously damaged, and in many instances destroyed by the
with our
Government in Mexico, or without a guarantee being given ravages of war; in fine, to promote, by an active co-operation
French collaborators, an intimate commercial relationship between the
by the United States Government for the payment of the two
nations. •
loan, principal and interest.
As the feasibility of the project was studied, its importance became InThe initial step toward the establishment of a democratic
Government in Mexico was taken on the 3rd inst., (Sunday)
when municipal elections throughout Mexico, except Mexico
City, were held. A special cable to the New York "Times"
on the 3rd from Mexico City says:
According to reports arriving hero, notwithstanding heated contests in
many places, no disorders occurred A great majority of the candidates
elected belonged to the middle classes, and were nominated by workingmen's clubs.
The authorities elected to-day will enjoy absolute liberty in government
‹of their respective districts, and the old jefes politicos, against whom so
many terrible charges have been brought, will be suppressed.
High Government officials expressed themselves as greatly pleased over
the elections, especially because the Indians abandoned their traditional
apathy and flocked to voting places to register their will. With the election
of local governments the way is paved for congressional elections. A call
for those elections is expected shortly.
With the exception of persons who served under Uuerta, Villa, and Zapata
and consequently were not permitted to be candidates, there was no restriction against any citizen of the Republic in to-day's balloting.

Following the report from El Paso on Aug.27, that Gen.
Carranza had restored the railroad lines of Mexico to civilian
control, it was announced on Aug. 31 that the Inter-Oceanic
RR.,running from Mexico City to Vera Cruz, which had not
been in regular operation for a long period on account of disturbed conditions, had resumed service.

creasingly manifest, and, despite serious obstacles imposed by unprecedented conditions resulting from the heavy burdens incident to the European war, with all their enormous responsibilities, the American Manufacturers' Export Association has finally succeeded in organizing such a commission of men well known in their respective lines of industry and eminently
able to render the great service expected of them.

The Commission is headed by William Wallace Nichols
as Chairman. Mr. Nichols is Assistant Chairman of the
Allis-Chalmers Mfg. Co., Inc., N. Y. Edward V. Douglass,
Secretary of the Export Association, who is Secretary of
the Commission, had been in France previous to the Commission's sailing making arrangements for the tour. The
personnel of the Commission as announced on Aug. 24 by
the American Manufacturers' Export Association is as
follows:

William Wallace Nichols, Assistant Chairman of the Allis-Chalmers Manufacturing Co.,Inc.,New York; E.V. Douglass,General Secretary American
Manufacturers' Export Association, New York; A. B. Farquhar, A. B.
Farquhar Co., Ltd., York, Pa.; James E. Sague, American Locomotive
Co., New York; F. J. LeMaistro, Du Pont de Nemours & Co., Wilmington; Curt G.Pfeiffer, Geo.Borgfeldt & Co., New York; John R. MacArthur,
MacArthur Bros., New York; Dr. C. 0. Mailloux, New York; E. A. Warren, Universal Winding Co., Boston: Samuel W. Fairchild,Fairchild Bros.
& Foster, New York; Noble Foster Hoggson, Hoggson Bros., Inc., New
York; Joseph G. Butler Jr., Commercial National Bank, Youngstown,
Ohio; E. E. Russell, J. I. Case Threshing Machine Co., Racine, Wis.;
Ambrose Swasey. Warner & Swasey, Cleveland; George Burdett Ford,
Geo. B. Post & Sons, New York.

At the Hotel Biltmore on Aug. 25 a farewell luncheon was
The details of a decree which was signed by Gen. Carranza
the members of the Commission by F. M. Herr,
tendered
on Aug. 1, and which is designed to prevent labor difficulties,
of the Westinghouse Electric Co. and President of
President
Lopez,
Ramirez
Jose
by
was made public at Philadelphia
Manufacturers' Export Association.
American
the
Acting-Consul for Mexico. The decree fixes death as the
With its arrival at Bordeaux on the 3d the Commission
penalty for infractions, and is made to apply to:
composed of representatives
All who incite or induce laborers to walk out or suspend the work on was received by a committee
factories of enterprises destined for public services, which includes rail- of the municipality and the Bordeaux Chamber of Comroads.
merce, headed by Deputy Maurice Damour. M. Damour
All who head or lead meetings in which labor strikes are discussed or
delivered an address of welcome and Chairman Nichols of
approved.
All who defend, preach, approve or subscribe to labor strikes.
the Commission responded on behalf of the Americans.
All who attend labor strike meetings and do not withdraw as soon as the
The next day, Sept. 4, the Commission made a tour of the
object is known.
and in the evening
All who try to make labor strikes effective after they have been de- dock, particularly the new river basin,
clared.
by the Chamber of Commerce of
given
dinner
a
attended
All who expropriate, destroy or damage public property or private
Bordeaux to Minister Gaston Doumergue. On Sept. 6
ownership.
were
All who, by threats or force, prevent another person or persons from the Commission visited vineyards around Bordeaux and
executing the labor services that the strikers performed before suspending guests at a luncheon given by the French-American Comoperations.
mittee. The luncheon was a celebration in memory of
The
Orders for the discharge from the Federal service of four- Lafayette, whose anniversary occurred on that day.
7th
inst.
the
on
men
Paris
15,000
the
reached
comprising
Commission
regiments
Guard
teen National
recently withdrawn from Mexican service were issued by
the War Department on the 7th inst. Orders for the musPARCEL POST CONVENTION WITH CHINA.
tering out of additional units are expected to follow soon.
Treasury Department on Aug. 12 announced the
The
The regiments affected by the orders are: 3rd and 71st conclusion of a parcel post convention between the United
New York Infantry, 1st and 4th New Jersey Infantry, 4th States and China,effective Aug. 1. We quote the announceMaryland Infantry, 1st and 2d Illinois Infantry, 1st and 3d ment from Treasury Decisions as follows:
Missouri Infantry, 5th California Infantry, 3d Oregon In(T. D. 36628.1
Treasury Department, Aug. 12 1910.
fan tr y, a Washington infantry regiment and the 1st Loucollectors of customs and others concerned:—
is iana Infantry. The 14th Now York Infantry, while in- ToThe
conclusion of a parcel-post convention
the
of
advised
is
Department
11910.
cluded in the above order, will be held at Camp Whitman between the United States and China, which became effective Aug.
Regulations of 1915 are
The provisions of Cnapter 6 of the Customs
up on its return from the border until all danger from the
convention.
riFplicable to this
p arotyphoid contagion is passed.



SEPT. 9 1916.]

THE CHRONICLE

The limit in weight of parcels feceived thereunder is 11 pounds. Parcels
must not exceed the following dimensions: Greatest length in any direction,
3 feet 6 inches; greatest length and girth combined, 6 feet; or, in the case
of parcels for or from non-Steam-served places in Caine, 1 cubic foot in
volume. Parcels must be so wrapped or inclosed as to permit their contents to be easily examined.
ANDREW J. PETERS, Assistant Secretary.

PROCLAMATION OF NEUTRALITY OF UNITED STATES
IN WAR BETWEEN ITALY AND GERMANY.
A proclamation declaring the neutrality of the United
States in the state of war between Italy and Germany was
signed by President Wilson on the 5th inst.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
No bank stocks have been sold at the Stock Exchange or
at auction this week, and no public sales of trust company
stocks have been made.
Henry P. Davison, member of the banking firm of J. P.
Morgan & Co. of this city, sailed on Sept. 2 for Liverpool
on the American Line steamer New York. Mr. Davison, it
is said, goes abroad to attend conferences in London with
officials of the British Government relative to contracts for
war munitions and to make arrangements for the sale of
securities in this country which are now being shipped over
here by the Bank of England. Before his return to New
York, it is also stated, that Mr. Davison will go to Paris
for the purpose of conferring with French authorities.
Last week we printed the program of the general convention
of the American Bankers' Association to be held at Kansas
City the week of Soptember25. The programsfor the various
Section meetings are now available. There are no addresses slated for the meeting of the Trust Company Section,
but aside from the usual reports, there will be a discussion
of the "Standardization of Charges for Trust Company
Services," to be led by A. A. Jackson, Vice-President of the
Girard Trust Co. of Philadelphia.
The celebration of the one-hundredth year of American
savings banking, which will take place during the convention,
has resulted in the drafting of a program replete with addresses and discussions pertinent to the savings bank. The
details of the program of the Savings Bank Section are given
further below.
The newly created National Bank Section will hold its
first session at the Kansas City meeting. John Skelton
Williams, Comptroller of the Currency, will address this
Section on "Relations of the National Banks With the
Comptroller's Office," and there will be general discussions
on the subjects of "Amendments and Changes Necessary to
Popularize and Strengthen the National Banking System,"
"The Readjustment of Bank Reserves" and the "Federal
Reserve Clearing System."
The program for the Clearing House Section contains two
addresses—"Effect Increased Operations of Note Brokers is
Having on the Earnings of Commercial Banks and What
Steps May Properly be Taken to Correct this Situation,"
and "Necessity of Credit Statements and Desirability for
Uniformity Thereof."
Before the State Secretaries Section, B. A. Ruffin, Secretary of the American Bankers' Association Insurance Committee, will discuss "Possibilities Along Insurance Lines by
Association Co-operation."
The various Section programs in full are given below:

909

SAVINGS BANK SECTION.
Tuesday, September 26.
Morning session—Thrift campaign celebration.
Meeting will be called in the morning in the ball room of the Hotel
Muehlebach, President Hawley presiding.
Address of Welcome—Hon.Geo. H.Edwards, Mayor of Kansas City. Mo.
Response—James K. Lynch, President American Bankers' Association.
Addresses—
"One Hundred Years of Savings Banking." E. L. Robinson, VicePresident Eutaw Savings Bank, Baltimore, Md.
"The Social Aspect of Thrift." Prof. Graham Taylor, Head Resident,
Chicago Commons.
"Thrift and Human Nature." George E. Allen. Educational Director
American Institute of Banking.
"The Centennial Thrift Campaign." Victor A. Lersner, Comptroller
Williamsburgh Savings Bank, Brooklyn, N. Y.
"Thrift in the U. S. A." Irvin S. Cobb.
Afternoon Session—Business Meeting.
Three important discussions have been arranged as follows:
"Government and Private Institutions for Savings."
"For the Government." Hon. Carter 13. Keene, director of Postal
Savings.
"For the Banks." William E. Knox, Comptroller Bowery Savings
Bank, New York.
"The Business of Getting New Savings Accounts and the Vitalization
of Dormant Accounts."
"The Business of Getting New Savings Accounts." E. G. McWilliam,
Manager Department of Publicity and Now Business, Security Trust &
Savings Bank, Los Angeles, Calif.
"The Vitalization oi Dormant Accounts." Harvey A. Blodgett, President Ifarvey Blodgett Co., St. Paul, Minn.
"The Advantages of Personal and Collateral Loans in Providing Sufficient Liquidity for Savings Bank Investments." Frederick B. Washburn,
Treasurer Worcester Five Cents Savings Bank, Worcester, Mass,
Wednesday Erening, September 27.
A motion picture entertainment will be held in Convention Hall, also
in celebration of the savings bank centennial. The motion picture of the
Thrift Campaign will be shown for the first time, together with two comedy
111ms. The story of the centennial will be told in latern slides, and scenes
will also be shown taken in the office of the American Bankers' Association
at 5 Nassau St., New York. It is expected that Irvin S. Cobb, the author
of "The Dollar and the Law," will be in attendance, and will deliver an
address during the celebration exercises.
NATIONAL BANK SECTION.
Tuesday and Wednesday, September 26 and 27
The first session will be called to order at 8:30 p. m., Tuesday, and will
be devoted to the following subjects:
President's Address.
Address—"Relations of the National Banks with the Comptroller's
Office." By Hon. John Skelton Williams, Comptroller of the Currency.
"Amendments and Changes Necessary to Popularize and Strengthen the
National Banking System." (This will be in the nature of a general discussion, subdivided into six principal heads.)
1. Consolidation of Comptroller's Office with Federal Reserve Board,
and the institution of a system ot examinations under the direction of the
Federal Reserve agents in lieu of the present system.
2. Return to member banks of part of the amount paid on subscription
to stock in Federal Reserve banks.
3. Making membership in Federal Reserve system optional so far as
concerns banks having capital and surplus of not more than $100,000.
4. Immediate retirement of greenbacks and gradual retirement of
national bank notes.
5. Reduction of reserve requirements for country banks and arrangements for carrying of all reserves with the Federal Reserve banks.
6. Codification of Federal Reserve and National Bank Acts.
Discussion—"Readjustment of Bank Reserves."
Second Session,9:30 A. M.,Wednesday,September 27.
Report of officers and committees.
General business of the Section.
"Federal Reserve Clearing System." This question will be thrown open
to a general discussion and will be sub-dividend as follows:
1. Rules and regulations issued by the Federal Reserve Board and the
Federal Reserve banks.
2. Effect on the net income of country banks.
3. Effect on relations between Reserve cities.
4. Can charges be made against accounts of depositors to cover exchange
on checks sent by them to distant points and collected through the Federal
Reserve banks?
5. The "float," and who will bear It?
6. Are banks entitled to exchange, and why?
Election of officers.

CLEARING HOUSE SECTION.
Tuesday, September 26.
The first session, 10 A. M., will be devoted to the President's address,
reports of officers and committees, conference of clearing-house managers,
examiners and the State representatives of the Section, and Roll Call of
the Cities.
The second sessions, 2 P. M., will be replete with interest. The followTRUST COMPANY SECTION.
ing subjects will be handled by competent practical men. The addresses
Tuesday, September 26.
will
be followed by a general discussion.
Meeting to be called to order by the President of the Section at 2 1'. M.
AddressesAnnual address of the President by John H. Mahon, Vice-President
1. Effect increased operations of note brokers is having on the earnings
Commercial Trust Co. Philadelphia, Pa.
of commercial banks and what steps may properly be taken to correct this
Report of the Executive Committee, by Frank W Blair, Chairman,
situation.
President Union Trust Co. Detroit, Mich.
2. Necessity of credit statements and desirability for uniformity thereof.
Report of the Committee on Legislation, by Uzal H. McCarter,President
(Three speakers, fifteen minutes each.)
Fidelity Trust Co., Newark. N. J.
(a)
From the viewpoint of the city banker,
Report of the Committee on Protective Laws, by Lynn H. Dinkins,
(b) From the viewpoint of the country banker,
Chairman, President Inter-State Trust & Banking Co., New Orleans, La.
(c) From the viewpoint of the borrower.
Report of the Secretary, by Philip S. Babcock
3 Exchange charges, country clearing houses and settlement of balances.
Discussion: "Standardization of Charges for Trust Company Services."
To be lead by A. A. Jackson of Philadelphia. Other speakers limited to
STATE SECRETARIES SECTION.
five minutes each.
•
Tuesday, September 26.
Roll Call by States, to be answered by the Vice-Presidents of the Section
First Session, 10 A. M.
in brief reports dealing with the history of the trust companies in the
President
order
by
Call
to
McFadden.
several States during the preceding year, and with the conditions under
Address of President.
which they are now operating, and other matters of interest now pertaining
Roll Call. (Each secretary present is asked to respond by briefly
to them.
•
answering the question "what was the most interesting 'topic' at your
Election and Installation of Officers.
State convention?"),
last
Unfinished business.
Report of Treasurer.
Discussion of such other topics as may be proposed, and may havethe
Debate—"Should the Secretaries Section hold a spring meeting with the
approval of the presiding officer.
Executive Council of the A. B. A.?"
Introduction of"New" Members.




910

-4;

THE CHRONICLE

Afternoon Session, 2:30.11. M.
Address—B. A. Ruffin, Secretary A. 1.3'J' A. Insurance Committee.
"Possibilities Along Insurance Lines, by Association Co-operation."
General discussion of paper.
"New Activities undertaken by State Associations since Seattle convention." (Response from each association which has entered upon any
new lines of association activities.)
Election of officers.
Resolutions and Unfinished Business.
Adjournment.

The following call has been issued for a meeting to organize
a State Bank Section of the American Bankers' Association
at the Kansas City convention.
It is generally understood that at the American Bankers' Association
convention at Kansas City there will be organized a State Bank Section.
As you know, there are, at present, various sections of the Association as
follows: Trust Company Section, Savings Bank Section, Clearing House
Section, American Institute of Banking Section, and State Secretaries'
Section, National Bank Section.
The organization of the State Bank Section will, therefore, complete the
roster.
It is only necessary at this time to issue a call for a meeting of reprosentative State bankers on Monday of the convention week and it has been
suggested that your name appear on the list of those signing the call.
Please advise us if we may use your name in this connection.

This meeting will be held on Monday, September 25, in
Assembly Room, Hotel Muehlebach.
The abandonment of the Yellowstone Park tours which
had been arranged by the Pennsylvania and New York
Central Railroads incidental to the convention of the American Bankers' Association in Kansas City, is announced as a
result of the threatened strike of the trainmen. The cancellation of the Yellowstone tours was brought about by the
closing of all the hotels in the Park, their employees as well
as those of the Park having removed because of the food problem which the strike would have created.

[vol.,.

103.

ness was sold to Amory, Leeds & Company, who remained
in the old quarters in Pine Street. Alexander Brown, the
founder, died in. 1834 and was succeeded by his son George
as head of the Baltimore firm. The Liverpool branch which
later became known as William Brown & Company was
opened by William Brown, eldest son of Alexander Brown,
in 1837. The name of this branch was again changed to
Brown, Shipley & Co.when Joseph Shipley, Jr., who had been
assistant to William Brown, was admitted to the firm. The
Boston agency was opened under the management of Thomas
B. Curtis because of its accessibility to the foreign trade and
the growing importance of Boston as a shipping centre. The
London office was opened in the fall of 1863 in Founders
Court, Lothbury, opposite the Bank of England, under the
management of Mr. Montague Collett, who had been in
charge of the credits and financial business at the Liverpool
office. To relieve the pressure upon the branch in Founderg
Court, which could not well be enlarged, and to provide for
the care and comfort of American travelers, a branch office
n the West End was opened at 123 Pall Mall, April 2 1900.
In 1833, after the sale of the dry goods business, Brown
Brothers & Co. moved into Wall Street and rented an office
at number 59, corner of Wall and Hanover streets, then
.known as the Joseph Building. This building was later
;Purchased by the firm, and has since been the home of the
New York firm. The present building was erected by the
firm and occupancy of it made in May 1865.

Control of the Merchants National Bank of this city is
being sought by a syndicate, represented by Glidden, Lyon
& Co. of 5 Nassau Street, and formed, it is said, with the cooperation of some of the large stockholders of the bank
Letters soliciting proxies for the annual stockholders' meeting
on Jan. 9 and offering to purchase the stock at 205% of face
Secretary Frederick R.. Fenton, of the Investment Bank- value, which the circular states is about seventeen points per
ers' Association of America, has just issued a bulletin dealing cent above the recent market value of the stock, have been
with arrangements for the fifth annual convention, to be sent to the stockholders. The syndicate is headed by
held in Cincinnati, Oct. 1, 2, 3 and 4. Mr. Fenton says:
George Coffing Warner, a lawyer. Under date of Aug. 31
The convention will be given over more to the discussion of the reports of
Lyon & Co. addressed the stockholders as follows:
the several Committees. A number of speakers of national repute are Glidden,
expected to speak before the convention.
Everything points to a large attendance. At this time over 275 hotel
reservations have boon made. The local committee in Cincinnati is making
groat efforts to provide a very enjoyable social program. Among some of
the latter features will be a golf tournament, a moonlight boat trip down
the Ohio River and a smoker.
The Board of Governors and all committees will be in session the forenoon of Oct. 1, the afternoon of which day will be given over to amotor trip.
The convention headquarters will be established at the Hotel Sinton, and
the fifth annual banquet will take place at the Hotel Gibson, Wednesday,
Oct. 4.

We understand that you are a stockholder in the Merchants National
Bank of this city and are confident you will be interested in the movement
now under way to develop more co-operation among the shareholders and
to increase its business and Its earnings. Already this movement has the
promise of the support of the holders of about 40% of the total capital stock.
In addition, Important new interests, capable of sending and influencing
new business to the bank, have given assurances of their willingness to
become interested provided this movement is promptly given the support
of 50% of the stock.
Please note that in signing this agreement you do not bind yourself to
sell your stock, but that you thus secure option to do so at an enhanced
price, and that you also secure other options.
In order to make certain of securing this additional business and earnings, it is advisable that you sign and promptly return the enclosed proxy
agreement.

The Irving National Bank of this city is distributing a
pamphlet containing the Federal Bill of Lading Act,. with
analysis and index. Address the Publicity Department for
The following are named by the firm as proxies:. Chas. E.
a complimentary copy.
Potts, Col. A. G. Bullock, Wm. F. Fox, Frederick A. Ells,
Charles B. Chapman, P. Lo Roy Harwood and Robert
Brown Brothers & Company, bankers of this city, plan to Hamilton Rucker. Mr. Potts is President and Treasurer
erect a marble addition to their present home at Wall and of J. B. Locke & Potts of 81 Franklin Street, New York
Hanover Streets. The work has already begun and will City; Colonel Bullock is Chairman of the Board of the
represent an outlay of $200,000. The new addition em- State Mutual Life Insurance Co. of Worcester, Mass.;
bracing the present structures at 3, 4 and 5 Hanover Street, Mr. Fox is a resident of Cincinnati, Ohio; Mr. Ells is
will be 3-stories high and will front 128.6 feet on Hanover Treasurer of the Norwalk Savings Society, Norwalk,
Street and 40.5 feet on Beaver Street. With the addition, Conn.,: Mr. Chapman is Treasurer of the Chelsea SavBrown Brothers will occupy the entire block front on the east ings Bank, Norwich, Conn. All have been shareholders
side of Hanover Street between Wall and Beaver Streets a of the bank for a long time. Mr. Harwood is Secretary and
total of 213 feet. The new edifice will be of dignified and Treasurer of the Mariners Savings Bank, New London,
simple architecture in harmony with the main Wall Street Conn., and Mr. Rucker is a certified public accountant of
building. The" lower floor will be in height equivalent to 27 Pine Street, New York City. A foot-note to the agreenearly two ordinary stories and in general plan and equipment ment points out that the face value of the Merchants Nawill be up-to-date in every way. The exterior will be of tional stock (capital $2,000,000) is $50 per share, so that the
brick with Georgia marble facade for the lower story.
price of 205% is equal to $102 50 per share. The attempt
The firm of Brown Brothers began its career in New York to wrest control has resulted in the issuance of a circular by
in Oct. 1825. Its founder was Alexander Brown, who was the directors of the bank advising against the taking of action
born in the north of Ireland in Nov. 1764. He emigrated to "detrimental to what your directors believe to be his (the
this country in the autumn of 1800,1anding at Baltimore where stockholder's) best interests." This circular says:
It has come to the knowledge of the directors of this bank that an effort
he established a linen importing house. A branch in Philato take the control of the bank out of the hands of those to
delphia was opened ix 1818 under the firm name of John A. Is in progress
whom you have entrusted it for many years past, and out of your hands.
John
being
third
son
Brown's
Alexander
Brown & Company,
Our shareholders are being solicited to sign a power of attorney, appointRucker, A. G.
sent there to take charge. The New York office of the ing Charles E. Pot,P. LeRoy Harwood, Robert Hamilton
William F. Fox, Frederick A. Ells, and Charles B. Chapman, as
company was opened in 1825 at 191 Pine Street, under the Bullock,
their proxies. The instrument includes a statement referring to George
name of Brown Bros. & Co., importers and exporters of Coifing Warner as manager of a syndicate and a form of agreement tying
with a privilege
linen, ship owners and merchant bankers. The three other up the stock of the several signers to March 11017, together
to sell their stock to the undisclosed syndicate, which he represents, at
branches of the firm were then known as William & James 205%.
Brown & Co. of Liverpool, Alexander B'rown & Sons, of
Your directors in due course will invite you to give your proxies as hereall of whom arc In hearty sympathy
Baltimore and J. A. Brown & Company of Philadelphia. tofore to the following named gentlemen,
with the present management of the bank: Robert Bacon, formerly of
N.
of
the
business
credit
and
exchange
foreign
the
In 1833
J. P. Morgan & Co. and late Ambassador to France; William M. Kingsley,
Y. firm became so important and required so much time Vice-President United States Trust Co., New York; James Brown, Brown
and personal attention that the dry goods part of their busi- Bros. & Co., bankers.



THE CHRONICLE

SEPT. 9 1916.]

If any shareholders have given proxies to Messrs. Potts, Harwood and
others and desire to withdraw such prOxies and give their proxies to Messrs.
Bacon, Kingsley and Brown, they may do so by signing and delivering the
new proxies which will bu sent to them in due course.
In order that no shareholder may inadvertently take action detrimental
to what your directors believe to be his best interests, the following information with regard to the condition of the bank is pertinent.
For the past ton years the business of this bank has been more profitable
than in any previous period in its history. The surplus and profits have
risen from January 1905 to January 1916 from $1,437,000 to $2,257,000,
and the gross deposits from $20,413,000 to $35,445,000. On Jan. 1 1913
the dividend rate was increased from 7% per annum to 8% per annum.
It is the opinion of your directors that the assets of the bank are unusually
clean and free from doubtful accounts, and that the actual value of the
assets is in excess of the ledger figures, which also was the conclusion of the
Clearing House Bank Examiner when he examined the bank on March 18
1916.
With regard to the conditional offer of 205% referred to above, the
shareholders are reminded that the book value of the stock at present is
about 220%, and it is the opinion of your directors that the liquidating
value is in excess of this amount.

Everett E. Risley, who, as announced last week, has been
appointed Assistant Cashier of the National Bank of Commerce in New York, has a wide acquaintance among the
banking fraternity throughout the United States. For several years he has been active in the publicity and development work of the National Bank of Commerce and a regular
attendant at many State bank conventions in all parts of the
country, especially in the South and West, and at the
annual meeting of the American Bankers' Association. • Mr.
Risley graduated from Phillips Andover Academy °Aid
Williams College, and received an honorary degree of Master
of Arts from Colgate University. Prior to his connection
with the National Bank of Commerce in New York, he practised law in Utica, N. Y., his native city, and was Deputy
Attorney-General during the administration of Governor
Hughes and legal adviser of various financial departments of
the State of New York.
--4—
At a special meeting of the stockholders of the Chase
National Bank on the 7th inst., the proposed doubling of
the capital of that institution from $5,000,000 to $10,000,000
was approved. The 50,000 new shares are offered at par to
holders of record at the close of business Sept. 7, each stockholder being entitled to take the same amount of the new
stock as he now holds. Payment is duo Oct. 2.
John Hurwood Carr, Cashier and a Director of the Market
& Fulton National Bank of New York, died at Atlantic City
last Friday, Sept. 1, in his seventy-third year. Mr. Carr
was a native of this city and began his banking career as a
messenger boy in the Southern National Bank, which was
absorbed by the Market & Fulton National Bank. He rose
through various positions to the Cashiorship of the Market
& Fulton Bank, which position he held at the time of his
death.
—4-Robert C. Hill was elected a director of the Bank of New
York, National Banking Association, of this City, at a
meeting of the board on Sept. 5.
-0--

9[1

executive board of the Guardian Savings & Trust Co., both
of Cleveland. He has been connected with the Northwestern Mutual Life Insurance Co. and with the Equitable
Life Assurance Society of New York, serving as manager of
their Northwestern Ohio district. In 1902 he allied himself
with the Cleveland Worsted Mills Co., and in 1906 was
chosen Secretary-Treasurer of that concern. He had also
served on the Cleveland Public Library Board and was active
in a large number of other charitable and philanthropic
institutions.
C. W. Wilson, Assistant Cashier of the Security Trust 1%
Savings Bank of Los Angeles, has been elected to the Cashiership of the San Diego Savings Bank, San Diego, Cal. Mr.
Wilson held the position of Assistant Cashier with the
Security Trust & Savings Bank of Los Angeles for the past
nine years.
Charles 0. Austin, heretofore Deputy Commissioner of
Insurance and Banking for Texas, was appointed on Aug. 31
to the position of Commissioner of Insurance and Banking
by Governor Ferguson, to fill the vacancy caused by the
death of Commissioner Patterson. Mr. Austin had been
Deputy Commissioner since March 1, having been appointed
to succeed Deputy Commissioner Gossett. Mr. Austin is a
native of Missouri and has had extensive experience in banking affairs. He was at one time a Missouri bank examiner,
afterward becoming Cashier of the Merchanics' National
Bank of St. Louis. In 1902 he was chosen Vice-President of
the National Bank of North America, of Chicago, but was
forced to retire from banking business in 1904 because
of ill-health. Mr. Austin has lived in San Antonio, Tex., for
the last eleven years.
Negotiations have just been completed whereby the Union
Trust & Savings Bank of Spokane will move to the first floor
of the Old National Bank Building, and will have joint
offices with the Old National Bank. The entire floor will be
occupied by the two banks after January 1st, and considerable alterations will be made in the present working departments of the Old National Bank to accomodate the Trust
Company. The Old National and the Union Trust will
occupy a floor space 100 ft. by 142 ft. not including the basement. The two institutions will retain their separate
identities as individual corporations, but will be operated
under one board of directors. Assets of the Old National now
are approximately $16,000,000, while those of the Union
Trust & Savings are $9,000,000, giving total resources of the
two corporations of $25,000,000. The officers of the Union
Trust & Savings Bank are: D. W. Twohy, President, also
President of the Old National Bank; W.J. C. Wakefield and
W. J. Kommers, Vice Presidents; Jas. C. Cunningham,
Vice-President and Manager; Frank C. Paine, Secretary;
Arthur S. Blum, Cashier, and H. E. Fraser, Assistant-Secretary. President Twohy made the following statement in
commenting upon the change.

W. H. Macintyre, New York Agent (at 55 Wall Street)
of the Standard Bank of South Africa, Ltd., has just received the following cable from the Head Office in London:

The plan involves the moving of the Union Trust & savings Bank to
the Old National Bank Building, where it will occupy joint quarters with
the Old National Bank. One of the moving reasons at this time is to
enable the two institutions to conform to the provisions of the Clayton
The directors have resolved, subject to audit, to pay an interim dividend Act, whereby a director of a National Bank will also be authorized to act
for the half year ended Juno 30 last, at the rate of 14% less income tax. as a director of a trust company.
As the stockholders of the Old National and the Union Trust are pracThe bank's investments have been written down to the last ascertainable
value as at June 30, and all of the usual and necessary provisions have tically identical, both institutions should be materially benefited by this
change, concentrating as it does the separate functions of each under one
been made.
roof. It should result in greater efficiency and economy in management
afford opportunities for a closer co-operation in the growth and developThe Union Trust Company of Boston, which closed its and
ment of the two banks and in extending to the general public a full and
doors in 1904 is to reopen in the near future with a capital of complete financial service.

$200,000. Charles B. Strecker, Assistant Treasurer of the
United States at Boston, will be its President. The reopening is a result of the entering of a decree by Chief Justice
Rugg of the U. S. Supreme Court of Massachusetts, giving
the necessary permission to resume business. Justice Rugg,
it is said, stated that there were no outside liabilities and
that $200,000 was deposited in another Boston bank which
would be taken over as capital for the institution. The
Union Trust closed its doors on Thursday, March 311904,
by order of the State Banking Department. The reason
given at that time was that heavy withdrawals of deposits
had occurred and the officials of the bank found it impossible
to realize upon the assets. The institution had a capital of
$100,000, and deposits of $1,380,000.
Martin A. Marks, well known financier and philanthropist
of Cleveland, died on Aug. 31 from heart trouble. Mr.
Marks was a director and a member of the fiiiance committee
of the First National Bank,and a director and member of the



The old quarters of the Union Trust & Savings'Bank in the
Marble Bank Building have been leased to the Fidelity
National Bank for a period of five years, with an option to
purchase for a price reported at '$240,000. The lease and
option were ratified at special director's meetings of the two
institutions held Aug. 31. T. H. Brewer, President of the
Fidelity National Bank, stated that his institution intended
to purchase the Marble Bank Building for its permanent
home. The lease is on the basis of 6% per annum of the
price stipulated in the option. The Marble Bank Building
is in reality a three-story building of marble construction,
erected in 1892 by the late A. M.Cannon. It was the home
of the Old National Bank for 17 years, from 1894 until 1911,
when that bank moved into its present "skyscraper" structure at Stevens Street and Riverside Avenue. On Jan. 1
1911 the Union Trust moved from the basement to the upper
floor, which it still occupies, while the basement housed the
Trustee Company and later the Irving Whitehouse Company.

912

THE CHRONICLE

[VOL. 103.

THE ENGLISH GOLD AND SILVER MARKETS.
ENGLISH FINANCIAL .MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of as reported by cable, have been as follows the past week:
London,
Sept. 2. Sept. 4. Sept. 5. Sept. 6. Sept. 7. Sept. 8.
Aug. 17 1916:
GOLD.
The holding of gold by the Bank of England against its note issues has
increased by £970,340.
"Financial America" under date July 21 1916 contains the following interesting information regarding the Bank of Spain's gold reserve:
"On May 20 1916 the gold reserve in the Bank of Spain amounted to
$179,903,160. According to law, the bank is obliged to have a metallic
reserve of $102,600,000, while the present reserve is 377,303,160 in excess
of the legal limit. Since 1910 the gold reserve of the Bank of Spain has
been continuously increasing, but it is only since 1914 that the amount has
exceeded the legal requirement. During 1914, 1915 and the first five
months of the present year nearly $95,000,000 worth of gold was acquired.
As a result the paper money in circulation is backed by a gold reserve of
46%. This guaranty has increased by 25% since Dec. 30 1910, when it was
21%. The number of bank notes in circulation in Spain amounted in 1915 to
8360,000,660, divided into denominations ranging from $4 50 to $180
Between 1911 and 1915 the notes in circulation increased by about 19%.
The issues of paper money have been irregular, but the increase of the metallic reserve during the past two years has been almost double the value of
the notes issued during that period."
The Transvaal output for July 1916 amounted to £3,232,891, as compared
with £3,272,258 in July 1915 and £3.235.767 in June 1916.
SILVER.
The tone continues good though quiet. Prices have shown steadiness,
unusual of late. The quotation rose by successive sixteenths of a penny
from 311/8d. to 31%d. on the 14th inst., remained at that figure the following day, and subsequently sagged to 31 9-16d., the price of to-day.
A certain quantity of silver, not in such large amounts as in some preceding weeks, has been sold on China account; some direct to India. This
has checked the demand in this market from the Indian bazaars, and thus
has minimized competition with coinage orders. Without some rivalry
for the supplies, the market, though quite good in itself, is slow to advance,
and ready to yield a point or two on oczasion.
The stock in Bombay consists of 3,500 bars, as compared with 3,600 last
weez. The cabled details as to tee stock in Shanghai are not yet to hand.
No shipment was made from San Francisco to lions Kong during the week.
The following totals of the United Kingdom's imports and exports of
silver are remarkable in two particulars. The closeness with which those
of the imports for each similar period approximate, and the wideness with
which those of the exports differ from each other.
Seven Months Ended July 31.
Imports in Ounces
Exports in Ounces
1914.
1915.
1916.
1914.
1915.
1916.
55,640,985 53.995,003 52,339,433 65,875,762 40,167,994 30,150.667
It is stated that new iron money of 20 holler (nominal value 2d.) denomination has been put into circulation in Austria in place of the similar denomination in nickel.
Quotations for bar silver per ounce standard:
Bank rato
Aug. 11-3134
cash
No
6%
quotation Bar gold per oz. standard_ _ _77s. lid.
' 12-31 11-16 "
French gold coin per oz_ _ _ _Nominal
fixed
" 14-31%
I4
for
U.S. A.gold coin per oz_ _ Nominal
" 15-3134
forward
" 16-3111-16 "
" 17-31 9-16 "J delivery
Ad. for wk. 31.677 cash
The quotation to-day for cash is 1-16d. below that fixed a week ago.

We have also received this week the circular written under
date of Aug. 24 1916:
GOLD.
The holding of gold by the Bank of England against its note issues is
reduced by £291,990.
The Rhodesian output for July, 1916, amounted to £322,365, as compared with £336,565 in July, 1915, and £333,070 in June, 1916.
SILVER.
The tone of the market has continued good, though the price dipped
Ma. to 31 5-16d. on the 18th inst., a set-back which was ultimately more
than regained. The amount of disposable silver has been so small, and the
prospect of larger supplies coming out at an advance in price so siight, that
buyers for coinage-a demand as implacable as ever-have not found it
worth while to compete for what was offering. This policy was the more
justifiable owing to the large amounts obtained from China recently, when
sales were made freely from that quarter. During the current week the
China exchanges had a hardening tendency, and further sales seem unlikely
at present.
The hindrance to Mexican mining, which may possibly be prolonged,
will have the effect of further reducing the annual output, and a strong statistical position will be created. Demand promises to be more urgent than
ever, especially should China be compelled to replace, or even more than
replace, the heavy sales of the last year or so, whilst the quantity ofsupplies
will be decidedly less.
The last three Inalan currency returns received by cable give details in
lacs of rupees as follow:
• July 31. Aug. 7. Aug. 15.
Notes in circulation
74,51
75,47
74,81
Reserve in silver coin and bullion
28,20
27,54
27,65
.Gold coin and bullion
12,29
11,99
12,18
Gold in England
11,92
11,92
11,92
The stock in Bombay consists of 3,500 bars, the same quantity as was reported last week. The stock in Shanghai on the 19th of-August consisted
of about 30,500,000 oz. in sycee and 16,000,000 dollars, as compared with
about 32,500,000 oz. In sycee and 16,000,000 dollars on the 5th of August.
No shipment was made from San Francisco to Hong Kong during the
week.
The Canadian Department of Mines states that the production of silver
In that Dominion in 1915 was "28,401,735 oz., valued at $14.088.397, as
against 28.449,821 oz. in 1914, valued at $15.593,630. Silver is the principal metal that did not show an increased production in 1915. The falling
oft' in quantity was very small, however, amounting to only 48,086 oz.
Owing to the lower price of silver, the decrease in total value was $1,505,234,
or over 9.6%. .
Quotations for bar silver per oz. standard:
5-16 cash
No
Bank rate
Au.
6%
, 18-31
quotation Bar gold, per oz. standard_ _77s. 9d.
19-31 5-16 "
" 21-31 7-16 "
fixed
French gold coin per oz
Nominal
" 22-31 9-16 "
for
U. S. A. gold coin per oz__ _Nominal
" 23-3114"
forward
..
" 24-31%
delivery
Av. for wk. 31.479.
The quotation to-day for cash is 1-16d. above that fixed a week ago.




Sat.
Week ending Sept. 8.
Silver, per oz .
d 3234
Consols, 234 per cents
British 434 per cents
French rentes (in Paris)__fr
French War Loan, 5%
(in Paris)
fr

Mon.

Wed.

Tues.

____
5934
9634
63.80

325,4
5934
9634
63.85

3234
5934
9634
63.90

Thurs.
325-16
5934
9634
64.00

Fri.
3234
6034
9634
64.00

90.00

90.00

90.00

90.00

00.00

The price of silver in New York on the same days has been:
Silver in N. Y., per oz__cts_673(

----

68

6834

6734

6834

Pacific and Other Western Clearings.-Brought forward from first page.
August.

Eight Months.

Clearings at1916.

1

1915.

Inc. or
Dec.

s

I

$

7

San Franclsco_ 287,323,010222,173,127
Los Angeles-- 105,231,921 82,406,090
Seattle
63,996,216 47,973,175
Portland
51,409,171 40,362,044
Salt Lake City 39,237,788 25,989,148
Spokane
19,826,136 14,243,809
Tacoma
9,560,231 7,406,803
Oakland
18,231,973 14,591,074
Sacramento
11,654,346 8,142,090
San Diego8,163,840 8,080,352
Stockton
6,302,814 3,853,285
San Jose
3,219,406 2,865,228
Fresno
5,016,890 3,421,956
Pasadena
3,765,199 3,279,709
North Yakima 1,832,753 1,418,278
Boise
4,455,455 3,291,791
Reno
1,637,719 1,369,498
Ogden
4,700,571 3,588,734
Santa Rosa
968,517
857,156
Long Beach
2,427,465 2,162,492
Bakersfield_.... 2,970,892 1,489,987

Inc. or
1916.

1915.

$

$

Dec.

+29.32,108,531,090 1,699,670,696
+27.7 816,114,083 680,545,926
+33.4 473,993,799 397,794,346
+27.4 384,473,034 351,465,052
+51.0 290,297,699 206,221,752
+39.2 149,921,549 120,697,732
64,539,727
+26.1
73,587,677
+25.0 141,381,508 116,250,538
60,543,832
+43.1
76,065.977
+1.0
75,640,622
64,595,051
+63.6 42,765,141
30,098,519
+12.4
24,098,451
21,038,913
+46.6
35,404,128
29,711,110
+14.8
32,243,105
29,323,116
12,191,634
13,813,405
+29.2
+35.4
25,449,818
31,286,327
+19.6
12,444,955
9,645,518
+31.2
26,033,784
34,675,766
+13.0
7,160,758
7,256,662
+12.3
20,132,292
17,604,792
+99.4
17,672,975
13,313,296

%
+24.1
+19.9
+19.2
+9.4
+40.8
+24.2
+14.0
+21.6
+25.6
+17.1
+42.1
+14.5
+19.2
+10.0
+13.3
+22.9
+28.0
+33.2
-1.3
+14.4

+32.7

Total Pacific 651,941,813498,965,806 +30.74,861,704,3413,984,000,813 +22.0
Kansas City_ 452,911,444282,146,821 +60.52,916,777,4972,381,209,146 +22.5
Minneapolb
123,354,001
Omaha
111,471,722
St. Paul
59,855,419
Denver
58,290,313
St. Joseph
43,555,552
Des Moines
24,353,101
Sioux City
17,214,284
Wichita
24,660,134
Duluth
28,488,794
Topeka
8,495,148
Lincoln
13,442,324
Davenport
6,947,501
Cedar Rapids_ 7,240,008
Colorado Spgs_ 3,732,120
Fargo
6,820,683
Sioux Falls
5,330,240
Pueblo
2,250,586
Fremont
2,658,395
Waterloo
8,021,320
Helena
6.416,470
Aberdeen
3,690,497
Hastings
2,164,815
Billings
3,035,194
Joplin
5,360,953
Grand Forks
2,297,000
Lawrence
1,088,117
Iowa City
1,050,000

74,547,430 +65.5
72,248,960 +54.3
47,449.446 +26.1
37,838,028 +54.1
28.233,108 +54.3
21,256,658 +14.6
12,009,689 +43.3
15,700,371 +57.1
14,004,216 +103.5
6,411,764 +32.5
8,498,245 +58.2
5,426,264 +28.0
6,643.602 +9.0
3,036,781 +22.9
4,617,756 +47.7
3,890,294 +37.2
1,566,488 +43.7
1,501.647 +77.1
5,937,543 +35.1
4,437,659 +44.6
2,444,468 +51.0
840.843+157.4
2,017,803 +50.4
4,321,028 +24.1
1,250,000 +83.8
765,157 +42.2
872,600 +00.0

872,544,783
783,029,131
500,351,904
407,683,414
322,885,844
218,281,192
141,542,809
159,469,984
163,437,049
58,686,195
101,633,697
63,731,028
61,755,674
27,480,676
57.879,273
43,982,522
16,998,114
16,407,649
73,885,549
46,089,468
28,026,534
11,218,355
21,685,384
51,184,306
17,559,500
7,902,388
10,419,731

760,683,218
617,182,275
402,277,081
309,022,328
250,512,034
182,953,322
108,726,544
124,539,310
115,722,667
50,656,043
77,474,902
49,140,719
58,939,986
23,354,518
39,708,531
34,373,465
16,618,368
13,694,257
55,568,068
36,107,438
18,936,143
7,256,743
16,145,752
28,201,766
11,252,400
6,547,914
8,699,644

+14.7
+26.9
+24.4
+31.2
+28.9
+19.3
+30.2
+28.1
+41.2
+15.8
+31.2
+29.7
+4.8
+17.7
+45.8
+27.9
+2.3
+19.8
+33.0
+27.6
+48.0
+54.6
+34.2
+81.5
+56.1
+20.7
+19.8

Tot.Oth.West_ 1034202 135669.914.669 +54.47.202.529.6305.805.504.580! +24.1
Week ending September 2

Clearings at
Inc or
1916
San Francisco__
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
J
San Jose
Fresno
Pasadena
Nortn Yakima...
Reno
Long Beach

$
65,517,536
21,092,833
14,296,384
11,444,997
8,200,000
4,088,626
1,938,799
3,770,477
2,161,692
1,817,880
1,291,414
680,561
1,006,839
845,750
440,954
238,000
481,495

Total Pacific

139,314,257

Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Duluth
Topeka
Lincoln
Davenport
Cedar Rapids
Colorado Springs
Fargo
Pueblo
Fremont

101,947,908
27,769.705
26,000,000
13,453,089
13,894,126
8,986,317
5,417.523
4,300,000
5,464,494
5,260,241
1,849,499
2,805,210
1,671,276
1,671,377
580,000
1,372,791
435,963
530,995

Waterloo

1,779,849

Helena
Aberdeen
Hastings
Billings

1,321,348
761,115
502,684
700.000

Tot. 0th. West

228,475,510

1915

Dec

1914

8

%

$

1913

$

+16.3
+8.5
+31.4
+15.5
+38.9
+22.4
+6.0
+1.9
+19.9
+7.8
-11.1
+8.3
+17.2
+22.1
+0.2
+19.6
-2.4

50,748,841
21,000,000
12,025,210
11,016,097
5,145,242
3,479,347
2,174,915
3,396,415
1,884,024
1,769,998
970,500
610,000
1,035,295
745,518
457,089
218,234
540,332

47,699,575
20,838,602
12,371,400
9,629,732
4,798,129
3,455,412
2,188,634
3,388,640
1,896,789
2,200,000
703,800
627,855
849,880
712,349
380,785
270,380

119,602,607 +16.5

117,217,777

112,011,962

59,945,093
26,346,566
14,949,106
0,617,626
8,644,464
5,499,911
5,284,361
3,151.302
3,635,548
5,525,621
1,368,732
2,102,188
1,336,177
1,615,738
640,777
1,005,269

52,269,560
25,997,440
16,190,565
9,456,786
8,720,195
6,810,937
5,383,041
3,170,672
3,514,284
3,833,065
1,405,351
1,938,207
1,563,007
1,510,219
692,111
407,004
595,289

56,340,472
19,446,322
10,880,686
9,911,293
5,902,404
3,339,743
1,829,380
3,698,714
1,803,220
1,686,389
1,453,136
628,748
868,073
692,627
439.925
199,009
493,166

68,274,682
20,061,760
18,841,073
10,660,419
8,923,496
7,005,054
5,093,073
3,058,760
3,440,931
4,080,935
1,377,198
2,315,577
1,651,132
1,620,235
480,420
1,105,603

+49.3
+38.5
+18.0
+26.2
+55.7
+26.9
+6.4
+40.6
+58.8
+28.9
+34.3
+21.2
+1.2

+3.0
+20.8
+24.2

351,854 +23.9
344,205
1,328,503
1,012,188
646,166
228,608
445,000

+54.0
+33.9
+30.5
+17.8
+119.2
+57.3

560.028,
490,556
1,101,834
1,117,373
425,000
291,611
432,275

1,375,852
1,078,102
374,216
206,823
358,139

162,346,872 +40.7j 155,165,156

147.215.950

359,025

Canadian Bank Clearings.-The clearings of the Canadian banks for the month of August 1916 show an increase
over the same month of 1915 of 51.7%, and for the eight
months the gain reaches 41.7%.

THE CHRONICLE

SEPT. 9 1916.]
August.

MONTHLY CLEARINGS.

Eight Months.

,!

913

Clearings at1916.

Inc. or
Dec.

1915.

1916.

1915.

Inc. or
1 Dec.

$
$
$
$
%
%
296.013.018224,452,501 +31.92,311,210,343 1,585,867,912 +45.7
Montreal
187,511,224 140,624,050 +33.31,604,235,767 1,174,885,078 +30.5
Toronto
194,133,827 66,444,845 +192.2 1,223,193,862 711,862,951 +71.8
Winnipeg
28,550,714 24,246,715 +17.7 199,243,483 180,589,791 +10.3
Vancouver
19,890,475 14,657,981 +35.7 158,904,090 135,809,592 +17.0
Ottawa
98,965,396 +21.4
16,769,606 13,949,741 +20.2 120,178,962
Quebec
66,369,914 +21.8
9,975,969 8,725,491 +14.3 80,842,867
Halifax
15,864,278 13,095,120 +21.1 124,202,872 94,407,213 +31.6
Hamilton
51,043,059 +15.3
8,463,056 6,638,508 +27.5 58,850,290
St. John
95,080,037 +41.7
18,713,089 10,433,985 +79.3 134,713,722
Calgary
58,604,089 +10.7
8,003,529 7,358,661 +8.8 64,889,558
London
52,120,590
52,169,686 -0.3
Victoria
7,629,000 5,979,244 +27.6
71,698,128
68,326,567 +4.9
Edmonton
10,616,144 7,950,764 +39.7
66,369,163
43,450,762 +52.7
10,509,885 5,785,215 +81.7
Regina
17,576,764
14,807,128 +18.7
Brandon
2,611,038 1,764,203 +48.0
37,121,784
24,572,043 +51.1
Saskatoon
5,728,998 3,104,738 +84.5
21,890,077 +36.2
Moose Jaw...._ 4,223,031 2,560,706 +64.9 29,822,350
16,370,551
10,341,335 +58.3
Lethbridge ..... 2,907,670 1,454,382 +99.9
20,969,922
16,599,467 +26.3
Brantford
2,403,806 1,917,414 +25.4
16,874,934
14,268,140 +18.3
2,547,350 1,512,065 +68.5
Fort William
8,851,602
8,943,966 -1.0
New Westm'er 1,392,489 1,029,261 +35.3
11,634,927
6,889,159 +68.9
726,910 +130.7
Medicine Hat_ 1,676,966
17,121,529
13,266,438 +29.1
Peterborough .. 2,343,731 1,629,557 +43.8
13,508,688
Not
incl. in total.
total.
in
Sherbrooke .._ _ 2,332,347 Not incl.
11,060,919 Not incl. in total.
1,991,066 Not incl. in total.
Kitchener *
Total Canada_ 858.478.893566,042.057 +51.76,446,998,0604,549,009,800 +41.7
* Formerly Berlin..

The clearings for the week ending Sept. 2, in comparison
with the same week of 1915, shows an increase in the aggregate of 35.6%.
Week ending Sept. 2.
Clearings at1916.

1915.

Inc. or
Dec.

1913.

1914.

I

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
St. John
Hamilton
Calgary
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener

$
$
54,554,604 49,393,867 +10.4 43,997,879 45,035,481
43,438,469 33,525,308 +29.6 31,636,433 35,473,863
40,132,678 15,944,597 +151.6 19,517,669 19,890,062
6,550,000 5,564,629 +16.8 8,913.657 10,960,176
3,982,030, 3,279,278 +21.4 4,639,120 3,337,206
3,331,991; 3,259,340 +3.1 3,267,1/6 2,906,301
1,754,2781 1,646,272 +6.6 1,764,236 2,164,993
1,535,385 1,463,886 +4.9 1,502,877 1,380,411
3,197,2121 2,867,227 +11.5 2,950,388 2,992,156
4,070,172, 2,441,230 +66.7 3,302.225 4,188,157
1.848,070; 1,197,004 +54.4 2.865,930 3.437,994
1,452,0591 1,660,176 --12.5 1,443.289 1,330,603
1,690,226 1,779,653 --5.0 2,517,382 3,455,155
2,042,862 1,226,715 +66.5 1,488,634 1,684,504
382,005
423,422
433,053 +8.3
469,152
328,548 +73.4
364,280
388,015
560,745
662,067 +64.8
844,051 1,290,981
1,091,820
706,395 +23.8
874,024
737,884
827,478
423,123 +23.6
432,227
523,193
620,750
643,357 . 302,860 +112.5
596,007
800,262
248,463 +9.4
371,888
271,870
478,022
150.189 +114.2
321,594
268,853
469,980
362,662 +22.6
444,559
462,142
484,775 Not incl. In total.
341,326 Not incl.in total.

Total Canada

174,789,350 128,866,542 +35.6 134,266,232 143,435,972

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
• Clearings-Returns by Telegraph.
Week ending Sept. 9.

•

Per
Cent.

1916.

1915.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,963,712,530
115,647,112
169,078,425
28,716,992
282,511,441
70,543,992
23,492,045

61,258,738,073
86,310,616
100,155,781
21,155,393
215,143,350
52,561,883
14,018,881

+56.0
+34.0
+68.9
+35.7
+31.3
+34.2
+67.6

Seven cities, 5 days
Other cities, 5 days

$2,653,702,543
600,014,418

$1,748,083,977
482,076,241

+51.8
+24.5

Total all cities, 5 days
All cities, 1 day

$3,253,716,961
815,349,982

$2,230,160,218
605,234,625

+45.9
+34.7

64,069,066,943

$2,835,394,843

+43.5

Total all cities for week

STATEMENT OF TRANSACTIONS ON NEW YORK STOCK EXCHANGE.

Clearings, Total All.
1916.

DescripI
lion.

Actual
Value.

Par Value
or Quantity.

Eight Months 1915.
Aver.' Par Value
Price., or Quantity.

Actual
Value.

Aver.
Price.

1
96,733,962
8took!She. 108,869.600
Val_ $9,465,617,78o$8,799,887,648 93.088,327,422,970$6,904,072,287 82.9
476,818,024 92.1: 509,350,700
RR.bonds. 616,81J,500
423,109,309 83.1
Gov't bds_
690,650 103.71
665,950
671,500
684,578 101.9
State bonds
174,485,457 95.3
183,029,500
14,533,000
13,024,755 90.0
Bank stks_
366,159 209.7,
174,600
136,800
238,286 174.2

1915.

1916.

1915.

%

$
$
Jan
20,070,094,925 13.483,433,873 +48.8 7,743,292,69,S 6,195,741,340 +25.0
Feb __ 18,236,249.765 11,912.182,657 +53.1 7,129,512,488 5,430,346.110 +31.3
Mar- 20,679,675,539 13,848,400.164 +49.3 8,131,801.038 6,283.286.462 +29.4
1st qr. 58.986,020.229 39,244,016,694 +5J.3 23.004,606.224 17,909,373,912 +28.4
April _ 19,315,241,747 15,013,083,834 +28.6 7,692,625,092 6,201,418.760 +24.0
May _ 20,657.279,666 14,626,775,839 +41.2 8.096.352,324 5.991.630,329 +35.1
June__ 20,597,706,945 14,122,200,044 +45.9 8,044,195,053 6,096,718,495 +32.0
2d qr_ 60,570,228.358 43,762,059,717 +38.4 23,833.172,469 18,289,767,584 +30.3
6 mos. 119 556 248 587 83,006,076,411 +44.0 46,837,786,613 36.199,141,496 +29.4
July _ _ 19,366,911,183 14,929.402,551 +29.7 7,928,168.308 6,233,988,983 +27.2
Aug -- 19,751,826.277 14,270,450,563 +38 4 7,984,509,471 5,733,008,392 +39.2

The course of bank clearings at leading cities of the country for the month of August and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
(000.000s
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louts
Pittsburgn
San FrancLico
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St.Paul
Indianapolis.
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
Total
Othet cities

BANK CLEARINGS AT LEADING CFI IES.
August
Jan 1 to Aug. 31
1916. 1915. 1914. 1913. 1916. 1915. 1914. 1913.
$
$
$
$
$
3
$
$
11,767 8,537 4,581 6,762 95,925 64,040 60,852 62.898
1,697 1,235 1,164 1.245 12,874 10,351 10,804 10,579
6,869
506
561
5,146
732
577
5,295
5,431
998
656
578
633
8,129
5,314
5,438
5,637
3,298
2,624
422
298
283
304
2,673 2.705
1,792
1,982
218
2,181
1,684
258
212
211
1,723
2,109
1,700
1,661
287
222
186
208
880
1,119
870
904
109
101
101
132
1,151
1,259
1,325
150
145
1,480
180
129
1,834
1,816
453
282
246
2,381
237 2,917
851
207
126
94
856
100
1,436
956
97
62
66
67
778
599
822
613
123
75
97
873
761
784
770
89
71
61
48
53
619
463
472
477
209
147
126
126
880
1,383
925
937
81
61
65
60
045
543
586
510
105
82
58
87
816
681
795
817
37
29
27
29
327
261
270
276
111
72
67
72
783
617
573
586
67
48
48
48
502
384
401
407
60
47
40
41
500
402
374
333
46
37
36
35
356
284
278
290
58
38
35
38
408
309
290
309
70
37
30
29
548
311
274
268
24
16
21
22
244
209
245
245
64
48
51
54
474
398
424
425
19
272
33
28
20
223
185
169
39
26
23
25
290
206
199
205
18,428 13,297 8,995 11,408 148,155 103,793 101,039 103,425
1,324
973
937
985 10,520
8,629
8,413
8,718

Total all
19,752 14,270 9,932 12,393 158,675 112,206 109,757 112,054
Outside New York_ 7,985 5,733 5,351 5,611 62,750 48,166 48,905 49,156

TRADE AND TRAFFIC MOVEMENTS.
LAKE SUPERIOR IRON ORE SHIPMENTS.-In
August the monthly record of Lake Superior iron ore shipments was again broken, the movement for the month aggregating 9,850,140 tons. This is an increase over the same
month last year of 1,769,023 tons and surpasses by 99,983
tons the previous high mark established in July 1916, when
9,750,157 tons were shipped. For the season to Sept. 1
the tonnage amounted to 39,215,864 tons, comparing with
26,806,420 tons in 1915, 21,278,107 tons in 1914 and 32,013,756 tons in 1913. Below we give the shipments from the
various ports for August 1916, 1915 and 1914 and for the
season to Sept. 1:
Port (tons)Escanaba
Marquette
Ashland
Superior
Duluth
Two Ilarbors

Season to Sept.
August
1916.
1915.
1914.
1915.
1916.
4,708,477 2,995,862
1,061,285 933,162 724,951
2,469,705 1,773,653
634,780 659.293 368,430
4,796,384 2,801,219
1,289,439 931,142 662,951
7,815,795 4,439,088
1,950,249 1,375,086 1,886,418
3,380,066 2,668,070 1,203,081 12,718,548 9,378,530
6,706,955 5,418,068
1,534,315 1,514,364 1,023,646

1
1914.
2,465,692
1,049,791
2,079,776
7,576,831
4,152,367
3,953,650

9,850,140 8,081,117 5,869,477 39,215,864 26,806,420 21,278,107

Total

aommercialzindMi$cellanepttsnews
.,11.......••••••••••••• •

Eight Months 1916.

Clearings Outside New York.

Month.

••••••••••

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.

I

Per
When
Cent. Payable.

Name of Company.

Books Closet:.
Days Inclusive.

Railroads (Steam).
50c. Oct. 2 Holders of rec. Sept. 20a
Beech Creek, guar. (guar.)
2
Sept.30 Holders of rec. Aug. 31a
Boston & Albany (quar.)
Boston Revere Beach & Lynn (quar.)-- 1% Oct. 2
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
234 Sept.30 Sept. 2 to Oct. 4
Canadian Pacific. corn. (quar.)
2
Sept.30 Sept. 2 to Oct. 4
Preferred
1
Oct. 2 Holders of rec. Sept. 9
Chicago Great Western, pref
1916.
1915.
(qu.)
common
Western,
Oct. 2 Holders of rec. Sept. la
North
13(
Chicago
&
Mth
2
Oct. 2 Holders of rec. Sept. la
Preferred (quar.)
Number
Values.
Number
Values.
3
'
Nov. 1 Holders of rec. June 16a
common
RR..
Cuba
of
of
(quar.)
Co.
Sept.
20 Holders of rec. Aug. 28a
Hudson
2q
Delaware
dr
Par.
Shares.
Par.
Shares.
Actual.
Actual. ,
8735c Sept. 9 Holders of rec. Aug. 310
Erie & Pittsburgh (guar.)
Fonda Johns. & Gloversv., pref. (quar.)_.. 134 Sept.15 Holders of rec. Sept. 9a
ij Nov. 1 Sept. 23 to Oct. 13
Jan.15,958,944 1,427.403.33511,301,244.816 5,076.210 435,534,900 302,461,298 Great Northern (quar.)
1% Oct. 2 Holders of rec. Sept. ha
Feb - 12,126.205 1.025,902,9101 962,417,409 4,383,449 380,032,785 262,372,421 Interborough Consol. Corp., pref. (guar _ 5
Oct. 2 Holders of rec. Sept.20a
Transit
(guar.)
Rapid
Duerborough
15,197,585
Mar..
1.331,870,9001.284.214,205 7.862,398 681,471,315 535,476,914
IN, Oct. 1 Holders of rec. Sept. 15a
an fly. (quar.)
./Ifi
m annnh.asttt.p
pf.(No.27)- 334 Oct. 16 Holders of rec. Sept.22a
1st gar 43,280,734 3.785,177,145 3,527,876,433/17,321,967 1,497,039,000 1,100,310,633
11i Sept. 19 Holders of rec. Aug. 3Ia
Norfolk .1. Western, common (guar.)
Apr. 12,523,507 1.118,264.050 1.001,472,487121,022,930 1,799,436,335 1,619,407,302 Pittsb. Ft. Wayne & Chic. reg. gu.(quar.) 1X Oct. 3 Holders of rec. Sept. ha
15/ Oct. 2 Holders of rec. Sept. ha
Special guaranteed stock (quar.)
May 18,427.576 1,421.290,7501,322.476,934 12,581,040 1,037,762,960 958,264,713
1
Sept. 14 Holders of rec. Aug 29a
June 12,823,833 1,071,814,6451,014,902,41711,004,042 912,619.430 832.467.913 Reading Company, first pref. (quar.)
1
Sept. 15 Sept.10 to Sept. 15
St. Joseph South Bend & Sou., common_
234
Sept. 15 Sept. 10 to Sept. 15
Preferred
2d qr 41.774.9163.611,369,4453,398,851,83844,608,012 3,749,818,725 3,410,139,928
134 Oct. 2 Holders of rec. Aug. 310
Southern Pacific (quar.)(No.40)
;--2
Oct. 2 Holders of rec. Sept la
(quar.)
Union
Pacific,
common
6,926,728,271
85,055,650.7,396,546,590
61,929,979
5.246,857,725
(Jaws
4,510,450,581
2
Oct. 2 Holders of rec. Sept. la
Preferred
234 Oct. 2 Holders of rec. Sept. 15
July_ 0,187,868 802,658,015 754,216,904 14,371,633 1,288,908.620 958,643,288 West Jersey & Seashore
2
Oct. 2 Holders of rec. Sept. 9
14,626,032 1,266.413,1751,118,942,473 20,432,350 1,791,656,6251,434,978,418 Wisconsin Central, preferred
Total---- 610166,307,330$9,452,247,938 93.038,852,114,970 $7,341,129,255 82.9

I

.)_

1-




914.
Name of Company.

THE CHRONICLE
When
Per
Cent. Payable.

Books Closed,
Days Inclusive.

Name of Company.

[vol.. 103.
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Street and• Electric Railways.
General Electric (guar.)
2
Oct. 14 Holders of rec. Sept. 16a
Arkansas Val. Ry. L.& P.. pref. (guar.). 131 Sept. 15 Holders of rec. Aug. 31
Globe Soap, common (guar.)
1
Sept. 15 Sept. 1 to Sept. 15
Brazilian Trac., L.& P., Ltd., pref. (qu.). 131 Oct. 2 Holders of rec. Sept. 15
First, sec, and special pref. stocks (qu.) 136 Sept. 15 Sept. 1 to Sept.15
Brooklyn Rapid Transit (guar.)
131 Oct. 1 Holders of rec. Sept 9a Globe-Wernicke, common (guar.)
2
Sept. 11 Holders of rec. Aug. 31
Cities Service, corn. & pref.(monthly)--Goodrich (B. F.) Co., common (quar.)_ _
% Oct. 1 Holders of rec. Sept. 15
1
Nov. 15 Holders of reo. Nov. 3a
Duluth-Superior Tract., preferred (guar.) 1
Oct. 2 Holders of rec. Sept. 15a
Preferred (guar.)
14 Oct. 2 Holders of rec. Sept. 21a
Eastern Power & Lt. Corp., pref. (guar.)_ _
131 Sept. 15 Holders of rec. Sept. 7a Gray & Davis, Inc., pref. (guar.)
14 Oct. 1
El Paso Electric Co., corn.(qu.)(No. 21) 231 Sept.15 Holders of rec. Sept. 5a Gulf States Steel, 1st pref.(guar.)
14 Oct. 2 Holders of rec. Sept. 15a
Frank.& Southwark Pass., Phila.(guar.) $4.50 Oct. 2 Holders of rec. Sept. la
Second pref.(guar.)
1% Nov. 1 Holders of rec. Oct. 14a
Galveston-Houston Elec. Co., pref.(No. 19) 3
Sept. 15 Holders of reo. Sept. 8a Harrison Bros.& Co., Inc., corn. (quar.)_
2
Sept. 15 Holders of rec. Sept. 9a
Kansas City Rys., pref
Hart,Schaffner & Marx, preferred (guar.) 14 Sept.30 Holders of rec. Sept.20
231 Oct. 1 Sept. 26 to Oct. 1
Northern Ohio Trac.& Lt.,corn.(quar.). 14 Sept.15 Holders of rec. Aug. 25a Helme (Geo. W.) Co., common (guar.)- _
234 Oct. 2 Holders of reo. Sept. 15a
Philadelphia Traction
Oct.
2
Sept.
12
Preferred
to
Oct.
(guar.)
1
$2
14 Oct. 2 Holders of rec. Sept. 15a
Second & Third Sts. Pass., Philadelphia_ $3
Oct. 2 Holders of rec Sept. la Hendee Manufacturing, pf.(qu.)(No. 12). 14 Oct. 2 Holders of roc Sept.20
Springfield(Mo.)Ry. & Lt. pf.(gu.)(No.7) 14 Oct. 2 Holders of rec. Sept. 15a Hercules Powder,common (guar.)
2
Sept. 25 Sept. 16 to Sept. 24
Third Avenue Ry. (guar.;
Common (extra)
1
Oct. 1 Holders of rec Sept. 156
13
Sept. 25 Sept. 16 to Sept. 24
Twin City Rap.Tran.,Minnerip.,com.(qu.) 134 Oct. 2 Holders of rec Sept. 12a Homestake Mining (mthly.) (No. 504)...... 65c. Sept. 25 Holders of reo. Sept. 20
Preferred (guar.)
14 Oct 2 Holders of rec Sept. 12a International Salt (guar.)
Oct. 1 Sept. 16 to Oct. 1
1
United Light & Rys., common..
Jewell Tea, preferred (guar.)
1
Oct. 2 Holders of rec. Sept. 15
14 Oct. 1 Holders of reo. Sept.20a
First preferred (guar.)(No.24)
Kelly-Springfield Tire, preferred (guar.)_
156 Oct. 2 Holders of reo. Sept. 15
Oct. 2 Holders of rec. Sept. 15a
134
United Trac. & Elec., Prov.(guar.)
Kennecott Copper Corp.(gu.)(No.3)
14 Oct. 2 Sept. 6 to Sept. 10
$1.50 Sept. 30 Sept. 16 to Sept. 24
West End St. By., Boston. common
Kerr Lake Mining (guar.)(No.44)
$1.75 Oct. 2 Sept. 22 to Oct. 1
25o. Sept. 15 Holders of reo. Sept. la
West India El. Co. (guar.) (No. 35)
La Belle Iron Works, preferred (quar.)_ _
131 Oct. 2 Sept. 24 to Oct. 1
2
Sept.30 Sept.21 to Sept. 24
West 'Penn Traction, pref. (on account
Pref. (on acct. of accumulated diva.). h234 Sept.30 Sept.21 to Sept.24
accumulated dividends)
Laclede Gas Light, common (guar.)
h3 Sept. 15 Holders of rec. Sept. 1
14 Sept.15 Sept. 2 to Sept. 15
Trust Companies.
Liggett & Myers Tobacco. pref.(quar.)
14 Oct. 2 Holders of rec. Sept. 15a
Guaranty (guar.)
4
Sept.30 Holders of rec. Sept. 20a Loose-Wiles Biscuit, 1st pref. (qu.)(No.18) 14 Oct. 2 Holders of reo. Sept. 206
Extra
Sept. 30 Holders of rec. Sept. 20a Lorillard (P.) Co., common (guar.)
1
3
Oct. 2 Holders of rec. Sept. 15a
Lawyers' Title & Trust (guar.) (No.27) 151 Oct. 2 Sept. 16 to Oct. 2
Preferred (guar.)
14 Oat. 2 Holders of reo. Sept. 15a
People's (I3rooklyn) (guar.)
Mackay Companies, corn. (qu.) (No. 45) 14 Oct. 2 Holders of rec. Sept. 9a
331 Oct. 2 Holders of reo. Sept.30
Miscellaneous
Preferred (guar.) (No. 51)
Oct. 2 Holders of rec. Sept. 9a
1
Ajax Rubber, Inc. (guar.)
$1.25 Sept. 15 Holders of rec. Aug. 31a Magma Copper (guar.)
50o. Sept.30 Holders of roc. Sept. 8
Allis-Chalmers Mfg., pref. (guar.)
131 Oct. 16 Holders of rec. Sept. 30a Manati Sugar, pref.(guar.)
14 Oct. 2 Holders of reo. Sept. 23
Allouez Mining (guar.,
$2.50 Oct. 4 Holders of rec. Sept. 13a Maxwell Motor,Inc.,common (guar.)._ _ 2% Oct. 2 Holders of rec. Sept. lla
American 3ank Note, pref. (guar.)
First preferred (guar.)
755. Oct. 2 Holders of rec. Sept. 15a
m14 Oct. 2 Holders of rec. Sept. ha
Amer. Beet Sugar; prof. (qu.) (No. 69)_ _
Second preferred (guar.)
131 Oct. 3 Holders of rec. Sept. 16a
n134 Oct. 2 Holders of rec. Sept. ha
American Can, preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 15a Mergenthaler Linotype (guar.)
234 Sept.30 Holders of reo. Sept. 5a
Amer. Car & Fdy. corn. (guar.)(No. 56)
ha
Midwest
Oil, preferred
2o. Oct. 20 Holders of rec. Oct. 1
36 Oct. 2 Holders of rec Sept.
Preferred (guar.) (No. 70)
1% Oct. 2 Holders of rec Sept. ha Montana Power, corn.(guar.)(No. 16)._
1
Oct. 2 Holders of reo. Sept. 15a
American Cigar, pref. (guar.)
Preferred (guar.) (No. 16)
1% Oct. 2 Holders of rec. Sept. 15a
134 Oct. 2 Holders of rec. Sept. 15a
American Cyanamid, pref
Montgomery Ward & Co., pref. (guar.). 14 Oct. 1 Holders of reo Sept. 20
Dec. 1 Holders of reo. Aug. 1
6
American Express (guar.)
$1.50 Oct. 2 Holders of rec. Aug. 31a Montreal Cottons, Ltd.,common (guar.). 1
Sept. 15 Holders of rec. Sept. 5
American Graphophone, common (guar.)_ _
1% Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
134 Sept. 15 Holders of rec. Sept. 5
Amer. Iron & Steel Mfg., com.& pf.(qu.) 14 Oct. 1 Holders of reo Sept.20a Muskogee Gas & Electric, preferred (qu.) 14 Sept.15 Holders of rec. Aug. 31
American Locomotive, common (guar.) _
National Biscuit, corn. (guar.) (No. 73)
131 Sept.28 Sept. 19 to Oct. 17
14 Oct. 14 Holders of reo. Sept. 28a
Preferred (guar.)
NationalLead, common (guar.)
131 Oct 21 Sept. 19 to Oct. 17
1
Sept.30 Holaers of-rec. Sept. 86
Amer.Pneumatic Service, 1st pref
Preferred (quar.)
$1.75 Sept.30 Holders of rec. Sept. 9
134 Sept. 15 Holders of ree. Aug. 25a
Second preferred
National Candy, 1st & 2d pref.(No. 28)
75c. Sept.30 Holders of ree. Sept. 9
334 Sept. 13 Aug. 23 to Aug. 29
Amer. Radiator, common (guar.)
National Steel Car, Ltd., pref. (quar.)_
Sept.30 Sept.22 to Sept.30
14 Oct. 16 Oct. 1 to Oct. 14
Amer. Smelt. & Refg., corn.(guar.)
National Sugar Refining (guar.)
Sept. 15 Aug. 26 to Aug. 31
1
134 Oct. 2 Holders of rec. Sept. 9
Common (extra)
National Surety (guar.)
3
Oct. 2 Holders of rec. Sept.20a
36 Sept. 15 Aug. 26 to Aug. 31
Amer. Smelters Securities, pref. A (guar.).
Nevada Consolidated Copper (quar.)_ _ _ _
Oct. 2 Sept. 16 to Sept. 24
50c Sept. 30 Holders of rec. Sept. lba
Preferred B (guar.)
Extra
Oct. 2 Sept. 16 to Sept. 24
1
50c Sept.30 Holders of rec. Sept. 156
American Snuff, common (guar.)
3
Oct. 2 Holders of reo. Sept. 15a New York Air Brake (guar.)(No.55)--- 254 Sept.22 Holders of rec. Aug. 31a
Preferred (guar.)
131 Oct. 2 Holders of reo. Sept. 15a New York-Oklahoma 011(No.1)
la Sept. 15 Sept. 10 to Sept. 15
Amer.Sugar Refg., corn.(qu.)(No.100). 14 Oct. 2 Holders of roc. Sept. la New York Transit (guar.)
4
Oct. 14 Holders of reo. Sept.23
Preferred(guar.) (No. 99)
1% Oct. 2 Holders of reo. Sept. la Niles-Bement-Pond, corn. (qu.) (No. 57) 236 Sept.20 Sept. 7 to Sept.20
American Tobacco, pref. (guar.)
134 Oat. 2 Holders of reo. Sept. 15a
131 Oct. 2 Holders of reo. Sept. 15a North American Co. (guar.) (No. 50)
American Woolen,common (guar.)
Ohio Cities Gas Cora.(pay. In corn. stk.) 15
Dec. 1 Holders of rec. Nov. 15
14 Oct. 16 Sept. 16 to Sept. 28
Preferred (guar.)
Ohio 011 (quar.)
$1.25 Sept. 20 Aug. 23 to Sept. 11
Hi Oct. 16 Sept. 16 to Sept. 28
Atlantic Gulf dr W.I.SS.Lines, pf.(qu.)_
Extra
14 Oct. 2 Holders of rec. Sept. 15a
$4.75 Sept.20 Aug. 23 to Sept. 11
Atlantic Refining
5
Sept.15 Holders of rec. Aug. 19a Old Dominion Co. (guar.)
$3 Sept. 29 Holders of reo. Sept. 14
Old Dominion Cop. Min. cfc Smelt. (gu.)._
Atlas Powder, common (guar.)
Sept.10 Sept. 1 to Sept. 10
2
$3 Sept. 28 Holders of reo. Sept. 14
Pabst Brewing, pref. (guar.)
Common, extra
Sept. 10 Sept. 1 to Sept. 10
3
134 Sept. 15 Sept. 7 to Sept. 15
Baltimore Tube, Inc., corn. & pref. (qu.)... 14 Oct. 1 Holders of rec. Sept. 20
Packard Motor Car, preferred (guar.)._
14 Sept. 15 Holders of rec. Aug. 31a
Bethlehem Steel, common (guar.)
7)4 Oct. 2 Holders of rec. Sept. 15a Pettibone Mulliken Co., 1st & 2d pf.(qu.) 14 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
394c. Sept. 15 Holders of reo. Aug. 21a
Hi Oct. 2 Holders of rec. Sept. 15a Philadelphia Electric (guar.)
Booth Fisheries, first preferred (guar.). _
1% Oct. 1 Holders of rec Sept.20a Pittsb. Term. Wareh. & Transf. (mthly.)
25e Sept. 15 Holders, of rec. Sept. 8
Borden's Cond. Milk, pref.(qu.)(No.59) 154 Sept.15 Sept. 1 to Sept. 15
Quaker Oats, common (guar.)
234 Oat. 16 Holders of reo. Oct. 2a
Borne, Scrymser Co. (annual)
Common (payable in common stock)_ 101 Sept. 30 Holders of rec. Sept. la
Oct. 16 Holders of rec. Sept. 16
20
British-American Tobacco,ordinary
Preferred (guar.)
See note (r)
Sept.30
10
1% Nov. 29 Holders of rec. Nov. la
Brooklyn Union Gas (guar.) (No. 62)..... 1% Oct. 2 Holders of rec. Sept. 14a Quincy Mining (guar.)
Sept.25 Holders of rec. Sept. 2a
4
Buffalo General Elec. (guar.) (No. 88)_ _
Railway Steel-Spring, preferred (quar.)_ _
1% Sept. 30 Holders of reo. Sept. 20
134 Sept.20 Holders of rec. Sept. 2a
Buckeye Pipe Line (guar.)
Ray Consolidated Copper (guar.)
$2 Sept. 15 Holders of rec. Aug. 25
50c Sept. 30 Holders of rec. Sept.15a
Butte & Superior Mining (guar.)
Extra
31 25 Sept.30 Holders of rec Sept. 15a
25o Sept. 30 Holders of rec. Sept. 15a
Extra
Sept.30 Holders of rec Sept. 15a Reading Stockholders' Assoc., corn. & pt. 2
$5
Sept. 15
Calumet & Arizona Mining (guar.)
Republic Iron & Steel, pf.(qu.)(No.52). 14 Oct. 2 Holders of rec. Sept. 15a
Sept.25 Sept. 9 to Sept. 17
$2
Sept.22 Holders of rec. Sept. la
Calumet & Hecla Mining (guar.)
Preferred (on acct. of accum.diva.)._ _ h4
$20
Oct. 2 Holders of rec. Sept. 15a
Oct. 2 Holders of rec. Sept.15
Cambria Iron
Reynolds (R. J.) Tobacco, corn. (guar _ _
2
3
Oct. 1 Holders of rec. Oct. 20
Canada Cement, Ltd., common
Sept.IS Sept 6 to Sept.16
Common (extra)
3
2
Oct. 1 Holders of roe. Oct. 20
Nov. 1 Holders of rec. Oct. 2
Canada Steamship Lines, pref
Preferred (guar.)
14 Oct. 1 Holders of reo. Oct, 20
Holders
of
rec.
Sept.
15
Royal
Oct.
1
Canadian General Electric, corn. (quar.)..
Baking Powder, corn. (guar.)
1%
2
Sept. 30 Holders of rec. Sept. 15a
Preferred (guar.)
Case (J. I.) Thresh. Mach., pref. (quar.)_
14 Oct. 2 Holders of rec. Sept. 11
13.4 Sept. 30 Holders of rec. Sept. 15a
Central Leather, pref. (guar.)
14 Sept. 15 Holders of rec. Sept. 12
14 Oct. 2 Holders of rec. Sept. 9a Rubber Goods Mfg., pref.(qu.)(No.70)--Safely Car Heat de Ltg.(guar.)
Central Petroleum, preferred
2
Oct. 2 Holders of rec. Sept. 15
2)4 Oct. 1 Holders of rec. Sept. 26
St. Joseph Lead (guar.)
Central Stales El. Corp., pref. (gu.)(No.17) 1% Sept. 30 Holders of rec. Sept. 10
25c Sept. 20 Sept. 10 to Sept. 20
Extra (from reserve for amortization)Oct. 2 Holders of rec. Sept. 18
Chandler Motor Car (guar.)
50c. Sept. 20 Sept. 10 to Sept. 20
2
St. L. Rocky Mtn. & Pac. Co., pref. (qu.)_ _
Oct. 2 Holders of reo. Sept. 18
Extra
1
134 Sept. 30 Sept. 21 to Sept. 29
Savoy Oil (monthly)
Sept.20 Sept. 7 to Sept.20
Chesebrough Mfg. (guar.)
5e. Sept. 25 II alders of reo. Sept. 15
3
Extra
Extra
5o. Sept. 25 Holders of rec. Sept. 15
31 Sept.20 Sept. 7 to Sept.20
Chicago Telephone (guar.)
Sept.30 Holders of rec. Sept.29a Sears, Roebuck & Co., preferred (guar.)_
2
Oct. 1 Holders of rec. Sept. 15a
134
Shawinigan Water & Power (guar.)
Sept. 11 Sept. 2 to Sept. 0
Childs Company, common (guar.)
134 oat. 10 Holders of reo. Sept. 30
Sloss-Sheffield Steel & Iron, pref. (quar.).. 1% Oct. 2 Holders of reo. Sept. 18a
Preferred (guar.)
Hi Sept. 11 Sept. 2 to Sept. 9
5
Sept.30 Sept. 16 to Oct. 1
Chino Copper Co. (guar.)
$1.25 Sept.30 Holders of rec. Sept. 15a South Penn 011 (guar.)
Extra
Sept.30 Holders of reo. Sept. 156
SePt.30 Sept. 16 to Oct. 1
Extra
3
South Porto Rico Sugar, common (guar.) 5
Sept.27 Sept.12 to Sept.27
Citizens' Gas (Indianapolis)(No. 14)-- 5
Oct. 2 Holders of rec. Sept. 15a
Preferred (guar.)
2
CUM,Peabody Et Co., Inc., pref.(guar _
Oct. 2 Holders of rec. Sept. 15a
•
14 Oct. 2 Holders of rec. Sept. 20a
Colorado Power, preferred (guar.)
3
Oct. 2 Holders of rec. Sept.15
131 Sept. 15 Holders of rec. Aug. 31a South West Pa. Pipe Lines (guar.)
Consolidated Gas (guar.)
1
Sept. 15 Holders of reo. Aug. 31
14 Sept. 15 Holders of reo. Aug. 9a Standard Gas dz Electric, pref. (guar.). _
Oct. 2 Holders of rec. Sept. 15a Standard Oil (California)(guar.)(No.31) 236 Sept. 15 Holders of rec. Aug. 15
Consol. Gas,E.L.& P., Balt., corn.(qu.)
Standard Oil Cloth, common (guar.)
1
Sept. 30 Holders of reo. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Preferred
3
Common (extra)
1
Sept. 30 Holders of reo. Sept. 15
Consumers El. L. & P., N. O., pref. (gu.)_
14 Sept. 30 Sept. 10 to Sept. 30
Preferred A (guar.)
14 Sept. 30 Holders of roe. Sept. 15
Continental Can,Inc.,common (guar.)_ _
14 Oct. 1 Holders of rec. Sept. 20a
Preferred B (guar.)
Preferred (guar.)
134 Sept. 30 fielders of reo. Sept. 15
131 Oct. 1 Holders of reo. Sept. 20a
Standard 011 (Kansas) (guar)
3
Sept. 15 Sept. 1 to Sept. 15
Sept. IS Aug. 27 to Sept. 10
Continental 011 (guar.)
2
Extra
Sept. 15 Sept. 1 to Sept. 15
Copper Range Co.(guar.)(No. 32)
$1.50 Sept. 15 Holders of rec. Aug. 29
Standard Oil (Kentucky) (guar.)
4
Oct. 2 Sept. 16 to Oct. 2
Extra (No. 33)
31 Sept. 15 Holders of rec. Aug. 29
Extra
1
Oct. 2 Sept. 16 to Oct. 2
Cosden Oil dr Gas, corn.(quar.)
12Ac. Sept.20 Holders of rec. Sept. 11
Standard 011 of N.J.(guar.)
5
Sept. 15 Holders of reo. Aug. 18a
Common (extra)
55 Sept. 20 Holders of rec. Sept. 11
Standard 011 of N. Y.(guar.)
2
Sept. 15 Holders of reo. Aug. 256
Crescent Pipe Line (guar.)
750. Sept. 15 Aug. 23 to Sept. 15
Crucible Steel, pref. (guar.)(No.47).._
34 Oct. 2 Sept. 2 to Sept. 20
14 Sept.30 Holders of rec. Sept. 16a Standard 011 (Ohio) (guar.)
Preferred (acct. deferred dividends)._ _ hl 31 Sept.30 Holders of rec. Sept. 16a Stutz Motor Car of America (No. 1)--- $1.25 Oct. 2 Sept. 10 to Sept. 21
Cuba Cane Sugar Corp., pref. (quar.)_ _ _
14 Oct. 2 Holders of rec. Sept. 20a
1% Oct. 2 Holders of rec. Sept. 15a Subway Realty (guar.)
Swift & Co.(guar.)(No. 120)
2
Oct. 1 Holders of rec. Sept. 10
Cuban-American Sugar,common (quar.)_ 2% Oct. 2 Sept. 16 to Oct. 2
Texas Company (guar.)
Oct. 2 Sept. 16 to Oct. 2
Corn.(extra)
10
ni Sept. 30 Holdurs of rec. Sept. 150
Tobacco Prod. Corp., pf. (qu.) (No.15)
14 Oct. 2 Holders of reo. Sept. 18
Oct. 2 Sept. 16 to Oct. 2
Corn. (payable in common stock)
/40
Preferred (guar.)
$1.75 Sept. 3() Holders of rec. Sept. 20
131 Oct. 2 Holders of rec. Sept. 156 Todd Shipyards Corp. (No. 1)
Tonopah Belmont Devel. (guar.)
1231c. Oct. 2 Sept. la to Sept. 21
Dayton Power & Light, pref. (guar.)
1% Oct. 1 Holders of reo. Sept. 15
10c. Oct. 1 Sept. 10 • to Sept.20
Diamond Match (guar.)'
131 Sept.15 Holders of reo. Aug. 31a Tonopah Extension Mining (guar.)
Extra
Dominion Iron & Steel, pref.(No. 30)--Sc. Oct. 1 Sept. 10 to Sept. 20
331 Oct. 2 Holders of rect. Sept. 16
Underwood Typewriter, common (guar.) 1
Oct. 2 Holders of rec. Sept. 20a
Preferred (No. 31)
3% Oct. 2 Holders of rec. Sept. 16
Preferred (guar.)
Dominion Textile, Ltd., common (guar.) 1% Oct. 2 Holders of rec. Sept. 15
14 Oct. 2 Holders of reo. Sept. 20a
2
Driggs-Seabury Ordnance 1st pref.(quar.) 131 Sept. 15 Holders of rec. Sept. la Union Carbide (guar.)
Oct. 2 Holders of rec. Sept. 16
e200 Oct. 2 Holders of rec. Sept. 16
Stock Dividend
Second preferred (guar.)
1% Sept. 15 Holders of rec. Sept. la
Duluth Edison Elec., pref. (qr.)(No. 42) 1% Oct. 1 Holders of rec. Sept. 2 Union Tank Line
234 Sept. 25 Holders of rec. Sept. 1
United Cigar Stores, pref. (qu.)(No. 16) 14 Sept. 15 Holders of rec. Aug. 31a
du Pont(E.I.) de Nem.& Co.,corn.(qu.) 131 Sept. 15 Holders of rec. Aug. 31
United Globe Mines (guar.)
$18 Sept. 28 Holders of rec. Sept. 14
Common (special)
Sept. 15 Holders of rec. Aug. 31
United Paper Board, preferred (guar.)._ _ _ n134 Oct. 15 Holders of rec. Oct. 113
Cora. (pay. in Anglo-Fr. bds. at 9731) 1934 Sept. 15 Holders of rec. Aug. 31
14 Sept. 30 Sept. 21 to Sept.30
du Pont (E.I.) de Nem.Powd., corn.(qu.) 1% Nov. 1 Holders of reo. Oct. 21
U.S. Gypsum, preferred (guar.)
U.S. Industrial Alcohol, pref. (quar.)..
Preferred (guar.)
14 Oct. 15 holders of rec. Sept.30a
14 Nov. 1 Holders of rec. Oct. 21
U. S. Steamship (ext.)
A Oct. 1 Holders of reo. Sept. 16
Eastern Steel, 1st pref. (guar.)
231 Sept. 15 Holders of rec. Sept. 1
Sept. 15 Holders of reo. Sept. 1
U. S. Steel Corporation, common (guar.) 13.4 Sept. 29 Sept. 2 to Sept. 11
First pref. (on account accrued diva.). h21
Sept.29 Sept. 2 to Sept. 11
Common (extra)
Eastman Kodak,common (guar.)
1
23,6 Oct. 2 Holders of rec. Sept. Pa
75e. Sept. 25 Holders of rec. Sept. 9
Preferred (guar.)
131 Oct. 2 Holders of rec. Sept. 0a Utah Consolidated Mining (quar.)
Utah Copper Co.(guar.) (No. 33)
$1.50 Sept. 30 Holders of rec. Sept. 150
Edmunds & Jones Corp. (guar.)
SI Oct. 1
$1.50 Sept.30 Holders of rec. Sept. 15a
Extra (No. 3)
Electric Properties, preferred (quar.)_
131 Sept. 11 Holders of ree. Aug. 31
Oct. 2 Holders of rec. Sept. lea
3
Oct. 2 Holders of reo. Sept. 18e Weyman-Bruton Co., common (guar.)
Electric Storage Batt., cont. & pref. (qu.)_ _
Preferred (guar.)
Sept. 15 Holders of rec. Aug. 23a
Federal M in ing & Smelting, pref.(guar.) •1
14 Oct. 2 Holders of rec. Sept. 10a
.Garena-Sig nal 011, common (guar.)
Sept.30 Holders of reo. Aug. 31
Willys-Overland, corn. (payable in com3
mon stock)
at. 2 Holders of reo. Sept. 15a
Preferred (guar.)
Sept.30 Holders of rec. Aug. 31
2
$6 Oct. 2 Holders of reo. Sept. 9
General Chemical, pref.(guar.)
134 Oct. 2 Holders of rec. Sept. 13a Wolverine Copper Mining




THE CHRONICLE

SEPT. 9 1916.]
Per
When
Cent. Payable.

Name of Company.
Miscellaneous (Concluded).
Woolworth (F. W.) Co., pref.(quar.)_ _
Worthington Pump & Mach.. pref. A.._ _
Yukon-Alaska Trust (guar.)
Yukon Gold Co. (quar.)

Books Closed.
Days Inclusive.

1% Oct. 1 Holders of rec. Sept. 9a
1% Oct. 2 Holders of rec. Sept.20
Si Sept.30 Holders of me. Sept. 8
734c. Sept.30 Sept. 9 to Sept. 13

a Transfer books not closed for this dividend. b Less British income tax. d Correction. a Payable in stock. I Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. k Declared 10%, payable In common
stook 5% as above and 5% April 2 1917 to holders of record March 15 1917. mDeclared 7% payable in quarterly installments. n Declared 6% payable in quarterly Installments. o Declared a stock dividend of 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.
_

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTERS.
For organization of national banks:
The First National Bank of Intake, Mont., capital
$25,000
The First National Bank of Joplin, Mont., capital
25,000
For conversion of State banks:
The First National Bank of Blythe, Cal., capital
25,000
Conversion of the Palo Verde Valley Bank, Blythe, Cal.
The First National Bank of Melchor. Iowa, capital
25,000
Conversion of the M elchor State Bank, Melcher, Iowa.
Total capital....
-------------------------3100,000
ISSUED.
------------Original organizations:
The Citizens National Bank of Akron, Colo., capital
$30,000
The Farmers & Merchants Nat. Bank of Rockmart, Ga., capital 40,000

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sit.
15 Provident Life & Trust_ _-_861-863
16 Reliance Ins., 850 each. v t c__ 563
12 Phila. Bourse, corn., $50 each__ 5%
33 Real Estate Trust Co., pref__ _ _ 85
19 Real Estate Trust Co.,common.. 40%
3 Pennsy Co. for Insur., &c
720
5 Phil & Gray's Ferry Pass. Ry
7734
40 2d & 3d Streets Pass Ry___238-238%
50 Frank. & S'w'k Pass. Ry_34134-34534

Electric

Bonds.
Per cent.
Per cent.
$500,000 Rivers & Harbors Impt.
Sign
Co. 65
32,000 lot
310 lot
$1.000 Danbury & Bethel St. RR.
1st ref. 55, 1943
8700 lot

By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
13 First Nat. Bank, Marlboro__140N
175
15 Pepperell Mfg. Co
80N
14 Hill Mfg. Co
1451
20 Pacific Mills
5 Newburyport Gas & Elec. rights 534

Shares. Stocks.
$ per sh.
2 HeywoodBros.&Wakefield,com 124g
Bonds.
Per cent
$2,000 Birm'ham Wet. Wks.5s,'39 89 N
1,000 Portsmouth Berkeley & Suf.
folk Water Co. 5s, 1944__ 76

By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
$ per sh.
3 Pacific Mills
14534
2 Great Falls Mfg
199
25 Pepperell Mfg
175
5 Boston Storage Warehouse Co_ _11434

•

Bonds.
Per cent.
$4,000 Pittsburgh "Brid e Loan"
4s, 1919-25
100
500 Eimira&Wmsp.1 .5s,2862 10434

FOREIGN IMPORTS AT NEW YORK.
For Week. •

I

For the week
Previously reported_
Total 35 weeks__ _ I

1916.

1915.

20,690,969
863,654,350
884,345,310

I

1914.

320,163,8851
631,600,9941

I

1913.

$15,212,0021
659,572,307

320,201,534
640,131,014

$651,764,8791 5674,784,3091 $660,332,548

EXPORTS FROM NEW YORK.
1916.

1915.

1914.

1913.

$51,532,651
For the week
Previously reported] 1,821,273,905

334,088,892
908,221,503

$12,210,989
561,593,484

314,866,148
587,384,144

Total 35 weeks... 51,872.806,556

$942,310,395

3573,804,473

5602.250.292

-- _
$70,000
-----RE-EXTENDED.
CHARTERS
capital-The Union National Bank at Mount Holly, N. J., until close of
business Sept. 8 1936, capital
3100,000
LIQUIDATION.
The Citizens National Bank of McCook, Neb., capital
$50,000
Succeeded by Citizens State Bank, McCook, Neb. Liquidating
agent, W. B. Wolfe, McCook, Neb.

Shares. Stocks.
48 Current-Saving
Co., Inc

Shares. Stocks.
$ per sh.
20 Manayunk Nat. Bank____290-290N
2 Girard Trust Co
900
13 Lumbermen's Ins Co $25 ea 100%
19 Phil Bourse, pref., $25 each
21

Imports and Exports for the Week.-The following are
the reported imports of merchandise at New York for the
week ending Sept. 2 and since the first week of January:

Totel

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:

915

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending Sept. 2.

Exports.

Gold.
Week. I

Week. I

$6,282,679

Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

51,000 26,962,941
705,500
2,500
I 9,501.461
650,0001 12,379,828

Total 1916
Total 1915
Total 1914
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Shares. Stocks.
$ per sh.
8 Waltham Watch, common
1734
4 Waltham Watch, preferred_ _
81%
15 Sullivan Machinery Co
131

Imports.

Since
Jan. 1.

414,600528,807,333
14,840
2,258
11,558
96,062
77,660

9,676,472
2,224,115
6,996,530
1,772,841

4653.500 $55,832.409
1,260.000 10,464,488
124,495 127,282,444

$202,138 $47,492,131
361,096 30,961,131
361,824 6,404,257

31,429,610 432,334,321
40,600

517,161
6,631

1,000

Total 1916
Total 1915
Total 1914

Since
Jan. 1.

854,297
29,467
1,254,671
10,300

51,430,610 534,523,656
419,318 26,95.5,149
1,037,857 29,501,027

$990
36,210
89,864

99.393
6,566,701
4,111,289
924,027

5127,064 $11,725,202
142.845 6,085,036
182,293 6,618,439

Of the above exports for the week in 1916, 3653,500 were American gold coin.

The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Sept. 2:

The statement indicates decreases of 20.6 millions in the combined gold reserve and of 19.7 millions in the aggregate cash reserves of the banks.
Net member bank deposits show an apparent decrease of 17.7 millions, due, however mainly to the large increase in the amounts of clearing house
exchanges in course of collection reported by the Boston and New York banks. About 13.2 millions of gold were transferred to the Federal
reserve agents to reduce the banks' liabilities on notes issued. The aggregate gold resources of the system, comprising the amounts of gold held
by the banks and by the Agents, stand now at $528,806,000, as compared with $536,221,000 the week before and $521,582,000 throe months
previous. The week also witnessed liquidation on a considerable scale of municipal warrants and acceptances. As a result of these developments
the reserve position of the banks is somewhat stronger than at the end of the preceding week.
All the banks, except Cleveland, report smaller gold reserves than the week before. These changes are accompanied, however, in most cases
by large increases in the balances due from other Federal Reserve banks, and in the amounts of gold held by the Agents. New York reports
a large indebtedness to other Federal Reserve banks, instead of a suiptantial balance due from other Federal Reserve banks, shown the week
before.
Discounted paper on hand decreased about $640,000, Dallas alone reporting a substantial increase in the holdings of this class of paper
Acceptances on hand show a decrease of $2,868,000, considerable amounts having been liquidated durinz the week by the New York and Boston banks.
Of the total bills-Including acceptances- on hand, 37.3% mature within 30 days, and 40.4% after ;-,o but within 60 days. Transactions in
reported
by
three
are
banks,
bonds
States
United
resulting in an increase by $25,000 in the holdings of bonds. No change is reported in the
amounts of 1-year Treasury notes held. Municipal warrants on hand decreased $6,561,000, the New York bank reporting the liquidation on a
largo scale of New York City warrants held for its own account and for account of other Federal Reserve banks.
given
as
$181,998,000-about 10 million dollars less than the week before, or 329 as against 347% of the bank's paid-in
Total earning assets are
capital. Of the total earning assets, acceptances represent 43.6%; United States bonds, 25.7%; discounts, 14.5%; warrants, 11.7%; and Treasury
notes, 4.5%.
Government deposits show an increase of $819,000. Richmond, New York and Philadelphia report considerable withdrawals for the week of
Government funds, which are, however, snore than offset by gains shown for Boston and other banks. Large increases in the amounts of transit
items are mainly responsible for the decreases in the net member bank deposits shown for the banks outside of New York and Boston.
No changes are shown in the amounts of Federal Reserve bank notes in circulation. Federal Reserve agents report a total of 5194,645,000,
net, of notes issued to the banks, an increase for the week of $14,807,000. Against this total they hold $177,035,000 of gold, compared with
$163,834,000 the week before, and $17,842,000 of paper. The banks show a total Federal Reserve note circulation of 5170,561,000, an increase
for the week of $14,216,000, and aggregate net liabilfties of $14,416,000 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 we
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 OF THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS SEPT.. 1 1916.
Sept. 1

1916. Aug. 25 1916:I Aug. 18 1916 Aug. 11 19161I Aug. 4 1916. July 28 191611July 211916. July14 1916. July 7 19164

RESOURCES.

I

Gold coin and certificates in vault
Gold settlement fund
Gold redemption fund with U. S. Treasurer
Total gold reserve
Legal tender notes, silver, &c
Total reserve

5% redemption fund ag'st F. R. bk

$245,358,000 5259,799,000,5260,926,000 $258,952,000 $256,437,000 5259,931,000 $262,049.000 $269,602,000 $261,232,000
104,601,000 110,051,000' 110,001,000 100,121,000 106.811,000 102,911,000 99,561,000 118.631,000 123,611,000
1,812,000 1.637.000 1,991,000 1,852,000 1,915,000 1.918,000 1,931,000 1,970.000 2,011,000
3351,771,000 3372,387,000 $372,918,000 $366,925,000 $365,163,000 $364,760,000 $363,541,000 $390,203,000 $386,854,000
13,605,0o0
10 998,000 11,127,000 11,699,000 16,589,0001 13,802,000 10,279,000 36.902,000
12,265,000,I '
8365,376,000 3384,652,000 $389,916,000 3378,052,000 $376,862,000 5381,349,000 $377,343,000 $400,482,000 $423,756,000
notes
500,000
500,000
500,000
450.000
450,000
500,000
450,000
450,000
450.000

Bills discounted and boughtMaturities within 10 days
Maturities from 11 to 30 (lays
Maturities from 31 to 60 days
Maturities from 61 to 90 days
Maturities over 00 days
Total
*Acceptances (included in above)
Investments: U. S. bends
One•year U. S. Treasury notes
Municipal warrants
Total earning assets




515,733,000 $12,955,000 38,163,000 $12,425,000 515,271,000 $17,308,000 $17,163,000 310,613,000
23,671,000 27,507,000 29,267,000 26,310,000 23,863.000 19,421,000, 26,740,000 25,755,000
42,674,000 42,781,000 42,400,000 41,898,000 42,566,000 40,019,0001 36,302,000 35,441,000
21,250,000 23,548.000 24,584,000 25,388,000 25,228,000 30.493,000; 30,121,000 28,730,000
2,342,000 2,387,000 2,480,000 2,950,000 3,000,000 3.807,000 i 3,993,000 4,559,000
$105,670,000 $109,178,000 $106,894,000 $108.071,000 $109,934,000 $111,048,000 $114.319,000 $105,098,000
$79,278,000 $82,146,000 $80,138,000 880,513,000 379,519,000 383,454.000: $85,382,000 481,130,000
546,821,000 $46,790,000 $47,029.000 $46,703,000 $48,037,000 $48,656,000: $49,746,000 $52,589,000
8,205,000
21,302,030

8,205,000
27,863,000

7,885,000
27,788,000

8,351,000
27,975,000

7,925,000
27,375,000

$181,998,000 5192.042.000 S1520 sea non S1Q2 non non sten

971

7,925.000, 7.190,000
27,220,000, 27,723,000

4.546,000
27,424,000

37,970,000
20,688,000
32,002,000
27,090,000
4,423,000
$92,173,000
570.148,000
$52,589,0013
4,546,000
25,236,000

non 5104 3240 nen 11011 Q7R nnn 5150 557 non 5174

MA

non

916

THE CHRONICLE

[VOL. 103.

:y
Sept. 1 1720.1 Aug. 25 1916 Any. 18 1916 Aug. 111016 Aug. 4 1916. July 28 1916.
115421 21 1916. July 14 1916. July 7 19164
RESOURCES (Concluded).
1
1
Brought forward (total reserve & earng assets) $547,874,000$577,194,000 $580,012,000 $570,552,000 5570,583,000 3576.648.000 3576,771,090 $590,589,000 $598,750,000
Federal Reserve notes-Net
Due from Federal Resorve banks-Net
All other resources

320,890,0001 $21,222,000 319,887,000 320,069,000 $20,426,000 $20,308,000 320.014,000 $20,760,000 $24,111,000
35,607,000. 21,654,000 21,093,003 16,447,000 19,947,000 12,620.000 11,982.000 20,056.000 20,273,000
3,731,000
3,031,0001
4.411,000
3,541,000
3,229,000
4,756,000
5.514,000
8,244,000
3,979,000

Total resources

$607,402,000'3623,611,000 3624,193,000 $610,799,000 3615,367,000 $615,090,000 5613,523,000 $639,649,000 $647,113,000

LIABILITIES.
Capital paid In
$55,390,000 $55,363,000 555,110,000 355,130,000 $55,148,000 $55,206,000 $55,163,000 $55,176,000 $54,858.000
Government deposits
50,918,000 50,099,000 49,717,000 53,259,000 56,607,000 56,542,000 54,277,000 97,476,000 114,460,000
Member bank deposits-Net
484,697,000 502,421,000 505,090,000 489,219.000 490,625,000 491,266.000 492,000,000 474,942,000 465,840,000
Federal Reserve notes-Net
14,416,000 13,733,000 12,295,000 11,212,000 11,029,000 10,122,000 10,120,000 10,098,090
9,992,000
Federal Reserve bank notes in circulation.1,690,000
1,690,000
1,691,000
1,691,000
1.692,000
1,692,000
1,692,000
1,721,000
1,720,000
Ail other liabilities
29/,000
305,000
290,000
288,000
266,000
251,000
262,000
242,000
237,000
Total liabilities

$607,402,000 5623,611,000 3624,193,000 $610,799,000 $615,367,000 3615,090,0005613,523,000 3639,649,000 3647,113,000

Gold reserve ag'st net dep. & note liabilities (a)
68.4%
68.4%
68.3%
68.3%
69.4%
67.7%
66.8%
67.9%
66.9%
Cash reserve ag'st net dep. & noto liabilities (a)
70.6%
70.4%
71.0%
71.4Z,
70.0%
69.9%
71.2%
69.3%
74.3%
Cash reserve against net deposit liabilities after
aside
setting
40% gold reserve against aggregate net liabilities on F. R. not in
circufation (a)
71.4%
71.9%
72.1%
71.0%
70.6%
p9.9%
75.0%
70.5%
71.8%
•
(a) Leas items In transit between Federal Reserve banks. viz
$35,607,000 $21,654,000 $21,088,000 $16,447,000 $19,947,000 512.620,000 311,982,000 $20,056,000 $20,273,020
Federal Reserve NotesIssued to the banks
In hands et banks

$194,645,000 $179,838,000 $176,620,009 $175,602,000 3175,551,000 $174,023,000 3175,219.000 3179,358,000 $179,783,000
24,084,000 23,493,000 22,176,000 22,374,000 22,764,000 21,433,000 21.181,000 21,779.000 25,098,000

In circulation

3170.561,000 3156,345,000 $154,444,000 $153,228,000 $152,787,000 $152,590,000 $154,038,000 $157,579,000 3154,685,000

Gold and lawful money with Agent
Carried to net assets
Carried to net liabilities

$177,035,000 $163,834,000 3162.036,000 $162,085,000 $162,184,000 3162,776,000 3163,932,000 $168,241,000 $168,806,000
20,890,000 21,222,000 19,887,000 20,069,000 20,426,000 20,308,000 20,014,000 20,760,000 24,113,000
14,416,000 13,733,000 12,205,000 11,212,000 11,029,000 10,122,000 10.120,000 10,098,000
9,902,000

Federal Reserve Notes (Agents' Accounts)Received from the Comptroller
Returned to the Comptroller

$312,100,000 $302,660,000 $300,520,009$299420,000 $298,520,000 $298,520,000 $297,540,000 $297,540,000 $295,540,000
67,097,000 66,197,000 65,126,000 63,977,000 62,778,000 61,066,000 59,510,000 55,101,000 54,286,000

Amount chargeable to Agent
In hands of Agent

3245,003,000 $236,463,000 $235,394,000 3235,543,000 3235,742,000 3237,454,000 $238,030,000 $242.439,000 $241,254,000
50,358,000 56,625,000 58,774,000 59,941,000 60,191.000 63,431,000 62,811,000 63,081,000 61,471,000

Issued to Federal Reserve banks

How

$194,645,030 $179,838,000 $176,620,000 $175,602,000 $175,551,000 $174,023,000 $175,219,000 3179,358,000 $179,783,000

SecuredBy gold coin and certificates
By lawful money
By commercial paper
Credit balances in gold redemption fund
Credit balances with Federal Reserve
Total

1
$124,475,000 $//4,796,000 $112,116,000 $112.000,000 $112,006,000 $110,400,000 3109,167400 3112,617,000,3122,447,000
17,610,000
10,860,000
41,700,000

16,004,000
11,133,000
37,000,000

14,584,000
11,240,000
38,650,000

13,517,000
10,659,000
39,420,000

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

11.247,000
11.830,000
40,510,000

11,287,000
12.415.000
42,350,000

11.117,000
12,974,000
42,650.000

10,977,000
13,370,000
42,080,000

$194.645,000 $179,838,000 $176,620,004$175,602,000 $175,551,000 $174,023,000 $175,219,000 8179,358,000 $179,783,000

Commercial paper delivered to F. R. Agent__ 117,842,000 $17,048,000 $16,547,000) $16,152,000 $15,993,000 $13,267,000 $12,877,600 $13,441,000 $11,305,00,.
oIneluding bankers* and trade acceptances bought in the open market. t Amended figures.
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 1 1916
1
Balton. New York. Philadera. Cleveland. Richmond. Atlanta. Chicago. Si. Lottis.1,ifianeap. Kan. City.! Dallas. 'San Fran] Total.
RESOURCES.
I
3
$
$
I
it
2
1
1
$
1
1
$
$
$
I
$
SI
Gold coin & ctfs. in vault 9,263,000 146,369,0001 9,989,000 14,562,000 5,044,000, 2,200,00031,294,000, 5,182,000, 6,513,000, 4,152,000 3,043,000 7,847,000
245,358,000
Gold settlement fund__ 15,744,000 10,635,
15,773,000 10,983,000 10,008,000, 2,859,000'18,163,000 3,173,0001 2,274,000, 8,429,000 3,036,000 3,524,006104,601,000
Gold redemption fund__
5,000
250,000
50,0001
443,000
224,0001 200,0001
18,000
30.0001; 133,000 431,
18,0001
10,0001 1,812,000

1

Total gold reserve_ _ 24,912,000 157,251,000 25,312,0002,563,000 15,495,000 5,283,0001,49,657,0001 8,373,000 8,827,00012,714,006 6,510,00711,381.006351,771400
Legal-ten.notes,sliv..&c.
121,000 7,878,060 802,000, 1,120,000
67,0
577,000;
1,052,0001 287,000; 1,097,300
48,000
487,006
69,0001 13,605,000
Total reserve

;25,033,000065,132,000.26,614,00426,083,000 15.562,009 6,335,000149,944,000 9,470,0001 9,394,00012,762,000 6,997,000111,450,006365,376,00?

6% redemp. fund-F.R.
bank notes
100,000
500,000
400.0001
Bills:
Discounted-.?tcmbers
703.000j
425,000
89,000, 288,001) 5,931,000 8,496,000 2,812,000, 998,000 1,829,
1,833,0001 7,524,000
482,000 28,392,000
Bought in open mkt
9,615,000 27,337,000 10,666,000' 7,098,000 725404 1,642,
5,303,000 5,032,0001_2,034,000 1,156,0001 649,000 7,121,000 79,278,000
1
Total bills on hand... 10,010,000 28,010,00010,755,000, 7,366,000 6,656,000 5,140,004 8,115 000 6 030 0001 4
004 2,9801 8,173,000 7,603,000 105,670,000
763"
Investments: U. S. bds. 2,992,000 2,245,0001, 2,890,000' 5,579,0001 1,129,009, 1,508,004 9,393,000 2,724,006 3,399400 9,617,0001 2,711,000 2,634,009 16,821,000
One-yr. U.S. Tr. notes 250,0001 2,282,0001 818,0001 760.000
570,000
684,004 .526,000;
350,000' 616,00
529,000
820,000 8,205,000
Municipal warrants__ 3,170,000 4,051,000, 2,047,000, 3,127,000
399,00?)
992,000
167,0001 3,733,000; 1,503,000
86,000
2,027,000 21,302,000
Total earning assets__ 16,452,000 36,618,000 16,510,0001 16,832
Fed. Res've notes-Net, 1,033,0001 14,521,006
1
Due from other Feder
I
Reserve Banks-Net. 1,949,000
All other resources
66,000
315,0001

443,000

73,cloo,
,

8,555•,006 7,3&1,000'21,241,000 10,827,001) 9,50 1,000 13,621400.11,413,000113,084,009 181,998,000

314,000
3,583,000
291,000

1 1.312,004

160,003, 1,06.5,000

2,009,00

20,890,000

78,000 2,741,000 15,5% . ••06 6,054,006 2,884,0001 4,881,000 3,380,000 5,009,0001a35,607,000
242,0001 648,000, 426,036
78,000
269,000
79,000; 176,000
3.38,000 3,031,mo

--1

44,533,000 212,010,00043,640,000 47,703,000 24,273,000 16,650,000188,682,000,26,937,000,22,926,00031,810.000 22,159,00631,8901)00 607,402,009
L__.
LIABILITIES.
1
I
I
I
1
Capital paid in
2,491,000 6,075,000, 2,792,000 2,590,006 3,025,000 2,691,000 3,924,000; 55,390,000
5,024,000 11,536,000 5.221,009 5,998,000 3,363,0
Government deposlta _ _ _ 5,070,009 12,269,009 6,005,0001 2,453,000 2,017,000 3,326,000 5,562,000, 4,758,006, 1,054,0001 2,172,000 2,205.00 4,027,0001 50,918,000
Member bk deposits-Net 34,325,006182,684,00031,963,000 39,252,00 14,408,000 9,256,013076,445,00019,387,00019,282,00024,005,0
9,751,00 23,939,000 484,697,000
Fed. Res've notes-Net_
14,416,000
4,383,000 1473,000
..,.1
1
...
948,000 7,512,000
F.R.bank notes in eiren
1
1,690,000
1,690,000
Due to F.R.banks-Net
380,000'
10,070,000
All other liabilities
114,000
102,000
62,000;
291,000
.13,000
I
1
Total liabilities
44,533,000 216,619,000143,640,000.17,703,000 24,273,000 10.60,030 88,682,000 26,937,000 22,926,000 31.840,000.22,159,000 31,890,000 607,402,000
Federal Reserve NotesIssued to banks
10,068,000 72,995,0001 7,363,000 0,377.00010,142,09016,087,000 3,353.000; 6,241,000 12,863,000 15,705,000 20,038.000 10,323,000 194,645,000
In hands of banks....1,033,000 14,524,0001 443,000
314,000 487,000 1,727,000 1.342,0001
160,000 1,065,000
797,0001
183,000 2,009,0001 24,084,000
Total resources

P.R. notes In circulation 9,035,004 58,471,0001 6,920,000, 9,083,000 9,655,090 14,360,000 2,011,0001 6,031,000 11,798,000 1.1,998,000,19,855,000 8,314,006170,561,000
Gold and lawful money'
with agent
10,063,000! 72,995,000. 7,363,006 9,377,000 5,272,000 12,787,000! 3,353,0001 6,241,00612,863,000 14,050,00612,343,000 10,323.006177,035,000
Carried to net assets..... 1,033,004 14 524,0001 443,000, 314,0001
1,312,009 160,000' 1,065,000,
2,009,000, 20,890,000
'
Carried to net liabilities.
4,383,000 1,573,000
1
1 14,416,00
1 943.000 7.512,000
a Items in transit, I. e., total amoutts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS SEPT. 1 1916.
Boston.

New Yo.k. Philadera Cleveland. Richmond

Atlanta.

Chicago, St. Louts.1Minneap. Kan. City.1 Dalai. San Fran.

Total,

Federal Reserve Notes3
3
3
8
3
3
8
$
$
$
I
$
$
$
Reed from Comptroir 20,330,000 126,240,000 15,480,000 15,160,000 17,000,000 20,400,000 9,380,000 9,600,000 19,000,000 19,620,000 25,960,000 13,880,000312.100,009
Returned to Comptrol 4,492,000 38,945,000 4,397,000 2.483.000j 4,908,000 2,887,000 1,146,000 1,597,0001 507.000 1,417,0001 3,321,000 997.000 67,097,000
Chargeable to Agent... 15,888,004 87,295,00011,033,000

8,003.000 18,493.000118,203,00022,637,0-7
00 12,883,000215,003,000
12,677,000112,092.000 17,513,000 8,23 i,000
In hands of F.R.Ageflt 5,820,0001 14,300,000 3,720,000 3,300,00 1,950,0001 1,426,000 4,881,000 1,762,000 5,630,009 2,403,000 2,001,000 2,560,000 50,358,000

Issued to F. R. bank_ 10,068,0001 72,995,0001 7,363,000 9,377,000 10,142,000116,037400 3,353,000 6,241,000 12,863,000 15,705,00020,038.000 10,323,000 104,645,000
Held by F. R. AgentGold coin & cents.- __ 9,700,000 68,815,009 4,090,000 8,820,000
2,850,000 10,820,000 4,270,000 10,040,000
5,070,000
124,475,000
Credit balances*
In gold redemption NI
368,000 4,180,000
372,000 1,417,000
273,000 341,009 693.0001 630,000 1,173,000
557,000
383,000
423,000 10,860,000
With F. R. Board_
2,890,000
4,900,009 6,303,000 3,030,000 3,050,090 1,350,0001 9,100,000 1,130,000 9,900,000 41,700,000
Notes secured by commercial paper
1,745,000 7,695,000
4,870,030 3,303,000
17,610,000
Total
;
110,068,000 72,995,000 7,363,000 9,377,000 10,142.003 16,037,063 3,353,003 8,241,000 12,863.0 15,795,000 20,038.00010,323.000 104,645,000
Amount of comml pave ,
delfvered 10 P.R.Art,
___ 1,771,000 7.700.017)
5,057,000 3,314,001
17.842,000




SEPT. 9 1916.]

THE CHRONICLE

917

Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statemen
shows the condition of the New York City Clearing House members for the week ending Sept. 2. The figures for the separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also given.
In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and also the
grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING IIOUSE
MEMBERS.
Capital.
Net
Loans,
Profits. Discounts,
•
Week Ending
Investor:S.
Sept. 2 1916.
J Nat.13'ks .1hine 30
1Statell'ks June 30f
(00s omitted.)
Members of Federal
Reserve Bank.
$
1
$
Bank of N. Y., N.B.A. 2,000,0 4,896,9
Merchants' Nat. Bank 2,000,0 2,356,3
Mech. & Metals Nat__ 6,000,0. 9,314,9
National City Bank__ 25,000,0 al0,809,8
Chemical Nat. Bank___ 3,000,01 8,193,0
792,0
Atlantic National Bank 1,000,0
90,4
Nat. Butchers' & Drov.
300,0
Amer. Exch. Nat Bank 5,000,0 5,193,3
National Bank of Corn_ 25,000,0 18,279,9
Chatham & Phenix Nat. 3,500,0 2,025,7
Hanover National Bank 3,000,0 15,772,8
Citizens' Central Nat__ 2,550.0 2,519,8
1,000,0 2,017,8
Market & Fulton Nat__
Corn Exchange Bank__ 3,500,0 6,991,2
1,500.0 7,614,6
Importers' & Traders'__
National Park Bank_ _ _ 5,000,0 15,535,3
73,41
250,0
East River Nat. Bank..
1,000.0 3,357,0;
Second National Bank_
First National Bank... 10,000.0 23,562,7
Irving National Bank.. 4,000,0 3,898,3
500.0, 1,059,6
N. Y. County Nat. Bk.
Chase National Bank_ _ 5,000,0 10,453,5
1,908,2
1,009.0
Lincoln National Bank_
Garfield National Bank 1,000,0 1,275,6,
417,61
250,0
Fifth National Bank__
1,000,0 2,888,2
Seaboard Nat. Bank_ _ _
Liberty National Bank. 1,001,0 3.443,2
1,000,0
758,1
Coal & Iron Nat. Bank_
1,000,0
1,068,0
Union Exchange Nat__
1,130,1
1,000,0
NaSSIttl Nat. Bank__
937,6
Broadway Trust Co_ -- 1,500,0,

Average.
33,115,0
29,920,0
115,248,0
370,071,0
36,689,0
12,090,0
2,780,0
81,118,0
222,741,0
61,461,0
114,857,0
27,170,0
10,000,0
87,653,0
32,081,0
137,465,0
2,403,0
17,468,0
155,630,0
68,991,0
10,197,0
196,025,0
19,364,0
9,642,0
5,392,0
38,651,0
49,143,0
9,120,0
11,631,0
9,987,0
20,561,0

Gold.

Legal
Tenders.

Silver.

Not.Bank;Nat.Bank
Notes
Notes
Federal
[Reserve
Reserve
(Not
for State Counted
Notes
Insilcoas
[Not
Reserve]. Reserve].
lions).

2,037,854,0 219,855,0
1,987„519,0 217,057,0
1.964,(147,0 220,293,0
1,978,592,0 201,473,0

Sept. 2;
Aug. 261
Aug. 191
Aug. 121

46,610,0
41,866,0
37,672,0
49,929,0

47,151,0
56.238,0
60.73'3,0
56,299,0

2,496,0
3,020,0
1890
510,0
103,0
94(01
45,0
155,0
844,0
67,0
127,0
412,0
240,0
390,0
613,0

521,0
1,166,0
419,0

Totals, avge. for week_ 11,950,0, 25,944,41 205,110,0 20,761.011_0,182,o
Totals, actual condition' Sept, 9
203,913,0 19,861,01 8,039,0
Totals, actual condition Aug. 26
203,794,0 20,905,0 10,3.17,0
Totals, actual condition Aug. 19
202,464.0 29,309,0 7.211,0
Totals, actual condition Aug. 12
200,604,0 20,947,0 7,383,0

5,909,0

1,053,0

5,049.0
6,093,0
5,369,0
6,800,0

Trust Companies. 1
,Vol Members or
Federal Reserre Bank.
Brooklyn Trust Co_ _ _
1,500,0 3,991,0
Bankers' Trust Co
10,000.0 15.498,8
U.S. Mtge.& Trust Co. 2,000.0, 4,278,2
Astor Trust Co
1,250.0
1,712,5
Title Guar.& Trust Co_ 5,000.0 12,227,2
Guaranty Trust Co___ 20,000,0 31,073,7
1,000,0
Fidelity Trust Co
1,210,3
Lawyers' Title & Trust_ 4,000,0 5,472,0
2,000,0 8,097,3
Columbia Trust Co_
1,000,0
People's Trust Co
1,660,2
3,000.0 11,372,3
New York Trust Co__
1,000,0' 1,301,3
Franklin Trust Co
1,000,0' 525,4
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0: 6,424,3

State Banks.
Not Members or
Federal Reserve Bank.
Bank of Manhattan Co_ 2,050,0 4,999,1
1,500,0 6,211,6
Bank of America
500,0
1,189,9
Greenwich Bank
500,0
Pacific Bank
LOOM
200.0
People's Bank
445,9
Metropolitan Bank _ _ _ _ 2,000,0
1,976,8,
Bowery Bank
250,0'
804,41
German-American Bank
750.0
790,5
Fifth Avenue Bank _ _
100,0 2,187,3
German Exchange Bank
200,0
827,6
Germania Bank
200,0 1,061,5
Bank of Metropolis....1,000,0 2,130,4
West Side Bank
200,0,
566,5
N. Y. Produce Ex. Bk. 1,000,0
1,067,8
State Bank
1,500,0
676,4

44,429,0
30.080,0
11,371,0
6,835,0
2,581,0
15,943,0
4,118,0
6,236,0
16,344,0
5,020.0
6,277,0
14,098,0
4,488,0
14,388,0
22,899,0

6,172,0
3,404,0
992,0
589,0
201,0
962,0
374,0
652,0
2,143,0
407,0
663,0
750,0
270,0
1,241,0
1,932,0

scot

111,0'1
1,014,0
59,0
57,0
887,0
86,0
166,0
451,0
80,0
326,01
483,0

2,101,015,0 44,118,0 31,185,0

1,937,0.1 161,536,0
1,427,0 167,871,0
1,30(5,0,169,031.0
1,403,0,155,789,0

2,131,395,0
2,084,729,0
2,062,625,0
2,056,705,0

3,050,0

15,0

876,0

654,0
2,0
15,0

155,0

225,0,
216,0
1
189,0
306,0
799,0
718,0
275,0
201,0
1,030,0 2,528,0
1,527,0
409,0

20,0

1

106,0

49,169,0
29,989,0
11,977,0
6,444,0
2,585,0
14,803,0
3,762,0
5,967,0
17,534,0
4,564,0
6,353,0
13.318,0
4,571,0
15,474,0'
25,459,0

42,833,0
47,034,0
48,160,0
47,610,0.

30,0

26,0

45,0
48,0
42,0
52,0

8,196,0
8,519,0
8,217,0
8,412,0

856.0,
856.0
856,0
856,0

211,0
21,0
129,0
17,0
140,0;
472,01
45,0
15,01
147,01
86,0,
15,01
34,0
41,0
341,0

29,0
22,0
36,0

1,447,0
9,172,0
2,142,0
1,060.0
1,306,0
16,603,0
385,0
1,026,0
3,106,0
1,019,0
3,565,0
830,0
638,0
2.948,01

9,058,0

5,754,0

1,714,0
1,700.0
1,612.0
1,510,0
1,701,0
2,767,0
+37.0
2.685.0
-32,0
2,717,0
2.591,0
2,869,0

14,0
10,0
115,0
12,0
73,0
12,0
8,0
5,0

4,809,01 207,007,0
4,182,0 212,749.0
2,721,0 206,441,0
3,455,0 206,982,0

1,877,0
2,574,0
4,501,0
1,703,0
2,961,0
535,0
626,0
569,0
2,599,0
1,353,0
5,166,0
925,0
414,0
1,240,0

28,946,0
183,443,0
42,840,0
21,653,0
26,128,0
332,062,0
7,722,0
20,518,0
62,112,0
20,379,0
71.153,0
16,601,0
12,761,0
58,963,0

31,387,0
31,139,0
31.222,0
31,348,0

800,0

985.0
1,105.0
1,051,0
1,168,0

76.017,0 9.842,0 6,472,0
77,841,0 13,151,0 7,11.5.0
77,833,0 14,401,0 4,503,0
75,014,0 7.379,0 9,066,0
-_-Grand Aggregate, avge_1185,550,0 329,423,7 3,252,090,0 315,921,0 64,224,0 66,181,0
Comparison prey. weekl
+17,956,01 -102,0 +1,025,0 +475,0
Grand Aggregate.actnal condition Sept. 2 i,-2
-927337,0 315,736,0 64,491,0 T3,4;6772,0
Comparison prey. week
I +48,435,0
-67,0 -3,873,0 -10,774,0
;
Grand Aggregate actual condition Aug. 26 3,243,902,0 3(5,803,0 68,36-170 6-9.416,0
Grand Aggregate actual condition Aug. 19;3,232,712,0
Grand Aggregate actual condition Aug. 1213,246,003,0 318,435,0 59,287,0 70,015,0
297,434,0 61,691,0 72,165,0
1
a Includes capital set aside for Foreign Branches. $3,000.000.

51,0
3,555.0
50,0
700,0
4,503,0
640,()
198,0
450,0
891,0
399,0
247,0
70,0
497,0
412,0
39(1,0
50,0

1,475,0 164,896,0

856,0

Totals, avge. for week_ 51,750,0 104,844,5.1,044,224,0 76,032,0

783,0
1,839,0
4,912,0
1,799,0
450,0
150,0
47,0
4,855,0
1.55,0
1,766,0
130,0
1,012,0
148,0

1,895,0

8,467,0 4,838,01 211,969,0

413,0
1,836,0
191,0
101,0
149,0
1,388,0
83,0
29,0
423.0
280,0
153,0
96,0
250,0
357,0

2,050,570,0
1,052,589,0
1.066,201,0
1,066,867,0

Average. Average.

30.374,
570,0
29,004,0
122,765,0 2,177,0
433,349,0 9,121,0
31,454,0
12,898,0
424,0
2,095,0
81,663,0 4,941,0
221,921,0
1,045,0
60,777,0 5,182,0
130.722,0
24,267.0
1,567,0
10,350,0
98,422,0
29,096,0
138,450,0 1,918,0
2,286,0
25,0
14,329,0
148,994,0
125,0
78,149,0
285,0
10,491,0
200,217,0 12,154,0
20,635.0
16,0
9,249,0
5,339,0
153,0
44,791,0
4:3,771,0 3,600,0
8,854.0
240,0
10,967,0
29,0
9,612.0
43.0
21,721,0
503,0

52,01

458,0
1,615,0
276,0
16,0
320,0
751,0
55,0
560,0
213,0
112,0
1,573,0
42
74,0
2,601,0

Sept. 2
Aug. 26
Aug. 10
Aug. 12

Average.

Nciflonca
Bank
Net
CirculaTime
Dexsits. (ton.

1,617,0
1,7.51,0
1,734,0
1,989,0

126,0
79.0
193,0
132.0
3,0
40.0
31,0
9,0
21,0
54,0
60,0
38.0
33.0
73,0
161,0

37,045,0 1,870,0
203,957,0 15,491,0
60,382,0 3,733,0
28,128,0 2,028,0
40,983,0 2,075,0
360,338,0 30,370,0
9,735,0
610,0
27,203,0
1,534,0
79,955,0 5,427,0
21,198,0 1,560,0
81,896,0 5,064,0
19,283,0 1,228,0
13,125,0
922,0
60,996,0 4,084,0

Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition'

Adrift 'al
Deposits
with
Net
Legal
Demand
Deport- Deposits.
tarles.

Average. Average, Average. Average. Average. Average. Average. Average.
$
$
1,930,0
1,123,0
3,0
415,0
2,250,0
1,366,0
1,027.0 • 881,0
18,0
33,0 2,()92,0
12,658,0 4,200,0 4,022,0
75,0
38,0 8,875,0
82,547,0 13,381,0 9,494,0
38,0
667,0 35.339,0
1,306,0 1,019,0 1,507,0
58,0
2,420,0
917,0
228,0
302,0
12,0
51,0 1,050,0
49,0
34,
80,0
138,0
5,0
5,378,0
1,092,0 3,180,0
70,0
31,0 7,680,0
17,439,0 2,807,0 2,533.0
7,0
13.0 17,715,0
2,861,0 1,898,0 1,933,0
278,0
146,0 4,564,0
22,715,0
961,0 1,230,0
13,0
18,0 9,920,0
993,0
418,0
951,0
36,0
9,0 2,283,0
028,0
541,0
992,0
57,0
1,0
903,0
5,916,0
1,471,0 3,782,0
501,0
7,000,0
1,323,0
1,185,0
526,0
32,0
2,225,0
10,167,0
1,771,0 4,683,0
40.0
33,0 10,664,0
128,0
33,0
124,0
7,0
2,0
201,0
1,026,0
200,0
360,0
14,0
25,0 1,015,0
16,616,0
1,030,0 1,865,0
41,0
11,339,0
6,900,0
1,221,0 3,836.0
10,0
48,0 5,791,0
343,0
82,0
767,0
64,0
16,0
789,0
15,036,0 0,182,0 4,880,0
28,0
35,0 15,249.0
1,387,0
590,0
249,0
898,0
130,0 1,699,0
613,0
90,0
423,0
37,0
101,0
943,0
135,0
92,0
4,0
315,0
3,0
453,0
3,273,0
1,027,0 1,943,0
42,0
27,0 3,775,0
2,429,0
577,0
19,0
582,0
1,0 4,332,0
369,0
162,0
214,0
37,0
9,0
908,0
254,0
261,0
579,0
8,0
14,0
888,0
382,0
114,0
526,0
23.0
671,0
1,747,0
161,0
505,0
69,0
24,0 1,695,0

Totals, avge. for week 118.850,0, 198,634,8 2,002,666,0 219,131,0 44,981,0 54,518,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

Reserve
with
Legal
Depositaries.

7,321,0
25,268,0
17,440,0
6,858,0
1,081,0
34,520,0
964,0
792,0
17,246,0
1,190,0
6,763,0
3,007,0
749.0
4,994,0

336,0 45,247,0127,048,0 905,284,0 128,193,0 1
279,0 45,001,0 27,907,0 912,959,0 126,719,0
326,0 45,738,0 23,987,0 914,666,0 131.630.0
313.1) 41,839,0:27,928,0 897,546.0 160,473.0
331,0 44,243,037,057.0 884,478,0 171,420.0
-1,895,0
1,863,0 218,(510,0'31,886,0 3,218,268,0 173,167.0 31,185,0
+54,0
+7,0'-6,309,0 +532,1) +38,027,0 -23,986.0
+58,0
1,617.0 --:=,24-1,(5 214,783,0 32,716,0 3,254,361,0 170.408,0 31,387,0
-110,0 +460,0-7,375,0 -153,0 +42.217.0 ---9,162,0 +248,0
1,757,0
1,734.0
1,9S9,0

1,801.0 222,158,0,33,169,0 3,212,144,0 179,570.0 31.139,0
1,661,0222.137,0130.649.0 3,166,612.0209,489.0 31,222.0
1,786,01208.444,0 40 512,0 3,148 165 0
1
1 "
"
1"

STATEMENTS
OF RESERVE POSITION.
_
Averages.

Actual Figures.
Inc. or Dec.
from
Cash Reserve Reserve insf
Precious Week in Vault. Depositarie

Inc. or Dec.
Surplus
Total
b Reserve
Surplus
from
Reseree.
Reserve.
Required.
Reserve. Previous Week
3
Members Federal
$
$
3
ISIS
$
$
3I
Reserve
319,633,000164,896,000483,529,000380,388,600 103,140,400 -5,431,190 313.610.000161,
536,000475,202,000386,332.750 88.869,250 -19,559,830
:37,905,0031 8,467,000 46,372,090
State Banks.
38,151,420
+280.210 33,937.000, 8,196,000 42.133,000 37,261,260 4,871,740 -3,832,440
Trust Companies._ 92,558,00 45,217,000 137,805,01)0 135,792,600 8,217,580
2012409, -7,385,100 94,031,000, 45,001,000139,032,000136,943,850 2,088,150 -6,163,950
_J"
419,096,000218,610,000667,706,000,
,
Total Sept. 2
551,335,620'113,370,380-12,536,040 441,584,000 214,783,000.656,367,000560,537,8
60 95,829,140-29,561,220
Total Aug.26
448,701,000224,910,990673.620.0,50 547,713,580125,9
08,420 +14,126,570 456,330,000222,158,000 678,438,0,0553,097,640 12.5,390,360 -2.202,860
440,804,000213,203,000654,067,000542.287,1
Total Aug. 19
+3.476,160
450.928,000 222,137,00./673,065.004 545,471.780127,593,220+24,506,080
50111,779,850,
Total Aug. 12 ___.432,005,000214,563,000016,568,000 533,261,310108,303,610
-691,710 437,159.000208,414,000645,603,000 542.515.860103,087,140 -9.224,640
-i-Not members of Federal Reserve Bank.
a This Is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in
the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Tirne Deposits,which was as follows: Sept. 2,
S2,205,900;
26, $2,364,700; Aug. 19, 62.399,050; Aug. 12, $2.375,600
h This is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies,Aug.
in
but
case of Members of the Federal Reserve Banks
the
Includes also the amount of reserve required on Net Time Deposits,which was as follows:
Sept.2, $2,141,650; Aug.26. 62,351,700; Aug. 19. 62,403,000; Aug. 12, 62,380,500
('ash Reserve Reserve in
In Vault. Depositaries




Total
Reserve.

a Reserve
Required.

THE CHRONICLE

918

[VOL. 103.

In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures,
showing the condition of State banks and trust companies panies in New 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
in the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New
previous week.
Sept. 2.
$708,700 York)and those for the rest of the State, as per the following:
Loans and Investments
$714,637,200 Inc
79,700
Gold
59,428,700 Dec
For definitions and rules under which the various items
218,900
C irrency and bank notes
8,941,300 Inc
Total deposits
881,009,000 Inc 6,126,800 are made up,see "Chronicle," V.98, p. 1661.
Deposits, eliminating amounts due from reserve
The provisions of the law governing the reserve requiredepositaries and from other banks and trust companies In New York City, and exchanges
754,765,400 Inc 2,437,500
Reserve on deposits
193,543,600 Inc 3,554,700 ments of State banking institutions were published in the
Percentage of reserve, 27.0%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regula• RESERVE.
-Trust Companies- tions relating to calculating the amount of deposits and what
-"---Stale BanicsCash in vaults
$56,525,700 9 41%
$11,844,300 10 41%
Deposits in banks and trust cos__
106,427,100 17 72% deductions are permitted in the computation of the reserves
18,746,500 16 49%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$162,952,800 27 13%
Total
530,590,800 26 90%
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
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.

Week ended- Loans and
Investments
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 28
Sept 2

4,087,787,7
4,048,776,6
4,025,626,8
4,017,526,4
4,011,831,8
3,956,132,5
3,901,908,7
3,903,877,9
3,926,634,6
3,930,268,3
3.952,230,3
3,917,932,5
3,966,687,2

Demand
Deposits.
4,056,239,2
4,025,988,4
4,026,435,3
4,024,927,0
3,966,998,0
3,906,760,1
3,871,422,7
3,876,459,5
3,840,711,7
3,868,552,7
3,899,806,1
3,932,568,9
3,973.033,4

Specie.
399,818,3
412,492,1
431,258,6
440,874,8
407,219,3
405,666,1
413,668,2
417,059,9
417,394,3
425,409,4
434,356,5
442,280,4
441,533,7

Other
Money.

Total
Entire
Money Reserve on
Holdings. Deposits.

76,180,8
79,319,3
83,456,1
79,417,4
62,520,9
66,617,8
70,582,4
79.857,2
77,337,1
75,347,5
74,606,7
74,651,4
75,932,3

$
475,999,1
491,811,4
514,714,7
520.292,2
469,740,2
472,283,9
493,250,6
496,917,1
494,731,4
500,756,0
509,053,2
516,931,8
517,466,0

$
810,609,3
824,041,3
846,890,6
850,228,8
786,127,9
779,462,3
812.531,2
824,628,3
828,101,3
842,538,1
846.646,0
863,608,9
861,249,6

Trust Cos.
Trust Cos.
State Banks
State Banks
in
outside of
in
outside of
Greater N. Y. Greater N. F. Greater N. F. Greater N. F.

Week ended Sept. 2.

75,1;50,000

11,783,000
14,654,000

14,381,600

162,524,600
+622,400

240,871,100
-211,700

Currency and bank notes
Change from last week.

40,068,500, 173,239,300
1
386,670,400 1,659,506,330
+2,948,600, -11,579,200
1
42,143,600 133,900,800
+1.083,400, -1,308,400
1
19,435,600, 17,701,100
+60,400, -5,730,200

Deposits
Change from last week_

505,500,700 1,934,626,900
+2,841,700 +4,342,800

176,593,800
+273,600

255,422,300
+331,700

Reserve on deposits
Change from last week_

107,385,2001 345,318,100
+2,686,800 -4,052,200

32,534,800
-106,500

35,471,400
+415,400

21 6%
21 7%

174%
172%

Capital as of June 30___
Burtlus as of June 30___
Loans and investmentsChange from last week_
Gold
Cnange from last week_

23,450,000

P.0. of reserve to deposits
Percentage last week

257%
253%

222%
226%

14,900,000

+ Increase over List 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
Week Ending
Sept. 2 1916.

I

Net
Capital.1 Profits.

Loans,
Discounts,
JNat. bks. June 301 Investlfiltatebks. June 305 mews, etc.

Gold.

Legal
Tenders.

Silver.

Nat.Bank Nat.Bank
Notes (Re- Notes(Not
serve for Counted
State Inas
stitutionsl Reserve].

Reserve Additional
Deposits
with
Federal
Legal • with Legal
Reserve
Net
DepotNotes[Not DeposDemand
Caries.
Reserve] Caries.
Deposits.

Average. Average. Average. Average. Average. Average. Average, Average. Average.
Members of
Fed'I Reserve Bank
$
$
$
3
$
$
$
$
$
$
$
Battery ParkNat_ _ _ 200,000
189,000 5,856,000 657,000
57,000
71,000
505,000
4,000
679,400 5,191,000 161,000
First Nat., Brooklyn 300,000
38,000 123,000
171,000
12,000 591,000
7,000
Nat. City, Brooklyn 300,000
588,000 5,557,000 163,000
63,000 116,000
91,000
7,000 679,000
7,000
First Nat.,Jers. City 400,000 1,266,500 4,848,000 227,000 359,000
78,000
5,000
1,000 630,000 2,928,000
755,500 '4,832,000 180,000
Hudson Co. N.,J.C_ 250,000
21,000
69,000
3,000 476,000
643,000
63,000
628,100 6,057,000 151,000
First Nat., Hoboken 220,000
18,000
43,000
345,000
15,000
5,000 401,000
291,300 4,817,000
68,000
Second Nat.,Hobok. 125,000
39,000
80,000
257,000
388,000
2,000
1,795,000 4,397,800 37,158,000 1,607,000

Total

State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Ills_ 100,000
400,000
Colonial Bank
300,000
Columbia Bank....
200,000
Fidelity Bank
International flank. 500,000
200,000
MutualBank
New Netherland..._ 200,000
100,000
Yorkville Bank
Mechanics', Bklyn_ _ 1.600,000
200,000
North Side, Bklyn

410,700 2,190,000
851,400 8,386,000
655,900 8,089,000
184,300 1,245,000
116,300 2,299,000
474,900 6,215,000
243,500 4,050,000
584,600 6,033,000
807,900 17,898,000
189,100 4,528,000

117,000
568,000
617,000
108,000
196,000
569,000
265,000
445,000
800,000
264,000

595,000

586,000

8,000
174,000
40,000
10,000
12,000
34,000
23,000
85,000
141,000
41,000

49,000
399,000
234,000
34,000
49,000
159,000
122,000
231,000
706,000
107,000

40,000
55,000
80,000
12,000
1,000
79,000
42,000
74,000
241,000
18,000

568,000 2,090,000

642,000

103,000

Net
Time
Deposits.

National
Bank
Circuladen,

Average. Average. Avirag e.
$
$
$
6,434,000
285,000 193,030
4,754,000
120,000 299,000
5,566,000
120,000
4;798,000
396,000
3,967,000
197,000
2,470,000 3,229,000 218,000
2,541,000 2,127,000
99,000

28,000 3,542,000 4,566,000 30,530,000 5,761,000 1,522,000
=.

101,000 1,749,000
95,000
514,000 8,680,000
521,000
510,000
119,000 8,507,000
69,000
186,000 1,155,000
1,000 121,000
838,000 2,015,000
402,000
347,000 6,291,000
5,000 241,000
4,028,000
552,000 6,520,000
392,000
1,146,000 2,758,000 19,093,000
338,000 4,385,000
263,000

14,000

57,000

88,000
300,000
271,000

---__
....___
_

89,000
410,000
_

3,800,000 4,518,600 60,913,000 3,955,000

Total
Trust Companies.
Not Members of the
Federal Reserve Bank
HamiltonTrust,BkIn
Mechanics',Bayonn

57,000

20,000 3,760,000 5,753,000 62,423,000 1,158,000

500,000 1,103,500 8,086,000
200,000
297,600 5,001,000

564,000
88,000

20,000
47,000

18,000
75,000

64,000
39,000

2,000
13,000

919,000
327,000 1,528,000 6,553,000
686,000 2,113,000 2,704,000
106,000

700,000 1,401,100 13,087,000

652,000

67,000

93,000

103,000

15,000

433,000 2,214,000 8,666,000 3,683,000

--._
_

Total

_
Grand aggregate___ 6,295,000 10,317,500 111158000 6,214,000 1,230,000 2,769,000 745,000 160,000
63,000 7,735,000 12,533,000 101610000 10,602,000 1,522,00o
Comparison,prev.w
-298,000 +32,000 -159,0(10 +11,000 -95,000 +14,000 +8,000 -25,000 +746,000 -707,000 +81,000 +4,000
=.-.==---- =
$95,570 decrease ----------- =-. ---Excess reserve.
Grand aggr'teAug.2 16,295,000 10,317,500 111456000 6,182,000 1,389,000 2,758,000
- 870:0(10 14655,000 7,760,000 11,787,000 102416000 10.521,000 1,518,065
,000
72,000,7,660,000 11,729,000 101431000 10,939,000 1,515,000
Grand aggeteA011.1 1 6,295,000 10,317,500 111460000 6,008,000 1,199,000 2,889,000 644,000 334,000
73,00017,808,000 11,753,000 101875,000 10,994,000 1,515,000
Grand aggr'teAug.1 16.205,000 10,317,500 110746,000 5,989,000 1,307,000 2,911,000 599,000 365,000
72,000 7,538,000 12,093,000 101524000 10,721,000 1,509,000
Grand aggrle Aug. i 5,795,000 10.459.700 111512000 5,949,000 1,264,000 2,930,000 624,000 222,000
72000 7711c non ii ni c non 1 ni9k9nnik in MIR nnn 1 51A 0..
Grand aggr'te July2 I g702 11110 10 450 700 11081fi000 find1 nnn 1 284 nnn 2074 liAli 701 nnn 911 non

Philadelphia Banks.-Summary of weekly totals of
Boston Clearing-House Banks.-We give below a sumClearing House banks and trust companies of Philadelphia:
mary showing the totals for all the items in the Boston ClearWe omit two ciphers (00) in all these figures.
ing-House weekly statement for a series or weeks:
Loans, I Due
Disc'ts &I from
Inveets. Banks.

Deposits..
Bank.

Individl.

Total.

Reserve
Held.

Excess
Reserve.

$
$
I
$
Sept. 2.
Nat. banks. 366,495,0 68,132,0 166,348,0 302,659,0 469,007,0 80,610,0 23,063,0
Trust cos..- 149,398,0 4,302,0 3,573,0,135,888,0 139,461,0 25,245,0 5,290,0

1

515,893,0
Total
Aug. 26___ 511,475,0
' 19.... 510,242,0
508,341,0
509,061,0
July 29... 509,024,0
• 22___ 510,676,0
" 15___ 518,482.0
" 8_-_ 514,281,0
" 1___ 512,795,0

72,434,0;169,921,0438,547,01608,458,0 105,855,0
69.971,0,168.209,0 429,679.01597,888,0 108,373,0
72,588,0,106,587,0 431,007,0,598,494,0 106,982,0
66,743,0 161,405,0 427,724,01589,129,0 105,238,0
68,772,0.161,584,0 425,290,01586,874,0 97,790,0
71,446,0'163,326,0.424,646,0!587,972,0 98,288,0
75,318,01165,127,0,427,642,0 592,769,0 96,702,0
75,386,0;167,766,0,440,822,01608.588,0 90,465,0
72,545.0,168,696,0,441,662,01010,358,0 106,726,0
73,492,0:166,564,0,437,448,0,604,012,0 99,902,0

28,353,0
31,310.0
30,395,0
29,179,0
22,699,0
23,175,0
21,662,0
22,538,0
29,435.0
23,811,0

Note.-National bank note circulation Aug. 26, $9,407,000; Exchanges for Clearing House (included in "Bank Deposits"), banks, $17,226,000; trust companies,
$2,122.000; total, $19,348,000. Capital and surplus at latest dates: banks,
$64.175,600; ,trust companies, $41,295,200; _total, $105,470,800.




BOSTON CLEARING HOUSE MEMBERS.
Sept. 2
1916.

Change from
previous week.

Circulation
$6,477,000 Inc.
Loans, disc'ts & investments. 413,596,000 Dec.
Individual deposits. Incl.11.S. 328,593,000; Inc.
Due to banks
122,285,000 Dec.
Time deposits
26,579,000 Inc.
Exchanges for Clear. House_ 11,852,000 Inc.
Due from other banks
35,092,000 Inc.
Cash reserve
23,106,000,Dee,
Reserve in Fed. Res've Banks 21,881,000 Dec.
Reserve with other banks47,115,000 Inc.
Reserve excess In bank
251,000 Dee.
Excess with Reserve Agent
31,879,000 Inc.
Excess witn Fed. Rcs've B'k_
2,836,000 Dec.

Aug. 26
1916.

Aug. 19
1916.

$14,000 $6,463,0001 $6,465,000
1,013,000 414,609,000 418,516,000
1,308,000 327,285,000 329,354,000
982,000123,287,000 126,133,000
1,328,000 25,251,000 24,016,000
269,000 11,583,000 11,542,000
718,000 34,374,000 38,906,000
1,010,000 24,116,000 24,375,000
843,000 22,724,000 24,596,000
618,000 46,407,000 39,812,000
958,000 1,209,000 1,048,000
651,000 31,225,000 24,260,000
798.000 3.634.000 5,156.000

Imports and Exports for the Week.-See third page
preceding.

SEPT. 9 1916.]

THE CHRONICLE

Vaulters' Gazette.
Wall Street, Friday Night, Sept. 8 1916.
The Money Market and Financial Situation.—The
means adopted to prevent a general railway strike received
a good deal of attention and more or less criticism during the
early part of the week. As the proposed change to an eighthour day does not, however, go into effect until Jan. 1, and
it has been announced that the constitutionality of the new
law will be submitted to the courts, interest in the matter
has, for the moment, subsided. Owing to this and other
affairs, such as the almost total failure of an effort to tie up
local transportation traffic and reports of developments in
the various war zones of Europe, a more optimistic feeling
prevails in Wall Street. As a result, the security markets
have been unusually active for the season and prices have
generally advanced. A conspicuous feature of the latter
movement has been U. S. Steel common, which sold at and
above par for the first time in its history. This advance is,
however, due more to the exceptional earnings of the company than to general conditions. It is reported that the
production of iron and steel in August was below the average
of previous months, but the daily output on Sept. 1 was substantially larger than on Aug. 1, and operations for the current month will doubtless make a more favorable • showing.
The Government crop report is a matter of locanrother
than general interest, but the fact that recent hot Weather
in the corn belt has greatly reduced the possibility of damage
by frost is, perhaps, worth mentioning.
Gold continues to flow towards this centre, and the Bank
of England's weekly statement shows a reduction of over
$4,000,000 in the holdings of that institution. Exchange on
Berlin sold early in the week at 68%, a new low level, but
later there has been some reaction from this figure.
Foreign Exchange.—Sterling exchange presents no new
feature, continuing completely under the control of the
British Treasury. Continental exchange was more or less
irregular, though marks and kronen were weak and francs
firm.
To-day's (Friday's) actual rates for sterling exchange were 4 7154 for
3 for checks and 4 76 7-16 for cables. Commercial on
sixty days, 4 75%
banks, sight, 4 75 9-16; sixty days, 4 70%; ninety days, 4 685/. and
documents for payment (sixty days),4 71. Cotton for payment,4 75 9-16.
and grain for payment, 4 75 9-16.
There were no rates posted for sterling by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and 5 8854 for short. Germany bankers' marks were 6954 for
sight and nominal for long. Amsterdam bankers' guilders wore 4054
for short.
Exchange at Paris on London, 28.0054 fr.; week's range, 28.0054 Jr. high
and 28.0854 fr. low.
Exchange at Berlin on London, not quotable.
The rango for foreign exchange for the week follows:
Sixty Days.
Checks.
Sterling Actual—
Cables.
4 7554
High for the week___ 4 7154
4 76 7-16
Low for the week_ _ _ 4 7154
4 7554
4.76 7-16
Paris Bankers' Francs—
High for the week
5 8854
5 8754
Low for the week
5 8954
5 88%
Germany Bankers' Marks—
High for the
69%
66%
Low for the week_
68%
68%
Amsterdam Bankers' Guilders—
High for the week_
41 1-16 +1-16
4154 +1-16
week_
Low for the
4054
40 13-16
Domestic Exchange.—Chicago,20c. per $1,000 discount. Boston, par.
St. Louis, 10c. per $1,000 discount bid and Sc. discount asked. San Francisco, 10c. per :$1,000 premium. Montreal, 7854c. per $1,000 premium.
Minneapolis, 30c. per $1,000 premium. Cincinnati, par. New Orleans,
sight, 50c. per $1,000 discount, and brokers, 50c. premium.

State and Railroad Bonds.—No sales of State bond
have been reported at the Board this week.
For causes mentioned elsewhere and in sympathy with
the movement of shares, sales of railway and industrial
bonds were relatively larger than a week ago. From a list
of 20 most active issued, values advanced except in one or
two cases. American Smelters Securities 6s moved up from
108 to 1093/2, while Atchison Topeka & Santa Fe. gen. 4s,
Baltimore & Ohio cony. 43/2s and Chesapeake & Ohio gen.
43/2s gained fractionally. Rock Island deb. 5s, contrary to
their movement of a week ago, fell away from 56% to 54%,
and St. Louis & San Francisco inc. 6s w, r. and United States
Steel s. f. 5s lost fractionally, the latter in marked contrast
to the shares.
Among the Government issues, Anglo-French 5s, Amer.
foreign Securities Co. 5s, British 5s and the Dominion of
Canada issues have been, as usual, the most active, the
British 5s selling on the "curb" till to-day. New York City
securities were in good demand.
Sales on a s-20-f basis, indicating, presumably, sales for
foreign account, fell off this week, being only $2,000, as
against $37,000 a week ago.
United States Bonds.—Sales of Government bonds at
the Board this week are limited to $1,000 3s coup. at 1003';
$1,000 4s coup. at 110%,and $3,000 Panama 3s coup. at 103.
For to-day's prices of all the different issues and for the week's
range see third page following.
Railroad and Miscellaneous Stocks.—The temporary
settlement of the rally ay labor strike, notwithstanding the
very questionable methods employed and decision reached,



919

has been one cause for the rise in shares of the companies
involved. The market has been unusually active, especially
for a holiday week, the transactions on Wednesday amounting to 1,367,717 shares, and on Thursday to over a million
From a list of 15 most active railroad and 25 industrial issues,
not one decline, while advances ranged from 1 to 133' points.
Among the former group, Atchison moved up from 1023' to
104%, Lehigh from 77% to 79, while New York Central and
Northern Pacific advanced a point each. Reading, conspicuous for its movements during past weeks, gained nearly
8 points, the final figure being 1113.
Among the industrial stocks U. S. Steel com. was the
most spectacular, it being, as noted above, the first time in
the history of the company that it ever sold at par or above.
From 953' on Friday last, it advanced to 1013', the close
to-night, however, being at 993. Mexican Petroleum
moved up from 102 to 114, the close being at 111, while
3 points for the week.
Industrial Alcohol gained some 3%
Crucible Steel advanced from 743g to 82%,and the high,low
and last figures for Cuba Cane Sugar, International Mercantile Marine corn. and pref., Anaconda Copper and American
Beet sugar were 57-543-57; 503-41 3-483'; 124-105%121; 88-843g-87% and 92-87%-91.
For daily volume of business see page 928.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Sept. 8.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan.1.
Lowest.

Highest.

Par. Shares $ per share. $ per share. S per share.1S per share.
Aug 5431 Sept
Acme Tea tem certfs_100
2121 5354 Sept 8 5436 Sept 5, 51
Adams Express
100 200 137 Sept 7 137 Sept 713254 Mar15454 Jan
Ajax Rubber
July 6654 Aug
50
2001 63 Sept 5 63 Sept 5 ' 63
Amer Bank Note_ _ _ _50
1251 3854 Sept 7 3854 Sept 7, 3854 Sept 41
July
Am Br S&F pref ctfs_100
125196 Sept 5 196 Sept 5165
Feb,198
July
American Expres.s__ _100
100125 Sept 8 125 Sept 8,123 June,14054 Jan
Am Writ Paper pref_100 5,000! 2654 Sept 5 3154 Sept 8 11
Jan 3154 Sept
Associated Oil
100 300 68 Sept 5 6854 Sept 6: 62
Jan
Jan 77
Batopllas Alining_ _ _ _20
4001 154 Sept 7 134 Sept 5 158 June 3% Jan
Brown Shoe
100 1,425 61% Sept 5 66% Sept 8 50;6 Jan 66% Sept
Preferred
100 200 99 Sept 6 99 Sept 6 95% Jan 102
May
Brunswick Terminal. 100
200 734 Sept 7 7% Sept 7 6
Julyl 14
Jan
Burns Bros
100 810 7736 Sept 5 79 Sept 8 66
Aug; 87
Jan
Butterick
100
40 2854 Sept 7 2854 Sept 7 28
Apr 31
Jan
Cluett,Peabody&Co 100
700 71 Sept 8 73 Sept 7 68
Apr 76
Jan
Preferred
100
100 108 Sept 6 108 Sept 6 108 June 112 'Jan
Computing-Tab-Ree 100
200 43.4 Sept 7 4354 Sept 7 4054 July 5254 Jan
Cons G EL&P(Balt)_100
300 110 Sept 511054 Sept 6 10854 Mar 116% June
Deere & Co pref__ 100
May 9854 Feb
200, 90 Sept 7 90 Sept 7. 89
Detroit Edison
Mar 14154 Jan
340 140 Sept 5 140 Sept 5 131
100
Diamond Match__ _ -100 400 120 Sept 7 121 Sept 7, 1023.4 Mar 121
Sept
Driggs-Seabury Ord____
105 85 Sept 8 85 Sept s 85
Sept 85
Sept
Duluth $5 & A pref_100
Jan, 14
100 1054 Sept 7 1054 Sept 7 10
Jan
Gulf States St tr etfs_100
400 77 Sept 7 80 Sept S 71
May 9054 June
1st pref Cr ctfs
100
100 9536 Sept 6 9534 Sept 6 87 May10134 June
2d pref Cr ctfs_ __ _100
Mayl 90 June
500 8554 Sept 6 88 Sept 8, 72
Int Harvester Corp_100
100 79 Sept 7 79 Sept 711 6854 Mail 8411 May
Preferred
100
100 108% Sept 7108% Sept 71104% Apr 109 June
Iowa Central
100
100 334 Sept 8 334 Sept 8' 2
July 6
May
Kayser (Julius) & Co 100! 100 98 Sept 6 98 Sept 6 8054 Mar 100 June
Kings Co Elec L&P_100 245 127 Sept 512754 Sept 5 12654 May1131
Feb
Laclede Gas
100
100 104 Sept 7 104 Sept 7 10354 Mar 10754 Feb
Mackay Companles_100
500 8476 Sept 7 85 Sept 2 78
Apr 91
Feb
Preferred
100 600 67 Sept 5 67 Sept 7 ' 6516 Jan 6816 June
Manhattan Shirt_ _ _ _ 100
100 6154 Sept 8 6154 Sept 8 55
Feb 6754 May
May Dept Stores-100 700 61 Sept 2 6154 Sept 5 , 5054 Jan 6854 May
Nat Cloak dr Suit.--100
700 7616 Sept 6 78% Sept 8' 71
May 8154 Jan
Preferred
100
81 109 Sept 811054 Sept 7I106
May 113
Feb
Norfolk Southern
100 600 23 Sept 5 23 Sept 6! 20
Apr 27
Jan
Pacific Coast 2d pref 100 200 72 Sept 7 72 Sept 7 72
Sept 72
Sept
Pacific Tel & Tel_100 1,100 3416 Sept 6 3654 Sept 7 3254 Apr 44
Jan
Peoria & Eastem_ _ _ _100
100 1054 Sept 5 1054 Sept 5 , 8
Mar 1554 June
Pitts Coal ctfs of dep_ _ _
900 27 Sept 6 2854 Sept 7 2554 July 29 June
Preferred Ws of dep__
200 10034 Sept 7 101 Sept 8'100% Aug 103
Aug
Pitts Ft Wayne & C_100
7 157 Sept 6 157 Sept 6 15554 July 158
Feb
Pitts Steel pref
100
200 98 Sept 8 99 Sept 6 9314 Feb 10054 Jan
Texas Co subs 2d paid__
400 193 Sept 5 193 Sept 5 193
Sept 193
Sept
do full paid
300 201 Sept 6201 Sept 6 187 May 201
Sept
Underwood T'writer_l
200 100 Sept 8 100 Sept 8 86
Jan,106
May
US Express
100
2001 29 Sept 8 2954 Sept 6 . 29 Sept 4911 Apr
U S Reduc dr Refg_ _ _100
7001 134 Sept 8 134 Sept S 1
June 334 Jan
Preferred
100
14 Aug
1001 134 Sept 8 154 Sept 8'
4 Jan
Virginia Iron C & G.100 1,7001 45 Sept 6 52 Sept 8 41
July 6254 Jan
Wells, Fargo Express 100 1,00024 Sept 6 127 Sept 8 12316 May;135
Jan
Weyman-Bruton_ _ _ _100
100 281 Sept 5 281 Sept 5 225
Mar281
Sept
36 Sept 5
NVillys-Overland rights__ 4,900
% Sept 8
14 Septl
% Sept
Worthing'nP&Mvte100 400 3054 Sept 8 31 Sept 5 25
July 1 3254 Aug
Preferred B v t c 100 500 5954 Sept 8 61 Sept
Sept
5254 July1 61

Outside Securities.—The general advance in values
noted on the Stock Exchange was reflected in business at
the "curb" market. Aetna Explosives advanced from
10% to12%, the closing price being 11%, while Corp. of
Riker & Hegeman and Maxim Munitions moved up a fraction. Driggs-Seabury from 75 gained to 77, fell back
to 75, and sold to-day on the Exchange at 85. Contrary to its sharp movement of last week, Chevrolet Motors advanced from 192 to 203, the final figure
being 198. Midvale Steel and Kathodion Bronze pref.
advanced from 61% and 15 to 64% and 20, respectively,
but the former lost % point at the close. Poole Engine &
Machine Co. lost from 90 to 863/ while Stromburg Carburetor declined a fraction. The high, low and last prices
of White Motors, Willys-Overland new w. i., United Motors
and Stutz Motors were 603/2, 52%, 533'; 43, 42, 45; 613
4,
583, 61, and 703, 67, 713
4. Standard Oil issues were
fairly active, Illinois Pipe Line fluctuating between 175 and
179 and Ohio Oil between 235 and 246. The other oil
shares also sold well, Alberta Petroleum gaining a point to
59, Cosden & Co. moving up from 143 to 163
4, while gains
of from 1 to 4 points were common. Among the bonds
traded in at the "curb" were $681,000 British 5s at 983/i to
99; $215,000 Cosden Oil 6s, w. i., at 100% to 1043/2, and
$230,000 Russian Government 6s, w. i., at 1003
4 to 1013,
the first-mentioned to be traded in hereafter at the Stock
Exchange.
A complete record of "curb" transactions for the week
will be found on page 928.

920

New York Stock Exchange-Stock Record; Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
PER SHARE

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept 2

Monday
Sept 4

$ Per share $ Per share
10214 10234
199
99
1113 113
85
8534
73
73
*8514 8512
17514 177
*295 350
5914 6012
*1238 1212
*35
37
93
94
'120 127
12434 12434
168 168
1712 1712
*115 120
*133 140
*45
53
*80
82
*29
31
*56
59
*50
55
14912 14934
*227 240
"12
16
"32
35
364 3634
5212 5212
*44
45
11612 117
3714 3734
101 10178
1618 1614
73
73
2334 2414
*58
59
"19
20
•
'39
42
78
7812
*35
38
*12812 129
*125 130
*414 54
'15
20
'121 123
;313 4
*10
12
34 314
312 312
*2214 2234
48
48
10278 104
"5812 59
2612 2612
127 12814
"8512 8612
10814 10973
5558 5578
*8112 8212
"94
95
10314 105
*4212 43
48
*44
16
16
*--_ 21
*____ 41
1518 1514
*3612 3812
9512 9534
23
2312
6712 6712
1058 1058
82
*61
"9712 9812
137 13818
80
80
4.812 912
*1812 2012
*1312 1334
4734 48
2618

2638

2712
"43
v312
"12
*412
"4612

2834
48
412
16
6
4812

;51 "iif2
1178 1234
"718 734
2212 2212
*7814 7834
*75
77
101 10114
8712 8978
*9918 99i2
6034 6134
*11212 11334
6034 62
*117 118
"140 146
'11712-_-_
*52
5312
*100 102
*912 10
5118 5218
2712 2712
*2012 2134
*4812 50
7514 7612
*104 105
*7
8
"38
40
"8412 8512
*95
96
97
9734
11212 11212
"140 145
*103 108
534 5312
10878 10878
11812 11812
131 13112
21934 21934
"107 109
*44
4512
"9614 9712
34
3538
7112 7434
844 8514
7212 72118
65
65

i
-4
ra
g

o
(3:1
.4
).4

Tuesday
Sept 5

Wednesday
Sept 6

Thursday
Sept. 7

Friday
Sept. 8

Salesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1
On basis of 100-share lots
Lowest

Highest

Par 5 per share g per share
Railroads
$ Per share $ per share 5 per share I per share
10358 10434 10378 10434 10,900 Atch Topeka & Santa Fe--100 10014 Apr 22 10812Jan 4
103 10378 10312 104
100 9858 Aug 30 102 Feb 24
99
2,020 Do pref
99
99
99
99
99
99
99
100 10612 Apr 19 11714 Junel3
326 Atlantic Coast Line RR
11212 11212
112 112
112 112 *11112 112
100 8278 Apr 24 96 Jan 4
8534 8614 8534 8614 8558 8678 8638 8634 9,800 Baltimore & Ohio
1,800 Do pref
73
100 7212 Aug 30 80 Jan 15
734 73
7318 73
734 73
73
85
8512 8518 8538 8558 8558 z835s 8358 1,400 Brooklyn Rapid Transit_100 x3358 Sept 8 8878June 6
100 218212 Mar 1 18334 Jan 3
17634 17818 17814 17734 5,120 Canadian Pacific
17618 177
17712 178
Central of New Jersey____100 290 Jan 3 1310 M1y18
"295 350 *295 350 *290 330 *290 360
6,100 Chesapeake & Ohio
100 58 Apr 24 6734 June 8
6058 6114 6014 6138 6034 81
60
61
500 Chicago Great Western
100 1134 Apr 24 1538Jan 3
1212 1234 1234 1234 *1212 1278 124 1212
900 Do pref
100 33 Apr 24 3034 Jan 4
36
3638 x36
3612
36
36
3612 37
9334 9414 9312 9413 8,900 Chicago Milw & St Paul 100 91 Apr 22 10212 Jan 3
9318 9412 9314 94
100 12538 Sept 6 13618Jan 5
12538 12538 12512 12578 12538 12512 1,300 Do pref
*123 126
12414 1251 1243 1243 12434 12434 124 1244 1,900 Chicago dc Northwcatern_100 124 Sept 8 1348 Jan 3
200 Do pref
100 1165 Apr 13 175 Jan 11
*165 170 - ----- ---- *165 175 *165 175
174 5,900 Chicago Rock Isl & Pae
100 1512 Apr 22 2412June21
1714 1814 1711 1838 1714 1734 17
Chic St Paul Minn & Om_100 11514 Sept 1 123 May15
*115 120 *115 120 *115 120 *115 125
Do pref
100 13134 Apr 12 139 Aug 28
*133 138 *133 138 *133 138 *133 140
200 Ciev On Chic & St Louls100 38 Apr 27 5912June 8
53
53
"45
53
5034 5034 *5012 53
82
800 Do pref
82
81
82
100 70 Feb 2 86 June14
82
82
82
82
200 Colorado & Southern
*30
32
30
100 2434 Apr 24 3612 Junel3
30
30
30
*29
32
400 Do 1st pref
56
56
56
58
56
100 46 Apr 1 60 June 9
5712 56
"56
55
55
*50
*50
Do 2d met_
55
100 40 Mar13 5734 June10
55 "50
*50
800 Delaware & Hudson
100 1494 Apr 20 15518 May23
150 150 "150 153 *150 153.2 15012 15012
Delaware Lack & Western__50 216 Mar18 237 June 9
*227 240 *227 240 "227 240 *227 240
1412
1414 *12
*12
18
Denver & Rio Grande__ __100
*12
16
878 Mar30 1614 June13
*10
800 Do pref
334 3214 3214
33
32
100 15 Mar 8 3758July19
32
33
33
3734 53,800 Erie
100 32 Apr 22 4358Jan 3
3818 3718 3612 3714 3638 3712 37
5234 524 5314 5212 5314 8,100 Do 1st pref
100 48 Apr 22 591k Jan 3
52
5314 52
4212 4234 4212 4314 4334 4334 1,800 Do 2d pref
100 41 Apr 22 5413 Jan 3
44
44
11612 1174 8,350 Great Northern pref
100 11618 Aug 30 12712Jan 4
1167s 11714 11634 117
11612 117
38
3834 3878 4014 3834 3978 3878 3938 13,300 Iron Ore properties--No par 3352June28 5034 Jan 3
101 101
3,200 Illinois Central
100 9934 Apr 17 10912Jan 3
10034 101' 101 101
10078 101
1658 1658 1678 1,300 Interbor Con Corp, vtc No par 1534 Feb 15 2t1 Jan 3
1638 *16
1658 16
*16
74
7312 744 1,700 Do pref
7312 *71
100 71 Feb 15 7712Jan 3
73
73
73
100 2318 Apr 28 3214 Jan 4
25
2534 *2412 2514 2412 2412 2434 2434 1,800 Kansas City Southern
*58
61
61
Do pref
61 '58
100 58 Aug 18 6473 Jan 3
61
"58
*58
18
"1712 19.2
100 10 May 2 2212July19
2012 17
400 Lake Erie & Western
*18
19
19
43
41
42
300 DO prof
*41
43
100 32 Apr 20 45 June21
"40
41
41
7812 7914 7858 7938 11,300 Lehigh Valley
50 7412Jan 31 85 May31
784 7914 7818 79
35
35
200 Long Island
38
*34
38
50 20 Jan 31 4112 Junel2
3514 3,54 '35
100 Louisville & Nashville--100 1214 Mar 1 13512Junel3
12834 12884 "123 129
"128 133 "127 130
200 Manhattan Elevated
100 128 Apr 28 13138Jan 28
*125 130 '127 12958 12834 12834 128 128
1558Jan 4
4 Mar 1
Minneapolis & St Louis-100
*414 514 *414 514 *44 514 *414 514
20 '14
20
20 '14
Do prof
100 1414 July 3 3312Jan 8
20 "14
"14
100 11614 Apr 24 129 June15
12238 12212 1214 12312 1,279 Minn St Paul & S S M
12114 12178 '121 123
100 130 Aug 18 137 Jan 15
---- - -- ------ Do pref
'132 136 '132 136 '131 136
714 Jan 13
378 -4
1,600 Missouri Kansas & Texas_100
318 Sept 6
313 378
313 314
314 312
11 •
400 Do pref
100 10 Apr 3 1612Jan 4
1034 1034 '1034 1158 11
10
10
712July 6
314 Sept 1
37s 378 2,170 Missouri Pacific
100
378 4
4
4
334 4
7,400 Trust co ctfs of deposit__
738July 6
314 Sept 1
358 373 *373 4
334 4
312 414
1,300 Missouri Pacific(new)when iss. 2218 Sept 6 2334 Aug 18
2238 2212 2212 2212 2214 23 '2214 23
600 Do prof(or Inc bonds) do...._ 4734 Sept 5 50 Aug 22
48
48
48
48.4 48
4734 4734 48
10412 105
44,800 NY Central 4 Bud River_100 10014 Apr 22 11112Jan 19
103 10414 1034 10414 104 105
59
4,200 NY N H & Hartford
100 57 Apr 26 778 Jan 10
5834 5878 5938 "58
5714 5914 58
2714 2614 2638
600 NY Ontario & Western-100 28 May 5 31 Jan 3
"2612 28
2618 2838 *26
12812 12978 12834 13014 12,350 Norfolk & Western
100 114 Mat 1 13758June 7
12758 129
12712 128
200 Do adjustment Pref--100 8418Feb 25 8918 May22
8612 8612 8812 8612 '8312 8612 *8312 8612
100 10814 Sept 2 11878Jan 4
109 11014 10912 11012 10934 1104 10914 1094 12,600 Northern Pacific
10,620 Pennsylvania
5578 56
50 5518 Aug 31 5934Jan 4
5558 5578 5558 5578 5534 56
81
81
80
600 Pitts Cin Chic & St Louls_100 78 Feb 17 88 June 5
80
81
81
81
81
98
98 '94
Do pref
98 '94
100 88 Jan 26 9834 Jan 13
"94
98 "94
50 751gJan 31 1124 Sept 8
10234 10514 10458 10734 10658 11038 10852 1124 365,750 Reading
*4212 43
*4212 43
1st preferred
*4212 43
50 4178 Feb 19 48 Feb 29
*4212 43
46
4738 4612 4738 2,300 2d preferred
46
_50 4114 Feb 21 52 May19
4472 4512 46
1612 1612 1,500 St Louis & San Fran new (w 1)_
18
1512 May18 1734 June28
1612 16
16
18
"16
---Do preferred (when I.
St Louts Southwestern-- _100 16 May 4 2034 June 9
*__ _ _ 20 *---- 20 *-„,- 20 a---- 20
200 D
3712 3758 *_ _ 51
41
f
100 3712 Sept I 4612 June 9
*35
*-___ 41
600 Seaboard Air Line
100 14 Apr 22 1S7 Jan 13
m4 M4 M4 M4 1512 1518 ...1 . 1514
Do pref
100 3418 Apr 24 42 Jan 13
*3712 3812 "3613 3812
*3712 39
39
*37
100 9414 Apr 22 10418 Jan 4
97
9712 9712 9758 9738 9814 9734 9818 11,500 Southern Pacific Co
2334 2414 2334 2418 13,460 Southern Railway
100 18 Apr 24 25 July 3
2334 2412 234 24
684 2,000 Do prof
68
88
68
88
100 56 Apr 24 71 June 9
68
69
68
10.4 1014 1014 1014
612 Feb 14 1378 June21
11
900 Texas & Pacific
100
1012 1034 '9
6258
900 Third Avenue (New York) 100 5912Jan 31 6812 June22
6214 814 6178 62
6112 6112 62
Twin City Rapid Transit...100 04 Mar 24 99 June 8
*9712 9812 *9712 9812 *9712 9812 *9712 9812
100 12934 Apr 22 14378 Aug 23
138 13918 13818 14018 13918 14018 82,700 union pacific
13734 139
8038 80
8058 7,450 Do prof
8012 80
100 z80 Sept 1 84 Jan 28
8014 80
80
734 May 9 2114 Jan 4
200 United Railways Invest_ _100
8
8
*3
8
*812 012 *812 812
400 Do pref
18
*17
18
18
19
19
100 18 June23 3934Jan 3
20
*18
1312 1334 1338 1312 2,300 Wabash
100 1314 July 14 17 Jan 3
1312 1378 1312 14
8,200 Do pref A
4812 49
100 4112Mar 1 5212July 3
4812 4812 4512 4558 4812 49
2634 2714 2634 2878 2,900 Do pref II do
100 25 Apr 22 3212 Jan 15
2638 2678
2638 2658
100 2412 Feb 28 3412 Mar 27
'2814 2934 2938 2912 2938 2934 2812 2938 2,750 Western Maryland
47
47 "40
48 "40
Do pref
100 40 Mar 7 51 June13
*43
48
"43
400 Wheeling & Lake Erie_ 100
6 July 10
258 Jan 20
412 434 *134 514 *434 5
412 412
15
*13
15
Do 1st preferred
100 1014 Apr 27 1812July 5
14
*1212 15 "13
"12
314 Jan 18
5
5
300 Do 2d preferred
734July 5
*434 6
12
100
"5
"4
6
3,100 Wisconsin Central
51
100 33 Apr 19 562 July 20
4758 5078 5012 5078 5034 5034 "48
Industrial 8, Miscellaneous
200 Advance Rumely
14
14
14
100 14 Aug 22 2112 Apr 29
14
18
15 "14
"14
Do pref
*3214 3312
100 3178 Juiy28 43 Apr 28
3212 3212 *3113 33
*3212 3312
144 1378 1378 13,200 Alaska Gold Mines
13
10 1112 Aug 30 2613 Jan 7
134 1258 13
12
*718 8
2,800 Alaska Juneau Gold Min'g_10
718 74 *718 8
718 74
718 Aug 30 1014Jan 7
2378 24
23
2334 3,900 Allis-Chalmers Mfg v t c_ _100 19 July 19 3378 Mar 14
25
2314 2412 24
80
1,400
*78
Do
7914
7812
7012July
18 8412 May16
7834
preferred
v
t
c____100
7812
7834
7834
77
774 774 7734 7734 7814 7834 7958 4,000 Amer Argicultural Chem_100 63 Apr 22 7958 Sept 8
500 Do pref
,-100 98 Mar23 10112 Sept 8
*101 10112 10112 10112 10138 10138 10112 10112
9014 9134 37,700 American Beet Sugar
905g 92
92
89
100 6134 Feb 1 961s July6
90
88
9912 9912 992
9912 *98
200 Do pref
9912 *98
*98
100 93 Apr 24 102 June22
6318 6458 79,850 American Can
100 5014 June27 8538 Mar 16
6078 6314 6314 6414 8278 64
1,350 Do pref
100 10814July 13 115 Sept 5
11418 11434 11414 11414 11412 115
11358 115
6212 6413 6312 6418 6278 6378 11,800 American Car & Foundry_100 52 July 8 78 Jan 3
6214 63
750 Do prof
100 11538Aug 9 11912 Mar 11
117 11818 11818 11818 11778 11778 "11712 11814
148 19013 2,200 American Coal Products-100 130 July 11 17578Jan 19
147 147
146 148
"140 148
*11713
_ *117.2 ___ *11712 ___ "11712 121
100 115 Jan 20 118 July26
Do pref
5334 5412 2,100 American Cotton 011
53 -55
100 5012 Apr 22 5712Jan 17
*52 -5.3-12 5212 -53
"99 102
100 Do prof
100 98 Jan 6 102 Mar 15
100 100 '99 102 '99 102
978 978 1,300 American Hide & Leather..100
10
834 June 3 12 Jan 3
104 1018 1014 10
10
6,500 Do pref
100 45 Mar 1 5834 Aug 15
52
5338 5312 5412 5312 5334 5314 54
2818 30
2734 28
12,800 American Ice Securities-100 25 Jan 20 3112 Feb 19
28
2718 2814 28
2218 22
2234 7,100 American Linseed
22
100 1714 July 14 2518 Jan 26
214 2238 2214 23
5114 6,700 Do pref
100 3814 Mar 1 5314 Apr 25
4934 5078 5012 5178 5014 5158 51
7778 7938 7734 7812 7713 7814 37,200 American Locomotive-100 58 July 14 8334 Mar 1.4
77
76
1054 10512 10518 1054
400 Do pref
100 9912July 13 108 Aug 22
10578 10578 "105 106
718 74
8
100 American Malt Corp
512 June 3 10 Apr 7
100
"7
8
'7
8
"7
60 Do pref
40
100 x3158 Jan 14 4034 Aug 15
40
*3978 3978 "39
41 '38
'37
800
85
85
85
13 88 May25
85
B_100
8412July
Amer
Smelters
pref
85
Sec
85
86
"84
310 Do prof Ser A stamped__ 9134July 11 97 Sept 6
196
*9512 96
96
96
9634 97
'94
10158 10313 10334 10478 111,000 Amer Smelting & Refining_100 8812 Apr 22 1133sJan. 4
98 10113 10112 103
11314 11358 1,025 Do prof
100 10914 Apr 22 11458 Feb 3
11212 11212 11213 11212 11238 113
145 145 "140 150
100 American Snuff
100 130 Mar 23 14912June 8
'140 145 "140 145
100 10612 Mar 22 110 Jan 27
Do pref
"103 108 '103 108 "103 103 "103 108
5512 56
3,200 Am Steel Foundry
100 44 Apr 24 8114 Jan 4
5338 5334 5412 5558 5512 56
1,500 American Sugar Refining_100 10512 Apr 22 11812Jan 8
109 10978 109 1093 109 109
109 109
11878 11878
400 Do prof
100 11518 May 5 119 May25
11858 11858 *118 119
119 119
132 13238 13212 13278 133 13318 4,860 Amer Telephone dr Teleg_180 12614 Feb 1 13314 Aug 18
13134 132
22112 22378 1,720 American Tobacco
100 188 Feb 16 225 Aug 11
220 22078 22034 221
"215 222
300 Do pref (new)
100 1054 Apr 24 10878 Sept 5
10812 10878 *10712 109 *107 109 *107 109
4612 46
4634 48
100 42 Jan 11 5514 Mar 14
4612 1,800 Am Woolen of Mass
4618 464 46
97
97
*964 9712 97
97
97
974
600 Do pref
100 92 Jan 10 102 Mar 10
13,200
3578 3634 3578 38
Am Zinc Lead & El
25 293s July 10 9778 Apr 10
3514 3578 3512 37
7358 7312 7414 12,400 Do prof
73
74
25 5912July 11 743450pt 2
73
7212 74
8758 8858 150,400 Anaconda Copper
8002 88
50 77 Apr 22 9238 Feb 14
8878 88
8518 87
7313 7812, 16,900 All Gulf & W 288 Line Ms 100 56 July 12 7812 Sept 8
7212 734 7312 7434 7234 73
6512 6618 6534 66381 3,100 Do pref cents
66
100 61 July12 8638 Sept 8
66
65
66

• Bid and asked prices: no sales on this day. 3 Ex-rights.
Dahl. z Ex-dividend. a Full Dahl




Less than 100 shares. a Ex-div and rights. B New stock.

PAW J11 il rte.
Range for Previous
Year 1915

Lowest

1

Highest

8 per share $ per share
9212 Feb 11114 Nov
96 Jan 10218 Nov
98 Mar 116 Nov
6334 Feb 98 Dec
67 Feb 7934 Nov
834 Aug 93 Apr
138 July 194 Nov
1250 Sep 325 Jan
3558July 6434 Nov
1014 Jan 1712 Nov
2511 May 4112 Nov
7734 July 10118 Dec
12078 Sep 135 Dec
11812 July 13518 Nov
163 July 1180 Nov
1012July 3838 Apr
1114 Apr 123 Nov
124 Sep 135 Dec
Jan 52 Oct
121
Oct
5318 Feb 77
24 Mar 3812 Nov
45 Jan 60 Nov
35 Sep 52 Nov
1384 Aug 15418 Nov
199% Jan 238 Nov
1613 Nov
4 Jan
612 Jan 2938 Nov
1978 Feb 4558 Nov
3214 Feb 5912 Nov
5414 Dec
27 Feb
11234 Jan 12838 Nov
Oct
2514 Jan 54
99 July 113 Apr
188 July 2512 Nov
70 July 82 Nov
2058 Feb 3518 Nov
5478 Feb 6512 Nov
1638 Dec
5 Jan
19 May 4112 Dec
6458 Feb 8314 Nov
Jan 2758 Oct
15
10412 July 13012 Nov
125 June 132 Dec
1938 Feb
8 Sep
24 Sep 49 Feb
106 Jan 12612 Nov
123 Juno 136 Dec
1514 Apr
4 Sep
1018 Sep 40 Apr
1814 Apr
134 July
712 Nov
3 Dec
---8112 Mar 11012 Dec
Oct
43 Feb 89
2134 Jan 35 Apr
9912 Jan 12258 Dec
8012 Sep 90 June
9912 Feb 11838 Dec
51% Feb 6112 Nov
85 May 86 Nov
90 June 9812 June
6938May 8558 Nov
4038 Sep 45 June
40 Feb 44 Apr
--- ---.._ _ ----- ---Sep 23 Nov
11
29 Sep 4512 Dec
1118 July 2014 Nov
304 July 4334 Nov
8114 Feb 10418 Deo
1212 July 26 Nov
42 July 65 Nov
1778 Apr
812 July
35 Jan 64); Oct
90 July 100 Apr
11534 Jan 14112 Nov
x79 Mar 8412 Nov
8 Jan 2712 Oct
2114 7.jar 4734 Oct
1258 Oct 1712 Nov
• 4378 Oct 4914 Nov
2512 Oct 3212 Nov
914 Jan 3512 Oct
25 Jan 5058 Oct
614 Nov
12 July
1934 Nov
2 Aug
818 Nov
58 Aug
28 July 45 Nov
---2114 Dec
934 Dec
734 Jan
33 Feb
48 Jan
90 Mar
3314 Jan
83 Feb
25 Feb
9112 Jan
40 Feb
11112May
82 Jan
1105 Jan
Jan
39
91 June
438 Feb
1934 Jan
2058 Jan
714 Jan
24 Jan
19 Mar
75 Mar
372 Apr
2112May
78 Jan
86 Oct
58 Jan
100 Jan
144 Jan
103 Jan
2418 Mar
9912 Feb
109 Feb
118 Jan
19512 Dec
10314 Jan
46 Nov
95 Dec
6714 Dec

4012 Apr
1312 Nov
4912 Oct
8578 Dec
7412 Nov
1014 Nov
7278 Dec
95 Nov
8812 Oct
11312 Nov
98 Oct
118 Aug
17012 July
120 Ser.
Oct
84
10214 Nov
1414 Oct
5912 Oct
35 Apr
3118 Oct
5012 Oct
7434 Oct
105 Nov
1318 Oct
3712 Dec
8833 May
92 Dec
10878 Dec
113 Nov
165 Apr
11038 Nov
7412 Oct
11978 Nov
11912 Nov
13014 Nov
25212 Apr
111 Nov
58 Oct
9814 Nov
714 Dec

9168 Nov
____ ----- - --cPar $25 per share. s First installment
c2434 Feb

921

New York Stock Record-Concluded--Page 2
For record of sales during the week of stocks usually Inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Sept 2

Monday
Sept. 4.

Tuesday 'Wednesday 1Thursday
Sept. 7
Sept 6
Sept 5

Friday
Sept. 8

Salesfor
the
Week
Shares

PER SHARE
Range Since Jan. 1
On basis of 100-share lots

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest

Highest

PER SHARE
Range for Previous
Year 1915
Lowest

Highest

Industrial&Misc.(Con.) Par $ per share $ per share $ Per share $ per share
Per share $ per share 18 per share $ per share
265s Mar 15412 Oct
100 6538July 14 11858Jan 3
7834 8078 8014 8312 8112 8312 8112 8212 53,000 Baldwin Locomotive
100 104 June20 110 May24
92 Mar 114 Sep
1,100 Do pref
104 104 *10412 10512 105 106
104 104
4614 Jan 600 Oct
100 415 Jan 11 550 Mar 14
493 497
2,390 Bethlehem Steel
492 492
480 487
490 494
100 126 July21 145 Jan 6
100 Do pref
91 Jan 184 Oct
136 136
*130 140 *130 140 *130 140
5612 Aug 797 June
6838 6912 14,400 Butte & Superior Copper _10 6012July 11 10514 Mar 9
69
6712 68
68
67
67
8- July 3858 Dec
2314 2112 2214 12,800 California Petroleum, vtc_100 15 June27 4258Jan 3
1934 20
2018 2238 21
100 40 June29 8034Jan 3
4934 4812 4912 4,100 Do prof
45
48
4834 4914 48
Jul,' 81 Dee
Leather
100
49
Central
Fet. 6114 Nov
Apr
17,450
22
Sept
8
3258
5914
5634 5712 578 5778 5752 58
5734 5914
100 10878 Jan3 11312 Aug 25 10038 Jan 11012 Nov
353 Do pref
11212 11212 11212 11212 *112 11312 2113 113
100 8812 Apr 24 131 June 5
3,600 Chandler Motor Car
109 11012 110 11012 110 110
104 108
25 1958July 14 2538Jan 5
2338 Dec 2638 Nov
2014 2014 2014 2038 1934 2012 5,800 Chile Copper
20
20
5 4618July 11 60 Feb 19
3234 Jan 5738 ,Nov
5414 5434 5418 55
5478 5512 14,600 Chino Copper
5318 541
100 3818 Apr 22 53 Jan 4
497 32,500 Colorado Fuel & Iron
2134 Jan 6612 Sep
4712 4914 4912 5078 4914 5034 49
13678 13734 13612 13714 2,800 Consolidated Gas(N Y)..100 13012 Mar 1 14434 Jan 8 11334 Jan 15013 Oct
137 13714 13612 138
100 7514 Jan 31 10412 May25
96
97
1,400 Continental Can
4014 Jan 127 Oct
97
*95
97
9714 9812 97
100 106 Feb 1 112 Mayl1
Do Prof
8812 Jan 10912 Dec
*10712 110 *106 110 *10712 110 *10712 11014
_100
1314 Aug 8 2514Jan 25
Refining_
Products
8
8 Jan 2112 Oct
1418 1434 1438 1434 143 1434 1414 1538 8,600 Corn
100 85 June26 10112Jan 14
65 Jan 9634 Dee
700 Do prof
9034 9112
*9014 9134 911 9118 908 91
523
America_100
4Jan
of
12
Steel
8212
Crucible
May 10978 Sep
8
16
843
1814
843
Mar
8
4
9912
157,900
783
817
7812
8
76
838
100 10814 Jan 11 11912June16
11818 11818 11834 11834
84 May 11212 Sep
700 Do pref
1177s 1177s 118 118
No par 5214 Aug 3 9318 July 6
5538 5658 5614 5712 32,000 Cuba Cane Sugar
5414 57
5514 56
100 93 July14 9534July 6
9512 7,300 Do pref
958 95
9458 948 9412 9514 95
38 Jan 177 Dec
300 Cuban-American Sugar...100 152 Jan 5 250 Aug 18
*225 250 235 23914 *230 248 *235 245
100 10434 Feb 1 110 June 8
_
*100 110 *100 110
Do pref
93 Mar 110 Sep
*100 110
4612 -4534 -4612 45
45
4534 4512 4512 7,400 Distillers Securities Corp_100 41 July10 54% Apr 29
513 Mar 5013 Oct
10 2234 Aug 29 2912 Fob 8 116 June 3014 Dec
25
2434 2434 *2412 25
25
2434 2434 1,750 Dome Mines, Ltd
Federal Mining & Smelt_ _ _100 1258July 13 35 Jan 7
16
*15
18
*14
8 Mar 60 June
*16
18
*16
18
3518
Apr
24
5712Jan 7
100
100 Do pref
20 Mar 65 June
*3512 40
3912 3912 *3513 40
*3512 40
*300 315 *305 315 *305 31212 *300 310
100 1265 Jan 5 350 Mar 18 165 Jan 360 Oct
General Chemical
100 1113 Jan 5 116 Jan 27 106 Mar 011612 Nov
11413 11418 *114 116 *115 115 *114 116
110 Do pref
168 16914 17078 172
100 159 Apr 22 17812Jan 17 138 Mar 18512 Oct
17112 17134 17034 17112 2,500 General Electric
.515 574 *515 574 *500 574 *545 580
100 405 Apr 24 585 Aug 12
82 Jan 558 Dec
General Motors
126 12712 12131 12812 126 12712 *126 127
0058 Jan 136 Dec
100 108 July14 12812 Sept 6
6,700 Do pref
71
7414 7338 7412 7112 7314 7134 7238 22,200 Goodrich Co(B F)
2412 Jan 8014 Oct
100 674 Jan 31 80 Apr 10
*113% 11373 *11318 114 *113% 114
95 Jan 1144 Oct
113 11312
100 11034 Feb 1 11634 Mar 16
200 Do pref
*80
88
10
Ms 8618 *80 87
Apr 91 June
Feb
July
7914
12
99
80
*80
_
_100
&
P_
_
88
Cons
MS
100 Granby
47
4814 48
37 Oct 5232 Dec
4834 4712 4814 48% 50
9,500 Greene Cananea Copper_ _100 34 June26 5338 Mar 9
5634 5838 58
57% 6078 6014 63/4 343,120 Inspiration Cons Copper___20 4258 Apr 22 6314 Sept 8
59
1658 Jan 4712 Oct
512 mar 2934 Nov
12
*11
12
12
12
12
1112 1112
500 Internat Agricul Corp
100 11 Aug 30 2978Jan 5
42
*40
45
4134 4212 4112 42
8 Mar 7184 Dec
4278 1,000 Do pref
2
100 388 July 14 74 Jan 5
115 11614 *11512 117
700 Intern Harvester of N J....100 10812Jan 7 11934 June 7
90 May 114 June
115 11612 115 115
Do pref
*118 120 *118 120 *118 120 *118 120
100 114 Feb 29 120 July 19 110 July 120 Nov
4932 4738 4958 450,800 lot Mere Marine ctfs of dep__
18 Dec 2012 Dec
43
4838 4778 5012 47
1338Feb 15 5012 Sept 6
1178 12138 11834 12278 410,450 Do pref ctfs of del)
5512 Nov 7712 Dec
110 11978 11912 124
6114 Mar 1 124 Sept 6
42
4234 4112 4234 4112 4214 4178 4214 9,600 Intern Nickel (The) v t c__ _25 3958 Aug 22 56% Jan 17 17934 Dec 22312 Oct
127s Dec
2012 2118 2434 52,225 International Paper
8 Jan
100
1512 1618 1612 1714 17
912 Mar 1 2434 Sept 8
23,620 Do pref
86
8112 82
33 Feb 5014 Dee
79% 77
77
100 4212 Feb 1 86 Sept 8
76
73
92
1,850 Jewel Tea, Inc
_
*90
91
*90
100 67 Mar 9 96 Apr 4
*90
91
9014 92
250 Do pref
111 111
100 104 July 6 113 Apr 4
111112 11112 11078 11078 *110 112
8334 118,590 Kelly-Springfield Tire
---25 66 July 18 8514 Sept 6
8134 8338 8312 8514 8012 8412 83
101
1,600 Do pref
9978 9978 *96
---100 100
9538July 15 101 Sept 5
9658 101
5034 51
50
5138 5118 5218 5112 5238 83,653 Kennecott Copper...No par 4412 Aug 2 59 Apr 3
100 64 May 5 86 Jan 6
7712 7812 7812 8034 7934 8012 7958 8012 12,500 Lackawanna Steel
28 Jan - 9454 Sep
4914 4734 4834 4838 48,
4 13,500 Lee Itubber & Tire...No par 41 July13 6012 June 5
4612 4714 47
288 294
279 288
900 Liggett & Myers Tobacco-100 240 Apr 14 294 Sept 2 207 Jan 260 Dec
278 278 *265 280
200 Do prof
122 12214 *120 125 *121 125 *121 125
100 118 Mar 30 12214 Sept 5 11334 Jan 120 Dec
15
15
*15
19
*14
•1558 19
19
100 Loose-Wiles Pim tr co ctfs.100 15 Mar 3 21 Jan 18 11
11
8 Jan
b 13
sep
2 F
16
*82
85
82
82
*82
82 82
85
200 Do 1st preferred
100 78 Marl() 9112Jan 13
86 Feb 10518 Jan
Do 2d preferred
100 50 Mar 3 5912 June27
55 Dec 67 Oct
239 230 '235 240
238 238
*235 240
Lorillard Co (P)
100 17914Jan 19 23978 Aug 19 16512 Jan 189 Nov
120 120 *118 12112 12112 12112
*117 120
200 Do pref
100 11512Jan 6 12112 Sept 8
8234 8412 8414 8534 841s 85388334 8514 20,500 Maxwell Motor Inc tr ctf8.100 5714 Mar 3 8934 May16
1514 Jan 92 Oct
8514 8514 8512 8534 8512
8634 1,000 Do 1st pref stk tr ctfs_100 78 Apr 22 93 Jan 3
4314 Jan 10338 Dec
551, 5513 5512 56
5614 2,100 Do 2d pref stk tr ctfs_100 4214 Mar 2 60% June 6
56
5614 *55
18 Jan 6812 Oct
11058 11312 11034 11234 166,800 Mexican Petroleum
11034 114
103% 110
51 Jan 12412 Dec
100 8858 June28 129%Jan 3
*9112 96
9518 951 *9312 98
9512 9512
250 Do pref
67 Jan 10412 Dec
100 8912 June28 10538Jan 3
3514 3478 3512 3558 37
3434 35% 35
15,700 Miami Copper
1714 Jan 3618 Dec
5 33 Aug 3 3918 Apr 3
*9114 93
*9134 93
93
*91
*9112 93
Montana Power
42 Jan 7934 Dec
100 6814 Mar 1 94 Aug 15
•113 115 0113 115 *113 115 *113 115
Do prof
100 109 Jan 3 116 June23
99 Jan 120 Dec
1119 119 0118 11912 *118 11912 11878 11878
110 National Biscuit
100 11812 Aug 11 12514 Mar20 116 Apr 132 Jan
128 128 *125 128
*120 128 •120 128
100 Do pref
100 124 June30 12958 May12 119 May 12712 Dee
2478 2558 *2412 2512 25
2414 25
912 Jan 364 Oct
100 1934 Apr 22 2934Jan 5
2534 4,150 Nat Enam'g & StampV
96
*93
96
•93
95
95
*92
96
100 92 Jan 19 9712Feb 18
230 Do pref
79 Apr 97 Dee
65
65
6412 65 264t2 64%
65
*63
44 Jan 7034 May
100 6012 Apr 22 737k Jan 19
800 National Lead
*112 114 *111 113 *111 114 *111 114
Do pref
100 112 Feb 9 11678 Aug 21 10434 Jan 115 Nov
2058 2114 2114 2158 21
2158 2112 2178 38,700 Nevada Consol Copper
1134 Feb 17 Nov
5 15 Jan 31 2178 Sept 8
13678 138 *135 138 *135 138
*134 137
1,200 New York Air Brake
5612 Feb 16438 Sep
100 118 July14 15312Jan 15
67
66
66
*67
67
68
*67
68
100 6512 Apr 26 75 Jan 3
200 North American Co
64 Jan 81 Apr
68 7
6% 738
*612 718
634 7
1238 Dec
6 July20 1138Jan 7
4,100 Ontario Silver Mining..._100
2 Feb
26
27
27
2638 27
3012 2718 2978 19,300 Pacific Mail
1814 Dec 38 Aug
5 1134Jan 3 31 Aug 21
*10113 10212 *10112 102 10112 10178 *10112 102
200 People's 0 L & C (Chic)--100 10018 May 5 11178Jan 3 10612 Dec 12312 Apr
39
39
39
3978 *3834 3912 3912 3912 1,000 Philadelphia Co (Pittab)__ _50 38 Junel5 46 Jan 17
3512 Apr 49 Sep
*25
29
*26
29
•26
29
*26
29
1514 Jan 4212 Oct
Pittsburgh Coal
100 2258 Apr 24 3684 Jan 17
*100 103 *100 103 0100 103 *100 103
100 Mar 8 11134Jan 13
815
8 Jan 114 Oct
100
100
Do
pref
53
54
5412 5512 5412 5538 5412 55
25 Mar 7814 Oct
100 4212July 14 6518Jan 4
3,910 Pressed Steel Car
101 101 *100 102 *100 102
Oct
97 July18 10478 Jan 4
Mar 106
100 100
100
prof
86
Do
200
*130 132 .130 132
13034 13034 131 131
300 Public Serv Corp of N J._100 114 Jan 31 132 May16 10012 Aug 120 Dec
105 165 *164 166
4
1644 18111165 165 *164 165
100 159% May10 17134Jan 17 15018 Mar 17014 Oct
300 Pullman Company
*23s
3
*258
*238 3
314 *258 314 *238 314
238 Mar 22
14 Mar
534 Nov
Quicksilver Mining
100
634Jan 19
*412 578
*412 532
312 May25
458 458
412 412 *4
678 Nov
100
54 Mar
834Jan 26
200 Do pref
6
4578 4512 47
45
45
4514
45% 4712 47% 4912 18,100 Railway Steel Spring
100 32 Apr 22 5034 Aug 22
19 Mar 54 Oct
101
*9712
*9712 101
*9912 101
*9712 101
100 9514 Mar 9 10078 Aug 23
*9712
Do pref
87 Mar 102 Nov
24% 2514 25
2514 2478 2514 247 2512 17,900 Ray Consolidated Copper_ _10 20 June23 26 Feb 21
2412 2478
1514 Jan 2712 Nov
5314 5412 55
5214 5312
Republic Iron & Steel
100 42 June26 5612 Sept 6
19 Feb 5714 Deo
41,700
5614
11334 114
11378 16
14
612 15
13
51' 15136314' 151353143 11334 1,725 Do pref
11378 11378
Feb
100 10678 June26 114 Aug 24
Jan 11258 Dec
72
209 20912 210 210
21018 211
207 207
100 16814 Mar 1 21212 Aug 23 3131% Mar 20913
21038 21038 1,000 Sears, Roebuck & Co
*125 12712 *12512 12713 *125% 12712 *126 12712
*125 12712
100 125 June28 12714 Mar 3 1213g Jan 126 Dec
Do pref
2978 2912 30
29
30% 29
02712 29
10 24 July 11 4014 Feb 14
2934 3012 5,400 Shattuck Ariz Copper
4912 5112 *4912 51
50
*47
51
49
*40
2,000 Sloss-Sheffield Steel & Zr..100 37 July14 6314 Jan 3
24 Jan 6672 Dec
51
178 178 *170 184 *170 184
*170 182
179 179
250 South Porto Rico Sugar-...100 146 Jan 29 240 Junel0
40 Feb 164 Dec
*112 118 *111 118 *111 118 *111 118
115 115
100 106 Feb 2 120 June 6
200 Do pref
893 Feb 110 Oct
*9012
*9012
96
96
*9012 96
.9012 98
*9012 98
Standard Milling
100 86 Mar 10 10312 May25
4312 Feb 98 Dec
89
189
89
O8512 89
*8512 89
*87
100 85 Aug 23 94 May17
10 Do pref
66 Feb 85 Nov
92
11914 123
120 12378 123 12613 12214 12412 12212 12412 45,800 Studebaker Corp (The)_ --100 11914 Sept 1 167 Jan 3
Oct
3584 Jan 195
*10712 111
*107 111 *10712 111 *10712 11112 *107 111
91 Jan 11912 Oct
Do pref
100 109 Apr 27 114 Mar 14
23% 25
2418 2514 2412 2512 2518 2612 2638 2678 21,200 Tennessee Copper
2512 Feb 70 Sep
25 22% July26 06t2 Jan 5
19412 19412
19212 196
197 20312 200 201
199 19911 6,900 Texas Company (The)..._100 17714 June27 23512 Jan 3 120 May 237 Dec
*45% 4678
4512 46
46
4834 4814 5114 5078 5214 37,600 Tobacco Products Corp _ _100 4814 Sept 7 5214 Sept 8
*102 103
105
105 106
10258 10238 105 105
400 Do pref
95 May 103 Nov
100 99 July14 10912 Mar 16
7% 8
8
734 8
832 834 .878 10
438 Jan
838
918 Dec
23,450 Union Bag & Paper
414 May 9 10 Sept 8
100
*4658 4712
4712 48
0
48
08 10
52
014 50
5058 .
2278 July 3112 Dee
114 53% 5,700 Do pref
28 Jan 27 5358 Sept 8
100
9812 99
9834 9834
101 102
102 103% 6,900 United Cigar Stores
b9 Dec 81012 Oct
100 b9 Feb 9 10534 Aug 9
_ 11934
•110 11934 *__ _ _ 11934
*____ 11934
Do pref
100 b1112Feb 10 120 Aug 9 bl 112 Oct b1218 Nov
16414 16614 16512 1671g 16434
5514 1637s
165 16734 25,100 United Fruit
100 1368 Jan 31 16912 June 8 139 Nov 163 Nov
*19
2012
21
2034 21
*19
*19
22
2012 2012
8 Jan 3178 Oct
500 US Cast I Pipe & Fdy
100 15l Jan 31 2612 Mar 14
*5212 54
5238 5258 *5212 U
*5212 53
*5212 54
3212 Mar 5512 Nov
100 Do prof
100 4812 Feb 5 5434 July31
10912 11114 11112 11512 11234 114
10834 11014
11212 114
July13 17012 Apr 6
15 Jan 13134 Dec
19,300
97
U
S
Industrial
Alcohol-_
_100
•101 104
103 103 *101 104 *101 104
*101 104
70 Jan 107 Nov
100 Do pref
100 9912July 11 114 Jan 13
5734 59
58
5912 5778 5834 58
5638 57
44 July 7438 Apr
5812 19,400 United States Rubber___ _100 4734 Mar 1 5912 Sept 6
I111134 11134 112 112 *11034 112
O11034 112
111 111
10618 Feb 5 112 Aug 17 10138 Feb 110 Apr
250
Do
1st
preferred
100
7212 7212 74
71
7212 7312 7234
7014 7114
4 8,700 U S Smelting Ref & M
50 6213 June27 8034 Apr 4
*5073 5114 5058 5112 5134 5134 5218 733
*50
5114
5218
600
50 50 June20 5312 June 9
9718 99
9918 10118 9958 10034 9034 10034 636,500 Do pref
9538 9678
279% Mar 1 10118 Sept 6
38 Feb 8912 Deo
100
11734 11818 11814 11858 11814 11878 11814 118% 5,500 United States Steel
11758 11778
100 115 May 3 11878 Sept 7 z102 Feb 117 Oct
Do pref
8334 8412 8434 8514 8434 8512 85,
83 83%
10 7434 July14 8634 Feb 19
33,300
4812 Jan 8138 Dec
8
Copper
8612
Utah
1712 17
17
*16
*1612 1714
*16
1714 17
100 1614 June 9 2034 Feb 3
1714
900 Utah Securities v t a
4113 4112 4212 4134 4278 4134 425s 4,300
41
4078 407s
Chem_..100 36 Apr 24 51 Jan 17
15 Jan 52 Oct
Virginia-Carolina
11012 11012 *110 111
111 111
*10914 111
111
100 108 Apr 22 112 Jan 3
350 Do pref
80 Jan 1137 Dec
9514 9512 9614 96 111.
9434 95
*9413 9512 95
57 Jan 90 Nov
9612 2,500 Western Union Telegraph-100 87 Mar 1 9678 May26
7
59
6178 6012 6112 6058 6132 40,070 Westinghouse Elec & Mfg_ _50 5234 July 14 7158 Mar 15
59
5934
5734 5914
32 Feb 747 Oct
*70
76
76
76
*70
*70
76
•70
*70
76
5812 Mar 85 Oct
50 70 Apr 19 79 Mar 15
Do 1st preferred
4638 45
44
4338 45% 45
4434
46
4514 464 21,100 Willys-Overland (The)__..25 4338 Sept 1 n325 June 5 n87 Feb n268 Nov
10333 104
10334 104
*103% 104
*10314 105
104 104
3,350 Do pref Sub recta full pd 100 102 Mar 2 117 June 5
137 138
138 13814 13778 1377s
*13512 13612
136 136
100 118 Jan 5 13912 May12
9014 Jan 12012 Dec
200 Woolworth (F W)
*124 12512 *12412 1251; 124 125
*12312 12712
100 123 June29 12513 June 6 115 Jan 124 Aug
300 Do pref
• Bid and asked prices; no sales on this day.
Less than 100 shares. I
a Ex-dIv. and rights. b New stock. c Par $25 per share. s Ex-stock dividend.
a Ex-dividend. fl Par 9100 per share.
$ per share $ per share
7634 7812
*100 10412
*475 481
*130 140
6734
65
1912 1934
46
46
5614 5672
*11214 11312
*100 103
20
20
5212 5212
46% 4818
136 136
*9512 98
*10712 11014
•1312 1412
•90
9112
751
73
11618 11734
5538
55
9478 95
*230 245
*100 110
44% 4478
2412 2412
*16
18
40
*36
*300 315
*114 116
167 16714
*500 580
12518 128
7112 7112
*11318 11378
87
080
*4514 46
5612 5712
13
*11
4138 4112
*11358 11412
*118 120
41
4234
105% 109
4138
41
*15
16
7214 7214
90
*88
0110 112
81
80
*95
96%
4914 49%
7534 7634
4612
46
270 294
•12112 125
.
1558 19
85
•82
*235 240
•118 120
8218 8312
85
85
56
*54
10112 103
96
*91
35
35
93
*91
0
*11214 115
O118 11912
O12412 128
23% 237s
95
*95
6512
*64
0111 114
20
2038
134 135
O67
68
*612 7
2714 2714
O10012 102
39
39
*25
29
*100 103
5212 5314
*100 102




ao

oo

---abi;

86

*a6

166144-

8614

922

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
. Ming bonds was changed, and prices are now all-"and interest"-except for income and defaulted bonds.
In Jan. 1909 the Exchange method of es

BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 8.

Price
Friday
Sept. 8.

Week's
Range or
Last Sale

ft
CQ

Range
Since
Jan. 1

U. S. Government.
Ask Low
Bid
High No. Low High
U 8 2s consol registered..__d1930 Q 9978
99
09 --- 99 Aug '16
9912 100
U S 28 consol coupon
d1930 Q - J 99 ---- 100 Aug '16
k1918 Q- F 10014 --- 10012 Aug '10
U S 3s registered
9934 10234
10012
U S 3s cos "
k1918 Q - F 1004 -- 10012
IOU 10218
1925 Q - F 10912 -- 11014 July'16
El 48 reg Oared _
10934 11118
1 110 11212
45 coup.,
1925 Q - F 11034 111 11034
11034
TY 8 Pan Cana 11 -30-yr 2s_k1936 Q - F 0814 ---- 984 Oct '15
U S Pan Cara 0-10-yr 2s 1938 Q -N 9814 ---- 97 J uly'15
3 to178 10314
1113
1961 Q -M 10113
S Panami anal 3s g
103
$211. 24. .e ....en 45_1914-34 Q - F 100
100 Feb '15
-. ForeI,n
v• anent
98 Sale 93
622 93 9318
98
Amer to,e go (II 54(w 0219
954 sale 954
9512 3305 9312 9618
Angio-Fren,h 5-yr 54 Exter loan_ ;1-9 8934 95's
93
Argentine--internal .54 of 19( 9._ NI- S 03 Sale 92
1 69
Chinese (flukuang Ry)-58 of '11 J -D I 72
7214 724
7214
7814
11 964 10034
91)
Cuba-External debt 55 of 1904_
9834
- 5 9812 99
9612 9614
Exter dt 5s of '14 ser A_ _ _1949 F - A 95
5 0418 97
9612
86 Aug '16
External loan 4s
1949 F - A 8514 86
8112 87
Dominion of Canada g 58w 1 1921 A - 0 0978 Sale 9938
9934 36 9838 10014
99 Sale 9878
Do
do
9914 74 9718 10114
1926 A Do
do
1931 A 9978 180 964 10238
9912 51ale 98l8
7 824 87
Japanese Gov t-£ loan 430_1925 F - A I 87 Sale 87
87
Second series 434s
8512 Aug '16
1925 J - J 186 89
7818 86
81 Sale 81
Do do "German stamp".
8118 33 73 844
7212
70
Sterling loan 4s
7058 70 Aug '16
1931
63
57
Mexico-Exter loan 55 of 1899 Q - J 47
50 Aug '16
60
45
39 Aug'16
Gold debt 49 of 1904
39
2712 50
1934 J - D 38
95)5 Jan '15
Prov of Alberta-deb 430 1924 F - A
Fini2
7 74
Tokyo City-5s loan of 1912_ _
7834
M- $ 7834 Sale 7834
410 98% 99
09
U K of Gt Brit de I 2-yr 51_1918 -- -- 08% Sale 93%
Mese are prices on the basis of 35toi
State and City Securities.
10312 20 101 1033s
N Y City-4 Us Corp s:ock_1960 M- S 10312 Sale to3i2
10438 sale 10414
434s Corporate stock
10412 21 101 in41.
1964 NI10432 22 10418 10438
43i5 Corporate sto..4c _ _ A966 A- 0 10418 Sale 10418
_
41(s Serial corp stock _1917-31 A- 0
2 i667-2 146 1661;i667-1-.
4.- 16612
4 8a
4;is Corporate stock
1905 J -D 14;07
10014
10578 1091 i
43is Corporate stock
1963 NI- S 1004 1093s 109
4% Corporate stock
1959 M-N 10118 Sale 10078 10118 39 9778 10118
10038 Aug '16
98 10012
4% Corporate stock
195b M- N 100
9738 101
4% Corporate stock
1957 M-N 101 10114 10012 Aug '16
9714 9714
4% Corporate stock
1956 M-N 10014 10038 9714 Jan '10 _
10914 79 10534 10014
New 430
1957 M- N 10914 Sale 10834
b
„....
July'
--1
101
10014
10014
New 430
10014
MN
1917
434% Corporate stock _1957 51-N 1091-2 51213 10834 10912 43 103 10912
10012 10018 June'in
10078 10078
4S% Assessment bonds_ _1917 111-N
9312 50 8838 9312
% Corporate stock_ _ _1954 51-N 93 Sale 9234
105 July'16
10212 105
N Y State-4s
1961 M- S 104
Canal Improvement 4s-1961 J - J 10538 _ _ 105 July'16
102 10514
Canal Improvement 4s_....1962 J - J 10538_ 11124 Jan 'It
10214 10214
10213 106
Canal Improvement 4s_ _ _1960 J - J 10533 i66 10514 Aug '16
Canal Improvement 430_1964 J - J 11518
115 Aug '16
113 11314
Canal Improvement 43,
10758 July'16
45_1965 J - J 10934
10612 10934
11212 11558
Highway Improv't 430_1963 M- S 115411512 11538 Aug '10
10938 July'16
Highway Improv't 41(s..,1065 NI- S 10434 _
107 10934
Virginia funded debt 2-3s_1991 J - J
83 Aug '16
8434 8838
51
5134 5134 Aug '16
Os deferred Brown Bros ctfs__ _
5014 5813
Railroad
_
3 63
Ann Arbor 1st g Is
65
65
h1095 Q - J *35
6818
Atch Top & S Fe gen g 4s_ _ _1995 A - 0 924 Sale 923s
9234 151 924 9513
92 July'lb
Registered
914 9358
1995 A - 0
7
3 74'- 8378 July'1.6 -.. 8313 83
Adjustment gold 4s
h1995 Nov -52
81
85 81
2 31
Registered
81
8613
h199ik Nov
Stamped
8378 14 8314 8814
hi995 M-N 8358 Sale 8353
10412 20 10034 1071g
Cony gold 4s
1955 .1 -D 10413 Sale 10334
10434 44 to'34 1(1734
Cony 4sissue of 1910
1960 -D 10412 sale 104
7 le058 1013.2
10-year 58
1917 J -D 10028 sale 10053 101
_ _ 96 Aug '16
East Okla Div 1st g 4s
1928 M - S 9534
9538 912
125
Rocky Mtn Div ist 4s_ _1965 3- J 83
85 July'16 -- 83 89
2 39
Trans Con Short L 1st 45_1958 J - J 891s 90
8918
8918
92
9612 964 Aug '111 -- 9612 99
Cal-An. 1st & ref 430"A"1962 111- S 06
S Fe Pres & Ph 1st g 5s__ _1942 111- S 1027s 104 1024 Aug '16 -- 10278 10112
9134 11 91
Atl Coast L 1st gold 4s
9438
h1952 M- S 904 9118 9134
8918 9234
Gen unified 430
1964 J -D 894 8968 8918 Aug '16
10644 10738
Ala Mid 1st gu gold Ss_ __ _1928 M- N 114614 10778 10638 June'16 _
Bruns & W 1st gu gold 48_1938 J - J 9238 9312 9414 Maw'16
9334 93
133 _ _ 12978 Aug '15 -Charles & Say 1st gold 75_1936 J 22 8312 8712
L de N coil gold 4s
84
01952 M-N 8334 84 8334
_ 11918 July'16 .__. 11918 8122
Say F & W 1st gold 6s_ _ _ _1934 A -0 116522
105/8
1st gold 5s
105 July l.
_
1934 A .
Sil Sp Oca & G gu g 4s._
1918 J -3 9914 9934 9918 Feb '16
9918 9918
9258 -5 924 9378
Bait & Ohio prior 330
1925 J .1 9214 9212 9213
92
_
9112 9238
92 June'10
Registered
h1925 Q- J
34 8973 9212
1st 50-year gold 4s
h1944 A 0 90 Sale 898
buts
8912 9114
Registered
h1948 Q - J
9412 73 9378 9858
9435 Sale
10-yr cony 430
1933
Refund & gen 5s Series A.1995 1:6 1()0% Sale 1094
10012 78 .9978 10134
Pitts June 1st gold 6s.._ _1922 J - J 108 109 112 Jan '12
P June & hi Div 1st g 330 1925 M- N 91
92
91 Aug '16 -- 91
PL,E&W Va Sys ref 4s_ _1941 M- N 854 Sale 851 2
8512 19 854 90
11 8934 924
90
Southw Div 1st gold 330_1925 J - 1 90 sale 90
Cent Ohio R 1st c g 430_1930 M- S 10018 10118 100 Apr '13
Cl Lor & W con 1st g 5s_ _1933 A -0 iu(358 _ _ _ _ 10738 Aug '16 -- 1074 10778
Monon River 1st gu g 5s 1919 F - A
101 June'16
101 14)1
2
Ohio River RR 1st g 5s.....1936 J -D i66.107 July'16 ....._ 19612 10733
General gold 5s
105 July'16
105 10514
1937 A -0
_ _ 11318 Feb '12
Pitts Clev & Tol 1st g 6s_ _1922 A -0 L1J611
Pitts & West 1st g 48
9012 9912
1917 J -3 940321 _ _ _ _ 994 Apr '16
Stat Isi Ry 1st gu g 430 1943 J -D
01 June'12
• -/
Buffalo R. & P gen g 5s
10834 Julr 16
10713 110
1937 M- S 1084
Consol 4(s
1024 July'16
10114 103
1937 PA-N (0114
All & West 1st g 48 gu
92522 Mer'16
,1998 A -0 9058
9258 9234
Clear & Mah 1st gu g 5s_ _1943 J - J 100 _ 1.031s Feb '16
Hos 10318
Roth & Pitts 1st gold Os_ .1921 F - A 10s
_ t. 914 Aug '16
10758 10914
_ _ 11() July'16
Consol 1st g Os
1922 J - D 109
10734 11014
Canada Sou cons gu A 59...A962 A - 0 1011s Sale 10113 102
10113 10434
Car Clinch & Ohio 1st 30-yr 5s'38 3 -D 94.3 90,8 9412 Aug '13
9512
92
Central of Ga 1st gold 5s_ _ _p1915 F - A 10753 - -- 10734 Aug 16
10713 108
Consol gold 5s
100 102
1945 M- N 1004 101 1004 Aug '10
8312 8412
Chatt Div our money g 48 1951 J - D
844 May'16
Mac & Nor Div 1st g 59_ .1946 J - J 103
10114 May'le
10134 10134
10404 Mar'15
Mid Ga & AU Div 5s
1947.j - J 10)
Mobile Div 1st g Os
103 -1624 Jan '1,
1024 10214
1916 J Cen RR & B of Ga col g 5s_ _1937 111-N 94l8 9534 94 Aug '16
07
- 94
Cent of NJ gen'i gold 5s_ _ _1987 J - J 115 11618 116
116 ---5 11534 11214
Registered
,h1987 Q J 114 116 115 Aug '16.- 113 11714
Am Dock dr Imp gu 513._1921 J - J 10313 104 10313 July'16
10314 -10334
Leh & andRivgen gu g 58_1920 J - J
-_ 100 June'13 -N Y& Long Br gen g 48._1911 M- S 9018
. 10012 Jan '13
Cent Vermont 1st gu g 4s_ _e1920 Q - F ---- 82
79 Aug '16 --- **I -86"
Chess & 0 fund & !met 5s_ _1929 J - J 0412 954 953s Aug '16
9412 95
1st consol gold 58
106
10484 10728
106
1939 M -N 105 _
Registered
103 1044
1939 M-N _ --- 104 1044 June'16
General gold 410
8934 25 89
9314
1992 NI- S 8913 Sale 8914
9012 Feb '10 Registered
9014 91
1902 51- S
20-year convertible 4 30.._1930 F - A 841-2844 8413
7 8413 59
8432
30-year cony secured 5s_1915 A -0 9233 Sale 923s
9238 83 9214 95
Big Sandy 1st 4s
_ _ 85 84 Aug '16 -- 8314 8.5
1944 J -D
Coal River Ry 1st gu 413._1945 J -D 82
8314 83 Mar'10 _- 83
8434
Craig Valley let g 5s
9034 Feb '16 __
1940 J - J 92 100
9634 9634
Potts Creek Br 1st 4s
8434 Jan '13.- - - - - - 1916 J - J
R & A Div 1st con g 4s_1939 J - J
- -5-734 83 Aug '10 __ -- £412 88
2d consol gold 4s
814 June'16.- 8141 834
1989 J - J 804 82
Greenbrier Ry 1st gu g 48_1940 M- N 88 ____ 90 Apr •14
Warm Springs V Ist g 5s 1941 NI- S
11314 Feb '15
ChIc & Alton RR ref g 3s_ _1949 A - 0 595 60s 6018
6018
57 - 601s
Railway 1st lien 330
4312
9 43
1930 J - J 4813 Sale 4812
5012
Chic B de Q Denver Div 4s 1922 F - A 997s ---- 9978 Aug '16
99 100
linsi
330
8412
5 8313 87
1949J - J 83 8412 8312
• No price Friday: latest-this week. d Due April, e Due May. 0 Due June.




91 A,g919

BONDS
N. Y. STOCK EXCHANGE.
Week Ending Sept. 8.

3'0 -

Price
Friday
Sept. 8.

Week's
Range or
Last Sale

•;,1,"1 •

Range
Since
Jan. 1

Chic Burl & Q (Con.)Bid
Ask Low
High No. Low High
Illinois Div 4s
1940 J - J 9412 9434 9434 Aug '16
937s 9633
Iowa Div sink fund 5s
_ _ 103 Aug '16
1919 A -0 1024
10214 1034
Sinking fund 4s
1919 A -0 9934 ---- 9934 Aug '16
9938 9978
Joint bonds. See Great North
5 9734 100
Nebraska Extension 4s__ _1927 M-N 9812 Sale 0812
9812
Registered
98
1927 111-N -93,3
96
,
98
3 July'16
Southwestern Div 48
_ _ 9918 June'15 --- 1921 M- S 66.72
Sale
4
General 4s
S
92 " (431958
30
23 Aug6
Chic & E III ref & imp 4s g 1955 J -j 25
'
3113
3 - -1 214 2511
26 Sale 26
U S 111tg de Tr Co ctfs of dep_20
26
20
10918 ---- 10713 Aug'16 --2
1st consul gold 65
1934
-! 11)1 10718
86
10 75
88
General consol 1st 58
1937 M- N 8434 86
864
82
Registered
1937 M- N *---- 85 82 May'10
82
2 75
84 Sale 84
84
U S Mtg 8, Tr Co etfs of dep
8538
---_ 8518 85 June'16 -- 74
Guar 'rr Co ctfs of dep
85
Fur money 1st coal 5s_ ___1942 F - A
Chic & Ind C Ry 1st 5s__A936 J - J 620 7-24
21
918 Sale 6
Chic Great West 1st 48
74
299
27318
42 MFeabY
1959 Al- S
6:
911363
4 ; 69
Chic Ind & Loulsy-lief 6s_1947 J -J 113 115 113 Aug '16 --- luta 115
Refunding gold 55
1047 - J 100 --..- 10038
10012 30 100 101
Refunding 4s Series C
1917 - J 8318 94
9528 Apr '11:7(7)
Ind & Loulsv 1st gu 4s__ _1956 J - J 0
8
58
5 Dec '15
Chic Ind & Sou 50-yr 4s_......1956 .3
89
-1 83
0V2
88
Chic L S & East 1st 4s.,._1969 J -D
9853 9712 Apr '16 ---- 9712 9734
Chicago Milwaukee & St P-aul9 8913 94
Gen'i gold 4s Series A_ _ _e1989 J - J 897s Sale 8058
897s
Registered
e1989 Q - J
9258 9258
2 9312 95'4
S
-a
-1-e- 6
Permanent 4s
1925 J -D
92
37%
8 F 1)9
'
3116
8
Gen dr ref Ser A 430___a2014 A -0 924 Sale 9134
9214 22 9112 9418
23 10512 110
Gen ref cony ser 11 5s____a2014 F- A 106 Sale 10513 106
1 78
8112
Gen'l gold 330 Ser B___e1939 J -J 80 Sale 80
80
90
1113
21
,
00
078
10112 14 10012 104
General 430 Ser C
e1989 J - J 101 10
4 90
25-year deben 45
1934 J .3
9012
93'3
8 Salo 10018
Convertible 435s
1932 J -D 1.5631003s 28 le0 10334
103 1037s
Chic de L Sup Div g 5s...-1921 J - .1 103 ____ 103 July'16
3
Chic & Mo My Div 5s-1926 J - J 105 __-- 105
105
1044 10578
1 102 10418
10278
Chic & P W 1st g 5s
1921 J - J 1027s 10318 10278
47 891s 9178
9113 0933
91
CM & Puget Sd 1st gu 43_1949 J - J
10012
Dubuque Div 1st s f 6s
10618 10788
1920 J -J
Fargo & Sou assum g 6s_ _1924 - J
102 Aug '16
La Crosse & D 1st 5s
1919 J - J
- 10.15-4
110
010
2
1778
s 1110
1 103 105
0i2
4
10314
%Via & Minn Div g 5s
171142 10314
1921 J - J 1
1706% jAuunge
_ 107 July'16 -- 10612 10714
Wis Vall Div 1st 6s
1920 J - J 107
1 10112 1017s
10113
Mil & No 1st ext 430_ _1934 J -D 10112
1014
10134 June'16 -- 101 10134
Cons extended 4s.,.,..1934 J -D 10112
Chic & Nor WestExt 4s1886-1926 F - A 95 _ _ 96 Aug '16 ---- 9518 9758
Registered
97 Apr '16
1886-1926 F - A
07
97
12 30 84
2 §Ze- 8013
General gold 330
1987 M- N te8
81
Registered
784 Jan '14 -p1987 Q- F
4
-6i12 95
931 -958
0418
9418
1987 M- N
General 48
- 9338 96
9334 Juno'16
Stamped 4s
1987 M- N
1987 M- N 111 1144 11234 Aug '16 -- 11214 11634
General 58 stamped
mil Jan 16 -- 1124 11213
Sinking fund Os
1879-1929 A - 0 110
_ 10913 Apr '16 -- 10012 10913
Registered
1870-1929 A -0 109
Sinking fund 5s
10434 Aug'16
1879-1929 A - 0 105
104 10434
Registered
10318 Aor '16
10312 104
1879-1929 A - 0 16418
Debenture 5s
1921 A-0 10214 1023-4 10214 Aug '16
10112 10313
- 102 101 Dec '12
_
Registered
1921 A -0
i0358 105
Sinking fund deb 5s
1933 51-N 101 104 104 Aug '16
__- 10333 10414 June'16
Registered
1033 M - N
10414 10.114
12014
12034 121 June'16
Frem Elk & Mo V 1st 68_1933 A - 0
121 121
904 Sep 09
Man GB/SeNNV 1st 330_1941 J - J •80
..
Milw & s L 1st gu 330- 1941 J -J *80
Mil L S & West 1st g 6s
1921
S 107 108 108 July'16
103 - 109
1064 Aug '16
Ext & imps f gold 5s.,..1929 F -A 106 _ _
108 10712
111/8 Dee '16
Ashland Div 1st g 6s
1925 51- S 11112
1:1212
11212 Feb 'Id
Mich Div 1st gold 6s
1924 J -J 11034
Mil Spar & N W 1st gu 48_1947 Ni- S 8912 921-3 0212 Aug '16 - 91
94
_ 10738 111ay'14
Northw Union 1st 7s g_1917 M- S 10114
109
St L Peo & N Vi 1st gn 5s..1948 J -J 1051s HIV 103 Aug '16
10212 Dec '15
Winona & St P 1st ext 75_1916 J -D 101
Chicago Rock Is' & Pac 8s._1917 J - J 10118 10112 11314 Aug '16
l01'4 10278
10118 10 101 102
Registered
1017 J - J 101 sale 101
13 82 87
83
fly general gold 45
1988 J - J 83 Sale 82
83
8414
Registered
1938 J - J *---- 8313 83 June'16
711s Sale 71
Refunding gold 49
7138 35 6334 7612
1034 A 30-year debenture 5s
5612 451 4112 6638
1932 J - J 55 Sale 5334
95
9712
Coll trust Series P 4s
1918 *1-N 954 9714 9714 Aug '16
5612 58
R I Ark & Louis 1st 430_1934 5153 Aug '1.(1
54
65'8
Bur C R dr N-1st g 5s1934 A -0 100 10118 9913 July'16
9734 100
CRIF&NW 1st gu 58-1921 A - 0 9934 ____ 1004 Mar'14
M & St L 1st gu g is
1927 -D
1
-663-4
9934
Choc Okla &0gen g 5.5_01919 J - J -664 Sale 9934
_ _ 9758 July'I 5
Consol gold 5s
1932 M-N
Kook de Des Moines 1st 55 1923 A - 0 6312 Sept'16
55 65
9, 71
St Paul & K C Sh L 1st 430'41 F - A 65 68 67 Aug '16
Hp,11878
Chic St P 01 & 0 con 6s
1930 J -D 117 118 11714 Aug '16
,
tio644734
1: 873
8734 Fell '16
Cons es reduced to 33-is _ _1030 J -D 91 _
Debenture 58
1930 51- 9 100 10038 100 Sept'113
too 103
1174 may 16
Ch St P Minn Ist g 63_1918 51-N 117
11713 11814
12958 May'09
North Wisconsin 1st 6s_ _ _1030 J - J 117
St P & S City 1st g 8s_ _ _1919 A -0 104 10578 10414 Aug '16
10458
:
6o
0
887;
10413
Aug
'16
1
115 .
Superior Short L 1st 5s g_g1930 01- S
10_787586
Chic T H & So-east 1st 5s_ _ _1960 J -D 08 80 85 Jan 14
Chic & West Ind gen g(3s_g1932 Q -01 10614 Sale 10614
10614
14
76
Consol 50-year 43
1952 J - J 75% 7534 7513
Cin TI & D 20 gold 43s_1937 J - J 91 _ _ -- Nis Jan '16
--80
1st & refunding 43
----1959 J -J
1st guaranteed 4s
1959 J -J 7518 ____ 78 Aug '16
_
25 Juiy'ls
Cin D & I Ist gu g 53_2_1941 51-N 40
88 Mar'11
4s
Find
g
1st
1923 01- N
& Ft W
gu
C
05 July'14
On I 8, W 1st gu g 4s_ _ _ _1953 J - J
043s Dec '14
Day & Mich 1st cons 430_1931 J - J
. 65 July'14
1935 J - J .
Ind Deo & W 1st g 5s
10713 Dec '02
1935 3-3
1st guar gold 55
"iskt 78 Aug '16
ifis .sf"
Cleve Gin C & St L gen 45_ _1993 J -D
1931 J - J 84.2 8713 8418 Aug '16
20-yr deb 430
8312 9014
9814 100%
Gen 55 Series 13
1993 J -D 97'8 9914 101:94 June'16
87
82
Cairo Div 1st gold 43
1939 3- J 85 Sale
5
8
75
638
76
43
1'
8
7513 7713
Cin W & M Div 1st g 4,43_ _1991 J -J 744 765s 8
79
8413
St L Div 1st coil tr g 4s_ _ _1990 M- N 8034 8134 8034 Aug '16
824 Mar'14
Registered
1990 01- N
13
Spr de Col Div 1st g 4s_ _ I940 M- S 83 ____ 8613 June'16
8434 Jan 'in
W W Val Div 1st g 4s_
1940 J - J
105 10534
86
5:: 10
8534 4 10.5 Juno'16
1920 M-N 10
C I St L de C consol 6s
9118 024
1st gold 4s
k1936 Q- F 9213 ---- 9212 Aug '10
•
k1936 (3- F *9014 ---- 8812 May'15
Registered
jeali 10213
Cin S & Cl con 1st g 5s_ _ _1923 J - J 102 _- 10213 Mar'16
11818 11618
CCC&I gen con g 6s_1934 J - J 11618 __-- 11618 June'16
94 July 08
Ind B & W 1st pref 4s_ _ _1940 A -0 85
0 Ind & W 1st pref 5s.,_d1933(3- J
63 77
-7612 Jui377
15
Peo de East 1st con 4s____1940 A 23
38
32 34
3618 July'16
Income 4s
1990 Apr
5 9934 10113
0934 10012 9932
100
Cleve Short L 1st gu 430
1961 A 758
164
137
8
7
Aug
'16
13
Col Midland 1st lc 4s
1947 J - J
0
1534
97s 7 Aug '16
Trust Co certfs of deposit
3 00 9314
9018 01'4 914
9114
Colorado & Son 1st g 4s__1929
835s 19 821s 8718
Refund de Ext 430
1935 M-N 8238 8312 83
10434 10618
Ft W 4, Den C 1st g es-1921 J -D 10414 105 10134 Aug '16
95
Conn & Pas Rlys 1st g 48-1943 A 90 -64:" Feb '1(1
1952 J -J
Cuba RR 1st 50-yr 5s g
Del Lack & Western894 87
Morris de Es 1st gu 330 2000 J -D ___ 8678 8534 A ug '16
10658 1094
N Y Lack dr W 1st 6s__ _1921 J - J 1065s 10712 107 Sopt'16
10234 104
Construction 5s
1923 F - A 10234 1034 10234 Aug '16
9813
98
Term Ar Improve 4s
1923 51-N 9714 9838 9312 July'10
Warren 1st ref gu g 330 2000 F - A 84 -- 02', Feb '03
103 10412
Del & Hud 1st Pa Div 7s......1917 M- S 10234 ---- 103 Aug '10
1041,1002
1044 Feb '16
1917 M- S
Registered
Due Deo. s )ptiou sale
Due July. k Duo Aug. o Due Oct. V Due Nov.
--

90

gg86
543, 8484

A

SEPT. 9 1916.]
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept:8.

New York Bond Record-Continued--Page 2
Z%3
Price
t
Friday
zt
...k *. Sept. 8

Week's
Range or
Last Sale

'11
''')

Range
Since
Jan. 1

BONDS '
N. Y. STOCK EXCHANGE.
Week Ending Sept. 8.

Friday
Sept. 8

923
Week's
Range or
Last Sale

Range
Since
Jan. 1

Ask Low
Bid
High No. Low High
Ilioh No. Low High
Bid
Ask Low
Delaware di Hudson (ConnLeh Val Coal Co 1st gu g 58_1933 J - J !Of! 1022.
1922 J - J 10012 10114 10118 Aug '16 ---- 100% 102
6 104 Aug '16 ____ 104 1084
1st lien equip g 430
Registered
1933 J - J
1943 M-N 9858 9914 9812
9818
2 9614 9934
105 Oct '13 _ ..............
1st di ref 48
1st lot reduced to 4s
1933 J - J 92 _-__
.
_ _.
1935 A -0 10573 Sale 10578
10578 12 105 108
20-year cony 58
Leh & N Y 1st guar g 4s
1945 M- S ____ _-_- -9i1874 8634 Aug '10 ___ 8514 88
_1940 A -0 86
4 July'16 -- -i9-14 -65Alb di Susq cony
Registered
1945 M- S
let 78_1921 M-N 11218 _- 11234 July'16 -- 11234 113
Renss dr Saratoga330_8 _::_ iiiii- JuiiJ,I6
7778
78
31 76
10478 10634
794 Long lsid 1st cons gold 58__h1931 Q - J i65-3Deny & It Or 1st con g 48..1936 J - J • 7714 78
1936 J - J 83
h1931 Q - J 94 _
1st consol gold 4s
84
83
_ 9414 June'16 ---- 9414 964
86
1 83
83
Consul gold 430
General gold 48
1938 J -D 85
88
88 June'16 - - 86
90
Improvement gold 53-1928 J -D 803 8234 83 Aug '16 ..- 784 85
Ferry gold 430
1922 M- S -- 9918 9938 Apr '16
-- 7 :
68
--_1955 F - A 68 Sale 67
18 M112 73
994 9934
1st & refunding 58
8712
1932.3 -D ..--- -. - 994 Oct '06 ---5 871 88
Gold 48
8713
.
_
Ej0 Or June 1st gu g 5s 1939 J - D 8513 95
Unified gold 48
1949 M- El 83 89
8412 July'16 __-- -844
2_
1940 J - J 3418 ---- 6111 Apr '11 --__
Rio Or Sou 1st gold 4s
iii a5.4
1934 J -D 94
90
Debenture gold 5s
96 Aug '16 ---- 96
35 June'16
97
1940 J - J 3412
Guaranteed
8614 Aug '16 ---- 864 9014
Guar refunding gold 413_1949 M- S 8614 87
73
1939 J - J 7318 7434 73
1 73
Rio Or West 1st g 48
7811
1949 IM- 8 i02.- :--_
Registered
___ 96 Jan '11 ___ _ _
84
62 Aug '16 -__ 62 6611
Mtge & coil trust 4s A-..1949 A -0 00
NYB&MB1steong58.1935 A-0
10313 Mar'16 ..- 10112 joiti
__ . .
Utah Cent Ifit au g 48_0.917 A -0 94 ....„ 90 Apr '14
1927 M- S ____ 10214 10214
10214
N Y & R B 1st gold 5s
4 10214 103
99
Des Moines Un Ry 1st g 58_1917 M- N ---- ---- 99 Sept'16 ____ 99
Nor Sh B 1st con g gu 513_01932 Q- J 98 __ .- 100 Aug '16 ---- 9978 102
85
90 Jan 10
__ 90 90
Del di Mack-lst lieu g 4s 1995 J -D 76
1927 M- S 91
Louisiana & Ark 1st g 5s
9638 9712 July'16 ---- 88
80
75 July'16 ____ 75
974
85
1995 J - D 75
Gold 48
Loutsv A Naggv gen 68
19302 -D 112 1144 112 Aug '16 __-- ,
113
134
38 19
16
Det Riv Tun-Ter Tun 4301961 MN 9012 9078 9078 Aug '16 ____ gON 94
3
1937 1W-N 10834 110 109 Aug '16 ____ 1083, 11012
Gold 58
Dui Miasabe & Nor gen 58.._1941 .1 - J 103 --- 104 Apr '16 --. 104 104
9312 21
1940 J - J 934 Sale 9338
Unified gold 4s
1- 10134 Aug '16 _ -- 10134 1031.
1937 A -0
Dul & Iron Range 1st 58
9318
5 93
9318 934
9318
1940 J - .1 92
Registered
1937 A -0 ------- 106 Mar'08 ..
_
Registered
1931 M- N 103 10414 104 Aug '1c ____ 10378 loot,
Collateral trust gold 59
Dul So Shore dr Atl g 5s.. _1937 J - J 92
93 Aug '16 ___- 9212 95,;
93
1919 J -D 10734_..__ 10758 Dec .15
E H & Nash 1st g 65
Elgin Joliet & East 1st g 5s,,1941 M-N 102
10314 May'16 -__ 103 104
2 100; 162 L Cin & Lox gold 430_1931 M- N 10112 ___ 101
10134
10834 10832 10834
Erie 1st consul gold 78
2 10834 11131
1920 M S 10813 --_1930 J - J 11312 _ _ 11418
11418
NO Sc AI 1st gold 68
1 114 1164
N Y & Erie 1st ext g 48-1947 M-N 9512 ____ Nis Aug '16 ____ 9012 961:
1930 J - J 107 10914 1094 May'15
2d gold Os
1910 M- $ 102
__
2d ext gold 58
1014 June'16
_ 10178 1021,
____ 884 -9-64
Paducah & Mem Div 413_1946 F - A 87 89313 8812 July'16 ----.
3d ext gold 430
1923 NI- S 100 _..... 100 Aug '16 ---- 100 100
St Louis Div 1st gold 68_1921 IN- 5 10618 10734 108 Apr '16 ---- 107 1084
4th ext gold 58
1920 4. -0 1014 102 1011z Aug '16 -__- 1014 102'1
1980 M- S 6112 6314 6334 June'16 _--- 61
2d gold 38
94 Nov'i.
64
5th ext gold 4s
3 -1.2 91
1928 ..
3 8512 90
All Knox & Cin Div 42_1955 M-N 854 8618 8512
8578
N Y L E & W 1st g fd 78...1920 wl- b 10818 509 108 Aug '16 ___ 108-- Ill
All Knox & Nor 1st g 58_1946 J - D 10712 -- 111 Jan '13 ---83
Erie 1st con g 4s prior_
1996 J - J 83 8313 83
1 83 861,
1996 J - J •____ 84
Bender 13dge 1st s f g 6s 1931 M- 5 10628 ____ 10814 June'16 ---_ ii;61; 107 80 Oct '15
•
_ ..,,.
Registered
Kentucky Central gold .18_1987 J - .1 88713 89
8834 Aug '10 ---- 8736 8918
7238 22 71
77
1996 J - J 7212 Sale 71
1st consol gen lien g 48
Lox & East 1st 50-yr 58 gu.1965 A -0 10078 Sale 10078
15 100 10178
1007
1996 J - J *70 _- 7212 June'16 ____ 7212 761
Registered
8938 891s Aug '16 ____ 894 90
L&N&M &M lstg 4301945 M- S 9934 10012 101 July'16 _--- 994 101
1951 F - A 89
Penn coil trust gold 45
781
6912 6912
L & N-South NI Joint 4s__1952 J - .1 78% 80
4 69
7914
6912
7914
1 771a 82
50-year cony 48 Series A 1953 A -0 67
95 Feb 05 ---7212 29 70
Registered
Series B
1953 A -0 7212 Sale 714
do
84
.713 106 Aug '16 __-- I99 lifiN Fla & S 1st gu g 5s
85
Gen cony 48 Series D
1952 A -0 85 Sale 85
F- A
29 84 8812
4
V19
9352
7 C1.1 iii58 i65
1071
10614
1004 Aug '16 _- 10534
N & C Mtge gen go g 930_1945 .1 - J 9734 .. _ __ 9758 May'16 ---- 9734 97%
Chic & Erie 1st gold 53-1982 M-N 10558
_
Penne & Ati 1st gu g 6s, 1921 F - A 1084 109 10814 May'16 --- 1084 108138
Clev & Mahon Vail g 58-1938 -I - J 10338 ---- 1.111 kei. '15 _
S & N Ala cons gu g 5s _1936 F - A 10612 .
12112 1231
1081* July'16 ---- 1054 10818
Long Dock consol g 68-1935 A -0 12234 ---- 123 July'16
Gen cons gu 50-year 58_1963 A -0 101 10112 10118 Aug '16 -_-- 1.0..1. 73:4_
Coal & RR 1st cur gu 6s 1922 M -N 10118 104 102 Mar 16 .... 102 102
L & Jeff Bdge Co gu g 4s..
....1945 M- S 79 ___- 8118 Apr '16 --- 8018 8212
Dock dr Imp 1st ext 58_1943 J - J 108 --- 106 Aug '16 ____ 10258 106
. _......__,_ 1034 Aug '12.-- ---_
Manila RR-Sou lines 4s_ __19361m- N ..... 79
NY & Green L gu g 5s..-1946 fr -N
Mex Internat 1st cons g 4s.._ 1977 NI- S ------- --77
7:1;....T..:56 --__ ....... _...._
51 - 0
9. May'16 ---- 9912 99
_
N Y Susq & W 1st ref 5s 1937 3_, - J. ---- 97 9
_
_ __.
1937 F - A ...- ..„- luu.4 Dee '06
Stamped guaranteed
1977 M- S _... __
1 79 Nov'10 -- ___ ____
2d gold 430
77 Aug '16 -._ ii 81
Midland Term-lst s f g 58_1925 J - D --- -- 110
78
1940 F - A 77
09 General gold 5s
& St L 1st gold 78____1927 J -D ---- 11512 1
1943 MN 10512 --- 10518 May'16 .._. 10512 10512 M
115 iii--in
Ma
Terminal 1st gold 5s
_.
rsat sscsifsicEsr t go
1940 A-0 104 ---- 11112 May't, .. _.
5sid 6s_ _ 1921 A -0 *---- 103 103 Aug '16 --- 103 1034
Mid of N J 1st ext 5s
- 90
854 83 July 16 __ 9278
gold
-04 6
85
8878 89 Aug '16 -- 5
Wilk & Eas 1st gu g 5s1942 J -D 82
94
0
EN,a hid 1st con
.
J - J.
_.
40 106 Ma3'12 .. _
1st & refunding gold 4s_ _ _1
3 5234 6912
S 5978 Sale 594
194
39
4 14- N
60
Ref di ext 50-yr 58 Ser A 1962 I"100 • 102 101 Aug '16 --__ 90 101
57
2
Evansv & 1' H 1st eons 6s 1921 4 - 4 ...
1942 A - 0 83 ---- 63 May'16 __ 63 63
Des M & Ft D 1st gu 4s1935 Q
.I -------55
J -- F
12 5
67
0 Feb '15 ---,
1st general gold 58
_ ---- 1b8 No3
,
11 ___ ___ ___
Iowa Central 1st gold 58 1938 J -D
3 -8612 -54
Mt Vernon 1st gold 6s
1923 A -0
864
864
95 June'12 ..... ..
Refunding gold 48
5 5112 00
57
1951 IN- S 5612 Sale 5518
Still Co Branch 1st g 5s
1930 i. - _.9 - • -- -9314 93
93
14 9112 9318 M StP&SSM con g 4s int gu_1938 J - J 9112 9178 92 Aug '16I --- 9114 9878
Florida E Coast 1st 430-1959 3 - u
1st Chic Term s f 48
_
Fort St U D Co lst g 430_1941 .1 - J -------. 92 Aug 10 .......
1941 M- N 85 .,
9714 June'12 --M 8$ & A 1st g 4s Int gu_1926 J - J 97
-2 97 -59.9718 97
97
1928 J - J, 13613 704 6812 Aug '10 -__ 6114 69
Ft W & Rio Or 1st g 4,3
Great NorthernMississippi Central 1st 5s__ _1949 J - .1 9212 9312 9212 July'16 ---- 90
9278
1921 J - J 9734 Sale 9734
04 9758 99
98
C 13 & Q coil trust 98
Mo Kan & Tex let gold 4s 1990 .1 -D 7318 7334 7334 Sept'10 -2
-8
- 7
4
24 784
50
7
977s 9713 Aug '16 ___
1921 Q - J 97
Registered h
9711 ON 4
2d gold 48
45
4512 45
01990 F - A
4534
1st & ref 43ts Series A
99
1961 J - J 9812 99
99
b 99 100 2
1st ext gold 58
38
3878
4 3.87s 5218
1944 M- N 32
3878
1961
J
J
__ _
96 June'16
Registered
1st & refunding 4s
61
61 Aug '16 ---- 61
2004 M- S 59
62
9714 96 Aug '16 __ 96 -97'
1933 J - J 96
St Paul M & Man 48
Gen sinking fund 430_1936 J - J 41
4 36
42
48
42
41
1st consul gold 613
St Louis Div 1st ref g 4s2001 Adi0 37 ---- 37 Aug '10 ---- 37
1933 J - J 12018 12034 12014 Aug '16 ____ 12014 122
46
1933 J - J __,,._ ..,, 1194 Aug '16 ........ 11934 121 2
Registered
Dall & Waco 1st gu g 5,_ _1940 M- N 66 ---- 9934 Ow' 13 --f931
:
:
4784 -8
8 ________ 60
Kan City & Pac 1st g 0_1990 F - A 65 ___
Jtstigy:116
Reduced to gold 450.1933 J - J 10214 10234 10234
72 A
10234
5 10134 103.4
1933 J - J _ .. . _-_ 1024 May'16 -- 10212 102 2
Mo K & E 1st gu g 58.._ 1942 A 0 72
Registered
8312 8312
iM
s4 K act
98 Aug '10 ___ 0512 97.4
Mont ext 1st gold 48-1937 J -D 954 96
u
gaurg5s
5;3: 1j94261-N 60 65 66 Aug '16 ---- 54, 67
1
Tot
1937 J -D _.__ 90
70
904 Mar'16 _--- 981z 901 2
7012 70
NI- S 08
Registered
Sher Sh di So 1st gu g 58_1942 J -0 5012 53
5012 Aug '16 ---_ 504 504
Pacific ext guar 48 E__ -1940 J - i 8352 ---- 8512 Nov'15 __ .
.f,
Texas
924 Aug '16 ---- 9214 93
63
(
1srteg
ou
E Minn Nor Div 1st g 48_1948 A -0 9258
rggc
5135..1943 NI- S 50
.
5734 5018 Aug '16 -- - - 49
Pacific
Qkla
Minn Union 1st g 68
10978 1093s June'16._ 1094 109
1922 J - J 1084 --' M1:ko ur1d'
1937 J - J 22
1-t & refunding 54 wh I-is --------90
12234 Aug '16 -.12234 123
Mont C 1st gu g Os
9212 9212 Aug '16 ---- 9213 9314
1937 J - .1 ---___.. ----13814 vt...0.gs -..
6358 6478 635/3
Registered
General 4s when Issued
63% 15 6353 6513
1937 J - J 1094 110 10938 Aug 16 ___ 10914 110;4 Missouri Pao 1st cons g 68
1st guar gold 58
10134
2 100 102
1920 m-ii 10134 Sale 10134
TrR
Registered
usetgg
1937 J. - A
isotledred
- ,_-_-_.
5sstamped___a1917 NI- S 9934 _-_- 9914 Aug '16 ---- 8914 Ws
---, • - •
Will & S F 1st gold 58._1938 3 -1-1 1094 11114 1093-4 Aug '16 ---- 10934 ii.018
_
a1917 NI- 5
74
774 75 Jan 16 ...
Green Bay & W 11th ctfs "A"____ Feb
75
70
1stRceogysatteerreadl gold 5s
-il2 8
92
512°
2
A
"
ug '16
5:
1920 F - A 9418 -9
:
:- 8318 -56.11112 12
Feb
1112
Debenture etts "131112
141
6 11
.
____
_ _
1920 F - A _ _ _
8418 July'111 _--- 844 88
:
Gulf & S 1 1st ref & I g 58_61952 J - .1 8512 87
40-year gold loan 40
4918 4814
4814 11 -i912 -id1945 IN- S 48
Hocking Val 1st cons g 430-1999 J - 1 908 9134 9078 Aug '16 __ 9014 90
4812
1st & ref cony 5s
5 40
5158
1959 NI- 5 4814 4934 9812
1999 J - J --------9734 Jan '14 ___
Registered
3d 7s extended at 4%193$ M- N 81
82
82 MaY'In -82
82
87%
3 -if - -ii
Col & H V 1st ext g 48_ _1948 A -0 8758 Sale 8758
Boonv
Feb
'13 ---- ___- ___--------100
St
L
&
A
S
F
gu_1951
1st
58
.
955
F
A
88
---87
Aug
'10
____
Col 213 Tot 1st ext 40
Cent Br Ry 1st gu g 4s_1919 F - A---- 68 6
Au
ss
g .13
16._.- 50
712 D
77
6 87
67
Houston Belt & Term ist 58_1937 J - J 87 ---- 944 Feb '15 __ _8
Cent Br U P lat g 48
.. _ _ _
1948J -D
Illinois Central 1st gold 48_1951 J - J 9712 ....- 9712 Aug '16 _-_- 9612 -07 8
Leroy & C V A L 1st g 58_ _ 1926 I - J --- - 18
19
04 Mar'05 ___
1951 J - J ... -„• 92 Aug ii,
Itegletered
Pao Rot Mo 1st ext g 4s 1938 F - A 8912 Sale
12
- -89129i -171i1951 J - J a458 8512 8534 Aug '16 -_--_-_ -g3
3,
1st gold 330
2d extended gold 5s_ _ _ _1938 J - J 101 __-- 10018 July 16 __. :
1_4068i8:31: 11_10
00
0:f
:
:
1951 1 - J 8212 ---- 83 Nov•15 _Registered
24 o
101
St L Ir NI & S gen con g 58.1931 A -0 101 Sale 10018
A
0
8318
90
843
4 Feb '10 ..-.-.- -8434 -id38
1951
Extended 1st gold 330
Gen con stampgu g 5.s_1931 A-0 -- --. 102* J'ly '14 ___
1951 A -0 824 ---- - Registered
2
82
Unified & ref gold 4s
1929 J - J 8034 824 82
1st gold 38 sterling
1951 1- S
'
412
Registered
.
478 Oct7
8
70
1951 M- 8
Itegistered
Illy &0 Div 1st g 4s
M:N
j -if- ""i'
j
2
3
3
9
1
9
881-2 8734 Aul'ili -_-_-_-_ -83 - -9112
1952 A -0 88
Coll trust gold 40
Verdi V I & W 1st g 5s
1926 M- S 77 --__ 87 Sep '15
1952 A -0 ------ 954 Sep 32 __. 1 _ .
Registered
Mob & Ohio new gold 6s__1927 J - D 112 1134 11212 July'16
1 11.2 Hi
-8938
1955 rd- N 89 Sale 89
1st refunding 48
3 gm 9113
1st extension gold (ls___h1927 Q - J ____ 11114 109 Feb le
8111 811s June'16 _
1952 J - J _.
Purchased lines 330
83
General gold 48
7518 July'16 ---- 76
76
1938 1(1- S 75
81
7614
8518
854 Aug '16 __ 8518 8714
L N 0 & Texas gold 48.-1953 M- N 8312
Montgomery Div 1st g 513_1947 F 'A 994 9973 102 Feb '10 ---- 102 102
Registered
St Louts Div 55
1953 M- N 8213 ___ 81 may'19
RP Dec '15 ---1927 J - D 90 94
D
89
---904
J
Cairo Bridge gold 4s
1950
June'16
St L & Cairo guar g 4s___ _1931 J - J 87 _- 8812 Apr '16 _--- 884 8834
'90 9212
Litchfield Div 1st g 3s_ _1951 J - J _.,, --. 74 Pet '14
Nashv Chatt & St L 1st 5s. 1928 A -0 10512 10714 10512 Aug 16 --- 10334 10712
-. Louis,/ Div dc Term g 330 1953 J - J
80 7834 July'16 _. m4 81 4
Jasper 13ranch 1st g 6s
1923 J - J 10734 --- 11014 Mar'16 ____ 1104 1104
-------83 AU,. '12
1953 J - J
Registered
McM M W & Al 1st 68......1917 J - J 10u4 ---- 10034 July'16 __-- 10034 1014
Middle Div reg .58
1921 F - A 101 ---- 102 June'16
T di P Branch 1st 68_
1917 J - .1 10018 ---- 113 July'04 --_ _
10114 102
Omaha Div lei gold 38
1051 F - A 6618 71
70 Aug '10 ____ 70
71
Nat Rys of Mex pr lien 430.1957 J - J :
---- 3014 Aug •16 ---_ 30 -3-614
Et Louis Div & Term g 38_1951 J - J -._ - '76
35
6812 Sep '15 _ ..
35 Aug '16 ____ 35
Guaranteed general 4s___.1977 A -0 *---- 70
. Gold 330
1951 J - J _ __ !.116 Jan '16
8118 81 18 Nat of Mex prior lien 430_1926
9678 Feb '13 .
Registered
1951 J - J fij
80 June'16 ...._ 80
'15
1st
1951 A -0 30 ---- 30 Aug
consol 48
80
„
Springf Div 1st g 3301951
_
2 - J 79 80
7834 Jan '10
41, May'15 ... ---55
7834 7834 N 0 Mob & Chic 1st ref 58 1960 J - J
Western lines 1st g 4s
1951 F -A 8812 ____ 9012 May'16 ____ 89 9012 New Orleans Term 1st 4s
71
71 Aug •I6
1953 J - .1 68
69
71
Regititered
1951 F - A
N Y Cent RI( cony deb 613_1935 M-N 11214 Sale 1111, 11238 762 41. 11778
Bellev dc Car lot 6s
1923 .1 -D :...-.-- _-:-_-- iifi ma7iii ---8212 84 8:
8112
Sale
Consol
8214
-___
413
A
F
Series
--1998
A
--8312 4
886258
carb & Shaw 1st gold 48_ _1932 M- S 8.1 - ___ 944 Joy '12
- --- :7
ef & imp 93 -A"
9212 70 92
R0
9538
2013 A -0 9214 Sale 9214
Chic St L & N 0 gold 58_1951 J - D 10634 --_ 10634
10634 -1 1063-4 109
N Y Central & H R g 330_1997 J - J 82 Sale 82
. 8158
8212 .4_3
76
Registered
J
-D*105
1951
-- 114 Feb '11 _
8218 81% Aug lo.
1997.3 - J 81
Registered
•
1951 J -D ---. ---- pa Oct '09 _-_-_._ ---Gold 330
_ ___ 9214 37 8934 934
Debenture gold 4s
1934 111-N 8934 9012 8934
_
1951 J -D
Registered
90 J une'16
_. $1
90
Registered
1934
10012
10018
Joint 1st ref 5s Series A-1963 J D
10612 i561-2 ---3 ioo- - 10318
Lake Shore coil g 330
- A 7414 7413 7414 Aug '16 ____ 74
1998
F
314 78
934
Memph Div 1st g 4s-1951 ./ - D ____ 00
8678 Dec '15 .. _
434 76
45
1 777314 Aughl166
199$ F -. A 75
Registered
--- _
8712
1951 J - D
Registered
Cent
coil
Mich
gold
3318...1998
8034
75
--.
----_--j
,
i
y
(
A
-,.
9312 pg'
St Louis Sou 1st gu g 45_ 1931 M- S ___
7I,
772,
77 Apr '16
1998 F - A 73 '77
Registered
1950 J - J 8813
- _ _ 914 ADr '16 _ ..._ 'eti - -5212
Ind III & Iowa 1st g 45
_
Battle Cr & Stur let gu 38_1989 J - D 60
_- __
Int & Great Nor 1st g (W....1919 M- N 9514 99
9518 Aug '16 _-___ 95
984
9413 9612
Beech Creek let gu g 913_1936 J - .1 944 9512 gg itifii
James Frank & Clear 1st 48_1959 J -D 8914 90
8918
894
1936 J - 1 9211 95 99 May'l 1
Registered
9 8912 0212
Kansas City Sou 1st gold 38_1950 A -0
l
68 •
68
1936 J - J 10212 ____ 109 May'16
109 i_6
2d guar gold 5s
.."-1Registered
1950 A -0 ---- ----63 Oct '00 __ 1 6634 -71
..._ -___ --__
Registered
_..__
- Ref & !mot 5s
Apr 1950 J - .1 8912 Safe 8912
00
1 j- j
93
56
Beech Cr Ext 181 g 330_619
if) .8934 -91
_
Kansas City Term 1st 48-1960 J - J 874 8718 8712
8712
6 853 gu 18
1981 J - D 88 91 -ill JuL.i6
Cart & Ad 1st gu g 48
88 88
Lake Erie & West 1st g 511_1937 J - J 9858 _-_- 9814 Aug '16
G
mosuilv:Oswe 1st gu g 58 1942 .1 -D 105 --.
---- 9614 1(8 12
211 gold 58
1941 J - J 81
84
81 Aug 16 ...._ 75 81
48_1991
miiii6
Ili'
Mal 1st gu g
North Ohio 1st guar g 58....1945 A - 0 72 _. _ 98 Mar'14 _
N J June It guar 1st 413.._ _1986 F - A ____ ---- 8914 Feb '16
94
8914 -1;
89
4.14
Leh Vail N Y 1st gu g 430 1940 J - J 10058 102 10058 Aug '16 ....--_-_ 1
N Y & Harlem g 330_ _2000 111-N 83 --- 85 ). 10•15
_
.,
0034 101
Registered
1940 J - J ---- 9934 1004 May'16 __ 1004
1051z Mar16
N Y & Nor hern 1st g 58_1923 A -0 10534 __
102
10512 1051
,
Lehigh Vail (Pa) cons g 413._2003 M-N
91
9012 Aug •16 _
894 91 14
88
N Y & Pu 1st cons gu g 4s 1993 A - 0 88 9014 88 Aug '16
918
General cons 430
9912 9934 9934
2003 M-N •___9934 '' ii 9914 101 t.
Pine Creek reg guar 68_ _-1932 J -D 11834_.. 113 N,ay'lb
Leh V Teem Ity 1st gli it 58_1941 A -0 11218 ____ 11134 Aug '16 __ 1ln 112 16
2
10338 i041h1922 A -0 103 ---- 10338 Aug '16
R W & 0 con 1st ext 5s _ _58
Iteelatered
loll A - 0 *tin.
1 )11..lunc•i••
lin. 111
It w A- 0T R lqt gll a 58. 19IR M-N 102 __-- 109 June'19
g
,
g 0,......1,20

-81;

.6.

-- --

.
,

igtesi bltland Alma tills week. a Due Jan, CO Due Neb.
• No pr be Fri
DDue Nov. s Option sale.




d Due APrIl.

Due May. o Due June. k Due July. k Due Aug. o Due Oat,

924
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 8.

New York Bond Record—Continued—Page
Price
Friday
Sept.8.

Week's
Range or
Last Sale

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 8.

Art

[VoL. 103.
Price
Friday
Sept. 8.

Week's
t are
Rang
Rangr

Range
Since
Jan. 1

N Y Cent dc II It RR (Con.)—
Ask Low
Ski
High No. Low High
Bid
Ask Low - - High No Low High
Rutland 1st con g 4125 _ _ _1941 J - J 80 854 8134000 '15
Peoria dr Pekin Un 1st g 6s_ _1921 Q- F 100 ---- 102 Nov.15
Og & L Chain 1st gu 45 g1948 J - J 6814 ---- 69 Aug '16
2d gold 4340
-66.- -6481921 M- N 87 -- 87 Mar'16
87
87
Rut-Canada lit gu g 4s-1949 J - J 67 ---- 92 Juue'011
Pere Marquette—Ref 4s____1955 J - J 2012
14 Apr '16
14
14
St Lawr & Adir 1st g 5s-1996 J - J 96- loo Oct '15
Refunding guar 48
1955 J - J --- -- 2012 Aug '16
14 204
120 11918 Mar'12
2d gold 68
Chic & \Vest Mich 55
1996 A 1921 J -D 8518
83 85
85 June'16
Utica & Bik Rly gu g
A
974 9712
9712 July'16
J - J 9734
10258 106 10112 Aug '16
Flint & PM gold (1s
1920
101 105
- 8434 Aug '16
77
Lake Shore gold 3128
83
8358 86
1st consol gold 5s
1997 J -D 8312 8434
74
1939 ▪7512 Apr '16
76
_ 8358 July'16
Registered
Pt Huron Div 1st g 5s 1939 A -0 38
48
83 8334
88 Jul y'11'
1997 .1 -D
17
Debenture gold 4s
9514 95
9438 96
9514
Sag Tus & H 1st gu g 4s 1931 F - A
1928 M- S 95
9412 24 9334 9514 Philippine Ry 1st 30-yr 8 f 4s 1937 3-i
25-year gold 4s
_ 49 -E6- Apr '18
51
1931 M-N 9412 Salo 9.112
50
9458 Feb '16
Registered
10618 Aug '16
9458 Pitts Sh & L E 1st g 5s
1931 M-N
94
10618 1064
1940 A Ka A dr 0 R. 1st gu a 5s__ -1938 J - J
11314 Nov'll
1st consol gold 5s
1943 J - J
1O11 Dec '15
Mahon C'l RR 1st 5s
a4
le13 9478
Reading Co gen gold 4s
1934 J - J 1111-2
8
9532 70 .114 -9111997 J- J _9514 S9
103 _
Pitts & L Erie 2d g 5s_ —a1928 A 103 July'16
9414 June'16
102 laRegistered
9234 95
1997 J - J
Pitts McK & Y 1st gu 6s1932 J - J 11512 —__ 13018 Jan '09
96 Aug '16
.
E
334 9
Jersey Central coil g 4s
9418 9714
1951 A -0 9
2d guaranteed 68
Atlantic City guar 43 g---1951 J - J
1934 J - J 11312 ..-- 1234 Mar'12
McKees & B V 1st g 68_1918 J -J
St Jos & Or !Ed 1st g 45
687 July'16
59 -81781947 3-3 694 73
1-681; Aug '16
Michigan Central 5s
8
St Louis & San Fran (reorg Cos—
1931 IW- S i1311Registered
Prior Lien ser A 4s
1931 -M 10412 _- 105 July'16
6834 36 684 714
1950 33 8778 Sale 6778
4.1
98 Apt '12
Prior lien ser B 5s
1940 J - J 9018
83% 10 8378 88
1950 J - J 8378 Sale 837
87 Feb '14
Registered
85
191 74
1940 J - J
Cum adjust ser A Os
84
1955 J - J 8312 Sale 8314
J L & S 1st gold 330-1951 M- S
90 June'08
218 39
5314
Income series A Os
5512,
55
1960 July
2 -8212 "fig- St Louis & San Fran gen 88_1931 J - J
824
2 -OE 8212
1st gold 350
1952 rd-N -5511 109 113
113
113
84 8658 8614 July'16
20-year debenture 4s_ 1929 A 1 086114 950:32
812
8314 107
8. ;
3 10214
General gold 5s
10214 10 10078 10314
1931• J 10
92
N Y Chic & St L 1st g 48 1937 A 92
9114 93
St L & S F RR cons g 45_ _1996 J - J 7812
6812 78
78 May'16
Registered
2 4534 73
---- 9034 Aug '16
9034 9334
73
73
1937 A General 15-20-yr 5s_ _...1927 M-N
Debenture 4s
7934 80 Aug '06
115 46 73
7312 73
80 8434
70
1931
Trust Co et:5 of deposit_ __73
9012
8978 Sale 8912
West Shore 1st 4s guar.._ _2361 J - J ---68
6 8714 93
72
9 4314 70
70
70
do
Stamped_ _
924 Sale 9212
Registered
1 89
8678 90
93
Southw Div 1st g 5s
2361 J - J 8712 8812 8838 Aug '16
9212
1947
N Y C Lines eq tr 56..1916-22 M- N 1004 -- 1004 June'16
81
19
00
03
6714 82
1: 10
,
0232
79 Aug '16
Refunding gold 4s
1951 J - J 78
9934
July'16
9914
_
Equip trust 4As__.1917-1925 3-3
8034 Mar'll
Registered
1951 J - J
9 9712 10018
NY Connect 1st gu 4 ii3A.._1953 F - A 9812 91/111 9814
9878
8014 Sale 80
8014 15 -8i3-8 -65Trust Co ctfs of deposit-N Y N 11 & Hartford—
7312 75
73
6114 7512
734
do
Stamped_ _
Non-cony deben 45
801 8114
S 81 ---- 81 Aug '16
17
059112
4 17
09
53
14
2 10914 Sept'16
10914 1104
K C Ft S & M cons g 6s_ _1928
1947
73 Feb '11
Non-cony deben 3qs__1947 M- S ---78
K C Ft S & M Ry ref g 43_1936 A 75
754 Aug '16
71
71 Aug '16 ::: B7 ;1
Non-cony deben 3;0_
90 June'16
90
1954 A 90
KC&MR&Illstgu 55_1929 A ____ 80
Non-cony deben 48
78
794 July'16._ 7914 8112 St L S IV 1st g 48 bond ctfs_ _1989 M- N 76
7612 76 Aug '16
80
1955 Non-cony deben 4s
8934
6212 644 June'16
82
2d g 48 income bond ctfs_p1989 J - J 62
1956 M-N __ 78% 784 Aug '16
71
Cony debenture 3355
71
84 6012 6534
6012
62
Consol gold 4s
1956 3- J Ei 71
1932 J -D 82 63
11112 Sale 11112 11212 28
Cony debenture 68
1- 1887
2 60
70
18
8312
1st term! & unit 58
1948 ▪ 1;1 1871632
1952 J - J 6312 Sale 6312
---Cons Ry non-cony 4s
-9_34 9834 Jan '14 -80 -8
Gray's Pt Ter 1st gu g 58_1947 J -D 100
1930 F - A 79 .
---Non-cony deben 4s
S A & A Pass 1st gu g 4s
66
6634 12 -a71954 J - J __ ;7612 1171-2Jan '12 ---- --8 -jai;
1943 J - J
Non-cony deben 4s _.1955 J - J --- 7912 7912 Apr '16 -- 794 7912 Sle&NPIstskftlg5s
lops 1017s
10178 Aug '16
1919 J - J 10178
---_
Non-cony deben 48
804 7812 Aug '16
7814 844
1955 A Seaboard Air Line g 4s
1950 A -0 7u
---Non-cony deben 4s......_1956 J - J
go "
7814 9314
7814 7914 7814 Aug '16
Gold 4s stamped
1950 A ---1-- ---11-42 64
9112 May
70
Harlem R-Pt Ches 1st 45_1954 M-N 561-2
6845:::82 1.0,88_2247-38
10
8 64
6418
914 93
Adjustment 5s
01949 F - A 8
72
B & N Y Air Line 1st 4s_ _1955 F - A 894
9 66
- 9912 June'12
674
874
-Refunding 4s
1959 A 80 Aug '16 - — 80 83
Cent New Eng 1st gu 45_1961 J - J
84
84 Aug '10
874
Atl Birm 30-yr 1st g 43„e1933 M- S
88
-Hartford St Ry 1st 4s
88
88 June'16
1930 M- S
Car Cent 1st con g 4s
1949 J - J
Housatonic R cons g 5s...._1937 M- N 10834 -- 10512 May'I5 --_
9934 Sep '15
Fla Cent & Pen 1st g 58-1918 J - J 10013
Naugatuck RR 1st 4s
— 101 Dec '15
1st land gr ext g 5s
1954 M-N 914 -- 87 rly '14 -1930 J - J 10158
9018 _
N Y Prov dr Boston 4s___ _1942 A 88 Aug '13 ---10213 1033*
10212 Aug '16
Consol gold 5s
1943 J - J
7234
- 73 Aug '16
NYIrches&B 1st ser 1 434s'46 J - J 71
103 10334
73 82
Ga & Ala Ry 1st con 55_ _01945 3-3 .102 10318 10318 July'16
N H dr Derby cons cy 5s.._1918 M-N 10014 ---- 107 Aug '09 —__
102 103
102 Aug '16
Ga Car & No 1st gu g 55_ _1929 J - J 10158 —
Boston Terminal 1st 4s
---1939 A Seab dr Roan 1st 55.
1926 J - J 102 —.. 9914 Aug '15
—_
New England cons 58........1945 J - J k118
Southern Pacific Co—
-591-2 3.41-171i
Consol 4s
8334
841s 31 8334 99
Gold 45(Cent Pac coll).._k1949 -D
1945 J - J
Providence Secur deb 4s_ _1957 M-N 67
694 6012 Aug '16 ---- 6912 70
90 Feb '14
Registered
k1949 J -D
Prov & Springfield 1st 58_1922 J - J
9978 Dec '14 ---8634
8678 184 -8614
20-year cony 4s
g1029 M- S -8863-33-44 Sale-Sale84
90 10212 10778
Providence Term 1st 4s_ _1956 M-- 835s Feb '14 ---20-year cony 5s
1934 J -D 104 Sale 10312 104
1
W & Con East 1st 4;0
111000,8
a022,
1e11..2 1 88
_-- _
8
9:8
9:1:.8
1943 ▪ - J 80
Cent Pao 1st ref gu g 4s.._1949 F - A :
8814 21 8758 91
N Y 0& W ref 1st g 48____01992 M- S 78 Sale 78
3 78 84
78
8634 July'16 -- 8634 99
Registered
1949 F - A
Registered $5,000 only-_g1992 M- S
924 June'12 --_ _ _
894 Aug '16 ---- 8414 91
Mort guar gold 3;48__k1929 J -D
_
87712 79 Apr '18
Sale12 85
General 45
8634
1 84
85
Through St L 1st gu 4s_1954 A -0
1955 J -D
if's. 79
Norfolk Sou 1st & ref A 5s 1961 F - A 7612 804 78 Aug '16 —_ 78
102 102
102 May'16
0 II & S A M & P 1st 58_1931 rd-N
80
Norf & Sou 1st gold 5s
98 Aug '16 --- 97
1004 Jan '16 ---. 10014 10014
1941 MI-N 9712 98
9914
Gila V G dr N 1st gu g 5s_ _1924 M-N
Norf & West gen gold Os..._..1931 M- A 119 11914 11878 Aug '10 ---- 1187,s 120
102 May.18 ---- 101 10214
Hous E & W T 1st g 5s_ _1933 IA-N
1014 Apr '18 :::7 11,811,
Improvement & ext g 65_1934 F - A 120 12134 1214 July'16 ---- 1204 122
1st guar 58 red
1933 1111-N
10613
1204 Sale 12012 12012
051.
New River 1st gold 6s
1 1194 12012
10812 June'16
1932 A H dr T C lat g 58 int gu__ _1937 J - J 166
9278 Sale 927s
N dr W Ry 1st cons g 4s_ I996 A 96
90 July'16 ---- 9414 913
927s 12 9113 94
Gen gold 4s lot guar__ _1921 A 9314 Dec '15 ---Registered
10912 Nov.15
1990 A Waco & N W div 1st g 6s '30 M-N
Dly'l 1st lien dr gen g 4s_1944 J - J 8834 8914 8834 Aug '16
A & N W 1st gu g 5s
8884 91
1941 J - J 100 iOi 103 Nov.15
10-25-year cony 4s
109 Juee'14
1932 J -D _--- 135 129 Aug '16 __-_ 11312 133
Louisiana West 1st 68_
1921 J - J
10-20-year cony 4s
_ 135 13134 June'16 __-- 114 13512
iOi38 10434 July'16
is5i12 1644
1932 M- $
Morgan's La dr T 1st 78..1918 A -0
10-25-year cony 4%s
_ 105 105
105 Jan '10
1938 M- S ____ 135 12912 Aug '16 -___ 11512 13712
1st gold 6s
1920 J - J
16E31
Pocah C & C joint 4s.....1941 J -D 8838 8834 8814 Sept'16 ---- 88
105 Oct '15
904
No of Cal guar g .5s
1938 A 2 116578
C C & T 1st guar gold 58_ _1922 ▪ - J 104 __
-34 10078
10312Jan '16 ---- 10312 10312
lools 1.56
100%
Ore dc Cal 1st guar g 55_.-1927 9212
_- 9134 Aug '18 ---- 9112 94
Solo V & N E 1st gu g 4s 1989 M- N 92
10112 Nov'13
So Pac of Cal—Cu g 5s---1937 M- N 108
9158 Sale 9114
Nor Pacific prior lien g 48_ 1997 Q96
9134 23 9118 9414
95 Aug '16 ---- 641.2 -iiSo Pac Coast 1st gu 4s g 1937 J - J 95
1 8212 86
9134 June'16 ---- 91
91
134 8312
Registered
8312
9312
1097 QSan Fran Terml 1st 4:3_1950 A -0 1800784 Sale894
6 6518 87
6512
General lien gold 3s
96 Apr '14
a2047 - F 6514 6512 6514
Tex dr N 0 con gold 511_1943 J - J
—15
Sale
8913 91
-;
Registered
894
893
4
So Pao RR 1st ref 48
a2047 Q- F 6514 6614 6558 June'16 --- 6312 6534
3-3
1955
2(1 100 1034
St Paul-Duluth Div g 4s__1996 J D 9112 _ 9112 July'16 ---_ 9138 9112 Southern-1st cons g 58....._ _1994 3-i
10034
101
_7
_ 16
09
04 10
70
33
14
St P& N P gen gold 6s___1923 F - A 11014 Ili 10934 Aug '16 -___ 1094 11058
Registered
1994 J - J 10014 1024 1004 Aug '16 —5
_
10912 Oct '15 _—_
9
7
,
04 S
Registered certificates_ _1923 Q-A
ia
010e13 7018
714
Develop & gen 48 Set A.._ _1956 A St Paul & Duluth 1st 55_1931 F - F iiif
107 Mar'16 ---_ 107 107
75
Mob dr Ohio coil tr g 4s
1938 M- S 75 Sale 75
1 190
75 10
78
4
10034 ---- 10034
2d 55
4 10058 10118
10034
100 July'16
Mem Div 1st g 4 Hs-5s.....1996 J - J
1917 A 1st consol gold 4s
1968 J -D 88 ---- 904 Mar'16 ---- 90
1951 3-i 80 8112 8112 Aug '16
9053
St Louis div 1st g 4s
2
043114
:10314 June'16
0818
2 18
927
81
:10
18
8738 9018 Feb '16 ---- 90
Wash Cent 1st gold 4s_..1948 Q -M 85
8012
Ala Con 1st g 6s
1918 J - J !fa
Nor Pao Term Co 1st g 68_.._1933 J - J 111 11112 111 Aug '16 --__ 111 11112
9812 May'16
Ala Gt Sou 1st cons A 58_ _1943 J -D
6, 8312 88
1111
4 83
9412 9414 May'16
Oregon-Wash 1st & ref 4s
8312
Atl dr Char A L let A 4%13 1944 1961 3-3 8312 Sale 8312
13 10034 10384
10 93 100
101
Pacific Coast Co 1st g 5s
iOi Sale ip072
95
1st 30-yr 5s ser B___ _1944 J.
1946 J -D 295 Sale 95
8112 8518
8112 July'16
5 98
Paducah & liii 1st f 4128_1955 J- J 98
80 82
9878 98
98
Atl& Danv 1st g 4s
9834
1948 82
8112 Mar'16 -_-_-_-_ 7913 814
Pennsylvania RR 1st g 4s__ A923 M-N 994
- 994 Aug '18
2d 4s
984 9912
1948 75 7534 Dec '14
1034 July'16
Consol gold 513
Atl & Yad 1st g guar 45__ _1949 A -0
10212 10314
1919 M- S 103 _132
0f;
10438 Apr '16
!
1 1(1
Consol gold 4s
i9
6.3
9
E T Va & Ga Div g 5s
1930 J - J
1943 81- N 9818 9858 9833 Aug '18 _- 9814 9912
99
00
4 9838 100
16
07
514 16
Consol gold 45
10514
814
99%
1051i
Con 1st gold 58
1948 M- N 9812 911
1958 M- N
7
10112
1
110
8
7Consol 434s
0
2
5410473 42 10412 10638
9
4:
1
4
99
Aug
111'18
E Ten root lien g 50
1960 F - A 10434 Sale 10412
S
1938
General 4345 when issued_1965 J -D 10158 Sale 10138
10158 56 10034 10278
58 July'16
Ga Midland 1st 3s
1946 A Alleg Val gen guar g 48_ _ _1942 61- S 9534 9612 9638 Aug '16
1 107 10758
107
107
9215 97
Ga Pao Ry 1st g 6s
1922 J - J 107
DR RR&B'ge 1st gu 45 g_1936 F - A 944 -- 9112 Sept'16
108 1104
9112 96
-8a0ie
Knox dr Ohio 1st g 6s__1925 J - J 1084 S
--- 10914 Aug '16
Phi's Bait & W 1st g 4s 1943 M- N 9812 997
; 9858 July'16 — 984 9858
1054 Nov '12
Mob & Bir prior lien g 56_1945 7134
Sodus Bay dr Sou 1st g 58_2924 J - J
102 Jan '03
7134 May'16 -7114
Mortgage gold 45
1945 J - J 71
1 1034 10438
Sunbury & Lewis 1st g 45_1936 J - J 93 ---1037s
Rich dr Dan deb 55 stmpd_1927 A -0 1034 10414 10378
U N J RR & Can gen 48_ _1944
73 Sep '12
4 Aug '10
- -6C13S 995
ii6i 100
Rich & Meek 1st gu 4s— _1948 M- N
:
:6
0
9
6
2
25
16
11
00
.i
051
:::::
Pennsylvania Co—
1919 M-N 10113 Sale- 10112 10112
So Car & Ga 1st g 5s
102 10212
10078 Sale 10078 10078 12 1001 10212
Guar 1st gold 434s
10212 June'16
1921 Virginia Mid ser D 4-5s_ _1921 111- S
10318
82
1034 Aug '16 -- 102
Registered
1921 3-i 10018 -- 100 Aug '16 - -- 100 10118
1926 M- S 1034
Series E 58
Guar 330 coil trust reg A_1937 M- S 8114
8612 Jan '16 ---- 8612 8613
1931 ▪ S 10438 -- 104 Mar'13
Series F 5s
4 logii
1013Guar 334s coil trust ser B..1941 F - A 84 8612 85
85
7 85
8514
General 5s
1936 10-N 106 -- 106 July'16
Trust Co ctfs gu g 3%s_1916 M- N
1004 Jan '16
9934 10018
Va & So'w'n 1st gu 5s 2003 3-3 10312 --- 105 May'16
8912 Aug '16 -- 8912 9034
8$
Guar 3345 trust ctfs C__1942 J -D 844 87
90
8618 July 16
864 8618
1st cons 50-year 55_ _1958 A Guar 3340 trust ctfs D__1944 J -D 8414 864 854 Mar'16
9412 June'16 - — 944 944
85
1924 F - A
W 0& W 1st cy gu 4s
8518
93
9434 984 9514 Aug '16
Guar 15-25-year gold 48..1931 A 93 Jan '16 — - 93
944 9558 Spokane Internat 1st g 5s
1955 J - J
Aug '16
40-year guar 4s ctf8 Ser E_I952 rd-N 9114 -- 92 Aug '16
9
0
41%
9912
4
A
93
92
Ter A of St L 1st g 410
1939
Cin Leb & Nor gu 4$ g
1942 M- N 9014 -- 91 Aug '16
9014 9033
1894-1944 F - A i6i 106 105 Aug '16 --__ Iowa 10612
1st con gold 5s
Cl & Mar 1st gu g 4J4s
99 Aug '16
1935 M-N 9938
99
9934
Gen refund s f g 4s
1953 ▪ -J 844 854 8512 July'16
103 _
CI & P gen gu 430 ser A_1942 ▪ _ 105 Apr '16
1004 10112 10088 Aug '18 -- 10418 10512
St L M Bridge Ter gu g 58_1930 A 2
8114
91
9613 — i0 1)!il 4
Series B
9612 6612
10234
1942 A Tex & Pac 1st gold 5s
2000 J -D
- 104 Dec '15
45
35
40 Aug '16
Int reduced to 3;48 1942 A 8718 -- 9114 Feb '12 -- —
g2000 Mat 3613 40
2d gold Inc 5s
90
90
88
Series C 334s
90 Jan '16
1948 M- N 8718 -- 904 Oct '12
1931 J - J
La Div B L 1st g 5s
95 1064 Nov.04
Series D 3345
_ 8912 July'16
1950 F - A 8718
8912 8912
W Mln W & N W Ist gu 5sI930 F - A
Erie dr Pitts gu g 334s B_ 1040 J - J 88
.
78 105 10378 Aug '16
8813 90 July'16
90
90
1935 J - J 0
T Idc0C1 t 5
4-2
2
6.
-114
,
0
154
41
19
013101 10112 May'16
Series C
904 J'ly '12
1940 J - J 88 .
1935 A Mestern Div 1st g 55
93 94
Or R dr I ex 1st gu g 43451941 J - J 99 -- 9938 Aug '16
94 May'16
1935 J -D ____ 90
9512 9938
General gold 55
83
Sale
Ohio Connect 1st gu 48_ _1943 M- S 944 _ a 93 May'14
83
83
A
0
1990
-—Kan & M 1st gu g 4s
99
Pitts Y & Ash 1st cons 58_1927 M- N 10438
109 May'10
1927 -J __ 9712 9818 Aug '10 --- 97
2d 20-year 5s
Tol W V &0 gu 4;45 A
9812 Oct '15
51 June'16
1931 J - J ---1917 3-i 6518 55
Tol P & IV 1st gold 48
::::
7
5
84
8
8
3
1
13
Series B 430
Aug
'16
80
55
0814
8018
J
J
1933
June'15
....„ — Tol St L dr W pr lien g 33,0_1925 3-i
-.
5 54
1852 6
18
032
Sale 55
Series C 4s
94 Apr '16
• 55 _.
1942 M- S 9134 98
1950 A 9312 94
50-year gold 48
10012 10214 10134 Aug '16
,0812 1858 Mar'16
PC C &StLgu-00A1940 A :
:
:12
20
10138 1025s
1917 F - A :
Coll tr 45 g Set A
83 Apr '16
Series B guar
10012 1024 10114 Aug '16
1942 A 10114 10258 Tor Ham & Buff 1st g 4s—h1046 J -D
118
100 Aug '16 :::: t912 10(
Series C guar
1942 M- N 101 ---- 9714 July'15
Ulster dc Del 1st con g 5s_ 1928 -D
_
75
74 Mar'15 ---Series D 4s guar
1945 M- N 941s
9434 May'16
-1434 -651-2
1952 A 1st refund g 48
97
6:
.11i5.3-4 1
13 -9
97
34 Sale 9612
9358
Series E 334s guar gold_1949 F - A 9312 95
95 Sept'16
92
95
Union Pacific 1st g 48
1947 3-i 96
_
96 Aug '13
Series F guar 4s gold.. _1953 J -D 9334 ..--- 954 Jan '14
Registered
1947 3-i
9414
9212
9334
9334
9412
.
Series G 45 guar
3
N
•
9258 Aug '15
1957 M7 J - .1
20-year cony 4s
8934
Series I cons gu 434s _ _1963 F - A 101
89% 12 8912 914
101 Aug '16 -- 101 10212
1st dr ref 4s
g2008 M- S 6978 90
C St L & P 1st cons g 58 1932 A 10712 --- 104 Nov'151---9134
Ore RR dc Nay con g 4s__1946 J -D 9178 93 9134
—
9
9j
Due
's Dee'
* No price Friday;latest bid and asked, a Due Jan, 0 Due Feb. o Due May. g Due June, 8 Due July. k Due Aug
o Due Oct. p Due Nov. 1q —Da
s Option sale.




SEPT. 9 19161
BONDS
N. Y. STOCK EXCHANGE
Week Ending S3p.. 8.

925

New York Bond Record—Concluded----Page 4
Price
Friday
Sept. 8.

1Veek's
Range or
Last Sale

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 8.

013

Price
Friday
Sept. 8.

Range
Since
Jan. 1

Week's
Range or
Last Sale

High No. LOID High
Ask Low
Bid
High No, Low High
Ask Low
Bid
Union Pacific (Con)—
1 10712 109
Union Elec Lt & P 1st g 5s_.i932 M- S
10712
10034 10114
101 10034 July'16
Ore Short Line 1st g 6s---1922 F - A 10733 ____ 10713
Refunding & extension 5s_19331M-N
106
106 10778
1916 J - J 103 107 106
_ 89 Mar'15
1st consol g 5s
9214
2 91
Utah Power & Lt 1st 5s____1914 F - A
5 9312 -96
94
933-4 94
1929 J - D 921 t Sale 0214
9112
9412
Guar refund 4s
Utica Elec Lt & P 1st g 5s__1950 J - J 10018 _
102 Mar'10
102 102
10214 Mar'15
Utah & Nor gold 5s_ —1926 J - J
Utica Gas & Rice ref 5s
156 90 Apr '16
90
95
1957 J - J
19332 - J
98 Aug '15
1st extended 4s
9034
Westchester Ltg gold 53__ _ _1950 2 _ D itii5; 6559014 Aug-16
io5414 10558
9034 91
10158 Aug '16
Vandalla cons g 4s Ser A.._ _ _1955 F - A
8
Miscellaneous
91
9112
9034 ____ 91 June'16
1957M- N
Consol 43 Series B
Adams Ex coil tr g 4s
4212 Aug '15
_ _ 87
1948 M- S 8313
, 84i, 84 Sept'16 -- 82 8513
Vera Oral & P lst gu 43is 1931 J - J
Alaska Gold M deb Gs A
9338 37 -6i14
3612 29; 85 117
86
1925 M- S 87
- -96
984 Sale 9813
90
N
Virginian 1st 50 Series A_
1 103 105
101
Cony deb 6s series B
1925 M- S 87
90
86
87
Wabash 151 gold 3s
15' 85 105
1939 M-N 101 10131,104
18 98 100
9834
9312 295' 93
Armour & Co 1st real est 43is'39 J -D
9812 9834, 9312
9318 Sale 93
95
1939 F - A
2(1 gold os
Braden Cop M coll tr s f 63_1931 F -A
90 June'12
03
9813 9812 Aug '16.---- 9812 9913
80 110
Debenture Series 13
1939 J - J
Bush Terminal 1st Is
964 100
1952 A -0 8734 ,
1921 M- S 0612 -- 100 May'16
- 8814 Aug '16 -- 8613 89
1st lien equip s fd g 5s
Dee
'15
Consol 5s
1955 J - J 8634 8814 8713 Aug '16 -- 8678 92
70 -- 65
1st lien 50-yr g term 4s
1954 .1 Bidgs 5s guar tax ex
103 Rig"
1960 A -0 8634 87
91
8634 Aug '16 -7
,86
Dot & Ch Ext 1st g 5s_1941 J - J 10312
- 105 July'16
Chic UnStat'n 1st gu 4 jis A 1963 J - J
80 Aug '12
9978 Sale 9934
9973 131 9938 100
Des Moin Div 1st g 4s
1939 Chile Copper 10-yr cony 73_1923 M-N 12312 Sale 12318
73
72
72 Apr '16
70 123 135,4
124
1941 A ()m Div 1st 3 yis
8213 33
Computing Tab-Rec s f 6s_ _1941 J - J
87
82
86 June'16
83
16 81
86
86
83
1911 M- S 80
Tol & Ch Div 1st g 4s
34
Pi 89
34 414 Granby Cons NI S& Peon 63A 28 M -N 10412 105 10412 Sept'16 -- 10158 10914
112 Sale
Walt Pitts Term 1st g 4s_
1954 2 -D
12 334
13
112 213
Stamped
.114 2
1928 M - N 104 105 10434 Aug '16 -- 103 109
Centand Old Col Tr Co certs_ _
114
12 312 Great Falls Pow 1st s f 5s_1940 NI- N 10014_ 10014
12
4
112
10014
8 9914 101 13
-Columbia Tr Co certfs _______
12 378 Int Mercan Marine 4343_ _ _ _1922 A -0 109 116 10914
12
12 11
114 Salo
10 95 10914
10314
Col Tr ctfs for Cent Tr ctfs__
78
14
14 Aug '16
10834 Sale 10812
Certificates of deposit
10938 1483 9518 10938
1954 1-15
2d gold 4s
$4
18
14 July'16
9818 1431 9614 9318
New 1st & coil tr s f 6.3_1941 A-0 973s Sale 9534
Trust Co certfs
5458 ____ 8138 Aug '16
8312 8134 let Navigation 1st s f 5s_ ___1929 F - A 107.2 10813 10812
39 9134 109
109
Wash Terml 1st gu 330_ _1945 F 9512 9112 Aug '15
9734 Sale 9712
_ Montana Power 1st 5s A___1943 J - J
9734
10 9518 9814
1945 F - A 03
1st 40-yr guar 4s
72
72
9214 9213 9212 Aug '16 ---- 9214 93
Morris & Co 1st s f 4
6 71
J- J
75
West Maryland 1st g 4s_ 1952 A - 0 7078 72
Mtge Bond (N Y) 4s ser 2__1966 A 10334 105
83 Apr '14 .- -West N Y& Pa 1st g 51937 2-2 10412 ____ 10413 July'16
8112 8434
10-20-yr 5s series 3
94 June'16
94
9412
1943 A -0 81 ____ 81 Aug '16
Geu gold 4s
37
2 7113 7512
37 Aug '16
7112
lo: A
2 - - - - 7112 7112
N Y Dock 50-yr 1st g 48_1
37
37
31
2j
19
95
1)1913 Nov
Income 3s
Niagara Falls Power 1st 53_1932 J - J 10138 10412 10214 June'16 ---- 10034 10214
98 102
Wheeling & L E 1st g 5s____1926 A -0 994 100 100 Aug '16
_ 1054
9714 97 Aug '16
97
Ref & gee Os
A928 J - J
o1932 A -0
95
9914
Wheel Div let gold 5s
6612 ___
97 Mar'16
9258 Feb '16
97
Niag Lock & 0 Pow 1st 53__1954 M- N
- 925-3 9258
4.7
Exten & Impt gold 5s____1930 F - A
2 68
1 92
9213 9234
- 93
93
1049 M- S 7312 7414 7312
9512
7312
7414 Ontario Power N F let 58_1943 F - A
RR 1st consol 43
75
90
00 Apr '14
9013
85
86
1922 J - J
90 July'16 -- 86
Ontario Transmission 5s_ _ _ _ 1915 M - N
20-year equip s f Ss
86
88
85 July'16
0112 9134 9134
Winston-Salem S B 1st 4s
1960 J - J
9173
9 8934 9314
8412 8712 Pub Serv Corp N J gee 5s_ A959 A 86 Aug '16
9278 14 88 125
9212 Sale 901 1
1919 J - J --_- 85
84
8734 Tennessee Cop 1st cony Gs_ .1925151- N
Wis Cent 50-yr 1st gee 4s
Sup & Dal div & term 1st 43'36 M-N 8514 83 8514 Aug '16
10312 Jan '14 ---- - 90,8 Wash Water Power let 53_ _1939 J - J
85
-Street Railway
Manufacturing & Industrial
10212 10288
8, 1017g 103
1,8258
0 18
Brooklyn Rapid Tran g 5s_ _1945 A - 0 10034 101 10034 Aug '16 --- 10012 10334 Ant Ag Chem 1st c 5s
1928 A 81
2
7714
____
80
9818 Sale 197;3
26, 9631 9913
7714
2002 .1 - J
7714
1st refund cony gold 4s
024
Cony deben 53
1921 F - A
31 9512 9734
1001A
06 Sale 96
33 100 10113 .kin Cot 011 debenture 5s
96
6-year secured notes 53_ 1918 J - J 10018 Sale 10013
1931 M-N
10412 12;10338 10412
1919 M- S 10412 Sale 104
Bk City 1st con 5s. _1916-1941 J - J 102 ____ 102 Aug '16 ---- 10012 10214 Am Bide& L 1st s f g 6s
2, 85
0118 Aug '16 ---- 94
8834
8733 87
9413 Amer Ice Secur deb g 6s_
1925 A - 0 87
9312 9413 19
13k Q Co & S con gu g 53_1941 M-N
Am Smelt Securities s f 13s 1926 F - A 10014 Sale 10734
18
10
714 86 10614 118
13klyn Q Co & S 1st 5s
1941 J - J
101 10,1100 ini Am Thread 1st coil tr 43_ _1919 J - J 9814 9812 9312 9313 it 9778 9858
1950 F - A ioi- §:We' 101
Bklyn Un El 1st g 4-5s
11914 120 11812 Aug '16 ---- 11A 119
2 '18
1944 A 00
218
2 1024 Am Tobacco 40-year g 6s
101
1950 F - A 101 Sale 101
Stamped guar 4-53
8212 85
Gold 4s
8212 8613
1951 F - A
8212 Aug '16 ---- 8212 8.513
83 Sept'16
Kings County El 1st g 43_1919 F - A 8318 84
8612
Registered
98 June'14
83
83
1919 F A 834 Si
Stamped guar 4s
8012 8212 8012
13 5512 8212
73
7634 Am Writ Paper 1st s f 53...._11919
951 JJ
F A
8214
73 Aug '16
74
73
Nassau Elec guar gold 43_1951 J - J
2 9534 9334 Ilaldw Loco Works 1st .53.__1940 M-N 10312 105 10412 Apr '16
007 97
10412 105
97
9678
1927 F - A
Chicago Itys 1st 5s
0912 101
6 10212 10412
Beth Steel 1st ext s f 5s__ _ _1926 - J 10314 104 10312
10334
Conn Ity & List & ref g 4)01951 .1 - J 10113 ____ 101 July'16
3 9978 10318
1st & ref 53 guar A
1942 M-N 10018 Sale 1004
10014
1931 J - J lolls ____ 10118 Aug '16 ---- 11)113 1014
Stamped guar 4s
15 7418 8313 Cent Leather 20-year g 5s 1925 A -0 10233 Sale 10233
10212 18 10084 10258
80
Det United ist cons g 4)0-1932 2 - 2 7912 Sale 7912
81 ____ 9734 Jan '15
84 Jan '14
Consol Tobacco g 4s
1951 F - A
1936 M- S
Ft Smith I.t & Tr 1st g 5s
87 - 04 - Corn Prod Ref s f g 53
9812 99
9312 9234 Aug '16
99 Aug '16
1931 M-N
-66 10038
1952 F - A
Havana Rice consol g 3s
8 6912 75,4
70
7033 7013
7012
954 9612 9614
1st 25-year $ f 5s
1957 F.- A
9614 22 957, 991,
Bud & NIanhat 5s Ser A
2713 Sale 2713
2712 25 2613 3114 Cuban-Am Sugar coil tr 6s_ _11918
1957
10112 103
934 M
A:N
O 10218 10214 10214 Aug '16
Adjust income 58
100 10012 July'16 ---_ 10012 102
1932
Distil Sec Cor cony 1st g 55_1927 A 7414 Sale 7414
NY &Jersey 1st 55
7512 35 69% 78
7318
71 7212 7612 E I du Pont Powder 4
Interboro-Nletrop coil 43.0_1956 A -0 73 Sale 7213
_ _1936 1 -D 101 13 102 10112 Aug '16 --_- 101 10712
9778 Sale 9758
84 9712 9912 General Baking 1st 25-yr 6s 1936 J -D
93
Interboro Rap Trait 1st 53 1966 J - J
85
85
9613 85 Mar'16
8312
8873 8914 885
8333
Nlanhat Ry(N Y)cons g 4s_1990 A 3 8812 93
Gen Electric deb g
8212 8234 July'16 ---_ 78
F- A
82
10112 33 10312 10514
9314
Stamped tax-exempt
1990 A -0 8934 Sale 89
Debenture 5s
8934 33 89
1952 NA- S 10412 Sale 10114
Metropolitan Street Ity—
III Steel deb 43;is
1910 A -0 9133 9112 91311
9134 38 8912 9234
9912 0978 Sept'16 9314 10314 Indiana Steel 1st Is
Bwav & 7th Av 1st c g 53_1913 J - D 93
10234 19 10118 10312
1952 M-N 10238 Sale 10238
99'l 10038 Ingersoll-Rand 1st Is
Col & 9th Av 1st gu g 5s 1993 M- S 9834 91)12100 July'16
Oct '13
1935 J - J
14 7473 79
75 sfe"
75
. 17
Int Agricul Corp 1st 20-yr 5s 1932 M-N
Lex Av & P Ist gu g 5s _1993 NI- S 9834 10112 9912 Aug '16 ---- 0012 101
00
5
11101'8 10233
30 Mar'14
let Paper Co 1st. CCM g 6s.._ _1918 F - A 10184 102 10134
Met W S El (Chic) 1st g 4s...1938 F - A
10134
9238
7558
9218 9212 9233
3 8
71
1
id1-2 Consol cony s f g 53
1935 J - J
NIllw Elm Icy & Lt cons g 59 1926 F - A 10112 ____ 10134 Aug '16
9238
_ 93
925s Feb '15
Int St Pump 1st s f 5s--- .-1929 NI- S
71 June'16
Refunding & exten 4149_1931 J - J
i6614 101
7913
101 Aug '16
-61 Aug '16 --__ 64
Certfs of deposit
Mintiest) St 1st cons g 5s_ _1919 J - J 16614
14
0, 9
97012 10
00
7578
3
02
95
9958 5
92 July'll
91
91
Laekaw Steel 1st g Ss
1923 A - 0 9914 Sale 9914
Montreal Tram 1st & re' 53_1941 J - .1
9412
00
8
96
9
_ 8
3
1st cons .5s Series A
1950 M- S 04 Sale 9312
New Orl Ry & Lt gee 4 yis_ _1935 J - J 8334 ____ 8334 Aug '16 ___3
99
90
Liggett & Myers Tobac 7s_ _1944 A NY Munk%)Ity 1st s f 5s A 1966 J - J 99
125,s 12618 125 Aug '16 --__ 12312 127
3 7312 79
11 10014 130
___- 74
75
75 Salo
102
1942 J - J
N Y Rys 1st E & •el 43
1951 F - A 102 Sale 110134
6378 Lo5rsillard Co (P) 7s
5814 61 65
12
6 10
20
21348 10
27
214
12434 12553 12434
01942 A -0 571. Salo 5713
30-year act, Inc 5s
12434
..1944 A 3812
N Y State !Lys 1st cons 430_1962 M- N
55
10112
834 8512 8512 Aug '16 ---- 83
10112 Sale 10034
92
9113 July'16 ---. 91
9112 Mexican PetrolLtdeon Cs A 119
28 10658 128
Portland ity 1st & ref 5s_ _ __1930 M- N
116
:A
O 116 Sale 111
A
92
511 F
78
7853 July'16
7812 80
Portid Ry Lt & P 1st ref 33.1942 F - A
3 105 12512
116
1st lien & ref is series C_ 1921 A 112 11712 115
100 Mitv'15
Portland Gen Else 1st 53_19:35 J - J
1 9612 99
- Nat Enam & Stpg 1st 5s_1929 J -D 9734 98
9712
9712
-.
664
96 May'16 -- 95
St Jos Ity, L. if & P 1st g 5s..1937 M06
8513 92
8512 Aug '16 ____ 8512 8813
Nat Starch 20-yr deb 5s_..193O 2 - J
St Paul City Cab cons g 58_1937 J - J 10218 _ ._ 100 Sep '15
10114 47 9978 1014
101 13 Sale 101
National Tube 1st 5s
Third Ave 1st ref 4s
• 1960,J - J 8134 Sale 81
7 -81 "83s-8 N Y Air Brake 1st cony 6s_1
10313 12 101 10512
8134
958
2 M:N 10278 10313 103
192
Adj Inc 5s
a19601 A -0 79 Sale 78
25 7734 8434 Railway Steel Spring—
79
Third Ave By 1st g 5s
1937 J - J 1063.1 108 10614 Aug '16
9934 10014
Latrobe Plant let s f 58_1921 J - J 10033 __ 1004 Sept'16
10018 ---.-1 19
Tr -City Ity & Lt 1st s f 5s_ _1923 A -0 0934 10013 100
97 Sale 97
5 9412 98
97
08
Interocean
1931 A 634 10
1st s f 5s
90
378
Undergr of London 1t4s_ _1933 2 - J
9513 July'11
9312 10 95,
Repub I & S 10-30-yr Is s f_1940 A - 0 9814 9812 9814
3 9934
Income 6s
1948 __ _ _
60
83
69 Jan '16
"tici" Standard Milling 1st 5s_ _ I930 NI- N 9713 99 99 Aug '16
9572 100
Union Eley (Chic) 1st g 53_ _1949 A 26 104 106
84 Oct '08
The Texas Co cony deb Os._1931 J - J 105 Sale 10418
105
United Itys Inv 53 Pitts is:3_1926 M-N
8738 89
80
Union Bag & Paper 1st 5s 1930 J - J
69 Aug '16
87
87
7 801a 87,
United Rys St L 1st g 43_
1934 J - J
61 14 Sale 6114
Stamped
2 5913 62
1930 J - J 87_ 8214 May'16
8218 824
6114
1924 A St Louis Transit gu Ss
70 Safe 70
63
2 68
53 Apr '16 ---- 55
73
5978 U S Realty & I cony deb g 5s 1921 J - J
70
United ItRs San Fr s f 43.__1927 A -0 3134 Sale 3034
3412 126 30
14
1778 16 Aug '16
S Red & Refg 1st g 63
1634
1012 16
1931 J -2
Vs Ity & Pow 1st & ref 5s_ _1034 J - J
88
8712 Aug '13 --- 87
92
10212 16 10178 10312
US Rubber 10-yr col tr 63...1918 J -0 102 10214 10214
Gas and Electric Light
US Smelt Ref & NI cony 6s_1926 F - A 11013 Sale 110
2 109 11518
11018
1947 J -D 101 ____ 103 Sept'15
Atlanta 0 L Co 1st g 5s
90542
10512 313 103358
U S Steel Corp— Icoup.._ _ _41963 51-N 105 Sale 105
:
3 1095
107
Bklyn Un Gas 1st cons g .53_1945 M-N 107 Sale 10634
S f 10-60-yr 53 reg
3
10513 Sale 105
10512
54 June'13
2
9758 Sale 9753
Buffalo City Gas 1st g 5s_ 1947 A Va-Car Chem 1st 15-yr 5s_ _d_ 1196
9758
M:D
N
923
3J
97 Feb '15
32 100 10314
Cony deb 6s
10078 Sale 10012
Columbus Gas 1st gold 5s 1932 J - J
101
1920 Q - F l227s Sale 122
12273
17 10112 10332
West Electric 1st 5s Dec_ __e19
10212 Salo 10212 10278
Cons°, Gas cony deb 63
92
22
4J
A
10112 102 10134 Aug '16
6
Detroit City Gas gold 5S-1923 2 120
We.stin,gh'se E & NI cony 55_1931 .1 J 119 123 120
9712 Nov '15
3 16
Detroit Gas Co cons 1st g 55 1918 F - A 100
10-year coil tr notes 5s__1917 A -0 1004 Sale 10034
10
214 10
411518
101
2
10312
Detroit Edison 1st coil tr 5s_1933 J - J 10273 101 10312
Coal & Iron
1013.1
Aug
___'16
10112
let & ref 5s iser A
51940 M- S
96
99
0612 July'16
11ulf & Susq Iron s f 53
1932 J -D
Eq 0 I. N Y Ist cons g 55_1932 M- S
91
—
. 1004 NItty'15
90
96 June'16
95
612 96
6114
2
Debenture 55
100 Feb '13
Gas & Elee Berg Co cc 5s__1949 J -I) 100 _ _
93
Col F & Co gee s f 53_ !1192
I A
S 98 Sale 98
N:
16
3F
Hudson Co Gas 1st g 5s_ _ __1949 M-N 10333 Sale 10318
idia; Col IndusI 1st
10338
78 Sale 7714
7 9
iiii"
72
4% 98
78
78
& coil 5s gu_ _ _1934 F - A
Kan City(Mo) Gas 1st g 53_1922 A -0
91 Jan '16 --.- 91
_ 73 Mar'14
91
Cons Ind Coal Me 1st 5s _1935 J -D
Kings Co El L & P g 5s_ _ __1937 A 1043.1
8914 92
10134
2 104 105
'J012
9012
Cons Coal of Nld Ist&ref 5s_1950 J - D 18.
-id- "iii"
Purchase money 6s
1997 A 113 117 11.612 Aug '16 ---- 11478 11812 Continental Coal let g 58_ _1952 F - A
0932 Feb '14
Convertible deb 6s
1925 M- S Pd) 128 126 Mar'16 ---- 126 128
Cr Illy Coal & C 1st g Gs 51919 A -0
65
4433 -643-4
9434 Mar'16
Ed El III Bkn 1st con 49_1939 J - J
8812
8812
5 88
8717 80
. 90 July 15
8824 ICan & II C & C 1st sf g 53.-1951 2 -2 .35
Lac Gas L of St L let g 5s_e1919 Q - F 10138 10112 102
102
9112 9273 9112 Sept'16
1 10058 102
-64
-89"
Pocah Con Collier 1st s f 55_1957 J - J
Ref and ext 1st g 5s
1934 A -0 102 -___ 102
102
4 10078 10212 St L Rock Mt & P 53 stinpd_1955 J -2 8312 87
8813
81
87 June'16
93
Milwaukee Gas L 1st 4s__ _1927 M-N
9312 93
33
3 9114 9:112 Tenn Coal gen 53
1951 J - J 10018 10234 102
10112 10332
102
Con
Gas
g
5s
1948 J - D 10312 _
Newark
10353 Mar'16
10358 103511
!Wm Div let consol 65_1917 J - J -10034 10034
10034 102
10034
NYGELII&Pg5s1948J- D 10334 Sale 10334
10373
7 103 10512
a1917 A 10012 102
Tenn Div 1st g Os
10012 June'16
Purchase money g 4s
1949 F - A 833.t 8478 84
31
26 84
I922 J - D 1061 103 Int Dec '14
87
Cah C NI Co 1st gu 63_
Ed El II 1st cons g 5s_ _ _ _1995 J - J 10712 ___ 10858 Aug '16 --__ 108 109
1953 .1 - J ____ 874 73 Avr '14
Victor Fuel 1st s f 5s
NY&Q El L& P 1st con g 53 1930 F - A 10034
_ 10034 Aug '16 -- 10012 1014 Va Iron Coal&Coke 1st g 53_1919 td- S 83 Salo 8278
6012
33
7
9213 July'09 —_
N Y & Rich Gas 1st g 5s- _ -1921 M-N
Telegraph & Telephone
—_ —
Pacific C & El Co Cal G & E
Am Telep & Tel coil tr 4s__ _1929 J - J
19 9012 9212
0134 Sale 9152
013
4
1937 M- N
Corp unifying & ref 53
99 Sale 9378
9914
Conyertib.e 43
2 100 104
8 9753 100
1936 M- S
103
-- 103
Pac Pow & Lt 1st & ref 20-yr
20-yr convertible 43is
1933 M- S 11112 Sale 10912
11112 83 10538 112
1930 F. A
5s Interest Series
,_
90
92 July'16 -Cent Dist Tel 1st 30-yr 5s_ _1913 J - D 10234 10318 10234
92
3 10112 10318
931
10234
Pat & Passaic G & El 5s_1940 M- 5 i013-8 102
0912 Oct '15 -----------_
Commercial Cable 1st g 4s 2397 Q 73
73
73 July'16
___- 75
PeotvGas & C 1st cons g (3s_ _1943 A -0 115 ____ 115
115
1
1-3
Reiristered
71
s
71
____ 73
71 May'16
Refunding•guld 5s
1947 NI- S 10118 10112 10113 Aug '16 __ 100:4 102,8 Cumb T & T 1st h gen 5s__ _2
4 9914 10053
J:2
J 9914 9978 9972
13
99
37
7 (4
9972
Registered
1947 M -S --_- 9938 99 Sep '13 ____
Keystone Telephone 1st 5s_ _1935 J - J
98
98
100
98 Apr '16
Ch G-L& Coke Ist gu g 53_1937 J - J 10212 10234 10212
2, 1667_ 10072 10078 2 10072 10112
8 I-62-3-4 Metropol Tel & Tel lst s f 5s 1913 M-N 10078
10212
___Con G Co of Chi 1st tiu g 53193(3 J 100 101 101
101
2 101 1011s Mich State Telep 1st 5s_
9912 101
1924 F - A 100 10234
- 100 Aug '16
Ind Nat Gas& Oil 30-yr 5s 1936 NI- N ___ 83
87 June'16 --__ 87
N Y & NJ Telephone 5s g_1920 M-N 10138
_ 10034 June'16 -1 10034 1000:
87
Mu Fuel Gas 1st gu g 53._1947 M- N 100 _ _
10034 Mar'16 --__ 10038 10034 NY Tele? 1st & gen s f 4)0_1939 NI- N
9778 Sale 97%
9778 "ino, 9712 9012
Philadelphia Co cony 5s
11119 F - A 05
9734
.- 9812 Aug '16 ---- 8064 9811 Pac Tel & Tel 1st 5s
10114 Sale 10078
1011 1 30. 9912 1011 1
1922 M- N
88
Cony deben gold Is
90
89
89
1 2
J 10138 Sale 101
1 88
37 2
9312 South Bell Tel & T 1st s f 53_11941
1013s 48; 9958 10138
9934 Salo 9911
Stand Gas & El cony s f6s.._1926 J 100
31 9812 1027s West Union coil tr cur 53__ _1933 2 - J 10158 Sale 10152
10158 10. 100 10178
L1ghtin,4
1st g 53._1951 J -D 10034 --_- 10034 Aug '16 -___ 9934 10034
Syracuse
Fil and real est g 4t§s
1950 M-N
5' 9453 9612
9534 Sale 9472
9534
84 ____ 8518 June'12 .-__ ___.. .._ _ _
Syracuse Light & Power 58..1954 J - J
Mitt (In Tel en ext 5s
10114 10112
1911 M-N 9938
_ 10114 Apr '16
Trenton G & El let g 53_ _ 1949 M- S
1 ____ 10112 June'14 ____
95
Northwest Tel gu 43is g_1934 J - J
9:134 9478 95 Marla
95
.-- • No price riday;latest bid and asked. a Due
Jan. 4 Due Apr. s Due May a Due June, A Due July. t Due Aug. e Due Oct. V Due Nov. g Due Dee. S Option sale




--

-

age
!
BOSTON STOCK EXCHANGE-Stock Record s,gri

9?6

SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Sept 2

Monday
Sept 4

Tuesday
Sept 5

Wednesday
Sept 6

Thursday
Sept. 7

Friday
Sept. 8

Sales
of the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

[VoL. 103.
Range for Precious
Year 1915

Range,8inee Jan. 1
Highest

Lowest

Lowest

Highest

Railroads
9284 Feb 10938 Nov
Atoll Topeka & Santa Fe_-100 102 Mar 2 108 Jan 3
Last Sale 10334Aug'16
*10314 104 *10312 104
*10214 103
10112 Nov
Do pref
97 Jan
994
100 9834 Aug 17 10114 Mar 9
Last Sale 9938 Aug'16
*99
*9812 99
9913 *99
90 Boston & Albany
,_100 175 Aug 25 198 Feb 16 170 Mar 198 Jan
175 175
*173 175
175 175 *174 175
175 175
7314 7212 7234 73
73 June 96 Jan
206 Boston Elevated
73
100 6512 Apr 24 8812Jan 19
73
73
73
*7314 74
100 124 Aug 22 145 Feb 11 109 Feb 13813 Oct
Boston & Lowell
Last Sale 125 Aug'16
*119 124 *119 125
*110 121
3713Oct
20 Feb
1,443 Boston & Maine
43
43
40
3918 3912
4312 4314 45
401
40
225 Jan 240 June
1 Boston & Providence
200 200
*2011z 210 *20112 210 *20112 210
*20112 210
413 Feb 29
10 Mar
5 Jan 8
Boston Suburban Elec Cos___
5 Dec
Last Sale 412 May'16
4 *_ __ _
4
4
a---- 40 *_ _ _ _ 40
56 Mar
40 Sep
39 May19 4012Feb 29
Do pref
Last Sale 39 May'16
40
*9 Sep
512Jan 5
Boston ds Wore Electric Cos__
5 Nov
4 Mar18
*412 5
Aug'16
Last Sale 5
*412 5
5
47 July
39 Jan
42 Feb 28 4518 July18
Do pref
Last Sale 4412 Aug'16
*44,1 47
*4412 47
*4412 47
154 154
5 Chic June fly & U S Y___100 154 July26 154 July26 157 Feb 160 Sep
__ 154
*--- 154 *__ 154 *____ 154
28 Do pref
10212 Apr 26 110 July14 10113 July 110 Apr
*107 10812 *107 10812 108 108
*107 10812
108 108
100 123 Sept 1 162 Feb 19 140 Feb 165 Jan
124 126
*125 130 *124 130 *124 13025Connecticut River
51 Feb
76 Nov
Fitchburg pref
Last Sale 703.4--Se-plii
100 z7014 Sept 1 87 Feb 14
*7113 73
*7134 74
*7034
__
Georgia fly & Eleo stampd100 122 Jan 3 129 Aug 1 114 Apr 120 Feb
Last Sale 12712Aug'16
*12713
*12714
*12714 ---88 Mar
84 Aug
Do pref
100 x86 Jan 10 90 AIay25
Last Sale 89 Aug'16
____ *89 -90
__
*88
92 Mar 10312 Nov
Maine Central
100 z99 Junel5 102 Jan 17
Last Sale 10012Aug'16
*99 100
*99 100
*99 100
*89478 June 10 Sep
713 *514 64
6
*6
6
100 Mass Electric Cos
814 Aug 30
5 July14
100
6
*6
6
7
33 July 56 Jan
331 Do prof stamped
34
100 31 May 2 44 Aug 9
34
36
36
3534 3534 3313 35
36
36
8734 Oct
43 Feb
206 N Y H & Hartford
*59
59
5858 59
5813 5878 5812 59
58
100 57 May 5 7784 Jan 3
60
98 Apr
Northern New Hampshire_100 97 Jan 3 105 Feb 14
89 Oct
Last Sale 104 Aug'16
*104 ____ *1021
__
___
27 Old Colony
*104100 13912 Sept 5 157 Feb 26 140 Aug 157 Apr
-*
14013912 141 *____2140
*- _ 143
15 Mar 30 Nov
Rutland. prof
2812
*2.6
Last Sale 28---Aug
--'16
*26 _ _ _ _ *26
.
100 20 May 1 30 Jan 3
2812
Union Pacific
Last Sale 141 Aug'16
*138 13834 *13814 139
*13712 138
100 130 Apr 26 14278 NIay23 11612 Jan 14138 Nov
Last Sale 8212 Aug'16
Do pref
100 8178 Mar 1 834Jan 3
7934 Mar 8178 Oct
Vermont & Massachusetts_100 10012 Aug 29 125 Mar 1 105 Feb 125 Apr
*100
.i.00- ::::*ioo- :::: Last Sale 10012Aug16
*56
8613 56
61 May 72)2 Jan
204 West End Street
*56 -5.612
56
56
56
56
56
50 56 Aug 11 6712Jan 19
80 July 9313 Feb
73
6 Do pref
*70
*72 ___ 72
72
72
---- ---73
100 69 July13 86 Feb 25
Miscellaneous
764 Amer Agricul Chemical_100 64 Apr 24 7912 Sept 8
7912
77
7712 7812 79
77
48 Jan
77
7712 7734 78
7334 Nov
379 Do pref
8712 Mar 10112 Nov
101 101
10034 10112 10114 10112
101 10114 101 101
100 9512 Mar23 10112 Aug 23
4
45
4 Amer
412 Oct
r Pneumatic
*158 134
*158
p
atic Service
178 *158
314 Apr 12
112July 8
178
113 134 *134 Ps
50
134 Mar
_
12
1212 13
1214 12
*1213
*12
1913 Jan
13 Dec
50 1134July 8 16 May 4
215 Amer Sugar Refining
10934 10934 10878 10878 iO6i8 16613
10834 109
10814 10814
100 106 Apr 22 11612 Jan 8 100 Feb 11913 Nov
119 119
80 Do Od
119 119
*11712 119
119 119
118 118
r
100 11412Mar 1 11938 Aug 25 109 Feb 119 Dee
133 13318 1,513 Amer Telep & Teleg
13012 Nov
13078 13112
13134 13212 1324 133
13118 132
100 12618Jan 31 1334 Aug 18 116 Jan
5714 Oct
1613 Apr
*4412 46
*4613 ____ *4512 4612 4814 4634 4612 4612 . 50 American Woolen of Ma88.100 42 Aug 5 55 Mar14
9913 Oct
520 Do ' Prof
77 Feb
9734 9738 9758
9712 9712
9714 9712 9713 9712 97
100 92 Jan 11 10158 Mar14
591 Jan
67 Apr
70
35 Amoskeag manufacturing__ 66 Jan 3 78 Aug 18
70
70
70
71
71
*70
*70
72
72
9812 9813
15 Do pref
0713 May 101 Feb
*9812 100
99
*9812 100
*9812 99
98 July24 10114 Feb 10
99
36 Nov
4 Feb
7834 40,897 Atl Gulf & W I 85 Lines_100 27 Jan 14 7834 Sept 8
7134 7212
72
7334 734 7412 7212 7318 73
978 Mar 49 Nov
6514 6014 3,304 Do wet
66
66
65
100 42 Jan 15 6614 Aug 26
65
6534 6512 66
65
- _
1,705 Cuban Port Cement-S15 pd w818 Apr 28 254 July20
22
1912 1912 1912 2113 2112 2112 21
1912 1912
813 Dec
1314 Apr
914 *834 914
250 East Boston Land
*9
84 Aug 16 1338Jan 19
9
10
9
*9
914
Zio- ii6.5 Edison Electric Illum
*237 __
239 239
239 239 *237 239
100 234 Apr 27 250 Mar 7 230 May 260 Jan
Last Sale 17034Aug 16
General Electric
*169 16913 *17112 17214
*167 168
100 15914 Apr 22 178 Jan 17 13814 Feb 18413 Oct
9612 Aug 104 Mar
10 McElwain (W H) 1st pref_100 95 June 8 10213 Sept 8
10213 10212
*101 102
*101 102 *101 102 *101 102
94 Aug
227 Massachusetts Gas Cos--100 7914 July17 8612Jan 5
78 Apr
8112 8112 8113
81
*8078 8112 8114 8112 81
81
80 Do Prof
84 Nov 021 Jan
79
79
79
79
79
79
79
*78
100 79 Aug 31 89 Feb 14
79
80
20 Mergenthaler Linotype_100 155 May 4 172 Jan 19 154 Feb 200 Jan
-___ ____
*15914 160
*15914 160 *159 ____ 159 161
3 Sep
214 Jan 15
--------100 Mexican Telephone
14 Apr
1
*.60 1
1
*.60 1
*1
10 .90 Aug 3
113
10 June 1638 Deo
Mississippi River Power_ _100 15 Jan 18 19 Apr 10
Last Sale 16June'16
*-_-_ 17 '0_ _ _ 17
•---- 17
4612 Jan
35 Feb
Do pref
*___ 39
Last Sale 39 Aug'16
*---- 39 *---- 39
100 39 Apr 21 44 Feb 8
30 Nov
20 Apr
New Eng Cotton Yarn_ ___100 23112July18 30 Jan 7
Last Sale 26 Aug'16
n, ____ *26 __
*26
25 July 55 Dec
Do pref
Last Sale 5213 Sep 16
*52 ....__ *52
*52
100 50 Jan 24 58 Jan 7
704 New England Telephone 100 126 Aug 16 140 Mar17 212714 June 143 Jan
12612 127
-7- 127 12713 12758 12778
127 12i
127 12
--Nipe Bay Company
Last Sale 155 Aug 16
155 *---_ 15413
**---- 155
100 10218Jan 11 160 May 5
Oct
65 Pullman Company
*165 ____ 16513 16512 165 16513 15 15
*164 166
100 15812 Apr 28 171 Jan 17 150 Feb 15 Sep
1814 Jan
1613 May23
---30 Reece
*154 1534 *1514 1534 1534 1534; -----15
15
-802 Swift &
14813 14513 147 148
11%
150 Sept 6 10434 Jan 123 Nov
146 146
14812 14834 150
Buton-Hle46 Co
435 Torrington
28 Mar 3612 Deo
52
*5112 52
25 35 Jan 14 58 June13
52
' 5113 5113 514 52
52 I 52
10 Do pref
*31
____
32
*31
32
32
____ ____
25 28 Jan 14 32 Mar 2
26 Mar 3014 Sep
32
Union Copper L & M
Last Site 1
112
*1
25
July 16
.95 Jan
2 Feb 23
.90 Mar28
*1
-112 --134 Apr
162 164
- - 165 1671 165 16734 4,170 United Fruit
32- 167
16412 16612 166
100 13612Jan 31 16834 Aug 21 110 Feb 163 Nov
1,412 United Shoe Mach Corp
65 May
5313 54
5313 54
54
54
5334 54
48 Aug
54
54
25 50 June23 6312 Niay12
A
3 Do prof
28 Mar 30 Aug
30
3012 -_-_ ____
30
30
no% 3014
30
*30
25 2812Jan 3 3012.1une14
8912 Dec
38 Feb
101 Sept 6
974 9812 09 101
9558 9658
9978 10034' 9978 10058 9,262 U S Steel Corporation
100 7934 Mar 1
11714 Oct
141 Do pref
11758 11734 *118 1184 1184 11814 118 11812
*11712 118
100 11514 Feb 5 11912July 3 102)4 Jan
1438 Nov
1058130e
713 734 3,550 Ventura Congo! Oil Fields- 5
712Ju1y20 13 Jan 3
75g 778
758 778
734 8
734 812
Mining
478 Apr
184 Feb 17
150 Adventure Con
4 Jan
518 Apr 11
25
34
314 314! *3
314 3141
*212 312
*312 334
9213 Dec 103 Aug
635 Ahmeek
10012 10112 101 10113 101 10318
25 91 Aug 1 106 M ar10
100 101
9912 9913
4034 Apr
2112 Dec
7,717 Alaska Gold
1134 1314 1234 13 , 1234 14 i 1358 14
10 1134 Sept 2 2612Jan 7
1134 1212
434 Apr
138
210 Algomah Mining
132
.45 Feb
112 152 *114
*112 134
112
25
2 Apr 7
34 May 3
*1,4 134
66 Dec
410 Aliouez
3512 Jan
69 I 6814. 69
6812 69
08
68
67
68
25 58 July17 7412Feb 21
68
7214 Nov
1684 Jan
3614 3534 38
5,762 Amer Zinc. Lead & Smelt.. 25 2912 Julyll 9758 Apr 10
3534 3513 3612 36
35
3334 3512
5,655 Do prof
734 7312 74
7358 73
7212 7334 73
7114 7412
25 60 July1 1 7512 Apr 8
3)4 Jan
913 Apr
758 July29 104 Sept 8
5
933 978
*94 913
934 1018 10,600 Arizona Commercial
913 978
913 912
434Apr
2 Jan
700 Butte-Balaklava Copper
512Feb 5
112 Aug 2
10
1
1./L6
134 134 *112 134 *112 134
*112 134
3534 Jan
80 June
6812 6934 2,570 Butte & Sup Cop (Ltd)
10 6012 July10 10514 Mar 9
68
67
67
68
6838 68
*6718 6814
5113 Feb
7834 Apr
7018 1,326 Calumet & Arizona
73
7214 72
7134 7258 270
10 66 June28 754 May20
72
71
7114
540 540
540 541
540 540
125 Calumet & Hada
25 515 July14 586 Feb 14 350 Jan 630 Apr
540 545
*536 540
1812 19
25 Apr
15 Jan
19
19
385 Centennial
18
19
19
18
*16
25 14 July17 2018 Aug 25
18 I
57 Nov
268 Chino Copper
327s Jan
5414 5412 5438 5438 5514 5512
*52
*5314 54
5213
5 46 Julyll 60 Feb 19
65 Dee
6112 6214 6112 6212 6212 6234 3,138 Copper Range Cons Co
30 Jan
100 5412July1 1 6834 May19
62
61
6012 6012
260 Daly-West
238 *214 212 *214 213
214
178 Jan
378 Marl 7
2 July13
214 238
20
534 Apr
*214 212
1613 Dec
812 Jan
10 1112 July12 1734 Sept 8
16
17
1634 1712 1613 1713 174 1734 41,819,East Butte Copper Min
1538 1614.
713 713
144 Apr
*71,
200 Franklin
412 Feb
8
8
8
8
25
6 June23 1034 Jan 8
*712 8
9412 Apr.
8712 8734
295,Granby Consolidated
88
*87
87
86
100 79 July14 9834 Feb 10 58 Jan
8512 86
88I.
*86
5238 Dec
96 Greene Canapes
2314 Feb
4814 4814 50
*4713 4813 4812 4813 48
100 3434 June26 5213 Mar 9
*4534 4634
2413 Apr
915 Hancock Consolidated
11 Jan
14
14
14
1412 14
14
25 1012June28 1912Jan 4
134 14
12
1218'
214
1012 Apr
Jan
190
Indiana
Jan
Mining
3
6
312
July10
312
*314
2
33
4
4
25
*312
312
3
3141
*3
41 Mar 52 Aug
215 Island Creek Coal
*43
*4318 45
46
45
1 43 Sept 6 5434 Apr 11
43
46
*43
*43
45
9118 Apr
8512 Jan
*39
1 88 Jan 29 92 NIay23
90
90
20 Do pref
*89
90
89
89
89
*8913 90
1712 Jan
1,355 Isle Royale Copper
34 Apr
25 25 July13 3134 Jan 6
2912 2914 2912 2912 30
29
2834 29
*28
29
54 Apr
125 Kerr Lake
3 Aug
312 M ar 4
5
413 458 *412 434 *418 434
5-58 May 3
4.2 4%
412 44
413 Apr
513 512
860 Keweenaw Copper
112 Aug
8 Apr 6
234 Feb 11
25
513 513
538 512
534
5
c5
5
197
8 Dec
1414
all
1,69
3
1334
512
Feb
10
10
5
1912
La
Lake
sa
I
C
Copper
July14
1334
I
1412
133
4
13
e
25
13
C
o
914
1218
Copperopp
*1214 13
9 Apr
34Jan
378 425 314 July15
534Jan 3
438
4
4
4
418
4
*334 4
5 Dec
4l Jan 4
1 Mar
238 -------- - -150 Mason Valley Mine
24 *2
2
238
214
5 . 112 Aug 3
214
17 Apr
,050 Mass Consol
3 Jan
124 1234 1314 1313 1314 1312 1312 1334
124 1218
25 10 July13 15 Feb 23
60 Mayflower
3 Aug
.213 313
8 Apr
3
212 212 ..
34 314
*34 334
.60 Mar
3 Apr
418 2,163 Michigan
Septpt
4
4
4
4
?121 a unly
2
25
5
3
334 334
314 3,
21
4614 Jan
1,905 Mohawk
90
91
91
98 Dec
25 7712July1 1 10312 Mar10
9012 9012 9113 90
89
8834 8834
1158 Feb
864 Nevada Consolidated
5 15 Jan 28 2178 Sept 8
2112 2133 2138 2134 2158 2178
17 Apr
2034 21
20
21 I
612 612 *612 634
1014 Jan 4
25
434 July14
1414 June
412 Feb
265 New Arcadian Copper
634 634
612 634
634,
*6
1312 Aug
160 New Istria Quicksilver
9 July19 2434 Jan 19
5
4 July
14
13
1314 1334 1334 *13
*1212 13 I
718 718 --ii4 --i1:i
718 713
878 Nov
813 May 1
5
120 NipIssing Mines
6 Mar 1
518 Aug
7
7
714.
*7
3878 Apr
22)4 Jan
15 20 July13 32 Jan 3
2012 2134 2112 2178 2134 2212 2212 2234 2,525 North Butte
20
2058
418 Apr
255 North Lake
*112 2
2
2
1 Jan
.50June 2
2
2
25
4'3 Jan 3
158 2
112 112
312 Apr
.50 Mar
Last Sale 113 Aug 16
01Ibway Mining
278 Apr 6
118July15
*112 2
*112 2
25
*118 2
214 Nov
718 Apr
4 Jan 3
*178 214 *134 214
25
114 July14
134 134 *14 214 - 100 Old Colony
214
*2
3812 Mar 64 Dec
6914 6914
7114 1,530 Old Dominion Co
7014 7114 71
71
70
*6914 71
25 60 July14 7334 Marti
64 Jan
Aituagr 1ti
9312 Apr
1 1,?41125 1,
.
1y1.1.
985 Osceola
89
90
1131
4
90
8978 90
10
2
15
0 7
8812 8812 83
86
86
12 Jan
1958 Aug
3
72
CreekCoal
1418 1412 1412
70
2 Pond
cl
1413 144 1414 14
14
1414 1434
50 Jan
95 Apr
25 81 July12 9834 May16
88
90
86
83
8612 88
84,2 86
85
*34
2758 Nov
1534 Jan
20 Ray Consolidated Copper. 10 2034June22 26 Feb 14
*2434 2514 *2434 2514 *2514 2534 2514 2514
*2412 25
6512 Dec
28 Jan
77.2 7712 80
1,535 St Mary's Mineral Land .25 6112J50 31 80 June 9
7614 76
75
7313 75
72
73
5 Oct
1 Mar
214
630 Santa Fe Gold & Copper
8
234 9
378Jan 8
2
21
4
10
114 July28
2
2
*178 2
24' 214
1112 Apr
87s 9
834 87,
4 Jan
2,150 Shannon
11)
85s 9
7 July13 1211 Feb 14
812 84
38
Nov
1834
4038Feb
Jan
14
2434Ju1y11
110
30
2958
10
*2912
Shattuck-Arizona
3014 .3014
2958
*2834 29
*2734 28
734 July
812Jan 4
330 South Lake
514 Nov
6
25
6
4 Aug 4
614
6
612 612
612 634
*6
612
4112 Apr
*1534 1612 1612 1634
22)2 Jail
615 Superior
154 16
25 1212July15 2812Jan 3
*1512 17
15
15
412 Apr
1 Mar
558 May15
43
,(6 2,454 Superior & Boston Copper_ 10
4
418 414
112Jan 13
378 4
4
4
378 4
5858 Aug
25 Jan
39
403 Tamarack
3712 384 38
38
25 35 Aug 5 5614.1an 14
3714 374 38
*37
39
1S1
Oft
Feb
238
3
1234
Jan
July12
1,010
7
614
414
7
63
4
6
6
25
614
614
Trinity
*514 6
.63 Apr
20 Jan
.45 .45
.60 May31
.40 .40
900 Tuolumne Copper
.15Jan 26
1
*.40 .50 *.40 .50
•.40 .50
54 Deo
20 Feb
7212 7213 7418 724 7358 7212 7378 10,005 U S Smelt. Refin .1. Min
50 544 Jan 3 8058 June 9
71
71
71
5012 Deo
28 Jan
5112 5114 52
1,098 Do pref
5112 5114 5112 51
50 49 Feb 1 5334 Apr 11
51
5034 5114
2 Jan
538June
44
418 418 1,061 Utah-Apex Mining
518 Apr 10
4
4
4
5 3 4 Feb 11
*3% 4
3% 4
914 Feb
1638 June
14
1434 1414 1434
15
720 Utah Consolidated
5 1212 Jan 15 1534 Feb 11
1412 1434 14
1438 1438
4834 Jan
8134 Dec
350 Utah Copper Co
8512 8614
85
85
10 75 June27 8634 Feb 21
8414 8434 85
84
*3338 8378
(112July18 1112 Mar13
1
758 758 1,710 Utah Metal az Tunnel
758 758
712 734
734 778
732 734
412 Apr
Feb
478 Feb 14
313 358
234Jan 3
395 Victoria
313
312 378
313
313 313
25
*314 334
51gMay
134 Jan
5
712 MaY31
514
360 Winona
334 Mar27
25
54 614
614 614
5
5
514
*5
32 Jan
70 Apr
2r
,e
e,
)
l
49
5434 x48
55
465 Wolverine
53
54
u 13 6D4
55
8 :
54
3g ,Ifili121u
54
54
.50
Mar
112
214 Apr
*112
112
158
113
300
Wyandott_
112
113
*114
*114
158
• Bid and asked prices a Ex-dividend and rights. /). Ex-stock dividend. C Assessment paid. hEx-rights. x Ex-dividend. x Ex Tamarack stock. w Half-psi

*____

12 223 ituir: 232i21TabAt

;iiz

170 -

112 FebLeg 2

0




2 LFeb

f"

17

SEPT. 9 1916.]

THE CHRONICLE

927

Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
2 to Sept. 8, both inclusive, compiled from the
Boston Bond Record.-Transactions in bonds at Bos- Sept.
official sales lists, is given below. Prices for stocks are all
ton Stock Exchange Sept. 2 to Sept. 8, both inclusive:
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Friday

Outside Stock Exchanges

Last Weelc's Range Sales
Sate
ofPrices
for
Price. Low. High. Week

BondsAlaska Gold deben Os
Am Agri() Chem 5s_ _ _1924
1928
5s
Am Tel & Tel coil tr 481929
AUG dzWISSL 58_1959
Central Vermont 4E1_1920
Chic Juno & US Y 53_1940
Gt Nor-C 13 & Q 4s_ __1921
Mass Gas 435s
1929
434s
1931
N E Telephone 5s____1932
Swift & Co 5s
1944
U S Smelt It dz M cony 6s_
Western Tel & Tel 58_1932

91%
83%

9635
101%
100%
110
10034

8635 86%
97% 97%
10234 10235
91% 91%
82% 8331
80
80
10134 101%
98
98
96% 96%
94% 9434
101% 101%
100% 100%
110 110
10034 10036

Range since Jan. 1.
Low.

$5,000
1,000
2,000
3,000
20,500
1,000
1,000
1,000
7,000
3,000
15,000
26,500
11,000
6,000

86%
96%
100%
90%
74
80
100%
9735
9635
93
10131
98%
100%
99

High.

Sept
July
May
Jan
Jan
Mar
May
July
Mar
Mar
Jan
Jan
Apr
Jan

105
99
103%
93
8431
83%
102
99
99%
96
104
10031
115
101%

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

Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from Sept.2 to Sep t.8,both
inclusive, compiled from the official sales lists, is as follows:
...‘...._
'
EL7 of Prices.
for
Range since Jan. 1

Sale Week's Range Week
Par. Price. Low. High. Shares.
American Radiator____100 396
396 396
Amer Shlpoultding____100 46
46
48
Booth Fisheries com___100 42
4034 42
Preferred
100 8134 81
82
Chic City& C Ry ptsh,prel 1531
1534 1534
Chic Pneumatic Tool_ _100
7034 7435
Chia Rys part ctf "2"
1434 14
1434
Chicago Title & Trust Rts_
27
2634 2834
Commonwealth-Edison 100
14134 142
Deere & Co pref
100
90
9031
Diamond Match
100 122
118 122
Hartman Corp
100
7234 7234
Hart Shaft& Marx com 100 8934 86
8934
Preferred
100 120
120 120
Illinois Brick
100 88
8734 89
Kansas City Ry 6, Lt Ws32
32
Lindsay Light
1034 1034 25
National Carbon
193 193
100
Preferred
100 123
123 123
People's Gas Lt& Coke 100 10134 101 1023-4
Pub Serv of No Ill com_100 113
113 113
Preferred
100 102
10194 102
Quaker Oats Co pref_100 111
11036 111
Sears-Roebuck corn_ _ _100 21131 207 21151
Stewart War Speed com100 11434 112 11634
Swift & Co
100 14634 14534 150
Union Carbide Co
100 20934 204 210
United Paper Bd com_ _100 18
17
1834
Preferred
100 68
66
68
Ward, Montg & Co, pref„ 11431 1145411534
BondsArmour & Co 434s....1939
9231 9354
Chicago City Ry 58--1927
9934 9934
Chicago Rys 5s
192'7
97
97
Chic Rys 58 series "A"__ _.... 87% 8731
Chic Rys 4s series "13"__
6734 6734
Chicago Telephone 58-1923
102 102
Commonw-Edison 58_1943 10234 10234 10234
Met Wilde El 1.t 43_1938
7134 7134 7134
Morris & Co 435s_._1939 9231 9234 0231
Peon G L & C ref g 58_1947
1013410134
Sulzberger & Sons 1st 68'41
100 100
Stocks-

High.
400
Jan
50
Aug
4234 Aug
82
July
20 June
79
Mar
1834 Jan
2834 Sept
14634 Mar
98
Feb
122
Sept
7234 Sept
8931 Aug
120
Sept
89
Sept
34
July
25
Aug
193
Sept
125
Aug
11231 Jan
11534 Feb
104
Feb
111
June
21231 Aug
119
Aug
150
Sept
210
Sept
1831 Aug
69
Aug
11734 Aug

lutMCOOMOMOMN.ON
0.0000ON
V.MMON.:
00
IN,W,W=OmW00.=.W.VOONOWC0,
0C0,
3N1,00
"M"M
"M ""It..
.M..."M M
.
N..i.
.

!

Low.
385
Jan
33
Jan
25
Jan
66
Jan
15
July
6334 Mar
13
Apr
2634 Sept
13934 June
89
May
102
Mar
7234 Sept
86
Aug
11434 Jan
7634 Jan
22
Feb
634 Jan
167
July
Feb
12014
100
May
107
Jan
100
Apr
107
Jan
16934 Mar
8234 Apr
12635 Jan
170
Feb
133-4 June
5131 June
11234 June

000.9.0000

000voorDg...9—Q0C
...voc

0
.
0
.
0
.
0
.
0
.
00
.0
.
00
.c
V00.Ngi00 ,
6NC,
7,
0,
.
.
C
CO

9234
9834
96
sog
6534
10134
10134
71
8931
1003-4
9954

Sept
Apr
May
Aug
July
Apr
July
May
Jan
July
Apr

9434
100
98%
9234
75
10234
10234
7334
9931
10235
1003-4

Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
July
Jan
Aug

Stocks-

Friday
Sales
Last Week's Range for
Sale
ofPrices
Week
Par. Price. Low. High. Shares.

Alliance Insurance
10
American Milling
10
American Rys pref____100
Baldwin Locomotive_ _100
Preferred
100
Buff & Susq Corp v t c_100
Elec Storage Battery_ _100
General Asphalt
100
Preferred
100
Insurance Co of N A. _10
J G Brill Co
100
Keystone Telephone _50
Lake Superior Corp_ 100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Transit
50
Preferred
50
Minehill & S 11
50
Pennsyl Salt Mfg
50
Pennsylvania
50
Philadelphia Co (Pit(s)_50
Pref (cumulative 6%)50
Philadel Electric
2235
Phila Rapid Transit_ _50
Voting trust recta_ _ __50
Philadelphia Traction_ _50
Reading
50
2d preferred
50
Tono-Belmont Devel
_1
Tonopah Mining
1
Union Traction
50
United Cos of NJ
100
United Gas Impt
50
U S Steel Corporation_100
Preferred
100
Warwick Iron dz S
10
Westmoreland Coal_ __ _50
Wm Cramp & Sons_ _ __100
York Railways pref__ __50
BondsAmer Gas & Elec 58_ _2007
do
do small 2007
Baldwin Locom 1st 58 1940
Edison Elec stk tr otf 58'46
Eleo & Peoples tr ctfs 48'45
do
do small 1945
Harwood Electric 6s__1942
Inter-State Rys coil 4s 1943
Keystone Teleph 1st 5.1 '35
Lehigh Vail cons 4358 1923
Consol 6s
1923
Gen consol 4s
2003
Registered 4s___ _2003
Lehigh Vail Coal 1st 513'33
Leh Vail Trans 1st 56_1935
Penna RR gen 4348_1965
Consol 435s
1960
Phi% Co cons&coll tr 5$'51
Phila Elec tr ctfs 58.1948
small
1948
do
do
Trust certfs 4s
1950
do
do small 1950
Reading gen 48
1997
Spanish-Am Iron 6s_..1927
United Rys Invest 58_1926
West N Y & Pa gen 481943
York Rys 1st 58
1937

Range since Jan. 1.
Low.

20

20
20
33 17% May
6
6
40
6
July
9435 94% 95
70 9331 Feb
83% 83%
50 69
July
104 105
30 104
Sept
50% 50%
104 38
Jan
66
66
6634
590 5834 Apr
29% 30
30
710 27% Aug
69% 69%
20 69
Aug
26% 26
26%
203 25
Jan
38% 36% 39
320 34
Apr
13% 13% 13%
100 13
Mar
10% 10% 10% 1,046
8% Jan
75% 75
221 74 May
75%
79
78% 79%
244 74% Jan
20
100 18
21
Jan
4331 42% 4331
48 38
Jan
57
57
45 56
Feb
9831 99
40 97
July
56
55% 5631 2,668 55% Aug
39% 39
39%
30 38% July
39% 3935
10 39% July
2834 2834 28%
993 27
Mar
20% 20%
45 17 May
2035
19% 2031 3,465 17 May
79%
79
79%
201 75
May
1115-4 104 111% 6,656 7534 Jan
47
4631 4734
400 42% Jan
434
436 2,285
A
4
Mar
5% 59-16 5 11-16
307
534 Aug
45
44% 45
556 4134 Jan
224% 224%
3 222% July
88
87% 88
764 8751 May
99% 95% 100% 22,053 7934 Mar
118% 11835
2 115% May
934 Aug
10
934 934
71
7135
71
50 6534 Apr
82% 77
Mar
8331 1,310 70
37
37
3731
30 3434 Jan

8034
57
99%
9035

104%
105
84%
84%
68
85

9634 9634
95% 96
10434 10434
107 107
80% 80%
8035 80%
101% 101%
57
57
97% 97%
99% 10134
11031 11034
00% 90%
87
87
104;4 104%
10334 103%
101% 10134
10434 10431
87
87
104% 105
10431 104%
84% 84%
8435 8434
95
95%
102% 10231
68
68
85
85
95
95

$5,000
1,600
4,000
2,900
4,000
800
5,000
4,000
2,000
4,000
1,000
4,000
1,000
1,000
1,000
13,000
11,000
6,000
30,000
1,800
28,000
1,700
2,000
2,000
2,000
5,000
1,000

89% Jan
89% Jan
104 May
Mar
105
7934 May
76
Apr
101
Jan
57 May
96
Jan
99% Sept
1103( Jan
90
Aug
87 Sept
Aug
104
10331 Mar
100% Jan
10434 July
87
Aug
10334 Jan
103
Jan
8134 May
82 May
9334 May
101% May
68
Sept
81% Jan
92% Jan

High.
20
Jan
8
Jan
100
Mar
11534 Feb
109% Mar
55 June
69
Aug
38
Mar
73% Mar
27
Jan
48% Jan
15
Mar
1234 Feb
7931 Jan
85
May
2334 Mar
44% Mar
58% June
10234 Feb
59% Jan
4531 Jan
Apr
45
29% June
21
Jan
2134 Jan
79% Jan
111% Sept
5155 May
5 7-16May
7
Jan
45% May
22734 June
9231 Jan
100% Sept
118% Sept
1134 June
72
Aug
87
Jan
39
Mar
9631 Sept
96
Sept
106
Mar
108
Aug
81% Feb
83
Jan
103
Jan
58
Jan
100
Feb
101% Jan
110% July
94
Feb
93
Feb
106
Jan
104 June
Feb
103
106% Feb
94
Feb
105
Jan
105 June
85
July
85
July
96% Jan
10234 Feb
74
Apr
8534 June
9634 Apr

x Ex-dividend

Baltimore Stock Exchange.-Complete record of the
Pittsburgh Stock Exchange.-The complete record of transactions at the Baltimore
Stock Exchange from Sept. 2
transactions at the Pittsburgh Stock Exchange from Sept. 2 to Sept. 8, both inclusive:
to Sept. 8, both inclusive, compiled from the official sales
Friday
Sales
Last Week's Range for
Range since Jan. 1.
lists, is given below. Prices for stocks are all dollars per
Sale
ofPrices
Week
StocksPar. Price: Low. High. Shares.
share, not per cent. For bonds the quotations are per cent
Low.
High.
of par value.
Arundel Sand & Gravel 100 37
3634 37
95 3534 Aug 42
Feb
Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices
Week
Par. Price. Low. High. Shares.

Amer Wind Glass Mach100
Preferred
100 124
Amer Wind Glass, pref _100 104
Caney River Gas
25
Columbia Gas & Eleo__100 2235
Consolidated Ice, corn. 50
Preferred
50
Crucible Steel, pref-___100
Harb-Walker Refrao- _100 102%
efei red
100 105
Independent Brewing_ 50
Preferred
50 20%
La Belle Iron Works---100 5734
Preferred
100
Lone Star Gas
100
Mfrs Light & Heat
50 59%
Nat Fireproofing com 50
Preferred
50
Ohio Fuel 011
1 15
25 45%
Ohio Fuel Supply
Oklahoma Natural Gas 100
Osage & Oklahoma Co_100
Peoples Nat Gas & Pipe 25 34
Pittsburgh Brew coin- _50
50
Preferred
Pittsburgh Oil & Gas_ _100
7%
Pittsburgh Plate Glass-100 120%
Pure Oil common
5 19%
Ross Mining & Milling_ 1
San Toy Mining
1 150
Union Switch & Signal_ 50
100 35%
U S Glass
US Steel Corp com
100 100
West'house Air Brake- _50 149%
West'house Elec & Mfg_50 81
West Penn Tr & W P-100
BondsAmer Sewer Pipe 6a .1920
Columbia 0 & E 58-1927
1955
Ind Brewing 6s
Pittab Brewing 6s__ -.1949
z Ex-dividend.




Range since Jan. 1.
Low.

(IOU 62% 1,810 3434 Jan
124 124
95 122% July
104 104
50 100
Feb
39% 40
355 36 June
21% 22% 2,495 14% Mar
10
3% 3%
3
July
279 25
25
25
Aug
10 109% Jan
118% 118%
35 71% Jan
10234 102%
105 105
90 100
Jan
3% 4
075
234 Mar
20% 20%
20 15% Mar
50% 58
950 49 Juno
133% 13334
33 123
Jan
8834 88%
20 87
Aug
55% 59% 1,522 49% Apr
734 731
60
(1% July
16% 16%
30 15% July
14% 15
300 14
Aug
45
45%
476 38
Feb
76
76
10 70
Jan
103 103
15 98
Mar
34
34
30 34
July
5% 5%
515
434 Mar
21% 22%
155 1654 Feb
7% 7%
155
635 Mar
119% 12035
185 115
Jan
19% 2035 2,490 z17% May
140
14o
200
50 Apr
150
me 1,900 14o June
115 120
345 109 May
35
36
210 2s3,
4 June
97% 100%
646 80% Jan
148 150
1,690 13334 Apr
59
61% 1,355 5335 July
19% 19%
60 17
Jan
92
84%
59
73

92
$1.000
84% 5,000
59
3,000
73
2,000

91
80
49
64

Apr
Feb
Mar
Mar

High.
64% May
155
Apr
107
Aug
4231 Jan
22% Sept
Mar
5
35
Jan
118% Sept
104
Aug
105
Sept
534 Aug
22
Aug
60
Aug
13334 Aug
93
Jan
5935 Sept
12
Jan
24% Jan
19
Jan
47% Juno
76
Sept
106
Jan
37
Jan
035 Aug
25
Aug
9% Apr
120% Sept
21% Mar
30o Apr
25e
Jan
126
Jan
3914 Aug
100% Sept
150
Aug
7154 Mar
21
Aug
92
8431
62
75

Feb
Sept
Aug
Aug

Baltimore Tube
100 12734 127 128
285 63
Jan 13134 Aug
Preferred
100 99
9835 9931
101 8231 Jan 100 June
Consol Gas E L & Pow_100 112
110 112
520 107
Mar 11654 June
Preferred
100 11534 11334 11534
320 107 June 117
Aug
Consolidation Coal_ _ _..100
100 100
25 96
Feu 103
Jan
Cosden & Co
5 1654
1431 1754 19,304 1334 Aug 2631 June
Cosden Gas
5 1254
123-4 14,657
6
Apr 1831 June
Preferred
5
5
434 534 16,942
eg June
454 Apr
Davison Chemical (no par) 3634 3531 3734
528 3535 Aug 7134 Jan
Elkhorn Coal Corp prel___
32
32
32
30 31
Aug 32
Sept
Houston Oil trust etfs_100 1354 1334 1334
45 1334 Aug 2335 Jan
Preferred trust Ws_ _100
57
57
63 57
July 68
Jan
Monon Vail Trae, pref_100
75
75
30 74
Aug 75
Mar
Mt V-Woodberry MillsPreferred v t r
100 53
53
5331
21 49 June 55 May
Northern Central
50
88
28 86
8634
July 90
Jan
Oklahoma Prod & Ref_ _ _5
634
63-4 654
87
6
Mar
854 June
Penna Water & Power 100 78
7731 7835 1,480 72
Mar 7834 Sept
Sapulpa Refining
5
9
834 9
3,738
734 Aug 1654 Feb
Seaboard Air Line
100
15
15
100 15
Sept 1731 Jan
Preferred
100 36
36
36
266 36
Sept 41
Jan
United Ry & Elec
50 28
273-4 28
382 2534 Jan 29
Feb
Wayland 011 & Gas
5
5
4
5
440
331 Aug
93-4
Feb
BondsAlabama Coal & 155
793-4 7934 32,000 7654 Jan 80 May
Allan & Charleston 1st 5s_
101 101
2,000 101
Sept 103
Mar
Atlantic Coast Line RRConvertible deb 48_1939
9154 9134 86,800 91
June 9331 Apr
Bait Elec stamped 58_1947
99
1,000 99
99
Aug 100
Feb
Consol Gas gen 4Hs.....1954
9334 9331 4,000 9235 May 9431 Jan
Consol G E L &P 4%81935
8735 88
30,000 8631 Aug 9034 Jan
Consollda'n Coal ref as '50
91
91
1,000 91
July 93
Jan
Convertible 68
1923 10234 10234 10234 13,000 10234 Sept 105
Jan
Cosden Gas 68
10434 10034 105 507,000 100
Aug 120 June
Elkhorn Coal Corp 68-1925
9734 9736 1,000 9654 Aug 9834 Jan
Elkhorn Fuel 58
1918
100 100
2,000 9934 Aug 10031 Feb
Fair & Clarks Trao 58_1938 10034 10034 10034 1,000 9931 Jan
10134 Feb
Fairmont Coal 58--- -1931
97
97
3,000 9335 June 9934 May
Maryland Dredge (38
9931 9934 4,000 9934 July 993-4 Aug
hid Elec Ry 1st 58_ __1931
9834 9836 1,000 9634 Jan 99
Mar
Merch & Miners Trans 68_ 10334 10331 10331 1,000 101
Jan 10334 June
Milwaukee El Ry & Lt4358
1931
9234 9254 2,000 9034 Jan 94
Apr
Milw Gas Lt 1st 4s.....1927 93
93
93
3,000 92
Jan 9334 June
Mt V-Woodb notes 68 1918
100 100
1,000 98
Mar 100 • Aug
Penna W & P 58
1940
91
91
1,000 90
Jan 9234 Apr
United Ry & E 48___ _1949 8234 8234 823-4 17,000 82
July 85
Jan
Income 44
1949
6231 6254 19,000 6034 June 64 May
Funding 58 email_ _1936
853j 8654 2,200 8334 May 8734 Feb
Wash 13 & A 5s
1941
8431 8431
1.000 84
Jan 87
Jan

1131

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Sept. 8 1918.

Stocks.
Shares.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

[VOL. 103.

THE CHRONICLE

928

Par Value.

Railroad,
&c..
Bonds.

State, Mun.
U.S.
& Foreign
Bonds.
Bonds.

$649,5001
276,890 $22,625,000
HOLI DAY
1
2,506,500
991,760 85,176,500
2,990,500
1,367,717 118,671,600
2,411,500,
80,187,100
1,057,681
2,429,500;
1,057,940 79,597,500

$946,000
1,320,500
1,027,500
1,022,000
835,500

$1,000
11,500
$12,500

Stocks-

Sales
Friday
Last Week's Range for
Week
of Prices
Sale
Par. Price. Low. High. Shares.

Former Standard 011
Subsidiaries
100
Galena-Signal 011
100
IllinoisPipe Line
25
Ohio 011
25
Pierce Oil Corp
100
Prairie Oil& Gas
100
Prairie Pipe Line
Southern Pipe Line_ _ _A00
100
South Penn Oil
S. W.Pa Pipe Lines_ ...100
Standard 011 (Ind)_ _100
Standard 011 (Neb)_ _ _ _100
Standard Oil of N L _100
Standard Oil of N. Y....100

4:1""
370
730
500
530
225

164 164
175 179
235 246
12% 1234
395 415
245 245
205 208
365 370
113 113
690 730
500 500
522 530
220 225

5
165
995
300
180
5
40
40
5
350
6
210
360

Range since Jan. 1.
Low.

151
155
189
12
359
205
180
325
108
487
500
495
200

Feb
June
Jan
July
Aug
Apr
July
Mar
Apr
Jan
Sept
Apr
Mar

High.

164
190
260
1734
439
247
228
384
118
730
500
548
228

Sept
Feb
Feb
Feb
Jan
Aug
Jan
Jan
Feb
Sept
Sept
Jan
Jan

Other 011 Stocks
3,800 50e June 590 Sept
b8o 590
Alberta Petrol_r (prosp'ct) 590
2,825
434 May
2% 3
254 Jan
234
Barnett Oil & Gas-r- -1
9,400
13 . Aug 27 June
1634
5
1734
Co..r
&
1434
Cosden
Jan.1 to Sept.8.
Week ending Sept. 8.'
Sales at
654 Apr 1834 June
5 x1234 11% x12% 23,000
Cosden 011 & Gas r
New York Stock
336 July
634 Feb
1,500
4% 5
5
5
Preferred_ r
1915.
1916.
1915.
1916.
Exchange.
1% 13-16 2,000
1% Mar
34 Feb
5
Federal 011_r
% Sept
34 Aug
100,583,881 General Ref & Prod_r_w L 13-18 11-16 13-16 12,925
2,091,074
112,118,898
4,751,968
Stocks-No.shares_ _ _
800
1034
June 1354 Jan
10%
£1
934
Petroleum_r_
Internat
$8,670,738,320
$187,678,350
$9,724,121,290
$388,257,700
Par value
3,700
10
Aug
1554
25
13%
May
1434
5
Petroleum.
Metropolitan
$138,300
$1,500
$172,100
Bank shares, par
390 450 19,000 380 Aug 850 Feb
1 43e
Midwest 011 coin r
Bonds.
2,100 75o
88e
Apr
1-16
1
Mar
83o
1
_r
Preferred
$738,500
$12,500
$671,950
$60,000
Government bonds_ _ _
765 53
Feb 70 May
65
61
15.093,500 Midwest Refining_r__ --50 64
5,151,500
186,835,000
318,000
State,mun.,&c.,bonds
136 Feb 3 9-18 June
334 3 5-16 30-18 1,100
Refining_r__-_1
Muskogee
531,242,200
519,865.000
10,987,500
12,288,500
bonds_
misc.
RR. and
1% Aug
134 6,220 700 June
1
134
N Y-Oklahoma 011_r---1
7o Mar 210 June
100 130 03,050
$547,072,200 Oklahoma Oil com_r---1 120
$707,371,950
$18,151,500 $12,668,500
Total bonds
34 Aug
134 May
34 17,900
1
Preferred r
34 5-16
834 June
534 Aug
634 7% 9,700
Oklahoma Prod & Refg.._5
734
550 700 48,600 500 Aug 95e Aug
1 680
Omar 011 & Gas
AND
PHILADELPHIA
BOSTON,
THE
AT
TRANSACTIONS
DAILY
700 80
May
July 102
91% 92%
Pan-Am Pet & Tr pf_r_100
8% 934 4,500
734 Aug 163( Feb
BALTIMORE EXCHANGES.
0
r 5
Sapulpa Refining
134 Sept
I% Sept
134 1% 2,400
1
134
Sequoyah 011 & Ref
4034 4,600 3536 Aug 50
May
Sinclair 011 & Ref r(no par) 3934 39
Baltimore.
Philadelphia.
950 990 13,700 690 July 990 Sept
Boston.
Tex-Mex Petroleum_ r- _1 990
236 June
Week ending
United Western Oil_r_ _1 11-16 1 1-113 1% 11,600 540 Mar
Apr
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales. Vacuum Gas&O.Ltd rLl 34e
30c 37o 23,400 30c Aug 55o
Sept. 8 1916.
40
774 Sept 1354 Jan
7% 8
734
Ventura Cons'd 011_ r_ _ _ _5
$14,500 Victoria 011_ r
$8,100
1,840
3,142
1
Mar
$12,000
1 11-16 4,250
13,679
234 Jan
1 1 1-16
Saturday
3,200
HOLI DAY
5
3% Aug
9% Feb
4
Wayland Oil& Gas com_5
Monday
436
97,200 Wayside 011 & Reg
1,000 52o Aug 54c Aug
5,403
16,300
9,109
520 52o
16,000
36,284
1
Tuesday
179,800
13,690
42,200
17,398
11,700
59,133
Mining Stocks
Wednesday
950 450 Aug 1.02
277,500 Alaska-Brit Col Metals r 1 500
23,141
May
500 52c
44,700
9,940
28,500
35,537
Thursday
145,300 AlaskaMinesCorp 1(no par) 70c
15,888
590 700 23,400 590 Sept 700 Sept
36,500
11,253
35,000
62,908
Friday
% 12,300
% July 70o July
62c
Alaska Westover Cop-r-1 640
59,782 $714,300 Arizona Copperfields-r-1
236 Aug
2
2%
234 14,279 35c July
50,842 $147,800
207,541' $103,200
p Total
90 Aug 2334o Jan
034o 110 10,300
1 10e
Atlanta Mines_r
37,100
Feb
7-18
4% Sept
1
334
434
434
-1
CoCopper
Big Ledge
Jan
1,200 12e Aug 440
120 13o
1
25,500 500 Mar
New York "Curb" Market.-Below we give a record of Booth_r
234 June
1
720
Boston & Montana Dev 5 900
434 June 1234 Mar
5
534
534 4,900
Copper & Zinc v t o 5
the transactions in the outside security market from Sept. 2 Butte
600
134
134 July
434 Mar
134 2
Butte & N Y Copper.. ....1
2,150
2% Jan
6
531 6
5
Copper_r
654 Aug
to Sept. 8, both inclusive. It covers all the sales for the Calaveras
8,700 530 Aug 1 5-32 Apr
550 580
1 580
Caledonia Mining
17,750
134 Aug
134 136
Calumet & Jerome Cop r-1
134 Aug
week ending Friday afternoon.
600 1 3-19 Mar
5
134 10-16
234 May
Canada Copper
1,000
70
934cMay
7c
3340 Feb
1
Cash Boy
Sales
Friday
600
3436 36
3231 July 4254 Feb
Cerro de Pasco Co p(no par) 35
Range since Jan. 1.
Last Week's Range for
2,900 650 Aug 70e Aug
Week ending Sept. 8.
650 65c
1 050
Columbia Mines Co
Week
of Prices
Sale
154 July
Jan
2
1 7-16 1% 23.200
5
t...onsol Ariz Smelt
High.
Low.
Shares.
High.
Price.
Low.
Par.
Stocks114 Feb
334 May
234 234 0,20
23-4
Consol Copper Mines_ _ _ _5
34 4,000
% July
34 Aug
34 7-16
_1
Consol-Homestead____r
July 25
Feb
7
1,000
34 July
Aetna Explos_r__..(no par) 1134 10% 12% 38,250
13-4 July
1 15-16 15-18 1
Aug Crystal Copper
154% 6,150 o12% Jan 155
ag May
I% 1 9-18 2,425
Am Int Corp $50 pd_ _ _100 5436 £52
134 June
Arizona CoppAA 17-16
4% Sept DundeeCopper_r
Mar
2
3% 4% 5,200
28,300
434
680
Jan 70c Mar
1734o
600
Am Writ Paper com_r_100
64o
1
Emma
62%
Jan
June
55
105
5934
59
100
2,300
Steel
3
4
July
434
8% Jan
Atlantic
43-4
First National Copper.._5
200 15% May 20% Aug Goldfield Cons'd Mines.10 770
20
20
9,300 750 Apr 1 3-18 Jan
760 800
Brit-Am Tob ord bearer_ £1
2% Mar
7% Apr Goldfield Merger_r
4% 434 1,425
5
5,000
7o Aug 210
Jan
80
434
80
Butler Chemical_r
1
64
40
Feb
May
100
62
62
300 13c Apr 300
Jan
150 I70
Canada Steel_ r
5
Hill Mining
2% Jan Gold
400
%
% Sept
%
Canadian Natural Gas_ __1
360 410 20,300 350 Aug 41e Sept
410
(prosp't)
r
Goldstone
Min_
Feb 80
Mar
15 55
75
75
24,000
1
Carbon Steel com_r_ .100
I% 2
Aug
254 Aug
Monster Mining_r-1 115-16
3% Aug
734 Apr Green Mining
13,000
4% 5
5
3% Jan *534 June
Car Ltg & Power_r_ _ _25
5 4 15-16 536 5,075
25c
Heels
5% Aug
834 May Howe
300
536 534
434 June
8
Charcoal Iron Coot Am 10
Jan
534 4.000
5
5%
1
Sound
6%
June
5%
500
Sept
6%
634
10
104,550
I%
Preferred
50o July
1% Sept
134 660
InspirationNeedlesCoprt 1
Jan 278 June Iron
1,870 115
197 203
100 198
400
Jan
1
Chevrolet Motor
236 Apr
13.4 10-16
100 19-16
Blossom_r
234 May
Cramp (Wm) & Sons Ship
136 *2 1-16 146,000
2
154 July
Verde Copper_t_ _1
Feb 87
Jan Jerome Victor
3,000 73
84
80
100 84
& Eng Bldg_r
2%
1% June
23-4 Sept
13-4 2% 11,600
Exten_r_t.1
310 65
77
Jan Jerome
72
Aug 155
2,850 810 July 1 3-16 Jan
IDriggs-Seabury Ord 100
85o 880
88o
1
r
Butler_
Jim
Apr 49% June
4035 1,200 37
Edmunds&Jones r (no par) 4034 40
134 Jan
38e 44o 31,500 38o Sept
1 40o
Jumbo Extension
210
93
9734
May
May
95%
95
100 95
200
Preferred
Feb *534 May
4% 4%
5
1% Mar Kerr Lake
34 Aug
3' 1,835
34
54
1
5,000
%
1
Electric Gun Corp_r
Mar
May
9-18
9-10
%
La
Rose
5
Cons
Mines-834 July 1434 Jan Magma
935 2,390
9
936
5
July 1934 May
Emerson Phonograph5 16% *1534 1734 8,450 13
Aug Marsh Copperr
Fisher Body Corp.r(no par) 4034 3834 4035 1,500 37% Aug 41
100 1030 15,300 100 Aug 41c Mar
Mining_
1
1
Aug
Gaston. Williams & WigMarysville Gold Mining..1 1 7-16
134', Sept
134 17-16 0,330
45% 2,600 37% July w7034 Apr McKinley-Darragh-Sav_ _1
100 380 Mar 72o May
(no par) 4534 44
more_r
60o 600
Apr Mich Gold Min dc Mill.r _1
Sept 86
400 u56
u56 u59
84o 67e 19,100 42c Aug 700 Aug
Guantanamo Sugar_ _50
250 33% July 5434 Jan Mines Coot Amer
38%
38
580
2
*234 234
Aug
4
Haskell & Barltuar(no par) 38
Jan
10
234
Apr 55 June Mojave Tungsten_ r
510 41
334 4% 3,570
4%
8 May
236 Aug
Holly Sugar com__(no par) 4534 4534 46
2
Apr Monitor Sli L&ZM&M1
100 9334 June 98
9534 95%
100
234 4,830
2
234
Preferred
h Apr
254 May
June
8
110
6
Sept
6
1134
_10
Corp_
Car
3,000
Motor
990
Hupp
950
640 June
1
Montana Gold Mines_r..-1 990
Aug
340 380 24,000 250 Aug 36o Aug Mother Loder
Imp Carbon Chaser_r_ _1
1 3634c 3554o 380 88,000 200 Jan 43o Apr.
100
Jan Newray Mines, Ltd _r_ _1 670
Au, 25
634 634
5
634
Internat Motors cora_ r 100
650 680 58,000 34o June 680 Sept
200
Sept
17%
1734
Sept
17%
1734
par)
r(no
Cement
2,42
June
lot Port
Aug 1734
15
1534 1634
Rosario.10 18
3,300 0350 Aug Mlle Aug N.Y.&Honduras
54e 550
834 Feb
2,000
TA
8% May
Joplin Ore & Speiter_r_o_l 550
Nipissing
5 73-4 7
8% June Oatman Big Jim
1,300
4% May
534 534 5,700
534
Kano Manufacturing_ _ _-5
10c 1 5-32 1 1-16 134 4,100 700 July 2 3-16 Apr
Jan
14
33
Aug
20
14
20
_5
pref_
120
22,150
Bronze,
Aug 220 Aug
Kathodion
15o 170
170
Emma
Leasing-v-10o
Old
100 55
55
Aug *6334 July Oro r
55
700
40 Mar
So
40
Jan
Kelsey Wheel. corn_ r.._100
40
1
200 98
Sep 10134 July Peterson
98%
98
1,100 220 Sept 390
100
Preferred _r
22o 230
Jan
1 230
Lake
6% July 1334 Jan Pittsburgh Jerome_r___ _1 1 9-16 1 9-16 1 9-16
7% 8% 3,100
100 85e July
Lake Torpedo Boat_r_ _10
134 Aug
234 Jan
% Aug
% 134 14,200
1
Manhattan Transit_.._20
1 2530 20340 2534o 33,700 100 Aug 390 May
Consolldated r
434 Jan Rex
700
Apr
3
3% 3%
Marconi Wire!Tel of Am_5
50 53
54
3
o
390
7,850 55c
Jan 78o May
1 560
Rochester Mines
Mar 13
4% 5% 3,300
Jan Round Mountain r
4
5
100 34e Sept 780 May
Maxim MunitIons..r._ _ _10
1
Apr 77% Jan San Toy Mining
1,500 130 Aug 260 Jan
Midvale Steel & Ord_r_ _50 6334 61% 64% 19,400 57
14o I4o
1
450 64
July Short Creek Zinc & Lead.r1
Aug 08
2
Mitchell Mot_r _w_(no par) 6736 *86% 87%
400
Aug
1% Sept
I% 1%
30 Feb 190 Aug
Ohio Cities Gas com_ r_ _25 6834 67% 68% 4,200 6734 Sept 68% Sept Silver Pick Consol_r
170 190 32,000
1 18o
Jan Standard Silver-Lead___ _1 1 3-16
23% 24% 1,100 20% May 32
1
July
2
Peerless Truck & Motor..50
Jan
13-16 1,700
134
150 8634 Sept 150
86% 90
Jan Success Mining..r
Poole Eng & Mach_r- _100
Feb
320 360 25,000 30o Aug 95o
1 33o
3% Aug Teck IIughes_r
334 5,900
2% June
3
PulimanVentilatorCorp.r.5
1,000 400 Sept 40o Sept
334
40o 400
400
634 3,000
6
534 July
634
634 Aug Temiskaming_r
5
Preferred _r
34 642504 9 400 510 Mar 810 May
50
0
1 80
i 64
5(L
4
300 54
Aug 56
54 *55%
Aug Tonopah Belmont_ r
350
4 June
Republic Mot Truck r (t)
554 May
1
Sept 98
Sept Tonopah Extension
98
300 98
98
7,10 3 15-16 Jan
100
Preferredr
734 May
5%
1
4% 4%
500
4% Mar
050
63-4 Feb Tonopah Mining
•
5%
434
Riker & Ileg (Corp for)._5
554 Aug
534
73.4 May
1
3,000
16%
17%
16
July
Mar Tri Bullion S & D
14
10 1634
Apr
500
1
34 Aug
%
St Joseph Lead_r
%
3g
5
100 60
Apr 87 June United Eastern
434 May
Saxon Motor Carr _ _100 7236 72;4 72%
400
3% July
354 3%
334
1
6,425 49% Sept 58
49% 58
Sept U S Continental Mines_r1
Scripps-Booth_ r_ _(no par) 58
834 934 22,000
4e Aug 180 Mar
934
550 24% Aug 28% Sept United Verde Exten_r.50o 3931 34
Seab'd St & Manganese (t) 2834 25% 2834
654 Jan 4034 Sept
403-1 45,600
934 Aug 10% Sept Unity Gold Mines
334 Sept
Smith &Terry Transp pf 10 1034 10% 10% 2,300
3% 374 2,900
334
154 Apr
5
180 51
Apr 88
Aug West End Consolidated-1 860
83
8434
Springfield Body Corp 100
660 78o
4,350 660 Sept
154 June
Apr 126
205 101
Sept White Knob Cop prof r_10
100 lia-- 124 126
Preferred
2 Jan
700 *1% May
2
I% 2
41% 4234 1,700 4134 Aug 4534 Aug Yukon-AlaskaTr r (no par)
Stromberg Carburetor_r(t) 42
Feb 45
Feb
42%
250 30
42
11,000
June
72
72
67
Sept
53%
1,900
Stutz Motor of Am(no par) 7134
134
31 July
5
134 May
Yusearan Consol_r
13-4
13-4
Submarine Boat_(no par) 3834 34% 39% 34,500 31% July 4334 Jan
Bonds200
234 2%
2 June
6% Jan !British Govt 58
236
Triangle Film Corp v t c_ 5
1918
9834 99 604,000 98% Aug 9934 Aug
16,500 57
5834 62
Aug 94
June Cerro de PASCO Cop 6s 1925
1,000 110 June 123
United Motors_ r _(no par) 61
Feb
112 112
34 May 2 1-16 Jan Consol Ariz Smelt 5s_ _1939
36 4,600
34
10,000 25
Mar 50
United Profit Sharing__ _1 13-16
48
Mar
48
800
2% July
2% 3
434 Jan Cosden 0& G fts_w i____ 10434 103
0 99% Aug 125 June
00
00
60
US Light & Heat Corp r 10
5 195;
35;i
9144 10
1,200
Apr
4
5% 6
6
734 June Midvale St & Ord 5s.r.1936 9534
10
94
July 100
U S Steamship
Feb
434 434
200
434 Sept
8% June N Y City 43is
United Zinc Smelt(no par)
10434 10434 2,000 10434 Sept 104% Sept
1960
50 5334 52% 5334 6.900 46% Jan 60 June Russian Govt 1334s-r_w L _ 10034 10036 10154 124,000 100
White Motor
July 101% Aug
770 41
41% 45
Sept 45
Sept Sinclair 011 & Ref 6s.r.1926
Willys-Overland new w L_ 45
5,000 94% Sep
99% May
9474 95
3,700
Jan
1
3
5
M July
1
World Film v t c
434 434 2,000
3% Aug
6% Apr
434
Zinc Concentrating_r_.10
*Odd lots. t No par va ue. I Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. m New stock, par
Rights.
par value 325. o New stock. r Unlisted. s Ex-100%
34 3-16 2.000
1% Aug value $12 50. n Old stock,
1Willys-Overland. com_r_
stock
dividend. t $50 paid. u Ex-cash and stook dividends. o $10 paid. w When
2,000
4 SeptP
134 Aug
Ws 334
!Preferred
issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
Total

4.751.968 3316.257.700 $10,987,500, 5,151,500




0

SEPT. 9 1916.1

THE CHRONICLE
CURRENT

929

NOTICE.

Quotations for Sundry Securities

-The Wall Street 'Branch of New York University announces that its
courses in finance, brokerage, insurance, accounting and financial law will
All bond prices are"and Interest" except where marked "f".
begin the first week in October in the Broad Exchange Building, 25 Broad
Street. The Wall Street Branch was started as an experiment, a number of
prominent men in the financial district having joined with the University
Standard 011 Stocks Pe raw*
Tobacco Stocks-Per Shall's.
Par Bid. Ask
authorities to develop a scheme of practical education for young business
Par Bid. Ask,
Anglo-Amer Oil new.... El .1434 1514 American Cigar common100
118 123
men that would moot their needs directly. That the project was a success Atlantic Refining
100 800 810
Preferred
100 9812 9918
is evidenced by the recent announcement that the branch has been made a Borne-Scrymser Co
100 370 400 Amer Machine & Fdry 100 78 83
regular and permanent deaprtment of the University. The schedule has Buckeye Pipe Line Co
50 *100 105 British-Amer Tobac ord.
.1812 20
Ordinary, bearer
'been greatly enlarged for the coming year, under the leadership of the new Chesebrough Mfg new_ _ _100 435 445
LI •19 20
Colonial Oil
100 60 70 Conley Foil
100 300 350
director, A. W. Taylor. During the past year the branch had an enroll- Continental
011
100 390 410 Johnson Tin Foil & Met_100 100 150
ment of nearly six hundred students. The purpose of the Wall Street Crescent Pipe Line Co....50 .40 43 MacAndrews
& Forbes_ _100 175 185
Branch is to offer to the men in the Wall Street district high-grade univer- Cumberland Pipe Line_ _100 92 95
Preferred
100, 99 101
100 227 233 Porto Rican-Amer Tob_ _100 260 255
sity teaching containing principles and actual practice at a time convenient Eureka Pipe Line Co
Galena-Signal 011 corn_.-100 162 165 Reynolds(R J) Tobacco_100 550 580
for them to attend. The courses are offered at 5:15-7:00, once a week
Preferred
100 140 145
Preferred
.100 121
University credit is granted for these courses on tho same basis as
Illinois Pipe Line
100 170 180 Tobacco Products com..-100, 5034 123
work Indiana
5118
Pipe Line Co_ __50 *103 106 Young(J S) Co
given elsewhere.
100 150 160
Internet Petroleum
£1 *10 1012
Prelerred
100 105 110
-Lee, Iligginson & Co., of Now York, Boston and Chicago,
National
Transit
•14
Co--12.50
15
and the
Guaranty Trust Co. of this city announce, by page advertisement opposite New York Transit Co_ _ _100 205 210
our weekly statement of Clearing House returns to-day, that the Italian Northern Pipe Line Co- _100 95 100
25*244 247
Ohio il Co
Short Term Notes, Pereent.
Government 6% ono-year convertible gold notes are due and payable Penn-Mex
25 *56 58
Fuel Co
Oct. 15 1916. The holders have the privilege of converting them into new Pierce 011 Corp
25 *1214 1234 Am Cot Oil 58 1917.--M&N 10038 10058
100 400 410 Amer Locom 5s, July '17_J-J 10034110118
6% ono-year convertible gold notes, duo Oct. 15 1917, provided they are Prairie 011 & Gas
Prairie Pipe Line
100 248 252 Am T & T 454s 1918
9978,10018
presented for stamping to that effect at the offices of Lee, Higginson & Solar
Refining
100 320 305 Anaconda Copper 55'17 M-S 10058,10078
Co., Boston, New York or Chicago, on or before Sept. 15 1916. The now Southern Pipe Line Co_ _100 205 210 Canadian Pee 6s 1924_
M&S2 10138 10158
100 365 375 Chic Elev Rs,58 1916_ _J-J
one-year notes will be convertible, at the option of the holder, at maturity South Penn Oil
95
Pipe Lines..100 110 115 Chic & West Ind 5s'17..M&S 995 9978
(upon 60 days' notice), par for par, into ten-year 5 % gold bonds of the Southwest Pa(California)1
Standard 011
00 282
Erie RR 5546 1917____A-0 10078 10118
Italian Government, payable, at the option of the holder, either in lire Standard 011 (Indiana) 100 715 285
725
General
Rubber
5s
1918
J&D
10014 10012
or in united states goal. A large portion
of the outstanding issue has Standard 011 (Kansas)._100 465 475 Hocking Valley 58 1917-M-N 10012 10034
Standard Oil (Kentucky)100 430 440 Int Hay/ 58 Feb 15 '18_F-A 10138 10158
already been stamped for conversion and the bankers are prepared to
stamp Standard 011
490
(Nebraska)
.100
510
K
C
5548
Rys
1918____
balance
if presented by Sept. 15 1916.
J&J 10031110058
any or all of the
Standard 011 of New Jer_100 527 537 Morgan&Wright 5s Dec.1.18 9978 10918
-The National City Co. and Remick, Hodges & Co. of this city,
jointly Standard 011 of New Y'rk100 222 225 New Eng Nay tki 1917_M-N 9934100
Standard 011 (Ohio)
with R. L. Day & Co. of Boston, are offering for investment, by
100 420 430 NYNH&H 450 May 1917 9104 100
advertise100 105 115 Penn Co 4546 1921__J&D15, 10058'10078
mont elsewhere in to-day's "Chronicle," $1,420,000 City of Newark, Swan & Finch
Union Tank
100 82 84 Pub Ser Corp N J 53'19 M& ' 1004 10034
N. J., coupon or registered bonds. The issues offered are: $850,000 Vacuum 011 Line Co_ _ 100
295 300 Rem Ams U.M.C.58'19F&A 88 89
School 4s, due Oct. 1 1958 (opt. 1948), price 100% and interest, yielding Washington 011
10 *38 45 Southern Ry 58 1917-M-S2 100541006s
United Fruit 5s 1918- M-N 10044101
3.95%; $245,000 Dock 434s, due Dec. 15 1959, price 111% and interest,
Bonds.
Per cent.
UtahSecurCorp 68'22 M-S1
9414 9514
yielding 3.95%; and $325,000 funding 4s,duo Sept. 15 1944, price 1093,4 Pierce Oil Corp cony 60_192
80 82 Winches RepArms5818M&S 9754 98
and interest, yielding 3.95%. All these bonds are legal savings bank inNew York City Notesvestments in New York, Massachusetts and Connecticut and acceptable,
68 Sept 1 1917
10238 10258
Ordnance Stocks--Per 811475Canadian Govt. Note
in the opinion of the bankers, for postal savings bank deposits at 90% of
56 Aug 1 1917
F&A 10012 10034
Aetna Explosives pref. 100 59 62
their par value.
5 15
100
-Alex. Brown & Sons of Baltimore have issued a "Handy Digest of the Amer & British Mfg
Preferred
100 20 40
Now Income Tax Law," with the complete text of the new law appended, Atlas Powder common..100
169
183
Preferred
for complimentary distribution to investors. The now income tax law, as
Public Utilities?RS 100
122
enacted by Congress Sept. 7 1916, has made a number of important Babcock & Wilcox
0
1
-- Am Gas & Elec corn
50•t3io
changes. For the convenience of the persons affected, this digest is com- Bliss(E W)Co common 11008
ao•152 155
Preferred
Preferred
50 *75 80
50 *4912 5014
plete and comprehensive and contains,the rulings of the Treasury Depart- Canada Fdys & Forgingsiee
182 195 Am Lt & Trac common-100
379 382
ment up to date, besides the appended text of the now law enacted
Preferred
100
90
100
Preferred
100 110 112
Sept. 7. Canadian Car
& Fdry
100 42 47 Amer Power 45z Lt coin...100 69 71
-The firm of John Nickerson Jr., specialists in public utility
Preferred
securities,
100 70 72
Preferred
100 84 85
61 Broadway, this city, and 300 Broadway, St. Louis, are
Amer Public Utilities com100 40 44
advertising Canadian Explosives com100 400
a list of high-grade public utility investments in this issue of the
Preferred
100 102 kW" Preferred
100 72 75
"Chronicle." Carbon
Steel common_ 100 76 78 Cities Service Co cons__ _100 286
The bonds yield 4.93 to 5.77%, short-term securities 3.40
434 286
714
to 6.34%, and
1st preferred
100 84 87
Preferred-100
the preferred stocks 6.06 to 6.97%. Tho firm states that public
2d preferred
utility
66 Com'w'Ith Pow Ry & L 100 63 64
100
83
securities are beginning to show an upward trend and they
Colt's
Patent
Fire
Arms
Preferred
100
recommend
Mfg
the purchase of these investments now.
100 855 865 Dayton Pow & Lt pref
94 ro
100 8
Crocker-Wheeler Co com.I00 95 100 Eiec Bond & Share pref._100 10
4104
2 -41271z
---Wm.P. Bonbright & Co., Inc., 14 Wall Street, this city, are featuring duPont(E I) de Nemours
Federalrr
Light &Traction100
a page list of securities in our advertising columns to-day. The bonds yield
& Co, common
278
284
100
Preferred
100
Debenture stock.... 100 100 104 Great West Pow 58 1946.J&J 8912 9012
5.00 to 6.35%, the short-time securities 5.30 to 6.50%, and preferred
stocks 5.60 to 7.75%. Descriptive circulars of these offerings
100 380 390 Indiana Lighting Co__ --100
will be sent Electric Boat

1

on request. See the advertisement for particulars.
.--..
7
..117A7I765vLs7formerli-Manager ofthe bond-department of Henry I..
Doherty &

Co., has been made a director and Manager
the securities
department of Kennedy, Mitchell & Co.. Inc., 35 WallofSt.,
city.
W. W.Townsend,formerly with W.C. Lagley & Co., has joinedthis
the same
firm as Manager of sales.
•

New York City Banks and Trust Companies

Banks-N.Y. Bid
America•_ _ _ 525
Amer Exch. 223
Atlantic _ _ _ _ 180
Battery Park 165
Bowery s_ _ 390
Bronx Bore* 200
Bronx Nat., 175
BryantPark* 135
Butch & Dr_ 100
Chase, new 1330
Rights _
220
Chat & Phen 225
Chelsea Ex*
Chemical__ _ 395
CitizensCent 175
445
City Coal & Iron. 185
Colonial•_ 450
Columbia* _ 300
Commerce_ _ 169
Corn Exch.. 320
Cosmoporn• 100
East River_ _
75
Fidelity•_ 165
Fifth Aye'.. 4300
Fifth.
250
980
First
Garfield_ _
185
Germ-Amer* 130
German Ex. 380
Germania
375
Gotham_
200
Greenwich*. 310
640
Hanover _
Harriman _
370
Imp & Traci_ 490
Irving
187
Liberty _
775
Lincoln.- 325

Ask
Banks.
535 Manhattan•
- - Mark & Fun
185 Mech & Met
175
Merchants' _
_ _Metropolis*.
Metropol'n *
Mutual.
145
New Nett''..

Bid
300
240
270
195
290
175
325
215

110
310

New YorkCo
New York_ _ 375

225
230
125
402
180
450
195

Pacific *._
Park
People's'-- _
Prod Exch*.
Public 'Seaboard
Second
Sherman...
State •
23d Ward....
Union Exch.
Unit States.
Wash Irta•_
Westch Av*
West Side* _
Yorkville*....
Brooklyn

d'21171
325
1tg
4800
275
1000
195

140

275
455
220
221
420
395
125
113
100
135
500
225
160
380
475

Coney IWO 130
First
255
Flatbush__ _ 150

466
'Green point

Hillside •_ _
Homestead •
tEd." Mechanics*.
400 Montauk._ _
500 Nassau
Natl.:nil City
192
North Side_
16-0- People's....

155
100
130
85
200
266
170
130

Ask
310
250
275
205
180
225
725
385

470"
235
198
227
430
410
135
118
135
143
175
410
550
140
270
165
165
115
90
140
110
207
275
185
140

Trust Co's. Bid
Ask
New York
Astor
435 445
Bankers Tr_ 460
465
B'way Trust 145
150
CentmlTrust 750
758
Columbia _ 580
600
Commercial_ 100
110
Empire _
_ 290
310
Equitable Tr 465
475
Farm L & Tr 1650
Fidelity _ _ _ 200
210
Fulton
280
Guaranty Tr 419
424
Hudson
_ _ 140
147
Law Tit& Tr 130
135
LincoinTrust 108
117
Metropolitan 418
424
Mut'l (Westchester) _
125
N Y Life Ins
& Trust.. 975 1000
N Y Trust_ _ 595
605
Title Gu&Tr 380
386
Transatlan'a
155
Union Trust 380
390
US Mtg&Tr 390
395
UnitedStates 1005 1020
Westchester. 130
140
Brooklyn
Brooklyn Tr
Franklin _ _ _
Hamilton_ _
Kings Co...
Manufact'rs
Citizens-People's_ --Queens Co--

-•Banks marked with a (9 are State
-banks---1.-Sale
t Now stock.
V Ex-rights.

Exchange this weak.

520
255
265
630

265
275
650

145
282
70

150
292
80

it auctiOnOriit-Stock

New York City Realty and Surety Companies
Bid

Ask

Alliance Wty 70
Amer Surety 145
Bond & M G 270

80
160
276

Casualty Co
City Invast'g

18

21

Preferred__

60

68




BM

LawyersMtg 157
Mtg Bond__ 110
Nat Surety_ 276
N Y Title &
Mtge
88

Ask

161
114
282

95

Bid

Ask

(Brooklyn) 93
US Casualty 195
US TitleG&I 50

98
210
60

Realty Assoc

Wes& Bronx
Title & MG 165

178

Preferred
100 380 390
Hercules Powder corn...100 325 3
13
10
6
Preferred
100 112
Hopkins & Allen Arms...1
15 25
Preferred
100 45 55
International Arms
25 *16 20
Lake Torpedo Boat corn..10' *734 834
Midvale Steel & Ordnance 50 *8334 6414
Niles-Bement-Pond corn_100 163 166
Preferred
100 105 110
Scovill Mfg
100 585 595
Submarine Boat_ _ _(no par.) *3812 39
Winchester Repeat Arms 100 1275 1400

45 1958
___
F-A
Nor
pr
tNenrre
Sta
d tea Pow com.100
100
1st & ref 5s 1941_ _ _A&O
Pacific Gas & Elec corn-100
let preferred
100
Republic Ry & Light-100
Preferred
100
South Calif Edison com--100
Preferred
100
Southwest Pow & L pref_100
Standard Gas& El(Del). 50
Preferred
60
Tennessee Ry L & P com100
Preferred
100
United Gas & Mee Corp_100
1st preferred
100
2d preferred
United Lt & Rys corn...1
000
8
1st preferred
Western Power common_1
1°8
00
Preferred
100

7812 8012

1978i

0:
5 486112
44 119
00
73959 3
-88862967;114.2
0

•15 17
*3912 41
4
17
0 4
19
1

RR.Equipments-PerC1.Basis
7
12
4 17
75
Bid. A it.
4.45 4.30
15 18
4.50 4.37
52 54
4.50 4.37
75 77
4.65 4.40
191 21
4.85 4.50
691
71
4.75 4.50
4.75 4.50
5.50 4.90
5.80 5.30
Industrial
Equipment4546
5.80 5.30
and Miscellaneous
Chic Ind & Loutsv 434s
4.95 4.50
Chic St L & N 05s
4.65 4.35 American Brass
1
276
83
62 2783
88
6
Chicago & N W 454*
4.35 4.15 American Chicle com___ _10
Chicago RI & Pac 450
5.25 4.85
Preferred
1031
Colorado & Southern Se.
4.80 4.45 Am Graphophone corn..100 165
68 16
70
9
Erie5s
4.75 4.40
Preferred
Equipment 454s
4.75 4.40 American Hardware_ _ _ _100 131 134
Equipment 4s
4.75 4.40 Amer Typefounders com_1
100 9
41
0 9
45
3
Hocking Valley 48
4.70 4.40
Preferred
Equipment 58
4.70 4.40 Bonlen's Cond Milk com.100 111 113
Illinois Central 56
4.50 4.25
Preferred
100 10712 10918
Equipment 454s
4.50 4.25 Celluloid
Company
oboac
ttoxTc
m
185 95
Kanawha dr Michigan 454*.. 4.70 4.40 Havana Tobacco
-_100
34 112
Louisville& Nashville Se.... 4.3.5 4.15
Preferred
100
2
3
MinnSt P&SS M 4516
4.651 4.40
P
1sre
t
1 1922 J-D
Mis8ouri Kansas dr Texas &- 5.60 5.00 Intercontinen Rub corn_ _100 /4812 53
1412 15
Missouri Pacific 56
5.0 600 Internet Banking Co--- _100 160 163
Mobile & Ohio 543
4.801 4.50 International Salt
100 40 43
Equipment 4546
4.80 4.50
A-0 175 77
New York Central Lines Se.. 4.601 4.37 International
atio
g 5snallS
88111ver pref_100, 96 99
4.601 4.37 Lehigh Valley Coal
Equipment434*
N Y Ontario & West 434*... 4.60, 4.35 Otis Elevator cons Sales_ 50; .85 90
100' 67 70
PreferredI
Norfolk& Western 4548
4.401 4.15
Equipment 43
4.40, 4.15 Remington Typewriter- 00
Pennsylvania RR 4548
4.351 4.15
Common
100 90
1314 9
14
212
Equipment 4s
4.35, 4.15
1st preferred
100 72
37 75
3812
St Louis Iron Mt & Sou 58.. 5.35; 4.95
26 preferred
StLouis & San Francisco Se. 5.35 4.95 Royal Baking Powd
com_100 145 150
Seaboard Air Line 55
4.80 4.40
Preferred
100 10hz 10212
Equipment 454s
4 80 4.40
Southern Pacific Co 434*._. 4.50 4.25
SouthernRailway 454s
4.80 4.40
Toledo & Ohio Central 4s- _ 4.90 4.50
Baltimore & Ohio 4555
Buff Roch & Pittsburgh 4)43
Equipment 4s
Canadian Pacific 4546
Caro Clineht & Ohio 58
Central of Georgia 58
Equipment 454s
Chicago & Alton 45
Chicago & Eastern Ill 548...

*Per share. S Basis. 4 Purchaser also pays accrued
/Flat price. nNemlnal. sEx-divldend. y Ex-rights. dividend. s New Stock,

[VoL. 103.

THE CHRONICLE

930

puesintent and Saikaatt intelliffente.
ROAD GROSS EARNINGS.

RAIL
railroad from which regular weekly or monthly returns
The following table shows the gross earnings of every STEAMearnings
-for the latest week or month, and the last two
can be obtained. The first two columns of figures give the gross the latest week or month. We add a supplementary
columns the earnings for the period from July 1 to and including
does not begin with July, but covers some other
statement to show the fiscal year totals of those roads whose fiscal year
t page.
period. The returns of the electric railways are brought together separately on a subsequen
Latest Gross Earnings.
ROADS.

Week or
Month.

Currtnt
Year.

Previous
Year.

July 1

to Latest Date.

Current
Year.

Previous
Year.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

IJuly 1 to Latest Dale.
Previous
Current
Year. I Year.

$
1
II
1
$
$
$
139.596
145,704
Ala N 0& Tex Pac145,704 139,5061
293,154 N 0 Mobilo & Chic_ July
316,098
31098 293,154
11,413,775
4,378.614
1,058.9081
N 0 & Nor East_ July
1,186,569
124,037 NY Chic & St Louis June
143,225
143,225 124,037
Ala & Vicksburg_ July
6,967,344 6,247,6591 6,967,344 6,247,659
121,097 N Y N if & Hartf_ July
130.122
130,1.22 121,097
961,572
Vicks Shrov & P_ July
987,743 961,572, 987,743
328.367 N Y Oat & Western July
397.112
45,498
54,684
317,790
3d wk Aug
Ann Arbor
298,144 317,7901 298,1441
& West.. July
11704821 10422341 11,704,821 10,422,341 N Y SusqSouthern.._
Atch Top & S Fe.. July
332,4451 396,0451 332.445
396,045
July
Norfolk
378.371
428.619
46,934
58,054
4,467,345
4,845,121
Atlanta Birm & Ad 3d wk Aug
4.467,3451
4,845,121
July
&
Western..
Norfolk
93,566 1,367,285 1.185,337
107,298
Atlanta & West Pt.. June
3d wk Aug 1,643,000 1,356,000 11,469,000 9,406,000
2,607,180 2,177,387 2,607,180 2.177.387 Northern Pacific__
Atlantic Coast Line July
454,992 353.865 4,319,598, 3,568,701
116,593 Northwestern Pac_ June
128,169
128,169 116,593
. .
Chariest & W Car July
. .
630,312
May
111,028 Pacific Coast Co
136,383
136,383 111,028
Lou fiend & St L July
19639799 16755645 19,639,799 16,755,645
July
RR_
ia
p
Pennsylvan
8,670,752
10,153,913
8,670,752
913
10153
153,760
153,760
°Baltimore & Ohio.. July
159,597I
159.597
July
Ati_
&
Bait
Ches
174,653 137,433 1.796,502 1,555,299
B & 0Ch Ter RR June
267,645 244,587
Cumberland Vall. July
226,2v5
211.051
211,051 226,295
Bangor & Aroostook July
1,553,353 1,680,636 1,553:353
1,680,636
July
Island
Long
1,265,806
1,292.958
1,26.3,806
1,292,953
106,120
105,126
Bessemer & L Erie_ July
105,126 106,120
Mary'd Del & Va July
796,498
992,592
58,409
89,217
481,467
561,975
Birmingham South.. June
561,975 481,464
N Y PhIla & Nonf July
4,719,795 4,099,236 4,719,795 4,099,236
2,282,598 1,904,687
Boston & Maine_ _ _ July
1,904,687
2,282,598
July
Wash
&
Balt
Phil
1,958,003
895,105
985,206
Buff Roch & Pittsb_ 4th wk Aug 481,674 321,486 2,386,740
985,206 895,105
W Jersey St; Seash July
116,065
142,288
142.288 116,065
Buffalo & Susq RR.. July
6,860,075 5,640,024 6,860,075 5,640,024
7,519,100 3,945,300 Pennsylvania Co_ _ _ July
454,957
500,534
454,957
Canadian Nor Syst_ 4th wk Aug 1,129,100 652,100 25,127,440
500,534
July
Ind
&
Rap
Grand
Canadian Pacific__ 4th wk Aug 4,092,000 2,856,000 1.119.170 16,309,375
4,239,754 3,390,186 4,239,754 3,390,186
Pitts 00 & St L_ July
987,827
1,119,170 987.827
921,255
Central of Georgia.. July
921,255 1,064,764
1.064,764
July
Vandalia
2,608,058
2,975,906
2,975,906 2,608,058
Cent of New Jersey July
364,141 Total lines-486,046
486,046 364,141
22,400,640
26,067,973
22400640
Cent New England.. July
26067973
East Pitts & Erie July
320,602
361,552
361,552 320,602
Central Vermont__ July
12816186 10544483 12,816,186 10,544,483
West Pitts & Erie July
Ches & Ohio Lines_ 4th wk Aug 1,558,056 1.405,401 8,196.362 7,616,175
38884159 32945123 38,884,159 32,945.123
All East & West_ July
1.485,433 1,188.357 1,485.433 1.188.357 Pere
Chicago & Alton___ July
Marquette__ 3d wk Aug 446,263 373,019 3,068,285 2.668,688
8,596.915 6,957.421 94.075,778 83,864,649 Reading
Chic Burl & Quincy May
(Jo1,319,058 1,042,007 16,698,404 14.100,772
b Chicago & East Ill Juno
4,774,210 4,083,198 4,774,210 4,083,198
Phila & Reading.. July
1,992,353
c Chic Great West.... 3d wk Aug 378,545 315,931 2,289,317
2,679,411 1,817,280 2,670,411 1,817,280
&
Iron Co.._ July
Coal
1,182,453
1,432,394
Chic Ind & Louisv_ 4th wk Aug 258,025 205,881
7,453,621 5,900,478 7,453,621 5,900,478
July
cos
both
Total
252,927
325,823
9,236,387 8,219,281 9,236,387 8,219,281 Rich Fred & Potom July
I July
325,823 252,927
Chic Milw & St
933.265
912.105
69,757
Chic Mil& Pug SJ
82,033
Grande June_ May
92.068
8,223,362 7,218,689 8.223,362 7,218,689 Rio
92,753
16,544
16,924
dChic & North West July
wk
Aug
4th
South.._
Grande
Rio
143,353 113,340 1.752.800 1.597.909 Rutland
313,757
340,335
340,335 313,757
Chic Peer & St L...... June
July
5,986,653 5,467,696 72,189,276 68,041,216 St
172,019 116.732 1,840.000 1.507,314
°laic Rock Isl & Pac June
June
Isl.
&
Jos
Grand
3.151,053
2,900,444
236,669 191.486
Chic R I & Gulf__ June
213,281 185.945 2,606,446 2.292.561
L Brownsv & M June
1,647.060 1,433,333 1,647,960 1,433,333 St
dChic St P M & Om July
2,854,523 2,432,049 2,854.5232,432,049
St L Iron Mtn & So July
202,321 160,745 2,528,046 2,186,268 St
3,407,204 48,403,390 42,974.573
Chic Terre H & S E June
4,136,632
June
&
Fran
San
Louis
920.751
933,890
933,890 920,751
1,499.626
Cin Ham & Dayton July
St Louis Southwest_ 3d wk Aug 254,000 104,000 1,836.597 9.497,896
121,281 110,210 1,516.758 1,699,310 San
Colorado Midland. June
1,082,144 918.710 11.244,355
Pod L A & S L_ June
2,365,961
2,625,580
396,031
1,673,851
1,691,605
e Colorado & South_ 4th wk Aug 460,859
1
1,673,851
.691.605
July
Line_
Air
Seaboard
11,109
23,002
11,109
23,002
July
Cornwall
14255788 12063204 14,255.788 12,963,204
July
40,628 Soutnern Pacific
57,246
40,628
57,246
Cornwall &Lebanon July
4th wk Aug 2,100,889 1,734,033 11,794,007 10,607,265
Railway__
Southern
420,039
571,491
1,/93,434
571,491 420,089
Cuba Railroad_ _ __ July
Mobilo & Ohio_ __ 4th wk Aug 344,009 287,041 1,923.132
1,889,490 1,546,632
2,231.606 1.914,316 25.922,671 22.701,942
Delaware & Hudson June
Cin N 0& Tex P_ 4th wk Att4 351,438 273,464
799,943
923,698
4,507,804 3,387,072 4,507,804 3,387,072
Del Lack & West__ July
Aug 176,108 137,803
wk
4th
South..
Groat
Ala
4,228,700
4.451,017
351,448
369,538
54,211
Deny & Rio Grande 4th wk Aug 802,300 747,500 7.466.004 5,708,126
59,932
Georgia So & Fla_ 4th wk Aug
1,799,301
1,959,705
672,340 615.020
136,540
167,614
Western Pacific__ June
Virginia & Sou W June
282.684
309.109
44.838
425,955
49.100
480.589
Denver & Salt Lake 3d wk Aug
480,589 425.955
July
Seattle
&
Port
Snok
1,767,579
12,214
17,463
193,005 132,249 2,212,265
1,533
2,453
Detroit Tol & Iront June
181,450 Tenn Ala & Georgia 3d wk Aug 145,046
215,311
27,759
129,874
39,132
145,046
129,874
Detroit & Mackinac 4th wk Aug
Tennessee Central_ July
116,570 109,543 1,706,518 1.471,160 Texas
461,214 3,131,202 2,895,239
Dot & Tol Shore L.. June
523,473
wk.
Aug
4th
_
_
_
Pacific_
&
92.026
1,042,942 802.343 6,493,283 4.824,605 Toledo Poor & West July
95,226
92,026
95,226
Dui & Iron Range__ June
529,703
573,258
75.144
841,034
79,453
077,660
Dul Sou Shore & Atl 3d wk Aug
Toledo St L & West 4th wk Aug 138,495 120,000
980,592
134,535 103,448 1,692,720 1,285,548 Trinity
912,801
49,586
60,592
Duluth Winn & Pan June
June
V
Brazos
&
882,467
1,113,066 882,467 1,113,066
Elgin Joliet & East_ July
9,137.486 7,846,866 9,137,486 7,846,866
748,842 Union Pacific Syst_ July
588,616
1,040.083 748,842 1,040,083
688,244
El Paso & Sou West July
688,244 588.616
July
6,306,214 5,673.128 6,306,214 5,673,128 Virginian
July
2,422,483 3,024,920 2.422,483
Erie
3.024,920
July
Wabash
362,787
560,905
506,905 362.787
2,019,842
1,727,851
300.624
Florida East Coast.. July
85,873 Western Maryland_ 4th wk Aug 385,040
97.138
85,873
97,138
98,274 1,308.758 1.252,293
Fonda Johns & Gloy July
98.936
By of Ala June
213,966 184,513 3.097,865 2.791,580 Western
561,805
938.924
Georgia Railroad__ June
938,924 561,805
Wheel & Lake Erie.. July
393,106
578,182
57,635
81,027
Aug
2,251,8'69 1,897,043
wit
2d
996,254
Pac__
Grand Trunk
1.193,186
9,115,574 7.548,614 Yazoo & Miss Vail.. August
Grand Trunk Syst_ 3d wk Aug 1,304.848 1,052,483
7,231,612 6,033,048
Grand Trunk Ry 3/1 wk Aug 1,051,281 841,204
1,084,303
Previous
Current
Grand Trk West.. 3d wk Aug 186,996 151,405 1,399,110
430,822
434,358
59,749
Year.
66,523
Year.
Period.
Dot Gr H & Milw 3d wk Aug
Various Fiscal Years.
15,533,367
12,020,751
6,162,627
7,914.121
August
System
North
Great
150,686 134,034 1,964,177 1.633,006
July 31 $965,413 $700,589
to
Jan
1
Gulf& Ship Island.. June
_
RR_
na
&
Susquehan
Buffalo
543,136
780,564
780,564 543,136
Jan 1 to June 30 12,970,603 10,781,297
Hocking Valley_ _ July
& Hudson
6,389,780 5,529,843 12,232,272 10,408,669 Delaware
Jan 1 to July 31 42,419.764 35,28/.168
Illinois Central..___ August _
692,004 616,843 9,420.291 9,083,626 Erie
Jan 1 to July 31 111481006 280,906759
Internat & Grt Nor June
Central..)
York
Now
831,356
947.581
947,581 831.356
Jan 1 to July 31 12,19,,527 9,654,805
Kansas City South.. July
Boston & Albany
154,095
201,944
201,944 154,095
Jan 1 to July 31 4,112,254 .4,255,518
Lehigh & Ilud lily_ July
Westorn_n
&
Erie
Lako
320,002
217,775
217,775 320,002
1 to July 31 25,759,953 19,607,596
Jan
Lehigh & New Eng.. July
Central
Michigan
4,307.497 3,733,761 4,307,497 3,733,761
July
Lehigh Valley
Cleve eine Chic & St Louis._ Jan 1 to July 31 25,997,393 20,205,718
136,839
137.144
846,498
137,144 136,889
Jan 1 to July 31 1,056,953
Louisiana & Ark__ _ , uly
Northern
Cincinnati
169,239
163,644
163,644 169,239
Jan 1 to July 3113,541.988 8,693,377
Louisiana Ry & Nay 1
Pittsburgh & Lake Erie
9,114,214
2,475,030
31
3,346,387
to
July
1
Jan
Louisville & Nashv 4th wk Aug 1,765,620 1,495.406 10,616,635
Toledo & Ohio Central
996,964
1.084,537 996,064 1,084,537
July
Jan 1 to July 31 2.106,754 1,603.364
Maine Central
Kanawha & Michigan
36.482
34,568
36.432
34,568
Jan 1 to July 31 202029278 156249668
Maryland & Penna.. July
Total all lines
1.392.739
1.862.608
112.856
164.305
to June 30 7,523,938 5.681.705
June
Jan
Midland
152,182 New York Chicago & St Louis_ Jan 1
154.644
19,469
20,004
1 to July 31 2,487,053 2,320.820
Mineral Range........ 3d wk Aug
1,528.348 1,363,620 N Y Susquehanna & Western
to July 31 13128:3992 104914649
1
Jan
Minneap & St Louis 3d wk Aug 245.271 203,306 5,028.684
Railroad
ia
p
Pennsylvan
3,931,159
619,859
640,518
to July 31
Minn St P&SSM_ 3d wk Aug 644,064 584,613
Baltimore Chesap & Atlantic Jan 1
64,083
68,565
64,083
68,565
1 to July 31 2,046,596 1.636,575
Jan
Mississippi Central_ July
Valley
d
Cumberlan
5,170,547
7,606.353
31
July
8,387,976
to
1
Jan
Mo Han & Texas_ 4th wk Aug 1,085,497 846,844 6,265,176
Long Island
5,570,674 4,763,299 5,570,674 4,763,209
484,795
31
469,824
h Missouri Pacific__ July
Maryland Delaw & Virginia_ Jan 1 to July
942.303
1.054,266 942,303 1,054,266
2,347,713
Nashv Chatt & St L July
N Y Philadelphia & Norfolk.. Jan 1 to July 31 3,037,075 11,621,304
63,499
67.0i5
8.207
10,256
31
14,368,947
July
to
1
Jan
Washing'n
Nevada-Cal-Oregon 3d wk Aug
&
Phila Baltimore
17127204 13947771 17,127,204 13,947,771
Jan 1 to July 31 4,324,001 3,673,326
New York Central July
West Jersey & Seashore
1,834,625 1,535.298 1,834,625 1,535,298 Pennsylvan
Jan 1 to July 31 42,474,285 30.856.246
Boston & Albany July
ia Company
489,379
644,407
644,407 489,379
Jan 1 to July 31 3,268,141 2.921,488
nLake Erie & W_ July
Indiana
Grand Rapids &
3,857,971 3,049,543 3,851,971 3,049,543
Jan 1 to July 31 28,603,827 21,829,796
Michigan Central July
Louis
St
&
Chic
Cinc
Pitts
3,163,459
3.841,219 3,163,459 3,841,219
Jan 1 to July 31 7,282,135 6,078,253
Cleve C 0 & St L July
Vandalia
139,018
49
161,,
139,018
161,749
31 166825505 134672431
July
North.
Cincinnati
Total lines-East Pitts & Erie Jan 1 to July
2,064,955 1,655,433- 2,064,955 1,655.433
Jan 1 to July 31 82,663,703 62,562,461
Pitts & Lake Erie July
Erie
&
Pitts
-West
402,967
592,756
592,756 402,967
July 31 249489209 19723.1802
to
Jan
1
Tol & Ohio Cent_ July
&
E
lines
W..
-All
277,546
283,641
283.641 277.546
391.747
Dec 1 to May 31
Kanawha & Mich July
Grande Junction
30408527 24660414 30,403,527 24,660,414 Rio
Jan 1 to July 31/ 2,299'385 1,947,101
Tot all lines above July
80.446 139.4'22 1.763.916 1.599.999 Rutland
New On Great Nor.. June

.
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
* Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

* Monthly Summaries.

Current
Year.

I Previous
Year.

Increase or
Decrease.

3
$
I
$
Cur. Yr. Prey. Yr.
Mileage.
4 +37,087.041 13.57
October ____248.072 247,009 311.179,375 274,091.43
2 27.58
5
+66,310.62
240.422.69
7
3d
November _246,910 245.858 306,733,31 232,763.070 +62,438.948 26.82
4th
December __248.437 247,673 295.202,0185 220,203,595 +46.840.040 21.27
267,043,63
246,838
1st
0
January ___247.62
3 +58.005.851 27.68
2d
February _245.541 244,809 267,579,8146 209,573,96
20.47
3d
247.363 246.548 296.830,40 238,098,843 +58,731.563
March
8 +50.941,052 21.45
0
237,512.64
288,453,70
4th
246.615 245,773
April
1st
248,006 247.189 308.029,090 244,580,685 +63.448.4119 25.94
May
24
226.752 225,803,285,149,746 237,612,967 +47.536.77 8 20.01
June
90,8371 79.888,2911 65,082,233 +14,808.05 22.76
3d
92.611
July
1: 771 :71 19 b17 R02 -1.:1 -193 ORO 97 73
Ath wool: Ana /10 rn•yrkil
Mason City & Fort Dodge and the Wisconsin
Includes
c
Haute.
Terre
&
Evansville
Includes
b
By.
ing
a Includes Cleveland Lorain & Whee operating revenue, but also all other receipts. e Does not include earnings of Colorado Springs & Cripple
Central and the Wichita Falls lines. h InTexas
the
Minnesota & Pacific. d Includes not only
and the Frankfort & Cincinnati. g Includes Ity.. Chicago
Indiana & Southern RR. and Dunkirk
Creek District By. f Includes Louisville & AtlanticIncludes
the Lake Shore & Michigan Southern
5
* We no longer include the Mexican roads
eludes the St. Louis Iron Mountain &nSouthern.
Central.
Northern
the
p
Includes
RR.
Includes the Northern Ohio
Allegheny Valley & Pittsburgh RR.
in any of our totals.
week June 32 roads)........
week June 37 roads)....-week July( 6 roads)........
week July (36 roads)......_
week July (35 roads)____
week July 135 roads ____
week Aug 35 roads ____
week Aug 33 roads __-..
week Aug. 35 roads ___




$
12,643,273
19.765,119
14.089,190
14,903,388
14,551,530
20.837,695
15,151,993
15,698,481
15,813,607

$
10,080,728
15,600,468
11,316,239
11.775,242
11,557,175
17,635,279
12,201,051
12,415.730
12,792,433

$
+2.562.54525.42
+4,155,651 26.64
+2.772,951 21.54
+3,128,146 26.48
+2,994,355 25.91
13,202.416 18.16
2,950,942 24.19
3,282.751 28.44
+3,021.174 23.62

SEPT. 9 1916.]

THE CHRONICLE

Total(19 roads)
Net Inernasci (2, _,20Z,1

$

Gross
Earnings

Month of August.
Gross earnings (22 roads)

1916.

1915.

Increase.

62,938,76649,998,30612,940,460

%
25.89

It will be seen that there is a gain on the roads reporting
in the amount of $12,940,460, or 25.89%.
Pr Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroads and industrial companies reported this week:
VW
ig41

125,215
100,235

102,482
94,880

22,733
5,355

30,030
-3,108

326,721
221,957

143,112
151,284

183,609
70,673

27,488
25,513

13,821
12,742

13,667
12,771

Other
Income
$

Gross
Income
$

Fixed
Charges
$

Balance,
Surplus
$

23,143
40,391

31,876
22,873

55,019
63,264

258,305
210,081

817

259.122

87,349
72,269

171,773
137,812

755,567
529,082

144,238
107,138

899,805
636,220

600,467
577.298

299,338
58,922

304,142
241,709

132,808
66,062

436,950
307,771

268,083
268,896

168,867
38,875

116,098 def61,077
115,897 def52,833

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New York New Haven & Hartford Railroad and Subsidiary Companies.

Balance,
Gross
Net, after
Fixed
Earnings.
.Charges. Surplus.
Taxes.
Chic & Nor West_ _July '10 8,223,362 2,447,524
878,870 1,508,654
'15 7,218,689 1,647,673
861,045
786,628
Louisiana & Arkan_July '16
137,144
24,348
44,227
19,879
138,889
'18
26,717
37,230
10,513
Net, after
Gross
Other
Gross
Fixed
M
.
Balance,
3 1%.1
Earnings.
Taxes.
Charges.
Income.
Charges,
Surplus.
ttia
$
$
N Y CentralJuly '16 17,127,204 5,720,074 1,405,661 7,125,735 3,484,609 3,641,126
15 13,947,771 4,400,881 1,489,082 5,889,943 3,546,675 2,343,268
mos '16114,810,062 35,358,560 11,328,542 46,887,102 24,513,761 22,173,341
'15 89,900,759 22,758,794 9,983,328 32,722,122 23,558,607 9,163,514
Boston & Albany579,258
July .18 1,834,625
37,065
616,323
405,520
210,803
483,700
27,540
'15 1,535,298
511,240
378,683
132,557
239,296 4,052,895 2,900,040 1,152,855
7 mos '10 12,197,527 3,813,599
.15 9,654,805 2,488,657
198,001 2,666,658 2,638,366
28,293
Lake Erie & Western240,780
644,407
9,619
July '16
256,399
87,230
169,169
.15
489,379
89,653
10,019
99,672
83,189
16,483
81,767 1,381,816
7 mos '10 4,112,253 1,300,049
561,444
820,372
82,415
821,775
'15 3,255,518 • 539,360
048,127 def28,353
Michigan Central95,218 1,291,561
July '16 3,857,971 1,196,343
681,031
610,530
90,948
976,851
885,903
'15 3,049,543
610,207
366,644
605,669 8,238,068 4,855,519 3,382,549
7 mos '16 25,759,953 7,632,399
607,979 4,817,439 4,257,120
'15 19,607,596 4,209,460
560,319
C C C & St LouisJuly '16 3,841,219 1,080,219
124,959 1,214,178
638,329
575,849
'15 3,163,459
860,090
750,026
110,064
649,218
210,872
7 mos '16 25,997,393 7,305,747
831,832 8.137,579 4,070,286 4,067,29:3
'15 20,205,718 3,560,471
772,878 4,333,349 4,301,360
31,989
Cincinnati NorthernJuly '16
161,749
47,329
47,290
15,990
39
31,339
'15
139,018
29,093
26,591
-2,502
10,996
15,595
7 mos '16 1,056,958
273,473
107,258
285,360
11,887
178,102
'15
846,498
112,636
84,373
108,074
-4,562
23,701
Pittsb & Lake ErieJuly '16 2,064,955 1,023,033
226,710
61,118 1,084,151
857,441
'15 1,655,433
841,195
903,552
193,252
62,357
710,300
7 mos '16 13,541,988 6,557,008
857.870 7,414,878 1,610,680 5,804,198
'15 8,693,377 3,378,780
700,579 4,079,359 1,016,365 3,062,994
Toledo & Ohio Central592,756
July '16
155,513
125,160
232,094
76,581
106,934
15'
402,967
93,979
123,351
130,208
217,330
87,124
7 mos '16 3,346,387
562,287
586,739 1,149,026
887,572
281,454
'15 2,475,030
253,045
561,269
883,659 def322,390
308,224
Kanawha & Mich283,641
July '16
68,422
41,828
29,204
110,250
81,046
277,546
90,789
'15
9,260
100,049
30,840
69,208
643,258
7 mos '16 2,106,754
305,676
205,671
948,934
743,203
'15 1,603,304
405,544
88,673
208,427
494,217
285,790
Total all lines-July '16 30,408,527 10,125,932 1,852,085 11,978,017 5,693,783 6,284,234
'15 24,860,414 7,665,199 1,920,118 9,858,315 5,633,266 8,952,049
7 MOS '16 202,929,278 63,446,383 14,849,275 78,295,658 39,692,231 38,003,427
'15156,249,668 37,686,747 12,717,518 50,404,265 37,596,404 12.807,861
r per cent return on operating Investment for 12 months to July 31 1916 has been:
N. Y. Central, 7.62%; Boston & Albany, 8.18%; Mich, Cent., 7.29%; Clev. Cine.
Chic. & St. L., 6.75%; Cinc. Northern, 8.79%; Toledo & Ohio Cent., 4.41%;
Pitts. kLake Erie, 17.72%; Lake Erie & Western, 4.90%, and Kanawah & Mich.,

713,843
493,186

4,590,150 4,053,399 2,377,194 2,194,280

-Gross Earnings- -Net Earnings----Previous
Current
Current
Previous
Year.
Year.
Year.
• Year.
Roads.
$
$
$
$
178,021
230,730
553,408
Chic Ind & Loulsv_b_ _ _July 669,009
314,927
253,291
920,751
Cin Ham & Dayton_b_ _July 933,890
Del Lack & West_ b-_ _ _July 4,507,804 3,387,072 1,813,403 1,094,185
748,842
525,795
El Paso Southwest _ b_ _ _July 1,040,083
285,833
July 8,306,214 5,673,128 1,738,711 1,958,742
Erie_ a
42,419,784 35,287,168 10,388,359 8,290,342
Jan 1 to July 31
July 5,102,605 4,485,843 1,631,860 1,369,264
Loulsv & Nashv_b
Missouri Pacific and St Louis
Iron Mtn & South_a_July 5,570,674 4,763,299 1,120,490
946,729
N Y Susq & West_a_ __ _July 298,144
317,790
61,088
119,887
Jan 1 to July 31
2,487,053 2,320,820
617,715
750,820
Pere Marquette_a
July 1,804,288 1,552,603
629,398
425,782
Rutland_b
July 340,335
313,757
111,752
94,258
Jan 1 to July 31
2,299,185 1,947,101
525,567
702,586
St L Iron Mt& South_a.July 2,854,523 2,432,049
580,178
673,534
St L & San Fran RR_ b_ _July 4,243,240 3,358,558 1,095,817 1.070.090




Sint Int aS 113260Ai

For the month of August the returns of 22 roads show
as follows

832,118
785,899

4,429
5,357

685
80

Net, after
Taxes, cte

Bangor & Aroostook211,051
July '16
226,295
'15
Cuba RR571,491
July '18
420,089
'15
Denver & Rio GrandeJuly '16 2,096,617
'15 2,002,400
St Louis SouthwesternJuly '16 1,093,597
901,626
'15

15,771.571 12,347,602 3,423,969

63,155 1,545,981
21,462 1,279,065

Balance,
Surplus
$

Ainr 'WM3i? HNAN

Increase. Decrease.

Ches & OhioJuly '16 3,972,153 1,482,808
'15 3,642,577 1,257,603
Dul So Sh & AtlJuly '16
345,607
120,786
'15
308,483
94,878
Hocking Valley780,564
July '16
296,691
543,136
'15
225,065
Mineral RangeJuly '16
93,107
26,803
•
89,333
'15
25,433

Charges &
Taxes

Total
Income

oDSSV 0amals1

1915.

$
$
$
176,108
137,893
Alabama Great Southern
38,215
321,486 160,188
Buffalo Rochester & Pittsburgh.
481,674
652,100 477,000
Canadian Northern
1,129,100
Canadian Pacific
4,092,000 2,858,000 1,236,000
Chesapeake & Ohio
1,558,056 1,405,401 152,655
258,025
205,881
Chicago Ind & Louisville
52,144
351,438
273,464
Cinc New On & Texas Pacific.. _
77,974
396,081
Colorado & Southern
460,859
64,778
Denver & Rio Grande
802,300
747,500
54,800
Detroit & Mackinac
39,132
27,759
11,373
59,932
54,211
Georgia Southern & Florida_ __ _
5,721
1,785,620
1,495,406 270,214
Louisville & Nashville
1,085,497
846,844 233,653
Missouri Kansas & Texas
344,009
237,041
Mobile & Ohio
56,968
16,924
16,584
Rio Grande Southern
340
2,100,889 1,734,033 366,856
Southern Railway
526,473
469,294
Texas & Pacific
57,179
138,495120,000
Toledo St Louis & Western__
18,495
385,040
300,624
Western Maryland
84,416

Other
Income

€0 Pin aPotIll

1916.

Net
Earnings
$

ARV esS £11 4S 3IJaa

Fourth week of August.

Gross
Earnings

Lint

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of August. The table covers 19 roads and shows 27.73%
increase in the aggregate over the same week last year.

931

co
cn
CS
CS

1-•

111

co

'04t
CS
CS

00
CS

00
CS

00
00

D.

843.
C72
TS.
to

INDUSTRIAL COMPANIES.
-GrossEarnings- --Net Earnings
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Bell Tel Syst inU S _a_ _July21,892.927 19.448,637 5,756,062 4,885.996
Jan 1 to July 31
149,393,318 133919,346 41,717,620 36,205,177
Cent Union Telep_a___July 743,202
662,805
133.924
122,041
Jan 1 to July 31
5.053.258 4,479,942 1,022,458
726,801
Chicago Telephona
July 1.610.755 1,457,122
318,600
340,201
Jan 1 to July 31
11,277,186 10,054,963 2,605,043 2,331,569
New Eng Tel & Tel_a_ _July 1,716.883 1,580,221
326,681
326,587
Jan 1 to July 31
11,880,014 9,641,360 2,785,453 2,421,583

(Vol.. 103.

THE CHRONICLE

032
Gross
Earnings.

Net after
Taxes.

Huntington Dove!& Gas42,900
73,562
2 mos to July 31 1916---192,938
284.367
Pacific Lt & P Corp.July '16
178,409
259,322
'15
7 mos '16 1,849,351 1,221,671
'15 1,643,025 1,092,532
12,831
25,775
Southw Cities El CoJuly '16
'11,559
21,609
'15
102,272
207,118
12 mos '16
94,590
184,749
'15
56,819
204,055
St L Rocky Mt & P.July '16
61,062
229,602
'15
72,521
153,145
Tennessee Power___July '16
31,998
83,918
'15
435,186
860,098
7 mos '16
31,157
78,485
S Public Service_July '16
25,416
68,051
'15
449.966
12 mos '16 1,015,125
365,164
883,086
'15

Fixed
Charges.
$

Balance,
Surplus.

27,026
99,080
107,462
.719,773
753,896

15,874
x104,086
x80,329
x560,018
x412,831

9,825
10,000
21,442
29,354
37,252
39,674
258,141
13,374
12.919
156,691
151,787

a Not earnings hero given are after deducting taxes.
b Net earnings here given are before deducting taxes.
z After allowing for other income received.
EXPRESS COMPANIES.
-Month of May--July 1 to
1916.
1915.
1916.
Western Express Co.
109,664 1,290,187
126,580
Total from transportation___
619,923
49,466
61,338
Express privileges-Dr
Revenue from transporta'n
Oper. other than transporta_

65,241
3,924

60,198
3,259

670,263
40,385

Total operating revenues..
Operating expenses

69,166
63,562

63,457
52,131

710,649
605,400

Net operating revenue____
Uncollec. rev, from trans__
Express taxes

5,604
4
1,211

11,326
10
925

105,248
71
12,769

92,407 -30,004
10,390
4,389
-Month ofMay--July 1 to May 311915.
1916.
1915.
1916.
$
$
$
$
Adams Express Co.3,962,510 3,092,137 38,520,475 31,443,347
Total from transportation..
1,932,839 1,462,863 18,933,896 15,670,229
Express privileges-Dr
Revenue from transporta'n 2,029,670 1,629,273 19,586,579 15,773,117
459,002
530,272
46,165
57,210
Oper. other than transporta_
Total operating revenues_ 2,096,880 1,675,439 20,116,851 16,232,120
1,845,017 1,463,598 17,958,775 16,558,991
Operating expenses
211,840 2,158,076 -326,870
_
_
241,863
revenue....
Net operating
5,558
6,187
687
443
lincollect. rev, from trans.._
182,522
208,893
13,733
22,550
Express taxes
197,419 1,942,995 -514,952
218,869
-Month of May--July 1 to May 311915.
1916.
1915.
1916.
Globe Express Co.536,398
1,367
3,299
6
Total from transportation.._ _
301,142
447
3,784
Express privileges-Dr
Operating income

6

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

3
$
S
3
267,372
306,232
50,044 42,611
NY Westches & Bos_ July
97.611
81,659
16,319 15,054
Northampton Tree_ June
481,143 371,736 2,860,643 2,128,388
Nor Ohio Trac & Lt_ July
939,262
155,967 151,850 1,062,120
North Texas Electric July
33,868
34,641
10,564 10,752
Ocean Electric (L 1) May
162,452
177.963
23,196
26,379
July
&
Co
Tr
Lt
gPaducah
92,447
144,116
162,346
20,964 21,940
84,590 Pensacola Electric Co July
July
2214,928 1939,905 15,637,297 13,838,386
35,377 Phila Rapid Transit_
214,215
241,275
45,420 40,234
Ry_ June
31,708 Phila & Western
448,219 467,946 3,130,195 3,204,301
Port(Ore)Ry ,L&PCo July
41,700 g Puget Sd Tr, L & P June
632,891 592,737 3,844,945 3,694,067
(1°1'240 g Republic Ry & Lt__ July
326,707 250,907 2,260,626 1,707,828
224,542 Rhone Island Co_ ...._ July
569,275 472,148 3,297,887 2,768,268
138,736
147,022
34,314 32,963
17,783 Richmond Lt & RR.. May
724,126
778,863
110,725 101,463
12,497 St Jos Ry,L H & PCo July
189,376
221,845
293,275 Santiago Elec Lt & Tr May
43,540 40,463
461,116
458,599
69,445 67,285
213,377 Savannah Electric Co July
329,565
331,750
79,548 76,617
Second Avenue (Rec) May
88,708
92,060
20,143 20,233
Southern Boulevard.. May
108,769
115,503
28,553 28,766
Staten NM Midland May
569,099
558,925
74,626 78,979
Tampa Electric Co.._ July
348,111 325,135 1,688,054 1,555,073
May
Third Avenue
Twin City Rap Tran_ 3d wk Aug 188,430 182,396 6,459.177 5.935,855
274.516 247,902 1.176,362 1,079,814
May 31- Union Ry Co of NYC May
497,406 448,857 3,356,597 2,925,773
1915.
Virginia Ry & Power.. July
464,026
499,789
79,977 71,966
Wash Bait & Annap_ July
220,709
220,703
50,236 50,128
1,063,588 Westchester Electric_ May
142,362
141,659
23,125 26,016
546,681 Westchester St RR _ July
514,013 418,137 2,957.040 2,387.662
g West Penn Trac Co June
293,296
317,589
72.122 67,465
516,906 Yonkers Railroad__ May
453,436
549,503
79,516 72,536
34,071 York Railways
July
163,343
190,696
32,252 24,407
Youngstown & Ohio.. July
63.961
74.753
16.390 14.261
550,977 Youngstown & South May
569,968
b Represents income from all sources. c These figures are for consolidef18,991 dated company. f Earnings now given in milreis. g Includes constituent
102 companies.
10,911
table

Operating income

Revenue from transporta'n
Oper. other than transporta_

Latest Gross Earnings.
Name of
Road.

-484
49

920
10

295,256
8,102
303,359
296,558

Total operating revenues_
Operating expenses

6
86

-435
5,809

931
6,101

Net operating revenue_ __ _
Uncollect. rev,from trans..
Express taxes
Operating income

.-80

-6,245

-5,170

6,800

-80

250
-6,495

4,200
-9,370

10,850
-4,049

ELECTRIC RAILWAY AND TRACTION COMPANIES.

Electric Railway Net Earnings.-The following
gives the returns of ELECTRIC railway gross and net
earnings with charges and surplus reported this week:
Roads.
British Col El Ry

-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.

July

26,842
63,200
510,723
538,293
Balance,
Fixed
Net, after
Gross
Surplus.
Charges.
Taxes.
Earnings.
3
3
$
15.692
17,632
33,324
72,642
12,736
17,462
30,198
68,146
75,448
123,672
199,120
456,137
90,686
124,588
215,274
439,583
7,204
30,067
37,271
102,884
def3,679
30.337
26,653
90,116
61,813
207,013
268,826
707,010
207,706 dot24,178
183,528
599,233
14,854
11,467
26,321
50,976
12,378
11,087
23,465
46,154
35,246
79,630
114,876
261,593
24,496
76,811
101,307
236,092

Bangor Ry & El_ _July '16
'15
7 mos '16
'15
Chatt Ry & Lt_ __July '16
'15
7 mos '16
'15
Clev Painesv & E.. July '16
15
7 mos '16
'15
Columbus (0) Ry,Pow
Juiy 6287,226
239,594
'15
7 mos '16 1,996.481
'15 1,754,967
Consumers' Power(Mich)363,295
July 16
305,310
'15
7 mos '16 2,622,193
'15 2,126,069
Cumberland Co(Me)P & L264,023
July '16
262,080
'15
7 mos '16 1.562,731
'15 1,437,310
East St Louis & Suburban258,367
July '16
200,599
'15
7 mos '16 1,668,150
'16 1,374,580
113,948
Grand Rapids Ry_July '16
105,596
'15
753,687
7 mos '76
666,317
'15
Havana:El Ry,Lt & Power492,520
July '16
448,505
15
7 mos .16 3,386,516
'15 3,199,879
•
Hudson & Manhattan (all sources)June '16
476,959
15
444,458
6 mos '16 2,961,214
'15 2,768,622
449,095
July '16
427,915
'15
Lewiston Aug & Watery83,759
July '16
75,376
'15
440,553
7 mos '16
406,272
'15
199,043
Nashv By & Lt_ _ _ _July '16
166,927
'15
7 mos '16 1,353,672
'15 1,213,933
Portland (Ore) By, Lt & Power448,219
July '16
467,946
'15
7 mos '16 3,130,195
'15 3,204.301
Gross
Earnings.

113,779
93.291
818,631
691.885

42,862
40,232
301.359
273,276

70,917
53,059
517,272
418,609

177,588
175,394
1,498,617
1,282,863

74,476
67,682
525,211
503,496

103,112 ,
107,712
973,406
779,367

104,237
120,835
583,173
605,010

69,423
64,819
466,654
464,601

34,814
56,016
116,519
140,409

Jan. 1 to latest date.
43,796
62,987
106,783
Current Previous Current Previous
14,931
63,645
78.576
Year.
Year.
Year.
Year.
226,118
437,903
664,026
$
$
$
$
96,804
442.280
539,084
190,682
192,026
44,761 44,197
July
Atlantic Shore Ry_
885,223
19,173
946,832
40,905
177,845 163,746
cAur Elgin & Chic Ry Tune
19,641
439,583
13,933
456,137
33,574
72,642 68,146
Bangor Ry & Electric July
163,863
103,180
105,296
119,661
272,043
16,016
17,421
July
flee
Co
Rouge
Baton
90,530
96,460
313,057
322,411
186,990
70,817 66,737
BeltL RyCorp(NYC) Slay
518,417
556.054
97,834 91,244
Berkshire Street Ry_ July
131,421 x182,045
299,521
j7195000(6703000147145,000 144387,110
Brazilian Trac,L & P July
63,339
66,923
107,333 z168,581
15,256 15,346
264,177
Brock & Plym St Ry_ July
892,785 z1,261,819
2571,180 2343,921 11,588,614 10,711,364
2,073,997
Bklyn Rap Tran Syst May
186,917
212,942
32,859 31,320
763,309 z1,188,225
1,890,290
Cape Breton flee Co July
599,233
707.010
102,884 90,116
Chattanooga By & Lt July
261,593
236,092
50,976 46,154
Cleve Painesv & East July
49,025
217,661
266,686
696,182
755,055
118,010 113,040
37,645
Cleve Southw & Col_ July
213.060
250,705
473,077
398.658
70,246 57.365
379,769
Columbus (Cia) El Co July
1,291.038
1,670,807
287,226 239,594 1,996,481 1,754,967
Colum (0) Ry,P & L July
333,438
1,269.689
1,603,127
1379,381 1182,519 9,467,214 8,020,713
31,027
g Comw'th P. Ry & L July
214,297
245,324
July
932,506 806,482 5,428,057 4,574,916
26,776
Connecticut Co
211,206
237,982
36:3,295 305,310 2.622,193 2,126,069
Consum Pow (Mich)_ July
264,023 262,080 1,562.731 1,437,310
17,349
Cumb Co(Me)P & L July
15,214
32,563
144.236 144,101 1,090,282 1,017,501
Dallas Electric Corp_ July
14,744
15,949
30,693
1445,018 1205,881 8,976.256 7,282,569
Detroit United Lines July
27,546
139,296
111,750
204.504
197,376
44,221 41,201
DDEB& Batt(Rec) May
28,391
110,071
138,462
652,263
777,245
125,552 97,203
Duluth-Superior Trac July
31.658
42,248
73,906
258,367 200,599 1,668,150 1,374,586
East St Louis & Sub_ July
14,184
42,896
57,080
386,587
461,375
72,309 65,068
Eastern Texas Elm._ July
223,773
298,932
522,705
535.906
471,224
63,158 72.931
gEl Paso Electric Co.. June
178,422
294,931
473,353
808,504
798,116
178.864 172,795
42d St M & St N Ave May
172,936 174,093 1,097,869 1,131,721
Galv-Hous Elec Co.._ July
11.183
181,780
192,963
552,718 513,818 3,978,143 3,671,652
g Georgia By & Pow_ July
23,513183,947
207,460
666,317
753,687
113,948 105.596
Grand Rapids Ry Co July
68,882
1,340,148 1,371,266
456,453
546,634
97,588 76,684
Harrisburg Railways. June
120,423
1,289,727
1,410.150
3.199,879
3,386.516
448,505
492,520
Havana El Ry L & P_ July
337,549
375,077
54,064 49,531
Honolulu R T & Land July
Fixed Chgs. Balance,
Net
154,994
188,386
31,808 26,177
Houghton Co Tr Co_ July
Surplus.
Earnings. -cg:. Taxes.
449,095 427,915 3,410,309 3,196,537
b Hudson & Manhat_ July
,
$
950.390 861,295 6,804.540 6,153,485
Illinois Traction _ _ _ _ July
Land
&
Tran
Rap
Honolulu
14,473,595
16,100,717
2904,773
Vlay
3231,008
Interboro Rap Tran_
15,185
7,760
22,954
54,064
July
'16
362,804
367,301
50,981 50.097
Jacksonville Trac Co July
6,280
13,119
19,408
49,531
'15
131,703
137,925
20,224 18,687
Keokuk Electric _ _ July
50,576 z121,527
164,875
375,077
7 mos '16
65,392
66,190
9,323
9,517
Key West Electric.._ _ July
z95,732
44,020
132,828
337,549
'15
886,916
761,570
164,595 136,446
Lake Shore Elec Ry.. July
x After allowing for other income received.
206,616 167.643 1,166.959 - 927.263
LehighValley Transit June
406.272
440.553
83,759 75,376
Lewist Aug & Watery July
86,252
86,974
22,074 22,839
Long Island Electric_ May
June
264.179 249,537 1,522,146 1,457,739
Louisville Railway
541,177 447,692 3,974,633 3,373,442
Milw El Ry & Lt Co_ July
820,287
190,412 141,904 1,013,017
Milw Lt, lit & Tr Co July
Annual Reports.-An index to annual reports of steam
199,043 166,92'r 1,353,672 1,213,933
Nashville By & Light July
498,711 railroads, street railways and miscellaneous companies which
577,751
100,828 90,112
NewpN & HRy,G&E July
282,011 have been published during the preceding month will be
305,316
66.278 62,244
N Y City Interboro_ _ May
160,918
156,669
37,942 39,643
N Y & Long Island_ _ May
will
62,138 given on the last Saturday of each month. This index
62,922
15,214 15,413
May
N Y & North Shore
529,704 not include reports in the issue of the "Chronicle" in which
577.098
136.677 127.162
N Y & Queens Co.._ _ May
1192,036 1138,652 5.597,572 5.454.164 it is published. The latest index will be found in the issue
New York Railways.. Way
211,058
213.182
, .
N Y & Stamford Ry_ July44,9:31
713.037 614.755 4.832.292 4.163.993 of Aug. 26. The next will appear in that of Sept. 30.
N Y State Railways.. July
Latest Gross Earnings.

Name of
Road.

Week or
Month.




ANNUAL REPORTS

SEPT. 9 1916.]

THE CHRONICLE

933

Norfolk & Western Railway.
(Report for Fiscal Year ending June 30 1916.)
On subsequent pages will be found the report of President
L. E. Johnson, and also the comparative balance sheet for
two years.

Obligations.-Car trust obligations were created to the extent of $2,000,000 for the purchase of different cars. During the year
33,533,000 was repaid in respect of previous obligations, thus making a net
decrease of $1.533,000. The amount outstanding is now $20,490,500, but
inasmuch as
the aggregate purchases of equipment amounted
$56,761.448. it will be
seen that very substantial repayments have been to
on that account.
Valuation on Unsold Lands.-In view of the factmade
that our subsidiary companies of the system had also unsold lands among their
assets, was decided
to place a valuation on such lands and to include the amountitin
OPERATIONS, EARNINGS, el; C.
of the consolidated balance sheet. The amount shown therein is the assets
$20,074,1915-16.
380, represented by the following acreages: In ManitOba and Saskatchew
1914-15.
1913-14.
1912-13.
an,
Milos operated June 30..
acres; Ontario, 2,000,000 acres; and Quebec, 402,860 acres.
2,059
2,042
2,036
2,035 857,720
EquipmentNotes.-Various short-term issues of secured notes and temporary loans
Locomotives
were
963
made,
the
proceeds
1,088
of
which
• 1,057
have
been
or will be applied to construc1,044
Passenger cars
work.
471
448
443
413 tion
Freight cars
Improved Conditions.-Since June 30 1915 business conditions have sub47,510
47,493
47,927
43,161 stantially
Maintonance-of-way cars
1,132
improved.
1,070
The
placing
1,078
of large orders for munitions in Canada
1,072
Barges & automobiles....
13
to revive the industrial centres of Eastern Canada, and the rising
10
10
10 served
prices of cereals, beef, pork products and cheese, Canada's principal export
Operationscommoditie
s, materially increased the purcnasing powers of the farming
Passengers carried
9,230,062 6,417,720 6,269,087
5,900,694 communities of the nine provinces of the Dominion. The grain crop, too,
Pass. carried one milo 270,305,182 219,326,730
0 219,996,123 of 1915, was the best in the history of the country, the value of farm prodRate per pass. per mile.. 2.144 cts. 2.161 cts. 229,755,25
2.136 cts.
2.143 cts. ucts of all Canada exceeding that of any previous year by at lea.st 8300.000,Tons freight carried_ _ _ _ 44,373,456 32,767,701 34,000,572
Tons fr't carried 1 mile_*11,795,892 *8,918,549 *9,155,507 32,701,743
Transcontinental Line.-With the completion of this line from Quebec to
Rate per ton per mile__ _ 0.420 cts. 0.410 cts. . 0.415 cts. *8,856,070
0.424 cts. Vancouver towards the end of 1915, a service was established which now
Av.rev, train load (tons)
841
957
802
gives
to our company the advantage of the long haul on all traffic which
764
Earns. per frt. train mile
$3.4999
M.0769
33.3730
33.2760 had heretofore been enjoyed by other immediate carriers. As indicating
Earns. per pass. tr. mile.
$1.5619
31.3471
31.3934
the
cumulative
31.3388
effect of better trade conditions and the operation of the
Gross earnings per mile_
$21,052
$27,829
$21,931
$21,623 new line service, the following will perhaps show the situation more effecttively:
* Three ciphers (000) omitted.
Month1916.
-Increase-1915.
March
32.607.000 $1,898,500 $708.500 38
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
April
2,824,300
1,948,900
875,400 44
May
3,088,900
1,721,400 1,367,500 79 _Q
Earnings1915-16.
June
1914-15.
1913-14.
3,377,200
1,779,600 1,599,600 90%
Passenger
$5,796,583 $4,739,538 $4,908,679
Delayed Report.-A large number of head office and other employees
Freight
49,559,140 36,550,550 38,038,622 ing from time
havto time joined the Canadian expeditionary forces, and a great
Mail
399,035
388,862
389,245 deal of uetail work incidental
to the consolidation of the accounts having
Express
623,658
640,100
571,079
been done by a limited staff, were the causes of this report's
Miscellaneous
delay.
305,301
264,261
275,817
Other than transportation
620,870
503,733
466,868
STATISTICS FOR YEARS ENDING JUNE 30 1915 AND 1914.
Gross earnings
1913-14.
$57,304,536 $42,987,044 $44,650,310
1914-15.
Average miles operated
(Not stated)
7,269
ExpensesPassengers carried
9.138,8513
8,851,672
Maintenance of way and structure.. _ $6,571,329 $5,738,074
Passengers
carried ono mile
34,998.612
265,097.118 230,580,776
Maintenance of equipment
10,046,263 8,341,418
9,214,007 Earnings per passenger per mile
2.141 cts.
2.193 cts.
Transportation
14,135,112 12,521,665 14,068,577 Earnings per passenger train mile
30.968
30.874
General
891,631
836,607
916,955 Freight (tons) carried
12,672.227
10,536,769
Traffic
703,055
699,827
737,690 Freight (tons) carried one mile
2,876,405,789 2,150,365,193
Miscellaneous operations
Earnings
per
106,483
ton
per
mile
109,468
199,565
0.831 cts.
0.805 cts.
Transportation for investment
Earnings per mile of road
Cr.272,528 Cr.415,245
$4,641
$3,565
Total operating expenses
$32,181,346 $27,831,815 $30,135,407 INCOME ACCOUNT FOR YEARS ENDING JUNE 30 1915 AND 1914.
Net earnings
825,123,240 315,155.229 314,514,903
Oper. Rev.- 1913-14. 1914-15.
Uncollectibles
Oper.Exp.- 1913-14.
1914-15.
3,454
364 Pa.ssonger _ _ _ _S5,869,091 35.411,224
1,766
Taxes
Maint.of way,
2,005,000
1,620,000 Freight
1,878,000
23,518,666 18,207,801
&c
$4,868,233 $3,974,820
Mail
202,739
212,841 Maint. equip.. 4,247,373 2,871,981
Operating income
$23,054,786 $13,275,462 $12,894,539 Express
634,011
644,493 Traffic exps
Dividend and interest account
676,842
604,463
750,411
775,549 Miscellaneous
562,995
1,231,961 1,435,748 Transporta'n _12,838,934 10,154,511
Hire of equipment balance
1,011,978
1,100,804
1,123,886
Rents
General exps_ 1,536,911 1,577.874
108,264
166,607
175,547
Total
earns_$31,
Miscellaneous income
456,469325
,912,106
239,494
Miscellane
ous
25,412
146.633
202,400
Gross income
$25,181,364 315,318.696 $15,171,921
Tot.op.exp_324,095,914319,238,814
Net earnings
$7,360,555 $6,623,292
DeductFixed charges Can. Nor. Ry., $6,010,421; affiliated companies,
Interest on bonds
$3,915,690 $4,220,959 $4,315,762
$2,253,154
Interest on car trusts
438,993
Int. at 5% per an. on income charge convertible debenture $3,263,575
519,503
248,372
Separately operated properties
2,641
662
stock in respect ofsurplus earnings for 6 mos.end.J'ne 30'14701
625,000
Preferred dividends (4%)
919.672
919,671
919,668
Divs, on common (73%)
8,312,964(6)6,476,622(6)6,260,9
Balance
transferred to debit of profit and loss June 30 1916____ $2,265,283
24
Betterment fund
9,053,278
Previous
1,534,095
accumulated surplus brought forward
2,093,918
6,962.894
Miscellaneous deductions (net)
Cr.258,230 Cr.330,035
50,449
Miscellaneous rents
189,737
Balance
158,177
140,143
$4,697,611
Deduct-Delayed income debits and credits, $477,201; taxes
Total
322,574,746 $1,3,499,653 814,029,936
accrued,
677,201
Surplus for year
$2,606,618 $1,819,043 81,141,984 Accrued int,$200.000
on bonds and equip. securities to June 30 1915,
$907,215; less $631,985 accrued int. to June 30 1914
275,230
GENERAL BALANCE SHEET JUNE 30.
Total accumulated surplus as of Juno 30 1915, as per balance
[For full details of balance sheet of Juno 30 1916 see page
sheet below
942.1
$3,745.180
1916.
1915.
1916.
1915.
Assets$
$
LiabilitiesBALANCE SHEET AS AT JUNE 30 1915.
$
5.
Road Sc equip__263,580,357 256,206,030 Adj. pref. stock. 22,991.800
Assets (Total $562,354,154)22,091,800
Inv.in attn. cos.:
Common
:4 41
07,400
Property investment-Railway and equipment at cost to the
1,443,022 1,189,016 Mortgagestock_118,2
Stocks
bonds 83,117,500 108,154,400
system
(including discount on securities)
83,201,500
Bonds
354,074
354,674 Convert. bonds 3,531,000
3430,052,4
28
13,584,000 Acquired securities (cost)-see table below
Advances..
5,064,826 5,346,947 Eguip't oblign's.
48,775,703
11,004,000 National Trust Co. ctfs. re Land Grant bonds of 1899, held
Other invest'ts:
Traffic,&c., bal. 8,912,000
121,201
as
collateral
to loans
1,571,329
13,889.581 9,670,988 Audited accts.&
Bonds
1,657.500
Terminal and other properties
4,840
Stocks & adv.
8,738
wages
5,065,651
Mise.phys.prop.
553,390
527,635 Accrued interest 3,125,395 2,413,604 Deferred payments and accrued int. on sales, $7,062,770; cash
860,735
with
Nat.
Trust
Co. account of land sales. $2,374,563; lands
1,019,172
Depos. In lieu of
Divs. declared
229,918
unsold, $20,074,380
229,918
mtg.prop.sold.
117,665
60,739 Matur.Int., &c..
29,511,713
725,470
570,065 Cash held on acct. of Dom. Govt., $9,066,014; Provinces of:
4,961,706 6,381,534 Miscellaneou
Cash
s
311,320
Manitoba, $305,281; Saskatchewan, 32,041.067; Alberta,
297,765
Time drafts and
Def. erect Items.
231,335
$3,908,612; Ontario, $642,753, and British Columbia, $6,205,254
2,000,000 1,000,000 Joint purchase
deposits
516,638, and Nat. Trust Co., $2,214,432; sinking funds,
Loans & bills rec
3,278
1,210
money M.bds.:17,407,000
$238,173; total
17,407,000
Traffic, &c., bal. 1,436,012 2,865,134 Accrued taxes.._
1,005,780
Cash
on hand,$2,108,272; misc. accts. receivable, $5,303,559.._ 24,932,971
898,437
Agts.& conduct. 1,359.660 1,136,008 Prem. on Id. dt.
7,411,831
38,307
240,707 Value of materials and supplies on hand
Mater. & supp_ 4,340,933 3,049,201 Accrued deprec. 14,088,835
2,6
70
64:3
20
58
9
11,470,729 Duo from agents, station balances, &c
961,003 Oper'g reserves..
Miscellaneous_
803,964
Insurance
paid
in
advance
10,021
17,315 Oth.unadj.accts.
21,032
Work'g It!. adv.
302.666
320,038
319,323 Advances by Can. Nor. Ry. Co. to affiliated companies
Add'ns to propJoint purchase
9,720,790
Deferred charges, unadjusted debits, balance
1,554,334
money M.bds.117,407,000 17,407,000 erty through
Liabilities (Total 3562,354,154)Prepaid rents,&c.
54,380 Income & surp. 20,072,381 17,019,102 Common
77,736
stock, $100.000,000; capital stock affiliated cos.,
Oth.unadj.accts.
267,287
220,108 Profit and loss.. _ 16,990.752 14,384,134
$75,429,500; less $69,557,400 held in treas., bal., $5,872,100;
total
Total
00
72
05
5:8
$12
00
:10
00
318,288,168 307,058,260 Total
318,288,168 307,058,260 5% Income Charge Convertible Debenture stock
Funded
debt-Can. Nor. Ry., $143.464,974; affiliated cos.,
x Denotes Norfolk & Western Ry. and Pocahontas Coal & Coke
$121,965,9
Co.
00 (see "Ry. & Indus. Sec.," page 16)
joint
purchase money mortgage bonds.-V. 103, p. 321.
270,430,874
Equipment trust obligations
Temporary loans against deposit as collateral of inter elle 20,490,500
Govt.
-guaranteed securities, the value of which at current
Canadian Northern Railway System.
prices exceeds the amount borrowed
49,542,418
Duo to other companies on construction acct. (secured)
(1st Annual Report-Year ending June 30 1915.)
Pay-roils, $1,088,540; audited vouchers and other floating 25,011,770
liabilities, $8.307,459
Pres. Sir William Mackenzie, Toronto, says in
Coupon and dividend warrants due on July 1 (since paid), $2,- 9,395,999
Results,-The gross earnings of the system show decrease substance:
086.917; accrued int. on bonds, loans and equipment securia
of
$5,544,363,
or 17.63%, compared with the previous year. The working
ties, operating. 3907,215; construction, $1,607,208
4,601,339
expenses
were 76.66% of the gross earnings of the system proper, and
including taxes, Reserves-Equip. replacement reserve, $792.235; insurance
74.44%, against 76.74% and 76.60%,
account,$482738; accrued taxes, $200,000
respectivel
1913-14.
y,
in
1,474,973
In Canada, real estate values and building trades were, as
Affiliated
companies,
advances
account
usual, the first
9,720,790
to suffer the effect of a contraction
business, and carried in their wake Surplus-Land account, 337.063,213; railway account (see
subsidiary and dependent industries.inIn
statement above), 33,745,179
the throes of the trade depression
40,813.392
came the war, the immediate effects of which
disastrous to the indus- ACQUIRED SECURITIES, STOCKS AND
trial life of the country. For weeks after thewere
BONDS (Cost to Railway Co.
declaration
of
war
business
was practically at a standstill, and the uncertainty
$48,775,703).
future
of
the
threatened
Companyto bring about a collapse of credit conditions. Faith in
Stocks.
Bonds.
British power, Minnesota & Ontario Bridge Co
supported by timely and generous encouragem
$100,000 • $180,000
ent from financial circles in Minnesota & Manitoba RR
London, averted disaster and restored the
400,000
250,000
country to a more normal con- Lake Superior Terminals Co
dition, in which it regained confidence in its
500,000 2.000.000
own inherent resources. To Canadian Northern Telegraph Co
these troubles had been added a limited grain
500.000
800,000
crop
in
the
Western
Ltd
provinces, Winnipeg Land
and the Canadian Northern, with a large proportion
100,000
300,000
of its mileage in the Canadian Northern
Co.'Coal & Ore Dock Co
grain-growing districts, suffered accordingly in the
437,000
loss of such traffic.
St. Boniface & Western Land Co
Notwithstanding the most rigid economy
250,000
750,000
exercised
the operation of Edmonton & Slave Lake Ry
tho companies' lines, the net earnings for the past year in
420,000
insufficient to Canadian Northern Prairie Lands Co
meet the fixed charges for the same period. This is thewere
483,393
first
occasion
Canadian
Northern Ry. Express Co. Ltd
of its
kind.
1,000.000 3,000.000
Canadian Northern Steamships, Ltd.
Land Sales.-Land sales during the year were 9,866 acres
2,000,000
2,920,000
for $158,272, Canadian Northern System Terminals, Ltd
an average of $15 53 per acre, compared with an average
2,000,000
7,000,000
of
$15 23 per acre Bay of Quinte Ry
for the preceding year. Land grant bonds of the issue of 1909
1,395,000
Central
amounting
Ontario
Ry
3597,140,
were retired, leaving $2,490,273 outstandin
3,329,000
to /122,700, or
Irondale Bancroft & Ottawa Ry
g.
53,000
450,000




•

[VOL. 103.

THE CHRONICLE

934
CompanyCanadian Northern Quebec By
Halifax & Southwestern By
Marmora Railway & Mining Co
Qu'Appelle Long Lake & Sask. By.& S. B.Co
Niagara St. Catharines & Toronto Ry
Niagara St. Catharines & Toronto Navigation Co..
Quebec & Lake St. John Ry
Canadian Northern Pacific By
Canadian Northern Alberta Ry
Canadian Northern & Western Ry
Canadian Northern Saskatchewan Ry
Canadian Northern Manitoba By
Canadian Northern Ontario By
Duluth Winnipeg & Pacific Ry
Mt. Royal Tunnel & Terminal Co., Ltd
Northern Consolidated Holding Co., Ltd
Principelio Steamships, Ltd
Campanello Steamships Ltd
Public Markets, Ltd., Winnipeg

Stocks.
2,000,000
1,000.000
100,000
201,000
922,000
4,002,800
2,5,000,000
3,000,000
2,000.000
1,000,000
250,000
10,000,000
3,060,000
5,000,000
*4,446,700
15,000

Bonds.
100,000
200,000

632,667
647,267

257,600

$74,365,493 620,086,934
Total (see above)
* Represented by Canadian Northern Quebec Ry. capital stock amounting to 25,144.600.-V. 103, p. 664, 320.

CONSOLIDATED BALANCE SHEET JUNE 30.
1915.
1916.
1915.
1916.
Liabilities-Assets,
stock
Capital
82,181,024
Railroads, prt,&c.82,415,013
3d Ave. By. Co.16,590,000 16,590,000
Special deposits619,000
66,389 Controlled cos__ 589,600
69,722
Sinking funds__
debt (bds.)Fund.
83,100
83,600
Compel N.Y.C.
95,204 3d Ave.Ry.Co_49,526,500 47,506,000
92,412
State Ind. Com.
Controlled cos-- 7,079,000 7,079,000
1,104
2,104
Other
166,667
83,333
536,157 Notes payable_ --c2,023,774
Cash
382,870
594,219 Accts. payable__ _ 234,451
Cash for mat'd int. 630,100
wages
Employees'
1,749,690
Depr.& contin.Id. 2,043,961
67,523
65,882
and deposits_ _ _
Investment fund_ 249,471
620,144
231,374 Matured interest_ 630,000
Accts. receivable. 191,759
1,078,470
1,082,757
&
Accr.
int.
taxes..
473,232
Mat'is & supplies.. 462,027
110,512 Res. for adjustm't
74,727
Unexp. insur., &o.
deprec. & sk. fd.11,223,510 10,924,050
158,300
37,771
Constr. In prog
Excess of par value
Unamortized debt,
over cost of sub901,641
discount, &o.... 1,288,648
99,244 sidiary cos.._ _Cr.a105,092Cr.a155,384
72,692
Miscellaneous _ _ _
b2,737,842 2,402,850
Surplus
Total

89,737,783 87,281,190

Total

89,737,783 87,281,190

a Excess of par value over cost of controlled companies' securities owned.
less net deficits of those companies relating prior to acquisition.
b After deducting profit and loss charges (net) amounting to $158,381.
Hudson & Manhattan RR.
c Exclusive of cash set aside to meet dividend payable July 1 1916.
Note.-No reserve is provided for unsettled injury and damage claims'
(Report for 6 Months' Period ending June 30 1916.)
No interest has been accrued on the certificates of indebtedness of the Dry
1908.-V. 103, P. 845, 580 •
INCOME ACCOUNT AND STATISTICS FOR JUNE AND 12 MONTHS Dock East Bway St Batt. RR.since Feb. 2
TO JUNE 30.
-Month of June- -6 Mos. to June 30--Ford Motor Company, Detroit, U. S. A.
1915.
1916.
1915.
1916.
$444,459 $2,961,215 $2,768,623
Gross rev. (all sources).. $476,959
for Fiscal Year ending July 31 1916.)
(Report
1,165.495
1,290.408
193,753
210,273
Oper. expenses & taxes..
Net operating revenue_ Res. for amort. of prop..
Income deductions
Int.on N.Y.& J.5% bds.
Int. on 1st lien & ref. t's
and 1st M.41,P3

$266,686
$13,490
24,885
20,833
158,452

Bal. applicable to Int.
on income bonds_ _ _
$49,026
RR. oper. exp. to rev__
38.64%
668,527
Revenue car miles oper_
5,314,409
Passengers carried
48.67c.
RR.rev. per car mile_
RR.oper. exp. per car m.
18.80c.

$250,706 $1,670,807 $1,603,128
$80,940
$80,940
$13,490
121,716
134,573
21,425
125,000
125,000
20,833
157,312

950,523

942,033

$333,438
$3;9,770
$37,645
39.06%
38.40%
40.67%
640,968 4,111,052 3,947,308
4,766,932 33,331,001 29,952,659
47.26c.
49.87c.
46.05c.
18.46c.
19.15c.
18.73c.

The gross business for the year ending July 31 1916 was
$206,867,347, while net was $59,994,118 on an output of
about 508,000 automobiles. The company paid 60% in
dividends, which left $58,800,000 for reinvestment in the
business. Profit and loss surplus as of July 31 1916 was
$111,960,908, an increase of $52,825,137 over the previous
year.
The total men employed in all plants is 49,870; 36,626 are
receiving $5 a day or more.
BALANCE SHEET
1915.
1916..
$
AssetsPlant & mach'y- 8.896,342 5,693,649
Tools,pat'ts,&c.. 1,925,649 1,696,314
Cash on hand,&c. 52,550,772 43,788,151
Municipal bonds
1,259,029 1,311,924
(cost)
9,200
9,200
Other investm'ts.
Inventory (cost). 31,895,435 14,335,768
385,378
434,055
Prepaid expenses.
Acc'ts receivable. 8,292,778 2,300,456
5,232,156 3,148,263
Real estate
Bldgs & fIxt _ _ _ 17,293,293 12,931,884
328,497
431,249
Office equipment
Factory equIp't- 3,868,262 2,606,356

AS AT JULY 31.
1916
LiabilitiesCapital stock - 2,000,000
Acc'ts payable__ 7,680,866
Contract deposits 1,519,296
Accr salaries, &o. 1,186,223
Accrued expenses 1,175,071
Contract rebates. 2,199,988
Reserves forBuyers' profit48,099
slier. rebates
Depreciation__ 4,260,275
57,494
Fire Ins. prem.
111,960,908
Surplus

1915
$
2,000,000
BALANCE SHEET AS OF JUNE 30 1916 AND DEC.31 1915.
4,947,806
1,968,845
June 30'16. Dec. 31 '15.
June 30'16. Dec. 31 '15.
770,721
LiabilitiesAssets$
463,111
Property accts_119,513,367 119,582,241 Com.stk.& scrip. 39,994,890 39,994,890
1,281,061
8,000 Pref.stk.& scrip. 5,242,151 5,242,151
Investments
8,000
Stocks to redeem
Proceeds of sales
secur. of preof prop.released
12,909
decessor cos__
12,909
15,000,000
from the lien
of mortgagee..
2,916,662
114,099 N. Y. & Jersey
120,781
51,263
751,218
631,449 RR.5% M.bds. 5,000,000 5,000,000
Amortiz. funds..
1st M.454% bds. .944,000
.944,000
59,135,771
Bond dLsct. and
1st lien & refund.
exp. In process
M. 53
37,232,734 37,119,134
of amortlz'n__ 3,686,384 3,687,959
Cur, cash accte.
893,643 1,043,307 Adjust. Income
132,088,220 88,535,840
132,088,220 88,535,840 Total
Total
M. bonds_ 33,102,000 33,102,000 -V.
Cash for matured
103, p. 847, 496.
25,685 Real est. mtges. 1,110,500 1,115,500
24,801
coup.(contra).
732,000
824,000
177,942 Car pur. oblig's.
159,266
Accounts reedy.
608,217
608,217
Readjust. res've
Deposits with
American Hide & Leather Co., New York.
156,032
175,456
9,061
9,061 Accounts pay
public depart..
25,685
24,801
Mat.int.(contra)
Prepaid Incur.,
(17th Annual Report-Year ending June 30 1916.)
921,130
921,951
26,601 Accrued Interest
178,089
taxes,&c
Rentals received
Materials & supPresident Theodore S. Haight says in substance:
19,811
222,025 In advance......4,781
plies, less res.
256,666
$2,771,61,645
Operat. reserves a114,871
Results.-The operations of the company resulted in a profit of
381,264 406, which after charging replacements, renewals and repairs, reserve for
Surplus account b380,014
sinking fund
bad and doubtful debts, interest, special reserve and the usual
Total
125,601,276 125,528,368 appropriations is reduced to a net profit of $1,643,266. The difference
Total
125,601,276 125,528,368
between this and the result shown on the last quarterly statement (V'.
*The balance of the issue of old 44% bonds ($66,204,000) is deposited 103, p. 753) is duo to minor adjustments after audit.
with the trustees of the First Lien and Refunding Mortgage and the AdjustBusiness.-The volume of business for the year exceeded by over $4,500,ment Income Mortgage in accordance with the terms thereof.
000 that of the previous year, while the general and selling expanse decreased
a The account, operating reserves, includes *50,0(0 appropriated as a $24.000. The net profits over all charges, approximately $1.643,000,
special reserve created under the terms of the Adjustment Income Mortgage were the largest in the company's history.
to secure the proper, safe and adequate maintenance, equipment and operathe MichiPlants Sold.-The company has sold to Howes Brothers Co. andrespectively
tion of the tunnels, lines of railroad and other properties of the company.
Tanning & Extract Co. all of its sole leather plants (located
and to preserve its earning capacity. b After deducting reserve for operating gan
in cash,
$500.000
for
Wis.)
Merrill,
and
at Munising and Manistee, Mich.,
contingencies, $50,000.-V. 102, p. 1359, 1342.
11917.
payable in installments, the last of which will be payable on April leather
It has sold to the same purchasers at cost for cash, its hides and sole
said
with
connected
supplies
as delivered, also the tanning materials and
will
Third Avenue Railway, New York.
plants, for cash payable in installments, the proceeds of which sale will
the
company
which
cash
total
the
that
so
31,500.000,
about
amount to
(Report for Fiscal Year ending June 30 1916.)
receive from the transaction will be about $2,000,000.
price
The $200,000 received up to June 30 1916 on account of the purchase
of 11. Y.,
The report for the year ending June 30 last is given at of the solo leather plants has been paid to the Equitable Trust Co.
it, as such
trustee of the company's First Mortgage, and invested by
length on subsequent pages of to-day's "Chronicle," includ- the
and when
trustee, in the company's bonds. The balance of $300,000 as
ining the remarks of President Whitridge, the comparative received
will be pald to the trustee of the mortgage and will be similarly
derived
vested in accordance with the terms of the mortgage. The moneys
income account and the balance sheet.
the contract, amounting to
from the sale of hides, sole leather, &c., under
when received, become part of the company's
CONSOLIDATED INCOME ACCOUNT, INCLUDING CONTROLLED about $1.500,000, will as and
general funds in the same manner as if said hides, leather, &c., had been
COMPANIES FOR YEAR ENDING JUNE 30.
usual course of business.
the
in
sold
1912-13.
1913-14.
1914:15:
1-bieratirirReFiniti=;;Vl915Ii67
at Juno 30
Bonds.-The bonds of the company in the hands of the public
$10,837,076 $10,565,028 $10,456,705 $9,742,345
Transportation
to $3,848,000, having been reduced during the year by
375,502 1916 amountedthis
401,511
320.831
299,294
Other operations
total, $150,000 consists of the regular appropriation
3971.000. Of
accretions to the
under the mortgage, $224,000 are bonds purchased out oftrustee
Total oper. revenue_ 411,136,370 $10,885,859 $10,858,216 $10,117,847 sinking
as the infund, $190,000 are bonds held by the mortgage
$838,621
$925,974 $1,012,646
Maint. of way & struct. 21,090,701
sold and the balance of $407,000 aro bonds
property
released
of
funds
vested
614,793
713.003
678,574
599,550
Maint. of equipment
sinking fund and other requirements.
immediate
of
anticipation
in
purchased
461,500
511,250
562,959
2294,271
Depreciation
of these $971,000 of bonds amounted to $1,006,653.
794,484 The total costto
779,131
779,459
731,598
Power supply
income account in respect of the appropriation for sinking
The charge
2.914,525 2,849,930 2,580,920 fund,
2,923,777
Operation of cars
with interest on the bonds in this fund, has been $393,391,
together
533,809
614,609
602,798
659,197
and reInjuries to persons,&c
as usual this, in conjunction with the outlay on replacements
526,012 and
525,466
511,890
509,101
for depreGeneral & miscel. exp
pairs, is considered as taking the place of any specific provision
1916
30
on
June
properties
of
cost
against
standing
amount
The
ciation.
Total operat. expenses $6,808,194 $6,976,179 $7,006,035 $6,350,139 was $26,651,506, a reduction of $469,174 as compared with June 30 1915,
$4,328,176 $3,909,680 $3,852,181 $3,767,708 made up as follows: (1) By the sale of sole leather plants, $500,000;(2) by
Net eatnings
725,693 the sale of shares at cost in Eastern Tanners Glue Co., a company that
848,122
730,785
731,035
Taxes
utilized our by-products, $70,000; (3) by sales of land and machinery and
Operating income..--- $3,460,054 $3,178,645 63,121,396 $3,042,015 indemnity collected on fire losses, $32,301; total, $602,301, less additions
70,170 to buildings, machinery, &c.,$121,127, cost of shares in United States Glue
75,216
81,128
157,870
Other income
Co., a company that utilizes our by-products, $12,000, leaving a reduction
$3,637,924 $3,259,773 $3,196,612 $3,112,185 of $469,174.
Gross income
$2,027,463
$2,368,072
interest
$2,473,680
$2,531,152
*Bond
1910 amount to
Balance Sheet.-The total current assets at June 30
107,236
6,106
134,173
9,304
net current
Interest on notes
and the current liabilities to $1,415,297, leaving
30,528 $13,057,903
38,061
52,746
76,113
Rents, &c
The net current assets, compared with the previous
$11,642,606.
of
assets
30,000
30,000
30,000
33.480
Sinking fund reserve..
$190,000
are some $320.000 lass. In the latter, the cost of the
statement,
(3%)497,700
invested proceeds of released
Dividends paid,
bonds hold by the mortgage trustee as the
bonds in the company's treasury was included
$407.000
and
sold
property
Total deductions__ y$3,144,551 $2,565,730 $2,570,306 $2,195,227 as a current asset, while the balance owing upon the sale of the solo loather
$916,958 plants was not taken up. The net current assets at June 30 1916 exceeded
$626,306
$694,043
$493,373
Balance,surplus
an amount of $7,794,605,
the total par value of the bonds outstanding by good-will
standing against
*Includes in 1915-16 interest on adjustment income bonds, $1,126,800; leaving
in adeltion thereto the entire plant and
on 1st M. bonds, $548,080; and on 1st ref. M. bonds, $856,272, against 1 the capital stocks of the company.
$1,126,800; $548,080 and $798,800. respectively, in 1914-15.
at conservative
boon
taken
has
loather
finished
Market Prices.-The
a No additions have been made to deprec. reserve since Dec. 31 1915.
for discounts
market prices in connection with orders on hand lass deductions
y Does not include interest on certificates of indebtedness of the Dry ., and
the finished
bring
to
in
order
profits
estimated
for
and
expenses
selling
Dock, East Broadway 8G Battery RR. Co., which has not been included - loather inventory as nearly to cost as possible.
In the accounts since Feb. 2 1908.

Net RR. rev, per car m.




29.87c.

27.32c.

30.72c.

28.80c.

SEPT 9 1916.]

THE CHRONICLE

INCOME ACCOUNT OF COMPANY AND ITS SUBSIDIARIES.
1915-16.
1914-15.
1913-14.
1912-13.
Gross output
*323,559,749 $19,092,433 $17,759,016 $19,674,072
ExpensesHides & skins used, &c.1$19,437.4551$11,481,192 $12,187,637 $13,241,245
Mfg.sup plies&expenses J
1 4,383,750 3,264,645 3,670,261
Discounts
1,033,511
824,574
754,180
760,477
General and soiling exp_
490,731
514,379
529,103
507,217
Total
$21,061,697 $17,203,895 $16,735,595 $18,185,200
Tradiag profits
$2,498,052 $1,888,588 $1,023,481 $1,488,872
Add miscell. Income.._....
23,355
41,202
5,600
---Total
$2.521,407 $1,888,588 $1,064,683 $1,494,472
DeductReplace'ts, renew.& rep. $204,011
$173,937
$138,296
$214,844
Bad debts and reserve
18,825
6,849
17,195
12,i41
Interest on loans, less
__ ______
interest earned_ _ _ _
74,401
87,332
126,410
Int. on 1st M. bonds_ _ _
511,500
511,509
511,509
511,500
Cost of 150 bonds for s. f.
149,948
155,781
153,155
153,460
Total deductions_ _ _ _
$928,614
$878,141
$957,478 $1,018795
-g
Balance, surp. for year.. $1,643,266
$959,971
$107,205
3475,517
* After deducting $250,000 special reserve against possible depreciation of inventory.
BALANCE SHEET OF COMPANY AND SUBSIDIARY COS. JUNE 30.
1915.
1916.
1916.
1915.
LiabilitiesAssetsaCost of proper's_26,651,506 27,120,680 Preferred shares_ _13,000,000 13,000,000
Sinking fund
b75,038 Common shares.._11,500,000 11,500,000
b82,225
Supplies
9,537,653 9,433,403 1st M.6% bonds_d3,848,000 4,819,000
Bills & meets. ree e2,342,714 1,560,853 Interest aocrued__ 170,500
170,500
3,400 Bills payable
Sundrles,cialms,&c.
5,120
750,000
Foreign exchange.. 872,223
Insur. unexpired &
433,378
80,641
100,624
interest
Trade
prepaid
accounts_
273,388
180,381
Accr. taxes, &cBonds of Am.H.&
86,712
99,186
83,823 Sink. fund 1st M_ 4,138,776
L. pun'''. (cost)
3,781,038
1,071,791
659,466
Surplus
Cash
5,889,500 4,246,294
Total

39,791,633 39,017,304
Total
39,791,633 39,017,304
a Cost of properties includes 4,517 shares pref. and 2,259 shares commo
stock of American Hide & Leather Co. held in trust. b Includes oaly cash
and accrued interest, the par value of bonds in sinking fund ($1,033,033 in
1916, against 33,703,099 In 1915) not being treatel as an asset-See
note d. c After deducting reeervea of $143,243 for doubtful debts andfootcounts in 1916, 3157.053 in 1915. d After dolecting $175,09) boa ledisin
treasury yearly, $1,030,030 bonds in sinking fund (sea foot-note b), $193,000 hold by trustees as invested proceeds of released popee sold and
$407000 in treasury In anticipation of immediate sinking fund and other
requirements.-V. 103, v. 753. 491.

American Public Utilities Co., Grand Rapids, Mich.
(Report for Fiscal Year ending June 30 1916.)
The directors report in substance:

935

Utah Gas & Coke Co.-The number of services increased 1,881 during the
year. Three miles of new mains were laid, making an aggregate of 180
miles now operated. A large number of appliances, suca as hotel ranges,
heating devices for forges and riveting operations, candy boilers and Japanning ovens have been installed. The total gas sales of the company showed
a falling off of 0.95%, indicating a reduced individual use of gas, although
there was no loss of customers.
Jackson Light & Traction Co.-The earnings of this company show a
satisfactory increase during the year. Competition with the street railways
of the company by means of a jitney service seems to have been almost
entirely removed, as a consequence of municipal regulations requiring
bonds and licenses for such service.
Other Properties.-The gas sales of Boise Gas Light & Coke Co. showed
a falling off of 6.95%. This city has experienced a general depression, as
the result of the completion of irrigation works in its neighborhood. The
Albion Gas Light Co. shows a growth of 16.47% in gas sales and 20.4%
In net earnings for the year; the Valparaiso Lighting Co. results show
an
increase of 4.49% in gas sales and 17.89% in electric sales. The Holland
City Gas Co. shows an increase of 3.91% in gas sales. The Elkhart Gas
& Fuel Co.showed an increase of 10.39%.
Financial Transactions.-During the previous fiscal year, owing to the
great demand for money incident to a state of war abroad, it was considered expedient to procure funds for the financing of the subsidiaries of
this company by the sale of 3-year secured gold notes, of which $600,000
were outstanding at the date of the last report, and $1,503,000 in all were
outstanding subsequent to that date. The floating debt indicated by
these notes has, during the year, been refinanced and funded by an authorized issue of 33,500,000 of collateral trust 67 bonds, payable in 20 years.
Of these 32,500.000 have been issued and sold during the year, $1,503,900
being used to retire the outstanding gold notes, and a portion of the
standing 5% collateral trust bonds. The remainder, became availableoutfor
advancement to the subsidiaries and the purchase of their securities as the
same have been created to provide for construction operations. This entire
issue of securities was sold to Messrs. Bloren & Co. of Philadelphia.
Through the sale of bonds of the Wisconsin-Minnesota Light & Power
Co. to Harris Trust & Savings Bank of Chicago, and of the preferred stock
of the same company to Meesrs. Paine, Webber & Co. of Boeton, an ample
money supply has been provided to meet all construction expenditures
arising oet of the building of Wissota dam by that company.
EARNINGS FOR YEAR ENDING JUNE 30.
[Earns., &c., of Sub. Cos. with int. and pref. div. of Am. Pub. Utilities.]
1915-16.
1914-15.
1913-14.
Gross earnings
$3,309,586 $2,932,070 $2,319,595
Operating expenses
1,618,239
1,842,801
1,338,716
Net earnings
Other income

$1,466,785 $1,313,831
25,930
81,743

Gross income
Expenses

$1,548,528 $1,339,761 $1,026,182
38,101
51,486
39,437

Net income
Interest on underlying securities
Interest on collateral trust bonds..
Interest on gold notes
Miscellaneous
Preferred dividends(6%)

$1,509,091 $1,301,659
3862,300
$993,859
64,867
34,667
48,549
11,183
6,743
43,958
234,840
234,840

Total deductions
Balance, surplus

$1,348,858 31 ,186,948
3160.233
$114,711
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
Liabilities8,509,968 7,283,435 Preferred stock.. _ _ 3.914,000
35,290
55,135 Common stock..__ 2,995,000
720,509
720,500 Bonds
2,961,500
215,773
Secured gold notes
8,925 Accrued bond,&c.,
414,862
interest
141,685
43,192
22,679
5,111 Accounts and notes
183,2071 517,995
payable
841,014
943,558f
Insurance reserve_
17,322
Surplus
453,212
181,401
320,016

$980,879
45,303

$974,696
$554,659
44,650
234,840
$834,149
$140,547

The operations for the late year were marked by growth in the volume
of business done, an increase in net earnings applicable to interest and
dividend purposes, and the presentation of a marked example of the differ;
1915.
mice between the stability of public service investments and those made in
Assets$
ordinary commercial operations.
Stocks owned_ _ _ _
3,914,000
This stability reflects itself not only in the maintenance of volume of Bonds owned_
_
_
_
2,995,000
business and price of product during periods of commercial distress, but Bds.dep.ascollat.
690,000
with as much distinctness during periods of extraordinary activity.
Cash do do
600,000
The commercial activity of the various companies during the first
six Treasury stock
months of the fiscal year Just closed was, to a considerable extent,
hampered Disct., on sec., &c.
23,500
by somewhat unsatisfactory general conditions. The last six months
of Miscellaneous..___
the period were marked by greater business activity, but were also
accom- Cash
.427,273
panied by a notable advance in the prices of the metals entering into the Acct. receivable__
2,358
construction and extension of public service properties. During the year Undistributed sur400,671
the various gas plants were able to confine the laying of new services very
plus, sub. cos__
largely to established mains. They made a substantial net gain of meters
in service, of which 25% were placed on inactive services which had not
Total
11,227,240 9,052,802
Total
11,227,240 9,052,802
been in use. The electric properties for the same period showed 9,279 -V. 103, p. 495.
new services installed.
Tho gross sales of all the companies for the fiscal year ending Juno 30
Owens Bottle-Machine Company, Toledo, 0.
1916 were 33,309.586, against $2,932,070 in 1913-14, an increase of 12.88%
in the volume of business done by the company's subsidiaries.
•
(Digest of Official Statement, Dated June 12 1916.)
Wisconsin-Minnesota Light & Power Co.-The expenditures for this development went on steadily and among the new .works are included the
Under date of June 12 1916 the company made a report to
construction of a hydro-electric plant on the Chippewa River,
near Chip- the New York Stock
pewa Falls, a power house with an ultimate capacity of 45,000
Exchange in connection with the applih. p., a
transmission line on private right-of-way 73 miles long to St.
Croix River, cation granted July 25 to list its capital stock. This report
for the delivery of energy to the company's customers in Minneapolis
and
says in substance:
St. Paul, and the creation of a mill pond ten miles in length upstream
from
the dam. While under no conditions now conceivable will
the date of Preferred stock 7% cumulative. Total authorized, $20,000,000.
completion be later than Feb. 11917.
outstanding, in $100 shares
$6,957,400
At La Crosse, Wis., 16,975 feet of new mains were laid for the
stock (auth. Issue, $30,000,000), in shares of $25 each,
purpose Common
of improving the service. Expenditures in this city for new
being issued in exchange for outstanding common stock of the
construction
aggregated $355,252, distributed as follows: electric
par value of $100 per share. Now to be outstanding
9,000,000
electric distribution, $2,171; gas works improvements, station, $275,009;
Incorporated in Ohio Dec. 13 1907, succeeding a New
corporation
extensions, $8,081; hot water equipment and mains, $10,000; gas main of same name, incorp. Sept. 3 1903. The auth. commonJersey
stock at organiza$60,000,
&c.
At
Eau Claire, Wis., renewals of track of the street railway system
$2,500,000,
tion,
was
on
Dec.
1912
13
increased
to
$15,000,000, on Feb. 14
made, 1916 was reduced
four additional cars put into service and improved equipmentwere
to $7,500,000 (par value reduced from $100 to $25 per
of
kinds provided. Gross earnings of the railway property showed a various
gain of share), and on March 23 1916 was increased to $30,000,000. The $500,000
8.08%. The gas plant has been increased by the addition of 4,788 ft. of
pref. stock authorized by the original charter is to be redeemed and canceled
In cash, at 115, on Sept. 30 1916, and a new issue of $20,000,000 pref. has
new mains. The gas output for 1915-16 showed an increase of 16.3%.
At Chippewa Falls, Wis., an election to municipalize both the water and been authorized as of March 23 1916, but no more than $7,000,000 can be
issued unless the not earnings for the last preceding fiscal year, or the
lighting service.; of this city was defeated. Reconstruction of electric linos
in the entire business district was commenced, a contract for
average for the last three fiscal years (whichever is the greater), applicable
lighting secured from the city. During the year 25,100 ft. ofornamental
new mains to dividends, shall be 23i times the aggregate amount required for the paywere laid for improving the service and in tho water department 3,600
ment of dividends for the entire year next ensuing upon the pref. stock as
ft.
of now mains and a new Worthington three-stage centrifugal pump added.
so increased, and no additional pref. can be issued which will make the total
Wisconsin Properties.-At Neilisville the distribution system has been amount of the outstanding pref. stock, at its par value, exceed
75% of the
rebuilt; at Mondovi a temporary plant has been put In place; at Haugen net assets of the company,including assets to be acquired from the
issuance
and Birchwood, small hydro-electric stations for the operation
of additional pref. stock. [For further particulars as to pref. stock, the
of
storage
dams and commercial business have been constructed, and at
sinking fund to retire it, the right to call all or any part of it at 115 and
the 3%
company has taken over the local distribution service. DuringBoyd
divs.,
see
bankers'
offering in V. 102, p. 1253, 1350.-Ed.]
the year
the American Public Utilities Co. has purchased
Of the coalmen stock, $300,000 was subscribed at organization in 1907;
power plant at Rico
Lake, 'Wis., from the Red Cedar Valley Electric the
Co. This property, be- $2,200,000 was issued as part payment for the assets of Owens Bottlesides serving Rice Lake, also produces
Machine
Co. of N. J.. the predecessor of the present company; $5,000,000
and delivers power to other communities. It is intended to turn this property
over to Wisconsin-Minne- was issued ($1.250,000 yearly 1912 to 1915) as divienda to the common
sota Light & Power Co. A now transmission
lino from Wissota Dam, stockholders, and $1,500,000 was sold for cash to existing common stockthrough Chippewa Falls, Eau Claire and Mondovi,
to Wabasha, holders at 225%. The $6,957,400 of pref. stock was issued in exchange
Minn., was commenced, and thence by way of Alma Wis.,
to La Crosse, Wis. for stock of The American Bottle Co. of Ohio.
The section of this transmission
The co. owns the U. S. rights
use and license other manufacturers to
completed during the present year.line from Wissota to NVabasha will be use the Owens bottle-machine, a to
wholly automatic bottle-making machine,
Valuation.-The Wisconein RR. Commission decided that the
patents covering which are held by the Toledo Glass Co., an Ohio corthe
properties
brought together to create a water power development on the Wissota
poration.
The U. S. patent rights on the bottle-machine and allied applisite had an intangible value of $1,500.000 more than their cost, this Dam ances which are thus controlled by this company
number 56, and expire
relating solely to the dam site and not to the Improvements now value on various dates from 1920 to 1933. Most of these
represent important
being improvements
constructed upon it. A careful computation
on the original invention. Patent applications covering
values
these
of
indicates
a
much greater value. The admission of the existence of the intangible
inventions and improvements for the benefit of this company are now
value other
placed by the State on this property confirms
pending.
the contention of the company that the enterprisers who undertake
developments are entitled
Dividends Paid by The Owens Bottle-Machine Co. on COMM9,1 Stock.
to have the values adequately recognized. such
Sept.30 Yr.--Cash Dividends-- --Dividends in Common StockThe gross earnings of Wisconsin-Minnesota Light & Power
Co.
1907
on 32,500.000 325.000
-- _ 1
for
the
39
June
1915
ending
year
were $1,055,894, against $1,226,651 for
the 1907-03.. 4 on 2,500,000 100,000
year ending June 30 1916.
1908-09.. 6 on 2,500,000 150,000
Merchants Heat & Light Co. of Indianapolis.-The
electric sales of the 1909-10.. 8 on 2,500,000 200,000
company showed an increase for the fiscal year of 51.65%.
A now 5,000 1910-11..10 on 2,500.000 259,090
k. w. turbine has been added to the generating capacity of the
principal 1911-12..12V on 2,500,000 300,000
station of this co. and capacity of Claypool substation
has
been
1912-13..12V on 3.750,000 450,003
doubled.
50 on $2,500,000 $1,250,000
In the past five years the gross earnings have increased from
$500,000 1913-14..12 on 5,000,000 600.033 33 1-3 on 3,750,000 1,250,000
to $1,100,000 per year.
1914-15..12„
on
6,250,000
750,000
25
on 5,000,000 1,250,000
The company has taken possession of new local offices, more favorably 1915-16a12% on
7,500,000 450,0001
20 on 6,250,000 1,250,000
located than those formerly occupied.
1915-16b12i on 8,999,300 269,9791
An important addition to the territory served by this company
iCIay_o
rafdaritnty
s
for income has been made by the purchase
Total divs, on common_$3,544,979
$5,000,000
o
the I)anville Light, Heat & Power Co., serving
o?portunities
eoinmoin
fi t
Plainfield,
Avon, Clermont, Brownsourg, Clayton and Pittsboro.
villa,
b Three months. a Six months.




Total Dividends, $9,075,951, Paid to June 30, 1916, Inclusive.
Divs. on corn. stock: cash, $3,544,979; in stock, 35,000,000__ _ _$8,544,979
530,972
Dividends paid on preferred stock
Prior to 1908 the business was almost exclusively the licensing of Owens
bottle-machines upon a royalty basis. In 1908 the company entered upon
the manufacture of bottles, and the growth of the business is outlined in the
following:
Output and Net Profits-Years ending Sept. 30.
Net Profits
Bottles.
Net Profits
Bottles.
131,529,600 $2,222,972
1910-11-__ 52,890,192 $713,919 1913-14
133,421,328 1,644,518
79,329,600 1,238,738 1914-15
1911-12
109,529,280 1,812,154
1912-13
Securities Owned by The Owens Bottle-Machine Company.
Name of Co. -Incorporated- -Preferred Stock- -Common StockOutstanding Owned. Outstanding Owned.
Am.Bottle Co_Ohio Aug. 1905 3,719.500 3,719,200 4,000,000
(Special)700,000
The Chas.Boldt
Ohio Apr. 1900 250,000
Co
Hazel-AtiasGlass
Co
W.Va.Oct. 1901
Thatcher Mfg.
Co
N.Y. Feb. 1905 517,000
Whitney Glass
3,600
N.J. Aug. 1887
Works
Welch Grape
1903 646,500
Juice Co_ _ _ _N.Y.
Toledo Owens
GlassSandCo _Ohio May 1913
Buckeye Clay
Ohio Aug. 1909
Pot Co
Mid-West Box
Ind. July 1914
Co
Fairmont Glass
Ind. Aug 1900
Works

[Vol,. 103.

THE CHRONICLE

936

7,500

500,000
4,131,200

5,000

874,900
496,400

500,000

470,000
168,500

Net from sales
Other income

$621,917
18,214

$436,909 367,242 $93,803
2,800
2,927
8,656

Total
Expenses
Miscellaneous deductions

$640,131
$197,823
9,120

$445,565 370,169 396,603
$17,465
$141,707
31,685
20,657
5,994

$433,187
Net profit
$297,864 $49,512 $47,453
BALANCE SHEETS AS AT APRIL 30 1916 (FOR BOTH COMPANIES).
Am.Bott.Co. Whit.G.Co.
Am.Bot.Co Whit.G.Co.
Assetsstock.. _ _$3,719,500
3,999,200 Real est.,blds.,&c.$3,789,242 b$520,388 Preferred
Common stock... _ 4,000,000 $500,000
700,000, Mach.license, dee_ 4,700,000
9,544 Special stock auth. 700,000
Investments
95,000
401,929
36,187 Bonded debt
166,600 Cash
14,112
93,112 Owens B.-M. Co_ 110,155
Customer's ace'ts_ 666,157
24,672
83,897
payable_
Accounts
1,031,595
cost)
153,250
Inventory(at
1,886,200
1,723
Customers' dopes_ 157,933
Miscellaneous_
4,863
91,723
4,600 Accrued taxes, &c.
19,239
5,000 Deferred items__ _
178,433
Profit and loss_ __ 1,798,673
387,800
0,659,885 $817,080
$1.
$10,659,885 8817,080 Total
Total
20,000
b It is estimated that an amount of not to exceed $150,009, repre senting
goodwill, is included in this item.-V. 103, p. 669, 498.
155,000

94,200

20,000

61,600

41,000

250,000

INCOME ACCOUNTS FOR VARIOUS PERIODS.
-American Bottle Co.- Whitney Glass Co.
12 Mos. to 8 Mos. to Cal. Yr. 4Mos.to
1915. Apr.30'16
Aug.31'15. Apr.30'16.
$3,305,476 32,379,6491 $67,242 $943,803
Net sales
1,942,740J
2,684,559
Cost of sales

x

x Owns no Fairmont stock, but does own $95,000 of bonds of an outstanding issue of $142,500.
Statement of Properties (Whitney Class Works Has Mortgaged Debt $95,000.)
Acres Sq.Ft. of Annual
(1) Owned
EmCapaticy
Occu- Floor
Directlyployees.
Buildings.
Bottles.
pied. Space.
Toledo, 0
2.2 75,000 14,400,000 Brick
About
Toledo, 0
5.5 49,000 7,200,000 Concrete
700
Clarksburg,W.Va.15.7 163,800 86,400,000 Steel and brick
Fairmont,W.Va_ 19.5 345,000 115,200,000 Steel frame
(2) Controlled Cos.Amer.BottleCo.,
Streator, Ill.:
(Not bonded):
Upper plant 41.7 462,9351129,600,000 Brick, concrete & ironl About
1,200
Lower plant 13.6 262,6231
Newark, Ohio. 44 519,183 158,400,000 Brick,concrete & Iron
Whitney, Glass275
11.2 116,000 57,600,000 Brick, iron and wood
boro, N.J
Toledo Owens
Not op.
Concrete
Glass Sand Co. 80
31,600 Sand
The American Bottle Co. also owns hand plants at Newark, Massillon
and Wooster, Ohio, and Stretor and Belleville, Ill. The Streator factory
is considered part of the machine plant. The others are carried at land
value only, the Belleville and Wooster plants being partly dismantled and
the Massillon plant not having been operated for several years.
OWENS BOTTLE-MACHINE CO. INCOME ACCOUNT FOR FISCAL
YEAR ENDED SEPT. 30 1915 AND 7 MONTHS ENDED APRIL 30
1916.
Year.
7 Mos.
Various Periods. 7 Mos.
Year.
$40,146
Net sales
$1,701,554 $2,025,972 Int. on loans, &c.. $14,187
5,962
20,624
1,242,581 1,344,319 Miscellaneous
Cost of sales

Spanish River Pulp ez Paper Mills, Ltd.
(Report for Fiscal Year ending June 30 1916.)
Pres. Geo. H. Mead, Sault Ste. Marie, Ont., Aug. 31,
wrote in substance:
The year has in many ways been difficult and unusual. However, the
conditions of operation o7 the throe plants of the company have been fairly
normal, except for the serious labor situation and the flood upon the Spanish River, which caused a temporary shut-down (about two weeks) of the
Espanola mill; the destruction of some property of the woods department,
and the loss of a small amount of pulp wood. The market demand for
newsprint paper, particularly the last six months, has been strong, and the
mills have been operated to full capacity.
The arrangement made in 1914-15, whereby the bond and note holders
consented to the funding of two years' interest and the cancellation for
five years of the sinking fund, has realized expectations, permitting a proper
reduction of current liabilities. Payment of interest upon the Lake Superior bonds, as well as the second mortgage notes of the company, will be
resumed on Sept. 1 1916; and upon the Spanish River and Ontario bonds
on Jan. 1 1917.
The directors feel that the continued presence of the deficiency account is
undesirable, as it must be liquidated out of profits, or some capital readjustment be made.
Although a considerable expenditure has been made upon improvements
and betterments to the plants, much of which has been charged to revenue,
there remains a large amount of similar work to be done in the ensuing year.
The work done in the past 12 months has increased the output of the combined plants about 10%, and is reflected in the profits of the year.
There has recently been much discussion of high prices obtained for newsprint paper. While relatively small tonnages have been sold at unusual
figures, the general market advance has not been more than sufficient to
care for the large increase in costs. The natural advantages of this company's property are such•that a reasonable return upon the large capital
Investment should properly be expected.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
Total
-Span.Riv.P.&P.Co. Lake Sup. Pap. Co.
1914-15.
1915-16. 1914-15. 1915-16. 1914-15. 1915-16.
Net revenue $623,509 $478,644 $718,881 $540,933 $1,342,390 $1,019,577
770,639
765,927
Int.onbds.,&c.374,613 369,479 391.314 401,160
104,129
145,172
58,985 40,973
Depreciation 86,187 63,156

Surplus --$162,709 $46,009 $268,582 $98,800 $431,291 $144,809
SPANISH RIVER PULP c%. PAPER CO. BALANCE SHEET JUNE 30.
1915.
1916.
1915
1916
$
Assets9,311,807 9,223,745 Common stock-- - 8,000,000 8,000,000
Property
Int in I. Sup Pap_a8,185,767 88,185,767 Preferred stock_ b_ 5,699,100 5,699,100
2,400 1st M.6% bonds11,032
Sec in Riv Imp Co
950,052 Sp.R.P.&P.mill 2,327.014 2,327,014
1,049,645
Pulpwood
Ont. & P.Co. 1,399,100 1,399,100
Woods operation,
equipment, &c_ 169,871 • 170,136 2d M.6% debens. 1,606,000 1,606,000
239,358 Bank advances_ _ _ c100.000 c400,000
* Includes experimental, bad accounts, licensed machines depreciation, Stores and supplies 269,185
131,310
146,484 Bills payable
98,979
Paper mills prod_
ac.. $33,982, and special depreciation provisions.
252,262
263,850
265,371 Accounts payable
Accts & bills rec.._ 261,188
Acer'd
bond,
&c.,
conon
sold
Paper
OWENS BOTTLE-MACHINE CO.-BALANCE SHEETS.
346,806
054,032
28,355 Interest
113,217
tracts.
32,120
35,064 Interest on debens.
Apr.30'16. Sept. 30'15. Cash
61,256
Assets369,429
418,363
L.Sup.P.cur.acc't.
Real estate, $102,557; buildings, $1,244,976; mato
Additions, &c,
63,157
25,366 Depree'n reserve_ 149,344
chinery and equipment, $1,907,881; total, $3,property
4,350
6,523
2,562 Other reserves2,438
255,414, less reserves for depreciation, $77,037,
Security for sk.fd.
2,570
4,610
28,982 Outst'g coup., &c
and reserves for repairs, &c., unused, $18,472;
Prepaid insur.,&e.
222,510
385.220
184,567 Net profits
Disc.of 2dM.notes 163,271
balance, $3,159,905; add Carboy Machine cost
$3,202,062 $2,473,194 Deficiency account 1,335,399 1,335,399
to date, not appraised, $42,156; total
1,526,187
1,688,874
Patent rights, licenses, contracts, &c
21,040,665 20,823,608
Total
21,040,665 20,823,608
Cash on hand and on deposit, $1,896,199; customTotal
ers' accounts, $520,931, less $25,327 allowance
880,307
2,391,801
for doubtful discounts, &c., balance
includes securities owned at
Ltd.,
Co.,
Paper
Superior
in
Int.
a
Lake
Subscriptions to capital stock paid prior to May 31
cost, viz.: Pref. stock, $2,699,100; corn. stock, $5,000,000, and 2d M.6%
541,526
1916
20,000 debentures, $486,667.
117,630
Prepaid purchases-the Kent-Owens Machine Co..
b Dividends on 33.000.000 of pref. stock are cumulative from July 1 1913
876,816
650,221
Inventory merchandise and supplies at cost
and on balance from July 1 1914.
Notes and advances to licensed and other com228,673
199,669
panies, including accrued interest
c Secured by lien on forest products and accounts receivable.
Investments in controlled companies: The AmeriNote.-The company also has contingent liabilities of $37,850. The
can Bottle Co., $8,460,585; Whitney Glass
also guarantees the principal and interest of $5,000,000 Lake
company
Works, $272,545; the Toledo Owens Glass Sand
Superior Paper Co., Ltd., 6% first mortgage 30-year bonds.
8,838,130
Co., 3105,000
proposed arrangements for postponements of bond interest,
the
Under
Securities owned: Licensed companies,$1,406,300:
& P., Lake Superior Paper Co.
2,588,328 the bondholders of the Spanish River P.
other companies, $662,687; accrued int., $554 2,069,542
and the Ontario P.& 1'. Co. are entitled pro rata to 10% of the profits from
252,059
Accounts receivable of controlled companies_
dividends.
for
available
time
to
time
Prepaid insurance, taxes, interest, &c., $58,233;
64,180
73,304
other assets, $15,071
LAKE SUPERIOR PAPER CO., LTD., BALANCE SHEET JUNE 30.
1915.
1916.
1915.
1910.
$20,024,821 $8,657,685
Total assets
$
Liabilities$
Assets5,000,000
5,000,000
12,311,984
_
Common
stock_
Liabilitiesest.,prop.,&e.12,356,338
Real
Preferred stock_ _ _ 3,000,000 3,000,000
Woods operations,
Pref. 7% cum. old issue (to be redeemed in cash
5,000,000 5,000,000
137,045 1st M.bonds
equipment, &c. 117,810
$500,000
3500,000
Sept. 30 1916 at 115)
535,333
208,361 2d M.6% debens_ 535,333
Stores et supplies_ 355,356
10,300
Subsidiary shares to be acquired at par
340,000
946,339 1,065,197 Bank advances_ y _
Pulpwood
Prof. 7%cum.,auth.,$20,000,000; unissued,$13,z.
payable_
445,000
Loans
2,974
99,040
Sawmill,lumb.,&e.
a6,947,400
052,600; balance
187,441
32,299 Ace'ts payable... 111,362
16,822
Paper mill prod's_
Common stock,auth.(April 30 1916),$30,000,000;
6,604
277,979 Bills payable
9,000,000 6,250,000 Paper&lumb.soldx 199,022
unissued, $21,000,000; balance
450,485
bond
702,397
Int_
Accrued
59,951
110,614
&c..
hand,
Cash on
Bills payable (money borrowed through brokers),
391,328 Interest on bonds
508,894 Bills & acets.ree'le 294,657
373,872
$300,000; accounts payable, $73,872
and debentures_ 110,707
Ins. prem. unexp'd
Advance payments for blowing machines: Ameri2,752
24,005 Accrued taxes,&o.
15,457
and returnable_
can Bottle Co., $20,050; other customers, $29,98,159
40,973
Depree'n reserve_
33,344 Dlsct., &a., on 2d
88,646
953; accrued taxes, &c., estimated, $38,643_
28,740
_28,369
Miscellaneous_
76,132
.
67,347
M.
notes
Reserved for pref. divs. to April 30 1915, 343,443:
45,821
Profit and loss--- 314,402
Sp. Riv. P. & P.
for premium on old pref. stock to be redeemed,
369,429
118,443
current account 418,363
$75,000
1,367,447
2,986,160
Profit and loss, surplus
14,901,100 15,082,748
Total
14,901,100 15,082,748
Total
$20,024,821 38,657,685
Total liabilities
on forest products
lien
by
Secured
y
storage.
in
x Sold on contracts
by deposit of .C116,500 2d M.notes.
a Since April 30 1916 an additional $10,000 of preferred stock has been and accounts receivable. z Securedliability
$25,456.-V.
102,P. 1270.
of
contingent
a
also
is
-There
Note.
Ohio.
of
Co.
Bottle
American
the
of
issued in exchange for stock

$1,082,060 $2,134,881
Netfrom sales._ $458,973 $681,653 Total
$139,664 $224,747
Royalties received 465,850 1,054,382 Expenses
33,727 *265,615
Other deductions_
Divs.on stocks ownedHazel-Atlas GI.Co
71,172
327,402
$908,669 $1,644,518
Balance
Welch Grape Juice
875 Royalty paid by
17,500
Co
17,110
Amer.BottleCo. 313,349
12,720
Chas. Boldt & Co_
1,350
17,562
Misc. diva. ree'd__
Net profit
6,000
$1,222,018 $1,644,518
3,471
Int.on bds. owned




SEPT. 91916.]

THE CHRONICLE

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Albia Interurban Ry.—Reorganization.—

See Albia Light & Rys. Co. below.—V. 101, p. 286.

Albia (Ia.) Light & Railways Co.—Reorganization Plan—
Status.—Holders of the bonds of the Albia Interurban Ry.
have been notified regarding the reorganization proceedings
as follows:

The protective committee, Guy M. Walker, Chairman, received the deposit of $252,000 1st M.6% bonds out of a total outstanding of $282,000,
so that in bidding in the property at receiver's foreclosure sale the committee
has had to raise the cash necessary to pay into court the pro rata distributive
share of the non-depositing bondholders. The bonds, while secured by a
first lion on the electric-light and railway property, were a second mtge.
on the property of the Albia Gas Co., which had outstanding g30000 of
1st M. bonds on a property appraised at $54,000. The equity in this
property belonging to the bondholders was much larger than indicated
by
this appraisement. The committee secured the deposit of $14,500 of these
Albia Gas bonds and have arranged for the purchase and participation in
this reorganization plan of the remaining $15,500 of these gas bonds, so
that the new bonds provided in the following reorganization plan will
a
first mtgo. on all the property without any prior lions of any kindbeon
any part thereof.
The capital necessities of the property, together with the necessity of
raising cash to cover the amount of the non-depositing bonds and the tosts
of foreclosure, have made it necessary to cut down the amount of outstanding bonds and to reduce the fixed charges, particularly in view of the fact
that the only alternative was an assessment of at least 35% of the par of
the bonds, which the committee deemed it unwise to recommend under
the existing conditions.
Plan of Reorganization Adopted by the Committee.
The committee arranged to organize a new light and railway company,
this new company to take over the property, paying the committee
new 1st mtge. 5% gold bonds equal to 70% of the par value of thetherefor
present
outstanding bonds of the Albia Interurban By. and 6% pref.
in an
amount equal to 30% of the par value of the outstanding stock
bonds.
addition, the organizers of the new company agree to secure all the In
outstanding bonds of the Albia Gas Co.and to exchange them for bonds
of the
same issue as those given to the bondholders„so that the new bonds
be absolutely 1st mtge. on all the property, and further to pay all the will
expenses of the committee and to raise the necessary cash to pay off the preferred claims, the receiver's fees, &c. so that the committee will be able
to distribute without any deductions
'for expenses of any kind, the now
bonds and the new preferred stock.
Under the plan bondholders receive par in new securities for par of your
old Albia Interurban By. bonds; 70% thereof in new first mtge. 5% bonds
and 30% thereof in new 6% pref. stock.
The new bonds will be in denominations of $1,000 and $100. Fractions
of bonds less than $100 and fractional shares of stock will be covered by the
issue of scrip, which will be exchangeable in amounts of $100. or multiples
thereof, for bonds and shares of pref. stock.
The reorganized company will have authorized and outstanding $400,000
common stock, par $100. and $100,000 6% non-cumulative pref. stock
of $10 par value.
The new bonds are dated July 1 1916, are 5% coupon bonds, registerable
both as to principal and interest. The total authorized amount is $500,000,
of which $250,000 are outstanding: Interest J. & J. at the Empire Trust
Co., N. Y. The bonds are due 1941. There is no sinking fund provided,
and the bonds are non-callable.
The $250,900 in bonds at present unissued are reserved for extensions
and additions. During the period the property was operated
by the redelvers the net profits were spent on the property by order of the
court.
The officers are: Pres., Albert L. Fowle; 'Vice-Pros.,
R. Walker;
Sec., A. S. Leyland; Treas., Ralph W. Bayer.—ComparMerle
e V. 101, p. 286.

937

The railroad of the Crolsbyton-Southplains RR., whose capital stock and
indebtedness have been acquired, extends east from tyhe Santa Fe station
of Lubbock, Tex., to Crosbyton, Tex., 38.45 miles. Its entire capital
stock, 8150,000, and indebtedness, $461,178, were acquired for $545,000
of our Transcontinental Short Line 4% bonds maturing July 1 1958. The
road serves an agricultural and live-stock district and is valuable as a feeder
to our lines. The price represents substantially tho actual investment
in the property.
With respect to the Laton & Western RR., this is a branch line extending
from Laton, Cal., a station on the Valley Division of the Santa Fe Lines,
In a westerly direction about 17.57 miles to Riverdale, Cal. The Atchison
Co.furnished track material for its construction five years ago and received
therefor the entire issue of Laton & Western bonds, $178.000, and its guaranteed note, which has since been paid, for $11,500. The owners of the
capital stock being unwilling or unable to meet further interest payments,
have turned over such stock without further cost to this company to secure
future operation of the road. It serves an agricultural district, which Is
steadily developing and will become in time a valuable feeder. .
The 3 interest in the Oil City Branch is to be acquired for the sum of
$168,794 (representing
of the agreed valuation of the property as of
of expenditures for additions and betterments since
Feb. 28 1914), plus
Feb. 28 1914, and is for the purpose of gaining access to the Kern River 011
Field, where the company has a considerable oil property from which it is
drawing fuel oil, and also for the purpose of sharing in the traffic of that
branch which will thus serve as a feeder.
The company owns the stock and indebtedness of the Dodge City &
Cimarron Nralley By. which now extends from Dodge City, Kan., to Elkhart, Kan., 119.45 miles, and this lease has been made to the company for
the sake of convenience and economy in operation.
The action now proposed with reference to the Atchison company's pref.
stock is supplemental to action taken by the stockholders on Oct. 26 1911,
and is to make it clear that the pref. stock in question (which is of the par
value of $4,800,000) may be applied against expenditures for such improvements prior as well as subsequent to that date.—V. 103, p. 60.

34

Bay State Street Ry. Co.—Increase Denied.—

The Mass. P. S. Commission in its dechion made public Sept. 1 denies the
petition of the company for an increase in the fares from 5 to 6 cents. The
Commission indicated that it would approve a new schedule of fares if
filed carrying a fare increase in certain rural districts.
_
Concerning the districts in which an advance in faros may be made, the
report is quoted in substance:
The other lines operated by the company in general form part of the
interurban routes as distinguished from what may be called the urban and
suburban portions of the system, and are located in the less populous districts. If the company wishes to increase the prevailing fares upon those
lines it is just and reasonable, in our judgment, for it to no so."
President Sullivan of the company is quoted in the Boston "Transcript"
of recent date as having made the following comment on the P. S. Commission's report:
"Such examination as time has permitted of the decision of the P.
Commission shows that it is not so bad for the Bay State Street Ry. S.
it
at first seems. While we are naturally disappointed at the refusal to as
permit higher fares in the cities, which we thought and still think that the Bay
State ought to be allowed to charge, there is great weight in the suggestion
of the Commission that an increase in fares will lead to a loss of business.
The preliminary examination of the increases which the Commission will
allow indicates that the Bay State is likely to receive substantial benefit.
If this can be accompanied by a reduction of local burdens, such as paving
requirements and some relief in the matter of taxation, the outlook for the
futuro is distinctly encouraging. The suggestion of the Commission that
dividends ought not to be paid on the common stock until depreciation
has been cared for is neither a surprise nor a disappointment. 'rho management some time ago made up their minds that prudence requires such
a step, at any rate until the passing requirements of the company for new
acilities have been filled."—V. 103. p. 406.

Birmingham Ensley & Bessemer Ry.—Consolidation.—

A majority of the bondholders of this company and the Birmingham By.,
Light & Power Co. have petitioned the Alabama P. S. Commission for authority to merge the two systems. The Commission will hold a hearing
on the matter on Oct. 2.—V. 101, p. 1552.

American Railways Co.—Purchase.—In connection with
Birmingham (Ala.) Ry., Light & Power Co.—Merger.
the acquisition of the Electric Co. of N. J., the Pennsgrove
See Birmingham Ensley & Bessemer By. above.—V. 101. p. 2143.
Electric Light & Power Co., the Clementon Township ElecBoston & Maine RR.—Preside Hustis on Conditions.—
tric Improvement Co., the Williamstown Electric Co. and President J. H. Hustis, appointedntreceiver
on Aug. 29 last,
the Woodstown Ice & Storage Co. the following in substance, is quoted in
the Boston "Post" of recent date as follows:
is made public by Newburger, lienderson & Loeb, of New
The reorganization committee has no new plan to offer; the leased lines
have not submitted any new proposition; we have received no assurances
York and Philadelphia:
that the

The American Railways Co. on Sept. 1 consummated its purchase of
all the electric light and power companies covering that territory
on a line
south of the West Jersey Zz Seashore Ry., starting just south of Gloucester
and running to Millville, and then on a line south to Port Norris
on the
Delaware River, giving it that triangle in New Jersey bounded
by Gloucester, on the east by Millville and Port Norris, and on the north
On the west
by the Delaware River, and covers the townships of
Gloucester, Waterford
and Winslow in Camden County, and all of Gloucester
County except the
city of Woodbury and the towns of Mullica
Hill and Clayton and the
northerly halves of the townships of West Deptford
and
Deptford; all of
Salem County and all of Cumberland County
served by its subsidiary,
the Blidgeton Electric Light Co., and exceptnow
also the village of Millville
and the borough of Vineland and the township
of Landis, in addition to
the section of Cumberland County served by its subsidiary,
Electric Light Co., which it has owned for many years. the Bridgeton
The American Railways Co., through its subsidiary, the
Now Jersey, now serves all the territory above named. Electric Co. of
The territory served embraces a population of 85,000, including
the
towns of Berlin, Clementon, Glen Lake, Laurel Springs, Glassboro,
Pennsgrove, l'itman, Salem, Sharpstown, Swedesboro, Wenonah, Woodstown,&c.
The acquisition of these properties through its subsidiary, the Electric
Co. of N. J., has been approved by the New Jersey P. S. Commission,
actual operations under the now management of the American Railways and
Co.
starts as Sept. 1.
l'art of the power used will be generated as at present at the power plant
at Bildgetown. N.J. owned by the American Railways Co., and
current will be supplied directly from Wilmington through a additional
duplicate
cable system running under the Delaware River and thence by transmission
lines to Paulsboro. Salem, &c.
The possession of this territory, running for 140 miles
along the east
side of the Delaware River, on the New
Jersey shore, which is acquired by
the American Railways Co., and the possession
of
the
territory
on the
Pennsylvania and Delaware sides of the Delaware
River, which the American Railways Co. also controls through its
ownership of the Wilmington &
Philadelphia Traction Co. and its subsidiary,
the Wilmington Light & Power
Co., gives under a single ownership of the
Railways Co., without
competition, the entire electric light and American
power business of the valley of
the Delaware on both sides of the river for a distance of 100
miles.
This territory is rapidly filling up with large industrial plants,
a largo population on both sides of the river.—V. 103, p. 664,405.and with

noteholders would consent to another extension of the notes nor
that the bankers would recommend it again. It is my personal opinion that
the notes will not be extended again. I see no hope for anything but
a
receivership. This is no bluff nor threat.
I am not surprised that the leased lines interests regard it as a bluff,
for the notes have been extended again and again, 11 times already, I
think it is, and it is only natural that they should expect another extension.
But it is not merely a matter of extending the notes. The Boston &
Maine cannot go on forever with its present unsound financial structure,
nor with its physical condition as it is to-day. Why postpone the evil day?
The offer of certain leased lines to accept a reduction In their fixed rentals
and their proposition that they be given first preference in the stock of the
new corporation were both impracticable. The former would not reduce
the annual fixed charges of the system more than $400,000 a year,and would
fail to give the Boston & Maine the necessary credit. And it would
be
impossible to secure underwriters if the first preference stock plan were
accepted. Compare V. 103, p. 843. 757.

Canadian Pacific Ry.-6% Note Certificates.—Hallgarten & Co. and Kean, Taylor &Co. are offering at 101%
and int. to yield about 5.73% $2,500,000 10 year 6% note
certificates, due March 2 1924, callable at any time upon
60 days notice at 100% and interest. Authorized and outstanding $52,000,000.
Those notes are a direct obligation of the company and at present constitute the only funded debt of the company with the exception of $11,280,000
equipment notes maturing serially until 1928 and $3,650,000 5%
bonds of
the Algoma, Branch due in 1937
Earnings have been reported by the company as follows:
Year ended June 30—
1916.
1915.
Total net income
$57,243,587
$43,049,808
Interest, rents, &c
10,431,196
10,571,510
Balance
$46,812,391
$32,478,298
For further and more complete data regarding this issue, see
V. 97, p.
1897 and 1732, V. 103. p. 838. 758.

Central Branch Union Pacific Ry.—Interest Deposited.
—Holders of First M. 4% bonds, of which $2,500,000 are
Ann Arbor RR.—Officer.—
W.M.Wadden.formerly assistant to tho Vice-President, has been elected outstanding, are notified (see adv. on another page) that
Vice-President and Treasurer, with office at /low York.—V. 102,
1624. Receiver B. F. Bush has deposited with Bankers Trust Co.,
Atchison Topeka 861Santa-PCR:Y.Acquis
-ition.—The New York, the amount of the semi-annual interest installshareholders will vote on Oct. 26 on the following:
ment due June 1 1916 upon all bonds of the issue above
The acquisition, on behalf of the company, of the capital
stock and in- described for the purpose of paying said interest. Holders
debtedness of the Crosbyton-Southplains RR and
the Laton & Western of said bonds may accordingly
receive such interest upon
RR., and too acquisition from the Southern
RR. as owner and the
Southern Pacific Co. as lessee of an undivided Pacific
one-half interest in the branch presentation of the coupons therefor accompanied by ownerline of railroad in Kern County, Cal., known as the 011
Branch, and ship certificates.—V. 102, p. 2077.
the lease to this company of the Dodge City & CimarronCity
to provide that any or all of the shares of this company's Valley By.; and
Chicago Rock Island & Pacific Ry.—Claims Paid.—
tificates for which are deposited with the Union Trust Co. ofpref. stock, cerN. Y., trustee,
Federal Judge Hough

under the agreement of March 8 1898, not already called for,
be used
and applied by the directors to the cost of any improvements may
made by the
company, whether prior or subsequent to Oct. 20 1911 on that
the company's railway, formerly the Atlantic & Pacific RR. portion of

The stockholders have received the following in explanation
of the matters to be taken up at the coming meeting:



in the U. S. District Court at N. Y. on
5
filed an order authorizing Receiver Dickenson in the suit broughtSept.
by the
American Steel Foundries Co. to renew the 87,500,000 6% collateral
trust
gold notes due Aug. 16 1916 or to borrow sums to pay the notes at maturity,
using as collateral, if necessary, the collateral now securing the notes. The
order also authorizes Receiver Dickenson to transfer the notes to such
as may be satisfactory to him, under agreements preserving the lienparties
upon
the pledged collateral.

938

THE CHRONICLE

Receiver Dickenson is further authorized to pay from funds in his hands
Rock
$641,910 as principal and interest on obligations of the Chicago
&
Island & Pacific Ry. to the Peoria & Bureau Valley RR., the St. Paul
Rock
Chicago
the
of
notes
equipment
the
and
RR.
Line
Short
Kansas City
gold notes,
Island & Pacific By.; $225,000 as interest on the defendant'sRock
Islam!
on the
$50,000 to the South Chicago Elevators, and $462,201Iowa
Falls & NorthArkansas & Louisiana First M.gold bonds, Des Moines
ern By. equipment notes, Haskell & Parker Car Co. receiver's equipment
notes, and tne Bettendorf Co. receiver's equipment notes.-V.103,
;
p. 758, 665.
e.

Choctaw Railway &

Lighting Co.-Reorganized.-

York on
This property, recently purchased by C. M. Mason of New
by two new
be'aalf of the bondholders for $450,000, has been taken over
Co.,
Light
&
Power
Choctaw
the
(a)
companies recently incorporated;
power business,
incorporate° in Delaware, has succeeded to the light and in
on
Oklahoma
incorporated
Co.,
Railway
County
Pittsburgh
(b)
the
and
controlled
June 24 last, is now operating the railway. This company is
& Light Co.
through ownership of all capital stock by the Choctaw Power
outstanding
(of Del.). The Pittsburgh County Ry. has authorized and
no pref. stock.
$600.000 common capital stock, par $100. There isJ.
A. Dramick, BosOfficers are: Pros., C. M. Mason, N. Y.; V.-Pres.,
102, p. 1539.
ton; Sec. & Tress., S. M. Bachman, N. Y.-V.
^.

Cleveland Alliance & Mahoning Valley Ry.-Sereice.-

and
This company on Aug. 24 inaugurated service between Alliance
Cleveland,
Warren, Ohio, thus connecting the interurban linos between
are
Ohio, and Pittsburgh, Pa. Connecting linos between the two cities
now as follows: Northern Ohio Traction & Light from Cleveland to Ravenna
By.
Cleveland, Alliance & Mahoning Valley By., to Warren, Youngstown
& Light Co. to Youngstown, and thus to Pittsburgh by local systems.'
.
p. 1410.
V. 81

Cuba RR. Co.-Notes Offered.-Drexel & Co., Phila.,
offered at par and int. $3,000,000 3-year 5% secured gold
notes, dated Nov. 15 1915, due Nov. 15 1918, but subject
to call as a whole on six weeks' notice at 101 and int.on
Nov. 15 1916 and 1003/ and int. on Nov. 15 1917. Denom. $1,000 c*. Int. payable M.& N. 15 at the Fidelity
Trust Co., Phila., trustee. Auth. and outstanding, $3,000,000. Principal and interest guar. by Cuba RR.

$2,000,000
These notes are secured by a pledge with the trustee of theproperty
of
capital stock of the Camaguey & Nuevitas RR. Co. The
debt and the
Camaguey & Nuevitas RR. is entirely free of mortgage
as long as any of
Cuba RR. Co., as the owner of the stock, has agreed,
these notes are outstanding, that no mortgage or other lien shall be placed
upon the property of said railroad company.
owns
The Cuba RR.Co. was incorporated in New Jersey May 1 1902 and
Clara to
and operates 602.1 miles of road, including main line from Santa
&c.
Santiago, Cuba, and branches to Santa Luis, Manzanillo, Holguin,
Side tracks and spurs amount to 87 miles.
1915.
30
June
ending
Year
Earnings of the Cuba RR. Co. for Fiscal
$5,206,714
Gross earnings
2,727,540
Net earnings
853,856
Interest on bonded debt, &c
1,200,000
Dividends
$673,684
Surplus
The Cuba RR. Co. has outstanding $10,000,000 6% non-cumulative
pref. and $10,000,000 common stock, on which the following dividends
have been paid:
1910. 1911. 1912. 1913. 1914. 1915.
Years6
6
5%
4%
3%
Preferred stock
6/0
4 o
6/0
stock
Common
-V. 103, p. 758. 752.

6

[VoL. 108.

to the strike in the early part of the month. Following shows passengers
carried and the increases over 1915 for the subway and elevated lines:
Total.
Elevated.
Subway.
Month25,582,144 26,425,119 52,007,263
August 1916
23,563,917 22,780,108 46,344,025
August 1915
5,663,233
3,645,011
2,018,227
Increases
The strike on the surface lines in August diverted con-Adorable traffic
number
the
the
month
of
days
the
first
in
to the subway and elevated and
of passengers carried exceeded all existing records.
Sept.
on
men
car
surface
and
subway,
thousand
elevated
-Three
Strike.
1 voted for the presentation of an ultimatum to the Interborough of New
York Railways Co., which being refused, resulted in the calling of a general
strike on all transit lines of the city.
The single demand in the ultimatum was that the railway companies live
up to the agreement of Aug. 7, which ended last month's trolley car strike
in this city.
the
The Public• Service Commission immediately took steps to meet
issued
emergency. Chairman Oscar S. Straus ordered an investigation and
President
Hedley,
Frank
and
subpoenas not only for Theodore P. Shonts
and Vice-President of the companies concerned, but for William D. Fitzgerald and William B. Conway, representing the men.
The "green car" men on Wednesday decided to join in the movement
several
started by the Amalgamated Union ofCarmen. The police reported
disturbances following this strike order. Theodore P. Silents discussing
on Sept. 6, the surface car strike, is quoted in substance:
"Any strike on the green surface car lines will be direct violation of the
agreement signed Aug. 7 by union officers with Mayor Mitchel and Chairman Straus, wherein it was provided:
"'It is also agreed that all disputes that may arise between the company
and the employees in the future, on which they cannot mutually agree,shall
be submitted to arbitration as herein provided.'
of
"The officers of this company had, in accordance with the agreement,
of the union.
Aug.7,received a committee of employees headed by officers
we
"That committee had presented various requests. To some of these
to meet
had agreed, to others we had been unable to agree. We expected preparawith the committee and draft a statement of the mooted questions
tory to arbitration.
"We were asked if we had proposed to New York Railways employees
a form of contract covering conditions of employment.
"We stated that no such contract had been distributed. We had confact was
sidered such a contract and proof forms had been drawn up. The
that we had determined to withhold any distribution of any contract for
the present.
"The plain and simple issue is whether, because an outside union wantslto
fyle s
ultpcilo
en
ro
yyo?,20
oranitsrchb
g fm
nn
ocrgiavyglamtlio
rie
rnm
gliftugtgeheov
defn
astalt
,Empolrotua
to make a contract satisfactory to them shall be destroyed.' the following:
Regarding the Interborough situation, Mr. Shonts issued
9,000 agree. "Tine request to arbitrate the conditions under which the
ments were signed, came from a small minority of the men, none of whom
presumably had signed.
the
"We have replied that the right of making a contract is guaranteed bywel
Constitution of the United States, and that the.courts have established
defined proceedure for determining when contracts have been entered into
as a result of duress or fraud.
"In other words, if these contracts are not the result of the full exercise
of a privilege of citizenship, it is not necessary for us to agree to arbitrate.
The courts themselves will take cognizance of any such cases presented to
sem eal
them,and we must abide by their decisions.
affect In
"Nothing whatever has been done which by any chance could
•
•
any respect the agreement of Aug. 7.
"We stood ready to abide by that agreement in every particualr_and_to
arbitrate any questions arising out of it."
schedule,
All subway and elevated trains have been running virtually on
though in some instances the crews consisted in part of strikebreakers.
-V. 103, p. 844. 493.

Kansas City Railways.-Inilial Dividend.-An initial
dividend of 2%% has been declared on the pref. stock, payable Oct. 2 to holders of record Sept. 25.-V. 103, p. 666.
Edmonton Dunvegan & British Columbia Ry.-Bonds
Manila RR.-Sale Ratified.Offered.-Breed, Elliott & Harrison, Chicago, Cincinnati
on
The sale of this property to the Philippine Government was ratified
and Indianapolis, are offering at 84.56 and int., to yield Sept.
and Pres.
8 when a contract was signed by Gov.-General Harrison
the Govern5.60% $2,420,000 4M% First M. gold bonds, uncon- Higgins of the railway company. Tho agreement provides that
ment will receive all of the capital stock of the company for 14,000,000.
ditionally guaranteed both as to principal and interest by -V.
103, p. 493, 146.
shows:
circular
A
Canada.
Alberta,
of
Province
the
Mexico North Western Ry.-New President.The bonds are dated Aug. 22 1916 and due Oct. 22 1944. Denom. $1,Y. or any
000. Principal and semi-annual interest payable in gold in N.
branch of the Union Bank in Canada and England, without deduction or
abatement.
, and if
Obligation.- Liability of the Province of Alberta is unconditional
of either printhe railway company should make default in any payment
pay
upon
to
immediately
obliged
be
would
Province
the
cipal or interest
the railway company.
demand without any antecedent proceedings against
to meet current exThe Province has a substantial cash balance on hand
on all
penditures. A sinking fund of at least Y.6 of 1% has been provided
debentures. There are no floating debts or treasury bills outstanding and
1922.
to
prior
matures
debt
funded
the
of
portion
no
A financial statement shows Provincial assets amounting to $124,008,635;
total funded debt, $26,810,733; sinking fund, $195,000, and net indebtedness of $26,615,733. The total area of Province is 161,872,000 acres,
and the population is 600,000 personr.
These Bonds.-ConstItute a first mtge. on 120 miles of road and are issued
in a
at the rate of $20,000 per mile under a closed mtge. Tho road runsup
a
northwesterly direction from the city of Edmonton and is opening
The terminus
productive territory which is rapidly filling up with settlers.
is
which
practically
of
all
track,
of
miles
350
of
of the original line, consisting
completed and 300 miles of which are now being operated, is 60 miles east
of the British Columbia boundary. These bonds are being issued for the
British Columbia
Purpose of completing this additional 60 miles of road todirection
into the
and opening up a 60-mile branch line in a southerly,
Grand Prairie district. The company's eastern terminals, occupying 80
acres, are in the city of Edmonton.
The bonds are secured by a 1st M. upon the lines of railway guaranteed,
The
and upon the rolling stock and equipment in connection therewith.
money obtained through the sale of the guaranteed securities is paid by
Treasurer
the purchaser into a chartered bank to the credit of the Provincial
presenand is disbursed by him as construction work progresses upon tneGoverntation of certificates of an engineer appointed by the Provincial
ment.-V. 103, p. 144.

B. Home Smith has been elected President with offices at Toronto, Ont.;
and El Paso, Tex., to succeed D. F. S. Pearson, deceased.-V.93. n. R74.

Mexico Tramways Co.-Bondholders to Vote onlResolutions.-Holders of the General Consolidated 1st Mtge. 50
year 5% gold bonds, secured by trust deed dated May 1
1906 in favor of National Trust Co., Ltd., of Toronto, Can.,
as trustee, will meet at Winchester House, Old Broad St.,
London, on Oct.4 1916 to consider, and, if thought fit, pass,
pursuant to Clauses 18, 19 and 20 of the said trust deed,
resolutions for all or any of the following purposes:

1. Approving the policy heretofore adopted and the policy recommended
for the future as explained by,circular letter dated Juno 27 1916, issued by
the trustee and oy the bondholders' committee constituted by agreement
dated Feb. 18 1916.
2. Appointing a committee to represent and act for the holders of all the
said bonds and with such constitution and powers as to the mooting may
seem advisable.
committiM
3. Authorizing and directing the trustee to waive defaultsand
sinking
interest
or to be committed by the company in payment of and
periods
such
for
conditions
such
on
fund on the bonds and otherwise
at the meeting may think fit.
the
bondof
the
for
protection
taken
be
shall
steps
what
Determining
4.
holders' interests and to obtain for the bondholders control of the future
conduct of the affairs of the company.
and limitations as may be
5. Authorizing, subject to such conditions
and issue of prior lien bonds ranking
approved by the meeting, the creation
in priority to the said bonds upon all or any of the assets of the company.
vote at
6. Authorizing the trustee to vote or to permit the company totd.,
any
meetings of the bondholders of the Mexican Light & Power
of
Co.,In
favor
property
mortgaged
of
the
as
part
held
company
that
of
Wages.
bonds
Grand Trunk Ry.-Increase in an increase in wages of from resolution similar to those herein referred to.
This company has granted its employees
taking any proceedings against the
from
bondholder
any
Precluding
addian
7.
company
the
will
cost
scale
wage
5 to 8% all around. The new
the enforcement of the security
company on his bonds or the coupons, or forcommittee.
tional $500,000 yearly.-V. 103, p 758 666.
therefor without the approval of the said
the management and control of
conditions
what
upon
nt.
Determining
8.
Vice-Preside
-New
Co.
Great Northern Ry.
board of
company's assets shall be permitted to remain vested in the hold
and
G. R. Martin, formerly Comptroller, has been elected a Vice-President, the
the company to
directors and authorizing the trustee to permit
effective Sept. 1 1916.-V. 103. p. 145. smanage,and to exercise voting and otner rights in respect of, the mortgaged
thereof.
income
the
and to receive
Honolulu Rapid Transit & Land Co.-Stock Increase.- properties
executing and
9. Authorizing the trustee to concur with the company in as
it may conThe shareholders recently authorized an increase in the capital stock of
such supplemental trust deeds, documents and things
this company, effective as of Aug. 5, of 3,925 shares of $100 each, fully doingnecessary
meeting, and
the
at
passed
any
resolutions
to
to give effect
sider
paid, and distributed pro rata to the stockholders of record on that date. for
in carrying the said resolutions, trust deeds
trustee
the
of
the
protection
103,1).759.
V.
to act upon or in
This increase in the capital is from $1,207,500 to $1,600,000.and documents into effect, and authorizing the trustee
or resolution of the committee.
Interest.- accordance with any direction
Hudson & Manhattan RR.-Usual Income
meeting may consider
the
which
resolutions
other
any
Generally
10.
the
Tne directors on Aug. 31 declared the interest earned on the Adjustment
for the protection of the bondholders or for giving effectattosuch
Income Mortgage Bonds for the 6 months ended Juno 30 1916 at the usual desirable
on of the trustee or the bondholders' committee
rate of 2%, per annum, or $10 per $1,000 bond for tho period, payable recommendati
meeting.
bondholders against
April 1 at the office of the company's fiscal agents, Harvey Fisk & Sons,
11. Agreeing to the modification of the rights of theto
give effect to any
New York.
the company and its property to the extent necessary
See report for 6 mos. ending June 30 1916 on a previous page.-V. 102, such
resolutions, supplemental trust deeds and documents.
of
the
trust deed to
said
provisions
P. 1359, 1342.
This notice is given pursuant to the
by
that any resolution passed at the said meeting may, if passed
-Passengers-Strike.- the intent
Interborough Rapid Transit Co.and
said bonds,
all
the
holders
of
upon
binding
be
majority,
elevated linos carried a the requisite
During August the Interborough subway
or not present at the said meeting.
present
whether
1915
in
August
46,344,025
with
compared
the
and
total of 52,007,263 passengers,
A copy of the circular letter issued by National Trust Co. Ltd.,
the month
an increase of 5,663,238. Total gross passenger revenue forIltys.,
'at any of the
can be obtained
°por- bondholders' committee above referred to,
0.,
was $2,598,430, an increase of $283,742 over 1915. New York a decrease
of Scotland, 30 Bishopsgate, London, E.
Bank
addresses.
following
in
August,
passengers
Bank, Ltd.,
ting the surface lines, carried 21,947,418
head office, Edinburgh; London County & Westminster
Bank.
Smiths
af 862,553, while gross passenger revenue showed a falling off of $37,049. and Lothbury,
and
London
of
Union
The
C.;
E.
London.
o he decrease in revenue on the surface lines may be attributed principally 41




SEPT. 9 1916.]
_

THE CHRONICLE

4

939

-

Ltd., 2 Princes St,London,E.C.: Thomas Porter, Secretary bondholders'
committee. 34 Bishopsgate, London, E. C.; National Trust Co., Ltd.,
Toronto and Montreal; The agents, The Canadian Bank of Commerce,
16 Exchange Place, New York. bank, banker or trust company carrying
A certificate of any recognized
or the U. S. A.., or ty any
on business in the United Kingdom, Canada
other bank whose certificate the trustee may think satisfactory that the
bonds therein mentioned (giving the distinctive numbers and denominations
of the bonds) have been deposited with such bank, banker or trust company
and will be held until after the date fixed for the meeting, and any adjournment thereof, will be accepted as equivalent to the production of the bonds
and will entitle the holder to attend and vote at the meeting. Forms of
certificate can be obtained at any of the above-mentioned addresses.
Proxies obtainable at the above-named addresses should bo lodged 48
hours before the meeting with the trustee at its office, Toronto, Can., or
with the trustee's solicitors, Linklater & Co., 2 Bond Court, Walbrook,
London, E. C. If not so deposited they must be handed to the trustee's
representative at the meeting.

The bondholders of the Mexico Tramways Co., the Mexican Light & Power Co., Ltd., the Mexican Electric Light
Co., Ltd., and Pachuca Light & Power Co. are addressed
by the National Trust Co., Ltd., the trustee of each of the
trust deeds securing the several issues of bonds, as follows:

Master I. D. B. H. Chaffe will sell this company's property at public
auction at New Orleans on Sept. 27, subject to all unpaid taxes, assessments or liens, prior to the lien of the said 1st M.-V. 103, p. 407.

New Orleans Ry. & Light Co.-Earnings.-Bertron,
Griscom & Co. report for the 6 months ending June 30:
Net (after
Misc. Bd., &c., Renew. & Balance,
6 Mos. end. Gross
Tares). Deductions. Interest. Rwlacels.. Surplus.
June 30. Earnings.
1916_ __ _$3,594,643 $1,403,702 $35,905 8900.524 $127,367 $339,906
423.273
75,166
870,193
1,386,821
18,184
1915_ _ - _ 3,520,748
-V. 102, p. 2255. 1937.

Pacific Gas & Electric Co.-Bonds.-

This company has applied to the Cal. RR. Commission for authority to
sell an additional amount of its general and refunding 5% bonds of which
$29,982,000 are now outstanding of an authorized issue of $150,000,000.
The company expects to sell the bonds at 85 in an amount sufficient to
reimburse the treasury for $560,000, expended in the retirement of this
s
solo
f1131()
t o$
nh
a moofut
.3,000 bonds unissued. $43,090.800 are reserved to retire
:
underlying bonds, $70,112,200 are for future additions, betterments and
improvements at 90% of cost under conservative restrictions. $1,000,000
are in the treasury of which $375,000 are deposited as security for surety
bond in rate cases. $815,000 have been concelod by sinking fund.-V.103.
P. 494, 321.

The general mooting which has been convened has been called, as
Pere Marquette RR.-Foreclosure Proceedings.-The"Detrustee and the committee formed to represent the interests of the bondholders of the above named companies deem it advisable that important troit Free Press" on Sept. 7 said: "Although considerable
future
conduct
of
the
the
to
companies' opposition to the proposed financial reorganization developed
general questions of policy relating
business pending an Improvement of conditions In Mexico, should be laid
at the special meeting of stockholders on Sept. 6, Seward
before the bondholders and their approval thereof obtained.
and
1915
May
Feb.
in
1916,the companies L. Merriam, general counsel for the railroad, said that all
As stated in the circulars issued
of the group have been forced to make default in the payment of bond insatisfactorily overcome and the reterest and otherwise, not by any failure of the management, but on account objections had been
organization would go through so far as the stockholders
of the extraordinary conditions prevailing in Mexico.
In response to the circular issued in Feb. 1016, the following bonds out are concerned."
of a total of £12,330,371 have already been deposited with the committee:
General Stephen H. Gale of Haverhill, Mass., who appeared at the
Pachuca Lt.& Pow. Co.Mexico Tramways Co.a number of other Eastern minority stock£1,353,822 5% bonds
£577,120 meeting with proxies from
5% lst M.bonds
holders, expressed himself as greatly opposed to the reorganization scheme,
2,109,700 Mexican El, Lt. Co.,Ltd.6% 2nd M. bonds
5% bonds
579,637 saying he believes the road better off under the present receivership than
Mexican L.& I'. Co.,Ltd
£1,150,787
under such a plan.
5% 1st M.bonds
Total
1,782,000
Foreclosure papers were filed on Sept. 6 in the Federal District Court at
£7,553,066
5% 2nd M. bonds
Detroit by underlying bondholders on the following three mortgages:
It would have been of little use to convene bondholders' meetings until The
mortgage of 1880, covering the main line of the road from Monrce
to
the
as
information
conditions in Mexico
a policy ba.seti upon firsthand
to Ludington; on the mortgage of 1897, covering the Toledo division, and
and the state of the properties!mind be recommended. For a long time the o
lin
net
t
.
vm
. pe
gag
t3
.o1r0
m
.o
f4,
95
187
96.covering the Saginaw Tuscola & Huron branch
persons
willing
take
to
the
reliable
any
find
to
impossible
trustee found it
journey. Conditions having somewhat improved,the trustee arranged with
the Hon. F. 11. Phippen, K.C., and Mr. E. D. Trowbridge. a former
Pittsburgh County Ry. Co.-New Company.manager of the Light & Power Co., to proceed to Mexico. They have
See Choctaw Railway & Lighting Co. above.
reported in substance as follows:
The report emphasizes:
Rates.-Iron Ore Freight Rates Cut.-Texas Rates.compan1. The complete inter-relation and inter-dependence of all the
The I.-S. C. Commission on Sept. 5 ordered decreases in the freight rate
les concerned.
on
iron ore from Toledo and other ports to points in the East. The prothe
of
company
one
any
of
failure
the
2. That under existing conditions
ceedings involve shipments of ore originating in Alinnesota, Wisconsin
group to comply with its franchise and other obligations might well have and the Upper
Peninsula of Michigan, from the lower Lake Erie ports to
all.
to
consequence:
disastrous
points in Ohio, Kentucky, West Virginia and Western Pennsylvania. The
of further receivers.
3. The importance of avoiding the appointment
that for the present, at least, all traffic amounts to about 25,000,000 long tons annually and yields to the
4. That it is of paramount importance
rail carriers a revenue of about $20,000,000. The decision directs the
together for mutual protection.
the companies of the group should stand
1.
The trustee and the committee unanimously agree with these conclu- carriers to adjust rates, rules and regulations, as outlined, by Dec.ore
to
As a result of the decision the rate is cut from 88c. a ton on iron
sions, and therefore recommend the following policy for the bondholders'
the Pittsburgh district to 76c., and this district is divided. Monesson and
approval:
(a) The appointment of further receivers being dangerous in existing Johnstown, Pa., which formerly were in this district, are separated and the
circumstances, sonic arrangement should be made under which the bond- rate of 88c. a ton remains. The rate to Wheeling, W. Va., and other points
in the so-called Wheeling group, likewise is cut from 88c. to 76c. a ton.
holders should have control of the various companies.
The decision directs the carriers to make changes in dock charges and
(b) As soon as possible a suitable representative in Mexico should be
appointed, having the requisite power to negotiate and deal with the Gov- terminal charges,and,in most instances, It is stated these changes will mean
there
authorities
other
increases. The decision is looked upon as in the nature of a compromise
ernment and with
(c) Any earnings of the companies not required for operating expenses between competitive consuming regions on the one hand and the carriers
should for the present be made available for the upkeep and protection of on the other.
Attorneys representing about 80% of the railroads of TOXaS on Sept. 2,
the undertakings instead of being distributed in payment of interest.
Court In
(d) The companies should, when necessary, agree to temporary modifi- filed a petition before Judge Don A. Pardee of the U. S. Circuit
existing
between
agreements
asking for an injunction restraining the Texas Railroad Commission
them,
Atlanta,
and
to
render
and
leases
the
cations of
assistance as may be found essential from enforcing its recent order canceling its tariffs increasing freight rates
each other such financial and other
their franchises, readjustments in Texas. Judge Pardee issued an order citing the railroads to show cause
to enable them to comply with and preserve
normal.
on Sept. 28.
being made when conditions become
Tho attorneys for the carriers filed a petition alleging the order of the
It is not possible to foresee the details of all arrangements which may have
to be made to protect the interests of the bondholders, and as is obviously Texas Commission is in violation of the mandate of the I. S. C. Corn.of
meetings
bondholders
at
V.
convene
103, p. 321.
frequent
to
intervals
impracticable
to consider points in detail, the trustee and the committee suggest that
somewhat wide powers be delegated. so that they may be able to dealwlitrh
e
St.
Joseph Ry., Light, Heat & Power Co.-Bonds.important questions as they arise, including the following, which require
This subsidiary of the Cities Service Co. has applied to the Mo. P. S.
an early decision:
for permission to create a new bond issue of the authorized
Commission
(a) The Mexican Light & Power Co. should continue to supply power amount of $15,000,000, First & Ref. M. sinking fund 5% 30-year gold
to other companies of the group without exacting full compliance with its bonds, duo 1946. Also, the company and its subsidiary, the St. Joseph &
contracts, but taking in payment on account such sums as the various com- Savannah Interurban By., have asked for authority to execute a joint
panies may be able to pay.
mortgage to secure the new issue.
(b) Despite the fact that under the agreement between the two companUnder the terms of the proposed mortgage, provision is made for the
ies no payment for power can be demanded by the Mexican Light & Power delivery by the trustee to the company of $826,000 of bonds, $326,000
Co. until the bond interest of the Pachuca Light & Power Co. has been paid, thereof to take the place of an equal amount of 1st M. bonds of the St.
Co.
Power
should
&
make
reasonable Payment on ac- Joseph & Savannah Interurban Ry. now outstanding, but which will be
the Pachuca Light
count to the Mexican Light & Power Co. for power supplied, otherwise it canceled, and the mortgage securing the same discharged. The proposed
will be impossible for the Power Co. to continue the supply.
new mortgage further provides for the setting aside of bonds to retire, by
Co.
Light
should
permit the Mexican Light exchange
(c) The Mexican Electric
or otherwise, the present closed first mortgage issue of the St.
& Power Co. to continue meanwhile to operate its properties under some Joseph Railway, Light, Heat & Power Co. of the principal amount of
that
notwithstanding
the
agreement,
rental
temporary
under the lease $5,000,000, due 1937. The balance will be held for future extensions and
has not been paid, and that the Mexican Light & Power Co. has defaulted additions. With the execution of the new mortgage, the properties of the
unaer its guarantee of the Electric Light Co.'s bond interest.
St. Joseph & Savannah Interurban Ry. which include a 12-mile electric
(d) As the interest on the underlying bond issues which constitute in line running between the cities of St. Jo:seph and Savannah, Mo., will be
effect a prior lien mortgage on the properties of the Mexico Tramways Co. transferred to the St. Joseph Railway, Light, Heat & Power Co., subject
arrangement
must
be
some
paid,
made
be
present
with the hold- to the now mortgage. The properties will thus be consolidated, with the
cannot at
ers of those bonds.
proposed mortgage covering the interurban property as a first lien and the
continuance of negotiations with St.
(e) Provision should also be made for the
Joseph Railway, Light, Heat & Power Co. properties, comprising the
return
of
the
the
respecting
Tramways property street railway system, electric light and power plant and distributing lines
the Mexican Government
whenever this becomes necessary.
and
central heating station serving the city of St. Joseph, as a second lien.
W Provision should be made within strict limitations for raising sufficient
The electric plant of the St. Joseph Railway, Light, Heat & Power Co.
funds, should the necessity arise, to preserve and maintain the properties has a generating capacity of 7,600 k.w., but business has made necessary
of the companies. The alternative would be the appointment of receivers, the addition of a new 5,000 k.w. turbine, which will be installed shortly.
who would have power under the authority of the Court to issue receiver's The street railway system comprises 48 miles of trackage, on which are
certificates, ranking prior to the outstanding bonds.
90 motor cars, with 36 trail cars. For the 12 months ending June
(g) The mortgage securing the $11,340,500 1st M. bonds of the Mexican operated
1916 the St. Joseph Railway, Light, Heat & Power Co. and the St.
Light & Power Co. having been protocolized and registered in Mexico, 30
Ry. had combined gross earnings of
it was not thought necessary to incur a similar expense in conection with Joseph & Savannah Interurban Compare
V. 103, p.845.
the mortgage securing the 2d M. bonds, and the trust deed contained ex- $1,371,882 and net of$612.492.
press provisions to this effect. When, if at all, steps should be taken to
Term. Ry.-Lease.Line
Belt
St.
Side
East
Louis,
this
register
anu
protocolize
mortgage in Mexico will need consideration.
Soo Southern Traction Co. below.
A general meeting of all the bondholders interested has been convened so
that one statement, explanation and discussion may suffice. Mr. Phippen
St. Louis-San Francisco Ry.-Operations in Kansas.will attend the meeting to amplify his report and answer the bondholders'
This company on Aug. 31 was granted authority to operate in Kansas as
inquiries. Steps are being taken to convene with as little delay as possible
a
common
carrier.-V. 103, p. 845, 759.
of
holders
the
the
of
different
meetings
bond
issues,
in
accordance
formal
with the provisions of the respective trust deeds. The resolutions intended
Southern Iowa Ry. & Light Co.-Reorganization.to be placed before the formal meetings will be submitted for the consideraSee Albia Light & Railways Co. above.-V. 102, p. 1812.
tion and approval of the bondholders at the general meeting.
Bonaholders committee: E. R. Peacock, Chairman; Stanley Carr
Southern Traction Co. of Ill.-Lease.Boulter H. F. Chamen, Robert Fleming, Arthur Hill, H. Malcolm HubReceivers W. E. Trautman and J. A. Hamilton have applied to the
bard. Sir Alexander Roger. Compare V. 103, p. 235, 143.
Illinois P. U. Commission for authority to lease all the properties to the
Minneapolis Anoka & Cuyuna Range Ry.-Officers.- St. Louis, East Side Belt Lino Terminal Ry.-V. 99. p. 1452.
The following officers have been elected: Pres., C. P. I3ratnober, MinSylvania Central Ry.-New President.neapolis, Minn.; V.-Pres., J. M. Junge, St. Paul; Trans., F. H. Stevens;
Alexander R. Lawton was recently elected President to succeed Mills
Sec., H. H. Stevens, Minneapolis, Minn.-V. 101, p. 440.
B. Lane, who resigned.-V.77. p. 951.

Missouri Pacific Ry.-Subsidiary Company Interest.-

See Central Branch Union Pacific By. above.-V. 103, P. 662, 579.

Muscatine Burlington & Southern RR.-President.-

M. Dailey has been elected President of this lino with offices at Muscatine. Ia.-V. 103, p. 579.

Tennessee Central RR.-New Treasurer.-

E. It. Burr was appointed Treasurer in July last to succeed J. S. McHenry
who resigned.-V. 103, p. 146.

United Light & Railways.-Common Dividends Resumed.
-A quarterly dividend of 1% has been declared on the
New Orleans Fort Jackson & Grand Isle RR.-Sct/e.- $6,899,947 common stock, along with the regular quarterly
A decree of foreclosure having been entered in the U. S. District Court
at Louisiana on Aug. 15 to foreclose the 1st M.dated July 16 1891, Special 13/2% on the preferred, both payable Oct. 2 to holders of



940

THE CHRONICLE

record Sept. 15.%This is the first payment on the common
since July 1914,,when a like amount was paid.—V. 103, p.
759, 321.
Wabash Pittsburgh Terminal Ry.—Sale Confirmed.—
Federal Judge Charles P. Orr in the U. S. District Court at
Pittsburgh on Aug. 30 last handed down an opinion confirming the sale of the properties, which were purchased
by the reorganization committee on Aug. 15 last for the
upset price of $3,000,000.
The action of the Court sot aside the petition of Attorneys F. B. Bracken
and G. K. Wright, representing the Fearon committee, who objected to the
confirmation of the sale, alleging that the price was grossly inadequate for
the property acquired. They further alleged that they represented holders
of $5,056,000 of the 1st M.4% 50-yr. bonds. Compare V. 103,p. 759,666

Water Routes.—Decision as to Steamer Linesfrom Norfolk
to Baltimore, New York and Richmond.—The railways named
below submitted on June 11 1915 to the I.S.C.Corn.for an.,
extension of time beginning July 1 1914, during which operation of the steamship companies described herein might be
continued by them, the I. S. C. Corn. on June 29 1916 decided in substance:
1. The applicants may and do compete with the steamer lines which

they own or have an interest in.
2. The present operation of the steamer lines is in the interest of the
public and of advantage to the commerce and convenience of the people;
the continued operation of the 01(1 Dominion Steamship Co. and Virginia
Navigation Co. by the Southern Railway Co., the Atlantic Coast Line RR.
Co., the Chesapeake & Ohio Ry. Co. and the Seaboard Air Line By.; of
the Chesapeake SS. Co. by the first-named two applicants; and of the Baltimore Steam Packet Co. by the last-named applicant will neither exclude,
prevent nor reduce competition on the routes by water under consideration,
and their applications should be granted.
3. The facts of record do not justify a finding that the continued operaton of the Old Dominion SS. Co. and the Virginia Navigation Co. by the
Norfolk & Western By. Co. will neither exclude, prevent nor reduce competition on the route by water under consideration, and its application
should be denied.
4. All the rates, fares, schedules and regulations applicable to the movement by the steamship companies of traffic subject to the Act must be filed
with the Commission and posted as required by the Act to regulate commerce and the rules and regulations of the Commission.
The holdings of the Southern Ry. Co. (14%), the Chesapeake & Ohio
Ry. Co. (8%), the Norfolk & Western Ry Co. (14%), the Seaboard Air
Line Ry. (14%) and the Atlantic Coast Line RR. Co. (8%) constitute a
majority (58%) of the $1,500,000 stock of the Old Dominion SS. Co., which
company owns all of the stock of the Virginia Navigation Co. The $600,000 stock of the Chesapeake SS. Co. is owned by the Southern Ry. Co. (2-3)
and the Atlantic Coast Line RR. Co. (1-3), and that of the Baltimore
Steam Packet Co. by the Seaboard Air Line Ry.
The Old Dominion SS. Co. operates a daily service in each direction
between Norfblk and New York, N. Y., and between Norfolk and Richmond, Va. The Virginia Navigation Co. operates a triweekly service in
each direction between the latter two points and serves numerous landings
on the James River. Both the Chesapeake SS. Co. and the Baltimore
Steam Packet Co. operate a daily service in each direction between Norfolk
and Baltimore, and the former operates in addition a daily except Sunday
service between West Point, Va., and Baltimore.

Youngstown (0.) Southern (Electric) Ry.—Sold.--

w. J. Blackburn, representing lio4ton laterests, has purchased this
property at foreclosure sale for $655,030.—V. 103, p. 580.

[VOL. 103.

to go into effect when the present one expires. Scrip will be ismed against
certificates and stock entering the new trust. Most of the old certificates
will be turned in under the new arrangement and the new ones will be listed
on the exchanges.
A dividend of 1 % has been declared on the pref. stock, payable Nov. 1
to holders of record same day.—V. 103, p. 322.

Canadian Connecticut Cotton Mills Co.—Plant.—

This company is said to have announced that construction is well under
way at Sherbrooke, Quebec,ofits new plant, which will have a 3,000,000 lb.
capacity. Construction will have been completed in four months' time
although another two months will be required before the plant will be in
operation.—V. 103, p. 146.

Central New York Gas 86 Electric Co.—Merger.—

See Empire Gas & Electric Co. below.—V. 102, p. 1720.

Chandler Motor Car Co.—Extra Dividend.—
This company has declared an extra dividend of 1%,along with a regular
quarterly distribution of 2% on the $7,000,000 outstanding stock, both
payable Oct. 2 to stock of record Oct. 18. This compares with an extra
dividend of
of 1% in July last.—V. 102, p. 2079.

M

Chicago Telephone Co.—Purchase.—
The completion of the sale of the Automatic Telephone Co.'s property
to the Chicago Telephone Co. has been retarded in the office of the AttorneyGeneral of the U. S., where representatives of the independent companies
are arguing that the transfer will be contrary to law and in violation of an
agreement that this concern would not sell out to a competing company.
It is expected that a decision will be rendered shortly deciding the matter.
—V. 100, p. 645, 553.

Chino Copper Co.—Extra Dividend.—
An extra dividend of I per share has been declared along with the regular
quarterly dividend of $1 25, payable Sept. 30 to holders of rased Sept. 15.
The same amount was paid in Juno.—V. 103. p. 531, 323.
Choctaw Power & Light Co.—Successor Company.—
See Choctaw Railway & Lighting Co. under "Railroads" above.
Citizens Telephone Co. of Grand Rapids.—Earnings.

June 30.
Total Gen.Exp. Operation Depr. of Bond
Divs. Balance,
Year—
Income. Taxes,&c. (net). Plant,&c. Int.,&c. Paid. Surplus.
1915-16...4925,628 $103,031 $349,279 $159,331 $35,648 8231,105 $47,234
1914-15— b69,644 98,412 328,648 157,422 31,174 231,105 22,883
—V. 101, p. 1188.

City Water Co.(Chattanooga).—City Will Not Purchase
Plant.—See "State & City Dept." of this issue.—V.95,p.1544
Consolidated Ice Co., Pittsburgh, Pa.—Dividends.—

This company passed the dividend duo July 20 on its pref. stock.
It had been paying 6% per annum since 1809.—V. 102, p. 1062.

Copper Range Co.—Extra Dividend.—
An extra dividend of $1 has been declared on the stock along with the
regular quarterly $1 50, both payable Sept. 15 to holders of record Aug. 29.
The same amount was paid in June last.—V. 102. D. 1720.
Dominion Iron 8,5 Steel Co.—Preferred Dividends.—
Dividends Nos. 30 and 31 of 33i% each hive been d K.:lire:1 on the
$5.000,000 pref. stock, payable Oct. 1 to holders of record Sept. 16. The
same amount was paid in July.—V. 102, p. 1063.
Empire Gas & Electric Co.—Merger.—

The Now York P. S. Commission has authorized a merger of tho Central
New York Gas & Electric Co. with the Empire Gas & Electric Co.,the latter
concern to succeed to all the property rights and franchises of the former.
—V. 100, p. 1081.

Firestone Tire & Rubber Co.—Readjustment.—

INDUSTRIAL AND MISCELLANEOUS.
Aetna Explosives Co., Inc.—New Business.—
This company, it is reported, has entered into the domestic field of synthetic dye manufacture and has begun the manufacture of salicylic acid in
the crude form and is now devoting effort to the turning out of this acid
in technically pure form. An official of the company is quoted as saying
in this regard:
"To what extent we intend to develop this line has not as yet boon decided, nor has it been determined whether operations will be continued beyond the close of the war. 'All available data relative to the subject in general has been collected and will be submitted to the board of directors for
their final decision, which, no doubt, will be influenced by future possibilities. The promise of market constancy, as well as the assurance of
legislative action toward protecting domestic undertakings from the effects of foreign trade methods, will weigh well in an already favorable balance."—V. 103, p. 580, 408.

American Hide & Leather Co.—New Director.—
At the annual meeting of the American hide & Leather Co. held to-day
Lindsey Hopkins was elected a director. At the meeting opposition was
made to the present management, but was outvoted. Of the 250,000
shares outstanding 130,000 shares were represented at the election, and of
these only 14,000 shares were in possession of the opposition.
The opposition proposed to name eight candidates who would be acceptable to them. This list included George Van Tuyl Jr., L. L. Clarke,
Le Roy Baldwin, F. I). Bond, C. W. Weeks of New York; F. F. Peabody
of Troy; J. W.Townsend of Middletown, and William Grecht of Saltimore.
The management agreed to accept Mr. Van Tuyi, Mr. Clarke and Mr.
Baldwin. The board "avid moot in October and may be increased to .17
if those men accept. See also under "Annual Reports" on a previous
page.—V. 100, p. 1439. 311.
American-La France Fire Engine Co.—Bond Payment.—
This company gives notice that the entire outstanding issue of 1st M.
bonds due Oct. 1 1916, will be paid off on that date at 105 and interest at
the Bankers Trust Co., N. Y.—V. 102, p. 1899.
Beaver Valley Water Co. Beaver Falls, Pa.—Appraisal.—"Engineering News" of N. Y. on Aug 17 says:
An appraisal of the Beaver Valley Water Co., which operates waterworks plants in western Pennsylvania, has been made by the P. S. Commission of Pennsylvania. Complainants appealed for a reduction of the
company's rates and claimed that tho true valuation of the company's
property was $670,000, whereas the company claimed a valuation of $2,609,000. The Commission has appraised tho property at $985,000 and
allows the Company to charge rates to yield an annual return of $135,950.
This is based on a 7% return on the appraised valuation, plus an allowance
of $63,000 for operating expenses, maintenance and taxes and $12,000 for
depreciation. The company has outstanding capital stock representing
$1.000,000 [in $50 shares] bonds for $1,063,000 [including $1,000.000 1st
M.30-year 5s of 1902, duo May 11932, of which $25,000 reserved to retire
Now Brighton Water Co. bonds] and notes for $184,000.—V. 74, p. 1233.

Butte & Superior Mining Co.—Extra Dibidend.—
An extra dividend of 50% has been declared on the $2,725,970 stock
along with the regular quarterly 12
, both payable Sept. 30 to holders
of record Sept. 15.- This compares with a 100% extra in June last.—V. 103,
p:667. 241.
Canada Steamship Lines, Ltd.—Div.--Voting Trust.—
Press reports from. Canada state that a new voting trust has been famed
to maintain the present management beyond the (late of the original arrangement, which was to have expired in 1919. Five to ton years is mentioned as the probable life of the new arrangement. It 14 thought that this
is a precautionary measure to obviate the possibility of the voting trust
certificates failing into the hands of individuals who might refuse to continue the present arrangement or of present holders seeking to change the
control. The Arrangement included an understanding on the part of holders of the certificates and, the.common stock to allow the new arrangement



The shareholders have been notified that the next annual meeting of the
stockholders has been postponed until Sept. 30 next and are further notified
that there will be submitted to the meeting a resolution providing for an
increase of the authorized capital stock to $50,000,000, par value, consisting
of 500,000 shares (par value $100), 100,000 shares of which shall be 6%
preferred cumulative and non-participating shares.
Holders of preferred stock of the company are notified that the company
has elected to redeem all the outstanding shares of its preferred stock as of
Nov. 1 1916, paying therefor $110 per share plus accrued dividends, as
provided by the resolution under which said preferred stock was issued.
Preferred shareholders are requested and notified to surrender not later than
Nov. 1 nor earlier than Oct. 15 certificates of preferred stock and upon so
doing will receive $110 por share plus Interest at 7% per annum from last
dividend payment.
In a letter addressed to the shareholders of the company it is set forth
that it is the purpose of the directors presently to ISOM only $5,000,000
of this proposed authorized issue of 6% preferred stock, the proceeds to be
used to extend the company's business; and to issue to the present holders
of common a stock dividend out of the new common stock so proposed to be
authorized, the amount of such stock dividend to be determined after the
company's net assets shall have been determined by the audit now b dn
made. It is now estimated that such stock dividend will be seven or eight
shares for each share of common stock now outstanding. And it is the
purpose of the directors to place the common stock thereafter, and so long
as the company's earnings will permit, on a dividend basis of5% per annum;
the balance of the preferred and common stock will remain unissued.
V. 101. p. 844.

General Petroleum Co.—Plan Effected.—
See General Petroleum Corp. below.—V. 103, p. 324.
General Petroleum Corp.—Successor Co.—Holders of
certificates of deposit issued by Columbia Trust Co., depositary, under the deposit agreement dated March 20 1916,
under date of Aug.24 last received the following,in substance:
The undersigned committee under said deposit agreement report that the
plan contemplated therein has been effected. The now company, known as
General Petroleum Corporation, has acquired the properties formerly owned
by General Petroleum Company and has issued its securities to the amounts,
contemplated in the plan of reorganization; that it has executed a mortgage
covering all said properties (except certain bonds of General Pipe Line
Company) to Columbia Trust Co. as trustee to further secure the bonds of
General Pipe Line Co. of California deposited under said deposit agreement
and stamped as therein provided, which mortgage is a lien on all said properties subject only to a first mortgage securing not exceeding $1,500,000 of
bonds of the new co. that it has also delivered to Columbia Trust Co.,as trustee, its note for $200,000 dated Juno 1 1916, payable in throe equ al annual
installments, June 11917, 1918 and 1919, respectively, with interest at 6%
per annum. Since a few shares of the Class A stock of General Pipe Line
Corporation have not been deposited under tho agreement, the principal
amount of the note and of the annual installments has been reduced by the
trust company, acting upon instructions front the committee, proportionately at tho rate of $10 of principal for each share of stock not deposited,
and the note as thus reduced is held by Columbia Trust Co. under a declaration of trust for the benefit of the depositors of said Class A stock. The
General Pipe Line Company of California has executed an indenture closing
its existing mortgage at $4,500,000. The Class A stock has been delivered
to the new company, the bonds have been stamped, and the depositary is
now ready to deliver the stamped bonds to the holders of certificates of
deposit calling for bonds, and to deliver to holders of deposit receipts representing Class A stock participation certificates for their duo proportions
of the note of the new company. You are therefore reqnested to surrender
your certificates of deposit at Columbia Trust Co., N. Y. City, and receive
your bonds and certificates of participation in said note, respectively.
Committee: Drexel & Co., Tucker, Anthony &Co., James B. Colgate &
Co.. C. D. Barney & Co. See V. 103, p. 324.

—Great Western Power Co. (Cal.).—Bonds.—Earnings.

The Cal. RR. Commission recently granted authority to this company
to issue $224,000 1st Mtge. 5% sinking fund 40 year gold bonds at not less
than 90 plus interest, and to re-acquire these bonds at not more than the

SEPT. 9 1916.]

THE CHRONICLE

941

same price for delivery to the company's trustee under its first mortgage
payment of sinking fund obligations, duo July 1 1916.
A press report from California states that the company informed the
Commission that it had expended for extensions, additions and betterments
$249,350, against which no stock, bonds or other securities had been issued.
It proposes to reimburse its treasury on account of these expenditures by
issuing the bonds authorized to Western Power Co. of N. J., and to repurchase them at the same price and use them to pay the trust deed obligation. Under this mortgage Great Western Power Co. is obligated to pay
to the Centred Trust Co. of N. Y. on July 1 1916 and annually, to create a
sinking fund,1% of the bonds outstanding, and in lieu of cash may surrender
to the trustee for cancellation first mortgage bonds.
Bond Acc.Pf.Div. Bal.,
Other
Gross
Net (after
June 30
Income. Interest. C.B.G.Co. Sur).
Taxes).
Year- Revenue.
1915-16_83,149,012 $2,261,627 $308,860 $1,487,982 $150,000 $932,505
- 2,770,963 1,950,582 199,342 1,243,130 150,000 756,795
103, p. 324.
1914-15--V.

net per 1000 Cu. ft. These rates will enable receiver Landon to produce a
much more adequate and continuous supply of natural gas.
In order to handle the increased quantity of natural gas which will be
procured by the Kansas Natural Gas Co., various extensions and Improvements will have to be made, and it will be impossible to complete these
improvements in time to insure a full supply during the cold periods of the
coming winter.
The contract made with the Kansas Natural Gas Co. on Jan. 5 1905.
before natural gas was brought to Topeka, provided for a rate of 35 cents
net per 1,000 cu. ft., to become effective in Dec. 1910. The company has
during all the succeeding years supplied natural gas in the cities of Topeka
and Oakland for less than it was authorized under its contract, in consequence of which it has become bankrupt. In putting into effect the new
rate the company is, therefore, asking only what its contract authorized
several years ago, and the increased rate, in our judgment, is the lowest
rate at which natural gas can be profitably sold.
In July last our taxes, based on the amount paid in 1915. were 6% cents
per 1,000 Cu. ft. of gas sold. In addition to that, our local distributing
Hercules Powder Co.-Extra Dividend.-An extra divi- expenses, money actually paid out in Topeka and Oakland, mostly for labor.
amounted to 14X cents per 1,000 cu.ft. of gas sold, making a total for these
dend of 13% has been declared on the $7,150,000 common two
items alone of 20% cents per 1,000 Cu. ft. of gas sold. Our share of
stock, along with the regular quarterly 2%, both payable the price paid by the consumers
for this gas was less than 935 cents per
cu. ft., although It cost us more than double that amount to deliver
1.000
Sept.
15.
The
same amount it. These
Sept. 25 to holders of record
figures do not include either bond interest or depreciation. If
663.
p.
was paid in June last.-V. 103,
. the two latter items were considered there would be an additional cost to
of more than 17 cents per 1.000 cu. ft., making a total cost of 28 cents for
Huntington Land & Improvement Co.-Notes Paid.- us
gas, for which we received less than 93-i cents.-V. 103, p. 848.
The $1,000,000 60/ Collateral Trust notes due Sept. 2 were paid in full
Kelsey Wheel Co., Inc.-Earnings, &c._
at maturity at the office of the trustee and the Bankers Trust Co.. New
York.-V. 102, p. 1990.
Sales and Profits for Various Periods.
Calendar Years
6 Mos. to
Indianapolis Telephone Co.-Control Purchased.1913.
1914.
1915. June 30 '16.
purchase
the
stock of the Consolidated Sales
This company has arranged to
$3,948,574
$4,214,180 $5,221,814 $3,924.401
Telephone Co., which owns the telephone system in Hendricks County, Profits
484,158
629,043
859.627
591,344
Ind., and has 1,640 stations. The consideration is said to be $78.000.
Combined Initial Balance Sheet as of Dec. 31 1915.
Approval by the Public Service Commission will be asked in a petition
(Including Kelsey Wheel Co.Ltd., of Canada, and Kelsey Wheel Co..
to be filed at once. The Commission also will be asked to authorize an Memphis
plant, after introducing assets and liabilities of Kelsey Wheel Co.
issue by the Consolidated Telephone Co. of $50,000 of 5% bonds to be sold
as necessary to provide money for now construction. • 'William Fortune, and of Herbert Mfg. Co., taken over by the new company as of Dec. 31
President of the Indianapolis Telephone Co., says a largo part of the aerial 1915, and after introducing 8500,000 additional cash capital.)
Assets (Total $13,988.892)system will be rebuilt as soon as practicable and new equipment will be
Inventories of finished goods, raw mat'ls, work in prog. & supp _ _$1,025,306
placed.-V. 103, p. 321.
Accts. recle, $552,920; sundry debtors and notes rec'le, $60,361_
613.281
44,214
Indianapolis Water Co.-Valuation of Property.-The Investments, $7,500; prepaid expenses, $36,714
in banks and on hand
518,687
Indiana P. S. Commission on July 27 filed a complete ap- Cash
Manufacturing plants at Detroit, Mich., Memphis, Tenn., and
praisal of the property of the company, fixing its value as of
Windsor, Ont., less reserves for depreciation-Land and buildings, $1,019,844; machinery, tools and equipment, $767.56L... 1,787,404
Jan.
1 1916 at $7,625,114 and the reproduction value at Trade
names, good-will, patent rights, &c
10,000,000
.1 •
•
•,252,435.
Liabilities (Total $13,988,892)This appraisal is the formal valuation for rate-making purposes ordered Notes payable, $422,633; accounts payable, $435,338; sundry
creditors and reserves payable, $91,069
919,040
many months ago. The city of Indianapolis, through its Corporation
for contingencies
39,852
Counsel, William A. Pickens, more than a year ago filed an intervening Reserve
cum. pref. stock (auth. and issued, 30.000 shares). $3.000,petition in a case before the Commission, in which the company sought to 70/
000;common stk.(auth.and iss., 100,000 shares),$10,000,000 13,000,000
issue some $650,000 stock dividends. The petition asked for a physical -V.
103,
p.
848,
761.
valuation of the property and a revision of rates and regulation of service
by the Commission.
Lake Superior Paper Co.-Annual Report.The appraisal as filed with the Commission shows:
See
report of the Spanish River Pulp & Paper Co. under "Annual RePresent
Cost of Reports" above.-V. 101. P. 1016Value.
production.
$1,080,550 $1,080,550
A. Land
Laurentide Company, Ltd.-Earnings.*3,310,423
3,046,038
B. Transmission and distribution
1914-15. June 30 Year: 1915-16.
*1,309,010
C. Buildings and miscellaneous structures
1,183,120 June 30 Year: 1915-16.
1914-15.
D. Plant equipment
*1,574,945
1,423,234 Total profits_$].244,283 $1,034,606 Depreciation _
$20,009
820,000
E. General equipnrent
*85,233
763,003
60,097 Bond int., &c.. $226,899 $165,615 Divs. (8%)_ _
763,000
F. Paving
*56,824
79,562
61,800 Bal., surplus_ 8149,822
54,551 Bet'm'ts, &c_
$19,191
/ on B.0. D. E.& F
Total profits in 1915-16 include mill nets from ground wood, sulphite
120
*760,372
693,257
H. Materials and supplies
pulp,
paper,
75,078
$1.022,055; profits from lumber, &c., $101,40), and from
74,167
investments,&c.,
$120.818. The total accumulated surplus June 30 1916, after
Grand total
88,252,435 $7,625,114 crediting 896.000 interest charged to power development during construction, was $927,446.-V. 103, p. 668, 242.
* 12% allowed on these items to cover engineering, superintendence,
Lozier Motor Co.-Sale of Plant.interest during construction, taxes during construction, fire and liability
See Motor Products Corp. below.-V.100, p. 1756.
insurance, small omissions of inventory, contingencies, &c.
The company on Aug. 29 petitioned the Commission for authority to isMarconi Wireless Telegraph Co. of Can.,Ltd.-Report.
sue $180,000 to provide 80% of the money needed for the improvement of
Jan. 31, Year- 1915-16.1914-15.
Jan, 31. Year- 1915-16.1914-15.
the canal and other parts of its system in accordance with the recently exe$5,000
cuted contract with the city of Indianapolis for water service, which pro- Profit for year.. _ _ _$110,226 $50,020 Reserves
vides that the company shall cover tho waterway of its canal from Wash- Interest on advances 30,138 28,956 Balance, surplus--- 75,088 $21,064
ington Street to Market Street. and from West Street to Ohio Street, and -V. 95, p. 179.
also the waterway throughout its intersection with Blackford, New York
Miami Copper Co.-Earnings Six Months ending June 30.
and Vermont streets. It also provides that the company shall widen
or reconstruct the bridge over the canal at Tenth Street to the full width
1916.
1915.
1915.
of the street and either cover the waterway or plant shrubbery on both Gross income_$5,810,357 $2,841,189 Admin., &c., 1916.
banks of canal from Ohio St. to the Fall Creek acqueduct.-V. 103. P. 324. Plant oper___ 1,624,972 1,079,141
int., &c.._ _ _
$57,303
$44,268
reDividends ___ 2,054,564
373,536
Internat. Mercantile Marine Co.-Receivership Order.- Smelting
fining, &c__
628,341
421,555 Bal., surplus_$1,445,177 $922.669
Vice-Chancellor Howell in Newark on Sept. 5 on application of Frank S.
Gross production of copper contained in the concentrate for 6 mos. ending
Katzenbach Jr. modified the receivership order so as to allow stockholders
30 1916 was 26,931,915 lbs., against 18,453,543 lbs. for the same
to meet and vote on matters relating to the readjustment of the company's June
period in 1915. Average cost of copper after deducting miscellaneous
affairs, a right which had previously been denied.-V. 103, p. 848, 668.
income, 8.9526 cts. per lb., against 8.6889 cts. in 1915.-V. 103, p.143.

Interstate Electric Corp., N. Y.-6 Months' Report.-

-Six Months to June 30- -Twelve Mont!is to June 301916.
1915. Increase. 1915-16. 1914-15./ncrease.
Gross earnings_ _ _ _$292,613 $259,314 $33,299 $536,693 $537,671 $49,023
Oper. expenses_ _ _ _ 177,836 162,2/2 15,564 345,453 324,772 20,682
Net earnings_ __$114,777 $97,042 817,735 $241,240 $212,899 $28,341
Data from Statement by Comptroller M. B. Webster.
A 22,000-volt transmission line is now under construction between San
Angelo and Winters, Texas, a distance of 51 nines. The electric and ice
' properties at Ballinger and the electric property at Winters have recently
been acquired and negotiations are now pending with tho owners of the
plant at Miles for the purchase of their property. The plants in those
towns will be shut down and the entire load carrod from San Angelo as soon
as the transmission lino is completed.
The ice plant at Ballinger will be chanted to a raw water plant and all
machinery operated by electric power. Contracts have boon entered into
with the various oil mills and gins in this locality and negotiations are pending with the various municipalitle,s for ten-year contracts for city pumping
and lighting.
Extensive improvements are being made in the Pale3tino water and ice
Properties. Orders have been placed for three electric-driven pumps,
which will be placed at tho water works plant, which is located.two miles
from the city dinits, and a transmiesien lino is being built to which current
will bo furnished from a 200 k. w. turbine now being installed in
ice
Plant. Contracts have also been entered into for a filtration plant atthe
Palestine Water Works Co., to be installed within the next 90 days, with a capacity of 2,000,000 gallons per day, which will provide the city of Palestine
with pure water at all timer. Diesel engines have 133011 installed recently
at the company's plants at Groat Bond, Kan., and Trenton, 1\4o., and are
now carrying the entire loads and are showing a substantial reduction in
operating cost.
A transmission lino 15 miles long has just been completed between Trenton and Laredo, Mo., where a ten-year contract has been mado for wholesale current. Negotiations are pending with a number of other towns in
the vicinity of Trenton for similar contracts. At the water-works plant at
Laredo, Texas, two now filter units aro being installed which will increase
the capacity 50%•
All properties owned and controlled by this corporation are now being
managed and operated by the General Engineering & Management Corp.,
at 141 Broadway, N. Y. City, under a five-year contract from July 1 1916.
-ar. 103, p. 848, 668.

Kansas Natural Gas Co.-Rate Increase.-The Topeka
"Capital" on Sept. 3, quoting a statement issued by the
company, says in substance:

Motor Products Corp.-Purchase.This company,it is reported, has purchased the plant of the Lozier Motor
Co. of Detroit, the transaction involving a sum said to be about $750.000.
A recent press report states: The operations of the Motor Products Corp.
will be concentrated in the new plant. Four of the constituent companies,
the Diamond Mfg. Co., the Rands Mfg. Co., the Vanguard Mfg. CO:and
the Universal Metal Co. had individual plants, all in Detroit, and these
have been disposed of so tleat increased efficiency might be effected by operation in one big unit. The Ann Arbor plant of the Superior Mfg. Co., the
other component part of the Motor Products Co., will still be maintained.
The purchase of the Lozier plant involved the transfer of the Rands plant
to the Lozier Co., where hereafter the latter company will operate.-V.102,
p. 2171.

National Limestone Co., W. Va.-Sale.Judge Alston G. Dayton in the Federal Court at Martinsburg, W. Va..
on Aug..25 ordered this company's property to b3 sold at foreclosure sale.
The plant, it is said, will be purchased by the reorganization committee for
the stockholders.-V. 101, p. 374.

Nevada Consolidated Copper Co.-Extra Dividend.-

An extra dividend of 50 cents has been declared on the stock Monk with
the regular,quarterly dividend of 50 cents, payable Sept. 30 to stoelcholders
of record Sept. 15. This compares with 3734 cents regular and 3735 cents
extra paid last June.-V. 103, p. 583, 325.

Ohio Copper Mining Co.-Sold.This property was sold under foreclosure on Aug. 30 to a representative
of tho bondholders for $750,000. A stay of six weeks has been granted the
stockholders not satisfied with the bondholders' proposed plan of reorganization by the Federal Court in New York, thus preventing action by the
Federal Court at Salt Lake City in either confirming the proceeding or
ordering it vacated. Compare V. 103, P. 411.

PaCific Telephone & Telegraph Co.-Valuation.The Washington P. S. Commission has placel a valuation of $19,332,209 on the property for rate making purposes. The cost of prolueelen was
Placed at $17,147,592. The Commission is quoted as saying: "Consequently as these rates in the aggregate do not show a reasonable rate of
return it appears to the Commission that at the present time,if the exchange
rate situation is approached upon any other basis than that of rates which
will conserve and develop the business and yet be acceptable, the exchange
ratesjn the aggregate would have to be increased."-V. 102, p. 1631., 41 1

iIiit Motor

Co.-50% Stock Dividend.-

The receivers of the Consumers' Light, Host & Power Co. are in receipt A stock dividend of 50% has been declared on the stock,
of a notice from John M. Landon, receiver of the Kansas Natural Gas Co. payable about Sept. 11 to holders of record Sept. 9.1AThis
of Chicago, that from and after the next meter reading, which will be
between the 11th and 16th of September, inclusive, the rates charges will compares with 80% in May last.-V. 102, p. 2081.
be as follows: Fifty cents net per 1,000 for the first 3,000 Cu. ft., with a
minimum charge of fifty cents, for all over 3,000 Cu. ft.. thirty-five cents [aFor other Investment News see Pages 946 and 948.




942

THE CHRONICLE

[Voi, 103.

gle,ports anti pacuments.
NORFOLK & WESTERN RAILWAY COMPANY
TWENTIETH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30TH 1916.
Roanoke, Va., August 30 1916.
To the Stockholders of the Norfolk & Western Railway Company:
Your Board of Directors submits the following report for
the year ending June 30 1916:
MILEAGE OF ROAD AND TRACK IN OPERATION.
June 30 1916. June 30 1915. Increase.
Miles.
Miles.
Miles.
Main Line
1,542.98
1,542.98
90.36
BranchesjOperated as second track 127.28
'Other branches
396.27
401.75
529.03- 486.63
42.40
Total miles
Operated under trackage rights
Total miles of road in operation
Second Track
Third Track
Sidings and Yard Tracks

2,072.01
13.98

2,029.61
13.98

42.40

2,085.99
547.24
3.93
1,313.36

2,043.59
524.32
3.45
1,254.50

42.40
22.92
.48
58.86

Total miles of all tracks in operation_ _3,950.52

3,825.86

124.66

2,041.95
3,792.50

17.22
74.22

Average miles of road operated
Average miles of track operated

2,059.17
3,866.72

The increase in miles of road in operation is as follows:

45.88
DeductPoplar Creek Branch (Conveyed to Tug River & Kentucky
Railroad Company)
1.93
Freeburn Branch (Conveyed to Tug River & Kentucky Rail1.55
road Company)
3.48
42.40

INCOME STATEMENT.
Inc. (+) or
Dec.(-).
$

Railway Operating
1914-1915.
1915-1916.
Income$
$
Rail Oper.-Revenues:
Freight
49,559,139 91 36,550,549 91 +13,008,590 00
Passenger
5,796,582 91 4,739,538 08 +1,057,044 83
Mail
+10,173 14
399,034 81
388,861 67
Express
623,658 06
540,099 90
+83,558 16
All other transp't'n 305,300 79
264,260 80
+41,039 99

Per
Cent.
35.59
22.30
2.62
15.47
15.53

Total Transportation Revenues_ _56,683,716 48 42,483,310 36 +14,200,406 12 33.43
Revenue from Operations other than
+117,136 43 23.25
620,869 84
503,733 41
Transportation
Total Operating
Revenues _ _ _ _57.304,586 32 42,987,043 77 +14,317,542 55 33.31

+833,255 02 14.52
+1,704,843 89 20.44
+3,227 51
.46
+1.613,447 05 12.89
-2,984 52 2.73
+55,024 34 6.58

Total Oper. Exp.._32,181,345 95 27,831,815 35

+4,349,530 60 15.63

56.16%

64.74%

Net Revenuefrom Railway Operalicms_ _ _ _25,123,240 37 15,155,228 42
Deduct:
Railway Tax Accruals.. 2,065,000 00
Uncollectible Railway
3,454 11
Revenues

1,878,000 00

-142,717 31 34.37

-8.58%
+9,968,011 95 65.77
+187,000 00

9.96

1,76601

+1,688 10 95.59

Railway Operating In23,054,786 26 13,275,462 41
come

+9,779,323 85 73.66

Add-Non-Operating Income:
Hire of Freight CarsCredit
_ 1,011,977 70 1,100,803 70
Balance_
Equip_
110,620 13
88,943 86
Rent of Other
Miscellaneous Rents_
77,663 16
87,643 83
Dividend and Interest
750,410 69
Income
676,842 49
25,411 98
Miscellaneous Income 239,493 58
Total Non-Operating Income
2,126,577 73 2,043,233 39
Gross Income
25,181,363 99 15,318,695 80
Deductionsfrom Gross
Income:
Rent of Equipment
40,540 73
other than Fr't Cars
61,593 11
Miscellaneous Rents_
128,143 62
108,636 01
Separately Operated
Properties
661 77
2,640 84
Interest Deductions
for Funded Debt:
Mortgage Bonds 3,616,603 50 3,622,359 00
598,599 84
Convertible Bonds_ 299,086 67
519,503 00
Equip. Obligations 438,993 27
9,490 59
10,244 41
Miscell. Deductions..
Total

4,557,305 42 4,908,790 94

-88.826 00 8.07
+21,676 27 24.37
+9,980 67 12.85
-73,568 20 9.80
+214,081 60 842.44
+83,344 34

4.08

+9,862,668 19 64.38

+12,052 38 24.33
+19,507 61 17.96
+1,979 07 299.06
.16
-5,755 50
-299,513 17 50.04
-80.509 73 15.50
+753 82 7.94
-351,485 52

7.16

Net Income
20,624,058 57 10,409,904 86 +10,214,153 71 98.12
Dividends on Adjust919,672 00
919,671 00
+100
ment Pref. Stock
Income Balance:Transferred to Profit
19,704,386 57 9,490,233 86 +10,214,152 71 107.63
and Loss




Total Credits

34,420,320 54 22,457.064 03 +11,963,256 46

ChargesDividend Appropriations of
Surplus(Common Stock)__ 8,312,961 00 6,476,622 00
Surplus Appropriated for Investment in Physical Property
9,053,278 46 1,534,035 43
LOSS on Retired Road and
Equipment
29,818 64
47,595 65
Miscellaneous Debits
33,507 12
14,616 86
Credit Balance June 30

+1.836,342 00
+7,510,182 93
-17,777 01
+18,890 26

17,429,568 22 8,072,929 99 --,638 23
+
-9.35-6.
16,990,752 32 14,384,134 09

+2,606,618 23

The Dividends were as follows:
No. Payable.
Stock of Record.
Adjustment Preferred Stock49 Nov. 19 1915 ....Oct. 30 1915
50 Feb. 19 1916_ _Jan. 31 1916
51 May 19 1916____Apr11 29 1916
July 31 1916
52 Aug. 19 1916

Common Stock:
41 Sept. 18 1915____Aug. 31 1915
42 Dec. 18 1915
Nov. 30 1915
43 Mar. 18 1916__Feb. 29 1916
44 Juno 1? 10,16
May 31 1916
Extra "

Per
Cent.
1
1
1
1
4

1

Outstandlny
Stock.
$22,931,809
22,991,800
22,991,801)
22,931,800

Amt. of
Dividend.
$229,918
229,918
229,918
229,918
$919,672

$103,777,400 $1,631,661
111,810,400
1,677,156
1,709,946
113,998,400
2,048,032
117,030.400
1,170.304
1 XI,030,400

1
1
-7g
$3,237,099
Dividend adjustment on Common Stock issued in exchange for
Convertible Bonds
75,865
$8,312,964

CAPITAL STOCK.
The amounts of Adjustment Preferred and Common Capital Stock authorized and issued are now as follows:
Authorized.
Adjustment Preferred Stock
Common Stock

$23,000,000
150,000,000

Total, June 30 1916
Total, June 30 1915
Increase (all Common Stock)

Railway OperationsExpenses:
Maint. of Way and
Structures
6,571,329 25 5,738,074 23
Maint. of Equipment 10,046,263 16 8,341,419 27
699,827 30
Traffic
703,054 81
Transportation
14,135,112 49 12,521,665 44
106,483 00
109,467 52
Miscall. Operations
836,606 72
891,631 06
General
Transportation for In415,245 13
272,527 82
vestment-Cr

Ratio of Expenses to
Total Oper. Revs

Inc.(+) or
1915-16.
Dec.(-).
1914-15.
Credits$
$
$
Balance, July 1
14,384,134 09 12,565,090 91 +1,819,043 18
Credit 13alance from Income
Account for the Year
19,704,386 57 9,490,233 86 +10,214,152 71
Adjustment of Ledger Value
of Equipment
106,353
+106,35338
-- -- - Delayed. Income Credits
38-386,16597
-- -336,165 97
Repayment by Pocahontas
Coal & Coke Co. Advances
for Mortgage Bond Interest
+40,000 00
40,000 00
Miscellaneous Credits
185,446 50
+169,873 16
15,573 34

Total Charges

BranchesAlma Branch Extension
1.86
Widemouth Branch Extension
1.81
Jacobs Fork Branch
4.01
Cucumber Branch of Jacobs Fork Branch
1.28
Burkeville to Par/1plin Low Grade Connecting Line (operated as
36.92
second track)

Net increase

PROFIT AND LOSS STATEMENT.

Issued
Par Value.
Shares.
$23,000,000
230,000
118,209,000 1,182,090

$173,000,000 $141,209,009
173,000,000
131,156,000

1,412,090
1,311,560

$10,053,000

100,530

The additional 100,530 shares of Common Stock outstanding were issued in exchange for $10,053,000 Convertible
Bonds, surrendered for conversion, as follows:
$1,638.000 Convertible 10-25-year 4 per cent Gold Bonds of 1907,
319,000 Convertible 10-20-year 4 per cent Gold Bonds of 1912,
8,096,000 Convertible 10-25-year 4j,i per cent Gold Bonds of 1913.

There are in the Treasury 82 shares ($8,200) of Adjustment
Preferred Stock and 16 shares ($1,600) of Common Stock.
Of the $31,791,000 authorized but unissued Common
Stock, $5,013,000 is reserved for the conversion at par of the
outstanding Convertible Bonds.
FUNDED DEBT.
The aggregate Funded Debt outstanding is as follows:
Mortgage Bonds
Convertible Bonds
Equipment Trust Obligations

June 30 1916. June 30 1915.
$83,256,500 833,276,500
15,066,000
5,013,000
11,100,000
9,000,000

Decrease.
$20,000
10,053,000
2,100,000

$97,269,500 $109,442,500 $12,173,000

The decrease in the, amount of mortgage bonds outstanding is due to the retirement by purchase of $20,000 Norfolk
& Western Railroad Company's General Mortgage Bonds,
the par of which was paid by the Trustee of that Mortgage
out of the proceeds of the sale of the Company's Maple Shade
Inn property at Pulaski, Va., the premium on the bonds being paid by your Company and charged off. The purchase
price of this property was $27,000, and $7,000 of the bonds
were purchased and retired in the fiscal year ending June
30 1915, as noted in the previous annual report.
The decrease of $10,053,000 in the amount of Convertible
Bonds outstanding is due to the conversion into common
stock of $10,053,000 of Convertible Bonds as described
above under the head of "Capital Stock."
The decrease of $2,100,000 in the amount of Equipment
Trust obligations results from the payment of matured
Equipment Trust Certificates.
The following bonds are held in the Treasury:
$59,000 Norfolk & Western RR. Co.'s General Mtge.6% Bonds.
50,000 Norfolk & Western RR. Co.'s Improvement and Extension
Mortgage 6% Bonds.
17,000 Columbus Connecting & Terminal RR. Co.'s First Mortgage
5% Bonds.
13,000 First Consolidated Mortgage 4% Bonds.
269,000 Convertible 10-20-year 4% Gold Bonds of 1912, and
1,213,000 Convertible 10-25-year 4 % Gold Bonds of 1913.

The final payments have been made under the Company's
Equipment Trusts Series "D," Series "E," Series "F,"

SEPT. 9 1916.]

TIIE CHRONICLE

943

Series "G," Series "H," and Series "J," and Bills of Sale necting Line, and between Pepper, Va., and Belspring,
have been executed by the Commercial Trust Company, Va., making 119.4 miles of single track and 527.5 miles of
Trustee, conveying to your Company the following equip- double track equipped with automatic signals.
ment forming the security under said. Equipment Trusts:
Interlocking plants were installed at City Point Junction,
5 Passenger Locomotives,
Va., and Jaeger, W. Va.
92 Freight Locomotives,
The yards at Lamberts Point, Broadway, on City Point
500 Steel Coke Cars,
1,790 Hopper Coal Cars,
Branch, and Crewe, Va., and at Portsmouth, Ohio, were
1,000 Drop-Bottom Gondola Cars,
enlarged.
1,500 Steel-Frame Box Cars,
38.47 miles of fencing were erected.
the original cost of which was $6,204,966 07.
528 feet of wooden trestle and 13 feet of iron bridges were
Reference was made in the preceding annual report to the
by masonry and fill.
cancellation and surrender of certain old divisional lien bonds, replaced
100 feet of wooden trestle were replaced by fit iron bridges
and to the execution of a release by the trustee of the Norof light iron bridges were replaced by fit iron
folk & Petersburg Mortgage. It was found necessary to and 75 feet
doubled with concrete rail deck. 264 feet of light
petition the courts for the appointment of new trustees un- bridges
were replaced by new steel structures.
der the Virginia & Tennessee Railroad Company's•Enlarged iron bridges
16 highway grade crossings were eliminated; three by
Mortgage, the Virginia & Tennessee Railroad Company's undergrade
crossings of masonry, six by overhead steel
Fourth Mortgage and the Southside Railroad Company's
Consolidated Mortgage. These trustees have now been bridges and seven by change of county road.
appointed and releases for the mortgages in question are in
MAINTENANCE EXPENDITURES.
preparation.
The expenses for Maintenance of Way and Structure's
ROAD AND EQUIPMENT.
and comparison with the preceding year are as follows:
Inc.(+)or
The total additions to cost of road and equipment during
Per
1915-16.
1914-15.
Dec.(-).
Cent.
on
detail
page 22 [pamphlet report], Total Expenses
the year, shown in
$6,571.329 25 $5,738,074 23 +$833,255 02 14.52
31.
Average per mile of
were $7,373,726
From the commencement of operations, Oct. 1 1896, to
Juno 30 1916 the charges to your Company's property,
accounts for investment in road and equipment increased 4;131,023,230 47
of wnich the sum of $26,072,380 92 was provided by appropriations from Surplus Income since June 30 1907.
There were also direct charges to Income for Additions and
Betterments before June 30 1907 aggregating
15,473,521 16
Total road and equipment expenditures

$146,496,751 63

road operated
Average per mile of
track operated__ _

3,191 25

2,810 09

+381 16

1,699 46

1,513 01

+186 45 12.32

13.56

The expenses of Maintenance of Equipment and comparison with the preceding year are as follows:
Inc. (+) or
Per
Cent.
Dec.(-).
1915-16.
1914-15.
Total Maintenance of
Equip. Expenses_$10,046,263 16 $8,341,419 27 +$1,704,843 89 20.4
In which aro included:
Steam LocomotivesRepairs, Retirements
and Depreciation_ - 3,917,779 40 3,107,385 09
+810,394 31
26.1
Aver. per Locomotive
3,892 16
2,855 18
+1.036 98 36.3
Aver.per 100 miles run
15 04
13 36
12.6
+1
68
Electric LocomotivesRepairs, Retirements
and Depreciation__
106,711 47
Aver, per Locomotive
9,074 10
Aver.per 100 miles run
29 16
Passenger Train CarsRepairs, Retirements
and Depreciation_ - 444,383 40
368,507 86
+75,875 54
20.6
Aver. per Pass. Car.._
969 38
826 40
+142 98
17.3
Aver.per 100 miles run
1 69
1 53
+16
10.4
Freight Train CarsRepairs, Retirements
and Depreciation__ 4,797,284 54 4,339,385 65
+407,898 89
10.6
Aver. per Freight Car
101 50
90 75
11.8
+10 75
Aver.per 100 miles run
82
90
8.9
-08
Work EquipmentRepairs, Retirements
and Depreciation__
130,843 29
63,945 78
+66,897 51 104.6

Of these expenditures, your Company provided out of surplus, as shown above, the sum of $41,545,902 08.
The double-track work reported in the preceding annual
report as in progress, has been completed, also 1.71 miles of
new double-track work between Walton, Va., and Pearisburg, Va.
Double-tracking is now in progress between Walton and
Pearisburg, Va.,in sections totaling 12.59 miles, and between
Alnwick and Joe, W.Va.,2.22 miles, which will be completed
about May, 1917. There will then be in operation between
Lamberts Point and Columbus 704.02 miles of double track
main line (including as second track the low-grade lines
around Petersburg, Va., and Lynchburg, Va., the Burkevine to Pamplin Low Grade Connecting Line and the Big
Sandy Line) and 3.31 miles of single track. The single track
is at Pepper Tunnel on Radford Division, .90 mile; at Elkhorn Tunnel on Pocahontas Division, .70 mile, and at
Columbus, 1.71 miles. The latter and the parallel track of
There were in the shops undergoing and awaiting repairs
the Cleveland Akron & Columbus Railway are operated at the close of the year 93 locomotives, or 9.7 per cent
jointly by the two companies as double track.
(35 needing. only light repairs), 22 passenger cars, or 4.7%,
The new equipment received during the year was as fol- and 777 freight and work equipment cars, or 1.6%.
lows:
TRAFFIC AND REVENUE COMPARISONS.
1 passenger locomotive (steam),
30 freight locomotives (steam).
Comparison of traffic and revenue figures with those of the
4 freight locomotives (electric),
10 ail-stool passenger cars,
preceding year shows the following interesting changes:
12 all-stool baggage and express cars,
2 ail-stool mail cars,
371 all-steel flat bottom gondola cars, 180,000 pounds capacity,
300 all-steel drop-bottom gondola cars, 115,000 pounds capacity,
42 steel undorframo cabin cars,
50 all-stool air dump cars,
1 steam derrick car,
1 locomotive crane,
8 maintenance of way fiat cars (built with second-hand material) •
1 automobile ambulance (omitted from pervious annual reports),
2 automobile trucks (1 omitted from previous annual reports).

Of the new equipment, 1 passenger locomotive, 371 allsteel flat-bottom gondola cars, 42 steel underframe cabin
cars and 8 maintenance of way flat cars were built at your
Roanoke Shops.
The retirement of many old and light locomotives and the
substitution of more powerful types during the last five
years resulted in a decrease during that period of 28 locomotives (from 991 to 963), or 2.82 per cent. The aggregate
tractive power, however, increased 24.13 per cent. The
number of freight cars increased from.41,597 to 47,510, or
14.21 per cent, and their aggregate capacity increased
28.10 per cent.
ADDITIONS AND BETTERMENTS TO WAY AND
STRUCTURES.
65.88 miles of main track were relaid with 100-pound rails.
31.29 miles of resawed 85-pound rails were laid; 6.43 miles
on Durham District, 8.36 miles on Scioto Division, 8.99
miles on City Point Branch, 5.03 miles on Widemouth
Branch and 2.48 miles on Toms Creek Branch.
763,877 cubic yards of stone and 42,163 cubic yards of
gravel were used in standard ballasting of main line.
Passenger stations and freight depots were built or enlarged at Petersburg, City Point, Hopewell, Berryville,
Island Ford, Cloverdale, Lennig, Pulaski, Wytheville and
Bristol, Va., North Fork, War, Excelsior, West Vivian,
Gary, Berwind and Chattaroy, W. Va., and McDermott,
Ohio.
Engine-erecting shop at Roanoke, Va., was enlarged and
engine house at Winston-Salem, N. C., extended.
The power house at Crewe, Va., was enlarged and boiler
houses were erected at Auville, Vivian and Kenova, W.Va.
Signal towers were erected at City Point Junction, Jack,
Burkeville and Pamplin, Va.
Automatic signals were installed between Ford, Va. and
Poe, Va.; Burkeville, Va., and Elam, Va. and between
'
BurkevillO, Va., and Pamplin, Va., on the Low Grade Con


Number of passengers
increased
2,813,242
__ - 43.84
Average haul of passengers
decreased
4.90 miles 14.34
Revenue from passenger fares _ _ _increased $1,057,044.83 ---_ 22.30
Aver.rate per passenger per mile_decrea.sed
0.017 cents 0.790
Revenue freight carried
increased 11,605.755
tons 35.42 o
Average haul of freight
decreased
6.35 miles 2.337
Rev,from freight transportationncreased
_i
$13,008,590.00 _ - 35.59%
Average rate per ton per mile_ _ _ _increased
0.010 cents2,444
Aver, tons of revenue freignt per
train mile
Increased
115.51 tons 13.73
increased 6,991,293
Shipments of coal
tons 30.01
increased
Shipments ofcoke
637,995
tons 72.18
Shipments of ore
increased
562.647
tons 89.13
Shipments of pig and bloom iron_increased
585,974
tons 142.77
increased
Shipments oflumber
297.231
tons 19.86 o

POCAHONTAS COAL & COKE COMPANY.
The sinking fund provided for in the Pocahontas Coal &
Coke Company's Purchase Money First Mortgage dated
December 2 1901 amounted for the calendar year 1915 to
$283,155 35. Through this and other sums received by the
Trustee under the terms of the mortgage, bonds aggregating
$316,000 were purchased and canceled. From the beginning of the operation of the sinking fund in 1906 to date, it
has received from royalties on coal mined the sum of $2,206,575 65 and from sales of lands the sum of $134,716 22, a
total of $2,341,291 87, by means of which there have been
purchased and retired bonds to the aggregate amount of
$2,593,000, reducing the outstanding bonds to $17,407,000,
and leaving a cash balance of $101 32 in the Sinking Fund.
These bonds, known as Norfolk & Western-Pocahontas
Joint Bonds, are described on pages 25 and 30 of this[pamphlet] report, and are a joint liability of the Norfolk & Western Railway Company and the Pocahontas Coal & Coke
Company. The accounting classification of the InterState Commerce Commission requires them to appear on the
"Liabilities" side of your Compsny's Balance Sheet as a
"Joint Liability," with an offsetting entry on the "Assets"
side as a "Deferred Asset" of a like amount.
The consolidation of the Company's properties through the
purchase of interior tracts and exchanges of lands with other
owners, and the work of completing titles, surveying, monumenting and mapping continue. Your Company has not
been called upon to make further advances for these purposes, but has received from the Pocahontas Coal & Coke
Company $65,000 on account of advances previously made.
The Profit and Loss account of the Pocahontas Coal &
Coke Company for the year ending June 30 1916 showed a
surplus of $242,708 99 over sinking fund and funded debt

944

THE CHRONICLE

[Vol,. 103.

interest requirements, as against a deficit in the previous strated the gain in efficiency and economy and the accelerayear of $15,789 76. Payments aggregating $60,000 have tion of speed of freight trains obtainable by substituting
been made on account of indebtedness incurred in previous electricity for steam power in the electric zone between
years to meet fixed charges, and further payments aggre- Bluefield and Vivian, W. Va.
gating $120,000 will be made during July 1916.
REVENUES.
VIRGINIA-CAROLINA RAILWAY COMPANY.
The business disturbance following the outbreak of war in.
Activity in the lumber trade increased the business of the Europe extended into the spring of 1915 and caused considVirginia-Carolina Railway. The gross income for the year erable decrease in your Company's gross revenues from
was sufficient to pay interest upon the cost of construction October, 1914, to March, 1915, inclusive, as compared with
of the North Carolina extension, which, to June 30 1916, was the preceding year. In April, 1915, however, and in subsequent months, gross revenues exceeded all records made in
$1,320,000, and leave a surplus above all fixed charges.
Your Company's control of this property was completed the corresponding months of previous years, exceptionally
in June, 1916, by the purchase of the minority stock interest. large increases being shown in all months of the year ending
Your Company now holds the entire capital stock of the June 30 1916. Although, as part of the early effects of the
Virginia-Carolina Railway Company, $500,000, except $700 war, both the tonnage of freight moved and the gross earnings were less in the year ending June 30 1915 than in the year
held by the directors.
preceding, the operating ratio and the ratio of transportation
NEW RIVER HOLSTON & WESTERN RAILROAD
cost were considerably reduced, owing to economies effected
COMPANY.
The control of this property was completed in May, 1916, through liberal additions to road and equipment, including
by the purchase of the minority stock interest. Your Co.now double track, electrification, improved signals, locomotives
previously provided. A furholds the entire capital stock of the New River Holston & and cars and other facilitiesthese
ratios was effected in the
Western RR. Co., $51,000, except $350 held by the directors. ther important gain in both
year ending June 30 1916, when, by reason of the economies
BURKEVILLE TO PAMPLIN LOW GRADE CONreferred to and the expansion of earnings due to the war,
NECTING LINE.
the Company's operating and transportation ratios were the
39.63
miles
in
length,
between
Burkeville
and
This line,
lowest in its experience. The increase in your Company's
Pamplin, Va., was completed and put in operation as a sec- net income in that year, however, was not solely due to these
ond track between those points on March 1 1916. The cost causes; a not inconsiderable part being attributable to the
to June 30 1916 was $2,461,963 38.
reaction from the business depression referred to above as
The results obtained by the operation of this low-grade line having caused the shrinkage of revenues in the previous year,
have fully met the expectations of your management.
and to the normal yearly increment in revenue.
There is no assurance that revenues throughout the year
WINSTON-SALEM UNION STATION COMPANY.
To provide adequate passenger station facilities at Winston- ending June 30 1917 will show equally large gains over those
Salem, N. C. an arrangement for the construction of a union of the preceding year, but the sustained volume of earnings
passenger sta:tion at that point has been entered into with in the spring of 1916 and the favorable outlook were such
the Southern Railway Company and the Winston-Salem that your Directors decided, at their April meeting, to inSouthbound Railway Company-a company jointly owned crease the regular rate of dividend on the Common Stock
and to declare
by your Company and the Atlantic Coast Line Railway Com- from six per cent to seven per cent per annum,
pany-pursuant to which the Winston-Salem Union Station •an extra dividend of one per cent on the Common Stock,
of record May 31,
Company was incorporated on December 16 1915 under the payable in June, 1916, to stockholders
of seven and one-quarter per
laws of North Carolina, to acquire, construct, maintain and making an aggregate payment
the holders of the Common Stock.
operate a union station for the accommodation of passengers, cent for the year to
The Company adheres to its policy of maintaining and.
for handling and transferring baggage, mail and express
strengthening its credit by financing a portion of its expendimatter, and for other purposes incident thereto.
for additions and betterments to road and equipment
An operating agreement between the Winston-Salem tures
of surplus instead of by
Union Station Company and your Company, the Southern by means of special appropriationsthereby
avoiding to that
Railway Company and the Winston-Salem Southbound newissues of capital obligations,
charges.
results of the
Railway Company obligates these three companies to use the extent increase of the fixedopportunityThe
to
apply this policy
afforded
an
station facilities of the Winston-Salem Union Station Com- year's operations and appropriations of surplus
aggregating
pany for their passenger train business to and from Winston- on a liberal scale,
to cover road and
Salem, and makes them severally responsible for the pay- $9,053,278 46 have accordingly been made
ment of all sums required to meet, at the respective due equipment expenditures made in this and in preceding years,
dates, all taxes, all installments of interest on the Winston- and charged to propety investment accounts as follows:
$847,174 68 for charges to Road property account in the
Salem Union Station Company's First Mortgage Bonds, and
year ending June 30 1916, consisting chiefly of expenditures
the principal of said bonds.
The capital stock of the Winston-Salem Union Station which, while increasing the cost of investment, add relatively
Company consists of 300 full-paid shares of $100 each, of little to earning power;
$8,206,103 78 for charges to property investment accounts
which 6 shares are held by directors. Your Company subscribed for the remaining 294 shares and will hold them until in previous years for which permanent financial provision
84 for Road
the station is completed, when a sale and transfer of 98 shares has not heretofore been made; being $410,630
account, the lateach will be made to the Southern Railway Company and account and $7,795,472 94 for Equipment
ter including $4,473,007 75 of equipment trust obligations
the Winston-Salem Southbound Railway Company.
A mortgage has been executed by the Winston-Salem paid at maturity.
Union Station Company to secure an issue of $250,000 fiftyRETURN UPON INVESTMENT.
year 5 per cent gold bonds, bearing the endorsed guaranty
The
following
table shows for the last nine years the perof the Norfolk & Western Railway Company, the Southern. centage ratio of your Company's net operating income to the
Railway Company and the Winston-Salem Southbound Rail- cost of its investment in road and equipment and miscelway Company, and these bonds have been sold to provide laneous physical property, including in the said cost expendifor the construction of the union station. It is expected tures for additions and betterments charged directly to inthat the station building will be ready for use in 1917.
come or to reserves created from income before July 1 1907,
from which date the accounting classifications of the Inter
TUG RIVER & KENTUCKY RAILROAD.
Track has been laid and is now in operation up Blackberry State Commerce Commission have required all similar exCreek, a distance of 1.37 miles. A run-around track, 0.34 penditures to be charged to property investment accounts.
The "net operating income" upon which the percentages are
mile, has been completed.
based is the yearly net income before deducting or adding
RAILROAD.
WILLIAMSON & POND CREEK
interest on funded debt and dividends paid, dividends and inLeckie Spur, 1.03 miles, and "Y" connection with the terest received, and premiums or discounts upon sales of the
main line, 0.15 mile, have been completed.
Company's capital obligations.
The table also shows for each year of the same period the
JACOBS FORK BRANCH AND CUCUMBER BRANCH.
of interest on funded debt and dividends
Jacobs Fork Branch, 4.01 miles, has been completed. aggregate amount stock
holders and the percentage ratio of
Tracks have been laid to operations of the New River & paid to bond and the total
par value of the Company's
to
Pocahontas Consolidated Coal Company and shipments such payments
capital stock and bond issues outstanding, not including those
are now being made.
The Cucumber Branch of Jacobs Fork Branch, 1.28 miles held in the Company's treasury.
in length, has been completed.
Return to Holders of Bonds and
Return to the Company upon Its
Stock.
Investment.
CITY POINT BRANCH.
Hopewell,
Va.,
plant
at
The business of the nitro-cellulose
Aggregate
Yearly DiviYearly Net
Per
Per
Bonds and
dends and
Operating
Investment
on the City Point Branch, has increased to such an extent
Stocks.
Interest.
Cent.
Cent.
Cost.
Income.
of
that
whole
the
double-track
that it became necessary to
Branch, ten miles, and to construct an additional yard at June 30:
$203,502,130 44 $9,850,106 62 4.82 $103,113,400 00 $8,048,450 00 4.17
its junction with your Company's main line at Petersburg. 1908_
1909._ 206,342,550 93 10,957,365 93 5.31. 200,399,400 00 8,701,502 27 4.34
1910._ 219,442,903 07 13,387,993 57 6.10 207,731,200 00 8,995,750 43 4.33
This plant continues to furnish your Company a large volume
1911._ 232,089,234 42 12,180,685 00 5.25 205,731,200 00 9,211,672 17 4.46
of freight and passenger traffic.
1912__ 239,044,275 72 13,560,383 31 5.67 216,760,800 00 10,064,692 50 4.64
1913__ 249,951,016 57 14,761,733 19 5.91 234,779,420 00 10,952,031 66 4.66
ELECTRIFICATION.
1914.... 265,374,537 55 14,019,087 31 5.28 240,623,600 00 11,744,726 30 4.88
1915__ 272,207,786 15 14,384,034 63 5.28 238,995,700 00 12,136,754 84 5.08
Extensions of the electrified system are under construction
1916_ _ 279,607,273 38 24,072,593,35 8.61 23e,759,700 00 13,587,319 44 5.74
from Bluestone Junction, W. Va., to Pocahontas, Va., 1.52
miles, and from Cooper to one mile west of Simmons, Average
4.73
5.87
W. Va., 3 miles. The year's experience has further demon- or 9 yrs.



SEPT. 91916.]

THE CHRONICLE

945

The yearly appropriations of surplus for dividends upon
the Common Stock have been as large as the directors have
deemed it safe to distribute, with due regard to the Company's
policy of making substantial provision out of revenues for
additions and betterments to property.
FEDERAL VALUATION.
In October, 1915, the Inter-State Commerce Commission notified your Company that the Federal Valuation of
your property would be made as of June 30 1916. Your
Company's preparatory work upon this valuation began in
1913, and has been continued with increased force, so that
by June 30 1916 the field work on 53 per cent of the mileage
of the road had been completed and good progress made upon
the preparation of maps, the collection of historical, financial
and cost data on all portions of the road, and upon the compilation of data called for by orders issued from time to time
by the Commission's Division of Valuation.
Early in 1916 a roadway and track party of the Division
of Valuation began field work on the Durham and WinstonSalem Districts, and completed such work on about twelve
per cent of the entire mileage of your railroad. The Division
of Valuation has given notice that it will resume this work
in October next and intends to carry it to completion. The
work of this Company's field forces has made the progress
necessary to conform to the schedule laid down by the Division of Valuation.
The Inter-State Commerce Commission's Classification.
of Operating Expenses includes an account to which the direct cost to your Company of the Federal valuation plan is
chargeable, and to June 30 1916 expenditures aggregating
$188,080 43 had been so charged. This, however, is not the
total cost to your Company, as the valuation plan has increased many other expenses to an extent not ascertainable
without burdensome labor.
TAXES.
The charge to revenues for taxes again shows a substantial
increase. The charges for taxes and the yearly percentages
of increase during the last five years are as follows:

OBITUARY.
Colonel Walter Herron Taylor, a director of the Company
from its organization in 1896 and previously of the Norfolk
& Western Railroad Company from May 27th, 1885, died
on March 11916. In the termination of his long, able and
faithful service your Company has sustained a severe loss.
Colonel Taylor was born on June 30 1838 in Norfolk, Va.,
which city was his home throughout his life. At the outbreak
of the Civil War in 1861, he at once responded to the call of
his native State, and during the entire four years of the war
he served the cause he had espoused with distinguished enthusiasm, ability and courage as Adjutant General of the
Army of Northern Virginia and as Aide-de-camp to his friend
and intimate associate, General Robert E. Lee, the Commander-in-Chief of the Confederate Armies in the East.
After the war Colonel Taylor, with loyal devotion to his
State and to the reunited nation, occupied himself with great
zeal and success in upbuilding his community and restoring
its severed relations. As a factor in the business, social and
civic life of city and State, his work was conspicuous and
effective.
Another associate of long standing and valued adviser has
been lost to the Company's staff through the death of Hon.
James W. Bannon of Portsmouth, Ohio, on March 7 1916.
Judge Bannon has been connected with the Legal Department of the Company from the time it first acquired lines in
the State of Ohio. His high character and purpose gave
him exceptional strength and weight, and made his efforts
and successes an expression of the growth of his community.
At a meeting of the Board of Directors held March 23 1916,
David W. Flickwir of Roanoke, Va., was elected a Director
of the Company to succeed Col. Walter H. Taylor.
The Board at its meeting held October 14 1915 appointed
N. D. Maher, heretofore Vice-President in Charge of Operation, as First Vice-President, with additional authority to
perform all the duties and exercise all the powers of the President in the temporary absence or incapacity of the latter.
The certificate of Price, Waterhouse & Co., independent
auditors appointed to audit the books and accounts of the
Company, is attached to the Balance Sheet.
Year ending— Charges for Taxes.
The Board expresses its acknowledgment to the officers
Increase over previous year, 6.82
$1,410,000 00
June 30 1912
1,452,000 00
1913
2.98
and employees for the faithful discharge of their duties dur1914
1,620.000 00
11.57
ing the year.
1,878,000 00
1915
15.93
9.067
:
1916
2,065.000 00
By order of the Board of Directors,
The charge for taxes in the fiscal year ending June 30
L. E. JOHNSON,
1916 was 56.44 per cent greater than in the year ending
President.
June 30 1911.
II

if

41

II

INDUSTRIES.
Among the new local industries are t e o owing.
11 manufactories of mineral, metal and other products.
45 manufactories of lumber products.
10 manufactories of farm implements and farm products.
15 coal mines.
At the close of the year there were 149 companies organized
for producing coal and coke on your Company's lines, with
a total of 246 separate mines, of which 236 were in actual
operation.
• Of the 13,931 coke ovens, 5,603 were in blast.
WI Of the 22 iron furnaces, with a total daily capacity of 3°,600
tons of pig, 14, having a total daily capacity of 2,725 tons,
were in blast.

CERTIFICATE OF INDEPENDENT AUDITORS.
To the Shareholders of the Norfolk dc Western Railway Company:
We have examined the books and records of the Norfolk
& Western Railway Company for the fiscal year ending June
30 1916, and having compared the annexed Balance Sheet
and the Income and Profit and Loss Statements therewith,
we certify that in our opinion the Balance Sheet is properly
drawn up so as to show the true financial position of the
Company and the Income and Profit and Loss Statements
for that year are correct. We have verified the cash and
securities owned by the Company either by inspection or by
proper certificates from depositories.
PRICE, WATERHOUSE & CO.

54 William Street, New York, August 28 1916.

CONDENSED GENERAL BALANCE SHEET, JUNE 30 1916.
ASSETS.
INVESTMENTS—
Investment in Road and Equipment—
Road-------------------------------------------------------------------------$203,056,879 36
Equipment
60,327,302 27
General Expenditures
196,174 87
$263,580,356 50
Deposits in lieu of mortgaged property sold
117,664 70
Miscellaneous Physical Property
553,395 72
Investments in Affiliated Companies—
Stocks
$1,443,022 44
Bonds-------------354,673 50
Advances
5,664,825 70
Other Investments—
7,462,521 64
Stocks---------- ________
______________________ __________________________________
$11000
Bonds
•
13.889.580 91
Notes
4,730 00
13,894,420 91
Total Investments
CURRENT ASSETS—
3285,608,359 47
Cash
_ - __
_________ __________________________________________________________ 34,961,705 77
Time Drafts
2,000,000 00
Loans and Bills Receivable
3,278 23
Traffic and Car Service Balances Receivable
1,436,612 05
Net Balances Receivable from Agents and Conductors
1,359,660 31
Miscellaneous Accounts Receivable
96
Material and Supplies_______________
4,340,933 45
Interest and Dividends -Receivable
128,937 68
Other Current Assets
_______
403 66
Total Current Assets ___________________________
_______________________________________________
DEFERRED ASSETS—
14,906,154 11
Working Fund Advances ______
$21,631 57
Norfolk & Western Railway ___________
_______________________
_
_________
JO
int
&in
Purchase
Money Mortgage Bonds_______
_______________________ 17,407,000 00
(See Note)
Total Deferred Assets
UNADJUSTED DEBITS—
17,428,631 57
Rents and Insurance Premiums Paid in Advance
$77,736 53
Other Unadjusted Debits _
267,286 72
Securities Issued or Assumed—Un-p-ledgea—
Par Values of Holdings at Close of year
$1,718,800 00
Total Unadjusted Debits




345,023 25
$318,288,168 40

Comparison with
June 30 1915.
+$5,157,878 93
+2,046,969 98
+168,877 42
+56,926 00
+25,760 92
+254,006 34
+317,878 76
—3,898 00
+4.218,592 91

—1,419,828 44
+1,000,000 00
+2,068 63
—1,428,522 05
+223,652 05
—164,592 51
+691,732 54
+8,024 31
—470 28

+1,316 57

+23,356 26
+47,178 27

946

[Vol,. 103.

THE CHRONICLE
LIABILITIES.

CAPITAL STOCKiftAdjustment Preferred
Held in Treasury
Common
Held in Treasury

Comparison with
June 30 1915.

$23,000.000 00
8,200 00
$118,209,000 00
1,600 00

$22,991,800 00
+310,053,000 00
118,207,400 00

LONG TERM DEBTMortgage Bonds
Held in Treasury

$141,199,200 00
$83,256,500 00
139,000 00

-20,000 00
+124,000 00

$83,117,500 00
Convertible Bonds
Held in Treasury

$5,013,000 00
1,482,000 00

-10,053,000 00
3,531,000 00

Equipment Obligations
Held in Treasury

$9,000,000 00
88,000 00
95,560,500 00

.
CURRENT LIABILITIESTraffic and car service balances payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Other Current Liabilities

$121,201 18
3,125,394 99
279,440 31
709,507 50
9,962 50
6,000 00
229,918 00
860,735 00
31,880 14

Total Current Liabilities
DEFERRED LIABILITIESOther Deferred Liabilities
JOINT LIABILITIESNorfolk & Western By. Co. and Pocahontas Coal & Coke Co. Joint Purchase Money Mortgage
Bonds (See Note below)
UNADJUSTED CREDITSTax Liability
$1,005,779 78
Premium on Funded Debt
38,307 50
Operating Reserves
Accrued Depreciation-Road
1,732,754 26
Accrued Depreciation-Equipment
12,356,080 64
Other Unadjusted Credits
320,038 56
Total Unadjusted Credits
CORPORATE SURPLUSAdditions to Property through Income and Surplus:
Road
Equipment
Profit and Loss Balance

-2,100,000 00
-8,000 00

8,912,000 00

-1,450,127 91
+711,790 66
+14,587 39
+146.919 50
+8,486 00
-158,436 66
-1,031 21
5,374.039 62
231,334 80

+26,080 55

17,407,000 00
+107,343 06
-202,400 00
-10,021 40
+1,089,960 74
+1,522.145 96
+715 22
•
15,452,960 74

$16,133,451 78
9,938,929 14

:t11875:198 52

326,072,380 92
16,990,752 32

Total Corporate Surplus

+2,606,618 23
43,063,133 24
$318,288,168 40

Note.-This deferred asset is the obligation of the Pocahontas Coal & Coke Company to pay the Norfolk & Western-Pocahontas Joint Bonds
shown as a joint liability on the other side of this balance sheet as explained above.

Penn-Wyoming Copper Co.-Sale of Securities.-

Ray Consolidated Copper Co.-Extra Dividend.-

An extra dividend of 25 cents has been declared on the stock along with
Special Master Edw. W. Stone will sell at public auction at Cheyenne,
Wyo., beginning Sept. 21, all right, title and interest of this company and the regualr quarterly 50 cents, both payable Sept. 30 to holders of record
Sept.
15.-V. 103, P. 583, 326.
its successor, the United Smelters, Ry.& Copper Co. in the following bonds
or so much thereof as may be necessary to pay $2,376,750 with interest at
St. Paul Union Stockyards Co.-Bonds.6% and all necessary expenses. The following 1st M. bonds with their
aggregate par value will be offered day by day until all or a sufficient amount
The shareholders will vote on Sept. 14 1916 on considering a proposition
is sold: $518,500 Saratoga & Encampment Ry., $500,000 Encampment to create a bonded indebtedness by the issue of bonds, not exceeding
Smelting Co.,$100,000 Encampment Pipe Line Ditch Co.,$50,000 Emerson $2,500,000, to be dated Oct. 1 1916, bearing interest not exceeding 5%,
Electric Light Co., 3350,000 Encampment Tramway Co., $50,000 En- and to be issued at such time and in such amounts as from time to time the
campment Water Works Co., $8,000 Encampment Land & Town Lot Co., board of directors may determine, for the purpose of exchanging, purchas$750,000 Battle Lake Tunnel Site Mining Co., $1,000,000 Haggerty ing, retiring, refunding, or paying at or before maturity, outstanding obliCopper Mining Co., $20,000 Carbondale Coal Co., and $22,000 North gations of this company, and for the purpose of the future enlargement,
American Mercantile Co. bonds, aggregating total par value of $3,368,- improvement, extension and equipment of its plants and properties, and
500. Compare V. 88, p. 886.
for other corporate uses.-V. 75, p. 613.

People's Sugar Co., Utah.-Stock Offered.-This company is offering at par ($10) $300,000 7% Cum. Pref. stock
with a bonus of 1 share of corn. for every 4 shares of pref.

Salmon River Power Co., N. Y.-Authorized.-

The P. S. Commission on Jan. 29 authorized the company to issue
3546,000 6% 3-year gold notes, dated Feb. 1, with which the company
will complete the financing of its 30,000 h. p. hydro-electric station on the
The company was incorporated in Utah on Aug. 29 1916 with $765,000 Salmon River. This station, which is to furnish current to the Solvay
with, capital stock, of which $750,000 is pref., with $10 par value, and sub-station of the Niagara Lockport & Ontario Power Co., will have cost,
$15,000 shares common, 10 cents par value.
when completed, about $3,428,000, in part already provided for from the
The officers and directors are. George E. Browning, Pres., Ogden, Utah; proceeds of $3,315,000 1st M. bonds at 85, and other moneys amounting
John Stringham, V.-Pres.• Samuel Stark, Treas.' N. G. Stringham, Sec.; to $2,856,529. Only $30,000 additional bonds remain available, leaving a
'Lake City, Utah; H. C. Beaumann, Mt. Pleas- balance to be provided for by the present note issue. The Commission has
C. L. Whitney, all of Salt
ant, Utah; Lewis Anderson, Mend, Utah.
ordered a new suspense account set up whereby this sum of $546,064 will be
People's Water Co., Oakland, Cal.-Changes in Plan. amortized in 20 years' equal payments. See V.90, p. 53, 411.
A new plan for *the reorganization of the company was accepted on
April 19 by the reorganization committee. The changes from the plan
filed Jan. 31 constituting a modification of the former agreement, which
•was made necessary in order to meet certain objbctions raised by the Cal.
RR. Commission. The San Francisco "Chronicle" describes the changes
in substance as follows:
The outstanding feature of the new plan is the issue of one instead of
two classes of pref. stock and the corresponding enlargement if the proposed
issue of common stock, while provision is made for financing new work by
leaving 35,900,000 of the now bonds and $1,500,000 of the new pref. stock
in the treasury.
Securities Proposed.-The securities now proposed to be issued by the
new company are (a) Bonds, 315.000,000. of which $5.900,000 remain in
the treasury and $9,100,000 are issued as follows: 35,600,000 to the underlying bondholders, par for par; $2,300,000 to take up notes secured at present by treasury bonds. $7()0,000 to overlying bondholders of the present
People's Water Co., 3280.000 to pay deferred interest on the underlying
Issues and $220,000 to meet mortgage claims; (b) pref. stock, $6,000,000.
of which $1.500,000 remains in the treasury, to be sold only on the order
of three-fourths of the directors and under the approval of the RR. Commission, and 34,500,000 which goes to the present company's overlying bondholders, and (c) common stock. $3,500,000, of which approximately 33,000,000 goes to the present overlying bondholders and $500,000 to the
holders of the old common and pref. stock.
Under the plan as formerly proposed to the ER. Commission, the overlying bondholders were to have received $3,700,000 of the then proposed
class A preferred and an equal amount of the class B. [V. 101, p. 2076.1
Now it is proposed they shall receive 60% in a single class of pref. stock,
or $4,500,000, and 40% in the new common, or $3,000,000, and the same
amount of new bonds, $700,000. The holders of the old common and preferred will receive, under the plan as now formulated, $500,000 of new
common,instead of 3600,000, as formerly proposed and objected to by the
Railroad Commission See plan, V. 101, p. 2076; V. 102, p. 72.

Philadelphia Electric Co.-Extension of Time.-Holders
of Edison Electric 5% stock trust certificates, Philadelphia
Electric 4% gold trust certificates, and Philadelphia Electric
5% gold trust certificates are notified that the time for
deposit of the above named certificates has been extended
until Sept. 15, under the plan for retirement of said certificates, dated July 20 1916. Certificate holders who have
not already done so should deposit their certificates with the
Land Title & Trust Co., Depositary, Philadelphia. See
plan, V. 103, p. 326.
Pittsburgh Steel Co.-Notes Called.-

Saxon Motor Car Corporation.-Sales.-

The company reports shipment in August of 2,487 cars, compared with
1,799 cars in Aug. 1915 and for the 8 months ended Aug. 31 of 19,851 cam
as compared with 12,520 cars in same period of 1915.-V. 102, p. 1901.442.

Sears, Roebuck
1916-August-1915.
$9,182,347 37,193,581
-V. 103, p. 499, 149.

&

Co.-Total

Sales.-

Increase.
1916-8 Mos.-1915. Increase.
31,988,7661$84,989,864 $67,327,233 17,662.631

Sinclair Oil & Refining Co.-Officers.-

A. Steinmetz of New York has been elected Secretary of the company.
John A. Bell Sr. and C. A. Braley have been elected to the board.-V.103,
P. 670, 576.

Southern California Edison Co.-Valuation Fixed.-

Tho Cal. RR.Commission has fixed a valuation of $1,323,000 on the electric distributing system of the company in Los Angeles in connection with
its intended purchase by the city of LOA Angeles. It was contended by the
company that the value of the property plus the severance damages
amounted to $21,800,066, while, on the other hand, the municipality set
upon it a value of $3,473,803. The opinion fixed the exact value of the
system at $4,750,000, allowing in addition severance damages of 31,578,000.
The decision stated that reproduction costs rather than the capitaliz Won
or earnings was the basis taken upon which the valuation was made.
V. 102, p. 2172.

Standard Oil Cloth Co.-Extra Dividend.-

An extra dividend of 10/ has been declared on tile common stock along
with the regular 1% on the common and 1%% in the "A" and "B"
pref. stocks, all payable Sept. 30 to holders of record Sept. 15. See V.
102, p. 2081.

Studebaker Corporation.-Six Months Earnings.-

T13.18 company confirms the report that its net profits for the six months
ending June 30 1916 were $6,028,000, contrasting with $9.248,375 for
the full calendar year 1915, and $5,345,396 for 1914. A statement in
last week's "Chronicle" indicating the 1916 six months figures to be yearly,
was incorrect. See V. 103, p. 849.

(J. V.) Thompson Coal Properties.-Extension.-

An agreement made Sept. 1 between such holders of secured claims
against Josiah V. Thompson as may become parties thereto sots forth that
each of the secured creditors extends for 3 year 4 from Sept. 11916, the time
for the payment of the note or notes or other obligation held by such secured
creditor; provided, however, that on or before Doc. 9 1910, all interest
that shall then have accrued upon the obligation of such secured creditor
and all taxes that shall have become duo upon or in respect of the property
held or pledged as security for such note or other obligation shall be paid
Two hundrea and seventy ($270,000) and 146 (3730,000) Series "A" gold and discharged. If such interest and taxes shall not be paid on or before
notes of Jan. 11915, aggregating $1,000,000, have been called for payment said date, and kept paid annually thereafter, the agreement shall be void.
on Mar.1 at 101 and int. at Union Tr. Co.. Pittsburgh.-V.102,p.527,441. V. 102, p. 1442.




SEPT. 9 1916.1

THE CHRONICLE

947

THIRD AVENUE RAILWAY COMPANY
REPORT—FOR YEAR ENDED JUNE 30 1916.
in December, 1913, and there have been since that time
June 30 1916.
To the Board of Directors of the Third Avenue Railway Company: fifty deaths, the beneficiary in each case receiving $1,000 00,
Since the date of the last annual report dated June 30 1915 and during the year this work has been supplemented by a
there has been no change in the property controlled by the provision to pension employees who have reached the age
Third Avenue Railway System, excepting that there has of 70 years and have been at least 20 years in the employ of
been purchased by the Westchester Electric Railroad Com- the company, or who have reached the age of 65 and have
pany for terminal facilities, property in New Rochelle been incapacitated. In no case will this pension be less
costing $22,000 00, and property in Mount Vernon costing than $20 a month or more than $40 a month, and the pension
will, in the first instance, be paid from the interest of the
$4,500 00.
The Income Account for the System during the current funds of the Benefit Association, thereafter from the
year shows, after the payment of all interest, taxes and Treasury of the Third Avenue Railway Company whenever
depreciation, a balance of $991,072 61. A copy of that it becomes necessary. At present there are only four
report is hereto annexed and marked Schedule A. It shows pensioners.
PRINTING ESTABLISHMENT
that the gross earnings of the Company are the largest in
its history and that the net eranings also exceed 4hose of any
During the year the Printing Plant has been in active
previous year and are abnormally large. This is accounted operation, and the results show that the actual saving is
for in part by the fact that since the first of January no $32,000 a year, considerably in excess over the amount
payments have been made out of the net earnings into the originally estimated.
Depreciation Fund and, second, by reason of the fact that
' THE DRY DOCK COMPANY
the condition of the labor market has made it impossible
During the year the litigation in respect to the Dry Dock
to do a good deal of work, which we are anxious to do, and
and we expect
some of which we are under orders from various authorities Company has practically been determined,
to finish by fixed dates, and yet we are unable to find labor to be authorized to issue $2,030,000 00 Refunding Mortto do it. We have endeavored to find responsible contractors gage Bonds which will be divided in the following manner:
$528,500 00
B Bonds-4 per cent
to take part of it off our hands, but the answer from them Series
Series 0 Bonds—Interest as earned until July 1st 1925, not
has been that they could not take the contract at this time
exceeding 6 per cent, after that date at the fixed rate of
4 per cent with additional interest not exceeding 2 per cent
under any circumstances.
$1,501,500 00
as earned
which amount is to be distributed as follows:
BOND ISSUE
In my last report I stated that final decision with respect • All of the Series B Bonds and $750,750 of the Series C
to the issue of the remainder of the 4 per cent Bonds applied Bonds, making a total of $1,279,250, are to be issued to the
for might be expected shortly. It was rendered on October Third Avenue Railway Company in settlement of its claims
8 1915, and $2,020,500 par value bonds were allowed to be against the Dry Dock property, the remaining of the Series
Certificates, or $750,750, are to be issued to the holders
issued, the proceeds to be used to pay the residue on the C Certificates
of Indebtedness of the old Dry Dock Company.
stock and bonds of the Belt Line liailway Corporation, of
New York City Interborough Railway Company and the
LEONARD S. PRINCE LOAN FUND
Pelham Park & City Island Railway, Inc., purchased by
During the fall of 1915 Leonard S. Prince, an employee of
the Third Avenue Railway Company, and also stock and the Third Avenue Division
of the Third Avenue
note of the Third Avenue Bridge Company and to reimburse
died. His father, Mr. S. S. Prince, shortly
RailwySstem, thereThird Avenue Railway Company the moneys therefore after expressed
expended out of its income and the capital expenditures on to the Third a desire to make a contribution of some kind
Avenue Division for the purpose of perpetuating
the property of its own company and that of its controlled
of his son. It was suggested to Mr.Prince that
companies. The bonds were authorized to be issued at the memory
he might deposit with the Company a sum of money to be
78 and were sold through the Central Trust Company of used
for the purpose of making loans to employees of the
New York City for $1,616,400 to the Third Avenue Railway
Division, who stood in urgent need of a small
Company for the Depreciation Fund for the same price, Third Avenue
such loans to be made without
making the total amount of 4 per cent bonds outstanding amount of ready money,
and to be repaid in small weekly installments. On
$21,990,500 00, of which $2,520,500 are in the Depreciation interest,
December 31st 1915, acting on this suggestion, Mr. Prince
and Contingency Fund at the disposal of the Company.
sent
us his check for $1,000, which was deposited in a special
In respect to the Adjustment Bonds, an arrangement has
known as the Leonard S. Prince Loan Fund. Since
finally been made with the Stock Exchange by which after fund,
made,
July 1 those bonds will be quoted on the Exchange with that date, thirty-six applications for loans have been
thirty-five of which have been approved. Of these nineteen
interest, which it is supposed will add to their marketability. have
been fully repaid and sixteen are at this time in the
Of these bonds $248,000 00 have been purchased by the process
of payment.
Company under the.following circumstances:
F. W. WHITRIDGE, President.
At the time of the purchase of the Belt Line Road an
application was made to the Public Service Commission for
permission to capitalize, among other things, a certain claim
WEST & FLINT,
Certified Public Accounts,
which that company had against the Metropolitan Receivers.
50 Pine Street, New York.
It was rejected by the Public Service Commission as worthTelephone 3064 John.
less, and the principal witness for the Third Avenue in those WILLIAM H. WEST, A.O.A., C.P.A.(N. Y.)
proceedings felt that the Commission's examination was JOHN FLINT, C.P.A.(N. J.)
August 22 1916.
offensive. In the course of time, however, the claim which
was rejected as worthless, realized in cash $185,000 and that Frederick W. Whitridge, Esq., President Third Avenue Railway Company, New York.
sum, of course, brought the cost of the Belt Line Road down
Dear Sir:—We have examined the books and accounts of
by the same amount, and in order to save the large amount
of interest it was devoted to the purchase of the Adjustment the Third Avenue Railway Company and the followingBonds. Some other moneys have been and will be devoted named Controlled Co.'s, for the year ended June 30 1916:
to the same purpose, and it may reasonably be expected The Forty-second Street Manhattanville & St. Nicholas
Avenue Railway Company,
that within a comparatively short time the income from
these bonds, together with such supplementary sums as the The Dry Dock East Broadway & Battery Railroad Company (Accounts of the Receiver and of the Corporation),
Company can use for that purpose, will result in materially
Belt Line Railway Corporation,
diminishing the principal of this mortgage.
Mid-Crosstown Railway Company, Inc.,
DIVIDENDS
Union Railway Company of New York City,
In consequence of the bond issue of last October and the The Southern Boulevard Railroad Company,
discontinuance of cash payments into the Depreciation New York City Interborough Railway Company,
Fund after the first of January, dividends were begun at The Yonkers Railroad Company,
the rate of 4 per cent on January 1 and have been continued The Westchester Electric Railroad Company,
down to the present time. On the first of January wages The New York Westchester & Connecticut Traction Co.,
were increased by $90,000 00 a year and since then we have Pelham Park & City Island Railway Company, Inc.
felt it desirable to make a further increase of about $150,000. Third Avenue Bridge Company,
Nevertheless, I think the present rate of dividends can Kingsbridge Railway Company,
Bronx Traction Company.
be:maintained.
NEW FRANCHISES
We have verified the securities owned and the cash by
No progress has been made with new franchises, but the actual count, or by certificates of the depositaries; and
We hereby certify that, in our opinion, the Consolidated
delays are occasioned by causes beyond our control.
General Balance Sheet of the Third Avenue Railway ComBENEFIT ASSOCIATION
pany and Controlled Companies, submitted herewith, propThe Benefit Association has continued its work, and on erly presents the financial condition on June 30 1916, and is
cash
and
June 1 1916 had to its credit in
securities $92,- in agreement with the books, and that the accompanying
197 28. During the year ended June 1 1916 there was Consolidated Income Account correctly states the result of
to
out
Association
$23,030 50, and operations for the fiscal year ended on that date.
paid
members of the
during that same period the Doctor treated upward of 6,000
Yours very truly,
cases. The insurance feature of the work went into effect
(signed) WEST & FLINT.




948

-

[vu

THE CHRONICLE
THIRD AVENUE RAILWAY COMPANY.

CONSOLIDATED GENERAL BALANCE SHEET THIRD AVENUE RAILWAY COMPANY AND CONTROLLED COMPANIES
JUNE 30 1916.
ASSETS.
Railroads and Equipment
Special Deposits:
Sinking Funds
With Comptroller, City of New York
With State Industrial Commission
Other

$82,415,013 35
$69,722 37
83,600 00
92,411 50
2,104 29

$247,838 16

Current Assets:
Cash-General
*$2,023,774 39
Cash on Deposit for Matured Interest____
630,100 00
Cash and Securities-Fund for Depreciation and Contingencies
2,043,960 84
Cash and Securities-Investment Fund__
249,471 16
Accounts Receivable
191,759 43
Material and Supplies
462,026 87
Deferred Debit Items:
Construction in Progress
$37,771 37
Insurance Premiums and Rents-Unexpired Proportion.
74,727 05
Unamortized Debt Discount and Expense 1,288,648 45
Miscellaneous
72,692 32

5,601,092 69

1,473,839 19

LIABILITIES.
Capital Stock:
Third Avenue Railway Company, Stock_ _316,590,000 00
Stocks of Controlled Companies in Hands
of Public
589,600 00
$17,179,600 00
Funded Debt:
Third Avenue Railway Company, Bonds.. $49,526,500 00
Bonds of Controlled Companies in Hands
• of Public
7,079,000 00
$56,605 500 00
Notes Pa/able:
Issued or Purchase of Securities
'3,333 33
Current Liabilities:
Accounts Payable
$234,451 31
Due Employees-For Wages and Deposits
65,881 92
Interest Matured and Unpaid
630,000 00
Interest Accrued, Not Due
670,614 82
Taxes Accrued •
412,142 73
2,013,090 78
Reserves:
For Adjustments, Depreciation and Contingencies, and Sinking Fund
$11,223,509 81
Excess of ParsValue over Cost of Controlled
Companies Securities Owned; Less Net
Deficits of Those Companies, Relating
Prior to Acquisition-Deduct
105,092 11
$11,118,417 a,
Surplus:
Balance at July 1 1915
$2,402,849 93
Less-Profit and Loss Charges,
Net
$158,380 96
Dividends
497,700 00
656,080 96
Net Income for the Year ended June 30
1916

Total

$1,746,768 97
991,072 61
2,737,841 58

$89,737,783 39
•

Total

$89,737,783 39

Notes-No interest has been accrued on the certificates of indebtedness of the Dry Dock East Broadway & Battery Railroad Company since
February 2 1908.
No reserve is provided for unsettled injury and damage claims.
*Exclusive of the cash set aside to meet dividend, payable July 1 1916.
00,N3OLIDATED STATEN/ENT OF INOOME, THIRD AVENUE RAILWAY COMPANY AND CONTROLLED COMPANIES, YEARS
ENDED JUNE 30 1916 AND 1915.
1916.

1915.

Increase.

$10,837,076 39
80,000 00
18,386 08
73,210 49
85,802 28
41,894 94

$10,565,027 51
95,250 00
16,470 76
73,441 38
84,710 67
50,959 07

$272,048 88

$11,136,370 18

310,885,859 39

$250,510 79

$1.090,700 85
599,549 69
*294,271 00
731,597 89
2,923,776 76
659,197 13
509,100 73

$925,973 89
678,573 99
562,958 80
779,458 58
2,914,525 27
602,798 41
511,890 41

$164,726 96

$6,808,194 05

$6,976,179 35

Net Operating Revenue
Taxes

$4,328,176 13
848,122 03

$3,909,680 04
731,034 57

$418,496 09
117,087 46

Operating Income
Interest Revenue

$3,480,054 10
157,870 15

$3,178,645 47
81,127 00

$301,408 63
76,742 25

Gross Income

$3,637,924 25

$3,259,773 37

$378,150 88

$548,080 00
856,272 00
1,126,800 00
6,196 92
14,414 64
13,953 16
18,048 85
6,408 80
33,480 00
23,197 27

$548,080 00
798,800 00
1,126,800 00
9,304 01
14,466 35
15,582 51
8,614 53
3,111 25
30,000 00
10,971 82

Operating Revenue.
Transportation
Advertising
Rent of Equipment
Rent of Tracks and Terminals
Rent of Buildings and Other Property
Sale of Power
Total Operating Revenue
Operating Expenses.
Maintenance of Way and Structures
Maintenance of Equipment
Depreciation Accruals
Power Supply
of
Operation
Cars
Injuries to Persons and Property
General and Miscellaneous Expenses
Total Operating Expenses

Deductions from Gross Income.
Interest on First Mortgage Bonds
Interest on First Refunding Mortgage Bonds
Interest on Adjustment Mortgage Income Bonds
Interest on Notes Payable
Track and Terminal Privileges
Miscellaneous Rent Deductions
Amortization of Debt Discount and Expense
Amortization of Property and Franchise
Sinking Fund Accruals
Miscellaneous

Decrease.
$15,2E' ^,

1,915 32
2!. .1 89
1,091 61
9,,,J4 13

79,P :4 30
268,687 80
47,' " 69

9,25149
56,398 72

t 68
-$167 )85 30

57,472 00
3,107 09
51 71
1,(..935
• 9,43432
3,297 55
3,48000
12,22545
•
$81,121 17

Total Deductions
$2,565,730 47
1.32,646,851 64
Net Income
$991,072 61
$694,042 90
$297,029 71
* No additions have been made to the depreciation reserve since December 31 1915.
t Interest on Certificates of Indebtedness of the Dry Dock East Broadway & Battery Railroad Company has not been included in the account
since February 2 1908.

Tennessee Copper Co.-Litigation.--

The By-Products Reclaiming Corporation and the Nitrogenous Chemical
Co. of Philadelphia and New York will, It is reported, file suit in the Supremo Court of Now York against the company for $110,000, claimed as
damages for alleged breach of contracts.
On Feb. 23 1916 the Nitrogenous Chemical Co. entered into cnotract
with the Tennessee Co. to deliver to the latter 4,800 tons of sulphuric acid
at $42 50 per ton. The second contract was entered into Feb. 28 1916, for
2.400 tons of sulphuric acid at a similar price. Deliveries were to be made
under contract No. 1 in lots of 400 tons per month from March 1916 to
February 1917 inclusive, and under contract No. 2 in lots of 200 tons
monthly during the same term. After the first four deliveries the Tennessee
Co. refused to take any more. The gross amount of the two contracts is
$306,000. Plaintiffs claim that they have sustained actual damage and
monetary loss to the extent of $110,000 for which they ask judgment.
Damages claimed in the various suits recently filed against the Tennessee
Copper Co. for breach of contracts amount to about $1,500,000.-V. 103.
p.849..
It'46

Thompson-Starrett (Construction) Co.-Merger.At a special meeting hold Sept. 8 a resolution was passed merging this
company with the Wall & William Corporation. The capital of the new
Thompson-Starrett Co. will consist of $1,575,000 8% cumulative preferred
stock (par $100) and 18,750 shares common stock of no par value. Stock
of the old Thompson-Starrett Co. will be exchanged for the new stock share
for share, while holders of the stock of the Wall & William Corporation will
receive 10 shares of preferred stock and 50 shares of common stock in exchange for each share of old stock.-V. 103, p. 66.

Torrington (Conn.) Company.-Report.See_semi-annual report of the Splitdorf Electrical Co.-V.103, p. 849.
United States Rubber Co.-6 Months Earnings.The net earnings for six months ending June 30 1916,
after deducting all interest charges, were $4,920,650.-V.
102, p. 1816, 971.




United Smelters Ry. & Copper Co.-Sale.See Penn-Wyoming Copper Co. above.-V.88, p. 1322, 837.

Upson Nut Co.-Preferred Stock Called.This company has called for payment at 103 and int. on Oct. 1 the entire
outstanding issue ($1,200,000) of pref. stock.
The company was incorporated in Ohio in Dec. 1911 and will have only
$5,000,000 common stock outstanding after this issue of pref. stock is paid
off. On July 1 the entire issue ($2,400,000) of First Serial Os was ilaid
H. A. Fuller is President. Office, Cleveland, Ohio.
•

Vulcan Detinning Co.-Earnings.Other
InvenTotal
Costs and
Balance,
3 Mos. ending
June 30Sales. Income. tories. Gen. Exp. Sur. or Def.
$184,981 $3,152 +37,732 $201,279 def, $5,413
1916
177,941 sur. 15,057
1915
174,687
218 +18,094
Six Months$398,380 $3,634 -$2,045 $384,353 sur.$15,616
1916
-5,097 323,351 sur. 41,716
468
369,696
1915
-V. 102, p. 1998.

Western Union Telegraph Co.-Status.In analyzing the position of the company in their weekly market reviews
Paine Webber & Co. say: "The corporation controls eight cables to Great
Britain which have been exceedingly well supplied with business during the
war period and has been enlarging its property holdings in the State of
Montana. It is estimated that about 60% of the additional cable business
will be retained at the conclusion of the war. A cable to Russia direct
via Italy and Constantinople has been referred to in current comment.
V. 103, p. 245.

(F. W.) Woolworth Co.-Earnings.1916-Augu3t-1915.
35,879,851
$6,724,836
-V. 103, p. 584, 249.

Increase.
1916-8 Mos.-1915. In crease.
$844,9851$50,440,960 $43,938,253 $6,502,707

"v. 9 1916.]

THE CHRONICLE

The Tommtrtial Winxts.
COMMERCIAL EPITOME
Friday Night, Sept. 8 1916.
Business is vigorous in almost all lines now that the danger
of a vast railroad strike is removed. The great textile
centres are hard pushed to fill their orders. Sales of steel to
Europe continue on a big scale at strong prices. Russia
seems to be in the market for large quantities of copper. In
the grain country trade is good despite reduced crops, as
prices for them are high. Most industries are running on
11.1,1 time. Numerous State fairs in various parts of the
.collintry have been successful to an unwonted degree. On
the other hand, labor is restive. Local traction strikes are
an example of this. And wages are generally high. Iowa
iron moulders now demand $10 a day. The averting of a
country-wide railroad strike by passing the eight-hour law
practically under duress may yet turn out to have been
sowing dragon's teeth for a future baneful harvest. The
cost of living is high and may continue so for a year to come.
Wages and prices are on a war scale, necessarily temporary
and suggestive of future difficulties in returning to a peace
• - basis. Some perishable products have declined. The wheat
crop is estimated at some 400,000,000 bushels less than that
of last year, that of corn 350,000,000 bushels less, with oats
300,000,000 less. Failures are rather numerous. The
scarcity of labor and the spread of the strike mania militates
against production in not a few localities. Yet on the whole
business is considered to be in a favorable position.
•

STOCKS OF MERCHANDISE IN NEW YORK.
Sept. 11916. Aug. 1 1916. Sept.11915.
bags_884,431
938,700
870,992
mats. 34,926
28,381
75,083
bags_568,491
596,880
527,444
hogsheads_124,029
95,735
129,525
No.. 80,958
15,000
123,400
bales. 66,607
105,504
227,427
bales. 4,813
2,500
1,200
barrels.. 69,500
58,300
29,700

Coffee, Brazil
Coffee,Java
- Coffee, other
Sugar
Hides
Cotton
Manila hemp
Flour

LARD higher; prime Western 15.10c.; later 14.95c.;
refined to the Continent, 15.70c.; South America, 16.20c.;
Brazil, 17.20c. Futures advanced in response to light
receipts of hogs, higher prices for them,and covering of shorts
with some sympathy with higher prices for grain. The hog
"packing at the West for the week was 453,000, against 333,)900 for the same week last year. To-day prices declined
• with heavy liquidation by leading bull traders attributed to
__II!" decline in cotton oil. Besides, hogs were 15 to 20 cents
_.lower at Chicago.
DAILY CLOSING PRICES
Sat.
tieptember delivery cts.14.50
Wctober delivery
14.45
•npcember delivery__ _ _14.05

"

OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Wed.
Thurs.
Fri.
Holi- 14.55
14.55
14.42
14.22
day. 14.52
14.55
14.42
14.20
14.15
14.12
14.07
13.97

PORK higher; stock small; mess $30 ©$31;clear, $27@$29.
14nif, mess, $20 50@$21; extra India mess, $31 ©332. Cut
1 •lats strong and higher, pickled hams, 10 to 20 lbs., 17 Yi
@
17;Uc.; pickled bellies, 16©163/
2c. Butter, creamery, 28@
353/20. Cheese, State, 14@193-c. Eggs, fresh, 20©36c.
COFFEE higher but quiet on the advance; No. 7 Rio,
10.@103'c.• No.4 Santos, 113/
2 ©11V4c.; fair to good Cucuta,
11 A ©11"c. Futures advanced for a time, partly owing to
reports of frost in Brazil, notably in Sao Paulo. Also, prices
a
t
Rio and
,Warehousei
Santos advanced.
stocks n the
United States are falling off, owing to light receipts. The
stock in the United States is 1,002,395 bags,as against 1,240,445 last year. The crop movement is approximately 3,200,000 bags, or about 600,000 behind the same time last year.
Litter came a reaction with a sudden ending of the Brazilian
frost scare, some decline at Santos, increased receipts and
selling by cotton houses. To-day prices advanced and closed.
slightly higher for the week, with trade interests buying
today. Total sales to-day, 28,750 bags. Closing prices were
as follows:

949

73 to 76 degrees, in 100-gallon drums and over, 403'o.
Motor gasoline 1 cent lower, but still in brisk demand; to
garages, steel barrels, 22c.; to consumers 24c. Gasoline
lower; export and home trade brisk; gas machine, steel, 37c.;
73 to 76 degrees, steel and wood, 31 @34c.; 68 to 70 degrees,
28 ©31c. Crude petroleum has been generally unchanged,
with• new production showing little or no increase except in
Kentucky, where the daily output is said to be nearly 6,000
barrels. In Indiana and the Lima field it is reported to be
decreasing. Closing prices were:

Pennsylvania dark $2 30 North Lima
$1 43 Illinois, above 30
Cabel
1 82 South Lima
1 43
degrees
_ _$1 47
Mercer black
1 80 Indiana
1 28 Kansas and OklaNew Castle
1 80 Princeton
1 47
home
Corning
1 80 Somerset,32 deg__ 1 65 Caddo La., light__ 90
90
Wooster
1 65 Ragland
75 Caddo La., heavy.. 65
Thra
Electra
ll
9
95 Canada
5
1
83
Strawn
95 Moran
95 California Oil_ _..68@72
De Soto
80 Plymouth
1 03 Henrietta
95
•

TOBACCO has been rather quiet here, but firm, all the
more so because it is believed that manufacturers are none
too well supplied with leaf and will have to re-enter the
market before long. As for the interior, growers are asking
such high prices that sales of 1916 tobacco have fallen off
noticeably. It is said, however, that most of the Wisconsin
crop has already been sold. Export business for transshipment to the Central Empires from Holland has been
stopped as the British Government recently revived its
embargo against the shipment of tobacco through to the
Central Powers. And now Germany herself announces that
it will not permit the shipment of tobacco into
her territory,
with the exception of Oriental and similar tobacco.
The
United States Government weekly weather report said:
"The harvesting of tobacco continues and curing is going
on under favorable conditions." In Ohio, tobacco is fair;
cutting has begun. In Wisconsin harvest has started and
will be out of danger of frost in about 2 weeks. In Pennsylvania tobacco averages fair.
COPPER in brisk demand; Lake here on the spot 28(0)
283.c.; electrolytic 28 ©28Yo.; for future delivery 273@
273/20. The Russian Ministry of Munitions has been inquiring for 10,000,000 lbs., and there seems to be some possibility of the order being filled shortly, though the last big
order for Russia was captured by foreign producers. London
has latterly advanced. Tin higher on the spot at 39c.
with
London at one time firm; later quiet here at 383/sc. London and Singapore have latterly declined. Spelter in rather
better demand at a decline. On the spot 83
/
4c. Lead dull
on the spot at 6.70c. Pig iron steadier, Southern iron
being
held with rather more confidence instead of lagging behind
Northern. Trade in pig iron, however, has generally been
somewhat less active. But Chicago reports sales of 40,000
tons for export. No. 2 Northern $19 50@$19 75; No. 2
Southern $14 50©$15, Birmingham. Steel, finished
and
semi-finished, has been in keen demand from Europe wht
a good inquiry also from domestic buyers. Western companies sold. 100,000 tons of shell steel discards to the Allies._

COTTON
Friday Night, Sept. 8 1916.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
187,016 bales, against 139,059 bales last week and 79,181
bales the previous week, making the total receipts since
Aug. 1 1916 552,033 bales,. against 233,743 bales for the
same period of 1915, showing an increase since Aug. 1 1916
of 288,313 bales.
Sat.

Galveston
Texas City
Aran. Pass., &c_
Now Orleans_ _ _ _
Mobile
Pensacola
Sept ____cts.9.50 9.52 January _ct8-9.45 9.46 May.._ __cts_9.64
9.65 Jacksonville,&e_
October
9.48©9.5) February -....9.50 9.51 June
9.69 9.70 Savannah
November .._9.44 9.45 March
9.54®9.55 July
9.73@974 Brunswick
December_ _ _9.41 9.42 April
9.59@9.60 August
Charleston
SUGAR.-Raw has advanced and closed more active; Wilmington
centrifugal, 96-degrees test, 5.14c.; molasses, 89-degrees Norfolk
N'port News,&c.
test, 4.37c. Granulated, however, has been reduced to Now
York
Boston
6.250. Futures, too, declined for a time and then rallied and
Baltimore
closed higher for the week. Norway is said to have bought Philadelphia

8,918
2,867
233

Mon.

Tues. Wed. Thurs. Fri.
Total.
9,048 21,38'7 16,843 10,903 • 7,842 74,946
731
___
1,305 2,036
341
341
7,22 1,941 6,149 4,474 5,941 28,604
16S 1.303 1,665
71
943 4,383

_
677
677
7.a5 6,172 53.261
4,000 4,000
955! 1,831
571
550
500 5,056
1,044.
646
91
122
155 2,177
1
1
4
030 10,501
------------------___
------741
741
- -- -- - -' ----155 ---- -166
-§5
93
-. -_-_-_
-_-_-_ -_•
------------_-------:
----Totals this week_ 20789
-.i 23.263 44785; 43.053 23.193 29.74
-6187.016
6-,:ii3

____ 17,L-io 15-,§5*j

649
113

within 10 days about 15,000 tons of granulated. Raw
sugar
statistics have some bullish features.
cut in granulated
..ir expected to cause a better trade. OnThe
The
shows the week's total receipts, total since
the
other
thand,
the Aug. 1 following
Cuban crop was recently estimated by Himely at somewhat
1916 and stocks to-night, compared with last year:
over 3,000,000 tons, or about 500,000 tons above the previous
1916.
1915.
Stock.
high record. Beet root supplies, moreover, are not far off.
Receipts to
To-day, nevertheless, futures closed 3 to 12 points higher
Sept. 8.
This Since Aug This Since Aug
Week. 11916. Week. 1 1915.
1916.
on covering of shorts and support by Cuban interests. The
1915.
Galveston
sales to-day were 4,951 tons. Prices were as follows:
74,946 204,324 36,854
76,444
114,621
136,408
Texas City
2,036
January_ ete_3.95 3.97 may
5,411 4,555
Sept._ __cts_4.17 4.18
213 94
October
4.17@4.18 February____3.83 3.85 Jam ..--cts-3.9
3.95 3.97
November__ 4.19@4.21 March
3.86 3.87 July
3.98 4.00
December___4.17 4.18 April
3.89 3.91 August
4.0204.02
OILS.
-Li seed lower; city, raw, American seed,

70©73c.;
city, boiled, American seed, 71 ©74c.; Calcutta $1.
Lard,
prime $1 ©$1 20. Cocoanut, Cochin 133@14c., Ceylon
13 ©13Mc. Corn 8.37 M ©8.50c. Palm, Lagos 9©9Mc.
Cod, domestic, 62@64c. Cottonseed nominal
the spot;
September 9.900. bid, 9.95c. asked. Spirits ofonturpentine
Strained
rosin, common to good, $6 15.
463/c.
PETROLEUM active at some decline; refined in barrels
$8 60@$9 60, bulk $4 75@$5 75, cases $11@$12. Naphtha




Aransas Pass, &c_
341
Now Orleans_
28,604
Mobile
4,383
Pensacola
Jacksonville, &c_
677
Savannah
53,261
Brunswick
4,000
Charleston
5,056
Wilmington
2,177
Norfolk
10,501
N'port News,&c_
741
New York
Boston
200
Baltimore
93
Philadelphia _______
Totals

187.016

10,725
1,075
198 •
748
82.093 10,218
43,066
30,665 1,931
4,016
963
859
649
950
130.575 37,694
84,264
21,000
500
1,100
10,925 2,38.5
4,560
11,630
508
6,483
38,520 4,318
27,615
8,719
319
926
200
200
3,804
48
767
1,459
468
1,523
73
2

177
48
100,651
87,048
5,000
400
24,605
42.512
28,122
33,710
'26,711 • 38.473
69,204
5.503
1,592
875

214,385
7,909
2,344
2,056

552.058 100.526

507.072

716.433'.

263.745

4,478
50
106,697
18,786

13,517
654
124,580
12,389

[VOL. 103.

THE CHRONICLE

950

the way
In order that comparison may be made with other years, current, too, that some 20,000 bales were on contracts.
here from Georgia to be delivered on October
we give below the totals at leading ports for six seasons:
And the last weekly Government report said that the crop
1911. is 10 to 20 days early in Arkansas ,whereas everybody sup1912.
1913.
1914.
1915.
1916.
Receipts atthat State were very different.
133,972 126,684 posed that the conditionsininOklahoma
74,946 36,854 26,689 115,677
Galveston ___
is said to be quite as
278 What is more, the crop
6,477
1,288 10,958
4,753
2,377
TexasCity,&c.
6,165 early and also over much of Mississippi. In Florida the
3,812
8,352
2,527
28,604 10,218
New Orleans_
4,096
2.224
4,685
1,825
1,931
4,383
Mobile
50,702 26,038 68,462 season is some two weeks early. In Southern and Central
53,261 37,694 11,468
Savannah
2,700 Western Alabama picking is - finished, or well advanced.
5,500
8.400
623
500
4,000
Brunswick_ _ _
9,479
4,804
1,649 12,875
2,385
5,056
Charleston,&c
6,512 Higher prices have hastened picking and marketing. The
5,782
3,494
811
508
2,177
Wilmington
5,641
3,937
1,028
1,059
receipts at the ports and interior towns have at times been.
4,318
10,501
Norfolk
483
913
741
N'port N.,&c.
double those of a year ago. Liverpool prices have fallen sharp1,512
1,476
1,029
275
1,365
970
_
_
All others__
ly, partly owing to hedge selling. There is a good deal of
Total this wk. 187,016 100,526 49,127 217,200 194,505 231,529 hedging there every season, as exporters naturally find it more
advantageous to hedge in a market whose prices cover cost of
Aft9 nAg 2R745 11 fi.R1fi 6211_177 A:1,117 flga Al 1
FilneA Aug_ 1
transportation and insurance. If that Exchange should be
The exports for the week ending this evening reach a total closed, therefore, there would be all the greater pressure of
of 83,432 bales, of which 65,632 were to Great Britain, hedging on New York and possibly New Orleans. But, on
3,083 to France and 14,717 to other destinations. the other hand, after a break of nearly 100 points in prices
Exports for the week and since Aug. 1 1916 are as follows:
here within a week, many have latterly been disposed to take
the ground that a rally, even if only temporary, would be no
Sept.
8
to
1916.
1916
1
Aug.
From
1916.
8
Sept.
Week ending
more than natural. Spot markets at the South have been
Exported toExported toactive. Mills have been buying, to all appearances, more
Exports
Great
Great
fromfreely. Liverpool has also bought here of late. Liverpool's
Total,
ritain. France. Other. Totao. Britain. France. Other.
spot sales have risen to 8,000 to 10,000 bales a day, as con111,359
37,363
400
73,596
30,149
bales a day for some time
Galveston__ 30,149
11,768 trasted with five or six thousand
11,768
Texas City24,246 80,645 previous. American exports thus far are more than double
16,107
40,295
100 14,778
NewOrleans 14,678
11,797
11,797
Mobile ____
the same time last year. The Government weather
5,298 those for
5,298
Pensacola__
41,520 report says in substance the boll weevil has done a good deal
29,057
7,891
4,572
14,267 14,267
Savannah__
13,471
13,471
6,635
Brunswick _ 6,63
of damage in many parts of the belt by preventing
38,871
25,231
13,640
Wilmington
The pest has got as far North as Hardeman
fruiting.
11,966
1,100
5,619
5,247
Norfolk____
350 13,370 39,134 20,423. 33,119 92,676 County, Tennessee. Shedding continues and rust is also
New York
4,702
. 218
4,484
Boston ____
make bulls
17,866 reported. Premature opening over wide areas
4,233 17,866
Baltimore__
2,400 more convinced than ever that the crop is short and that the
1,000
1,400
Philadel'a__
9,917
9,917
San Fran_
the end of the season.
20,437 price must advance greatly before
20,437
Seattle
6,082 The season averaged 10 days late in Texas, 10 to 15 days
6,082
Tacoma
in some parts of Louisiana and also in the Carolinas and
75,848 187,770 480,778 late
Total____ 65,632 3,083 14,717 83,432 217,16
Alabama,particularly asregards late planted cotton, and one
10,978 145,579 216,682 week late in Tennessee. Southern Georgia, too, is said to be
60,125
500 27,256 47,826
Total 1915_ 20,070
29,792
5 20,099
9,688
'5,363 7,419
Total 1914_ 2,056
about 10 days late. In Alabama there has, it seems, been
little fruiting since July. Prospects for a top crop in Oklaalso
to-night
telegrams
our
In addition to above exports,
homa are reported to be poor. Cotton goods are active and
not
shipboard,
on
cotton
of
amounts
give us the following
Some think, too, that recent developments may
strong.
for
similar
figures
add
We
named.
cleared, at the ports
earlier peace in Europe than was at one time
an
to
point
New York.
expected. Most factors, however, have been depressiny
To-day prices declined sharply owing to bearish ginning
On Shipboard, Not Cleared forhedge selling and liquidation. The total ginning up
figures,
Leaving
CoastOther
GerGreat
to Sept. 1 was 850,000 bales, against 463,883 last year,
Stock.
Total.
Sept. 8 at- Britain. France. many, Cont't. wise.
480,317 in 1914, 799,099 in 1913, 730,884 in 1912, and 771,81,359
404 25,338
1..042
New Orleans...- 1,679 6,213
69,476 297 in 1911. These figures were a big surprise. Liverpool
5,235 6,500 45,145
_ 33,410
Galveston
99,151 and trade interests, however, bought on the decline, and
1,500 1,500
_
Savannah _ _ _ _
24,605
Charleston _ _ _
lowest prices. Spot cotton
13-,51S
5,408 there was a recovery from the
.
13,5'53
Mobile
26,578 closed at 15.25e. for middling uplands, showing a decline
133
133
Norfolk
62,204 for the week of 105 points.
7,000
3,000
1,500 2,500
New York_ _ _
42.597
3,200
1,000
2200,
Other ports_ _ _
The official quotation for middling upland cotton in the
26,277 8,537 95,694 411,378 New York market each day for the past week has been:
Total 1916_ _ 52,167 8,713
635,968
80,465
4,373
43,202
100
13,450
19,340
Total 1915..
Total1914._

2,319

5,000

838

5.701 16,813 30,671

214,796

Speculation in cotton for future delivery .has been rather
less active at a sharp decline in prices, owing mainly to an
increased crop movement and a larger amount of Southern
hedge selling. Prices have fallen since Sept. 1 approximately
$4 50 per bale. Large bull operators are reported to have
sold out. The price has been so high that the South has become anxious to sell. Moreover, some think that the last
Government report, putting the condition at 61.2, was more
bullish than the conditions warranted. It will be remembered that it pointed to a crop of 11,800,000 bales of lint
cotton. Possibly, some 800,000 to 1,000,000 bales might
have to be added to this for linters, making a
total crop of, say, 13,000,000 bales maximum.
But a good many believe that this is altogether
too low an estimate. They have inclined more to the
opinion that the real yield will be somewhere in the neighborhood of 14,000,000 bales. Moreover, they doubt whether
at present prices or anything like them, to say nothing of the
predicted 20 cents, the world would use more than 13,500,000 bales, as contrasted with bullish estimates of about 15,000,000 bales. Besides, favorable weather in September and
October, it is urged, would put a very different face upon the
crop situation. Some of the more radical believers in lower
prices have even gone so far as to suggest that with favorable
weather the crop may yet turn out to be not much under
15,000,000 bales, though this figure is, to say the least, unusual. It is recalled, however, that in recent years Government crop figures have leaned to underestimates rather than
overestimates of the crop, and it is also a fact that
its figures on the acreage have been too low and that year
after year they have had to be revised upward before the
end of the season. There has been a rumor, too, that the
British Government may decide to close the Liverpool Cotton
Exchange with a view of conserving rates of sterling exchange
and thus help to cheek the outflow of gold from England.
The closing of that Exchange, it is believed, would have for
a time at least a depressing effect on cotton prices. Already
it is understood members of that Exchange have been discouraging the sending of large buying orders from this side.
Another depressing factor was a report that the National
Ginners'Association had put the quantity ginned up to Sept.1
at 612,000 bales, as against 463,883 for the same time last
year and 480,317 in the same time in 1914. The rumor was




Sat. Mon. Tues. Wed.Thurs. Fri.
15.95 15.89 15.50 15.25
H.
H.

Sept. 2 to Sept. 8Middling uplands

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept. 8for each of the past 32 years have been as follows:
1916_c
1915
1914
1913
1912
1911
1910
1909

15-25 1908_c
10.00 1907
1906
13.25 1905
11.85 1904
11.90 1903
14.00 1902
12.90 1901

9.30
13.50
9.80
10.90
11.20
12.25
8.88
8.62

1900.c
1899
1898
1897
1896
1895
1894
1893

10.12
6.44
3.81
7.50
8.75
8.25
6.94
8.00

1892_c
1891
1890
1889
1888
1887
1886
1885

7.19
8.75
10.62
11.38
10.44
10.12
9.25
10.06

FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Sept. 2. Sept. 4. Sept. 5. Sept. 6. Sept. 7. Sept. 8.
SeptemberRange
Closing
OctoberRange
Closing_ _
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryHOLIRange
Closing___- DAY.
MarchRange
Closing-- AprilRange
Closing_ MayRange
Closing.--JuneRange
Closing
JulyRange
Closing__
/ is.

Week.

15.94 15.94
-15.68-.74 15.52-.55 15.15,20 16.08-.11
15.69-.15 14.47-.70 15.19-.45 14.88-.14 14.881.15
15.72-.74 15.53-.54 15.19,20 15.18,12
15.16 -- 15.16-.59
15.59 -15.76 -15.58-.59 15.24 -15.10-.17
15.85-.23 15.59-.80 15.33-.62 15.06-.30 15.061.23
15.88-20 15.65-.67 15.33-.36 15.26-.28
15.93-.30 15.67-.89 14.50-.69 15.13-.38
15.96-28 15.72-.74 15.40-.42 15.36-.37
IIOLI- 16.23
DAY. 16.03 -15.78 -15A7-.49 15.43

15.1u.30
16.23 -

16.10,46 15.83-26 15.56-.82 15.20-.53 15.26/46
16.12-.14 15.86-.90 15.56-.57 15.52-.53--15.60 -1520 16.18 -- 15.92 -15.61 - 15.58 -16.23-.58 15.97-.19 15.73-.97 15.44-.70 15.44/.58
16.24-25 16.00 - 15.71-.73 15.68-.69--- -15.87 --- - 15.87 16.25-.27 16.01 -15.72-.74 15.69 ---16.26-.60 16.00-.22 15.76-20 15.53-.70 15.53/.60
16.28-.30 16.04-.05 15.76-.77 15.72-.74---

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night

SEPT. 9 1916.]

THE CHRONICLE

951

(Friday), we add the item of exports from the United States, up from telegraphic
reports Friday night. The results for the
including in it the exports of Friday only.
week and since Aug. 1 in the last two years are as follows:
Sept. 8Stock at Liverpool
Stock at London
Stock at Manchester

I
1
\t

1916.
1915.
1914.
1913.
-1916--bales_ 621,000 1,154,000 867,000 496,000
-----1915---Sept. 8Since
32,000
Same
72,000
5,000
5,000 ShippedWeek. Aug. 1.
Week. Aug. 1.
25,000
68,000
66.000
Via St. Louis
25,000
3,846
15,393
3,868
18,043
Via Mounds &c
Total Groat Britain stock
219
2,701
1,152
678,000 1,429,000 938,000 526,000 • Via
3,559
Rock Island
Stock at Hamburg
*1,000
*1,000 *29,000
Via Louisville
17,000
Stock at Bremen
404
3,402
857
*1,000 *11,000 *210,000
2,003
Via Cincinnati
78,000
Stock at IIavre
943
5,433
245
189,000 218,000 *220,000
2,923
Via Virginia points
55,000
Stock at Marseilles
692
5,738
10,000
984
4,553
7,000
3,000
Via other routes, &c
3,000
Stock at Barcelona
3,216
42,141
2,582
39,000
30,455
46,000
31,000
13,000
Stock at Genoa
136,000 137,000
31,000
Total gross overland
5,000
Stock at Trieste
9,320
74.808
9,688
*1,000
*1,000 *20,000
62.436
14,000 Deduct shipmentsOverland
to N. Y., Boston, &c
Total Continental stocks
293
6,262
716
377,000 421,000 544,000 185,000
2,492
Between interior towns
822
5,134
983
3.145
Inland, &c., from South
•
Total European stocks
2,443
18,811
1,314
1,055,000 1,715,000 1,482,000 711,000
10,268
India cotton afloat for Europe_ _ _ 23,000
70,000 130,000 105,000
Total to be deducted
Amor. cotton afloat for Europe
3,558
30,207
3,013
300,543 149,914
15.905
29,943 280,935
Egypt,Brazil,&c.,afloat for Eur'pe 10,000
17.000
12,000
Leaving
37,000
total net overland *
Stock in Alexandria, Egypt
5,762
44,601
8,000 102,000 *85,000
6,675
46,531
65,000
Stock in Bombay. India
461,000 557,000 647,000 499,000
* Including movement by rail to Canada.
Stock in U. S. ports
507,072 716,443 245,467 286,564
Stock in U. S. interior towns_ _
325,618 454,818 143,836 158,237
The foregoing shows the week's net overland movement
U.S.exports to-day
28,243
3,301
1,700
4,372 has been 5,762 bales, against 6,675 bales for the
week last
Total visible supply
2,718,476 3,785,466 2,776,946
year, and that for the season to date the aggregate net overOf the above, totals of American and other descriptions are 2,147.108 land exhibits a decrease
from
as
a
year
follows:
ago
of 1,930 bales.
American---- 1916-Liverpool stock
----1915
bales_ 494,000 900,000 577,000 319,000
In Sight and Spinners'
Since
Manchester stock
Since
22,000
56,000
46,000
Takings.
11,000
Week.
Aug. 1.
Week.
Continental stock
Aug. 1.
*281,00o *340,000 *425,000 142.000
Receipts at ports to Sept.8
187.016
552,058 100.526
American afloat for Europe
263,745
300,543 149,914
Net
overland
29,943
to
Sept.
8
280,935
5,762
44,601
6,675
U.S. ports stocks
46,531
507,072 716,443 245,467
Southern consumption to Sept. 8.. 77,000
439,000 65,000
380,000
U. S.interior stocks
325,618 454,818 143,836 286,564
158,237
U.S. exports to-day
28,243
3,301
Total marketed
1,700
4,372
269,778 1.035,659 172,201
690,276
Interior stocks in excess
61,347
x28,116 26,668
Total American
x22,359
1,958,476 2,620,466 1,468,946 1,202,108
East Indian, Brazil, &c.Came into sight during week_ _331.125
Liverpool stock
198,869
127,000 254,000 290,000 177,000
Total
in
sight
Sept. 8
1,007.543
London stock
667,917
32,000
72,000
• 5,000
5,000
Manchester stock
3,000
12,000
20,000
14,000 North. spinners'takings to Sept.8 59,398
Continental stock
173.555 32,641
130,431
*96,000
81,000 *119,000
43,000
India afloat for Europe
23,000
70,000 130,000 105,000
x Less than Aug. 1.
Egypt, Brazil, &c., afloat
.
10,000
17,000
12,000
37,000
Stock in Alexandria, Egypt
Movement into sight in previous years:
8,000 102,000 *85,000
65,000
Stock in Bombay, India
Week461.000 557,000 647,000 499,000
Bales.
Since Aug. 1Bales.
1914-Sept. 11
128,217 1914-Sept. 11 ______--- 474,865
Total East India, &c
760,000 1,165,000 1,308,000 945,000 1913-Sept. 12
314,668 1913-Sept. 12
1,013,431,
Total American
1,958,476 2,620,466 1,468,946 1,202,108 1912-Sept. 13
275,719 1912-Sept. 13
957,708
Total visible supply
QUOTATIONS FOR MIDDLING COTTON AT OTHER
2,718,476 3,785.466 2,776,946 2,147,108
Middling Upland, Liverpool
6.12d.
9.38d.
6.00d.
7.39d.
MARKE
TS.
-Below are the closing quotations of middling
Middling Upland, Now York__
15.25c.
10.10c.
13.15c.
Egypt, Good Brown, Liverpool
8.65d.
13.43d.
8.60d. 10.60d. cotton at Southern and other principal cotton markets for
Peruvian, Rough Good,Liverpool 13.75d. 10.90d.8.75d.
8.75d. each day of the week.
Broach, Fine, Liverpool
8.90d.
5.75d.
5.35d. 6 9-16d.
Tinnevelly, Good, Liverpool..
8.92d.
5.87d.
5.35d.
6%d.
Closing Quotations for Middling Colton .on•••• *Estimated.
Week endin
Continental imports for past week have been 16,000 bales.
Sept. 8,
Saturday. Monday. Tuesday. 1Ved'day. Thursd'y. Friday.
The above figures for 1916 show an increase over last week Galveston
15.65
15.35
15.25

of 21,239 bales,a loss of 1,066,900 balesfrom 1915,a decrease
of 58,470 bales from 1914 and a gain of 571,368 bales over
1913.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Morement to Sept. 8 1916.
Towns.

Ala.,Eufaula_ _
Montgomery
Selma
Ark., Helena_
Little Rock_

-Receipts.
Ship- Stocks
meets. Sept.
Week. Season. Week.
8.
1,383
2,76
1,491
50
4,319
1,487
2,116
385
4,156
21,614
2,143
7,761
274
5,465
29
400
600
238
1,600
76
168
851
1,589
10
1,329
376
254
873
10
2,337
124
4,002

Pine 1311111 _
Ga., Albany_
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss.,Columbus
Greenville _ _
Greenwood_ _
Meridian _
Natchez
Vicksburg
Yazoo City _
Mo.,St. Louis..
N.C.,Gensboro
Raleigh
0., Cincinnati_
Okla., Ardmore
Chickasha
• Hugo
Oklahoma _ _
S.C.,Greenvillo
Greenwood_ _ _
Tenn.,MemPbts
Nasnville _ _ _ _
Tex., Abilene_ _ - ----Brenham _ _ _ 2,135
Clarksville_ 4,253
4,849
Dallas
Honey Grove. 2,859
90,463
Houston
5,278
Paris
San Antonio._ 3,190

2,930
5,534
2,583
182
7,071
1,779
6,332
2,200
17,738
40,808
2,721
17,649
1,593

Movement to Sept. 10 1915.
Receipts.
ship- I Stocks
menu. , Sept.
Week. I Season. Week. 1 10.

153
1,722
2,469
7
213
378
1,662
150
5,011
5,972
4,596
5,074
335

5,380 1,005
2,673
7351 5,556
33,881 5,767 11,451 3,692 53,658
9,380 2,390
4,851 1,236 21,8i6
450
9
18
659
8,414
50
883 -iii 6,140
4,930
307
421_ _ _ 5,785
1,826 2,027
6,168 1,7
4 8 8,526
3,628
150
1,380
750 5,742
11,536 1,152
2,832
349 5,370
46,437 8,429
18,444 5,776 67,371
4,379 1,524
3,138
8,467 2,099
3,733 fiia 26,025
3,936
2,225
267
1,551
665 2,876
7,993 1,805' 8,266 1,365
4,052 1,646 24,976
50
1 523 132
235
2 2,594
489
300, 1,200
622
902
__ 4,607
1,784
500' 2,847
677
844
3,840
1,750,
211! 3,695
387
774 "itio 10,108
2,158'
582 2,670 1,065
1,399
548 3,334
211
811
400
579
13 4,638
844
223
358 1,581
719
5 3,698
11,459 3,846 5,005 2,175
11,136 3,868 10,037
11,238 1,513 3,852 2,000
7,348 1.939 4,469
338
65
10
385
75
50
14,874 1,709 13,803
5,127 1,644 13,219
280
500
483
8
7j
8
254 1,308
7,
467
2
507
316
873
873
59
821
7 1,677
107560
6,646 1,712 5,243 1,3751
6,230
124
68 2,156
17,
164 1-.5:
318
5
7 5:512
39
19,026 3,542 43,729 1,064
8,550 3,303 56,902
551
143143
1,874 1,163
742
-iii
222
-55
647
8,971 2,063 1,282 1,461
2,811 1,011 2,250
4,253 1,600 2,653
6,473
584 5,524
3,440 1,041 1,105
2,859 1,037 1,822 2,017
247,921 65,368, 64,820 48,793 138,987 29,479
78,125
9,994 3,626' 5,612
243
156
--243
14,663 3,2981 3,379 2_,786
15,515 3,490 6,495

Total,41 towns 185,149 485,935123,802325,61
8 93,916 267,970 67,248454,818
Note.-Our Interior Towns Table has been
by the addition of 8 towns.
This has mado necessary the revision of the extended
Visible Supply Table and a number
of otner tables.

The above totals show that the
stocks have increased during the week 61,3417 balesinterior
but are to-night 129,200
bales less than at the same time last year.
receipts at
all towns have been 91,233 bales more than The
the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK
AND
SINCE AUG. 1.-We give below a statement
showing the
overland movement for the week and since Aug. 1, as made



Now Orleans_
Mobile
Savannah

Charleston
Wilmington_ _ _

Norfolk

Holiday

Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Littlo Rork

Hollday

15.63
15.50
153i
153
15Y,
15.75
16
16.20
15.38
15.75

15Y,
15g
15.75
153-i
16.05
15.13
15.50

iK6co
15.75

15.62

15.38
15.25

15%,

15.13
15.00
15X

15
15Y,
15.13
15%
15.75
14.88
15.25

15.05
14.88
15.00
14%

14.75
15;6
15.50
14.56
15.25

18:4.0

s.65
:65
15.59
NEW ORLEANS CONTRACT MARKET.-The highest, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday. Monday, Tuesday, Wed'day, Thurstry, Friday,
Sept. 2. ' Sept. 4. Sept. 5. Sept. 6. Sept. 7. Sept. 8.
SeptemberRange
Closing
OctoberRange

15.25 -14.96 -14.66 -14.55 57

December-

15.38-.85 15.11-.35 14.80-.10 14.50-.80
15.42-.43 15.13-.14 14.80-.81 14.75-.77

Range
Closing

15.60-.03 1.5.3.5-.64 15.05-.32 14.73-.02

Closing

JanuaryRange
Closing
March-

HOLTDAY.

Range
Closinr;

15.92-.31 15.69-.89 15.40-.65 15.09-.35
15.96-.97 15.72-.73 15.40-.41 15.33-.35

MayRange
Closing

16.17-.47 15.89-.03 15.56-.71 15.27-.55
16.11-.12 15.87-.89 15.56-.51 15.52-.55

JulyRange

--- 15.93 -15.69-.77 15.40-.65

Closing

ToneSpot
Ontinne

15.65-.66 15.38-.40 15.05-.07 14.99-.00
HOLI- 15.73-.14 15.47-.70 15.18-.62 14.8S-.15
DAY. 15.76-.77 15.51-.52 15.18-.19 15.12-.13

16.17 -15.94 -15.69-.71 15.66-.68

•

Firm
Stea.dy

Quiet
Steady

Quiet
Steady

Steady
Steady

WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices this evening from the South indicate that
picking and ginning are making excellent progress and that
cotton is being marketed freely. Some improvement in
the crop is noted in a few localities as a result of favorable
weather. Texas advices are to the effect that weevils continue active, and that there has been some hindrance to
picking by showery weather.
Galveston, Tex.-Picking and ginning of the crop is progressing rapidly but has been hindered in some parts by
showery weather. Boll weevils continue active and have
prevented further fruiting. We have had rain on one day
during the week, the rainfall being ten hundredths of an inch.
The thermometer has ranged from 76 to 88, averaging 82.
Abilene, Tex.-Rain has fallen on one day during the week,
the rainfall being fifty hundredths of an inch. Highest
thermometer 92, lowest 68, average 80.
Brenham, Tex.-We have had no rain during the week.
The thermometer has averaged 83, the highest being 96
and the lowest 70.

953

THE CHRONICLE

[VOL. 103.

Greenville, S. C.-It has rained on one day during the
Cuero, Tex.-There has been no rain the past week. The week,
the rainfall being two hundredths of an inch. Average
98.
to
66
from
ranging
82,
averaged
thermometer has
er 79, highest 99, lowest 60.
thermomet
day
one
on
Fort Worth, Tex.-There has been light rain
g, S. C.-We have had no rain during the week.
Spartanbur
s
hundredth
eight
during the week, the precipitation reaching
er has averaged 80, the highest being 98 and
The
thermomet
96,
to
72
from
of an inch. The thermometer has ranged
the lowest 63.
averaging 84.
Charlotte, N. C.-There has been only a trace of rain during
Henrietta, Tex.-There has been rain on one day during the the week. The thermometer has averaged 77, ranging from
week,the rainfall being four hundredths of an inch. Average 65 to 93.
thermometer 85, highest 102, lowest 68.
Goldsboro, N. C.-There has been rain on two days during
Huntsville, Tex.-There has been no rain during the week, the week, the rainfall reaching one inch and fifty-nine hunThe thermometer has averaged 82, the highest being 94 and dredths. The thermometer has ranged from 60 to 94, averthe lowest 70.
aging 77.
Kerrville, Tex.-There has been rain on one day the past
Weldon, N. C.-Rain has fallen on two days of the week,
week, the rainfall reaching two hundredths of an inch. The the precipitation being two inches. Average thermometer
thermometer has averaged 77,ranging from 62 to 92.
75, highest 91, lowest 58.
Lampasas, Tex.-There has been no rain during the week.
Dyersburg, Tenn.-The week's rainfall has been twenty
The thermometer has ranged from 64 to 100, averaging 82.
s of an inch on one day. The thermometer has
hundredth
Longview, Tex.-We have had rain on one day of the week, averaged 79, highest being 93 and lowest 65.
the
the precipitation being one inch and twelve hundredths.
Memphis, Tenn.-There has been rain on one dayinch.
Average thermometer 84, highest 96, lowest 72.
the rainfall reaching one hundredth of an
past
week,
Luling, Tex.-We have had no rain during the week. The The thermometer has averaged 80, ranging from 69 to 90.
thermometer has averaged 81, ranging from 68 to 94.
CENSUS BUREAU REPORT ON COTTON GINNING
Nacogdoches, Tex.-There has been no rain the past week. TO
SEPT. 1.-The Census Bureau issued on Sept. 8 its
The thermometer has ranged from 68 to 96, averaging 82.
on the amount of cotton ginned up to Sept. 1 from
report
past
the
day
Palestine, Tex.-There has been rain on one
of 1916 a; follows, round bales counted as half
growth
the
Lowest
inch.
an
week,the rainfall reaching ten hundredths of
n being made with the returns for the like
compariso
bales,
thermometer 70, highest 94, average 82.
and 1913:
1914
1915,
of
period
week,
the
of
days
two
Paris, Tex.-There has been rain on
1913.
1914.
1915.
1916.
States44,562
46,241
38,925
to the extent of one inch and thirty-six hundredths. The Alabama
bales_ 22,373
1,293
521
270
14,761
98.
to
68
from
ranging
Arkansas
thermometer has averaged 83,
2,960
5,214
4.701
2,881
Florida
72,352
San Antonio, Tex.-It has rained on one day of the week, Georgia
2n,,54 133,408 136,286
7,449
3,783
5,858
29,780
the precipitation being four hundredths of an inch. The Louisiana
2,052
2,689
4,619
10,081
Mississippi
177
968
354
thermometer has ranged from.68 to 92, averaging 80.
289
Carolina
North
5,106
238
8
7,777
Taylor, Tex.-Dryall the week. Minimum thermometsr68. Oklahoma
7,264
14,633
4,305
26,65
Carolina
South
the
of
day
one
on
fallen
9
26
Weatherford, Tex.-Rain has
2
120
Tennessee
522,008 271,328 268,485 655,871
week. The thermometer has averaged 82, ranging from Texas
4
1,233
105
443
All other States
70 to 94.
the
during
779.099
days
480,317
three
on
463,883
fallen
850,032
Ardmore, Okla.-Rain has
United States
corrections when
The 1916 figures of the report are subject to slight
week, to the extent of one inch and fifty-four hundredths.
returns of the ginners ransmitted by mail.
the
individual
against
82.
checked
averaging
96,
to
68
with
from
The thermometer has ranged
bales included this year is 26,935, compared
round
of
number
The
The number of Sea Island bales included
Marlow, Okla.-There has been rain on three days during 8,947 for 1915 and 356 for 1914.bales
The
1914.
in
bales
in 1915 and 1,748
4,631, contrasted with 2,097
the week, the rainfall being ninety-nine hundredths of an Is
States is: Florida, 760
distribution of the Sea Island cotton for 1916 by
66.
average
95,
nil.
Carolina,
highest
South
inch. Lowest thermometer 80,
bales; Georgia, 3,871 bales, and
Muskogee, Okla.-There has been no rain the past week and
AMOUNT IN SIGHT.-Supplementary to our Annual
100.
to
69
from
ranging
85,
the thermometer has averaged
Crop Report, and in response to various requests,
Cotton
past
the
of
days
two
on
rain
Eldorado, Ark.-We have had
below a table showing the amount of cotton which
give
an
we
of
s
hundredth
x
seventy-si
week, the rainfall reaching
month of the cotton season
inch. The thermometer has ranged from 68 to 98, aver- came into sight during each
1915-16. For purposes of comparison, similar results for
-aging 83.
year are appended.
Fort Smith, Ark.-We have had rain on two days during the preceding 1915-16.
1914-15.
1915-16.
Months1914-15.
Months963,949
748,839
bales_
the week, to the extent of two inches and eight hundredths. August
287,418 April
____bales_ 413,693
669,598
722,711
803,352 May
1.350,669
September
Average thermometer 83, highest 96, lowest 70.
473,355
594,400
June
1,869,654
1,941,267
366,374
Little Rock, Ark.-There has been rain on four days the October
525,344
1,729,443 2,240,907 July
November
349,180 a283,151
1,708,925 2,394,711 Additions*
past week, the rainfall reaching eighteen hundredths of an December
2,200,089
1,064,810
January
inch. Thermometer has averaged 82,rangingfrom 70to 93'
Total commer935,655 1,721,545
February
12,953,450 15,067,247
(nal crop
868,514 1,359,446
Alexandria, La.-We have had rain on one day of the March
an
of
and overland, made at the
week, the precipitation being twenty-five hundredths
* "Additions" include all corrections in port receipts
as shown by the
consumption,
Southern
in
excess
the
as
well
as
season,
the
of
close
inch. Average thermometer 82, highest 94, lowest 70.
interior town stocks. The
actual results. This total is increased or decreased by
New Orleans, La.-There has been rain on two days the addition this year is In great measure explained by the considerable decrease in intepast week, to the extent of one inch and eighteen hundredths. rior stocks-127,113 bales. a Deduction.
The thermometer has averaged 85, ranging from 77 to 93.
MARKET AND SALES AT NEW YORK.
Shreveport, La.-We have had rain on one day of the week,
SALES.
Miniinch.
'Futures
to the extent of thirty-three hundredths of an
Market
Spot Market
mum thermometer 70, maximum 95, mean 82.
Spot. Contr 'ct Total.
Closed,
Closed.
Columbus, Miss.-We have had no rain during the week,
_
HOLI DAY.
Saturday_ _ _
Minimum thermometer 83, highest 99, average 67.
1IOLI DAY.
___
Monday
100
the
during
100
Greenwood, Miss.-There has been no rain
Tuesday _ - Quiet 35 pts. dec_ _ _ Easy steady_ _
50 1,600 1,650
NV ednesday _ Steady, 15 pts. dee_ Barely
week. Average thermometer 84, highest 99, lowest 69.
Easy
_ _ Quiet,30 pts. dec_ _ _
100
100
Vicksburg, Miss.-Rainfall for the week one hundredth of Thursday
Steady, 25 pts. dec Steady
Friday
an inch on one day. Average thermometer 81, highest 92,
1.850
1700
150
Total_
lowest 70.
Mobile, Ala.-Picking and ginning are progressing rapidly.
INDIA COTTON MOVEMENT.-From all India ports.
With fine weather there is slight improvement in the crop.
the
week,
the
1914.
There has been rain o three days during
1915.
1916.
August 17.
rainfall being three inches and twenty hundredths. Average
Since
Since
Since
at
Receipts
thermometer 82, highest 92, lowest 70.
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
the
of
days
two
on
rain
had
Montgomery, Ala.-We have
30,000
40,000 10,000
26,000 17,000
15,000
past week, the rainfall reaching sixty-seven hundredths of Bombay
an inch. Average thermometer 81, highest 93, lowest 69.
1.
August
Since
Far the Week.
Selma, Ala.-We have had a trace of rain on two days
Exports
Japan
Great I Contiduring the week. The thermometer has averaged 79, the from- Great Conli-iJapan
nent. & China.1 Total.
Britain. neat. &China Total. Britain.
highest being 90 and the lowest 68.
Madison, Fla.-We have had rain on two days of the week, Eknnbay-65,000
62,000
1,000
2,0001
35,000
1916._ 1,000 1,0001 33,0
the rainfall being ninety hundredths of an inch. The ther50,000
48,000
1,000
1,00
1,000 32,000 34,000
1915____
22,000
18,000
4,000
mometer has averaged 81, ranging from 69 to 90.
3,000
1914____
----I 3,000
Tallahassee, Fla.-We have had rain on one day during the Calcutta-1,000
1,000
1,000
1,000
1916____
1,000
1,000
week, the rainfall being six hundredths of an inch. The
19151,000
1,000
1914_
thermometer has ranged from 68 to 94, averaging 81.
-Albany, Ga.-It has rained on two days of the week, the Madras
1916_
rainfall being thirty-six hundredths of an inch. Average
19151914_
thermometer 82, highest 94, and lowest 67.
others5,000
2,000
3,000
_ 3,000
tv Augusta, Ga.-The week's rainfall has been thirty-two All1916____
3,000
18,000
10,000
5,000
3,0001
has
1915____ 2,000 2,000 3,000 7,000
hundredths of an inch, on two days. The thermometer
16,000
15,000
1,00
4,000
4,000
1914____
averaged 81, the highest being 93 and the lowest 68.
0 Savannah, Ga.-We have had rain on one day during the Total all- 1,011 5,000 33,000 39,000 2,00
5,000 64,000 71,000
7,000 58,000 69,000
week, the rainfall being twenty-one hundredths of an inch.
4,000
3,000 35,000 41,000
1915_- 3,00
18,000 39,000
20,0001
91.
1,000
. 4,000 3,000 7,000
1914---_
Thermometer has averaged 79, ranging from 69 to
during
days
compared with
decrease
a
show
to
Charleston,- S. C.-We have had rain on three
appears
Bombay
foregoing,
the
to
According
ports record
week's receipts of 2,000 bales. Exports from all India
the week, the rainfall being forty-one hundredths of an inch. last year in thebales
increase 01 2,000 bales.
an
show
1
Aug.
since
and
week,
the
during
2,000
of
loss
78.
a
'The thermometer has ranged from 69 to 89, averaging



SEPT. 91916.]

THE CHRONICLE

WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.

1916.
Week.

Season.

1915.
Week.

Season.
Visible supply Sept. 1
2,697,227
3,837,170
Visible supply Aug. 1
3,198,251
American in sight to Sept. 8-__ 331,125 1,007,543 198,869 4,664,410
667,917
Bombay receipts to Sept. 7__
615,000
75,000
26,000
118,000
Other India ship'ts to Sept. 7__
64,000
19,000
6,000
44,000
Alexandria receipts to Sept. 6_b1,500
6,000
2,000
6,000
Other supply to Sept. 6*
64,000
16,000
2,000
14,000
Total supply
3,052,852 4,320,794 4,072,039 5,514,327
DeductVisible supply Sept. 8
2,718,476 2,718,476 3,785,468 3,785,466
Total takings to Sept. 8_a
334,376 1,602,318 286,573 1.728,861
Of which American
211,876 1,137,318 189,573 1,301,861
Of which other
122,500
465,000
97,000
427,000
*Embraces receipts in Europe from Brazil, Smyrna,
Indies, &c.
a This total embraces the total estimated consumptionWest
by Southern mills
439.000 bales in 1916 and 380,000 bales in 1915-takings not
being available-and the aggregate amounts taken by Northern and foreign
spinners,
1,163,318 bales in 1916 and 1,348,861 bales in 1915, of which
698,318
bales
and 921,861 bales American. b Estimated.

953

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.

Thus: 9 57 means 9 57-100d.

Sept. 2 Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
to
Sept. 8. 1234 134
4.34 134 43-4 134 434 134 434 134 434
P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. p.m.
d.
d.
d. d. d. d. d. d. d. d. d. d.
lopt
9 5734 6034 61 62 5334 4834 38 3734 28 21
)ct.-Nov.
961 5934 60 61 51 4534 35 3334 22 1434
ran.-Feb_ HOLT- 954 5434 56 5534 46 4034
2834 18 10
dar.-Apr. DAY. 9 55 53 54 54 4434 39 3034
29 2634 1634 07
day-June
952 5134 53 5234 43 37 27 25 14 05
fuly-Aug950 4634 48 473'4 38 31 2034 17
97

134

0634

BREADSTUFFS

CS GOGG GO

Friday Night, Sept. 8 1916.
Flour has been firmer in response to the rise in wheat,
but the trading has not as a rule been large. The wide flucALEXANDRIA RECEIPTS AND SHIPMENTS.
tuations in wheat even in rising markets tend to make flour
buyers cautious. Recently there was a good export business
Alexandria, Egypt.
1916.
1915.
1914.
August 16.
but not much during the past week. Domestic buyers have
quite generally fallen back on the old policy of purchasing
Receipts (cantars)from hand to mouth pending further developments. The
This week
9,213
4,234
500
Since Aug 1
11,674
9,021
Greek Government is said to be trying to buy 120,000 bar17,000
_
.
rels, but is hampered by the scarcity of ocean freights.
Since
Since
Bids
Since
on the Dutch sale of 100,000 barrels will be opened
Exports (bales)Week. Aug. 1. Week. Aug. 1. Week. Aug.
1. on Sept. 1.
To Liverpool
4,0291 4,029
--__
2,013
Wheat
advanced sharply on bad crop reports, free export
To Manchester
689
300 3,800 buying and covering of
To Continent and India_
shorts, as well as considerable buying
471 1,361
450 1,623
___3,000
To America
10
10 -__
2,637
____
700 for a rise. The domestic cash demand has been good. It
might
have
Total exports
been
larger,
it is intimated, but for comparatively
4.510 5.400
450 6.962
3001 7.500
small offerings. Southwestern markets have been even
Note.-A cantar is 99 lbs Egyptian bales weigh about 750
lbs.
This statement shows that the receipts for the week
stronger
Chicago.
than
If the crop is only about 600,000,000
9,213 cantars and the foreign shipments 4,510 bales.ending Aug. 16 were bushels, it will
be the smallest for years past. The nearest
MANCHESTER MARKET.-Our report received by approach to it in recent years was 621,338,000 in 1911. This,
with short crops in Europe, make the situation decidedly incable to-night from Manchester states that buyers are
holding off and that yarns are irregular. We give prices for teresting, to say the least. Despite the talk of the possibility
to-day below and leave those for previous weeks of this and of the Dardanelles being opened at a much earlier date than
at one time seemed possible, buyers for foreign governments
last year for comparison:
are in the market. Greece wants 2,000,000 bushels
of
durum. Cash premiums at the West have been increasing.
1918
In
the
United
Kingdom
the
weather
has
been
unsettled and
834 bs. Shirt- Cot'n
834 bs. Shirt- Cot'n harvesting is slow.
328 Cop
ings, common Mid.
It is also delayed in France by bad
328 Cop
ings, common Mid.
Twist.
to finest.
Up 'a
Twist.
to finest.
Up 'a weather. Liverpool has advices of poor grading of the CanaJuly d.
dian crop and reduced estimates on the Canadian yield. One
d. s. d.
s. d. d. d.
d. s. d.
s. d. d.
21 12%
13% 7 1 (49 2
7.97 8% 0 8346 3 07 6
5.13 is 163,368,000 bushels for the three provinces, against 335,28 1234
13% 7 1 09 2
8.15
8
5-16
42)
8% 6 3 07 6
5.34 143,000 last year. Last week's exports from shipping
Aug.
coun4 1234
13% 7 3 09 6
8.57,834 0 9% 15 9 07 3
5.53 tries were 12,599,000 bushels, against 12,406,000 in the pre11 ,1234
13% 7 6 (49 9
8.54834 (4 9346 0 07 6
5.43 vious week and 7,656,000 in the same week last year. The
13 :12%
13% 7 9 09 9
8.86834 0 8303 6 07 9
5.42 fact that there has been
25 113%
14% 8 3 @103
no railroad strike also had a
9.42 8% 0 9
6 @7 9
5.63
Sep.
ing effect on prices. Liverpool advices state brac1 ,14%
15 8 6 @10734 0.90834 0 9346 9 08 0
that
5.78
8 11434
15348 8 @106
0.33 934 0 934 6 10 08 134 0.12 constant purchases are necessary, as stocks are very moderate and bad weather for harvesting has cut downofferings
SHIPPING NEWS.-As shown on a previous page, the of native wheat. English stocks are
decreasing. Broomexports of cotton from the United States the past week have
hall says:"We have been reckoning on an exportable surplus
reached 83,432 bales. The shipments in detail, as made from North America
for the current season of almost
up from mail and telegraphic returns, are as follows:
000,000 bushels, but in view of fresh developments, we320,feel
Total
compe
led
bales.
to reduce that quantity about 80,000,000 bushels
NEW YORK-To Liverpool-Sept. 5-Carpathia,
4,022-- -.Sept. 7
-Adriatic, 4,623
and
this
would indicate requirements from other exporting
8,645
To Manchester-Sept. 2-Bovic, 1,292
1,292 countries of 280,000,000 bushels. Australia, India and
To Havre-Sept. 1-Marchioness of Bute,
3,083
To Rotterdam-Sept. 2-Ryndam, 350
3,083 Argentine have still available for export
about 160,000,000
GALVESTON-To Liverpool-Sept. 2
-Melville, 3,085-- -.Sept.6- 350 bushels, but these supplies will only be available
Leeds City, 4,344
as a result
7,429 of a thorough organization of transportation facilities
To Manchester-Sept. 6-Niceto de
Larrinaga, 18,500; Pen. The
yearn, 4,220
other
alternati
ve
is the re-opening of the Dardanelles."
NEW ORLANS
22,720
E
-To Liverpool-Sept. 1-Civilian
9,602
Sept.
From
France
6-Birdoswald, 76_ _ _Se t. 7-Belgian
come
reports of a greatly reduced yield of fair
5,000'
--14,678 quality, adding that
To Mexico-Sept. 6-Coahuil
importations will be large. Argentina
SAVANNAH-To Genoa-Sept. 7a, 100
100
-Ellington, 14,267
BRUNSWICK-To Liverpool-Sept.
14,267 reports that dryness continues over a large area.
In
6,635 Australia rains have prevente
BALTIMORE-To Liverpool-Sept, 6-Orubtan, 6,635
d late seeding. The acreage
re, 2,522
2,522
To Manchester-Sopt. 2-Ocean 2-Vedamo
Monarch, 1,711
1,711 is, therefore, expected to be much smaller than that of last
year. In Italy the weather has been bad for harvesting and
Total ------------------------------------------------83,432
the crop is disappointing.
In India prices are strong
LIVERPOOL.-Sales, stocks, &c., for past week:
and have risen sharply in the, interior, making the posAug. 18. Aug. 25. Sept. 1.
Sept. 8. sibility of large
Sales of the week
31,000
forward business unlikely.
28,000
26,000
Liverpool.
42,000
Of which speculators took
2000,
3,000
though it wavered at one time, became stronger later,
Of which exporters took
2,000
3,000
2,000
Sales, American
with
lighter
export
offerings and a better demand.
23,000
22,000
19,000
Actual export
33,000
2,000
4,000
1,000
Forwarded
6,000 On the other hand, however, liberal shipments from America
58,000
59,000
52,000
Total stock
58,000 to the United Kingdom caused some
hesitation for the time
647,000 678,000 647,000 621,000
Of which American
522,000 552,000 521,000 494.000 being in Liverpool, despite reports of decrease
Total imports of the week
d receipts in
29,000
91,000
America
Of which American
37,000
n
markets
and
fears
of
a
decrease in the American
21,000
82,000
14.000
Amount afloat
29,000 visible supply
144,000
before
98,000
long.
Also,
128,000
there
is always the
Of which American
127,000
75,000 110,000
bility by reason of new developments at the seat of warpossiThe tone of the Liverpool market for spots
that
and
the
Dardanel
futures
les
may
be
opened
before
many months and
each day of the past week and the daily closing prices
Europe's
scarcity
of
of
wheat
greatly
relieved
by
the addition
spot cotton have been as follows:
of Russian and Rumanian supplies. Rumors that Greece
had
entered
the
war
on
the
side
of
the
Allies
Saturday.
caused
Spot.
selling.
Monday. Tuesday. Wednesday.
Thursday.
Friday.
Moreover, there has been heavy selling on the rise for the
Market,1F
reason
that
air
the
visible
supply
after
all
is
large.
1:30
The
total
Limited
Dull.
More
Easier.
in the United States is put in one statement as 65,754,0
business
P.M.
demand.
00
demand.
doing.
bushels, against only 12,679,000 bushels a year ago and 38,Mid.Uprds
9.68
9.71
9.63
999,000 in 1914. Canada has 23,876,000 bushels against
9.48
9.38
Sales
HOLI5,000
only 3,183,000 a year ago and 6,502,000 in 1914. So that
5,000
8,000
8,000
SPee.dcexp.
10,000
500
700
500
the combined North American available supply reaches the
800
500
Futures.
very respectable total of 89,630,000 bushels, against 16,Quiet,
Steady,
Quiet,
Irregular,
Market J
Quiet.
406 Dta. 11012 pts. 405 pts. 17021
pts. 050,000 last year and 51,006,000 in 1914. The world's
opened f
advance,
decline,
decline.
decline.
available stock is put at 164,330,000 bushels, against 55,Market, I
Quiet,
Quiet, Barely st-y, Barely st-y, Easy,
150,000 a year ago and 114,306,000 in 1914; In other
434
634(4734 10134 pts. 13%016% 11014
pts.
1634(420
words,so far as supplies immediately available are concerned,
P. M.
pts. dec. advance. tits. dec.
decline. • nts. dor
they are bearish. It is the ultimate outlook that gives so



954

[VOL. 103

THE CHRONICLE

It is opening prematurely also in the dry parts of the eastern crop area
but tho late crop in most of North Carolina and South Carolina is considered
from ten to fifteen days later than the average. Picking is about two
weeks earlier than usual in most sections of Florida and it is finished or
well advanced in southern and western portions of Alabama, whore there
has been little fruiting since the first of July. In the northern portions of
the State the crop is fair to good and from normal growth to fifteen days
late. In Southern Georgia three-fourths of the crop Is already harvested.
The bulk is about ten days late, but the early planted is normal or even in
advance of the season in the coast districts of this State.
CORN.-The high average temperature in the central and upper Mississippi Valley during the week was favorable for tho maturing of corn, and
this
crop is fast nearing the point of safety from frost damage. In the exK.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YOR
treme northern part of the country the bulk of the corn crop will need from
Sat. Mon. Tues. Wed. Thurs. Fri.
ten
to
fifteen days to be safe from frost damage. This will carry the time
166
16234
164
H.
16234
cts_154
No.2 rod
to about the average first killing frost time. In Nebraska the bulk of the
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. crop will be past frost danger in two weeks. In Iowa 50% will bo safe by
Fri.
Thurs.
Wed.
Tues.
Sat. Mon.
20 and 85% by Sept. 30. The corn will need about 25 days more in
15234 15134 15434 Sept.
September delivery in elevator_cts_145 Holt- 151
Northern Illinois, 17 more in Northern Indiana, 10 in Lower Michigan.
47
153'% 156
y day. 15234 154
9X
December delivery in elevator_ _ _ _114
Ohio and 25 to 30 in Northern Pennsylvania. In all of
in
Northeastern
25
15334 15534 155 157
May delivery in elevator
these sections the indicated date of maturity is earlier than the average first
frost date. In the Southern States the expected date of maturing is
Indian corn advanced on bullish crop reports with a ten- killing
at least ten days or more earlier than the average killing frost date. As
occurred
dency to reduce estimates of the yield. Also there was reported in this bulletin last week, the probability of a killing frost
than ten days before the average date is only about one in ten.
some sympathy with the rise in wheat. Commission houses earlier
continued in the extreme
grain
of
harvesting
-The
GRAINS.
OTHER
have been good buyers. Speculation is broadening. Some North and threshing was carried on under favorable conditions in most
Northern States, except where delayed by local rains. The
export business has been done. The Missouri report makes Central and of
the ground for the plowing and seeding of small grains was
preparation
This
the condition 53, against 75 in August, with the crop esti- advanced
in the central part of the country by the general showers. work
sections, and there it is feared that the
mated at 135,000,000 bushels, against 209,450,000 in 1915 work is still delayed in some
Oklahoma.
in
and
in
Kansas
true
especially
is
This
be
late.
will
of
seeding
has
and 158,400,000 in 1914. On the other hand, there
Plowing is only begun in the latter State. The weather was generally
The harvesting of the flax
been some pressure at times to sell September. It is also a favorable for the improvement of buckwheat.
crop was begun in the southern part of the flax-producing area. The
arrivals.
larger
under
fact that Liverpool has been depressed
Valley and on the
Mississippi
Lower
the
harvesting of rice is under way in
delayed somewhat
The world's exports last week were 4,120,000 bushels, Gulf Coast and was begun in Arkansas. This work was favorable
for the
exceptionally
was
weather
The
last
in
Texas.
rains
3,264,000
by
and
week
against 3,462,000 in the previous
and no interharvesting and threshing of grain in practically all districts,
Mountain
year. This included 2,490,000 from Argentina, against ruption
occurred, except in Oregon and in the Eastern Rocky injured
in
2,202,000 in the previous week. Advances of late have been States where rain occurred. Some grain in the shock being
the influence of wheat than anything else. The Colorado.

much concern. The Government report to-day stated the
condition of spring wheat at 48.6, against 63.4 last month
and 94.6 last year, indicating a crop of 156,351,000 bushels,
against 357,000,000 last year and 206,027,000 in 1914.
Total crop 611,000,000 bushels,against 1,012,000,000 bushels
last year. Prices to-day advanced to a new high record
for this season, with strong cash markets,decreasing receipts
and bad crop reports.

due more to
crop is officially reported to be making good progress in
AGRICULTURAL DEPARTMENT'S REPORT ON
Iowa, Illinois and Nebraska, and is expected to be out of CEREAL CROPS, &c., TO SEPT. 1.-The Agricultural
danger of frost by the last of September or by Oct. 15 at Department issued on the 8th inst. its report on the cereal
the latest. The North American available supply is 5,454,- crops for the month of August, as follows:
The Crop Reporting Board of the Bureau of Statistics of the United States
000 bushels, against 3,183,000 a year ago. To-day the GovDepartment of Agriculture estimates,from the reports of the correspondents
ernment put the condition 71.3% to Sept. 1, against 75.3 and
agents of the Bureau, as follows:
last month and 78.8 last year,indicating a crop of 2,709,532,FOR THE UNITED STATES.
2,672,804,and
year
last
00
000 bushels, against 3,055,000,0
Acreage---Condition
highest
the
to
advanced
to-day
1916.
Prices
000 bushels in 1914.
*Sept. 1 *Sept. 1 * 10-Year Aug. 1 P. C. of
Acres.
1915.
1916.
Avge.
1915.
covering
the
1916.
and
wheat
Cropof
firmness
prices in 24 years on the
17,851,000
91.8
63.4
77.5
94.6
48.6
Spring wheat
50,871,000
84.9
of shorts.
All wheat
75-.5 100.3 108,620,000
777:1
8:8
771.3
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK. Corn
Sat. Mon. Tues. Wed. Thurs. Fri.
nom. 10) 10)34 10134
cts_ nom. II.
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
8834 8934 89 Y2
Holt- 83
September delivery in elevator_ cts_ 8634
1
3 day. 75%
7634 754 7534
December delivery in elevator.____ 73%
7934 7834 783t
7934
7634
elevator
in
May delivery

Oats advanced on reduced crop estimates, covering of
shorts and some general buying. At Chicago the cash demand has been good. Besides, there has been quite a brisk
export inquiry. The British Government bought 1,000,000
bushels at Chicago for lake shipment. On the other hand,
realizing sales have caused occasional setbacks. Some of the
selling was due to the fact that the supply increased last week
no less than 3,652,000 bushels at Chicago, where the total is
now 15,985,000 bushels, against 2,130,000 last year. Oats
have also sympathized with the rise in other grain. The total
increase in the North American available supply last week was
no less than 7,400,000 bushels, or double the increase which
took place in the same week last year. The total available
supply is therefore up to 44,150,000 bushels, against only
8,379,000 a year ago and 27,252,000 in 1914. To-day the
Government put the condition at 78%, against 81.5 last
month and 91.1 last year, indicating a crop of 1,231,000,000,
against 1,540,000,000 bushels last year and 1,141,060,000 in
1914. Prices to-day advanced with other grain.

DAILY CLOSING PRICES or OATS IN NEW YORK. Fri.
Sat. Mon. Tues. Wed. Thurs.
55-5534 5534-5534
Standards
cts_53-5334 Holt- 5434-55 55-5534
nom.
nom.
nom.
nom.
nom. day.
No. 2 white
IN CHICAGO.
DAILY CLOSING PRICES OF OATS FUTURES Wed.
Thurs. Fri.
Sat. Mon. Tues.
1
/ 464
September delivery in elevator_cts. 4534 11o11- 4634 4734 467
December delivery in elevator_ _ _ 4834 day. 4934 4934 497k 4934
5234
5234
5234
5234
5134
elevator
May delivery in

The following are closing quotations:
FLOUR.
7O($5 45
Winter, low grades__ _ _35 30@$5 85 Spring, low grades ___$4
7 95 Kansas straights,sacks- 7 45i 7 70
7 60
Winter patents
6
00t4 6 80
sacks__
clears,
Kansas
45
7
20
7
Winter straights
9 50
6 70 7 05 City patents
Winter clears
6 250 6 75
8 10 8 45 Rye flour
Spring patents
flour
Buckwheat
00
8
7 7Oi
Spring straights
5 550 6 55
6 80@ 7 05 Graham flour
Spring clears
GRAIN.
Corn, per bushelWheat, per bushel-f.o. b.f. o. b. Nom.
No. 2 mixed
N. Spring, No. 1, new__31 83
C. I. f.$1 0134
No. 2 yellow
N. Spring, No. 2
No. 2 yellow kiln dried_ 1 0134
__ 1 66
Red winter, No. 2, new....
bags
in
Argentina
71
1
2
No.
Hard winter,
Rye, per bushelcts.
Oats, per bushel, newc. I. f. $1 31
New York
54X 055X
Standard
c I. f. Si 31
Western
Nom.
No. 2, white
Nom.
543j0454 X Malt
No. 3. white
533405434
No. 4. white

WEATHER BULLETIN FOR THE WEEK ENDING
SEPT. 5.-The influences of weather on the crops as summarized in the weather bulletin issued by the Department of
Agriculture for the week ending Sept. 5 were as follows:

some hnCOTTON.-The weather during the week just ended causedpart
of the
provement in the condition of the cotton crop in the northern
and
area and was generally favorable for picking and ginning in central
it is
but
variable,
quite
is
cotton
of
condition
The
southern districts.
further
good in only a few localities. Boll weevil damage has prevented
area and tne
fruiting in a good many places in the southern part of the
weevils are reported as far north as Southern Hardeman County, Tenn.
The
Shedding continues also and rust damage is still reported in places.
average for
condition of cotton is from ten to twenty days ahead of the although
in
Oklahoma,
in
and
this date in Arkansas, Western Mississippi
It is in about
the last-named State the top crop, if any, will be very late.
localisome
in
late
days
fifteen
to
ten
except
Louisiana,
in
the usual stage
normal. In
ties. In Texas it averages about ten days later than the
Tennessee one week late, although opening prematurely in dry sections.




40,599,000
99.6
81.5
78.2
91.1
78.0
Oats
7,757,000
104.9
80.0
80.4
94.2
74.6
Barley
2,729,000
95.6
Rye
819,000
101.7
87.8
8-476
81.4
78.5
Buckwheat
3,632,000
96.6
80.8
76.6
.
82.7
White potatoes
736,000
102.4
85.9
84.2
87.5
82.7
Sweet potatoes
1,398,000
102.2
84.4
79.0
80.7
85.5
Tobacco
1,591,000
116.4
84.0
78.4
87.6
84.8
Flax
910.000
113.5
92.2
87.6
82.3
91.2
Rice
103.2
52,504,000
95.5
_
Hay (tame)
35,994,000
112.1
b72.3
b72.5
b69.2
b61.2
Cotton
768,000
115.7
86.4
90.3
91.7
88.7
Sugar beets
3,922,000
94.4
73.0
80.6
90.8
62.3
Kafirs
month.
of
preceding
25th
to
relates
Condition
b
* Or at time of harvest.
Total Production in Mil-lions of Bushels
Yield per Acre1910-14.
1910-1914. c1916.
AverSept.1915
Avge.
Final.
c1916.
age.
Bush. Forecast. Final.
Bush.
Bush.
Crop495
655
d455
16.3
16.2
d13.8
Winter wheat
233
357
156
12.5
18.3
8.8
Spring wheat
738
1,012
611
14.8
16.9
12.0
All wheat
2,732
3,055
2,710
25.9
28.2
24.9
Corn
1,158
1,540
1,231
30.5
37.8
30.3
Oats
186
237
184
24.6
32.0
23.8
Barley
37.6
49.2
d41.9
16.3
17.2
d15.3
Rye
17.0
15.8
15.8
20.6
19.6
19.3
Buckwheat
361
359
318
97.8
95.5
White potatoes____ 87.7
57.1
74.3
69.3
93.4
103.3
Sweet potatoes..___ 94.2
992
1,061
1,224
823.4
775.1
875.0
Tobacco, lbs
18.7
13.8
14.9
7.6
10.1
9.4
Flax
24.4
28.9
32.8
33.3
36.1
36.0
Rice
66.2
85.2
d86.2
1.34
1.68
Hay, tame, tons._ _ d1.64
e14.3
el1.8 . el1.8
192.1
170.3
158.5
Cotton,lbs
66.0
76.7
67.7
Apples, barrels_ _
43.8
63.5
36.9
Peaches
5.39
6.51
7.66
10.8
078
1tons
10.0
beets,
Sugar
--114.5
74.7
--27.6
19.0
Kafirs
Bales.
e
estimate.
Preliminary
d
reports.
condition
from
c Interpreted
follow:
States
principal
Details for important crops in
Forecast 1916. -Final Estimate.5-Yr. Avge.
Cond'n Sept.l. From Sept. 1.
1910-14.
1915.
1916. 10-Yr. Av. Condition.
Spring Wheat56,841
72,250
29,180
79
41
Minnesota
83,193
151,970
39,997
74
35
North Dakota
61,200
35,476
22,183
75
39
South Dakota
21,486
19,758
18,443
81
90
Washington
233,571
356,460
156,351
77.5
48.6
United States

The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-

Flour.

1Vheal. I

Corn.

Oats.

Barley.

Bye.

bb11.19616s. bush.60 lbs. bush. 56 lbs. bush.32 Ms.Dush.48lbs.bush.543tbs.
103,000
173,000 1,997,000 1,504,000 7,653,000 676,000
Chicago
95,000 1,399,000 812,000 147,000
2,225,000
Minneapolis
33,000
34,000 253,000
836,000
Duluth
40,000
275,000 1,631,000 310,000
141,000
35,000
Milwaukee _ 275,000
40,000
396,000
Toledo
162,000
54,000
95,000
7,000
Detroit
191,000
62,000
13,000
15,000
Cleveland
12,000
16,000
417,000
341,000
84,000 1,140,000
St. Louis_ - _ 8,000
23,000
350,000
871,000
83,000
45,000
Peoria
238,000
303,000
2,481,000
Kansas City.
423,000
257,000
1,150,000
Omaha
Total wk.1916
Same wk.1915
Same wk.1914

359,000 10,557,000
319,000, 8,819,000
464,0001 9,980,000

3,802,000 12,173,000 2,090,000 343,000
2,308,000 10,471,000 1,636,000 616,000
5,790,000 8,003,000 2,049,000 1,082,000

Since Aug.I1,662,000 59,032,000 15,737,000 54,416,000 7,094,000 1,181,000
MO
1,494,000
1,430,006 36,805,000 14,296,000 33,172,000 4,017,000
1915
14 nnn 21 440 non 45.340.000 6.011.000 2.413.000
9 Ina nnn' F4 2,
1011.

Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 2 1916 follow:

SEPT.9 1916.]
Receipts atNew York_ _ _
Portland, Me
Philadelphia _
Baltimore _
N'port News_
Norfolk
Mobile
New Orleans*
Galveston _
Montreal
_
St John
Boston
Halifax

Flour.

THE CHRONICLE
Corn.

Wheat.

I

I

(kris.

I Barley. I

Rye.

I

Bushels.
Bushels.
Bushels.
Bushels. Bushels.
4,224,000
78,0001
814,000, 413,000
6,000
407,000,
179,000;
9,000
33,000
738,000;
80,000,
171,000,
132,000
816,000,
692,000
837,000,
22,000
40,00V
768,000'
3,000
73,000
8,000
12,000
21,000
34,000 1,072,000,
44,000
132,000
1,184,000
145,000 2,412,000
151,000
824,000
2,000
81,000
36,000 • 234.000
7,000
141,000
24,000

Barrels.
150,000

550,000 11,151,000 1,250,000 3,687,000
Total wk '1
427,000
188,000
Since Jan 1'16 18,179,000275,709,000 45,233,000133,107,00021,542,000 8,404,000
Week 1915...
393,000 5,111,000
846,000 2,188,000
158,000
130,000
Since Jan 11517,444,000167,942,000 43,691,000 99,434,000 7,303,000 6,713,000
•Receipts do not include grain passing tnrough New Orleans for foreign ports
on through bills of lading.

955

New York, 329,000 Boston, 6,000 Philadelphia, 14,000 Baltimore, 33.000 Duluth.
499,000 Buffalo; total, 1,818,000 bushels, against nil in 1915: and barley, 56,000
New York, 3,000 Boston, 5,000 Baltimore, 172,000 Buffalo, 2,000 Duluth; total,
238,000, against 3,000 in 1915.
CanadianMontreal
1,120,000
935,000 3,390,000 169,000 394,000
Ft. William dc Pt. Arthur- 6,352,000
4,326,000
Other Canadian*
8,405,000
3,651,000
Total Sept. 2 1916,1-15,877,000
935,000 11,367,000
Total Aug. 26 1916*____15,684,000
969,000 11,498,000
Total Sept. 4 1915
1,888,000
3,000 1,018,000
SummaryAmerican
54,660,000 3,329,000 27,690,000
Canadian
15,877,000
935,000 11,367,000
Total Sept. 2 1916
Total Aug. 26 1916
Total Sept. 4 1915
•Including Canadian at

70,537,000
68,230,000
9,635,000
Buffalo and

4,264,000 39,057,000
4,761,000 32,833,000
2,418,000 6,814,000
Duluth.

169,000
175,000

394,000
502,000
4,000

412,000 1,905,000
169,000 394,000
581,000 2,299,000
478,000 1,912,000
537,000 768,000

THE DRY GOODS TRADE

New York, Friday Night, Sept. 8 1916.
Although the past week, owing to the Labor Day holiday,
has been a short one, business in dry goods markets conWheat. i Corn.
Flour.
Oats.
Rye. Barley. Peas.
tinued active. Increased inquiries are being received from
Exports frombushels. bushels, barrels. bushels. bushels, bushels, bushels.
all sections of the country and a general feeling of optimism
New York
3,239,223 182,589 54,151
65,783
243,830 6,735 prevails throughout the trade. While prices are high, merPortland, Me
407,000 179,000
chants appear to be confident that the consumption of goods
Boston
266,552 138,307 16,320
Philadelphia
67,057 8,400
679,914
80,000
will continue on a record-breaking scale for many months to
15,000
Baltimore
744,369 699,637 29,855 532,838
41,667
come. Decided weakness has developed in the markets for
Norfolk
8,000
Newport News_ _ __
40,000
768,000
the staple during the week, but so far this has not had any
21,000 12,000
Mobile
effect on prices for goods which are firmly maintained.
588,000 141,000 28,000
New Orleans
12,000
47,000
4,000
924,000
Galveston Manufacturers have other difficulties to contend with, such.
8,000
653,000 235,000 58,000 188,000
Montreal
92,000
as labor troubles which ye resulting in considerable ma,chinHalifax
24,000
ery remaining idle, and in many instances demand for goods
Total week
7,566,058 1,663,590 222,726 1,646,621
439,497' 10,735 is exceeding mill production. While complaints of backward
Week 1915
5.184.578
43.078 179.623 887.901
203.040 3.071
deliveries are continually being
there are no canThe destination of these exports for the week and since. cellations of orders as merchants received,
realize that the goods could
July 1 1916 is as below:
not be duplicated at anywhere near the original contract
price. Raw material values have advanced upwards of
Flour.
Wheat.
Corn.
three cents a pound during the past few months, and many
Exports for Week
mills have been obliged to grant operatives increased wages.
and Since
Week • Since
Week
Since
Week
Since
July 1 toSept.2
July 1
Sept. 2
July 1
Sept. 2
Therefore, in view of these conditions, it is not likely
July 1
that
1916.
1916.
1916.
1916.
1016.
1916.
prices for manufactured products will recede to any extent
Barrels. Barrels.
Bushels.
Bushels. Bushels.
Bushels.
within
the near future. Jobbing business is active, with
United Kingdom_ 137,766
870,570 3,696,576 22,457,726 884,479 6,918,501
Continent
280 1,236,316 3,863,267 36,551,067 609,475 3,662,491 buyers ready to meet the prices asked. There was a large
So.& Cent. Amer. 26,509
239,907
6,215
73,952
11,020
accumula
350,813
tion of mail orders over the holiday, and the settleWest Indies
57,336
344,837
3,333 157,299
708,327 ment of the
13rit.No.Am.Cols_
railroad labor difficulties brought considerable
1,696
700
Other Countries__
59,016
835
relief
5,000
to merchants who feared that in the event of a general
1,317
7,551
Total
222,726 2,752,342 7,566,058 59,091,078 1,663,590 11,648,383 strike their supplies would be cut off. Export business has
Total 1915_ _
177,623 1,766,181 5,184,578 28,784,259
43,078 3,349,114 been less active as this is one department in which the high
The world s shipments of wheat and corn for the week prices have had a tendency to check inquiries. As long as
ending Sept. 2 1916 and since July 1 1916 and 1915 are prices remain high it is not expected that business with the
Far East will be resumed, and inquiry from Africa and Red
shown in the following:
Sea ports has also fallen off. South and Central American
countries
, however, continue to order quite freely, as they
Wheat.
Corn.
are in need of supplies.
Exports.
1916.
1915.
1916.
1915.
DOMESTIC COTTON GOODS.-All staple cotton goods
Week
Since
Since
Since
Week
continue in good demand for both prompt and future delivSince
Sept. 2.
July 1.
July 1.
Sept. 2.
July 1.
July 1.
ery. Jobbers are actively inquiring for goods as they are in
Busheis.
Bushels.
Bushels.
Bushels.
Bushels.
need of supplies and readily pay the price when spot goods
NorthAmer• 9,238,000 80,267,000 39,172,000 1,443,000 11,653,000 Bushels.
1,922,000 are obtainable. Many
Russia
lines such as drills and sheetings are
696,000 2,790,000
640,000
281,000
Danube _
virtually unavailable for this year's delivery. Sales of
Argentina__
808,000 10,953,000 4,008,000 2,490,000 22,920,000 41,394,000
bleached
goods
Australia_ _ _
during
the,past
688,000 6,568,000
past month are said to have been
184,000
India
1,032,000 4,390,000 8,560,000
the heaviest on record.
are so anxious to obtain
0th.counter?
137,000 1,227,000 1,824,000
187,000 1,555,000
.707,000 supplies that in many cases they are
placing orders "at cost."
Total --12,599,000106,195,000 54,388,000 4,120,000
36,409,000 44,023,000 Mills, on the other hand, are discouraging orders for future
•North Amerioa.-The Canadian Government has
delivery
and
some
are
withdraw
ing their lines from sale.
prohibited the
issuance of both manifests and exports until after ten officially
days. This is effective Finished goods are expected to show further
during the continuance of tae war.
advances as
there
is
a
steady
increase
manufact
in
uring costs. As a rule,
The quantity of wheat and corn afloat for Europe on dates
dress
ginghams
are
only
being
sold
"at value," with mills
mentioned was as follows:
refusing to accept orders at prices quoted a few weeks ago.
Southern
mills
are
reported
Wheat.
to have withdrawn cotton ribbed
Corn.
underwear from sale. Print cloths have been rather quiet,
United
United
due
to
the
fact
that
mills
are reluctant to sell and have
Kingdom. Continent. Total.
Kingdom, Continent. Total.
advanced prices. During the week several advances were
Bushels. Bushels.
Bushels. Bushels, Bushels.
made
in
gray
Bushels.
goods
with
38-inch standards now quoted at
Sept. 2 1916..
45,656,000
20,961,000 6Yic
Aug.26 1916_
44,528,000
21,243,000
Sept. 4 1915_
20,240,000
WOOLE
GOODS.
N
-Prices
22,329,000
for woolen and worsted goods
Sept. 5 1914_
30,322,000
11,137,000 continue firm, although
has not been particularly
The visible supply of grain, comprising the stocks in active. Buyers of dress business
goods
have been making inquiries
granary at principal points of accumulation at lake
for
fall
goods,
but,
owing
the
to
high
and
prices, they have been
seaboard ports Sept. 2 1916 was as follows:
conservative about placing large advance orders. Demand
GRAIN STOCKS.
for men's wear, especially lightweights for next spring,
has
Wheat,
Corn.
Oats.
Rye.
Barley. been slow, as clothing manufacturers
United Statesin many cases carried
bush.
bush.
bush.
bush.
bush.
New York
2,247,000
271,000
784,000
9,000 548,000 over fairly large stocks from last season. In women's wear
Boston
274,000
24,000
185,000
51,000
Philadelphia
the heavier goods and those with soft finish are becoming
1,153,000
352,000
274,000
7,000
Baltimore
1,763,000
293,000
477,000 107,000
60,000 more popular. A number of cancellations have been reNewport News
76,000
581,000
4,000
ported on heavyweight suitings and overcoatings, but as
New Orleans
3,040,000
147,000
148,000
108,000 mills are backward
Galveston
1,920,000
with deliveries they do not appear to be
20,000
Buffalo
2,605,000
305,000
1,877,000
27,000
77,000 very much disturbed. Various lines of serges, poplars and
Toledo
1,880.000
60,000
760,000
2,000
Detroit
282,000
gabardines have been advanced during the week, while
30,000
176,000
21,000
Chicago
7,726.000
951,000 15,988,000
39.000
70,000 cloths of cotton and woolen mixtures have also ruled firmer.
Milwaukee
108,000
39,000
629,000
40,000
106,000
Duluth
6,376,000
FOREIGN DRY GOODS.-As buyers in general realize
226,000
33,000 721,000
Minneapolis
6,625,000
14,000 1,926,000
8,000 114,000 that there is little possibility of linen prices being reduced,
St. Louis
2,850,000
85,000
581,000
18,000
1,000
Kansas City
demand has continued to increase and in many quarters
10,896,000
295,000
546,000
26,000
Peoria
8,000
business is active. Demand for housekeeping lines from both
108,000
749,000
Indianapolis
339,000
204,000
746,000
Omaha
retailers and jobbers has been on a heavier scale than for some
2,274.000
131,000
989,000
20,000
34,000
On Lakes
2,175,000
time
past. A number of mill representatives have arrived
48,000
66,000
On Canal and River
63,000
from abroad, and while they have so far not named any
Total Sept. 2 1916
54,660,000 3,329.000 27,690,000
quotatio
ns on goods for delivery next season, they have intiTotal Aug.26 1916
52,546,000 3,702,000 21,335,000 412,000 1,905,000
Total Sept. 4 1915
7,747,000 2,415,000 5,796,000 303,000 1,410,000 mated that there will not be any reduction in values, and
537,000 764,000 probably
in some cases advances. Burlaps continue firm
Note-Bonded grain not included above: Wheat.3,008,000
bushels at New York,
288,000 Baltimore, 224,000 Philadelphia, 219,000 Boston,82,000
Duluth, 2,089,000 with demand good. Lightweights are quoted at 6.90c. and
Buffalo; total, 5,910,000 bushels, against 23,000 bushels in
1915. Oats: 937,000 heavyweights 8.40c.
The exports from the several seaboard ports for the week
ending Sept. 2 are shown in the annexed statement:




THE CHRONICLE

956

STATt Avy CITY DM'AIITMENT,
The Thronicte.
PUBLISHED WEEKLY.

- Terms of Subscription-Payable in Advance

$10 00
For One Year
600
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13 00
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7 50
European Subscription six months (including postage)
22 148.
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21 lie.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Subscription includes following SupplementsB %NIT AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly)
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Terms of Advertising-Per Inch Space
$4 20
Transient matter per inch space(14 agate lines)
22 00
(8 times)
Two Months
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(13
times)
Three
Months
Standing Business Cards Six Months
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(26 times)
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Twelve Months(52 times)
CHicAao OFFicx-39 South La Salle Street,Telephone Randolph 7396
LONDON OFFICE-Edwards &Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY,Publishers,
Front. Pine and Depeyster Ste., New York.

MUNICIPAL BOND SALES IN AUGUST.
Disposals of long-term municipal bonds in the United
States during the month of August aggregated $21,510,556.
There were also negotiated $34,647,887 temporary loans, or
short-term securities, including $23,200,387 revenue bonds
and bills and corporate stock notes of New York City.
Another item not included in the totals already given is
the "general fund" bonds of New York City, of which
$5,000,000 were issued in August. Sales of debentures by
places in the Dominion of Canada reached a total of $789,567. In addition to this, $32,500,000 temporary Canadian
loans were created, including $30,200,000 three-months' bills
issued by the Dominion Government in anticipation of the
loan to be made this month. A comparison is given in the
table below of all the various forms of securities placed in
August of the last five years.
1916

1915

1913

1914

1912

Permanent loans (U 5 )_21,510,556 22,970,844 10,332,193 19,822,191 15,674,855
*Temporary loans(U S ).34,647,887 28,466,044 6,086.608 18,835,758 20,146,851
228,000 10,256,006 4,061,151
Canadian loans (perm't). 789,567 1,525,063
Canadian loans (temp'y)_32,500,000
1,500,000
None
None
None
Bonds of U S Possessions None
5,000,000
None
None
None
Gen Fund bds (N Y C) 5,000,000
94,448,010 52,961,951 16,646,801 48,913,955 46,382,857
Total
* Including temporary securities issued by New York City, $23,200,387 in August
1916, $23,849,712 in 1915, 33,298,408 in 1914, $7,586,558 In 1913 and $14,762,232 in 1912.

The number of places in the United States selling permanent bonds and the number of separate issues made during
August 1916 were 333 and 457, respectively. This contrasts
with 458 and 693 for July 1916 and with 425 and 696 for
August 1915.
For comparative purposes we add the following table,
showing the aggregates for August and the eight months for
a series of years. In these figures temporary loans, New
York City's "general fund" bonds and also issues by Canadian municipalities are excluded.
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904

Month of
August
321,510,556
22,970,844
10,332,193
19,822,191
15,674.855
22,522,613
14,878,122
22,141,716
18,518,046
20,075,541
16,391,587
8,595,171
16,124,577

For the
Eight Mos
$333,480,016
379,789,324
394,666,343
262,178,745
292,443,278
288,016,280
213,557,021
249,387,680
208,709,303
151,775,887
144,171,927
131,196,527
187,226,986

1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892

For the
Month of
Eight Mos
August
$7,737,240 $102,983,914
8,009,256 108,499,201
84,915,945
15,430,390
7,112,834 93,160,542
5,865,510 87,824,844
76,976,894
25,029,784
6,449,536
97,114,772
52,535,959
4,045,500
8,464,431
80,830,704
7,525,260 82,205,489
37,089,429
2,734,714
57,340,882
4,108,491

In the following table we give a list of August loans to the
amount of $21,510,556, issued by 333 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" where an account of the sale is given.
Rate. Maturity.
Name.
Page.
679_ _Adams Co. S. D.67, Wash.._ - 53( d1917-1936
1936
679.. _Addyston Sch. Dist., Ohio.-- 5
6
1918-1945
679__Alba, Texas
5
773.._Alliance, Ohio
5
773 ..Alliance, Ohio (2 issues)
4%
773_ _Anderson, Ind
4% 1926-1930
679. Anoka County, Minn
1941
599W..Ardmore, 0km. (4 issues)
773_ _Ashtabula Co., Ohio (3 issues). 4%
1917-1941
5
679_ _Auburn, Calif
01926
5
773.._Auglaize County, Ohio
5 d1921-1936
958_ _Bancroft, Nob
01922
43
864_ _Bartholomew County,Ind
d1926-1936
958.._Bear Lake Co. S. D. 5, Idaho.. _ 5
43
864_ _Benton County, Ind
01941
959_ _Bethel Vil. Sch. Dist., Ohio_ __ _ 6
434
679_ _Bigger Sch. Twp., Ind
53 d1918-1936
959_ _Birmingham Ala
4% 1917-1926
679_ _Blackford County, Ind
01918
6
599.._Bloomington Sch. Twp..Ind
01927
679_ _Bloom Twp. Rur. S. D.. Ohio.... 4
434j d1926-1936
959- _Boise City, Idaho
959- _Bonneville Co.S. D.34, Idaho.. 5 d1926-1936




Amount. Price.
$1,200 100
4,000 100
25.000
120,000 108.11
13,064 106.57
35,000 101.651
25,000 100
130,000
112,000 100.87
25,000 105.824
38,000 105.339
12,000 100.25
3,600 101.805
7,000 100.071
11,400 101.578
30,000
5,544 102.723
35,500
20,000 101.855
2,400 101.166
28,000 100.576
29,286
2,000 100

[VOL. 103.

Rate. Maturity. Amount. Price.
Name.
Page.
4%
1921
864__Bracken County, Ky
$25,000 100.50
6
15,000 108.033
1917-1926
679_ _Britton Sch. Dist., Calif
95o. Buffalo, N. Y
4
1941
15,000 *100
Nob
5
4,000 100
959- _Burchard,
d1918-1926
43,500
864_ _Butler County, Ohio (2 issues).. 434
4
959.._Butler Sch. Dist., Pa
285.000
.
774_ _Canal Sch Dist. No. 15, Nov_
10,000 102.54
issues)
600_ _Canton, Ohio
4%
88,200 t 102.794
434
600_ _Canton, Ohio 6 issues
5
114,900 101.964
434,t5
774_ _Canton, Ohio 7 issues
57,600
1923-1937
864_ _Carmichael Irr. Dist., Calif.... 6
508_ _Carroll Ind. Sch. Dist., Iowa.._ 434 1921-1936 100,000 h100.427
5,100 101.637
434
01922
864_ Carroll County, Ind
5
10,000 105.26
1936
774_ Celina, Ohio
5
15,212 101.424
774_ Centerburg, Ohio (2 issues).
434
47,000 102.525
600_ Center Sch. Twp., Ind
5 d1921-1936
ló,000 101.34
080_ Centralia Sda. Dist., Ill
1926
12,000 100.625
680__Chagrin Falls Sch. Dist. Ohio.. 5
01918
5
3,660 100
774_ _Champaign County, Ohio
1946
4
100,000 100.437
774....Chester, Pa
200,000 100
959_ _Chicago, Ill
45,000 103.51
454
864_ _Chilton, Wis
5,000 101.30
864_ _Chouteau Co. S. D.61, Mont__ 6 d1921-1926
1,G00 100
864_ _Chouteau Co. S. D.62, Mont__ 6 d1921-1926
7,200 101.416
01922
434
774_ _Clark County, Ind
342,000 103.639
5
864_ _Cleveland, Ohio (2 issues)
2,000,000 102.661
01934
508_ _Cleveland City Sch. Dist., Ohio 434
112,029 101.77
774_ _Cleveland Heights, Ohio (9 iss.) 5
14,720 101.596
774_ _Clinton County,Ind.(3 Issues).. 434
01918
434
30,000 100.26
508_ _Clinton County, Ohio
5,000 102.262
68,)_ _Clinton Sch. Twp., Ind
434
5
01929
15,000
865.. _Coffeyville. Miss
12,500 101.124
43.4
508__Coshocton County, Ohio
9,000
680_ _Cottonwood S. D., So. Dak
3,000 100.933
01922
434
774_ _Crawford County, Ind
25,000 102.044
959_ _Crook Co. S. D. No. 12, Ore.__ 5
100,000 101.26
959_ Dade County, Fla.(3 issues). 5
56,000 100.107
5
01922
680__Daviess County, Ind
14,000 102.142
434
680_ _Dearborn County, Ind
2,200 100.681
43.4
600_ _Decatur Co.,Ind
19,500 100.62
01921
4
865- _Defiance County, Ohio
31,380
01922
680_Delaware Co., Ind. (4 issues) 434
39,800 101.595
434 1917-1936
601_ _Delaware Co., Ind
43,400 101.591
434 1917-1936
601_ _Delaware Co., Ind
138,800
a1922
774_ _Delaware Co., Ind. (2 issues) _ _ 434
120,800 101.711
01922
865_ _Delaware Co., Ind. (4 issues)_ _ 434
5,000 99
534
680..Denmark, Wis
300,000 101.47
959_ _Des Moines, Iowa
2,500 100
01924
865_ _Dowling Rural Sch. Dist., Ohio 5
27,000 101.80
434
865_ _Dubois County, Ind
70,000
775.._East Cleveland,0.(2 issues)___ 434
1:so,415 103.45
5
775_ _East Liverpool, Ohio
12,000 104.283
01932
865- _East Whittier Sch. Dist., Calif_ 5
8,500 102.141
680_Elizabeth Twp.Rural S.D„Ohio 5
30,000 102.033
a1922
434
865_ _Elkhart County,Ind
123,000
Tex_
2,
No.
D.
Lev.
_Ellis
Co.
601_
3,000
6 d1921-1936
680_ _Ellisville, Miss
20,000 101.777
680_ _Ellwood City,Pa
454
3,500 102.857
01920
601_ _Elmo Ind. School Dist., Mo.... 8
1,000 100.20
01917
5
865_ _Erie County, Ohio
5,000 100
1922-1931
5
775_ _Erskine, Mimi
5,000 102.66
01923
5
775__Euclid, Ohio
10,00) 100.12
1921-1936
680_ _Fairmont Townshi, Minn_ __ _ 5
350,000. 100.689
4
509_ _Fall River, Mass. 4 issues)._
48,000 103.819
a1922
865_ _Fanwood Twp. S. D., N. J___ 434
12,800 102.031
4
681_ _Floyd County, Ind
6,935 101.441
01922
4
601_ _Fountain County, Ind
109,000 101.522
865_ _Franklin Co., Ohio (5 issues)...._ 434
01928
8,000 104.58
5
601__Franklinville, N Y
40.000 104.777
434
775_ _Frederick, Md
1,700
1917-1921
865_ _French Lick Sch. Twp., Ind__ 6
15,000 100.346
4),/ 1917-1926
865__Fulton, N. Y
74,050 101.47
681__Fulton County, Ind.(8 issues). 434 1917-1926
6,500 101.342
5
NO_ _Geneva, Ohio (2 issues)
4,500 101.533
5
01924
865_ Gnadenhutten, Ohio
20.000
5
775...Greenville, Ohio
25,500 101.454
775_ _Hancock County,Ind.(3 issues) 434
12,000 104.616
d1326-1936
6
960_ -Hardin, Mont
6,260 101.597
434
775__Harrison County,Ind
21,000 100.33
4
1917-1921
681_ _Ha verhill, Mass
21,600 101.867
01919
5
866_ _Henry County, Ohio
5,000 108.11
866__Hillsborough Sch. Dist., Calif 5
141,000 103.45
434
681__Hoboken, N.J
5,600 101.651
434
866__Howard County, Ind
30,000 100.45
5 01926-1956
681_ _Huntsville, Tex.(2 issues)
40,000
5%
775_ _Irene Sch. Dist., So. Dak
99,000 101.80
5
866....Jackson, Tenn
19,100
775_ _Jackson County, Ind
50,000 102.63
5
1926-1941
681_ _Jackson County, Miss
40,000 101.547
5X 1926-1941
681_ _Jackson County, Miss
11,400
866_ _Jasper County,Ind.(2 issues)._ 4
6,200 101.435
01922
4j.
601__Jennings County, Ind
24,500 100.789
1917-1920
681_ _Keene Union Sch. Dist., N. H. 4
50,000 102.68
6
776_ _Keewatin, Minn
90,000 y102.37
4% 1917-1936
681_ _Kenosha, Wis
30,000 y101.25
1917-1926
45
681_ _Kenosha, Wm
•
60,000
5
866_ _ Kent, Ohio
75,000 101.869
1917-1946
43
681._Killingly, Conn
8,000 101.187
681_ _King Co. S. D. No. 174, Wash.. 5
2,000 100
5X d1917-1926
866_ _King Co. S. D. No.66, Wash
4,500 100.711
1917-1921
866_ _King Co. S. D. No. 5, Wash.- 5
12,000
1936
5
602.._Kosciusko, Miss
2,800 101.214
01922
4
866.. _TKosciusko County, Ind
38,000 101.407
868..-LIke County, Ind.(3 Issues)..... 43
31,000
434
866-Llkewood, Ohio (2 issues)
39,800
5
866- Lakewood, Ohio (6 issues)
10,000 101
5 d1921-1946
776 Lansford, Pa
5,000 102
5
1916-1927
682 ..Larkspur Sch. Dist.. Calif
100.79
180,000
4
issues)
(3
Mass.
866_ _Lawrence,
70,000 101.228
434
776_ _Lawrence County, Ind
15,000 100.12
1917-1919
682_ _Lenox, Mass
100,000 102.367
1946
5
776....Leon County, Fla
10,000 100.65
1921
5
682.._Lewis, Kan
3,987 100
6
776...Lexington, Ky
10,400 102.031
01921
5
Ohio
Township,
776.._Liberty
30,000 104.25
5
866....Lilly School District, Pa
01923
4,000 101.29
602.._Lima Twp.School Dist., Ohio_ _ 5
1,400.000
960....Lindsay-Strathmore Irr.D.Cal. 6
1,250 100.525
866_ _Llagas School District, Calif_
6,500 100
01922
5
682....Logan, Ohio
106.988
63,000
Calif....
5
682.._Los Banos School Dist.,
10,986 100
1926
867_ _Louisville, Ky
5,500
1927
682.._Lower Alloway's Crk.Twp., N.J 5
30,000
1918-1922
602_ _Lower Marion Township, Pa__ 4
262,538
602...Lucas County, Ohio (2 issues)-- 5
1,959
01922
6
Ohio
..McComb,
776..
50,000 103.83
01931
5
776..Madison County, Idaho
19,000 101.71
1917-1926
682_ _Madison Co. S. D. 104, Ill-- 5
5,000 106.22
867_ _McSwain School Dist., Calif_ _ _ 5
200,000 104.13
01927
4
602_ _Manchester, N. H
4,000
5%
776.._Mansfield, Wash
20,000
1936
867_ _Maricopa Co.S.D.No.11,Ariz_ _ 5
55,000 101.705
01922
776_ _Marion County, Ind.(2 Issues).. 434
48,000 101.413
01922
4
510_ Marlboro, Mass
75,000 100.782
454
682_ Marshall, Mo
48,000 101.408
01922
510...Marshall County,Ind.(2 issues) 434
11,750 101.328
01922
434
510-Marshall County,Ind
10,000 101.17
434
682_ Merrill, Wis
18,000 101.349
1917-1934
960_ Methuen, Mass
253,000 100.955
5
867_ _Miami, Fla. (3 issues)
10,000
1941
960...Miami School District, Okla__ _ 5
17,000 101.852
5
776_ _Midland, Pa
100
50,000
4
682_ _Milwaukee, Wis
90,000
01936
776__Monessen School District, Pa - 4X
100.76
18,000
5
Ohio
County,
602-Monroe

SEPT. 9

HE CHRONICLE

1916.]

957

Page.
Name.
Rate. Maturity. Amount. Price. Page.
Name,
, 776__Monroe Twp. Rural S. D.,Ohlo. 5
Amount.
$5,000 101.02
606„Zazoo-Mississippi Delta Levee
J 511- _Montgomery County, Ohio_ __ _ 4%
01925
50,000 101.56
Dist., Miss
'682_ _Montgomery County, Ohio.... 4%
$1,500,
000
01926
100
125,000
_Ziebac
963_
101.528
h County,So. Dak
867_ _Monticello, Wis
5
75,000 104.14
5
1917-1928
12,000 102.916
867.. Morgan County, Ohio
5
01921
8,800
Total
102.888
bond
sales
for
August
1916
municipali682 ..Morristown School Dist., N. J.. 4% 19
a11892
17
945
75,000 105.791
ties, covering 457 separate issues)(333
602 Moss Point, Miss
$21,510,556
6
6,000 103.766
867....Mt. Clemens, Mich
4
1917-19
33
34,000
Average
a
date
101.55
of
maturit
y.
d Subject to call in and after the earlier
603.. _Mt. Oliver, Pa
4
01938
year
20,000
and
mature in the later year. k Not including $34,647,887 of
867....Muskogee Okla
tempo100,000 101.555 rary loans reported, and which do not belong
777_ _Nashua, N. H.(3 issues)
in the list. * Taken by sinking fund as an investment. h And other consider
25,500
603_ _Navarro Co. Road D. No.4,Tex 4
ations.
180,000
5100
603_ _Navarro Co. Road D.No.5,Tex
REVISED TOTAL FOR PREVIOUS MONTHS.
100,000 h100
682....Nevada Cons. Sch. Dist., Ohio_ 5
1940-1945
15,000 104.207
The following items, included in our totals for previo
683_ _Newark. 00lo
43
24,000
us
867_ _New Boston, Ohio
5
01935
4,000 100.625 months, should be eliminated from the same. We give the
867_ _Newcomerstown, Ohio
5
9.000 102.506 page number of the issue of our paper
777.._Newcomerstown. Ohio
in
which
the
5
reason
s
3,500 100.60
961- _New Cordell, Okla
for these eliminations may be found.
1941
25,000 103.32
867....New Garden School Twp., Ind_ 6
4Y,
01923
Page.
3,000
Name.
101.075
867_ _New Philadelphia, Ohio
Amount.
5
01920
774.._Copiah County, Miss. (July list)
5,500 101.30
868_ _New School District, Calif
$50,000
6
191-1926
680.._Denmark, Wis. (June list)
1,700 101.17
511_ _Newton, Mass
4
5,000
1917-19
21
865_
_Des
6,000
Moines,
Iowa (April list)
100.50
603.. _Newton County, Ind. (2 issues) 4%
300,000
26,280 101.09/ 866 _East Baton Rouge Parish S. D. No. 9, La.(Juno list)
683_ _Newton County, Ind
125,000
5
01922
Milwauk
682
7,780
ee,
Wis.
100.14
(July
list)
868_ _North Andover, Mass
4
50,000
01926
70,000
683_ _North Braddock, Pa
We have also learned of the following additional sales for
4Y, 1921-1946 170,000 101.328
102.17
961_ -Northville, So. Dak
5
1921-19
41
5,000
previo
us
97.22
month
603__Odebolt, Iowa
s:
5
1927-1936
15,000 103.193 Page.
777-Ottawa County, Ohio
Name.
5
Rate. Maturity. Amount
01919
26,500 101.571 958- _Accomac County
Price.
683_ _Ouachita Parish, La.(2 issues).. 5
Va. (April)__ 5X d1921-1946 $10,000 . 100
500,000
100.60 679 _Akron, Ohio (13 ,issues)
868_ _Owensboro, Ky
4
4%
225,000 101.60
63,170
777--Oxford, Ohio
_Allianc
773
e,
Ohio
(3 issues, June)._ 5
43
01932
24,023
15,000 101.20
777__Parke County, Ind
773....Bear Lake Co.
22, Ida.. 5 d1926-1936
4%
01922
6,500 100
4,548 101.451 679_ _Beloit, Wis. (2S.D.No.
' 777....Parkersburg Sch. Dist., W. Va_ 5 d1926-1
issues)
43i
950 125,000 104.40
55,000
103.198
_Blaine
679_
777 ..Parnassus a
&
Custer
Cos. Sch. Dists.
4
50,000 104.822
Nos. 23 and 24, Idaho
777--Passaic County, N. J
44
5
1926
2,500
179,000 101.181 959 _Byron(T.) Un.Fr.S.D.3,N.Y
868_ _Paulding, Ohio
5
1917-1926
10,000
5,500 106.55
680__ChampaignCo.S.D.No.116, Ill_ 5
777.._Peabody, Mass
4
1928-1936
01922
19,000 105.263
10,000 101
959_ _Chillicothe Ind. S. D., Tex. 5
868_ _Perry County, Ind
4%
01922
11,200 101.65o
603...Perrysburg, Ohio
issues,
(2
June)
5
5
1936
16,000
10,000 105.018 959_ _Colfax Sch. Dist., La. (June). 5
777__Pickaway County, Ohio
10,000 100
5,000 102.70
2362_Cumberland, Md. (June)
683__Pike County, Miss
43
1928
1917-1941 130,000 100.31
100,000 102.924
774_
_Custer
Ind.
S.D..So
603._ _Polk County, Fla
.Dak.(M
ar.)
5 d1926-1936
5
1921-19
30.000
40
1,500,0
774__Da
00
100.179
nsville
,
-Pontia
N
Y (April)
961c School District, Mich
4%
1931
5,400 100.185
150,000 104.005 680_ _Delphos Cons. I. Sch. Dist., 4% 1917-1921
683....Poplar Springs S. D., Miss
12,500 102.452
Iowa (June)
• 603--Port Clinton. Onto
5
1921-19
5
01923
36
20,000
11,000
865„Eh
104.27
rhardt
Sch. Dist., So.
683-..Porter County,Ind.(7 issues) 4%
6
1936
5.000
60,800 101.554 960....Flathead Co.S. D.No.23,Caro_
961_ _Portland, Ore. (2 issues)
Mont 5 d1926-1936
6,000 100,083
33,607
775_ _Findlay, Ohio kll issues, June)_
868__Portsmouth City S. D. Ohio__ 6
5
4
01930
53,680
775„Fr
67,000
anklin
102.459
603__Posey County, Ind.(3 issues)__ 4
Sch. Twp.,Ind.
18,900 103.152
01922
25,200 101.83
960_ _Goodridge, Minn.(June)(Apr.) 4% 1917-1931
868...Posey County, Ind
4,000 102.525
01922
9,400 102.031 775.._Hancock County, W.Va.(May) 5 d1926-1
868__Pultney Twp.Ind. S. D., Ohio- 4%
5
950
50,000
1926
100
775_
_Holme
9,500
s County, Miss. (Mar.)_ 6 d1921-1941
102.105
868.. Putnam County, Ind
4%
01922
25,000
681-..Hot Springs S. D. No. 8,
5,000
683_ _Putnam County, Fla
Wyo.
6
1936
1926-1941
2,500
80,350 101.569 865..Highland Park Sch. Dist., Mich.5
777...Quincy, Mass. (4 Issues)
70,000 100.53
(June)
683--Randolph Co., Ind.(3 issues).- 4
4%
1931
4%
100,000 101.772
73,900
866.._Hoboken N.J.(June)
683...Ravalli (Jo. S. D. No. 5. Mont_ 6
4
d1926-1936
195,402 *100
4,500 104.555 866-Hysham, Mont.(2 iss. May)._ 6
603.._Ravenna, Ohio
4
d1926-1
936
10,000
20,000 100.67
776_ _Karlstad, Minn. (2 issues)........ 6
683 ..Ravenna, Ohio
4
1931
7,500
60,000
866
Kuna,
683--Ravenna, N Y
102.552
Idaho
6
d1926-1
5
936
16,000
01931
603__Re
14,000 106.50
776 Lake Charles, La. (April)
ad1ng, Ohio
,
hi
5
4%
1917-1929
1926
69,410 100
•
..Rhode Island
7,500
866
_La
Salle
101.466
Co.
S.
D
No.
280, Ill_ 5
75,000 104.05
1966
683_ _Richland Co. S. D.4, So. Caro- 5
104.586149,000 104.51
866 -Lebanon, Ill
5
5
12,000
1936
868__ Ridgeway & Shelby a.) Union
20,000 102.03
682- _Lincoln Co. S. D.No.20, N.M. 6 d1936-1946
2,500
Free S. D. No. 12, N.Y.-867_McKo
wn
Mt.
S.
D.,
So- Caro__ 6
1936
4.15 01929
2,000
603_ Ripley County, Ind
867...M
125,000
arshall County, Miss.(June). 6
100.091
19204940
4%
603_ _Ripley County, Ind
16,500 104.757
01922
867
14,200
Mayo
Sch
102.325
Dist.,
So.
Caro
6
4%
1936
6,000
01922
868....Riverside County, Calif
5,600 102.466 682 Montana 11 issues, Jan
6
7
15,680 100
868_ _Rock Co. S. D. No.
01929
682 Montana 17 issues, Feb.
30,000 101.16
36, Minn
6
5
20,720 100
868_ _Rutherford County. No.
1918-1928
682__M
5,000
ontana
100
6
issues,
March).
.__ 6
Caro..10,800 100
1917-1942
961_ _Sacramento County
75,000 101.333 682-Montana (10 issues, April) ...... 6
12,964 100
.
01940
868__St. Bernard, Ohio , Cal
682 Montana (9 issues, May)
197,344 100
6
12,079 100
4%
1946
682 Montana (9 issues, June)
683--St. Joseph County, /nd
50,000 105.31
6
12,250 100
4%
604__St. Martinville, La
18,200 101.593 867_ Monongahela Sch. Dist.. Pa- - 4%
5
80,000 104.815
1917-1926
869__St. Marys, Ohio
777 Monroe Sch. Twp., Ind
16,600
4%
01924
5
26,000 102.28
01929
684_ _St. Paul, Minn
867 Midway,Onio (April)
45,000
5
01920
3,500 109
43
1936
777__Sandusky Count , Ohio
867 Milton, Iowa
500,000 103.13
5
1920-1936
4%
18,000 100
684__Sandusky Co., OI10
26,000 100.408 867_ _Mojave S. D., Calif. (April) 6
01925
4
12,000
01919
108.426
604_ _Sangamon Co.S. D.186,Ills_
..Otero
84,000
888..
County
100.275
S. D. No. 4,
-- 4
01927
961_ _San Juan Co. S. D.
N. Mex.(May)
102.01
N. Mex. 6 dI926-1936 100,000
5 d1926-1946
30,000
684_ _San Leandro S. D.,22,
..Pelha
868..
5,000
m
Sch.
103
Dist.,
Calif
So.
Caro...
.6
5
1936
4,000
1933-1936
778__Santa Susana S. D. Calif
25,000 108.911 868_ _Pittsford (T.) Un. Free S. D.
1917-1936
961__Santa Cruz Co. H.S. D. 1, Ariz. 5
10,000 104.456
No.6. N J.(June)
4.12
5
69,000 100
961...Santa Monica. Calif
20,000
683
_Polloc
k
100
Sch.
Dist.,
La
5
5
01937
8,000 100
712,500 107.236 683 ..Port Chester. N. Y
684-..Scott County,Ind
5
4%
19174925
4,500 100.517
18,E1
684--Scott Co. Lev. D.No.2. Mo-- 6
868_ _ReevesvilleS.D. So.Caro(May) 6
1936
01924
4,000
684_ _Scranton Sch. Dist.,
868_
_Rosebu
d
Co.S.D
Pa
.No.45,
Mont_
1926
01943
1,200 100
778_ _Shelby County, Ind.(2 issues). 4X
1A8,07)15 1224 683_ _St. Clairsville, Ohio (2 issues)._ 6
1917-1926
10,862 100.416
961-Sheridan Co. S. D. 55. Mont__ 4%
21.440 101.708 777....St. George, So. Caro. (2 issues, 5
869-South Charleston, Ohio (3 iss.)_ 6 d1920-1921
4,000 100.125
May)
53 d1936-1956
20,000 100.61
869_ _South Houston, Tex
17,000
868 _St. GeorgeS. D.,So. Caro.(June)5%
6
1936
5.000
778_ _South Whitley, Ind
961_ St. John Sch. Dist., Kan
4% 1917-1926
8,000
869_ _Spokane, Wash
18.11:
..Sevier
778..
9
1(1
Co.
Dr.
100.736
D.
No.
1, Utah_ 7 d1926-1936
4X
01928
684...Star City, W. Va
68,000 100.161
300,000 100.378 869....Stearns County, Minn
4,465
604_ _Steuben Co.,Ind.(3 issues)---- 4%
8,000 y102.712 778...Stowe Township, Pa
4%
1918-19
684 __Steubenville, Ohio
30,520
869__Summerton, So. Caro.(May) 5X d1936-1 45 140,000 102.571
5
956
a1920
6,000
604_ _Stevens Co. S. D. 19,
105,000 106.39
869_ _Swansea S. D.No.37, So. Caro 6
1936
1926
t+,000
604_ _Stevens Point, Wisc Minn- _ _ _ 5
869_
3,000
_Switzer S. D., So. Caro
100
6
5
1936
01926
3,500
604._Sullivan Co.,Ind
20,000
778__Te
rrace
Park. Ohio (March)..... 5%
105.395
4%
01926
2,500 102.40
869_ _Sumas, Wash
36,280 102.149 869_ _Tallapoosa, Ga.(3 isswy.:, May) 5
5X
65,000
778_ _Sweetwater, Tex
869....T
aylors
S.
D.,
So.
Caro
5
5
1931
1956
7.000
962_ _Tazewell County, Va
9,085
0,000
684- Waynesfield, Ohio (2 issues)._
5
23.350 100.435
10,000
684_ West Liberty V. S D. Ohio_
962....Texas (42 issues)
5%
5
2,200 100.863
869....The Dalles, Ore
107,050 100
962 _West Marion Twp., Ill
5
01919
45,000 100.43
50,000 100
684-Tinnecanoe County, Ind
4%
All the above sales (except as indicated) are for July.
01922
14,400 101.701
604--Tipton Co.,Ind.(2 issues)
4%
684_ _Tipton Co.,Ind
9,420
These
101.587
additional July issues will make the total sales (not
5
01919
778__Trenton, N.J
7,170 100.111
43i
1946
604....Trimble Co., 1Cy
16,000 107.789 including temporary loans) for that month $32,769,613.
5
1945
778--Twin Valley, Minn
45,000 101.77
DEBENTURES SOLD BY CANADIAN MUNICIPALI
5
1926-1933
TIES IN
604..-Union (T.) Sch. Dist., N.
8,000 100.762
AUGUST,
Y
4.15 01937
778--Utica, N. Y.(2 issues)
40,000 100.41
Page.
Name.
4
Rate. Maturity. Amount.
684- _Vanderburgh Co.,
27,000 100.055 963--Alberta Sch.
Price.
Ind
DLsts.
(5
4%
01922
962- _Vanderburgh County,
5,400 101.666 963_ _Anderdon Twp.,Out. issues)._ 7
$5,150
Ind
(2 issues)_ 5% 1921-1926
778_ _Van Horn Ind.
2,250 101.166 779 _Arthur, Ont
8,084 100
45
962_ _Vernal. Utah S. D., Iowa__
1922-1936
6
1946
28,000 103.571 963_ _Assinibola, Sask
15,000 106.406
5%
63, 1917-1946
962-Vermilion County,In
23,500
68,000
964 _Assiniboia, Sask
d4
6% 1917-1931
684_ _Vigo County, Ind.(2
3,000 101.60
17,000
514_
_Bramp
issues)
ton,
_
Ont
__
4
..Wabas
6
h
County, In
51218,550 101.552 871 _Brockville, Out
24,000 , 103.68
43/i
44
5
605_ _Wabash Sch. Twp
1926
40,000 102.287 685_
4,500
_Builth Sch. Dist., Sask
1917-1925
7
684_ _Wadena Co. S. D. No. 1,
1917-1926
16,000 100.137 685-Ceci
1,500
l Sch. Dist., Man
Minn_ 4
870__Wainut Ridge Water
5
7
1917-1931
17,000 103.52
1,200
685_
Works
_Clifton
&
Bank
Sell
D., Sask__
Sewer Dist. No. I, Ark
7
1917-19
26
1,600
606_ _Creemore, Ont
6
1917-1946
75,000 99.75
684-..Walnut Sch. Two., Ind _______ 5%
16,000 103.636
A_Drinkwater Sch. Dist., Sask.__
01922
684_ _Warren Twp., Ohio_______ -gn
1917-1936
13,000 102.215 685..
12,000
779...East Kildonan Rur. Mun., Man.6
01919
5%
870_ _Warrick County
5,000 100.62
, Ind _,_______ 4%
17,225 95.80
779...Franklin Rur. Mun., Man
5%
605- _Warsaw Sch. Dist., Ohio __ 5
1936
2,250 101.151 779_
100,000 100
_Grand Marais S. D., Man
. 778_ _Washakie Co.S. D. No.6,Wiii;_ 5
01923
,
1.800
.918 685..
ton, Ont
778_ _Washakie Co.S. D.No.6,Wyo_
d1926-1941
5
8,000 5103.625 779_ ..Hamil
202,000
5 d19
_Hebron Sch. Dist. Man
605....Wayne County, Ohio
a3119
19
6
941
1916-19
14,000
36
3,500
5103.636 779_ _Ladywood Sch. Dist.. Man.....
5
778_ _Wayne County, Ind
.
_ 7
1917-1931
17,500 101.051 685_ _Marcliff Sch.
2,000
4%
Dist., Sask
870_ _Watery illo vii. S. D. Ohio
7
1917-1926
175,300
1,000
779_ _Milton, Out
5
19
a118605..-Wellin
9311921
6
n Sch. Dist., Ohio__ _ _ 5
1917-1926
2,000
5,000 101.83
871...M
ilton.
Ont
778- _West, Texas
6
1946
55,000
15,000
104.337
104.61
_Minto
871_
6
Twp Out
513_ _West Unity, Ohio
1918-1938
5% 1917-1936
13,000
1,853
871_ _Nelson, B. C
5
870.._White Township, Minn
14,000 101.28
30,000
6
685...N
ew
Glasgow
,
N.
S
870_ _Whitley County, Ind
01919
5
1926
27,000 5100.30
12,500 97.27
4%
685_ _Normandin Sch. Dist., Man
870_ _Williamsburg, Va
7
1917-1931
7,984 102.229 779__Oxbow,
1,200
5
Sask
778...Windber,Pa
1946
6
1936
30,000 100
12,000
4%
685_
_Palmer
ston
S. D.,Sask
7
513- _Wood County, Ohio
1917-1926
20,000 101.655 871_ _Peterborough,
1,200
Ont.
(6
issues)_
513__Wood County, Ohio (4 Issues).. 5
60,000 101.60
196,705 97.181
963...Petrolia, Ont.(2 issues)
.5
6
779__Yolo County, Calif
210,000 100.947 779__Point Edward
9,200
103.36
5
, Out
1917-1936 20
779__Yorkville Rural S. D., Ohio.
6
191.74926
30
5;000 106.593 606-Portage La Prairie
7.000 102.062
-- 5
S. D.No. 10,
Man]
6
1917-1936
35,000 99.802




2

THE CHRONICLE

958
Rate.
Name.
Page.
53.i
685_ _Preston, Ont
4,
No.
Dist.
Sch.
Public
871_ _Regina
6
Sask.(2 issues)
963_ _Saskatchewan Sch. Dists.(8 is.) 7
779...Tilbury, Ont
6
963.._Virden, Man
5
685__Walkerville, Ont
779.. _Wentworth Sch. Dist., Man.__ 6
6
685_ _West Lorne, Sask

Maturity.
1917-1936

Amount. Price.
$20,000 100

1917-1926
1917-1926

12,000
10.000
4,000 102.70
8,000
97.66
25,000
99.25
10,000
6,500 101.06

1917-1936
1917-1926
1917-1936
1917-1926

$789,567
Total debentures sold in August
US MONTHS.
ADDITIONAL SALES OF DEBENTURES FOR PREVIO
Price.
Rate. Maturity. Amount.
Name.
Page.
1,000
1017-1926
6
685_ _Milestone, Sask. (July)
53,000
1946
6
685_ New Toronto, Ont. (July)
26,000
1946
685_ _New Toronto, Ont. (July)

These additional issues will make the total sales of debentures for that month $2,849,864.

News Items.

[VOL. 103

Maryland (State of).-Propositions to be Submitted
General Election in November.-The voters at the general
election in NoVember will have submitted to them a propooamendment to Section 52 of Article 3 regulating the makin6
of appropriations by the General Assembly in regular session.
At the same election a proposition (Chapter 30, Acts of 1916),
will be voted upon in the City of Baltimore, Baltimore
County, the 1st and 3d Precinct of the 5th District of Anne
Arundel County, Annapolis City, Allegany County, Washington County, Frederick County, Prince George's County
Ellicott City and Havre de Grace, each as a separate political
unit,to determine whether or not the sale, manufacture for
sale and transportation for sale of alcoholic, spirituous,
vinous, malt and intoxicating liquors shall be forever prohibited in the said political units above designated, respectively, from and after May 1 1918.
Massachusetts (State of).-Propositions to Be Voted on
in November.-The following questions will be submitted to
the voters in all cities and towns throughout the State at the
general election on Nov. 7:

d to Stock
British Government.-New 5% Loan Admitte
Sept. 7
on
e
Exchang
Stock
York
New
-The
List.
e
Exchang
5% loan for
to ascerAcceptance of Chap. 98, General Acts of 1916, entitled "An Act
admitted to its list the $250,000,000 2-year
& Co. on tain
and carry out the will of the people relative to the calling and holdb
which payment in full was made to J. P. Morgan
n."
onal
of
conventio
a
constituti
.
columns
editorial
our
1916, entitled, "An Act to
Acceptance of Chap. 104, General Acts oflegal
Sept. 1. See more detailed reference in
holiday."
Jan. 1, known as New Year's Day, a
War make
entitled "An Act to
Canada (Dominion of).-Announcement of New
Acceptance of Chap. 179, General Acts of 1916,
voting in the primaries of
from
made
is
e
party
referenc
political
of
week
sale
this
voters
the
prevent
columns
l
Loan.-In our editoria
another political party.'
to the recent announcement by the Assistant Receiver-Genvoters of all cities will also be given an opportunity
eral that the terms of the second domestic war loan would toThe
on the acceptance of Chapter 185, General Acts of
vote
9).
(Sept.
be made public to-day
"An Act to authorize cities to maintain
entitled
1916,
Chattanooga, Tenn.-City Not to Exercise Option to Pur- schools of agriculture and horticulture."
chase Local Water Co.-Newspaper reports state that the city
New York City.-Syndicate Disposes of Last of Bonds Sold
through its Board of Commissioners, will formally decline to
Co.
Public Sale.-Announcement was made last week by the
at
Water
City
the
of
e
purchas
the
for
option
its
exercise
rs
e that underwrote the 0,000,000 43% 50-yeaAppraise
of
syndicat
Board
the
by
set
price
the
that
ground
the
on
be
e stock offered at public sale on April 19, together
will
corporat
There
.
question
the
of
out
is
00,
$2,600,0
,
recently
,000 43% 15-year serial stock, that the whole
no further opportunity for the city to purchase the plant by with $15,000
been disposed of. Permanent bonds of this
now
had
issue
995.
.102,p.
1921.-V
before
stated,
is
it
route,
ion
arbitrat
the
ready for delivery in exchange for the temnow
are
issue
ct
-Distri
Tex.
Dallas County Levee District No. 1,
porary certificates at room 851, Municipal Building.Dissolved.-This district was, according to local papers,
V. 102, p. 1557.
in
Foree
formally dissolved on Aug. 28 by Judge Kenneth
Voted
Springfield, Mass.-Revision of City Charter to Bewill
quo warranto proceedings in the Fourteenth District Court.
be
voters
the
er
Novemb
in
election
general
was
the
it
and
-At
On.
stated,
The proceedings were not contested, it is
of accepting
favor
in
are
they
not
or
whether
decide
to
brought
asked
who
announced to be the intention of the persons
Chapter 371, Special Acts of 1916, authorizing a revision o"
about the formation of the district to form a new district,
a
to
the city charter.
objected
which
of
owners
which will eliminate land the
West Virginia (State of).-Proposed Amendments totax rendition sufficient to carry the $110,000 bond issue
1647).
p.
102,
(V.
tion.-Two proposed amendments to the constitu
22
April
Constitu
on
authorized by the voters
voters on Nov. 7. One of
The levee was the first proposed in this county and was tion will be submitted to the 8,
and relates to the county
River
Article
Trinity
23,
the
on
Section
to
work
is
these
similar
with
intended to connect
Section 1 of Article 4amend
to
is
proposal
other
The
courts.
in Ellis County.
.
was
suffrage
acre
an
equal
$60
for
of
provide
average
to
an
as
at
so
land
the
of
n
A valuatio
necessary to, support such a bond issue. Some property
owners claimed that valuation too high.
Bond Proposals and Negotiations thisweek
The proposed new district, it is said, will have about 6,000 have been as follows:
-The
acres. The one dissolved included over 7,000 acres.
ACCOMAC COUNTY (P. 0. Accomac), Va.-BOND lSALE.
Dist. road5-30-yr. (opt.) coupon tax-free Atlantic Magisteria
for
par
at
awarded
were
Henderson, Ky.-Commission Government Election.-A $10,000
102,_p.
13681
impt. bonds offered on April 25 (V.
$6,000 to D. J. Whealton of Salisbury and proposition to adopt the commission government plan will, 5345 on that day as follows:
20
Date
May
$100.
Denom.
City.
Pocomoke
of
election
Hall
T.
$4,000 to Julius
according to reports, be voted on at the general
1916. Interest M. & N.
SALE.
ND
in November.
Md.-BO
nd),
NY COUNTY,(P. 0. Cumberla
bonds-V. 103, p.1
Constitution OnALLEGA
% 12-year aver, coup. school
Sept. 5 the $75,000
Illinois (State of).-Proposed Amendment to Novembe
Co., Baker, Watts & Co.
679-were awarded jointly to Nelson, Cook &
r.
in
d
Submitte
be
to
Law
103.81.
at
and to General Banking
Townsend Scott & Son, all of Baltimore
submis- and
The other bidders were:
Provision was made by the 1915 Legislature for theer
CumberBrown & Sons, Balt___103.391Second Nat. Bank,
the
Alex.
of
Novemb
in
102.659
election
land
sion to the voters at the eneral
Bait. Tr. Co., Baltimore..___102.819
the
to
and
tion
.
J.
&
constitu
J.
the
Interest
to
ent
1916.
1
July
Date
following proposed amen
VOTED.-The questions
ALMA, Gratiot County, Mich.-BONDS
general banking law:
$40,000 sewer bonds-V. 103, p. 773-

section, to be known as of issuing the $60,000 water and
474 to 66, respecAmendment to Article 9 by adding an additionalpower
over the subject- carried at the Aug. 29 election by votes of 469 to 72 and
Section 14, so as to give the General Assembly
complete and unrestricted as tively, it is reported.
matter of taxation of personal property as
ND SALE.-On Aug. 3 the
Article 9 did not exist, provided
they would be if Sections 1, 3.9 and 10 of
BANCROFT, Cuming County, Neb.-BO
as to persons and prop(opt.) electric-light bonds (V. 103, p. 338)were
that taxes upon personal property must beonuniform
imposing the same $12,000 5% 5-20-yr.
body
the
of
of Denver at 100.25.
Co.
Trust
jurisdicti
the
merican
within
German-A
class
same
the
the
of
erty
be revocable awarded to
and all exemptions from taxation to be by general law and to
Denom. $500. Date July 1 1916, Int. J. & J.
ELECTION.-An
by the General Assembly at any time.
-BOND
Fla.
g corporaBAY COUNTY (P. 0. Panama City),
Amendment to Section 2 of the general banking law concernin
the question of issuing
election will be held Sept. 19, it is stated, to vote on
tions with banking powers.
bonds.
truction
$375,000 road-cons
SALE.-On Sept. 5 the
Italy (Government of).-Redemption of One-Year ConBAYHEAD, Ocean County, N. J.-BOND
to II. L. Crawford & Co.
to-day's
of
pages
sewer bonds-V. 103, p. 679-were awarded
ing
advertis
5%
the
-In
Notes.
for $60,000. Denom. $1,000.
vertible Gold
(101.707)
$61.025
of
bid
their
on
Y.
N.
of
on Oct. I from 1917
1 1916. Int. A. & 0. Due $2,000 yearly
issue the announcement is made that the 6% one-year con- Date Oct.
to 1946 incl.
NOT SOLD.
vertible gold notes of this Government will be redeemed on
-BONDS
Ohio.
BAY VILLAGE, Cuyahoga County,for the two issues of 43i% Lake
Reports state that no bids were received
Oct. 15 1916.
,
679
103,
P.
31-V.
Aug.
on
offered
$72,267
ng
Road impt. bonds aggregati
N. J.-BOND OFFERING.-Bids
Lawrence, Kan.-Attorneys Hold Water-Works Bonds IiBEACH HAVEN, Ocean County, by
for
Clerk,
Borough
A. P. King,
11
will be received until 8 p. m. Sept. ment
legal.-The $175,000 municipal water bonds recently issued
bonds, it is said. Interest semi5% 25-year street-improve
by the City Commissioners for the purpose of buying theg $25,000
Certified check for 2% required.
annual.
T NO,5, Idaho.-BOND
property of the local water company, are illegal, accordin
BEAR LASE COUNTY SCHOOL DISTRIC
bonds
issue of $7,000 5% 10-20-yr. (opt.) building
to Topeka papers, in an opinion received on Sept. 1 from SALE.-On Aug. 19 anGerman
of Denver for $7,005
Co.
Trust
-American
were awarded to the
Int.
1916.
1
Aug.
Chicago bond attorneys and experts. The further opinion (100.071)
00. Date
.
and blank bonds. Denom. $5
is that the city has no authority to issue the bonds.
F. &A.
T, Warrensville Township,
In view of this opinion, the Mayor, it is stated, will refuse
BEE HIVE RURAL SCHOOL DISTRIC
VOTED.-At the election held
Cuyahoga County, Ohio.-BONDS
to sign the bonds, which had been sold to a local bank, ande Aug.
it is stated, by a vote of 59 to 54.
carried,
bonds
school
$50,000
the
26
the matter will probably be carried to the State Suprem
-BOND ELECTION PROBELLEFONTAINE, Logan County, Ohio.election a proposition will
by
Court for a decision, through a mandamus suit broughtbuy
-It is stated that at the November
POSED.
to
for the issuance of approximately $50,000
probably be submitted providingmunicipal
the water company asking that the city be required
gas and water plants.
to the
the plant as agreed. If it is finally decided that the city can- bonds for improvementsCounty, Ohio.-BOND OFFERING.-Proposals
BELLEVUE, Huron
not'buy the plant under existing laws, an effort will be made, will
H.Robinson, City Auditok, for
Fred
by
be received until 12 m. Oct. 2
it is said, in the 1917 Legislature to secure the enactment of the following 5% coupon bonds.ent bonds. Denom. $500. Date July 1
improvem
the
$3,000 Cemetery St.
a law similar to Chapter 101, Laws of 1905, which
1 from 1918 to 1927, inclusive.
1916. Duo $500 yearly on Jan.
Denom. $400. Date Oct. 1 1916.
attorneys say has been repealed.
4,000 storm water-sewer bonds.
1918 to 1927. inclusive.
from
result
1
the
Jan.
Due $400 yearly on
Two referendum votes have already been taken,
semi-annual. Certified check
Auth., Sec. 3939, Gen. Code. Interest
bid for 5% of bonds bid for paythe
making
in each case being in favor of the purchase. Preliminary
one
the
than
on a bank other
to be delivered and paid for
Bonds
alhad
required.
system
able to the City Treasurer. award. Purchaser to pay accrued interest.
plans for improving and extending the water
within ten days from time of
been made.-V. 103, p. 510.

ready




SEPT. 91916.

]

THE CHRONICLE

959

- BERGEN COUNTY
(P. 0. Hackensack), N. J.-BO
3ept. 6 the 434% 634-year
ND SALE.-On
aver, jail bonds
CIRCLE VILLE,
to R. M. Gran
103, ro. 773-were awar
away County, Ohio.-BO
t & Co. of N. Y. on their-V.
ded Sept. 1 the five issuePick
ND SALE.-On
bid of $49,021 84 (102.
s of 5% coup, bond
34,8,,000. The other bids were.
128) for p. 774-were awar
s aggregating $34,000-V.
ded to Breed, Ellio
103.
tt & Harrison of Cinci
990 50-equal to 102.913.
nnati for $34.Amt. of Bonds. Price
liornblower & Weeks, New York
The
other bids were:
Bid.
3.8. Ripple & Co., Newark
$48,000
Premiums Offered.
$49,003 20
Harris,-Forbes & Co., New York
48,000
$1,500 $7,500 $5,000 315,
49,016 00
500 $4,500 $34,000
Hackensack Trust Co.,
49,000
49,836 49 Seasongood & Mayer, Cin_ Street. Street. Street. Street.Lib
ensack
rary. Tot.Iss
People's National Bank,Hack
_
48,500
Hack
49,1
ensa
Durf
02
36
ck
ee,
Niles & Co., Toledo $-7Reilly, Brock & Co., Philadelph
49,0
00
6531
49,820 30 Pr. S. B. & Tr. Co., Cin_
9425312100 $403-00 - _- 3193 33
ia
Rutherford Trust Co., Rutherford
49,000
- 49.656 60 Ohio Nat. Bank, Columbus
Geo. B. Gibbons & Co., New
663-011
49,000
49,994 70 Tillotson & Wolcott
York
Co.,
Cummings,Prudden & Co..
Cle.
702 08
49,0
Par
00
33 75
49,312 00 Fifth-Third Nat. Bk., Cin_
New York
8
10
151 55
49.000
49,560 07 Stacy & Braun, Toledo____ 1 50 188 25 125 50 442 50 75 15 832
' BETHEL VILLAGE SCH
90
OOL DISTRICT (P. 0.
W.L
L. Slayton & Co., Tol__ 12 65 193 25 137 05 430 05 87 35 860 35
County, Ohio.-BOND
Bethel),
30 163 50 113 50 351
85 77 40 706 55 •
aver, school bonds-V. SALE.-On Aug. 31 the $30,000 6%Clermont Third Nat. Bank,Circleville _ _ _ 162
243400
103,
yr.
First
P.
-wer
773
Nat.
e
awar
Bank
ded to J. C. Mayer
of Cincinnati. It is stated.
. Circleville 18-95 198 25
100 50
_ _
& Co.
140-50 390-50 100 80 849
-00
CLARK COUNTY (P.0.
BIDDEFORD, York Coun
Jeffersonville), Ind.-BO
ty, Maine.-TEMPORAR
John
R.
Scott
ND
Sept. 6 a loan of $20,
,
Co.
OFFE
Treas., will receive bids
RING.
Y
LOA
N.
000,
matu
--On
until
ring
Oct. 16 1916,
issue of $9,000 434% 636-yr. aver.
10 a.
Grafton Jr. of Boston
Sept. 14 for an
Wm. H. Richardsonm.
at 3% discount, it is stated. was awarded to H. C. bonds in Silve
et al. road-impt.
r Creek Twp. Deno
m. 3450. Date Aug.
M.& N. Due $450 each six mont
BIRMINGHAM, Ala.-BOND
7 1916. Int.
hs from May 15 1918 to
$35,500 534% gold city public imptSALE.-On Aug. 1 this city issue
Nov. 15 1927 incl.
. bonds. Denom. $500.
d
COC
Brevard County, Fla.-BO
1916. Int. semi-annually,
Date Aug. 1 be receiOA,
ND
Due Aug. 1 1926, subje
OFFE
RING
.
ved
until
-Pro
ning Aug. 1 1918.
posals will
9 a. m. Sept. 11 by H. L.
ct to call yrly. begin
Maxwell, City Clerk, for
- $35,000 6% coupon India
n River bridge const
the
r. bond
of 54 to 9 at the election held
BLACKFORD COUNTY
Feb. 19. Denom.$500.s authorized by vote
(P. 0. Hartford City), Ind.
Int.
-On Sept. 4 the $8,000
M.
Date
&
N.
May 1 1916.
Due $7,000 May 1 1921, 1926
-BOND SALE.
road
434%
bond
s
-V.
, 1931, 1936 and 1941. A
deposit (cert. check or bond)for
to J. P. Cronin for $8,139-equ
103,
773-were
2% of bonds bid for requi
al to 101.737. Otherp.
.rerch. Nat. Bk., Muncie_38,13
red. The validity,
bids were. awarded of these bonds has been approved
1 25 Flet.-Amer. Nat. Bank
zeed, Elliott & Harrison....
cuit Court of Fla., as shown by by the Judge of the Seventh Judicial Cir,
Ind_
8,131
his
_38,1
decre
00
21
Mille
e
valid
r
& Co
ating and confirming said
it. L. Dollings Co
bonds. Taxable values of city
8.12
5 00 First Nat. Bank
8,115
$308,738.
J. F. Wild & Co
COFFEE COUNTY (P. 0.
8,125 00lAmer. Mtge
. Guar. Co_ _ __ 8,105 PROP
Manchester), Tenn.-BOND
BLACKLICK TOWNSHIP SCH
OSED.-An election will be
8,100
OOL DISTRICT (P.
held during the winter, it is ELECTION
-lambria County, Pa.
vote
on the proposition to issue road-c
reported, to
0. Expedit),
-BO
OFFERING.-Blds will
onstruction bonds.
7 p. m. Sept. 16 by R. B. ND
be
recei
Carn
ved
ey, Sec., for an issue
COLFAX SCHOOL DISTRICT
until
school bonds.
of $21,000 434
(P. 0. Colfax), Grant Pari
% -BOND SALE.-R. J. Edwards of Okla
La.
homa City was awardedsh,
BOISE CITY, Ada County,
and int. on June 27 the $10,
at par
Idaho.-BOND SALE
000 5% school bldg. and equi
are the bids received for the
.-The following (V. 102, p. 2361). Denom.$250
pmen
t
bond
$29,2
s
85
91
.
Date July 8 1916. Int. annual
10-20-yr.(opt.) Local
Dist. No. 22 paving bonds offer
in Feb.
Impr
ed on Aug. 29(V.
COLUMBIANA COUNTY (P.
Guardian Trust Co., Denv
103, p. 508): ovement Sept.
0. Lisbon), Ohio.-BOND
er-Premium $255
1
the
SALE
$155
bonds furnished free of charg
.
,500
-On
06% road bonds-V. 103, p. 774-were awar
int. at 434%, blan
e. Or premium 74;
k the Ohio Nat. Bank of Columbus
furnished free of charge,
ded to
$333 99 and
, it is reported, for $156
k bonds to 100.715.
,612 50-equal
of 33,000 each year fromprovided bonds become due seriallyblan
at
the
the
tenth
rate
to
the
date, inclusive, and $2,2
nineteenth year from
CONSTANTINE, St. Joseph
85
91
their
County, Mich.-BONDS
due twenty years from
'
-uon both the above bids,
their date. And -Reports state that the question of issui
DEFEATED.
ng $10,000 bond
exchange and collection in addition to the purchase price, will
a recent election by a vote of 73 "for
pay
charges for delivery of the
" to 108 "against." s was defeated at
Denver.
bonds to them all
COS
HOCTON, Coshocto
at
E. II. Rollins & Sons,
ty, Ohio.-BOND SALE.
Denver-Int. 06%,par and
the two issues of 434% streent Coun
-On Sept.1
(100.067). Or int. 57,
assess, bonds aggregatin
g
par and a premium of a premium of $196.22 p. 774-were awarded to the Cosh
00-V. 103.
Carstens & Earles, Inc.,
octo
$962.
n Nat. Bank of Cosh$7,5
921
100.373) and int., it is said.
103.288).
Seattle-Int. 5%, par and a
octo
n for $7,528
Lumbermen's Trust Co.,
Portland-Int. 5%, par, premium of $645.
CROOK COUNTY SCHOOL
charge and a premium of
blank
bond
s
free
of
DISTRICT NO. 12 (P. 0.
$733.
-BOND SALE.-On Aug.
Hanchott Bond Co. ChicagoBend), Ore.
28 the
Int. 5%, par, blank bonds
00 5% building bonds were
and a premium of
free of charge at 102.044 to G. E. Miller & Co. of$25,0
'
$461.
sold
Portland, it is stated. Thes
were authorized by vote
James N. Wright &
e bonds
Co., Denver-Int. 5%, par
of
43 to 3 at the election held
and a premium of $301;
blank bonds free of charge.
Aug. 25.
DAD
E
COU
NTY
(P.
0. Miami), Fla.-BOND
Spokane & Eastern Trust Co., Spok
the three issues of 5% bond
ane-Int. 5%, par, a prem
s, aggregating $100,000 SALE.-On Aug. 26
$459 79 and blank bonds free of charg
ium of awarded, it is state
(V. 103, p.
e.
d, to Stacy & Braun of
Aeil, Roth & Co., Cincinnati
Toledo at 101.26. 600), were
-Int.
5%,
par,
a
premium of $366 10 and
'bond blanks free of charge.
DAN VILLE, Pittsylvania
County, Va.-BOND OFF
rris Brothers, Inc., Portland-Int
detai
ls
are
at
BRING.-Further
hand relative
. 5%, par, a premium
blank bonds free of charge.
of $86 and bonds (V. 103, p. 865). to the offering on Sept. 15 of the following 434%
German-American Trust Co.,
$75,
000
schoo
l-i
Denv
mpro
er-I
vement bonds. Due $3,0
nt. 5%, rate of 100;
of 101.50; 6%,rate
25,000 refunding bonds "F.'
00 yearl for 25 Years
534%, rate
103.40.
.
John E. Price & Co.,of
Due $1,000 yearly for y25
Proposals will be received
years.
le-Int. 5%, par, a prem
until 12 m. on that day
blank bonds free ofSeatt
ium of $781 93 and City .Auditor. Deno
charg
by Robert Brydon,
e.
m. $1,000. Denom. $1,00
Pacific National Bank,
Int.
semi0. Date Oct. 1 1916.
annually at the City Treas.
e-Int. 5%, par
Union Trust & Savings Bois
a premium of $50.
office. Cert. check for
Issue required. Bids
Bank, Spokane-Int.and
2%, of each
may be made
5%, par, a premium
and free bonds.
either or both issues. Bond
of $275 $1,543,700. Sinking fund, $54,827for
ed debt
Bellan Investment Co., Denv
67.
Asses
s.
val.
Offic
ial
1916-17, 317.696,333.
circular states that no defau
lt
blank bonds free of charg er-Int. 5%, par, a premium of $252
has
ever been made by the city
55 and payment of ooligations, principal and inter
in
The bonds were awardede.
est.
to the Guardian
DAWSON, Lac Qui Pane Coun
bids provided for the
ty, Minn.-BOND OFFERING
payment of accrued interTrust Co. of Denver. All posals will be
recei
est.
.-Proved
8 p. m. Sept. 16 by,J. C. Hans
BONNEVILLE COUNTY
for $25,000 5% 20-yearuntil
on, City Clerk
sewer bonds authorized
SCHOOL DISTRICT NO.
daho Falls), Idah
by vote of 178 to 92 at the,
34 (P. 0. election held Aug. 28. Denom. $1,00
pt.) building bondo.-BOND SALE.-On Aug. 31 the $2,000
0.
Date
semiOct.
ann.
1
int.
1916.
at
10-20-yr.
Prin.
the Minnesota Loan & Trus
were awarded to the State
mom. $200. Dates July
t Co. of Minneapolis. and
11916. Int. J. & J. of Idaho at par for 5s.
DEFIANCE, Defiance
County, Ohio.-BOND SALE
BOSTON, Mass.-TEMPO
the $31,925 434% coup
.
-On
Sept. 5
on
RAR
fundi
Y
LOA
ng
N.-During August this
bonds-V. 103,
gotiated a loan of $2,00
to Seasongood & Mayer of Cinci
774-were awarded
0,000 maturing
nnati for $31,990 (100.
nds' at 3.35%
2 1916 with the "Sinkcity bids were.
p'203) and in
interest. Date Aug. 1 Nov.
Other
ing Halsey,
1916.
Stuart & Co.,
BROOKFIELD TOWNSHIP
ago
Provident Savings Bank Chic
RURAL SCHOOL DISTRICT
ull County, Ohio
331,956 00
& Trust Co., Cincinnati
,
Trum
.
-BO
ND
SALE
.-On Sept. 1 the $6,500
aver. school bonds-V.
31,943 78
DELAWARE COUNTY (P.
4-yr.
0. Munc
Harrison of Cincinnati 103, p. 773-were awarded to Breed, 5%
Ind.-BOND SALE.-On
Elliott & Sept. 5 the three issues of 434% 534-yearie),
101.04 and int-a basis of abou
aver, highway impt.
Niles & Co. of Toledo at
t 3.72%. Durfee,
gregating $38,800-V. 103,
bond
bid $6,531 75.
s, agp. 865-were awarded to the Dela
Nat.Bank of Muncie for $39,4
BUFFALO, N. Y.-BOND OFFE
71 50-equal to 101.730. The ware County
the other bidders and the
RING.-Bids will be
follo
wing
11 a. m. Sept. 12 by John
were
prem
iums
of
for each issue.
F. Cochrane, City Compt., received until
months' deficiency bonds.
for $12,000 4%,
$10,000
Date Sept. 15 1916. Prin.
$10,000
$18800
e July 1 1917 at office of City
and
Mille
int.,
r
Rd.
pay- Merchants' National Bank,
Brown Rd. Norris Rd.
t., or at Hanover
tit purchaser. The opinion Comp
Muncie
Bank, N.
$177 25
Fletcher-Amer. Nat.Bank,Indpl
the City CorporatioNat.
$177 25
$312 25
hod, certifying that the abovof
n Counsel willY.,
s
167 76
e bond is a binding
be J. F. Wild & Co., Indianapol
161 50
ust be accepted as unconditio
301 50
oblig
is
ation
of
the city Miller & Co.,Indianapol
163 00
171 50
will be delivered to any Buffa nal proof of the validity of the
290 00
is
lo
143
issue
Bree
00
bank
.
d,
or
Ellio
143
tt
00
trust
& Harrison, Indianapolis_ust be paid for in full on that
265 00
company on Sept.
160
day.
00
15
160 00
D SALE.-During the mont
310
00
DEN
NIS
O'NAN DRAINAGE DIST
h of August the City
in trust for the Sinking
RICT, Union County (P.
s at par an issue of Comptroller pur- Morganfield), Ky.-BOND OFFERING.-G.
0.
refunding bonds. Date Fund
T.
Higginson Jr., Secretary
315,000 4% 25-yr. of the Board of Drainage Comm
Aug. 1 1016. Due Aug.
issioners, will recei seale
1 1941.
1 p. m. Sept. 16 for $52,500
d bids until
URCHARD, Pawnee Coun
6%, 2-11-year serial coupve
ty, Neb.-BOND SALE
Denom. $250 and $500
on drainage bonds.
n issue of 34,00 5% 2-10. Date July 1 1916.
.-On Aug. 30 at
yr.(opt.) electric transmissi
Interest annually (July 1)
the
Peopl
e's
awarded to the 0Burc
Bank
& Trust Co. of Morganfieid.
on line bonds were
hard
Bank
at
par.
2
Duo
to 11 years, inclu
Denom. $500. Date
$5,250 yearly from
1916. Interest F. &
Certified check for 2%,
A.
Aug. 15 Secretary, required.sive.
payable to the above
The district has no indeb
BUTLER SCHOOL DIST
tedness. Assessed valua
tion, $175,000. The oeri
ng
RICT (P.O. Butler), Butler Coun
of
these
BOND SALE.-On
bond
s
was
inadv
last
erten
week's "Chronicle," page 869, unde
ty, pa.___.
Aug. 28 the issue of $285,
reported in
awarded to Lyon, Singe
r the head of Uniontly
County, Ky.
r & Co. of Pittsburgh, it000 4% school bonds were
DES MOINES, Iowa.-BO
is reported-V. 103,p.774
ND
SALE
BYRON (Town) UNI
.-On Aug. 31 the $300,000
. ing bonds (V. 103,
fund865) were purchased, it is
Byron), Genesee Coun ON FREE SCHOOL DISTRICT NO.
stated, by A. B. Leac
ty, N. Y.-BOND SALE
3
p. ,412 (101.47) and int.
h&
0. Co. of Chicago for $304
N. Y. purchased on
.-Farson, Son &(P.
Co. of
DUBOIS COUNTY (P.
31,000. Date Aug. 1July 24 an issue of $10,000 5% reg.
0. Jasper), Ind.-BOND SALE
s. Denom, the $9,000 434% road
$1,000 yrly. on Jan. 11916. Int. ann. on Jan. 1 in N. Y.bond
.
-On
bond
Sept.
s
-V.
5
excha
103,
from 1917 to 1926
p. 865-were awarded to J.
Duo & Co. of Indianapolis. Other
Assessed valuation, $721,
incl. Bonded debt, nge.
F. Wild
bids were.
744.
this issue; Flet.-Amer. Nat.
Bk., Indpis_39,1811Breed, Ellio
CALEDONIA SCHOOL
tt & Harrison_ _ - _$9,181
DUN
DISTRICT (P. 0. Cale
--ounty, Ohio.-BOND
K VILLAGE SCH
donia), Marion HardinKIR
DISTRICT (P. 0. Dunkirk)
RING.-Proposals will be
County, Ohio.-BOND OOL
2 m. Sept. 20 by,0. N.OFFE
,
OFFERING.-Proposals will
received
Clarke, Clerk of
be received
.$15,000 5% school bonds voted
Board of Education, foruntil until 12 m. Sept. 15 by Chas. T. Henderson,
7625, Gen. Code. Denom. $500 Aug. 8 (V. 103, p. 680). Auth., the issue of $5,000 57 634-yr. aver, school bond Clerk of Bd. of Ed., for an
six months from March 1 1917 . Interest semi-annual. Due $500 Sec. Code. Denom.$500. Date Sept. 1 1916. s. Auth. Sec. 7630-1, Gen.
to Sept. 1 1931,
Int. M.& S. Due $500
each on Sept. 1 from 1918 to 1927
inclusive.
CANBY, Clackamas Coun
payable to the Dist. Tress., incl. Cert. check for 5% of bonds bidyriy.
for,
Ore.-BOND ELECTION
required. Bonds to be deliv
will be held Sept. 23 to vote ty,
.-An election within 10 days from time of awar
ered and paid for
on the quest
d. Purchaser to pay accru
ion of issuing $6,500 water
tem bonds.
ed interest.
-sysDUVAL COUNTY SPECIAL
TAX SCHOOL DISTRICT
CHICAGO (Northwest Park
(P.0.Jacksonville), Fla.-BO
NO. 1
ND SALE.-On Sept.2
Distr
BONDS.-The $100,
Ill.-DESCR
3250,000 5% 30-yr.
434% park bondsict),
ION OF site-purchase, building and equipment bond
ary were dated Feb.000
which were issuedIPT
s
10:3, p. 601) were awar
Cumm
to
ings
1916
,
durin
and
Prud
1
g
den
were coupon in
Janu- land
& Co. of Toledo and (V.
ded
Denom. $1,000. Prin. and
C.
E.
form
Deni
-V.
for
son & Co. of Cleve$266,916 507-equal to 106.7
102, p.
semi-ann. int.-F. &
.
Bank of the Republic, Chicago.
66.
A.-payable at 2006
In the 'Chronicle' of Aug.
Nat. these
12, page 601, we reported that
1922 to 1926 incl.; $6,000, 1927 toDue yrly. on Feb. 1 as follo
bond
s
woul
ws:
3500
d be sold on Sept. 2. We now
,000 of
$4,000,
1931 incl.
incl. Total bonded debt (incl.
learn that bids were
this issue), , and $10,000, 1932 to 1936 for on only $250,000.
asked
$15,576,000; actual val.
150,000. Assess. val.
est., $41,000,000. $,
1915
EAST CLEVELAND, Cuyahoga
Coun
CHICAGO, 111.-BOND SALE
ty, Ohio.-BOND OFFE
-Bids will be received until 1
RING
.
-Rep
.
orts state that
'been completed with a local
for the following 434% bonds.p. m. Oct. 2 by E. L. Hickey, City Auditor,
negot
Street inapt. bonds at par. investor for the purchase of $200,iations have $35,000 Sinki
ng Fund deficiency bonds.
000 Twelfth
Denom. $1,000. Due
1926.
CHILLICOTHE INDEPE
Sept. 1
19,360 Shaw Brook improvement
cothe), Hardeman County,NDENT SCHOOL DISTRICT (P. 0.
bonds. Denom. 19 for $1,00
Tex.-BOND SALE.
Chilli$360. Due $2,000 yearly on
School building addition and
-The 36,000 Prescott
Sept. 1 from 1918 to 1926, 0, 1 for
$10,0
00
refun
and
ding
$1,3
exempt bonds offered in June
60 Sept. 11927.
inclusive,
school 5% gold coupon
Date Sept. 11918.
taxPowell, Garard & Co. of Chica(V. 102, p. 2271) have been purch
ipal and semi-annual interest
go.
ased by able at Guardian SavinPrinc
-M.& S.-pay& Trust Co., Cleveland. Certi
Cuyahoga County bankgsfor
fied
check on a
2% of bonds bid for, payab
le to the City




26-00 13-70

960

THE CHRONICLE

[Vol,. 103.

-The questy, N. Y.-BONDS VOTED.
at the election
LACKAWANNA, Erie Coun
l bonds carried, It is stated,
for within ten days tion
schoo
paid
000
and
$160,
ered
g
deliv
issuin
be
of
to
s
Treasurer, required. Bond
to pay accrued interest.
Sept. 5.
Lindfrom time of award. Purchaser
GATION DISTRICT (P. 0.
.-Bids for
irriGoshen), Ind.-BOND SALE
LINDSAY-STRATHMORE IRRI
0.
(P.
NTY
-The $1,400,000 6%t gold
COU
T
HAR
ELK
bonds, aggregating $75,000, say), Calif.-DESCRIPTION OF BONDS.
road
&
Home
ge
Elliot
to
avera
19
-year
Aug.
on
awarded
bonds
t
the tnree issues of 434% 534
vemen
impro
865)•
tem
in
are
the
p•
n-sys
(V.
866),
103,
ws
gatio
103, p.
d
0,010 and interest (V.and
offered on Sept. 5, were as follo
-Premiums Offeredated July 1 1916
00 Co. of Los Angeles for $1,40
$1,000 and (1,400) $500,
$8.500 $45,500 $21,0
years
(700)
of
14
ons
and
inati
13
in
denom
00
Road.
Road.
00 in 11 and 12 years, $28,0
Road.
18 years, $70,000 in 19,20
00 Int. J. & J. Due $14,0
16 years, $56,000 in 1'7 and
$139 00 *$755 00 *$442
00 in 27 years'
310 00 $42,000 in 15 and
3. F. Wild & Co., Indianapolis
750 00
23, 24, 25 and 26 years; $98,0
in
00
00
*150
$84,0
; bond,,
;
years
22
and
21
, and $154,000 in 30 yearsin
347 76
years
29
75
in
726
Elkhart County Trust Co
000
50
137
$114,
;
thei.
years
28
295 00 $112,000 in d when the district has over $10,000 surplus fundspar &
Fletcher-American National Bank
120 00 645 00
int•
retire
ding
be
excee
can
not
50
price
a
262
any
568 75
Miller & Comp
25
purchases to be made at
g;
106
tisin
adver
by
hands
336 00
St. Joseph Valley Bank
140 00 728 00
BOND OFFERING.
Va.W.
son
n),
Harri
Loga
&
t
0.
Elliot
(P.
,
Breed
LOGAN COUNTY
m.Sept. 16 by Bruce Mcwill be received until 1 p. .5%
l)
road
ct
verba
or
ed
Distri
n
(seal
* These bids were accepted.
Bids
Loga
, for 3200,000
23, Mont.
semiSCHOOL DISTRICT NO.er was awarded Donald, President of Co. Court
0. Date May 20 1916. Int.
FLATHEAD COUNTY
fter, subDenoms. $100 $500 and $1,00
an-American Trust Co. of Denv
and one-twentieth yriy. therea
083) and int. bonds.Due
(100.
years
BOND SALE.-The Germ
5
5
in
$6,00
bonds
for
ourth
one-f
bonds
These
ing
red.
build
nal after ann.
check for $500 requi
on July 15 $6,000 5% school20
were
1916. Due June 20 1936, optio
ject to call after 10 years. Cert.
682), but no satisfactory bids
Denom. $500. Date June
were offered on Sept. 2 (V. 103, p.
Jan. 1 1927.
1
Sept.
.-On
received.
papers state that a
County, Tex.-BOND SALE
awarded, it is
ORARY LOAN.-Local has
FORT WORTH, Tarrant(opt.
been negotiated
) school-bldg. bonds were
LOUISVILLE, Ky.-TEMP
system
Int. semithe $225,000 5% 20-40-year
7 and in
for the maintenance of the park
105.5
at
00
City
$50,0
of
homa
loan
Okla
of
rds
ille.
cky, Louisv
Kentu
of
stated, to R. J. Edwa
Bank
nal
Natio
the
with
annual.
loan of $200,ND ELECTION.
RARY LOANS.-On Sept. 8, aiated with the
(P. 0. Fairfield), Tex.-BO
LOWELL, Mass.-TEMPO
FREESTONE COUNTY
maturing Dec. 1 1916, was negot
$20,000 charity hospital bonds 000.
issue
to
and
n
9
sitio
Sept.
propo
the
dated
d.
that
-Reports state
3.10% discount, it is state
Oct. 18.
First Nat. Bank of Lowell atmaturing in 1 year and bearing 4% int. was
will be submitted to a vote on
0)0
(P. 0. FullerAnother loan of 8200y
HIGH SCHOOL DISTRICT
of Boston at 100.30, it is stated.
Co.
&
quese
Mosel
.
S.
-Th
F.
FULLERTON UNION ty,
ATED
to
ed
DEFE
NDS
award
Calif.-BO
.-The folton), Los Angeles Coun
$10,000 swimming-pool
and
ition
o), Ohio.-BOND SALE
ing-add
Toled
build
0.
(P.
00
LUCAS COUNTY
road and sewer bonds,
tions of issuing $25,0
stated, at the election held Aug. 26.
ved for the six issues of 5% p.
recei
were
bids
g
776:
lowin
bonds failed to carry, it is
103,
POST800, offered on Sept. 5-V.
0. Hickman), Ky.-BOND SALE
Commrs. aggregating $118,
FULTON COUNTY (P.
Premiums Offered.
that on account of the Board of Levee
$17,000 $37,200 $41,000
PONED.-Reports state
the $35,0006% Reelfoot
of
sale
toe
ts,
$5,600 $4,200 $13,800
gemen
Issue.
arran
ete
Issue.
775)
p.
103,
1
(V.
Issue. Issue.
being unable to compl
.
Sept.
on
Issue
place
.
taken
Issue
was to have
Levee impt. bonds which
&
days.
3 10
er
60
to
$1,19
Spitz
30
32
5
y
for
81,04
Sidne
oned
has been postp
$114 80 $95 34 $282 90 $431 80
DS VOTED.
Co., Toledo
a County, So. Dak.-BON
50
-improvement Terry,Briggs& Co.,
1,250
GARRETSON, Minnehah
ystem
00
hting-s
1,098
ic-lig
00
electr
460
00
00
308
the $18,0
125 00 103 00
Aug. 29.
The question of issuingcarri
Toledo
ed, it is stated, at the election held
ity Say. Bk.&
60 1,27510
bonds (V. 103, p. 775)
989
Secur
1
40
2
394
Aug7
75
245
-On
.
60
SALE
70
93 00
ty, Ohio.-BOND
Trust Co., Tol
GENEVA, Ashtabula Coun
00-V. 103, p. 601
k &
t-impt. bonds aggregating $6,5
1,135 50 1,38200
342) Spitzer, Roric
the two issues of 5% stree
110 00 97 25 330 50 455 50
Bank of Columbus for $6,587 25 (101.
Toledo
Nat.
Ohio
Co.,
the
to
ed
award
e
-wer
Prud,
were.
ings
7 00 *1,439 00
rs
Cumm
*1,24
00
bidde
00
3
$6,55
and int. Other
r & Co
128 00 *105 00 *335 00 *517
den & Co., Tol
$6,583 70 Hayden, Mille
6,523 65
Stacy & Braun
Co.,
&
05 Prov. Say. Bk. & Tr. Co.._
50 1,25050
Roth
6,576
1,128
Well,
00
Co
00
442
&
on
60
6,505
Slayt
303
W.
*156 80 86 10
15 Geneva Savings Bank_--_
Cincinnati
L., Elliott & Harrison_ 6,559 90
Breed
1,034 16 1,18080
6,557
Tillotson & Wolcott
70
426
76
278
66
93
Durfee, Niles & Co
113 12
.-The
50 1,265 15
Co., Cleveland
County