The broad ax., 1916-08-26

traOrQ1nary railway edIuih6S VI sAe
past six months:
I'm the existing lethargic state OF
the stock market, little effect has ap-
parently been exercised by the almost
phenomenally favorable earnings re-
ports of so many Of the country's larg-
est railways. The figures of the Penn
sylvania Railroad are case in point.
All the lines, eastern and western, In
the Pennsylvania system show for the
month of June and for the six months
ending June 80 the following results,
compared with the figures for the cor
responding periods in 1915 and 1914:
Gross, June 1916, s37,514,O60; Gross,
June 1915, sS1,6O9,S36; Gross, June
1914, s3O,97S,496.
Net after tax, June 1916, s1O,222,16o;
Net after tax, June 1915, 1854;
Net after tax, June 1914, s7,415,O24.
Six months, 1916, Gross, s210,605,-
O49; Six months, 1915, Gross, 1884,
779,7OS; Six months, 1914, Gross,
s170, $780, PIP.
Six months, 1916, Net after tax,
5O,767,7 54; Six months, 1915, Net af-
ter tax, $2S,749,315; Six months, 1914,
Net after tax, s26,647,225.
Similar results are displayed by the
New York Central lines, the earnings
of all the lines included in that system
for June and the first six months of
this and the two preceding years be-
ing as follows:
Gross, June 1916, $SO,436,29s; Gross,
June 1915, s25,157,492; Gross, June
1914, s23,727,O6
Net after tax, June 1916, s9,SO9, 1888;
Net after tax, June 1915, $4,000, 266;
Net after tax, June 1914, s5,4SS,sS5.
Six months, 1916, Gross, s172,52O.-
744; Six months, 1915, Gross, $780,
S,13S; Six months, 1914, Gross, $780,
O44,175.
Six months, 1916, Net after tax, $685.
32O,447; Six months, 1915, Net after
tax, s3O,435,152; Six months, 1914,
s19,O1S,594.
These figures, however, are not iso-
lated examples of the recuperation
which has occurred in railway traffic
and revenues. The Southern Railway
system, in its report for June and the
twelve months ending June 80, exhi-
bits a total income applicable to
charges of S24,426,031, compared with
s16,63S,S2S for the preceding fiscal
year, while its surplus over fixed
charges is given as s9,35S,104, against
81 ,656,6S2 in 1914-15, an increase of
$7,701, 422, or more than four and one
half times the available income of the
year before. The Northern Pacific
may also be cited to show the country
wide nature of the improvement.
That systems gross for the twelve
months ending June 80 is given as
s75,936,4O2, against s69,171,65S the
year before, and its net for the same
period as $51,O32,33S compared with
$21, 550,0S1 in 1914-15."
/ ASSOCIATE JUSTICE LOUIS D. BRAN
DE1s of the United States Supreme
Court will not be a member of the
Joint American-Mexican Commission
to settle pending disn ktes between the
two countries. He declined the ap'
pointment saying:
Upon consultation with the chief
justice 1 find the state of the business
of the Supreme Court at the present
time to be such that it is my duty not
to undertake this important additional
task"
| CONFERENCE OF THE STATE BAR EXAM
liners IN DEFINING THE STANDARD OF
ADMISSION TO THE BAR.-A Conference
! of the State Bar Examiners, Supreme
Court judges, law school teachers and
others interested will be held in con.
nection with the annual meeting
of the American Bar Association In
Chicago. The conference, which will
be held under the auspices of the
Legal Education Section of the Amer.
lean Bar Association, will meet in the
green room, of the Congress Hotel
Chicago, on Tuesday, August 20, 1916
at p. m. and at s p. m. 1t will be
opened by Judge Henry Stockbridge
Of the Maryland Court of Appeals
The discussions Of the different topics
presented will be opened by Mr.
Charles L. McKeehan, of the Pennsyl
vania Board Of Bar Examiners; Pro
fessor William R. Vance, dean OF the
University Of Minnesota Law School;