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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 THE CHRONICLE [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 THE CHRONICLE 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.] THE CHRONICLE 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 THE CHRONICLE 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 CS CS co .4 to 12 03 A to to CS 00 CS 43 CS CS CS -4 to to 4.1 CS 00 2.• A 00 00 to 0-• CS s-• 03 CS CO to to to " PP Ca CS 03 co to to CS to 00 00 CS CS to oo to to CS to co CS CS CS CS to CS 00 00 03 to 8 CS to 43 CS C4 CO ;O. 00 43 CS 00 to to CS OS CS 0. 00 P.. to "42 to CS 130 to CS A 40 to CO CS CS 43 00 CS CS CS 03 CS to s-• to to CS 00 to to CS CS A A to A •-• CS CS to ' a co oo CS CS to 04 to 4. 0 , o "co CS CS C.xv 00 CS i••• 8 0-• PP 03 .... to 2.4 t.3 c0 •-• 0 . C2 10 C. , 01 b0 00 to 00 43 CS 713. 0 CS CS CS CS to 00 P.• CS •-• CS 44 CS co CS CS t.3 CS CS 3-• to CS to to CS co CS 03 to to CS CS to CS oo CS CS CO CO to CO CS 1.• to CS to to C. C4 to to CS CS 'co 10 tO CS 0 to CS CS to CS b•-• to 1-• oo -4 CS CS to :4 CO 05 CS 03 Ca CS CS 0 0-• CS CS 00 hoc to to CS to CS to CS .4 co to to CS GO CS Cs' ;-. CS to 00 C4 CO 00 00 to "'C CS to CS to to Ca CO Cfl A A to ° co CS 0-• 43 CO to 00 •-• CS 00 CS CS CO CS CS CS c CS CS to CO to CS CS co Ca CS CS to 00 CS to C, to to 1 , 3 to 03 CS 00 co to oo CS to CO CS o-P 03 00 . 00 to co CS CS o•-• CS CS to to to CS CS "'C 0. CS A CS 03 C4 Oo To. 07 CO 00 "'C 00 to " Ca to CS to 00 CS to CS to CS 04 CS A 00 to 1a to CS CS 00 00 CO CS c4 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 For Six Months 13 00 European Subscription (including postage) 7 50 European Subscription six months (including postage) 22 148. Annual Subscription in London (including postage) 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) RAILWAY EARNINGS(monthly) ELECTRIC RAILWAY(3 times yearly) STATE AND CITY (semi.annually) BA-NKERS' CONVENTION (yearly) Terms of Advertising-Per Inch Space $4 20 Transient matter per inch space(14 agate lines) 22 00 (8 times) Two Months 29 00 (13 times) Three Months Standing Business Cards Six Months 50 00 (26 times) 87 00 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