The Wall Street Journal from New York, New York • Page 6

1 H. M. Byllesby Company Engineers and Managers to Vaaat ORirAOO TrteHT BalMtaaj aatlatal Cm- WuatHtH mm naas, mas. Purchase, Finance, Design, Construct and Operate Electric Light, Gat, Stmt Railway and Water Power Properties. Examinations and Reports Utility Securities Bought and Sold Electrical Utility Investments Their Record and Progress Send for Bookltt BW-M William P.

Bonbright Co. Incorporated 14 Wall Street, New York WE ARE PREPARED AND EQUIPPED In tinrlcrtaka the cnnMrw-tlon, (limni'lnf and Intalton of Ihi MPivirll ie nf Klwtrli- T.lalit and Power Plnnn. )n-k nnl lljirbur improvements, Klotr1o or Btaam Hallways, and to Hft I'Mm-al Agent or Underwriter In 'lull i-Iak." Knx'k, lloii or KyndlratlnK operation. General Erecting Improvement Co, 305-7-9 BROADWAY NEW YORK BODELL CO 10 Weybosset Street, Providence Boston Springfield Bonds and Preferred Stocks of proven value ALEX C. HUMPHREYS A I.TEX MILLER HUMPHREYS MILLER.

Inc. Engineers and Appraieer BANKERS ADVISED CTTT IRJVRSTIJIO BCILDINB, NEW TOBJC United Light Railways Co SKCURITIES Boagkt, Sold aad Qaoted Ctralara Aaallratlea LAM ARC HE COADY 14 Wall Street New Yaffc Aek for Booklet, deacrlblns; thr sKrrniTr op earning power 1 15 Broadway. New York rUiUk CITIES SERVICE Will Continue to Develop Indian Natural Gax Field Agreement With Government of Cities Service Co. state that the continued development of the natural pas fields In the Osage Nation by subsidiaries of Cities Service Co. is assured through an reached by the leaseholders and the Government.

Thin agreement provides that each present sublessee is entitled to secure a renewal of leases on present acreage up to 4,800 acres. None of the subsidiaries has developed acreage up to this amount, so that they are protected in all present production and a reasonable amount of additional territory is assured. The Indian Territory Illuminating Oil Co. is to receive a gas lease of satisfactory acreage and the Osage Indians are to get a royalty of one-sixth of the market value of the gas sold. PUBLIC UTILITIES MARKET Pacific Gas Electric common was about the only utility issue to show activity yesterday, but the demand for this stock made up fairly busy day.

Wednesday the stock receded, and opened Thursday morning with sales at 44. Demand quickly advanced the price, and it closed the clay with sales at and with that price being bid for good lots of the stock. The large gains in earnings being shown by the company, and the probability that, beginning with 1916, the stock will be placed on a cash dividend basis of quarterly, with the probability that in addition a dividend of at least 2' in common stock will be declared in that year, were the causes for the heavy buying and the advancing prices. Little was doing in other American Light ft Traction common and preferred, and Cities Service common and preferred and Cities Service common and preferred figured in some snia'1 sales at practically unchanged prices; but other utility stocks were dull and active, with no lowering in price tendency, however. nid Asked Bid Asked Atliro'rkKI Prniu.

14 Hi Kirr inv. AdiroVkKlPpfd. (ins a- KlwSer pf. iai hi 4 Am 107 Lincoln VI 4 OS'V Am (las Hl Mid 110 82 Am Lt ft Tract mi Am III Mllmtien Kl llil Am Power Lt. iij Nor Out 8 Am PwALt pfd.

HO 52 Am Pub Utilities. Nor'n States Co. an 80 Am PnbUtll pfd. 0.1 Sta Co pf. 84, 7 7 (izark l.V 2:, AmWWparticpf.

In', 1', Pacific (ias A Elec. 47 4S 571, 03 Appalachian Pow. 5 Appala'nPowpfd. 15 Bangor RvctElec. 40 4:.

Bangor Ui 1211 Carolina Prct Lt. 23 21 'olo Power com .17 1 Colo Power 7 Columbia II i.V Cities Service 41 40 CitiesServlce pfd. U'w'th nf. 77 'i NO I'acGA-Klnaw pf. 86 Par (I Hold 84', 80 Pacific Ml 8a Portld Rv 15 1H PKC No 111 80 82 m)i vr, lit HVpRyA Lt pfd.

40. 40 So Cal Edison Co. (HI 711 So Cal Etllson pf 7 Standi Elect 4'. 7 Klerpf.t2i,' an 4 7 IVimRyLtiPnf. 20 lr r-ror Minn Toledo Tr Lt 10 14 Cumb'lO Co 40 Toledo 110 tii Cnlted 80 40 D'verGEgen0s.

01 l'l 1111 KSt 15 20 t'SPubhterviceos. t8 nu 45 r.it iitah lau ir, Eler Bond Deppf. 112 I tali Securitiesos 80 81 Klen pf Hnj; Iiki Western II 111 Empire Dist El 5s. 70 W'est'n Power pf. 45 50 Empire Dist El pf.

70 West'n Wi iHMj Federal 15 20 Wisconsin EdUon. 47 50 Federal pf. 53 fPar value $50. rublic Utility Dividends Eastern Power Light Corporation has declared the regular quarterly dividend of Vri on its preferred stock, payable September 13 to stock of record September 2. Ohio Cities Gas Co.

has declared the regular quarterly dividend of IViCi on its preferred stock, payable October 1 to stock of record September 15. METALS Metal Exchange quotes tin market dull, offered at 84 cent. Lead quiet, offered at 4.90 cents. London Spot copper 68 6s up future 69 electrolytic 84 10s uneh. Spot tin 1(3 10b up CI futures 166, up Strait 153 12s.

6d, up 1 12s. 6d. Sales of spot tin 40 tons, futures 60 tons. Lead 22 13s. up 7s.

6d. Spelter 72, unch. 11 The New York Curb Market Association has listed end admitted to quotation the 60,000 shares capital stock of the Guntansmo Sugar Co, PUBLIC UTILITIES AMERICAN WATER ELECTRIC REPORT SHOWS MUCH PROGRESS SURPLUS OF COMPANY FOB TEAS ENDED JUNE 80, 1915, AFTER ALL CHARGES, WAS $473,38 WtU in Exmkm of Dividend jTeyui iwaaUs jtr First Pre ferred, bvt Compnty Rrfuirm AH Cuh RmortM at Prmtni Eqvitws CmEfwrmia end Idaho Properties Btbtg WeHW Out Slowi American Water Works Electric the reorganl-lation of American Water Works It Guarantee haa issued its first annual report covering the year ended June 30,1915. The income account shows gross income of American Water Works Electric Co. for the year ended June 30, 1015, to have been $994,475.

This doea not include any revenue from West Penn Traction one of the prin cipal subsidiaries, aa no returns are as yet being received from that property. Expenses and taxes were $48jMi and intern charfea totaled $467,484, leaving a surplus for the year of $478,638. This was well in excess of the requirements for on the first preferred stock, but the creation under the supplementary mortgage of a later fund or 000 for the butdom of assisting in financing the construc tion requirements of the subsidiary water companies absorbed a large part of this surplus, $500,000 having been set aside in this special fund for the fourteen months ended June 30, 1915, and $250,000 a year will be set aside until the full amount of the fund is reached. Tho creation of this supplementary mortgage and of the re serve fund will be of greet advantage to the company and the holders of its securities in the future, even if it doea at present prevent the payment of dividends on the preferred stock. In reirard to these dividends the management says: "The dividends upon the first preferred stock accrued from April 27, 1914, but the disturbed financial condition of business generally and the inability to sell securities of the water works company during the past year in order to reimburse your company for its advances to the water companies, and the importance of keeping the company in a strong cash position under existing circumstances, caused the directors to postpone the declaration or dividends until such time as it seemed prudent to draw upon the cash resources of the company for that purpose.

White the stockholders unquestionably desire dividends, the preservation of the properties securing their principal in of first Importance, and tho conservative attitude of the directors should commend itself to all interested the futur and success of the company." The balance sheets of the company and its subsidiaries show a strong financial position, with current assets well in excess of current liabilities. American Water Works Electric reported current assets as of June 30 of of which $804,620 was in cash, with current liabilities of but $322,425. The consolidated balance sheet of the holding company and its subsidiaries showed current assets of $2,279,229, of which $1,120,407 was in casW, with combined current liabilities of $1,109,176, or less than one-half current assets. The bank loans of the subsidiary water companies, totaling $1,432,473, and due from February 1, 1916 to 1920, are secured by bonds of American Water Works Electric and may not be considered as current liabilities. The California and Idaho properties of the old American Water Works A Guarantee Co.

are being slowly worked out, and it is expected that ultimately American Water Works Electric will benefit materially from its equities in these properties. The board of directors, after entering into details of the holding company and its subsidiaries, aums up the future of the company as follows: "The company has a number of apparently valuable equities in process of adjustment, that are not producing revenue at the present time, and strong efforts are being made to conserve them for the benefit of your company. The sound values of the properties owned, the stability of water works earnings, together with conservative methods, should in time greatly enhance the value of the securities of the company." Water works subsidiaries serve a population of with 181,943 customers in 87 cities and towns. The West Penn Traction properties include 317 miles pf electric railway, 950 miles of high tension transmission line for light and power service, covering 170 communities, with 23,345 customers and an annual output of kilowatt hours of current. In regard to earnings of West Penn Traction which are not included in income account of the holding company, recent statements show dfcided improvement in earnings, and with the return of normal conditions it is expected that large and increasing revenue will accrue to American Water Works 4 Electric from its holdings of the securities of West Penn Traction and its subsidiaries.

The report is most complete, and all questions which a holder Of the securities of the company would ask may be answered from the figures and balance sheets (riven. Not only does the report contain a balance sheet of the holding company, but also a consolidated balance sheet of the parent company and its water supply subsidiaries, so that a complete view of the financial condition of the organization may be obtained. Details of the work being done towards the reconstruction and improvement of subsidiaries are given, and the management takes the security holders frankly into its confidence regarding present and future conditions of the company and its operated properties. American Water Works 4 Electric for the first year of operation, ended June 30, 1915, reports income account as follows: Proportion of surplus of subsidiaries, not including West Penn Traction Income from bonds, preferred stock, bank balances, etc 348,453 Gross income 694,475 Expenses and taxes 48,354 Net earnings 946,122 Interest on collateral trust bonds 399.680 Interest on collateral trust notes 12,000 Interest on balances due subsidiaries 24,983 Interest on bank loans carried under plan of reorganisation 30,840" Net income Surplus account: Net income, April 27, 1914 to June 80, 1914... 89,970 Net income, year ended June 30, 1915 478.638 Total surplus 568.608 Transferred to special fund on account saving in interest United Water Light notes 19,458 Transferred to special surplus fund 500,000 Surplus, credit balance, June 30.

1915 49,152 Balance sheet of date of June 80, 1915 shows as follows: ASSETS Cost of securities owned $39,829,513 Advances on California properties 220,184 Furniture and fixtures Unamortized Items 147,282 Cash 804,620 Notes receivable 12,511 Accounts receivable 132,029 Interest receivable 166,789 Due from subsidiaries less reserves 423,655 Total $41,741,260 LIABILITIES First preferred $5,000,000 Participating preferred 10,000,000 Common stock 7,000,000 Collateral trust bonds 17,755,000 Collateral trust notes 200,000 Accounts, interest and taxes payable 322,425 Due to subsidiaries on current accounts 494,654 Balance due to subsidiaries upon return of bonds loaned to such companies 420,028 Special surplus 600,000 Surplus 49,152 ToUl $41,741,260 Consolidated balance sheet American Water Works THIRD AVENUE MAY PAY DIVIDENDS WITHIN YEAR IN ANNUAL REPORT, PRESIDENT WH1TRIDGE TELLS STOCKHOLDERS MATTERS ARE SHAPING FAVORABLY Ineome Account for Lost Final Year Balance Sheet Sur-' phis After Charge of. ftHfliS, Inereoee of $67 pOO Over Proviom Year- Question of Bond htue Review of Lmet Yeor't Biumeee In the annual report of the Third Avenue system for the fiscal year ended Jane 30 last, President F. W. Whit-ridge tells stockholders that he expects the inaago ration of dividends within the next twelve months, and gives his reasons therefor. A preliminary income account of the year was published In the middle of July.

The surplus after charges was $694,043, compared with $626,306 for the previous year, an increase of 67,737. Following are the remarks of President Whitridge, the final income account, and balance sheet: In the annual report to stockholders F. W. Whitridge of the Third Avenue says: "In my last report I said that dividends should only be paid when the money is in tho bank with which to pay them, and there is no Immediate prior claim upon it. I think tht this condition will be met within a measureable time, and I hope and expect that if there be no material decrease In net earnings it will therefore be possible to declare and pay a dividend within the next twelve months.

"If the budget statemetits were to be taken literally, it would seem to be impossible that the expectations the stockholders have entertained in respect to dividends should not be disappointed. They are not, however, to be taken literally, because they are based in a large part upon the work proposed to be done by the city, and what the city officials, say they are going to do, and what the city actually does, are found to be quite different things. In the long run the company will probably be better off if all of these expenditures were paid out of the earnings of the company, and if no more money was borrowed through the issue of bonds. "There is a wide and honest difference in opinion of that course, and it Is the fact that if the bonds which we have applied for permission to sell are issued and sold and the capital expenditures thereby restored to the treasury, and if the payments of the depreciation and contingent funds after Jan. 1 are stopped the situation will bo quite different." The report of the Third Avenue Railway for the year ended June 30, 1915, compares as follows: 1915 1914 1913 Gross $10385.859 $10358,216 $10,117351 1 Net after taxes 3,178,645 3,121.396 3,042,015 Other Income 81,128 75,216 70,171 Total income 'Deductions $3,259,773 $3,196,612 $3,112,186 2365,730 2 370306 2,196,281 Surplus $694,048 $626,306 $016,958 'Deductions include interest on adjustment Income bonds, 5 being paid in 1915 and 1914 and 3 in 1918.

The consolidated balance sheet of the Third Avenue Railway Co. and controlled companies as of June 30, 1915, compares as follows: ASSETS Railroads, plant 1915 equipment $82,181,024 Special deposits 245,798 Cash, general 636,157 CaBh on depos. for matured interest 594,219 Cash sec fd for deprec 4 conting 1,749,690 Accts receivable 231,374 Material 4 supplies 473,232 Deferr debit items 1,269,697 1914 Changes $61,325,645 Inc. $856379 145,230 Inc. 100368 856,946 Dec.

820,789 497,467 Inc. 96,762 1,152,981 Inc. 239,042 Dec. 510.218 Dec. 1,439448 Dec.

596.709 7,663 86,986 169,761 Total assets $8646,979 Inc. $141411 1 LIABIUTIBS 1915 1914 Changes T. A. Ry. Co.

$16,590,000 Stock of controlled Cos. in hands of public 619,000 622,900 Dec. 8,900 T. A. Rv.

Co bonds 47306,000 47,506,000 Bds of controlled Cos. in hands of public 7.079,000 7,079,000 Notes 250,000 Dec. 88,333 Accounts 382,869 291,770 Inc. Wages and employes' F7.523 50,602 Inc. 16,921 Matured unpd int 020.144 519,267 Inc.

100,887 Accrued and non-due interest 671,191 672.467 Dec. 1.276 Taxes 407,279 422,437 Dec. 35,158 Deferred credits 8,097 Dec. 8,097 Reserves, etc 10.7GS.667 10,228,441 Inc. 540,226 Surplus 2.402,85?) 1,906,025 Inc.

496,825 Total $87,281,190 Inc. $1,114,211 In his remarks to stockholders, President Whitridg of the Third Avenue says: "The income account for the current jtar shows, after the payment of all interest, taxes and depreciation, a balance of $694,043. The balance of $694,043 is commonly called net earnings or sur plus earnings or net revenue. These terms are misleading in that they permit of the assumption that the money can be withdrawn from the company and used for the pay. ment of dividends to the stockholders.

As a matter of fnct, no such 'surplus' or 'ret earnings' would appear In the income statement were it not for the system of keeping accounts prescribed by the public authorities having jurisdiction over our accounts, because it has been necessary to expend the whole of the money represented by them uoon the property, and if those expenditures had been what I think properly charged the so-called net earn- ings would not have appeared. "The net earnings for the last two years have been less than could have been reasonably anticipated. First, because in the lost year there was an abnormal series of snow storms, which cost the company at Wit $300,000, and in the year which has just expired there has been a decrease caused by the general depression of business and the necessity which the people feel for economy. This is further evidenced by the fact that the applications for employment during the year were at least twice as large us during any previous year in my administration and come, as a whole, from a better class of men." Electric Co. and subsidiary water companies of aate of June 30, 1915: ASSKTS Cost of property and securities owned $65,490,765 Advances account California properties 220,184 Furniture and fixtures 2,647 Unamortized items 270,004 Cash 1,120,407 Notes receivable 12,511 Accounts receivable 835,381 Accrued interest receivable 36,968 City warrants 43,543 Materials and supplies 195,631 Accrued water charges Interest and insurance 5,505 IJABIMT1RS American Water Works Electric stocks $22,000,000 Subsid.

water company stocks in hand of public 1322,650 Amer. Water Works Electric coll. tr. bonds. 17,755,000 Subsid.

water cos. bonds in hands of public. 23,149,500 Collateral trust notes 386,400 Purchase money mortgage Bank and other loans of subsid. water 1,432,473 Customers deposits 178,106 Accts. payable, accrued taxes, accrued etc.

1,109,176 Reserves, includ. undistributed sur. of subsid. applicable to outside stockholders 377,422 Special surplus Surplus A. W.

W. Electric 49,152 Total Some Goodyear. Tires Travel Half TheWorldV Circumference The Mileage is There Do You Get It? To Men Whose Tires Cost Too Much We never quote (be remarkable mileages attained on Goodyear tire. But such reports come by the hundreds. Some men are careful, some careless.

Some use big-enough tires and some don't Roads and conditions differ. Sn do lurk. And mitage varies likewise. But We Do This: In every Goodyear Fortified Tire we give you all we know to minimize cost per mile. We embody Eve great features need by no other maker.

We give you other extras which are rare. And just those extras wul this year cost us $1,635,000. We make our anti-skid the Goodyear AU-Weather a double-thick treed. That doable tii telenets on this year's output of this type will cost us a million dollara. And this year's -unasked-for additions in rubber and size will cost us $500,000.

Extra Service Sure Such things make extra service certain. Some DENVER RIO GRANDE R. R. EARNED 184 ON PREFERRED AGAINST 2.81 ON THE $49,779,800 PREFERRED STOCK IN 1914 FISCAL TEAR GROSS DECREASED $1,770,405 The Denver Rio Grande Railroad Co. has issued its report for the year ended June 80, 1915.

The income account compares as follows: Total oper 1916 1914 1913 1912 revenue $23,593,641 $24,452,965 $2380,402 Oper 1489,671 16,460,569 17,047,172 16,984318 Net op ret $7,538,565 $7,133,072 $7,405,793 $695,885 Outs op net 6,495 22,625 Tot net rev $7333365 "$7483,072 $7399.298 $67860 Taxes 1.020.606 1.009.143 948,739 877,000 Operat inc $6,511,607 $6,123,663 $6,450,560 $539660 Other inc. 141,181 162,934 147,938 1,196,109 ToUl inc. $7,752,788 $7386,498 $7,698,498 $6,592,369 Int 4 rent 6,334,058 5386,122 5,604,318 6,465,449 Net $1,40075 $2,094,180 $1426320 Skg renewal 273,045 263.889 247308 120300 Addi bett 211,045 80,927 389,000 Surplus 934.640 1,055,559 1,457.372 1,006,020 Equal to 2.84" earned on $49,779,800 preferred stock as compared with 2-81C on same stock last year. The earnings and expenses, in detail, and the principal traffic statistics compare as follows: GROSS EARMIWKS 1915 1914 1913 1912 Freight $17,058,445 $18,078,140 $1769,375 4,449,044 6,077,408 6,411,031 4,888,688 Other traffic 1,198315 1,163,793 786,668 930,872 26475 293,995 177,123 101,668 $21, 823,236 $23,593,641 $24,452,965 $2380,402 OPKRATISU EXPENSES Ml of $2,541,539 $3,406,852 $3,645338 $301,868 Mt of equip 3,992,351 418.512 4,63851 4,326,860 Traffic 477,425 497,431 646,432 63497 Trunsp exp. 690,955 711343 7,738,496 8,185,484 Gen'l 65115 685,069 678,055 636,011 $14 ,289 ,671 $16,460,569 $17,047,172 $16,984,518 TAAKFIC STATISTICS Pass carr'd 1,537,543 1.820,715 1,843,634 1,770,179 Pass 1 mile '23052 Pate per pass per 1.93c 2.04c 2.03c 1.93c Tons frt c'd 10,103,382 11,230,397 11,67118 12.338.095 Tons 1 mile Rate per ton per 1.186c 1.20c 1.19c 1.21c 000 omitted.

The profit ttnd loss account follows: Profit and loss surplus June 30, 1914 $7,828,751 Surplus year ended June 30, 1915 934 340 Sale of interest in Union Depot ft Ry Co, Denv. 843,934 Miscellaneous credits 7,669 ToUl Deduct miscellaneous debits 22,339 1 Redemption of equipment bonds, etc 12300 I.Obs on retired road and Union Depot ft Ry Denver, ftock closed out 60,000 1 Settlement Government timber case 25,4461 Total Seductions 144 343 Profit and loss surplus June 30, 1915 8.970,651 The general balance sheet as of June 30, 1915, compares with 1914 as follows: ASSUTS 1915 1914 Changes Invest rd ft equip. $174,875,280 $17416.510 Inc. $558.77,) Sinking fund 41.924 1.0.124 Inc. Jil.Wii Miw physical prop 210392 Dec 2.79S, lnvnstmts aflil cos pledged 4395,125 43326.5S7 Inc 16833 get in big measure, some in less.

That de- penda on the user largely on factors we can't control Bat note this: Some two million Goodyear fares are constantly in tsse. They cover billions of miles in a year, meeting all conditions. Tbetr average service has made Goodyear the dornfnant tire of the world. It outsells any Its users have almost doubled in two years. The extra service is there.

Hundreds of thousands' have found it It waits for you in every Goodyear tire. But its extent will depend on yourself somewhat, just as with any tire. That's why we establish in every neighborhood Goodyear service stations. Dealers who carry Goodyear tires know bow to care for them. Get their advice their helps.

In Goodyear we give you greater value than any other maker GOODTCAR a aaraiAai nanffc ijS AW Oft OHIO Fortified Tires Hivjttm-Cwt I L. A Laf fmvtm) Um Tr.a.i tr aianr rnbbar llnla. I SaMdaar-b oar doaMa thick AU-Waatberlraad. gives. Our mammoth output enables us to do it Now we are going further.

We have trebled our Service Stations in the past year to help you get that value out osa) Investmts affll cos unpledged 11360,621 10,065,409 Inc. 1,7951:5 Other invest, 6,062 6,025 Dec 96 i Total investmts. $231316,107 Cash 2.692,625 Spec! deposits net 18,538 Traffic balances 610,743 Agents and 114,860 Accts receivable 728,775 Material 1,671,863 Other eurr. assets 15,876 Total eurr. assets $6,75381 Deferred 1,503,199 Unadjusted debits.

104.965 Accts payable 3852 Int divs rents unpd 2.434.359 Deferred liabilities 140,672 Taxes 384.240 Equip, depreciation 2,463,790 Deferr income int on West Pac bds 6,777.844 Other unadj credits 214,152 Addi to prop thro income ft surplus 2,880,163 Sinking fd reserves 586.924 Renewal fund 370.301 ft surplus 8.970,661 $228,465,647 Inc. $2,650,560 2,607342 Inc. 478,259 Dec 987365 Dec 19327 Dec 150,808 Dec 1,62385 Inc 12,842 Inc 49,775,670 123,644,000 676.978 253.975 1300,322 32,601 2.848.966 18,975 368337 1,952,958 6.152.844 181.840 2.519,108 3:17,1 24 370,009 7328,751 Dec. Dec. Dec.

Dec Inc. Inc. Inc. Inc. Inc.

Inc. Inc Inc. Inc. Inc Inc. 858:1 459,721 476,822 78,367 522,034 3,034 $7,153,429 22450 Inc.

119394 Dec. 14.621 I Gr. total assets. $238377352 $235362321 Inc LIABILITIES Common stock $38,000,000 Preferred 49.775,670 Bonds 12376,000 Affiliated cos 644.449 Traffic ball paya. 240,800 Vouchers wages 132,523 13,174 200,930 I 83,39 1 121,597 15.60! 510.8':j 625.00.1 3211' 361,04.1 249,800 2'i2 1.141,90) 1 Grand $235,962821 Inc.

$2 414,731 PACKARD MOTOR CAR Addittowi? Bwildinge It Coet $750,000 Will Give Companf Much Needed EH'or Room Detroit The Packard Motor Car Co. is finding itself. cramped for room and large extensions are being provided. 1 At present the company's working force amooiiU t. '800 hands, the largest in its history.

Additions to tho big Detroit plant are now nearing completion, and will give the company about 400,000 square feet of additional floor Bpace. These buildings will cost about $750,000, anil when completed the total floor area will be atjout 48 acres. Work is being burned on additions to the stamping department, forge, foundry, pattern 9hop, truck assembly, and other departments. The improvements include'a new blacksmith shop 200 feet long, and a five-story steel an concrete building 400 feet in length, for the marhinini? of chassis parts. STEEL MARKET 'Manufacturer Report Iarge Sake of finr ul AJvuncihtf I I'rifti I Steel bars for hil-'h explosive hells have wild us high as $3, per 100 pounds, an advance of nearly luO'i from tho price prevailing earlier in the year.

Sales of steel bars and billets within the past week are estimated at over 100,000 tonn. One eastern company is now turning out bars and billets in an old rail mill that was abandoned several years ago for a more modern plant. In the East, billets are selling higher than steel rail, which are a finished product. With rail mills employed on bar and billets, railroads woubi find difficulty in obtaining reasonable delivery on rails at this time. Harry Worcester smith Worcaatar, Mao.

BUSINESS BROKER Companies and Corporations bought and sold for owntri, trustee and executors. Consolidations effected and Linderwritingt arranged. Proven Patent and Procce sold and placed on Royalty. Acting only for substantial and auccrful client on the regular commission basis..