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Mr.
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INCLUDING
Bank & Quotation Section '
Railway Earnings Section
VOL. 106
tfromde
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, APRIL 13 1918
The
Thronicle.
NO. 2755
Week ending April 6.
Clearings at
-
PUBLISHED WEEKLY.
1918.
1917.
Inc. or
Dec.
1916.
1915.
Terms of Subscriptinn-Payable in Advance
For One Year
$1000
For Six Months
European Subscription (including postage)
11 81
European Subscription Mx months (including postage)
7 50
Annual Subscription in London (including postage)
£2 14s.
Six Months Subscription in London (including postage)
21 11 a.
Canadian Subscription (including postage)
$11 60
Subscription includes Miming Supplements
-DANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
STATE AND CITY (semi-annually) I BANKERS' CONVENTION (yearly)
Terms of Advertisind-Per Inch Space
Transient matter per inch space(14 agate lines)
Two Months
(8 times)
Three Months (13 times)
Standing Business Cards
(26 times)
Six Months
Twelve Months(52 times)
CIIIcA00 OFFICE-39 South La Salle Street, Telephone Majestic 7396.
LONDON OFFICE-Edwards (cc Smith, 1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, PulblIolters,
Front. Finn and Depoyster fits.. New York.
$4 20
22 00
29 00
60 00
87 00
Published every Saturday morning by WILLIAN 13. DANA COMPANY.
Jacob Seibert Jr.. President and Treas.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G. Dana, Soo. Addresses of all. Office of the Company.
CLEARLY(' HOUSE RETURNS.
The following table, made up by telegraph, Ace., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,860,024,187, against $6,292,399,151 last week and $5,854,060,460
the corresponding week last year.
Clearings-Returns by Telegraph.
IVeek ending April 13.
1918.
1917.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
I3althnore
New Orleans
$2,511,854,944
433,382,831
287,141,804
215,877,859
173,098,630
134,635,446
82,029,811
64,805,503
45,231,243
45,760,158
52,012,459
$2,833,719,528
437,042,369
286,314,950
189,229,231
113,993,053
117,685,601
72,033,743
65,536,612
47 476,807
38,455,956
33,398,494
---11.4
--0.8
+0.3
d-14.0
+51.7
+14.4
+11.1
---I.1
-4.7
+19.0
+55.8
Eleven clties, 5 days
Other cities, 5 days
$4,045,630.688
816,412,031
$4,234,886,344
675,197,418
-4.5
+20.9
$4,862,042,719
997,981,468
$4,910,083,762
943,976,698
--I 0
+3.6
Total all cities, 5 days
All cities, 1 (lay
,
week
$5.860.024.187 85.854.000 tan
_1_0 1
The full details for the week covered by the above wil be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending April 6 follow:
"I'ntn1 fill cities fnr
Week ending April 6.
Clearings at
1918.
I
1
1917.
Inc. or
Dec.
1916.
1915.
3,439,381,922 3,412,107,329
+0.8 3,118,874,081 1,874,225,401
New York
390,755,336 302,795,551 +29.1 254,664,979 156,014,159
Philadelphia _ _ _ _
85,081,1811 68,247,724 +24.7
Pittsburgh
60,740,654
51,823,907
64,829,620, 48,165,522 +34.6
Baltimore
43,032,967
34,896,373
Buffalo
21,520,000; 20,893,187 +3.0
14,996,971
11,834,584
Washington
13,000,0001
10,078,313
11,590,959 +12.2
8,607,567
4,680,707 -10.3
Albany
4,200,000
5,700,652
5,296,006
+8.1
8,274,436
Rochester
8,947,473
7,588,954
4,584,310
Scranton
4,626,840 -13.5
4,000,000
4,171,400
3,423,680
Syracuse
5,730,673 -3.5
5,530,283
4,188,354
2,884,014
Reading
3,321,037 +30.4
4,330,521
3,009,083
2,367,972
Wilmington
2,771,832 +31.3
3,639,359
3,101,783
2,025,443
Wilkes-13arre__ _ _
+13.3
2,098,591
2,096,738
2,070,969
1,589,917
Wheeling
3,935,733 -3.4
:1,800,000
2,647,560
1,712,766
Trenton'
3,210,141
2,612,025 +23.1
2,409,057
1,844,299
Lancaster
9,331,697
6,983,768 +33.6
5,174,353
3,042,676
York
2,140,838
1,815,623 +17.8
1,620,080
1,377,481
Erie
2,367,325
1,517,923
1,638,157 +44.5
994,589
Binghamton _ _ _
957,700
1,059,700 --9.6
1,003,400
710,200
Greensburg
975,000
949,590 +2.7
850,000
732,036
+28.1
Chester
1,535,605
1,198,262
1,182,806
650,894
860,8431
Altoona _
691,749 +24.4
618,416
572,938
425,4221
Montclair
404,324
354,923
436.199 --2.2
Total Middle_ 4,072,924,857 8,916,597,622 +4.0 3,549,689,648 2,171,566,278
295,883,757 277,025,268 +6.8 238,057,104 155,991,614
Boston
12,382,700
Providence
11,263,500 +9.9
10,624,100
7,160,000
8,738,783
Hartford
8,780,077 ---0.5
8,664,834
7,741,772
5,288,248
New Haven
4,998,740 +5.8
4,728,266
3,590,534
4,044,492
Springfield
4,602,475 -12.1
4,820,428
2,705,777
3,672,366
Worcester
4,346,235 -15.5
4,612,649
2,344,361
2,300,000
Portland
2,500,000 -8.0
2,220,000
1,855,863
2,710,848
Fall River
2,379,637 +13.9
1,716,595
1,398,119
1,535,681
New'Bedford_ _ _
1,683,340 -8.8
1,405,537
1,081,380
1,200,000
Lowell
1,165,725 +3.0
1,045,025
743,174
914,163
Holyoke
995,113 --8.1
1,126,825
675,002
700,000
Danger
650,000 +7.7
853,920
564,471
Tot. New F.nir.. 339,371,038 320,390,110 +5.0 279.855,283 185,852,067'
Note -For Canadian clearings see "Commercial and Miscellaneous News."
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ _
Columbus
Toledo
Peoria
Grand Rapids_ _
Dayton
Evansville
Springfield, Ili_
Fort Wayne-- _ _
Canton
Youngstown _
Lexington
ltockford
Akron
Quincy
Springfield, IX
South Bend
Bloomington _ _ _ _
Decatur
Mansfield
Danville
Jacksonville _ _ _ _
Lansing
Lima
Owensboro
Ann Arbor
Adrian
518,749,041
57,555,423
80,343,353
53,446,043
28,207,403
13,130,000
11,380,300
9,903,816
5,000,000
4,912,622
6,612,746
3,348,392
2,300,000
1,290,618
3,700,000
3,829,439
900,000
1,886,263
5,280,000
1,574,905
1,312,107
1,148,532
1,545,329
1,227,611
1,102,579
850,000
596,273
974,445
947,201
1,011,974
385,000
63,627
487,102,567
43,571,527
76.455,725
50,387,655
22,624,452
12,684,000
12,982,300
10,603,411
4,000,000
4,800,456
4,261,764
2,677,740
1,862,418
1,784,446
3,883,237
3,748,950
600,000
1,443,044
6,604,000
1,224,131
1,127,088
1,186,788
1,044,666
838;418
905,876
750,000
441,415
1,086,316
525,000
652,848
374,652
46,703
+6.5
+32.1
+5.1
+5.1
+24.7
+3.5
-12.3
-6.6
+25.0
+2.3
+55.2
+25.1
+23.5
-27.7
-4.7
+2.2
+50.0
+30.7
-20.0
+28.6
+16.4
-3.2
+48.0
+46.4
+21.8
+13.3
+35.1
-10.3
+80.4
+55.0
+2.8
+36.2
355,517,740
34,348,650
43,212,812
35,957,594
17,474,092
9,790,000
10,765,400
8,558,747
3,600,000
3,961,535
3,230.107
2,033,947
1,506,195
1,413,576
2,836,050
3,727,523
800,228
1,144,380
3,587,000
1,019,927
1,187,224
898,956
917,445
746,045
734,355
989,636
333,878
600,000
550,000
447,409
305,000
60,011
288,366,840
26,280,950
31,123,136
22,847,087
15,477,663
7,661,554
6,695,400
6,077,944
2,407,404
2,790,063
2,349,801
1,144,468
1,417,168
1,292,483
2,500,000
1,627,106
813,040
1,027,211
1,846,000
971,093
852,241
717,731
706,705
385,178
663,323
623,605
433,585
350,000
400,000
299,850
351,511
57,707
Tot.AIid.West
824,514,092
762.280,933
+8.2
552,285,462
430,957,847
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland.......
Sacramento
San Diego
Pasadena
Fresno
Stockston
San Jose
Yakima
Reno
Long Beach
' Total Pacific
91,561,946
28,577,000
31,246,017
20,701,626
11,924,732
7,317,650
3,674,333
5,704,595
3,382,286
1,799,712
1,119,387
1,940,563
2,225,812
960,935
858,487
500,000
1,176,470
214,671,551
84,232,220
28,353,000
19,906,705
15,783,530
13,467,925
4,800,000
2,381,316
4,868,106
2,417,809
2,451,714
1,283,823
1,358,584
2,102,824
864,724
603,745
509,128
767.820
186,152,973
+8.7
d-0.8
1-57.0
d-31.2
---11.5
+52.4
+54.3
+17.2
+39.9
---26.6
---12.8
+42.8
d-58.5
+11.1
+42.2
-1.8
d- 53.3
+15.3
60,804,990
24,887,721
13,444,172
12,910,472
9,002,774
4,402,499
2,149,605
4,365,265
1,927,000
2,759,250
1,002,581
1,068,920
1,744,238
700,000
530,761
455,717
747,576
142,903,613
46,664,192
19,878,221
10,856,183
11,376,193
6,457,850
3,555,733
1,877,181
3,481,276
1,922,257
1,821.687
923,860
991,229
1,121,708
575,000
667,004
280,000
528,974
112,988,548
Kanias City_ _ -Minneapolis
Omaha
St. Paul
Denver
St. Joseoh
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Davenport
Topeka
Cedar Rapids_ _ _
Fargo
Colorado Sprinks
Pueblo
Fremont
Waterloo
Helena
Billings
Aberdeen
Hastings
Tot. 0th. West
172,307,100
34,889,362
58.844,660
18,120,600
21,917,953
19.544.007
11,500,000
10,007,676
8,599,290
3,698,494
5,308,783
2,976,169
3,193,903
2,435,227
2,074,865
779,447
718,088
1,055,191
2,800,000
1,891,777
1,000,000
1.000,000
700,000
385,262,597
130,167,088
27,294,873
33,355,844
13,464,197
17,407,083
15,456,746
10,437,833
6,614,674
5,790,690
4,428,551
4,487,567
2,852,453
2,425,438
2,501.508
1,331,168
849,429
607,308
651,411
2,679,084
1,966,903
979,377
921.940
650.399
287,319,564
+32.4
+27.8
+76.4
+34.6
+25.9
+26.5
+10.1
+51.3
+48.5
-16.4
+18.3
+4.3
+31.7
-2.6
+55.8
-8.2
+18.3
+62.0
+4.5
-3.8
+2.1
+8.4
+7.7
+34.1
74,449,253
27,311,471
21,678,314
13,738,025
11,955,835
8,982,930
8,304,496
4,725,438
4,372,293
5,206,326
3,158,286
1,973,952
1,630,357
2,412,954
1,624,952
774,746
441,814
462,973
2,476,491
1,723,123
678,681
858,501
346.656
109,287,867
68,827,480
20,643,667
17,482,126
11,156,432
8,131,120
7,917,213
5,946,977
3,093,611
3,330,462
3,221,040
2,102,283
1,594,098
1,546,881
1,867,760
1,359,026
614,410
392,270
417,937
1,986,153
1,208,897
471,601
532,721
206.989
164,051,153
St. Louis
•
143,677,914 120,487,379
56,990,534
New Orleans_ _ _ _
37,804,770
Louisville
23,761,970
18,345,160
Houston
14,000,000
11,489,116
Galveston'
4,500,000
4,448,823
Richmond
38,814,603
22,239,520
Fort Worth
13,287,965
11,564,772
Atlanta
42,076,367
24,014,038
Memphis
15,238,614
9,554,164
Savannah
7,475,645
5,530,150
Nashville
14,174,059
8,550,937
Norfolk
7,670,274
5,777,917
Birmingham _ _ _ _
4,619,1881
3,649,185
Chattanooga _ _ _ _
4,189,161
3,052,717
3,718,1291
3,284,995
Augusta
Jacksonville _ _
5,239,680
3,803,873
3,866,208
Little Rock
5,000,000,
3,217,140;
Knoxville
2,225,612
Charleston
3.200,0001
2,714,552
Mobile
1,510,6491
1,323,170
8,986,000'
Oklahoma__ _ _ _ _
6,200,189
2,000,000
Macon
1,547,766
Austin
3,713,5301
5,515,672
Vicksburg
410,752
269,507
Jackson
475,000
405,761
8,338,996
Tulsa
9,918,685
1,904,670
Muskogee)
1,328,702
11.558,176
Dallas
11,936,279
Total Southern 455,655,016 340,829,6To
6.292,899,151 5,813,570,821
Total all
Outside N. Y_ 2,853T01 28 2,401,463,492
-7,2--
+19.2
73,475,014
97,016,201
+50.8
19,040,002
23,327,508
+29.5
19,415,982
11,108.655
+21.9
9,804,963
7,104,856
4,466,511
4,661,068
+1.2
+74.8
15,909,511
8,846,078
+14.9
8,050,524
6,548,913
+75.2
13,297,636
16,795.019
+59.5
7,857,886
8,066,479
+35.2
4,564,786
4,812,566
+65.8
7,981,098
6,911,526
+34.5
3,910,246
4,707,813
+26.6
2,703,528
3,069,892
+73 2
2,200,268
3,096,389
+13.9
1,470,174
1,509,085
+37.8
3,677,660
3,942,722
+29.3
2,381,673
2,582,050
+44.6
2,274,263
1,844,009
3,129,264
+17.9
2,087.416
+14.1
1,229,561
1,099,479
+43.5
2,358,764
3,229,122
+29.3
3,423,204
2,890,146
-32.7
5,500,000
5,240,999
+52.3
227,884
335,697
+17.2
563,721
383,858
-15.9
2,539,903
1,152,408
+43.4
1,001,798
608,317
+47.1
7,114,389
+33.71 265,193,048 198,256,344
+8.2 4.989,214,911 3,283,672.237
+18.81,876,339,930 1,389,446,833
1494
THE CHRONICLE
INDEX TO CHRONICLE VOLUME.
With this issue of the "Chronicle" we send to our
subscribers an index covering the numbers of the
paper that have appeared in the three months
ending with March 31 1918.
THE FINANCIAL SITUATION.
his earnest plea last Saturday at Philadelphia,
In
on behalf of the Third Liberty Loan, Secretary of the
Treasury McAdoo made a suggestion with reference
to further increasing taxation which should not be
allowed to pass unnoticed, the more so as many
Congressmen, entirely oblivious of the heavy income
taxes, surtaxes and excess war profits taxes which
have already been imposed, are giving expression to
similar views. The Secretary said: "I do not think
we have applied taxation strongly enough. I think
the thinking men of America will realize later that a
larger measure of taxation is not only necessary to
finance this war, but it is the soundest thing that we
can do for ourselves."
As a general proposition, no exception can be taken
to the contention that in war time taxes should be
increased, and increased very heavily. But that is
precisely what has already been done. Under the
law of Oct. 3 1917 and of previous laws, levies of
taxes are being made of such magnitude and of such
a nature that we believe it correct to say no parallel
to them can be found in the first year's legislation of
any other country that is participating in the present
gigantic war.
It was reported last week, after the time had expired on April 1 for filing the income tax and war
excess profits tax returns, that the yield would be
considerably in excess of expectations. The statements came from some of the officials in the Internal
Revenue Department and we think the Secretary of
the Treasury will be agreeably surprised when the.
final figures are made up to see what great dimensions
the aggregate of these taxes will reach. These taxes
are so heavy and so all pervading that it would not
be strange if the yield should prove $500,000,000 to
$1,000,000,000 more than had been estimated. We
see that Samuel Untermyer, in a speech at the opening of the Liberty Loan campaign, at. Columbus,
Ohio, on April 5 gave expression to a similar opinion,
saying that "we are now raising fully 25% of the
annual needs of the Government through the income tax and excess profits tax laws" and that
he believed "the tax will yield at least $3,500,000,000 and probably over $4,000,000,000." This
compares with estimates by the Treasury Department last December of $1,226,000,000 to
be derived from the excess profits tax and $1,201,000,000 to be derived from the tax on individual and corporate incomes, or only $2,427,000,000 together. We notice, too, that Mr. Untermyer thinks that the United States has gone to
about the limit in this form of taxation. He says:
"Having been for 26 years or more a consistent
champion of the Income Tax Law, and at a time
when it was regarded as a reproach and a socialistic
assault on property rights to entertain such views,
I have no tender regard for the inviolability of great
incomes. If we could in the interests of the prosperity of the country impose still further taxation,
[VOL. 106.
I should be heartily in favor of doing so. . . .
But I believe we have well nigh reached the border
line of safety in the way of that form of taxation.
Any further substantial burden in that direction
will serve only to provoke evasion and to destroy
industry, initiative and enterprise."
The truth is, there is little conception, either inside or outside of Congress, of the extent to which
the scheme of income taxation has been applied.
The new statutes in that respect are drastic enough,
but by stretching the language of the law their operation and scope have been very greatly extended.
Take the case of the excess profits tax. It will
be recalled that when the differences of the two
Houses of Congress were in process of adjustment in
conference, the conferees inserted a clause providing
that in a trade or business having no invested capital, or not more than a nominal capital,'a tax equivalent to 8% of the net income of such trade or business should be levied in excess of a deduction of $3,000 in the case of a corporation and in excess of a
reduction of $6,000 in the case of a partnership or a
citizen. This was meant to reach merely cases of
lawyers in the receipt of very large incomes, like
Mr .Untermyer, or dentists, physicians and the like,
who would otherwise be exempt from this business
tax, which runs as high as 60% of the amount of the
net income in the case of business concerns having
capital invested. To reach that class of persons,
the terms "trade" and "business" were defined by
the law itself as including "professions and
occupations." It was never intended that
this 8% tax should apply to the ordinary salaried individual, no matter what the amount
of his salary. But the Commissioner of Internal Revenue in his instructions on the income
tax blanks laid down the rule that "if your net income
reported under A on page 3 (namely the part of the
blank assigned to 'income from salaries, wages,
commissions, bonuses, directors' fees, and pensions,
and from professions') exceeded $6,000 you are
subject to an excess profits tax at the rate of 8% on
the amount by which the net total under A exceeds
$6,000." Thus by this interpretation an extra tax
of 8% is levied on all salaries in excess of $6,000 in
addition to the two normal taxes of 2% each and the
surtaxes at the prescribed rates. This alone must
add enormously to the yield. The surtaxes are also
very heavy—a fact which is not generally realized.
Even on amounts of income between $200,000 and
$250,000 the Government takes 37% (in addition
to the normal tax of 4%) and on amounts above
$2,000,000 it takes 63% in addition to the normal
tax. And this is only in the first year of the war.
It is difficult to see how it is possible to go much
further without the confiscation of all income. ,
But whatever one may think of the rates of taxation the law should be amended so as to simplify it
and so as also to remove its inequalities and unfairness. The excess profits tax should be changed so
as to make it a real tax on excess profits, that is
a tax on profits in excess of what they were before
the war, instead of a tax on the excess above 7 or
9% on the invested capital. That would make
it intelligible and understandable and remove the
difficulties that now attend attempts to execute
the law. If the invested capital has increased, some
APR. 13 1918.]
THE CHRONICLE
1495
allowance for this should be made in determining treatment we place the two sets of computations in
present profits, but otherwise the tax should apply juxtaposition below in tabular form:
only on the amount by which present income or
Taxes of an Individual with $24,000 Income.
profits exceed those of the period before the war.
From
From
The tax, too, it would seem, should apply only to
Salary. Invesets
business profits and not to individual incomes. On
Normal tax of 2%
$401 20
$430
the other hand, if the 8% excess tax is to apply in
Additional normal tax of 2%
361 20
390
the case of ordinary wages and salaries then the
law ought to go a step further and make the tax
Total normal tax
$762 40
20
applicable, too, to incomes derived from invest- Surtax
664 80
780
it
ments.
Excess profits tax at rate of 8%
1,440 00
None
As the law now stands, or rather as it is now in$2,867 20 $1,600
terpreted, the man whose income comes from services •
and work is discriminated against in favor of the man
Besides removing the inequality of the present law,
who has inherited his income or derives it from past the law should be simplified both for the benefit of
accumulations. The former, by the Commissioner's the taxpayer and for Treasury officials. Instead of
interpretation, is subject to this 8% extra tax, the two sets of normal taxes with differing amounts of
latter escapes it altogether. As indicating how un- exemption, there should be only one. Instead of
fairly such a rule works, our attention has been two sets of surtaxes beginning at different figures and
called to the case of the manager of a large corporation rising by different graded rates there should be only.
who receives his remuneration entirely in the shape one of the species. The excess profits tax, we have
of salary and gets $2,000 a month, or $24,000 a year. already indicated, should be applicable to trade and
This man is obliged to pay an excess profits tax of business alone.
$1,440, this being 8% on $18,000 (the amount by
In the case of the individual income tax, it strikes
which the $24,000 salary exceeds the $6,000 exemp- us it would be a good idea if the rate or measure were
tion). His real estate taxes are $500 a year, which simply a man's income or services for a given portion
he is allowed to deduct, and, being married, he is of the year, as in the illustration further above—that
entitled to an exemption of $2,000 in the case of one is, a man, instead of being taxed 2% or 4%, would
of the normal taxes of 2% and an exemption of $4,000 be taxed the equivalent of his wages or his income for
in the case of the additional normal tax of 2%. a week or two weeks or a month—whatever might be
This makes his normal tax in the one instance $401 deemed needful for Government requirements and
and in the other $361, or $762 together. In addi- be fixed by Congress. Then every individual would
tion, he is subject to the surtaxes at the specified not only be contributing on precisely the same basis,
rates on amounts above $5,000 a year. These sur- but would know just what he was contributing.
taxes in his case aggregate $664 80. Altogether this Under the present normal tax of 4% the individual
individual, whose income comes entirely from work, pays one-twenty-fifth of his income; this corresponds
must pay a tax of $2,867 20, made up of $1,440 very closely and is very much the same as fixing the
excess profits tax, $762 40 normal tax and $664 80 tax at two weeks' salary or income, for this latter
surtax.
would be two-fifty-seconds, or one-twenty-sixth of
Perhaps such a tax does not work any special the income. If it became necessary, or is now neceshardship in the case of an individual with an income sary, to increase the contribution to four weeks'orfive
of $24,000. And yet it should be noted that the weeks' wages or income, that could easily be done,
sum he is called upon to pay is 12% of his income and the same rule be applied. Under such a method
received entirely in the shape of salary. • We will the meaning of the tax would be so obvious, so plain.
get a better idea of what this means when we measure Everyone would then see that Mr. Rockefeller and
it in terms of services. As this man's services are Mr. Carnegie stood on absolutely the same footing
worth $24,000 a year, or $2,000 a month, he is giving as himself. We think, too, the tax would be more
to the Government in paying over to it said tax of readily borne if expressed in such terms. Everyone
$2,867 20 the equivalent of a full month's service would know just what his contribution in support of
and $867 besides. In other words, the Government the military undertaking of the Government was.
is taking from him the equivalent of about six week's He could point with pride, too, to the fact that he
services measured in the terms of his compensation. was doing his share in support of the Government—
That may not be too much, considering the character that he was contributing the equivalentoftwo weeks'
of the struggle in which this country is engaged, but or three weeks' or five weeks' salary or income, and
if this man is taxed in the amount of six weeks' work, thus was not a slacker.
why should not others be taxed in the same way?
As far as the personal exemption is concerned,
In particular, why should not those having a similar that ought to be limited to persons of very small
income, though deriving it not from hard work or income. There is no sense in giving Mr. Rockefeller
close application, but from interest or dividends on or Mr. Carnegie the exemption of $1,000 or $2,000
security holdings, be subject to the same tax? As for they are not in need of it. In much the same
the law stands, the person with an income of $24,000 way, there is no valid reason for giving this exempderived from security holdings would, under the tion to the man with an income of $5,000 or $10,000
least unfavorable circumstances for him, have to pay or $25,000 or $100,000. If there is to be,
say,
a total tax of no more than $1,600 (he being free from $1,000 exemption in the case of unmarried individuthe excess profits tax of 8%) as against $2,867 20 als and $2,000 in the case of those who are married,
paid by the salaried man. And this $1,600 would be the exemption should apply only in the case of persons
materially reduced if his income were derived from in receipt of a moderate income—perhaps not above'
municipal securities or bonds carrying a tax-free $3,000. As far as the surtaxes are concerned, these
covenant, or dividends from corporate stock. To could and should be continued, but they would in
show in a graphic way the glaring inequality of the the event supposed not have to begin so low down in
1496
THE CHRONICLE
the scale—starting at $50,000 or $100,000 instead
of $5,000 as now. After Mr. Rockefeller had given
three weeks or five weeks of his income the same as
everyone else he would then be subject to supertaxes
the same as now, but at somewhat different rates.
Another desirable innovation might be to allow
the taxes to be paid in instalments, instead of in a
single payment. We do not make this suggestion
with reference to the present year's payment, but
more particularly to those of subsequent years.
Payments might be allowed on a monthly basis.
If the tax for 1918 were three weeks' wages or income,
calculation of the amount would be easy, and if the
individual were allowed to make payment in monthly
installments, he would know just how much he had
to lay aside for the purpose and pay with the same
regularity he does his monthly rent. The Government in turn would be in receipt of a definite fixed
incomes on which it could depend, thereby avoiding
the vast accumulations at a given period of the year
which come under the present system of annual
payments.
The winter wheat condition report of the Department of Agriculture for April 1, made public on
Monday, while much better than that for the like
date a year ago and offering the promise of a quite
exceptional yield, is nevertheless not fully up to
expectations fostered by some recently issued private
reports. It has probably not been forgotten that
last fall, in an effort to materially augment our
production of breadstuffs, the Government inaugurated a campaign to bring about a record planting
of winter wheat and according to the official report
issued in December, met with no little success.
Supplementing this a sufficient increase in the sowings of the spring variety was relied upon to give for
the whole country a wheat yield of at least 1,000
million bushels, thus enabling the United States not
only adequately to supply home needs and the requirements of our armies, but help out our allies
and the various neutrals who have become more or
less dependent upon us. The Government program
as outlined aimed to secure 672 million bushels from
the fall planting, but according to the forecast which
accompanies this report a crop over 100 million
bushels less than that total is indicated, making the
realization of the aggregate originally fixed upon
dependent, apparently, upon further improvement in
condition hereafter or an enormous addition to the
spring wheat area and good average weather. It is,
of course, very possible that the present estimate of
winter wheat may be materially exceeded. Warranting this conclusion we note that the crop prognostication is based upon an average abandonment
of area as a result of winter killing, whereas all private
reports make it plain that the loss from winter killing
will this time be very light. Furthermore, since the
date of _the report there have been fine rains where
moisture was most needed.
The report on winter wheat issued last December
showed a planting 4.5% larger than in the fall of
1916, giving a total area of 42,170,000 acres, and a
high record by about 1,000,000 acres. Condition
at that time, at 79.3, was, on the other hand, the
lowest on record for the date,and 10 points under the
ten-year average. The grain wintered well, however, having been well protected by snow in most
localities, and experienced generally favorable weather
during March. Consequently condition on the first
[vol.. 106.
of April in the country as a whole is stated as 78.6,
or only slightly lower than on Dec. 1 (the usual decline between December and April is some 5.7
points) and comparing with but 63.4 a year ago, and
a ten-year average of 83.6. Indicating the vastly
better outlook than a year ago in some of the leading
States, we note that condition in Nebraska is given
as 75, against 35; Kansas, 67 against 45; Missouri,
92 against 62; Indiana, 94 against 65, and Illinois,
88 against 60, with more or less improvement over
Dec. 1 in most cases. A favorable feature, too, as
intimated above, is that the May report will likely
show a comparatively small abandonment of area.
Last year this item was no less than 12,437,000
acres, or 31% of the seeded area, and in 1916 it
reached 4,236,000 acres, or 11.4%.
Following the plan pursued by the Department for
several years past, an official interpretation of this
first winter wheat report of 1918 is submitted, the
result based upon an average abandonment of area
and average influences on the crop to harvest, being
a yield of about 560,000,000 bushels. This total
compares with a yield of 418 million bushels last
year, 4803/ millions two years ago, 674 millions in
1915 and the record product of 685 millions in 1914.
It is, of course, much too early to say anything
authoritative with regard to spring wheat, but the
official weather bulletin for the month of March
states that preparation of the ground for the grain
was carried on rapidly and seeding was under way
at the close as far north as parts of Minnesota and
North Dakota. Private reports of later date are to
the effect that planting operations are making rapid
progress and a notable increase in acreage seems
assured. It is among the possibilities, therefore,
that with favoring seasons hereafter the wheat crop
of the country may much more closely approximate
the 1,000-million-bushel mark than present prognostications appear to indicate. At any rate the
promise now is good for a crop materially larger
than the last one, which, with increasing supplies
expected from Canada, will go a considerable way
towards making up for any shortage abroad.
The commercial failures statement for March and
the first quarter of 1918 is in line with similar exhibits for some time past in disclosing a very satisfactory solvency situation in the United States.
This is all the more gratifying as, despite the condition of prosperity prevailing quite generally, there
has not been an entire absence of factors tending to
increase liability to business disasters. The putting
of foreign commerce under license, and the delays
incidental thereto, the prohibition of certain classes
of imports and exports, and interference (vitally
necessary though it undoubtedly is in order to
expedite shipments of war supplies) with the prompt
movement of freight, are some of these. In some
industries, too, inability, through scarcity, to obtain
adequate supplies of material has been a decided
drawback. But with all the adversely operating
influences the number of insolvencies during the
latest month was the smallest for March since 1910,
while for the quarter ended with March 31 we must
go back to 1907 (before the panic of that year) for
a more favorable showing in that regard—and that
only .moderately so—and to 1909 for a lower aggregate of indebtedness. Furthermore, there is no
evidence of special stress in any important lines of
trade or industry, and the number of failures for
APR. 13 1918.]
THE CHRONICLE
1497
amounts in excess of $100,000, while slightly greater Prince Edward Island, where two disasters were
than last year, covered a smaller volume of debts. reported against none a year ago. Contraction in
Messrs. R. G. Dun & Co.'s statement of failures, liabilities is to be noted in seven out of ten Provinces
which furnishes the basis for our deductions and con- and especially so in Alberta, British Columbia,
clusions,indicatbs that for the month of March 1918 Manitoba and Saskatchewan. There was an entire
the number of insolvents was only 1,082, covering absence of banking suspensions in the Dominion in
indebtedness of $17,087,331, against 1,232 for the first quarter of 1918 and the same is true of the
$17,406,096 in 1917 and 2,090 for $23,658,130 in similar period of all years since 1911, when there
1915, with the trading group showing up very favor- was one for $549,830.
ably, the liabilities having been moderately under
While the war on land appears to have been going
the very low total of last year, and,in fact,the lightest for the period since 1907. Among manufac- rather badly for the Allies this week, the news from
turers, the volume of indebtedness shows a diminu- the sea is more encouraging. The British Adition of nearly 3, million dollars (from $8,050,840 to miralty's report on Wednesday last, covering the
$5,171,447) with the various lines sharing quite week ending April 7, reported a British marine
generally in the decrease. On the other hand, an mortality of only 6 vessels, including 4 of 1,600
increase of over 2% million dollars is to be noted in tons and 2 smaller ones. This sudden reduction
the liabilities of agents, brokers, &c.
in activities may, of course, represent the withFor the first quarter, the total of insolvents drawal of the underwater craft for the purpose of
indebtedness reported is but $49,195,300, distributed concentrating upon the American troop ships which
among 3,240 defaults, against $52,307,099 and 3,937 have begun to go forward in much larger numbers
a year ago, $61,492,746 and 5,387 in 1916,and $105,- than during recent week's. The week's record
703,335 and 7,216 in 1915—these last totals being is a reduction from 13 vessels which went to the
the heaviest on record for the period. For the bottom during the week ending March 31 and 28
quarter, as for the month, trading failures make in the week preceding that. For the months of
the most favorable showing in many years, as February and March the weekly average was 17.5
regards number of disasters, and the contrac- vessels, for the months of December, January and
tion in liabilities was from $20,908,655 in 1917 February 15.7 vessels, for September, October and
to $18,778,903, all but two lines participating November 17.5 vessels, and for June,. July and
therein, and general stores in greatest measure. August 22.2 vessels, and for March, April and May
Among manufacturers the decline in debts was of last year 29.8 vessels, figures which suggest that
from $20,082,297 to $18,958,718, the decrease the season of greatest activity is now with us.
being most marked in clothing and millinery and Only two French merchantmen, both over 1,600
glass, earthenware and brick. In the group em- tons, were sunk by mines or submarines during the
bracing agents, brokers, &c., however, a few large week ending April 6, according to the official report.
failures served to force the total up to $11,457,679, It is reported that the British S.S. Minnetonka,
against $11,316,147 last year, and only $6,637,375 13,528 tons gross, and formerly of the New Yorkin 1916. Banking suspensions for the quarter were London passenger service of the Atlantic Transport
9 representing $2,325,000, against 17 for $7,268,000 Line was sunk in the Mediterranean in February.
last year: Geographical analysis of the returns The International Mercantile Marine Co., owners
for the quarter indicate that in four of the sections of the vessel, profess to have no official information
into which the insolvencies are segregated failures as the vessel had been engaged in British Admiralty
were less numerous than a year ago, with the show- service. The Minnetonka was one of the four
ing most favorable in that respect in the South passenger ships of the Atlantic Transport Line, and
Atlantic and South Central groups. Liabilities were if the report of her destruction is accurate, the
much less than in 1917 in the South Atlantic, South entire four have now been destroyed, the MinneCentral and Pacific sections, but in New England apolis on March 22 1916, the Minnehaha Sept. 7
and the Central West, due in the main to consider- 1917 and the Minnewaska Nov. 29 1917.
able expansion in indebtedness in Massachusetts and
Missouri, respectively, showed enlargement.
The week has been prolific in official diplomatic
statements almost if not quite as important as in
The marked improvement in the solvency situation military developments. Opening the Third Liberty
in Canada, noted heretofore in 1918, continued in Loan campaign at Baltimore on Saturday last
March, both the number of mercantile casualties President Wilson delivered a prepared speech quite
and the volume of indebtedness represented thereby in keeping with his other masterly documents assofalling below the like period of all recent years. The ciated with the war. We deal with it at greater
result for the quarter ended Mar. 31, consequently, length on a subsequent page. In brief it may be
was very satisfactory, the number of failures being regarded as final announcement that negotiations
the smallest since 1903 and the amount involved the are impossible with an enemy so devoid of honor
lightest in five years. Specifically, the disasters and that the days of talk are over. The President
numbered only 288 for $5,137,042, against 370 for took occasion once more to define the principles
$5,921,327 a year earlier, 596 for $9,344,441 in 1916, for which we are at war and the only basis upon
and 798 for $15,636,915 in 1915. In the manufac- which a just and righteous peace can be formulated.
turing division, due to unusual stress in miscellaneous He reiterated the country's unalterable purpose to
lines in Ontario, the volume of debts was greater meet the German challenge "with force without
than in either 1917 or 1916, but among traders the stint or limit." This is a phrase which has spread
most favorable situation since 1907 was disclosed, throughout the country as a rallying cry. At a
and liabilities of agents, brokers, &c., covered an meeting of the Governors of the New York Stock
exceedingly small total. As regards the various Exchange, for instance, resolutions were adopted
Provinces, defaults were less numerous in all except endorsing enthusiastically this expression of our
1498
THE CHRONICLE
[VOL. 106.
MD"
national purpose. This is but an example of re- bill had been extended until next Tuesday. Lloyd
sponses in many directions that have come in ap- George stated that the exclusion of Ireland could
not be justified any longer and the character of the
proval of the President's address.
war was as much Irish as English. Ireland, through
Wilson's address, in point of her representatives, had approved the war and
Next to President
general interest and importance, has been the speech voted to commit the Empire to it. After reading
of David Lloyd George, delivered in the House of a declaration of the Irish party approving British
Commons on Tuesday last. The occasion for the participation in the war, the Premier referred to a
British Premier's address was his introduction of the speech delivered by the late John Redmond in the
Man Power Bill, and the address was an explanation Mansion House, Dublin, when he was addressing
of the seriousness of the situation. As to the Western a recruiting meeting there, declaring that the heart
drive, he said that it had verified almost in detail of Ireland had been profoundly moved by the specthe predictions of Sir Henry Wilson, British Chief of tacle of the heroism and sufferings of Belgium. "The
Staff, made some months ago regarding the character other day," the Premier quoted Redmond as-sayof the offensive. It had been predicted, the Premier ing, "I met Cardinal Archbishop Mercier and I
declared, by Sir Henry that the enemy might break took the liberty of promising him that Ireland
through half the depth of the front attacked. The would bring her arms and her strength to avenge
Germans actually attacked with 97 divisions. On Louvain and to uphold and defend the integrity
the reassuring side, Lloyd George pointed out that and independence of Belgium. Belgium, Poland,
the enemy had grossly exaggerated the number of Alsace-Lorraine and France—those are the words
prisoners and guns taken. "We hold ample reserves, for the Irish people to think over. There never was
guns and munitions," he added. The issue of the a war in which higher and nobler issues were at stake.
next battle might very well be determined by the I have heard some people speak of this war as an
action of President Wilson in placing American English and not an Irish war. That is absolutely
troops at the disposal of the Allies. It was, he and definitely untrue. Ireland's highest imperial
said, impossible to overestimate the President's offer. interests are at stake." The suggestion seems to
When the battle on the Somme front began, the obtrude when reading the British Premier's address
total combatant strength of the German army on that he has considered the present admittedly ctitical
the Western front was about equal to the total of stage of the war as affording favorable opportunity
the Entente forces. The Man Power proposal in for seeking a decision on the delicate question of
the bill the Premier was introducing, he explained, conscription in Ireland. With America active in
would involve an extra sacrifice on the part of the the war there certainly will not be the same support
people of Great Britain. The Cambrai battle was for Irish revolt against the measure that would have
a trivial event when compared with the recent battle been the case with the situation different.
and until the strain had relaxed it would be difficult
to ascertain exactly what had happened. A sig- • We referred last week to the charge by Count
nificant sentence was that there were still reserve Czernin, the Austrian Foreign Minister that France
men in Great Britain available for the battle line had invited proposals for a separate peace. This was
in the event of great emergency without "impairing denied by the French Premier and reaffirmed by the
our striking power in the war." By the Man Power Austrian authorities, and various passages concernBill he proposed calling up all under twenty-five ing the veracity of those making the conflicting statewithout distinction and raising the age limit to fifty ments have since occurred, culminating in the publiand in certain cases to 55. He said the Germans cation at Vienna on Thursday of an official statement
were calling up another class producing 550,000 giving the text of a telegram from Emperor Charles
to Emperor William. The telegram reads in part:
youths, who would be used in the present battle.
The Premier also announced that conscription "I accuse M. Clemenceau of piling up lies to escape
would be extended to Ireland. This is described by the web of lies in which he is involved, making the
press correspondents in London as a political bomb- false assertion that I in some manner recognized
shell which was but very slightly modified by his ex- France's claims to Alsace-Lorraine as just. I inplanation that the Government intended to extend dignantly repel the assertion. At the moment when
home rule to Ireland. The scenes in the House Austro-Hungarian cannon are firing alongside of the
during the course of the Premier's speech when he German artillery On the western front, no proof is
referred to this subject were dramatic, approving necessary that I am fighting for your provinces."
cheers and .cries of protest arising from all parts of The telegram concludes that no intrigue can endanger
the House. A test of strength, however, appeared the perfect solidarity between the two empires.
when Joseph Devlin, Nationalist, moved to adjourn. This statement was followed by an official note issued
The Government carried a closure on this motion on Thursday at Paris, purporting to give the text of an
and then adjournment was defeated by an over- autograph letter, communicated on March 31 1917
whelming vote. Irish approval of the proposed by Prince Sixtus de Bourbon, the Emperor of Ausmeasure was not foreshadowed by the attitude of tria's brother-in-law, to President Poincare and comthe Nationalist leader nor did the Ulster faction municated immediately, with the Prince's consent,
show any signs of conciliation. John Dillon, suc- to the French Premier. The text of the 'letter
cessor of John Redmond, denounced conscription. acknowledging the justice of the French claim to
On the other hand, Sir Edward Carson, the Ulster Alsace-Lorraine, and containing various other conleader, while approving conscription, objected to cessions, is published on a subsequent page.
The most reasonable view that seems to be justified
the introduction of the Home Rule measure at this
of the situation is that, when it became inevitable
juncture.
The House approved the instroduction of the that the United States was to enter the war, the
Government's Man Power bill by 299 to 80 and it Austrian Emperor took energetic steps looking toward
was announced that time for discussion of the a separate peace, and indicated readiness to concede
APR. 13 1918.]
THE CHRONICLE
virtually all that France had asked. Conditions
have since changed and Austria to-day, in view of
the collapse of Russia and the successes on the
Western front, is not so desirous of securing peace on
the terms so frankly laid down.
1499
market to the movement in securities. The frank
speech in the House of Commons by David Lloyd
George, the British Premier, on Tuesday, outlining
the military situation which has developed in France,
was the source of considerable nervousness, which in
itself was sufficient to discourage investments, a
The second stage of the great Western battle by feature that was increased by the decision to raise
the Germans is now fully under way, the lull in the military age to fifty and the still further determifighting noted at the close of last week having nation of the British Government to introduce conbeen utilized for the purpose of bringing up the heavy scription in Ireland. As to the effect of raising the
guns. Further progress has been made under the military age, it is yet too early to speak, though in
'renewed attacks which now are centring apparently various influential quarters in London there appears
to the north of Arras. Yesterday's report stated a disposition to believe that it will disorganize busithat Geman masses are being thrown against the ness, which perforce has become confined to older
thirty mile British lines between the Ypres, Comines hands. Toward the close of the week, however, a
and the La Bassee Canal. The struggle, according belief became general that fears in this direction were
to press dispatches, is rapidly becoming one of the exaggerated. A statement by Lord Curzon that
severest of the war, having passed into the stage of the Government had long been of the opinion that
a major operation and dwarfing all the other fighting the war would continue into 1919 is being widely
that is progressing to-day along the 150 mile line quoted and discussed in London and seems in line
in France. The Germans have pushed the British with the Premier's views. The Chancellor of the
defenders back in some instances as much as six Exchequer will not introduce his Budget bill next
miles since the beginning of the Flanders offensive. week, as was originally intended, its place on the
After giving up gas-filled Armentieres, the British parliamentary schedule being taken by the man-power
have fallen back to Steenwerck to the west and have bill. The Budget, it is expected, will be submitted
also been forced to withdraw slightly to the north. , on April 22. How completely British finance just
Estaires on the Lys where the struggle reached the now is tied up with war issues is indicated by the
height of its fury for three days has also been re- quarterly statement of new capital issues published
linquished by the British. Terrific fighting is in in the "Economist" last Saturady and received by
progress there as well as at Messines and the Wyt- ' cable here. ..Of the total of £475,259,000 issued in
schaete district just south of Ypres. At latest , the months of January, February and March, no
accounts the British were still holding the important ; less than £472,246,000 represents Governmental borMessines ridge, the highest point in Belgium. ' rowing. The total for the quarter (£475,259,000)
The Germans claim to have captured 10,000 prisoners compares with £214,362,100 for the quarter preincluding a Portuguese General. Notwithstanding ceding and £825,925,200 for the first three months
the retirements, a telegram from Reuter's correspond- of 1917. The "Economist" index number as of
ent at the British headquarters in France says: March 30 marks a new high record for commodity
"There is a general disposition to consider the prices, a level of 5867 being recorded, which comgeneral situation in Flanders as pretty well in pares with 5845, the figure nearest approaching it—
hand and, although hard fighting is continuing on a i.
that of December 1917. The March number
heavy scale, the outlook is viewed with confidence." represents an increase of 49 points from the February
At last accounts large French reinforcements were figure and indicates an increase of 166.6% over the
being rushed to the assistance of the British.
basic number of 2200 representing the average quoThe "London Daily Express" yesterday quoted a tations for the commodities included in the compilaStrassburg dispatch, received by way of Zurich, tion for 1901-05. At the end of July 1914 (immeSwitzerland, as saying that Field Marshal von diately preceding the outbreak of the war), the index
Hinderburg, Commander in Chief of the German number was 2565, which represented an increase of
armies, is under treatment at a private hospital 16.9% over the basic number.
there, suffering from a slight wound caused by a
The London banks are buying Treasury bills freely,
bomb dropped by one of the Allied airplanes on the thus creating the belief that the interest may be reWestern front. Advices from London quote a very duced soon, which is said to be quite feasible in view
high naval authority there as stating, they had of the Government's control of the market. Mail
indisputable information that von Hinderburg re- advices from London give the results of the election
cently acknowledged to a committee of Socialists of the Stock Exchange committee at that centre at
that the submarine campaign was a failure in the the close of March. There was practically no opposense that it could not starve out England. He sition, and only a few hundred ballots were cast.
assured them, however, that the Western campaign
British crop prospects are excellent. A substanwas certain to be successful and that the decision tial increase in sheep is assured. Reports of the
would be reached by August. The conference with British Board of Agriculture indicate that autumnthe Socialist committee was rendered necessary, sown wheat everywhere is looking well and promisit is claimed, by their threat of refusal to vote addi- ing and that winter oats are also a good and genertional funds for the war. Advices via Harbin to the ally promising crop.
Associated Press, announce that American marines
have been landed at Vladivostock, as well as British
Sales of British war bonds through the banks for
and Japanese forces. The Americans are in control the week of April 6 registered a sharp reduction to
of the docks, while the Japanese are guarding the £10,940,000, as against £16,316,000 the week prerailways and ammunition depots.
ceding. The aggregate sales to April 6 are £622,133,000. The post offices report sales for the week
With the renewal of the enemy advance in France ending March 30 of £900,000, bringing the post office
very little attention has been paid in the London total up to £44,942,000. Of war certificates for the
1500
THE CHRONICLE
March 30 week the sales amounted to £1,714,000,
making an aggregate of £175,936,000. One cause
of the smaller totals was, of course, the influence of
the Easter holidays extending from Thursday to
Tuesday. It wa's only natural, too, to expect a
reaction after the recent heavy drive. A special
campaign has been in progress in Scotland this week,
but results have not as yet been announced. It is
necessary to speed up bond'sales since receipts from
revenue now are seasonally low. British revenue
returns for the week ending April 6 showed a falling
off in both revenues and expenses, due, of course, to
the Easter holiday. The amount of Treasury bills
issued indicated a gratifying increase over the previous week, though considerably below the total
repaid. Expenditures for the week amounted to
£57,552,000 (against £76,411,000 for the week preceding, while the total outflow, including repayments
of Treasury bills and other items, equaled £186,479,000, as compared with £271,017,000. Treasury bills
repaid were £128,827,000, against £67,377,000.
There were no advances repaid reported this week,
against a total last week of £117,500,000. Receipts
from all sources were £181,679,000, in comparison
with £273,609,000 the week previous. Of this
amount, revenues contributed £16,384,000, against
£25,895,000 last week, The week's issue of Treasury
bills•reaehed a total of £105,313,000, and compares
with £64,003,000 a week ago; war savings certificates
amount to £1,400,000, against £2,000,000, and other
debts incurred £104,000, against £26,093,000 the preceding week. Advances amounted to £43,000,000,
as against £114,672,000 the week before. Treasury
bills outstanding aggregate £949,465,000 (last week's
total was not cabled). The week before that it was
£976,100,000. The Treasury balance now stands at
£16,230,000. A week ago it amounted to £19,672,000.
Indications suggest that additional war scandals
are to be aired in Paris within a short time. Bolo
Pasha, whose execution was understood to have
been ordered for Tuesday, made a statement on
Monday night regarding other pending treason cases.
His execution was in consequence postponed, so that
his assertions could be verified. The nature of the
statement has not been publicly announced except
es to an intimation that it concerns closely other
ctses now pending. A temporary respite was thereuoon granted and important and interesting develoi ments may be expected. Representatives of the
PL ris Municipal Council on Thursday requested
Viztor Beret, Minister of Provisions, to check the
speculation in livestock which had been in progress
for some time, resulting in increases in the prices of
dressed beef. The committee cited differences between prices at the stock yards and in the central
markets as evidence of manipulation which the municipal authorities believe to be responsible for the
recent increases. The Minister was urged to requisition livestock.
Germany is offering a new long-term war loan.
The German newspapers are filled with short articles,
pithy sayings, drawings and poetical efforts calculated to draw out subscriptions. President Wilson's
Baltimore speech is included in the propaganda in
this form: "President Wilson threatens us with force
to the utmost without stint or limit. We believe
he means it. Therefore hasten ye all and subscribe
[VOL. 106.
to the loan." Germany's debt after the war will be
thirty times what it was at the beginning, Georg
Bernhard, editor of the "Vossische Zeitung," de-.
clared in a recent lecture in Berlin in connection
with the campaign for the loan. The editor's
speech concluded with a statement that at the end
of the war Germany probably would be faced with
a debt of 150,000,000,000 marks, as against 5,000,000,000 before the war. Bernhard said that 14,000,000,000 marks would have to be provided annually after the war through taxation. He estimated
the empire's national wealth at 400,000,000,000
marks, a large part of which is State and communal
property. He did not favor a single levy on capital
and urged that small capital should not be taxed too
hard. This, he declared, would mean that the
larger fortunes would have to pay as high as 50%,
which he thought was not a safe tax from an economic
viewpoint. The latest inducement to subscribe to
the war loan is a device by which a man may mortgage his prospective savings for the next ten weeks
by means of a special insurance policy.
Official bank rates at leading European centres
continue to be quoted at 5% in London, Paris,
Berlin, Vienna and Copenhagen; 532% in Italy and
Portugal; 6% in Petrograd and Norway; 43'% in
Switzerland, Holland and Spain, and 7% in Sweden.
In London the private bank rate has not been changed
from 3 9-16% for sixty and ninety-day bills. Money
on call in London is still quoted at 3%. So far as
we have been able to learn, no reports have been
received by cable of open market rates at other
European centres.
The Bank of France, in its weekly - statement,
reports a further gain in its gold item, this week's
increase being 1,285,415 francs. The aggregate
gold holdings now stand at 5,376,310,750 francs
of which 2,037,108,484 francs are held abroad.
At this time last year gold holdings totaled 5,222,346,563 francs (3,274,674,716 francs being in vault
and 1,947,671,846 francs held abroad), while in
1916 the amount was 4,893,313,389 francs (all in
vault). Increases were also registered in several of the
other items, viz., silver, 167,000 francs; advances,
14,837,000 francs, and general deposits, 170,611,000
francs. Treasury deposits declined 26,728,000 francs
and bills discounted were contracted to the extent
of 233,426,000 francs. Note circulation showed a
further expansion of 238,900,000 francs, bringing
the aggregate amount outstanding up to 26,086,735,000 francs as against 18,844,126,830 francs in
1917 and 15,183,959,335 francs the year before.
On July 30 1914, the period just preceding the outbreak of the war, the amount outstanding was
6,683,184,785 francs. Comparisons of the various
items with the statement of last week and corresponding dates in 1917 and 1916 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
April 11 1918.
for Week.
Francs.
Francs.
Gold Holdings.
1,285,415 3,339,202,266
Inc.
In France
2,037,108,484
No change.
Abroad
Status as of
April 12 1917. April 13 1916.
Francs.
Francs.
3,274,674,716 4.893,313,389
1,947,671,846
1,285,415 5,376,310,750 5,222,346,563 4,893,313,389
Total
Inc.
250,605,801
359,304,919
167,000
255,069,000
Inc.
Silver
493,068,137
380,743,820
Bills dIscounted Dec. 233,426,000
(?)
1,194,873,168 1,231,681,023
(?)
Advances
Inc. 14,837,000
Note cIrculatIon_Inc. 238,900,000 26,086,735,000 18,844,126,830 15,183,959,335
91,048,188
37,144.109
Treasury deposIts_Dec. 26,728,000
57,101,000
2,510,370,219 1,993,803,997
(?)
General deposIts Inc. 170,611,000
THE CHRONICLE
APR. 131918.1
A heavy loss in gold was shown in this week's
statement of the Bank of England, amounting to
£993,022, and contrasting sharply with the substantial gain of the week previous. Note circulation declined £118,000; hence the total reserve was reduced
£875,000. There was a large reduction in deposits,
as a result of which the proportion of reserve to liabilities was advanced to 18%, compared with
17.09% a week ago and 19.49% last year. Public
deposits expanded £3,789,000, but other deposits
registered a reduction of no less than £18,079,000,
while Government securities were contracted L2,440,000. Loans (other securities) decreased £11,417,000. Threadneedle Street's stock of gold on
hand aggregates £60,436,170, which compares with
£54,930,993 a year ago and £57,922,168 in 1916.
Reserves now total £31,005,000, as against £34,750,343 in 1917 and £42,714,343 the year before.
Loans total £102,069,000, in contrast with £123,623,561 and £90,544,951 one and two years ago, respectively. The cable report of the amount of currency
notes outstanding has not been received this week.
Clearings through the London banks for the week
were £401,300,000, against £324,150,000 a week ago
and £253,110,000 in the corresponding week of 1917.
Our special correspondent is no longer able to give
details by cable of the gold movement into and out
of the Bank for the Bank week, inasmuch as the
Bank has discontinued such reports. We append a
tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1915.
1916.
1917.
1918.
April 15.
April 14.
April 12.
April 11.
April 10.
Circulation
47,880,000
40,077,000
Public deposits
132,103,000
Other deposits
Govern't securities_ 56,868,000
Other securities__ 102,069,000
Res've notes & coin_ 31,005,000
60,435,170
Coin and bullion
Proportion of reserve
18%
to liabilities
5%
Bank rate
38,630,650
40,392,129
128,862,754
37,596,370
123,623,561
34,750,343
54,930,993
33,657,825
68,802,934
79,960,638
33,188,046
90,544,951
42.714,343
57,922,168
34,586,345
104,156,735
102,969,283
47,860,350
137,813,066
39,175,641
55,311,986
29,024,420
19,237,777
41,860,950
11,150,770
41,980,587
25,663,347
36,237,767
19.49%
5%
28.71%
5%
18.91%
5%
41.99%
3%
The Imperial Bank of Germany, in its statement
for the week ending April 6, showed the following
changes: Gold and bullion increased 639,000 marks;
gold increased 197,000 marks; Treasury notes were
reduced 17,200,000 marks; notes of other banks
gained 2,083,000 marks; bills discounted registered
the remarkable decline of 1,831,500,000 marks, while
deposits also showed a huge contraction, i. e.,
1,434,666,000 marks. Advances decreased 479,000
marks, and investments 821,000 marks. Other
securities were reduced 40,204,000 marks. Note
Other
circulation expanded 60,761,000 marks.
liabilities declined 311,647 marks. The Bank's
stock of gold on hand is given at 2,407,721,000
marks, as against 2,531,920 marks in the corresponding week of 1917 and 2,460,860,000 marks the year
preceding. Totals and comparisons of note circulation and loans and discounts are not available.
Saturday's bank statement of New York Clearing
House banks and trust companies, which will be
found in more complete form on a later page of this
issue, was somewhat less favorable and reflected the
large withdrawals of funds by the Government from
the banks. The loan item, however, showed a considerable contraction, viz., $43,634,000. Net demand deposits increased $9,808,000, to $3,762,163,000(Government deposits of $228,903,000 deducted),
while net time deposits expanded $2,441,000. Cash
1501
in own vaults (members of the Federal Reserve bank)
was increased $1,758,000, to $103,840,000 (not
counted as reserve). Reserves of member banks in
the Federal Reserve Bank .declined $15,571,000,
to $519,533,000. The reserve in own vaults (State
banks and trust companies) decreased $583,000, to
$16,993,000, and reserves in other depositories (State
banks and trust companies) increased $821,000, to
$8,641,000. There was a loss in aggregate reserves
of $15,333,000, bringing the total down to $545,167,000, as against $791,432,000 a year ago. Surplus
reserves declined $16,751,480, to $44,647,640, on the
basis of only 13% reserves for member banks of the
Federal Reserve system (but not counting $103,840,000 cash in vaults held by these banks). The reserve
required was expianded $1,418,480. At the corresponding period in 1917, excess reserves amounted
to $148,532,740, on the basis then ruling of 18%
reserves, including cash in vault.
In local money circles the recent feature has been*
the further easing in rates for fixed maturities which
has relieved the general tension, though quotations
for demand loans have risen or fallen in accordance
with the volume of demand in Stock Exchange circles. The week's range for call money has been
2@6%. Thirty-day funds became available late in
the week at 59%, with collateral composed entirely
of industrial securities. A better demand exists
for acceptances. The first installment of bills
drawn under the credit granted by an American
banking syndicate to finance the Cuban sugar crop
is expected to arrive in a few days. These bills are
to run ninety days and all will be payable in New
York. They will include acceptances of banks and
banking houses located in leading cities throughout
the country. In the interest of the discount market
it has been deemed advisable that the acceptances
should be offered in the open market rather than sold
privately by the banks themselves or offered in the
first instance to the Federal Reserve banks. The
Federal Reserve Bank of New York in a circular just
issued announces that discount rates are to be advanced on certain maturities secured by commercial
paper and Liberty Bonds, these advances becoming
immediately effective in the case of New York City
banks and upon receipt of the announcements in the
case of out-of-town institutions. Fifteen-day advances on both commercial paper and Liberty Bonds
under the new rate are 4% instead of 3%;discounts
4
on maturities from fifteen to ninety days are 43 %
and 43.i% on
on commercial paper instead of 4
Liberty bonds instead of 4%. Trade acceptances up
to ninety days will be discounted at 432% instead of
4%. Discounts on agricultural paper of over ninety
days remain without change at 5%. J. P. Morgan
& Co. again offered the usual amount of ninety-day
British Treasury bills. They mature on July 8.
The rate at which these bills are being offered is
6% discount, the same as that carried for some time
past.
There is, of course; slight probability of any real
ease in the money situation during the progress of
the Liberty Loan campaign. The initial installment
of 5% to accompany subscriptions will itself mean a
drain upon funds since there is every indication that
Secretary McAdoo's request for a large over-subscription will be complied with. In addition the regular
installments will require a steady accumulation of
funds. It also is well to recognizeithatlinithelfirst
C
Spot Delivery—
Ninety
Thirty
Sixty
1)ays
Days.
Days.
Eligible bills of member banks__4%04g 4@'j 44@4Y
Eligible bills of non-member bks-44 944% 4'4994% 43 994%
5gig4% 51(614% 53994%
Ineligible bills
Dellrery
within
30 Days
43i bid
4% bid
bid
(1
Changes in the discount rates were made this week
by the New York Federal Reserve Bank and others,
including the Philadelphia, Boston and Chicago Reserve banks. In all these cases the new rates appear
in the table below. The changes affect fifteen-day
advances on commercial paper and Liberty bonds on
which the rate is raised by the Federal Reserve Bank
of New York from 33/2 to 4%; discounts on maturi4
ties from sixteen to 90 days are now 43 % in the
case of New York, Philadelphia and Boston, while
in Chicago they are 4%% for maturities of sixteen
to sixty days, the rate continuing at 5% for maturities of 61 to 90 days. The rates for trade acceptances from 16 to 90 days have been increased from
4 to 43/2% by the New York and Philadelphia Reserve banks, 4% remaining as the rate for 15 days
and less. In Chicago the rate, now 432% for maturities within ninety days, had been 332% for one to
sixty days and 4% from sixty-one to ninety days.
The rate of the Boston Federal Reserve Bank on
trade acceptances within ninety days had heretofore
been 4
Presumably the Reserve banks at the
other centres have made similar changes but in the
absence of definite advices to that effect we continue
the previous quotations in the following list:
Kansas City.
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Minneapolis.
and second loan the amount of payments in full
formed a very substantial part of the entire subscription and should in the present instance be reckoned
with as constituting an early demand upon the supply
of funds.
Referring to money rates in greater detail, loans
on call covered a range for the week of 2@6%, as
compared with 23'@5% a week ago. On Monday
the high and ruling rate was 6%, with 4% low.
Tuesday 532% was the highest, 332% the minimum,
with 432% for renewals. Wednesday's range was
3@4% with 4% the renewal basis. On Thursday
6% was the maximum, the low 4% and 532% the
ruling figure. The range on Friday was 43270
high and for renewals and 2% low. No important change has been recorded in fixed maturities. During the opening days of the week 6% was
still the nominal rate bid for all maturities, but before the close loans were reported to have been placed
at 5%% and 6% for thirty days. Transactions in
the aggregate, however, were of very moderate proportions. Funds for longer periods are not freely
available. Banks and trust companies are devoting
most of their time at present to the Liberty Loan.
campaign and are averse to placing funds elsewhere.
Thirty-day money is now quoted at 5%@6%, with
sixty and ninety days, and four, five and six months'
still at 6% bid. A year ago sixty and ninety-days
was quoted at 3%@4% and four, five and six
months at 4@4%%.
Mercantile paper has been advanced in sympathy
with the collateral loan market and sixty and ninety
days' endorsed bills receivable and six months' names
of choice character are now quoted at 6%, against
59'@6%, while names not so well known now re4%, against 6% a week ago. Trading
quire 6@63
was exceptionally quiet.
Banks' and bankers' acceptances continue firm.
Offerings were lighter than for some time, consequently only a moderate degree of activity was
recorded. Quotations intldetail follow:
[VoL. 106.
THE CHRONICLE
New York.
1502
i
t
CLASSES.es
.
j
ci :
i
'';‘' 1 1 l
OF
DISCOUNTS AND LOANS
4 ...
4
i ,.?,
'4 r, ,
*
kt. z.,- .e :1- t i
.
Discounts—
.
Within 15 days.Incl. member
4 4 4
banks collateral notes__ 4
5
16 to 60days' maturity__ 4% 44 4% 43
61 to 90 days' maturity—. 414 434 434 434
Agricultural and live-stock
5 5 5 5
paper over 90 days
Secured by U. S. certificates
of indebtedness or Liberty Loan bonds—
Within 15 days' includbanks'
member
ing
4 4 4
334
collateral notes
16 to 90 days' maturity
43-4 434 434 4
Trade Acceptances
434 a112a412 4
1 to 60 days' maturity
,
414 454 41-4 4
111 to DO clays' maturity_
a .--
4 A
4
4
4
4 4
4
4 4
4% 4% 4% 4% 4% 434 434 414
434 434 5 434 5 434 414 434
414 5
534 534 534 5
5
514
1
334 314 334 3% 334
334 334 4
4
4 .4
4
4 4
43-4 4
4
4
4
4
434 4
,4
41 4
314 4
4
4
334 4
4
4
a Trade acceptances, 15 days and less, 4%.
Rate of 3 to 434% for 1-day discounts in connection with the loan operation
of the Government.
Note.—Rate for acceptances purchased in open market, 3 to 414%. except for
Boston, Chicago and Minneapolis. whose rates range from 3 to 5%. In the ease
of San Francisco the rates range from 234 to 414%.
,In ease the 60
-day trade acceptance rate is higher than the 15-day discount rate.
trade acceptances maturing within 15 (lays will be taken at the lower rate.
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
Sterling exchange has ruled firm, especially in the
case of long commercial bills which are undeniably
scarce. But the net advances still are merelgof
small fractions and there is no suggestion that the
situation is being removed from the arbitrary position
it has occupied for so long a period.
Dealing with quotations in detail, sterling exchange
on Saturday as comyiared with Friday of last week,
ruled strong with demand and cable transfers at the
highest point touched on the current upward movement, namely, 4 7540@4 7532, and 4 7645@4 763/2,
respectively; sixty days remained at 4 72%@4 72 8.
On Monday rates were well maintained, though trading was quiet and devoid of special feature; demand
bills ranged between 4 7545@4 75473/2, cable trans/
2
fers at 4 7645@4 76473/, and sixty days at 4 723 8@
marked Tuesday's dealings and
4 72%. Dulness
quotat'ons remained without change from the levels
of the previous day. On Wednesday firmness developed and fractional advances were noted, mainly as
a result of the easing in local money; demand moved
up to 4 75 7-16@4 7532 and cable transfers to
4 7645@4 76; sixty days, however, continued at
/@4 72 8. Increased strength in commercial
4 723
and bankers' long bills was the feature of Thursday's
market, and fractional advances were noted in these,
although demand and cable transfers again ranged at
2
4 75 7-16@4 753/2 and 4 7645@4 763/; bankers' sixty
days were marked up to 4 72%@4 724; a pronounced scarcity in offerings of long bills was said to
be chiefly responsible for the rise. On Friday the
tone was still firm and cable transfers and demand
bills ruled a shade firmer. Closing quotations were
4 72%@4 72% for sixty days, 4 753/2@4 75523/2 for
demand and 4 76473/2@4 763/2 for cable transfers
4,
Commercial sight bills finished at 4 753/8@4 751
sixty days at 4 71%@4 71%, ninety days at 4 70@
4 703/2, documents for payment (sixty days) at
4 713-@4 713/2, and seven-day grain bills at 4 7434
@4 74%. Cotton and grain for payment closed at
4 75A@4 7534.
Operations in the Continental exchanges, so far
as the belligerents are concerned, continue to demonstrate the effects of the uncertainty felt regarding
the outcome of the great battles now being fought
in France and Flanders. News from the war front
was somewhat less favorable in character. Quotations for the most part were fairly well maintained,
although the volume of transactions was so re-
APR. 13 1918.]
THE CHRONICLE
1503
stricted as to render these practically nominal. Lire checks on Norway finished at 313/2 and cables at
again attracted attention, having exhibited con- 32, compared with 31% and 323/ last week. Spanish
5
8
spicuous weakness throughout. Checks declined to pesetas closed at 27.50 for checks and 27.60 for cables.
as low as 8 913/2, which contrasts with the official In the preceding week the close was 26.25 and 26.35.
figure fixed by the Foreign Exchange Institute in
With regard to South American quotations, the
Italy of 8 84. Quotations here, however, merely check rate on Argentina has been advanced to 44.48
reflect operations in Italian exchange in the London and cables to 44.58, against 44.15 and 44.25. For
and Paris markets. A continued heavy influx of Brazil the rate for checks is 25.41 and cables 25.51,
offerings, coupled with a lack of demand, and the as compared with 25.64 and 25.74 last week. The
failure of definite announcement concerning the Chilian rate is now quoted at 15 13-32, against
granting of new Italian credits by this Government, 15 9-16, and for Peru 543/2, against 56. Far Eastwere held to be responsible for the decline at these ern rates are as follows: Hong Kong, 753/2@75.65,
centres. Francs have ruled firm and without im- against 76@76.15; Shanghai, 106@107, against
portant change. In the case of rubles, an advance 1073/2@1083/2; Yokohama, 51.75@51.85, against
to 14 has been recorded for checks, but no specific 51.75@51.85; Manila, 49%@50 (unchanged); Singa7
cause can be assigned for this, the quotation being pore, 563@563/ (unchanged), and Bombay, 36%@
still entirely nominal, with no business reported. 37, against 35%@36.
All transactions continue to be suspended in German
and Austrian exchange and quotations in reichsThe New York Clearing House banks, in their
marks and kronen are not available. The unofficial operations with interior banking institutions, have
check rate at London on Paris closed at 27.163/2, lost $538,000 net in cash as a result of the currency
against 27.20 a week ago. In New York sight bills movements for the week ending April 12. Their
on the FEench centre finished at 5 72, against receipts from the interior have aggregated $6,471,000,
2
5 723/; cable transfers at 5 703, against 5 703/2; while the shipments have reached $7,009,000. Addcommercial sight at 5 729.,against 5 733,and com- ing the Sub-Treasury and Federal Reserve operations,
mercialsixty daysat 5 793',against 5 793'j last week. which together occasioned a loss of $78,542,000, the
Lire closed at 8 873/2 for bankers' sight bills and 8 86 combined result of the flow of money into and out
for cables. A week ago the final quotation was 8 79 of the New„,York banks for the week appears to have
and 8 82 respectively. Rubles have been advanced been a loss of $79,080,000, as follows:
to 14 for sight bills and 15 for cables, against 13 and
Week ending April 12.
Into
Out of
Net Change in
14 the previous quotation, Greek exchange has
Banks.
Banks.
Bank Holdings.
not been changed from 5 13 for checks and 5 113/2 Banks' interior movement
I 36,471,0001 $7,009,000 Loss $538,000
Sub-Treasury and Federal Reserve
for cables.
operations
I
41,074,0001 119,616,000 Loss 78,512,000
In the neutral exchanges some activity has been Total
1 347,545,0001 $126,625,000 Loss $79,080,000
shown, notably in Dutch guilders and Spanish
The following table indicates the amount of bullion
pesetas, which continue to rule firm and higher. in the principal European banks:
Early in the week cable reports asserting that the
April 11 1918.
April 12 1917.
German Government had issued what amounted Banks of
Gold.
Silver.
Total.
Cold.
Silver.
Total.
to a practical ultimatum to the Spanish authorities
forbidding the latter's acceptance of the proposed England_ _ 60,436,170
60,436,170 54,930,993
54,930,993
France a_ 133,568,090
143,768,090 130,986,988
141,346,988
trade treaty with the United States caused uneasi- Germany __ 120,376,200 10,200,000 126,344,800 126,596,950 10,360,000 127,402,750
5,968,600
805,800
Russia
ness and a reduction in rates. Subsequently, how- Aus-Hun c 129,650,000 12,375,000 142,025,000 147,705,000 11,764,000159,469,000
11,008,000 2,289,000 13,297,000 18,700,000 4,620,000 23,320,000
Spain
79,949,000
54,287,000
ever, under the stimulus of a brisk demand, prices Italy _ 33,418,000 28,241,000 108,190,000 34,504,000 30,146,000 84,433,000
3,465,000 36,913,001
2,732,000 37,236,000
Netheri'ds 60,255,000
610,000 60,865,000 49,210,000
576,400
rallied to the highest point yet reached, namely, Nat.Bel.h 15,380,000 600,000 15,980,000 15,30,000 600,000 49,786,4V
15,980,000
Switzland 14,866,000
14,866,000 13,727,000
13,727,000
27.50 for checks. Announcement by the Depart- Sweden _ 13,049,000
13,049,000 10,694,000
10,694,000
Denmark _ 9,641,000
136,000 9,777,000 9,155,000
125,000 9,280,000
6,741,000 7,102,060
ment of Commerce that the balance of trade in Norway _ _ 6,741,000
7,102,000
Tot.weck_ 688,367,46 63,884,600 762,252,060672,978,931 61,729,200734,708,131
favor of Spain had reached nearly $100,000,000 in Prey week 688,958,065 63,846,6 752,804,665672,072,331 62,305,050734,377,381
1917, was regarded of special significance in view a Gold holdings of the Bank of France this year are exclusive of £81,484,340
abroad.
of Germany's threat to put a stop to Spanish com- held No figures reported since October 29 1917.
•
merce because of her attitude towards America and c Figures for 1918 those given by "British Board of Trade Journal" for Dec 7
1917. figures for 1917 estimated on the basis of the Dec 7 1917 totals
the Allies. Reports that the Dutch Ambassador at h Aug. 6 1914 In both years
Washington is about to sail for Holland, partly on
ENGLAND, AMERICA AND THE WAR.
account of ill health ,and partly to confer with his
Government on the situation created by the action
Deeply interesting as the actual battle news from
of Great Britain and the United States in seizing Europe has been this week, it has divided interest
the Dutch vessels in Allied ports, was without with two noteworthy utterances of public men.
appreciable effect on Dutch exchange here, and Ostensibly made to urge subscriptions for the war
guilders were maintained at or near to last week's loan, President Wilson's speech at Baltimore last
abnormally high levels. Swiss francs ruled firm, Saturday was devoted mainly to a statement of this
while Scandinavian rates were a trifle easier. Bank- country's position regarding Germany, in the light
ers' sight on Amsterdam finished at 47, against not merely of the conflict in Western Europe, but of
473/2; cables at 473/2, against 479; commercial the whole episode of the invasion and partition of
sight at 46 15-16, against 47 3-16, and commercial Russia. Of that episode Mr. Wilson has this to say:
sixty days at 4613-16, against 473/g on Friday of a week The United States had dealt fairly and temperately
ago. Swiss exchange closed at 4 273/2 for bankers' 'with Germany;it had received with due consideration
sight bills and 4 23 for cables, which compares with the indefinite professions of her civil rulers, regarding
4 29 and 4 25 the week preceding. Copenhagen their purposes as to peace and their attitude toward
checks finished at 305 and cables at 31%, against other and weaker nations. But the action of her
%
2
31 and 313/. Checks on Sweden closed at 333/8 military masters, in Russia, Finland, the Ukraine
%
and cables 34, against 333 and 343, while and Rumania, had provided the real test of the Ger
1504
THE CHRONICLE
[VoL. 106.
to
man Government's attitude. The answer . all for the fact that the German offensive was delivered
proposals of a fair, just and honest peace has come with complete disregard of the loss in life involved,
whereas the policy both of Petain and Haig has
"from the German commanders in Russia."
ac- heretofore consistently been to keep the actual loss
The President's conclusion is, that America
cepts the challenge; that since Germany has again ap- of life in their own troops down to the smallest total
pealed to force and force alone, our own attitude must compatible with attainment of military ends.
The Premier's speech stated that substantial numalso be an appeal to "force, force to the utmost, force
without stint or limit, the righteous and triumphant bers of English troops had been recalled from
force which shall make right the law of the world and Saloniki, that only three white divisions were left
cast every selfish dominion down in the dust." We in Mesopotamia, Egypt and Palestine combined,
do not see how less could have been said, and there and that reinforcements had been hurried from Engcan be, we think, no question that the President has land to France so rapidly, since the battle began,
voiced the feeling and resolution of the American peo- that "no such large numbers of men had ever passed
across the Channel in so short a time." This is
ple as a whole.
George's speech in Parliament on evidently a factor of reassurance, like the adoption
Mr. Lloyd
Wednesday was wholly devoted to the war. It con- of the single unified command. It is also a measure
tained two distinct parts—the Premier's explanation of the British War Office's view of the emergency.
of recent events on the European front, and his an- Lloyd George gave further evidence of this second
nouncement that conscription would be applied in point of view in his announcement, first, that the
Ireland. Regarding the battle, Mr. Lloyd George age of compulsory service in England would be
stated that notwithstanding the heavy casualties of raised from 42 years to 50, and second, that con1917, the Allied army in France was considerably scription would be applied to Ireland.
This last proposal immediately forced something
stronger on Jan. 1 1918 than on Jan. 11917. Before
the collapse of Russia, the Allied forces in France like a political crisis. On the floor of the House of
stood numerically as 3 to 2 to the German forces on Commons, Nationalist members answered that "you
the same front; and even when very heavy reinforce- will not get any men from Ireland by compulsion";
ments had been drawn from the East, after peace that "an Irish draft will never begin"; that "it is a
with Russia, the German armies in Northern France declaration of war,against Ireland." The House,
were in number not quite equal to the combined Al- however, passed the Man Power Bill through its
lied armies in infantry, and were inferior (though in two preliminary stages by 299 votes to 80 and
varying degrees) in artillery, cavalry and aircraft. 323 to 100. It is not easy to judge either the merits
The fact, so often referred to in the dispatches, that of the conscription plan for Ireland, taken by itself,
the Germans had massed a greater number of divi- or the probable results of applying it, and therefore
sions on this battle front than the Allies, was ex- its political wisdom or unwisdom. There is much
plainable by the fact that each separate German divi- that can be said of the unfairness of leaving Ireland
sion was so organized as to include a smaller number of to purely voluntary service with far less than its
proportionate contribution made to the Allied
men than an Allied division.
In some respects the explanation is enlightening, armies, when men of 50 are about to be drafted in
but in others mystifying. This summary of relative England and when men of Irish birth in the United
numerical strength in the German and Allied armies States and Canada had been subjected to conscripremoves at least one perplexity from the mind of peo- tion.
On the other hand, the proposal of a draft by the
ple who could not understand how, with the Allies'
great preponderance of population and military re- British Government, at a time when the Home Rule
sources, they should have actually been outnumbered policy was still in abeyance, and when, in fact, the
by the Germans on the front, even after the defec- convention considering alternative proposals had
tion of Russia. We now know that in actual army not been able to agree by any large majority, must be
strength they were not outnumbered. But if so, described as exceedingly unfortunate. Conscripthen how explain the overwhelming power of the tion proposed along with an offer of Home Rule,
first German offensive last month, Hindenburg's and conscription proposed without such offer, were
slow but almost continuous advance, and the main- certain to appeal to the Irish mind in very different
ways.
tenance of the defensive by the Allies?
Yet it would seem that so experienced a public
generalship in one part of the British comPoor
mand is alleged to have been at least in part respon- man as Lloyd George must either have convinced
sible; indeed, the removal of General Gough from himself that the plan was practicable and safe, or
command of the Fifth Army, after the first stage of else that he must be preparing for simultaneous
the battle, was official confirmation of that belief. dealing with the Home Rule Bill. The outline of
Lloyd George emphasized the fact that the Germans the Irish Convention, submitted yesterday by Sir
were favored by weather, by their rapid concentra- Horace Plunkett, would certainly appear to indicate
tion at night and by their unified command. Yet formidable obstacles to agreement on any workable
it is by no means clear why these incidental advan- plan, either in Ireland or in England. Yet if the Irish
people, who have been none too peaceable thus far
tages should have had so large results.
in the war, were to resist the draft in a body, then
There were no elements of surprise. Lloyd George
himself points out that the exact character and prin- more British soldiers would possibly have to be
cipal objective points of the German attack had been detached for service in Ireland than the number of
clearly foreshadowed to the Government by the Chief Irish soldiers that could be obtained for foreign
of the British Army Staff, two or three months ago. service. As to all this, events will soon show the
This aspect of the matter will undoubtedly remain real character of the situation. Perhaps, after all,
for some time in obscurity, with probably a continu- its true significance is its reflection of the determinaing suspicion that some British commanders were tion of the British Government and its allies to fight
caught of their guard. But it is also fair to allow the war to a finish.
APR. 13 1918.]
THE CHRONICLE
1505
ing the Third Liberty Loan a success we shall all be
THE THIRD LIBERTY LOAN—THE PRIVILEGE pulling together for the common good.
OF CONTRIBUTING TO ITS SUCCESS.
Whatever may have been the convictions of any
man in the past concerning this war, there is but one
AMERICANIZATION.
duty now. The way out is "over the top" and
Now that a conference has been held upon this
through the enemy. The die is cast, the war is on, subject, it has become of country-wide and active
and the easiest, best and most humane way to end it, interest. And in this fact, we feel, is to be found its
is to strike quick and hard. We fight for peace, and true solution.
so fighting, victory will bring it.
It is not a local question, though more intensively
And yet, while the arm is uplifted, and every important in certain centres and districts than in
ounce of the nation's energy will descend with the others. And while present conditions suggest it
blow, there is yet time and opportunity for peace. be given immediate consideration, it is not primarily
But the means must come from the other side. a question of the great conflict. Indeed, unfortuSeeking no territory, no spoils, no mental or material nate as it may be, a state of war renders its perfect,
dominion, we have nothing to relinquish to that end. and even possible, consummation a more difficult
Relinquishment must come from the enemy—of task.
lands occupied by force, of the spirit of militarism as
Americanization is assimilation—it is the taking
a policy of human government, of autocracy that into, and absorbing, of an alien life, quickly preprevents the full liberty of peoples at home and cipitated upon our shores. This process of assimiabroad. This done, we shall quickly join hands in lation depends upon a true conception of the soul and
a compact for perpetual world-peace.
body of our national life. It cannot succeed while
We fight with clean hands. In other times great antagonism is a motive urging its accomplishment.
armies advancing to battle have seized upon the It must embrace all peoples that have sought this as
property of friend and foe to sustain them on the a home-land. And it goes farther than absorption
way. But we do not forage our way through France. into our social, political and economic life. The
We pay as we go. Aye, more than that, more than newcomer must be fastened to, made a part of, the
was ever done before, we literally feed the hungry, very soil itself.
clothe the naked, care for the suffering and dying,
Language is one medium of communication. And
build up the waste places, in foreign lands, as our it is wise and proper that this language, as far as
columns advance. In other times victorious armies may be, be English. But for the very reason that
returned, with pomp and plunder, dragging captives there are communities, both in country and city,
at their chariot wheels, and inflaming the populace where the mother tongue is still spoken, since there
with the greed and glitter of tribute. Our soldiers has not been time for it to be supplanted, it is dewill return with nothing but the honor and glory of batable whether or not it should be entirely eliminhaving fought heriocally in a sublime cause, con- ated from primary schools. But whatever be the
scious of good accomplished, and content to return decision as to this, any living foreign language is
to the pursuits of peace.
there by sufferance, and for use as the only possible
The Government asks each of us who remain at medium for the inculcation of American ideas. And
home to do two things—give and loan. What we both teachers and text should be held rigidly to
give is taxes is gone—but like bread cast upon the this interpretation. The sovereign State owes this
waters, to return after many days in homes .and to itself since it has sole jurisdiction over schools.
governments made secure, in liberty and justice But language is only a medium, and can accomplish
abiding throughout the earth. What we loan is left nothing save for the purpose and spirit behind it.
to us, and of itself is no longer taxed. By the magic And the endeavor now formulating must look closely
of credit our property and toil- is transformed into to its own intent and feeling, if it is to become effecsustenance and equipment for our armies while in tive. Practically all foreign countries come within
the field. It is not money lost or spent or squan- its purview. And it must be realized at once that a
dered, but saved and treasured up for better days, campaign of disparagement of these countries and
a little of what we have gained in the past, what we peoples is not necessary to success, and is not even
can spare in the present, a little of the labor of the consonant therewith.
future. So small a contribution is this that the
First, and foremost, we would lay down the
Government asks of us, who have sent our conscript principal of guidance—the alien must not be made
sons and brothers, that we must ever stand abashed to feel that he is an enemy. By our national attiat their sacrifice.
tude and laws he has been welcomed here. And that
Now, or at any time, such are the demands of right welcome carries with it a need of courtesy extending
and progress, of equal happiness and comfort for us to all nationalities. These five and a half millions
all, that he who lives extravagantly dissipates the who come within this movement, are in a way
present and denies the future. Our saved-up labor drawn together by their very isolation from the
is the future capital that shall make the world a common speech and thought of the country. Even
better place to live in—just as we fight now that it though separated among themselves by race and
may become a peaceful place to live in. The savings language, there is a sort of unspoken feeling and
asked for are thus doubly consecrated, while they are kinship which somehow draws them together, at
yet preserved to us individually. The means are in the first realization that there exists an overt oppowar bonds now offered to the subscription of the sition. And it is unfortunate for the spirit of the
citizens according to their ability and inclination. movement, which is a very worthy and salutary one,
It is needless to ask that they be bought, it is hardly that at its inception,circumstances, world-conditions,
courteous to good sense and patriotism to argue the serve to direct the purely "educational effort" against
wisdom and duty, but it is a pleasure to feel and the immigrants from a single one of the many States
believe that by each one doing his part toward mak- of Europe.
1506
THE CHRONICLE
[VOL. 106.
As for the impressionable stages of childhood, it is opportunity, the freedom, of the whole unified
the spirit of the teaching that counts, and only country and government is to invite the foreign-born
reverence in the mind and heart of the teacher for and foreign-speaking to forsake in spirit and in act
our institutions is allowable. If this be right, it the old and cling to the new; appreciate the grandeur
becomes possible to utilize the lingering foreign lan- and good of institutions and governments made by
guage to reach not only the child mind, but the adult the common action of a united people. Only thus
mind at home. If teacher or text inculcate an can they be induced to forsake their "island settleadulation of kaisers, czars or kings, of autocracies ments" in the midst of our widespread population,
or socialistic societies, of militarism and its domin- and follow opportunity to the land and locality where
ation over organized representative systems of it most invites. This educational movement is not
government, they are sowing the seeds of future of to-day more than of tomorrow, and it calls for
rebellion, license and anarchy. But childhood by thoughtful consideration by every citizen as to his
its very nature, and because it is the especial care own part, and every community as to national
of the State, cannot become an immediate menace scope and purpose.
through false teaching, a menace that extends to
sedition and treason. And all-important as it is to THE COUNTRY'S BACKWARDNESS IN ITS
AVIATION PROGRAM.
start the child-mind right, the process of assimilaThe majority report of the Senate Committee on
many years before it; and as far as the State
tion has
is concerned need not neutralize its power by direct- Military Affairs, three of the eight being "politically"
ing such enmity of feeling against one people so as on the Administration side, is disappointing in respect to aviation, even if it cannot be called surto antagonize all peoples.
As to the adult alien population, special schools prising after the reluctantly obtained admission,
to teach English may well be a prime factor in better- some days ago, that of the 12,000 planes promised
ment. The invitation should be open to all, and for delivery at the front by July 1 not more than 37
they will succeed best by a sympathetic attitude could be now expected. The majority report protoward memories of the home land, and a complete nounces the production of combat planes "thus far
equality to all in the welcome extended, and in the a substantial failure and a most serious disappointideas inculcated as to the liberality and worth of our ment in our war preparations." We had no design
institutions. The question becomes acute in cities of our own; we did not adopt a European design
like New York and Chicago, and requires tact in the until months after entering the war; we consumed
handling if it is to accomplish its full measure of time in discussion over types; innumerable changes
good. Quite a different problem is presented in the in designs and specifications caused more delay. Of
foreign settlements of the Northwestern States. one large fighting plane, it is said that its adoption
There the representatives of the different races take and manufacture "afford a remarkable illustration
hold upon the soil; very many of them soon become of procrastination and indecision too long to recite."
owners of quarter-sections and sections of land, From other sources we have previously been told
landlords in their own right; far beyond any dreams that the Liberty motor upon which such hopes had
or hopes to be indulged in in the old countries. But been placed is, not successful along the lines intended
this can be turned to advantage, if this condition of and expected.
It is always necessary to keep impatience out of
life is made the golden example which our governmental and business life offers to all without regard criticism and to avoid becoming, as a member of the
British Parliament told the members of one of the
to race or country.
But one paramount duty devolves upon the clubs, on Wednesday night, we are, "altogether too
citizenry of the whole country—amicable relations jumpy in regard to the war." Every possible allowwith all these people who show a disposition to be- ance and consideration should be granted to the
come identified with our life—an honest, straight- difficulties of doing so many new things, directed
forward regard according to the true principles of to a new end, and with so many hindrances as to
democracy—and not one of force or condescension labor and materials. A minority of three in the
committee submit a report which begins by expressing
tending to awaken bitterness and possibly
The unfortunate • circumstances which surround us disbelief that the majority report "shows a proper
all, make the use of forbearance and persuasion all estimate of what is being accomplished or is sufthe more imperative. Our laws will take care of ficiently complete to give an accurate impression
overt acts, but only the well-wishing of the native- of the facts." The minority go on to recite the
born will serve to ally the alien to our country and difficulties of aeroplane construction, its many comgovernment. And we have yet to educate ourselves plex and delicate parts, the castor oil required for it
in appreciation of the typical American by eradi- and the great difficulties of procuring that, and so
cating a certain local arrogance and pride, a living on. On the whole, says this report, the record of
sectionalism, which yet persists. To do this we the Signal Corps is one of which the people can be
must reflect upon the intermingling of our own justly proud; "in the face of unparalleled difficulty,
strains of life during the generations that have it is accomplishing an unparalleled task, with characpassed. There were two historic strains possessing teristic American energy, capacity, patriotism and
peculiar and to some extent opposing ideas and enthusiasm."
Upon this the majority are at variance with the
ideals, the Puritan and the Cavalier. And the common
descendants of these in new localities and new times minority. They say the production should be taken
entirely away from the Signal Corps and "be conmust serve as types.
aliens will trolled by one executive officer appointed by the
Until this is done our influence upon
be restricted. The Eastern shores where the influx President and responsible to him."
It is a maxim in private business that a person
congests, and upon which the evil descends, whatit may be, cannot assume all the prerogatives good at excuses is of small good at anything else.
ever
of national direction of affairs if the breadth, the Private business requires things to be done, and is
APR. 13 1918.]
THE CHRONICLE
not interested in listening to explanations why they
have not been done. In private business responsibility goes with power, and the person who fails to
produce results justly due and expected has to stand
aside. In the ordinary business of government,
large and complicated as that is, we waste time and
material and miss results because of not adhering
enough to the long-proven methods of private business; in the enormous and overwhelmingly serious
"business" of carrying on a war upon which everything worth having depends, must we not insist upon
the test of results, and insist that whoever fails to
produce them must be replaced? There will be mistakes; there always have been. In military operations at the front, there are lost opportunities and
there are errors of judgment; so there are in the
sustaining work at home. Yet in both the test of
results has been applied to those responsible for them,
sometimes too severely applied perhaps, but.on the
whole failure has always been and always must be
sternly regarded. The method and the man that is
found wanting, must be replaced. To stand by a
man who does not "make good" (as the expressive
phrase is) would be to sacrifice the many to the one,
whereas no man and no hundred men can be considered in the balance against the interests at
stake.
At least the country is entitled to know the truth,
and dealing out roseate statements, in which what
was expected to be done, has been confused with
what has been done, has been a grave and a reprehensible mistake. Upon this the majority report
says, in moderate language, that "it is greatly to be
regretted that the statements of Government officials
have misrepresented the progress of the aviation
program; this has misled the public, and your Committee, cognizant of the facts, has in the performance
of its duty, made this report." It is not very long
since the country was officially told that we were
doing finely in the aviation field at least, and in that
part of our preparations were far ahead of the
schedule. Intentional deceit is not suspected; enthusiasm and the wish to report good news prompted
such a discounting of the future, and the unpleasant
truth now comes the more disappointingly.
We shall not correct our mistakes by concealing
them from ourselves, and from the enemy we cannot
conceal them. It is best to know where we have
failed, and how seriously, and for what causes. We
should not over-condemn, nor should we yield to
impatience; on the other hand, no man is entitled
to be screened. Moreover, it is both necessary and
hopeful that Congress is showing a determination
to assume and keep its proper and its indispensable
place as one factor in the Government and in the
conduct of the war.
THE NEW LABOR DEMOCRACY IN THE
STANDARD OIL.
Very quietly, without previous announcement and
without any sounding of trumpets afterwards, labor
and capital, in the persons of conspicuous representatives of each, came together, one evening not
long ago, and did so by sitting down for dinner, on
premises owned by the latter but, as might be said
without inaccuracy, produced by the former. The
9,000 men employed by the Standard Oil Co. of
New Jersey in several near-by refineries were asked
to choose, and did choose, representatives of their
own, who numbered seventy-three, and those men
1507
took dinner with the company's officers and directors
in a great room at 26 Broadway. Out of this, or,
rather, marked and consummated by this, has grown
what is variously called the "New Republic" or the
"New Labor Democracy" in the Standard Oil. It
includes further raising of wages already raised more
than once; it includes a scheme of far-reaching sick
benefits and retiring annuities, which may be called
a form of group insurance. It includes a real and
general improvement in housing and sanitary conditions. It includes a "plan of direct representation
by which the men will have henceforth a voice in
everything affecting their welfare and working conditions." One thing it does not include:.strikes and
quarrels. It aims to make those impossible.
At the dinner, the head of the company said that
if any good is to come out of the war it will be the
learning by the whole world "that the day of achievement by brute force is gone." We thought this had
been learned, but one set of rulers suddenly attempted
to turn back the clock and establish that policy;
"this is a procedure which the world will never put
up with again, neither as between nations nor communities nor classes." Further, said Mr. Teagle:
"The appeal to brute force, the policy of gaining
an advantage, wherever coercive measures permitted, has been a common fault of all. Industrial
peace, as well as peace between the nations, must
depend upon the mutual sympathy and understanding between all sections of industry and by an equitable division of the proceeds of that industry between
the two partners of American business, Capital and
Labor. It is in recognition of this truth that we are
here this evening."
Justly or unjustly, Standard Oil and the family
most largely interested therein have come to be
associated in the mind of the average person with
capitalism, wealth, and everything which has ever
been imputed to wealth as a sin. If anybody chooses
to insist that these men, hitherto held up as the
representatives of the "exploiting" of the people for
the sake of gain, are unchanged at heart and propose
a truce—no, a permanent peace—to labor because
satisfied that agreement is more profitable to both
sides than the quarrelling methods of unionism and
the perpetual strife of capital with labor, let him do
so; men must still be judged for their motives by
their conduct rather than by their words. It is a
fact of record that while, during a long term of years,
organized labor has been fighting to deepen and
harden the rifts of cleavage and perpetuate "class"
hostilities, to set up a power within and above the
Government of this country wherein every man has
as much voting power as any other man (or woman)
capital and labor have been drawing nearer together.
Let it be that the motive is self-interest and realization that fighting is not good for either side; the
fact of approach is sufficient. This is coming about
by various forms of profit-sharing; in a great and
growing degree, by group life insurance, as an
addition to and not any part of the work-wage; by
that ancient process which will never cease entirely
among men, "reasoning together," by the unceasing
stream of public gifts from men who in one or another
way have attained wealth; by some scheme resembling in purpose, if not in detail, this "republic" or
"democracy" now inaugurated, although not fully
wrought out, by a representative corporation.
That old slave, Aesop, left the world the fable of
the belly and the members. The world learns that
1508
THE CHRONICLE
and other fables1which crystallize deep truths very
slowly. Yet the several constituent parts of the
human body are not more inter-dependent than are
the several "classes" (calling them so merely for
convenience) in the body industrial and politic.
Capital without labor would be as useless as a
diamond mine to Robinson Crusoe while imprisoned
on his island. Capital is the unconsumed product
of labor. This definition is sufficient for the present
purpose, and is the larger part of all which political
economy as a science can say about it. In this
country of unlimited opportunity, laborer develops
into capitalist, and employee into employer; further,
by the great movement called co-operation, the consumer becomes producer and capital changes from
control into helper only. We are now at literal war,
but we expect to earn and attain a just and lasting
peace. Let that peace reach fullness by extending
to industry. This will not be while capital and labor
shake closed fists at each other; it will be when and
as they draw together, realizing that they are essentially one in interest.
The Standard Oil's movement (we are not willing
to speak of it as an experiment) is distinctly encouraging. It cannot be expected to please Mr. Gompers;
but Mr. Gompers is fighting unrighteously and unwisely, and he must surrender the ground he now
insists is his and to remain his. Being opposed only
to the excesses and the deplorable misdirection of
labor organizing, and not in the least to the organizing
itself, the "Chronicle" has a clear right to draw and
does draw a favorable augury from the sight of
capital and labor sitting at table as host and guest,
as worker and fellow-worker.
THE MOTOR TRUCK AS A COMMERCIAL
VEHICLE.
Almost unnoticed by the general public, under the
absorbing claim of world-wide events, an association of motor dealers held, the first week of March
in Brooklyn, the only motor truck and delivery
wagon show of the season in this city. More than
forty makes of truck were on exhibition, besides
trailers, various accessories specially adapted to
commercial hauling, and a number of specimens of
"form-a-truck," this being a device by which one
may convert "any new or used automobile, with
straight side channel steel frame, with or without
single or double drop, into a one or two-ton motor
truck chassis." The makers of commercial motor
vehicles, some but by no means all of them producing no pleasure vehicles,justly thought the commercial vehicle entitled to its turn and its exhibition. This is not the spectacular side of the industry. Luxury of appointments and artistic beauty
of line and finish do not belong with the "business"
car. It makes no appeal to fashion, andipublic
displays of it do not attract the butterflies of society;
the horse, the fowl, the dog, the cat, have their six
days in turn, and throngs go to see them and one
another, but the motor truck is as ugly as a foundry.
Yet it has its claims. Its "mother" islmodern
necessity, and its development has been pushed indispensably by the passion for speed which wrought
the motor itself into approximate perfection through
the strains of the cup races that are now apparently
passing out of date. Yet while Beauty is said to be
its own excuse for being, Utility should not want celebration and celebrators. The manager of one
motor truck company spoke for this ugly servant
[VOL. 106.
of industry and trade. Confessing that its throbbing adds to the noises of the streets and it seems to
many a nuisance, he made it say for itself, in justification:
"I am the motor truck; I came out of the necessity
of progress; I was born to follow the will of wisdom
and take burdens from the tired backs of beasts; I
brought speed to traffic and economy to business; I
take the place of three horse-drawn vehicles in our
lanes of commerce, thus saving space in our streets;
I lighten taxation by keeping those highways clean;
I carry raw materials to manufacturers who must
needs stop for patriotism's sake without my aid; I
take the hardships from embargoes; I save worthy
men from financial wreck; I carry milk to babies,
that wan faces may be bright; I bring coal in winter and ice in summer; I bring comfort, progress,
luxury, but above all I bring the aid which will
crush the self-proposed despot and elevate righteous
intercourse between nations."
About three months ago we cited some recent
remarkable cross-country performances by motor
trucks and enthusiastic concerns in this line now
advertise others. One says that a fleet of his trucks
has gone from Wabash to Baltimore, approximately
800 miles in 66 hours without stopping for repair or
replacement, and from Wabash to New York, approximately 900 miles, in 80 hours; on the trip to
Baltimore each truck carried another as its load, the
eight vehicles being thus delivered in less time and
at less outlay in money than carrying by rail would
have cost. Another says he has information that
several railroads are already using motor trucks to
advantage; he cities one in California which is using
a number of his trucks as feeders to the main line,
taking the place of short rail branches to near-by
villages and towns, and says one of his vehicles has
actually released a locomotive for general service
by carrying supplies between Springfield and West
Springfield, Mass. The "form-a-truck" device is
a modification of the "trailer," and one concern
particularly occupied in pushing it points out that
it answers the question what to do "with your used
car," since 70% of all such are passe only because
of appearance and style and not of mechanical decadence; the family disdain the "old car" because
it offends pride in appearances; it will not bring
much, even in a trade, but it can be made to return
more than the original cost all the same; to attach
the truck body to the old thing takes only five hours,
when you "can sell it to your business," letting it
earn $5 to $7 50 a day as a motor truck, and in
two years' service it will pay for itself and for a new
family car as well.
Though this be discounted somewhat as enthusiastic statement it has a very substantial basis of
fact. It is certain that the commercial vehicle is
capable of an expanding influence upon transportation; it has already rendered that, and has demonstrated ability while not yet exhausting it. According to some statements by an official of the general
post office, it is in increasing use by the postal department on mail routes. In this past winter, says
this Fourth Assistant Postmaster-General, trucks
have run daily on a 110-mile route between Oxford,
Pa., and Philadelphia, mainly carrying mushrooms;
he cites several other instances, and says that daily
transportation over distances of 20 to 50 or more
miles must be brought clearly before the eyes of
the farmer in order to stimulate food production.
A good highway, he adds, connects the county seats
of nine counties in the most productive section of
APR. 13 1918.]
THE CHRONICLE
1509
pioneer work and shown the way for
Georgia, yet producers there have no direct means has done this
to help the rail in a greater development
of reaching Atlanta, and along the 100 miles from every State
trucking by forming, in more than a dozen
Savannah to Macon not one producer is shipping to of road
important cities of this particularly industrial commarket.
th, what is called a "return loads bureau,"
A very remarkable evidence of the possible service monweal
bureau having listed over 700 trucks of a caof the truck is added by the run from Lancaster, this
of one ton or more and available for hauling
Pa., to New York, on March 20, bringing over a pacity
49 routes, according to a journal of this industry,
ton of farm produce (including some newly-hatched on
rcial Vehicle." This work of organizing
chickens) and making the 180 miles in 10 hours' the "Comme
favorably and development has been done under a committee
actual running time, a rate comparing very
on the subject appointed by the Connecticut State
with average freighting on the rail.
of National Defense. The main function
Now Mr. Henry Ford recommends "baby tanks" Council
has been to discover and list truck
carrying two men for war operations; once standard- of the bureau
to collate and register the information, and
ized, he thinks, these could be produced at the rate owners,
together these owners and the shippers of
of a thousand a day. Upon the tractor engine in to bring
, leaving the respective parties for the
farm service he speaks with greater authority, and material
to arrange all questions for themselves.
such a machine, he says, will plough, seed, harvest, present
smaller It is said that the manufacturers of Connecticut
pump water, and do all farm work, enabling a
able by this means to move hunforce of human workers to get full crops; "one have already been
ds of tons which otherwise would
tractor sent to France or England now will produce dreds of thousan
the unhappy general merchandise
fifty times its weight and bulk in wheat and food have added to
this year, and one ship carrying tractors now is as congestion.
One important lesson already gained in the successgood as fifty ships carrying food next fall; a propon one model can ful working of this "return loads bureau," according
erly-organized factory running
, is that the State must undertake
produce a tractor for every workman in every fifteen to the account
clear of snow, since the motor
days, and each tractor will add to a farm the work- keeping the roads
able to escape some retardation by
ing power of several men during the whole year." vehicle is not
h its comparative superiority in dealIf this is deemed perhaps too enthusiastic, the ser- snow, althoug
obstruction is manifested here in New
vice of the tractor and also of the passenger auto- ing with that
York in every winter. This is deemed the proper
mobile when pressed into "chore" work for which
the State, because townships and counit was not designed has been proven. And now business for
e of human ties will probably have insufficient funds and will
that present and prospective shortag
some parts of the routes untouched. Conlabor is such a menace Mr. Ford is clearly sound in also leave
enacted a law on March 27 of 1917 requiring
saying that "it remains for America to carry engine necticut
the Highway Commissioner to "cause the removal
power to agriculture."
complete portion of any trunk
The textile department of the Merchants' National of snow from any
line highway when the accumulation thereof shall
Bank of Boston is about to issue an illustrated 32highway unsafe or impassable for public
page booklet on the motor truck problem, with render such
the textile and allied indus- travel." He may direct the selectmen of any town
especial reference to
proper officer to remove snow at the cost
tries. It makes the broad statement that 80% or other
but nothing in the law shall be conof the vast output of all products demanded by the of the State,
relieve street traction companies of responwar for Europe has had to be carted on motor trucks strued to
removal from their track areas.
at some stage. It emphasizes the importance of sibility for snow
On April 4 the Merchants' Association, on the
distinguishing, at the start, between the cost of the
ee on Transportatruck purchase and the real cost of the transporta- recommendation of its Committ
It goes into detailed analyses tion, appropriated $5,000 for creating in this city a
tion when put to use.
" on lines like that of Conof costs, giving each item (including interest and "Return Loads Bureau
depreciation) in a year's use of a three-quarter ton necticut.
There is another point which should not pass
and a two-ton truck in textile work, the former
is estimated that a horse in
doing 16,321 miles at $O 14 and the latter doing without mention. It
service consumes grain enough to feed four
6,997 miles at a cost of $O 372 per mile. A list of active
horses are kept in this
about 60 truck users in the textile trade is given, to six adults; that 108,000
acid city; that four acres of cultivated land are required
and while the booklet brings to the subject the
horse for one year; and that
test of actual economy it is sure that "the day of to grow grain for one
432,000 acres need to be cultivated to feed the horses
the horse around the mill is on the wane."
Food Control,
The railroad is only an artificially leveled and of New York. So, according to the
as the world-wide food shortage will restraightened highway. It has been the greatest inasmuch
to correct and the
single factor in the making of this country. When quire at least several years more
was not heavy animals used for large loads need much grain,
the Civil War came to a close, the railroad
could be prepared for human
much more than twenty years old, and since then it practically all of which
from horse to motor hauling
has wrought ill-appreciated marvels. Meanwhile consumption, the shift
saving which is worth careful conthe plain surface road which must still serve it as suggests a foodbeings ought not to be asked
feeder has not been adequately kept up and as a peo- sideration, and "human
down their rations until all other available
ple we have yet to learn that really good roads are to cut
ng food waste have been used."
a profitable investment and bad ones a constant means of preventi
The war suggests many lines of military predrain of waste and loss. Connecticut, now says one
cy which are important
morning journal, "is the only State in the Union paredness and efficien
enough to require doing imwhich has risen to the transportation emergency by enough and pressing
the changes impending are
making it possible to use motor trucks during all the mediately. Among
g, but also some distinctly
past winter for the haulage of goods overland."silIt some distinctly menacin
1510
THE CHRONICLE
[VoL. 106.
promising and hopeful. While we do our utmost
to resist the former we should hold ourselves open- RAILROAD GROSS EARNINGS FOR MARCH.
minded and active as to the latter.
It is evident from the returns thus far available
that the showing of earnings of United States railCANADA'S CONTRIBUTION TO THE WAR.
roads for the month of March is to be of a wholly
different character from the extraordinarily poor
Ottawa, Canada, April 11 1918.
In the House of Commons yesterday, while the exhibit for January and a part of February, at least as
gravest news of the war trickled across the cables, far as the gross revenues are concerned—in the matter
the Government of Canada set aside $443,050,000 of the net results, of course, no figures are yet at
for the further prosecution of the struggle. The hand, and in order to ascertain the outcome in that
vote averages $1,1*07 62 for each man in khaki, and respect it will be necessary to await the receipt of the
is based on the assumption that the operation of returns. Even in the matter of the gross earnings,
the Military Service Act will increase the grand the number of roads that still make it a practice
total of troops'raised in Canada to 500,000. There to furnish preliminary estimates soon after the close
are now about 140,000 Canadians fighting in France, of the month, is now very small, but from those that
150,000 in England and the number of discharged persist in the practice it is possible to get a pretty
from active service, killed, died of wounds, &c., good idea of the general character of the showing.
exceeds 100,000. An important item in the estiAltogether we have returns from 29 roads (inmates is $12,000,000 for civil re-establishment of cluding the three large Canadian systems) with an
returned men. The amount to be spent this year aggregate length of line of 65,843 miles, and on this
on the naval service is $19,000,000, about double mileage there is an increase in gross earnings, as
that of last year.
compared with the corresponding month last year,
Canada's mounting war bill may be seen from the of $6,007,141, or 11.45%. This result is the more
following yearly totals: In the fiscal year of 1914-15, noteworthy inasmuch as the month contained five
$60,730,476; 1915-16, $166,197,755; 1916-17, $306,- Sundays the present year, as against only four last
488,814; from March 31 1917 to April 8 1918, year, thus giving one less working day in 1918. On
$302,5321974.
the other hand, the roads had the advantage of a
larger grain and live stock movement in the West
GOVERNMENT COMPETITION WITH LENDING and also some
increase in the cotton movement in
COMPANIES IN CANADA.
the South. Furthermore, it is evident that after
Ottawa, Canada, April 12 1918.
the freight congestion and embargoes experienced in
At last an organized effort is at hand to hold back January and February, much delayed freight
was
the tidal wave of Government legislation striving to rushed forward in March, all of which operated
to
offer cheap money to Canadian farmers without re- swell the volume of traffic passing over the
roads.
gard for money market conditions. The lending com- In the case, too, of a number of roads running
west
panies organized as "The Dominion Mortgage and and northwest from Chicago, certain special drawInvestments Association" held their annual meeting backs encountered in 1917 in the way of bad
weather
recently at Toronto and made public a survey of the and snow blockades were averted, there being
no such
acts of governmental interference, at the same time Obstructions ofaserious nature in these cases
in 1918.
suggesting with notable moderation and fairness that
As further emphasizing the present year's improveany conflict between the lenders and the govern- ment in gross earnings, it should be noted
that this
ments could bring only ill results.
follows a gain last year over 1916 (notwithstanding
The lending companies, particularly in Western the special obstructions just referred to) and
also an
Canada, have been subject to very harsh usage. increase in 1916 over 1915. In March 1917,
our
Under the general outcry against interest rates, Man- early statement covering 86,517 miles of road
regisitoba and Saskatchewan essayed public schemes of tered an increase of $5,678,031, or 8.04%,
while for
financial credits to grain growers and stock raisers, March 1916 the gain by our early statement
was
the former province lending at 6% while borrowing no less than $12,768,097, or 21.08%.
To be sure,
public funds at a half per cent higher. These pro- this last followed losses in both 1915 and 1914
in the
vincial enterprises, however, did reduce'the volume same month, but the 1916 gain exceeded these
losses
of corporation loans and have made many of the for 1915 and 1914 combined. That is, for
March
Eastern and Old Country companies anxious about 1915 our early statement showed a loss of $7,081,270,
the future. Added to this competition was the or 10.25%, and for March 1914 our early tabulaDominion Government's loan of seed grain on a lien tion registered a decrease of $2,191,364, or 3.01%.
taking priority to first mortgages, and the soldiers' Contrariwise, in 1913 and 1912 there were moderate
moratorium acts, under which many a borrower increases. For March 1913 our statement
recorded
took fictitious refuge. Legislatures have, as a rule, $4,310,860 gain, or 6.50%; and for March 1912
the
placed the whole emphasis upon more generous terms result was $3,702,918 gain, or 5.73%. In March
from the lender withoutstressing the responsibility of 1911, however, there was a loss of $1,053,860,
or
the borrower to make restitution in reasonable time. 1.59%, notwithstanding large gains by the
three
In Ontario, recent legislation placed a tax on Canadian systems. In March 1910 our preliminary
Toronto city borrowers of one-tenth of 1% of sums statement revealed an increase of no less
than $8,borrowed for the purpose of paying for a building 795,473, or 15.61%. In •March 1909, too,
there
that houses and protects the titles of all property was improvement, the increase then having been
owners.
$5,082,356, or 10.99%. In March 1908, on the
The association of lenders has made it quite clear other hand, at the time of the intense depression in
that no objection can be taken to the loaning of trade, our early returns recorded a loss in the
large
money to returned soldier-farmers at a rate below sum of $9,150,668, or 14.36%. We furnish
herewith
the market, the public being fully content to bear a summary of the comparative totals for Mardi
and
a share of the cost of their rehabilitation.
the first quarter of each year back to 1897.
THE CHRONICLE
APR. 13 1918.]
(-I-)
Decrease (-).
Gross Earnings.
21fileage.
Increase
Or
Year Yr.Pre- InGiven. ceding. Cr'se.
March.
1897____
1898____
1899____
1000____
1901____
1902____
1903____
1904____
1905____
1906____
1907____
1008____
1909__
1910____
1911____
1912____
1913____
1914____
1915____
1916____
1917____
1918____
Jan.lto
1897____
1808____
1899____
1900____
1901____
1902____
1903____
1904____
1905____
1006____
1907____
1008____
1909____
1910____
1911____
1912____
1913____
1014____
1915___1916_
1917____
1018____
Roads Miles.
121 92,737
133 97,253
119 94,333
112 99,388
103 100,739
89 92,041
69 95,620
69 85,636
62 80,134
58 83,228
66 92,828
55 83,468
48 77,656
53 85,936
51) 88,447
47 88,168
47 88,311
45 92,045
43 88,283
44 88,554
41 86,517
29 65,843
Mar. 31120 92,598
131 96,998
118 93,875
111 99,115
103 100,739
89 92,041
69 95,620
69 85,606
62 80,134
58 83,228
66 92,828
55 83,468
48 77,656
53 85,936
50 88,447
47 88,168
47 88,311
45 92,045
43 88,283
44 88,554
41 86,517
29 65,843
Year
Given.
Year
Preceding.
36,730,150
44,918,276
45,851,636
54,226,229
58,451,929
53,947,913
63,656,496
54,218,287
56,099,462
60,824,758
77,540,501
54,549,532
51,321,597
65,155,888
65,239,119
68,404,320
71,710,950
70,785,610
61,939,361
73,344,766
76,308,967
58,460,439
36,574,591
38,767,403
43,192,673
48,300,240
54,154,932
50,750,057
55,634,679
54,355,422
50,899,522
55,489,877
71,896,303
63,700,200
46,239,241
56,360,415
66,292,979
64,701,402
67,400,090
72,976,974
69,020,631
60,576,669
70,630,930
52,459,298
02,048
96,089
93,235
97,468
97,542
90,481
93,441
83,386
78,881
81,448
91,100
82,332,
76,193
84,398'
86,208;
86,495
85,9631
90,7741
87,420
86,330
84,555
65,514
0.75
1.21
1.18
1.97
3.28
1.72
2.33
2.68
1.59
2.18
1.90
1.38
1.92
1.82
2.60
1.95
2.73
1.38
0.09
2.57
2.32
0.50
91,907
95,832
92,777
97,195
97,542
90,481
93,441
83,386
78,881
81,448
91,100'
82,332
76,193
84,398
86,208
80,495
85,963
90,774
87,420
86,330
84,555
65,514
0.75 104,287,357 107,550,519 -3,263,162 3.03
1.21 126,755,310 109,339,374 +17,415,036 15.93
1.18 126,102,007 121,187,638 +4,914,309 4.05
1.97 154,477,543 132,538,843 +21,938,700 16.55
3.28 167,574,617 154,125,356 +13,449,261 8.72
1.72 155,556,409 146,020,060 +9,536,349 6.52
2.33 181,463,231 160,459,158 +21,004,073 13.09
2.68 152,071,336 153,791,510 -1,720,174 1.12
1.59 149,372,126 142,415,455 +6,056,671 4.88
2.18 183,644,696 154,918,113 +28,720,583 18.54
1.90 214,200,964 204,057,203 +9,243,761 4.51
1.38 149,515,630 168,209,991 -18,694,361 11.11
1.92 142,002,711 131,609,385 +11,293,326 8.60
1.82 179,172,331 155,045,813 +24,126,518 15.23
2.60 182,039,008 180,487,121 +1,551,887 0.86
1.95 190,997,306 180,042,806 +10,054,500 6.10
2.73
+19,994,594 10.75
1.38 199,138,010 210,62:1,711 -11,485,701 5.45
0.09 175,502,339 192,562,201 -17,059,862 8.91
2.57 205,245,604 169,173,053 +36,072,551 21.32
2.33 215,256,551 196,153,372 +19,103,170 9.74
0.50 156,312,582 146,011,731) +10,300,852 7.06
+155,556 0.42
+6,150,813 15.87
+2,658,963 6.15
+5,919,989 12.25
+4,296,997 7.93
+3,197,856 6.30
+8,021,817 14.42
--137,135 0.25
+5,199,940 10.21
+5,334,881 9.61
+5,644,198 7.85
-9,150,668 14.36
+5,082,356 10.99
+8,795,473 15.61
-1,053,860 1.59
+3,702,918 5.73
+4,310,860 6.60
-2,191,364 3.01
-7,081,270 10.25
+12,768,997 21.08
+5,078,031 8.04
+6,007,141 11.45
-We do not include Mexican roads In any of the years.
Note.
The Western grain movement reached very large
proportions, except in the case of wheat, and the
explanation of the falling off in this latter instance
is that there is comparatively little wheat to come
forward and what there is farmers are not altogether
willing to market. For the five weeks ending
Mar. 30 1918 the receipts of wheat at the Western
primary markets aggregated but 7,203,000 bushels,
as against 24,537,000 bushels in the same five weeks
of 1917 and no less than 37,784,000 bushels in the
corresponding five weeks of 1916. On the other
hand, the receipts of the other cereals were of prodigious proportions. Of corn, the total was 56,859,000 bushels, against 22,563,000 bushels in 1917
and 25,783,000 bushels in 1916; of oats, 35,983,000
bushels, against 24,243,000 bushels and 19,594,000*
bushels, respectively; of barley, 10,106,000 bushels,
against 5,468,000 and 9,937,000 bushels. Adding
rye, the aggregate of the five cereals for the five
weeks this year is found to be 112,764,000 bushels,
against 77,905,000 bushels in 1917 and 94,327,000
bushels in 1916. The details of the Western grain
movement in our usual form are set out in the
following:
Flour.
Floe Weeks
(bbls.)
end.114ar.30.
Chicago
1,174,000
1918
1,515,000
1917
Milwaukee
102,000
1918
53,000
1917
St. Louis
322,000
1918
435,000
1917
Toledo
1918
1917
Detroit
12,000
1918
35,000
1917
Cleveland
75,000
1918
63,000
1917
Peoria
188,000
1918
190,000
1917
Duluth
1918
1017
Minneapolis
1918
1017
Kansas City
1918
1917
Omaha
1018
1917
WESTERN GRAIN RECEIPTS.
Corn.
Wheat.
Oats.
(bush.)
(bush.)
(bush.)
653,000
3,769,000
Barley.
(bush.)
Rye.
(bush.)
16,527,000 11,956,000 2,621,000
8,870,000 11,694,000 2,271,000
524,000
482,000
257,000
1,009,000
3,427,000 3,347,000
1,244,000 2,734,000
1,652,000
1,330,000
405,000
150,000
867,000
3,223,000
6,018,000 4,700,000
2,579,000 2,646,000
181,000
41,000
81,000
23,000
199,000
62,000
75,000
192,000
695,000
374,000
585,000
386,000
35,000
149,000
1,207,000
567,000
305,000
377,000
43,000
40,000
461,000
396,000
742,000
464,000
12,000
3,000
5,000
9,000
5,434,000 2,628,000
3,097,000 1,187,000
154,000
203,000
32,000
9,000
133,000
148,000
6,000
24,000
137,000
236,000
216,000
298,000
3,805,000
11,011,000
807,000
3,223,000
308,000
1,387,000
94,000
10,000
1,873,000
620,000
10,863,000 2,636,000
2,001,000 1,409,000
-
Total of All
1018
1,873,000
7,203,000 56,859,000 35,083,000 10,106,000 2,613,000
1917
2,291,000 24,537,000 22,563,000 24,243,000 5,468,000 1,094,000
Flour.
Wheat.
Corn.
Barley.
Rye.
Jan. 1 to
Oats.
(bush.)
(bush.)
March 30- (bbls.)
(bush.)
(bush.)
(bush.)
Chicago
2,327,000
1,263,000 30,529,000 24,482,000 5,080,000 821,000
1918
2,934,000
1917
9,722,000 26,375,000 24,914,000 6,063,000 1,137,000
Milwaukee
224,000
601,000
6,427,000 4,232,000 3,640,000 931,000
1918
128,000
2,109,000
1917
3,068,000 6,663,000 3,906,000 490,000
St. Louis
686,000
2,136,000
1918
9,593,000 8,374,000
312,000 143,000
1,022,000
9,160,000
1917
7,853,000 6,022,000
215,000 142,000
Toledo
287,000
1918
1,019,000 1,666,000
202,000
81,000
793,000
1917
1,219,000
867,000
Detroit
57,000
1918
167,000
1,861,000
3,000
658,000
3,000
82,000
1917
580,000
1,672,000
860,000
Cleveland
1918
176,000
129,000
895,000 1,225,000
16,000
15,000
1917
150,000
79,000
828,000
803,000
7,000
38,000
Peoria
1918
584,000
516,000 11,142,000 6,241,000
336,000 119,000
1917
539,000
454,000 11,399,000 2,518,000
512,000
51,000
Duluth
1918
974,000
125,000
423,000
66,000
160,000
1917
1,687,000
148,000
616,000 337,000
10,000
inneapolfs12,983,000
1918
9,118,000 14,706,000 12,236,000 3,430.000
1917
23,552,000
4,426,000 5,146,000 3,804,000 816,000
Kansas City
2,345,000 15,164,000 4,277,000
1918
1917
10,578,000
3,822,000 1,386,000
Omaha
1,662,000 22,306,000 6,392,000,
1918
6,256,000 2,670,000
1917
5,078,000
Total of All
1918
4,054,000 23,063,000 108,214,000 76,738,000 22,248,000 5,609,000
1017
4,855,000 63,882,000 67,828,000 51.997,000 15.123.000 3.011.000
In the live:stock movement, too. the 1918 figures
ran well above those for 1917. ' Chicago the
At
receipts for the even month aggregated 28,731 carloads in 1918, against 17,417 cars in 1917; at Kansas
City 10,921 carloads, against 8,285, and at Omaha
12,445 cars against 9,322.
With respect to the cotton movement in the South,
the shipments overland for the even month of 1918
were 161,415 bales; against 171,470 bales in March
1917, 237,125 bales in March 1916 and 211,684 bales
in March 1915. At the Southern outports, the receipts were 402,932 bales,against 319,102 bales in 1917,
453,568 bales in 1916 and 1,101,251 bales in 1915.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND FROM
JANUARY 1 TO MARCH 31 1918, 1917 AND 1916.
March.
Since January 1.
Ports.
1918.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c
1917.
bales_ 107,846 138,380
13,397 5,394
130,532 87,105
5,042 2,272
7,612
106,440 14,830
1,100 12,000
6,000 10,035
1916.
165,480
45,889
92,703
10,376
2,429
51,372
15,000
6,202
12,618 2,821 8,606
19,170 37,525 49,886
787 1,122 5,625
Total
1918.
1917.
395,907 569,754
53,169
53,234
486,063 .258,885
23,633
16,098
13,524
18,333
242,951
68,624
22,600
29,000
32,524
19,787
20,163
75,724
2,535
6,139
88,034
2,478
1916.
641,378
137,011
319,110
30,572
25,930
236,935
36,700
27,311
101
23,815
176,586
41,200
402,932 319,102 453,568 1,368,793 1,130,366 1,696,649
In the case of the separate roads, increases are the
rule; there are only two exceptions of losses and these
for very small amounts. The gains are very heavy,
too, in the case of Southern and Southwestern roads.
For the Southern Railway System the increase
reaches no less than $2,216,894. Pretty good gains,
however, also, come from other parts of the country.
For the Great Northern, the Minneapolis & St. Louis
and the "Soo" System, the increase is a recovery of
losses sustained in 1917, these being lines which last
year suffered from weather obstructions. In the
following we show all changes for the separate roads
for amounts in excess of 330,000, whether increases
or decreases:
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
Increases.
Southern Ry System
$2,216,894
Missouri Kansas & Texas_
687,788
Canadian Pacific
573,000
Great Northern
482,693
St Louis Southwestern
432,000
Buffalo Roch & Pittsb
322,647
Grand Trunk (4 roads) _ __
257,042
Chicago Great Western__
214,633
Texas & l'acific
176,384
Canadian Northern
163,100
Increases.
MinnStP&SSM
$116,087
Colorado & Southern
93.749
Chicago Ind & Louisville_
46,487
\ricks Shreve & Pacific_ _ _
45,174
Minneapolis & St Louis__
42,907
Atlanta Birm & Atl
_
42,469
Toledo St Louis & Western
31,117
Representing 20 roads in
our compilation
$5,944,171
To complete our analysis we add the following
six-year comparison of the earnings of leading roads,
arranged in groups.
EARNINGS OF SOUTHERN GROUP.
:30,000
24,000
4,152,000 7,091,001) 5,154,000 1,498,000
1,787,000 2,702,000 1,472,000 397,000
7,978,000
1,569,000
1511
March.
1918.
1917.
1916.
1915.
1914.
1913.
142,797
122,639
144,040
191,648
Ala& Vicksb__
166,416
165,264
027,936 1,074,203 1,081,109
Mobile & Ohio 1,064,205 1,067,643 1,019.999
(5,290,249 6,064,508 6,034,567
Southern Ry..1
431,043
I 398,463
436,683
Ala Grt Sou_
928,643
839,206
784,101
CNO&TP} 11,336,635 9,119,741 8,333,963
348,316
319,912
NO&NE..)
I 310,344
52,714
49,874
[ 45,510
North Ala„)
158,420
155,713
222,119
138,794
108,860
176,945
VIcks Shr & P..
Total
12,817,697 10,530.745 9,635,553 7,988,102 9,174,566 9,110,639
1512
THE CHRONICLE
EARNINGS OF SOUTHWESTERN GROUP.
March.
1918.
1917.
Colo & South_
Mo Kan & T_a
St Louis So W_
Texas & Pacific
1,475,541
3,888,946
1,787,000
1,931,828
1,3,81,792
3,201,158
1,355,000
1,755,444
1916.
1915.
Cnrrent
1914.
1913.
$
1,261,789 1,095,311
995,028 1,165,972
2,736,090 2,784,387 2,405,999 2,469,433
1,080,066
871,158 1,054,932 1,079,350
1,630,775 1,451,465 1,502,331 1,455,894
Total
9,083,315 7,693,394 6,708,720 6,202,321 5,958,290 6,170,649
a Includes Texas Central & Wichita Falls line.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
March.
1918"
1917.
1916.
1915.
$
$
$
Canadian Pao_ 12,265,000 11,692,000 10,380,982
Chic Grt Wes.* 1,572,355 1,357,722 1,376,535
Dui So Sh & At 5343,250
344,630
267,476
GreatNorthern 6,489,603 6,006,910 6,377,978
Minn & St La
918,054
875,147
959,635
M St P & S SM 2,486,259 2,370,172 2,863,170
1914.
$
7,852,990
1,098,574
235,088
4,747,969
891,515
2,137,186
1913.
$
$
9,447,461 11,111,893
1,238,247 1,157,572
285,299
258,777
5,378,383 5,475,696
845,987
789,405
2,321,497 2,320,595
Total
24.074.521 22.646.581 22.225.776 16.963.322 19.516.854 21.113.038
Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
a Includes Iowa Central.
S Fourth week not yet reported: taken same as last year.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
March.
1918.
1917.
1916.
1915.
1914.
1913.
$
$
$
$
$
$
Buff Roch & P 1,578,488 1,255,841
999,125
722,325
903,265
832,657
Chic Ind & Lou
797,453
750,966
675,888
556,721
592,293
477,951
Grand Trunk[
Grd Trk Wes} 5,259,279 5,002,237 4,509,243 4,014,204 4,423,671 4,676,681
Det GLI & MI
Canada Atl_J
Tol Peo & West al01,405
101,405
96,318
101,800
104,652
101,796
Tol St L & W..
564,649
533,532
460,033
404,507
375,478
339,347
Total
8.301.274 7.643.981 6.746.089 5.794.075 6.399.359 6.428.432
a Month not yet reported: taken same as last year.
We now insert our detailed statement comprising
all the roads that have thus far furnished returns for
March. In a second table we give the comparative
earnings of the same roads for the period since the
first of January.
GROSS EARNINGS AND MILEAGE IN MARCH.
Gross Earnings.
Name of Road.
1918.
1917.
Mileage.
Inc.(+) or
Dec.(-)• 1918.
1917.
[VOL. 106.
gitents anti Piscussious
THE EFFECT OF WAR LOANS ON SAYINGS BANKS
DEPOSITS.
From a circular just issued by Blyth, Witter & Co. of San
Francisco we take the following interesting discussion of the
subject embodied in the title of this article:
What will be the effect of Liberty Loans and War Savings certificates
on Savings bank deposits in the United States? More pressing becomes
this question when the rate of interest paid on Government obligations
exceeds the current rate paid by savings banks to depositors. Are these
banks to find their depositors withdrawing to servo patriotic desires to help
their Government or selfish desires to reap greater reward in higher interest
rates, or will they be able by some mysterious condition to both maintain
savings deposits and buy Liberty bonds and certificates? No precedent
exists in the history of our country on which to base comparisons or draw
conclusions. So far as we are concerned, the sea is uncharted. We must
look to the record of those Allied nations whose condition is somewhat comparable to ours in order to gauge the probabilities.
Great Britain and Canda have entered the second half of their fourth
year of the war. During the whole period their respective issues of war
debt totaled $24,500,000,000 and $925,000,000. At the outset their
respective savings deposits aggregated *$1,120,000,000 and $722,000,000,
while at the present time they are reported *$1,266,000,000 and $983,000,000. Respective increases, 13% and 36%. On the per capita basis.
the debt of the United Kingdom of Great Britain before the war was $76 20,
which compares with $615 at the present time; while savings deposits* per
capita are practically unchanged from $80 before the war to $79 at the
present time. In Canada the per capita debt before the war was $69,
compared with $166 at the present time, an increase of 140%; while savings
deposits per capita have increased from $93 05 to $119 85, a growth
of 28.8%.
Canada, in general respects, gives the best basis on which to make predictions of the future trend of savings bank deposits in the United States
as a result of recurring war loans. Accordingly, a graphic chart based on
Canadian statistics has been prepared, as shown on the back [of circular]
hereof, which may indicate a condition likely to materialize in our own
country. Of the three divisions of this chart, A indicates the growth of
savings bank deposits from December 1913 to December 1917, which took
place during practically the same period in which Canadian war loans, to
the extent of $445,000,000, were subscribed, as shown by B. In a period
of sixteen months war loans equalling 62% of the savings bank deposits
at the beginning of that period were subscribed, and at the end of the period
savings deposits had increased 36%. A indicates in green figures the increase in per capita savings deposits during the period under review, and
B. in green figures, the increase per capita debt. 0 indicates the relative
interest paid on Canadian war loans, Liberty loans and by savings banks.
While the interest yield on Canadian loans exceeds 5%,Canadian savings
banks allow an average of 3%, and in spite of this lesser rate, have constantly gained in deposits. If such an interest disparity fails to check the
growth of savings bank deposits in Canada, it appears logical to assume
that in the United States, where Liberty bonds yield from 354% to 4 Ys
with Savings Banks paying from 3% to 4% the growth of savings deposits
will continue proportionately greater than in Canada.
The number of subscribers to successive war loans is indicative of an
increased investing power, which, as above shown, has not been as a result
of the diminishing savings bank deposits.
Canada's First War Loan
was subscribed by 1 in every 317 persons
Canada's Second War Loan
229 "
Canada's Third War Loan
" 1"
187 "
Canada's Fourth or Victory Loan "
"
10
1"
The First English Loan
23 "
" 1"
The Second "
"
38 "
" 1"
1
Tho Third "
"
13 "
United States First Liberty Loan "
27 "
" 1"
United States Second "
" 1"
11.Si "
War Savings certificates, if results in the United States follow those of
Great Britain, will not lessen the growth of savings bank deposits. The
British War Savings Commission reports that thrift has boon stimulated
to the ultimate good of the savings institutions.
BLYTII, WITTER & CO.
$
$
$
Alabama & Vicksburg___
194,648
166,416
+28,232
142
142
Ann Arbor
y149,802 y136,065
+13,737
293
293
Atlanta Birm & Atlantic_
385,249
342,780
+42,469
640
640
Bellefonte Central
7,069
6,856
+213
26
26
Buffalo Rochester & Pitts 1,578,488 1,255,841 +322,647
586
586
Canadian Northern
3,436,300 3,273,200 +163,100 9,425 9,296
Canadian Pacific
12,265,000 11,692,000 +573,000 12,993 12,921
Chicago Great Western... 1,572,355 1,357,722 +214,633 1,496 1.496
Chic Ind & Louisville_
797,453
750,966
+46,487
654
622
Colorado Southern
1,475,541 1,381.792
+93,749 1,840 1,842
Detroit & Mackinac
119,462
108,607
+10,855
384
384
Duluth So Sh & Atl
y205,272 9201,636
+3,636
601
600
Georgia Southern & Fla_
251,637
228,310
+23,327
402
402
Grand Trunk of Canada
Grand Trunk Western 5,259,279 5,002,237 +257,042 4,533 4,533
Dot Or Hay & Milw__
Canada Atlantic
Great Northern
6,489,603 6,006,910 +482,693 8,260 8,170
Mineral Range
964,418
y63,168
+1,250
120
120
Minneap & St Louis_-__}
918,054
875,147
+42,907 1,646 1,646
Iowa Central
Minn St Paul & S S M__ 2,486,259 2,370,172 +116,087 4,227 .1,227
Missouri Kansas & Tox_a 3,888,946 3,201,158 +687,788 3,869 3,865
Mobilo & Ohio
1,064,295 1,067,643
-3,348 1,160 1,160
Nevada-Cal-Oregon
15,078
30,010
-14,932
275
274
St Louis Southwestern
1,787,000 1,355,000 +432,000 1,753 1,753
Southern Ry System
11,336,635 9,119,741 +2,216,894 7,946 7,946
Texas & Pacific
1,931.828 1,755.444 +176,384 1,946 1,944
Toledo St Louis & West
564,649
533,532
+31,117
455
455
British figures represent only Government savings bank figures. Total savings
Vicks Shrev & Pacific
222,119
176,945
+45,174
171
171 in the United Kingdom not available.
Total (29 roads)
58,466,439 52,459,298 +6,007,141 65,843 65,514
•N•At. 1 nnromec. I 1 1 A g%)
a Includes Texas Central in both years.
y These figures are for three weeks only.
GROSS EARNINGS FROM JANUARY 1 TO MARCH 31.
Name of Road.
1918.
1917.
Increase. Decrease.
$
$
$
$
Alabama & Vicksburg
545,655
498,796
46,859
Ann Arbor
9547,789
y554,106
6,317
Atlanta Birm & Atlantic
1,061,833
949,469 112,364
Bellefonte Central
18,544
21.489
2,945
Buffalo Rochester & Pitts_
3,759.260 3,161.300 597,960
Canadian Northern
8,842,600 8,464,400 378,200
Canadian Pacific
32.629,119 30,934,584 1,694,535
Chicago Great Western
4,021,995 3,787,589 234,406
Chrcago Ind & Louisville.... 1,936,210 2,129,227
193,017
Colorado & Southern
4,758,331 4,362,441 395,890
Detroit & Mackinac
292,351
280,938
11,413
Duluth South Shore & Atl
730,692
763,536
32,844
Georgia Southern & Florida
769,378
717,189
52,189
Grand Trunk of Canada..__
Grand Trunk Western... 12,884,022 13,532,631
648,609
Det Grand Hay & Milw__
Canada Atlantic
Great Northern
17,282,900 16,611,370 671,530
Mineral Range
9246.695
9255,298
8,603
Minneapolis & St Louls____} 2,611,428 2,415,661 195.767
Iowa Central
Minneap St Paul & S S M___
6,508,131 6,797.822
289,691
Missouri Kansas & Texas_a_ 10,999,673 9,626,787 1,372,886
Mobile & Ohio
2,981,883 3,127,924
146,041
Nevada-California-Oregon___
49.628
61,788
12,160
St Louis Southwestern
4.766,334 3.986,960 779,374
Southern Railway System.... 30,263,286 25,726,154 4,537,132
Texas & Pacific
5,733,167 5,192,416 540.751
Toledo St Louis & Western... 1,446,464 1,525,928
79,464
Vicksburg Shreve & Pacific._
625,214
525,927
99.287
Total (29 roads)
156,312,582 146,011,730 11720543 1,419,691
Nret increase (7.nn oz.
1020(0452
y These figures are down to the end of the third week only.
a Includes_theffexas Central in both years.
PAYMENT ON $15,000,000 FRENCH EXPOR l' CREDIT.
Bonbright & Co., Inc., announced on April 5 that funds
had been received from the French banks participating in
the $15,000,000 French Export Credit of March 12 1917,
for the payment of the first $5,000,000 instalment under
that credit, due April 10 1918. This is the initial payment
on the last of four credits for alike amount, aggregating
$60,000,000 which were arranged by Bonbright & Co.,
Inc., for Schneider & Co., the French munition manufacturers, for the purpose of financing the latter's large purchases of war materials in this country.
CONTINUED OFFERINGS OF BRITISH TREASURY
BILLS BY J. P. MORGAN (C; CO.
The usual offering of ninety day British Treasury Bills
was disposed of this week by J. P. Morgan & Co. on a 6%
discount basis-the rate recently carried by those weekly
offerings. The bills disposed of this week mature July 8.
ADDITIONAL CREDIT TO FRANCE.
An additional credit of $125,000,000 to France was advanced by the United States this week, making the total
advanced to that country $1,565,000,000. The total credits
to all the Allies since the United States entered the war roach,
with the new credit to France, $5,285,600,000, apportioned
APR. 13 1918.]
THE CHRONICLE
as follows: Great Britain, $2,720,000,000; France, $1,565,000,000; Italy, $550,000,000; Russia, $325,000,000; Belgium,
$104,600,000; Cuba, $15,000,000; Serbia, $6,000,000.
1513
880,000,000. Many of the loans approved were for reduced amounts
which the borrowers declined to accept.
Notwithstanding the unusual expenses incident to the operation of new
machinery and to the appraisement amd determination of title on many
loans that have not yet been closed, the expense of the banks in doing
business has been within such limits as to justify the expectation of the Farm
Loan Board that these banks will easily be able to operate on a difference
of one-half of 1% between the loaning rate and the rate which they pay on
their bonds. None of the banks, of course, received any appreciable income from their business during the first half of the year, but during the
last halt' the business of the Spokane Federal Land Bank, for example,
was sufficiently profitable to come within about $10.000 of wiping out the
excess of expenses incurred in the first half, and the volume of business
on its books assures it a handsome surplus for the second year. Every
borrower, when he takes out his loan, makes a subscription which increases
the stock of the Federal Land Bank to the extent of 5% of the amount
borrowed. These stock subscriptions of borrowers, in the case of several
of the banks, are now so large that, in accordance with the provisions of
the Act, the retirement of the original stock of the banks, which was principally subscribed by the Government, will begin within a few months.
'PROPOSED CREDIT OF $44,000,000 BY UNITED STATES
TO GREECE.
With regard to the proposed credit of approximately
$44,000,000, which the United States is to advance to Greece,
Washington dispatches of the 9th inst. stated that the loan
would be completed as soon as the Greek Parliament had
passed the necessary authorizing legislation. The negotiations for the financing of Greece, proposed by Oscar T.
Crosby, Assistant Secretary of the Treasury, now in Europe,
to aid in solving international financial problems, have been
in progress for the last few weeks. Mention.of the proposed
credit was made in these columns last week, page 1399.
MASSACHUSETTS SAVINGS INSTITUTIONS PERThe Washington press dispatches of the 9th said:
Greece is the last of the Allied belligerents in Europe to get a loan from
MITTED TO INVEST IN FEDERAL FARM BONDS.
the United States. A credit of $6,666,666 for Rumania was arranged
The 1918 Massachusetts Legislature passed a bill which
several months ago and a payment of $5,000,000 was made through Russia.
Overthrow of the Kerensky Government prevented its delivery, however, was approved by the Governor on March 16 and is
and it was returned to the Treasury here.
now known as Chapter 67 of the Laws of 1918, authorizing
savings banks and savings departments of trust companies
FOREIGN TRADE BANKING CORPORATION.
in Massachusetts to invest in Farm .Loan Bonds issued by
The new Foreign Trade Banking Corporation of t city, Federal Land Banks. The text of the law follows:
ihis
the organization of which was referred to in these columns last
Chapter 67.
Saturday, page 1400, is to open for business on Monday next AN ACT to authorize savings banks and savings departments of trust
companies to invest in farm loan bonds.
at 35 Wall Street. The institution, as we have already in- Be it enacted, &c., as follows;
Section 1. It shall be lawful for savings banks and savings departments
dicated, is formed primarily for the purpose of dealing in
of trust companies in this commonwealth to invest in farm loan bonds lawbankers' and trade acceptances. The corporation has been fully issued by
Federal Land banks incorporated under the provisions of the
organized by George A. Gaston of Gaston, Williams & Wig- Act of Congress approved July 17 1916, entitled "An Act to provide capital
more, Inc. Mr. Gaston is President of the new organization for agricultural development, to create standard forms of investment based
and Max May, formerly Manager of the foreign exchange uponafarm mortage, to equalize rates of interest upon farm loans, to furnish market for United States bonds, to create Government depositaries
department of the Guaranty Trust Co., is Vice-President and financial agents for the United States, and for other purposes."
Sec. 2. This Act shall take effect upon its passage.
and Manager of the corporation. William T. Law has reApproved March 16 1918.
signed as Assistant Treasurer of the United States Mortgage & Trust Co. to become Secretary of the Banking Corporation, which has been formed with a capital of $2,000,000. NEW YORK LEGISLATURE AUTHORIZES SAVINGS
BANKS TO INVEST IN BANKERS' ACCEPTANCES
AND BILLS OF EXCHANGE.
DISCOUNT COMPANY PROPOSED BY GUARANTY
A bill has been passed at Albany amending the New York
TRUST AND OTHERS.
savings bank inve§tment law by adding a new sub-division
The movement for the establishment by the Guaraniy (No. 11) authorizing savings banks in this State to invest
Trust Co. and other institutions of the city of an American in bankers' acceptances and bills of exchange. The text
discount bank is also proceeding. The appointment of a of the new law follows:
committee on organization for the proposed bank was an- AN ACT to amend the banking law, in relation to the investment of the
deposits and guaranty fund of savings banks in bankers' acceptances
nounced on April 11. The committee consists of the foland bills of exchange.
lowing members: John McHugh, Vice-President of the MeThe People of the State of New York, represented in Senate and Assembly,
chanics & Metals National Bank; E. W. Stetson, Vice- do enact as follows:
Section 1. Section 239 of Chapter 369 of the laws of 1914, entitled "An
President of the Guaranty Trust Co.; A. M. Anderson of
J. P. Morgan & Co., and John E. Rovensky, Vice-President Act in relation to banking corporations, and individuals, partnershps,
unincorporated associations and corporations under the supervision of the
of the National Bank of Commerce. This Committee will Banking Department, constituting Chapter 2 of the consolidated laws,"
submit an organization report at a meeting next week of the as amended by Chapter 515 of the laws of 1915 and Chapter 363 of the
representatives of the nine financial institutions interested in laws of 1916, is hereby amended by adding at the end thereof a new sub.
division to read as follows:
establishing the discount bank. Other banks and bankers
11. Bankers' acceptances and bills of exchange of the kind and maturitei •
will be invited to become stockholders in the new com- made eligible by law for rediscount with Federal Reserve banks, provided the
same are accepted by a bank, national banking association or trust company.
pany.
the laws of the State of New
The National City Bank on April 8 denied that either it incorporated under having its principal place of York or under the laws of the
United States and
business in the State of New
or the National City Company were interested in the pro- York. Not more than 20% of the assets of any savings bank less the amount
of the available fund held pursuant to the provisions of Section 251 of this
posal, which is being furthered by the Guaranty Trust.
chapter, shall be invested in such acceptances. The aggregate amount of the
liability of any bank, national banking association or trust company to any
savings bank for acceptances held by such savings bank and deposits made
FIRST YEAR'S OPERATION OF FEDERAL FARM
with it shall not exceed 25% of the paid-up capital and surplus of such bank,
LOAN SYSTEM.
national banking association or trust company and not more than 5% of the
According to an announcement given out by the Federal aggregate amount credited to the depositors of any savings bank shall be invested
the
with a bank, national banking association
Farm Loan Bureau on April 7 the twelve Federal Land in trustacceptances of or deposited of such savings bank is a director.
or
company of which a trustee
banks, which have just completed their first year, received
Sec. 2. This Act shall take effect immediately.
applications during the twelve months amounting to $300,000,000. In the statement relative to the first year's opera- BILL PROVIDING FOR MELTING OF SILVER DOLLARS
tion the Bureau says:
AND FIXING PRICE AT $1 AN OUNCE.
The Federal Farm Loan System has completed its first year of actua
A bill providing for the melting into bullion of 250,000,000
operation. The first charter issued to a Federal Land Bank is dated
March 1 1917, and the charters for the other eleven were issued during silver dollars now in the Treasury and the sale or export of
that month. Borrowing under the Federal Farm Loan System is done the bullion to pay trade balances and providing also for rethrough national farm loan associations, and the first charter granted to purchases of silver at $1 an ounce was introduced as an emerone of these associations is dated March 27 1917, so that while most of the
work of organizing the banks, systematizing their business, appointing gency war measure by Senator Pittman of Nevada on April 9.
and training appraisers and the like had to be done after the end of March The bill proposes that silver certificates be withdrawn from
1917, it may be said that the banks have just about concluded their first circulation as the dollars are taken from the
Treasury and
year of operation. A statement of the business done during this first
Federal Reserve notes of $1 and $2 denominations be subyear is therefore of interest.
Before the system was put in operation it was argued that our American stituted therefor. It is pointed out that the measure, if
farmers would not organize for co-operative borrowing. The answer to enacted, would virtually
fix a standard price for silver of
this seems to be found in the fact that up to March 311918, 2,808 national farm loan associations were incorporated, representing about four $1 an ounce—several cents above the market—when the
associations to each five counties in the Uhited States. These associa- bill was introduced—and would stabilize the world market,
tions average about twenty members, representing a total membership of
since the United States produces almost half the total.
about 56,000 farmers.
The twelve Federal Land banks have received applications for over The bill is also intended to stimulate silver production, it is'
120,000 loans, amounting to about $300,000,000. Many of these appli- stated, and to use the Treasury's reserve stocks of that metal
cations have been rejected, reduced or withdrawn. About 80,000 loans
have been approved, amounting to over $160,000,000, and on over 30,000 instead of gold, to settle this country's commercial trade
of these loans money has been paid to the farmers to the amount of about balances in the Orient and elsewhere.
1514
THE CHRONICLE
[VoL. 106.
Sections 5,6,'7 and 8 seem to me the best way of dealing with the contracIn anticipation of action by Congress, Raymond T. Baker,
Director of the Mint, has formulated an agreement with sil- tion of the circulating medium which would otherwise be brought about
through the cancellation of silver certificates. This is accomplished by
ver producers and dealers to sell to the Government at the authorizing an issue of Federal Reserve bank notes in small denominations
It is stated that the probable result would be for in order to fill the void occasioned by the retirement of silver certificates.
$1 rate.
the Government to absorb the country's entire output, and provides for the prompt retirement of those Federal Reserve bank notes,
as silver certificates are from time to time reissued. There may well be
about 74,000,000 ounces last year. Officials are said to have differences of opinion as to the best method of counteracting such contracstated that they would make arrangements to supply quan- tion. If no method of meeting the contraction be provided,the contraction
will be automatically
through the issue of legal
tities of silver to jewelers and manufacturers requiring it. In denominations of Is relieved Federal Reserve notes takingtender notes
and 2s,
the place of
The bill would permit the Secretary of the Treasury to fix the legal tender notes. This would be perhaps the easiest way of meeting
the situation were it not for the fact that Federal Reserve notes are now
the selling price of the Government's silver, but it is assumed
secured
additional Federal
this would be not less than $1. India, China and Japan need Reserve by gold reserve of over 60%, and the issue of gold reserve would
notes without a corresponding addition to the
silver most for coinage and quantities also might be exported reduce the percentage of reserve. Federal Reserve banknotes,on the other
to South American countries and European neutrals, whose hand, require a reserve of but 5%,and as there is absolutely no reason why
a larger reserve for Federal Reserve bank notes should be provided, it seems
trade balances are against the United States. India's re- to me unwise to reduce the percentage of reserve under Federal Reserve
notes. My reason .for stating that the Federal Reserve bank notes, the
quirements would be negotiated through Great Britain.
of
contemplated
The Treasury now holds .491,000,000 silver dollars, con- issue 5%which is those notes under the bill, require no greater reserve
than
is that
in small denominations will merely take the
taining about 376,000,000 ounces of silver. In withdrawing place in the pockets of the people of the silver certificates now carried by
silver certificates based on this coin an effort probably would them and are thus extremely unlikely to be presented for redemption.
they are
be made to take bills of denominations of -$5 and more, If, and.to the extent thatnotes are presented for redemption, it will be a
demonstration that these
not needed in the circulation and the
leaving the $1 and $2 bills, which are now in great demand. means for their prompt retirement is furnished by the deposit as security
for these Federal Reserve bank notes of short time certificates of indebtedTo guard against contracting circulation, Senator Pittman.'s
ness or the one-year conversion notes of the United States. Whenever,
bill would provide for the issuance of Federal Reserve Bank therefore, these Federal Reserve bank notes are presented for redemption.
note, of which only $11,670,000 are in circulation, in smaller it will only be necessary to let the maturing obligations held against them
denominations than the present $5 minimum. Federal run off. The popular and well-founded feeling against a bond secured
currency therefore, does not apply to the present issue, because (1) the
Reserve bank notes are virtually the same as national bank issue is strictly temporary in its nature, (2) the security behind the issue
notes, but the special notes would have a slightly different automatically provides for the redemption of the issue, (3) no artificial .
basis consisting of Treasury certificates of indebtedness, or value is given to any long time bonds by the circulation privilege and no
one-year gold notes. Arrangements would be made for the vested interest is created in the circulation privilege, which, if created, it
Federal Reserve Board to force withdrawal of these when the might prove burdensome for the Government or the banks to abate.
silver was replaced in the Treasury. No more could be isThe following is the text of the bill as introduced by Senator
sued at any time than the face value of silver taken from the
Treasury. In a letter to Senator Pittman,supporting the bill Pittman:
as a war measure, Secretary of the Treasury McAdoo said:
A BILL
I have examined the draft of a bill embodying the ideas which have been To conserve the gold supply of the United States; to permit tho settlement
discussed between us for the utilization of the silver now lying unused in
the Treasury of the United States. I venture to recapitulate briefly the
purposes to be accomplished by the bill and the reasons which in my judgment require its enactment.
The price of silver has varied from about 48 cents per fine ounce, at
which price it sold during August 1915, to $1 18 per fine ounce during September 1917. The European war has greatly enlarged the demand for
silver. The Orient is willing to accept silver in place of gold for commodities furnished by them, and it is to the interest of the United States and its
allies that foreign trade balances should, as far as possible, be settled in
silver, rather than in gold. The gold in this country and in the hands of
Its allies is needed as a base for the enormous credit structure it is necessary
to erect in the process of placing Government loans, and every ounce of
silver that can be used in the settlement of foreign balances is so much
gained.
It is better to settle trade balances by shipping silver than to make arrangements for stabilizing exchange, where these are possible, as they are
not in the Orient, because these exchange arrangements, whatever their
form, always mean a deferred demand for gold, while the settlement of
foreign balances in silver is a definitive settlement, calling for no future
adjustments. Further, the unprecedented business activity in this country
has caused an unusual demand for silver for subsidiary coinage, the needs
of the United States for this purpose during the present year being greater
than ever before, amounting, as they do, to approximately 21,250,000
ounces.
There are now in the Treasury of the United States approximately
499,000,000 of standard silver dollars, containing approximately 375,000,000 ounces of fine silver. Against these standard silver dollars there are
outstanding silver certificates, and so long as these silver certificates
remain outstanding, a corresponding amount of silvbr dollars must be held
for their redemption.
The proposal is now made to borrow from the Treasury, for the purposes
stated above, a portion of the silver so held in the Treasury, but only upon
the cancellation from time to time of a corresponding amount of outstanding silver certificates. The silver having been so borrowed and used, the
Secretary of the Treasury is required to repurchase from time to time at the
fixed price of $1 per fine ounce an amount of silver equal to the silver so
borrowed and used, and to recoin that silver into standard silver dollars,
thus in time replacing in the Treasury the silver so withdrawn. In this
way the large mass of silver, which is serving no useful active purpose, now
can be made available for a direct war purpose. There is no intention of
making any permanent change in the status of the silver certificates.
The proposition is, in brief, to retire silver certificates, to borrow from
the Treasury the silver for use for the war purposes above set forth, and
then, as silver from time to time in the future comes on the market, to
replace the silver so borrowed by purchase in the market at the fixed price
of $1 per fine ounce, and to replace the borrowed silver by coining the new
silver acquired for that purpose into standard silver dollars. There is no
limit of time within which this must be done.
The cost of producing silver, like the cost of producing all other commodities, has greatly increased. Labor is receiving very much higher wages
than during normal times. Machinery is more expensive, and the chemicals and other supplies needed in the production of silver are all correspondingly higher in price. The price at which the silver is to be rebought has been fixed in the proposed bill at $1 per ounce. This price was
arrived at after an examination by the Director of the Mint into the cost of
producing silver, in a number of different mines, and the Director of the
Mint is of the opinion that $1 per fine ounce, under all the conditions at
present prevailing, is a fair price. The silver released through the retirement of silver certificatzs will be sold by the Secretary of the Treasury for
the war purposes stated, at a price that will permit him without loss to rebuy, at the price of $1 an ounce, the silver thus sold.
The proposed measure is unquestionably in the interest of the country
as a whole for the prosecution of the war. It proposes no permanent change
In our existing currency arrangements. What is proposed is a temporary
change, consist;ng of the active use for war purposes of the silver now lying
inert in the Treasury. The bill provides within itself the steps necessary
to reverse that position and to replace and recoin the silver.
The arr gement proposed is purely a temporary arrangement, and the
ng needs of the United States require, in my opinion, its prompt
nactment into law.
in silver of trade balances adverse to the United States; to provide
silver for subsidiary coinage and for commerical use; to assist foreign
governments at war with the enemies of the United States; and for the
above purposes to stabilize the price and encourage the production of
silver.
Be it enacted by the Senate and House of Representatives of the United Slates
of America in Congress assembled, That the Secretary of the Treasury is
hereby authorized from time to time to melt or break up and to sell as bullion
not in excess of 250,000,000 standard silver dollars now or hereafter held in
the Treasury of the United States. Any silver certificates which may be
outstanding against such standard silver dollars so melted or broken up
shall be retired at the rate of $1 face amount of such certificates for each
standard silver dollar so melted and broken up. Sales of such bullion shall
be made at such prices and upon such terms as shall be established from time
to time by the Secretary of the Treasury.
Sec. 2. That upon every such sale of bullion from time to time the Secretary of the Treasury shall immediately direct the Director of the Mint to
purchase an amount of silver equal to three hundred and seventy-one and
twenty-five hundredths grains of pure silver in respect of every standard
silver dollar so melted or broken up and sold as bullion. Such purchases
shall be made in accordance with the then existing regulations of the Mint
and at the fixed price of $1 per ounce of silver one thousand fine, delivered at
the option of the Director of the Mint at New York, Philadelphia, Denver
or San Francisco. Such silver so purchased may be resold for any of the
purposes hereinafter specified in Section 3 of this Act, under rules and regulations to bo established by the Secretary of the Treasury, and any excess of
such silver so purchased over and above the requirements fOr such purposes,
shall be coined into standard silver dollars or hold for the purpose of such
coinage. The net amount of silver so purchased, after making allowance
for all resales, shall not exceed at any one time the amount needed to coin
an aggregate number of standard sirver dollars equal to the aggregate number of standard silver dollars theretofore melted or broken up and sold as
bullion under the provisions of this Act, but such purchases of silver shall
continue until the net amount of silver so purchased, after making allowance
for all resales, shall be sufficient to coin therefrom an aggregate number of
standard silver dollars equal to the aggregate number of standard sliver
dollars theretofore so molted or broken up and sold as bullion.
Sec. 3. That sales of silver bullion under authority of this Act may be
made for the purpose of conserving the existing stock of gold in the United
States, of facilitating the settlement in silver of trade balances adverse to
the United States, of providing silver for subsidiary coinage and for commercial use, and of assisting foreign governments at war with the enemies of
the United States. The allocation of any silver to the Director of the
Mint for subsidiary coinage shall, for the purposes of this Act, be regarded
as a sale or resale.
Sec. 4. That the Secretary of the Treasury is authorized, from any
moneys in the Treasury not otherwise appropriated, to reimburse the
Treasurer of the United States for the difference between the nominal or
face value of all standard silver dollars so melted or broken up and the value
of the silver bullion, at $1 per ounce of silver one thousand fine, resulting
from the melting or breaking up of such standard silver dollars.
Sec. 5. That in order to prevent contraction of the currency, the Federal
Reserve banks may be either permitted or required by the Federal Reserve
Board, at the request of the Secretary of the Treasury, to issue Federal Reserve bank notes, in any denominations (including denominations of $1 and
32) authorized by the Federal Reserve Board, in an aggregate amount not
exceeding the amount of standard silver dollars molted or broken up and
sold as bullion under authority of this Act, upon deposit as provided by
law with the Treasurer of the United States as security therefor. of United
States certificates of indebtedness, or of United States one-year gold notes.
The Secretary of the Treasury may, at his option, extend the time of payment of any maturing United States certificates of indebtedness deposited
as security for such Federal Reserve bank notes for any period not exceeding
one year at any one extension, and may, at his option, pay such certificates
of indebtedness prior to maturity, whether or not so extended. The deposit of United States certificates of indebtedness by Federal Reserve banks
as security for Federal Reserve bank notes under authority of this Act
shall be deemed to constitute an agreement on the part of the Federal Reserve bank making such deposit that the Secretary of the Treasury may so
extend the time of payment of such certificates of indebtedness beyond the
original maturity date or beyond any maturity date to which such certifi-
APR. 13 1918.]
THE CHRONICLE
1515
cates of indebtedness may have been extended, and that the Secretary of from the newer developed portions of the country, where individual wealth
the Treasury may pay such certificates in advance of maturity, whether is small in comparison with that of the older sections.
or not so extended.
Some of the characteristic remarks by companies in reply to this quesSec. 6. That as and when standard silver dollars shall be coined out of tion are: "Legally, yes—practically, no." "Authorized, but can do
bullion purchased under authority of this Act, the Federal Reserve banks very little of this kind of business in a small town."
shall be required by the Federal Reserve Board to retire Federal Reserve
In response to the question: "Do you have periodic meetings of your
bank notes in an amount equal to the amount of standard silver dollars so officers and department heads?" 48% report "yes" and 46% "no." The
coined,and the Secretary of the Treasury shall pay off and cancel any United remainder of the reporting companies either make no reply to this question,
States certificates of indebtedness deposited as security for Federal Reserve or explain that such meetings are only "occasional," or that they are held
bank notes so retired.
"when needed."
Sec. 7. That the tax on any Federal Reserve bank notes issued under auIn reply to the question: "Have you a club or other feature whereby
thority of this Act, secured by the deposit of United States certificates of your employees come together periodically for the discussion of daily probindebtedness or United States one-year gold notes, shall be so adjusted lems, betterment of methods, &c.," the surprisingly large proportion
that the net return on such certificates of indebtedness, or such one-year equalling 86% of the reporting companies answer in the negative.
gold notes, calculated on the face value thereof, shall be equal to the net , Only 9% indicate that they maintain such activities. One company
return on United States two per cent bonds, used todsecure Federal Reserve reports that they "have a monthly dinner for the members of their trust
bank notes, after deducting the amount of the tax upon such Federal Re- department." Another company states that they "meet each month to
serve bank notes so secured.
discuss topics pertaining to their banking department:" while another
Sec. 8. That nothing in this Act shall be construed as repealing or re- company states that they "had one last year." A number of companies
stricting the right of Federal Reserve banks to issue Federal Reserve bank report that they have rooms furnished for the use of their employees, connotes under authority of the Federal Reserve Act, and except as herein taining banking periodicals, books, &c., while several institutions state
provided, Federal Reserve bank notes !sped under authority of this Act, they have separate dinners two or three times a year for all officers and emshall be subject to all existing provisions of law relating to Federal Reserve ployees, at which time talks are given on financial subjects.
bank notes.
A further analysis of the replies regarding meetings of officers, department heads, or employees, discloses the interesting information that these
INCREASE IN DISCOUNT RATES OF NEW YORK features are most actively promoted in the States of Connecticut, Illinois,
Indiana, Iowa, Massachussetts, Missouri, New Jersey, New York, Ohio,
FEDERAL RESERVE BANK.
and Pennsylvania. None of the States in the Far West or South report
Advances in the discount rates of the Federal Reserve much activity along these lines.
To the question:
or other welfare
Bank of this city were announced on April 6, the increases work?" only 4% "Do you maintain a pension fundstate "no." One
reply in the affirmative, while 92%
serving to effect a corresponding advance in interest rates company in California reports that they have a pension association for
paid by banks on demand deposits and the rates charged thrift and educational investment; while a company in Iowa states that
they have a profit-sharing
in which
on loans secured by Liberty Loan bonds. The rate on A Massachusetts companysystemsystem forofficers and employees join.
has a
the distribution of earnings.
fifteen day advances on both commercial paper and Liberty Several companies, in reply to this question state that they present an anBonds has been raised by the Federal Reserve Bank from nual bonus to their employees in lieu of the establishment of a pension fund.
to 4; discounts on commercial paper running from From the replies received, companies in Pennsylvania appear to be pro3
moting this feature more actively than in any other State.
sixteen to ninety days are increased from 4%% to 43
Only 11% of the companies report that they have any educational work
paper of sixteen to ninety days, maturity secured by for their employees, while 84% report that no such plan is in operation.
on
the American Institute
Liberty Loan bonds the rate is advanced from 4% to 43%. ofIn reply to the question as to employees takingindicate that employees
Banking or other similar course of study, 34%
The rate on trade acceptances having a maturity of sixteen are taking such course, while 61% indicate they are not. Of the comA
to ninety days is now 41 %instead of 4% as heretofore. The panies reporting, the proportion of men indicated as having graduated
having
course of study is
rate on agricultural paper of over ninety days continues from suchpursue the course only 19%, while 72% are indicated as
to its conclusion.
failed to
unchanged at 5%. The following is the circular of the ReIn regard to the publication of a house organ or other periodical, only ,
4% report the publication of such an organ, while 92% state that they do
serve Bank announcing the new rates:
not issue such periodical.
FEDERAL RESERVE BANK OF NEW YORK.
In answer to the question: "Have you a library?" 31% report "yes,"
New York ,Apriifi 1918. 67% report "no."
RATES OF DISCOUNT.
In answer to the question: "Do you maintain a dining room?" 93%
To the Cashier:
report no facilities in this connection, while 4% indicate such a feature.
Sir—You are advised that this bank has established the following rates
Upon the important question as to any system of medical examination
of discount effective immediately and until further notice:
enly 2% indicate that it is their practice to carry out such a system, while
96% have no plan in this respect.
Advances.
As to assistance in connection with summer vacation plans, 11% of the
For advances not exceeding 15 days to member banks on their promiscompanies reporting indicate having a plan for making suggestions along
sory notes secured by eligible paper or bonds, notes or certificates
this line, while 80% of the companies reporting make no suggestions or
4%
of indebtedness of the United States
give assistance in this connection.
Rediscounts.
Nine per cent of the companies report the maintenance of a "Suggestion
and bills of exchange having a maturity at time of
136x," while 87% do not have such a feature. In answer to the question:
For notes, drafts
"Have you any men in the military or naval service, and how many?"
rediscount of not more than 15 days
4%
- 52% of the companies report men in the service, while 45% of the companies
For notes, drafts and bills of exchange having a maturity at time of
rediscount of more than 15 days and not more than 90 days
4WL % have not as yet been affected.
In 82% of the companies a safe deposit department or separate company
agricultural paper having a maturity at time of rediscount of
For
is maintained, while 15% report no such department or company. As to
more than 90 days and not more than six months
5%
the companies maintaining branch offices only 12% report that they do
Special Rates.
maintain such offices, while 82% report that they do not.
For notes, drafts and bills of exchange issued or drawn for the purThe practice of mailing periodic statements to customers in the banking
pose of buying or carrying bonds, notes or certificates of indebteddepartment is reported as being done by only 59% of the companies, while
ness ofthe United States,and secured thereby, having a maturity at
36% report that they have not as yet undertaken this service. The questime of rediscount of more than 15 days but not more than 90 days..43 % tion in regard to having representatives at the convention of the State
For trade acceptances having a maturity at time of rediscount of more
Bankers' Associations brought forth the information that 74% of the
than 15 days but not more than 90 days
43 % companies do send such representatives, while 18% do not, and at the conbanks, for periods not exceeding 15
For rediscounting for member
vention of the American Bankers' Association, 33% of the companies redays, eligible paper having a maturity at time of rediscount of
port representation, while 53% fail in this respect.
more than 15 days
4%
Mr. Mershon states that it is the purpose to develop
Member banks are reminded that the Federal Reserve Act permits direct advances by Federal Reserve banks to member banks on their own separately each question in the series. This, he says, has
.
collateral notes only for periods not exceeding 15 days
already been done with the question "Have you any men
4%;
Similar increases are announced by the other Federal in the military or naval service—how many?"
Reserve banks.
RESULTS OF QUESTIONNAIRE ADDRESSED TO TRUST
COMPANY MEMBERS OF A. B. A.
The results of the replies received in response to the
questionnaire sent out by the Trust Company Section of
the American Bankers' Association, through Leroy A.
Mershon, Secretary of the Section, seeking information
as to their corporate interests and welfare work, are made
public in a digest appearing in the Apriljissue of the "Journal," published by the Association. The questionnaire was
printed in these columns Jan. 19. A partial digest of the
replies is furnished in an article from Mr. Mershon from
which we quote as follows:
SPRING MEETING OF EXECUTIVE COUNCILTOF
A. B. A. POSTPONED UNTIL MAY 9, 10, 11.
The American Bankers' Association announces that owing
to the prospect that the Third Liberty Loan campaign
would commence on April 6, so that the third and most
important week of the drive would fall at the same time as
the proposed spring meeting of the Executive Council of
the Association, the question has been raised as to the desirability of abandoning the meeting as originally planned
and either holding it at some later date of substituting a
short business session at some central point. The Rot
Springs gathering was to have taken place April 22, 23 and
In order to convey some idea regarding the information Which has been 24. A referendum has been taken among the members of
received in response to the series of questions relating to the management
the Executive Council, as a result of which it has been deand up-building of trust company business, recently forwarded to trust
companies throughout the country, a brief preliminary survey of a portion cided to hold the meeting at Hot Springs, Ark., on May
of the material is presented herewith.
9, 10 and 11. B. A. Ruffin, Secretary of the Insurance
In reply to the question: "Do you transact a trust business?" 80%
of the reporting companies answer "Yes," while 20% state that for various Committee of the American Bankers' Association, since
reasons they do not exercise these powers. Of this latter number a large October 1913, has tendered his resignation, effective May 1.
proportion have the privilege, under their charters, to handle trusts, but He will be metropolitan manager for the General Accident
have not bedome equipped actively to promote trust business because of
the expense and risk involved, as well as the slow growth attendant upon Fire and Life Assurance Corporation, Limited, with offices
the exercise of fiduciary powers. These reasons are reported particulary at 100 William Street, New York City.
THE CHRONICLE
1516
REMOVAL OF STAMP TAX ON PROMISSORY NOTES
SECURED BY LIBERTY BONDS.
Governor Strong of the Federal Reserve Bank of New
York in calling attention to the fact that the stamp tax on
promissory notes secured by Liberty Bonds or other Goveminent obligations issued after April 24 1917, is removed
under,a provision carried in the Act creating the War Finance
Corporation says in his circular to member banks on the
6th inst.:
You are also advised thatrSection 301 of the "War Finance Corporation
Act," approved April 5 1918, removed stamp tax on certain promissory
notes secured by obligations of the United States Government issued after
April 24 1917. The texttof said Section is as follows:
"That no stamp tax shall be required or imposed upon a promissory
note secured by the pledge of bonds or obligations of the United States,
Issued after April 24 1917, or secured by the pledge of a promissory note
which itself is secured by the pledge of such bonds or obligations: Provided,
That in either case the par value of such bonds or obligations shall equal
the amount of such note."
BILL PASSED BY HOUSE SIMPLIFYING CONSOLIDATION OF NATIONAL BANKS.
which according to its sponsor, Representative
A bill,
Wingo, is intended to simplify the procedure for the consolidation of national banks, was passed by the House of Representatives on April 3. In calling up the bill on that date
Mr. Wingo said:
Under the present existing law, if two banks in a city desire to consolidate, one or the other has to liquidate under the tedious process now provided by statute for that purpose. Under the proposed bill the question
of consolidation is determined in the same way as is the question of liquidation under the present law. Under the law at present if a bank wants to
go into liquidation that would be determined by a vote of two-thirds of the
stockholders. Under this bill two-thirds might vote for consolidation of
the two- banks directly without going through the process of liquidation
provided by statute. Ample provision is made in the bill to take care of
the rights of dissenting stockholders who may not want to belong to the
consolidated organization. Appropriate provision is made . . . for
the transfer and vesting of rights of the two associations into the consolidated bank.
Representative Wingo stated that the bill was offered
at the request of the Treasury Department where their
attention had been called to the necessity for it frequently.
He further said that the bill provided for consolidation under
the charter of either bank and that it did not change the
provisions of existing law with reference to the reduction
or the increase of capital stock. Below we give the bill as
it passed the House on the 3rd:
H. R. 10205.
AN ACT to provide for the consolidation of national banking associations.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That any two or more national banking
associations located within the same county, city, town, or village may,
with the approval of the Comptroller of the Currency, consolidate into one
association under the charter of either existing bank, on such terms and
conditions as may be lawfully agreed upon by a majority of the board of
directors of each association proposing to consolidate, and be ratified and
confirmed by the affirmative vote of the shareholders of each such association owning at least two-thirds of its capital stock outstanding, at a meeting to be held on the call of the directors after publishing notice of the
time, place, and object of the meeting for four consecutive weeks in some
newspaper published in the place where the said association is located, and
if no newspaper is published in the place, then in a paper published nearest
thereto, and after sending such notice to each shareholder of record by registered mall at least ten days prior to said meeting: Provided, That the capital stock of such consolidated association shall not be less than that required under existing law for the organization of a national bank in the
place in which it is located: And provided further, That when such consolidation shall have been effected and approved by the Comptroller any
shareholder of either of the associations so consolidated who has not voted
for such consolidation may give notice to the directors of the association
in which he is interested within twenty days from the date of the certificate
of approval of the Comptroller that he dissents from the plan of consolidation as adopted and approved, whereupon he shall be entitled to receive
the value of the shares so held by him, to be ascertained by an appraisal
made by a committee of three persons, one to be selected by the shareholder, one by the directors, and the third by the two so chosen; and in
case the value so fixed shall not be satisfactory to the shareholder he may
within five days after being notified of the appraisal appeal to the Comptroller of the Currency, who shall cause a reappraisal to be made, which
shall be final and binding; and if said reappraisal shall exceed the value
fixed by said committee, the bank shall pay the expenses of the reappraisal;
other the appellant shall pay said expenses, and the value so ascertained
and determined shall be deemed to be a debt due and be forthwith paid
to said shareholder from said bank, and the shares so paid shall be surrendered and after due notice sold at public auction within thirty days
after the final appraisement provided for in this Act.
Sec. 2. That associations consolidating with another association under
the provisions of this Act shall not be required to deposit lawful money
for their outstanding circulation, but their assets and liabilities shall be
reported by the association with which they have consolidated. And all
the rights, franchises, and interests of the said national bank so consolidated in and to every species of property, personal and mixed, and choses
in action thereto belonging, shall be deemed to be transferred to and vested
In such national bank into which it is consolidated without any deed or
other transfer, and the said consolidated national bank shall hold and
enjoy the same and all rights of property, franchises, and interests in the
same manner and to the same extent as was held and enjoyed by the
national bank so consolidated therewith.
Passed the House of Representatives April 3 1918.
[VOL. 106.
HOW THE TRUST COMPANIES FILL VACANCIES
CAUSED BY WAR.
The following indicating the part women are playing in
filling the places made vacant in the ranks of the trust companies by reason of the call of the men to the colors, is taken
from an article prepared by Leroy A. Mershon, Secretary
of the Trust Company Section of the American Bankers'
Association:
How the trust companies fill vacancies caused by war service; how the
new employees engaged to fill these vacancies are trained; whether positions
are held open for absentees, and the matter of paying salaries in full or in
part, became the subject matter of a special inquiry addressed to those
companies having indicated on a recent questionnaire addressed to all
trust companies in the United States that they had one or more men in
military or naval service.
To the first question, "How have you filled the positions of men entering military or naval service, the majority replied, "with women." Many
companies, however, stated that through promotion, and by engaging
older men and younger men they had been able to solve, at least in part,
the perplexing problem brought about by war.
Uniformly satisfactory results have been secured from the service of
female help, as is indicated by the following: "We are employing young
women to fill places of young men who were advanced to fill the positions
of those lost through the draft. This method has turned out better than
we expected." "Vacancies in our company being filled by young women
have been most satisfactory." "Vacancies in our company being filled
by young women without previous training." "Since the beginning of
the war, have increased number of women in our employ from five to
eleven, and they now represent one-third of our staff. They are doing
very efficient work in stenographic, bookkeeping, transit and Christmas
Club departments, and will be given positions of greater responsibility
as soon as they prove themselves capable of doing the work. One of our
officers is a woman." "Positions filled by women have proven very
satisfactory." "Filling positions largely with women, who so far have
We have found•it increasingly difficult to
proven quite satisfactory."
secure satisfactory male help and have filled several positions with women.
One cage is being operated with a lady teller." "Places of absentees filled
by promotions, and vacancies caused thereby filled by women." "A
young woman is handling our discounts and collections in a most satisfactory manner. Other vacancies will be filled by women." One of the
largest trust companies in the country believes that young women are
more efficient than men for certain positions: The institution in question
had thirty-five women on its payroll five years ago, while it now has a total
of 435 women employees. In this company they take care of such work
as checking, operating graphotype and addressing machines, telephone
operating, file clerks, librarians, translators, investigators for credit and
other departments and general clerical work.
Some dissatisfaction, however, was expressed with women employees,
chiefly in Eastern States, of which the following comments are typical:
"We have taken on quite a number of women, but they can take the places
of the men only to a limited extent." "Are employing young girls, but
regret that they are not efficient, and our force is somewhat demoralized."
That opportunities exist for men who, in normal times, would remain unemployed, is proved by the following comments: "Positions have been
filled by men physically unfit for service." "Engaged men physically
incapacitated for war."
Young men below the draft age are generally sought, and the comments
in regard to the supply present different conditions in various parts of the
country. "We have found it very difficult to get young men of the right
calibre" being an example, while the exact situation in many companies
is revealed in the following: "We have advanced our clerks and employed
young men under the draft age, and in one case a man sixty years old, although in both cases we are working at a great disadvantage." "Vacancies in our company have made it very hard for the clerks remaining; the
positions, however, have been filled, and at present we are struggling
along very well." "Positions vacated are filled by both men and women
from less important positions. Each and every man is doing more than
his usual work with the understanding that it is not only necessary, but a
patriotic duty. They are meeting the situation cheerfully. Although
we have lost 20% of our force we are able to keep the work in very good
condition under these arrangements." "Have employed young boys,
while the balance of the force is doubling-up on the work."
The second question was: "Do you have any plan for training the
men and women who occupy the places vacated?" The proportion of
repliesiindicating no plan or special training was surprisingly largo.
"Do you hold positions open for absentees?" was the third question
asked. This resulted in securing information which indicates unmistakably that a large majority of companies throughout the country are
holding positions open, or have made definite promise of reinstatement
upon the soldier's or sailor's return. Many of those companies which
definitely said that positions are not being held, or that no promise or agreement was made to hold positions for absentees, explained the impossibility
of making such a promise which they were not sure could be fulfilled.
The following extracts from letters show the attitude of institutions in all
parts of the country on both sides of the question, as well as the one regarding the retention of newly engaged men or women upon the returntof
the original holder of the place: "We will certainly hold positions open
for the absentees." "We feel and believe that our growth will.warrant
at least replacing the principal absentees upon their return if they so de-absence, and their positions
sire." "Employees have been giver) leave-of
will be open to them on their return." "We have told our boys that we
them if the war is not too long drawn
will do our best to keep their places for
out." "Each case is decided separately, with reference to the time and
value of the officers' or clerks' service. Our aim is to have relations terminated in six months. Holding positions open indefinitely wouldlimi
pair the efficiency of our staff. It is hardly necessary, however, tos add
that when absentees return they will find us more than willingLto_find
places for them."
"Do you pay salaries in full or in part?" was the final query in the series.
Considerably in excess of 75% of the companies report that no salariestare
being paid, although a large number are paying the differenco,between
the old salaries and the one received from the GovernmentANSeveral
companies indicated that they paid salaries in part for Abdo,' period,
after which they ceased. In the event that absenteeslare receiving a
larger amount from the Government than they did when with the trust
companies, the reporting companies, without exception, advised ,that
no portion of the salaries is continued. The matter of dependents, has,
however, been quite generally considered. "Have one man in the service,
to whose parents we are paying twenty-five dollars monthly," writes one
company, while another, which is typical of this class states: "Matter
adjusted according to the condition of the family of each particularrem-
APR. 13 1918.1
THE CHRONICLE
1517
ployee." Also, "it is our purpose to see that no family is left in straight- 7th ed., Sections 283, 284; Kent's Commentaries, 12th ed., Vol. II, p. 573)
Hurd v. West, 7 Cowen (N. Y.) 752, 756). Even if the article be mingled
ened circumstances."
wareAwarding a bonus based on salaries and term ofservice was also reported by with others of the same species in a warehouse, title may pass to the
several institutions. "We are handling each individual case separately," houseman. (Kent's Commentaries, 12th ed., Vol. II, p. 590, Justice
R.,3 Privy Council
writes one company in the western part of the country,"and where the case Himes' note; South Australian Ins. Co. v. Randell, L.
principle
justifies it we are paying a proportionate part of the salary." The patriotic Appeals 101; Rahilly v. Wilson, 3 Dillon 420). Upon the same
manner in which the majority of trust companies have faced this entire title to deposits in bank passes to the banker. (Foley v. Hill, 2 House of
problem has been summarized by a Southern company, which writes as Lords, Cas. 28). The Supreme Court has had occasion to pass upon this
follows: "I wish we had a hundred men we could give to the Government, characteristic of shares of stock in several cases. (Richardson v. Shaw,
because we are in the war to the end, with every means available, and we 209 U. S. 365; Sexton v. Kessler, 225 U. S. 90; Gorman v. Littlefield, 229
U. S. 19; National City Bank v. Hotchkiss, 231 U. S. 50; Duel v. Hollins,
stand behind the Government with every dollar we can command."
241 U. S.523;and see as to bonds United States and Mex. T. Co. v. Kansas
'M. & 0. Ry. Co., 240 Fed. 505). In Gorman v. Littlefield, the
City,
BOND AND STOCK QUOTATIONS ON N. Y. EXCHANGE court held:
. . . that a certificate for the same number of shares represented preTO BE SENT OVER SEPARATE TICKERS.
cisely the same kind and value of property as another certificate for a like
of a different
quotations from the stock quota- number of shares in the same corporation; that the returnmade no mateThe elimination of bond
certificate or the substitution of one certificate for another
such shares were
tion tickers of the New York Stock Exchange within the next rial change in the property right of the customer; that kind or value, as
unlike distinct articles of personal property, differing in
few months is proposed, the stock and bond quotations being a horse, wagon or harness, and that stock has no earmark which distinguishes one share from another, but is like a grain of a uniform quality in an
thenceforth sent over separate tickers. It is expected that elevator, one bushel being of the same kind and value as another. . .
.
the new arrangement will bring about quicker service, since
The effect of these decisions is undoubtedly that even in the case of a
stock and bond quotations will go out simultaneously in- broker and his customer the legal title to the stock is, not nominally, but
so
if
stead of bond quotations being delayed until after the re- really in the broker, as the course of business his requires, although the
trustee in bankruptcy,
against the broker and
customer may retain,
the stock quotations.
cording of
an equitable right in rem to stock in the broker's possession of the same
species as that dealt in between them.
In accordance with this same general principle, it is specifically held that
DECISION IN WHICH STAMP TAX UNDER WAR a loan of stock transfers title (Dykers v. Allen, 7 Hill (N. Y.). 497; Barclay
v. Culver, 30 Hun (N. Y.) 1; Fosdick v. Greene, 27 Ohio St. 484; Dos
REVENUE ACT IS HELD TO APPLY TO SHORT
Passes on Stockbrokers, 2nd, p. 329.
SELLING.
2. It cannot be said that the borrower is a mere agent between the
We referred last week (page 1401) to the decision of the lender and the vendee,so as to make what is in appearance two transactions
between the lender and the lendee.
There is
U. S. Attorney-General's office with regard to the stamp tax in reality only one. merely tono privity
the borrower and assumes no relationship
The former looks
on transfers of stocks as applied to short sales, and the further. There are, therefore, in substance, two transactions, a transfer
ruling made in accordance therewith by Internal Revenue by the lender to the borrower, and a transfer by the latter to the vendee,
the tax must be paid on each. The case,in this aspect of it,is governed
Commissioner Daniel C. Roper. Below we give the full andMunicipal Telegraph & Stock Co. v. Ward, 133 Fed. 70, affirmed 138
by
text of the decision, as embodied in a communication ad- Fed. 1006, and Eldridge v. Ward, 174 Fed. 402, and not by United States
dressed to Secretary of the Treasury McAdoo by Acting v. Clawson, 119 Fed. 994; Metropolitan Stock Exchange v. Gill, 199 Fed.
545, S. C. 211 Fed. 108, and Board of Trade v. Hammond Elevator Co..
Attorney-General John W. Davis:
198 U. S. 424.
DEPARTMENT OF JUSTICE,
3. As for the provisos in subdivision 4, they should receive a fair
Washington.
interpretation in connection with the whole, but there must be clear
March 23 1918.
language before it can be assumed that exemption from taxation was
The Secretary of the Treasury:
intended. (Cornell v. Coyne, 192 U. S. 418, 431; Ford v. Delta & Pine
Sir.—I have the honor to acknowledge your letter of the 14th instant Land Co., 164 U. S. 662,666; Central Railroad & Banking Co. v. Georgia.
requesting my opinion on the question whether the stamp tax imposed by 92 U. S. 665, 674; Bailey v. Ma,gwire, 22 Wall 215, 226.) The first proSections 800 and 807 Schedule A, Subdivision 4 of Title VIII of the War viso deals with deposits of stock as collateral security for a loan, and the
Revenue Act of Oct. 3 1917 (40 Stat. 319, 322), applies to the so-called second with the transfer of stock between a broker and his customer.
borrowing and return of shares of certificates of stock.
Under no fair interpretation can either be held to cover the loan of stock
The said subdivision levies a tax
under the circumstances now under consideration.
A loan of stock cannot be called a pledge thereof within the meaning of
On all sales, or agreements to sell, or memoranda of sale or deliveries
of, or transfers of legal title to shares or certificates of stock . .. whether the first proviso. The transaction is, in effect, the reverse of that covered
association, company, or corporamade upon or shown by the books of the by any
delivery, or by any paper by the proviso. In the latter case, money is loaned, and stock is deposited
tion, or by any assignment in blank, or
is loaned and
or agreement or memorandum or other evidence of transfer or sale, whether as collateral for its return. In the case now in question stock
manner to the benefit of such stock or not . . . money is deposited as collateral for its return. In one case the debt is
entitling the holder in any
Provided, That it is not intended by this title to impose a tax upon an agree- money,in the other stock. (See Dibble v. Richardson, 171 N.Y.131, 137.)
stock certificates as
ment evidencing a deposit of stock certificates are collateral security for There can, of course, be no doubt that the legal title to the money loaned
not actually sold, nor
money loaned thereon, which
upon such stock certificates so deposited; Provided further, That the tax passes in a real sense in the case covered by the proviso, and for the same
upon deliveries or transfers to a broker for sale, nor reason legal title to the stock loaned in the present case passes with like
Shall not be imposed
a broker to a customer, for whom and upon
upon deliveries or transfers bysame
reality to the borrower.
whose order he has purchased
As to the second proviso, it is sufficient to say that the relationship befollowing further statement:
Your letter makes the
tween the lender and the borrower in the present case is not, in any sense
:
as to which the question arises are described as follows that of a broker buying and selling stocks for a customer.
The transactions
Respectfully,
The borrowing of shares is necessary in connection with all so-called short
shares that
(Signed) JOHN W. DAVIS,
sales. It is also necessary in connection with is the sharesare sold but are
being in transit
not on hand for delivery, an instance of whichalso
Acting Attorney-General.
or elsewhere. It
frequently happens that
from abroad, or the West.
a broker may sell shares for an estate and find upon attempting to transfer
name of a decedent or an executor, that additional papers,
them from the
or authority, are required by the transfer office, or the transfer books may
CIRCULAR OUTLINING DETAILS OF THIRD
be closed for a meeting of stockholders or other reasons, and the shares
being already sold, the broker borrows to make delivery, after replacing
LIBERTY LOAN BONDS.
the borrowed shares.
A circular setting out in detail the Third Liberty Loan
In the case of the short sale transaction the following occurs:
A sells to 13 one hundred shares of stock which is evidenced by memoran- offering of $3,000,000,000 was issued by the Treasury
shares have to be delivdum of sale. Under the rules of the Exchange thea
ered and paid for the day following. If the sale is short sale or the shares Department on April 6. Some of the particulars regarding
are not on hand for delivery A applies to C,who has such shares on hand,for
already been given in these columns.
a loan of them. 0 being willing to lend them delivers to A a certificate for the new offering have
one hundred shares endorsed in blank on A's agreement to re-deliver to him The bonds will, as heretofore stated, bear interest at 434%;
demand on
an equivalent number of shares onvalue of the any business day and the
shares as security for their they will be dated May 9 1918 and will mature Sept. 15 1928.
deposit by A with 0 of the market
shares
return. That deposit remains until thevalue ofare returned, subject to
the shares rises, and to As in the case of the First and Second Liberty Loan offering,
increase from day to day if the market
decrease from day to day if the market value of the shares falls. A makes the bonds of the Third Liberty Loan will be in two classes—
with B by delivering the certificate which
his delivery under his transaction
he has borrowed from C for that purpose, therebyoompleting the transac- coupon and registered; the coupon bonds will be issued in
tion between A and B on which the tax is paid. When A desires to return
the shares which he has borrowed, A goes into the market and buys one denominations of $50, $100, $500, $1,000, $5,000 and $10,hundred shares for the purpose of delivering them to 0,and on that transput out in denominations
action the tax is paid. These shares so acquired for delivery to 0 he 000; the registered bonds will be
deposit with 0 It is a
delivers to 0 and receives the amount he has on his
of $50, $100, $500, $1,000, $5,000, $10,000, $50,000 and
common occurrence that 0 demands the return of the shares in which event
same process, includ- $100,000. The bonds of the forthcoming issue are nonA substitutes D as another lender, going through
ing the deposit of the value of the shares, as with 0, thus delivering to 0
for that purpose, and receiving from C convertible, and are not subject to call for redemption
the shares he has borrowed from D security for
such return. This process
the amount on deposit with him as
before maturity. The terms of payment of the new issue
may be repeated many times in respect of the same short sale.
The stamp tax provided for in the subdivision abovequoted, of course, are 5% with the application on or before May 4; 20% on
a
hborremed aresd to the purchase
the sale antriliTtleiveoriguag
applies
them to
lender. The precise May 28; 35% on July 18, and 40% on Aug. 15, with accrued
rgeaere:
question upon which opinion is desired as to whether the stamp tax also
applies to the passing from the lender to the borrower of shares of certiifcates interest from May 9 on the three deferred instalments.
of stock "borrowed" and also to the passing from the borrower to the lender Subscriptions, which opened on April 6, will be received up
of shares or certificates of stock "returned."
including May 4. While subscriptions to the amount
You enclose a copy of an opinion rendered you by the Solicitor of In- to and
ternal Revenue to the effect that the transfer of the stock from the lender of $3,000,000,000 are invited, the right is reserved to allot
to the borrower, and later from the borrower to the lender in fulfulment of additional bonds up to the full amount of any oversubthe former's obligation, are both subject to the tax. With this conclusion
scription. A new feature of the present offering is the bond
I agee for the following reasons:
1. The Act by its express terms, it will be observed, covers every transfer purchase fund, through which the Secretary of the Treasury
of the legal title to shares of stock with certain specific exceptions. There is authorized, from time to time, until the expiration of one
can certainly be no doubt that there is a transfer of the legal title from the
of the war, to purchase bonds
lender to the borrower and later from the borrower to the lender under the year after the termination
circumstances stated. Shares of stock are fungible things, and their loan of the Third Liberty Loan issue at such prices and upon
with an agreement to return things of the same class is the matum of Roman such terms and conditions as he may prescribe. Below we
law, as to which no one can doubt that title passes from the lender to the
borrower and vice versa. (Jones on Pledges, page 64; Story on Bailments. give the circular in its entirety:
1518
THE CHRONICLE
1918.
Department Circular No. 111
of April 1918.
TREASURY DEPARTMENT,
Office of the Secretary.
Washington, April 6 1918.
Loans and Currency.
The Secretary of the Treasury invites subscriptions, at par and accrued
interest, from the people of the United States for $3,000,000,000 of United
States of America Four and One-Quarter Per Cent Gold Bonds of 1928,
of an issue authorized by an Act of Congress approved Sept. 24 1917, as
amended by an Act of Congress approved April 4 1918; the right being
reserved to allot additional bonds up to the full amount of any oversubscription.
DESCRIPTION OF BONDS.
Denominations.
•
Bearer bonds with interest coupons attached will.be issued in denominations of $50, $100, $500, $1,000, $5,000 and $10,000. Bonds registered
as to principal and interest will be issued in denominations of $50, $100,
$500. $1,000, $5,000, $10.009, $50,000, and $100,000. Provision will be
made for the interchange of bonds of different denominations and coupon
and registered bonds and for the transfer of registered bonds, without
charged by the United States, and under rules and regulations prescribed
by the Secretary of the Treasury.
Rate of Interest, Date of Bonds, and Maturity.
The bonds will he dated May 9 1918 and will bear interest from that date
at the rate of four and one-quarter per cent per annum, payable on Sept.
15 1918, and thereafter semi-annually on March 15 and Sept. 15. The
interest payable on Sept. 15 1918, will be for 129 days. The bonds will
mature Sept. 15 1928. The principal and interest of the bonds are payable
in United States gold coin of the present standard of value.
Tax Exemption.
The bonds shall bo exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes and (b) graduated additional income
taxes, commonly known as surtaxes, and excess profits and war-profits
taxes, now or hereafter imposed by the United States, upon the income or
profits of individuals, partnerships, associations, or corporations. The
Interest on an amount of bonds and certificates authorized by said Act
approved Sept. 24 1917, or by said Act as amended by said Act approved
April 4 1918, the principal of which does not exceed in the aggregate $5,000
owned by any individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in clause (b) above.
Non-Convertible and not Subject to Call for Redemption before Maturity.
The bonds of this issue are not entitled to any privilege of conversion
into bonds bearing a higher rate of interest. The bonds are not subject
to call for redemption before maturity.
Receivable for Federal Inheritance Taxes.
Any of the bonds which have been owned by any person continuously
for at least six months prior to the date of his death, and which upon such
date constitute part of his estate, shall, under rules and regulations proscribed by the Secretary of the Treasury, be receivable by the United States
at par and accrued interest in payment of any estate or inheritance taxes
imposed by the United States, under or by virtue of any present or future
law, Upon such estate or the inheritance thereof.
Bond Purchase Fund.
The Secretary of the Treasury is authorized from time to time, until the
expiration of one year after the termination of the war, to purchase bonds
of this issue ot such prices and upon such terms and conditions as he may
prescribe. The par amount of bonds of this issue Which may be purchased
in the 12 months' period beginning on the date of issue shall not exceed
one-twentieth of the par amount of such bonds originally issued, and in
each 12 Months' period thereafter, shall not exceed one-twentieth of the
amount of the bonds of such iSStle outstanding at the beginning of such
12 months' period. The average cost of the bonds of this issue purchased
in any such 12 months' period shall not exceed par and accrued interest. .
[VOL. 106.
or some incorporated bank or trust company within the United States
(not including outlying territories and possessions), not later than the close
of business on May 4 1918, the right being reserved by the Secretary of
the Treasury to close the subscription on any earlier date, to reject any
applications, and to allot less than the amount of bonds applied for. Applications received by any incorporated bank or trust company on or before
May 4 1918 must, by such bank or trust company, be transmitted to, or
covered by its own subscription to, the Federal Reserve bank of the district
in which it is located, reaching such Federal Reserve bank not later than
the close of business on May 9 1918, accompanied by payment as aforesaid.
PAYMENT.
Payment for bonds alloted, in addition to the first instalment of 5%
on application on or before May 4 1918 will be required to be made so as
to reach a Federal Reserve bank or a branch thereof, as follows 20% on
May 28 1918; 35% on July 18 1918; 40% on Aug. 15 1918, with accrued
interest from May 9 1918, on the three deferred instalments. Receipt
or instalment payments made to official agencies prior to payment in full
will be acknowledged by the several Federal Reserve banks. Payments
must be made when and as required under penalty of forfeiture of any and
all instalments previously paid and of all right and interest in the bonds
allotted. Payment for bonds allotted in any amount may be completed
without previous notice, but only so as to reach a Federal Reserve bank,
or a branch thereof, on May 9 1918, or, with accrued interest from May 9
1918 (the previous instalment or instalments having been duly paid).
on May 28, July 18, or Aug. 15 1918.
.Payment in United States Treasury Certificates of Indebtedness.
Payment of the first instalment of 5%, or payment in full with application on or before May 4 1918, or completion of payment on May 9 1918.
may be made in United States Treasury certificates of indebtedness of
any maturity, except those maturing April 22 1918 and June 25 1918.
Payment on other instalment dates may be made in United States Treasury
certificates of indebtedness of the issues, if any, maturing, on said instalment dates, respectively. Such certificates will be received at their face
value, and the accrued interest thereon, which, in case of payment of the
first instalment or payment in full on or before May 9, will be computed
to May 9, will be remitted by check to the subscriber. Treasury certificates
thus presented must not be of a larger face value than the amount then to
be paid on the subscription; and subscribers should obtain certificates of
appropriate denominations in advance. Incorporated banks and trust
companies in the United States, duly qualified as special depositaries of
public moneys, may make payment by credit for bonds subscribed for
for themselves and their customers up to an amount for which such depositaries, respectively, shall have been qualified in excess of then existing
deposits, when so notified by Federal Reserve banks, but only to the extent
that they can not make such payment in such Treasury certificates of
indebtedness.
How to Make Payments.
It is strongly recommended that subscribers avail themselves of the
assistance of their own banks and trust companies, in which case they will,
of course, make payment through such institutions. In cases where they
do not do so, subscribers should make payment, either to the Treasury
Department in Washington or to one of the Federal Reserve banks in
cash, or by bank draft, certified check, post-office money order,or express
company money order, made payable to the order of the Secretary of
the Treasury if the application is filed with the Treasury Department in
Washington (thus: "The Secretary of the Treasury, Third Liberty Loan
Account"), or, if the application is filed elsewhere, made payable to the
order of the Federal Reserve bank of the district in which the application
is filed (thus: "Federal Reserve Bank of
, Third Liberty
Loan Account").
DELIVERY.
Bonds dated May 9 1918 and bearing interest from that date, will be
delivered after due completion of payment, by the several Federal Reserve
banks asfiscal agents of the United States as far as practicable in accordance
with written instructions given by the subscribers, and, within the United
States, its territories and insular possessions, at the expense of the United
States. Bonds as described in the circular will be delivered promptly
after completion of payments therefor. but no such deliveries will be made
prior to May 9 1918, except to subscribers for not in excess of $10,000 par
amount of coupon bonds who make payment in full on or before May 4
1918. In making deliveries before May 9, the right is reserved to deliver
bonds of the largest denomination or denominations, not exceeding $1,000.
contained in the respective amounts of bonds subscribed for.
APPLICATIONS.
Official Agencies.
The agencies designated by the Secretary of the Treasury to receive
applications for the bonds now offered are the Treasury Department in
Washington, D. C., and the Federal Reserve Banks in Boston, New York,
Philadelphia, Cleveland (with branches at Cincinnati and Pittsburgh),
Richmond (with branch at Baltimore), Atlanta (with branch at New
INTEREST.
Orleans), Chicago (with branch at Detroit), St. Louis, Minneapolis, Kansas
As the bonds are dated May 9 1918, no accrued interest will be due on
City (with branches at Omaha and Denver), Dallas, and San Francisco
subscriptions for bonds paid for in full on or before that date. No rebate
(with branches at Portland, Seattle and Spokane). The Federal Reserve
banks have been designated as fiscal agents of the United States, to collate of interest will be allowed, either on account of full payment in advance of
applications, to receive payments,and to make delivery of the bonds alloted. May 9 1918, or on account of the first instalment of 5%. Upon compleof payment for the bonds on May 28, July 18, or Aug. 15 1918, the
Subscribers may send their applications, accompanied by the required tion
subscriber will be required to pay accrued interest from May 9 1918, on
payment, direct to any of said banks or branches.
the deferred instalment or instalments at the rtao of 43 % per annum.
Subscribers' Agencies
,
.
FURTHER DETAILS.
Large numbers of national banks, State banks, and trust companies,
The bonds will be receivable AS security for deposits of public money,
investment bankers, express companies, newspapers, department stores,
and other corporations, firms, and organizations have patriotically offered but will not bear the circulation privilege.
Coupon bonds will have four interest coupons attached, covering intest
to receive and transmit applications for the bonds without expense to the
applicants. The Secretary of the Treasury appreciates the value of these payments up to and including March 15 1920. On or after that date holders
of these bonds should surrender the same and obtain a now bond or bonds
offers, and will have application blanks widely distributed, through the
Federal Reserve banks, to theso institutions throughout the country, as having coupons attached thereto, covering semi-annual payments from
wail as to the post offices. No commissions will be paid upon subscriptions, Sept. 15 1920 to Sept. 15 1928, both inclusive. This is to avoid the inand those who receive and transmit applications are therefore rendering convenience, both to the United States and to subscribers, incident to the
delivery of interim receipts, and to allow sufficient time for the engraving
the service as a patriotic duty.
and printing of bonds with the full number of coupons attached.
The Secretary of the Treasury may make special arrangements for subForm of Application.
Applications must be in the form prescribed by the Secretary of the scriptions for the bonds at not less than par from persons in the military or
Treasury and be accompanied by payment of 5% of the amount of bonds naval forces of the United States.
applied for. APplicatiotts must be for bonds to an amount of $50 or some
Further details may be announced by the Secretary of the Treasury from
multiple thereof. At the option of the subscriber payment in full may be time to time, information as to which as well as forms for application may
made with the apPlication without rebate of,interest, in which case bonds be obtained from the Treasury Department or through any Federal Reas described herein, dated and bearing interest from May 9 1918, will be serve bank.
delivered to the subscriber as soon as possible after the application,,acoomW. G. McADOO, Secretary of the Treasury.
panted by such payment in full, is received, except that no deliveries of
bonds uponsubseriptions in excess of $10,000 will be made prior to May 9
1918. If registered bonds are desired and payment in full is made with the
application, the subscriber should fill out the required form appearing on TEXT OF ACT PROVIDING FOR $3,000,000,000 LIBERTY
BONDS AND ADDITIONAL CERTIFICATES.
the application blank, in which case yegistered bonds dated,and bearing
interest from May 9 1918 will be mailed as promptly as possible to the
Because of typographical errors which crept into the
addressziven. All applications,for bonds.in excess of $10,000 par amount
Liberty Loan bill printed by us last week, making provision
will be received subject to allotment.
for the issuance of the new $3,000,000,000 of Liberty Loan
Time of Closing Application Books.
Applications accompanied by payment as aforesaid must reach the Bonds, additional Certificates of Indebtedness and now
Treasury Department or a Federal Reserve bank, or one of said branches, credits to the Allies, we reprint herewith the bill as enacted
APR. 13 1918.]
THE CHRONICLE
into law. It was signed by President Wilson on April 4,
after passing both the Senate and House last week:
[H. R. 11.123.1
An Act to amend an Act approved,Sept. 24 1917, entitled "An Act to
authorize an additionatissue of bonds to meet expenditures for the national
security and defense, and for the purpose of assisting in the prosecution
of the war, to extend additional credit to foreign governments and for
other purposes."
Be it enacted by the Senate and House of Representatives of the United States
of America, in Congress assembled, That the first section of the Act approved Sept. 24 1917, entitled "An Act to authorize an additional issue of
bonds to meet expenditures for the national security and defense, and for
the purpose of assisting in the prosecution of the war, to extend additional
credit to foreign governments, and for other purposes," be, and is hereby
amended to read as follows:
"That the Secretary of the Treasury, with the approval of the President,
is hereby authorized to borrow, from time to time, on the credit of the
United States for the purposes of this Act, and to meet expenditures authorized for the national security and defense and other public purposes
authorized by law, not exceeding in the aggregate $12,000,000,000, and
to issue therefor bonds of the United States, in addition to the $2,000,000,000 bonds already issued or offered for subscription under authority of
the Act approved April 24 1917, entitled 'An Act to authorize an issue of
bonds to meet expenditures for the national security and defense and, for
the purpose of assisting in the prosecution of the war, to extend credit to
foreign governments, and for other purposes': Provided, That of this suns
$3,063,945,460 shall be in lieu of that amount of the unissued bonds authorized by Sections 1 and 4 of the Act approved April 24 1917, $225,000,000 shall be in lieu of that amount of the unissued bonds authorized
by Section 39 of the Act approved Aug. 5 1909, $150,000,000 shall be in
lieu of the unissued bonds authorized by the joint resolution approved
March 4 1917, and $100,000,000 shall be in lieu of the unissued bonds
authorizdd by Section 400 of the Act approved March 3 1917.
"The bonds herein authorized shall be in such form or forms and denomination or denominations and subject to such terms and conditions of issue,
conversion redemption, maturities, payment, and rate or rates of interest,
not exceeding four and one-quarter per centum per annum, and time or
times of payment of interest, as the Secretary of the Treasury from time to
time at or before the issue thereof may prescribe. The principal and interest thereof shall be payable in United States gold coin of tho present
standard of value.
"The bonds herein authorized shall from time to time first be offered at
not less than par as a popular loan, under such regulations, prescribed by
the Secretary of the Treasury from time to time, as will in his opinion give
the people of the United States as nearly as may be an equal opportunity
to participate therein, but he may make allotment in full upon applications
for smaller amounts of bonds in advance of any date which he may set for
the closing of subscriptions and may reject or reduce allotments upon later
applications and applications for larger amounts, and may reject or reduce
allotments upon applications from incorporated banks and trust companies
for their own account and make allotment in full or larger allotments to
others, and may establish a graduated scale of allotments, and may from
time to time adopt any or all of said methods, should any such action be
deemed by him to be in the public interest: Provided, That such reduction
or increase of allotments of such bonds shall be made under general rules to
be prescribed by said Secretary and shall apply to all subscribers similarly
situated. And any portion of the bonds so offered and not taken may be
otherwise disposed of by the Secretary of the Treasury in such manner and
at such price or prices, not less than par, as he may determine. The Secretary may make special arrangements for subscriptions at not less than par
from persons in the military or naval forces of the United States, but any
bonds issued to such persons shall be in all respects the same as other bonds
of the same issue."
Sec. 2. That the last sentence of Section 2 of said Act approved Sept. 24
1917, be, and is hereby amended to read as follows:
"For the purpose of this section there is appropriated, out of any money
in the Treasury not otherwise appropriated, the sum of $5,500,000,000,
and in addition thereto the unexpended balance of the appropriations
made by Section 2 of said Act approved April 24 1917, or so much thereof
as may be necessary: Provided, That the authority granted by this section to the Secretary of the Treasury to establish credits for foreign governments, as aforesaid, shall cease upon the termination of the war between
the United States and the Imperial German Government."
Sec. 3. That Section 4 of said Act approved Sept. 24 1917 is hereby
amended by adding two new paragraphs, as follows:
"That holders of bonds bearing interest at a higher rate than four per
centum per annum, whether issued (a) under Section 1, or (b) upon conversion of four per centum bonds issued under Section 1, or (c) upon conversion of three and one-half per centum bonds issued under said Act,
approved April 24 1917 or (d) upon conversion of four per centum bondis
issued upon conversion of such three and one-half per centum bonds, shall
not be entitled to any privilege of conversion under or pursuant to this
section or otherwise. The provisions of Section 7 shall extend to all such
bonds.
"If bonds bearing interest at a higher rate than four per centum per
annum shall be issued before July 1 1918, then any bonds bearing interest
at tho rate of four per centum per annum which shall, after July 1 1918,
and before the expiration of the six months conversion period prescribed
by the Secretary of the Treasury, be presented for conversion into bonds
bearing interest at such higher rate, shall, for the ssurpose of computing
the amount of interest payable, be deemed to have been converted on the
dates for the payment of the semi-annual interest on the respective bonds
so presented for conversion, last preceding the date of such presentation."
Sec. 4. That the last sentence of Section 5 of said Act approved Sept.
24 1917 be, and is hereby amended to read as follows:
"The sum of such certificates outstanding hereunder and under Section
6 of said Act approved April 24 1917, shall not at any one time exceed in
the aggregate $8,000,000,000."
Sec. 5. That Section 8 of said Act, approved Sept. 24 1017, be, and is
hereby amended to read as follows:
"Sec. 8. That the Secretary of the Treasury; in his discretion, is hereby
authorized to deposit, in such incorporated banks and trust companies as
he may designate, the proceeds, or any part thereof, arising from the sale
of the bonds and certificates a indebtedness and war savings certificates
authorized by this Act, and arising from the payment of income and excess
profits taxes, and such
shall bear such rate or rates of interest, and
shall be secured in such manner, and shall be made upon and subject to
such terms and conditions as the Secretary of the Treasury may from time to
time proscribe: Provided, That the provisions of Section 5191 of the Revised
Statutes, as amended by the Federal Reserve Act, and the amendments
thereof, with reference to the reserves required to be kept by national banking associations and other member banks of the Federal Reserve system,
shall not apply to deposits of public moneys by the United States in designated depositaries. The Secretary of the Treasury is hereby authorized
to designate depositaries in foreign countries with which shall be deposited
all public money which it may be necessary or desirable to have on deposit
in such countries to provide for current disbursements to the military and
naval forces of the United States, and to the diplomatic and consular and
other representatives of the United States in and about such countries
until six months after the termination of the war between the United States
and the Imperial German Government, and to prescribe the terms and
conditions of such deposits."
Sec. 6. That said Act approved Sept. 24 1917. is hereby amended by
adding four new sections, to read as follows:
"Sec. 14. That any bonds of the United States bearing interest at a higher
rate than four per centum per annum (whether issued under Section 1 of this
Act or upon conversion of bonds issued under this Act or under said Act approved April 24 1917), which have been owned by any person continuously
for at least six months prior to the date of his death, and which upon such
date constitute part of his estate, shall, under rules and regulations prescribed by the Secretary of the Treasury, be receivable by the 'United States
at par and accrued interest in payment of any estate or inheritance taxes
imposed by the United States, under or by virtue of any present or future
law, upon such estate or the Inheritance thereof.
'Sec. 15. That the Secretary of the Treasury is authorized from time
to time, until the expiration of one year after the termination of the war,
1519
to purchase bonds issued under authority of this Act, including bonds issued upon conversion of bonds issued under this Act or said Act approved
April 24 1917, at such prices and upon such terms and conditions as he
may prescribe. The par amount of bonds of any such series which may be
purchased in the twelve months' period beginning on the date of issue shall
not exceed one-twentieth of the par amount of bonds of such series originally
issued, and each twelve months' period thereafter, shall not exceed onetwentieth of the amount of the bonds of such series outstanding at the beginning of such twelve months' period. The average cost of the bonds of
any series purchased in any such twelve months' period shall not exceed
par and accrued interest.
"For the purposes of this section the Secretary of the Treasury shall
set aside, out of any money in the Treasury not otherwise appropriated, a
suns not exceeding one-twentieth of the amount of such bonds issued before
April 1 1918, and as and when any more such bonds are issued he shall set
aside a sum not exceeding one-twentieth thereof. Whenever, by reason
of purchases of bonds, as provided in this section, the amount so set aside
falls below the sum which he deems necessary for the purposes of this
section, the Secretary of the Treasury shall set aside such amount as he
shall deem necessary,but not more than enough to bring the entire amount
so set aside at such time up to one-twentieth of the amount of such bonds
then outstanding. The amount so set aside by the Secretary of the Treasury is hereby appropriated for the purposes of this section, to be available
until the expiration of one year after the termination of the war.
"The Secretary of the Treasury shall make to Congress at the beginning
of each regular session a report including a detailed statement of the operations under this section.
"Sec. 16. That any of the bonds or certificates of indebtedness authorized
by this Act may be issued by the Secretary of the Treasury payable, principal and interest, in any foreign money or foreign moneys, as expressed
in such bonds or certificates, but not also in United States gold coin, and he
may dispose of such bonds or certificates in such manner and at such prices,
not less than par, at he may determine, without compliance with the provisions of the third paragraph of Section 1. In determining the amount
of bonds and certificates issuable under this Act the dollar equivalent of
the amount of any bonds or certificates payable in foreign money or foreign
moneys shall be determined by the par of exchange at the date of issue
thereon, as estimated by the Director of the Mint, and proclaimed by the
Secretary of the Treasury, in pursuance of the provisions of Section 25 of
the Act approved Aug. 2'7' 1894, entitled 'An Act to reduce taxation, to
provide revenue for the Government, and for other purposes.' The Secretary of the Treasury may designate depositaries in foreign countries, with
which may be deposited as he may determine all or any part of the proceeds
of any bonds or certificates authorized by this Act, payable in foreign
money or foreign moneys
"Sec. 17. That the short title of this Act shall be 'Second Liberty Bond
Act."
"
Sec. 7. That the Act,entitled"An Act to authorize an issue of bonds to
meet expenditures for the national security and defense, and, for the purpose of assisting in the prosecution of' the war, to extend credit to foreign
governments, and for other purposes," approved April 24 1917, is hereby
amended by adding a new section to read as follows:
"Sec. 9. That the short title of this Act shall be 'First Liberty Bond
Act."
"
Section 8. That the short title of this Act shall be "Third Liberty Bond
Act."
Approved, April 4 1918.
AUSPICIOUS START OF LIBERTY LOAN CAMPAIGN.
The campaign for the $3,000,000,000 Third Liberty Loan
started off on the 6th inst. most auspiciously; the returns
on the first day, which were expected to be light in view of
the many spectacular and other features, which had been
arranged to usher in the campaign, were surprisingly large,
and in New York, particularly, were gratifying. While
the quota for the New York Federal Reserve District is
$900,000,000, the Liberty Loan Committee has set $1,500,000,000 as its goal, or one-half the total minimum subscription sought. On the 8th inst. it was stated that unofficial reports to the Treasury Department put the first
day's subscriptions at $250,000,000. The subscriptionsfor
the New York Federal Reserve District on the first day
were reported as in the neighborhood of $75,000,000. On
the 9th inst. it was announced that estimates of daily subscriptions would not be given out during the campaign by
national, district of local headquarters, under instructions
issued by Secretary McAdoo. Instead it was stated, the
Treasury would gather from each Federal Reserve bank
figures on subscriptions actually filed with them, together
with receipts from the initial 5% payment, and a tabulation
of these would be made public each day.
At Richmond, Va., where he made his first Liberty Loan
speech on a Southern tour, the Secretary authorized the
following statement:
In order to remove the 'risk of inaccurate information and of oversanguine and misleading estimates concerning the amount of subscriptions
to the Third Liberty Loan no figures will be given out for some days, and
then only figures as to the actual amount of subscriptions officially flied
with the Federal Reserve banks.
The danger of relying upon optimistic estimates and unofficial subscriptions will thus be avoided.
This information will be made public beginning at an early date, when
the Department will be prepared to give accurate figures. After the plan
has been developed the Federal Reserve banks will report to the Treasury
Department the amount of subscriptions actually filed, and those reports
will be given out daily. The Federal Reserve banks will simultaneously
announce the amount of such subscriptions officially filed in their own
districts and will permit local committees to announce the amounts of
subscriptions officially filed.
I ask the co-operation of newspapers and Liberty Loan committees
throughout the country in the policy indicated, which is of vital importance
to the object we all have in mind in making the Liberty Loan an unqualified
success.
On the 10th inst. it was made known that beginning on
the 11th daily figures would be given out at Washington.
These reports, it was stated, would be of two classes: Subscriptions reaching Reserve banks accompanied by 5%
initial payments, and in addition the total of these subscriptions and those reported by banks and trust companies in
the districts but not actually forwarded to the Reserve banks
with the cash payments. This course of action was authorized by the Treasury in a message to Reserve banks, follow-
THE CHRONICLE
1520
[VOL. 106.
call
ing receipt of a number of protests against the ruling that war service which is immediately at hand. ILoanupon all organizations
campaign in a solemn
emphasize the opening of this Third Liberty
committees were not to give out estimates of daily subscrip- to auspicious manner. I suggest to all citizens that they display flags
and
to be collected in Washington. on this day, and that during the four weeks of the campaign they devote
tions, nor were these estimates
States
way possible to co-operate
Officials explained that the interpretation of the ruling of themselves in every its accredited representativeswith the UnitedLiberty,
in this city, the
Government through
the 10th was in accordance with the original intention, and Loan Committee.
With the full co-operation of all our citizens, Now York will continue to
that the former instructions had been generally misunderAmerican people in generous contribution of.the
example to
stood- as barring tabulation in each community of sub- set an of war. Let the result be so impressive and emphatic as to hearten
the
sinews
by local banks.
scriptions recorded
our soldiers and sailors as well as our allies, and to carry a new message to
According to Washington dispatches of the 11th, the our enemy of our unalterable determination to carry through to a victorious
subscriptions for the first four working days of the campaign conclusion the task to which we have set our hand. and caused the seal
In witness whereof, I have hereunto set my hand
ended on the 10th, reported by banks and trust companies of the City of New York to be affixed.
Done in the City of New York, this 5th day of April, in the year of our
in ten of the twelve Federal Reserve districts, amounted to
$275,919,000. These, it was stated, represented pledges Lord, one thousand nine hundred and eighteen. F. HYLAN, Mayor.
JOHN
backed up by initial payments, but since many banks'
On the 9th inst. the Board of Aldermen of the city adopted
reports were not included in this total, and two districts,
Philadelphia and Minneapolis, were missing from the tabula- the following resolution:
Resolved, That the Board of Aldermen of the City of New York earnestly
tion, it was believed the actual total was nearly $400,000,000. urges upon the people of the city the paramount importance ofresponding
The New York District alone reported $181,400,000. The promptly and generously to the call of the Government for subscriptions
Cleveland district reported only $7,150, but the Treasury to the Third Liberty Loan. made untold sacrifices to establish what they
The founders of our nation
assumed that this was an error in transmission. Reports of solemnly declared to be the inalienable rights of life, liberty and the pursuit
of happiness. If we are to be worthy of the name of free men every energy
other districts were:
Chicago
Boston
Dallas
Richmond
$35,910,000 Kansas City
35,500,000 Atlanta
11,762,7001St. Louis
5,610,650 San Francisco
$1,611,200
1,599,550
1,394,100
1,123,650
Yesterday New York's total was over $200,000,000.
Oregon, it was announced yesterday, was the first State
to report officially an oversubscription of its quota, and
hence will stand at the head of the nation's roll of honor.
by States. A number of cities and towns have exceeded
their quotas.
On the 9th inst. in warning against overconfidence,
Secretary McAdoo was quoted as saying:
Let us not stop when we have reached our quota. Let us go forward
and make the quota three or four times as great, if it is possible to do it,
and let us at the same time make the number of subscribers to these bonds
three times as great as it was before. There is no answer that will carry
such discouragement to the enemies of America and of civilization as that
20,000,000 American citizens have subscribed this time for Liberty bonds.
We can get the 20,000,000 if we stay in the fight and make up our minds
to do it.
It we do this I will mean that the loan will be widely distributed, that it
will not strain the resources of the country, and it will mean in addition
that we shall not have three billion dollars, but four billion or five billion,
to help our gallant men in this supreme test of all time for the liberties of
the world.
that we possess must be exerted to preserve unimpaired the precious heritage of liberty and freedom descending to us.
The country's heart is in this righteous struggle for humanity and justice.
This is the people's war, in which the glorious ideals of democracy are
arrayed against the ruthless dictates of autocracy and militarism.
Our heroic soldiers are now shedding their blood on the battlefields of
France. They may engage at any moment in the critical battle now
raging, the outcome of which we are awaiting with mingled hope and
anxiety.
To carry on the war successfully the Government asks for a loan of our
money, for which the best security in the world will be given. Let the
response of the people of this city be so prompt and substantial as to carry
conviction to the world of the unwavering determination of a united people
to support the policies of the Government in this just war, to the end that it
may be prosecuted with such vigor as to compel an early, victorious and
righteous peace.
Every man and woman in the City of New York should feel an individual
sense of responsibility for the success of this loan. We call upon them all
to subscribe to it most liberally and to participate therein as fully as may
be in their power. Any sacrifice that this may entail should not only bo a
solemn duty, but a privilege of which we should be proud to avail ourselves.
This should be in every sense a popular loan, overwhelming not only in
amount, but in the number of those who subscribe to it.
Let us strengthen the hands of the President, who has so eloquently
urged the employment of a righteous and triumphant force which shall
make right the law of the world and cast every selfish dominion down in the
dust.
SECRETARY McADO0' SSPEECH OPENING THIRD
LIBERTY LOAN CAMPAIGN.
The following shows the distribution of the Treasury quota
of $900,000,000 among the various portions of the New York
Secretary of the Treasury McAdoo in opening his campaign
Federal Reserve District:
at Philadelphia on April 6 in furtherance of the Third LibNew York City:
erty Loan, made several addresses, and in one of these de-,
$618,794,000
Manhattan
livered at the thirty-fifth annual dinner of the Five O'Clock
39,616,900
Brooklyn
4,364,000
Queens
Club, predicted higher taxes as necessary to the financing
3,317,100
Bronx
of the war. The "Philadelphia Ledger" quoted him as say1,032,900
Richmond
$667,125,300 ing in part:
Remainder of New York State
Twelve Northern Counties of New Jersey
Fairfield County, Connecticut
Total for district
151,939,500
71;925,000
9,010,200
$900,000,000
I think that a fair equipoise between taxation and bond issues is the
proper way of financing this war. I do not believe frankly we have that
equipoise now. I do not think we have applied taxation strongly enough.
I think the thinking men of America will realize later that a larger measure
of taxation is not only necessary to finance this war, but it is the soundest
thing that we can do for ourselves.
We are not going to effect the essential economies, we are not going to
prevent the waste, which I think is one of the crowning sins of America's
prodigality, unless taxation is applied more heavily. Of course, when you
apply taxation heavily, man must economize. People must economize today and it has a wholeseome effect upon the body politic in a time like this.
when prices are mounting and when the great difficulty is to keep things
within reasonable bounds.
In accordance with a recommendation of the Liberty
Loan Committee of the New York Federal Reserve District,
embodied in a resolution adopted by it, the banking institutions of the city have agreed unanimously, but informally,
to carry loans to subscribers of the Third Liberty Loan for
%. As in the
a period of ninety days at not exceeding
In his speech at the Philadelphia Academy of Music in
case of the two previous Liberty Loans, numerous very large behalf of the Liberty Loan, Secretary McAdoo spoke in part
subscriptions have been received from banks, bankers, cor- as follows:
porations and others. The United States Steel CorporaWe cannot wage wars, of course, without money. The Treasury of the
underlies every Governmental activity.
tion has subscribed for $35,000,000 of the bonds—$25,000,- United States is the thing that Treasury of the United States must at all
The man who is Secretary of the
000 on its own account and $10,000,000 to be offered em- times be able to most any drafts or demands that may be made by any other
ployees; the Du Pont Company of Wilmington, through its department of the Government; and while that is true, he has no control
the
finance committee, is said to have authorized subscriptions whatever over the estimates of expenditures or other departments of the
Government. Some other fellow controls the bunghole. He controls
which will probably total $25,000,000;the Bankers Trust Co. spigot, and the duty of the Secretary of the Treasury is to keep that tank
has subscribed for $25,000,000; the National Park Bank, full of liquid credit or money, so that those who draw upon it, no matter
by Congress, will never find
how wastefully, within the authorization
$20,000,000; the Corn Exchange Bank, $15,000,000; the the tank dry. Now, my problem, ladiesmadegentlemen, is your problem.
and
York Life, $15,000,000; the Mutual Life $10,500,000; The problem of your Secretary of the Treasury is the problem of the AmeriNew
the Prudential Insurance Company has subscribed to the ex- can people, and it Is upon you that we must finally rely for the support
which is essential if these great operations are to be carried to a successful
tent of $10,000,000, and these are but a few of the larger sub- conclusion.
scriptions.
There are two ways in which this war can be supported, and only two
On the 5th inst. Mayor Hylan of New York issued the fol- ways in which, in my judgment, we can intelligently support the energy
which this nation must put into the war, if we are to succeed. The first
lowing proclamation regarding the Liberty Loan drive:
is by economy, by saving, by prevention of waste; and the other is by using
On April 6 1918 the United States Government will offer its people an opportunity to lend their funds to help win the war. This is the anniversary
of the day upon which the United States entered this worldwide struggle
for freedom. The strength of America is being mobilized and organized
to bring victory to our arms and to establish throughout the world a lasting peace. Now, therefore, I, Holm F. Hylan, Mayor of the City of New
York, do request that at noon on Saturday, April 6 1918, the citizens of
this city together give solemn thought to the fundamental importance of
this occasion, and do highly resolve to consecrate themselves to this great
those savings and lending them to your Government, so that it may have
the means to buy the things required for the gallant soldiers and sailors who
are shedding their blood for your lives and liberty to-day.
At this time we have the double burden not only of carrying our part in
this war, in financing the colossal part that we must play in it, but we must
also extend credit to the Allies who are fighting with us. Therefore, we
must raise immense sums of money to take care of them. In addition to
that, we must produce the things which they have to have. It is a question
of producing and of saving; and the civilian population, who do not carry
APR. 13 1918.]
THE CHRONICLE
the guns, are just as essential in this great conflict, and have just as important a part to play, as the men who actually fight in the trenches.
The food supply of the world is short to-day. People must have food in
order to sustain their strength. in order that they may produce other things
required by the war; and the chief burden devolves upon American of furnishing the food required not only for our own people, but the soldiers and
civilian population of our allies in this war. That is the reason, fellow-citizens, that it has become necessary recently to economize with wheat.
Let us take the case of wool. There is a scarcity of wool throughout the
world. Every ounce of wool that you can save is a direct contribution to
the fighting man in the trenches, and a direct contribution to the civilian
population in Europe, whose health and strength may be kept up in order
that they may take up their arms in the field.
There is a scarcity also of leather in the world, and it is very difficult to
get the requisite amount of it to make the shoes required for the armies in
the field and for the civilain and starving population in Europe, especially
in Belgium.
So therefore, my friends, whenever you refrain from spending money
upon unnecessary clothing and upon unnecessary shoes and upon unnecessary food, don't you see that you release something in the general and limited store of supplies that will contribute immensely to the success of the
armies in the field?
I have been told that to buy Liberty bonds is just patriotism and nothing
else. I have been told by some people that the rate of interest is too low,
and, therefore, we could not rely upon the patriotism of the American people to buy these bonds. I have been urged to make the rate of interest
higher than it is to-day in order that the bonds might sell more readily. I
do not believe, my friends, that it is necessary to raise the rate of interest
on the bonds in order to sell them.
I do not believe that the patriotism of America is expressed in the rate of
interest on a Government bond. I do not believe that the American dollar
is a fugitive and must be chased by high rates of interest when the Government's credit is back of them, and I want to tell you, fellow-citizens, because this is your problem,that as certainly as I am talking to you to-day,
if we do not all take an intelligent stand now, in favor of keeping the rate
of interest on Government bonds stabilized at 4X,% per annum, unless we
are willing to make a fight to preserve the Government's credit upon that
basis, then it is going to be the most unfortunate thing that can possibly
happen to the American people.
We have got to make it clear to every man, to every woman and to every
child who buys a Government bond that, while this may be true and they
could invest their money in something else, that would pay a larger return,
they could invest their money in nothing else that was so full of blood and
necessity as a Government bond, and that they have a true purpose to servo
their country and to help themselves, because it means you in the final
analysis—if you do the wrong thing, it comes back to you.
Do you realize that when a soldier enlists or is drafted into the service of
the United States the entire family of that soldier is called to the colors?
Don't you see that his earning power, if the family is dependent upon it,is
withdrawn from that family? Don't you see that the wife and the children
have to suffer the unspeakable agonies of anxiety as the soldier goes on this
dangerous mission from which he may never return, upon this dangerous
mission which may mean that he will die the death of a hero on the fields
of battle in a foreign country, without the comfort of a wife or child or relative, buried, perhaps, in an unmarked grave? Many of them are making
the supreme sacrifice in order that America shall keep the torch of liberty
burning in the world and make you safe for yourselves and your posterity.
But America illumined the world once more with a noble and splendid
piece of humanity. She passed a bill by the unanimous vote of both Houses
of the Congress providing for life insurance for every soldier and every sailor
and every nurse who wears the uniform of our country. And she provided
in that Act for the support of these dependent families.
Every soldier who gets $30 a month—that is $360 a year for service in
this country and $396 a year for service upon the soil of France or in foreign
countries—that is all we pay them—we fix that price; we fix their wages and
imperil their lives in the bargain, and yet we say when we lend our money to
%
Government—some people say that 4( is not enough. Contrast that
with what the soldier does. Giving his life and getting $396 a year, $32 a
bargain, wages fixed by you, the people of the United States
month, in the
yourself, and his sacrifices compared with the sacrifices—if it be a sacrifice; I call it a privilege—to make your liberty secure, and your rate of interest at 4(%. Why, it is sacrilege to comparo his sacrifice to the sacrifice of the lending of money to the Government of the United States at
4X % interest.
1521
STOCK EXCHANGE PLEDGES SUPPORT TO PRESIDENT
WILSON AND LIBERTY LOAN.
The following resolution pledging the New York Stock
Exchange and its members "to the energetic and resolute
support of the President and the Third Liberty Loan" was
adopted by the Governing Committee of the Exchange on
April 10:
Whereas, On the anniversary of our entry into the war,our President has
marked our one and undeviating course to be: "force, force to the utmost,
force without stint or limit," and
Whereas, this means bringing to bear the entire man power, industrial
power and financial power of the nation, therefore be it
Resolved, That the New York Stock Exchange pledges itself and its
members to the energetic and resolute support of the President, and the
Third Liberty.Loan.
RAILROADS PERMITTED TO SUBSCRIBE TO LIBERTY
BONDS FOR ACCOUNT OF OFFICERS
AND EMPLOYEES.
In announcing that subscriptions to Liberty bonds will
be permitted by railroads to encourage the taking of.bonds
by their officers and employees, Director-General of Railroads McAdoo on April 2issued the following announcement:
U. S. Railroad Administration, Office of Director-General,
Washington, April 2 1918.
Circular No. 18.
In order to encourage officers and employees to subscribe to the third
Liberty Loan carriers may take such amount of the bonds as may be necessary to care for such subscriptions, and current operating revenues may be.
used as far as necessary in paying for such bonds. Officers and employees
may be permitted to pay in installments covering a period of not exceeding
ten months. In case they have not completed payments on prior subscriptions, and in order to avoid making payments on both subscriptions at the
same time, payments on new subscriptions may begin not later than three
months from now, in which event the'ten months shall date from the time
payments shall begin on the new subscription.
The regional directors have been requested to organize regional committees to promote these subscriptions. In addition it is hoped that the
various carriers will co-operate heartily with the Federal Reserve banks in
organizing committees of officers and employees to canvass the matter.
W. G. McADOO, Director-General of Railroads.
PRESIDENT WILSON IN BALTIMORE SPEECH DECLARES THAT FORCE MUST CRUSH PRUSSIA NISM.
In his Baltimore speech of the 6th inst. delivered upon the
occasion of the opening of the Third Liberty Loah campaign,
President Wilson7, made but a brief allusion to the Loan
itself. Declaring that it is one of the least parts of what we
are called upon to give and to do, he stated that the people
of the whole country are alive to the necessity of it and are
ready to lend to the utmost, even where it involves a sharp
skimping and daily sacrifice to lend out of meagre earnings.
What the President sought in his address was to give a more
vivid conception of what the Loan is for; stating that the
German leaders have avowed that it was not justice, but
dominion and the unhindered execution of their own free
will that they were seeking and that Russia is typical of
what German peace overtures mean, the President declared his acceptance of its challenge in -no uncertain terms,
when he said: "There is therefore,ibut one response from us:
Force, force to the utmost, force without stint or limit, the
righteous and triumphant force which shall make right the
CONVERSION PRIVILEGES OF LIBERTY LOAN BONDS. law of the world, and cast every selfish dominion down in
In view of misunderstandings as to the conversion privi- the dust." The speech in full follows:
Fellow-citizens.—This is the anniversary of our acceptance of Germany's
leges of the respective Liberty Loan bonds A. M. Anderson, challenge to fight for our right to live and be free, and for the sacred rights
Director of Distribution of the New York Liberty Loan of freemen everywhere. The nation is awake. There is no need to call
to it. We know what the war must cost, our utmost sacrifice, the lives
Committee, made the following statement on the 9th inst.:
of our fittest men, and, if need be, all that we possess. The Loan we are
The conversion privilege of the outstanding Liberty Bonds should be
clearly understood. No outstanding bond carries the right of conversion
into a 43 % bond running for 10 years, which is the length of the issue now
being sold.
Holders of the 3%s (or of the 4s issued on conversion of the 3%s) may
convert into a 30 year 4X % bond redeemable, at the option of the Secretary of the Treasury, after 15 years from the date of the bonds. Holders
of the Second Loan 4s may convert into a 25 year 4X,% bond redeemable,
at the option of the Secretary of the Treasury, after 10 years. None of
the 4X % bonds so issued on conversion of outstanding bonds will in turn
carry a conversion privilege.
The 3 % bonds, if not converted within the period set by the Secretary
of the Treasury, will still retain the right to convert into subsequent issues
bearing a higher rate of interest than 3%% and issued during the period
of the war (except short term issues). The 4% bonds, both those issued
through conversion of 334s and those of the Second Loan, will not again
have any right of subsequent conversion. If the holder desires to exercise
his right he must do so during the next few months and within the period
set by the Secretary of the Treasury. After the period set by the Secretary
of the Treasury, the only issue now outstanding and carrying a conversion
privilege will be the unconverted 3Xs.
Such of the 3%% bonds as are converted into the thirty-year 4X%
bonds will become identical with regard to tax features with the new
4Xs and will cease to have the tax features originally specified in the 33 %
bonds.
"The new bonds now being sold are repayable absolutely at the end
of ten years and are not subject to prior redemption nor are they convertible.
Buyers should understand clearly that the only way the ten-year 434%
bonds may be secured is through subscriptions to the new issue which the
Secretary of the Treasury is offering. The ten year 434% bonds cannot be
secured through conversion of any outstanding issue."
met to discuss is one of the least parts of what we are called upon to give
and to do, though in itself imperative.• The people of the whole country
are alive to the necessity of it, and are ready to lend to the utmost, even
where it involves a sharp skimping and daily sacrifice to lend out of meagre
earnings. They will look with, reprobation and contempt upon those
Who can and will not, upon those wholdemaud a higher rate of interest,
,
upon those who think of it.as a mere commercialltransaction. I have not
come, therefore, ,to urge thejoan. Ithavesome_only to give you, if I
.! •
can, a more vivid conception of what itis for.
The reasons for this great war, the reason:why it had to come, the need
to fight it through, and the issues that_hankupon its outcome, are more
clearly disclosed now that ever before. It is easy to see just what this
particular Loan means, because the cause we are fighting for stands more
sharply revealed than at any previous crisis of the momentous strpggle.
The man who knows least can now,see'rplainly:how the cause of Justice
stands, and what the imperishable,thing islhe asked to invest in. Men
in America may be more sure than:theytever:Ivere before that the cause is
their own, and that, if it should be lost, their:own great Nation's place and
mission in the world would be lost with it. ..0.4
I call you to witness, my fellow-countrymen, that at no stake of this
terrible business have I Judged the purposes of Germany intemperately.
I shou'd be ashamed in the presence of affairs so grave, so fraught with the
destinies of mankind throughout allithe world, to speak with truculence,
to use the weak language:of hatred or vindictive purpose. We must
judge as we would be judged. I have sought to learn the objects Germany
Athe mouths:of her,own spokesmen, and to deal as
has in this war.from'
frankly with them as I wished,them to deal with me. I have laid bare
our own ideals, our own purposes, without reserve or doubtful phrase, and
have asked themIte.say as plainly.what it is that they seek.
We have ourselves proposed no injustice,no aggression. We are ready,
whenever the final reckoning is made, to be just to the German people.
1522
THE CHRONICLE
deal fairly with the German power, as with all others. There can be no
difference between peoples in the final judgment, if it is indeed to be a
righteous judgment. To propose anything but justice, even-handed and
dispassionate justice, to Germany at any time. whatever the outcome of
the war, would be to renounce and dishonor our own cause. For we ask
nothing that we are not willing to accord.
It has been with this thought that I have sought to learn from those who
spoke for Germany whether it was justice or dominion and the execution
of their own will upon the other nations of the world that the German
leaders were seeking. They have answered—answered in unmistakable
terms. They have avowed that it was not justice, but dominion and the
unhindered execution of their own will.
The avowal has not come from Germany's statesmen. It has come
from her military leaders, who are her real rulers. Her statesmen have
said that they wished peace, and were ready to discuss its terms whenever
their opponents were willing to sit down at the conference table with them.
Her present Chancellor has said—In indefinite and uncertain terms, indeed, and in phrases that often seem to deny their own meaning, but with
as much plainness as he thought prudent—that he believed that peace
should be based upon the principles which we had declared would be our
own in the final settlement. At Brest-Litovsk her civilian delegates spoke
in similar terms professed their desire to conclude a fair peace and accord
to the peoples with whose fortunes they were dealing the right to choose
their own allegiances. But action accompanied and followed the profession. Their military masters, the men who act for Germany and exhibit
her purpose in execution, proclaimed a very different conclusion. We can
not mistake what they have done—in Russia, in Finland, in the Ukraine,
in Rumania. The real test of their justice and fair play has come. From
this we may judge the rest. They are enjoying in Russia a cheap triumph
in which no brave or gallant nation can long take pride. A great people,
helpless by their own act, lies for the time at their mercy. Their fair
professions are forgotten. They nowhere set up justice, but everywhere
impose their power and exploit everything for their own use and aggrandizement, and the peoples of conquered provinces are invited to be free
under their dominion.
Are we not justified in believing that they would do the same thing at
their western front if they were not there face to face with armies whom
felt
even their countless divisions cannot overcome? If, when they have
terms
their check to be final, they sould propose favorable and equitable
if we
With regard to Belgium and Franca and Italy, could they blame us
in
concluded that they did so only to assure themselves of a free hand
Russia and the East?
the
Their purpose is, undoubtedly, to make all the Slavic peoples, all
that
free and ambitious nations of the Baltic Peninsula, all the lands
Turkey has dominated and misruled, subject to their will and ambition,
they
and build upon that dominion an empire of force which they fancy that
empire
can then erect an empire of gain and commercial supremacy—an
which it will overawe—an empire
as hostile to the Americas as to the Europe
which will ultimately master Persia, India, and the peoples of the Far
East. In such a program our ideals, the ideals of justice and humanity
and liberty, the principle of the free self-determination of nations, upon
which all the modern world insists, can play no part. They are rejected
for the ideals•of power, for the principle that the strong must rule the
taken
weak, that trade must follow the flag, whether those to whom it is
welcome it or not, that the peoples of the world are to be Made subject to
the power to enforce it.
the patronage and overlordship of those who have
That program once carried out, America and all who care or dare to
stand with her must arm and prepare themselves to contest the mastery
of the world—a mastery in which the rights of common men, the rights
trodden
of women and of all who are weak, must for the time being be
underfoot and disregarded and the old, ago-long struggle for freedom and
right begin again at its beginning. Everything that America has lived
for and loved and grown great to vindicate and bring to a glorious realization
will have fallen in utter ruin and the gates of mercy once more pitilessly
shut upon mankind.
The thing is preposterous and impossible; and yet is not that what the
whole course and action of the German armies has meant wherever they
t,
have moved? I do not wish, even in this moment of utter disillusionmen
to judge harshly or unrighteously. I judge only what the German arms
fair
have accomplished with unpitying thoroughness throughout every
region they have touched.
ready still, ready
What, then are we to do? For myself, I am ready,
that it is
even now, to discuss a fair and just and honest peace at any time
fare
sincerely purposed—a peace in which the strong and the weak shall
the
alike. But the answer, when I proposed such a peace, came from
moaning of the
German commanders in Russia and I cannot mistake the
answer.
I accept the challenge. I know that you accept it. All the world shall
self
know that you accept it. It shall appear in the utter sacrifice and
have
forgetfulness with which we shall give all that we love and all that we
in.
to redeem the world and make it fit for free men like ourselves to live
say,
This now is the meaning of all that we do. Let everything that we
my fellow-countrymen, everything that we henceforth plan and accomplish,
power
ring true to this response till the majesty and might of our concerted
shall fill the thought and utterly defeat the force of those who flout and
misprize what we honor and hold dear. Germany has once more said that
force, and force alone, shall decide whether justice and peace shall reign
in tho affairs of men, whether Right as America conceives it or Dominion
as she conceives it shall determine the destinies of mankind. There is,
therefore, but one response possible from us: Force, Force to the utmost,
Force without stint or limit, the righteous and triumphant Force which
shall make Right the law of the world and cast every selfish dominion down
In the dust.
Earlier in the day (the speech was delivered at night) the
President, while in Baltimore, reviewed 12,000 troops from
the National Army cantonment at Camp Meade.
[Vol,. 106.
At this critical hour, when our enemies are sparing no sacrifice and are
counting no cost to achieve victory, the French and British troops stand
united, as never before, in their heroic resistance to these endeavors.
They are buoyed up with the thought that the great democracy of the
West, in the same spirit and with the same objects as their own, Is putting
forth every effort to throw its supreme force into the struggle, which will
once for all decide the destinies of the free nations of earth.
The gallant deeds of Americans on land and sea have already indicated
to the enemy that his hope is vain. Every day that passes, as American
troops pour in in ever-increasing numbers into France, diminishes the
chances of his success.
The American people may rest assured that the British Empire, now
tried by nearly four years of war, will cheerfully make yet further sacrifices.
The thought that the United States, under your leadership, are with us
heart and soul emboldens us in the determination, with God's help, finally
to destroy the designs of the enemy and to re-establish on the earth the
rule of right and justice.
GEORGE, R. I.
In his reply President Wilson said:
Permit me to express my warm gratification. Your generous message
has been received, and I assure you it is with the greatest satisfaction that
the people of the United States find themselves side by side in this final
war for free self-government with such steadfast and indomitable associates.
Permit me also to assure your Majesty that we shall continue to do
everything possible to put the shole force of the United States into, this
great struggle.
Queen Alexandra on the same date sent the following
message to the British Ambassador, Earl Reading, with the
request that it be transmitted through the press to the women
of the United States:
As President of the British Red Cross Society I wish to send to the
women of our great ally, the United States of America, a message of
greeting upon the first anniversary of America's entry into the war. It is
nay earnest prayer that God in his merciful providence may guide and
ALEXANDRA.
guard our righteous cause.
A luncheon in celebration of America's entry into the war
was given in London on the 6th inst. by Charles Hanson,
Lord Mayor of London. Ambassador Page was the guest
of honor at the affair, at which were also assembled as guests
ambassadors and ministers of the various Allied countries.
Premier David Lloyd George, who was unable to be present,
sent to the Lord Mayor the following telegram:
The decision of the American people that it was their duty to join in the
great struggle of free people against the attempt of overweening despotism
to establish its own universal dominion by military power was one of the
most momentous events in history. During the past year they have been
bending all their energies to the work of preparation. During the next
few weeks America will give the Prussian military junta the surprise of
their lives.
The Lord Mayor also read the following telegram addressed
by him to King George:
I respectfully offer to your gracious majesty my assurance of deep,
sincere esteem and regard, with profound gratitude for all that you have
done and are doing in the interests of the Allies to secure victory and a
lasting peace, to which we look forward with unfailing confidence.
The reply of King George was as follows:
The message received from you my Lord Mayor, and your distinguished
guests assembled to celebrate the entry of the United States Into the war,
greatly touched me. Pray convey to all my grateful thanks for their
generous sentiments, whereto it gives expression. American troops are
daily taking their place in the battle line, and this increases more than ever
tho confidence with which we patiently look forward to the ultimate victory
of our united efforts in defense of the rights and liberties of civilization.
, GEORGE, R. I.
The occasion was also celebrated in Paris on the 6th inst.,
a notable array of French officials and diplomats joining
with Americans to make the event a memorable one. Stephen
Pichon, the Foreign Minister; Jules Cambon, the head .of
the American Relations Department of the French Government, and Georges Leygues, the Minister of Marine, represented the French Government, Ambassador William
Graves Sharp, Secretary of War Baker, General Tasker H.
Bliss, Chief of Staff of the American Army, and a considerable number of American naval and army officers were
present. Adrien Mithouard, President of the Municipal
Council, and M. Raux, Prefect of Police of Paris, speaking
in behalf of the city, paid tributes to the patriotic and
unselfish motives which actuated America's intervention
in the war. M. Pichon spoke for the Government, saying:
For the States that provoked the catastrophe, in which millions have
met their deaths, the anniversary of the declaration of war is that of a crime
of which they will eternally bear the responsibility and stigma. For the
peoples who resolved to make supreme sacrifices only in order to defend and
to save their most precious possessions for humanity, the anniversary of
their entry into the war is that of an act which history will regard with
the title of immortal glory. Among those peoples, none more than that
of the United States has a right to claim its part in the homage which will
be rendered them by posterity.
In behalf of right and justice alone has America Intervened, in a battle
in which barbarism threatens the world with the most frightful aggression,
a
and is acting.without a trace of selfish calculation, seeking only to serve
cause which is that of civilized humanity.
GREETINGS FROM ALLIES ON ANNIVERSARY OF
ENTRANCE OF UNITED STATES INTO THE WAR.
The anniversary of the entrance of the United States into
the war brought to President Wilson greetings from King
George of Great Britain and other heads of the Allied GovFrance, the Minister continued, appreciates more than
ernments. In his message, forwarded on the 5th inst.,
any other country the effect of America's invincible will,
King George said:
troops continually
On the occasion of the anniversary of the momentous decision of the as it is in France that America's splendid
United States to enter into this war for the safeguarding of international arrive.
to you, Mr. President, and through
right and justice, I desire to convey
you to tho American people, the friendly greetings of the entire British
nation.
Thus for our hearths they are fighting at the moment I am speaking.
In Picardy they are sacrificing their lives to drive the enemy from our land.
APR. 13 19181
THE CHRONICLE
Thus, along the Somme and the Oise, they are marching to reconquer
invaded districts for • our unhappy countrymen. America's ends are the
same as those of France; peace by victory—lasting peace, based on justice.
The following message was cabled to President Wilson
by King Emmanuel of Italy:
It is a year since the American Republic, under your enlightened guidance,
throw herself into the gigantic struggle which the free peoples, united
by common ideals of justice and democracy, are waging against the threatened yoke of autocracy and militarism.
While the valiant American troops are fighting on the glorious soil of
France, while new armies are about to cross the ocean, the powerful support
of the United States stiffens the resistance of the people and the soldiers of
Italy. Full of faith in the justice of the common cause and in the righteousness of the Italian national aspirations, soldiers of Italy await confidently
the enemy offensive. On this eventful anniversary they send with me their
greetings to you and to the American army.
The Paris cables of the 7th inst. stated that Emperor
Yoshihito of Japan in a message to President Poincare
stated that he is following with the deepest interest the battle now going on in France, and praises the valor and spirit
of solidarity which the French army has shown in this terrible struggle. He concludes:
1523
TRADING IN CORN AND OATS ON CHICAGO BOARD
OF TRADE.
The new rule governing the changed method of trading in
future deliveries of corn was adopted by the Board of Trade
on April 6 by a vote of 561 to 3, and the plan was put into
operation on April 11. Under the new rule, according to the
Chicago "Herald," No. 3 and No. 4 mixed can be delivered
at contract price, the latter to contain 15.5% moisture, while
the inspection rules give it 19.5, and No.3 mixed has 17.5%.
No. 4 white and yellow must contain not over 15.5% of
moisture and are deliverable at lc. over No.4 mixed. No.5
corn to be delivered cannot have over 15% moisture,and is
penalized 443. for white and yellow and 5c. for mixed. with
white and yellow le. premium. Nos. 1 and 2 mixed are
3c., and Nos. 1 and 2 white 4c. premium over contract price.
At a special meeting of the directors of the Board of Trade
on April 10, the following resolution limiting trading in corn
and oats was adopted:
Resolved, That spreading in contracts of purchase or sale of April and
May delivery, in corn and oats on the one side, and contracts in the same
commodities for June and July delivery on the other, is prohibited.
That in no case can an individual, firm or corporation, who has much
The President, replying to the Emperor, said:
April or May contracts open, have executed for their account, by our cusThe unspeakable firmness with which the Allies are sustaining the enemy tomers, contracts for June and July delivery in the same commodities that
shock gives full confidence in the final success of our arms and in the com- will result in or create a spread between the old and the new style contracts
as prohibited above.
plete realization of our common hopes.
Further resolved, That in the trading incorn and oats for delivery on and
after June 1, the aggregate open interest for any individual, firm or
GERMAN AND AUSTRIAN VIEWS ON PRESIDENT tion, in any one grain, is limited, the present amount being 200,000 colorabushels,
and any account with 100,000 bushels bought for either June or July and
WILSON'S BALTIMORE SPEECH.
100,000 bushels sold in either of those months not corresponding with the
With regard to the reception of President Wilson's Balti- month of delivery
of the 100,000 bushels bought would be considered as
more speech in Germany, the Amsterdam cables of the 7th having the maximum open trade allowance.
Further resolved, That to correct a misapprehension, trading between corn
inst. Say:
A semi-official statement was issued in Berlin to-day commenting on the and oats is not prohibited, providing it does not result in an open interest
speech made by President Wilson at Baltimore on Saturday night. It in either grain in excess of the permissible quantity, which, as above stated,
at the present time is 200,000 bushels.
says:
"President Wilson turns the historical events upside down. The world
It was reported on the 11th inst. that it is planned by the
knows that the gigantic struggle now being fought in the West is a con- Board
of Trade directors to open trading in grain futures on
sequence of the will of the Entente for war.
"President Wilson now calls for force to the utmost, and in so doing three months basis, thus making August delivery available
at last clearly describes the policy of the Americans and their allies, namely for trading on and after June 1, September on and after
force against everything that opposes them. Germany will not suffer
July 1, and in that order throughout the year until counterfrom this yoke of force.
"Mr. Wilson's speech is a propaganda speech for the new American manded. There are no maximums on prices under the new
war loan. It is the best possible propaganda for our own loan, since it style of trading in corn, but the limit of 200,000 bushels
shows what it would mean for Germany to lose the war."
holds. A maximum
I am glad to assure you once more that after this test my confidence
in the final triumph of the Allies is deeper than ever.
of $1 25 on May corn also holds. It is
The New York "Sun" of April 10 printed the following
pointed out that although directors have rescinded their
from Zurich under date of April 8:
action of July 11 1917, preventing trading in corn beyond
The tone of President Wilson's speech at Baltimore is deplored in Austria,
says a Vienna dispatch to the "Nene Zuricher &Rung," although under the June 11 1918, there are no restrictions on hedging against
circumstances it is regarded as quite intelligible. The essential point is cash grain, as unlimited quantities can be handled. Hedges
considered to be the President's readiness, under the conditions indicated, can also be entered into
in connection with feeding of live
to conclude peace even now. The situation therefore is looked upon as
stock. but not beyond sixty days' requirements rules of the
unchanged.
The Vienna press in general, the dispatch says, regards the speech as Food Administration applying in such cases.
very moderate.
DISAGREEMENT OF CONGRESSIONAL CONFEREES ON
WHEAT PRICE.
With the refusal of the House of Representatives on April 1
to accept Senator Gore's amendment to the Agricultural
Appropriation Bill increasing the minimum price for the 1918
wheat crop from $2 to $2 50 a bushel, the bill was sent to
conference, the Senate on the 2d having indicated its intention to stand by its action. The bill carrying the amendment had been passed by the Senate on March 21; the House
had already passed the bill before the new provision was
inserted by the Senate; on the 11th inst. the conferees reported a disagreement to their respective bodies and asked
for further instructions. Last night it was stated that the
question concerning the amendment was still unsettled,
Senator Gore having announced that the conference had
been unable to reach an agreement. He is said to have
stated that he would ask the Senate to agree to the remainder
of the conference report and send ,the $2 50 wheat amendment back to the House.
On the 8th inst. it was announced that a report had been
made by the Advisory Committee of the Agricultural and
Live Stock Producers, consisting of 23 members from all
parts of the United States, in consultation in Washington
with the Department of Agriculture and the Food Administration, in which'the following conclusions were set out:
The directors of the Board of Trade on March 28 voted to
discontinue trading in March oats and a settlement price
of 923 cents was fixed by a committee. It was also resolved that all indemnity contracts entered into on that date
on March oats are declared null and void, and the seller
was ordered to refund to the buyer the premium paid.
A telegram received by the President of the Produce
Exchange from Food Administrator Hoover reads as follows:
In opening the market in corn and oats for trading in June and July
futures without the restriction on price previously imposed by the Exchanges, but with the restrictions provided against speculation by the new
rules adopted by the Board, I trust that all members of the Exchange
realize that this is one of the greatest tests that has yet been applied as
to whether it is possible to conduct the legitimate and proper function of
the Grain Exchanges in the fixing of contracts for future delivery without
this very valuable service of the Exchanges becoming a tool for speculative
manipulation against the interests of the general public. It seems to me
also that in addition to the restrictions imposed on large trading on speculation that the Exchanges should set their faces rigidly against the stimulation of minor speculation through the operation of private wire houses.
The majority of the Exchange members have long recognized that this
type of business in public mind is akin to bucket shop stock speculation.
I am confident that the plan made by the Exchanges is with the faith that
these objectives will be accomplished, and if they can be accomplished on
the voluntary business without the interference of Federal authority there
will have been established the foundations for a wider confidence through
the whole country in Exchange trading. The success of the Exchanges
in solving the problem of elimination of vicious manipulation of the nation's foodstuffs, while preserving the economic value of Exchanges, has
not only a positively necessary importance during the disturbed conditions
of war, but of permanent value to the trade and the country and the success
or failure of the voluntary plan towards these ends rests absolutely upon
the officials of the Exchanges themselves.
1. It is resolved that in the judgment of this committee there should be
no alteration in the price of 1917 wheat.
• 2. It is fully resolved, if necessary, that the Food Administration should
GOVERNMENT NOT FIXING TOMATO PRICES.
requisition the remainder of the 1917 crop, by whomsoever held, including
In announcing that there had been no fixing of tomato
farmers.
3. It is the sense of' this body that a change at this time in the price of prices by it in California or elsewhere, the Federal Trade
1918 wheat could not affect the production of winter wheat at all and would
Commission, according to the "Official Bulletin," of March
not affect the production of spring wheat this year more than 10%.
Owing to the uncertainties of the meat situation as applied to our ex- 25, issued the following statement:
port demand and the large sudden demands made by our allies from time
It has been reported that the Government has fixed a price for tomatoes
to time for supplies of beef, pork and other products, we recommend that in California anti that the Federal Trade CommIssipn is to make an investhe Food Administration provide and maintain large stocks of such supplies tigation through,its attorneys and accountants or the situation arising thereaslexperlence may show are necessary.
from. The Government has not fixed the price of tomatoes in California
1524
THE CHRONICLE
[VOL. 106.
at his disposal complete data to guide him in the determination of general industrial policy. The statement issued by
the Federal Food Administration the Board further says that "the requirements of both the
Earlier in the month
gave out the following with regard to the receiving of ten- American Government and the Allies can be met satisfacders for canned tomatoes by the Army and Navy from torily if orders and deliveries are given systematic allocation
according to the relative urgency of the needs of the various
canners:
is added that shortage
misunderstanding on the part of tomato growers has resulted from departments demanding them." It
Some
a circular recently issued by the United States Food Administration con- of materials is very frequently found on analysis to be not
veying to tomato canners an announcement from the Army and the Navy. actual, but rather the result of badly planned distribution.
The import of this bulletin was that the Army and the Navy were ready
Administrations are
to receive tenders from canners for canned tomatoes, based on stated prices Representatives of the Fuel and Food
per ton for raw tomatoes.
to attend the meetings of the Requirements Division whenNo canner was required to bid and no limitation was made on the price ever they are prepared to present plans which require maper ton which anyone might ask for his tomatoes, but the announcement
power, fuel or transwas simply that if the canners wished they might make an offer to the terials, supplies, facilities, electrical
portation affecting the industries of the country. The stateArmy and the Navy on the basis mentioned.
The Food Administration has no power and no desire to fix the price ment of the Board, in full, follows:
or anywhere else, and the Federal Trade Commission'is not preparing to
make any investigation into the situation.
of tomatoes.
GREAT BRITAIN PROHIBITS CONDENSED MILK
IMPORTS.
The War Trade Board on March 31 announced that it
had been formally advised by the Allied Provisions Export
Commission that the British Government has issued an order
prohibiting from April 1 1918 the import of condensed milk,
except by the British Government. This order also provides
for the requisition by the British Government on arrival of
any milk now on the way to Great Britain which may arrive
on or after April 11918. In view of this fact, the War Trade
Board states that no further export licenses or renewals of
export licenses for condensed milk consigned to Great Britain will be granted, with the exception of those applications
bearing the approval of the Allied Provisions Export Commission. It further says that it would also appear inadvisable for those shippers at present in possession of export
licenses for this commodity consigned to Great Britain to
attempt to make shipment, unless they desire to have same
requisitioned upon arrival. '
SPECIAL POSTAL EXPORT LICENSE FOR REPAIR
PARTS TO AGRICULTURAL IMPLEMENTS.
The War Trade Board announces that on March 31 there
was issued, through the Postal Service, a special export
license, No. R. A. C. 50, authorizing until April 15 1918 the
exportation, through the mails, of repair parts for agricultural implements to Great Britain, France, Italy or Japan,
or their colonies, possessions or protectorates. This permitted shippers to send to the countries indicated until
April 15 1918, through the mails, such repair parts to agricultural implements without securing individual licenses for
the same, as had theretofore been necessary.
WAR TRADE BOARD'S ANNOUNCEMENT CONCERNING COTTON SHIPMENTS TO SPAIN.
The following announcement concerning cotton shipments to Spain was made by the War Trade Board on
March 24:
Pursuant to the agreement with Spain the conclusion of which was
announced on March 8 1918, the War Trade Board announced to-day
that it had granted export licenses for raw cotton to Spain in sufficient
quantity to load four of the Spanish vessels that have been waiting in
United States ports for some months pending the conclusion of the agreement. These ships will be permitted to clear when loaded. This action
of the War Trade Board will provide the cotton necessary to fulfill the
normal requirements of the Spanish mills, and should relieve any fears
that may have existed in Spain as to the possibility of a cotton shortage.
Under the agreement, it will be remembered Spain permits free export
to the Allies of certain commodities in return for which the United States
permits, in so far as it is consistent with its conservation policy, the export
to Spain of the necessary supplies of cotton and other commodities to insure
the continuance of her economic life and to cover genuine Spanish requirements.
REQUIREMENTS DIVISION OF WAR INDUSTRIES
BOARD TO CARRY OUT POLICIES OF
B. M. BAR UCH.
The functions of the new Requirements Division of the
War Industries Board, to which we referred in these columns
last week, page 1419, are outlined in a statement issued
by the Board on April 7. Under the new plan the Board
and its Chairman, Bernard M. Baruch, will virtually control the production and distribution of every commodity
essential to the prosecution of the war. The Division is to
be the central directing agency through which the policies
of the Chairman are to be carried out. Through it the
various purchasing agencies of the Government and the
Allied Purchasing Commission will obtain their needs of raw
materials and finished products. Information gathered
by the new Division will enable Chairman Baruch to have
In accordance with the directions of the President, as stated in his letter
to the Chairman of the War Industries Board of March 4 1918, a new plan
of organization has been undertaken to meet the responsibility thus imposed. The general purpose of the plan is to prevent confusion and
conflict in the ordering and delivery of supplies and to secure unification
of the Government's policy in dealing .with industrial problems. The
essential change involved in the redistribution of functions now undertaken is the creation of a Requirements Division, which will serve as
the central-directing agency in the machinery of the War Industries Board,
through which the policies of the Chairman are to be carried out.
In the words of the President's letter, the Chairman of the War Industries Board "should be constantly and scientifically informed of all contracts, purchases and deliveries in order that he may have always
before him a schematized analysis of the progress of business in the several
divisions of the Government in all departments."
The Requirements Division will be the agency to which this information
wW be furnished and to which the Supply Divisions of the purchasing
departments and the Allied Purchasing Commission will, "as far in advance
as possible," submit statements of their "respective needs" for raw materials and finished products. The Requirements Division will in turn
delegate the task of fulfilling these needs to the Special Commodity Divisions of the War Industries Board, to the Supply Departments themselves, or to such other agencies as may be decided upon.
The statements furnished the Requirements Division by the several
supply divisions of the departments will include not only commodities in
which a present or threatened shortage exists, but also those in which the
supply is ample and will include commodities required by one department
only as well as commodities required by several different departments. In
the procurement of supplies in which no shortage exists and where no
allocation seems necessary or desirable, the Requirements Division will so
advise the Department presenting the requirements, which will thereupon
proceed with the purchase in pursuance with their established practices.
That is, in pursuance of the President's directions, the War Industries
Board will "let alone what is being successfully done and will interfere as
little as possible with the present normal processes of purchase and delivery
in the several departments." At the same time, having complete information as to the progress of the departments, furnished through the Requirements Division, the Chairman of the Board will have at his disposal complete information to guide him in the determination of general industrial
policy.
Speaking generally the requirements of both the American Government
and the Allies can be met satisfactorily if orders and deliveries are given
systematic allocation, according to the relative urgency of the needs of the
various departments demanding them. Shortage in materials is very
frequently found on analysis to be not actual, but rather the result of badly
planned distribution. With complete information at its disposal the Requirements Division under the direction of the Chairman of the War Industries Board will be in a position, through the several sections of the
Board, to "guide and assist the departments" through proper allocation
of materials, or at its discretion to leave particular tasks to the exclusive
jurisdiction of the departments involved.
To take charge of particular problems of supply there have been created
special commodity sections, and whenever necessary to handle raw materials or finished products of which there is an actual or threatened shortage, or the price and production of which should be controlled for the protection of the United States Government, the Allies or the civilian population, new sections will be created by the Chairman of the War Industies
Board.
Each of these sections will be charged with the responsibility of collecting from the several departments of the Government, from the manufacturers and producers and from committees representing them, and
especially from the War Service committees created under the supervision
of the Chamber of Commerce of the United States, and from any other reliable sources concerning the production of the particular commodity with
which the section is charged, this information to include available supplies,
new sources of supply, methods to increase production, Sm.,
It is the purpose of the Chairman of the War Industries Board to make
each of the section heads the sole Government agency for dealing with the
industry for which his section is responsible.
For example, questionnaires have hitherto been sent out to the same industry from many different departments, often asking the same questions
and causing needless confusion and needless effort to the business men in
those industries. It is the purpose of the Chairman of the Board to centralize in each of these section heads all such tasks as the issuance of questionnaires and all other means of gathering information about the industries which each section head has in charge. Through those section heads,
therefore, all data and information about particular industries will be focussed, and in their offices it will be at all times available to the several
interested departments, to the Price-Fixing Committee of the War Industries Board, to the Priorities Division of the Board, and to any other
agency that may be designated by the Chairman of the War Industries
Board. It is hoped thus to do away with much of the confusion that has
apparently existed in the minds of business men as to the agencies through
which they are to deal in furnishing information to the Government.
In accordance with the President's letter, therefore, the Chairman of the
Board hopes through the creation of the Requirements Division "to anticipate the prospective needs of the several supply departments ofithe
Government and their feasible adjustment to the industry of the country
as far in advance as possible," and "to guide and assist wherever the need
Need
for guidance or assistance may be revealed."
In practice the general plan of action of the now organization is about
•
as follows:
The Requirements Division is composed of representatives of the various
sections of the War Industries Board, including the Priorities Division,
APR. 13 1918.1
THE CHRONICLE
representatives of the Army, the Navy, the Emergency Fleet Corporation
the Food Administration, the Red Cross, the Railroad Administration, the
Fuel Administration and the Allied Purchasing Commission.
Statements of "prospective needs" as mentioned above will be presented
to the Requirements Division as far in advance as possible by the member
or members thereof representing the agency in which the requirements
originate. The Requirements Division will then refer specific problems
to the proper commodity sections of the War Industries Board for the consideration and solution of the problem of supplying thorn. On each commodity section there will be representatives of each of the supply departments of the Government interested in the commodity in question.
The chief of the commodity section will study the problem referred to his
section by the Requirements Division, and will procure from all available
sources, including the supply departments, information and data which
will be helpful in the allocation of those requirements. At meetings of the
commodity section the allocation of materials or facilities to meet the requirements will be determined, and in this distribution the representatives
of the various supply departments of the Government who are members
of the section will have full share.
If any member of the commodity section is dissatisfied with the decision
he may, if he wishes, file a protest with the section head and also with the
head of his division or department. Then if, for example. he belongs to
one of the supply departments, his chief may appeal for reconsideration
to the War Industries Board, whose decision will be final, subject only
to modification by agreement between the Chairman of the War Industries
Board and the respective Secretaries of War and the Navy and the Chairman of the Shipping Board, whichever may be the one interested in the
subject.
In addition to dealing with problems referred to them by the Requirement,s Division, the commodity sections will have certain definite functions.
The first will be the collection of information regarding industrial conditions already mentioned. Further in pursuance to the President's directions to the Chairman of the War Industries Board, they will consider from
time to time the extent of the existing sources of production, the creation
of new facilities, and the disclosure, if necessary the opening up of additional
sources of supply, and the conversion of existing facilities to new uses.
Each commodity section will consider market conditions pertaining to
the materials or commodities over which it has jurisdiction, and will, where
deemed advisable, recommend purchase plans to the several purchasing
departments.
In cases whore it becomes necessary to control an industry in whole or in
part by means of allotments, the appropriate section will determine the
allotments of materials, commodities and facilities to the several departments of this Government and to its Allies, and also the extent to which
manufacturers and others, whether serving the civilian population or engaged in the manufacture of war supplies, shall be supplied.
When a commodity section comes to make its full report on the allocation to any specific requirements, the chief of such section will notify a
member of the Priorities Division of the War Industries Board, to be designated for such purpose by the Priorities Division, who will, with the section
chief and the member, consider and tentatively determine the priority
rating which such requirements will take when orders therefor will have
been placed.
Such tentative rating will be observed by the Priorities Committee in
connection with all applications for priority on orders covering such requirements, unless the Priorities Committee should (because of conditions
changing in .the time intervening between the time of fixing of the tentative
rating and the application for priorities, or other good cause) conclude
such rating to be improper; in which event the section chief and each member of the section fixing the tentative rating will be notified, and have
an opportunity to be heard before such rating will be changed. In the event
a change is made, the section chief or any member may appeal from such
decision in the manner prescribed by that portion of the organization plan
of the War Industries Board governing priorities.
It will be no part of the task of the War Industries Board to make inspection of products for which orders have been placed, to keep in touch with
production or follow up delays, which duties devolve upon the several
Governmental departments. Each department, however, will promptly
and fully advise the Requirements Division whenever serious delays in
deliveries or shortages in requirements occur, or are threatened.
The representatives of the Fuel Administration, the Food Administration and the American Red Cross will attend meetings of the Requirements
Division whenever they are prepared to present plans or projects under
consideration, the consummation of which will require materials, supplies,
facilities, electrical power, fuel or transportation affecting the industries
of the United States.
PRICE AT WHICH GOVERNMENT'S LEAD PRODUCTS
REQUIREMENTS ARE TO BE MET.
It was announced on April 6 that the War Industries Board
had reached an agreement with the lead industry whereby
the latter would furnish all Government requirements for
lead products-6,000,000 tons minimum and '12,000,000
tons maximum a month—at prices averaging 7 cents a pound.
The following Boston advices were printed in the "Wall
Street Journal" of yesterday (April 12):
Pope Yeatman of Non-ferrous Metals Section of War Industries Board
wires to Boston from Washington:
"The statement published Thursday morning regarding price of 7 cents
per pound for lead is incorrect. Statement referred to was that the Government had fixed quotation of 7 cents a pound.
'The agreement with the lead producers is that the Government will
pay the monthly average of 'Engineering and Mining Journal' prices for
the current month, f. o. b., East St. Louis."
PACKERS' EMPLOYEES GRANTED EIGHT HOUR
BASIC DAY, INCREASED WAGES, &C.
Under the decision handed down by Federal Judge Samuel
Alschuler, Arbitrator in the wage.arbitration proceedings
between employers and employees in the meat packing industry, an eight hour day is to constitute the basic workday; the award also calls for increases in the wage schedule,
overtime for holidays and equal pay for men and women.
The demands of the employees and the award were set out
as follows in the Chicago "Herald" of March 31:
1525
Arbitrator's Final Award.
1. Beginning May 5 1918 and
thereafter eight hours shall constitute the basic workday, and such
workday shall be completed, in so
far as possible, within a period of
nine consecutive hours.
2. Overtime work shall be paid for
2. Overtime work shall be paid for
at the following rates: Double time
at the following rates: Double time
for work on Sundays and holidays, for work on Sundays and holidays.
including New Year's Day, Wash- including New Year's Day, Memorial
ington's Birthday, Memorial Day, Day, Independence Day, Labor
Independence Day, Labor Day, Day, Thanksgiving Day and ChristThanksgiving Day and Christmas mas Day, or the days celebrated in
Day; time and one-half for all time lieu thereof. In case of employees
worked upon week days in excess of relieved on some day of the week
double time shall not be paid for
the regular eight-hour workday.
work on Sunday of such week.
After induction of basic eight-hour
day weekday overtime pay shall be
time and one-fourth for the first two
-hour
hours in excess of regular eight
day and time and one-half for all
time thereafter on such day.
From Jan. 14 1918 until inauguration of eight-hour basic day overtime pay shall be computed at the
rate of time and one-half for all
work in excess of ton-hour workday
and double time for Sunday toil.
3. Where plants are operated three
3. Where plants are operated three
eight-hour shifts daily, employees eight-hour shifts daily, employees
shall be allowed twenty minutes off shall be allowed twenty minutes off
with pay for lunch.
with pay for lunch.
4. Predicated on the hourly wage
4. Wages shall be increased as follows For all hourly rate workers, rate in force Dec. 31 1917, 4 cents
$1 per day increase over amount paid per hour to such employees then
Dec. 31 1917 to employees in the receiving 30 cents and less per hour;
same classification for ten-hour day; 4 cents per hour to employees then
for all piece workers, a percentage receiving from 30 cents up to and
increase equal to that applied to including 40 cents per hour. and
hourly rates in the same classifi- 3% cents per hour to employees then
receiving more than 40 cents per
cation.
hour.
For all piece workers there shall
be a percentage of increase equal to
that applied to hourly rates in the
same classification.
All these increases shall be effective
as of Jan. 141918.
5. Wage rates shall be the same for
5. Wage rates shall be the same for
male and female employees doing the male and female employees doing the
same class of work.
same class of work.
6. There shall be no change in the
6. There shall be no change in the
guaranteed time in effect Nov. 30 guaranteed time in effect Nov. 30
1917, except that the weekly guar1917.
anteed time in the plants of Swift
Co. shall be forty hours and except
that in those weeks wherein any of
-named holidays occur the
the above
guaranteed time of such employees
as do not work on any such holiday
shall for such week be thirty-three
and one-half hours.
Demands of the Employees.
1. Eight hours shall constitute
the basic workday, ink' such workday shall be completed, in so far as
possible, within a period of not more
than nine consecutive hours.
The "Herald" explains that the increases granted entail a
raise from 273/i cents an hour to approximately 40 cents an
hour. Instead of receiving $2 20 for an eight hour day the
workers will be paid $3 20 for an eight hour work day,and instead of $2 75 for a ten hour day the men will hereafter obtain $4 20 for a ten hour work day. With regard to the
eight hour day the Judge is said to have pointed °tit that
the demand and award was for a "basic" eight hour day
rather than an actual eight hour day, and to have said that
employers may "in good faith require, and employees will
cheerfully render, any further service calculated to assure our
Government and our Allies an undiminished meat supply."
The hearings on the demands of the packers' employees
were opened at Chicago on Feb. 11, and concluded on March
7. Judge Alschuler's conclusions were announced on March
30. Besides his findings indicated above, the arbitrator
also handed down a form of working agreement which provides for hearing of grievances, either through employees
personally or by representatives selected by them, it being
understood that there shall be no permanent grievance
committees. Employees may not be discharged because
of trades union membership or activities not carried on at the
plants. The principle of seniority is established for all employees below the grade of foreman. The companies are
required to furnish proper lunchrooms, wash rooms and dressing rooms and employees are not to be required to join company sick and death benefit associations. After a person
has been employed continuously for thirty days he is to be
considered generally competent, and if dismissed must be
furnished, on demand, with specific information of the alleged incompetency which caused his discharge.
At the inception of the hearings only five of the packing
houses were concerned in the proceedings, viz.: Armour
& Co., the Cudahy Packing Co., Morris & Co., Swift &
Co. and Wilson & Co., having plants at Chicago, Kansas
City, Sioux City, St. Joseph, St. Louis, East St, Louis,
Denver, Oklahoma City, St. Paul, Omaha and Fort Worth.
1526
THE CHRONICLE
[VOL. 106.
Twelve smaller packing houses subsequently asked the
Hans E. Stoehr, who died recently, was the head of the Stoehr family in
Government that they be included, and they are thus made this country. His father, Edourd, of Leipzic, was the principal owner and
the head of the Stoehr Mills in Germany. Georg Stoehr, another son, made
subject to the findings.
trips to the United States before its declaration of war as a German agent.
In his award Judge Alschuler pointed out the important to-day, ho is or was an officer in the German army. Max W. Stoehr, anthe
part which the packing industry plays in supplying the Army other son, is Secretary ofup company and a resident here.
Another link hooking
this country with German activities appears
and Navy with food. In part he said:
in the connection of Eugene Schwerdt with it. Schwerdt is the man
While we fondly hope the war may be brought to a speedy and triumphant end, we are confronted with the possibility that it may be long
protracted, in which event the continued strength and good spirit of our
defenders and of our Allies will be very materially dependent upon the
continuous movement of supplies from our country, and largely from this
Industry.
We must, therefore, look forward not to spasmodic spurts of larger production, but to the long and steady pull under the strain of which the productivity of the indUstry will be steadily maintained.
Leaders of both sides expressed themselves as satisfied
with the findings. J. Ogden Armour was quoted as saying:
"I am satisfied with the decision and I hope the men are."
John Fitzpatrick, President of the Chicago Federation
of Labor, in addressing Judge Alschuler, following the announcement of his decision declared "we are gratified at the
decision and will do all within our power as laborers to abide
by it whole heartedly." William Z. Foster, Secretary of
the Stock Yards Labor Council, gave out a statement,
saying:
We have won a great victory in regard to hours. In fact we have been
triumphant concerning every issue except wages. I believe the increase
accorded to the employees was very conservative, and in my opinion they
should have received more.
TAKING OVER OF WOOLEN MILLS BY ALIEN PROPERTY CUSTODIAN—INVESTIGATION OF
GERMAN-OWNED MILLS.
Announcement of the .completion of the taking over by
the Alien Property Custodian, A. Mitchell Palmer, of six of
the large German-owned Jersey woolen mills and the appointment of governing boards to assume control of them was made
on March 29. It is stated that the value of those properties
aggregates $70,000,000, and that their earnings will go into
the United States Treasury for the purchase of Liberty bonds.
Other enemy-owned mill properties in other parts of the country, now under examination, will, it is stated, be taken over
by the Government from time to time, and the accumulative
effect of these Government measures will, it is believed, separate forever the woolen business in this country from the
domination, if not complete ownership, of the wollen cartel
of the German Government. The mills taken over on March
29 for operation by the Alien Property Custodian aro the
Botany Worsted Mills of Passaic, N.J.; the Garfield Worsted
Mills of Garfield, N. J.; the Passaic Worsted Spinning Mills;
the Gera Mills of Passaic; the New Jersey Worsted Spinning
Co. of Passaic, and the Forstmann & Huffman Co. of Passaic, N. J., in all employing over 25,000 hands.
In his announcement regarding the taking over of the mills
Mr. Palmer said:
Selling agents of German woolen firms in the Fatherland years ago built
with German capital the first of this group of mills in order to escape the
Import duties on woolen goods. They brought over German machinery
and German hands to operate the machines. The first mill was successful
from the start and the erection of the others soon followed in rapid order.
The same interests figure largely in all the mills. Large blocks of stock are
held by influential members of the woolen cartel in Germany.
A notable instance is that of E. F. Weissflog of Gera, Germany, who is
the owner of five hundred out of six hundred thousand shares of the Passaic
Worsted Spinning Co.; eleven thousand one hundred and forty shares
out of twelve thousand five hundred shares in the Gera Mills. and four
hundred and thirteen out of fifteen thousand shares in the New Jersey
Worsted Spinning Co. "E. F. Weissflog" is not an individual, but a large
German woolen corporation, the founder of which once bore that name,
but who is long since dead. In this name is also held large blocks of stock
in other mills in this country.
As the business of these Jersey mills thrived and expanded, they formed,
It appears, an association nominally for the purpose of securing experienced German labor, but which soon became a close organization for offensive and defensive alliance of the German woolen interests in this locality. Members of this organization purchased and conducted a daily
newspaper, employed a representative to look out for its interests at Washington, and to keep close touch upon the attitude of the public sentiment in
all parts of the country.
Charles Bahnsen, one of the managing directors of several of the mills,
has for years held powers of attorney for all the German stockholders, giving him full authority to act on their behalf on all their affairs in the manage
ment of the mills. It further appears that company officers seem to have
been in possession of information arom Europe in advance of the outbreak
of war, and one of the mills expended $2,000,000 in the purhcase of goods
and dyes from Germany just prior to the outbreak of the war, showing that
the owners were fully prepared in anticipation of the emergency to come.
In the action of the Alien Property Custodian, the Government has taken
steps to remove this German control. Mr.Palmer has appointed majority
members of the boards of all the mills except that of the Forstmann & Huffman Co., where a minority board has been appointed, and on each board
he has his personal representative from the Washington office through
whom he keeps closely in touch wth the operations of all the companies.
The Botany Mills.
The Botany Mills of Passaic, N. J., incorporated in 1899, make worsted,
woolens,and other yarns and textile goods, operating 2,000 looms and 8,000
worsted spindles. Last year these mills did a business of $28,000,000, and
the profits ranged from 20 to 25 per cent. The company is more than 85%
enemy-owned.
recently arrested by order of Attorney General Gregory charged among
other things as having posed as a Belgian; attempting with one Schmidt
and one Forstmann to corner the wool of Australia for Germany to use
after the war and with putting his son at work in German intrigue.
A man of this same name appeared shortly after the outbreak of the
European War at the Botany Worsted Mills with two boys, claiming to
have been made destitute by the German invasion of Belgium, and asking
for employment. He was placed at work as a wool expert in the mills,
and his two boys were taken in and lived with the Secretary of the company. Not long afterwards, Schwerdt was jumped to a position in the
executive offices and given executive power, a great deal of his time being
spent in traveling. His sudden promotion, and his mysterious comings
and goings created much gossip among the subordinate officers and employees of the Botany Co.
The board of directors appointed by the Alien Property Custodian for
the Botany Mills Co. is composed as follows
James M. Wallace, President, Central Trust Co., New York City.
Francis P. Glarvan, New York City.
Andrew B. Duvall, Alien Property Custodian, Washington.
Thomas J. Maloney, President Lorillard Tobacco Co., Jersey City.
George T. Smith, President, Dixon Crucible Co., Jersey City.
H. C. McEldovney, President, Union Trust Co., Pittsburgh, Pa.
Horace C. Jones, Manufacturer. Conshohocken. Pa.
Garfield Worsted Mills.
The Garfield Worsted Mills are capitalized at $2,000,000. Enemy
interests in them are admitted as high as 47%. It has also been developed
that in February and March of 1917 several of the American directors of
the company purchased from the German owners 3,400 shares of stock.
Up to that time German interests had owned about 74% of the holdings.
The new board announced for the Garfield Mills is as follows
Melvin A. Rice, Manufacturer, New York City.
John J. Tracy, Lawyer, Jersey City.
Leroy W. Baldwin, President, Empire Trust Co. New York City.
Andrew B. Duvall, Office Alien Property Custodian, Washington, D. C.
Three Grouped as One.
The Passaic Worsted Spinning Mills, the Gera Mills, and the Now
Jersey Worsted Spinning Co., all of Passaic and Garfield, N. J., may be
grouped as one, inasmuch as many of the same persons own stock in all
three of thorn. The total capitalization is approximately $4,350,000.
Christian Bahnsen, above referred to, and the President of the Gera Mills,
Is the managing director in all three of these plants. Ho has a son in the
United States National Army.
The Gera Mills manufacture worsted, dress goods, and finishes merchandise of the Passaic Worsted Mills and the New Jersey Worsted Mills.
The Gera Mills employ about 1,200 hands, was 88% enemy owned, and
has assets amounting to $5,834,000.
78% Enemy-Owned.
The Now Jersey Worsted Spinning Mills of Passaic, employs 13,001
operators, has an enemy-owned interest of 78%, and the same board of
directors as the Gera, but a different president.
The Passaic Worsted Spinning Co. has a capital stock of $600,000, and
has maintained an average profit of 10% in the last five years. The
stock of this mill is 60% enemy-owned.
The four directors appointed by the Alien Property Custodian to serve
on the board of these three mills are as follows:
Mark A. Sullivan, Jersey City.
Thomas J. Kitson, Manufacturer, Stroudsburg.
Robert P. Hooper, Manufacturer, Philadelphia, Pa.
Andrew B. Duvall, Alien Property Custodian, Washington, D..0
Forstmann & Huffman Co.
The Forstmann & Huffman Co., incorporated in 1904, manufactures
women's and men's fine woolen worsted wear and worsted yarns. This
concern has two plants—one in Passaic and one in Garfield, which together
employ about 4,000 hands. In 1916 a dividend of 25% was declared on
$2,000,000 of common stock and a 7% dividend on $2,500,000 of the
preferred. There is a surplus in different reserve funds of this company
amounting to $2,500,000. Officers report an enemy holding of 52% of
the common stock and 43% of the preferred.
The members of the new board of directors for the Forstmann & Huffman
Co. are Edward I. Edwards, formerly Comptroller of the State of Jersey,
and Andrew B. Duvall, of the Washington office of the Alien Property
Custodian.
•
An investigation into an alleged attempt on the part of
Germany, through agents here, to obtain control of wool in
this country for shipment to Germany was undertaken in
New York by U. S. Attorney-General Lewis on March 15.
At the opening of the inquiry the assertion was made by
Julius Forstmann of Forstmann & Huffman that wool shipments to Germany in exchange for dyes badly needed in the
United States were endorsed early in the war by the U. S.
War Department. Mr. Forstmann is said to have admitted
that he had acted as agent for German interests in wool purchases after March 26 1915, the date on which American
woolen manufacturers voluntarily submitted to regulations
imposed by the Textile Alliance, Incorporated, a quasiofficial agency created at the instance of the British Government to control consumption of textiles from British colonial
possessions, so that none of these materials would reach
Germany. Early in his examination Mr. Forstmann is
credited with having stated that he had "instructions" from
Count von Bernstorff, the former German Ambassador, to
take orders from H. F. Albert, then fiscal agent of the German Government in this city,"in all matters relating to wool •
shipments" during the time the United States remained neutral. He maintained, it is stated, that these transactions
for German interests were legal, as they had the approval of
the State Department in agreement with the Gorman Embassy at Washington. He declared that William J. Bryan,
APR. 13 1918.]
THE CHRONICLE
then Secretary of State, indorsed the shipments because in
exchange for wool Germany released quantities of dyestuffs,
which were sorely needed by the American manufacturers.
Mr. Forstmann is further said to have declared that after
his firm on March 28 1915 submitted itself to import and export regulations imposed by the Textile Alliance, he made no
purchases or shipments of wool for German account except
on contracts negotiated prior to that time. Deputy Attorney-General Alfred L. Becker, who directed the investigation, stated at the outset that he expected to show during the
investigation that when embargo regulations imposed by
great Britain became even more stringent, through the enfranc° of the United States into the war, Germany planned to
accumulate stocks of wool, cotton and jute in the United
States, South America, Australia and South Africa, which
were to be gotten through to Germany when peace was concluded or sooner if possible. This was to be accomplished,
he asserted, by subsidizing American firms in possession of
trading privileges, who acted as nominal purchasers. It
was declared that the hoarding plan was financed through the
Deutsche Bank of Berlin. It was during an examination of
the papers of Hugo Schmidt, the bank's former representative
at New York, and the so-called "paymaster" in the Bolo
Pasha case, that attention was attracted to the alleged efforts of Germany. The report of Deputy Attorney-General
Becker was transmitted to Vance C. McCormick of the War
Trade Board on April 7. The report is said to deal with the
alleged activities of Hugo Schmidt, the American representative of the Deutsche Bank;Eugene Schwerdt;who though a
Belgian by naturalization is charged with being a loyal subject.of the German Emperor; the Forstmann & Huffmann
Company and the Botany Worsted Mills; Charles J. Webb &
Co. of Philadelphia, and other individuals and concerns.
Schmidt and Schwerdt are now interned as dangerous enemy
aliens. According to the New York "Times" of April 8,
Deputy-Attorney-General Becker in his report says:
Having ascertained from an examination of the Deutsche Bank papers
now in possession of the Attorney-General that during a considerable period
of time interests in Germany were engaged in purchasing wool and jute in
the United States, South Africa, Australia and India through American
firms as intermediaries, I recommended to you that a public investigation be
held to determine whether any of the transactions constituted violations of
law, or constituted such breach of faith or action for German interests of
an underhanded character as might affect the right of the American and
British firms and individuals concerned to have their present loyalty considered as above question.
1527
wool industry of the United States, a man whose ability and forcefulness
of character should be frankly recognized."
This company, Mr. Becker says, is much more American than is the
Botany. The majority of the stock is now owned by American citizens,
Mr. Forstmann being by far the largest individual holder. Mr. Forstmann has sworn that he was deceived by Hugo Schmidt, and that after
the sinking of the Lusitania he says he became so throoughly disgusted with
Germany that he closed his business relations with that country. Mr.
Forstmann is the owner of over $600,000 worth of Liberty bonds, and is one
of the leading citizens of Passaic. As for the purchase of the wool for German account, which is admitted by Mr. Forstmann, the report goes into
great detail. In the purchase of the wool Mr. Forstmann has said he did
not at that time understand that he was violating the regulations of the
Textile Alliance or that he was breaking an agreement he had entered into
with the British Government. On this point he states
In substance, the claim made for the Forstmann & Huffmann Co•
by its counsel at the present time is that whatever may have been the sympathies of the leader and majority owner of that firm, Julius Forstmann,
prior to the entry of the United States alto the war, he is now a loyal
American; that he has been a liberal suiber for the Liberty Loans and
for war charities; that he is one of the leading citizens of Passaic, N. J.,
interest,
always in the fore in every work of human charity and public advisory
and that he has performed services for the Government of an
highest value.
character which have been of the
the British
• For Germany Forstmann broke his agreement of honor with admiration
Government and the Textile Alliance. This conduct won the
that in June 1916 the German
of the German Foreign Office to the extent
Foreign Office sent a message to Ambassador von Bernstorff (which was
Forstmann
intercepted) requesting preferential treatment for the firm of sent to the
& Huffmann in the distribution of coal tar dyes expected to be
United States by the eubmarine Deutschland. When the dyes arrived
the Forstmann & Huffmann Co. received its share of them. It asserts
that it received no preferential treatment. This may have been due to
the interception of the message.
*
*
*
*
*
*
*
*
*
*
*
*
One year after the sinking of the Lusitania, May 22 1916, Mr. Forstmann was still far from breaking off his relations with Germany. He wrote
Schmidt concerning certain investments of funds of his in Germany, which
he wanted the Deutsche Bank to undertake. He was perhaps excusable
in this, for there would undoubtedly have been a great loss, owing to the
rates of exchange, if he had brought the money to the United States. It
was not enough for him, however, to say merely that he wanted the money
to be invested in Germany for this reason. He stated further that he intended to invest in German securities, partly because of the rate of exchange and partly because 'I wish to invest a part of my property in Germany.' At the same time he was careful to beg of Hugo Schmidt that he
should 'handle things in such a way that if the letter is intercepted, one
cannot read in it that I am the party concerned.'
Mr. Forstmann himself has invited a test (Allis loyalty by the sincerity
of his aversion to the sinking of the Lusitania. If it were not for that the
matter might have little pertinence. As it is, I cannot escape the conclusion
that his protestations of a sincere conversion from German frightfulness
were false, and that in consequence he quality of his Americanism to-day
should be mistrusted. I sincerely hope that some procedure can be
adopted which will lead to the devotion of a much larger proportion of the
production of the Forstmann & Huffmann mills to the military needs of
the country than Mr. Forstmann has permitted in the past...
-cm
Regarding the firm of Charles J. Webb & Co., Mr. Becker says the firm'
was "distinctly informed prior to the inception of the transactions that their
firm was to act as a 'dummy'simply by reason of the fact that it was on the
approved list of the Textile Alliance while the actual principal was not.
The breach of faith is plain." As regards the part played by Alfred Everitt
in the transactions, Mr. Becker states that the facts have been transmitted
to the British Government for "such action as it may see fit."
Mr. Forstmann appeared before the Attorney-General
on April 2 for the purpose of making a statement in his own
The British subjects referred to are said to be Alfred Ever- behalf. At the hearing then accorded him, Robert H. Mcitt, a wool dealer of South Africa, and a jute dealer by the Carter, of Newark, was also present as leading counsel for
name of Ernsthausen in Calcutta.
Mr. Forstmann; in defending his client Mr. McCarter
said:
In its further account of the report the "Times" says:
The report then gives the details of the operations of Schmidt and
Schwerdt as active agents of the enemy in this country from the time they
arrived in this country, shortly after the outbreak of the war, until the
entry of this country into the struggle. Mr. Becker tells how various
American firms were used as ostensible purchasers of wool for the Germans,
the real parties in interest being syndicates and persons resident in Germany. He refers to the shipments of large quaatities of wool from New
York to Germany, shipments which in two cited instances Great Britain
permitted to be delivered on the representation that the wool was intended
for private concerns in and near Berlin. It is asserted, Mr. Becker adds,
that as a matter of fact a large part of those shipments wsa intended for
the German Government.
After a reference to the organization of the Textile Alliance of America,
through which both the American and British Governments operate, and of
the fact that prior to this country's entry into the war various Germanowned wool concerns were given import licneses, with the distinct understanding that in every instance that the wool was for home or allied, and
not German consumption, Mr. Becker says
• I am clearly of the opinion that the purchase and importation of British
colonial wools by licensed American firms who lent their names to German
firms who were the real purchasers and owners of the wool was in violation
of the Textile Alliance arrangement with Great Britain. I hold this to be
true regardless of whether the intent was to re-export the wool to Germany
or to accumulate wool in the interest of the German buyers, reap the profit
of a rise, and resell the wool in the United States.
Mr. Becker next points out that, although it be established that one or
more of these American concerns violated their agreements with the British
Government and Textile Alliance, "it by no means follows that there was
any violation of the United States," since the transactions took place before this country entered the war. Mr. Becker then takes up in detail
the various instrumentalities employed by the Deutsche Bank to carry out
the German plot to get wool, oven from the enemies of Germany.
Concerning the Botany Mills, a concern which is said to have cleared ,
$7.000,000 last year, the majority of the stock of which Mr. Becker states
is held in Germany, the report says
The Botany Worsted Mills became committed to these purchases and
made the importations after its 'application to become an authorized importer had been approved. Upon the arrival of the wools in the United
States, they were released to the Botany Mills by the Textile Alliance, upon
presentation to the latter by the former of the consular invoice and a guarantee covering the disposal of the wool. Every step in these transactions,
from purchase to importation and release, was a fraud on the British Government and the Textile Alliance and a violation of voluntarily assumed
obligations.
"The Stoehr family is the controlling factor in the Botany Worsted Mills.
It is thoroughly German—none of it really pretends to be anything else.
It would be simple-minded to trust it in matters involving the important
interests of our country; inasmuch as the German ownership of a majority
of stock has enabled the Allen Property Custodian to take control of the
company we are justified in expecting that these mills will be conducted
Bolas to help win the war."
The situation with reference to the Forstmann & Huffmann Co., Mr.
Becker says, is much more complex. Ho refers to Julius Forstmann,
organizer and present head of the company, as "ono of the leaders in the
Mr. Forstmann was born in Germany. He married in Germany. Two
of his five children were born in Germany. He came here at the age of 33
years, and when he left Germany he burned his bridges behind him. He
settled in Passaic and he built up a great business, and his identified himself with all the civic activities of his adopted city. He owns his home
there and he owns an estate in the Catskills, where he is now developing
a fish and game preserve.
In 1914 Mr. Forstmann was approached by the Hon. Herman A. Metz,
then a member of Congress from New York City and now wearing the uniform of an officer of his country, and Mr: Metz told him that unless some
arrangement could be made to get wool and cotton into Germany the dye
industry would suffer tremendously.
With regard to the testimony of Mr. Metz the "Journal
of Commerce" of the 3rd inst. said:
Lieutenant-Colonel Herman Metz related the circumstances of his interest in getting German dyes into this country by means of exchanging
wool and cotton. He had been requested by the President, Mr. Gerard
and others to intercede in the matter. He related how the steamer Matanzas had been chartered in 1914 for the purpose of getting the dyes across
through the assistance of one, Poucher. Witness and Forstmann visited
Count von Bernstorff in the transaction, where they met Mr. Rose, connected with the Government, and discussed the exchange of wool and cotton for dyestuffs. Mr. Metz said that Germany particularly stipulated
that the American importers should furnish a bond not to export the dye
materials to any other country, but Count von Bernstorff released the
colors on the promise of importers not to export them. Germany at that
time asked for 50,000 bales of cotton and Austria 25,000 bales,to be shipped
to Bremen.
Mr. Metz admitted that some of the goods had come
over on the Deutschland; he added that Dr. Albert, Consul
Attache of the German Embassy, had directed that the
goods be delivered to Hugo Schmidt, but that he (Metz)
had objected, having desired that they come to himself.
Mr. Metz stated that he paid three times what the goods
were worth in the market, but was glad to get them. Mr.
Forstmann denied that he had ever knowingly violated any
regulation of the Textile Alliance, and said that he had
never bought any wool for Germany except under the circumstances mention by Mr. McCarter. Following Mr.
Forstmann's examination Mr. Becker read into the record
the following letter from the German Foreign Office:
Berlin, June 28 1916,
To Herr Count van Bernstorff, Rye, N. Y.:
Your Excellency: Interested parties here have repeatedly made representation for preferential treatment of the firm of Forstmann & Huffmann
1528
THE CHRONICLE
[VOL. 106
in Passaic, N. J., in connection with shipment of coal tar dyes to the U. S.
Expressions at meeting yesterday were fair to all but there was nothing
A., since this pure German firm, as is well known on your side, undertook as to
the much-advertised price-fixing of goods, and it is the opinion
last year the wool supply for Germany, and therefore, claims it has been price-fixing
is not to be expected and certainly is not intended at present,
especially badly treated by England. It is most respectfully recommended as the Government
is willing to pay a fair price for their goods and the
to your Excellency, should there be no reason to the contrary, to arrange spinner is willing
to furnish the Government its requirements at fair and
for the greatest possible consideration for this firm in the later distribution reasonable
prices; so it is the opinion of the best
-informed that there can
of the shipments to consumers which are now in prospect.
be no possible need of price-fixing.
Mr. Forstmann is said to have stated that it was the first
It is, however, the intention and desire to have a standing committee
representing spinners to confer with the war industries committee from time
time he had ever heard of the letter.
to time, and handle such matters as
As to Mr. Forstmann's holdings of German stocks, the Government committee and spinners may come up. This will bring the
close together and will insure the
"Journal of Commerce" of the 3rd had the following to say Government getting goods needed and spinners their profit, but it will cut
out speculation by jobbers in such goods as needed by the Government.
concerning his statement made before Deputy Attorney..
Expressions were distinctly to the effect that it was not desired to fix a
General Becker on the 22d:
price or touch raw cotton. On the other hand, it is desired to, in every
Mr. Forstmann told in detail how he had forced the German stock- way possible, encourage production, and some spinners stated that their
holders in his company to dispose of their interests to Americans, because wished present prices were 50c. so as to encourage the cotton planters.
their positions were untenablq. He proposed to buy or sell, and fixed a
The meeting resulted in the appointment of a war producprice. The capital stock was ,000,000, and he would buy their holdings
at 1.60. His proposition was accepted, and he was to receive payment tion committee under the chairmanship of Gerrish E. Milliin instalments. Because the American exchange was so high, he decided ken, which is to submit to the War Industries Board
the
to invest the money in German Deutche Bank stock, and that is how he
came to own German stocks. At present only a little more than 14% of views of the National Council of American Cotton Manuthe stock in the Forstmann & Huffmann Woolen Company is owned by facturers (represented at the conference), with regard to
Germans. The remainder is owned by Americans. Mr. Forstmann said matters discussed at the meeting. A further
conference is
that he had never revealed the fact that the wool had been paid for by
to be held later in New York.
German money.
r
WOOLEN MILLS CALLED UPON TO HOLD LOOMS FOR REGULATIONS GOVERNING RETAIL DISTRIBUTION
GOVERNMENT—TRADING IN BOSTON STOPS.
OF COAL IN NEW YORK.
Woolen mills throughout the United States were directed
on April 5 by the War Department to hold their looms at the
service of the Government from that date until July 1 in
order to insure adequate supplies of cloth for uniforms. It.
was Stated that manufacturers of civilian clothing who get
any of the output of the mills will do so under special Government permits. Notices were sent to the mills by Acting
Quartermaster-Genemal Goethals. It was officially stated
that the Department now sees its way to fully clothe all
men called to the colors. No information was available as
to the amounts of cloth the Government may release to
private manufacturers or as to the probable effect of the
commandeering order upon the trade.
It was unanimously voted on the 5th by the Boston
Wool Trade Association to stop all trading in wool and to
place its entire unsold stock of wool and tops at the disposal
of the Government at prevailing prices. The action came
after the Association had been adOressed by Albert W.
Elliott, representing the Quartermaster's Office, in which
he told of the Government's requirements. The requests
made of the wool merchants were summarized, the Boston
"Herald" states, as follows:
The regulations which govern the retail distribution of
coal in New York City for the year beginning April 1 were
announced as follows by Reeve Schley, County Fuel Administrator, at a meeting of the Retail Coal Dealers' Association on March 25:
It is the duty ot all retail dealers to fill orders given to them as hereinafter
provided by persons who were customers on their books during the year ending March 311918. No retail dealer shall supply coal to any person, premises,
firm, or corporation not carried as a customer on his books during the year
ending March 31 1918 until such customer presents a card properly indomed by the United States Fuel Administrator for New York County. Orders for one or more tons shall not be supplied by any dealer until an order
blank in the form annexed shall have been presented, duly signed by the
customer. Such order blank or application shall receive a serial number
in the order of its receipt. These orders, together with a record of all deliveries made thereon, shall be kept in form convenient for reference and
*
accessible to the Fuel Administration at any time. When such order has
been entered, the retail dealer may make delivery thereon in full, provided
such order does not exceed six tons.
Should such order exceed in the aggregate six tons, no dealer shall deliver, or cause to be delivered, to any customer upon such order more than
two-thirds of the amount of the necessary requirements of such consumer
for the year ending March 311919,as finally accepted by the dealer, as hereinafter provided in Section 4, until each consumer who has placed an order with said dealer and is willing to receive delivery thereunder has received two-thirds of the necessary requirements for the year ending March
31 1919. After all such consumers have received the two-thirds quota the
dealer may proceed to deliver, in order of dato of application or upon instructions from the consumer, the remaining one-third. Each dealer will
First—That the wool trade immediately stop trading in wool and tops.
Second—That the wool trade immediately take stock and submit a be hold responsible for the proper distribution of coal by peddlers, cart men,
or wagon men, in accordance with the spirt of the regulations.
detailed, and also a summarized, inventory to the Wool Administrator.
No dealer shall, directly or indirectly, provide any consumer with coal
Third—That the wool trade offer to the Quartermaster-General its entire
stock of unsold wool and tops, either spot or to arrive, including all wools in a larger quantity than is necessary, including the amount already on
hand, to meet the necessary requirements of such consumer to March 31
either spot or to arrive on which the Government option has been released.
Fourth—That the wool trade agree to buy no wool while it is still unshorn 1919. In case any order received by a dealer is for an amount in excess of
the necessary requirements of the consumer to said date, the retail dealer
and confine its operations to wool when sheared and ready for delivery. •
shall report such order to the United States Fuel Administrator for New
The resolutions unanimously passed by the association York County before making any deliveries thereunder, unless the consumer
and dealer agree upon a reduction of said order to the necessary requireagreed to compliance with all the requests.
On the 9th inst. the members of the Boston wool trade ments of said consumer. to more than one dealer for supplying a certain
When orders are given
decided to refrain from buying, offering or selling any wool premises, the aggregate amount requested in such orders shall not exceed
the necessary requirements for said promises for the year,ending March 31
in the United States until a definite statement was received
1919. When orders
from the Government with regard to its intention to exercise ises, the regulations are given by one consumer for more than one premapplicable to a single consumer shall apply to each
its option on the country's wool supply. They also agreed premises.
Each retail dealer shall file in the office of the United States Fuel Adto refrain from taking any assignments of wool in this ministrator
for New York County, on the first of each month, a statement
country. The resolution adopted said:
containing the names and addresses of household consumers to whom an ag"Anticipating the Government requirements for these wools, we recom- gregate delivery of more than 50 tons has been made, together with the
mend and encourage buying in foreign countries, bearing in mind the amount of tonnage so delivered during the preceding month, and shall
Government option on Dec. 15 1917, but the said foreign purchases not also file a statement containing the names and addresses of apartment
to be offered or sold until a definite reply is received from the Government houses or consumers, other than household consumers, to whom an aggrein reference to its option of April 5 1918."
gate amount of more than 100 tons has been delivered for storage.
Each retail dealer, upon payment for coal by a purchaser, shall give a
written receipt to the purchaser showing the quantity, size, and price per
ton and whether the sale is a yard sale or for outside delivery.
No retail dealer shall deliver coal to any consumer for storage, except in
the ordinary storage bins of such consumer, without the special permission
A conference with a view to stabilizing the cotton manu- of the United States Fuel Administrator for New York County. This
of
facturing industry was held in' Washington on April 10 at regulation is intended to prohibit the storage of coal in areaways, back
yards, vacant lots, 8cc., without the knowledge
the Fuel Administration.
of Robert S. Brookings, Chairman of the Price No dealer shall deliver carload or barge load lots to any domestic conthe
sumer, or group of consumers, without obtaining permission of the United
Fixing Committee of the War Industries Board. The anfor New York County. These regulations will
nouncement concerning the meeting, issued on April 5, said: States Fuel Administrator require and notification of any changes sent to
be modified as conditions
The Price Fixing ComMittee of the War Industries Board has called a each dealer.
meeting for Wednesday 'of next week for the purpose of entering into
negotiations with the cotton manufacturing industries of the country REVISED PRIORITY LIST
FOR TRANSPORTATION OF
with a view to stabilizing the industry. Representatives of the entire
FUEL AND RAW MATERIALS TO INDUSTRIES
cotton industry" have already expressed their desire to attend such a meeting
and to co-operate with the Government in every way. We have to-day
NECESSARY TO WAR.
what is known as a runaway market, or abnormally high values in many
The War Industries Board at Washington on April 10
cotton fabrics, largely the result of the immense purchases made by the
Government for its war needs. This condition is recognized as equally issued revised priority regulations designed to assure preferbad for the industry and for the nation.
ence in the distribution and transportation
coal
,CONFERENCE LOOKING TO STABILIZATION OF
COTTON MANUFACTURING INDUSTRY.
instance
With regard to reports of price fixing said to be imminent
as a result of the conference, "Financial America" of April 11
printed the following dispatch received'from Washington by
N. L. Carpenter & Co.:
of
and coke
and the transportation of raw materials and supplies to
industries necessary to the war and essential to the public
welfare. The list is styled "Preference List No. 1" and it
is announced that additional classes of industries will be
APR. 13 1918.]
THE CHRONICLE
included from time to time. No distinction is made, says
the Board's announcement, between any of the industries
or plants which are or may be included in the list, and no
significance should attach to the order in which the industries
or plants appear in the list. The domestic consumer is
included in the list. The following is the statement issued
by the Board in announcing the list:
The Priorities Board has adopted Preference List No. 1 for the guidance
of all Governmental agencies in the supply and in the distribution ,by rail or
water, of coal and coke. While the list speaks for itself, it is proper to
say that the Board has not undertaken to classify any industry as nonessential or at this time to limit the quantity of fuel which any particular
Industry or plant shall receive. The Board has, however, listed certain
industries whose operation is of exceptional importance, measured by the
extent of their direct or indirect contribution either toward winning the
war or toward promoting the national welfare, and these industries will be
accorded preferential treatment,by the Fuel Administration in the distribution of coal and coke and also in the transportation of such coal and coke
by the railroads.
This same plan will be followed in according preferential treatment to
war industries and plants in the transportation of raw materials and supplies
required by them in their manufacturing operations, so that they may not
be delayed or hampered in complying with priority orders issued against
them governing their products.
Preference List No. 1 is not complete in itself, but it will be noted that
provision is made for certifying additional classes of industries and also
Individual plants whose operations are necessary as a war measure. In
determining what industries or plants are entitled to be certified, two
factors will control:
1. The relative urgency of the uses or purposes for which the product of
the plant is utilized.
2. The per cent of the product of the plant utilized in war work, direct
or indirect, or work of exceptional or national importance. No plant a
very substantial per cent of whose product is not of exceptional importance can be accorded preferential treatment.
The list was made public by the Board as follows:
In pursuance of a resolution unanimously adopted by the Priorities
Board at a meeting held April 6 1918, the following preference list of classes
of industries whose operation as a war measure is of exceptional importance
is promulgated and published for the guidance of all agencies of the United
States Government in the supply and distribution of coal and coke and in
the supply of transportation by rail and water for the movement of coal
and coke to said industries.
The Priorities Commissioner shall, under the direction of and with the
approval of the Priorities Board, certify additional classes of industries
and also certify individual plants whose operation as a war measure is of
exceptional importance, which industries and plants, when so certified,
shall be automatically included in this preference list, which shall be amended
or revised from time to time by action of the Priorities Board to meet
changing conditions.
No distinction is made between any of the industries or plants which are
or may be included in this preference list, and no significance should attach
to the order in which the industries or plants appear in the list.
Aircraft—Plants engaged exclusively in manufacturing aircraft or supplies
and equipment therefor.
Ammunition—Plants engaged in the manufacture of ammunition for
the United States Government and the Allies.
Army and navy cantonments and camps.
Arms (small)—Plants engaged in manufacturing small arms for the
United States Government and the Allies.
Chemicals—Plants engaged exclusively in manufacturing chemicals.
Coke plants.
Domestic consumers.
Electrical equipment—Plants manufacturing same.
Electrodes—Plants producing electrodes.
Explosives—Plants manufacturing explosives.
Farm implements—Manufacturers exclusively of agricultural implements
and farm operating equipment.
Feed—Plants producing feed.
Ferro-alloys—Plants producing.
Fertilizers—Manufacturers of fertilizers.
Fire brick—Plants producing exclusively.
Food—Plants manufacturing, milling, preparing, refining, preserving,
and wholesaling food for human consumption.
Food containers—Manufacturers of tin and glass containers and manufacturers exclusively of other food containers.
Gas—Gas producing plants.
Gas—Plants manufacturing exclusively gas-producing machinery.
Guns (large)—Plants manufacturing same.
Hemp, jute, and cotton bags—Plants manufacturing exclusively hemp,
jute, and cotton bags.
Insecticides—Manufacturers exclusively of insecticides and fungicides.
Iron and steel—Blast furnaces and foundries.
Laundries.
Machine tools—Plants manufacturing machine tools.
Mines.
Mines—Plants engaged exclusively in manufacturing mining tools and
equipment.
Newspapers and periodicals—Plants printing and publishing exclusively
newspapers and periodicals.
Oil—Refineries of both mineral and vegetable oils.
Oil production—Plants manufacturing exclusively oil well equipment.
Public institutions and buildings.
Public utilities.
Railways.
Railways—Plants manufacturing locomotives, freight cars and rails,
and other plants engaged exclusively in manufacture of railway supplies.
Refrigeration—Refrigeration for food and exclusive ice-producing plants.
Seeds—Producers or wholesalers of seeds (except flower seeds).
Ships (bunker coal)—Not including pleasure craft.
Ships—Plants engaged exclusively in building ships (not including
pleasure craft) or in manufacturing exclusively supplies and equipment
therefor.
Soap—Manufacturers of soap.
Steel—Steel plants and rolling plants.
Tanners—Tanning plants, save for patent leather.
Tanning extract—Plants manufacturing tanning extracts.
Tin-plate—Manufacturers of tin-plate.
Twine (binder, and rope—Plants producing exclusively binder twine
and rope.
Wire rope and rope wire—Manufacturers of same.
1529
It is stated that the preference list was prepared after
consultation with the Fuel Administrator, the Director
General of Railroads, the Chairman of the Shipping Board
and other Administration officials.
JOINT INFORMATION BOARD ON MINERALS FORMED
AT WASHINGTON.
The formation in Washington of the Joint Information
Board on Minerals and Derivatives for the purpose of systematizing the handling of official inquiries regarding minerals
and mineral products is announced. The Board, it is stated,
is to serve as a clearing house to secure the prompt preparation and transmittal of data from a single authoritative
source without duplication effort. It is composed of representatives from the various Government bureaus, boards
and departments interested. It is pointed out that the war
has caused an increased demand by various officials for all
available information regarding raw materials essential to
the Government, and this demand has caused a notable
increase in the work and the personnel of those bureaus that
had in the past been directly concerned in mineral investigations. The new joint board was created to co-ordinate
the activities of all concerned. Its purpose in no wise curtails but supplements the existing activities; its function is.
to make the equipment and personnel of the various bodies
concerned better known and more readily available to the
other organizations and to bring about an even more effective operation. Pope Yeatman, of the War Industries
Board, Division of Raw Materials, is Chairman of the Joint
Information Board. All inquiries should be addressed to
Edson S. Bastin, Secretary Joint Information Board on
Minerals and Derivatives, Room 5037, New Interior Building, Washington, D. C. The following ate the Government
Departments and official organizations and,:names of representatives on the Board:
War Department.—Bureau of Ordnance, Lieut.-Col.TR. P. Lamont.
Sixth and B Streets N. W.
Navy Department.—Bureau of Ordnance, Commander R. S. Holmes,
Lieut. Commander N. W.Pickering, New Interior Department Building.
War Industries Board.—Division of Raw Materials, L. L. Summers,
Pope Yeatman (Chairman Joint Information Board), Council of National
Defense Building. Division of Statistics, F. G. Tryon, H. R. Aldrich;
Commercial Economy Board, M. T. Copeland; Council of National Defense Building. Bureau of Investigations and Research, F. H. Macpherson, Council of National Defense Building.
Department of Agriculture.—Bureau of Plant Industry, K. F. Kellerman; Bureau of Soils, Frederick W. Brown; Bureau of Animal Industry,
R. M. Chapin; Bureau of Chemistry, W. W. Skinner; Federal Insecticide
and Fungicide Board, John K. Haywood.
Department.of Commerce.—Bureau of Foreign and Domestic Commerce,
C. D. Snow, Assistant Chief; Bureau of Standards, Henry D. Hubbard.
Treasury Department.—Bureau of the Mint, Frederick P. Dewey;
Division of Customs, George W. Ashworth; Office of Internal Revenue,
A. O. Adams.
Interior Department.—Geological Survey, Edson S. Bastin (Secretary
of Joint Information Board); Frank J. Katz, New Interior Department
Building; Bureau of Mines, Harvey S. Mudd, New Interior Department
Building.
U. S. Food Administration.—Division of Chemicals, Charles W. Merrill.
U. S. Fuel Administration.
-011 Division, Thomas Cox; Coal Division,
C. E. Lesher, New Interior Department Building.
U. S. Shipping Board.—C. K. Leith, J. E. Spurr, New Interior Department Building.
War Trade Board.—Bureau of Research, S. II. Salomon, 1027 Vermont
Ave.; Bureau of Imports, Lincoln Hutchinson, Bond Building; Bureau of
Exports, S. C. Thompson, 1435 K St. N. W.
U. S. Tariff Commission.—Guy C. Riddell, 1322 New York Ave., N. W.
Department of State.—Consular Service, H. A. Havens.
U. S. National Museum.—Division of Mineral Technology, Chester
G. Gilbert.
Federal Trade Commission.—C. C. Houghton, 921 Fifteenth St., N. W.
National Research Council.—John Johnston, 1023 Sixteenth St., N. W.;
Section of Metallurgy, H. M. Howe, 1023 Sixteenth St., N. W.; Division
of Geology and Geography, John C. Merriam, 1023 Sxiteenth St., N. W.
Director-General of Railroads.—Car Service Section, G. F. Richardson,
Inter-State Commerce Building.
SUSPENSION OF ORDER AFFECTING USE OF FUEL
BY BOX BOARD MANUFACTURERS.
The order of the U. S. Fuel Administration issued early
in January preventing the use of fuel by manufacturers of
box board, paper board, strawboard, &c., from 7 a. m.
Saturday morning of each week until 7 a. m. the following
Monday morning has been suspended. The "Official
Bulletin" of March 21, in making this known, said:
The United States Fuel Administration has announced that the order of
Jan. 9, entitled "Regulation restricting fuel consumption by manufacturers
of box board, paper board, strawboard, &c." which limited the running
time of such factories to five days a week, is suspended until further notice.
The coal shortage of the past unusually severe winter has already effected a greater reduction in the output of box board at this time than was
contemplated by the plan of limitation.
11
Further application of this order will depend upon the general program of
limitation of similar products, which will be founded upon a comprehensive
survey of the production and consumption of all paper and pulp products. j
This survey is now being made by the Fuel Administration through_th
Federal Trade Commission.
1530
THE CHRONICLE
IMPORTS RESTRICTIONS IN EFFECT NEXT WEEK.
The following concerning the restrictions with regard to
imports which, beginning April 15, are barred from entrance to the United States except under certain conditions
(the list of such restricted imports appeared in our issue of
March 30, page 1301), the "Official Bulletin" of April 6
said:
Pursuant to its announcement of March 23 1918, that no licenses will
be issued, except under certain conditions, for the importation, after April
15 1618, of commodities on the "List of Restricted Imports Number 1"
published on that date, the War Trade Board formally notifies all holders
of outstanding licenses for the importation of any commodities contained
In the said restricted list that such licenses shall become null and void
unless shipment thereunder is made on or before April 14 1918. Shipment as required by this ruling consists of actual delivery of the goods
licensed to the carrier on a through export and or ocean bill of lading.
In order to satisfy the War Trade Board and customs authorities that
shipment under the import license relied upon has been made within the
prescribed time, the importer will be required to present a copy of the carrier's through export and or ocean bill of lading, showing delivery to the
carrier of the goods licensed, on or before April 14 1918. The said bill
of lading shall bear the indorsement thereon of the United States Consul
at the point of export shipment in any case where delivery is made to the
carrier after April 12 1918, or the circumstances are such as to indicate
shipment after April 14 1918. Failure to obtain such indorsement will be
treated as a circumstances requiring thorough explanation and will probably entail considerable delay in the delivery of the goods to the importer,
If such delivery is permitted at all.
As announced on March 23 1918, the importation of most of the commodities on the restricted list from Europe is not absolutely prohibited, but
will be permitted under certain circumstances, such circumstances being
generally that the goods may be shipped, if it will not interfere with the
speedy operation of vessels carrying troops and supplies from the United
States for the European battle fronts. For license to make such importations new applications must be made and the applicants must show in
such applications the facts under which it is claimed that shipment can be
made without delay to vessels. These applications will be especially considered and applications granted where it appeares that no delay will occur.
Frederick B. Peterson, Director Of Imports of the Federal
War Trade Board in an address delivered at the Hotel
Astor on April 4 before representatives of importing firms
explaining the need for the resrictions said:
I Import restrictions are new, and perhaps correspondingly galling. The
first import proclamation was published on Nov. 28 1917. This placed
some seventy-five commodities on a list requiring an import license. These
were mostly basic raw materials, such as wool, jute, rubber, tin, ferromanganese, flax, and that class of commodities which we did not wish to
keep out, but on the contrary wished to get in sufficient quantities to meet
our demands. They were put on the import list so that the Government
might exercise a measure of control over them and direct thorn into the
channels where they were most needed for the prosecution of the war.
0 It became somewhat more evident during the winter that a further control over imports was necessary, for a variety of reasons, of which I shall
mention only two. One was that it would enable us still further to stamp
out enemy trade, stamp out the activities of Germany in commercial lines
throughout the neutral countries of the world. We found that that could
be effectively accomplished by putting everything else on the list as requiring both an export license and an import license.
The other and the more pressing reason why all articles were placed on
the list as requiring an import license, was so that we might effect a conservation of tonnage. The vital need of the Allies to-day, as you all
know, is ships, ships, and ships, to carry num and supplies to Europe,
and this import restriction is one means of carrying that out. Ships cannot be built in time; it Is essential that we should devote every ship to the
most essential trade, in the most essential lines, and that can bo done by
prohibiting the importation, the transportation of certain articles.
Necessarily, we commence by eliminating what appear to be the least
essential articles, which are in the nature of luxuries; others, the importation of which can be restricted because we can get the same thing here in
this country, or we can procure substitutes in this country. A third class
that were put on this first restricted list were things which, while they were
needed here and could be used here, were useful commodities, yet were
more vitally needed in other countries, countries of our Allies. Hence,
• their importation from those countries was prohibited, as it would entail an
unnecessary use of transportation to send breadstuffs, for instance, from
Europe to America, when Europe was,crying to us for more food all the
time.
" The next restriction, Mr. Peterson stated, was announced
on March 23 and goes into effect April 14. This mentions
eighty-two articles which may not be imported by ship,
though is no restrictions placed on their importation from
Canada or Mexico by rail or other land transportation.
All other commodities, not on • the restricted list, he said,
may be brought in from Europe, but only through the following specified ports:
British ports—Glasgow, Liverpool, Manchester, Bristol, the Channel
ports, London, Hull, Newcastle and Leeds.
French ports—Havre, Nantes, St. Nazaire, Cette, Marseilles, Brest,
Bordeaux, and La Pallice.
Also any Spanish, Portuguese, or Sicilian port, or any
West Indian port.
This does not mean, he stated, that imports from other
European ports will not be permitted, but each separate
case will have to be taken up with the Shipping Board and
investigated before a special licnese cantbe issued. The
embargo on articles on the restricted list, after April 14, as
to all other countries of the world except European countries, Mexico, and Canada, will be absolute. That is, the
Bureau of Imports will have no authority to issue a license
for any restricted commodities for importation from South
America, Australia, or the Orient after April 14. A general order has been issued revoking all existing licenses for
[VOL. 106.
such importations. Even licenses which are for goods
from Europe have been revoked, and new licenses must be
applied for.
PRESIDENT SIGNS BILL AUTHORIZING SALE OF
ENEMY-OWNED PROPERTY, INCLUDING
HOBOKEN DOCKS.
With the signing by President Wilson on March 28 of the
Urgent Deficiency Bill, embodying two amendments to
the Trading With the Enemy Act bearing upon the disposition and control of enemy-owned property in the United
States, an important step was taken toward breaking the
financial and economic power of Germany in this country.
One of the amendments authorizes the President to take title
to the docks, piers, warehouses and terminal equipment on
the Hudson River now owned by the Notth German-Lloyd
and Hamburg-American Line steamship companies. The
other authorizes the sale by the Alien Property Custodian
of enemy-owned property under his control, but only to
citizens of the United States. To guard against such property being bought up in the interests of enemy or other aliens,
a fine of $10,000 or imprisonment for'not more than ten years
is provided, the property involved to be forfeited to the
United States. The total value of the property affected by
the two amendments is supposed to be at least a billion dollars.
The provision relating to taking over of title to the Hoboken docks and terminals reads as follows:
The President is authorized to acquire the title to the docks, piers, warehouses, wharves and terminal equipment and facilities on the Hudson
River, now owned by the North German Lloyd Dock Co. and the HamburgAmerican Line Terminal & Navigation Co., two corporations of the State
of New Jersey, if he shall deem it necessary for the national security and
defense. Provided, That if such property cannot be procured by purchase,
then the President is authorized and empowered to take over for the United
States the immediate possession and title thereof. If any such property
shall be taken over as aforesaid, the United States shall make just compensation therefor, to be determined by the President. Upon the taking over of
said property by the President, as aforesaid, the title to all such property so
taken over shall immediately vest in the United States. Provided further,
That Section 355 of the Revised Statutes of the United States shall not apply
to any expenditures herein, or hereafter authorized, in connection with the
property acquired.
The amendment authorizing the Alien Property Custodian
to sell or dispose of other enemy-owned property reads as
follows:
The fourth paragraph of Section 12 of the "Trading With the Enemy
Act," approved Oct. 6 1917, is amended to read as follows:
"The Alien Property Custodian shall be vested with all of the powers of
a common law trustee in respect of all property, other than money, which
has been or shall be or which has been or shall be required to be, conveyed,
transferred, assigned, delivered, or paid over to him in pursuance of the
provisions of this Act, and, in addition thereto, acting under the supervision
and direction of the President, and under such rules and regulations as the
President shall prescribe, shall have power to manage such property and do
any act or things in respect thereof or make any disposition thereof or of
any part thereof, by sale or otherwise, and exercise any rights or powers
which may.be or become appurtenant thereto, or to the ownership thereof,
in like manner as though he were the absolute owner thereof. Provided,
That any property sold under this Act, except when sold to the United
States, shall be sold only to American citizens, at public sale to the highest
bidder, after public advertisement of time and place of sale, which shall be
where the property or a major portion thereof is situated, unless the President, stating the reasons therefor, in the public interest, shall otherwise
determine. Provided further, That when sold at public sale, the Allen
Property Custodian upon the order of the President stating the reasons
therefor, shall have the right to reject all bids and resell such property at
public sale or otherwise as the President may direct. Any person purchasing property from the Alien Property Custodian for an undisclosed principal, or for resale to a person not a citizen of the United States, or for the
benefit of a person not a citizen of the United States, shall be guilty of a misdemeanor, and, upon conviction, shall be subject to a fine of not more than
$10,000 or imprisonment for not more than ton years, or both, and the property shall be forfeited to the United States. It shall be the duty of every
corporation incorporated within the United States and every unincorporated
association, or company, or trustee, or trustees within the United States
issuing shares or certificates representing beneficial interests to transfer
such shares or certificates upon its, his or their books into the name of the
Alien Property Custodian upon demand, accompanied by the presentation
of the certificates which represent such shares or beneficial interests. The
Alien Property Custodian shall forthwith deposit in the Treasury of the
United States, as hereinbefore provided, the proceeds of any such property
or rights so sold by him."
The legislation thus adopted is a move on the part of our
Government to attack Germany through her extensive
economic interests in this country. The information which
has come into the possession of the Government through the
activities of the Alien Property Custodian has convinced the
Administration that "German capital of the ruling class,
closely affiliated with the German Government," has secured
an undesirable hold on important American industries.
There is no intention, it is said, of "changing the character of
the ordinary investments in America of the enemy subject
residing in enemy territory," but where enemy ownership of
great industrial or commercial concerns indicates a close
affiliation with the financial and political powers in the enemy
country, it is thought desirable to bring about a change of
ownership. Under the terms of the Trading With the En-
APR. 13 1918.]
THE CHRONICLE
emy Act, the Government already had power to take over
alien property for the term of the war, but the power to sell
was limited to such cases where it was necessary to prevent
waste and protect the property. A statement made on
March 7 by A. Mitchell Palmer, the Alien Property Custodian, explained the purpose of the two amendments as follows:
The amendments to the Urgent Deficiency Bill reported by the Senate
, Committee on Appropriations are designed to give to the President the
power to purchase or otherwise acquire the title and possession of the
docks, warehouses and piers of the Hamburg-American Line and the North
German Lloyd Line at Hoboken, N. J., and also to amend the Trading
With the Enemy Act so as to give the power to the Alien Property Custodian
to sell enemy property in his hands.
This power, under the law, is restricted now to cases where it is necessary
to sell in order to prevent waste and protect the property. The proposed
amendments will largely extend this power and make it possible for the Alien
Property Custodian to convert into cash enemy interests in this country.
The Hamburg-American and North German Lloyd docks are owned by
New Jersey corporations, in which the stock is entirely enemy owned, and
has been turned over to the Alien Property Custodian, who is placing his
representatives on the boards of directors of those companies.
There is no thought or purpose of changing the character of the ordinary
Investment in America of the enemy subject residing in enemy territory.
Such investments will be continued as at present, except when necessary to
- prevent waste or protect the property, when sales may take place. If the
amendments reported by the Senate Appropriations Committee shall become law, the power of sale will only be exercised by the Allen Property
Custodian in cases similar to that of the steamship lines, where the enemy
ownership of great industrial and commercial concerns in the United
States indicates a close affiliation with the financial and political powers in
the enemy country.
1531
their respective employments, and shall not be molested in their persons,
nor shall- their houses or goods be burnt or otherwise destroyed, nor their
fields wasted by the armed force of the enemy into whose power by the
events of war they may happen to fall; but if anything is necessary to be
taken from them for the use of such armed force, the same shall be paid for
at a reasonable price.
As a general rule, treaties of amity and commerce, such as this one is,
are discontinued or terminated by war between the contracting parties,
except as to articles especially providing for the condition of war. As Article 23, above quoted, contemplates a state of war, it is regarded as in force
between the United States and Germany.
The nine months' period mentioned in Article 23 expired on Jan.6 1918,
consequently the merchants residing in either country may no longer "depart freely carrying off all of their effects," as provided in Article 23.
It will be observed that this article provides that those enemies of certain classes who remain in the United States shall not be molested in their
persons, nor have their property burned or otherwise destroyed, nor their
fields wasted by the armed force of the enemy, but that if anything is taken
from them for the use of such armed force they shall be paid for it at a reasonable price. Although it is not entirely clear, it is arguable that the provisions protect these Germans in their persons and property from the armed
forces of the United States; or from the taking of their property for the use
of armed forces, except upon compensation. If this is true, other German
property in the United States, that is, German property not subject to
molestation or destruction or "taking" for the use of armed forces, may be
dealt with in accordance with the law and practice.
Seeking still further information about the treaty with
Prussia, Senator Knox inquired if the Administration felt
that America'was discharged from its obligation under the
Treaty of 1799, which, he pointed out, expressly declared
that "neither the pretense that war dissolves all treaties
whatever shall be construed as annulling or suspending these
articles, but, that, on the contrary, a state of war is that
In the course of the debate in the Senate on March 11, precisely for which they are provided and during which they
Mr. Palmer was quoted as follows in further explanation of are to be as sacredly observed as the most acknowledged in
the law of nature and of nations." Senator Knox proceeded:
the purpose of the proposed legislation:
Since we have become acquainted with the enemy property in this country, since we have seen how the German Empire, through its financial operations, has put an industrial and commercial chain all the way across this
country and through our insular possessions, we have become thoroughly
convinced that it would be wise and proper and highly desirable at this time
If the enemy ownership in some of those properties could be permanently
taken away.
American interests in Germany are negligible compared with German interests in this country. In other words, we conceive that there ought to be
a lino drawn between the two kinds of German investments in this country.
The ordinary investment of the plain German citizen ought to be taken over
by the Alien Property Custodian and held as against the time when the
distribution of it will be made, probably in kind, to somebody under the
Act of Congress at the end of the war; but the investment in this country,
which is so close to the German Empire's control that it amounts to a part
of the German industrial and commercial hold upon America and American
insular possessions, ought to be treated a little differently.
The Hamburg-American Line is a German Empire-subsidized concern.
It is not a case of private subjects of Germany owning property over here;
It is a part of the German Empire's commercial grasp upon this continent.
•There are other concerns of a similar character in continental United States
and in our insular possessions.
Why, there is a city in this country which is a little Germany in that respect, a great industrial town where seven or eight great mills are entirely
German owned, and from some of which the American flag has never flown
until the Alien Property Custodian took over the enemy's stock and put his
own directors into those corporations.
It is a part of the German trust in that industry; there is no question about
that, and it is a very interesting question, at least, whether as an effective
weapon in the war we ought not to consider Americanizing that sort of a
'concern and putting the proceeds in cash in the Treasury of the United
States to await distribution at the end of the war.
Otherwise, I find myself in this position: I am to-day operating factories
and mills and industries all over the United States. Through my directors
representing the enemy stock, I am making chocolate in Connecticut,
rails in Pennsylvania, woolens and worsteds in New Jersey, dyes and chemicals in New York,lumber in Florida, raising sugar in Porto Rico and Hawaii,
raising tobacco in many States in the South, making beer in Chicago, lead
pencils in New Jersey, and conducting all these various kinds of businesses
and many others, most of which are making enormous profits by reason of
the very conditions for which the enemy is responsible, namely, the war conditions. If I must simply sit here holding the stock of those companies making these enormous profits out of the war, with the possibility of returning
both principal and profits to the Gorman owners at the end of the war, I
am doing a tremendous favor to the German Empire, our enemy.
The alternative would be to account for these properties as of their value
at the time I took them over, when the war broke out,sell them to American
capital, let Americans run them, separate them permanently and entirely
from German control, put the money in the Treasury, invest it in Government bonds to fight the war with, and when the war is over, if any accounting has to be made,say to those who claim an accounting:"Here is the value
of your property when the war broke out in the Treasury of the United States
in cash."
Senators Knox of Pennsylvania and Dillingham of Vermont having raised the question as to whether the United
States had the right, under the treaty of 1799 with Prussia, to seize the property of Germans, Senator Martin read
from a memorandum prepared by the State Department,which
maintained that the Unit9d States had the right to take over
any property of enemy residents in the United States, or
property here of enemies residing abroad, at the expiration of
a nine-months' period after the beginning of any hostilities
between the nations involved. The memorandum read:
The only treaty in force with Germany which might be regarded as relating to protection of German property in the United States in time of war is
Article 23 of the Treaty of 1799, which reads as follows:
If war should arise between the two countries, the merchants of either
country then residing in the other shall be allowed to remain nine months
to collect their debts and settle their affairs, and may depart freely, carrying off all their effects without molestation or hindrance; and all women
and children, scholars of every faculty, cultivators of the earth artisans,
manufacturers, and fishermen, unarmed and inhabiting uncertified towns,
villages or places, and in general all others whose occupations are for the
common subsistence and benefit of mankind, shall be allowed to continue
Now,are we discharged from the sacred obligation to observe this treaty
as we are bound to observe the law of nature and the law of nations, or
are these classes of property which it is proposed to sell under this amendment not within the terms of the treaty? It is the attitude of the Government upon those two propositions that I should like to be satisfied with before coming to a conclusionn as to how I shall vote upon this amendment.
If this Government has found, as a fact, that the German Government
has violated the law of nature and has violated the law of nations during
this war, is that a justification for us ignoring the whole treaty and does the
Government take that position? What I should like is light.
To this Senator Martin replied:
Mr. Palmer [before the Senate Appropriations Committee] distinctly
stated that he was announcing no policy for the United States in respect
to this matter; that he had no authority to announce any policy, and was
not undertaking to announce any policy for the American Government in
respect to what should be done in relation to this property at the end of hostilities.
So far as I am concerned. I cannot see the slightest particle of obligation
upon us to operate this property and make enormous profits to be accounted
for in any contingency to the German people or to the German Government
at the end of the war. I think the utmost that we could be called upon to
do would be, if we account for anything, to account for the value of the
property at the time we took it over.
It is inconceivable to my mind that we should account for it unless they
account themselves or the destruction that they have brought about, for
the havoc they have caused to the property of American citizens. I confess, Mr. President, that it will take a very strong case, a most extraordinary case to make me feel like turning over one dollar of this property at
the end of the war to the German Empire or to subjects of the German Empire.
Senator Underwood of Alabama also urged the passage
of the amendment, declaring this country had been too slow
in beginning an economic warfare on Germany. Continuing
he said:
Germany trampled the Treaty of 1799 when she fired on the American
flag on merchantmen crossing the seas. Germany insisted, as one of the
clauses of that treaty, on the right to traverse the seas unmolested. Yet
she violated that very provision herself in cruel, shameless manner. We
are fighting an autocratic Power that has spread its roots of influence into
our very industrial life here. Let us stamp it out.
For every dollar of American-owned property in Germany there is $100
of German-owned property in this country. For every dollar of American
property Junkerdom seizes in Germany, America can seize $100 of Junker
property here. We have been too slow getting into this phase of the war
against Germany. We must now fight her all along the line, and we must
extinguish every vestige of Junkerism from America forever. Let there be
no hesitancy about it.
So far as the property we have taken is concerned, I don't know if any
particle of it will ever go back to German hands. It assuredly will not until Germany has paid for the American ships she has sunk and for other
;s:.f .o
deliberate injury to American property during this war.
Senator Frelinghuysen of New Jersey opposed the provision authorizing the Government to take title to the Hoboken
docks on the ground that if the docks became Federal property the City of Hoboken would lose the revenue of $140,000
a year now received in taxes. Representative Eagan also
raised this point in the House. In referring to this phase of
the matter, Mr. Sherley, Chairman of the House Appropriations Committee, said:
This property paid annual taxes to Hoboken of $140,000 and it will not
be subject to that tax under United States ownership. This loss of revenue
to Hoboken is serious, and the committee was impressed with the argument
of the gentleman from New Jersey, Mr.Eagan,that the municipality ought
not to be thus penalized and an exception should be made in that this property differs from Government property in an ordinary sense and could and
would be used in a commercial way. But to acquiesce in this proposition
would establish a far-reaching precedent and we did not feel we could do so.
On March 18 a press dispatch from London announced that
the Spanish Ambassador and the Swiss Minister at Berlin
had been directed by the German'Foreign Office to notify
1532
THE CHRONICLE
the American Government that Germany would proceed with
measures against American property in Germany in the same
proportion as action was taken against German property in
the United States. Hitherto, it was stated in the Berlin
advices announcing this action, the German Government has
restricted itself to measures "absolutely necessary to prevent
enemy property in Germany being taken out of Germany during the war, and thereby possibly benefiting Germany's
enemies." •
Commenting on this threat from Berlin, an Associated
Press dispatch from Washington pointed out that the taking
of American property in Germany can have little practical
effect, because the balance is so overwhelmingly in favor of
the United States. Conservative estimates say there is
100 times as much German property in the United States as
there is American property in Germany. The principal
American holdings in Germany at present are said to be the
properties of the International Harvester Corporation, the
National Cash Register Co., the Singer Sewing Machine Co.
and the American Radiator Co. The holdings of the Standard Oil Co., it is said, have been gradually reduced until
they are not nearly so extensive now as they were before the
war. There are large investments of American life insurance
companies in Germany, but as these are merely required for
the security of German policyholders in these companies,
it is not thought they will be molested.
PACKAGES TO SOLDIERS IN FRANCE TO BE LIMITED
TO THOSE REQUESTED BY THEM.
According to the "Official Bulletin" of March 27, the
Post Office Department authorized the statement that at
an early date an order would be issued to the postmasters
throughout the country instructing them to receive no
parcel-post shipments for delivery to members of the American Expeditionary Forces abroad unless the articles offered
had been requested by the individual to whom they are to
be shipped and approved by his regimental or higher commander. In the meantime, until the order is issued, such
articles as are offered for shipment by parcel post to our
forces abroad will be accepted, it being the purpose of the
Post Office Department to have the order go into effect
simultaneously in every post office in the United States.
The War Department on March 27 authorized the publication of the following:
In future shipments of any articles to members of the American Expeditionary Forces abroad will be limited to those articles which have been
requested by the individual to whom same is to bd shipped, such request
having been approved by his regimental or higher commander. Parcelpost shipments will be accepted by the post office authorities, and other
shipments by express or freight companies only upon presentation of the
above-approved request in each individual case.
By order of the Secretary of War
PEYTON C. MARCH,
Major General, Acting Chief of Staff.
[VOL. 106.
Another is one which was recently held at a South Atlantic
port, after a mutiny and the removal of her crew, who were
charged with being supporters of the Bolsheviki.
SEDITION BILL PASSED BY SENATE—DRASTIC
PENALTIES FOR DISLOYAL ACTS.
The so-called Sedition Bill, amending the Espionage Act
of 1917 so as to prohibit, under penalties of twenty years'
imprisonment and $10,000 fine, language or acts of disloyalty, or obstruction of the Army draft and Liberty Loans,
was passed by the Senate on Wednesday without a record
vote. The bill, which had already been passed by the
House, now goes to conference, and final enactment is expected soon. The bill was urged by the Administration
as being necessary to enable the Government to deal with
disloyal agitators, seeking to interfere with war plans, and
to discourage loyal citizens from taking the law into their
own hands.
The bill as originally reported by the Judiciary Committee
on April 2 was drawn by Senator Walsh of Montana, and'
is said to have been a verbatum copy of a law enacted last
year by the Montana Legislature. Intense opposition at
once developed in the Senate, opponents of the measure
describing it as a "gag law" which would shut off all criticism
of the Administration and give the Government absolutely
autocratic powers over the press. To meet these criticisms
the bill was modified by inserting the word "willful" in the
provision against uttering, printing, or writing "disloyal,
profance, scurrilous, or abusive language" about the flag,
Army, Navy, or Government, and substituting "intended"
for "calculated" in the use of language put under the ban.
The bill retains, however, the broad inhibition of words
or acts which "support or favor the cause of the German
Empire or its allies . . . or oppose the cause of the
United States." It also would punish willful and "disfano, scurrilous, contemptuous, or abusive" language about
the American form of Government, Constitution, military
or naval forces, flag or uniform" and willful utterances designed to curtail production of essential war materials.
The Walsh amendment as thus modified reads as follows:
Whoever, when the United States is at war, shall willfully utter, print,
write, or publish any disloyal, profane, scurrilous, contemptuous or abusive language about the form of Government of the United States or the
soldiers or sailors of the United States, or the flag of the United States,
or the uniform of the Army or Navy of the United States, or any language
intended to bring the form of Government of the United States, or the
Constitution, or the soldiers or sailors, or the flag, or the uniform of
the United States into contempt, scorn, contumely or disrepute, or
shall utter, print, write, or publish any language calculated to incite
or inflame resistance to any duly constituted Federal or State authority in connection with the prosecution of the war, or shall display the
flag of any foreign enemy, or shall by utterance, writing, printing, publication, or language spoken, urge, incite, or advocate any curtailment
of production in this country of anything or things, product or products,
necessary or essential to the prosecution of the war in which the United
States is engaged, with intent to cripple or hinder the United States
in the prosecution of the war, and whoever shall advocate, favor, teach,
defend, or suggest the doing of any one of the acts or things in this
section enumerated and whoever shall by word or act support or favor the
cause of the German Empire or its allies in the present war or by word or
act oppose the cause of the United States therein, shall be punished by a
fine of not more than $10,000 or imprisonment for not more than twenty
years, or both.
SWEDISH AND RUSSIAN SHIPS FOR U. S.
Swedish ships to the extent of 100,000 tons are to be brought
Into the service of the United States as the result of a
temporary agreement, pending the signing of a general
agreement for the term of the war now under negotiation.
Several amendments were accepted in the course of the
This announcement was contained in an Associated Press
discussion, including one offered by Senator France of
dispatch from Washington on the 6th inst., which stated:
The War Trade Board,it became known to-day, has anticipated Sweden's Maryland, which provides that nothing in the Act shall be
fulfilment of the terms of a temporary shipping agreement, and has au- construed as
limiting or impairing the right of any individual
thorized licenses for the export to Sweden of 25,000 tons of phosphate rock
urgently needed by Swedish farmers for fertilizing purposes. The first to publish or speak what is true with good motives and for
steamer is expected to sail soon.
justifiable ends.
The Board also has given favorable consideration to a Swedish suggesAnother provides that Federal employees found to have
tion that Swedish ships should be bunkered and permitted to sail to Chili
uttered disloyal or unpatriotic language may be dismissed
for 20,000 tons of saltpetre. •
The temporary agreement provides that promised supplies from this summarily by any official clothed with the right to desigside shall not be released until the charters are signed for the entire 100,000
tons of shipping which Sweden for its part is to furnish. Part of the char- nate or appoint their successors.
The latter amendment was offered by Senator Jones of
ters still remain to be signed.
The terms of a general agreement for the duration of the war, now under New Mexico as a substitute for one drawn by Senator Pennegotiation with Sweden, are regarded here as decidedly fair and liberal
to Sweden. They provide for adequate supplies of cereals, fats, and other rose of Pennisylvania, which would have disqualified from
foodstuffs, coffee, tea, and spices, cotton and wool, leather, and tanning holding public office, appointive officers and clerks guilty
materials, fertilizers, binder twine for the harvest, and other necessities
of making, or of having in the past made, disloyal statewhich Sweden is obliged to import, and for the bunkers necessary to move
ments reflecting upon the Constitution or the American
the ship with these supplies.
It was also announced on April 5, though without official form of Government. Senator Penrose's proposed amendconfirmation, that the United States had requisitioned a ment was palpably aimed at George Creel, Chairman'roathe
number of Russian vessels. The vessels are those which Bureau of Publicity, who was bitterly assailed by Senator
were detained in American ports when the existing Russian Penrose and others on account of various radical articles
Government came into power. They will continue to fly and editorials written several years ago. SenatoriJones'
the Russian flag and carry supplies to France. It is under- substitute is not retroactive.
Senator Lodge, after he and other Senators had denounced
stood they will be operated by the Russian volunteer fleet,
which, representing the former Russian Government in the alleged disloyal publications in the German-Americanbress
United States, is still intact. Some of the vessels are on the withdrew his amendment prohibiting German language pubPacific Coast and will be brought to the Atlantic Coast. lication unless paralleled by English translations. Senator
APR. 13 19181
THE CHRONICLE
1533
Nelson, of Minnesota, opposed the amendment, declaring it I. W. W. LEADERS ON TRIAL FOR INTERFERING
WITH WAR WORK.
an "insult" to loyal Americans of German blood. Senator
Borah, of Idaho, did not press an amendment he had ofOver a hundred leaders and organizers of the Industrial
fered to repeal the Postmaster-General's press censorship Workers of the World were placed on trial on April 1 before
authority conferred in the original Espionage Act.
Judge Landis in the Federal Court at Chicago, charged with
conspiracy to disrupt the Government's war program. A
total of 165 men and one woman were named in the true
ALIEN ENEMIES MADE AMENABLE
WOMEN
• bill returned by the September Grand Jury, but forty have
UNDER ESPIONAGE ACT.
capture, cases against ten have been dismissed, and
The Senate on March 29 passed a bill, previously adopted escaped
three, including one woman, Elizabeth Gurley Flynn, of
(Mar.4)amending the Espionage Law to make it
bylthe House,
York, have been granted separate trials.
applicable to enemy alien women as well as the men. En- New
The Government's charges comprise sabotage, including
had been urged by officials of the
actment of this legislation
down of production and the wanton spoiling
Department of Justice, whose investigation of enemy ac- the slowing
delay the output of
this country has disclosed the fact that many women of material; propaganda for strikes to
tivity in
war munitions, and covert intrigue against military service.
agents of Germany are at work here. Under the law women
The trial, upon the outcome of which is declared to hang
would be required to register with the authorities and those
the fate of the syndicalist movement in the United States,
be interned.
regarded as dangerous would
may last for six months, in the opinion of Federal officials.
The men on trial include William D.("Big Bill") Haywood,
SABOTAGE BILL SENT BACK TO CONFERENCE— the General Secretary-Treasurer of the I. W. W. and a
SENATE REJECTS CLAUSE.PERMITTING STRIKES. leader in radical movements for the last quarter of a century;
By a vote of 34 to 25 the Senate on Thursday rejected and Vincent St. John, his predecessor in office, once active
the report of the Conference Committee on the Sabotage in organizing the miners. The case against Arturo GiovanBill, because there was included in the report a clause which nitti, a leader of the I. W. W.strike at Lawrence, Mass.,
would have exempted labor strikes from the provisions of was dismissed.
On April 6 Judge Landis discussed the entire venire called
the bill. The measure will go back to conference, with the
chances, it is said, favoring the adoption by the conferees in the trial, after a number of prospective jurors had testified
of the Senate's viewpoint.
that they had been approached by agents of the organization
The Sabotage Bill was passed by the House dn March 6, relative to their views on Socialism and the I. W. W. The
after a determined effort had been made by Representative trial was postponed until April 15, and another panel of
Cannon of Illinois and others to include a section prohibiting 100 veniremen was called for that time. In dismissing the
all strikes in war time. The amendment was defeated, verniremen Judge Landis said:
however, and the labor forces succeeded in securing the
This does not appear to be other than a systematic campaign and I
don't like it. I don't want a jury of this kind. It is perfectly proper for
adoption instead of a clause providing:—
the jurors,
Nothing herein contained shall be construed as making it unlawful the litigant to make an investigation ofto approachbut this is beyond the
the juror, directly or
limit. For
agent of the defendant
for the employers to agree together to stop work or not to enter thereon
with the sole and bona fide purpose of securing better wages or conditions
of employment.
an
indirectly, is the same as the defendant himself trying to influence the juror.
In view of the evidence I must dismiss the entire panel.
It is this provision which the Senate now insists shall be
eliminated.
Penalties of thirty years' imprisonment and $10,000 fine
are provided in the bill, which was greatly broadened in
scope both by the House and the conferees, for acts which
actually or are intended or which "there is reason to believe"
are intended to injure or destroy war material and utilities.
The latter include arms, munitions, livestock, clothing, food
supplies, railroads, electric lines, canals, engines, machines,
vehicles, vessels, dams, reservoirs, acqueducts, water and
gas pipes, structures, electric, wireless, telegraph and telephone plants and "all other articles intended to be used
by the United States or any associate nation in connection
with the conduct of the war." The legislation also penalizes
wilful manufacture of defective war materials, including
their ingredients.
While the organization is not mentioned the bill is known
to be aimed particularly at the Industrial Workers of the
World. Constant delays in the production of lumber for
shipbuilding and aircraft production caused President
Wilson to appoint a special commission to investigate labor
conditions on the Pacific Coast. The report of that commission to the Senate Committee on Military Affairs, is
said to have startled the members. After the stories of
deliberate tie-ups of the lumbering operations in the great
spruce forests had been told, Senator Thomas, of Colorado,
rose in wrath and exlaimed: "There is only one way to meet
this treason. For my part, I would advise that every member of the I. W. W. be stood up against a wall and shot.
That would speed up our national war making more than
any other action of the Government."
A large number of leaders and organizers of the I. W. W.
have since been arrested and placed on trial for conspiracy
to hinder the war preparations of the Government.
The Department of Justice, it was announced, will inquire
into the activities of the Socialists and others who questioned
veniremen.
EDITORS OF PHILADELPHIA "TAGEBLATT" ACQUITTED ON TREASON CHARGE.
Louis Werner, editor-in-chief, and Martin Darkow,
managing editor, of the Philadelphia "Tageblatt," who
were tried for treason in the U. S. District Court at Philadelphia on account of articles published in their paper, were
acquitted upon instructions to the jury from Judge Dickinson on March 26. The Court declared that while the publication of the articles complained of might be sufficient to
disclose the state of mind of the defendants as being in sympathy with Germany, the second element necessary to sustain the charge of treason—proof that aid and comfort had
been given, or was intended to be given, to an enemy of this
country—was lacking in the Government's case, and therefore, under the law, a conviction could not be sustained.
Another indictment charging the same two defendants,
together with Peter Schaefer, President; Paul Vogel, Treasurer, and Herman Lemke, business manager of the "Tageblatt," with violating the Apionage law, in distorting news
for the purpose of obstructing enlistment in the army and
navy, and conspiracy to interfere with the selective conscription law, will be tried at the June term of court.
The case against the men grew out of charges that they
wrote and printed savage editorials attacking this Government for entering the war against Germany and printed
caustic comments upon the fighting ability of America's
forces. The indictment of the editors followed a raid made
on the offices of the "Tageblatt" and of its Sunday edition,
the "Sontagsblatt," by Department of Justice agents.
Technically the treason charge was based upon the Government's assertion that the defendants gave aid and comfort
PASSED BY NEW YORK STATE to the enemy, and the overt acts charged consisted of the
SABOTAGE IBILL
publishing and circulating of the issues of the newspapers
LEGISLATURE.
prison terms of from five to containing the alleged seditious articles and editorials.
The Sage bill, providing
twenty-five years for malicious interference with the GovernCOMMITTEE OF AERONAUTICAL SOCIETY IN
ment's war plans,was passed on April 11 by the New York
CRITICISM OF GOVERNMENT AIRPLANE
State Assembly and sent to the Governor for his approval.
STATEMENTS.
Damage or destruction of military or naval stores, the buildA report characterizing as untrustworthy practically all
ings in which they are housed or manufactured, machinery
used in their manufacture or the operation of buildings the statements of officers of the U. S. Government with
in which they are manufactured, or of any transportation regard to the country's airplane program was made publio
machinery, is made a felony by the bill. The bill was by the Aeronautical Society of America at a meeting on the
4th inst. The report was prepared by the society's special
introduced on April 6 and rushed through both houses.
•
1534
THE CHRONICLE
Investigating Committee, the Chairman of which is Leon
Cammen, Vice-President of the society, and A:: ociate Edi
ngineers
tor for the American Society of Mechanical
•,
Mr. Cammen was associated on the committee wit.
A. Hill, formerly President of the society, and Ch
.
Howell, Vice-President of the society and General
of the Sun Typewriter Co. The committee was appointed
in August 1917. In summarizing its conclusins the committee said:
Briefly, the committee came to the conclusion that:
1. Practically all statements issued by the officers of the Government
with respect to the execution of the aircraft program must be absolutely
neglected as being untrustworthy, as representing the situation in a misleading and over-optimistic manner, and as sometimes containing matter
indicating the technical ignorance of those who compose such statements.
2. That the very vigorous censorship over all matters connected with
the execution of the aircraft program has been of no military value whatsoever, as it failed to conceal from the enemy that which ought to have
been concealed, and at the same time precluded effective co-operation
with the Government on behalf of the American engineering profession.
In fact, the committee ventures to express its conviction that the only
purpose of the rigor of the censorship was to preclude the country from
finding out the character of the official statements.
3. That accidents in training, while not perhaps excessively numerous,
have been of such a nature as to indicate that in part they were preventable,
and again in part were due to improper organization of flying and improper
handling of machines.
4. The•recruiting of men for the flying and non-flying services has been
such as to create a vast amount of uncertainty in the minds of our young
people, and has been lately entirely discontinued, with the grave possibility
that men who would make first class fliers are being deflected into other
classes of service where they may not be as useful and are lost to the aircraft service.
5.• The state of research in the country is such that at the time when the
enemy is bending every effort toward producing better, faster, and bigger
machines, the American inventive genius is left unutilized, with the result
that delays occur through ignorance of conditions, and no improvements are
made either in the planes now being produced or in those which may be expected to be produced for the program of 1919. In other words, even
the program of next year is imperiled unless steps are radically taken to
combat this evil.
6. The production of the fighting 'planes for the front is lagging through
lack of co-operation between the engineering, procurement and production
departments, which is duo to their failure to understand how a vast production of aeroplanes should be organized.
7. The entire system of production is such that delays will grow with the
rate of production,and the program lacks flexibility to such an extent that
no really large production from this country can be expected unless the entire system is basically changed.
8. The Liberty motor is doubtless a good design basically, but has been
largely discredited by exaggerated claims and untrue reports about its
performance made by high officials of the Government. The production of
the motor has been delayed in a useless and unnecessary manner, and the
details of its design cannot be considered to be definitely established even
now. From all information available, it appears further that while the
low-compression, low-altitude type may be considered as being developed
to such an extent that with proper effort it could be turned over to standardized production in a few weeks, the development of the more important
high-altitude type is still in its infancy. It is progressing at a discouragingly
slow rate, mainly because to conceal the exaggerations made in the early
reports, the officials concerned therein do not dare to state the present true
situation, and thereby to secure the co-operation of men who could be of service.
9. On the whole, it appears that less than 5% of the production facilities
Of the country are utilized, and those facilities which are utilized have been
in many cases neither properly selected nor handled in a manner conducive
to the highest efficiency of production.
DR. CARL BUENZ MUST SERVE HIS PRISON TERM.
Judge Howe, in the U. S. bistriet Court announced on
April 8, at the close of an inquiry into the physical condition
of Dr. Karl Buenz, that he would send a recommendation to
Attorney-General Gregory that the defendant should be sent
to the Atlanta Penitentiary to serve his term of 18 months
on the conviction of violating the United States laws in
connection with a conspiracy to send supplies to German
raiders then operating in the Atlantic. Sentence was imposed upon Dr. Buenz nearly two years ago, but he had been
allowed his liberty on the testimony of physicians that because of his age and physical infirmity it would likely prove
fatal if he were sent to prison.
EDWARD R. STETTINIUS AND F. P. KEPPEL NAMED
AS ASSISTANT SECRETARIES OF WAR.
Edward R. Stettinius, Surveyor-General of Purchases and
Supplies of the War Department, was appointed by President
Wilson on April 6 as Second Assistant Secretary of War;
the appointment was confirmed by the Senate on the 8th
inst. Frederick P. Koppel was on the 6th named as Third
Assistant Secretary of War; the Senate Committee on Military Affairs unanimously recommended confirmation of this
appointment yesterday (April 12).
WEBB BILL, PERMITTING COMBINATIONS IN
EXPORT TRADE, BECOMES LAW.
The Webb Bill, designed to promote export trade by permitting American exporters to form combinations for
foreign business, was signed by President Wilson on April 11.
The bill had been passed by the House on June 13 1917,
[Vol.. 106.
while the Senate passed it on Dec. 12 1917. The slight
differences between the two bills were adjusted in conference
and the conference agreement was reported to the House by
Chairman Webb of the Judiciary Committee on April 2.
Both the Senate and the House agreed to the conference
report on April 6. In permitting combinations of exporters
in extending their foreign trade, the new law places these
concerns on an equal footing with European competitors.
The Act specifically exempts such combinations from the
provisions of the Sherman and Clayton anti-trust laws; so
far as the United States is concerned, the new law forbids
these combinations from operating in any manner that
would stifle competition or restrain trade. Exporters' associations under the newly enacted legislation are made subject
to strict supervision of the Federal Trade Commission, which
is given power to prosecute those guilty of unfair practices.
The following is the text of the Webb Bill as enacted into law:
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, that the words "export trade" wherever
used in this Act mean solely trade or commerce in goods, wares, or merchandise exported, or in the course of being exported from the United States
or any Territory thereof to any foreign nation; but the words "export
trade" shall not be deemed to include the production, manufacture, or
selling for consumption or for resale, within the United States or any
Territory thereof, of such goods, wares, or merchandise, or any act in the
course of such production, manufacture, or selling for consumption or
resale.
That the words "trade within the United States" wherever used in this
Act mean trade or commerce among the several States or in any Territory
of the United States, or in the District of Columbia, or between any such
Territory and another, or between any such Territory or Territories and
any State or States or the District of Columbia, or between the District of
Columbia and any State or States.
That the word "association" wherever used in this Act means any corporation or combination, by contract or otherwise, of two or more persons,
partnerships, or corporations.
Section 2. That nothing contained in the Act entitled "an Act to protect trade and commerce against unlawful restraints and monopolies,"
approved July 2 1890, shall be construed as declaring to be illegal an association entered into for the sole purpose of engaging in export trade and
actually engaged solely in such export trade, or an agreement made or
act done in the course of export trade by such association, provided such
association, agreement, or act is not in restraint of trade within the United
States, and is not in restraint of the export trade of any domestic competitor
of such association: And provided further, That such association does not,
either in the United States or elsewhere, enter into any agreement, understanding, or conspiracy, or do any act which artificially or intentionally
enhances or depresses prices within the United States of commodities of
the class exported by such association, or which substantially lessens competition within the United States or otherwise restrains trade therein.
Section 3. That nothing contained in Section 7 of the Act entitled "An
Act to supplement existing laws against unlawful restraints and monopolies,
and for other purposes," approved Oct. 15 1014, shall be construed to
forbid the acquisition or ownership by any corporation of the whole or any
part of the stock or other capital of any corporation organized solely for
the purpose of engaging in export trade, and actually engaged solely in
such export trade, unless the effect of such acquisition or ownership may
be to restrain trade or substantially lessen competition with the United
States.
Section 4. That the prohibition against "unfair methods of competition"
and the remedies provided for enforcing said prohibition contained in the
Act entitled "An Act to create a Federal Trade Commission, to define its
powers and duties, and for other purposes," approved Sept. 26 1914, shall
be construed as extending to unfair methods of competition used in export
trade against competitors engaged in export trade, even though the acts
constituting such unfair methods are done without the territorial jurisdiction of the United States.
Section 5. That every association now engaged solely in export trade,
within 60 days after the passage of this Act, and every association entered
into hereafter which engages solely in export trade, within 30 days after
its creation, shall fibo with the Federal Trade Commission a verified written
statement setting forth the location of its offices or places of business and
the names and addresses of all its officers and of all its stockholders or
members, and if a corporation, a copy of its certificate or articles of incorporation and by-laws, and if unincorporated, a copy of its articles or contract of association, and on tho first day of January of each year thereafter
it shall make a like statement of the location of its offices or places of
business and the names and addresses of all its officers and of all its stockholders or members and of all amendments to and changes in its articles
or certificate of incorporation or in its articles or contract of association.
It shall also furnish to the Commission such information as the Commission
may require as to its organization, business, conduct, practices, management and relation to other associations, corporations, partnerships and Individuals. Any association which shall fail so to do shall not have the
bnofit of the provisons of Section 2 and Section 3 of this Act, and it shall
also forfeit to the United States the sum of $100 for each and every day
of the continuance of such failure, which forfeiture shall be payable into the
Treasury of the United States, and shall be recoverable in a civil suit in
the name of the United States brought in the district where the association
has its principal office, or in any district in which it shall do business. It
shall be the duty of the various district attorneys, under the direction of
the Attorney-General of the United States, to prosecute for the recovery
of the forfeiture. The costs and expenses of such prosecution shall be
paid out of the appropriation for the expenses of the courts of the United
States.
Whenever the Federal Trade Commission shall have reason to believe
that an association or any agreement made or act done by such association
is in restraint of trade within the United States or in restraint of the export
trade of any domestic competitor of such association, or that an association
either in the United States or elsewhere has entered into any agreement, or
understanding, or conspiracy, or done any act which artificially enhances
or depresses prices within tho United States or commodities of the class
exported by such association, or substantially lessens competition within
the United States or otherwise restrains trade therein, it shall summon
such association, its officers, and agents to appear before it, and thereafter
conduct an investigation into the alleged violations of law. Upon investigation, if it shall conclude that the law has been violated, it may make to
such association recommendations for the readjustment of its business, in
order that it may thereafter maintain its organization and management
APR. 13 1918.]
THE CHRONICLE
1535
and conduct its business in accordance with law. If such association fails
to comply with the recommendations of the Federal Trade Commission,
said Commission shall refer its findings and recommendations to the
Attorney-General of the United States for such action thereon as he may
deem proper.
For the purpose of enforcing these provisions the Federal Trade Commission shall have all the powers, so far as applicable, given it in "an Act to
create a Federal Trade Commission, to define its powers and duties, and
for other purposes." Approved April 11 1018.
and included in the appropriate accounts as heretofore. At the end of
each month the total of "lap over" credit items shall be charged to an unadjusted debit account styled "Revenue prior to Jan. 1 1918," and credited
to a deferred liability account styled "(Name of corporation)—Revenue
prior to Jan. 1 1918." The total of"lap over" debit items shall be credited
to an unadjusted credit account styled "Expense prior to Jan. 1 1918," and
charged to a deferred asset account styled "(Name ofcorporation)—Expense
prior to Jan. 1 1918." Operating revenues which have been accrued currently in accordance with the established practice of the carrier shall be
considered as current revenues and not as "lap-over" items.
REGULATIONS GOVERNING ACCOUNTING FOR RAILROADS DURING FEDERAL CONTROL.
The rules and regulations which are to govern the recording
of and accounting for railroad financial transactions arising
during Federal control were issued under date of April 3 by
Director-General McAdoo,and have since been made public,
as follows:
Accounts with Government.
(10) The accounts between the United States Government and the corporation, for which provision is made herein, shall be adjusted in such
manner as may be hereafter agreed upon.
(11) Inquiries as to the interpreeation and application of the provisions
of this order and the procedure to be observed under its requirements shall
be addressed to the Director of Public Service and Accounting.
W. G. McADOO. Director-General of Railroads.
UNITED STATES RAILROAD ADMINISTRATION.
Office of the Director-General.
DIRECTOR-GENERAL McADOO ORDERS CONSOLIDAWashington, April 3 1918.
General Order No. 17.
TION OF CERTAIN RAILROAD OFFICES.
To Chief Executive Officers of Carriers subject to Federal control:
Instructions for the consolidation of all city offices of
It is hereby ordered that the following rules and regulations shall be observed and shall govern the recording of and accounting for all transactions railroads were issued by Director-General McAdoo on the
which arise during Federal control:
9th inst., as follows:
(1) For accounting purposes Federal control began as of Jan. 1 1918.
Director-General of Railroads McAdoo has issued the following instrucImmediate steps shall be taken by each carrier subject thereto, to open new tions to the regional directors:
and separate books of accounts, such as cash books, general and subsidiary
1. Discontinue the separate city freight or passenger offices where the
ledgers and journals and all supporting and subsidiary books and records public may be adequately served at the depot.
•
incident thereto, upon which shall be recorded transactions which arise
2. Consolidate or group all city ticket offices, placing the union office in
under and are incident to Federal control on and after Jan. 1 1918. Such convenient location where rental is reasonable, providing sufficient space
books shall be designated and are hereinafter referred to as "Federal books." to properly accommodate the public.
3. Cancel all arrangements with tourists or other similar agencies for
Transfer of Accounts.
solicitation of passengers or sale of tickets.
(2) The totals of the accounts "Cash," "Demand loans and deposits,"
4. Discontinue all off-lino traffic offices.
and "Time drafts and deposits" appearing on the corporation's books as of
5. Employees released as result of above to be assigned to other duties to
Dec. 311017 shall be transferred to the Federal books, debited to accounts
the extent possible. Some now employed in off-line offices will be needed
of the same titles, and credited to a deferred liability account styled "(Name
by local line to strengthen its traffic forces in order to properly care for the
of corporation)—Cash—Dec. 31 1917." On the corporate books the
amounts of such balances should be transferred to a deferred asset account additional work which will result from the above changes.
6. The functions and services formerly performed by the off-line offices in
style--"U. S. Government—Cash—Dec. 311917." All cash transactions
subsequent to Dec. 31 1917, relating to operations prior or subsequent protecting the needs of the public will be incorporated in the offices of the
thereto, shall be recorded in the Federal cash book opened as of Jan. 11918. initial lines.
Separate off-line traffic offices were created by the various transportation
(3) The total of account "Net balance receivable from agents and conductors" appearing on the corporation's books as of Dec. 31 1917 shall be Interests on account of existing keen competition for passenger and freight
traffic, and were practically headquarters for soliciting agents who were
transferred to the Federal books, debited to an account of the same title,
and credited to a deferred liability account styled "(Name of corporation) stationed in all commercial districts for the purpose of protecting the in—Agents' and conductors' balances—Dec. 31 1917." On the corporate terests of the carriers by whom they are employed. Now there is no
competition, which eliminates need for solicitation by the individual
books the amount of such balances should be transferred to a deferred
carriers. The policy is one of efficiency with all possible retrenchment and
asset account styled "U. S. Government—Agents' and conductors' baleconomy consistent with protecting the best interests of the public.
ances—Dec. 31 1917."
The employees released from their present duties as a result of this are
(4) The total of account "Materials and supplies" appearing on the cor- to be
assigned to other duties as far as possible with the same road. Some
poration's books as of Dec.31 1917 shall be transferred to the Federal books, now
employed in off-line offices will be needed by the local lines to strengthdebited to an account of the same title, and credited to a deferred liability en
other
account styled "(Name of corporation)—Materials and supplies—Dec. 31 upon thetraffic forces to properly take care of the additional work entailed
initial lines on account of this change. In making this readjust1917." On the corporate books the amount of such balance should be ment
it is intended to work as little hardship as possible upon the employees
transferred to a deferred asset account styled "U.S. Government—Material
concerned. Many of these men have been in the service of their respective
and supplies—Dec. 31 1917."
lines for long periods and their railroad insurance and pension rights will be
(5) In addition to the assets above specified, there shall be likewise transferred to the Federal books and similarly recorded thereon such other protected.
No community will be deprived of adequate sources of information and
working assets of the corporation as may be mutually agreed upon.
advice as to matters connected with passenger and freight service. It will
(6) There shall be currently entered upon such Federal books, in the
be a necessity for the lines directly serving each locality to see that their
manner and under the rules and regulations prescribed by the Inter-State
offices are manned and equipped to furnish the needed information and
Commerce Commission or which may hereafter be prescribed, all transacadvice. This to include the issuance of through bills of lading, quotation
tions involving revenues, expenses, taxes and rentals, and other items.
of rates, passing reports of cars en route, advice to prospective passengers,
corresponding to those which constitute the basis upon which the standard
and all other necessary information heretofore furnished by the off-line
return to the carrier shall be determined. Such entries shall include corresponding assets and liabilities and the cash settlement thereof; also all offices.
transactions involving materials and supplies subsequnet to Dec. 311917.
Cash Receipts and Disbursements.
(7) Transactions of the corporation, including those arising out of cash GOVERNORS ASKED BY DIRECTOR-GENERAL McADOO
receipts or disbursements, which do not affect or which do not enter into
TO SEE THAT STATE TAX ON ROADS BE LIGHT.
and form a part of those used in determining the basis of standard return,
In a letter addressed to the Governors of all the States
such as interest and dividends received or paid, miscellaneous rents, and
other similar corporate transactions, including additions and betterments, Director-General McAdoo has asked their co-operation in
shall not be recorded on or passed through such Federal books unless such
transactions be negotiated and conducted for account of the corporation seeing "that the tax burden on the railroads be made as
by or under the direction of the Director-General. Where such income light as is consistent.with the necessities of your State and
transactions are negotiated and conducted by or under the direction of the its subdivisions." The letter, dated March 29, was made
Director-General the transactions shall be recorded on the Federal books
but credited or charged to an account to be opened, styled "(Name of co- public April 3. We give it herewith:
poration)—corporate income transactions." Concurrently, corresponding
Washington, D. C., March 29 1918.
My Dear Governor: I write to ask your co-operation and the co-operaentries should be made on the corporate books charging or crediting the
accounts proscribed by the Inter-State Commerce Commission or which tion of all departments of the government of your State, and of all submay hereafter be prescribed, the offset being in an account styled "U. S. divisions of the State, to see that in the imposition of taxes and in the assessGovernment—corporate income transactions." Where additions and bet- ment of property for taxation, most careful consideration shall be given
terments are made by or under the direction of the Director-General, the to the fact that all State, county and city taxes lawfully and reasonably
expenditures shall be charged on the Federal books to a deferred asset imposed upon railroads will be borne by the Government of the United
account "(Name of corporation)—additions and betterments." Concur- States during the period of Federal control of railroads; and therfore to see
rently, entries should be made on the corporate books, charging the ap- that the tax burden on the railroads be made as light as is consistent with
propriate accounts and crediting a deferred liability account "U. S. Gov- the necessities of your State and its subsdivisions.
In this respect an entirely new condition exists. Heretofore railroad
ernment—additions and betterments."
taxes have been paid entirely by the private owners of the railroads, but
Balances and Liabilities.
now those taxes will be paid by the Government of the United,States be(8) Current or operating assets, other than those proscribed in para- cause the railroads have been taken over by the Government as a war
graphs (2), (3), (4) and (5) hereof, such as balances due from individuals measure and in order to insure the better conduct of war operations.
and companies, and liabilities, such as vouchers, pay-rolls, &c., which were Manifestly, in such circumstances, the imposition of unnecessary State
due to or by the corporation as of Dec. 311917, shall not be transferred in and local taxation on the railroads will be a distinct impediment to the
detail to the Federal books, but as and when such assets are collected or the carrying on of the war and an added burden upon the
Government.
liabilities are paid, they shall be credited or debited, as the case may be,
Because of the war conditions it has become apparent that every unneceson the Federal books to a deferred liability account styled "(Name of cor- sary absorption of money, material and labor should be avoided to the end
poration)—assets, Dec. 311917, collected," or to a deferred asset account that money, material and labor shall be applied to those things which are
"(Name of corporation)—liabilities, Dec. 31 1917, paid." There should needed to carry the war to a successful conclusion. This applies to governbe concurrently made, on the coporate books, corresponding entries mental activities as well as private activities, and I earnestly hope that the
debiting and crediting the United States Government with assets collected Government of the United States will have the full co-operation of your
and liabilities paid.
State and of all its subdivisions in avoiding all public expenditures which are
(9) Transactions relating to operations, as defined in paragraph (6) not absolutely necessary. This will incidentally make the tax burden less
hereof, if not previously accrued, shall be included in and shall form a part than it would otherwise be, but principally it will
save for necessary war
of the operating results of each carrier regardless of the date thereof. Items purposes great amounts of money, material and labor sorely needed for
clearly applicable to the period prior to Jan. 1 1918 commonly called those purposes.
"lap overs," shall be ascertained currently, set up on the Federal books,
W. G. McADOO.
1536
THE CHRONICLE
DIRECTOR-GENERAL McADOO'S ORDER FIXING PLACE
OF TRIAL OF ACTIONS AGAINST RAILROADS.
All suits against railroads while under Federal control
must be brought in the county or district where the plaintiff
resides or where the cause of action arose, according to an
order issued by Director-General McAdoo on the 9th inst.
We quote the same herewith:
Washington, April 9 1918.
(General Order No. 18.1
Whereas the Act of Congress approved March 21 1918, entitled "An Act
to provide for the operation of transportation systems while under Federal
control," provides (Section 10), "That carriers while under Federal control
shall be subject to all laws and liabil1ti4s as common carriers, whether arising under State or Federal laws or at common law, except in so far as may
be inconsistent with the provisions of this Act or with any order of the
.
President, * * 5 But no process, mesno or final, shall be levied
against any property under such Federal control"; and
Whereas, It appears that suits against the carriers for personal injuries,
freight, and damage claims are being brought in States and jurisdictions
far remote from the place wherb plaintiffs reside or where the cause of action
arose; the effect thereof being that men operatitig the trains engaged in
hauling war materials, troops, munitions, or supplies, are required to leave
their trains and attend court as witnesses, and travel sometimes for hundreds of miles from their work, necessitating absence from their trains for
days and sometimes for a week or more; which practice is highly prejudicial
to the just interests of the Government and seriously interferes with the
physical operation of the railroads; and the practice of suing in remote
jurisdictions is not necessary for the protection of the rights or the just
interests of plaintiffs;
It is therefore ordered, That all suits against carriers while under Federal
control must be brought in the county or district whore the plaintiff resides,
or in the county or district where the cause of action arose.
W. G. McADOO, Director-General of Railroads
that ancient building, Fraunces Tavern, and its dedication is a historic
monument to serve as a continual reminder of the patriotic times with
with
which it was associated, and of the events in our country's history
hold
which it is connected. It is particularly appropriate that we should
in the days preceding the revolution at a
our celebration in this place, for,
time when the British Parliament was renewing its efforts to tax the colonies
and the colonies had raised a storm of protest throughout the land, the
merchants of this city assembled in the 'Long Room' of Fraunces Tavern
and
in anxious deliberation over the crisis then impending, and then
there, on April 5 1768, founded the New York Chamber of Commerce; and
organizafrom that date to this, in every crisis of our country's history, that
our
tion has shown that among the liberal and enlightened business men of
of commercialism is but the handmaid of
great great metropolis, the spirit
the spirit of patriotism."
Another tie that binds the two associations is that John Austin Stevens,
founder
for many years the distinguished Secretary of the Chamber, was the
of the Sons of the Revolution on Washington's Birthday, 1876, and labored
In season and out until the formal organization of the society in December •
1883.
Hence, it seemed most appropriate that the present owners of this historic
landmark should present some memento to this venerable organization of
merchants, the Chamber of Commerce of the State of New York, which
was founded within its walls 150 years ago to-day. Accordingly at the meeting of the board of managers of the Sons of the Revolution in the State of
New York, held on Monday, March 25, It was unanimously resolved:
"That the President of the society be requested to have a gavel made from
one of the original beams of Fraunces Tavern, to be suitably inscribed
and presented by him on April 5 1918, on behalf of the society to the
Chamber of Commerce of the State of New York."
well as
Mr. President, pursuant to this action, I now have the honor, as
of the
the extreme pleasure, of handing you this gavel made from one
the year
original hand-hewn oak beams of the tavern, taken from it in
of some
1890, when alterations on the first floor necessitated the'removal
NEW YORK SENATE PASSES DRASTIC BILL FOR
TAXING PERSONAL PROPERTY IN NEW YORK CITY.
The New York State Senate on Thursday (Apr. 11), by
a vote of 35 to 7,passed a bill introduced by Senator Boylan
(No. 1534) which, if it should become a law, would make
taxable much personal property in the City of New York
that is now exempt of paying special taxes. The bill provides that the tax rate on real estate shall not exceed 20
mills ($2 per $100) to become effective Jan. 1 1920; and that
personal property shall pay $1 10 without deductions or
exemptions of any kind except in the nature of a contract
between the Federal, State and City Governments and the
owner of the property.
There are a few exceptions in the bill as amended, that
exclude savings banks deposits, shares of stock, and holdings
of insurance companies. The personal property that clearly
would become taxable includes real estate mortgages, securities on which the investment tax has been paid, property
of corporations now exempt by reason of paying the state
income tax enacted last year or other special State taxes,
vessels engaged in ocean commerce, which are now exempt,
and probably all the holdings of banks and trust companies.
The above bill takes the place of the six measures referred
to and at length in these columns last week, which were
introduced in the Legislature on March 20 at the request of
President Cantor of the Tax Department of the City of
New York. Important among these was a bill advocated
very strongly by City Comptroller Craig, providing for a
"listing system" of personal property for New York City,
with an amendment limiting the rate on such personal
property as assessed to 11 mills ($1 10 per $100).
150TH ANNIVERSARY OF FOUNDING OF NEW YORK
CHAMBER OF COMMERCE.
The 150th anniversary of the founding of the Chamber of
Commerce of the State of New York, celebrated at a meeting
•on April 5, attended by members and guests to the number
of nearly 800, was made memorable by the presentation to
the Chamber of a silver mounted gavel made from one of
the original beams in Fraunces Tavern, where the organization had its inception. The presentation was made on
behalf of the Sons of the Revolution, by Robert Olyphant
who in his address said:
In the year 1700, Stephen Delancey purchased the land on the southeast
corner of Broad and Dock Streets, now Broad and Pearl, upon which
Fraunces Tavern stands. The present building was finished in 1719.
Used as a private residence, and later as a business building, it was
bought by Samuel Francis in 1762, and he there opened the Queen's Head
the management of
Tavern. Later Mr. Francis seems to have given up .
the tavern, returning to it toward the close of the Revolutionary War
(I think Mr. Francis during that time was General Washington's major
demo), after which he signed himself Samuel Fraunces, from which the
present name of the tavern is derived.
On July 30 1904, the Sons of the Revolution in the State of New York
took title to the property, being enabled so to do by the munificent bequest
of Frederick Samuel Tallmadg, their latQPresident, and on Dec. 4 1907,
the restored tavern was duly dedicated. The ceremonies, through the
courtesy of Mr. J. Edward Simmons, at that time the President of the
Chamber of Commerce, took place in this room. Mr. Edmund Wetmore,
who was then the President of the Sons of the Revolution, in his address
on that occasion said: "We have assembled to celebrate the restoration of
(VoL. 106.
of the beams.
Eugene H. Outerbridge, President of the Chamber, made
the speech of acceptance, saying:
It gives me very great pleasure on behalf of the Chamber of Commerce
to receive from you this gift from the Society of the Sons of the Revolution.
The members of the Chamber will deeply appreciate the thoughtfulness
hero
and good will which prompted your society to link this great meeting
primitto-day with those early organization meetings of our forebears in the
ive and simple but substantial surroundings in Fraunces Tavern.
But it
It is a historical incident of great interest in this celebration.
still
seems to me that it is also significant for us to-day of something of
so
deeper moment. This ancient oaken beam, which your society has
the very room
carefully prepared, a part of the structure and perhaps of
sat to consider the groat problems
In which the founders of this Chamber
which they had to face in their day—does it not typify to us the hearts of
oak which those groat men possessed and have too now found it to its very
core sound still as it was the day when it was felled in the primaeval forest
to serve the needs of man, because out of it you have carved this, and is
not this the symbol from time immemorial of law and order, and should
we not take this memento in this spirit that we, too, now, in the great
crisis of our nation, must prove that we have hearts of oak, unbending and
strong and sound and true, and that now that all the world is divided into
and
two great camps, those who believe in "live and lot live" and in liberty
freedom, and law and order, and those who believe that "might is right"
must be subordinated to their ruthless will,
and that all law and order
should we not declare, as indeed these two Governors have declared,
wish
that we wield this sceptre of law and order ruthlessly until those who
reto live by the sword have perished by the sword, and until we have
established, like this symbol, law and order, justice and freedom once more
for all mankind.
Mr. Outerbridge also announced the presentation by John
I. Waterbury of a chair which likewise came from Fraunces
Tavern, and had been used at the dinner when Washington
took leave of his officers.
While it had been originally planned a year ago to celebrate the anniversary with a dinner the changed conditions
since then incident to the entrance of the United States
into the war caused the committee in charge of the plans
to arrange a more simple form of commemoration. The
gathering was addressed by Governor Charles S. Whitman
of New York, Gov. Walter E. Edge of New Jersey, Nicholas
Murray Butler of Columbia University; and greetings
which passed between King George V. of Great Britain
and President Outerbridge upon the occasion of the anniversary were read at the meeting. A volume, entitled "A
Chronicle of 150 Years," embodying a record of the Chamber's activity was compiled in honor of the event celebrated.
President Outerbridge in a speech relative to the commemoration of the Chamber's founding said in part:
The founders of the Chamber of Commerce and the founders of the
American Union were one and the same body of men. When they met on
April 5 1768 to establish their commercial society they had been for three
years in the forefront of the steadily rising tide of indignant opposition to
Brirish rule which was to culminate seven years later in the Revolution.
They were engaged,some of them unconsciously,in the momentous part of
founding a free and independent republic at the very moment when they
came together to form a union of merchants in the interests of the peaceful
pursuits of commerce.
The patriotic spirit of the society's founders was disclosed unmistakably
at their first meeting. They chose for President John Cruger, the man
who had drawn up in 1765 in the Stamp Act Congress of the Colonies,
assembled in New York City, the famous "Declaration of Rights and
Grievances of the Colonies in America," which was sent to the British
Parliament. When in the same year the stamps arrived and the Royalist
Governor had declared his purpose to enforce the Act, there was a popular
uprising against their reception, during which an effigy of the Governor
was burned in Bowling Green. John pruger as Mayor of the city, attended
by the Aldermen, called upon the Governor and so impressed him with the
danger which impended if he attempted to enforce the act that he promised
to deliver the stamps to the city authorities. What next happened is
thus recorded in the newspapers of tho day: "They (the city authorities)
accordingly soon after, accompanied with Prodigious Concourse of People
of All Ranks attended at the gate of the fort when the Governor ordered
the paper to be given up to them; and upon the reception of it gave three
APR. 13 1918.1
THE CHRONICLE
cheers, carried it to the City Hall and dispersed. After which Tranquility was restored to the City."
That the members of the Chamber were in full sympathy with the
patriotic views of their President was shown a year later when he was reelected. He was at the same time Speaker of the last Colonial General
Assembly ever gathered in the colony, and in the minutes of the session
of the Chamber of May 2 1769 it is recorded that "Mr. President reported
that he had it in charge to give the merchants of this city and colony the
thanks of the House for their repeated, disinterested, public-spirited and
patriotic conduct in declining the importation of goods from Great Britain
until such acts of Parliament as the General Assembly had declared unconstitutional and subversive of the rights and liberties of the people of this
colony should be repealed."
They were men who knew their rights and dared maintain them, but
there was a difference of opinion among them as to the extent to which
defense of their rights should be carried. When the time arrived to defend
them by taking up arms against the mother country, many of them proved
not equal to the test. They favored conciliation by means of resistance
and protest but not to the point of revolution and separation.
It was inevitable that the activities of a society founded at such a time
and by such men though nominally for "promoting and encouraging commerce," should be extended to a field with far wider boundaries than the
words imply. From the very beginning the Chamber took its place as an
Influence in national affairs whenever there appeared in these affairs issues affecting the national welfare and honor and the successors of the
founders have adhered to that interpretation of its functions down to the
present day, not only in national but in State and municipal affairs as
well. It is a notable tradition and nobly has it been maintained.
Gentlemen, it is a great privilege to me to be able to present to ypu now
the first speaker to us to-day. His Excellency the Governor Charles S.
Whitman,
Gov. Whitman in his address had the following to say
in part:
This chamber has the distinction of being the first organization in America
for the promotion of trade and commerce—you are older even than the
Republic itself. Its formation antedates the creation, in this city, of the
great banks, insurance companies and other great financial and commercial
institutions which now distinguish New York and influence and shape the
affairs of the nation. Its original charter, as you have hoard, was granted
by King George III on the 13th day of March 1770, and I think the organisation dates two years back of that.
The years in which this institution had its beginning were years of great
significance for America and to the world; they are the years in which the
fundamental principles of democracy were taking root in American soil....
In the list of names of the men who have been leaders in directing the
affairs of this institution from the days of John Cruger to the later days of
Charles Stewart Smith and Morris K. Jessup, whom we all knew and esteemed because of their lovable traits of character, their generous impulses
and their deep interest in all human affairs, is our distinguished, efficient
and esteemed fellow citizen, the present President of the Chamber, Eugene
H. Outerbridge.
On this long list are the names of men who have been associated with the
great movements which have resulted in the growth and development and
power of the city and the commonwealth and the nation. While this body
was organized primarily to promote trade and commerce, the men responsible for the direction of its affairs have not placed a narrow view upon
Its obligations to the city and State. They have exercised the sound judgment of refraining usually from participating in the smaller affairs of the
city or in partisan politics. They have taken a broad view of the function
of this organization and the work which it should accomplish. The leaders
of this institution have never hesitated to perform a duty which appeared
to be clearly an obligation to the city. It has championed all the great
constructive measures of the last century, of the last century and a half,
Which were intended to make the city greater and better. One of its great
objects has been to hold constantly before the world all the good things in
the city and the ideals of its best citizens. It has made New York one of
the most conspicuously desirable places for business in the world and for
the establishment of homes for all. There have been among the members
of this Chamber during all its history leading students of trade, of commerce, of navigation and transportation, of finance and social economy,
of political and scientific questions of the day; and of the great solal
problems which are constantly pressing for a solution. In all the achievements of the organization there is none which will receive the more cordial
approval of your fellow men and none which should give you more genuine
satisfaction than the broad, tolerant, humane spirit which has universally
characterized your action. . . .
Fortunately for this body, its membership has always included men of
vision and of action; and yet, with as clear foresight as they have possessed
and as great faith in the growth and development of their city and country
as they have shared, they could hardly have been expected to possess a
conception of the extent and growth of the great Republic that was being
reared upon the American continent, binding together, as it does, in onc
nation and one people all the territory from the Lakes to the Gulf and
between the two great oceans. They knew, of course, that the territory
of the country would be greatly expanded, its population largely augmented, and they recognized the great necessity for the development of
transportation and navigation to meet the demands of our internal trade
as well as to meet the demands of our international commerce. They
anticipated, as early as 1786, the construction of the Erie Canal by considering the desirability of connecting the city of New York by artificial
navigation with the Great Lakes. They even anticipated the necessity
of constructing the Panama Canal by co-operation with the Chamber of
Commerce of the city of Philadelphia, in adopting a memorial to the
President, John Quincy Adams, in favor of a system of transportation between the United States and the Pacific Ocean through the Gulf of Mexico
and across the Isthmus of Darien. The record shows that your organization in 1833 proposed the construction of a ship canal around Niagara
Falls and a railroad from Lake Erie to the Hudson, and that a little over
a decade later it favored a transcontinental railroad by adopting a report
Which declared that the union must be bound by something stronger than
parchment bonds—by the ties of brotherhood, of common interest, and of
easy and rapid intercommunication—by the iron bands, in short, of a
railroad,
We meet at an opportune time to commemorate the one hundred and
fiftieth anniversary of the founding of this ancient and distinguished organization. Never were people more patriotic or more united than they
are to-day.
Dr. Butler's remarks in part were as follows:
You will forgive me a feeling of price at the privilege of participating
even for a few moments in this notable celebration. When one hundred
and fifty years ago this country of sturdy merchants met yonder in Fraunces
Tavern to organize the Chamber, Kings College, out of which Columbia
was to grow, was already fourteen years old. Together the College and
the Chamber have grown and developed as parts of the life of New York,
1537
as leaders in the life of New York, and as representatives of the life ot
New York, for one hundred and fifty years. This spot upon which we are
gathered this morning was on the outskirts of the New York of the founders,
for it was only a few years before that a vigorous protest had been registered with the church wardens and vestry of Trinity Parish by far-sighted
men of the day at the suggestion that St. Paul's Chapel to be erected at
Broadway and Vesey Street was a point so distant that no congregation
for it could ever be secured. That college stood over yonder with its
gardens running down to the river, the North River that was to be the
river of residence, as the East River was to be the river of commerce.
How strangely the fates, how oddly the forces which make cities and States
and that move men,have disappointed even the most generous expectations
of one hundred and fifty years ago. But, gentlemen, while those expectations, measured in material terms, have been disappointed by being
exceeded in a fashion that no imagination could have pictured, the forces
that have been at work have not disappointed.
There have been three great forces in the making of New York, and here
are their monuments visible to the eye. There stands at the head of that
street, whose name is the symbol all around this world for financial honor
and power and resourcefulness, the ancient mother church of Trinity
Parish, which represents the faith by which men move mountains.
There stands up yonder on Morningside Heights, driven from its old
colonial home by the very march of that progress which we celebrate, the
child of that ancient college which represents scholarship and the fruits
of learning.
And there stands here this noble temple dedicated to character and
competence in business.
These are three great forces that make a city, faith, learning, competence
and character in business.
Is it to be wondered at that the symbols of these forces have themselves
been so closely allied through these generations of onward march. You
cannot write the history of this Chamber without calling upon the roll of
Columbia University, and you cannot write the history of Columbia
University without pointing to its dependence upon the members of this
Chamber. When this building was planned, and your artists and architects selected three typical representatives of New York, three leaders
of opinion and action in its public policies and its public life, whose effigies,
carved out of marble by the artist's hand stand over your portals, they
selected Alexander Hamilton of the Class of 1774, John Jay of the Class
of '64, and DeWitt Clinton of the Class of 1786.
Do you wonder, gentlemen, that I am proud to be able to testify in your
presence to this century-long intimacy and dependence?
Then, as the years went along we gave to the city and to this Chamber
Abram S. Hewitt, of the Class of 1842, foremost in progressive and constructive public policy, a noteworthy Mayor of the City of New York,
and the true father of the rapid transit system which will be one day so
developed and extended as to be a wonder of the world.
The roll is a long one. I forbear to call it more in detail, but I must not
overlook the name of your late President. Seth Low, of the Class of 1870,
who gave the best years of his life to the College and to this Chamber, and
who went to his all-to-early grave with his mind set upon making some
contribution to the solution of the problems arising out of the relations
of employers and employed, upon which solution both the domestic and
international peace of the world will ultimately depend.
The cable sent by President Outerbridge to King George
follows:
April 4 1918.
His Majesty, King Geroge V,
Buckingham Palace, London:
The Chamber of Commerce of the State of New York, which was founded
April 5 1768, and to which King George III. was graciously moved to grant
a royal charter and which is to celebrate its one hundred and fiftieth anniversary by a special meeting of its members at noon April 5, expresses to
your Majesty its grateful acknowledgment of the debt which the Chamber
owes to those sturdy and courageous pioneers whose foresight, wisdom and
courage left an ineffaceable mark on our citizenship and tenders to your
Majesty our profound admiration of the heroic courage and steadfast
determination of the armies, navies and peoples of the British Empire and
of their devotion to the cause of justice and freedom in which together
with all the Allies out nation is now heartily joined, pledging the full
measure of its man power and resources. The Chamber respectfully
extends to your Majesty its heartfelt wishes for your continued health
and for complete victory of the Allied arms in the great struggle for civilization. I have the honor to be,
Your obedient servant,
E. H. OUTERBRIDGE.
The following is the response from King George:
It has afforded me great pleasure to receive the message you have
addressed to me in the name of the Chamber of Commerce of New York
Which I most warmly congratulate on the celebration of its one hundred
and fiftieth anniversary. I recall with special and personal interest the
historical associations of your Chamber of Commerce with my illustrious
ancestor. I rejoice to think that America's sons who are to-day corning
forward to join in the world struggle for the triumph of justice and freedom
are imbued with that self-same spirit which animated those sturdy and
courageous pioneers to whom you pay so generous a tribute. The vast
resources of life, treasure and industry that your great nation has pledged
In the cause of civilization must assuredly lead us to prevail against our
enemies. Your words of admiration and of encouragement to the fighting
forces and peoples of the British Empire will find a worthy response within
our hearts. In their name and on my own behalf, I sincerely thank you.
LLOYD GEORGE CALLS ON BRITAIN FOR MORE MEN—
CONSCRIPTION FOR IRELAND AND HOME RULE.
In presenting to the House of Commons on Tuesday the
Government's bill raising the military age to 50 and in some
cases to 55 years, Premier Lloyd George reviewed the course
of the great German offensive now raging in France, and
warned Great Britain that such was the peril of the moment
that every possible measure must be taken to meet it, including the application of conscription to Ireland. The
proposal as to Ireland was coupled with the announcement
that home rule would be introduced, the Government
"taking the responsibility for such proposals for self-government as were just and could be carried out without violent
controversy." Notwithstanding the uproar raised by the
1538
THE CHRONICLE
Irish members, the Premier was uncompromising in his
assertion that the proposed Man Power Act would be
applied in Ireland on the same terms as in Great Britain.
"Ireland," declared Mr. George, "through its representatives, assented to the war, voted for the war, supported the
war. Irish representatives, and Ireland through its representatives; without a dissenting voice, committed the
Empire to this war. They are as responsible for it as any
part of the United Kingdom."
A text of the attitude of the House toward Irish conscription came when Joseph Devlin, Nationalist, moved to adjourn. The Government thereupon moved and carried
closure on his motion, after a brief debate, by a vote of 310
to 85, whereupon Mr. Devlin's motion was defeated by a
vote of 323 to 80, a few pacifists voting with the Nationalists.
Referring to the German offensive, the Prime Minister,
while admitting that the enemy had achieved important
successes, declared they had failed in their main objectives.
German claims as to prisoners and cannon captured were
"grossly exaggerated," he said. He referred in glowing
terms to the action of President Wilson in placing the American army at the disposal of the Allied commanders, and
repeatedly asserted that America's help was relied upon to
turn the scale in the war.
On final vote, leave to introduce the Government's Man
Power Bill was carried by 299 to 80. As a concession to a
request by Mr. Asquith, it was announced in the House that
the Government had decided to extend the time for discussing
the bill until next Tuesday (April 16).
The following is the text of Premier Lloyd George's speech:
and the review of the Parliamentary proceedings as printed
in the New York "Times" on the 10th inst.:
"We have now entered the most critical phase of this terrible war. There
is a lull in the storm, but the hurricane is not over. Doubtless we must
expect more fierce outbreaks, and ere it is finally exhausted there will be
many more.
"The fate of the Empire, the fate of Europe, and the fate of liberty
throughout the world may depend on the success with which the very last
of these attacks is resisted and countered.
"The Government, therefore, propose to submit to Parliament to-day
certain recommendations, in order to assist this country and the Allies to
weather the storm. They will involve, I regret, extreme sacrifices on the
part of large classes of the population, and nothing would justify them but
the most extreme necessity and the fact that we are fighting for all that is
essential and most sacred in our national life.
"Before I come to the circumstances which led up to our submitting these
proposals to Parliament, I ought to say one word as to why Parliament
was not immediately summoned. Since the battle began the Government
have been engaged almost every hour in concerting with the Allies the necessary measures to assist the armies to deal with the emergency.
"The proposals which we intend submitting to Parliament required very
close and careful examination, and I think there is this advantage in our
meeting to-day, rather than immediately after the impact of the German
attack, that we shall be considering these proposals under conditions which
will be far removed from any suggestion of panic.
"I shall now come to the circumstances which have led to the present
military position. It is very difficult at this time to present a clear, connected, and reliable narrative of what happened. There has been a great
battle on a front of fifty miles—the greatest battle ever fought in the history of the world. Enormous forces have been engaged; t,here was a considerable retirement on the part of the British forces, and under these
conditions it is not always easy for some time to ascertain what actually
happened.
"The House will recollect the difficulty we experienced with regard to
•Cambral. It was difficult to piece together the story of the event for some
time, and Cambral was a very trivial event compared with this gigantic
battle.
"The Generals and their staffs are, naturally, engaged and have to concentrate their attention upon the operations of the enemy, and until the
strain relaxes it would be very difficult to institute the necessary inquiries
to find out exactly what happened, and to furnish an adequate explanation
of the battle.
"However, there are two or three facts which stand out, and in stating
them I should like to call attention to two things which I think above all
must be avoided. The first is that nothing should be said which could give
information to the enemy; nothing should be said which would give encouragement to the enemy, and nothing should be said which would give
discouragement to our own troops, who are fighting so gallantly at this
very hour.
"And the second question is that all recrimination at this hour must be
shut out.
"What was the position at the beginning of the battle? Notwithstanding the heavy casualties in 1917 the army in France was considerably
stronger on Jan. 1 1918, than on Jan. 11917. Up to the end of 1017—up
to, say, about October or November—the German combatant strength in
France was as two to the Allies' three. Then came the military colapse
of Russia, and the Germans hurried up their released divisions from the
eastern front and brought them to the west. They had a certain measure
of Austrian support, which had been accorded to them.
"Owing to the growth of the strength of our armies in 1917, when this
battle began the combatant strength of the whole of the German Army
on the western front was only approximately, though not quite equal to,
the total combatant strength of the Allies in infantry. They were slightly
inferior in artillery. They were inferior in cavalry, the were considerably
inferior, and, what is very important, they were undoubtedly inferior in
aircraft.
"The Germans, therefore, organized their troops so as to produce a larger
number of divisions out of the slightly smaller number of infantry and
slightly smaller number of guns. They had fewer battalions in a divisions
and fewer men in a battalion. That is entirely a question of organization,
and it yet remains to be seen that their organization is better than ours. It
Is necessary to explain that, in order that the House should realize why,
with approximately the same number of men, the Germans have a larger
number of divisions on that front.
[voy.. 106.
"According to all the facts which have come to hand as to the losses of
the battle, that roughly represents the relative strength of the combatants
on both sides at this moment. The Germans had, however, one or two
important advantages. The first, the initial advantage, which la always
commanded by the offensive, is that they know where they mean to attack.
They choose the ground, they choose the location, they know the width
of the attack, they know the dimensions of the attack, they know the time
of the attack and they know the method of the attack. All that invariably
gives the initial advantage to the offensive.
"The defense has a general advantage, as, owing to air observation, concealment is difficult. At the same time, in spite of all that, owing to the
power of moving troops at night, which the Germans exercised to a very
large extent, there was a large margin for surprise, even in spite of air observation, and of this the enemy took full advantage.
"I should like to say one word here as to the difficulty which the Allied
Generals were confronted with in this respect. Before the battle the greatest German concentration was in front of our troops. That was no proof
that the full weight of the attack would fall on us. There was a very large
concentration opposite the French lines. There was a very considerable
concentration—I am referring now to the German reserves—on the
northern part of our line.
"After the battle began, or immediately before the battle, the Germans
by night brought their divisions from the northern part to the point where
the attack took place. They also took several divisions from opposite
the French in the same way and brought them to our front. But it would
have been equally easy for them, while concentrating troops opposite our
front, to manoeuvre them in the same way opposite the French. I am only
referring to that in order to show how exceedingly difficult it is for Generals
on the defensive to decide exactly where, in their judgment, the attack
Is coming and where they ought to concentrate their reserves.
"I may just say a word here. This problem was considered very closely
by the military staff at Versailles, and I think it right, in justice to them, to
point out that after a very close study of the German position and of the
probabilities of the case, they came to the conclusion, and they stated their
conclusion to the military representatives and to the Ministers in the month
of January, or the beginning of February, that the attack would come
south of Arras; that it would be an attack on a very wide front—that it
would be an attack on the widest front ever yet assailed; that the Germans
would accumulate ninety-five divisions for the purpose of making that
attack; that they would throw the whole of their resources and their strength
Into breaking the British line at that point, and that their objective would
be the capture of Amiens and the severance ofthe British andiFrench forces.
"That was the conclusion which Sir Henry Wilson, Chief of the Imperial Staff, came to, and which was submitted at that time, two or three
months ago, and I think that it was one of the most remarkable forecasts
of enemy intentions that was ever made.
"As a matter of fact, the attack was made up, I think, by about ninetyseven divisions. It was an attack on the widest front that had ever been
engaged. Its object undoubtedly was the capture of Amiens and the severance of the British and French forces. So that, almost in every detail,
that very remarkable forecast has peen verified in the event.
"Another remarkable prediction was that it might probably suceed
in penetrating the British line to the extent of half the distance of the front
attacked. They came to the conclusion from a close examination of the
offensives of the war.
"There was another advantage. There was, first of all, the advantage
which the Germans had from having the initiative. There was a further
advantage they had, and this undoubtedly was the greatest advantage,
from having a united command opposed to a dual one. The Germans undoubtedly relied on this to a very large extent for their success. They owe
much of the success of the attack to this.
"It was reported to me on good authority that the Kaiser informed exRing Constantine: 'I shall beat them, for they have no united command.'
Which shows that that was what they were relying in the main upon; that,
although their numbers were slightly inferior, they knew the importance
that was to be attached to the fact that there was a perfectly united command.
"And that is an obvious advantage, for if the risks in one particular part
of the line are great, and in another part of the line are great, but substantially less than in the former, with one command there is no hesitation
in the mind of the Commander-in-Chief as to which risk he will make the
greatest provision against.
"With two separate commands the problem is a different one. It is more
difficult to adjust the balance of risk, and the General is always naturally
inclined to give himself and his army the benefit of any doubt. That may
be because if anything goes wrong there he alone is to be held responsible
to his own countrymen for the safety of his army.
"The enemy had another incidental but, as it turned out, very important
advantage—that of weather. Exceptional weather favored his designs.
It was both dry and misty. The attack which succeeded was made on that
part of the line where under ordinary spring conditions the ground would
have been almost impassable.
"A wounded officer told a friend of mine to-day,a General, that under ordinary conditions no one could walk across the part which was traversed
by the Germans at this time of the year. But it just happened to be absolutely dry and firm, and they walked across ground which no one had any
right to expect at this time of the year would be in that condition.
"Not only that, but the fact that it was warm increased the mist, and the
Germans were actually in some parts within a few yards of our front line
before any one knew of their approach. It was quite impossible to observe
them. This was a special disadvantage to us, inasmuch as our scheme of
organization in that particular part of the line depended largely upon the
cross-line fire of machine guns and artillery. They had, therefore, a very
special advantage, of which they made the fullest use.
"With regard to the battle itself, as I have already stated, it will take
some time to ascertain the whole facts. At one time it was undoubtedly
very critical. The enemy broke through between our Third and Fifth
Armies, and there was a serious gap, and the situation was retrieved owing
to the magnificent conduct of our troops. They retired in perfectly good
order, re-establishing the junction between the two armies and frustrating
the enemy's purpose.
"The House can hardly realize, and certainly cannot sufficiently thank
—nor can the country—our troops for their superb valor and the grim
tenacity with which they faced overwhelming hordes of the enemy and
their positions. They retired, but were never routed, and once more
the cool pluck of the British soldier, that refuses to acknowledge defeat.
saved Europe.
"I am referring to the whole army, Generals, officers, and soldiers. I
mean the whole army, and I draw no distinction. Their conduct has been
one of incredible courage and great coolness under the most trying conditions. I do not think that any distinction can be drawn between officers
and men. I am referring to the British Army, and that means all.
"And I specially refer to what one Brigadier General did. Some reference has been made in the press already to it, where at one point there
was a serious gap, which might have let the enemy into Calais."
APR. 13 1918.]
THE CHRONICLE
At this point the Prime Minister spoke of the critical situation which
developed -when the German attack began. He said the gap on the way
to Amiens was held by Brig. Gen. Carey, who for six days stood off the
enemy with engineers, laborers, signalers, and anybody who could hold a
rifle.
The Premier continued
"Until the whole circumstances which led to the retirement of the Fifth
Army and its failure to hold the line of the Somme, at least till the Germans brought out their guns, and perhaps the failure adequately to destroy the bridges—until all these are explained it would be unfair to consure the General in command of the Army, General Gough. But until
those circumstances are cleared up it would be equally unfair to the British
Army to retain his services in the field. It is necessary to recall him
until the facts have been fully ascertained and laid before the Government
by tlAir military advisers,
"After the retirement of the Fifth Army the French reserves came up
with remarkable rapidity, when their position before the battle is borne in
mind. In fact, the speed with which, when the final decision was taken as
to the real designs of the enemy, the French reserves were brought up is
one of the most remarkable feats of organization in this war, and between
the courage of the troops and the handling of the army—the way tho
Third Army held, never giving way a hundred yards to the attack of the
enemy—I think it right that it should be said about the army commanded
by General Byng—what between the efforts of our soldiers and the loyal assistance given in true spirit of comradeship by the French Army, the position is for the moment stabilized. But it is clear that the Germans, haying gained an initial success, are preparing another, and perhaps an even
greater, attack on the allied armies.
"Up to the present the enemy has undoubtedly obtained a great initial
success. There is no good in not accepting the facts. It is from that
basis we must begin to build. But he has failed so far in his main objects.
He failed to capture Amiens. He failed to separate the French and British
armies. But we should be guilty of great, it might be fatal, error if we were
to underestimate the gravity of the prospect.
"The enemy has captured valuable ground, which is too near Amiens for
comfort or security, and he has succeeded for the time being in crippling
one of our great armies.
"I will now tell the House something of the measures adopted by the
Cabinet to meet the emergency. I have already explained what was
done about the French reserves. The Cabinet took every step to hurry up
reinforcements in order to fill up the gap in our armies. No such large
numbers of men over passed across the Channel in so short a time,
"As the emergency was great it was impossible to allow those who were
summoned to France the usual leave to visit their relatives. It was
with the greatest regret that we found it necessary to cancel this permission, and nothing but the gravity of the position would have justified
so harsh a proceeding. But the troops accepted the position in a manner
which is worthy of the fortitude, courage, and patriotism they have shown
throughout.
"There was an understanding that boys under 19 years would only be
used in case of emergency. We felt that the emergency had arisen, and in
so far as those who were over 18 were concerned, those who had already
sent
received six months' training, we felt it necessary that they should be
to France.
were lost, the numbers are
"As to the guns and machine guns which
also.
grossly exaggerated by the enemy. I am assured that they have
taken
exaggerated very considerably the number of prisoners they have exagthat it was a gross
The Commander-in-Chief assured me last week
geration.
were
• "I am very-glad to be able to say that the Ministry of Munitions
but that they
able not merely to replace those guns and machine guns,
reserve. The same thing applies to
still have got a very substantial
ammunition. There is an ample reserve of ammunition both in this
country and in France.
"Our aircraft strength is greater now than before the battle, and we
all know what brilliant service our airmen rendered in this battle. Until
to estimate
the whole story of the battle is told it will be almost impossible
in
the services they rendered in retarding the advance of the enemy,
it difficult for him to bring up
destroying his machinery, and in making
We feel confident that our armies, generals,
his guns and ammunition.
and soldiers will be quite equal to the next encounter, whenever it comes.
"The next step to which I should like to call the attention of the House
Is the material and dramatic assistance rendered by President Wilson in
this emergency—one of the most important decisions in the war. In fact,
the issue of the battle might very well be determined by this decision,
"In America there is a very considerable number of men in the course
looked forward to having a large American
a training, and the AlliesIt has taken longer than was anticipated toarmy
turn
In France in the spring.
those soldiers into the necessary divisional organizations. If America
waited to complete those divisional organizations it would not be possible
for those fine troops in any large numbers to take part in this battle in
this campaign, although it might be very well the decisive battle of the war.
"This was, of course, one of the most serious disappointments from
of
which the Allies had suffered. It is no use pretending it was not one
our chief causes of anxiety. We depend upon it largely to make up the
defection of Russia,
"For many reasons—reasons, perhaps of transport, reasons connected
with the time it takes, not merely to train troops and their officers, but to
complete the necessary organization—it was quite impossible to put into
France the number of divisions every one had confidently expected would
be there. Under the circumstances we, therefore, submitted to the
President of the United States a definite proposal. We had the advantage
of having the Secretary of State for War in this country within two or
three days after the battle had commenced. Mr. Balfour and I had a
long conversation with him upon the whole situation, and we submitted
to him certain recommendations which we had been advised to make to
Mr. Baker and the American Government.
"On the strength of the conversation we submitted proposals to President Wilson, with the strong support of Premier Clemenceau, to enable
during
the combatant strength of the American Army to come into action
strong
this battle, inasmuch as there was no hope of it coming in as a
brigaded
separate army. By this decision American battalions will be
With those of the Allies.
behalf of the
"This proposal was submitted by the Earl of Reading on
British Government to President Wilson, and President Wilson assented
to the proposal without any hesitation, with the result that arrangements
are now being made for the fighting strength of the American Army to
be immediately brought to bear in this struggle, a struggle which is only
now beginning, to this extent, and it is no mere small extent, that the
German attack has been held up. It has stirred up the resolution and
energy of America beyond anything which has yet occurred,
"Another important decision taken by the Allied Governments I must
also call the attention of the House to. It became more obvious after the
battle than ever before that the Allied armies were suffering from the fact
that they were fighting as two separate armies and had to negotiate support
1539
'with each other. Valuable time was thus lost. Some of us had been deeply
impressed by this peril for some time and had done our best to avert it.
"But the inherent difficulties to be overcome are tremendous. There
are national prejudices, national interests, professional prejudices and
traditions. The inherent difficulties of getting two or three separate
armies to fight as one are almost insurmountable, and it can only be done
if public opinion in all these countries insists upon it as one condition of
success.
"The Versailles conference was an effort at a remedy. How were the
Versailles decisions carried out, and the extent to which they were not
carried out? This is not the time to inquire.
"I respectfully suggest to the House that no good would come at this
stage in discussing this question. But if any one needed conviction as to
the 'wisdom of that policy, this battle must have supplied it. The peril
we passed through, by establishing the conviction without challenge may,
I think, be worth the price we paid for it.
"A few days after the battle commenced there was not merely the Govvernment, but the commanders in the field. We had not merely Field Marshals, but army commanders present. We were so convinced—and
the same thing applied to the French—of the importance of more complete
strategic unity that they agreed to the appointment of General Foch to
the supreme direction of the strategy of all the allied armies on the western
front.
"May I not say just one word about General Foch? It is not merely
that he is one of the most brilliant soldiers in Europe, but there is this to be
said about him: Foch is the man who, when we were attacked and were in
a similar plight at the first battle of Ypres, rushed the French Army there
by every conceivable expedient—buses, cabs, lorries, anything he could
lay his hands upon. He crowded French divisions through, and undoubtedly helped to win the great battle.
"There is no doubt about the loyalty and comradeship of General Foch.
I have no doubt that this arrangement will be carried out not merely in the
letter but in the spirit. But it is the most important decision that has been
taken in reference to the coming battle. This strategic unit is, I submit
to the House, the fundamental condition of victory. It can only be
maintained by complete co-operation between the Governments and the
Generals and by something more than that—the unmistakable public
opinion behind it.
"Why do I say that? For this reason: A Generalissimo in the ordinary
and full sense of the term may be impracticable. There are three functions
which a General wields—strategical, tactical, and administrative. What
does administrative mean? It means control of organization, the appoint..
ment and dismissal of officers and Generals, and that is a power which it is
difficult or almost impossible to give to Generals of another country with a
national army.
"Therefore, in spite of all the arrangements made, unless there be not
merely good-will, but the knowledge that the public of France, Great
Britain and America will assist in co-ordination and in supporting the
authority in the supreme strategical plans chosen by the Governments,
and in supporting the Governments in any action they may take to assert
their authority, any arrangements made will be futile and mischievous.
I make no apology for dwelling at some length upon this point. I have
always felt that we were losing value and efficiency in the Allied armies
through lack of co-ordination and concentration.
"We have sustained many disasters already through this, and we shall encounter more unless this defect in our machinery is put right. Hitherto, I
regret, every effort at amendment led to rather prolonged and very bitter
controversy, and these great inherent difficulties were themselves accentuated and aggravated. There were difficulties of carrying out plans and
other obstacles, and, what is worse, valuable time is lost.
"I entreat the nation as a whole to stand united for the united control of
the strategical operations of our armies at the front. We know how much
depends upon unity of concentration. We are fighting a very powerful
foe, who, in so far as he has triumphed, has triumphed mainly because of
superior unity and the concentration of his strategic plans.
"There is another matter to which I should like to refer, and it is the
suggestion that our forces have been dissipated on a subsidiary enterprise
Not a single division was sent from France to the East. With regard to
Italy, had it not been for the fact that there are battalions of French and
British divisions there, the Austrian Army would have been free to throw
the whole of its trength on the western front. If there were not some there
now, the Austrian Army would be more powerfully represented than it is
on the western front.
"With regard to Salonild, the only thing the present Government did was
to reduce the forces there by two divisions. In Mesopotamia there is only
one white division in all, and in Egypt and Palestine together there are
only two white divisions, and the rest are either Indians or mixed with a
very small proportion of British troops. In these divisions I an referring
to infantry divisions.
"I want the House really to consider what that means. There is a menace to our Eastern empire through Persia, because through Persia you
approach Afghanistan, and through Afghanistan you menace the whole of
India. Had it not been for the blows inflicted upon the Turks, what would
have happened? Before these attacks there were Turkish divisions helping the Germans in Russia. Thed would have been there helping the Germans on the west, exactly as they helped them on the east.
"But what has happened? They were attacked in Palestine and MesoPotamia and two Turkish armies were destroyed. If we had remained in
Egypt and defended Egypt by remaining there on the canal and allowing
the Turks to hold us with a small force while they were putting the whole
of their force in Mesopotamia, and menacing our position in India by that
means, the Turks could now have been assisting the Germans in the west
as they did in ,the east.
"What is happening now? German battalions at this moment have been
sent to assist the Turks instead of the Turks sending divisions to help
the Germans. The Germans now have sent battlaions to help the Turks
in Palestine. After all, if you have a great empire, you must defend it.
"There was a great empire which withdrew its legations from the out
lying provinces of the empire to defend its heart against thlGoths and those
legations never went back. The British Empire has not yet been reduced
to that plight yet. We can defend ourselves successfully in France, and
we can also hold our empire against any one who assails it in any part of
the world at the:same time.
"May I, before I leave this topic, say how much gratitude we owe to
En India"Jor the magnificent way in which she has come to the aid of the
pire in this emergency?
"It is not thelact that we have got three British divisions in Egypt and
own,
Palestine and one in Mesopotamia that has enabled us to hold our
but it is the fact that we have had these splendid troops from India. Many
been more than a match
of them volunteered since,the war, and they have
for their Turkish adversaries on many a stricken field.
"It is too early to state yet with accuracy our losses, because in the case
of a battle over such a wide front, fought with such intensity for over a
fortnight, with vast numbers of men engaged, the losses sustained must be
1540
THE CHRONICLE
considerable. The claims of the enemy as to prisoners have been grossly
exag gerated, and Field Marshal Haig has assured me that they were quite
imp ossiblo from the figures at his disposal. and which he showed me, and
the enemy's claims seem quite preposterous from the statement he made to
me.
"But still our losses are very great and our reserves have been called
upon to a considerable extent to make up the wastage and refit the units,
and if.the drain continues on this scale, a drain on the resources of reserves
and of man power, it must cause the deepest anxiety, unless we take immediate steps to replenish it.
The immtdiate necessity is relieved by the splendid and generous way and
promptitude with which America has come to our aid, but they are simply
first
lent to receive their training, with a view to their incorporation at the
suitable moment in the American Army in France, and even if they remain
with the British right through the battle, the time will come when we shall
need large reinforcements, if this battle continues.
"I want the House to consider for a moment what the plans of the enemy
may be as they are now revealed. It was never certain he would take this
plunge, because he knows what it means if it fails. But he has taken it.
The battle proves that the enemy has definitely decided to seek a military
decision this year, whatever the consequences to himself.
"There is no doubt he has overwhelming reasons. There is the economic
condition of his country and the critical economic condition of his allies.
He is now at the height of his power, and Russia is at the least, while America has not yet come in its full strength. So this year the enemy may put
forth something which approaches his full strength. But soon he will grow
feebler and weaker in comparison with the Allied forces.
"Everything, therefore, points to the definite determination of Germany
to put the whole of her resources into seeking a military decision this year,
and this means a prolonged battle from the North Sea to the Adriatic,
with Germany and Austria throwing in the whole of their strength.
can
"There are still seven or eight months within which the fighting
the
continue, and everything depends upon keeping our strength right to
end, whatever the strain upon our resources may be.
"With American aid we can do it. But even with American help, we
cannot feel secure unless we are prepared ourselves to make even greater
sacrifices than we have hitherto made. I know what the Government
wish. I know also what will happen if the demand which the Government is putting forward is not responded to.
"It is idle to imagine, as some people very light-heartedly seem to think,
that you have got an unlimited reservoir of man-power in this or in any
belligerent country. We have already raised in this country for military
the
and naval purposes very nearly six million men. We cannot raise here
same proportion of men per population as you can in other belligerent
that in the House of Commons.
countries. I have repeatedly emphasized
"We have the greatest navy in the world; the command of the seas depends not merely for ourselves, but for our allies upon the efforts we put
forward. That is not only a question of manning the fleet: it is also a
question of building, of adding to the numbers of ships, and of repairing
the ships. Then you have got a mercantile marine, without which the
Allies could not continue the struggle for a single month.
"All that must be borne in mind, and whatever happens and whatever
proposals we put forward to-day, it would be folly to do anything which
would interfere with the one fundamental condition of success to the
Allies—that the navy and shipping must be first.
"We have also got to supply coal largely to our allies, as well as steel.
But owing largely to improved organizations in the various industries,
to the way they are adapting themselves from day to day to new conditions,
and to the increased numbers and greatly increased efficiency of woman
labor, there is a reserve of men, which, consistent with the discharge of
these obligations, may yet be withdrawn in great emergency for our battle
line; not without damage to industry—I do not forget that—and not without, to a certain extent, weakening the economic strength of the country,
and not without imposing restrictions and perhaps privations, but without
impairment to the striking power of the country for war.
"Nothing could justify such drastic action except an overwhelming emergency precipitated by a great military crisis.
"I want to point out especially why the steps taken now are steps which
will be useful in this battle. First of all, it is a battle which may last for
months. The decision may be taken not now or next months, but may be
months hence. But, beyond that, the Allies at the present moment have
the same reserves of man power to reinforce their armies as Germany has,
without taking into account those great reserves in America.
"The Germans, however, are calling up another class, which will produce
into
550,000 efficient young men. These will be prepared to be thrown
the battle line. This is the 1920 class, aged 18M. These can be thrown
into the battle line before this fight is over, and we must be prepared for
their advent in this truggle this year.
"Therefore, I have to submit to Parliament the totals for increasing,
and increasing very materially, the reserves which will be available for
reinforcing our armies in the field during this prolonged battle, upon which
we are only just entering. I will now give roughly some of the proposals
we intend to make in order to increase the number of men available.
"We already have raised for armed forces during the first quarter of the
year more than the quarter's proportion of the original number of men which
it was estimated was the minimum required for the present year. We are
also affecting a very strict comb out of some of the essential industries.
Very large levies have been taken from munition works. They will amount,
I think, to something like 100,000 grade 1 men.
"That has been done already this year, and it will, of course, involve the
utilization of other labor to a very large extent in munition works. A
call for 500,000 has been made already on the coal industry, and these
men have been rapidly recruited. I regret to say that military needs will
necessitate the calling up of another 150,000 men from this industry.
These men can be spared, we are convinced, after entering into the matter
very carefully, without endangering the essential output of coal for national
industries.
"No one is 1ilely to forget the fine response made by the miners at the
beginning of the war, or the splendid part they have taken in hundreds of
battles since then. They have been loyal in meeting the present demand
of 50,000 men,and I am confident they would meet a further call upon them
in the same spirit, in view of this great national emergency under which
we are making it. The transport services also have been called upon to
to release the greatest possible number of fit men.
"Further calls are to be made upon the civil service. I do not think it is
realized how much the civil service has done already. On one hand, it
has had to release a large number of men for the army, and, on the other,
it has to meet and is meeting the increased strain of work. But even at the
risk of some dislocation we must call upon it to do more, and a clean cut of
young, fit men must be made.
"It is proposed that no fit men below the age of 25 should be retained.
That is the clean-out. We comb out beyond that. I shall explain it later.
It is proposed that it should be applied to other industries as well.
"When we are adding to the age and when we are extending the military
age, it should not be said that there are fit young men of 25 who are em-
[VOL. 106.
ployed in the various industries of the country. This will bring the Civil
Service into line, and on a general level, so far as a clean-out is concerned,
with the munitions industries.
"Under an Act passed in January of this year, we are issuing orders
canceling all occupational exemptions by age blocks in specified occupations.
That is the clean-out. The first of these orders is being laid on the table
in the House to-day and other orders of the same power will follow.
"I know that the House will appreciate that it is not merely necessary
to have men, but to have them quickly. It is no use raising them unless
they are raised in time to take part in the struggle this year, when we shall
be short of drafts, if the battle is a prolonged one.
"The Government, therefore, have shortened the length of the calling up
notice from fourteen days to seven and have authorized the sending of
notice by whatever method is the most expeditious and convenient. A may
be necessary even to curtail the rights of appeal on medical grounds, but for
the moment it is not proposed to do so. We have had a good many frivolous appeals, which have wasted a good deal of time, and if that goes on,•it
will be absolutely necessary, in the interest of the security of the country,
that the rights of appeal should be curtailed in this respect.
"There is another consideration. The strain upon the medical profession has been great already. We are very short of medical men, and we
may be driven to do it by the hard necessities of the case.
"I now turn to the new proposal embodied in the bill, which I beg leave
to introduce to-day. Our first proposal is to raise the military hge up to 50,
and in certain specified cases we ask for powers to raise it to 55, but that
only when a man with special qualifications is needed.
"For instance, it may be necessary to do it, in the case of medical men,
in order to secure their services. It may be necessary in certain special
classes, with special training and special experience, to secure their services for the army. When you come to the question of raising the age to 50,
it does not mean that men between 42 and 50 are necessarily to be taken in
order to put them into the fighting line. It may be that there are men of
that age who are just as fit as men of 25, but I am sorry to say that that
is the exception, and we cannot, therefore, depend upon men of that age altogether to make the finest fighting material.
"There are a good many services in the army which do not require the
very best physical material, and it would ve very helpful to get men of this
age to fill those services, in order to release younger and fitter men to enter
the fighting line. There is also to be borne in mind the fact that we have
to prepare for home defense, so as to be able to release men from this country and fill their places by men between 42 and 50, who, I have no doubt,
would fight very tenaciously for their own homes if there were an invasion.
"The proportion of men from 42 to 50 years of ago whom we expect
to be available is not very high—something like 7%. That is only 7% of
men from 42 to 50 will be available for the army.
"I only want to reassure people between 42 and 50 that all the men of
that age are not going to be called up to the fighting line. I gave a sort
of rough estimate that it would be only a small percentage of men of this
age who would be likely to come under the provisions of the bill.
"Now I come to the question of exemptions from military service. It is
known to everyone who has had experience in the difficulty of obtaining
man-power that one of the many obstacles to success is the number of
exemptions which have been granted, often for reasons which at the time
appeared sufficient, but which should no longer be effective at the present
time of crisis.
"The Minister of National Service already has the power under the act
passed this year to cancel certificates granted on occupational grounds, and
it is proposed to make free use of this power. There will be several of these
exemptions which will be canceled under the power which already has
been conferred on the Minister of National Service by means of proclamations, but when the existing powers have been used to the utmost it may
be necessary to go farther and deal with exemptions granted on other
grounds.
"Accordingly it is provided by the bill that his Majesty may, by proclamation declaring that a national emergency has arisen, direct that a certificate of exemption from the military service of the nature specified in
the proclamation shall cease to have effect, and that while any such proclamation remains in force no exemptions shall be granted which would fall
within the terms of the proclamation.
"It is obvious that under this provision it would be open to the Government to cancel exemptions in respect of men under an age to be specified
in the proclamation. This is another means of arriving at a clean-out so
as to secure men of military age, fit young men for the purposes of the
army under an age to be specified in the proclamation, and any existing
exemptions granted to such men will be superseded and the men will be
taken or left on medical grounds only. We have to choose between either
submitting to defeat or taking the necessary measures to avert it. We
will never submit to accepting defeat.
"I need hardly say that this provision will not be used to set aside the
pledges given to discharged soldiers. They will be carefully observed.
"It is proposed further to make a change in the constitution of the
appeal tribunals dealing with exemptions and to speed up their procedure.
I want again to emphasize the fact that time is the essence of this thing.
The existing tribunals, no doubt, have done very admirable work, but
they will be the first to admit that their work had been hampered by a
number of circumstances—the number of the tribunals themselves, the
facilities for unnecessary and repeated applications, and the opportunities
for delay under recurring rights of appeal.
"In these circumstances it is proposed to take power by an Order-inCouncil both to reconstitute the tribunals and regulate the areas in which
they shall work and standardize the grounds of exemption and limit the
rights of appeal. It is impossible now to specify the precise nature of the
changes to be made, but I may indicate the nature of the changes we
have in mind.
"Firstly, the areas within which the tribunals may act will be reconsidered and in some cases adjusted; secondly, the local tribunals, like
appeal tribunals, will become nominated bodies and be reduced in size.
This does not mean that use will not be made of the assistance of existing
members of tribunals and they will be willing, I hope, to continue to work
under the new conditions.
"We propose to make an attempt to standardize more accurately than
is now done the grounds of exemption, to prevent conflicting decisions on
these matters in different localities, which is one of the great greivances
felt in the country.
"Changes also will be made in the procedure, but upon these I do not
intend to dwell at the moment. There is also the question of the extension
of the act to ministers of religion for non-combatant purposes.
"I now come to the question of Ireland. When an emergency has
arisen which makes it necessary to put men of 50 and boys of 18 into the
army in the fight for liberty and independence"—Joseph Devlin here interrupted—"and small nationalities."
The Premier resumed: "Especially, as I am reminded, to fight for liberty
and independence and small nationalities, I am perfectly certain it is not
Possibly to justify any longer the exclusion of Ireland."
A
B.
13 1918.]
THE CHRONICLE
John Dillon.—"You will not get any men from Ireland by compulsion,
not a man."
"What is the position?" continued Mr. Lloyd George. "No Home Rule
proposal ever submitted in this House proposed to deprive the Imperial
Parliament of the power of dealing with all questions in relation to the
army and navy. These invariably are in every Home Rule bill I have
ever seen and are purely questions for the Imperial Parliament, so that I
am no more claiming any national right that was ever claimed in the
House. The Defense of the Realm Act also was extended to Ireland.
"The character of the quarrel in which we are engaged is just as much
Irish as English. May I say it is more so? It is more Irish, Scotch and
Welsh than it is oven English. Ireland, through its representatives at
the beginning of the war, assented to it.
Mr. Devlin here interjected—"Because it was a war for small nationalities."
The Prime Minister resuming: "Ireland, through its representatives,
assented to the war, voted for the war, supported the war. Irish representatives, and Ireland through its representatives, without a dissenting
voice committed the Empire to this war. They are as responsible for it
as any part of the United Kingdom. May I just read tho declaration issued
by the Irish Party on Dec. 17 1914, shortly after the war began.
Mr. Byrne interrupted with: "We have had a revolution since then."
The Prime Minister, resuming: "This is the declaration of the Irish
Party 'A test to search men's souls has arisen. The empire is engaged in
the most serious war in history. It is a just war, provoked by the intolerable military despotism of Germany. It is a war for the defense of the sacred
rights and liberties of small nations, and the respect and enlargement of
the great principles of nationality. Involved in it is the fate of France, our
kindred country and the chief nation of that powerful Celtic race to which
we belong; the fate of Belgium, to whom we are attached by the same
great ties of race and by the common desire of small nations to assert their
freedom, and the fate of Poland, whose sufferings and struggles bear so
marked a resemblance to our own.
"'It is a war for the high ideals of human government and international
relations, and Ireland would be false to her history and to every consideration of honor, good faith and self-interest did she not willingly bear her
share in its burdens and its sacrifices.'
"It is not merely illogical that Ireland should not help, it is unjust. If
it were merely England's battle, the young men of Ireland might regard
that fact with indifference, but it is not They are just as much concerned
as the young men of England. Therefore, it is proposed to extend conscription on the same conditions as in Great Britain.
"As there is no machinery in existence, and no register has as yet been
completed in Ireland, it may take some weeks before active enrollments
begin. As soon as arrangements are complete, the Government will put
the Act into immediate operation."
When Mr. Lloyd George referred to Ireland, Alfred Byrne, Nationalist
member from Dublin, shouted
"We won't have conscription in Ireland."
An uproar followed.
The report of the Irish Convention was adopted by a majority only, and
therefore the Government would take the responsibility, the Premier said,
for such proposals for self-government as were just and could be carried out
without violent controversy. It would be some weeks before enrollment
in Ireland began, the Premier sontinued. One Nationalist cried out
"It will never begin."
Michael Flavin, Nationalist member from Kerry, said
"You come across and try to take us."
Another Nationalist exclaimed "It is a declaration of war against Ireland."
The Premier said the Man-Power Act would be extended to Ireland
under the same conditions as to Great Britain, and that a measure of selfgovernment for Ireland would be introduced. He told the Nationalists
that conscription and self-government would not go together, but that each
must be taken on its merits.
While the Premier was speaking, Joseph Devlin, Nationalist member for
West Belfast, interrupted to move that the House report prorgoss until
the report of the Irish Convention was presented. This interruption created
a storm of protest, and Mr. Devlin shouted
"You cannot howl me down. I won't sit down. You may try Prussian
methods in Ireland, but you won't try them on me."
The Speaker intervened and told Mr. Devlin he could move adjournment after the Premier's speech, but not in the middle of it.
When the Premier was referring to Ireland John Dillon, the successor of
the late John Redmond as leader of the Irish Nationalists in Parliament.
said:
"If Irish liberty were at stake I would not hesitate to support that
policy. I never challenged the justice of war. I don't challenge it now."
Mr. Lloyd George began: "I don't want to cause trouble—"
"You will get plenty," interrupted an Irish member.
The Premier said ho hoped to get the bill through all its stages this week
as it was a matter of urgency. He was interrupted by an Irish member,
who shouted:
"You will have to get us out of the House first."
Resuming, Lloyd George said:
"While we have one ship afloat we should not accept a German peace.
The men being taken now may be the means of a decisive issue."
After the Premier had delivered his address former Premier Asquith said
that if, as he believed, the gravest peril which over had menaced the empire was now confronting it, there was no sacrifice Parliament was not prepared to make. He appealed to the Premier to give a little more time for
consideration of the bill.
Mr. Asquith said he would suspend judgment until he saw the bill in
print. He invited every one to keep his mind and ears accessible to reasonable argument. All the needful machinery, ho added, could not be set up
for weeks, perhaps for months.
At the conclusion of Mr. Asquith's speech Joseph Devlin moved an adjournment and warned the Government that it was entering upon a course
of madness if it attempted to enforce conscription on Ireland. It:eland,
he said, never had been consulted on its willingness to pay this blood tax.
If the Government would do justice to the Irish people it would give them
the free Government of a free people.
After some debate Mr. Lloyd George asked that the motion be withdrawn
so that the bill might be printed. John Dillon, supporting Mr. Devlin's
motion, asked the Premier whether he had consulted anybody before
taking this decision—if he had consulted a single Irish representative.
If he had he should name the man. Mr. Dillon said he hoped for the sake
of the war and for the sake of the Empire that the methods of the War
Cabinet in dealing with the war were different from its methods in dealing
with Ireland. A bill applying conscription to Ireland, Mr. Dillon continued, would plunge the country into bloodshed and confusion and would
open a new war front in addition to the western front. He urged the War
Cabinet to inform itself as to the state of Irish feeling before proposing
conscription to Ireland.
1541
Sir Edward Carson, the Ulster leader, said that the only thing that interested him on the present occasion was the pressing necessity of the
country in relation to the war. He declared he asked himself what right
had he as an Irish Member to give his adhesion to a bill which called
upon the people of Great Britain to make sacrifices most terrible in character while Ireland should be absolved. It such a thing could happen, he
would hang his head for shame.
Sir Edward said he regretted that the bill had been mixed up with home
rule. Conscription for Ireland, either right or wrong, ought not to be
propped up by home rule. He warned the Government that by introducing home rule they might be raising two agitations, one against conscription and another in regard to home rule, both of which might affect •
the operation of the bill.
Mr. Devlin's motion was defeated by a vote of 323 to 80, after the
Government had applied the closure.
THE CZERNIN-CLEMENCEAU CONTROVERSY AS TOLD
IN OFFICIAL DISPATCHES.
Premier Clemenceau's denial of Count Czernin's state- •
ment that France had recently approached Austria in re-0
gard to terms of peace, has stirred up an acrid diplomatic
controversy between the statesmen and Governments
concerned. The French Government on the 5th issued a
statement confirming Premier Clemenceau's assertion,
and saying:
Premier Clemenceau, upon assuming the duties of President of the
Council, found that conversations had been entered into in Switzerland.
upon Austria's initiative, between the Count Revertata, a personal friend
of Emperor Charles, and Commandant Armand of the Second Bureau,
French General Staff, designated for that purpose by the French Minister
at the time.
M.Clemenceau did not wish to assume the responsibility of interrupting
conferences which had yielded no results, but which might furnish useful
sources of information. Commandant Armand thus was allowed to continue his journey in Switzerland, upon the request of Count Revertata.
Instructions were given M. Armand in the presence of his chief by M.
Clemenceau as follows: Listen and say nothing.
Count Revertata, becoming convinced that his attempts to bring about
a Geignan peace was doomed to failure in order to fully characterize his
mission, gave Commandant Armand a letter written in his own hand
dated Feb. 25 1918, the first sentence of which reads:
"During the month of August 1917, with a view to obtaining from the
French Government a proposition to Austria which might lead to future
peace and be of such a nature as to be susceptible of being indorsed by
Austria and presented to the German Government, conferences have been
entered upon."
Count Revertata, being himself the solicitor, acknowledges in the following terms:"That the purpose was to obtain from the French Government
propositions of peace, under cover of Austria, for transmission to Berlin."
Such is the fact established by an authenticated document which Count
Czernin has dared to refer to in the following terms: "Clemenceau, shortly
before the beginning of the offensive on the Western front, had me asked
whether I was ready to enter upon negotiations and upon what basis." In
speaking thus not only he did not tell truth, but told the opposite of truth,
which in France is termed lying.
It is but natural that Premier Clemenceau should be unable to restrain
his indignation when Count Czernin, justly anxious as to the final consequences of the Western offensive, reversed the rules with such audacity,
representing the French Government as begging for peace at the very
moment when: with our Allies, we were preparing for the infliction of a
supreme defeat upon the Central Empire.
It would be too easy to recall to what extent Austria has importuned
Rome, Washington and London with solicitations for an alleged separate
peace which had no other aim than to slip upon us the yoke which she professes to find to her taste. Who does not know the story of a recent
fleeting (in Switzerland, of course) of a former Austrian Ambassador and
a figure high in the councils of the Entente Allies? The conferences lasted
only a few minutes. Here, again, it was not our ally who sought the interview. It was the Austrian Government. Does not Count Czernin
remember another attempt of the same sort made in Paris and London only
two months before that of Count Revertata by a person of much higher
rank? There, again, as in the present case, inauthentic, but much more
significant, proof exists.
Premier Clemenceau's assertion was further corroborated
by his immediate predecessor in office, M. Paul Painleve,
who in a brief statement issued on the 6th, said:
During the year 1917 Austria made several attempts to open semi-official
negotiations with the Entente Allies, notably in June 1917, I was advised
by the Second Bureau that Austria, through the personage of Count
Revertata, had several times asked through a Swiss intermediary for an interview with the officer attached to the Second
Bureau, Major Armand, a distant relative. Alexandre Ribot, then
Premier, having been consulted, Major Armand and Count Revertata
met in August 1917. The matter stopped there, and no interview took
place from August until November, when I left office. The events which
occurred afterward naturally are unknown to me, but I presume that after
the statement made by Premier Clemenceau that Count Revertata returned to the charge.
From Vienna, on the other hand, came an official announcement reiterating Foreign Minister Czernin's statement, which the French Premier had denied. The Austrian
statement, received via Amsterdam on April 5, said:
On instructions from the Foreign Minister Count Revertata, counsellor
of the Legation in Switzerland, repeatedly had discussions in Switzerland
with a confidential agent of M. Clemenceau, Count Armand, attached to
the French War Ministry, who was sent to Switzerland to interview Count
Revertata. As a result of the interview of these two gentlemen in Freiburg, Switzerland, on Feb. 2, the question was discussed whether ancifon
what basis a discussion concerning the bringing about of a general peace
would be possible between the foreign ministers of Austria-Hungary and
1
1,1
France, or between official representatives of these ministers.
Thereupon Count Revertata, after obtaining instructions from the
Austro-Hungarian Foreign Minister, toward the close of February declared
on behalf of the minister to Count Armand, for communication to M.
Clemenceau, that Count Czernin was prepared for a discussion with a
representative of France and regarded it possible to hold a conversation
With the prospect of success as soon as France renounced its plan for the
1542
THE CHRONICLE
•conquest of Alsace-Lorraine. Count Revertata received a reply in the
name of M. Clemenceau to the effect that the latter was not in a position
to accept the proposed renunciation by France of this disannexation, so
that a meeting of the representatives at that time would, in the view of both
Parties, be useless.
A day or two later, after the statements issued by the
French Government and M.Painleve had been .made public,
the Austrian Government made further rejoinder as follows:
In contrast with the first brief declaration of Premier Clemenceau, in
which he gave the lie to Foreign Minister Czernin, it is observed, with
satisfaction that M. Clemenceau's statement of April 6 admits that discussions in regard to the question of peace took place between two confidential agents of Austria-Hungary and France. The account given by
M. Clemenceau of the initiation and course of these negotiations, and
likewise the statement of M. Painleve on the same subject, however,
deviate in many important particulars and to such a degree from the facts
that a detailed correction of the French communication appears to be
necessary.
In July 1917 Count Revertata was requested by an intermediary in the
name of the French Government to state whether he was in a position to
receive a communication from that Government to the Government of
Austria-Hungary.
When Count Revertata, after having obtained the sanction of the
Austro-Hungarian Government, replied in the affirmative to this inquiry
in the same month—July, 1917—Major Armand was charged with such
communication by the then French Premier, Ribot. Major Armand
arrived on Aug. 7 1917 at Count Revertata's private residence in Freiburg, the Count being distantly related to him.
Major Armand then addressed to Count Revertata a question as to
whether discussions between France and Austria-Hungary were possible.
Thus the initiative for these discussions was taken from the French side.
Count Revertata reported to the Austro-Hungarian Foreign Minister
that this question had been put on instructions of the French Government,
and the Minister thereupon requested Count Revertata to enter into discussions with the French confidential agent and in the course of these discussions to establish whether by this means a basis for bringing about a general peace could be secured.
On Aug. 22-23 Count Revertata entered into discussions with Major
Armand, which, however, as Premier Clemenceau quite correctly ddclares,
yielded no result. The negotiations thereupon were broken off.
The Clemenceau version, that the discussions between Revertata and
Armand were proceeding on his entry into office, is incorrect. Ns0 until
January 1918 did Armand, this time on instructions from Clemenceau,
again get into touch with Revertata. The thread had been broken in August 1917, and was, therefore, again taken up by Clemenceau himself in
January 1918.
From this fresh contact there resulted the discussions referred to in
the official communique of April 4 1918. It is, however,correct that Count
Revertata handed to Major Armand on Feb. 23 1918 the memorandum
regarding which Premier Clemenceau cites only the first sentence, and which
confirms that in the discussions with Armand, which had taken place in
August 1917, Revertata was charged with the task of finding out whether
proposals were obtainable from the French Government, which had addressed to Austria-Hungary an offer of a basis for a general peace, and also
whether they would be such as Austria-Hungary could bring to the knowledge of its allies.
It, therefore, entirely corresponded with the facts when Count Czernin,
in his speech on April 2 last, declared that "Premier Clemenceau had some
time before the beginning of the western offensive inquired of me whether
I was prepared for negotiations, and on what basis."
The accusation of lying brought against Count Czernin by M.Clemenceau cannot, therefore, be maintained, even in the restricted sense made by
•
the present communique of the French Government.
Nothing is known to the Austro-Hungarian Government of entreaties
for an alleged separate peace, with which the Austro-Hungarian Government worried the Governments of Rome, Washington and London. When
M. Clemenceau asked the Austro-Hungarian Foreign Minister whether he
remembers that two months before the Revertata affair—that is, about a
year ago—an attempt of a like nature was made by a personage of far higher
rank, Count Czernin does not hesitate to reply in the affirmative. But for
the sake of completeness and entire correctness, it should be added that this
attempt also led to no result.
So much for the establishment of the facts. For the rest, it need only be
remarked that Count Czernin, for his part, would see no reason to deny it,
If, in this or any similar case, he had taken the initiative, because, in contrast to M.Clemenceau, he believes it cannot be a matter for reproach for a
Government to make attempts to bring about an honorable peace, which
should liberate all peoples from the terrors of the present war.
The dispute raised by M.Clemenceau has, moreover, diverted attention
from the real kernel of Count Czernin's statement. The essence of this
statement was not so much who suggested the discussions undertaken before the beginning of the western offensive, but who caused their collapse.
And M. Clemenceau up to the present has not denied that he refused to
enter upon negotiations on the basis of the renunciation of the reacquisition
of Alsace-Lorraine.
To the foregoing Austrian statement Premier Clemenceau's rejoinder was that "A 'diluted lie is still a lie." The
Premier's statement, issued on the 8th, said:
A diluted lie is still a lie. Count Czernin told a lie when he said that
some time before the German offensive began Premier Clemenceau caused
him to be asked "if he was ready to open negotiations and upon what basis."
As to the passage in the manuscript note of Count Revertata, where he
says he acted for Austria to obtain from France peace proposals, the solicitant's text is authentic, and Count Czernin has not dared to dispute it.
To hide his confusion, he tries to maintain that the conversation was resumed at the request of M. Clemenceau. Unfortunately for him, there is
a fact which reduces his allegation to nothing, namely, that Clemenceau
was apprised of the matter on Nov. 18 1917 (that is to say, the day after
he took over the Ministry of War) by communication from the intermediary, dated Nov. 10, and intended for his predecessors. For Count
Czernin's contention to be true, M. Clemenceau would have had to take
the initiative in question before he was Premier. Thus Count Czerninjs
categorically contradicted by facts.
He is reduced to maintaining that Major Armand was M. Clemenceau's confidential man. Well, until this incident M. Clemenceau had
seen this officer of the Intelligence Department only once, for five minutes
at a riding school fifteen or twenty years ago.
Finally Count Czernin, as a last resource, says that what he attributes
to M.Clemenceau is unimportant. "What is really important," he affirms,
"Is not to know who took the initiative for the conversations before the
offensive, but who caused them to fall." Then why all this fuss? To
[VOL. 106.
demonstrate that every French Government, like France itself, is immovable on the question of Alsace-Lorraine.
Who could have thought it would have been necessary for Count Rovertata to elucidate for Count Czernin a question upon which the Emperor
of Austria himself has said the last word? It was no other than Emperor
Charles who in a letter dated March 1917, put on record in his own writing
his adhesion to France's just claim relative to Alsace-Lorraine." A second
imperial letter stated that the Emperor was "in agreement with his Minister." It only remained for Czernin to contradict himself.
Ex-Premier Ribot also has added his testimony to that
of Premier Clemenceau and M. Painleve. In a statement
issued on the 9th he said that the French Government,
of which he was the head at the time that Count Czernin
said conversations concerning peace were held between
Austria-Hungary and France, never directly or through a
neutral intermediary took any initiative in such a proceeding
as the Austrian official communication asserted.
A dispatch from Amsterdam on April 9 quoted the "Vienna
Zeitung am Mittag" as saying that it had been authoritatively informed that the Austrian Government has decided
never again to negotiate with the Clemenceau Cabinet,
even in connection with the cessation of the war, as M.
Clemenceau openly admitted that he had used confidential
discussions as the means of obtaining information for the
purposes of espionage.
The newspaper added that Count Czernin, the AustroHungarian Foreign Minister, adheres to everything he said
concerning the parleys in Switzerland, and that further
sensational disclosures are being prepared.
Regarding one reference in Premier Clemenceau's earlier
statement, a press dispatch from Paris on the 7th quotes
"Le Matin" as follows:
General Smuts, South African delegate in London for the British Cabinet,
was, according to "Le Matin." the "figure high in the council of the
Entente Allies" referred to by Premier Clemenceau in his statement of
April 5 denying the assertion of Count Czernin that the French Premier
had sought to open peace negotiations with Austria-Hungary. The
representative of the Dual Monarchy who met General Smuts in Switzerland was Count Mensdorff-Pouilly-Dietrichstein, Austro-Hungarian
Ambassador at London when the war broke out.
Immediately upon being introduced to Count Mensdorff, says the
newspaper in relating the interview, General Smuts, taking the initiative
in the conversation, bluntly asked:
"Is it true that you wish to make a separate peace?"
This direct query was too much for the trained diplomat,and the count
began a long, evasive reply.
"Yes or no?" reiterated the British representative.
Obtaining no direct reply. General Smuts said:
"Then—good night."
The interview lasted barely three minutes. Vienna was shocked,
"Le Matin" says, at the boorish manner of the old Transvaal warrior.
On April 11 the dispatches from Paris announced the
issuance of the following very sensational official note,
asserting that the Emperor of Austria himself had been the
source of the peace overtures.
Once caught in the cogwheels of lying, there is no means of stopping.
Emperor Charles, under Berlin's eye, is taking on himself the lying denials
of Count Czernin, and thus compels the French Government to supply
the proof. Herewith is the text of an autograph letter communciated on
March 31 1917 by Prince Sixtus de Bourbon, the Emperor of Austlra's
brother-in-law, to President Poincalre, and communicated immediately,
with the Prince's consent, to the French Premier:
"My Dear Sixtus: The end of the third year of this war, which has
brought so much mourning and grief into the world, approaches. All the
peoples of my Empire are more closely united than ever in the common
determination to safeguard the integrity of the monarchy at the cost even
of the heaviest sacrifices.
"Thanks to their union, with the generous co-operation of all nationalities, my empire and monarchy have succeeded in resisting the gravest
assaults for nearly three years. Nobody can question the military advantages secured by my troops, particularly in the Balkans.
"France, on her side, has shown force, resistance, and dashing courage
which are magnificent. We all unreservedly admire the admirable bravery,
which is traditional to her army, and the spirit of sacrifice of the entire
French people.
"Therefore it is a special pleasure to me to note that, although for the
moment adversaries, no real divergence of views or aspirations separates
many of my empire from France, and that I am justified in hoping that
my keen sympathy for France, joined to that which prevails in the whole
monarchy, will forever avoid a return of the state of war, for which no
responsibility can fall on me.
"With this in mind, and to show in a definite manner the reality of these
feelings, I beg you to convey privately and unofficially to President Poincare that I will support by every means and by exerting all my personal
influence with my allies, France's just claims regarding Alsace-Lorraine.
"Belgium should be entirely re-established in her sovereignty, retaining
entirely her African possessions without prejudice to the compensations
she should receive for the losses she has undergone.
"Serbia should be re-established in her sovereignty and, as a pledge of
our good-will, we are ready to assure her equitable natural access to the
Adriatic, and also wide economic concessions in Austria-Hungary. On
her side, we will demand, as primordial and essential conditions, that
Serbia cease in future all relation with, and suppress every association or
group whose political object aims at the disintegration of the monarchy,
particularly the Serbian political society, Narodni Ochrana; that Serbia
loyally and by every means in her power prevent any kind of political
agitation, either in Serbia or beyond her frontiers, in the foregoing direction, and give assurances thereof under the guarantee of the Entente
Powers.
"The events in Russia compel me to reserve my ideas with regard to
that country until a legal definite Government is established there.
"Having thus laid my ideas clearly before you, I would ask you in turn,
after consulting with these two Powers, to lay before me the opinion first
of France and England, with a view thus to preparing the ground for.an
APR. 13 1918.]
THE CHRONICLE
understanding on the basis of which official preliminary negotiations could
he taken up and reach a result satisfactory to all.
"Hoping that thus we will soon be able together to put a limit to the sufferings of so many millions of men and families now plunged in sadness
and anxiety. I beg to assure you of my warmest and most brotherly affection.
"CHARLES."
The French note added:
Count Czernin, having recognized by his note of April 8 the existence
of this negotiation due to the initiative of a personage of "a rank far above
his," the Austrian Government is now summoned to give an explanation
of the "attempt" avowed by it and of the details of the conversation of
Its delegates.
As a reply to the foregoing, dispatches to the Associated
Press from Vienna via Amsterdam, April 12, reported the
Austrian Emperor as saying in a telegram to Emperor William
that complete solidarity exists between Austria and Germany, and "we shall jointly enforce an honorable peace,"
denying the truth of the declaration made by Premier Clemenceau of France that the Austrian Emperor recognized
France's claim to Alsace-Lorraine. The message declares
that the French Premier's assertions are, "from beginning
to end, inventions." It is added that the fact that AustroHungarian troops are fighting for Alsace-Lorraine on the
western front demonstrates the Emperor's faithfulness to his
ally, while the senselessness of attributing to Count Czernin
the idea that France had a just claim to Alsace-Lorraine is
proved by all of the Foreign Minister's public utterances.
The message to Emperor Willian is given as follows:
The French Premier, driven into a corner, is endeavoring to escape from
the net in which he has entangled himself by piling up more and more
untruth, and he does not hesitate to make the completely false statement
that I recognized that France had a just claim to the re-acquisition of
Alsace-Lorraine. I disavow this assertion with indignation.
At the moment when Austro-Hungarian cannon are thundering jointly
with German cannon on the western front it hardly needs proof that I
am fighting for these provinces, and I am ready to continue fighting
exactly as if it were a question of defending my own land.
Although in face of this eloquent proof and the full community of aims
for which almost four years we have been waging war, I consider it superfluous to waste even a word on Premier Clemenceau's false assertion, I
desire, nevertheless, to take this opportunity of again assuring you of the
complete solidarity which exists between you and me and your empire and
and mine.
No intrigues, no attempts, from whomsoever they may proceed, will
Imperil our loyal comradeship of arms, and we shall jointly enforce an
honorable peace.
JAPANESE AND BRITISH FORCES LANDED AT
VLADIVOSTOK—RUSSIAN GOVERNMENT PROTESTS.
The landing of Japanese naval forces at Vladivostok was
reported to the State Department on April 5, while the next
day word was received that British forces had also been
landed. The action followed an attack on a Japanese officer
by five armed Russians, who, it is alleged, upon being refused money, killed one Japanese and wounded two others.
The force landed was said to be small and only sufficient to
prevent further disorders. Admiral Kato, member of the
Japanese Admiralty Council, promptly issued a proclamation
at Vladivostok dealing with the landing of the Allied forces.
The The Japanese Admiral said he felt great sympathy with
Russia in the present situation, wished a cessation of fratricide and the fullest realization of the revolution, but was
compelled to take steps to protect life and property of Japanese and Allied subjects in view of the murder of a Japanese
soldier and because there were no local organizations at the
Siberian port able to maintain law and order. The Admiral
added that he had asked his Government for further instructions.
An Associated Press dispatch from Harbin dated April 5,
but not received here until yesterday, also reported that
American marines had been landed at Vladivostok, but both
the State and Navy Departments disclaimed any knowledge
of such a landing. Later it appeared to be confirmed.
A protest against the landing of Japanese forces at Vladivostok was promptly made by the Russian Government, a
statement issued on the 6th beginning with the declaration
that "Japan has started a campaign against the Soviet Republic," also asserting that the landing of troops was effected
immediately after the murder of the Japanese, without waiting for an investigation to be made, and charging that the
crime was part of a pre-arranged plan. Continuing, the
statement said:
1543
of the Soviet Government. Orders have been given to all
Siberian Councils of Soldiers' and Workmen's Delegates to resist an armed invasion of Russia. Nikolai Lenine, the Bolshevist Premier,in a speech at Moscow on April 8,said that possibly Russia would have to declare war on Japan in connection
with the landing of Japanese troops. Continuing he said:
The Germans creep up from the south. General Dutoff's movement
slackened for a time, but it is again reviving. There are Japanese landings,
assisted by Englishmen, and Frenchmen are coming from the Murman
coast. We are being surrounded in a tight ring. It is possible after a short
time, perhaps oven within a few days, that we will have to declare war on
Japan.
M. Lenine also hinted at grave complications with Great
Britain and France because of their alleged help to the Japanese.
A. special dispatch from Vashington to the New York
"Times" on the 11th reported that the State Department,
attaches no political significance to the landing of the British and Japanese forces, which is known officially to be the
usual method for the protection of lives and property. It
is clear, therefore, that it would not regard as of poliiical
significance any landing of American marines deemed necessary by the ranking American naval officer on the scene.
A dispatch from London on April 11 quoted Lord Rob ert
Cecil, Parliamentary Under Secretary for Foreign Affairs,
as saying in answer to a question in the House of Commons
that the British Government has no reason to suppose the
American Government does not approve of the landing of
British and Japanese forces at Vladivostok.
The dispatch also reported that the foreign consuls in
Vladivostok officially have informed the President of the
local Zemstvo that the landing of Allied marines there was
due to anarchy and that the forces will be withdrawn as
soon as the Consuls consider that order has been restored,
according to a Vladivostok telegram received in Petrograd
and forwarded by Reuter's correspondent.
RUSSIA'S LOSSES AS A RESULT OF PEACE TREATY.
An Associated Press dispatch from Petrograd, dated April
10, gives the following details as to Russia's losses under the
peace treaty with Germany:
Under the terms of the peace treaty. the Commissioner of Commerce
announces Russia has lost 780,000 square kilometers (301,000 square miles)
of territory, with 56,000,000 inhabitants, or 32% of the entire population
of the country. The announcement says Russia has also suffered the following losses:
One-third of her total mileage of railways, amounting to 21,530 kilometers (13,350 miles).
Seventy-three per cent of the total iron production.
Eighty-nine per cent of the total coal production.
Two hundred and sixty-eight sugar refineries, 918 textile factories, 574
breweries, 133 tobacco factories, 1,685 distilleries, 244 chemical factories.
615 paper mills, 1,073 machine factories.
These territories, which now become German, formerly brought in an
annual revenue amounting to 845,238 rubles, and had 1,800 savings banks.
BESSARABIAN COUNCIL VOTES FOR UNION
WITH ROUMANIA.
An official Berlin dispatch received at Copenhagen on
the 11th reported that the Bessarabian Diet, by a vote of
86 to 5, had decided in favor of union with Rumania. The
Russian province of Bessarabia borders Rumania on the
east. The northern part is almost wholly inhabited by
Rumanians, and Rumania has long desired that these people
should be united with her.
Count Zcernin, the Austro-Hungarian Foreign Minister,
in explaining the Rumanian peace treaty recently, said that
Rumania would be compensated for the loss of territory on
the Transylvania border by taking the southern part of
Bessarabia, which, however, has no great percentage of
Rumanian population.
BANKING AND FINANCIAL NEWS.
No bank stocks were sold at the Stock Exchange or at
auction this week. One lot of four shares of trust company
stook was sold at auction.
Shares. TRUST CO.—New York. Low. High. Close. Last Previous Sale,
4 New York Trust Co
595 595 595
May 1916— 600
The stockholders of the Central Trust Co. and of the
Union Trust Co., of this city, at meetings on April 11, ratified the agreement to merge the two companies under the
name of the Central Union Trust Co., and the necessary
steps will now be taken to complete the details of the stock
issues authorized in connection with this merger. The actual consolidation of the two companies will, however, be
deferred for the present, as there are a number of changes
The statement says the action of the Entente will play a to be made in the present building of the Union Trust
Co.
great part in determining the immediate international policy to accommodate the business of the enlarged company.
The
What is the program of action of the other Governments of the Entente—
America, England, France and Italy? Up to the present moment their
policy regarding the rapacious scheme of Japan evidently has been one of
hesitation.
The American Government apparently was against the Japanese invasion, but now the situation cannot remain indefinite any longer. England
has followed Japan's example. This must be put to the British Government
with all emphasis. A similar course must be pursued toward the diplomatic representatives of the United States and other Entente Powers.
1544
offices on the ground floor of the Union Trust Co. building
will be used for some of the departments of the company,
and some of the offices on the upper floors of the building
will be used by the clerical force. The adjoining building,
No. 74 Broadway, the banking floor of which has been occupied by the Trust Department of the Union Trust Co. for
several years past, has been purchased on behalf of the two
companies in order to provide ample space for the future.
This purchase gives the Central Union Trust Co. a plot
with a frontage of about 118 feet on Broadway and about
121 feet on New Street, opposite the Stock Exchange, with
a total area of over 13,000 square feet. The consolidated
institution will have a capital of $12,500,000 and a surplus
of about $16,500,000. As preliminary to the merger, the
stockholders of the Central Trust have ratified the proposal
to increase its capital from $5,000,000 to $12,500,000, while
the stockholders of the Union Trust have voted to increase
the capital of their company from $3,000,000 to $3,300,000.
Benjamin A. Morton has been appointed Trust Officer
of the Union Trust Co., to succeed the late Carroll C. Rawlings. Mr. Morton had heretofore been Assistant Trust
Officer.
Charles W. Riecks, who had heretofore served as VicePresident and Cashier of the Liberty National Bank of this
city, has resigned as Cashier but will continue as VicePresident. The new Cashier is Frederick W. Walz, previously Assistant Cashier.
The suspension of the Stock Exchange firm of Morgan,
Truett & Co. of 40 Wall Street, was announced on the
floor of the Exchange on the 8th inst. It was later made
known that an assignment had been made by the firm for
the benefit of creditors to Edward T.Perine, an accountant,
at 149 Broadway. Mr. Perine gave out the following statement concerning the firm's difficulties:
The firm has been in business only since last fall. It succeeded at that
time to the business of a firm known as Hewitt, Morgan & Truett. The
partners inform me that conditions of current dulness and the inability of
the present firm to realize readily on the assets taken over have made it
seem wise to suspend operations.
I do not understand that there are any very large amounts of unsecured
obligations, and the firm expresses a hope that it can resume at an early
date.
Yesterday Judge Hand in the United States District Court
appointed Silas W. Howland of the law firm of Murry,
Prentice & Howland, 37 Wall St., receiver for the firm.
Judge Hand took this action on an involuntary petition in
bankruptcy filed by Stern & Gotthold of 60 Wall St., attorneys for James C. Hoe's Sons, Inc., Ralph M. Comfort
and Emanuel Rosen, petitioning creditors.
The firm of Morgan, Truett & Co. was formed on Nov. 1
1917 by Daniel H. Morgan, Edward P. Truett and Frederick H. Hovey. The last-named has been a member of
the Exchange since April 11909.
In accordance with the plans previously announced, the
name of the Germania Bank of this city will be changed on
Monday next, April 15, to the Commonwealth Bank.
At a regular meeting of the directors of the EastRiver National Bank of this city on April 5, Oscar Stiner was elected
President to fill the vacancy caused by the death on April 1
of Vincent Loeser.
Edward F. Barrett, for the past four years Deputy
Chamberlain of the City of New York, has been appointed
Secretary to Charles E. Mitchell, President of the National
City Co.
The Irving National Bank of this city, through its London
representative, is making a special appeal for subscriptions
to the Third Liberty Loan to the leading banks in Holland,
Scandinavia, and Spain, agreeing to subscribe in their
behalf and to hold the bonds without charge. Subscriptions
from customers of banks in these countries are also being
urged, the attention of the foreign bankers having been
directed to the present exchange rate, which makes substantial profits possible to investors who purchase Liberty
bonds. In addition to giving investors in European neutral
countries an opportunity to subscribe to our bonds, such
purchases, whatever their volume, will tend to have a
beneficial effect on the foreign exchange situation with those
countries. The foreign banks will either cable their subscriptions direct to the Irving in New York or through
its London representative.
[VOL. 106
THE CHRONICLE
The pamphlet, "Trade Acceptance Progress," which has
just made its appearance, is the twelfth of a series published
by the Irving National Bank of this city as a contribution
to public thought upon questions relating to national prosperity. It is presented by the Irving National Bank through
the courtesy of American bankers and business men who
attended the open trade acceptance meetings, held in New
York recently, one by the New York Credit Men's Association, the other by the American Trade Acceptance Council.
The purpose of the pamphlet is to submit to the business of
the country the latest national thought upon the trade acceptance, from the viewpoint of those who have tried it out
in practice and from others who,because of the thoroughness
of their study of the subject, are familiar with its merits.
James L. O'Neill was elected a Vice-President of the
Guaranty Trust Company of New York on April 8. Mr.
O'Neill has been engaged in credit work for more than twenty
years. He was born in Pittsburgh, Pa., on Oct. 8 1881,
and after graduation from the public schools in 1895 he entered the service of the Bradstreet Company as delivery
boy and file clerk, remaining there until Feb. 1 1896. On
that date the Carnegie Steel Company, Limited, first organized credit activities under a separate bureau chief, and
Mr. O'Neill entered the new organization as an office boy.
On Jan. 1 1913 he was appointed Credit Manager and subsequently organized the credit activities as an independent
department of the company. He is a member of the National Association of Credit Men and has served as director
in the Pittsburgh Association of Credit Men.
The Guaranty Trust Co. of this city has prepared a
folder, "Publications of Timely Interest Issued by the
Guaranty Trust Co. of New York," listing the booklets
on financial topics which have been distributed lately by
the company's publicity department. The list includes a
wide range of subjects and any of these publications mentioned
in the folder will be gladly sent to anyone interested.
In pursuance of its desire to put every available facility
and resource at the disposal of the Government, and of
United States forces in the camps and along the battle lines,
the Guaranty Trust Co. of New York has had an automobile bank constructed for use at the front in France.
The Paris office of the trust company is a United States
Government depositary, and acts in France as a paying and
receiving agent for United States paymasters and other
American disbursing officers of both the Army and Navy.
This enables it to be of especial 'service to all our forces
abroad. Writing rooms, a post office, and a special paying
teller for the exclusive use of our army and navy men are
among the conveniences it now offers. The traveling bank
which the Guaranty has inaugurated, is expected to be of
great assistance to United States disbursing officers in transporting money to the various camps and fronts, and of
considerable convenience to our soldiers, as it will constantly
go to and fro behind the battle lines, and enable them to
cash checks or buy drafts on the spot. The frame of the
"flying" bank is built of oak and the exterior is covered with
thin plates of sheet iron. It is painted a light grey and
presents a very trim appearance. A small but very strong
safe has been installed immediately behind the driver's
seat, resting on the frame of the car and securely fastened.
there are two paying windows and an adjustable counter
at the rear of the car. The height of the counter is about
that of the average-size man's shoulders so that a customer
cannot reach into or see inside of the car. To the right of
the paying windows are small, built-in desks. All available
wall space is fitted with lockers for stationery, and in the
corner behind the driver's seat is a locker for clothes. The
motor bank is equipped with a small electric lighting system
and seats inside which can be converted into "berths" for
sleeping purposes.
The National Bank of Commerce in New York is distributing a book entitled "Export Trade Associations," containing the complete text of the Webb Act, approved Apr. 11,
1918, and an official summary of the report of the Federal
Trade Commission on the development of foreign markets.
The Webb Act is of especial interest to exporters, merchants
and manufacturers of this country, as it permits of combinations for foreign trade without violating the anti-trust
law. The enactment is an after-the-war measure. This
pamphlet is provided with marginal notes, and is a ready
desk reference for the busy merchant.
,
APR. 13 1918.1
THE CHRONICLE
James Adger Reynolds, Cashier of the National Bank of
Kinderhook, at Kinderhook, N.Y., was on April 1 presented
with a solid silver tea set by the directors of the institution
as a mark of their esteem and appreciation of his services;
the occasion marked the completion of 50 years' service with
the bank by Mr. Reynolds, who entered the bank's employ
when but fifteen years of age.
1545
particularly the work incident to the floating of the Third
Liberty Loan.
Directors of the Harris Trust & Savings Bank of Chicago
have voted to transfer .$1,000,000 from undivided profits
account to surplus account. After making this transfer
the bank has a capital of $2,000,000 and a surplus of $3,000,000. The directors have appointed Lieut. John S. Broeksmit "Cashier on leave," and have elected Robert 0. Lord
The Manufacturers National Bank of Cambridge, Mass., Cashier to fill the vacancy caused by Mr. Broeksmit's
recently organized with a capital of $200,000 and to which absence in the service of the United States Army.
we referred in our issue of March 9, was opened for business
on April 3. The new institution is situation on Kendall
F. H. Tinsley of Sigourney, Iowa, has been elected PresiSquare,Cambridge,and is within a mile of 530 manufacturing
in place of
For the convenience of Boston depositors dent of the Englewood State Bank of Chicago
establishments.
the John R. Burgess, who resigned because:of ill health. Bryan
who do not care to make the short trip to Cambridge,
esident of the Englewood
Merchants National Bank of Boston will act as a depository G.. Tighe has been elected Vice-Pr
rers National. The officers of the new Bank.
for the Manufactu
bank are: President Emery H. Marsters; Vice-Presidents,
Henry Kloes,for many years Cashier of the First National
Nathan Sallinger, George A. Giles and Timothy W. Good,
Bank of Milwaukee, was recently elected a Vice-President;
M. Van Sant.
and Cashier, Walter
at the same time August W. Bogk, heretofore an assistant
to the Cashiership and George E.
Slavonic Bank, of Hazleton, Pa., with Cashier, was elected
The Hazleton
Fleischmann was appointed an Assistant Cashier.
capital of $100,000 and surplus of $25,000, celebrated the
first anniversary of its opening on April 2. The year has
Application has been made to the Secretary of State of
been one of marked success for the new institutions. DeGeorgia for permission to organize a new institution to be
posits, which on the opening day were $338,000, now amount
known as the First Trust & Savings Corporation and to be
to over a million dollars. The officers of the Hazleton
proposed corporaDrosdick, located in Atlanta. The capital of the
Slavonic Bank are: John Shigo,President; Michael
tion is to be $100,000 with surplus of a like amount, both
First Vice-President; Dr. J. C. Kochezynski (formerly a
fully paid up. The petitioners are: Robert F. Maddox
physician, but now in the service), Second Vice-President;
(of the Atlanta National Bank), Henry R. Durand, George•
M. Yurkanin, Cashier, and George A. Shigo, Assistant
R. Donovan and James L. Dickey and Samuel C. Dobbs
Cashier. The last-named had formerly been Assistant
Freeland. The Hazleton of De Kalb County.
Cashier of the Citizens' Bank of
Slavonic Bank has a capital of $100,000 and a surplus of
Claud Gatch, formerly Chief National Bank Examiner
$25,000. The bank's anniversary was fittingly commemfor the Twelfth Federal Reserve District and Vice-Chairman
morated by a banquet tendered by President Shigo to the
and Director of the Federal Reserve Bank of San Francisco,
directors and employees on April 2.
has been elected Vice-President of the Central National Bank
and its affiliated institution the Central Savings Bank, of
Douglas Huntly Gordon, a former President of the Bal- Oakland, Cal., to succeed H. N. Morris, who resigned on
timore Trust Co. and one of the most prominent financiers account of failing health. Mr. Gatch at one time was
of that city, died at his home in Baltimore on April 8 after a Cashier and Manager of an Oregon bank and National
prolonged illness. Mr. Gordon, who was 51 years of ages Bank Examiner for that State. Mr. Morris will remain
was born in Baltimore in 1867. He entered the banking a member of the Board of Directors. He was Vice-Presibusiness as a very young man and was one of the organizers dent of the two banks for the past five years.
and only President of the International Trust Co. of Baltimore. In 1910 when that company was consolidated with
The annual report of the Bank of British North America
the Baltimore Trust & Guarantee Co., under the name of (head office London) for the fiscal year ended Nov. 30
the Baltimore Trust Co., Mr. Gordon was elected 1st Vice- 1917, presented to the shareholders at the annual meeting
.
President of the enlarged company and in 1912 was chosen held recently in London, shows net earnings of $668,003,
its President, which position he held until Feb. 1916, when which is an increase of $121,657 over the previous fiscal
he retired on account of failing health, but remained a direc- year, and making with the sum of $104,222 the balance
tor of the company until the time of his death. He was also brought forward from last year, $772,226, or (according
connected with a number of other enterprises.
to the prevailing rate of exchange) approximately $753,711
available for distribution. In October 1917, the report
At the annual meeting of the Union Trust Co. of Balti- states, a 4% interim dividend, amounting to $194,666 was
more, held on April 8, the following new directors were paid, leaving a balance of $577,559, out of which itis proelected: Charles H. Consolvo, President of the Belvedere posed by the directors to make the following appropriaHotel Co.; H. W. Hunter, President of the Baltimore Gas tions: $194,666 to provide for a second 4% dividend payable
Appliance Manufacturing Co., and J. M. Jones, General (less income tax) in April; $43,800 (estimated) to pay the
Manager of the Tin Plate Department of the Bethlehem usual bonus of 5% to all employees; $34,066 (estimated) to
Steel Co. At a subsequent meeting of the board held on the provide for a special war bonus to those members of the
same day a 5% dividend (payable April 20 to stockholders staff remaining on duty and in the service of the bank not
of record April 10) was declared for the half-year, placing less than six months to meet the high cost of living, and
the stock of the company on a regular 10% basis.
4156,307 to be carried forward. On March 27 the terms
of the proposed merger of the Bank of British North America •
Heyward E. Boyce, of the banking firm of Colston, Boyce with the Bank of Montreal (to which we referred in these
& Co., of Baltimore, was on April 10 elected Vice-President columns on March 23) were announced in London through
of the Drovers & Mechanics' National Bank of that city. a circular distributed to the shareholders. The circular
Though one of Baltimore's young bankers, Mr. Boyce has says:
already gained decided prominence in the banking world.
In anticipation of an extraordinary general meeting of which notice will
of directors desire to inform the proprietors
due
Mr. Boyce has two brothers who are Vice-Presidents of be given inhavecourse the boardprovisional agreement for the acquirement
entered into a
that they
Baltimore banks—Frederick G. Boyce Jr. of the Mercantile of the Bank of British North American by the Bank of Montreal, which has
Trust & Deposit Co., and W. Graham Boyce (recently received the consent of the Minister of Finance as required by the Bank
elected) of the Union Trust Co. Mr. Boyce will retire from Act of 1913.
In a later circular a full explanation will be given of the
the firm of Colston, Boyce & Co. and assume his now duties
1. He is a director of the Broadway Savings reasons which have influenced the directors to adopt this
about May
proprietors should be inBank of Baltimore and of the Davis Coal & Coke Co. of that course, but in the meantime the
formed briefly that the terms provisionally agreed upon
city.
include the following:
"Seventy-five pounds in cash for each £50 share of the
The Council of Administration of the Ohio Bankers'
decided to postpone until a later date the Bank of British North America with the option of exchangAssociation has
$100 each of the Bank
annual convention of the Association. This decision was ing two shares of the nominal value of
the Bank of British
reached on account of the great pressure of other business of Montreal for each share of £50 of
bear upon the bankers of the State, North America."
now being brought to
1546
Nor
THE CHRONICLE
[VOL. 106.
41111,
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest
Amount
Outstanding Jan. 31 1918
Title of LoanPayable.
Issued.
Registered.
Coupon.
Total.
$
25, Consols of 1930.-646,250,150 597,553,050 2,171,000 599,724,050.
3s, Loan of 1908-1018-Q.
-F. 198,792,660 48,546,400 15,399,060
63,945,460
4s, Loan of 1925
CURRENT ASSETS AND LIABILITIES.
Q.
-F. 162,315,400 101,974,650 16,515,250 118,489,900
Panama Canal Loan:
GOLD.
28, Series 1906
Assets
Q.
-F.
54,631,980 48,944,040
Liabilities
10,140
48,954,180
Gold coin
708.686,765 97 Gold certfs. outstand'g_1,221,987,882 00
25, Series 1908
Q.
-F.
30,000,000 25,802,520
144,880
25,947,400
Gold bullion
1,697,124,998 19 Gold settlement fund.
35, Series 1911
Q.
-M. 50,000,000 41,824,100 8,175,900
50,000,000
Fed. Reserve Board__ 949,213,640 00 3s, Conversion bonds_
_Q.
-J.
28,894,500 5,996,000 22,898,500
•
28,894,500
Gold reserve
152,979,025 63
50,902,000
Avail, gold in gen'i fund 81,631,216 53 35, 1-yr. Treas. Notes_Q.-J.
27,362,000
27,362,000
45, Certs. of indebt_a_Mat. 3,405,066,000
1383,873,000 1,383,873,000
Total
2,405,811,764 16
Total
2,405,811,764 16 34s,1st Lib.L.of'17 b.J&D 1,986,774,655
1,986,774,665
Note.
-Reserved against 8346.681,016 of U.S. notes and $1,874,689 of
45,2d Lib. L.of 1917c _M&N3,806,493,789
3,806,493,789
notes of 1890 outstanding. Treasury notes are also secured by silver Treasury 2
Ms,Postal Say. bonds:
dollars in
the Treasury.
(1st to 14th series)__J&J
10,758,560 9,976,200
782,360
SILVER DOLLARS.
10,758,560
1918-33(14th series).J&J
302,140
Assets-275,280
26,860
Liabilities
302,140
Silver dollars
491,158,533 00 Silver certfs. outstand'g 452,801,764 00 d4s, War savings and
"Treasury notes of 1890
Thrift stamps
Mat. e44,955,854
44,802,100
outstanding
1,874,689 00
Aggreg. of int.-bearing debt_10,476,137,689
Available silver dollars
8,196,321,826
in general fund
36,482,080 00
a The interest rate and maturity are given in respect of the certificates
outstanding
Total
Jan. 31.
491,158,533 00
Total
491,158,533 00
b These amounts represent receipts of the Treasurer of the United
GENERAL FUND.
States on
Assets
account of principal of the First Liberty Loan bonds to Jan. 31, and
$
Liabilities
include the
Avail. gold (see above)_ 81,631,216 53 Treasurer's checks outprincipal of bonds which have been converted under the authority of Section
11 of
Avail, silver dollars (see
standing
1,022,698 17 the Act of Sept. 24 1917, Into 4% bonds.
above)
36,482,080 00 Deposits of Government
United States notes__
c These amounts represent receipts of the Treasurer of the United States
11,485,378 00
officers:
-*A
on
Federal Reserve notes_ _ 31,449,191 00
Post Office Dept
27,329,484 25 account of principal of the Second Liberty Loan bonds to Jan 31.
Fed. Res. bank notes.._
67,570 00
Board of Trustees,
d The average issue price of War Savings Stamps for the year 1018 with
National bank notes__ _ 15,094,479 63
Postal Savings Sys
interest
Cert. checks on banks__
37,198 74
tern (5% reserve)
8,007,095 15 at 4% per annum compounded quarterly for the average period to maturity will
Subsidiary silver coins_ _
10,667,733 32
Comptroller of the
amount to $5 on Jan. 1 1923. Thrift Stamps do not bear interest.
Minor coin
1,992,108 87
Currency, agent for
Silver bullion (available
e This amount represents receipts of the Treasurer of the United States on
creditors of insolaccount
for subsid'y coinage)_
7,976,946 46
vent banks
1,309,045 46 of proceeds of sales of War Savings Certificate Stamps and U. S. Thrift Stamps.
Unclassified (unsorted
Postmasters, clerks of
currency, &o.)
RECAPITULATION.
courts, deo
31,340,013 62
Deposits in Fed'i Land
GROSS DEBT.
Deposits for:
NET DEBT.
banks
Debt bearing no int.__ $238,019,015 62 Gross debt (opposite)$8,435,080,041
6,445,761 09
Redemption of Fed89
Deposits in Fed. Reserve
Debt on which int. has
eral Reserve notes
Deduct
banks
ceased
6,000,000 00
I.
1,639,200 26
(5% fund)
Balance available to
70,115,230 00
Deposits in special deInterest-bearing debt
8,196,321,826 01
Redemption of Fed'I
pay maturing oblipositaries:
145,596,751 21
Reserve bank notes
gations
677,903,346 37
Acct. of sales of certfs.
(5% fund)
387,430 00
of Indebtednees._ Gross debt
$8,435,980,041 89
Redemption of na*Net debt
$7,758,076,695 52
Deposits in nat. banks: 778,125,000 00
tional bank notes
•The amount of $4,091,329,750 has been expended to above date in this and
To credit Treas. U.S.
the
(5% fund)
25,642,181 95 preceding fiscal year
To credit other Gov- 45,925,666 70
from the proceeds of sales of bonds authorized by law for
Retirement of addiernment officers._
purchase of the obligations of foreign Governments. When payments are received
tional circulating
Deposits in Philippine
9,284,177 14
notes, Act May 30
from foreign Governments on account of the principal of their obligations, they
treasury:
1908
1,165,900 00 must be applied to the reduction of the interest-beari
To credit Treas. U.S_
ng debt of the United States.
2,098,788 39
Exchanges of currenTo credit other Govcy,coin,do
14,579,160 74
ernment officers.... _
TREASURY CURRENCY HOLDINGS.
2,634,753 36
-The following
180,900,039 34 compilation, made
up from the daily Government statetNet balance
1,012,094,761 10
ments, shows the currency holdings of the Treasury at the
Total
1,192,994.800 44
Total
1,192,994.800 44
beginning of business on the first of December 1917 and
Note.
-All reports from Treasury offices received before 11 a. m. are proved
on
the same day. All reports fromIdepositary banks are proved on the day
of receipt January, February, March and April 1918.
or the day following.
tThe amount to theTeredIl•Poft:1sbursing officers to-day was $812,249,293
6
41.
This is a book credit and represents the maximum amount for which
Holdings in
Jan. 1 1918. Feb. i 1918. Mar. 1 1918. April 1 1918.
disbursing
officers are authorized to draw on the Treasurer of the United States to pay
Sub-Treasuries.
$
Govern$
$
$
ment obligations as they become.due. The net balance stated is the amount
availble to pay Treasury warrants,idisbursing officers' checks and matured
public-debt Not gold coin and bullion_ 212,230,998 232,211,663 230,905,330 234,610,242
obligations.
Net silver coin and bullion
23,474,997
38,293,140
42,520,603
44,459,026
Under the ActsTof July 14 1890 and Dec. 23 1913 deposits of lawful
Net United States notes_
8,781,228
13,840,488
13,918,100
11,485,378
the retirement of outstanding/national bank and Federal Reserve bankmoney for Net national bank notes_ _
14,292,455
23,612,876
10,510,412
15,094,480
paid into the Treasury as miscellaneous.receipts, and these obligations notes are Net Fed. Reserve notes._
23,577,065
27,961,820
are
30,693,360
31,449,191
under the ActsjmentionedIa partItokthe:public debt. The amount of such made Net Fed. Res. bank notes
69,240
113,710
obli138,500
67,570
gationsito-danwasi$36,134,454;50.
Net subsidiary silver__ _
1,791,849
6,465,587
8,392,651
10,667,733
Minor coin, &o
1,853,188
4,524,394
3,606,071
8,475,069
Total cash in Sub-Treas 286,071,020 347,032,678 346,685,927 *356,308,689
Lees gold reserve fund._ 152,979,026 152,970,026 152,979,026 152,970,026
FINANCIAL STATEMENT OF U. S. JAN. 31 1918.
Cash balance in Sub-Treas 133,091,994 194,053,652 193,706,901 203,329,663
(Formerly Issued as "Statement of the Public Debt.")
Dep. in special depos'ries:
Account certs. of indebt 251,091,015 423,986,177 869,061,634 778,125,000
The following statements of the public debt and Treasury
Liberty Loan deposits.
2,705,475
cash holdings of the United States are as officially issued Cash in Fed. Res. banks_ 438,420,910 336,045,291 115,315,734 145,596,751
108,467,680
68,873,592
Cash in Fed. Land banks
2,180.000
0,000,000
6,000,000
6,000,000
as of Jan. 31 1918.
Cash in national banks:
To credit Treas. U. S._
37,745,706
33,797,960
41,324,431
45,925,667
CASH AVAILABLE TO PAY MATURING OBLIGA'TIONS.
To credit dish, officers_
8,268,832
9,637,342
9,704,651
9,284,177
Balance held by the TreasSettlement warrants, maurer of the U.S., as per
Total
tured interest obli46,014,538
43,435,302
51,029,082
55,209,844
daily Treasury StateCash in Philippine IsTds.
gations, and checks
3,720,176
5,051,501
4,686,784
4,733,542
ment for Jan. 31 1918.$891.961,052 80
outstanding:
Deduct
-Net excess of
Net cash in banks,SubTreasury warrants_ _ _ $91,570,207 25
payments over receipts
Treasuries
982,080,313 1,077,445,515 1,243,405,010 1,192,994,800
Matured interest obliin January reports subgations a
8,851,041 48 Deduct current liabilities_ 159,924,344 185,484,463 109,911,410 180,900,039
sequently received _ _ _ _ 42,053,764 93
Disbursing officers'
Available cash balance_ 823,061,969 891,961,052 1,073,494,200 1,012,094,761
checks
71,582,692 77
Balance
677,003,346 37
•Includes April 1, 87,976.94846 silver bullion and $8,475,068 70 minor coin
Revised Balance
$849,907,287 87
$849,007,287 87. dm, not included in statement "Stock of Money."
a The unpaid interest due Dec. 15 1017 on First Liberty Loan is estimated
on
the basis of receipts of the Treasurer of the United States for principal of bonds.
It includes interest on interim certificates not exchanged for bonds and a calculation
IMPORTS AND EXPORTS FOR FEBRUARY.
on account of bonds and interim certificates converted.
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Mar. 30 are set out in the following. The figures are taken
entirely from the daily,statement of the U. S. Treasury for
Mar. 30.
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States Notes
8346,681,016 00
Less gold reserve
152,079,025 63
Excess of notes over reserve
$193,701,090 37
Obligations that will be retired on presentation:
Old demand notes
53,012 50
National bank notes and Federal Reserve bank notes assumed
by the United States on deposit of lawful money for their retirement
37,418,404 50
Fractional currency
6,845,608 25
Total
5238,019,015 62
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
Funded Loan of 1891,continued at 2%,called for redemption May18
1900: interest ceased Aug. 18 1900
54.000 00
Funded Loan of 1891, matured Sept. 2 1891
20,85000
Loan of 1904, matured Feb. 2 1904
13,050 00
Funded Loan of 1907, matured July 2 1907
494,300 00
Refunding Certificates. matured July 1 1907
11,360 00
Old Debt matured at various dates prior to Jan. 11861, and other
items of debt matured at various dates subsequent to Jan. 1 1861
900,640 26
Certificates of indebtedness, at 3. 3t(. 3Yi and 4%, matured
195,000 00
Total
$1,630.200 26
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for February and
from it and previous statements we have prepared the following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
MERCHANDISE.
azporis.
1918.
January
February
March
April
May
June
July
August
September_ _ _
October
November_ _ _ _
December
Total
$605,282
411,762
1917.
$613,325
467,648
553,986
529,928
549,674
573,468
372,758
488,656
454,507
542,101
488,193
593,884
imports.
1910.
$330,030
401,784
410,742
398,569
474,804
464,686
444,714
510,167
514,924
492,814
516,167
523,234
SR 2251 MR IR 412 RAI
1918.
$233,949
207,701
1917.
$241,794
199,480
270,257
253,936
280,727
306,023
225,926
267,855
236,197
221,227
220,535
227,911
1910.
8184,351
193,935
213,590
218,236
229,189
245,795
182,723
199,316
164,039
178,659
176,968
204,834
12 012 AAR S2.301 ARA
We have also received this week the circular wirtten under
date of March 7 1918:
GOLD.
Imports,
Exports.
1917.
1916.
$20,720
22,068
17,920
16,965
57,698
67,164
69,052
46,049
31,333
11,154
7,223
4,538
1918.
$10,213
13,685
10,774
11,503
11,919
8,312
9,395
11,780
6,849
7,054
26,335
27,974
$3,746
5,084
January
February
March
April
May
Juno
July
August
September_
October
November
December
1918.
AAA
EXCESS OF
Merchandise.
1917.
Jan_,,.,
Feb____
March _
April __
May,..,
June_ __
July __
Aug ___
Sept.._
Oct__
Nov__
Dee ___
$
+371,531
+268,168
+283,729
+275,992
+268,947
+266,845
+140,832
+220,801
+218.310
+320,874
4-267.658
+365,953
$
+271,333
+204,058
$4,636
4,947
5,748
4,856
6,212
4,044
4,336
5,815
6,530
6,016
7,847
9,008
4-3.275.640 +3,091.006
Total
$58,926
103,766
139,499
32,372
52,262
91,339
27,304
18,692
4,172
4,150
2,906
17,066
$15,008
6,016
9,776
6,122
27,322
122,735
62,108
41,2:39
92,562
97,509
46,973
158,620
$685.990
1918.
1916.
1917.
$5,997
4,449
$3,346
2,478
2,977
2,376
4,741
2,235
3,420
5,681
5,796
5,050
9,086
6,155
-180.570
-4-an von
+ Exports. -Imports.
Totals for merchandise, gold and silver for eight months:
8
Mos.
(000s
omitted.)
Gold.
Merchandise.
Doports.
Exports.
Excess
Exof
Exports. ports.
Silver.
Excess
of
/mExports. Exports ports.
Excess
of
Imports. Exports
$
'17-18 3,857,124 1,841,305 2,015,819 178,180 81,243 96,937
'16-17 4,032,994 1,547,812 2,535,182 132,175 661,704/529520
'15-16 2,584,683 1,291,073 1,293,610 47,741 328,054 /280313
14-15 1,634,466 1 055,632 578,834 140,387 46,267 94,120
'13-14 1,695,723 ,215,797 479,926 44,057 49,447 /5,390
'12-13 1,720,632 .246,399 474,233 43,639 52,851 /9,212
53,551
53,134
38,332
34,705
37,057
50,044
45,635
22,675
23,191
18,055
21,969
29,819
12,916
30,459
15,141
16,650
15,088
20,225
!Excess of imports.
Similar totals for the month of January for six years make
the following exhibit:
1
Mon.
(0005
omitted.)
Gold.
Merchandise.
Exports.
1918.. 917,044
1917. 1,080,973
1916. 731,820
1915.. 567,685
1914.. 377,987
1913.. 421,030
Imports.
$
441,653
441,273
378,286
247,272
302,788
312,077
Excess
Exof
Exports. ports.
475,391
639,700
362,534
320,413
75,199
108,053
Silver.
Excess
Imof
Exports. Exports ports.
Excess
of
ports. Exports
8,830 6,953 1,877 13,147 10,447
42,788 162,693J119905 13,581 5,827
23,898 21,024 2,874 9,582 4,448
1,745 19,623 117,878 8,612 6,687
15,993 13,651 2,342 7,602 4,233
29,611 11,567 18,044 11,751 6,682
2,700
7,757
5,134
3,925
3,369
5,069
Excess of Imports.
THE ENGLISH GOLD & SILVER MARKETS.
We reprint the following from weekly circular of Samuel
Montagu & Company, of London, written under date of
Feb. 28 1918:
GOLD.
Tho Bank of England gold reserve against its note issue shows an increase of £856,795 as compared with last week's return. It is announced
from New York that gold to the value of $150.000 has been shipped to
Mexico. Apparently this is a commencement of the movement indicated
In our letter of last week.
SILVER.
The market has been steady in tone. The price receded Ad. on the
inst. to 4234d. and remained at that figure. Business has been
22d
moderately active and American supplies have been forthcoming with some
freedom. The Shanghai exchange has shown no movement of importance.
The silver holding of the Indian Treasury continues to shrink. Substantial additions will accrue before long as a consequence of purchases made
by the Government. Whether these will counterbalance or exceed withdrawals remains to be seen.
Feb. 7.
Feb. 22.
Feb. 15.
(In Lacs of Rupees.)
10,484
10,384
10,391
Notes in circulation
1,476
1,284
1,345
silver coin and bullion
Reserve in
2,755
2,855
2,831
Gold coin and bullion in India
105
67
67
out of India
Gold
of
The stock in Bombay on Feb. 8 consisted on 3,200 bars. No fresh news
Feb. 23 consisted of about
to hand. The stock in Shanghai
has come
29,100,000 ounces in syceo and 13,000,000 dollars, as compared with about
dollars
28,900,000 ounces in sycee and 13,000.000 silveron the 9th inst.
per ounce from day to
The movements in the case price of bar
day during this week have eben as follows:
Feb. 28
d 4234
d 4234
Feb. 23
42A Mar. 1
4254
Feb. 25
0
40
4234 Average
Feb. 26
42 A Bank rate
Feb. 27
delivery.
No quotation fixed for forward
The Bank of England gold reserve against its note issue shows an increase of £787,725 as compared with last week's return. The Indian
Statistical Department has published the following interesting details:
"Before the war gold was imported at certain times of the year in large
quantities by the exchange banks and bullion brokers from the United
Kingdom, and sovereigns in transit from Australia or ready for export from
Egypt were frequently diverted to India. The United Kingdom, Egypt
and Australia were, in fact, the chief sources of supply. In 1916-17, however, NAal, China and Japan were the chief countries of consignment.
The shipments from Natal amounted to £6,091,000. of which £6,054.000
were in bar gold. The whole of this bar gold is warehoused in Bombay
on behalf of the Bank of England. The shipments from China were also
in bullion, while those from Japan were in sovereigns. The exports out
of India were comparatively unimportant, and were chiefly in the form
of sovereigns to meet the requirements of troops in Mesopotamia and
Egypt. The absorption of gold coin and gold buillion was £5,393,000.
This figure, although greater than that of the preceding year, was still
much below the average of the pre-war quinquennial period."
$1,852
SILVER.
2.596
2,880
The market has remained steady and no change has taken place in the
2,176 quotation. The Shanghai exchange has a firm tendency the native
2,725
having been reduced
3,183 speculative position, hitherto a source of weakness,
2,426 by more than half. The Indian currency returns given below show a slight
2,517 increase in the holding of silver:
2,880
Feb. 28.
Feb. 22.
Feb. 15.
(In Lacs of Rupees.)
2,892
10,346
10,354
10,391
2,583 Notes in circulation
1,301
1,284
1,345
and bullion
3,553 Reserve in silver coin
2,830
2,855
2,831
Gold coin and bullion in India
67
67
67
eq., 0111
2.41
Gold out of India
AAR .
A79 595
111
The stock in Bombay on Feb. 8 consisted of 3,200 bars; no fresh news
EXPORTS OR IMPORTS.
on the 2d inst., consisted of
has come to hand. The stock in Shanghai,
uota.
Silver.
about 29,650,000 ounces in sycee and 13,400,000 dollars, as compared with
about 29,100,000 ounces in scyee and 13,000,000 dollars on the 23rd. ulto.
1917.
1916.
1918.
1917.
1918.
Statistics for the month of February are appended:
43.25d.
Highest price for cash
$
$
$
$
$
42.5d.
-658 -38,206
+145,635
+630 +2,541
Lowest price for cash
+207,849 +2,535 -81,698 +2,070 +5,216
42.791d.
Average
-121,579
+2,579
+187,152
Cash quotations for bar silver per ounce standard:
-15,407
+1,977
+180,333
d 4234
d 4234 Mar. 7+5,436
+245,615
+1,531 Mar. 1
42.5
" 2
+218,891
--24,175
4254 Average
+6,730
5%
Bank rate
4234
+41,748
" 4
+2,118
+261,991
42% Bar gold per ounce standard 77s. 9d.
" 5
+27,357
+1,823
+310,851
" 6
4234
+27,161
+4,669
+350,885
-day
+7,004
+314,155
+1,9:13
No quotation fixed for forward delivery. The quotation fixed to
+4,317
-4,297 for cash delivery is the same as that fixed a week ago.
+339,199
-12,528
+318,400
+3,970
$5,887
7,604
5,556
4,353
6,272
8,065
5,538
7,504
10,465
6,983
4,789
10,125
Total
1918.
1916.
1917.
$6,627
6,519
1916.
imports.
Exports.
1918.
1917.
$552,454
$4,404
2,549
1:371,884 $155,793
SILVER.
Total
January
February
March
April
May_
Juno
July
August
September
October
November_
December ___
1547
THE CHRONICLE
APR. 13 1918.1
We have likewise received this week the circular written
under date of March 14 1918:
GOLD.
The Bank of England gold reserve against its note issue shows an increase of £61,970 as compared with last week's return.
The following official table showing the balance of trade of India presents
in cold figures the intensity of the currency problem facing the Indian Government during the abnormal war conditions that prevail:
1916-17.
1915-16.
1914-15.
£
Imports of merchandise ex-Govern99.748,000
91,953,000 87,991,000
ment stores
Net imports of
2,797,000
764,000
5,637,000
Gold
2,214,000
3,717,000
6,676,000
Silver
347,000
603.000
238,000
Enfaced rupee paper
195,000
213,000
228.000
enfaced rupee paper
Interest on
104,732,000 91,760,000 100,873,000
Exports of mdse., ex-Gov't stores_ _ _121,061,000 131,587,000 160,591,000
16,329,000
Not export
39,827,000
59,718,000
SILVER.
During the week the tone of the market has been somewhat firmer.
After remaining at 4234d. for almost a fortnight, 423(d. wa.s quoted on
the 8th inst., and a further rise of %d. on the 12th brought the quotation
to 43d. Supplies from America have been coming forward with rather
loss freedom. The firm tendency of the Shanghai exchange has been maintained. The Indian currency returns show a decrease in the holding of
silver, the amount held being the lowest since Oct. 11 1913.
Mar. 7
Feb. 22.
Feb. 28.
(In Lacs of Rupees.)
10.304
10,346
10,354
Notes in circulation
1,271
1,301
1,284
and bullion
Reserve in silver coin
2,818
2,830
2,855
Gold coin and bullion in India
67
67
67
Gold out of India
The stock in Bombay on March 8 consisted of 1,300 bars, as compared
with 3,200 bars on Feb. 8 last. The stock in Shanghai on March 9 consisted of about 29,850,000 ounces in scyee and 13,500.000 dollars, as compared with about 29,650,000 ounces and 13.400,000 dollars on the 2d inst.
Cash quotations for bar silver per ounce standard:
d 43
d 425 March 14
March 8
42.875
42% Average
9
"
5%
4231 Bank rate
11
"
43 'Bar gold per ounce standard 77s. 9d.
12
"
43
13
"
No quotation fixed for forward delivery. The quotation to-day for
cash delivery is Ad. above that fixed a week ago.
I
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
April 6. April 8. April 9. Aprfl10. April 11. Apri112.
London,
In.
Wed. Thurs.
Tues.
Mon.
Sat.
Week ending April 12.
4614
46%
d. 4534
4534
4514
4534
Silver, per ez
5434
5434
5434
5434
Holiday 5434
Consols, 214 per cents
94%
9434
94%
9434
9431
"
British, 5 per cents
100%
100%
10034
100%
10034
British, 434 per cents
59.35
59.35
59
58.50
Paris).Jr.
French Rentes
French War Loan (in
88.45
81.45
88.45
fr
88.40
Paris)
The price of silver in New York on the same days has been:
Sliver in N..Y., per oz--cts. 9134
9134
9134
9134
9334
9334
1548
THE CHRONICLE
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATIONS.
The United States Steel Corporation on Wednesday, April
10, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
Mar. 31 last to the amount of 9,056,404 tons. As compared with the amount on hand at the end of February, the
current figures record a decrease of 232,049 tons and as
contrasted with the unfilled tonnage for the same period
last year there is a decrease of 2,655,240 tons. The maximum of.unfilled orders was reached April 30 1917 when an
aggregate of 12,183,083 tons was reported. Although the
current returns are the smallest since November last they
are in line with general expectations.
In the following we give the comparisons with the previous
months:
[VOL. 106.
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
60 The Trust Co. of Am., Kansas
1 Equitable Office Bldg. Corp.
City, Mo
lot $4
(New York), prof
5
2 Buffalo & L. Erie Trac. Co__ _lot Si 100 General Gas & Elec. Co., pref.
2 Roch. & Syrac. RR. Co., Inc
16
cumulative
734
1 Atlantic C.& Shore Co., corn._1 lot 206 General Gas & El. Co., corn... 134
28 Ch. Danv. & Vincennes RR....f $1
10 Corn Exchange Nat. Bank_ -40034
2 Wilkes
-B.& Hazleton RR.,pref _lot 82
7 First Nat'l Bank, Tamaqua,
3 Virginian Power Co., common_ 10
Pa., $50 each
17534
1 Atlas Powder Co., voting com_17034
8 Miners' Nat. Bank, Pottsville,
2 Atlas Powder Co., pref
94
850 each
89
Sub. warrant for 14 share Atlas
132 Peoples' Trust Co., $50 each... 3534
Powder Co.6% cum. prof
$1
5 Phil. Germantown & Norrist.
3 Diamond Ice & Coal, corn._ _lot 314
RR., $50 each
125
2 Equitable Office Bldg. Corp.
16 Pottsville Water Co.,$25 each. 5234
(New York)
15 Thomas Iron Co.,$50 each.... 2634
15
_ _
75 Amal.AsbestosCorp.,Ltd.,com.1 lot
30 Virginia Coal & Iron Co
141
75 Amal.AsbestosCorp.,Ltd.,pref f $16 20 Farmers' & Mech. Nat. Bank,
200 M.Rumely Co.,pref.(old stk.) lot $13
156-160
100 Butler Chemical Co., corn.,
12 Logan Trust Co
145
(Butler, Pa.) (old stock),
5434 Rights to subscribe to Cam$50 each
lot $7
den Fire Ins. Assoc
334
1 Georgia Lt.,Pow.& Rys., corn. 2
15 Commonwealth Casualty Co.,
1 E. T. Burrows Co., common
36
$10 each
14
3 Atlantic City. Co., common..._ 1
11 Morris Canal Co. & Banking
Tons.
2 Hale dr Kilburn Co., pref. (old
Co., pref
Tons.
Tons.
150
Mar. 31 1918._ 9, 56,404 Aug. 31 1915-4,908,455 Jan. 31 1913...7,827,388
stock)
2 Phila. dr Trenton RR
lot $27
215
Feb. 28 1918.... 9,288,453 July 31 1915_4,928,540 Dec. 31 1912-7.932.164
1 States Light & Pow. Co
6
30 Figueroa Cut Glass Co.(HamJan. 31 1918_ 9,477,853 June 30 1915_4,678,196 Nov. 30 1912_7,852,883
3 Roanoke Gas Light Co., coin..lot $23
mouton, N J.)
5
Dec. 31 1917_ 9,381,718 May 31 1915_4,264,598 Oct. 31 1912_7,594,381
65 Citizens' Gas & Fuel, Dunkirk,
10 United Gas Sr Elec. Corp., first
Nov. 30 1917_ 8,897.106 April 30 1915_4,162,244 Sept. 30 1912_6,551,507
N Y
lot $50
pref
40
Oct. 31 1917.- 9,009,675 Mar. 31 1915_4,255,749 Aug. 31 1912_6,163,375
4 Miss. Vail. Ry.& Power, pref. lot $6
6 Commonwealth Trust
240
Sept. 30 1917_ 9,833,477 Feb. 28 1915_4,345,371 July 31 1912_5,957,073
40 Bangor Regal Slate Co., pref_lot $15
Aug. 31 1917_10,407,049 Jan. 31 1915_4.248,571 June 30 1912-5,807,349 900 Wellman Iron & Steel
lot $12 Bonds.
Per cent.
July 31 1917..10,844,184 Dec. 31 1914_3,836,843 May 31 1912_5,750,986 15,000 Hinds Cons. Mg.,81 each.. _lot $o $2,000 Bangor Regal Slate Co. 1st
June 30 1917..11,383,287 Nov. 30 1914.-3,324,592 April 30 1912_5,664,885 100 U.S. Land dr Loan Co
6s, 1933
lot 311
14-75
May 31 1917_11,886,591 Oct. 31 1914-3,461,097 Mar. 31 1912_5,304,841 Corti. for diva. on 65 shares North
$3,000 Virginian Power Co. 1st coll.
April 30 1917..12,183,083 Sept. 30 1914.-3,787,667 Feb. 29 1912_5,154,201
River Construction Co
tr. 5s, 1942
Si
67
Mar. 31 1917..11,711,644 Aug. 31 1914-4,213,331 Jan. 31 1912_5,379,721
35 Slate Prod. Co. of Am., corn._1 lot Sub. warrant for $15,000 Virginian
Feb. 28 1917_11,576,697 July 31 1914_4,158,589 Deo. 31 1911_5,084,765
25 Slate Prod. Co. of Am., pref._ f 85
Power Co. 1st coll. tr. 55
lot $2
Jan. 31 1917_11.474,054 June 30 1914-4,032,857 Nov. 30 1911_4,141,958 437 Harriman Land Co., 2d pref.,
$3,000 Porto Rico Gas Co. 1st s. f.
Dec. 31 1916-11,547,286 May 31 1914_3,998,160 Oct. 31 1911...3,694,327
$5 each
lot $37
8s, 1953
20
Nov. 30 1916_11,058,542 April 30 1914-4,277,068 Sept. 30 1911_3,611,315
3 Golding Sons Co. (Trenton,
31,000 Rochester St Syracuse RR.,
N. J.), pref
Oct. 31 1916..10,015,260 Mar. 31 1914...4,653,825 Aug. 31 1911_3,695,985
lot $112
Inc., 1st 58, 1957 (temp. 009.)._ 60
5' Lakin Irrigation Co.,$50 each lot $18 $2,000 Key West Gas Co. let s. 1.
Sept. 30 1916...9,522,584 Feb. 28 1914_5,026,440 July 31 1911...3,584,088
Aug. 31 1916-9,660,357 Jan. 31 1914_4,613,080 June 30 1911-3,381,087 100 Phil. Press Brick Mfg., $50
6s, 1931
36
each
July 31 1916.-9,593,592 Dec. 31 1913...4,282,108 May 31 1911_3,113,154
lot $16 $3,000 Atl. City & Shore RR. 1st
June 30 1916-9,840,458 Nov. 30 1913_4,396,347 April 30 1911...3,218,700 250 Utah Land & Water Co
dc coll. tr. 5s, 1945, ars. dep._ _ _ 22
lot $25
May 31 1916-9,937,798 Oct. 31 1913...4,513,767 Mar. 31 1911...3,447,301 100 Western Irrigated Land Co._ _lot $13 $2,000 Muncie Hartford & Ft. W.
April 30 1916_9,829,551 Sept. 30 1913_5,003,785 Feb. 28 1911_3,400,543 400 Prowers Co. Land & Irrig. Co.lot $16
Ry. 1st s. f. 5s, 1935
57
Mar. 31 1916_9,331,001 Aug. 31 1913...5,223,468 Jan. 31 1911.-3,110,919 150 Matchless Kid Mfg. Co
lot $6 $2,000 Bloomsburg & Sullivan Ry.
62% Central Utah Land & IrrigaFeb. 29 1916-8,568,906 July 31 1913...5.399,356 Dec. 31 1910-2,674,750
1st 58, 1928
65
tion Co
Jan. 31 1916...7,922,767 June 30 1913...5,807,317 Nov. 30 1910-2,760,413
lot 88 $2,000 Pennsyl. Canal Co. gen. 6s,
20 Amer. Pyrites Co
Dec. 31 1915-7,808,220 May 31 1913...6,324,322 Oct. 31 1910...2,871,949
due 1910 (ctts. 01 (101).)
lot $4
50
Nov. 30 1915-7,189,489 April 30 1913...8,978,762 Sept. 30 1910_3,158,106 200 Colo, Farm Land & Irrig. Co._lot $7 $2,000 Buff. de Lake Erie Trac. Co.
Oct. 31 1915...6,165,452 Mar. 31 1913...7,468,956 Aug. 31 1910...3,537,128 100 Western Realty Co_
_ - .lot $6
1st & ref. 5s, 1936 (ctfs. of (1en.) 16
50 John Jackson Mining Co_ _ _ _lot 81 $1,000 San Antonio Trac. Co. 1st
Sept. 30 1915-5,317,618 Feb. 28 1913_7,656,714 July 31 1910_3.970.931
40 Acetylene Lt., Heat & Power
5s, 1949
68
Co., $50 each
101 31 $1,000 Lewiston Aug. & Watery.
40 Commonwealth Elec. Constr.
St. Ry. 1st & ref. 5s, 1937
8034
Co., $50 each
lot $1 $1,000 rndianap. Trac. & Term.
600 Chester Ry. Fare Receiver dr
1st 5s, 1933
89
Register Co
lot $6 $1,000 Luzerne Co. Gas & Elec. 1st
100 Gouverneur Lead & GarnetCo. lot $2
ref. & impt. 55, 1948
Canadian Bank Clearings.
-The clearings for the week 125 Florende (Ala.) Invest. Co_ _ _ _lot $5 $4,000 Portland Ry., Lt. & Power 8834
ending Apr. 4 at Canadian cities, in comparison with the 50 Pa. Street Station Indicator &
1st dr ref. 5s, 1942
6334
Adv.
same week in 1917, show a decrease in the aggregate of 200 FlorenceCo. of Phila., $20 each lotS1 $1,000 Altoona & Logan Vail. RR.
Cotton & Iron Co_ _ _ _lot 83
consol. 416s, 1933
8634
4.9%.
25 Newport News SC Miss. Vail,
$1,000 City of Phila. 334s, 1934._ 88
Co
lot $2 $1,000 City of Phila. 4s, 1939
96
10 Mechanics' Library & Reading
$1,000 Georgia Ry. & Elec. Co.
Week ending April 4.
Room Assoc. of Chester... _lot $2
ref. & inapt. 5s, 1949
86
Clearings al
1 Buffalo & Lake E. Trac.. com_lot 82 $4.000 Schuylkill River East Side
Inc. or
2 Wilkes
-B. dr Hazleton RR., pf _lot 81
RR. 1st 4s, 1925
92
1918.
1917.
Dec.
1916.
1915.3
gommexciai antlAXisceilarceons4vals
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon.
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Onnfuln
$
$
$
$
%
65,765,864 71,606,189 -8.2 65,923,475 36,465,589
50,990,000 53,548,356 -4.8 46,953,734 33,815,717
40,870,564 45,260,106 -9.7 33,397,411 16,896,774
7,886,684 6,150,628 +28.2 5,532,109 3,894,653
8,633,167 5,838,456 +13.6 5,091,450 3,938,317
3,039,534 4,222,015
28.0 3,731,691 2,540,008
3,141,409 2,666,393 +17.8 2,185,016 1,650,718
4,662,065 4,027,182 +15.8 4,066,120 2,788,116
2,131,555 2,144,611 -0.6 1,746,188 1,251,068
2,548,742 2,548,128 +0.02 2,211,221 1,824,237
6,013,924 6,450,561 -6.8 4,173,339 2,570,326
1,354,474 1,433,437 -5.5 1,299,841 1,113,394
2,785,871 2,568,605 +8.5 2,422,654 1,816,016
2,953,703 3,010,399 -1.9 1,779,543 1,257,494
547,724
532,155 +3.0
513,603
520,575
670,438
781,864 -14.2
528,812
300,152
1,566,597 1,689,821 -7.3 1,186,916
720,006
926,830
636,452
864,540 +7.2
456,668
1,134,644 1,119,367 +1.3
830,495
708,375
580,780
553,962 +4.9
442,296
458,040
425,848
291,041
246,463 +72.7
241,500
450,986
376,748
580,806 -19.8
207,889
575,268
643,709 -10.6
413,701
440,110
787,995
519,604
683,194 +18.7
569,325
640,657 -11.1
2111
1
nil 071
2111 771 API
-4 a
i RR
Ong
Ann
11A 571A (ISO
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:
DIVIDENDS.
The following shows all the dividends-announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
A tch. Topeka dr Santa Fe, corn. (guar.). 1% June 1 Holders of rec. May 3a
Cleve. Cin. Chic. av St. L., pref. (quar.)._
134 April 20 Holders of rec. April lba
Delaware Lack.& Western (quar.)
$250 April 20 Holders of rec. April 5a
Georgia RR.& Banking (quar.)
3
April 15 April 2 to April 14
Great Northern (quar.)
194 May 1 Holders of rec. April 5a
Illinois Central (quar.) (No. 130)
June I Holders of rec. May 3a
Kanawha & Michigan (guar.)
1% April 28 Holders of rec. April 13a
Kansas City qouthern, pref. (quar.)___ _
1
April 15 Holders of rec. Mar.30a
Minn.St. Paul & S. S. M.,corn. & pref_
334 April 15 Holders of rec. Mar.22e
New York Central RR.(guar.)
1% May 1 Holders of roc. April 13a
Norfolk & Western, adl. pref. (quar.).... 1
May 18 Holders of rec. April 30a
Northern Pacific (quar.)
13 May 1 Holders of rec. April 12a
Pere Marquette Ry. prior pref. (quar.). 1% May 1 Holders of rec. Anril 15a
Pittsburgh & West Virginia, pref. 010_ _
June I *Holders of rec. May 15
Reading Company,common (quar.).
May 9 Holders of rec. April 180
$1
Southern Railway, preferred
234 April 30 Holders of rec. April 2a
Wabash Ry., preferred A (quar.)
April 30 Holders of rec. April 10a
Warren RR
$1 75 April 15 Holders of roc. April 6a
Street & Electric Railways,
Brooklyn City Hit. (guar.)
234 April 15 April 4 to April 15
Carolina Power & Light, corn. (quar.)...
34 May 1 Holders of rec. April 15
Central Illinois Pub. Servize, 1)1.(WO 134 April 15 Mar. 31 to Apr. 15
Nowp. dr Coy. L.& Tr.,com.(qu.)_
134 April 15 Mar. 31 to April 15
Preferred (guar.)
Shares. Stocks.
Per cent. Shares. Stocks.
134 April 15 Mar. 31 to April 15
Per cent.
Cities Service, corn. & pref. (monthly)- 129 American Chicle, corn
38% 300 Knicker.-Wyo. Oil, corn., $10
34 May 1 Holders of roe. April 150
Common (Payable in common stock). f% May 1 Holders of rec. April 15a
4 New York Trust Co
595
each
50c. per sh.
5 Green Bay Sr Western RR__ _ _ 50%
Bonds.
Per cent. Commonwealth Pow., Ry. & Lt., pref.(qu.) '134g May I *Holders of roe. April 12
Duquesne Light. pref. ((mar.)(No. 13). 134 May 1 Holders of roe. April I
1 Bradish Johnson
50% $18,000 Pitts. Wheel. & L. E. Coal
Georgia Ry.& Power, 1st pref.(quar.)... 1% April 20 Holders of rec. April 10a
2 State Investing Co_
4s, certificates of deposit
60
20
Havana Elec. Ry. L. & P., corn. de pref. 3
1 Rio Grande Junction Ry
May 15 April 26 to May 16
$1,000 Unexcelled Mfg.5% income
29
Kentucky Securities Corp., pref. (quar.) 1% April 15 Holders of rec. April 8e
2 City Investing, preferred
66
funding certificates
30
Manchester Trac., L.& Pow.(quar.)255 The Frank Miller Co., $50 each
2
April 15 Holders of rec. April is
$7,500 American Realty deben. 55,
$50 per sh.
1923; March 1915 coupon on....$101 lot Milwaukee Elec. Ry. ee L., pref. (quar.).. 134 April 30 Holders of rec. April 20a
Monongahela Valley Trac., corn. (qu.)_ 3134c• April 15 Holders of rec. Mar. 30a
By Messrs. R. L. Day & Co., Boston:
Ottumwa Ry. dr Light, pref.(guar.)._ _ - 1% April 15 Holders of rec. Mar. 30
Shares. 'Stocks.
$ per sh. Shares. Stocks.
$ per sh. Philadelphia Co., 6% cum. pref. (qu.)_ $1 50 May 1 Holders of roe. April is
2 Merchants National Bank..__ _262%
3 Cambridge Gas Light
145% Phila. & Western Ry., pref. (quar.).._ _ 6234c. April 15 Holders of rec. Mar. 30a
3 National Shawmut Bank
190
100 U. S. Worsted, corn
25( Public Service Invest., pref. (Yu.)(No. 36) 114 May 1 Holders of roe. April 15a
Republic Ry. dr Light, corn. (qu.)(No.6) 1
52 Arlington Mills
April 15 Holders of roc. Mar. 30
122%423 18 Thompson Elec. Welding, $20
Preferred (quar.)(No. 27)
1 Pacific Mills, ex-div
134 April 15 Holders of rec. Mar. 30
140
each
50%
Rio de Janeiro Tram., L. & P.(quar.)... 4.1yi May 1 *Holders of rec. April 15
2 Pemberton Co
75
30 Odd Fellows Hall Assoc
8
Sao Paulo Tram. L. & P. (guar.)
1 Nashua Mfg., $500 par
*2% May 1 *Holders of rec. April 15
855%
2 Naumkeag Steam Cot. full pd.
Texas Electric Ry., 1st pref.(quar.)___ _
1 Lyman Mills
1% April 1 Mar.22 to
Mar. 31
138
stock
153
United Rys. dr Elec., Bait., corn.(quar.)
2 Richard Borden Mfg
500. April 15 Holders of roe. Mar. 270
170
6 Naumkeag Steam Cot. old stk_154
Wash. Bait.& Annap.. corn.(quar.)- -- 8 Central Vermont 113
$1 April 15 Holders of roe. Mar. 30a
600.
,
West Penn. Power, preferred (guar.). _
63 Waltham Watch, common_ _ _ 103
134 May 1 Holders of rec. April 20a
Bonds.
Per cent.
York Railways, preferred (quar.)
117 Rights Sullivan Machinery...... 4
6211c. April 30 Holders of rec. April 200
$1,000 Quigley Furnace & Foundry,
Banks.
5 American Glue, pref
135%
1st 5s 1924
90
Corn Exchange (guar.)
4
May 1 Holders of rec. April 30
By Messrs. Millett, Roe & Hagen, Boston:
First National (Brooklyn) (guar.)
2% April 8 Holders of rec. April 5
Shares. Stocks.
April 15 Holders of roe. April On
$ per sh. Shares. Stocks.
$ per sh. Mechanics & Metals National (quar.)- - - 4
3 Androscoggin Mills
April 15 Holders of rec. April 10a
178
22 Hood Rubber, pref
963-97 Produce Exchange, New York (quar.)... 3
27 Plymouth Cordage, ex-dlv
Miscellaneous.
5 Waltham Watch, pref
1973
773.'
Air Reduction, corn.(quay.)(No.4)_ _ _
$1
April 15 Holders of roe. Mar. 30a
6 Nantasket Beach Steamboat.... _115
10 Hood Rubber, corn
126
5 Boston Belting, pref. $50 each
Preferred (guar.)
134 April 15 Holders of roe. Mar. 30a
42
28 Draper Corporation
109-109%
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days IncIusive.
Miscellaneous (Continued).
April 16 Holders of rec. April 10
13
Alliance Realty (guar.)
1% April 15 Holders of rec. Mar. 30a
Allis-Chalmers Mfg., pref. (guar.)
April 15 Holders of rec. Mar. 30a
Extra (on acc't accumulated divs.)__
(No.26) 1% April 15 Holders of rec. Mar. 25a
Amer. Agri°. Chem., com.(qu.)
1% April 15 Holders of rec. Mar. 25a
Preferred (guar.)(No. 51)
750. May 15 Holders of rec. May in
American Bank Note, common (quar.)_
April 30 Holders of rec. April 13a
k2
Amer. Beet Sugar, common (guar.).
May 1 Holders of rec. April 15a
American Cigar, common (guar.)
May 1 April 21 to May 1
3
Cyanamid, pref.(No. 10)
American
April 29 Holders of rec. April 15a
1
Amer. Dist. Teleg. of N. J.(guar.)
750 May 1 Holders of rec. April 18
Amer. Gas & El., pref.(guar.)(No.45)May 1 April 14 to May 2
5
common
American Glue,
i.5 May 1 April 14 to May 2
Common (extra, pay.in Lib.L'n bds.)_
April 25 Holders of rec. April 15a
1
American Ice, preferred (guar.)
2% May 1 April 12 to April 25
Amer. Light dr Trac. corn.(guar.)
Common (payable in common stock)_ f2% May 1 April 12 to April 25
1% May 1 April 12 to April 25
Preferred (guar.)
14 April 22 Holders of rec. April 5a
American Locomotive, pref. (guar)._ _
Amer. Malting, 1st dr 2d pref. (quar.).. 1% May 1 Holders of rec. April 16a
15e. April 20 Holders of rec. April 10
American Navigation (guar.)
April 15 Holders of rec. Mar. be
1
American Seeding Machine, corn. (qu.)_
1% April 15 Holders of rec. Mar.30a
Preferred (guar.)
May 1 Holders of rec. April 15a
American Shipbuilding, common (qu.)._
2% May 1 Holders of rec. Apia 15a
Common (extra)
May 1 Holders of rec. April 15a
Preferred (guar.)
May 1 Holders of rec. April 22a
Amer. Sumatra Tobacco, com. (quar.).. _ _ 2
3% Sept. 2 Holders of rec. Aug. 15a
Preferred
April 15 Mar. 16 to Mar. 26
2
Telep. & Teleg.(guar.)
Amer.
April 15 Holders of rec. April 10a
Amer. Type Founders,common (quar.)_
Preferred (guar.)
14 April 15 Holders of rec. April 10a
1% April 15 Mar. 17 to April 1
Amer. Woolen, common (guar.)
April 15 Mar. 17 to April 1
Preferred (guar.)
$2 May 27 April 21 to May 15
Anaconda Copper Mining (guar.)
Arizona Commercial Mining (quar.)___ _ "50c. April 30 'Holders of rec. April 20
April 15 Holders of rec. Mar.22a
Associated Oil (guar.)
1% May 1 April 21 to April 30
Atlas Powder, pref. (guar.)
Barnhart Bros.& Spindler, 1st dr 2d pref.
1% May 1 Holders of rec. April 26a
(guar.)
1% April 15 Holders of rec. April la
Barrett Co., Preferred (quar.)
April 15 Holders of rec. Mar.31
2
Bell Telephone of Canada (guar.)
1% April 15 Holders of rec. April 5a
Bell Telephone of Pennsylvania (quar.)_
May 21 May 10 to May 20
British Columbia Packers' Association.. _ 5
May 21 May 10 to May 20
British Columbia Fishing & Packing_ -May 1 Holders of rec. April 20a
Brown Shoe, pref.(guar.)
1% May 15 Holders of rec. May 1
Burns Bros. coin. (qu.) (No.19)
May 15 Holders of rec. May 1
1
Common (extra) (payable in cash)
1% May 1 Holders of rec. April 20
Preferred (guar.) (No. 21)
1% April 16 Holders of rec. Mar. 31
Canada Cement,common (guar.)
April 15 Holders of rec. April 10
2
Carbon Steel, common (guar.)
2
April 15 Holders of rec. April 10
Common (extra)
July 30 Holders of rec. July 26a
6
Second preferred (annual)
1% April 15 Holders of rec. Mar.30a
Central Coal & Coke,common (quar.)_ _
1% April 15 Holders of rec. Mar.30a
Preferred (guar.)
2
April 15 Holders of rec. Mar. 30a
Central Foundry, 1st pref. (guar.)
15( April 15 Holders of rec. Mar. 30a
Ordinary preferred (guar.)
1% May 1 Holders of rec. April 10a
Central Leather, common (guar.)
May 1 Holders of rec. April 15a
Central Sugar Corp., pref. (quar.)
3
May 1 Holders of rec. April 15
Chevrolet Motor (guar.)
1% April 25 April 16 to April 25
Chicago Pneumatic Tool (quar.)
May 1 Holders of rec. April 15a
Chic. Wit. & Frank. Coal, cons. (guar.)_ _ 5
May 1 Holders of rec. April 15a
Preferred (guar.)(No. 9)
April 15 Holders of rec. April la
Cleveland Elec. Ilium., corn. (quar.)__ - 2
1% May 1 Holders of rec. April 25a
Preferred (guar.)
May 1 Holders of rec. April 20a
Cluett, Peabody dc Co., Inc., corn.(qu.)
Colorado Fuel & Iron, com.(guar.)---X April 25 Holders of ree. April 10a
April 25 Holders of rec. April 10a
2
Preferred (guar.)
April 15 Holders of rec. Mar. 30
Colorado Power,common (guar.)
*2 May 1 'Holders of rec. April 15a
Commonwealth Edison (guar.)
1% April 15 Holders of rec. April in
Commonwealth Gas & El. Co., pf.(qu.)
1% April 30 Holders of rec. April 25a
Consolidation Coal (guar.)
14
April 20 Holders of rec. Mar.30a
Extra (payable in stock)
Continental Motors Corp., pref. (guar.) 1% April 15 April 6 to April 15
1% April 15 Holders of rec. April la
Corn Products Refining, pref. (guar.)._
Cosden & Co. corn.(pay. in com.stk.). /25e. May 1 April 11 to April 30
2
April 15 Holders of rec. April b
Crocker-Wheeler, common (guar.)
April 15 Holders of rec. April 15
Preferred (guar.)
Delaware Lack.& West. Coal (guar.).-- $1 25 April 15 Holders of rec. April la
2
April 15 Holders of rec. April la
Detroit Edison (guar.)
April 15 April 6 to April 16
Detroit Iron & Steel, common (guar.)
2% April 15 April 6 to April 16
Common (extra)
April 15 April 6 to April 16
Preferred (guar.)
April 18 Holders of rec. Aptil 2a
Distillers Securities Corp. (guar.)
1% April 18 Holders of rec. April 20
Extra
Dominion Steel Corp., pref. (guar.) -- 1% May 1 April 16 to May 1
April 15 Holders of rec. Mar.30
Dominion Textile, preferred (guar.)---du Pont(E.I.) de Nemours dr Co.
1% April 25 Holders of rec. April 10
Debenture stock (guar.)
du Pond (E.I.) de Nemours Powder
May 1 *Holders of rec. April 25
Common (guar.)
4.1
May 1 *Holders of rec. April 25
Preferred (guar.)
2% April 15 Holders of rec. April 1
Eastern Steel, common (guar.)
2;4 July 1 Holders of rec. May 31a
Eastman Kodak,common (guar.)
7% June 1 Holders of rec. April 30a
Common (extra)
1;4 July 1 Holders of rec. May 31a
Preferred (guar.)
May 1 Holders of rec. April 15
Edison Elec. Ill., Boston (qu.)(No. 116)- 3
May 15 'Holders of rec. May 1
Etsenlohr (Otto) & Bros., Inc., coin. (qu.)
April 15 Holders of rec. April 12
Electric Bond & Share, coin. (qu.)(No.36) 2
1% May 1 Holders of rec. April 17
Preferred (quar.) (No. 52)
Electrical Secur. Corp., pref. (guar.)--- 1% May 1 Holders of rec. April 22a
1% April 15 Holders of rec. April 6
Utilities, pref. (qu.)(No.32)_
Electrical
2
May 1 Holders of rec. April 24s
Elgin National Watch (guar.)
12%c May 1 Holders of rec. April 15
Elk Basin Petroleum (quar.)
$6 May 1 Holders of rec. April 15
(guar.)
Eureka Pipe Line
2% May 1 Holders of rec. April 20
Fajardo Sugar (guar.)
1% April 15 Holders of rec. April in
Firestone Tire dc Rubber. pref.(guar.)
Pow. & Lt., pf. (qu.) (No.27)- 1% May 1 Holders of rec. April 20
Ft. Worth
2
April 15 Holders of rec. Mar. 9a
General Electric (guar.)
May I Holders of rec. April 15a
General Motors Corp.,common (guar.)- 3
1)4 May 1 Holders of rec. April 15a
Preferred (guar.)
$1 75 June 1 Holders of rec. May 1
Gillette Safety Razor (guar.)
$1 June 1 Holders of rec. May 25
Extra
1
April 15 Holders of rec Mar.30
Globe-Wernicke, pref. (guar.)
May 15 Holders of rec. May 3a
Goodrich (B. F.) Co.,common (guar.).- 1
2% • May 1 Holders of rec. April 19a
Cons. Min.,Sm. dr Pow.(qu.)_ _
Granby
Harbison-Walker Refract., pref. (guar.) 1% April 20 Holders of rec. April 10a
1)4 May 1 Holders of rec. April 15
Holly Sugar Corporation, pref.(guar.)._
Homestake Mining (monthly) (No. 524). 50c. April 25 Holders of rec. April 20a
1;4 April 15 April 5 to April 15
Illinois Brick (guar.)
$2 May 15 Holders of me April 24
Indiana Pipe Line (guar.)
$1 May 15 Holders of rec. April 24
Extra
Inspiration Consolidated Copper (qu.)_ _ $2 April 29 Holders of rec. April 12a
1
April 15 Holders of rec. April 1
Int. Buttonhole Sewing Mach.(guar.)_ _
1% April 15 Holders of rec. Mar.25a
Internat. Harvester of N.J., com.(qu.)_
May 3 Holders of rec. April 20
Int. Mercantile Marine (acct. aced dies.) 55
1% May 1 Holders of rec. April 16a
International Nickel, prof. (guar.)
1% April 15 Holders of rec. April Pa
International Paper, preferred (guar.)_ _
"500. April 30 'Holders of rec. April 12
Isle Royale Copper Co.(quar.)
500. April 15 Holders of rec. April 2a
Jones Bros. Tea,Inc.(guar.)
ICayser(Julius)& Co., 1st & 2d Pf (qu.)- 1% May I Holders of reo. April 19a
$1 May 1 Holders of rec. April lba
Kelly-Springfield Tire, corn.(quar.)- --- 25c. June 15 Holders of rec. June la
Kerr Lake Mines, Ltd. (oar.) (No. 3)
"$1.50 May 1 *Holders of rec. April 20
Keystone Telephone, preferred
2
April 20 March 31 to April 14
La Rose Mines, Ltd
*5
May 31 *Holders of rec. May 1
Lindsay Light, common (guar.)
*5
May 31 *Holders of rec. May 1
Common (extra)
*1% May 31 *Holders of rec. May 1
Preferred (guar.)
Lukens Steel, 1st & 2d pref. (guar.)_- 1% April 15 Mar. 31 to April 14
- 2% April 15 Holders of rec. Mar.30a
MacAndrows & Forbes,common (gu.)
1% April 15 Holders of rec. Mar.30a
Common (extra)
1% April 15 Holders of rec. Mar.300
Preferred (guar.)
May 1 Holders of roe. April 20a
Manhattan Electrical Supply, com.(WO - 1
1549
THE CHRONICLE
APR. 13 1918.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Manufacturers' Light & Heat (quar.)_ _ _ $1 April 15 Holders of rec. April la
Maple Leaf Milling, common (guar.)._ _ 234 April 18 Holders of rec. April 3
April 18 Holders of rec. April 3
1
Common (extra)
1% April 18 Holders of rec. April 3
Preferred (quar.)
Marconi Wireless Teleg. of Amer.(No. 2) 25c. Aug. 1 July 16 to Aug. 1
Massachusetts Gas Cos., common (qu.)_ 1% May 1 Holders of rec. April 15
Massachusetts Lighting Cos., com.(qu.) 250. April 15 Holders of rec. Mar.25
$1.50 April 15 Holders of rec. Mar.25
Preferred (quar.)
2% April 17 Holders of rec. Apr11106
Mexican Telegraph (guar.)
Miami copper Co.(guar.)(No. 23)_ _ _ _
May lb Holders of rec. May la
$1
Michigan Limestone & Chem., pref.(qu.) 1% April 15 Holders of rec. Mar. 16a
Midvale Steel & Ord.(guar.)(No.6) -- $1.50 May 1 Holders of rec. April 15a
.2c April 20 *Holders of rec. April 1
Midwest Oil, preferred (War.)
Midwest Refining (quar.)(No. 14)
$1 May 1 Holders of rec. April lba
April 15 Holders of roe. Mar.30
Montreal Telegraph (guar.)
2
Mountain States Telep. & Teleg.(guar.) 1% April 15 Holders of rec. Mar. 306
National Biscuit, com.(qu.)(No.79).. _
1% April 15 Holders of rec. Mar. 306
National Biscuit, eons. (guar.)(No. 80)_ _ .1% July 15 *Holders of rec. June 29
4.13.‘ May 31 *Holders of rec. May 18
Preferred (quar.) (No. 81)
National Breweries, Ltd., preferred
3% May 1 Holders of rec. April lba
Nat. Cloak & Suit, corn. (qu.) (No.5)_ - 1% Apr1115 Holders of rec. April) 8a
National Fuel Gas (guar.)
254 April 15 Holders of rec. Mar.10a
June 30 June 20 to June 30
2
National Grocer, common (guar.)
Preferred
June 30 June 20 to June 30
3
April 15 Holders of rec. Mar. 30a
National Paper & Type, common (qu.)_ 2
1% April 15 Holders of rec. Mar.306
Preferred (guar-)
Nevada-California El. Corp., pref.(qu.) 1% April 30 Holders of rec. Mar. 300
New England Fuel Oil (guar.)
April 16 Holders of rec. April 9
$1
New England Power, pref. (quar.)_ _ _ _
134 April 15 Holders of rec. April la
4
New Jersey Zinc (guar.)
May 10 Holders of rec. April 30a
April 15 Holders of rec. Mar.23
4
New York Transit (guar.)
April 15 Holders of rec. Mar.23
4
Extra
April 15 Holders of rec. Mar.3011
Niagara Falls Power (quar.)
2
25c. April 20 Mar. 31 to April 17
Nipissing Mines (guar.)
25c. April 29 Holders of rec. April 124
North Butte Mining (guar.)(No.46).
1% April 20 Holders of rec. Mar.30
Northern States Power, pref. (guar.)_ _
Nova Scotia Steel & Coal, com.(quar.)_ 14 April 15 Holders of rec. Mar.30
April 15 Holders of rec. Mar. 306
2
Preferred (guar.)
Ohio Fuel Supply (guar.)
62%0 April 15 Holders of rec. Mar.306
50c. April 20 April 10 to Aptil 20
Oklahoma Natural Gas (guar.)
Osceola Consolidated Mining (quar.)_ _
$2 April 30 Holders of rec. Mar. 300
Otis Elevator, common (quar.)
1% April 15 Holders of rec. Mar.30
Preferred (quar.)
134 April 15 Holders of rec. Mar.30
May 1 Holders of rec. April 244
Pacific Coast Co., common (quar.)
1
1% May 1 Holders of rec. April 24a
First preferred (quar.)
May 1 Holders of rec. April 24a
Second preferred (quar.)
1
Pacific Development Corp. (guar.)
1% May 15 Holders of rec. April 15
134 April 15 Mar. 31 to April lb
Pacific Telep. & Teleg.. pref. (guar.)_ _ _
Penmans, Ltd., common (quar.)
13.4 May 15 Holders of rec. May 6
May 15 Holders of rec. May 6
Common (extra)
1
1% May 1 Holders of rec. April 22
Preferred (quar.)
Pennsylvania Lighting, pref. (quar.)_ _
13.4 April 16 Holders of rec. April 8
Pennsylvania Salt Mfg.(quar.)
$1 25 April 15 Holders of rec. Mar.30
Pierce-Arrow Motor Car, common (W.) $1.25 May 1 Holders of rec. April 15a
Pittsburgh Brew., pref. (acct. actum.divs.) 25c. April 30 April 21 to April 30
Pittsburgh Coal (of Pa.), corn.(guar.)._ 1131 April 25 Holders of rec. April 10a
Preferred (guar.)
134 April 25 Holders of rec. April 10a
Plant (Thos. G.) Co., pref. (qu.)(No. 67) 1% April 30 Holders of rec. April 17
Poole Engineering & Mach. (guar.)
*134 April 16 *Holders of rec. April 10
April 30 'Holders of rec. Mar.30
Prairie Oil& Gas(guar.)
*3
April 30 *Holders of rec. Mar.30
*2
Extra
April 30 Holders of rec. Mar. 30a
Prairie Pipe Line (guar.)
5
April 30 Holders of rec. Mar.300
5
Extra
April 15 Holders of rec. Mar. 256
Procter & Gamble, pref. (quar.)
2
Public Serv. Corp. of Nor.Ill.,com.(qu.) 1% May 1 April 16 to May 1
1% May 1 April 16 to May 1
Preferred (guar.)
April 15 *Holders of rec. April 1
"3
Quaker Oats, common (guar.)
April 15 *Holders of rec. April 1
•1
Common (extra)
•1% May 31 *Holders of rec. May 1
Preferred (guar.)
April 15 Holders of rec. April 1
3
Reece Buttonhole Machine (quar.)
April 15 Holders of rec. April 1
1
Reece Folding Machine (guar.)
Republic Iron & Steel, com.(qu.)
(No.6)_ 1% May 1 Holders of rec. April 236
1% May 1 Holders of rec. April 15
Russell Motor Car, pref. (guar.)
1)4 May 1 'Holders of rec. April 15
St. Lawrence Flour Mills, com.(guar.)__
May 1 Holders of rec. April 15
1
Common (bonus)
1% May 1 Holders of rec. April 15
Preferred (guar.)
250. April 20 Holders of reo. Mar. 3061
Shattuck-Arizona Copper (guar.)
250. April 20 Holders of rec. Mar.306
Extra
April lb Holders of rec. Mar. 31a
Sou. Cal. Edison, 1st pf. (qu.)(No. 35) 1
(quar.)
Southern N E. Telephone
14 April 15 Holders of rec. Mar.306
Standard Motor Construction (quar.)_ _
$2 May 1 Holders of rec. Mar. 4
1% May 1 Holders of rec. April 10
Steel Co.of Canada,common (quar.)_ _
1% May 1 Holders of rec. April 10
Preferred (guar.)
134 May 1 Holders of rec. April lba
Superior Steel, common (quar.)
May 15 Holders of rec. May la
2
First and second preferred (quar.)__ _
Swan & Finch (quar.)
2% May 1 Holders of rec. April la
Tennessee Copper dr Chemical
May lb Holders of rec. April 30
$1
Tonopah Mining of Nevada (quar.)__ _ _ 7340. April 20 Mar. 31 to April 7
Transue AC Williams Steel Forg. (quar.). $1.25 April 15 Holders of rec. Mar. 30a
Tucketts Tobacco, preferred (quar.)_ _- *1% Apr1115
Union Natural Gas Corp.(guar.)
234 April 15 Mar. 31 to April 15
Union Oil of California (guar.)
134 April 20 April 10 to April 20
April 20 April 10 to April 20
Extra
1
April 20 Holders of rec. April ba
$1
United Alloy Steel Corporation (quar.)_ _
2
May 15 Holders of rec. April 26a
United Cigar Stores,com.(qu.)
(No.22)
1% April 25 April 16 to April 25
UnitedCoal Corp., pref. (guar.)
United Drug, 1st pref.(qu.)(No.9)...... 8734c. May 1 Holders of rec. April lba
Second preferred
134 June 1 Holders of rec. May lba
United Electric Securities, pref
334 May 1 Holders of rec. April 110
April 15 Holders of rec. Mar.206
2
United Fruit (quar.)(No. 75)
April 15 Holders of rec. Mar. 306
United Gas Improvement (quar.)
$1
United Paperboard, pref. (quar.)
13.4 Apr1115 Holders of rec. April la
500. May 1 Holders of rec. April ba
United Verde Exten. Min.(qu.)(No.8)_
Extra
250. May 1 Holders of rec. April ba
April 25 *Holders of rec. April 18
U. S. Glass (guar.)
_
U.S. Industrial Alcohol, pref. (quar.)
1% April 15 Holders of rec. Mar. 30a
April 30 Holders of rec. April 15a
U. S. Rubber, 1st pref. (guar.)
2
$1.25 April 15 Holders of rec. April ba
U.S.Smelt., Refg.& Min.,com.
8714.3. April 15 Holders of rec. April 5a
Preferred (gmar.)
U. S. Steamship (bi-monthly)
10e. May 1 Holders of rec. April 10
Extra
be. May 1 Holders of rec. April 10
ml)4 April 1 Holders of rec. Mar. 206
Utah Gas & Coke, pref.(quar.)
April 5
April 15 Mar. 31 to
Victor Talking Machine,com. (quar.)_ _ 5
Preferred (quar.)
13.4 April 15 Mar. 31 to April 5
Virginia-Caro.Chem.,com.(qu.)
(No.42)
311 May 1 Holders of rec. April lba
April 15 Holders of rec. April 86
2
Preferred (quar.)(No. 90)
Apr1125 *Holders of rec. Mar. 31
Warner(Chas.)Co. of Del.,1stdnd pf.(eu.)
Wells Fargo & Co. (guar.)
134 April 20 Holders of rec. April 86
June 30 June 20 to June 30
4
Western Grocer, common
June 30 June 20 to June 30
Preferred
3
Western Power Co., preferred (quar.)_ _ $1.20 April 15 Holders of rec. Mar. 306
April 15 Holders of rec. Mar.306
Western Power Corp., preferred (guar.). 1
Western States Gas& Elec., pref.(guar.) 13( April 15 Holders of rec. Mar.30
Western Union Teleg.(guar.)(No.196). 13.4 April 15 Mar. 21 to April 10
Westinghouse Air Brake (guar.)
$1.75 April 22 Holders of rec. April 86
Westinghouse Elec. & Mfg., corn.(qu.)_ 87I4c. April 30 Holders of rec. April 4a
874c. April 15 Holders of rec. April 40
Preferred (guar.)
Weyman-Bruton Co., common
Oct. 1 Holders of rec. Sept. 166
(20
May 1 Mar.21 to April 1
Wheeling Mould.& Fdy.,com.(extra)_ _
3
Co., common (quar.). _
25c. May 1 April 16 to May 14
Willys-Overland
June 1 May 2 to May lb
Woolworth (F. W.),corn.(guar.)(No.24) 2
• From unofficial sources. a Transfer books not closed for this dividend. b Less
British income tax. d Correction. e Payable in stock. f Payable in common
stock. g Payable in scrip. h On account of accumulated dividends. i Payable in
Liberty Loan bonds. k Declared 8%, payable in quarterly installments as follows:
2% as above: 2% July 31 to holders of record July 13: 2% Oct. 31 to holders of
record Oct. 11:2% Jan. 31 1919 to holders of record Jan. 111919. 1 Declared 5%,
payable in quarterly installments of 1 3..4% on April 25, July 25, Oct. 25, 1918. and
Jan. 25 1919 to holders of record of the tenth day of the month preceding date of
payment. in Payable in five-year 6% scrip.
[VOL. 106.
THE CHRONICLE
1550
The Federal Reserve Banks.
-Following is the weekly statement issued by the Federal Reserve Board
on April 6:
The Federal Reserve Board's weekly bank statement showing condition of the Reserve banks as at close of business on April 5, Indicates a gain for
the week of 3.4 millions in total cash reserves as against a decrease of 6 millions in net deposits. Earning Assets increased 22.8 millions and Federal
Reserve note circulation-27.1 millions.
As the result of considerable shifting of gold credits between Reserve banks through the Gold Settlement Fund, the New York bank reports a gain
of 13.6 millions and the Chicago bank a decrease of 23.6 millions in gold reserves.
EARNING ASSETS.
-Discounts on hand show a decline of 9.3 millions, the larger decrease shown for the New York bank being offset by substantial
Increases by most of the Western banks. Of the total discounts held, 304.1 millions, as against 301.5 millions the week before, represent War Loan
paper, 1, e., member banks' collateral notes and customers' notes secured by Government war obligations. Acceptances on hand increased by 22.4
millions, Chicago, St. Louis and Atlanta reporting the largest additions to their holdings of purchased paper. Over 10 millions of Government securities were added to the banks' holdings, chiefly certificates of indebtedness taken for the temporary accomodation of member banks.
-Payment by newly admitted member banks, laigely in the Chicago Federal Reserve district, accounts largely for an increase of
CAPITAL.
$271,000 In the banks paid-in capital.
DEPOSITS.
-Government deposits show a slight gain, while members' reserve deposits fell off 26.1 millions, the New York bank showing the
largest bet withdrawals for the week.
FEDERAL RESERVE NOTES.
-Not issues of notes by Federal Reserve Agents totaled 43.6 millions. The banks report an aggregate Federal
Reserve note circulation of 1,479.9 millions, an increase of 27.1 millions for the week under review.
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 seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22. 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
vegarding the transactions In Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS APRIL 5 1918.
April 5 1918.
marcn zs ana
29 1918.
Mar. 22 1918. Mar.151918. Mar. 8 1918. Mar. 1 1918. Feb. 21 1918. Feb. 15 1918 April 6 1917.
RESOURCES.
Gold col [ and certificates in vault-Gold sett[ement fund-F.It. Board--Gold will1 foreign agencies
$
483,780,000
381,163,000
52,500,000
$
489,948,000
399,568,000
52,500,000
3
470,529,000
379,866,000
52,500,000
$
477,521,00'
372,508,000
52,500,000
$
464,144,000
354,585,000
52,500 000
$
461,615,000
357,299,000
52,500,000
$
447,508,000
375,273,000
52,500,000
$
446,378,000
386,966,000
52,500,000
$
362,472,000
200,125,000
Tots1 gold held by banks
Gold wit i Federal Reserve Agent
Gold red a:option fund
917,443,000
873,077,000
23,404.000
942,016,000
852,192,000
21,496,000
902,895,000
878,805,000
21,114,000
902,529,000
889,628,000
21,086,000
871,229,000
896,702,000
20,267,000
871,414,000 875,281,000
885,346,000 877,023,000
20,569,000
20,091,000
885,844,000
852,375,000
20,323,000
562,597,000
378,450,000
2,505,000
ToteI gold reserves
Legal tericier notes, silver. Re
1,813,924,000 1,815,704,000 1,802,814,000 1,793,243,000 1,788,198,000 1,777,320,000 1,772,395,000 1,758,542,000
63.509,000
58,359,000
59,685,000
60,444,000
60,129,000
59,558,000
58,950,000
60,194,000
943.552,000
19,110,000
TotsI reserves
Bills disc minted-members
Bills bou Out in open market.
1,877,433,000 1,874,063,000 1,862,372,000 1,852,193,000 1,847,883.000 1,837,773,000 1,832,524,000 1,818,736,000
573,883,000 583,228,000 543,119,000 517,484,000 520,340,000 502,525,000 509,534,000 501,910,000
326,503,000 304,065,000 328,880,000 323,248,001 317,952,000 299,213,000 298,170,000 287,263,000
962,662,000
17,928,000
82,735,000
TotsI bills on hand
U.S. Go rernment long-term securities_
U. B. Go vernment short-term securities
All other earning assets
TotsI earning assets
Due fro i other F. It. banks-net
Uncoiled ed items
Tots1 deduc'ns from gross deposits_
5% cede up. fund agst. F. R.bank notes
All other resources.
TotsI resources
•
LIABILITIES.
Capital p old in
Surplus.
Governm nut deposits
Due to embers
-reserve account
'Collectlo 1 items
Other de ,
osits, incl. for. Gov't credits
900,386,000
60,403,000
260,400,000
3,222,000
789.179,000
52,343,000
105,981,000
4,486,000
100,663,000
36,629,000
73,042,000
15,314,000
1,224,411,000 1,201,585,000 1,163,314,000 1,107,135,000 1,097,332,000 1,040,605,000 1,031,797,000 951,989,000
9,957,000
26,945,000
6,113.000
11,882,000
11,463,000
8,801,000
11,609,000
17,258,000
346.997,000 339,130,000 367,821,000 357,147,000 337,283,000 389,185,000 299,402,000 357,069,000
225,648,000
3,412,000
146,422,000
356,954,000
537,000
324,000
887,293,000
58,190,000
252,579,000
3,523,000
366,075,000
537,000
3,724,000
871,999,000
61,039,000
226,036,000
4,240,000
376,622,000
537,000
550,000
840,732,000
68,383,000
193,980,000
4,040,000
368,756,000
537,000
1.452,00J
838,292,000
72,154,000
182,822,000
4,064,000
343,396,000
537.000
761,000
801,738,000 805,704,000
77,705,000 52,950,000
157,482,000 169,707,000
3,436,000
3,680,000
381,067,000
• 537,000
796,000
310,865,000
537,000
731,000
374,327,000
537,000
582,000
149,834,000
400,000
4,802,000
3.459,659.000 3,445,984,000 3,403,395,000 3,330,073,000 3,289,909,000 3,260,778,000 3,176,454,000 3.146,171,000 1,343,346,000
$
$
3
S
3
$
$
$
74,494,000
74,223,000
74,011,000
73,305,000
73,886,000
73,624,000
73,401,000
73,229,000
1,134,0 0
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1.134,000
104,818,000 104,086,000
56,165,000
91,505,000
72,023,000
56,208.000 150,781,000
87,643.000
1,473,294,000 1,499,400,000 1,480,025,000 1,447,997,000 1,465,504,000 1,388,020,000 1,459,720,000 1,409,714,000
226,139,000 216,897,000 229,116,000 232,207,000 216,988,000 218,031,000 199,278,000 228,289,000
82,067,000
81,059,000
81,751,000
81,048,000
77,137,000
64,122,000
58,329.000
52,315,000
Total
'gross deposits
1,886,318,000 1,901,442,000 1,882,396,000 1,833,275,000 1,815,835,000 1,820,954,000 1,773,492,000 1,777.961.000
F. R. notes in actual circulation
1,479,920,000 1,452,838,000 1,429,509,000 1,406,228,000 1,383,990,000 1,351,091,000 1,314,581,000 1,281,045,000
F.R.bank notes In circulation, net liab_
7,860,000
7,978,000
7,978,000
8,000,000
8,000,000
7,999,000
7,999,000
7.999,000
All other liabilities
9,933,000
8,369,000
5,943,000
7,550,000
7,326,000
6,199,000
4,803,000
8,367,000
$
56,100,000
46,461,000
758,219,000
105,436,000
910,116,000
376,510,000
620,000
TotsI liabilities
3,459,659,000 3,445,984,000 3,403,395,000 3,330,073,000 3,289,909,000 3,260,778,000 3,176,454.000 3,148,171.000 1,343,346,000
Gold rose rye against net deposit liab
60.0%
61.4%
74.0%
81.6%
59.2%
60%
59.6%
63.1%
60.5%
Gold res. sgst. F.R. notes in act. olro'n_
60.6%
60.1%
101.2%
63.3%
66.3%
66.6%
68.1%
63%
67.5%
Ratio of old reserves to net deposit and
Fed.R Is. note liabilities combined....
60.3%
63.8%
83.0%
60.8%
61.4%
62.5%
62.8%
63.7%
65.5%
Ratio oft. tai reserves to net deposit and
)1
Fed R s note liabilities combined
82.40
62.70)0).
RI dot_
RA. cet
RI 707._
RR ROI
RA (1O0).
57 7021
0,1 767_
April 5 1918.
Mar. 28 and
29 1918.
Mar.22 1918. Mar.151918. Mar. 8 1918. Mar. 1 1918. Feb. 21 1918. PO, 15 1918 April 5-6 '17.
Dtartbuttots by Maturities
$
$
$
$
$
$
$
$
1-15 days bills discounted and bought
394,352,000 359,987,000 345,123,000 331,103,000 331,978,000 307,246,000 338,543,000 348,930,000
1-15 days U. B. Govt. short-term secs
224,395,000 217,613,000 186,681,000 151,392,000 140,837,000 106,603,000
46,150,000
1-15 days municipal warrants
15,000
34,000
55,000
133,000
634,000
49,000
10,000
15-30 days bills discounted and bought. 100,295,000 127,065,000 126,263,000
93,655,000 104,830.000
87,477,000
88.804.000
93.985,000
18-30 days U. B. Govt. short-term secs2,529,000
2,224,000
2,787,000
7.702,000
7,614,000
2,000,000
81,785,000
18
-30 days municipal warrants
13,000
10,000
19,000
55.000
31-60 davs bills discounted and bought_ 279,343,000 267,267,000 249,549,000 267,591,000 226.633,000 183,752,000 174,460,000 185,542,000
31-00 days U. S. Govt. short-term secs_
5,032,000
3,781,000
6,271,000
4,255.000
4,086,000
9,546,000
6,884,000
31-00 days municipal warrants
40,000
7,000
3,000
3,000
3,000
7.000
7,000
7,000
61-90 days bills discounted and bought_ 117,899.000 123,498,000 142,660,000 145,004,000 182,096,000 207,554,000 178,480,000 150,567,000
01-90 days U. S. Govt. short-term sees.
14,866,000
9,122,000
2,901,000
2,132,000
1,771,000
2,925,000
6,296,000
01.90days municipal warrants
455,000
487,000
469,000
13,000
13,000
3,000
2,000
1,
Over on days bills discounted and bought
8,497,000
9,476,000
8.657,000
8,404,000
8.781,000
9,531,000
9,391,000
10,155,000
Over 90 days U.S. Govt.short-term sees
13,578,000
19,839,000
28,587,000
27,396,000
23,426,000
36,408,000
28,612,000
Over 90 days municipal warrants
1,000
1,000
1,000
457,000
469,000
457,000
470,000
469,000
Federal Reserve Notes
Issued to the banks
1,607,627,000 1,563,987,000 1,558,705,000 1,520,296,000 1,605,213,000 1,464,645,000 1,429,732,000 1,392,484,000
Held by banks
127,707,000 111,149,000 129,196,000 114,068,000 121,223,000 113,554,000 115,151,000 111,439,00
400,698,000
24,188,000
In circulation
1,479,920,000 1,452,838,000 1,429,500,000 1,406,228,000 1,383,990,000 1,351,091,000 1,314,581,000 1.281,045,i i 1
Fed. Res. Notes (Agents Accounts)Becelved from the Comptroller
2,168,400,0002,130,860,000 2,100,160,000 2,064,120,000 2,014,980,000 1,968,200,000 1,926,680,000 1,910,160.000
Returned to the Comptroller
328,008,003 324,263,000 309,705,000 305,414,000 296.932,000 292,490,000 284,452,000 281,146,000
667,060,000
130,248,000
Amount chargeable to Agent
la hands of Agent
1,840,392,000 1,806,597,000 1,790,455,000 1,758,706.000 1.718,048,000 1,675,710,000 1,842,228,000 1,629,014,00
232,765,000 212,610,000 231,750,000 238,410,000 212,835,000 211,065,000 212,496,000 236,530,01,
536,812,000
136,114,000
Issued to Federal Reserve banks._ 1,607,627,000 1,563,987,000 1,558,705,000 1,520,296,000 1,505,213,000 1,464,645,000 1,429,732,000 1,392,484,00
How Secured
By gold coin and certificates
252,391,000 253,524,000 271,658,000 266,824,000 278,207,000 276,987,000 202,877.000 290,923,000
By lawful money
By eligible paper
734,550,000 711,795,000 679,900,000 650,668,090 608,511,000 579,299,000 552,709,000 540,109,000
Gold redemption fund
50,038,00
49,747,000
48,926,000
47,986,000
47,021,000
47,984,000
45,699,000
44,512,000
With Federal Reserve Board
570,648,000 549,742,000 560,126,000 554,820,000 570,509,000 558,612,000 538,447,000 516,940,000
400,698,000
Total
Eligible paper delivered toP.R.
1,607,627,000 1,563,987.000 1,558,705,000 1.520,296,000 1,505,213,000 1,464,645,000 1,429,732,000 1,392,484,000
876,860,000
863.471.000
852.674.000
821.052.000
a Net amount due to other Federal ReServe banks. 0 This item includes foreign Gov't credits.
813.275.000
782.777.000
t Revised figures
732.855.000
575.434.000
$
34,433,000
52,000
22,631,000
519,000
29,744,000
7.720,000
13,073,000
4,574,000
782,000
2,342,000
376,510,000
234,573,000
22,253,000
17,697,000
126,180,000
400,703,000
21.584.000
1551
THE CHRONICLE
APR. 13 1918.]
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS APRIL 5 1918
Boston.
Two ciphers (00) omitted.
S
RESOURCES.
Gold coin and cents. in vault-- 10,554,0
49,370,0
‘Gold settlement fund
3,675,0
Gold with foreign agencies
—
63,599,0
Total gold held by banks
Gold with Federal Res. Agents.. 48,385,0
2,000,0
Gold redemption fund
New York. Philadei. Cleveland Rtchm'd.
$
s
Atlanta. Chicago. St. Louis. Minneap. Nan. City Dallas. SanFran.
$
$
$
$
$
s
$
$
Total.
$
6,635,0 29,885,0
8,448,0 19,431,0
1,838,0 2.888,0
$
483,780,0
381,163,0
52,500,0
431,396,0 62,290,0 82,102,0 26,322,0 23,401,0 73,749.0 29,061,0 27,845,0 28,553,0 16,921,0 52,204,0
215,711,0 85,187,0 89,336,0 29,204,0 40,304,0 158,749,0 40,613,0 39.419,0 55,323,0 16,336,0 54,510,0
393,0 1,218,0 1,189,0 1,313,0 1,568,0 1,106,0
14,0
10,000,0 2,500,0
859,0 1,244,0
917,443,0
873,077,0
23,404,0
332,095,0 9,884,0 32,864,0 6,265,0 6,609,0 29,558,0 3,180,0 15,948,0
303,0
81,189,0 48,731,0 44,513,0 18,220,0 15,217,0 36,841,0 23,781,0 9,797,0 25,625,0
18,112,0 3,675,0 4,725,0 1,837,0 1,575,0 7,350,0 2,100,0 2,100,0 2,625,0
113,984,0
2,253,0
657,107,0 149,977,0 171,831,0 56,744,0 64,894,0 233,811,0 71,242,0 68,370,0 84,735,0 34,501,0 106,728,0 1,813,924,0
46,157,0 1,152,0
959,0
301,0
63,509,0
349,0 2,038,0 5,462,0 1,717,0
63,0 2,451,0
607,0
116,237,0
Total reserves
Bills:
.R. banks 58,828,0
Disco.—Member &F
13,589,0
Bought in oven market
703,264,0 151,129,0 172,790,0 57,093,0 66,932,0 239,273,0 72,959,0 68,977,0 84,798,0 36,952,0 107,029,0 1,877,433,0
Total gold reserves
Legal-tender notes, silver. &0
72,417,0
855,0
1,471,0
Total bills on hand
U. S. long-term securities
U. S. short-term securities
All other earning assets
74,743,0
Total earning .fssets
Due from other F.R.banks—Net 4,056,0
20,945,0
Uncollected items
Total deduo'ns from gross dep. 25,001,0
5% redemption fund against Federal Reserve bank notes
All other resources
234,513,0 26,997,0 39,066,0 37,631,0 12,953,0 35,499,0 35,083,0 5,963,0 35,219,0 22,335,0 29,796,0
127,743,0 21,898,0 27,202,0 11,371,0 10,275,0 47,024,0 11,150,0 11,133,0 13,470,0 5,256,0 26,392,0
573,883,0
326,503,0
362,256,0 48,895,0 66,268,0 49,002,0 23,228,0 82,523,0 46,233,0 17,096,0 48,689,0 27,591,0 56,188,0
1,606,0 5,514,0 7,788,0 1,233,0 3,648,0 19,518,0 2,233,0 2,720,0 8,862,0 3,970,0 2,456,0
183,626,0 7,643,0 16,657,0 1,538,0 3,240,0 32,931,0
511,0 4,039,0 3,719,0 3,131,0 1,894,0
124,0
746,0
130,0
131,0
195,0 1,386,0
510,0
900,386,0
60,403,0
260,400,0
3,222,0
547,488,0 62,052,0 90,713,0 51,773,0 30,240,0 135,718,0 49,107,0 24,365,0 61,465,0 36,078,0 60,669,0 1,224,411,0
852,0 9,494,0 1;474,0 5,872,0 4,665,0
5,435,0
.9,957,0
6,463,0
66,194,0 39,934,0 21,232,0 23,772,0 18,195,0 69,895,0 21,346,0 10,886,0 25,676,0 18,670,0 10,252,0 346.997,0
66,194,0 46,397,0 21,232,0 23,772,0 19,047,0 79,389,0 22,820,0 16,758,0 30,341,0 18,670,0 15,687,0
400,0
356,954,0
537,0
324,0
137,0
48,0
276,0
215,981,0 1,316,946,0 259,854,0 234,735,0 132,638,0 116,267,0 454,380,0 144,886,0 110,100,0 177,004,0 91,837,0 183,385,0 3,459,659,0
Total resources
LIABILITIES.
6,357,0
19,711,0 6,873,0 8,379,0 3,770,0 2,946,0 9,597,0 3,509,0 2,760,0 3,446,0 2,843.0 4,303,0
74,494,0
Capital paid in
649,0
38,0
75,0
40,0
216,0
1,134,0
Surplus
116,0
5,452,0
14,357,0 9,585,0 14,567,0 6,311,0 5,783,0 8,788,0 9,520,0 6,802,0 7,939,0 5,827,0 9,887,0 104,818,0
Government deposits
Due to members—Reserve soot.. 89,520,0 639,018,0 92,368,0 108,524,0 44,994,0 38,727,0 185,861,0 49,526,0 42,144,0 74,587,0 37,437,0 70,590,0 1,473,294,0
52,268,0 34,150,0 17,029,0 15,551,0 12,022,0 25,144,0 18,298,0 4,246,0 13,111,0 5,779.0 10,853,0 226,139,0
17,688,0
Collection items
24,638,0
232,0
3,017,0
467,0
Due to 0th. F. R. banks—Net_
82,067,0
3,982,0
75,520,0
198,0
19,0
19,0
324,0
5,0 2,000,0
0th.deposits inel. for Gov't ered.
112,660,0
Total gross deposits
F. R. notes in actual circulation. 95,978,0
F. R. bank notes in eiro'n—Net_
911,0
All other liabilities
805,799,0 136,103,0 143,461,0 67,323,0 56,537,0 221,793,0 77,542,0 53,211,0 95,656,0 49,275.0 95,312,0 1,886,318,0
485,233,0 116,878,0 132,257,0 61,307,0 56,744,0 221,851,0 63,349,0 53,918,0 69,314,0 39,525,0 83,566,0 1,479,920,0
7,860,0
7,860,0
194,0
5,554,0
204,0
9,933,0
486,0
173,0
122,0
923,0
728,0
638,0
nix noi n 1 Qin nAn n q MO CUZA n 00A .70 G n log ago n lin OfV7 n A.A oon
Total liabilities
•Difference between not amounts due from and net amounts due to other Federal Reserve banks.
n 'IAA 002 n lin inn n 1,7 AAA n
01 42,7 n142.2 Qom n '2 11,0 R20 n
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS APRIL 5 1918.
Two ciphers (00) omitted.
Boston.
Total.
New York. Phtladel. Cleveland Richmond Atlanta. Chicago. St.Louls. Minneap. Kan. City Dallas. San Fran
Federal Reserve notes—
Received from Comptroller
Returned to Comptroller
5
131,080,0
24,475,0
$
s
$
3
3
I
s
s
$
S
S
s
802,230,0 163,760,0 164,340,0 95,340,0 89,620,0 290,040,0 85,500,0 71,980,0 97,700,0 68,500,0 103,260,0 2,168,400,0
159,029,0 25,853,0 12,784,0 18,416,0 14,431,0 12,036,0 11,165,0 12,020,0 15,118,0 14,395,0 8,286,0 328,008,0
Chargeable to F. R. Agent
in:hands of F. R. Agent
111i
Issued to F. R. Bank
Held by F. R. Agent—
Gold coin and certificates____
Gold redemption fund
Gold Sett. Fd., F. R. Board
Eligible paper, mln. req•d
106,605,0
8,220,0
643,251,0 142,907,0 151,556,0 76,924,0 75,189,0 278,004,0 74,335,0 59,960,0 82,582,0 54,105,0 94,974,0 1,840,392,0
232,765,0
102,400,0 13,100,0 10,460,0 6,685,0 17,005,0 42,080,0 5,680,0 4,995,0 7,960,0 14,180,0
98,385,0
540,851,0 129,807,0 141,096,0 70,239,0 58,184,0 235,924,0 68.655,0 54,965,0 74,622,0 39,925,0 94,974,0 1,607,627,0
32,110,0
4,775,0
11,500,0
50,000,0
11,943,0
2,504,0
13,102,0
13,581,0
179,151,0
493,0 2,100,0 1,817,0 2,963,0 2,171,0 5,114,0
11,560,0 6,568,0 7,393,0 2,204,0 2.880,0
584,0 49,396,0
25,000,0 78,619,0 70,000,0 27,000,0 34,920,0 158,256,0 38,513,0 24,500,0 52,360,0
325,140,0 44,620,0 51,760,0 41,035,0 17,880,0 77,175,0 28,042,0 15,546,0 19,299,0 23,589,0 40,464,0
Total
'
Amount of 4 eligible paper dollyIN ered to F. It. Agent
F. R. notes outstanding
f
F It. notes held by banks---- ---
98,385,0
510,851,0 129,807,0 141,096,0 70,239,0 58,184,0 235,924,0 68,655,0 54,965,0 74,622,0 39,925,0 94,974,0 1,607,627,0
72,417,0
98,385,0
2,407,0
- 2,407,0
362,255,0 45,286,0 66,268,0 48,447,0 18,801,0 82,107,0 42,232,0 16,377,0 45,571,0 27,591,0 49,408,0 876,860,0
540,851,0 129,807,0 141,096,0 70,239,0 58,184,0 235,924,0 68,655,0 54,965,0 74,622,0 39,925,0 94,974,0 1,607,627,0
400,0 -11.408,0 127,707,0
55,618,0 12,929,0 8,839,0' 8,932,0 1,440,0 14,073,0 5,306,0 1,047,0 5,308,0
•,,, t, „......„. I., ...............,
02 07Q ll
4,22 933 A
1 in 270 n
139 927 n
R1
any n
20 7,1,4 II 091 C21 II
23 3.10 A
kg C112 II
RO 311 A
30 292 n
255,391,0
50,038,0
570,648,0
734,550,0
03 222 n 1 170 09A A
Member Banks of the Federal Reserve System.—Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks and dated Mar. 29. Because of the large
number of banks for which returns are furnished the statement is not issued until a week later than that.for the Federal
Reserve banks of the same date. Definitions of the different items contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published in the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE AND
OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS MARCH 29 1918.
Principal changes for the week in the condition of 682 member banks in about 100 leading cities are shown as follows: As the result of substantial
sales to customers by New York City banks during the week, holdings of U. S. certificates of indebtedness decreased 30 millions and total U. S.
securities 31 millions. Loan secured by II. S. war obligations decreased 2.9 millions while all other loans and investments gained 14.1 millions. For
theiCentral Reserve city banks corresponding changes were: U. S. certificates of indebtedness, decrease 12.8 millions; total U. S. securities, decrease
18.5 millions; loans secured by U. S. bonds and certificates, decrease 3.6 millions and all other loans and investments, decrease 7.3 millions.
• Reserve (with Federal Reserve"banks) of all reporting banks shows an increase of 9.3 millions.
Cash in vault decreased 6.3 millions. Reserve
(with Federal Reserve banks) of the banks in Central Reserve cities increailed only slightly, while their cash in vault gained 1.6 millions.
1911 The gain In net demand deposits at all reporting banks is shown as 72.3 millions; time deposits declined 1.7 millions and Government deposits
130.9 millions. In the Central Reserve cities the increase in net demand deposits amounted to 54.1 millions, while time deposits declined 1.2 millions
and,Government deposits 70 millions.
osj,
P,The ratio of combined cash and reserve of all reporting banks to total deposits remained unchanged at 13.9%, while the like ratio for Central
Reserve city banks went up from 15.3 to 15.4%. The ratio of investments to deposits for tall reporting banks went up from 107.5 to 107.9%. For
Central Reserve city banks this ratio decreased slightly from 103.6 to 103.4%. Total excess reserves decreased from 112.1 millions to 99.1 millions. Like
reserves of Central Reserve city banks show a decline from 75.4 millions to 68.7 ml lions.
1. Data for all reporting banks In each district. Two ciphers (00) omitted.
•
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis Minnesp Kan.City. Dallas. San Fran
Member Banks.
Total.
Number of reporting banks.....
S
38
$
98
$
47
s
79
s
67
$
40
$
93
$
32
s
33
s
69
$
41
$
45
50,531,0 12,981,0 42,922,0 24,766,0 15,150,0
H.S. bonds to secure oiroulat'n 14,622,0
-19,517,0 17,370,0 5,692,0 13,938,0 17,569,0 35,099,0
Dther U. S. bonds, including
11,025,0 167,324,0 10,657,0 35,928,0 19,634,0 12,797,0
Liberty bonds
39,021,0 10,954,0 6,008,0 10,692,0 9,817,0 13,933.0
68,772,0 31,978,0 15,088,0 30,987,0 13,870,0 36,696,0
U.S.certificates of indebtedn's 26,340,0 812,362,0 51,182,0 61,764,0 18,136,0 20,330,0
51,987,0 1,030,217,0 74,820,0 140,614,0 62,536,0 48,277,0 127,310,0 60,302,0 26,788,0 55,617,0 41,256,0 85,728,0
Total U. S. securities
34,684,0 9,138,0 2,961,0 2,741,0 3,068.0 4,791,0
Loans see. by U.S. bonds, &o. 35,576,0 161,781,0 21,488,0 20,249,0 13,126,0 1,900,0
All other loans & investments_ 729,365,0 3,995,473,0 600,504,0 928,927,0 357,037,0 291,713,0 1,366,284,0 372,715,0 235,872,0 452,383,0 182,742,0 464,107,0
Reserve with Fed. Res. Bank_ 63,159,0 631,537,0 53,562,0 80,038,0 28,630,0 26,136,0 142,792,0 37,322,0 19,810,0 43,641,0 17,812,0 44,308,0
22,700,0 124,570,0 19,771,0 31,067,0 16,672,0 14,695,0
64,249,0 13,967.0 9,397,0 17,198,0 11,600,0 19,870,0
Dash in vault
606,218,0 4, 96,399,0 566,712,0 696,697,0 282,343,0 217.755,0 1,050,004,0 287,281,0 182,550,0 397,014,0 154,311,0 363,604,0
3
Net demand deposits
79,808,0 284,824,0 14,578,0 216,609,0 51,692,0 78,467,0 348,255,0 77,148,0 50,817,0 53,263,0 22,219,0 100,451,0
Time deposits
58.310,0 345.486.0 34.863.0 50844.0 10.077.0 10.6.50.0
rinuarninnnt d Piing!IA
54.221.0 26.484.0 11.946.0 17.228.0 11.188.0
$
68:
270,157.1
347,790,1
1,187,505,1
1,805,452,1
311,503,1
9,977,122,1
1,188,546,1
365,756,1
9,201,388,1
1.378,131,1
631.258.1
2. Data for banks in each Central Reserve city, banks in all other Reserve cities and other reporting banks.
New York.
Two ciphers omitted.
Chicago. St. Louts. Total Central Res. Cities.
March 29. March 22. March29, March29. March 29. March 22.
Other Reserve Cities.
Country Banks.
Total.
March 29. March 22. March29. March 22. March 29.
57
57
110
421
424
682
111
151
147
14
39
Number of reporting banks__
$
$
s
$
$
II
$
$
$
$
$
1"cl
0
35,617,0
35,587,0 1,343,0 10,370,0
47,330,0
47,350,0 173.677,0 171,798,0 49,150,0 48,124,0 270,157,0
g.5. bonds to secure elreulat'n
3ther II. S. bonds, including
148,336,0 153;493,0 14,076,0 6,672,0 169,634,0 173,282,0 146,020,0 146,725,0 32,136,0 31,766,0 347,790,0
Liberty bonds
ET. S.certificates of indebted/vs 783,682,0 792,852,0 41,823,0 26,405,0 851,910,0 864,752,0 296,238,0 315,121,0 39,357,0 37,679,0 1,187,505,0
963,185,0 981,932,0 57,242,0 43,447,0 1,068,874,0 1,085,384,0 615,935,0 633,644,0 120,643,0 117,569,0 1,805,452,0
Total U. S. securities
Loans sec. by U.S. bonds, ,t,e., 133,991,0 113,839,0 22,202,0 7,075,0 168,268,0 171,852,0 122,586,0 122,495,0 20.649,0 20,081,0 311,503,0
411 other loans At investments_ 3,543,225,0 3,549,266,0 824,090,0 272,510,0 4,613,831,0 4,651,113,0 4,565,984,0 4,565,924,0 767,307,0 745,970,0 9,977,122,0
leserve with Fed. Res. Bank_ 589,329,0 589,065,0 99,460,0 27,741,0 716,533,0 716,214,0 421,689,0 426,912,0 50,324.0 49,913,0 1,188,456,0
108,507,0 107,099,0 40,495,0 7,850,0 156,852,0 155,201,0 175,509,0 177.229,0 33,395,0 39,578,0 365,756,0
Dash in vault
3,981,619,0 3,931,253,0 700,077,0 203,882,0 4,885,378,0 4,831,229,0 3,695,436,0 3,685,033,0 820,574,0 612,873,0 9,201,388,0
Net demand deposits
230,474.0 235,129,0 136,350,0 57,072,0 423,896,0 425,002,0 789,230,0 794,524,0 165,005,0 160,290,0 1,378,131,0
rime deposits
-1,,vprn,,,,.,,, ,1.,,,,,:a,,,
313.799.0 350,788,0 42.182.0 22.735.0 378.789.0 443.709.0 225.308.0 280.769.0 27.211.0 32.848.0 631.258.0
a Exclusive of Kansas City. *Amended figures
March 22.
$
682
267,272,0
351.773,0
1,217,552.
1,836,597,0
314,428,0
9,963,007,0
1,192,039,0
372,008,0
9,129,135,0
1,379,816,0
762.124.0
THE CHRONICLE
1552
[VOL. 106.
a
Statement of New York City Clearing House Banks and Trust Companies.
-The following detailed statement
shows the condition of the New York City Clearing House members for the week ending April. 6. The figures for the
separate banks are the averages of the daily results. In the ease of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Loans
Discounts,
Investments,
f Nat. Banks Mar. 41
cite.
IState Banks Mar. 141
Capital.
Week Ending
Mar. 30 1918.
Nei
Profits.
Legal
Tenders.
Gold.
Silver.
Average.
Average. Average. Average.
Members of Federal
S
S
S
Reserve Bank.
$
Bank of NY. N B A. 2,000,000 5,263,300 '45,122,000
133,000
30,000
146,000
55,389,000, 1,423,000
Bank of Manbat Co. 2,341,800 6,619,400
606,000
423,000
2,000,000 2,481,000
126,000
24,480,000
Merchants' National_
113,000
450,000
200,000 1,935,000
Medi & Metals Nat- 6,000,000 10,356.600 153,384,000, 8,058,000
1,500,000 6,572,500
32,222,000, 459,000
Bank of America....__
222,000
390,000
25,000,000 c48,917,000 540,430,000, 8,001,000 3,066,000 1,148,000
National City
252,000
Chemical National.. 3,000,000 8,874,600
72,747,000
242,000
502,000
839,500
Atlantic National... 1,000,000
15,605,000
92,000
180,000
96,000
90,100
51,000
300,000
2,890,000
44,000
28,000
Nat Butch &Drovers'
5,000,000 5,730,800 103,706,000
789,000
American Exch Nat_
295,000
635,000
127,000
463,000
Nat Bank of Comm_ 25,000,000 21,269,300 350,511,000
722,000
Pacific Bank
12,804,000
500,000 1,002,900
427,000
316,000
67,000
3,500,000 2,501,400
Chat & Phenix Nat__
81,870,000 1,121,000
510,000 1,351,000
Hanover National... 3,000,000 16,856,000 135,838,000 4,694,000
329,000 1,668,000
Citizens' National...2,550,000 2,825,400
37,589,000
29,0001 713,000
97,000
Metropolitan Bank.. 2,000,000 2,128,600
23,756,000
248,000
623,000
661,000
Corn Exchange Bank 3,500,000 7,510,200 101,632,000
247,000 2,094,000
736,000
Importers& Trad Nat 1,500,000 7,659,500
39,045,000
495,000
70,000
41,000
5,000,000 17,028,500 189,343,000
National Park Bank_
454,000
56,000
425,000
East River National.
250,000
75,100
2,794,000
17,000
2,000
139,000
Second National.... 1,000,000 3,816,700
20,274,000
58,000
46,000
320,000
10,000,000 29,722,800 236,197,000
First National.
312,000
16,000
627,000
Irving National_
4,500,000 5,386,600
93,006,000
424,000 1,842,000
924,000
N Y County National 1,000,000
298,200
10,271,000
36,000
189,000
92,000
750,000
German-American.-.
885,900
5,972,000
18,000
15,000
18,000
10,000,000 11,966,900 291,822,000 3,281,000 2,171,000 2,116,000
Chase National
Germania Bank
6,581,000
816,400
400,000
29,000
48,000
221,000
1,000,000 2,008,500
Lincoln National....
16,792,000
411.000
125,000
139,000
1,000,000 1,352,300
Garfield National
11,651,000
36,000
8,000
223,000
Fifth National
4
238.000
48 145000
1,000,000 3,578,760
Seaboard National..
285ROO, 380
379ROO
70,267,000! 179,000
Liberty National.... 3,000,000 4,039,000
29,000' 156,000
10,509,000
1,000,000
Coal & Iron Nationa
884,800
6,000
43,0001
136,000
Union Exch Nations
16,000
1,000,000 1,241,100
12,678,00)
14,0001
248,000
Brooklyn Tru t Co__
1,500,000 2,155,400
34,468,000
102,000
50,000
194,000
Bankers True Co__. 11,250,000 12,980,400 267,152,000
118,000, 200,000
568,000
2,000,000 4,691,500
60,244,000
339,000
U S Mtge & tTr Co__
69,000i
96,00()
Guaranty T ust Co.. 25,000,000 26,125,400 427,287,000 2,881,000
148,000' 807,000
Fidelity Tr =at Co__
11,515,000'
1,000,000 1,213,200
34,000
89,000
50,000
Columbia Trust Co.. 5,000,000 6,210,700
89,473,000
116,000
38,000
462,000
Peoplea T rust C&.
1,000,000 1,331,800
25,426,000
57,000
263,000
81,000
New York Trust Co 3,000,000 11,032,700
83,802,000
4,000
15,000
7,000
1,000,000
25,083,000
Franklin Trust Co__
1,168,700
60,000
74,000
194,0001
1,000.000
Lincoln Trust
15,117,000
568,200
45,000
12,000
99,000
54,830,000
Metropolitan Tr Co_ 2,000,000 4,070,900
93,0001
36,000
294,000
83,000
13,654,000
Nassau Nat, Fiklyn.... 1,000,000 1,148,000
15,000
229,000,
Irving Trust Co.
807,000
1,500,000 „0
38,445,000
191,000
194,000
Farmers Loan &Tr Co 5,000,000 10,525,000 134,249,000 3,716,000
63,0001
27,000
ROO
National
Bank
and
Federal
Reserve
Notes.
Reserve
with
Legal
Depositaries.
Additional
Deposits
with
Legal
Depositanks.
Average.
Average.
Average.
130,000
1,203,000
89,000
282,000
308,000
1,391,000
621,000;
89,000
9,0001
603,000,
793,000;
145,000,
1,709,000;
697,0001
366,000;
449,000,
3,101,000
182,000
714,000
20,000
397,000
596,000
991,000
424,000
94,000
732,000
100,000
786,000
141,000
63.000
212ROO
553,000
420,000
417,000
380,000
648,000
225,000
1,582,000
112,000
364,000
392,000
179,000
242,000
162,000
341,000
69,000
1,247,000
189,000
State Banks.
Greenwich
People's
Bowery
Fifth Avenue
German Exchange.._
West Side
N Y Produce Exch..
State
Totals, avge for wk
Not Mein hers of Fed eral Reserve
500,000 1,433,100
14,917,000
3,784,000
502,100
200,000
4,702,000
250,000
816,900
17,768,000
100,000 2,392,100
5,686,000
200,000
868,700
56,600
4,394,000
326,600
1,000,000 1,116,700
19,348,000
1,500,000
520,400
26,759,000
4,076,600
7,706,600
Totals, avge for wk
9,000,000 16,921,000
conditi on
conditi on
conditi on
conditl on
April 6
Mar. 30
Mar. 23
Mar. 16
188,000
321,000
33,000
87,000
13,000
40,000
111,000 1,136,000
164,000
86,000
141,000
119,000
516,000
452,000
359,000
358,000
Average.
Average.
Average.
2,062,000
790,000
1,000,000
562,000 1,873,000
13,424,000 3,776,000
8,312,000 1,748,000
3,449,000
446,000
149,000
515,000
249,000
6,428,000 4,926,000
5,240,000
95,01)0
7,110,000 1,909,000
305,000
316,000 1,019,000
301,000
51,000
3,962,000 4,215,000
50,000
942,000
7,221,000 7,775,000
640,000
794,000
199,000
25,000
14,891000 1,300,000
16,000,
29,000
341,000
1
2,782,0001
441,000
430,0001
5,268,000
24,556,000,
2,709,000;
30,446,000,
529,000
1
15,559,000,
1,771,000
5,335,0001
2,058.000;
1,123,0001
1,984,000'
534,000
194,000
21,130,000,
895,000
399,000
250,000
70ROO
999,000
413,000
397,000
50,000
3,619,064,000 184,267,000 35,851,000
3,610,266,000 181,833,000135,872,000
3,571,923,000 188,279,000 35,463,000
3,553,451,000 199,645,00,0 35,023,000
----5,000
816,000
217,000
224,000
610,000
201,000
50,000
463,000
538,000
71,000
943,000
211,000
106,000
261,000
248,000
1,212,000
336,000
160,000
266,000
1,291,000 1,715,000
1,640,000
30,000
15,717,000
3,417,000
4,344,000
19,045,000
5,742,000
4,420,000
20,014,000
28,713,000
46,000
97,358,000 6,280,000 1,447,000 2,667,000 3,119,000
6,160,000 2,330,000
101,412,000
51,000
Totals, actual conditi on Apr. 6
97,837,000
Totals, actual conditi on Mar. 30
96.446,000
Totals, actual conditi on Mar.23
94,772.000
94.771.000
Totals, actual conditi on Mar. 16
Trust Companies.
Not Mem hers of Fed stet Reserve
Title Guar dv Trust__
5,000,000 11,751,800
41,691,000
4,000,000 5,169,200
Lawyers Title & Tr__
23,746,000
Totals, actual
Totals, actual
Totals, actual
Totals, actual
Bank
801,000
49,000
273,000
1,071,000
416,000
206,000
1,125,000
2,339,000
National
Bank
Orculalion.
3,615,625,000 183,942,00035,835,000
4,128,981,000 40,885,000 12,796,000 24,417,000 25,742,000 519,533,000
4,172,463,000 39,547,000 12,712,009 24,813,000 25,010,000 535,104,000
4,185,870,000 39,408,000 13,487,000 24,808,000 24,560,000 524,519,000
4,104,724,000 39,425,000 12,467,000 24,460,000 23,212,000 501,933,000
April 6
Mar. 30
Mar.23
Mar.16
Net
Time
Deposits.
5,686,000
34,241,000
12,895,000
60,381,000
2,796,000
19,719,000
21,859,000
146,625,000
5,420,000
28,990,000
96,814,000
549,680,000
8,321,000,
57,794,000
2,313,000'
14,420,000
435,00.'
2,216,000
11,146,000
82,650,000
35,710,000
270,787,000
1,646,0001
11,789,00)
9,136,0001
67,797,000
20,419,000;
136,780,000
31,424,000
4,886,000,
3,647,000;
24,209,000
17,801,000'
108,534,000
4,022,000
29,043,000
25,427,000
159,102,000
3,033,000
525,000
2,234,000
15,571,000
16,597,000
145,308,000
16,476,000
98,261,000
1,413,000
10,440,000
5,060,000
850,000
32,465,000
247,067,000
959,000
6,718,000
3,371,000
16,787,000
1,947,000
10,806,000
6 342 000
98.05,
8,705ROO
49,318R00
8,800,000
63,702,000
1,686,000
10,153,000
1,695,000
13,316,000
28,183,000
3,837,000
25,437,000222,628,000
52,834,000
7,719,000
373,695,000
53,808,000
9,286,000
1,824,000
66,613,000
9,298,000
23,228,000
2,908,000,
8,063,000'
57,769,000
16,525,000
2,511,0001
13,358,000
1,971,000,
6,730,000;
42,861,000
10,335,000
1,370,0001
39,866,000
5,385,000
120,375,000
17,717,00 I
Average for week__ 192,091,800 326,395,600 4,142,719,000 40,251,000 13,185,000 24,605,000 24,959,000 537,668,000;
Totals, actual conditi Ion
Totals, actual conditi on
Totals, actual condit1 on
Totals, actual conditi an
Net
Demand
Deposits.
6,060,000
6,448,000
6,351,000
6,141.000
1,335,000
1,377,000
1,377,000
1,329,000
2,754,000
2,708,000
2,767,000
2,628,000
3,138,000
3,302,000
3,099,000
3,026,000
5,858,000 2,604,000
5,107,000
564,000
4,554,000 1,491,000
4,793,000
768,000
1011606,000
99,932,000
98,447,000
98,432,000
51,000
51.000
50,000
53,000
Bank.
1,997,000
652,000
131,000
190,000
157,000
60,000
291,000
185,00.
1,278,000 1,118,000
1,505,000
201,000
25,568,000
16,210,000
888,000
585,000
65,437,000 2,649,000
321,000
217,000
476,000
2,783,000 1,319,000
41,778,000
1,473,000
2,625,000
2,775,000
2,594,000
2,591,000
327,000
317,000
323,000
320,000
259,000
201,000
212,000
213,000
495,000
448,000
483,000
627,000
2,783,000 1,069,000
2,713,000
711,000
2,668,000
748,000
2,770,000
619,000
41,493,000
42,157,000
41,749,000
42,663,000
1,478,000
1,471,000
1,474,000
1,435,000
65,009,000
66,552,000
66,569,000
66,930,000
Grand aggregate,avge 205,168,400 351,023,200 4,305,514,000 49,180,000 14,953,000 27,499,000 28,554,000 546,611000 3,649,000 83,758,815,000 185,466,000 35,835,000
Comparison prey wk.
-31,334,000 +596,000 -270,000 -350,000 -72,000 +20292000 +1886000 +18,618,000 -619,000 +159,000
Grand aergate, actual condition April 6... 4,291,827,000 49,570,000 14,458,000 27,430,000 29,375,000 528,174,000 3,673,000 b3,762,163,000 185,796,000 35,851,000
Comparison prey wk.
-43,634,000 +800,000 +52,000 -292,000 +615,000 -14,750,000 +2398000
+9,808,000 +2,441,000 -21,000
------ -- ---- - ---- - ----- ------ ------ ------ -- ------- ----- -Grand ag'gate, actual condition Mar 30___ 4,335,461,000 48,770.000 14,400,000 27,722,000 28,760,000 542,924,000 1,275,000 b3,752,355,000 183,355,000 35,872,000
Grand ag'gate, actual condition on Mar. 23 4,347,211,00048,353,000 15,187,000 27,787,000 28.142,000 531,741,000 2,239,000 b3,712,119,000 189,803,000 35,463,000
Grand ag'gate. actual condition Mar. 16... 4,266,425,000 48,157,000 14,116,000.27.301,000 26,865,000 509,496,000 1,387,000 3,694,546,000 201,133,000 35,023,000
1 545 150 nnn 4f2 Onn nnn 15.421.000214.050.000 26.235.000 522.673.000 3.214.000 3.635.700.000 200.087.000 34,888.00n
Grand ag'gate. soma . onnriltinn ‘A ar 0
a U.S. deposits deducted, $262,309,000. b U.S. deposits deducted,$228,903,000. c Includes capital set aside for foreign branches, $6,000,000.
Note.-The statement for the week ending March 9 includes the aggregates for the Farmers' Loan & Trust Co., which became a member of the Federal Reserve Bank
on March 1.
STATEMENTS OF RESERVE POSITION
Menages.
Cash
Reserve
in Vault
Reserve
in
Depositaries
Total
Reserve
a
Reserve
Required.
actual rigures.
Surplus
Reserve.
Inc. or Dec.
Reserve
Cash
from
its
Reserve
PreviousWeek In Vault. Depositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
frets
PretiouslVeelt
Members Federal
3
s
3
$
$
$
$
$
$
$
$
$
Reserve Bank_
c
537,668,000 537,668,000 475,549,510 62,118,490 +16,898,890
519,533,000 519,533,000 476,006,330 43,526,670 -16,787,760
d
State banks
13,523,000 6,160,000 19,683,000 18,254,160 1,428.840
+623,940 13,287,000 5,858,000 19,145,000 18,289,080
855,920
-98,320
TrustCompanies* 3,663,000 2,783,000 6,446,000 6,266,700
179,300
+201,450 3,706,000 2,783,000 6,489,000 6,223,950
+134,600
265,050
Total Apr. 6_
Total Mar.30_
Total Mar.23.
,
nnt,.1 Mar in
17,186,000 540,611,000 563,797,000 500,070,370
17,306,000 526,319,000 543,625,00 497,622,650
16,916,000 519,618,000 536,534,000 493,780,240
is ion Ann ROA R47 Ann nla ems non r140 A70 ZIA
63,720,630 +17,724,280 16,993,000 528,174,000 545,167,000 500,519,360
46,002,350 +3,248,590 17,576,000 542,924,00) 560,500,000 499,100,880
42,753,760 -4,982,400 , 17206,000 531,741,000 548,947,000 493,981,170
A.7 7)5.150 .1.0 91A f/M1 15 5175 ono ano tort non 1025,371 000 492.055.190
44,647,640 -10,751,480
61,399,120 +6,433,290
54.965,830 -20,650,020
34.315.810 -20.847.48n
• Not members of Fedora Reserve Bank.
a This lathe reserve required on net demand deposits In the oase of State banks and trust companies. but In the ease of members of the Federal Reserve Bank includee
also amount of reserve required on not time deposits. whit:13 was as follows: April 6, $5,518,260; Mar. 30, $5,536,770; Mar. 23, $5,778,180; Mar. 16. $5,962,350.
b This Is the reserve required on net demand deposits In the ease of State banks and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: April 6, 55,528,010; Mar. 30, $5,454,990; Mar. 23, $5,648,370; Mar. 16, $5,989,350.
c Amount of cash in vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
April 6, 8103,840,000; Mar. 30, $102,976,000; Mar. 23, $101,473,000; Mar. 16, $101,654,000.
Amount of cash in vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
April 6, $103.000,000; Mar. 30, $102,082,000; Mar. 23, $102,263,000; Mar. 16, $99,564,000.
THE CHRONICLE
APR. 13 1918.]
1553
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
by the State Banking Department, the Department also
In New York City not in the Clearing House, as follows:
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 disNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
State Banking Department.) Differences from tinguish between the results for New York City (Greater
(Figures Furnished Si'
April 6.
previous week.
New York) and those for the rest of the State, as per the fol750,411,800
Loans and investments
Dec. $1,998,500
15,070,800
Inc.
427,100 lowing:
Specie
11,899,300
300,900
Currency and bank notes
Dec.
For definitions and rules under which the various items
56,154,300
Deposits with the F. R. Bank of New York
Inc. 1,010,500
796,960,600
Total deposits
Inc. 7,909,900 are made up, see "Chronicle," V. 98, p. 1661.
Deposits,eliminating amounts duo from reserve deThe provisions of the law governing the reserve requirepositaries and from other banks and trust companies in N.Y.City,exchanges and U.S. deposits 710,112,400
Inc. 3,817,700 ments of State banking institutions as amended May 22
140,242,500
6,556,500 1917 were published in the "Chronicle" May 19 1917 (V.
Reserve on deposits
Inc.
Percentage of reserve, 22%.
104, p. 1975). The regulations relating to calculating the
RESERVE.
-State Banks
- -Trust Companies
- amount of deposits and what deductions are permitted in
$13,240,500 10.78%
Cash in vaults
569,883,900 13.59%
16,035,300 13.09%
Deposits in banks and trust cos_
7.97% the computation of the reserves were given in the "Chronicle"
41,032,800
April 4 1914 (V. 98, p. 1045).
$29,325,800 23.87%
Total
$110,916,700 21.58%
STATE BANKS AND TRUST COMPANIES.
State Banks
Trust Co.
Trust Cos.
State Banks
in
outside of
in
outside of
Greater N. 1'. Greater N. Y. Greater N. F. Greater N. Y
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 Now York City outside of
the Clearing House are as follows:
Week ended April 6.
Capital as of Sept. 8
Week
Ended
-
Loans
and
Investments
Demand
Deposits.
Specie.
Legal
Tenders.
Total
Cash in
Vault.
Jan. 5......
Jan. 12_
Jan. 19..._
Jan. 26.
Feb. 2_
Feb. 9___
Feb. 16__ _
Feb. 23_
Mar. 2 Mar. 9....
Mar. 16 _ _ _
Mar. 23_ _ _
Mar. 30_ _
5,945,390,8
4,893,792,4
4,892,797,1
4,899,129,5
5,006,037.0
5,0:38,372,7
5,049,992,0
5,116,615,8
5,150,846,2
5,127,301,4
5,001,380,8
5,034,741,0
5,039,258,3
4,443,769.4
4,526,394,9
4,578,900,7
4.479,558,6
4,486,506,5
4,517,827,5
4,501,201,7
4,428,375,5
4,433,280,6
4,319.0:35,1
4,369,257,5
4,409,:310,1
4,446,491,7
104,006,5
104,736,0
104.678,7
101,471,0
97,829,7
96,292,1
95,857.3
9:3,416,1
92,655,7
90,537,4
90,131,4
90,664,8
91,076,7
100,321,2
102,483,2
98,375,5
97,599,0
95,280,8
93,282,0
101,927,9
101,863,0
102,961,4
8:3,762,6
81,255,4
84,264,8
86,187,0
204,327,7
207,219,2
203,054,2
199,070,0
193,110,5
189,574,1
197,785,2
195,279,1
195,617.1
174,300,0
171,386,8
174,929,6
177,263,7
f Included with "Lege Tenders" are national bank notes and Fed. Reserve notes
lista by State banke and trust cos. hut not those held by Fed. Reserve members.
583,950,000
$16,573,000
38,506,722
162,901,400
16,937,000
25,748,040
446,415,700 1,939,038,000 196,980,400
+3,406,300 -26,740,000 , -222,200
321,443,400
-4,315,500
Loans and investments_
Change from last week_
Reserve in
Depositastes.
617,793,8
613,402,6
612,272,4
619,095,8
627,476,3
649,108,3
598,152,4
567,452,0
570,830,9
560,387,6
574,445,1
569,773,5
578,017,3
$19,775,000
Surplus as of Sept.8
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK (two ciphers omitted).
Specie
Change from last week_
17,051,500
+56,100
21,145,000
+575,800
Currency and bank notes.
Change from last week_
23,820,500
-72,700
14,430,600
-901,600
Deposits with the F. R
Bank of New York_ _ _ _
45,021,000
Change from last week. +10,886,300
$25,938,700
204,571,000
-3,546,100
Deposits
570,135,000 2,075,634,300
Change from last week_ +22,227,500 -11,940,700
205,851,400
+817,1,0
316,311,500
+33,600
33,526,900
+360,500
39,042,300
+1,864,200
P. C. reserve to deposits_
24.9%
19.9%
19.6%
Percentage last week
19.1%
22.2%
19.8%
+ Increase over last week. - Decrease from last week.
17.3%
16.5%
Reserve on deposits
114,779,000
Change from last week_ +16,098,600
324,702,100
+5,363,800
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by olearing
son-member institutions which are not included. in the "Clearing House return" on the preceding page:
RETURN OP NON-VIENIBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
efON-MEMBERS.
Net
Capital.1 Profits.
Loans,
Member/ of
Federal Reserve Bank
Battery Park Nat. Bank
W.R.Grace & Co.'s Bank...
First Nat. Bank, Brooklyn.._
Nat. City Bank, Brooklyn_ __
First Nat. Bank, Jersey City_
Hudson Co. Nat., Jersey City
First Nat. Bank, Hoboken_....
Second Nat. Bank, Hoboken_
$
462,900
400,000
642,400
500,000
655,500
300,000
594,400
300,000
400,000 1,319,000
787,300
250,000
632,500
220,000
125,000
275,800
Legal
Tenders.
Gold
Average.
Average. Average.
Average. Average.
. S
7,524,000
6:3,000
14,000
113,000
31,000
3,196,000
1,000
2,000
7,342,000
11,000
14,000
71,000
103,000
6,710,000
4,000
23,000
76,000
99,000
7,132,000
208,000
263,000
214,000
154,000
5,171,000
83,000
9,000
75,000
143,000
7,200,000
9,000
6,000
39.000
176,000
5,411,000
6,000
47,000
99,000
21,000
'2,495,000 5,369,800 49,636,000
385,000
State Banks.
Not Members of the
Federal Reserve Bank.
480,300 2,461,000
100,000
Bank of Washington Heights.
500,000 1,003,400 10,038,000
Colonial Bank
1,000,000
620,800 12,905,000
Columbia Bank
500,000
146,900 4,946,000
International Bank
200,000
523.000 8,814,000
Mutual Bank
200,000
213,700 4,302,000
New Netherland Bank
100,000
Yorkville Bank
663,400 7,468,000
798,700 22,044,000
Mechanics' Bank, Brooklyn__ 1,600,000
200,000
174,800 5,087,000
North Side Bank, Brooklyn__
70,000
588,000
646,000
159,000
486,000
161,000
409,000
524,000
120,000
Total
Total
Trust Cotnpanice.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co.,Brooklyn
Mechanics' Tr. Co., Bayonne
Total
4,400,000 4,625,000 78,715,000 3,163,000
500,000 1,007,800
200,000
344.000
9,146,000
7,965,000
700,000 1,351,800 17,111,000
7,595,000 11,346,600 145,512,000
+675,000
122,120 increase
6,895,000 11,442,000 143,466,000
6,895,000 11,442,000 143,466,000
6,895.000 11,616,700j143,493,000
6,895.000 11,616,70 142,897,000
8,895,000 11,616,7001 140,832,000
a U. S. deposits deducted, $7,173,000.
Grand aggregate
Comparison previous week_
- Excess reserve
Grand aggregate Mar. 30_ __
Grand aggregate Mar.23__
Grand aggregate Mar. 16....
Grand aggregate Mar. 9_
Grand aggregate Mar. 2.....
Reserve
wills
Legal
Deposi!antes.
National
Bank
& Federal
Reserve.
Notes.
DiSCOUIlll
Investments,
&c.
Week Ending Apr. 6 1918. 'Nat. banks Mar. 4
1State banks Nov. 14f
376,000
149,000
18,000
91,000
92,000
80,000
340,000
20,000
Additional
Deposits
with Legal
Depositories.
Average.
$
331,000
1,135,000
590,000
.561,000
559.000
882,000
556,000
1,000,000 3,733,000
950,000
340.000
991,000
338,000
288,000
759,000
Average.
Net
Demand
Deposits.
Average.
6,819,000
1,407,000
5,596,000
5,25:3,000
6,920,000
4,268,000
2,965,000
3,002,000
Nei
Time
Deposits.
National
Bask
Circula1101.
Average. Average.
$
193,000
02,000
750,000
292,000
624,000
120,000
410,000
396,000
198,000
470,000
218,000
3,491,000
100,000
2,521,000
532,000
869,000 4,803,000 8,255,000
36,230,000 8,358,000 1,517,000
75,000
272,000
364,000
63,000
224,000
270,000
387,000
1,004,000
106,000
145,000
91,000
137,000
123,000
636,000
430,000
631,000
775.000
129,000
291,000
66,000
279,000
335,000
14,000
476,000
100,000
93,000
266,000
127,000
282,000
482,000
390,000 1,392,000 1,399,000
239,000
432,000
256,000
2,225,000
10,607,000
12,919,000,
4,591,000.
9,005,000
4,703,000
8,026,000
23,200,000
4,691,000
296,000
141,000
76,000
106,000
99,000
400,000
799,000 2,765,000 2,381,000 4,699,000 2,936,000
79,967,000 1,118,000
36:3,000
17,000
50,000
20,000
24,000
86,000
133,000
101,000
346,000
544,000
420,000
254,000
6,930,000 1,012,000
4,945,000 3,073,000
380,000
70,000
110,000
234,000
890,000
674,000
11,875,000 4,085,000
3,928,000 1,245,000 3,457,000 3,484,000 10,397,000 11,865,000 a128,072 000 13,561,000
+82,000 +121,000 +22,000 +139,000 --55,000 +2331000
+146,000 +220,000
=========
======
3,951,000 1,182,000 3,323,000 3.182,000 10,116,000 10,685,000 a127,382,000 13,231,000
3,951,000 1,182,000 3,32:3,000 3,182,000 10,116,000 10,685,000 al27,382,000 13,231.000
3,992,000 1,158,000 3,391,000 3,322,000 10,013,000 11 ,494,000 al26,148,000 13,203,000
3,924,000 1,286,000 3,416,000 3,278,000 9,953,000 13,711,000 al24,408,000 13,194,000
4,003,000 1,301,000 3,4:35,000 3,041,000 9,382,000 11,367,000 al23,399,000 13,342,000
1,517,000
--2,000
1,518,000
1,518,000
1.520,000
1,520,000
1,522,000
_
Boston Clearing House Banks.
-We give below a sum- vaults" is not a part of legal reserve. For trust companies
mary showing the totals for all the items in the Boston not members of the Federal Reserve system the reserve
Clearing House weekly statement for a series of weeks:
required is 15% on demand deposits and includes "Reserve
BOSTON CLEARING HOUSE MEMBERS.
with legal depositaries" and "Cash in vaults."
April 6.
1918.
Change from
previous week.
4,954,000 Dec.
Circulation
Loans, dise'ts & investments_ 482,407,000 Dec.
Individual deposits, incl.U.S. 411,551,000 Dec.
129,428,000 Inc.
Due to banks
19,951,000 Dec.
Time deposits
Exchanges for Clear. House_ 17,815,000 Inc.
92,001,000 Inc.
Due from other banks
Cash in bank & in F.R. Bank 55,751,000 Dec.
Reserve excess In bank and
Federal Reserve Bank.... 12,036,000 Dec.
March 30
1918.
March 23
1918.
43,000 $4,997,000 $1,966,000
5,077,000 487,484,000 489,406,000
8,032,000 419,583,000 415,777,000
8,736,000 120,692,000 125,018,000
349,000 20,300,000 21,108,000
889,000 16,926,000 14,611,000
9,625,000 82,376,000 85,278,000
2,489,000 58,240,000 57,205,000
1,498,000 13,534,000 12,544,000
-The Philadelphia Clearing House
Philadelphia Banks.
statement for the week ending April 6, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to ,be kept with the Federal Reserve Bank. "Cash in
Week ending April 6 1918.
Mar. 30
1918.
Two ciphers (00) omitted.
Mesa. of
F. R. Syst.
Capital
Surplus and profits
Loans, diso'ts & investleExchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed. Res. Bk.
Res've with legal deposlee
Cash in vault.
Total reserve & cash held.
Reserve required
Excess res. & cash in vault
525,975,0
67,220,0
541,763,0
23,838,0
132,312,0
170,987,0
431,271,0
4,131,0
606,389,0
Trust
Cos.
5,500,0
13,981,0
46,332,0
488,0
143.0
1,245,0
32,723,0
33,968,0
52,639,0
16,277,0
68,916,0
44,733,0
24,183,0
5,4311,0
1,823.0
7,227,0
5,000,0
2,227.0
Mar. 23
1918.
$31,475,0
81,180,0
591,808,0
22,925,0
127,205,0
166,179,0
450,491,0
4,120,0
620,790,0
36.397.0
45,050,0
4,964,0
17.433,0
67.447.0
48,399,0
19,048.0
$31,475.0
80.982,0
587,344,0
19,562,0
123,654,0
169,717.0
446,706,0
4,128,0
620.551,0
41,000,0
50,087,0
4,822,0
18,342.0
73,251,0
49,041,0
24,210.0
Total.
31,475,0
81,201,0
588,095,0
24,326,0
132,455,0
172.232,0
463,994,0
4,131,0
640,357,0
28,312,0
52,639,0
5,404,0
18,100,0
76,143,0
49,733.0
26,410,0
• Cash in vault is not counted as reserve for F R. Bank members.
6
THE CHRONICLE
1554
[Vol.. 106.
OIL
Vaulters' Oazette.
Wall Street, Friday Night, April 12 1918.
-The
The Money Market and Financial Situation.
great German offensive campaign, now entered upon its
fourth week, has been a matter of constantly growing inter-est and is now most decidedly the dominant factor in all
Wall Street operations as well as in other centres of activity.
Not much,anxiety is felt about the final outcome of this
aggressive movement, but it has continued so long without
repulse that apparently it is getting on people's nerves. No
one feels like attempting any new venture in a business way
and indeed every one finds difficulty in attending to the
regular routine of daily affairs. These conditions may,
however, undergo a complete change any day. This may
be expected when there is a change in the military situation
in France and Belgium and the latter is sure to come.
In the meantime our Government is hastening in practically every department its preparation for strengthening the
Allied forces in Europe. Important progress has been made
this week in that direction. Evidently we have passed, or
are passing, out of the experimental stage in some important directions and it is expected that soon our part in
the cause of liberty and justice will be an important one.
In view of the world-wide food shortage the Government
report on the condition and prospects of our winter wheat
crop Was received with unusual interest. It showed, as
was expected, an acreage substantially larger than ever was
planted and also shows an average standard 78.6% of normal, which is over 15% better than that of 1917 and should,
under favorable conditions, yield a crop of about 560,000,000
bushels. This is some 142,000,000 bushels larger than last
year's crop and has only twice been exceeded. A proposal to
retire $250,000,000 silver certificates and sell the coin thus
released in the interest of international trade also attracted
attention in banking circles.
The money market has been dull throughout the week
with call loan rates covering a range from 23/b to 6%.
-Sterling has ruled finder, though
Foreign Exchange.
without any important advance or particular activity. The
Continental exchanges, both of the belligerent and neutral
countries, are steady, with the exception of lire, which have
been under selling pressure supposed to be on foreign account. Spanish pesetas after an early-week decline advanced
sharply and closed at another new high record for the current
movement.
To-day's (Friday's) actual rates for sterling exchange were
4 72%@4 723 for sixty days, 4 753'@4 75523/ for cheques
%
and 4 7647%@4 763/b for cables. Commercial on banks
sight 4 753s@4 753, sixty days 4 71%@4 71%, ninety
days 4 70@4 703' and documents for payment (sixty days)
4 713.@4 713. Cotton for payment 4 7538@4 753 and
grain for payment 4 7538@4 751
4To-day's (Friday's) actual rates for Paris bankers' francs
were 5 78%@5 79 for long and 5 72@5 723/i for short.
Germany bankers' marks were not quoted. Amsterdam
bankers' guilders were 46 13-16 for long and 46 15-16 for
short.
Exchange at Paris on London, 27.163/i francs; week's
range, 27.163/ francs high and 27.19 francs low.
r Exchange at Berlin on London not quotable.
V The range for foreign exchange for the week follows:
Sixty days.
Sterling, ActualHigh for the week_ -4 724,
Low for the week___4 72%
Paris Bankers' Francs
High for the week_ _ _5 78%
Low for the week- _ _5 7934
Germany Bankers' Marks
High for the week_ _ _
Low for the week_ _ _
Amsterdam Bankers' GuildersHigh for the week_ 4734
Low for the week__ 46 13-16
Checks.
47534
4 7540
Cables.
47634
4 7645
5 72
5 7234
5 7034
5 7034
----
_
4731
I 47
4731
4734
Exchange.
-Chicago, par. Boston, par. St.
Louis, 5c. per $1,000 discount bid. San Francisco, par.
Montreal, $17 50 per $1,000 premium. Minneapolis, 10c.
per $1,000 premium. Cincinnati, par.
-No sales of State bonds
State and Railroad Bonds.
have been reported at the Board this week, and the market
for railway and industrial issues presents no new features
or characteristics. As sometimes before this market has
been greatly overshadowed by enormous transactions in
the outstanding Liberty Loan issues and in securing subscriptions to the third of that class. Railroad bonds have
been relatively strong, however, as of a list of 12 most active
issues, 8 close higher than last week' and 2 unchanged.
Atchison gen. 4s show an advance of 13 points, Balt. &
2
Ohio 43/s 1% and So. Pao. 4s 13' -Sales of Government bonds at
United States Bonds.
the Board include $2,000 3s, coup., at 99; $7,000 2s, coup-,
at 973/i to 973; Liberty Loan 33's at 98.56 to 98.94, 1st 4s
L. L. at 95.88 to 96.30, and L. L. 2d 4s at 95.82 to 96.30.
For to-day's prices of all the different issues and for weekly
range see third page following.
-The stock market
r: Railroad and Miscellaneous Stocks.
has again been very inactive. During the first three days
ki! Domestic
of the week transactions at the Exchange averaged barely
200,000 shares per day, and for the entire week have been.
little more. Prices advanced on Saturday, but soon after.
the opening on Monday stocks were freely offered, prices
began to ease off and day by day have continued to show
a downward tendency until to-day. To-day practically the
entire list of 30 most active issues recovered a part of the
week's decline, the railway groups, led by Reading, in an
upward movement of over 2 points. Notwithstanding
to-day's recovery, 27 of this list of 30 issues close lower than
last week. Reading has covered a range of 4% points,
3
Louisville & Nashville 3%, St. Paul 33/i and Bait. & Ohio,
Ches. & Ohio, Can. Pac. and Union Pao. from 2 to 3.
These figures have been exceeded, however, by some of
the industrials. Am. Sum. Tob. covered a range of 5%
points, Atlantic G. & W. I. 4%, Am. Car & Found. and
Baldwin Loco. 43 and Am. Loco., Am. Smelt. & Ref.,
Crucible Steel, Sinclair Oil and Studebaker from 3 to 4.
U. S. Steel has shown decided recuperative force. It sold
off over 2 points earlier in the week, but recovered to-day
to within % point of last week's closing price.
For daily volume of business see page 1562.
The following sales have occurred this week of shares.not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending April 12 for
Week
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares 8 per share. $ per share. $ per share.; per share.
Jan
Adams Express
Mar 80
100
100 6634 Apr 11 6634 Apr 11 65
Amer Bank Note
80
100 3134 Apr 6 31X Apr 6 31% Mar 3434 Mar
Apr 42
Apr
Preferred __
_ _ _50
100 42 Apr 6 42 Apr 6 42
Apr 175
Jan
Am Brake Shoe&F pf 100
200 163 Apr 9 16331 Apr 9 163
Apr
American Express___100
Feb 81
200 80 Apr 11 80 Apr 11 80
Atlanta Birm & At1_100
100 934 Apr 10 934 Apr 10 834 Jan 934 Apr
Jan 10134 Feb
Barrett, pref
100
40010034 Apr 1010031 Apr 11 100
Jan 134 Mar
Batopilas Mining__20 600. 134 Apr 11 134 Apr 6 1
Apr
Brown Shoe Inc
100 65 Apr 8 65 Apr 8 6234 Jan 65
100
Apr
Jan 98
Preferred
100
200 98 Apr 9 98 Apr 11 95
Feb
Calumet & Arizona___10 500 6734 Apr 11 68 Apr 8 6334 Jan 70
Case (J I) pref
Apr 11 84 Apr 11 73
Jan 8534 Mar
100
100 84
Mar 40
Mar
Central Foundry_
100 1,500 37 Apr 11 40 Apr 6 26
Apr
Jan 53
Preferred
100 2,300 49 Apr 11 53 Apr 8 41
Chicago & Alton_ _ _ _100
100 8 Apr 8 8 Apr 8 8
Apr 934 Jan
Chic St PM & Om 100 200 70 Apr 11 70 Apr 11 70
Jan 7034 Mar
Jan 3234 Mar
Computing-Tab-Roe 100
100 3234 Apr 12 3234 Apr 12 30
Apr 4434 Feb
Crex Carpet
100
100 40 Apr 8 40 Apr 8 40
Jan
Cuban-Amer Sugar_ _100
Feb 152
200 145 Apr 11 145 Apr 11 145
Feb
Deere & Co pref
100
100 9534 Apr 11 9534 Apr 11 9434 Feb 96
Mar
Jan 105
Detroit Edison
10 101 Apr 8 104 Apr 8 98
100
Jan
Apr 90
Detroit United
100
168 80 Apr 6 80 Apr 6 80
Apr
Apr 5
Duluth S S & Atl p1.100
100 5 Apr 8 5 Apr 8 5
Jan 2834 Mar
Elk Horn Coal
50 400 26 Apr 11 2634 Apr 10 22
Federal Mg & Smelt_100 300 934 Apr 12 934 Apr 9 934 Apr 1334 Jan
Preferred
Jan 3634 Feb
100
500 3034 Apr 12 3134 Apr 9 27
Fisher Body Corp_no par
Jan 3534 Mar
100 33 Apr 10 33 Apr 10 26
General Chemical
Jan 180
Feb
100
27 16534 Apr 8 173 Apr 8 165
Int Harv N J pref
100
100 11034 Apr 1211034 Apr 1210634 Jan 11034 Feb
Int Harvester Corp....100
Mar 72
Feb
200 58 Apr 10 59 Apr 6 53
Int Nickel prof
Apr 98
Mar
100
100 92 Apr 11 92 Apr 11 92
Feb
Jewel Tea Inc
Mar 40
100
10 37 Apr 8 37 Apr 8 35
Feb 94
Feb
Kings Co Elec L & P_100
7 9334 Apr 6 9334 Apr 6 94
Mar
Stress (S H)& Co
Jan 55
100
100 55 Apr 12 55 Apr 12 50
Liggett & Myers pref 100
300 103 Apr 1010334 Apr 910134 Jan 10734 Mar
Apr
Jan 53
May Dept Stores ..100
200 52 Apr 6 53 Apr 12 47
Mar
M St P & S 5 Marle_100
200 87 Apr 8 8834 Apr 8 8034 Jan 00
Jan
National Acme
51
100 29 Apr 11 29 Apr 11 2634 Jan 32
Jan
National Biscult___100
100 9234 Apr 12 9234 Apr 12 9234 Apr 100
Mar
Preferred
100
100 10934 Apr 9 10934 Apr 9 10834 Jan 114
Apr 21
Jan
N 0Tex & Mex v t 0_100
100 17 Apr 11 17 Apr 11 17
Feb
Apr 21
Norfolk Southern__ _100
400 18 Apr 11 20 Apr 9 18
Northern Central_ _50
13 7234 Apr 8 7234 Apr 8 7234 Apr 7234 Apr
Jan
Apr 69
Nova Scotia S & C_100
300 60 Apr 11 61 Apr 9 60
Feb
Pacific Tel & Tel
100
100 2034 Apr 10 2034 Apr 10 1834 Feb 26
Jan
Pettibone-Mulliken _100
100 33 Apr 11 33 Apr 11 2934 Jan 35
Jan
Apr 30
St L
-San Fran pref A 100
100 21 Apr 12 21 Apr 12 21
Feb
Jan 70
Savage Arms Corp..100
300 6434 Apr 9 65 Apr 11 53
Feb 8734 Apr
Sloss-Sheff 8 & 1 prof 100
100 87 Apr 8 87 Apr 8 81
Feb
Jan 96
Standard Milling_ _ _100
5 95 Apr 10 95 Apr 10 84
Jan
Jan 162
So Porto Rico Sugar_100
82152 Apr 11152 Apr 1i158
Stutz Motor Car_no par
400 4334 Apr 9 4434 Apr 9 3834 Jan 4731 Feb
Apr 2134 Jan
Third Ave Ry
200 1734 Apr 6 1734 Apr 9 16
100
Mar
Jan 190
Tide Water 011
100
25 200 Apr 6200 Apr 0 178
Transuo Sr W'ms_no par
100 3934 Apr 11 3934 Apr 11 3934 Apr 4034 Feb
Feb
Apr 112
Underwood pref
100
200 107 Apr 9 107 Apr 9 107
United Drug
100
100 70 Apr 12 70 Apr 12 6934 Jan 7034 Feb
Rprond nreferred inn
inn 773 Anr 11 7714 Anr 11 7714 Anr 80
A
Jan
Outside Market.
-There was a further contraction in
"curb" market trading this week, there being hardly an
issue which developed any activity. Some weakness in
prices was noticed but changes generally were so small as to
be devoid of any significance. Burns Bros. Ice, recently
introduced to trading and in sharp contrast to the rest of the
market, was actively traded in up from 20 to 233 and down
4
finally to 213%. Motor shares continue neglected. Chevrolet Motor on few transactions lost about 3 points to 118,
then jumped to 123, the close to-day being at 122. United
Motors fluctuated between 26 and 253g with the final figure
to-day 253%. Keystone Tire & Rubber, corn., advanced
from 18 to 18% but reacted to 173 . Aetna Explosives,
%
com., weakened from 83's to 79' and ends the week at 73'.
Aeroplane stocks were extremely quiet. Curtiss Aeroplane
& Motor, cord., on few transactions lost half a point to
-Martin Aircraft sold up from 7 to
283/2. Wright
then down to 7, closing to-day at 7%. Marconi Wireless
Tel. of Amer. was in fair demand on the announcement of
a dividend and advanced from 3% to 3%. Oil shares were
quiet and only slightly changed. Midwest Oil, corn., after
advancing from 93c. to 96c. dropped to 87c. and ends the
week at 890. Merritt Oil sold up from 183 to 18% and
back to 183. Midwest Refining gained 23/b points to
1023' but weakened to 101 finally. Mines quiet and steady.
Bonds were active and higher. Canadian Govt. 5s were in
3
good demand and advanced from 95% to 95%, the close
to-day being at 9532. The Procter & Gamble 7s, all maturities, reached new high records.
A complete record of "curb" market transactions for the
week will be found on page 1563.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1555
OCCUPYING TWO PAGES.
For r•cord of rale, during th• w••Ir of atockr u•ually Inacitl••, ••• prao•dirrg gags.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
April 6
Monday
April 8
Tuesday
April 9
Wednesday
April 10
Thursday
April 11.
Friday
April 12.
$ per share $ per share $ per share $ per share $ per share $ per share
8314 8358 *83
8
8 8212 8212
84
83
8318 827 8358 8214 827
81
813 813
82
4
4 813 813
81
4
8014 8012
8
4 817 817 *81
8
*8912 91
*8912 9012 *8934 91
0014 9014 *8912 91
*8912 9012
52
5238 5112 5112 5038 5112 *503 513
5212 5238 5212 52
4
4
*51
543 *52
4
543 *53
.1
55
5378 5378 5412 5412 *52
5434
*3812 4012 *3812 4112 39
39
39
39
39
39
39
39
137 13814 13618 1373 1357 13612 1355 137
135 13614 13512 13612
8
8
4
5518 5618 5512 5618 5512 553
543 543
4 5518 5512 5418 55
4
4
*612 712
6
6
658 65
*5
612
612
6
8
6
6
*20
21
*20
1812 1812 *1812 20
2012 1812 19
*18
20
41
41
39
3712 38
4014 4118 3918 4014 38
38
39
71
7112 705 71
8
69
7012 663 6938 6614 68
8
6758 683
4
*90
00
92
9018 0018 00
91
91
*00
92
90
90
_ *130 150 *120 150
*130 150 *130 150 *130 150
_-.1012 2012 1034 193 *19
19
20
10
1912 *19- -4
1812 191s
*6412 66
6512 6534 65
*65
66
*65
6518 66
65
65
5534 5534, 551 551
8
5512 547 55
5512 5512 55
5458 55
35 - ---- ---- 31
31
31
31
•30
31
31
_
*3014 35
*5912 643 ____ ___ *65
4
643 *59
4
4
643 *573 643
593 *59
4
4
4
*1818 1912 *1818 193 *1812 1914
•19
21
*19
8
1912 *18
19
*45
*45
*45
50
*45
50
50
50
*45
51
*45
50
47
*40
*40
*40
50
48
50
*40
50
*40
*40
48
104 1043 *10314 104
•105 107
8
1013 10312 10012 101
4
101 102
•....._ 170 *___- 170 *165 170 *160 170 *160 170 *160 170
*4
6
*4
6
6
*4
6
*4
6
_--- _-_- *4
*712 878 *712 87
8
8 *7
8
8 *712 87
9
147 147 -1:8.8 -- 58
s
7 1is 1412 14.2 1434 1478 1414 147
8
8 143 1412
2712 2712
275 285s 2813 2818
2712 2812 283 29
8
8
20
2014 19
1934 193 -iiii2 -- 2 1912 1912 1934 20
1614
20
8
877 885
8914 8912 89
8 8778 88
4
8 8918 891s 883 89
893
2612 2634 2612 2612
2714 2778 273 2712 2718 273
8 267g 27
8
9631 *95
9634 96
*95
963 *95
963 *95
963 *95
4
4
4
963
4
7
7.4
7
7
8
718 718 .712 73
718 .7
7
7„
.4212 44
4212 4212 42 42
*4212 44
*4212 44
*42
44
.15
1512 1512 1512 1512
*1512 16
16
1512 16
*1514 16
*46
50
48
50
*47
48
*46
50
*47
*44
50
4812
1018 *9
*9
10
1018 *9
101a *918 1018 *9
*9
10
*1812 24
•18
24
1814 1814 *1812 23
*18
*18
24
22
5714 577 *5712 59
5814 5814 58
*5712 59
*58
59
8
58
8
*11312 115
11314 11434 1123 1133 1127 11278 111 11218 111 11118
s
s
8
814
8
*81.1 03
8
*814 914
*6
8 *814 10
912
.412 5
*412 43
*4341 5
412
4 *434 5
412 *412 5
8
8i, *7
*7
*713 83
8
4 *718 918 *7
*718 8
2112 2118 2112 20
22
21
22
2112 213
4 2112
20
2012
521.1 51
*5214 523 *5214 5234 5214 5214 52
51
4
51
511.1
6912 7012 693 703
8 6914. 70, 6814 6912 685 6918 5673 683
8
4
4
4
*2814 283
28, 2718 2712 27.
4 2712 2812 28
2714 27
2714
1912 1.912 *19
*20
20
21
*20
2018 20
1912 *19
1912
105 105
*104 10512 104 10134 10338 10334 1033 1033
104 105
4
.1
8
4
8512 8512 85
8538 847 8514 843 85
845s L,85
x827 8312
8
4378 44
4378 , 4414 433 437
437 44
8
4378 44
4
8 44
44
10
11
__-- ---- 10
11
10
10, ----------- ---- ---- ---- ___- ---- ---- ---- ---- ---- ---_ ---2712
-F7r2 W3 -2 7Es 175 -27 - -- - -F7- -4
7
-8
2
i- -..252 --- .-•iiii, - ...7 .
261;
2",
67
67
*66
*66
68
58
68
*66
67
67
8
*657 68
8014 8114 80
8112 8218 81
82
8
s 783 7912
8012 775 797
8
*3412 38
*3412 37
*3412 38
*3412 38
*3412 38
365s 37
*3412 38
*3412 38
*35
8
*347 37
37
-5i- - 3
i1018 101E1 *912 1012 *912 1034 1018 1018 10
1018
934 10
2012 *18
*18
2012 *18
2012 *18
2012
2012 *18
2012 *18
4912 *35
4912 *35
4912 *35
*35
4912 *35
*35
4912
4912
*712 8
.712 8
*712 8
*712 814 *73
4 8
73
4 73
4
17
.1678 18
*167 1814 17
4
167 167s *163 17
8
8
1658 1634
8
827 827
8 8318 8318 8213 823
.1
4 8218 8231
833
825 83
83
8
2114 2134 2118 213
22
2214 2214 2218 2212 2218 2218 22
8
5814 5814 *5712 5818 *5812 5918 5812 5812 58 A 58
5712 5778
•131s 15
16
16
*1618 17
15
15
•16
*12
17
16
51
*49
*49
51
51
*49
50
50
48 iff 48
47
47
3
8
4
4
1193 12018 11012 12014 1183 1191.1 11812 11918 1173 1187 11712 11838
*70
7112 71
.71
7112 71
71
71
7112 *71
7112 *71
512 512
*5
6
__
512 512 *512 6
512 512
*1012 12
1012 11
113 113 -11- ---*1012 12
1012 1012
8
11
8
.712 8
712 712
*712 8
*712 8
.712 8
*712 8
41
4112 x40
4112 4158 4158 41
4012 .3912 4012 3918 3912
22
22
*22
23
*22
23
2212 2212 *2112 23
*22
2214
14
1358 1358
*1414 15
1458 *1312 1414 .1314 1414 *13
14
*25
30
*25
30
*25
30
*25
*25
30
*25
30
30
13
13
1312
1312 *13
*123 1312 *1234 1312 *13
*1212 1312
4
4
.
51
52
*51
4
53
513 513 *5012 5212 5012 5012 *4912 5112
*812 912
*812 912 *812 9
*812 9
*812 9
8 8 87
7
8
*1712 19
*17
•18
20
20
21
*17
20
*17
*17
20
*34
37
*36
37
•34
38
*34
37
36
36
*34
37
Salesfor
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1917
Lowest
Highest
Railroads
Par $ per share.
per share. $ per share S per'Aare
2,200 Atch Topeka & Santa Fe...100
81 Mar23 8714 Jan 3
75 Dec 10712Jan
Do prof
700
100
80 Jan 30 82'2 Jan 2
75 Dec 10012 Fob
100 Atlantic Coast Line RR
100
8912 Jan 8 92 Jan 2 x797 Dee 119 Jan
8
2,600 Baltimore & Ohio
100
49 Jan 24 5614 Mar14
85 Jan
3814 Dec
Do prof
300
100
4814 Dee
7678 Jan
537 Apr 1 5712 Jan 5
8
Brooklyn Rapid Transit_100
900
82 Jan
3853 Feb 25 4814Jan 2
36 Dec
9,000 Canadian Pacific
100 135 Mar25 1493 Jan 31 126 Dec 16738 Mar
4
4,800 Chesapeake & Ohio
100
4934Jan 15 60381‘lar14
42 Nov 1534 Jan
1,300 Chicago Great We8torn
100
6 Dec
6 Apr 9
1418 Jan
834Jan 2
400
Do prof
1812 Apr 9 25 Jan 3
100
4134 Jan
1712 Dec
6,700 Chicago Milw & St Paul 100
3712 Apr 11 4734Jan 2
35 Nov 92 Jan
Do pref
11,165
6614 Apr 11
100
6212 Dec 12512Jan
7914Jan 5
500 Chicago & Northwestern_ _100
8912 Mar25 95 Jan 3
85 Dec 12414 Jan
Do pref
100 137 Jan 29 137 Jan 29 137'2 Dec 17212Feb
1,200 Chic Rook Isl & Pac temp ctfs_
18'3 Jan 15 23 Jan 3
16 Dec
3812 June
7% Preferred temp etre1,000
5634 Jan 15 6912 Mar12
8414 Apr
44 Dec
6% preferred temp otfs____
46 Jan 15 5912 Mar12
2,775
3534 Deo
71 Apr
500 Clev Cln Chic & St Louis_ _100
26 Feb 21 31 Mar22
28 Nov 51 Jan
Do pref
61 Jan 11 61 Jan 29
100
6134Oct
80 Jan
Colorado & Southern
20 Jan 22 23 Jan 2
100
18 Nov 30 Jan
Do let prof
47 Apr 3 5012 Jan 4
100
,8
447 Nov 5712 Jan
Do 2d pref
40 Apr 4 45 Mar14
100
41 Sept 46 Mar
3,300 Delaware & Hudson
100 10012 Apr 11 11518 Feb 1
87 Nov 15178Jan
Delaware Lack & Western_ _50 170 Jan 7 z180 Jan 4 167 Deo 238 Mar
12
Denver & Rio Grande
214Jan 4
6 Jan 3
100
5 Dec
17 Jan
Do prof
100
612Jan 30 1353Jan 2
100
97 Deo
41 Jan
.3
2,000 Erie
1418 Jan 15 1718Jan 2
1318 Dec
100
343g Jan
Do it pref
4,600
4914Jan
23'8 Jan 16 3038 Mar18
1834 Deo
100
Do 2d prof
1,700
1812 Jan 25 22 Mar18
1518 Dec
100
3024 Jan
1,000 Great Northern pref
86 Jan 15 9212 Feb 14
7914 Dee 11814 Jan
100
Iron Ore properties_ _No par
4,600
2518 Jan 15 3014 Feb 18
s
223 Nov 3818 Mar
200 Illinois Central
02 Jan 7 9634 Apr 2
100
8534 Dec 10638Jan
1,640 Interboro Cons Corp_No par
634 Mar25
912Jan 3
53 DecDeo
1718Jan
4
200
Do prof
41 Feb 25 4712Jan 3
7214 Jan
3912 Deo
100
1,100 Kansas City Southern
1514 Mar26 1833 Jan 7
1312 Nov 257 Jan
100
100
Do prof
45 Jan 5 51 Feb 1
40 Nov 5812 Jan
100
Lake Erie & Western
9 Jan 14 1012 Feb 19
100
812 Nov 2514 Jan
100
Do prod
1814 Apr 9 21 Feb 25
5334Jan
23 Oct
100
610 Lehigh Valley
55 Jan 15 6278 Mani
503 Dec
8
50
791 Jan
2,700 Louisville & Nashville____100 110 Jan 2 118 Mar14 10'3 Dec 13384Jan
300 Minneap & St L (new)_ 100
8 Apr 10 1012Jan 3
3214 Jan
67 Dec
8
100 Missouri Kamm & Texas_ 100
43
8Jan 5
(312Jan 2
11 Jan
312 Dee
Do pref
612Jan 29
912 Jan 7
7 Nov 2032 Jan
100
8,400 Missouri Pacific tr otts
20 Jan 15 247 Jan 2
197 Nov 34 Jan
8
100
700
Do prof tr otts
41 Jan 15 5414 Is.lar15
5,700 New York Central
6712Jan 15 735
8Jan 4
629; Dec 10153jan
3 p
190
63 J
3,400 NY N H & Hartford
27 Apr 11 327
2112 Sept 5273 Jan
8Jan 2
400 N Y Ontario &
1814Jan 22 2112Jan 3
17 Nov 2914 Jan
2,400 Norfolk & Western
Western__18 102 Jan 24 1063 Mar12
9258 Deo 13858Jan
4
:
0
4,100 Northern Pacific
8118J311 24 8812Jan 3
75 Dec 11014 Jan
7772 1?ennsylvania
4334 Apr 11 4714 Jan 2
5738Jan
4014 Dee
50
-400 Pere Marquette v to
10 Apr 3 14 Jan 4
3684Jan
12 Dec
100
______
I)o prior prof v t o__ _ _100
5212 Apr 3 5S3 Feb 19
45 Nov 7312 Jan
Do pref
30 Apr 5 37 Jan 11
37 Oct
100
57 June
-„, 7„ - Pittsburgh v t c_
- -.
_ ., w,
2258Jan 2 3018 Mar14
& West Va___ _100
1884 Dec
3534 June
Do preferred
200
61 Jan 10 6812 Mar18
535 Apr
8
100
68 Jan
54,300 Reading
701a Jan 15 8518 Mar18
6018 Nov 10414 Jan
50
Do 1st pref
35 Jan 12 38 Mar14
34 Nov 45 Jan
50
_ 505
Do 2d prof
35 Mar30 3812 Mar16
337 Dec
8
4512 Jan
50
1,400 St Louis-San Fran tr et111.100
93 Apr 3 14 Jan 2
s
12 Dec
2588 June
St Louis Southwestern_
1918 Mar12 23 Jan 7
22 Dec
32 Jan
100
Do prof
3412Feb 13 4012Jan 3
34 Dec
53 Jan
100
100 Seaboard Air Line
712Jan 2
812 Jan 4
714 Deo
18 Jan
100
500
Do prof
391k Jan
1614Jan 21 1914Jan 3
8
167 Dec
100
3,500 Southern Pacific Co
8012Jan 24 884 Feb 27
753 Dec
4
9812 Mar
100
4,900 Southern Railway
2118 Apr 12 251s Mar12
3338Jan
2112 Deo
100
900
Do prof
57 Jan 21 6178 Marl 1
515
8May 7012Jan
100
300 Texas & Pacific
15 Apr 10 197 Feb 20
1158 Nov
1934Jan
8
100
300 Twin City Rapid Transit_ _ 100
47 Apr 12 6514 Jan 31
62 Dec
95 Jan
12,500 'Union Pacific
100 10934Jan 15 12334 Feb 28 10114 Deo 149's Jan
200
Do prof
59 Jan 3 7414 Marl 1
6914 Dec
85 Jan
1,500 United Railways Inve,st_ _10
434Jan 15
414 Deo
1188Jan
65g Jan 3
1 0
800
1012 Apr 9 1434Jan 3
Do pref
111.1 Deo
2334Jan
100
712 Apr 1
200 Wabash
914Jan 2
1534Jan
7 Nov
100
3018 Apr 12 4412Jan 2
2,500
Do pref A
3614 Dec
58 Jan
100
200
2014Jan 15 2312 Mar 8
Do met B
3012Jan
18 Deo
100
7,800 Western Maryland (new)-100
13 Jan 15 1734 Feb 15
12 Dec
23 Apr
20 Jan 29 3112Feb 15
Do 2d prof
20 Dec
41 Mar
100
200 Western Pacific
13 Jan 2 1612Feb 15
1012 Dec
100
1812 MaY
200
46 Jan 3 58 Feb 6
Do preferred
3512 Dec
100
48 July
814 Jan 15 1014 Jan 2
100 Wheeling & Lake E Ry_ _ _100
712 Dec
227 Jan
18 Apr 2 2284 Feb 18
Do preferred
1058 Nov 5058Jan
100
200 Wisconsin Central
36 Apr 8 39I2Jan 3
5414 Jan
33 Dee
100
Industrial a Miscellaneous
1318 1318 *13
*1278 14
14
13
13
135 135s *13
8
14
400 Advance Rumely
11 Jan 19 1478 Feb 18
712 Nov
1812 Jan
100
2812 2812 2012 2012
*2814 2918 *28
*2814 30
30
*2814 30
300
2578Jan 15 3012 Feb 18
3713 Jan
Do prof
19 Oct
100
58
58
100 Ajax Rubber Inc
49 Jan 2 58 Apr 8
4518 Dec
80 Jan
50
•
-;17.8 -14
158
134 --5 -15 -1E8 --1 4 -- i5 -- -3- -- ii8 -- -5g
.
8
8
-1
4 14
1
1,400 Alaska Gold Mines
112 Mara)
1 Dec
27 Jan 12
8
1112Jan
10
134
178 *158 2
13
178
4
4 *112 2
*112 13
17
8
312Jan 21
400 Alaska Juneau Gold Min'g_10
112 Apr 1
178
134 Dee
818 Mar
25
24
2458 2414 2414 2338 2338 *2318 2312 2,400 Allis-Chalmers Mfg v t c_100
2312 237
8
1734Jan 15 2778 Feb 21
15 Dec
3258May
__ __
*76
80
80
*76
*76
-_
80
*7512 80
*76
80
7214 Jan 4 8312 Mar 7
Do preferred v t a.._ - 100
65 Dec
8678 Mar
*8112 85
85
2312- - *8112 85
85
*8112
*8112
8158 8158
O8112 85
Amer Agricultural Chem__ 100
72 Dee
951 May
78 Jan 2 90 Feb 13
9212 9212 9312 9312 *9112 95
*90
*92
93
05
*9112 95
200
8918Jan 17 9312 Apr 9
Do prof
91 Dec 10312 Jan
100
7512 7414 75
7614 7512 7512 *75
x72
70
753 76
72
4
3,000 American Beet Sugar
7012Jan 5 84 Feb 27
63 Dec 10212Feb
100
*80
97
97
97
9612 *80
*80
*80
*80
97
.
80
97
84 Jan 9 86 Feb 19
Do prof
7812 Dec
98 Jan
100
40
4134 403 413s 20,100 American Can
4 4112 42
41.2 42
4078 4238 417 423
8
8
3458Jan 15 4358 Mar18
2912 Nov 53 May
100
*9412 97
*94
96
97
97
96
*9314 97 .94
*9312 97
100
8914 Jan 23 9634 Marl1
Do prof
87 Deo 11112 June
100
8
4 7514 78
783
7918 8014 785 7934 78
7612 773 26,600 American Car & Foundry..100
7914 80
681g Jan 14 8038 Apr 4
4
57 Feb
8038 June
_
Do prof
100 106 Jan 3 11012Feb 1 100 Nov 11884 May
-3;55- - -134 ;. i2 3318 5ii2 --3 '5F -33 s -i- .-7's --2; '51i2. -3-3 ___ in() American Cotton 011
3
3 -7 ;
3 -- .
'
3. 53
-25 Jan 16 3334 Apr 4
21 Dee
50l Jan
100
*76
*75
79
79
79
8
8
787 787 *75
*75
81
.
75
787 Apr 8 8112 Mar 8
79
8
100
Do pref
80 Dec 101l Jan
100
1212 1212 .12
13
13
1218 123
*12
.12
13
8 1218 1218
1178Jan 10 1438 Feb 26
400 American Hide & Leather_100
10 Feb
1714 Mar
5612 5634 5631 5634
58
58 .56
*5612 58
5714 5714 58
800
50 Jan 2 6312 Feb 26
Do pref
4314 Dec
75 Jan
100
8
1834 177 1812 *1714 19
4 16
153
103
4 1812 1912 17
15
1112Jan 2 1034 Apr 8
8,700 American Ice
878July
167s Aug
100
45
46
46
46
46
45
*41
*4212 4234 4412 48
47
2,000
3834Jan 16 48 Apr 8
Do preferred
35 Dec
55 July
53
55
5312 *5212 5312 15200 Amer International Corp 100
8
55
5412 547 *5312 55
55
54
5218 Mar25 581 Feb 1
46 Oct
623 Aug
4
-100
4 3034 31, 31
3178 3211 3114 3114 3114 313
• 3114 32
3114 5,700 American Linseed
27 Jan 7 3412Feb 6
15'4 Feb
2918 Aug
100
*7112 73
71
713 72
72
72
72
72
723k 7231 72
6914 Jan 7 7538 Feb 6
500
48 Feb
Do prof
75 Nov
100
6214 6214 6112 6218 6018 6114 6031 6112 6.820
8 6212 63i2
531 Jan 15 6918 Feb 19
6212 627
American Locomotive...
4658 T)eo
82Z Jan
.100
*97
98
*96 100
9912 *99 100
*98 100 .96
*97 100
Do pref
93 Dec 1067g Jan
100 295 Jan 4 100 Feb 18
*812 9
*812 94 *812 9
9
9
9
-__ ____
9
834Apr 2 1312 Feb 6
500 American Malting
814 Dec
1934 Mar
100
4912 47
4714 4714 *47
4714 *46
.46
50
49
300
46 Mar 9 5818 Feb 6
Do 1st prof
50 Deo
100
7112 July
•99 101
ioi- 1-fi-r.- 1.10 1101 115 115 112 115 *111
500 American Shipbuilding__ _100
90 Feb 21 115 Apr 10
88 Nov 93 Nov
7412 77
8
4
77
7434 - - 18,100 Amer Smelting & Refining _100
7758
i53;
7738 7818 7612 77 2 763 775
7412 Apr 11 8612 Feb 19
6758 Dec 11234 June
10412 10412 10414 10114
105 105
105 105
105 105
105 105
700
Do prof
100 108 Jan 5 10634 Mar 2 2994 Nov 11718 Jan
6112 63
*63
64
62
6218 63
628 1,800 Amer Steel Foundries
63
7
637 *83
s
84
58 Jan 15 6812 Feb 19
5018 Dec
75 June
100
997 100
4
,4
983 100
*101 10212 *101 10212 1013 013 10014 101
4
2,200 American Sugar Reffning 100
98 Jan 16 10812 Feb 10
8918 Nov 12638 June
O10612 111 *10612 111 *10612 111 *10612 112 '10618112 010612 112
Do prof
100 10814 Mar23 11012Jan 3 106 Dec 12112 Jan
987
98
8 96
9312 953
4 935 95
8
0612 973t 9512 9612 95
36,200 Am Sumatra Tobacco-._100
987 Apr 9
8
30 May 6212 Dec
603 Jan
8
10014 101
9978 10034 9934 10014 10018 10012 997 10018 10018 10012 9,000 Amer Telephone & Tales_ _100
9918 Mar28 10914 Feb 1
95 4 Dee 128123an
3
15918 160
157 15934 1,400 American Tobacco
163 165
16314 16312 16312 16312 160 162
8
123 Dee 220 Mar
100 14012Jan 5 1687 Feb
*9178 96
*9112 95
*9112 95
95
*92
*9112 95
*9112 97
94 Jan 24 99 Feb 23
Do prof (new)
89 Dec 10934 Jan
100
5012 51
8
5012 5112 4,000 Am Woolen of Mass
513 52
5218 525s 52
8
523
s 517 52
4458Jan 15 563
8Feb 21
3718Feb
5834 June
100
93
*92
9412
9414 9414 9478 9478 9412 9412 93
*9312 95
600
92 Jan 4 9578 Mar12
Do prof
87 Nov 100 June
100
2014 21
23
•22
*2014 24
2212 2212 22
25
2011 Apr 11 3112 Feb 5
2,000 Am Writing Paper met
17 Nov 5412 Mar
-iF s -13 s .
iT
100
- -113
14
•13
1334 *13
14
1318 1313
1314 131s
200 Am Zino Lead & 6
4138 Jan
127 Jan 18 17'1 Jan 3
8
1012 Deo
25
*44
45
45
*44
45
O44
47
*44
47
*44
47
47
10
41 Jan 2 47 Jan 3
Do pref
3912 Dee
721 Jan
_25
6414 6314 6414 37,900 Anaconda Copper Mining-50 x5918 Jan 18 6612Feb 19
6454 63
6313 64
6358 6412 635 6418 64
8
5118 Nov 87 May
10712 110
107 10853 14,2,00 Atl Gulf & W 238 Line_100
110 112
110 11212 11012 1121 1 110 11012
9731Jan 5 12014 Feb 18
87 Sept 12112Jan
83
.61
6212 6214 6214 6214 6212 *61 63100 58 Jan 5 6434 Mar18
6212 *61
6212 .61
400
Do prof
54 Feb
66 Jan
747
3
8
5
7512 7638 76
7712 7531 7612 '7412 7618 73
-500 Baldwin Locomotive Wks_100
43 Feb
56's Jan 15 8178 Feb 19
761k July
96
06 - ------------300
- -8
4083 9838
93 Jan 2 100 Feb 28
Do prof
93 Dee 10212Jan
11)0
8
;8'71-2 - -371, .8712 -- - - 8'712 8'712 -56 - -6-- 8614 8614 *855 87
g9
---- 90
330 Barrett Co (The)
85 Jan 4 93 Feb 19
8
82 Dec 135 Jan
100
7914 7931
.
i... 7914 7314 78
950 Bethlehem Steel Corp. ...100
s
78
z,
7414 Jan 15 837 Feb 27
6614 Des 515 Jan
-iiii - 5- 7753 783 -iii, 1753 77
58
17
8
7712 7553 777 -093 - -- 24,600
4
7238Jan 15 8338Jan 3 26618 Dec 150 June
.
Do class II common
100
8
102 1021s 10214 10214 10214 10253 10212 1027 10218 10212 10111 10214 3,000
9612Jan 15 103 Feb 1
Do cum cony 8% pref ____
93 Dee 101120ot
23
2414 2418 2418 24
2212 2212 1,400 Booth Fisheries
2414 2331 2354 23
24
21 .1an 21 26 Feb 18
No par
• B1(1 and asked Prices: no sales on this day. $ Ex-rights. $ Lass than 100 shares, a Ex-div. and rights. • Ex-dividend. 0 Before payment 01 first Installment.
1556
New York Stock Record-Concluded-Page 2
Pos record of sales during tbs week of stocks uqusiiy inactive. e. iecond peas preceding.
PER SHARE
PER SHARP,
Range for Previous
Range Since Jan. 1.
STOCKS
NIGH AND LOW BALI PlIICHS-PRR SHAER, NOT PER CENT. 8alesfor
-share lots.
Year 1917
On basis of 100
NEW YORK STOOK
the
Week
EXCHANGE
Thursday
Friday
Wednesday
Tuesday
Monday
Saturday
Highest.
Highest
Lowest
Lowest.
April 12. Shares.
April 11.
April 10
April 9
April 8
April 6
IndustrIalaallse.(Con.) Par $ per share. $ per share. $ per share $ per share
Per share $ Per share $ per share $ Per share
pershare
12514 Apr
16
89 Jan
100 108 Feb 15 12534
0 A0r 1 1014
700 Burns Bros
12012 12114 *120 124
123 124
.120 123
$
123 123
Feb 15
1,400 Butte Copper & Zinc v t c__..5
9
9
914
9
912 912
4
958 958
912 9
12 *914 93
5214 Jan
12 Dee
/
1
4
1612Jan 2 2412 Marl1
2034 1958 20
185 1912 1833 194 1,300 Butte & Superior Mining...10
8
.20
21
12012 2012 *20
4214 Aug
33 Nov
/
1
4
3613Jan 3 4312 Apr 9
2,300 California Packing____No par
4112 42
42
4 42
41
4278 4212 4278 4234 4312 *4212 433
3O1 Jan
1014 Dec
California Petroleum
12 Jan 7 1838 Feb 19
100
1718 1712 5,800
1534 1653 1633 1718
1538 1534 1534 15 4 *1512 16
3
2912 Nov 6214 Jan
38 Jan 5 4814 Feb 18
Do pref
100
8 1,900
4513 4613 46 467
434 46
43
43
45
*43
*43
45
55 Dec 10113 Jun
6112Jan 15 7338 Feb 27
100
6412 6,200 Central Leather
6412 63
6638 6718 6534 6634 26434 6534 63
67
66
8
97 Dec 1157 Jan
Do pref
200
100 10212 Mar14 2107 Mar 8
10334 1033 1034 10314 *10112 10312
4
*103 104 *103 104 *103 104
41 Feb
25 Dec
2914 Mar 6 3314 Feb 21)
700 Cerro de Pasco Cop_ __ No par
3112 3112
31
3112 3112 3112 3112 3158 3158 3138 3138 31
881 Jan 2 95 Feb 25
/
4
56 Nov 10434 Mar
1,200 Chandler Motorcar
l00
7912 7912
7812 81
82
8412 8212 8212 8212 8212 82
*82
1114 Nov 2758 Mar
1412 Apr 4 1758Jan 2
25
2,400 Chile Copper
15
15
1514 *1434 1512 1514 1558 1518 1514 1518 1538 15
4
3512 Nov 633 Mar
39 Mar25 4513 Feb 1
5
4018 4018 3,925 Chino Copper
4118 4112 4218 4018 41
40
/ 4118 41
1
4
41
41
291 Nov 58 June
/
4
4.1an 29 4212 Feb 19
343
700 Colorado Fuel dr Iron
100
8
*3813 39
39
23714 3714 3612 365 *3614 39
39
38
38
25% Nov 4778 Apr
2834 Mar25 35 Jan 30
300 Columbia Gas dtElec
*3012 32
100
*3013 32
32
3134 313 *3112 32
3212 3212 32
4
7612 Dec 13438Jan
84 Jan 5 9212Feb 7
100 Consolidated Gas(N 1)_100
88
*85
89
*84
*84
89
*85
89
8712 88 88
*85
70 Nov 10314 June
6814 Mar25 95 Feb 19
Continental Can,Inc
100
704 *65
/
1
7014 *67
7014
7012 *65
*65
7014 *65
7012 *65
18 Feb
3714 July
29% Jan 15 38 Mar22
3
3713 3638 3634 3614 3678 3518 3614 353 3618 36,110 Corn Products RefinIng_100
3612 3738 3658
8812 Nov 11238Jan
29012 Jan 7 9778 Mar21
98
983
2 9612 9612 2,300
Do prof
100
96
9653 9658
96
96
96
96. 96
91% July
4534 Dec
52 Jan 12 6838Feb 19
6178 12,200 Crucible Steel of America.100
5
4 61
6212 6314 6253 633
4 6212 6258 6134 6258 60 3 613
83 Dec 11754 Jan
86 Jan 31 90 Jan 2
Do pre(
100
89
100
*85
*8812 89
*8812 89
*884 89
4 89 89
*8812 883
2713 Apr 10 338 Feb 20
24% Nov 5514 Jan
7,500 Cuba Cane Sugar
No par
/ 2712 28
1
4
4
.2818 2858 2814 287
4 2712 2758 2753 27
8 273 283
941 Jan
74% Dec
Do pref
788 Mar25 83 Feb 18
700
79
100
7914 7938 794 7914 7913 7913 . 79
*79
797 *79
8
81
113 May 4414 Oct
4
4312 4278 458 127,500 Thatillers' Securities Corp. 100 233 Jan 2 4578 Apr 12
42
4218 44
42
/ 433
1
4
4134 4338 4234 4438
4
612 Nov 2434 Jan
8 Mar14 10 Jan 4
84 812 1,100 Dome Minee, Ltd
10
814 838 *814 812
833 812
3
8 833
4112 Aug
28 Feb
3134 Mar25 39 Feb 13
700 Gaston W & W Ino_No par
34
3414 *33
*33
34
34
333 333
4
4 3312 34
;55j2 34
100 12734Jan 7 14312 Feb 19 118 Dec MN Jan
13614 13734 13718 13714 2,700 General Electric
13878 13878 13812 139
13812 13812 139 139
14134
7412 Nov 14618 Jan
4Jan 15 2501 Feb 9
100 1063 j
,
11512 11634 116 11912 12,300 General Motors Corp
120 12014 11714 1183 11614 11753 11618 117
4
93 Jan
72 Dec
/
1
4
8014 Mar28 88 Feb 1
750
Do pref
81
81
100
18012 8012 8112 8112 *8012 8112 8034 81
38 an
6114 Jan
4 Feb 5
324 Dec
750 Goodrich Co (B F)
4213 4212
4212 43
100
*4212 44
*4213 44
a; *4212 45
432 29138 Dec 112 Jan
Do pref
400
99
99
*95
99
100
99
*95
99
99
100 100
'99.2 100
65 Nov 9238Jan
a
96 j n 25 179 Ja9 139
74 Jan 19 9912 Fen
1,100 Granby Cons M S & P.- _ _ 100
*77
7812 7718 7718 7718 7712 7712 78
*77
78
12 *77
7812
34 Nov 47 Jan
42
850 Greene Cananea Copper...100
3812 Jan 17 45 Feb 6
4138 4138 42
*4012 4112 40 8 4112 4118 4112 *4118 44
7
77 Nov 137 Jan
86 Jan 15 9612 Jan 3
225 Gulf States Steel tr ars_ _100
9212
9212 *88
92
83
8933 *87
9212 *89
9212 *88
*87
Do let pre( tr ctfs__..100 102 Jan 10 102 Jan 10 10112 Nov 110 June
*96 102
*98 102
102
*96
*96 102
*96 102
*98 102
2712 Nov 40 June
34 Jan 5 4234 Mar 4
*3713 39
2,100 Haskell& Barker Car__No par
39
38
39
39 39
39
39
3914 39 39
38 Nov 6612 June
4258Jan 15 4938 Apr 10
4678 4738 478 473
4 4738 4814 4818 49% 478 4918 24613 4718 35,500 inspiration Cons Copper-20
73 Nov 2178 May
4
10 Jan 8 1514 Jan 30
100 Internet Agricul Corp_ __100
.
4
1212 1212 *113 15
*1212 14
*1213 15
*1212 15
'13
15
2614 Nov 60i July
38 Jan 5 4934 Feb 5
Do pref
100
*38
45
42 42
100
*40
46
*40
47
*41
45
*40
47
/
1
4
116 11712 1,350 Intern Harvester of N J__100 11112Jan 2 130 Feb 20 100 Nov 123 Jan
118 118
*115 125 *116 124
118 12114 121 121
36% Mar
17% Dec
/
1
21 Jan 15 314Feb 23
4
2518 2513 254 2578 241 2518 244 243 12,200 Int Mercantile Marine___100
2512 26
2512 26
62% Feb 1064 Oct
8338Jan 2 10214 Feb 18
Do pref
100
/ 9238 94
1
4
9113 9318 9112 9238 87,200
9134 92
4
923 94
9214 94
47% Mar
2412 Dee
27 Jan 15 3078 Jan 3
27
28
273 2712 5,400 International Nickel (The)_25
8
8
*2814 2834 277 2858 2818 2818 2818 283
3
1812 Nov 49% Jan
2412Jan 15 3414 Mar 8
4,000 International Paper
30
2912 *29
100
30
307
3 29
29
30
2914 3058 2914 30
5014 Nov 7712 June
58 Jan 22 6512Jan 3
Do stamped pref __ _ _100
200
60
*55
60
*51
60 60
02
63 *58
*60
63
*60
6413 Jan
3678 Dee
41 Apr 2 4714 Jan 11
goo Kelly-Springfield Tire
45 '
342
45
*42
43
45
25
42
4118 42
41
43
*41
26 Nov 5012 May
29 Mar25 3414 Feb 19
3012 3053 4,410 Kennecott Copper--No par
31% 30% 3112 3012 31
3078 3118 3113 3138 31
8
68 Nov 1037 June
4Jau 12 8153 Mar 8
733
*7812 77
7712 7712 7612 7613 *7612 773
600 Lackawanna Steel
4
100
7712 78
78
13
77
10 3 Nov 30 Jan
3
12 Apr 2 16 Feb 19
100 Lee Rubber & Tire__No par
*12
15
13
13 '12
*1212 1312 1278 1278 *12
*1212 13
1712J3n 8 2212 Feb 27
1214 Nov 271 Jan
*18
/ 22
1
4
400 Loose-Wiles Biscuit tr ctts_100
*1812 22
1834 183 *1914 22
4
*1812 19
19
19
55 Jan
64 Jan
53 Feb 15 57 Feb 20
Do 2d pref
*52
63
*52
63
100
63
*52
*52
63
63
*52
63
*52
70 Nov 8914 Feb
74 Mar18 7812Feb 28
Mackay Companies__._._ 100
7512 *73
7512 *73
754
7512 *73
*73
754 *73
7512 *73
6712 Jan
5714 Deo
57 Jan 4 6212Feb 28
Do pref
*6212 65
*6212 65
100
*6212 65
64
*6212 65
*6212
*6212 64
1918 Nov gm Jan
2312Jan 15 3218 Feb 19
400 Maxwell Motor,Inc
2612 2612 2612
100
263 263
4
4 2612 2612 2612 202 *2512 2712 *25
74l Jan
49 Dec
5218 Apr 1 6434Feb 8
Do 1st pref
800
•
100
12 5312 5312 5313 5212 5318
54
5314 5314 5314 5314 53
.52
13 Nov 40 Jan
1934Jan 15 26 Feb 5
10
Do 2c1 prof
2112 *19
2012
100
*1912 2112 *1912 2012 *1912 2112 *2012 2012 *19
67 Dec 1061z Jan
79 Jan 5 9838 Mar12
8 9112 923 36,400 Maximo Petroleum
100
9334 947g 948 947
3 9313 9414 92% 9313 9012 927
2
84% Nov 977 June
87 Jan 15 95 Feb 23
Do pref
100
25 Nov 4314 Apr
2714 Apr 12 33l Jan 31
Y87
8 .., ^7^
28- -i'714 . - -1,„..s, Miami Copper
2813
2F2 28
-2818 2814 2814 2812 2818 -6712 June
3913 Dec
434 Mar23 4812 Jan 4
/ 4553 4614 9,600 Midvale Steel & Ordnance._50
1
4
45% 453
/ 46
1
4
4 454 45
4534 4638 46
4638 45
4
66 Mar20 73 Jan 4 z583 Dec 1094 Jan
Montana Power
*65
6812 .64
*6512 69
100
6812
*65
69
*66
69
*65
69
9512 Des 11712 Mar
95 Mar19 MON Jan 3
100
Do prof
*95 ____ *95
*95
100
98
98
*98 --- *98 _
39 June
858 e
1313 Dec
1312A pr 8 1312 Feb 13
7 ja
800 Nat Conduit & Cable No par
8
8 13 1-7
/ 88
1
4
133 13
4
14
14
4 137 137
1312 137 *1312 14
8
31
4 12 7 5b 20
24 Feb
4
468 Oct
/ 12,100 Nat Enam'g & Stamp'g
1
4
100
4912 4934 4912 503
4 5013 5112 5012 5178 4913 5012 4913 50
/
1
4
904 May 99 July
96 Jan 2 9912 eb '20
Do prof
*96
98
*96
98
100
*96
98
98
*96
98
*96
98
*96
6314 Mar
/
4
37% Dec
4314Ja0 7 611 Apr 4
57
1,800 National Lead
5714 56
*56
57
57
57
57
/ 57
1
4
100
5812 5812 56
993 Mar 2 105 Apr 11
4
99 Dec 114 Jan
100
Do pref
105 105 .101 109
*105 109
*105
100
*102 ____ *102
16- Nov 2638 June
17 Mar25 20 Mar 6
/
1
4
1834 1834 1,300 Nevada Consol Copper
5
1838 1838 1834 18 4 *1834 19 - 1918 1918 1833 19
3
98 Nov 158 Mar
600 New York Air Brake
122 122 *120 125
100 11718Jan 12 138 Feb 27
125 125 *122 125 *122 125
*122 125
7238 Mar
43 Jan 2 4612 Feb 23
39 Dec
300 North American Co
45
45
*45
50
*45
50
*45
100
50
*45
50
*45
50
3518 Mar25 4258 Feb 13
31% Oct 143% Apr
4
3
373
8 365 3718 3514 3653 353 3633 10,650 Ohio Cities Gas (The)...,_ 25
4 37
363 3718 3714 373
4
234n 21 1012 Apr 8
4 :10 22
358 Nov
13a
7 Sent
/
1
4
878 93
3
9% 9%
8 8 914 15,700 Ontario Silver Mining-100
7
9313 9%
978 1012
1038
98
311 Apr 10
/
4
3012 June
18 Feb
31
7,600 Pacific Mail SS
30
29
3114 3014 3114 *30
5
2958 3014 29 297
8 29
87 Nov 98 Jan
86 Jan 8 90 Fob 27
200 Pan-Am Pet& Trans,pref..100
9014 *893 91%
4
4 90
*9014 9134 *9014 913 *904 9134 *9014 913
4
35 Dec 1081* Jan
3t)8 Jan 2 55 Jan 31
900 People's0 L & C (Chic)...100
4214 4214 4118 4118 4112 4112 4014 41
*4012 44
*40
45
42 Jan
21 Apr 12 30 Jan 3
2413 Dec
22
22
/ 21
1
4
211 2,500 Philadelphia Co (Pittsb)/
4
*2212 25
23
24
*2312 24
*2312 25
118 June
4
25 Dec
34 Jan 16 4318 Mar 1
3773 3778 138
38
650 Pierce-Arrow M Car-No par
38 38 ' *3734 39
3878 387
8 3834 39
88 Nov 9812 Aug
803 Jan 20 9712 Mar12
Do pref
*92
95
*91
95
*90
95
100
.9212 95
95
*90
93
*90
5412 Sept
/Feb 28
1
4
3713 Dec
42 Jan 15 58
/ 52
1
4
*5012 5112 *49
1,200 Pittsburgh Coal of Pa.......100
4
52 52
5258 5253 5214 523 *5012 53
90 Aug
74 Dec
794Jan 2 84 Feb 19
/
1
*79
82
*78
82
Do pref
83
80
*81
83
100
83
'81
83
*81
8314 Jan
40 Dec
58 Apr 12 8913 Feb 19
59
1,600 Premed Steel Car
*5912 6014 5812 5913 58
60
100
6012 6012 *80
6013 60
977 Feb 13 z90 Nov x107 Jan
95 Jan 2
95
*93
96
190
Do pref
96
95
*95
195
100
96
*95
96
*95
98
99 Dec 131 Jan
600 Public Serv Corp of N J....-100 100 Apr 5 10912 Mar 5
100 100
*99 ---- *99 -- _*100 101
100 10014 100 10012
118 1183 *115 119 *115 11812 *115 11812 1,100 Pullman Company
100 10018Jan 7 11834 Apr 9 10614 Dec 167's Jan
/
1
4
4
11578 118 *115 120
3814 Nov 58 .rune
4512Jan 7 50% Feb 19
5118 52
1,700 Railway Steel Spring
52
5312 5212 5212 51
100
5258 5312 *52
5234 53
8812 Dec 101 Jan
95 Jan 2 98 Feb 15
*9812 98
Do pref
*9612 98
*9612 98
*9612 98
100
*9612 98
*9614 98
1913 Nov 3214 Apr
2238Jan 15 25 Feb 19
8
4,500 Ray Consolidated Copper-10
24% 2418 24% 2378 2418 237 24
2418 2418 24
2414 24
9412 June
60 Feb
100 z7258 Jan 15 8238Jan 3
78
4 7714 78.2 77.2 7812 11,600 Republic Iron & Steel
/ 7914 7814 783
1
4
7812 793
4 7918 8014
92% Jan 2 9913 Feb 19
89 Dee 105% May
*9734 98
500
Do pre( .
98
4
*973 9812 98
97
/ 98
1
4
100
*9734 9812 98 98
59 May 731, Nov,
7018 Mar23 8012 Marl1
4
7618 764 7614 743 7512 *7412 7613 4,700 Royal Dutch Co otts dep......
7613 76
763
8 76
74
4% Nov 68 Jan
64Jan 2 11 Jan 31
/
1
Saxon Motor Car Corp...
*6
9
*64 9
*6
9
.100
*612 9
9
*612 9
*6
141 141 *140 __ _
100 Sears, Roebuck & Co
100 13934Jan 5 150 Feb 16 12312 Dee 23814 Jan
*141 146 *141 148 *140 148 *140 150
185 Jan 17 18 Feb 19
8
/
1
4
2934 Mar
17
15 Dec
*1512 1712
200 Shattuck Aria Copper
1714 *16
.1512 1712 17
10
*16
17
1753 4
*1718
593 Mar
4
2514 Apr 11 39 Feb 5
2514 Dec
4
27
2814 2714 2853 26% 2712 263 2718 2514 2618 2512 2678 38,100 Sinclair 011 & Rerg_No par
4
3312 Nov 743 Mar
39 Jan 24 5534 Mar12
5014 51
1,125 Slose-f3heffield Steel & Iron 100
50
51
52 52 14 5112 5112 *5034 51
513 52
4
3358 Nov 1l0' Jan
37% Apr 2 5612 Feb 19
/ 3812 3818 39
1
4
35,100 Studebaker Corp (The)......100
37% 39
*3834 3912 37
4058 4114 3812 41
85 Nov 1083
90 M ar27 95 Feb 6
90
Do pref
*80
90 .80
90
*80
*80
2Jan
90
*80
90
100
.80
90
344 Mar25 40 Jan 3
36
3014 Nov 5114 June
36
36
3614 1,000 Superior Steel Corren.-100
36
36
*35
37
36
*3512 37
36
06 Dec 10212 July
*9412 99
*9413 99
*9412 99
Do lst pref
*94'12 99
*9412 99
100 95 Feb 16 95 Feb 10
*9412 99
1912 June
Nov
127 Jan 2 1734 Jan 30
11
8
1718 1714 1714 3,400 Tenn Copp de C tr etts-No par
1714 17
1714 17
1714 1712 173 1713 17
8
/
1
14012 14214 14038 142
9,400 Texas Company (The) -100 13612Jan 7 16034 Feb 2 1144 Dec 243 Jan
.
14434 1463 14518 14612 142 14312 14213 143
4
8062 Aug
4213 Dec
4813 Mar25 5634 Feb 21
5214 5212 5153 5214 511 5212 12,500 Tobacco Products Corp..._ 100
/
4
5212 53
5414 5318 54
53
Mar19 93 Feb 2 380 Dec 105 Mar
9212 *86
9212 *86
9212
9212 *86
Do pref
*86
100 28714
*85
93
93
*85
200 Underwood Typewriter_._100 100 Apr 9 10418 Mar 2 z83 Dec 107 Aug
10018 10018 100 100 *100 10514 *100 10312 *100 10312
*100 105
59% Deo 112 Jan
65 Jan 24 70 Feb 28
70
*88
70
*68
70
Union Bag & Paper Corp_100
*68
*68
70
*68
70
*68
70
4938 June
37 Jan 2 40 Feb 26
*3814 3912 3812 3812 *3812 3912 383 39
3412 Dec
4
*3812 39
400 United Alloy Steel
,Yo par
*3812 40
8112 Nov 12772 Aug
/
1
4
83 Mar28 99 Jan 23
8 857 8614 4,700 United Cigar Stores
3
4 864 867
100
8778 8812 8814 8812 8712 8753 8714 873
4
9814 Dec 1201 Mar
10114 Jan 5 106 Apr 10
108 106 *102 110 *102 110
100
112
Do pref
100
*106 112 *106 112 *106
123 123
123 12312, 700 United Fruit
12478 12478 125 125 *123 125 *123 124
100 11614 Jan 16 133 Feb 18 z105 Dec 15438Jan.
1118 Apr 6 15 Feb 18
/
1
4
10 Nov 2412 June
1213 1238 1212
12.2 *1112 1212 *11
700 U S Cast I Pipe & Fdy
*11
1212 *11
100
1118 12
03 Jan
4
42 Dec
41 Mar26 473 Feb i
*41
45
*Al
45
45 '41
Do prat
*41
45
45
100
*41
*41
45
9818 Nov 171t2 June
4
3
12314 1245 12314 12412 12112 12212 122 12212 121 12212 12112 1233 18,600 US Industrial Alcohol
O° 114 Jan 5 1303 Feb 19
8
88 Nov 106 June
95 Jan 22 09 Mar21
*95 100
*95 100
100
*96 100
Do prat
97
97
100
*97 100
*97
9812
87 Aug
45 Dec
51 Jan 15 5914 Feb 19
5213 53
52
5212 3,700 United States Rubber
5312 54
100
5514 5512 5513 5518 5412 55
91 Den 11454 Jan
247
Do 1st preferred
100 x95 Jan 15 10412 Apr 4
10412 10412, 10414 10414 *10338 10412 110412 10412 *10312 110
40 Dec
67 4 Jae
1
/
1
4
3212 Apr 12 48 Feb 19
38
394 -57i2 - ; 3,000 US Smelting Ref & M
/
1
Si
40.2
4012 4034 40
50
41.3 42
*4034 42
48% Nov 5214 Jan
4238 Apr 12 453 Feb 1
4
34233 45
4238 4212
*42
45 .
200
Do pref
*4238 50
*4213 49
50
*4238 50
8
7912 Dec 1361 May
9012 88
8612 Mar25 984 Feb 1
/ 90
1
4
8878 897 174,800 United States Steel Corp--100
8
8 904 903
4 90
4 9078 915
9058 913
10912 10912 10912 10912 109 10914 1,542
DO pref
110 11014 110 11014 10958 110
100 108 Mar25 112% Jan 31 10234 Dec 12114 Jan
4
7014 Dec 1184 May
763 Mar25 853 Feb 19
4
78% 79
7738 78 2 4,600 Utah Copper
,
794 7912 80
/
1
10
79
7912 7912 7978 79
2414Jan
9% Dec
1112Jan 2 154 Feb 18
*12
13
12
12
200 Utah Securities v t et
13 /124 13
*12
*1212 13
100
*124 13
4
20 Nov 48 May
4
4214 4212 41
4114 41
333 Jan 2 433 Apr 4
41
1,500 Virginia-Carolina Chem.._ _100
43
1.43
433
4 4314 4312 42
97 Dec 1121* Jan
98 Jan 10 10418 Apr 1
Do pref
*105 110 *100 110 *102 105 *102 105 *102 10314 *102 103
100
77 Mar
8
46 Feb
50 Jan 5 703 Mar22
6714 8612 6712 *65
70
700 Virginia Iron C &0
67
67
67
100
*66 1 70
*68
70
99's Jan
8Jan 2 9512 Apr 11 276 Dee
853
9518 95 9512 9518 9518 1,700 Western Union Telegraph.100
/ 9518 95
1
4
94 94
9418 9418 94
56 May
3812Jan 17 4312Feb 19
331 Dec
4
40
3918 397
3918 3918 3,500 Westinghouse Eleo & Mfg__50
4014 4012 40
401 407
4
8 403 40 8
7
7018 Jan
5214 Dec
59 Jan 11 6412 Feb 20
70
*60
67
*60
67
Do tat preferred
70
*60
*60
70
50
*60
'601 70
4
331 Nov 5212 Jan
4
431
4233 4233
363 Jan 2 4512 Feb 20
4178 41% *41
600 White,Motor
45
43.3 4312 *43
43
60
431
1512Jan 15 22 Jan 3
15 Nov 381k Jan
3 1718 173
1738 1712 1718 173
8 9,900 Willie-Overland (The)
4
25
8 1753 177
1712 177
3 1712 173
89 Nov 100 Mar
200
*80
803
4 80 80
80 80
75 Jan 3 8212 Mar19
Do pref(new)
81
100
*79
4514Jan 2 50 Jan 19
42 Nov 8414 Mar
56
52
53
*52
55
*52
;85f2 56
Wilson & Co, Inn, v t o......100
*55 T56 ;55- 56
Mar25 12012 Jan 3
99 8 Dec 151 Jan
7
*111 + 115 *111 115 *111 115 *11012 114 *111 114 *111 114
Woolworth (F W)
100 110
113 Dec 126's Jan
Do prof
'112! 12012 *112 12012 '112 12012 .112 12012 *112 12012 *112 12012
100
2312 Feb
8
371 June
*41
43
*41
43
34 Jan 4 43 Mar 9
*41
43
*41
43
43
Worthington P & M v t 0_100
ik,*4112 43 .41
88 Nov 9714 June
9112 *90
9112
853 Feb 5 9112 Apr 6
8
*89
250
9114 9114 .90
92
Do pref A
12 19112 9112 90 90
100
50 May 63 June
59 Jan 18 63 Apr 4
/
1
4
644 6312 6312 6214 6214
6412 *62
400
*62
*6212 64
Do pref B
if 83
63
100
ANT8sMe
•Big and :Inked Drifts; no sales on this der.
Certificates of deposit. z Ex-dliddend.
I Lees than 100 shares.
Ex-rightlf.
a Ex-dlv. and rights.
0 par $10 per share.
a Par $100 per share.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly 1557
-except for 'interest and defaulted bonds
was changed and prices are now-"and interest"
In Jan. 1909 the Exchange method of quoting bonds
BONDS
N Y STOCK EXCHANGE
Week ending April 12
44
`,3 1
••••
Price
Friday
April 12
Week's
Range or
Last Sale
,
1 31
g
Range
Since
Jan. 1.
I
Price
Friday
April 12
BONDS
N. Y. STOCK EXCHANGE
Week ending April 12
Week's
Range or
Last Sale
[0:1
4
Range
Since
Jan. 1,
High NO. Low High
Ask Low
Bid
Chesapeake & Ohio (Con)
_ 9034 Feb '16
1940 J - J
Craig Valley lat g be
1946 .1 - I 63 _ _ 8434 Jan '13
Potts Creek Br let 4s
73 Nov'17
82
1989 .1 - J 70
It & A Div let con g 45
- 1989 J - J _ - 8212 71 Oct '17
25 consol gold 41
96.28 Sale 95.88 96.30 694 )5.83 98.40
8812 Sept'16
Ji
Greenbrier Ry let gu g 4s_1940 81- N
96.20 Sale 95.82 06.30 10431 94.70 97 98
"
Warm Springs V late 518_1941 NI- S _ _ 9612 11314 Feb '15
_ 97
Mar'18
9712
9712
93
97
5014
50
Ei 59 5014 Feb '18
1949 A -0 52
Chic & Alton RR ref g 3a
9714 ---5 9713 971 1
97 ---. 9713
-19 3612 4713
38
1950 5 - J 3612 3712 37
Railway 1st lien 334e
9934 9914 Fob '18
99
9914 99,
4
997 Feb '18
9758 997g.
B & Q Denver Div 48_1922 F - A 9912 101
Chic
99
2 98% 99
4
993 99
99
7314 7512
7314 Mar'18
74
1949 J - J 72
Illinois Div 33.4s
105 10512
105 1053 105 Mar'18
4
85 Apr '18
8712
82
87
1949 1 - I 86
Illinois Div 4e
105 Feb '18
105 105
105
9912 Jan '18
9912 9912
4
- 0 973
Iowa Div sinking fund 56_1919 A
- 9734 Oct '17
9612
97
97 Jan '18
97
1919 A - 0 9712
9718 9718
Sinking fund 45
9012 ____ 9718 Feb '18
Joint bonds. See Great North
- 8-I Deo '17
80
9114 9214
Nebraska Extension 4s_1927 n1- N 9212 9258 9214 Mar'18
100 Feb '16
91
91
1927 81-N ---- -- 91 Mar'18
Registered
15 8014 8413
81
1958 MI- S 8014 Sale 8014
General 45
Foreign Government.
25 Apr '18
30
25
9512 129 9412 9712
Chic & E Ill ref & imp 45 g_ _1955 .1 - J 2214 28
3
1919 F - A 953 Sale 9412
Amer Foreign Secur bs
28
_ _ 2512 25 Feb '18
25
US Mtg & Tr Co ctfa of dep_ _
91
-pr Is Enter loan_ A -0 9012 Bale 9013 Apr '18 1203 8814 91
Anglo-Fronch 5
98 101 101 Mar'18
98 101
1934
8312
let consol gold Os
8034, 82
78
8312
Argentine--Internal 5a of 1901L M8412 87 June'17
1937 M- N
General consol let Is
90
8733 Salo 8634
883 112 84
4
M- N
70
Bordeaux (City of) 3-yr 63_1919
70 Feb '18
70
U S Mtg & Tr Co °Us of del/ -- -- ----74
60
2 5312 6012
65 60
t 58
Chinese (Hukuansr Ry)-5s of'11 J -D 9534 97
76 July'17
- - 00
9512 Apr '18
Guar Tr Co etre of dep _____
9012 9334
5114 - -- 973 Feb '13
Cuba-External debt 5a of 1904_ PA- 8 92
4
Purch money let coal Is.. _1942
9014 9212
9653 0212 Mar'18
F-A
Enter dt Is of'14 ser A.__1940
25
32 Mar'17
Chic & Ind C Ry Ist 53.._ _1930 I - I 10
80
SO
8512 80 Mar'18
1949 F - A 80
23 54 -6614
External loan 4345
55
4
4
Chicago Great West 1st 4a 1959 M- S 5412 553 543
9512 16 94
951s
95 Salo 9412
Cominion of Canada g Is_..1921 A 9814
98
9814 Apr '18
9418
Chic Ind & Loulay-Ref 68_1947 J - J 9814 105
6 907 9534
9413 Salo 9413
3
1920 A -0
do
DO
4
- J ---- 973 10012 Apr '17
1947 J
Refunding gold 58
9053 55 887 04
9012 Sale 0013
3
1931 A do
Do
- --- 8412 Apr '17
1947 J - J
98
Refunding 4e Series C
96
4
242 94
8
957 Sale 953
French Repub 534.1 secured loan_
- - 70 Nov'16 ---Ind de Loulay let gu 48_1950 J 3
847
1 847 9212
8473
3
t- --- 81
Japanese Clovt--£ loan 4348_1925
7812 9612 Jan '17 -71
-1956 J - J
Chic Ind di Sou 50-yr 4s
3
85 927
J 9.--- 87 85 Mar'16
1925
Second aeries 43-4s
9758 Doe '10
78
Chita L S & East let 434s..._1969 J -D
;3 77
78
81
Do do -German stamp"..
Chicago Milwaukee & St Paul7414 Mar'18
7414 70
9- 3
'713_1931
Sterling loan 49
8
- 747 77 Mar'18
3
767 79
8812 98 84
Gen'l gold 4s Series A__ _e1989 J - J
3
90
1919 M- N 8712 Salo 867
_ 925a Feb '16
Lyons (City of) 3-yr (3s
4
883 149 84
el989 Q - I
Registered
804
M- N 8734 Salo 8612
Marseilles(City of) 3-yr 6a_ _1919
7812 Sale 7812
7812
7612 8014
4233
4014 Feb '18
4273 45
40
Permanent 4e
of 1899 Q 25 6434 70
Mexico-Enter loan £
6712 Sale 6712
68
A10
Gen di ref Ser A 4%e_ _ __Ara 1
3318 Dec '17
40
1954 J -13 30
9 7714 80
.4Gold debt 4s of 1904
7834 7812
77
79
Gen ref cony Ser B 5s_ _ _a2014 F - A
86
8
180 -617 -861;
-year 6e_. _ _1921 A - • 8413 Salo 8334
Paris, City of, 5
---- 7178 7212 Aug '17
7.118
Clen'l gold 334s Ser B__e1989 J - J
7413
2 68
7313
75
Tokyo City-58 loan of 1912.__ M- S 74% Sale 99.3
8238 8412
9912 1031 97 99%
General 434s Series C
e1989 J - I _ - 8212 8212 Mar'18
M- S 996
4
2 70
ai 70
U I< of Gt Brit & I 2-yr be 1918
70
70
74
25
4
-year debenture 48
963 294 9514 98
4
1919 M- N 963 Salo 96
-year 534% notes
3
741s Sale 733
4
7413 11 7114 7512
9334 294 915 943
Convertible 4;0
4
3
8
1921 M- M 933 Sale 93(4
534% notes
5-year
97 Jan '18
97
97
9914 352 977s 100
Chic & L Sup Div g ba_ _ _1921 J - J 9313
F - A 9903'. Sale 99
Convertible 534% notea_1919
_ 94 Feb '18
94
94
Chic & Mo Riv Div 55 _1926 J - J 8312
zniess are prices on Me basis of 55fo£
gi 96
96
9812
96
Chic & P W 1st g 55
1921 J - J 96
-M & Puget Sd let gu 4s_1949 I - J --_- 8313 79 Dee '17
State and City Securities,
8834 10 8834 9114
4
Dubuque Div let e f t3t3_ _1920 J - J 0414 10612 100 Oct '17
4
4 Y City-43jS Corp stock_1960 M - s 8814 903 883
8
____ - - Fargo & Sou assum g 05_1924 J - J 9714 108 1047 Sept'17
8
88
9014 Mar'18
89
8934 903
1964 M430 Corporate stock
98
98
La Crosse &D 1st 56
1919 J - J 94 10314 98 Jan '18
8834 893 9012 Mar'18
8853 9012
3
45ga Corporate stock___ _1966 A - -1921 J - J 9314 97 10013 Sept'17
9118 (34 94
Wiff & Minn Div g 5a
9658
1965 J -D 94 Salo 94
434s Corporate stock
1 9718 9718
_ 9718
971s
95
WM Valley Div 1st 68
118 9334 9634
4
1920 J - J 9713
S 933 Salo 9334
3 85
a34s Corporate stock.. _....1063
85
85
Mllw & No let ext 4345_1934 .1 -D 85 Salo 85
4 15 8534 8718
4
853
4% Corporate stock..._.1959 -N 8514 85,2 853
_ _ 8114 Feb '18
8114 8114
8534
Cons extended 4349__1934 J -D 8114
1 8534 8714
4
1958 M- N 8512 873 853.1
4% Corporate stock
89 Jan '18
89
89
8518
8712
Ohio& Nor West Ex 451886-1926 F - A 88 _
8573 85
85
85
5
1957 (VI - N
4% Corporate etock
8612 Oct '17
8
86
1886-1926 F - A 817
Registered
8512 Mar'18
85
4% Corporate stock reg _1956 M- N 8418 87
70
3
707 70 Apr '18
7312
70
General gold 3348
95
20 9412 9653
1987 MM- N 9412 Salo 9412
1957
New AM
8112 Oct '16
F
94% 28 943i 97
D1087 QRegistered
1957 M- N 9434 Sale 9434
% Corporate etook
8 80 -ggl;
.- 80
7S872
8012
General 43
7614 7812
75
7614 7614 Apr '18
334% Corporate stock_ .1954
83
80
86 Sept'17
Stamped 4e
1987
1961 M- S ___ 95 101 July'17
14 Y State-418
3
997 10113 997 Apr '18
997 103
3
9714
General 58 stamped
96
96 Mar'18
1961 - J
Canal Improvement 4s
104
10414 Dee '17
Sinking fund (3s
1874-1N i-- - - 98 100 Nov'17
1962 I -J
Canal Improvement 4a
- - - 10912 Apr '16
'18
1879-1929 A -0
Registered
96
96
- _ 96 96 Jan
1960 J .J
Canal Improvement 413
4
Sinking fund be
1879-1929 A -0 9413 100 104 Sept'17
105 1003
4 Mar'18
4
Canal Improvement 4548_1964 J - J 10512 1073 1063 Sept'17
_ 10312 Apr '16
4
____
1879-1929 A -0 .923
Registered
Canal Improvement 4348_1905 J - J 98 10412 103 Apr '18
93 Mar'18
95 103
9012
95
1921 A 2
16712
Debenture ba
1.641_ 105
Highway Improv't 430_1963 M- S 105
100 100
1921 A -0 --- 97 100 Jan '18
Registered
10014 1001 1
-14
MI- IS 93 kici 10014 Apr '18
4
Highway Improv't 45iff 1966
9312 Apr '18
0312 9353
1933 M-N 933 97
Sinking fund deb 5a
74 Doe '17
79
-- --- 1991 J - J
Virginia funded debt 2-3s
10414 Juno'16
1933 81-N
Registered
5014 June'17
___- 40
8
6a deferred Brown Bros Ws-S 767 _- 10112 Oct '16
Des PialneaVai let gu 43481947
101 Jan '18
foi- jaiFrem Elk & Mo V 1st Off 1933 A - 0 10318
Railroad.
88 Jan '17
59
55 Mar'18
55
56
Man GB&NW let 3348_1941 I - J
A1995 - J 54
Ann Arbor let g 4s
8114 75 80
8
853
S L let gu 3;0
1941 J - J
A -0 8114 Salo 80
Atoll Top di S Fe gang 43.-1995
5
;
.1
1003
83 Bei:A*17
Mil L S & West 1st g 6e..1921
- 80
S 156 10214 10034
1995 A -0
Registered
98 ____ 98 Apr '18
7134
7134
"7134 76
Ext & imp a f gold 55
1929 F - A
51995 Nov
Adjustment gold 49
s
S 1001s -- 1117 Dec '15
_ 8513 Nov'17
Ashland Div let g 65_1925
Nov
h1995
Registered
7314
7314
"ifiMich Div 1st gold 68_1924 J - J 10018 -- 11112 Nov'16
51995 M- N 7314 74
Stamped
7214 85
3
865 Sepe17
_-_8234 Apr '18
84
Mil Spar & N W 1st gu 48_1947 FelS258 86
1955 J -D 81
Cony gold 49
98 Oct '17
86
St L Peo & N W let gu ba_1948 5 - I ___ 95
84
J -D 82 8314 84 Mar'18
1960
Cony 48 lane of 1910
Oct '17
9112
Chicago Rock Isl & Pae-Neat Okla Div let g 4e__ _1923 M- s 8514 - .
75
75
74
73
4
773
73
78 Aug '17
6
Railway general gold 4/
1983 I Rocky Mtn Div let 4s_..1965 .1-i 68
74
87 Mar'17
s
7812 7912 77 Apr '18
1988 J - J
77 -861Regiatered
Trans Con Short L let 4a_1958 6412 76 -62
-12 6818
79- 79 Mar'18
4
823
1934 A -0 6414 Sale 64
Refunding gold 48
79
Cal-Arts let & ref 4%a"A"1962 M1985
70 Feb '18
71
66
993 July'17
4
20
iCi
-year debenture Ss
1932 J - J 61
S 8
1942
S Fa Pres & Ph 1st ba
4
,
8214
4
8133 8412 8214
Coll trust Series P 4n
1918 Ld - N 97 4 -- - 973 Oct '17
"if 844
AU Coast L let gold 4a___A1952 M8
8
64
3
627
62
8014 75 Apr '18
11 I Ark Louis 1st 4%8_1934 M - 8 (327 Sale 627
8212
75
1964 J -D 76
Glen unified 4%e
95
90 Feb '18
96
96
993 Oct '17
4
Burl R & N-Ist g 5s...1934 A - 0 90
1928 M- N
Ala Mid let gu gold 5s
100
9712
_ 85 Sept'17
7518
CRIF&NWIetgu5s_1921 A- 0 9414 997 100 June'17
Bruns & Vi let gu gold 48_1938 J-2
8'
Feb '18
60..
100
.
3
Cboo Okla & G gen g 55_51910 J - J
79_1936 J - J 10714 ---- 1297 Aug '15
Charles dc Say lot gold
75
90
9753 July'15
72
14 70
Consul gold 58
1932,81-N
7312
o1952 M-N 71 Salo 71
L & N coil gold 40
60 Mar'18
Keok & Dos Moines let 55.1923 A - 0 5514 60
Ray F&W let gold 6t.._1934 A -0 107 -- 115 July'17
0312 6112
6112
▪
i 59
6112
105 July'15
St Paul & KG Sh L let 4345'41'F - A 6118
4
1934 A -0 933 let gold Os
10458
8433
02
18512 10512
-- 99 Jan '18
1930 J -D 10453 Sale 10412
Ohio Sep M &0 cons 6a
66 99
Sil Sp Oca &0en g 4n__1018 J - J
86
8614
3
Cons Os reduced to 330._1930 J -D 83 _-__ 8512 Mar'18
89,
86
1925 J - J 857 86
Salt & Ohio prior 334s
8518 Mar'18 ---- 8513 8513
4
_- 873 9012 Sept'17
1930 M- S 8613 06
Debenture be
/11925 Q- J
Registered
111 June'17
12 76
7612 Salo 7612
77
78 Ch St P dc Minn lat g 68_1918 m - N 1O012,,
51948 A let 50-year gold eta
3
1003 --- 118 Nov'16
4
3
__ 737 923 Mar'17
North Wisconsin 1st 65
1930 J
51948 Q Registered
10014 ---2 10015 i6(51,
17 7612 7912
78
0 10014 Salo 10014
78 Salo 767
3
St P & S City let g 68
1919 A1933
20-yr cony 434a
8412 95 10513 Nov'16
4 13 80
803
8312
8018 8012 8012
Superior Short L let 58 g-c1930 MRefund & gen Os Series A1995
- 80
82 Jan '17
112 Jan '12
J
Chle T H & So-East let 58_1960 J - D
Pltta Juno let gold 08_1922
104 Mar'18
8 8C1.14
ChM & West Ind gen g 85_41932'341 iJi
PJuna & Div lat g 3;01925 M- N -801- - - 88 Oct '17
6312 6614 667 Apr '18
3
7612 72 Mar'18
75
Consol 50
72
-year 45
P L E Es W Va Bye ref 43_1941 M- ii
--_- 00 May'18
4
4
:
833 833 Apr '18
81
85
Cln & 13 2d gold 434a
9
1)31
81
Southw Div let gold 3%8_1925 - J
____
_ _ 100 Apr '17
let & refunding 4s
--- - -Cent Ohio R 1st g 410_ _1030 M- S 8212
---- 90 May'17
8
093 June'17
let guaranteed 48
--- -- 1933 A - 0 91
01Lor dc W con let g 5a
25 July'15
---- - 10114 Nov'16
Cin D & I let gu g
- - - --Monon River let gu g ba 1919 F - A
88 Mar'll
9914
C Find & Ft W lat gu 4s 8.1923 M- N
--- Ohio River RR let g 58-.1930 J -D 9112 __ 8814 Oct '17
- 96
96 Jan '17
56
Dee '17
84
Day & Mich let cone 434e.1931 I - J
A1937
General gold 55
60
.1-66- -63 4
9913 Mar'18
J -D 5633 6112 60
2
Clay Cin Ch & St L gen 43..1993
-6613 -661Pitts Cley & Tol let g Os._1922 A - 0
7312 (3734 Apr '18
70
6514 72
7
9912
20
-year deb 430
1931 .1 - J
99
1937 M. S -56 frici 99 Mar'18
Buffalo K & P gen g Os
85
80 Apr '18
80
80
9912 Oat '17
1993 J -D 75
General 58 Series 13
- N 85 87
--1957
Control 434s
3
4
- - - - --- 97 Nov'16
Cairo DIv let gold 451
1939 J - J 683 8114 837 Mar'17
All & West let g 43 gu_.1998 A -0 75 531s 63% 79 Feb '17
'16
10318
W & M Div let g 4a1991 J Clear & Mah let gu g 58_1943 - J NJ 1E5 103 Feb '18
6312 63
6:1
-6'3 - -6'6'
"
Feb
St L Div let coil tr g 48_1900 M- N 03
F-A
103 103
Roch & Pitts let gold Os_ 1921 -D 9912 107
7312 June'17
9912
9912
9912 9912
Spr & Col Div Istg 45_ _1940 M- S 6711
---1922 I
Coavol let g Os
84 Nov'16
90 Mar'18
91
___- ---867 9112
3
W W Val Div let g 4a
1940 J - I
55.._ _1962 A - 0
Canada Sou cons gu A
102 1021s Oct '17
84
84 Deo '17
---- ---M-N
01 St L C coneol
Car Clinch &Ohio let 30-yr 58'38 J -D
75
871s 87 Deo '17
9714 Mar'18
97lj
97
k19313 Q F
let gold 4e
---- ---Central of Ga let gold Os. p1945 F - A
____
873
4
873
4
8734 00
k1936 '3- F --_- -- 8812 May'15
Registered
1945 M- N
Conaol gold 58
10213 Jan '17
78 Aug '17
Cin S & CI cons 1st g ba__1923 J - J 8634
Chatt Div pur money g 45 1951 J -D
1071s Aug '17
94
-- - OCC&I gen cons g 60_1934 J - J 101
g be 1946 J - J _ _ 3 .7-8 103 Mar'17
Mao Ss Nor Div let
94 July'08
10113 973 June'17
3
Ind B & W lat pref 4s___1940 A -0
- --1947 J - J
Mid Ga & Atl Div 58
_
90 10412 Apr '17
0Ind de W 1st pref 58
d1938 -- - - - 1946 1- .1 88
Mobile Div let g Os
5112
46
90 Aug '17
FA - N ___ 93
Peoria & East let cons 48_1940 A -0 46 _ _ 46 Mar'18
Cen RR & B of Ga col g 58....1937
20
1212 Dee '17
13
10212 10312 10312 Apr '18
104
102
Income 45
Cent of N J gen'i gold 5a.... _1987 3-I 100 102 102
-Eli- -66
PT
Mar'18
99
102 104
Cleve Short L left gu 4 As__ _1987 i1 t- O 85 8712 90 Mar'18
51987 Q J
Registered
8
8
6
4 8
813 83
99 Mar'18
9812 99
9812 9912
Col Midland 1st gold 45__ _ _1947 J - J
Am Dock & Imp go be_....1921 518 712
714 16
518 Mar'18
100
100 10()
Trust Co centre of deposit_ _
Leh & Hud fly gen gu g 5a_'20 J - J 94 100 10012 100
8
8234 8614
Jan '13
1929 F - A 84 8614 837 Apr '18
92 Colorado de Sou let g 4a
MN Y & Long Br gene 48_ _1941
23 66
70
73
65 Mar'18
70
1935 111-N 6934 Sale 6913
(16- -ji
Refund & Ent 434a
Cent Vermont let gu g 4s..41920 Q - F 65
9612
9612
96
9712 9612
96
7918 85 80 Apr '18
80
Ft W & Den C let g 6a
1921 1 80
Oben & 0 fund &!nun 58..1929 J 9578
8
3
957 9614 957
9514 1001/1
Conn & Pas Rive let g 4e._.1943 A - 0 84 - 1939 M-N
let control gold ba
94 Feb '16
Cuba RR 1st 50
-year 5a g-1952 J - J
1939 ro-N 96 - - - 10412 Jan '17
Registered
8
767 763
7678 13 "ii" "if"
4
Del Lack & Western
1992 m- B 76
General gold 430
7318 7318
334e.2000 J -D 7518 7918 7318 Jan '18
4
863 Mar'17
Morris & Eas let gu
1992 hi- 13
Registered
102 -- 102 Apr '18
10058 10212
13 "6E1" "fi"
73
2
NY Lack & W let 68-.1921 j
20
-year convertible 434s...1930 F - A 73 Salo 72
9634 957
1 9578 98
9578
8
4
7973 51 76
793 Salo 79,
8112
1923 F - A 95
2
Construction 5s
80
-year eons secured Sa 1946 A -0
,
3
9354 934
84 Apr '17
Term & Improve 4o___ _ 1923 -N 9013 94 8 9334 Jan '18
- --Big Sandy let 4s
1944 -D 6512 78
10213 Feb '08
Warren let ref gu g 3%e 2000 F -A
- -- ---Coal River Ry let gu 46_1945 -D 65 ---- 8512 Nov'16
Bid
U. S. Government.
0 S 334s Liberty Loan ____1947 -D
U B 4e converted from let Lib1932-47
erty Loan
U S 4e 2f1 Liberty Loan___1942
U S 25 consol registered___61030 Qd1930 (4- J
S 2s consol coupon
k1918 Q - F
U S 3e registered
k19t8 '3-F
U S 35 coupon
1925 '3- F
U B 4s registered
1925'3-F
S 45 coupon
10-30-yr 2s_k1936 Q - F
U S Pan Canal
U S Pan Canal 10-30-yr 25 reg '38 Q -N
Q
U B Panama Canal 3s g___ _1901 -m
-F
U S Philippine Island 4s_1914-31
Ask Low
98.90 Sale 98.56
High No. Low
High
98.94 3583 97.20 99.00
121i =
1
4:Ll
1
4
____
---
Oct. p Due Nov.
*No price Friday:latent anis weak. I Due Ian. d Due April. eDueMay, gDuIgne, ADualuly, k Due AIM. 0 Due
Due Deo.
Option sale.
1558
BONDS
N. Y.srooi
CEIA'O11
Week ending April 12
New York Bond Record-Continued-Page 2
Price
Friday
April 12
Week's
Range or
Last Sale
Range
Since
Jan. 1,
BONDS
N. Y. STOOK EXCHANGE
Week ending April 12
Price
Friday
April 12
[VOL. 106.
Week's
Range or
Lust Sale
Rungs
Since
Jan. 1.
Ask Low
Bid
High No. Low High
Ask Low
High No, Low High
Delaware A kituLeonLeh V Term ay 1st gu g .5e__1941 A 131:81 14 112 102 Mar'18 ---- 102 102
1 .3_
0_0
1131 lien equip g 445_____ 1922 J - J 933 953 94 Apr '18
4
5
9314 94
Registered
A_ 100 113 Mar'17
list A ref 45.
82
834 Mar'18
81
1913 111-N
813 8612
4
Lab Val Coal Co 1st gu g 5e:1941 .1-3 9658
933
- 100 Mar'18 -11614 101
20
86
-year cony Is
80
10 8512 90
1933 A -0 8512 86
Registered
1933 ./ - J
105 Oct '13
_
Alb & Susq cony 33.4s__ _1946 A 1 74
7512 Sale 7512
7512
76
1st lilt reduced to 43
1933 J J
Renee Jc Saratoga 1st 7e. 192_
111-N 10073 _ _ 112/3 Dee '16.Leh
-N Y 1st guar g 4s._ 1945 M- S
3
87 Apr 17
Deny A R Or let cons g 45._1936 17 6012 69
637 Sale 6373
8
65
Reelscored
1945 M- S
Consol gold 4 cis
6712 71
1930 J - J
68 Jan '18 -- 98
71
LOUff Isld 1st cons gold 5s.../41931 Q-17114 10018 9,3
05
-6f3.4 -6iImproveneent gold 58.._1928 -D 71
71
72 Apr '18 ---- 72
703
4
lot consol gold Is
78
51931 Q- J
_ 944 June'16
4914
let & refunding Is
5.1
4912
5 4814 5112
1953 F - A 49
General gold Is
1938 J -D 96
8514 8514 Feb '17
Rio Or Juno 1st gu g is. _1939 J -0
95
37 Aug '11
Ferry gold 445
1922 111- S ---- 95
90 July'17
Rio Or Sou fat gold 4s......1910 J 6114 Apr '11
Gold 48_
1932 -D
- 9914 Oct '00
Guaranteed
39 July'17
'1910 J - J
Unified gold 4s
1949 51- S ---- 714 89 • (Vlay'17
amo Or Weet let gold 4s_ _1939 J - J 65 -97
63
65
0312 6712
Debenture gold Is
1193371 J -D _97 97 Jan '18 --- 07
9
97
Mtge A coll trust 45 A 1919 A -0 5014 Sale 5014
8 5014 55
5014
20
-year p en deb 58
111-N ii
73
73 Apr '18
72
75
Des Moines Un ay 1st g 53_1917 M08.2 Mar'17
,
Guar refunding gold 4s
717 7912 Jail '18 ---- 7912 7912
1919 PA - 13 73
s
Dot A Mack-let lien g•13_1095 1 -D
82 Dee '16
Registered
-- - -S
1949
95 Jan '11
Gold 4a_
--- 7512 July'16
1995 -D
NYBAMBletcong5e_1935 A --- 9212
-- 10314 Apr '17
Det Rlv Tun-Ter Tun 444 1961 FA-N
76 Mar'18
76
76
7612
N YA R13 1st gold 5s......1927 M- S 9212 1041; 9612 Aug '17
__Dul l'ellaeabe A Nor gen 5s 1941 .1-3 9912 10112 993s Dee '17
Nor Sh B lot con g gu 5s_o1932 Q- J 82
9314 100 Aug '10 ____
Dill A Ironftauge 1st Is__ _ 1937 A
91
97
91) Nov'17
houlelana A Ark 1st g 5s__ _1927 M- S 851s 3712 90 Mar'18
874 90
Elegletered
_
10512 Mat '08
1937 A Louisville A Na3hv gen Os. 1930 J -D 199 11214 109 Feb '18 ---- 109 1093
,41s , 2
83
4
Dui Sou Shore A Atl g 53_ _ _1937 J -J
87 Mar'18
87
82
87
Gold Is
9418 Apr '13 _--- 9334 9418
1937 111-N
Elgin Joliet & East 1st g 51_1941 111-N 87 102 104 Jan '17
Unified gold 4s
1910 J -J
8312
8812
8412 11 83
Erie let condo!gold 7e.
8
1920 M- S 10013 1005 100 Ayr '18
100 1.01
Registered
•
965 Jan '17
8
1010 J - J
- - -- - - N Y Erie ist ext g 4e._ _1947 MN 7312 9812 9812 Mar'17
Collateral trust gold Is.. _1931 M- P1
99 Mar'18 ---- 99
09
21 ext gold 3a
,
1919• S 961, __ 9518 Mar'18
96, 9618
8
E II Nash let g Os
16 1-2 :
833 8
1919 3-0 - 08. 91 1033 July'17
8
9
:
3d ext gold 4
_1923 al- S 93i2 ____ 9312 Jan '18
9312 95
L Cin& Lox gold 43.4s._1931 .11- N
1
93 Sept"1.7
9314 ____ 9912 July'17
5th ext geld 53...._ _ _1920 A NO de M 1st gold (Is
J ---- -- 106 Aug '17
5th ext gold -la
9134 Nov'15
.__1923 J
2d gold 63
-- -- 1044 Feb '17
9'0.1.3
1930
1
N YLEA W lstgfel 78_1920 M- S -4714 :::: 10712 Dee '16
Paducah & Mom Div 48_1916 F - A
0012 Apr '12
Erie let cons g 48 prior_ _1996 3-3
03
66"
St Louis Div let gold 69_1921 111- S 1031: -0861.4 -77846f. E 1001s Jan *18
1. 7:6: .:'
0750 :2 5:
3112 09 l
21
: 1
:
,
Registered
1990 211 gold 3o_
5814 Mar'18
1980 111- S
lot coneol gee lien g 4.3.199e J - J -. 5 1 81 11 :
671; : '2 67134
11 6
5
5
'3 41
. 21
6:
5 1;2
-461- -5712 4
All Knox & Cin Div 4s.... _1955 M-N
74 Apr '18
_ _ 73
Registered
73 June'16
1096 J •
All Knox A Nor hot R 53_1916 J 9512
10834 Jan '17
Penn coil trust gold le_ _1931 V - A -7its 84
77 Apr '13
7514 77
Render Bilge lots! g 8s 1931 M- S
10518 Aug '17
50-year cony 44 Seigel A 1933 44
13
44
42
4818
Kentucky Central gold 4s_1937 J - J
74 Sale 74
71
do
413 44
4
41
Series 13. _._1953 A 45
4212 49
Lex dc East 1st 39-yr Is gu 1995 A -0
93 Jan '18
Gen cony 44 Serbs 0_ _1933 A 49
50,4 50
4312 56
Litc17&M&M tete 4481915 M- S
1
7714 013 94 Aug '17
4
Ohio & Erie 1st gold 63__ _1982 61-N
88
88 Mar'18
81
88
93
L N-South M Jo1nt 43_1952 J - J
671 813 6714
s
6714
Clev
_ 1067 Jan '17
Mahon Vall g 5s._1939 J • J
s
Registered
- 95 Feb '05
519'2 e 3
Brie & jersey 1st a1 6s_ _1935 - .1 - 2 102 103 July'17
637
N Fla de S let gu 5,3
- %2 9_71 9634 Jan '18
82
eleneseee River 1st s I 68_1937 J - J 8714 100 1033 Aug '17
4
N 0 Bilge gen gu g 443_1935 JJ
1917 r A
977 May'16
8
Long Dock ooneel g Os__ _1935 A •0 107 ---- 11012 Nov'17
Pensao A Ad 1st go g 63_1921 F - A 11)03* i0 12 10212 Feb '18
:
0
Coal A RR let cur gu 63_1922 -N
103 Jan '18
103 103'
S N Ala cons FM g 5s
99 Oct '17
1936 " A
Obck Jc Inapt 1st tett 5s 1943 3--i ---- -- 10212 July'17
Gen cone gu 50-year 5s_19133 A - 0 951:4.9. 9312 Jan '18
86;1 2.
57
4
2
88 ___ 85 Jan '18
Y A Clreen L go g 53_1946
N
L & Jeff /Vigo Co Jell g 4s
83
85
79
1945 Me S
Apr'17
it Y Susq A W 1st ref 54_1937 3.3 72
743 Feb '13
4
73
74 • 75
Manila RR-Soil lines 4s
1939 111-N
26 gold lees_
1937 F - A __ 02 10014 Dee '09
Mes Internet 1st cons 40-1977
77 Mar 10
S
General gold Is
Sill 74 Nov'17
._1040 F • A
Stamped guaranteed
1977 el- S
75 Nov'10
Terminal let gold .33._ _1943
103 Jan '17
-N
Midland Tertn-lst 3 f g 56_1925 J 9112 June'17
elk, of N J 1st ext 63_
70
95 108 Jan '17
IOW) A Minneaeolle A St Louis
Wilk & East 1st go g 5te...1912 -D
65
62 Fob '18
62
62
let gold 7s.
101 Feb '18
101 101
Ev & Ind 1st cons u g 6a-- -192 J - J
2:3, Jan '17
2
Paelfle Est let gold 6s
---0
1033 Oct '16
1 AO
8
_1921 1 D
Evansv A T
97 Nov'17
1 94
97
1st eons 6s-1921 J
---lst con301 gold 5376
74 Nov'17
70
tot generel gold Is_
5014 ---- 8512 Juue'17
_1942 A 423 4338 4234
4
4312
3 41
44
Mt Vernon 1st gold 63_ -.1923 A -0
108 Nov'll
lo
reet9 ling 5eldelA -1191291
e f t 5 yr go S -:.. 1 906
1943 Mar'18
40
40
40
46
Hull Co Branch lit g 58._ _19:30 A -0
96 June'12
Des 7'1 & Ft D 1st 1411 48-.
80 Feb '15
1935 J J
Florida it Coast let 43.'1e_ 19 ./ -D
9212 85 Dec '17
Iowa Central 1st gold 58._1933 i -D 73
59
843* 78
7872
5 -i6 4
.3Fort St U D Co 1st g 43.4o. 19&1 J - J
92 Aug '10
Refunding gold 4s
42 Sale 42
1931
43
10 413* 4614
Ft Worth A Rio Or lac g 44_1928 _
5612 Oct '17
MStPASSMcong4lintgu19:313
8112 Apr '18
84
91 83
.1
8312 8612
Galv I10113 A Hen 1st 53_.,.,1933 A 83
8512 June'16
1st Chic Term a (4s
92 Jan '17
1941
Great Nor C 13 A Q cell 43_1921 J - J -923 Sale 923
4
8
9234 231 92
MS SMA A 1st g 43Int
9433
3- N
Nir- .1 88
- 854 Nov'17
eeigletered
9214
12 913 9314
h1921 Q - J
9238
4
Mississippi Central let 53_1919 J J
95 Dee '19
94
let A ref 443 Series A_ _19,
-77,
.
31 -J -86 -88- 88 Mar'18
Missouri Kansas & Texas
8612 89
Registered .
99 Juue'16
J
1961 J
let gold 4a.
6034
1 904 63
6012 01
61
1990 1 -D
St Paul M & Man Is
2 8618 8618
871s eee- 884 Mar'18
1933 J - J
26 gold 4e.
8
29
g1990 F - A
3214 285 Apr '18
23
35
151 COGIA01 gold Us
10718 113 108
103
1033 .
103 108
let oat gold 58._
21
4134 3238 Nov'17
9918 _- 118 Apr '17
Reglatered
19:33• J
let A refunding 4a
40 Mar'18
40
45
Reduced to gold 43.4s.1933 -J 93
95
9312 Apr '18
-1)131; 94
Gen sinking fund 446_ 1°36 3- N
30 Mar'18
25
29
19 14 M- J
8518 99 10212 telay'16
Registered
1933 J
St Louie Div 1st ref g 43_2 04 A - O ___ 40
---- -0
2 01 M S
40 Nov'10
Mont ext let gold 41-1237 -D 8178 89
8214 Mar'18
8112 8214
Doll ec Waco 1st gu g 5s_1910 e4- N ------ 6013 Apr '17
9512 Mar'16
_ ..l93? J -D 8073 89
gaa City A Pao 1st g 4s 1990 F - A _ 70
58 Jon '18
58
53
Pacific nit guar 43g_ _1910 3 • .1
Registered- 8512 Nov'15
ado IC A 13 tat gu g 5a
404 Nov'17
50
1942 A - 0 ii
- - - ---E Mina Nor Div 1st g 41_1919 A 71)
8612 8018 Dee '17
M K Okla let guar 58_1942 111-N
ewe 90
5518 Dee '17
---- 1ellna Union 1st g Os__ __ .1922 J - J 99es
10338 Jan '17
M K & T of T let gu g 53..1942 Ate $ 5012 51
51 Apr '18
-i61;
102 ___ 113 Juae'17
Mont C let gog 63_
1937 J Sher Sh A So 1st gu g .53_1912 3-0
60
51 Dec '18
13614 May'00
Registered
1937 3-,
Texas A Okla 1st gu g 55-1
__-- 50
49 Jan '18 "--- -id - 40
93 ____ 9253 Mar'18
1st guar gold Is
1937 J Missouri Pacific (reorg Co) 943 M" S
925 923
8
8
Will A S F 1st gold 53_1933 .1 -D 9214 ____ 1093 Aug '16
4
1st A refunding 5a
81
79
1905
81
79
86
Green Bay A W deb cite "A"---- Feb
7912 693 Dec '16
4
lot A refunding 5e
1923
90 Sale 90
9058
9 00
92
Debenture et(i"B"
918 8e1 Dec '17
_ Feb
let A refunding Is
8614 90
1926
88
88
1 8618 00
Gulf A S I let ref A t g 53_51952 J 7414 77
78 Feb '18
78
83
General 4s
5678 Sale 5673
5738
Rocking V3I /at cons g 443_1999 J 76
77
76
2 7518 78
76
Mfasouri Pee lot eons g 68__1920 M-14 9738 935 9912 Mar'18 _385
8
-- 98 8 99 2
9 59011
2
Bei/leered
-- 9812 Jan '14
1999 J 40
-year gold loan 4s.
- 60 July'17
563
4
eel, 8712 8214 Aug '17
Col A II V let set g le1st de ref cony 59
1213 A • 6012 Apr '17
703 ____ 75 Feb '18
3
Col A To! 1st eat 49 _
1953 F - A
6712 75
3d Ts extended at 4% ____ 19519
8
S
5
98
193 • N
- ---- 82 Apr '17
Houton Belt A Term 1st 53_1937 J -J
95
904 Apr '17
Boonv St LAS 1st 51 gu_1951 F - A ---- ---- 100 Feb '13
-Illinois Central let gold 4s__1951 - J -8212 95
87 Mar'18
87
95
Cent Br Ef P 1st g 4s
9712 Deo '13
---Registered
93
92 Sept'17
1961 .1-3
Pau R of ego let °et g 43_190 3 ' -11 7S -I
1 F 4
1
80 Mar'18
-80
1st gold 34e
7318 Deo '17
1951 J - J -Eil; 90
2d extended gold As_ _1938 J - J
88
93 8 1003 Apr '17
,
4
e(1ie 81
Registered
81 Noe'le
1951 St L Ir M & S gen con g 59.1931 A 92
92 4
,
02
-661; -65Y8
534 ___ 80 Juee'1.7
Betended 1st gold 3318.--1951 A 3
102 July'14
'Registered
1931 A -0 564 -Gl nnflTd stft m 11 119 M 59-2119 J
Ue i net ref go1d 48- - -- 73
733* 7312
733
4
92391 A
7212 75
1st gold 35 sterling
rrrr -86- J47.55
1951 1.1Registered
1920 J - J
807 Cot '17
8
Registered
111- S
1951
Riv A 0 Div 1st g 43-1933 1-N -eV -69
W
6312 Apr '18
Collateral trust gold 4e
-7214 -778 7534 Apr 18
1952 A 7212 7814
Verdi VIAW 1st g 58. _1926 51-13
78 re-ipt'15
Registered
9514 Sopt'12
1952 A 6514
- - - - -Mob A Ohio new gold Os_ _ _1021 J - lei
96 10o5 10112 Mar'18
8
10t refunding 4s
7813 81
80 Apr '18
N
1955
71)
let ext gold 68.
83
41923 I4- 3 904 -- 92
1937 tA..
92
:Purchased lined 33441
70 Salo 70
70
1952 70
General gold 4s
79
S 60
68 July'17
L N 0 tic Team gold es__ _1053 M- t4
7414 75 Mar'18
71
71
71312
Montgomery Div let g 53_1947 F - A
80 ---- 93 July'17
Registered
84
72 Feb '18
N
70
1953
72
It Louis Div 5o__
72
874 ---- 90 Aug '17
Cairo Bridge gold 41.
89 Apr '17
1950 J -D 7018 79
- -- --St L Cairo guar g 49
77 Deo '17
927
714 8.5
1931
Litchfield Div 1st gold 38_1931 .1-3 664 _
74 Feb '14
efashv Chatt A St L let 54_1928 A -0 9914 19014 10014
10014
Loulev Div A Term g 34,1.1963 3 - J
71 Feb '18
ig
71
71
Jasper Branch lot g 68_1923 J
4
J 9718 102, 11014 Mar'17
Registered
83 Aug '12
1953 J J
Nat Rys of Mee pr lIeu 443_1957 J - J ____ 30
-- 30 Mey'17
Middle Div roe OS
102 June'16
F- A
9518 e--1921
Guaranteed general 49_1977 A - 0
-- ---- 35 Awe'16
Omaha Div 1st gold 3a_ .._11)5
9314 sale 504
-A
5314
Nat of Met prior (len 148_1920 I - J --_
5314 5814
9678 Feb '13
131 Louis Div A Terra g 33.195/ J - J 02
60
62 Mar'18
02
62
let consul
30 Oat '16
Gold 34e.
6218 8314 63 Feb '18
J - J
1951
63 63
0 Mob & Chi° 1st ref 53_19 0 ‘
41.N
59 Deo '113
(1 A
1951 J
Registered
80 June'16
1951 3-i 6112 New Orleans Terra lot 43_ ._1953 J
93
J 60
023e Fob '18
eprIngt Div lot g 344_1951 J - J
805 Nov'16
8
N 0 Tex A Mexico let 8,.,..,1925 J -0 93
91
93 Mar'18
Western lines let g 431951 F - A
79 Mar'18
79
79
NIM-CU, income !Se A
I3
45
1935 A - 0 44
45
: -42 -49 -4
0 96
4512
0 961
.71s
Regleteeed
92 Nov'10
1951 F - A
New York Central RFt
Bailey A Car let es__
11712 May'10
1923 J -D
Cony deb Os
- 927 Sale 927
8
1935 61-N
9314 102 9112 9112
8
Carb & Shaw let gold 45 1932 FA- S
90 Jan '17
_
Consol 4s Series A
7112 Sale 7112
1998 F - A
7218 20 7138 7434
Ohio St L & NO gold 63_1951 -D 97 --- 97 Mar'18
97
93
Ilet A imp 44s "Ag
2013 A - 0 8114 Sale 8114
8134
3 80
8418
Registered
1951 .1 -D ---- -- 114 Feb '11
New York Cent & Eitud RleGold 34s.
90 Oct '09
1951 J - D 0218
-- Guar 345 _
7012 Sale 7012
1997 J - J
70,
2 11 7014 743
4
Registered
1951 -D
Registered
71
11197 J - J 69
71 Sept'17
Joint let ref Cin Series A.1903 3-0 8.53
39212 3512 AfiL ig
7
8618 91
Debenture gold 4s
7553 Sale 7134
1931 MI- N
755 --io 7434;
8
16Memph Div lot g 4s
704 Nov'17
1951 • -0 6814 90
Reeletered
-- 92 Dec '16
Registered ____
65 Nov'17
1951 J a
Lake Shore coil g 3
6412 65
"
6112 Apr '18
1998 - A
_ _ _1934 F -N
-ttif "Oil;
St Louis Sou let gul 4e..1931 1\4- s 7513 ____ 80 Feb '18
80
80
Registered
1998 F - A
6138 6734 Sopt'17
Intl III A Iowa let se 4s._._1950 J - J
7238 98
89 Apr '17
Maegi h tn te<oII gold 341-1928 P " A
lob Ce er et
---- 6334 Mar'18
6212 6lTs
Int A Great Nor let g Os..._1919 M- N
9134 90
913 Mar'18
4
90
92
75 Mar'17
--James Frank & Clear lot 48.1959 J -D
7538 90
8212 Juno'17
-- - -- Battle Cr A Stu 1st gu 35 938 3••• D
99 F • A
- - - -- --- -Kansas City Sou let gold 38_1950 A
5312 60
5334 Mar'18
58
6112
Beech Creek lst su g Os_ _1939 J 7912 ---- 9618 Apr '17
FeReglatered
63 Oct '00
1950 A-0
Registered
_1936 J 9534 Nov'16
---Ref A lmpt 5s
733 77
4
Apr 1950 3-i 7612 Sale 76
7612
Iii guar gold 5e.
8:1q1
_ 104 May'l6
Kansas City Term 151 4e_ _ _1960 .1-3 743 7512 7112
4
7173
7112 ,73
Registered
---Lake Erie A West 1st 53_ _1937 I - J
85 Mar'18
78
98
92
78
Beech Cr Est lot g 341_61951 • 0 ---366
13
1993 31A
11(1 gold Ia.__
_ _1941 J - J
81
8053 Feb '17
- Cart t Ad lot gus 4089 N‘;',2i5
6513
1981 J
North Ohlo let guar g 63,_1915 A ___ 72
8978 Mar 17
- - -Oouv A ()ewe let ffU g 58_1942 I -0
Leh Val N Y lot gug 43-13 _1940 J
8978 85
85
J
85
35
9134
Mob A Mal 1st sit g 4s---1991 M- S
01 lotar'lll
Registered
89 Oct '17
1940 - J 834 93
N J Jene R guerelst 48._1936 F • A
-- - 97
- _ _ 3914 Feb '16
Lehigh Val (Pa) cons g 4a....2003 1.4-N
83
80 Oct '17
78
N Y A Herlem 3ees_ _2000
--- 71 ---- 80 Mar'17
•N
General cone 44e
e003 ftl- N
8718 Mar'IS
844 87
3,
15 9012
N
& Northern let e 58_1923 A • 0 9114 ---- 101 .ltine'17
Retfl
• No price Friday: latest bid and asked WS week. a Due Jan. 8 Due Feb.
g Due June, 5 Due RIM •Puo Oct. 8 Option eale.
BONDS
N. Y.STOCK EXCHAN'CIE
Week ending April 12
II
Price
Friday
April 12
West's
Range or
Lad Sale
g,
Q
High No. Low High
Ask Low
Bid
N Y Cent & H It RR (Con.)
724 7413
NY & Pu let cone gu g 4e 1993 A - 0 6818 7412 7412 Mar'18
113 May'15
8s_ _ _1932 J -D 10034 _
Flue Creek reg guar
98
9718 9814 98 Mar'18
981
i• NV &0con let ext 5e-h1922 A 9512
9812 Nov'17
JAW &OT R letgug 51-1918 M-N
Utitland let con g 450_ _1941 j - J 6713 -- 8018 Aug '17
63
63
Og & L Chain let gu 4e g1948 - J 60 _ _ _ _ 63 Mar'18
70 Jan '18
70
70
-Canada let.gu g 4,3_1949 .1 - J
Rut
101 Nov'16
- -- - -St Lawr h Adlr let g 5s-1996 J -J
103 Nov'16
- - - -1006 A 2d gold (3s
9712 July'16
Utica & Blk lily gu g 4s 1922 j - 1 8918
72
713 Apr '18
4
7134 757g
Luke Shore gold 334e.....1997 J -D 70
7212 7212
7338 7212 Mar'18
1997 -D
Registered
8314
8314
82
8
865
1928 81- S - - Sale 8:314
Debenture gold 4:1
5 82
82
8212
8612
1931 M- N ____ 82
-year gold 48
25
---- 8312 Nov'17
1931 'il- N
Registered
Ka A it 0 It let gu 5e_1938 J - J ---- -.
1934 J - J 8712 ____ 15412 Doe '15
Mahon C•l RR let 5s
103 May'17
Pitts L Erie 2d g 5s..._a1928 4-0 90 _
_ _ 1304 J30 '09
8
Pitts MoK &I let gu Ge 1932 J - 1 1005
12314 Mar'12
1934 J - J 10012
2d guaranteed Os
McKee.,& B V let g 68_1918 J -j ---- -0912 Aug 17
1931 M- 8 8814 -Michigan Central 5e
92 105 July'16
-- - - - - 1931 Q -M 89
Reglatered
75 --- 80 Nov'17
-1940 ea
1940 J - J ---- ---- 87 Feb '14
Registered
00 June'08
let gold 340_ _1951 M- S --IL & 8
797 July'17
a
_
1952 M-N 65
ist gold 350
5
71
74
7234 8012
738 74
20-year debenture 4e_ 1929 A 7512
7512 82
Chic & St L let g 4e. _19:37 A-0 7512 Sale 7512
NY
75
85 Nov'17
801.
1937 A - 0
Registered
61 Mar'18
,
631
Cl
1931 11- N 6112 63
Debenture 4e
75
7612
77
5 7612 80
7712
West Shore let 4e guar_2301
3 7212 7112
75
2381 .1-i 7212 7112 7212
Registered
10012 Jan '17
NY C Lines eg tr 58_1918-22 M- N
983 July'17
8
- -Equip trust 450_ _1919-1925 J - J -__ 99
8678 83
N 7 Connect let gu 450 A 1953 F - A 791s 8512 864 Jan '13
N I N 11 & Hartford
56 Sept'17
.5512
_
1047 MNon-cony deben 4s
lean-cony deben 3he..--1947 M- S *5012 -- 50 Oct '17
_
1954 4-0 .5012 -- 5212 Nov'17
Non-cony deben 350
35 3
_ 5512 Apr '18
52
1955 J -.1 .5512
Non-oong &ben 43
57
5513 57
1050 M-N 57 dale 57
Non-cony deben 4s
• • .1 45 _ _ 46 Dee '17
1950
Cony debenture 3he
4 8334 -3 .386
86
0
. 4
1948
Gone debenture 6s
---- 50 Oct '17
1030 F - A
Cone fly non-cony 4e
------- 9112 Jan '12
---Non-cony deben es__ _1954 ---- ---Non-cony deben 4s._ 1955 - J ---- ---- 7912 Apr '16
......
--- ---Non-cony deben 4a___ _1955 A -0 ---- -Non-cony deben 4e..__ _1956 J- J
7 N 6812 -- "714 Aug '17
Harlem 14-Pt Chea let 46_1954
----7918 Dec '17
B & N I Air Lino lot 4e...1955 F - A 08
.368 4 74 Apr '17
Cent New Eng let Hu Is 1961 J - J
---Hartford St fly let 4e.__ _1930 M.S
1 661- May'15
. 2
-____
Heueatoule It cons g 5s.._ _ 1937 M-N
87 July'll
Naugatuck RR lit 4s_ _1954 M-N 83 Aug •I3
N Y Prov & Benton 4s...._1942 A -012
- -4
2.
47
NYW'chee&B 131: tier I 45046 J - J 46 Sale 46
107 Aug '09
N H & Derby cone cy 53_ _1918 rd-N
Boston Terminal let 4s__ _1939 A -0 - New England cons 5e__ _ _1945 J 70 e,35t7ii
Como! 41
1945 57 Apr '16
Providence Secur dab 4E1..1957 Ill-N ____ 60
8
pew & Springfield let 5s_1922 J - J ----- 997 1)eo '13
- 8338 Feb '14
Providence Term let 4s
1956 M - 33 ---80
W h Con East let 4he__ _1943 J
6812
-.8
2 64
6614
6618 ___- -661; "667
NIO&W ref let g 4801992 M9212 June'12
Registered $5,000 only_ _91992 M- S
79 Mar'17
60 64
Oecera148
1955
60 64
Norfolk Sou let & ref A 55_1961 F - A 63 __- 6312 Mar'18
1 8278 827
MI _ _ -- 824
8
s
827
1941 Ill-N
Nod& Sou let gold be
10712 Dee '17
1931 m - A 106
Norf & West gen gold 6
- - ---Improvement & ext g 69...1934 F - A 1024 -- 122 Nov'16
New River let gold 613
1932 A -0 10218 _- 1074 Oct '17
---- -8314 17 8112 85
N & W Ry let cons g 48_1996 A -0 8218 8338 824
---- -- 9.112 Dee '16
1096 A Registered
- - - - -8
757 Mar'18
7418 7612
Div!let lien &gong 41_1944 -J 7578 88
.
- - 12378 May'17
-25-year cone 4o
10
1932 J -D
1932 M- S 105 110 11714 May'17
-20-year convey
10
-25-year cony 450._ _1938 M- S 105 -- 10512 Feb '18
10
8518 Feb '18 _ 8314 8518
1941 J D 7818 83
Pocah C &0joint 4s
9558
103 Sept'16
C &T lot guar gold 5s._1922 87
79 Nov'17
Selo V & E let gu g 48_1989 1.11- N 75
7978 Salo 797
8
"814
8012 46
Nor Pacific prior lien g 4.3_1997 Q
83 Oct '17
1997 IRegistered
5778 42, 57 0112
a2047 Q- r 5714 Salo 57
Geaerel lien gold Se
6114 June'17
a2047 - F 5218 59
Registered
I
4
St Paul-Duluth Div g 45_1996• D 713 8934 9138 May'17
102
8
idi- 1027
St P de N P gen gold 6e___1923 F - A 10218 109 102
-_ 108 10312 Sept'17
Registered certilleates_1923 Q-A
107 Oot '16
:14
St Paul & Duluth let 5e...1931 F- F
_ _ 8878 maeig
19138 J -D 6114
let consul gold 48
3612 Dec '16
1948 Q -M 6312 76
Wash Cent let gold 41_
4
Nor Pao Term Co let g 6)1_1933.1-3 1063 109 1104 Oct '17
7212
7
Oregon-Wash let & ref 4e1901 J J 7212 Sale 724
Float('Coast Co let g 5o._ _1946 J -D --__ 83 00 Jan '18
& Ills lets f 450_1955 J - J _100 10018 Feb '17
Paducah
971;
9912 July'17
Pennsylvania RR let g 4s_1923 M-N
10112 July'17
1919 M- S 9514
Consol gold 58
1943 M-N 8514 ____ 88 Jan '18
Consol gold 45
85
1
85
1948 -N 8212 85
Consol gold Is
9612 07
2
97
1000 F - A 96
Consol 4 he
8 92
893
1965 .5 -D 8918 Sale 89
General 455e
4
1942 M- 8 823 8812 8912 Nov'17
Alleg Val gen guar g 4s
7012 _ _ 8412 Sep '16
DRRR&B'gelingti4eg _ _1936 F - A
- 92 Aug '17
Flinn Bait & W let g 4e 1943 M- N 831g
102 Jan '93
Swims Bay & Sou let g 59_1924 3-i
76 --Sunbury & Lewis let g49.1936
84 ---- 57 Dee '17
U NJ RIt& Can gen _ _1944 td Pormsylvanla Co
97
17
1021 J - J 9612 9678 9658
Guar let gold 450
96
1
1921 J -j 96 Salo 96
Registered
87 Feb '17
Guar 350 coil trust reg A.1937 M- S
70 Jan '18
Guar 3he ooll trust ger 13_1941 F - A 73 _ _
Guar 350 trust etfs C_1942 3-0 74 ____ 8114 July'17
bur 350 trust °tie D_1944 J - D 7018 8318 3734 Dec '10
85
89 Aug '17
-25
Guar 15 -year gold 4s 1931 A -0 83
-year guar 4s etre Ser E_1952 M-N 80 ---- 80 Deo '17
40
4
gu 4s g_ _1942 M- N --- 873 86 Oct '17
Cin Lob & Nor
Cl & Mar lit gu g 450_ _1935 M-N 92 ____ 9614 May'17
8912
9234 Dee '17
CI & P gen gu 450 ser A.1942.3-3
104 Dee '15
1942 A - 0 8912
Series B
9614 Feb '12
Int reduced to 3h s_ _1942 A - 0 8012 _
_ 9018 Oct '12
8058
1948 M- N
Series 0 330
8812 Feb '17
1950 F - A 8038
Series I)350
88 Apr '17
Erie 1 Pitts gu g 350 13_1940 J - 1 75 .._
901a July'12
1940 3-i 7312
Series C
99 Mar'18
Or It & lox let gu g 450_1941 3-' 8414 90
91
93 May'14
Ohio Connect let gu 48-1943 M- S 90
P4 9512 -- 93 May'10
Pitts Y & Ash lst, cons 58_1927
9834 Mir '17
Tol W V & 0 gu 41:0 A.1931 j - J 8018 98
92 Dee '17
1933 J - .1 804 92
Series 13 450
8818 Sept'17
Series 0 Is
1 32
1943 M- S 7314
P C C & St L gu 450 A 1940 A 0 8714 ---- 92 Nov'17
92 Dee '17
Series 13 guar
1942 it-0 8712 100
99 June'17
.Series C guar
1942 M N 874 99
88
88
Series D 411 guar
1945 M- N 88 --- 88 Feb '18
87 Mar'18
87 87
Series E 3311 guar gold.1949 F - A 87 88
Series F guar 4e gold._1953 J D 88 ---- 9512 May'17
Price
Friday
April 12
BONDS
N. Y.STOCK EXCHANGE
Week ending April 12
Range
Since
Jan. 1,
IBM
Week's
Range or
Last Sale
13
0 a,
Range
Since
Jan. 1.
High No. Low High
Ask LGto
Bid
P C C& St L ((1os.)
91 Nov'17
96
Series 0 4e guar
1957 M- N 83
9218 Oct '17
Series I cone gu 4 he__ _1963 F - A
166- fa6100 Mar'18
C St L dr P let COU3 g 5s-1932 A -0 100
100 June'17
Peoria & Pekin Un let Os _ 1921 Q - F
---87 Mar'16
2d gold 450
8118 16 7012 82
811 Sale 8012
Pere Marquette let Ser A 54 1958
6192
6212 65
65 Mar'18
6312 65
1st Series B 4s
5
196
50
50
50 Apr '18
*
1 - - 4:334 55
Philippine fly let 30-yr f 4s 1937: -.
y
99
99
99 Jan '18
1040 A -0 96 _
Pitts Sh & L E let g Ees
let consul gold 5s
1943 J - .J 96 ___ 9714 Doe '17
8212 32, -if
88
8112 Sale 81
Reading Co gen gold 4s__ ,,1997 1 - J
Registered
7018 -- 8812 Oct '17
1997 J - J
-8114 Apr '18
8114 86
Jersey Central coil g 4s__ _1951 ft. -0 8112 83
Atlantic City guar 4s g- _,,1951 3 ---____
Sties Gr Isl 1st g 4s
63 - - -60- Dec ii
St Louts & San Fran (reorg Cu)
947
65 5512 61
5714
5734
5712 Sale f,
Prior Lien ser A 45
1950 J - J
7412
7012 25 66
7038 Sale 7018
Prior lien ser B 59
1950 J - J
6712
6312 20 60
Cum adjust ser A 0e____A1955 A -0 6278 Sale 6278
1 46
51
46
47
Oct
Income series A Os
477 47
8
1 101 10114
101
St Louis & San Fran gen 83b-1193° J -J 101 110 101
96 1
1 91
91
9518
9318 91
General gold 5s
1931 J - J 90
_ 78 May'16
St L & B F RR cons g 43_1996 3 - J
90 May'17
Southw Div let g 5e
1947 A 2 i661- 10212
10012
4
K C Ft S dr M eons g 6e 11)23 31-N i'&5 2 103 10012
7
1 62
69
6514
6514
67
K C Ft S & M Ry ref g 48_1936 A -0 65
_ 88 July'17
KC&MR&B let gu 58_1929 A -0 81
7 65
6812
6512 66
66
66
St L 8 W let g 4e bond etfs_1989 M- N
633 5012 Jan '18
2d g 4s income bond etfs_p1.989 J - .1 52
4
5012 5012
6 57
64
58
5712 59
57
Consol gold 43
5912
51 Apr '18
52
54
52
let terml & unif 5e
1
9I
16
0812 Jan '14
Gray's Pt Ter let go g 55_1
5938
59
-i6 - 601
59
S A & A Pass let gu g 4e
19 J _ 10018 Feb '17
1919 J - J
SF&NPletekfdg5e
7112 Mar'18
7112 7112
1950 A -0 67
Seaboard Air Line g 4s
7112
7112 Mar'18
70
7018 74
Gold 48 etamped
4
553
4
50 Sale 493
5014 20, 49
Adjustment 5e
5614
10- 52
52
5178 5214 52
Refunding 4s
75
75 Mar'18
73
--- 76
All Birm 30-yr let g 4s_ _e 11194559 M :A
0199933 AAF B
90
77
77 Jan '18
77
Car Cont let con g Ii._ _1949 J - 3 -7318 79
9758 9934 9914 June'17
- - -- - -Fla Cent & Pen let g 5e__ _1918 J - J
90 ____ 101 Dec '15
let land gr ext g 5s
--- - -1030J 4
9212 95 1033 Deo '16
Consol gold 5s
- 97 Aug '17
95
91
Oa & Ala Ry let con Se....o1943.1:
1945 3
97 Sept'17
Ga Car & No lot gu g 58_1929 J - J
---- -- - 95 Oct '17
Scab & Roan let Si
1920 - J 9212
Southern Pacific Co76
8
Gold 4e (Cent Pao coll)_k1949 J - D 7018 717 7214 Apr '18 -- 72
00 Feb '14 Registered
76
78
18 751 79
7612 7618
20-year cony 4s
F
g_1:92?) L:
_t
9112 117 861e 9314
%
20
1034 J If 0012 Sale 0012
-year cony 5s
9 7738 82
7738
78
80
78
Cent Pac let ref gu g 4e_
49
_ 8712 Sept'16
1949
Registered
- - - - -80
87 8718 Feb '18 ---- 8612 88
Mort guar gold 350_ 1929
7212
7212 Feb '18 ---- 71
75
70
54
Through St L let gu
M N 90 103 100 Oct '17 -GH&SAMdcPlet
4
4
963 Jan '18 ---- -003- -6614
1 .
2d v ;t
1110ua8ex o; 4.ua ugg5634_
i 5f
gsit.s
3.2
4
4 l3 il 7
;1 ____
---967
1 Ar,r
_- 95 1001. Jan 416
____
- 95
go
1933
---- -- 95 100 Oct '16
1st guar 5e red
Et & T C 1st g be int gu___1937 J1 N 9118 101 10312 Aug '17 ---- ____
1
1 3: N :J
87
9112 87 Jan '18 -- 87
Gen gold 4s lot guar__ _1921 A -0 91
------- 10912 Nov•15 --Waco & N W div let g 60'30 NI-N
_ 1003 10112 Dec '16 -- ---- ---A & N W tat gu g 5a
4
- -14
96 10512 10014 Oct '17 -- ---- ---94
Louisiana West let (3a__ _ 1921 3
10018 Dec '17 ---- ____
Mergan'e La & T let 78_1918 A -0
let gold 68
10203- J 100 lo458 105 Jan '16 -10218 Oct '17 -No of Cal guar g 59
1938 A0 9212
9614 Feb '18 ---- 9338 9612
9012 95
Ore & Cal let guar g 5s_1927
0112
g7
100371122 Sept'16
So Pao of Cal-Gu g 53
1937 M- N
Aug
So Pao Coast 1st gu 4e g_1937 J -1 90 ___
4
4
1 733 -8113
4
San Fran Term! let 4s
4
733
1950 A -0 733 Sale 733
95 Nov'16 _Tex & N 0 con gold 5s
1943 J - J
17 7634 8238
78
4
So Pee RR 1st ref 4s
1955 J - J 78 Sale 763
1
926
92 Sale 9214 A ug, 12 19 9014 9314
1994 J Southern-let cone g 5
88 100
Regletered
1
34 59 -615;
1
66
60
8
607
--_- Sale 665s
Develop & gen 4e Ser A
3
9‘
(
11)951
6812
69
66
1938 M. S 66
Mob etc Ohio coil tr g 4s
87 Jan '18 -- 87 87
Mein Div 1st g 450-5e_ _1996 - J 87 92
1
6418 __ 6418 6912
_ 6113
6413
St Louis dly 181 g 4s
8
99 100 1023 Sept'16
Ala Cen let g 60
s
8
8718 877
1
1
S68 - - 877 Mar'18
Ala Gt Sou let cons A 55.._1S519;
1941, 3
90 July'17
Atl & Char A L lat A 450 19443-i 8034 87
3 91
95
93
4
19443 -3 93 Sale 923
let 30-yr 53 ser B
7014 Mar'18 --- 7014 7014
Atl & Deny 1st g 4e
8112 Mar'16
---- 80
2d 4a
- ---_- 75 Feb '17 -:11
0
Atl & Yad let g guar 48
9
119498
1949
96
96 Mar'18 -06
T Va &(la Div g 5s___ _1930 J - J ---- 97
95 Apr '18
9712
95
Con lot gold 5e
1956 M- N 8012 95
99 July'17
E Ten reo lien g 5s
1938 NI- S
40 ____ 51 Mar'18
-if 63
Ga Midland let 38
10012
103 Dec '17
Ga Pac Ry 1st g (3e
9813 10012 10012 Apr '18
9338 10012
Knox & Ohio let g 6s
245 -19226 Mob & Blr prior lien g 51_1945 J - J 85 95 106 Sept'16
68
63 68
68 Jan '18 -- 13S
Mortgage gold 413
95
95 Jan '18 ---- 95
8
Rich & Dan deb 5e etM1-0 j 6 1 927 103
IX
A
:
73 Sept'12 ---Rich & Meek 1st gu 4e
1948 M97 Dec '17 -8
So Car & Oa let g 5s
-1919 M'N -1767 98
_ 10212 June'l 1 -Virginia Mid eer D
-- -93 ____ 10318 Aug '16 -Series E Se
1926 3191
10112 Dee '16
Series F Si
1 93 -gf
93
90
93
93
General 5e
1n
95 100 105 .1:ar 18
7212 11, : 7
Va So'w'n let gu 5e 299331
0
110 1
721 7212
let cons50-year 5e......1958 A -0 7018 78
8
7812 ____ 937 Mar'17 ----W 0& W let ey gu 4a
1924 F - A
953 Mar'17 --- ---4
Spokane Internet let 55_1955 J - J
_ 9912 9314 Sept'17
Ter A of St L let g 450___ _1939 - 0
95
95 Feb '18 _-_- 95
lot con gold Si
1
9
189111 1
11 gf 95
8214
8214 82 Jan '18 -- 82
Gen
G refund f g 46
10112 9512 July'17 -.St L M Bridge Ter Rug Se 1930 A -0
7 83
867
8
86 7
8512 00
86
Tex & Pao let gold 5e
rOg
•
4618 Feb '18
4618 461g
70
Mar 40
28 gold !no 58
____ 93
89 Apr '17 -- - - La Div B L 1st g 59
10612 Nov'04
W Min 1;17 & NW let 101531931
1 0
9438 93 Apr '114
93
90
O
Tol &00 let gu Se
..... _1935 J 9618 100 Jan '17 _Western Div let g 5e
90 Feb '17
___ 80
General gold Si
---Kau & M let gu g 4s__. 14111
5
)
5
93.
l
l 8512 8012 70 Nov'17 -- ---91
4
913 Deo '17 _2d 20
-year 53
52 Aux •17
____ 50
Tol P & W 1st gold 4.
80 80 Feb '18 _.
80
___ SO
Tol St L & W pr lien g 3543_1992 3 j
2
119i 33 i
J
53
48
4812 48 Apr '18
1950 A -0 -47
50
-year gold 4s
8
185 Mar'06
Coll tr
g Ser A
80 Apr '17
D
Tor Ilam & Buff lot g 4e__41917 :A __- _ 82
---1 46
90 Nov'17
95
Ulster & Del let con g 54-1928 J -D
---1952 A -0 ___70 58 Sept'17
let refund g 4e
8578
857g Sale
8538 89
1947 J - J
Union Pacific let gIi
658
86
.
8214 8612 85 Feb '18 _I.? 86
J
1947 J
Registered
3
85
5 8234 87
8312 8434 841/
12
20-year cony di
32 7512 8134
7812 Sale 78
lit& ref 4s
8212
9
80
7912 80 Mar'18
76
998
10 16
Ore RR & Nav oon g 4e_ t2927
10112
1 10058 104
Ore Short Line let if 64_-_1922 F - A 101 102 10112
9418 9712
1946 J - J 9538 97
let oonsol g 55
4
8212 823 95 2
4 821
951'4
82 2
25 8178 85
1929 J Guar refund 4e
ge12 98
98 Dec '17 --Utah & Nor gold 53.__1926 J - J
89
89 Feb '18-- 89
88
1933 J - J 80
let extended Is
80 80
75 _- 80 Jan '18
F- A
Vandalla cons g 40 Bee
i
- 14 8138 June'17
- -- - - - 1057 M- N 80
Consols 4 Series B
• Nu Dr104 Friday:latest bid and asked. a Due Jan. 8 Due Feb. • May. a Duo June
1559
New York Bond Record-Continued-Page 3
APR. 13 1918.1
0.,
'3
Sale-
'1
4
t
ij
Duo July.
Duo Aug.
0
Duo Oat. v Due Nov. f Due Deo. s Option sale
BONDS
!I. Y. STOCK EXCHANGE
Week ending Aprli 12
[VOL. 106.0
New York Bond Record-Concluded-Page 4
1560
iv
3
t
..., A.
Price
Friday
April 12
Week's
Range or
Last Sale
'1
,....a
"
Range
Since
Jan. 1.
s ow
High No. Low High
__ 35 Sept'17 .__ __ __ _ _
.ra
V( Cruz & P 1st gu 430-1934 J - J --------90
893
4
897
3
3 8814 93
VIrginlan let 5s Serlee A___1962 M-N 89
93
18 9212 955s
2
1939 M-N 92, Sale 9213
abash let gold 55
86
86
2 85
1939 F - A 85 86
8612
2d gold 5e
1939 J - J ____ 90 105 Oct '15 __ __ _
Debenture Series B
,
let lien equip s fd g 5e
1921 M- S *_-__ 100 10014 Mar'18 ___ 9814 100 4
- -let lien 50-yr g term 4s
1954 i - J 65 ---- 78 May'17 -- -- -9913 Sept'17 ___ _ __ __
1941 J - J 90 102
Det dc Ch Ext 1st g 5s
Des Moines Div let g 45_1939 J - J -- 76
80 Aug 12 ---- ---- ---'
____ _ _
7412 75 Apr '17 _ 1941 A - 0
Om Div let g 330
8114 Jan '17 ____
_
.
Tol & Ch Div 1st g 4e
1941 M- S -__ 80
- __
.
76 Dec '17 -_ - ash Terml let gu 334e
1945 F - A 6512 80
1945 F - A 80 85 85 Dec '17
lst 40-yr guar 4s
1 58
5913
eat Maryland let g 4e._ 1952 A - 0 5918 5912 5918
6112
1937 J - J ___ 10458 90 Jan '18 ____ 99 99
eat N Y & Pa let g 5e
70
1 '7C1
'7C1
Gen gold 4s
1943 A -0 70 Sale 70
__ __ __
40 ____ 36 Oct '17 ____
Income 5e
V1943 Nov
8112
8212 8112
5 '7914 84
estern Pao 1st eer A be......1946 rd - S 81
heeling & L E lat g 50...._1926 A- 0 --- 96 10034 Apr '17 ___ _ _ _ __ _ _
.
Wheel Div let gold 5a..._1928 J - J -___ 9934 100 Feb '17 _____ _
4
Eaten & Impt gold 5s____1930 F - A - 983 9953 Mar'17
60 Mar'18 ____ 60
60
70
Refunding 412a series A__1966 M- S 58
61
60 Mar'18 ____ 60 60
RR 1st consol 4e
1949 M- S 55
Trust co ctfs of deposit_ -Inston-Salem S B 1st 40_1960.1 - J 6518 8518 85 May'17 _-_ - _
2 ii fil2
7134 72
72
is Cent 50-yr let gen 43_1949 J - J 70
76 Feb '18..- 72
75
7613
Sup dr Duldiv & term let 48'36 01-N 74
Street Railway
8334 80 Apr '18 -_- 797 833
s
voklyn Rapid Tree g Se,,. 1945 A- 0 80
4
139
68
1 65
let refund cony gold 45_2002 J - 5 68
69 68
957
s 1'7 9214 £17 4
6
,
-year secured notes 5s
1918 J - J 9578 Sale 9513
.
94 Oct '17 __ ____ _ __
Bk City 1st con 48_1916-1941 J - J ___ 88
80 May'12 ____ _ _ _
Bk Q Co & S con gu g be 1941 Al -II -...._ 00
Bklyn Q Co &8 1st 5s
1941 J - J ____ 9912 101 May'13
80 Apr '18 ___ 79
8712
Bklyn Era El let g 4-5e
1950 F - A 7918 80
80 80 Apr '18 __ '79
Stamped guar 4-5s
8512
1950 F - A 78
Kings County E lst if 4s 1949 F - A ____ 73 73 Sept'17 ___- _ _
Stamped guar 4s
1949 F - A ____ 7712 78 July'17 ____ ____ ____
70 Aug '17 -_- _ -_- - --Nassau Eke guar gold 45_1951 1 - .1 -_ 65
11 8112 8612
84
'keg° Rye 1st 5s
;
1927 F - A 837 Sale 8314
inn Ry & L 1st & ref g 4301951 S - J 85 ---- 1003 Feb ' ---- ---- --s
17
1951 J - J 85 -- _ 10018 Apr '17
Stamped guar 434e
7212 i6 ii ii12
,t United 1st eons g 4346_1932 .1 -J '721 Sl 72
Jan '14 ___ _ __ _
Smith Lt & Tr let g 53
1936 M- S --- ----84_
8
5618 34 487- 61
Id & Manbat 5s Ser A
4
1957 IF - A 56 Salo 553
1612
3 143 193
4
4
1512 1658 16
Adjust Income 5e
1957
N Y & Jersey lst 5a
1932 F - A --__ 100 100 Feb '17
53
61 517- 4712
8
8
terboro-Metrop coil 4343_1956 A -0 52 Sale 517
8014 12 79
85
31
80
terboro Rap Tree 1st 511_1966 J - J 80
8012
anhat Ry(NY)cons g 46.1990 A -0 7314 77 8012 Feb '18 --__ 79
77
1 77 82
Stamped tax-exempt
1990 A -0 77 Sale 77
stropolitan Street RV85 Feb '18 ____ 7614 85
80
Bway & 7th Av 1st o g 511_1943 .7 - 0 76
Col & 9th Av let gu g 5s__1993 M- 9 _-- 8212 95 May'17 _-__ ____
Lex Av & P F lat gu g 55_1993 M- S _- '7934 80 Sept'17 __ __ __ _ _
__
et W S El(Chic) 1st g 4s1938 F - A ____ __ 30 Mar'14 ____
10012 June'17 ____ -___ --!lw Eleo Ry & Lt cons g 5(11926 F - A
Refunding & eaten 4Hs__1931 J - J --------93 Nov'16 ______ __ _ _
.
9834 Aug '17 ...._ ____ __ _
InneaD St 1st cons g 5s___1919 J - J
. .
entreat Tram 1st & ref 58_1941 .7 - J ____ ____ 9713 July'17 __ ____ _
lw Onl Ry & Lt gen 4Ha__1935 J - J
79 Aug 17 ---- ---- ---'
---Y M11111019 RY 1St a f 53 A 1968 5 - 5 .„.----99 May'17 --- - - - i i6 if
50
50
T Rye let R E & ret 0_1942 S - .7 43,2 ou
1918 Apr '18 ___ 173 217
4
8
30-year adj Inc 5a
a1942 A -0 1918 20
Y State Rye let eons 4345_1962 M- N 68 ____ 7733 Aug '17 ____ ____ _ __ _
3812 Nov'16
rtland Ry 1st & ref be____1930 M- N ..._
6212 Mar'18.._ 6212 6212
rtld Ry Lt & P 1st ref 58_1942 F - A 6212 68
Feb '17 __ ____ __ _
Portland Gen Eke let 5s_1935 J .
_ __ _
Joe Ry L H de P 1st g 56_1937 M- N
0 95 July'17 __ .
_
12
Paul City Cab cons g 5e__1937 J - J --------102 Mar'17
55 Apr '18 ____ 5218 56
tird Ave let ref 45
5312 57
1960 1 - J
3238
3212
2 2713 3812
33
Adj inc 5s
a1980 A -0 32
95 Jan '18 ____ 95 95
ard Ave Ry let g 53
1937 J - .1 90 104
9218 Feb '18 __ 92 96
1-City Ry & Lt 1st 51 5a 1923 A -0 91
92
80
Mery of London 4He
1933 5 - J 76 -.... 76 Mar'18 __ 70
60
56 Mar'18 ____ 56
Enema Se
1948 - ____ _ _
_
don Elev (Chic) let g 58_1949 A 0 ---------84 Oct '08
60
58 Feb '18 __ 58
kited Rys Inv 5s Pitts 198_1926 011-N __ 55
5514
5 55 4 55 4
,
,
kited Rye St L let u 4s
1934 J - J 5514 Salo 5514
50 June'17 ____ .._...„ _ _. _ _
BC Louis Transit gu 54..
69
1924 A - 0 50
dted RRa San Fr a f 4s1927 A -0 23 ____ 25 Feb '18 ---- 25 25
8018
, fly & Pow let & ref 56_1934 3 - J ...._ 7814 79 Mar'18 ___ 79
---------9012
BONDS
N. Y. STOCK EXCHANGE
Week ending April 12
,..3
3t
4a•
Price
Friday
April 12
Week's
Range or
ac
l
Last Sale '
4
Range
Since
Jan. 1,
Bid
Ask Low
High No. Low High
Miscellaneous
Ali
Adams Ex coil It g 4s
1948 M- 8 68 ____ 6612
6612
2 64
6612
Alaska Gold M deb 6s A
1925 M- 8 19
20
1978 Apr '18 ___ 1814 2613
Cony deb 6e series B
20
1928 M- 8 18
19 Mar'18 ____ 19
26
83
Armour & Co let real est 4348'39 J -D 83 4 85
3
8314 19 8238 8714
Booth Fisheries deb a 1 63
1928 A -0 ___ 8814 90 Feb '18 ____ 90
90
Braden Cop M coil tr 91 63_1931 F - A
9112 93 93 Apr '18 ____ 8978 93
Bush Terminal let 4s
1952 A -0 78
83 82 Feb '18 ____ 82
83
Consol Sc
1955 .1 - J -85 80 Mar'18 ____80
8412
Bldgs 55 guar tax ex
1960 A -0 7E- 7612 75 Apr '18 ____ 74
79
Cerro de Pasco Copp env 6s 1925 ad- N 118
1 053 Mar'18 ____ 103 10712
s
Chia C & Conn Rye s f 55_1927 A -0 --------58 Mar'18 __ 58
58
Ohio Un Stat'n let gu 434s A 1963 J - J 8712 893 8712 Apr '18 ____ 8614 90
4
.
Chile Copper 10-yr cony 79_1923 rd-N 103 103.8 1033
4
104
22 10238 10712
8011
Coll tr &cony 6s set A part pd A - 0 77 Sale 7612
7712 65 '73
do do full paid
A.0 75 ____ 87 Oct '17 ___ ---- --Computing-Tab-Rea a 1 6s__1941 J - J 79 86
70 Feb '18 ____ 7812 79
Granby Cons M(3& P oon 6s A'28 111-N
93 97
9612
97
9613
5 91
Stamped
9634 96 Mar'18 ___ 91
1928 M-N 94
96
Great Falls Pow let a f 58_1940 M- N 90
95
9033
905s
2 9011 94
Int Mercan Marine s f 6s
1941 A - 0 91 Sale 91
9234 55 9014 95
Montana Power let 5s A_1943 J - J 883 Sale 8812
8834 11 8634 92
4
Morrie & Co let et 4Hs
1939 5 - J - 8978 90 July'17 -_- --- ---Mtge Bond (N Y)45 ser 2_1966 A - 0 60 ___ 83 Apr '14 ___ __10-20-yr 5s @ellen 3
94 June'16
1932 J - J ___
N Y Dock 50-yr let g 4s
66 Mar'18
66
66
1951 F - A 65 ...._
Niagara Falls Power let 58_1932 J - J 93
963 963 Mar'18 ___ 9634 97
4
4
Ref & gen (is
a1932 A -0 9718 100 10512 Oct '16 ____ -__ ---Mae Look &0Pow 1st 5s__1954 M- N --__ 85
8912 Oct '17 ___- -- - --8712
Nor States Power 25-yr ba A 1941 A -0 8614 8658 8614
8614
1 86
Ontario Power N F let 58_1943 F - A 86
.
9014 8512 Mar'18-- 8512 8712
Ontario Transmission 5s____1945 M-N ____ 95
84 June'17 ---- - -- - -_-Pub Serv Corp N J gen 55_1959 A - 0 80 Sale 80
80
4 7312 8212
Tennessee Cop let cony 6s__1925 M- N 92
93 93 Mar'18.-__ 88
93
Wash Water Power 1st 58_ 1939 J - J 88 ___ 103, Jan '14 _-_- - ---2
Wilson & Co let 25-yr 5169_1941 A -0 943 9434 943
8
8
05
20 9312 9614
--
Manufacturing Si Industrial
Am Ag Chem let a 50
1928 A -0
Cony deben 5e
1924 F -A
Am Cot 011 debenture 5s
1931 M-N
Am Hide & L let s f g (3e
1919 111- S
Am Sm & R let 30-yr 55 serA d'47 ,--Am Thread let coil tr 4s
1919 5 - J
Am Tobacco 40
-year g 611
1944 A -0
Gold 4s
1951 F - A
Am Writ Paper let of 54...
1919 J - 5
Elaldw Loco Works let 55_1940 191-N
Cent Foundry let a I 6e
1931 F • A
Cent Leather 20
-year g 55_1925 A -0
Como! Tobacco g 4e
1951 F - A
Dorn Prod Refs!if be
1931 91-N
let 25-year e I bs
1934 M-N
Cuban-Am Sugar coil tr 60_1918 A -0
Distil See Cot cony 1st g 55_1927 A -0
M I du Pont Powder 430_1936 1 -D
3eneral Baking 1st 25-yr 69_1936 1 -D
3en Electric deb g 334s
1942 F - A
Debenture 56
1952 M- II
.
ingersoll-Rand let 5s
1935 J - J
int Agricul Corp lat 20-yr 551932 rd- N
Ent Paper CoConsol cony s f g be
1935 5 - J
E.1ggett & Myers Tobao 78-1944 A -0
55
1951 F- A
Goddard Co (P) 7s
1944 A -0
58
1951 F - A
Idexican Petrol Ltd con 6s A 1921 A -0
let lien & ref (3a aeries C_1921 A -0
4at Enam & Stye let 50_1929 J -D
qat Starch 20-yr deb 5s
1930 J - J
lational Tube let be
1952 A1- N
q Y Air Brake 1st cony(16_1928 191-N
Etallway Steel SpringInterocean P let e I 5s
1931 A -0
3Inolair 011 & Refining
let I 1 7e 1920 warenta atteh .do without warrants attach_-_3tandard Milling let 5a
1930 111-14
Moe Texas Co cony deb 60_1931 1 - J
Jn1on Bag & Paper let 56_1930 J - J
Stamped
1930 J - J
PS Realty & I cony deb g ba 1924 J - J
J S Rubber 10-yr col tr 611_1918 J - D
let & ref be series A
1947 J - J
313 Smelt Ref ds M cony 6a_1926 F.A
ir-Car Chem let 15-yr 50_1923 J - D
Cony deb 65
*1924 A -0
Feet Electric 1st 5a Deo____1922 J - J
ass and Electric Light
lanta Cl L Co 1st g 5e
1947 J -D 85 ........ 103 Sept'15 __-- --__ __ _
4
95317n Un Gas let eons g 53_1945 I11-N ____ 93 00 Apr '18 ---- 90
Iffalo City Gas let g 56-1947 A -0 ___ 62 54 June'13 _. _ _ _ _ _ _
8912 Apr '18 ___- 8912 90
mein Gaa & Eleo Ist&rel 561956 A -0 ____ 90
78
11 '751a 80
lumbla (31 & E let tfa
1927 5 - J
le 77
-_ _
_
lumbus Gas 1st gold 59_1932 J - J ---- --- 97 Feb '15 _....- _ _
993
4 11 9912 102
nsol Gas cony deb Os..
1920 q- F 9912 Sere 9912
Coal Iron A Steel
naGasE LAP of Bait 5-yr5e'21 M- N 90
9212 9213 Feb '18 -- 9212 9212
lath Steel let est if be
3
1926 J - J
1 96 8 Mar'18 __-- 9114 9512
itroit City Gas gold 5s......1923 5 - J
1
1st & ref 55 guar A
__
1942 111-N
Itrott Gas Co cons lat glis 1918 F - A ---- ---- 10112 Oct '16 --- -- _ __ _ _
20
-year p m& imp a f 511_1936 J - .7
9538 Apr '18 ---- 92 96
itrolt Edison let coil tr 512_1933 1 - J 0518
3uff & Sinn Iron e 1 5e
9112 Apr '18 ___ 9112 9213
100
19323 -D
let dg ref 5a ser A
A1940 M- S
Debenture 5e
___ 10018 91 Feb '18 ____ 94 94
a1926 M- S
IOLNY let eons g 56_1932 Mk S
jahabaC M Co 1st gn(35-1922 J -D
100 Feb '13..- ___ _ _
,1111 Elea Berg Co co g ba__1949 J -D -____
Dot F & I Co gen s f 5a
1943 F - A
wane Eleo consol g 50_ _1952 F -A 8818 --__ 9213 Nov'17 ..._--_-- -_ _
301 Indus let & coil 5s gu_1934 F - A
9618 Dee '17-- --__
idson Co Gas let g 13s.. _..1949 111-N ____ 96
Pone Coal of MCI lat&ref 5s_1950 J - D
in City(Mo)Gas let ii7
5e..1922 A -0 80 .._ __ 90 s Dee '16 ---- - _ __
111k Horn Coal any 6s_ __1925 3- D
ngs Co El L & P g be
1937 A -0 8512 ____ 90 Dec '17
1Mk Horn Fuel let cony - 4_1918 WI- N
99
99 Mar'18 --- 99
Purchase money (le
6
1997 A -0
3r Riv Coal &0 lat g 65_111919 A -0
Convertible deb Se
1925 M- 8 ---- ----110 June'17 ____ ____ ___
:II Steel deb 434a
Ed EMI Bkn let eon g 45_1939 J - J
74 -- _ 76 Nov'17
1940 A -0
1
4
6 9714 9813
:ndiana Steel 1st 5s
c Gas Lot St L 1st g 56_51919 Q - F 975 Sale 9714
973
8
1952 M-N
9438
"..ackaw Steel let g 5s
92 92 Feb '18 ..... 92
Ref and ext 1st g be
1934 A -0
1923 A -0
let cons 56 Berke A
8
lwaukee Gas List 4s__1927 111-N
'1 857 Apr '18 _- 8.57 857
1950 51- 8
8
s
_ ____ ___ _
idldvale Steel &0cony a t 5131936 al- 5
wark Con Gas g 56
1948 J -0 ---- ---- 10418 Apr '17
'ocah Con Collier let if 5(1_1957 J - .1
8712 Mar'18 ____ 8714 8938
YCIELH&Pg5a
1948 J -D 871; 90
1lepub I & 8 10-30-yr See 1_1940 A -0
7014
5 69 '73
Purchase money if 4s
1949 F - A 69 Salo 69
.
it L Rock Mt & P 5e stmptl..1955 J - J
Bti Eleo III let cons g 5E1_1995 J - J __ __ 10512 June'17 ---- -_ _
(&Q El L & P lst eon g be 1930 F - A ____ 101
9612 Aug '17 -- -- -- - - Cann Coal I & RR gen 55_1951 J - J
7 S Steel Corp-leoup _419(13 M-N
stile G & El Co
-Cal0& E
0213
S F 10-60-yr 55freg ___41963 IA-N
1937 M- N ____ 8834 Ws Mar'18 ____ 8873
jorp unifying & ref 5e
7938
actor Fuel let e I be
9 7812 803
4
olflo0& E gen & ref 5e1942 5 - J 79 Sale 79
1953 J - .1
ra Iron Coal&Coke let a 5s..1949 111- 8
o Pow & Lt let & ref 20-yr
Is International Series. 1930 F - A 8012 ___ 95 Jan '17 __. -___ __ _ _
_ _
Telegraph A Telephone
t & Passaic G & El 5e..
1949 M- S ___ 100 100 July'17 -- -.._ _ .
9812 Mar'18 ____ 981$ 9813
km Telep & Tel eoll tr 4a...._1929 J - J
8
op Gas&01st cons g 6 _1943 A -0 977
6
'
7713 Apr '18 -- 7713 Ell
Convertible 4e
1936 M- S
1.efundlng gold 5e
1947 M- S
20-yr convertible 434s.._1933 I'd- S
Registered
1941 M- S ---- ----99 Sept'03..- --__ ___ _
30-yr temp coil Cr be
96 Sept'17 ___ -1946 J -0
)/10-L & Coke let en g 5a 1937 J - J
lent Dlat Tel let 30-yr 56..1943 J - D
---___
"Jon0Co of Ch let gu g 5a1938 J -D --- ----100 Apr '17 --- -_ _
lommerolal Cable let if 4s....2397 Q - J
89 Mar'17.... - -__ . _
:nd Nat Gas& Oil 30-yr 531938 M- N .,
__ _ _ _
Registered
_
, Fuel Gas lot gu g 5(1_1947 M- N ---- ----94 July'17
f(i
2397 Q - J
lumb T & T let & gen 56_1937 J - J
- _ .....
Pb llatielphia Co eons'56
8
- 927 9914 Nov'15 __-- 1919 F - A _
84
80 Mar'18 ____ 80
Ceystone Telephone let 5e...1935 .1 - .1
81
lonv tleben gold 5s
1922 M- N 78
detropol Tel & Tel lst e f Sc 1918 FAI-N
93 Dec '17....---.._
St ,nd Gas& El cony s f 68_1926 J -0 __
91
dlch State Teleph let 5a
'souse LightIng let g 5a 1951 1 -D 11112 --- 9712 Marl'? __-- _ _ __
1924 F - A
84 July'17 ...-- --__ _ _
? Y & N J Telephone 58 g_1920 911-N
Ely 'acme Light & Power 58_1954 J - J -- 90
I Y Telep 1st & gen y14346_1939 M- N
1949 NI- S
_-__ 983 Oct '17 ___-_- ____
8
TBmton G & El let g 5s
_____ _ _
'ac Tel & Tel lit Se
923 Sept'17
4
OnIon Elea Lt & P let g 5e....1932 M- S -__ 98
1937 J - J
outh Bell Tel AT let a 1 Sc 1941 .1 - .7
8
tedunding & extension 5i.1933 M-N ---- 8512 1015 Nov'16
Veal Union call Cr our 55_1938 J - J
97 Jan '18 _--- 9718 9712
13
Un!tad Fuel Gas let if69-1936 J - J ___ 90
81
5 8013 84
Fl and real cat g 4;48.--1950 111-N
811 8014
meill Power & Lt let 5s
1944 IF - A 81
Mut On Tel VII en 5s
Utiea Elea L & P let g 511-1950 J - .1 -------- 101 June'17 -__ -___ ____
1941 IN-PI
. . Northwest Tel im 4He g....1934 J - J
-- __
Utiea Gas & Elea ref 55
1957 J - J --- Vii 96 Aug '17lean .7 -D ____ 9173 105 Mar'17 ---- ---- -_Weetohetser Lta sold As
--
98 Sale 93.2
5 9213 10012
98
9134 93
92
92
5 9014 9513
8212 8712 83
83
2 82
83
100 Sale 100
100
7 9814 100
873
3 12 8614 8912
87 Sale 87
4
075 9818 073 Mar'18 --:- 967 973
8
8
4
117 ____ 119 Dec '17 ---- -- - ---71
7812 71 Apr '18 ---- 71
7412
84
83
82
83
3 79
87
---- 105.2 101I8 Apr '18 ---- 9912 10114
80
85
80 Apr '18 __- 80 80
95 Sale 93
95
27 93
9714
.,___ 81
81 Mar'17 ---. __ _
965 99
8
973 Apr '18 __ 9713 973
4
4
63
4
9712
98
973
(
1 95
-------100 Feb '18 ---- 9978 10013
84 Salo 82
84
70 '75
84
--_- 100 104 May'17 ---- -- ---_-_- -_
8512 afar'10 --71
767 74 Mar'18 --__ 71
8
74
98
95
95
9678
2 943 100
4
80
99 100 Oct '13 --- ___-70
7155 70 Mar'18 ---- 6812 733
4
---- 9814 99 Jan '18 ---- 98 ' 99
11212 11334 113
113
12 110 117
9 86
9012 9134 90
91
95
10912 116 114
11418 20 111 115
90
9058 92
90
2 85
93
106 109 106
106
2 10534 1.06
106 106 103 Dec '17 --__ .. _
--____ 98
95 Apr '18 _-__ 95 95
93
9214 Feb '18 ---- 9114 9214
9534
95
1 93
91
957- 95
1(
99
9912 99 Apr '18 ---- 99 100
95
___ 9613 Feb '18 ----
9618 0615
9312
8812 Sale 87
8812 62 86
3
8578 25 8412 8814
857 Sale 8514
90
9314 90 Feb '18 -- 88
90
98 Sale 98
9853 42 96, 10158
2
75
89 823 Aug '17 ---...._ --4
7512 85
8812 May'17 _-__
46
48
47 Apr '18 --__ 45
49
100 Sale 100
100
5 100 1001s
7733 Sale 773
3
78
158 70
793
4
9518
9 94
98
94 Sale 94
9414 Salo 91
9414 14 90
9714
95
1 9414 973
953 9618 95
8
4
96
9712 9614
9614
2 95
98
-___ 06
9618
9612 14 9518 09
92
10 87
9313
92 Sale 9173
80 Sale 80
80
35 '7812 813
4
---- 96 95 July'17 __-__ ____
1 85 Jan '18 --- 85 85
---- ---- 101 Dec '14
-_
_ _
_
85
843 85
4
85
; g
7
Ei
-g
7312 75
7412
75
4 73 76
84
90
83 Jan '18 _- 83
85
96
0812 Sept'17 _ .. __ .._
.
---- ----9812 Aug'17 _-- _
--_9013 95
94 Feb '18 ____ 94
94
84
4 81
8513
84 Sale 8378
97
3 95
0513
9573 9513
95
90
95
99
96
13 9473 9618
897 Sale 8934
8
90
24 88
9012
84 Salo 8312
84
29 8012 8513
833
8513 Feb '18 ___ 8512 8513
97 4___- 97
9712
9814
9712 16 93
7914 87 80 Apr '18 ____ 80 80
9512 99
9513 Mar'18 -__ 95
9712
97 Sale 97
9712 196 97 100
___ __ 9714 Mar'18 ____ 9714 997
s
---- 75
80 Dec '16 ..... _
_ _
_
84
8913 84
83
r ii Els
7
8112 35 8012 8313
81 Bale 8078
___ 87 85.2 Feb '18 ____ 8134 8513
86
90 86
80
2 86
9118
9218 26 90
915 Sale 9112
8
9518
9812 Sale 9812
9812
1 9818 9912
______ 73 Nov'17 ____ _ _
_
...,_ _ 681s Jan '18
a% (lila
.
9313
907
s
3
903- 92
4
9138
--_
97
98 Apr '16 _ _ ._.. --90..
4
3
993- 993 997 Feb '18 __ 9912 997
s
3
8733 925s 88 Mar'18 _-- 863 88
4
97 ___- 97 Mar'18 _- 97 97
8653 Salo 865
3
23 853 89
87
4
9134 Sale 9118
9134 13 9034 9258
95
921s
92
9214
2 0018 9212
90
903 9034 Mar'18 -__ 00 031s
4
803 8318 8012
4
8912 10 80 88
_
...-- 1011 10112 804.17 ____ _ ___ _
-------- 84Nov'10 --__ . _ ..
1 .11
•No price Friday; latest bid and asked. 4 Dna Jan 4 Due April. grille May. g Due June. 11 Due July. 5Due Aug,•DIU Oct. V Due Noy. g Due Dee 8 Option sale.
BOSTON STOCK EXCHANGE-Stock Record
APE. 131918.]
-NOT PER CENTUM PRICES.
SHARI PRICES
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
April 11.
April 12.
April 10.
April 9.
April 8.
April 6.
Sales
of the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
1561
tirpage
Se•__x_
B
Range Since Jan. 1.
Lowest.
Highest.
Range for Previous
Year 1917
Lowest
Highest
Railroads
100 123 Jan 26 129 Jan 3 120 Dec 178 Jan
167 Boston & Albany
125 125
125 125
4
_ 125
1243 12434 125 125
79 Jan
27 Dec
100 37 Jan 2 61 Apr 2
5814 -5612 - 2 1,085 Boston Elevated
56
6615812 5812
59
5912 58
oo
59
59
7013 Dec 133 Mar
100 87 Mar14 100 Jan 2
Boston & Lowell
Last Sale 88 Apr'18
90
*88
90
*88
90
__ *88
*88
15 Dec
45 Mar
100 19 Jan 23 28 Feb 19
370 Boston & Maine
2314 2314 2314 2314 2212 23
24
24 /412 2412 2412 *2314
100 159 Jan 14 16812 Jan 17 150 Dec 213 Jan
Boston & Providence
*150 160
Last Sale 168 Mar'18
*150 165 *150 165 *150 160
3 July
2 Jan 26
2 July
2 Jan 26
Boston Suburban Eleo_.no par
Last Sale 2
Jan'18
5
*1
6
*1
5
*1
*1
6
9 June 30 July
no par 1014 Mar 1 11 Feb 1
Do pref
Last Sale 1014 Mar'18
____
*11
____ *11
*11
*11
& Wore Eieo ..no par
Boston
_
Last Sale 412 Nov'16
30 Aug
38 Feb
no par 30 Mar 5 30 Mar 8
Do pref
Last Sale 30 Mar'18
:::_
7,56;58;56148 Nov 150 Jan
_100
Chi° Juno Ry & 17 S Y
Last Sale 148 Nov'17
100 83 Feb 13 85 Jan 30
8312 Dec 108 Jan
14 Do prof
*___ 8312
11S 2 •::::
13g2
100 104 Feb 14 120 Mar 6 10212 Nov 140 Mar
Connecticut River
Last Sale 115- Mar'18
__
*NW 118 *100 118 *109 -__- *109
44 Dec
7812 Mar
100 53 Jan 22 65 Jan 3
30 Fitchburg mei
59
59
*58 - - *59 _- *59 -__- *59 _
Georgia Ry & Elea stampd100 115 Jan 26 11614Jan 9 116 Dec 133 Jan
Last Sale 115- Mar'18
118 *11412 --- *114 .._ _
8
*114 11- *114
83 June 9212 Jan
100 80 Mar S 81 Feb 25
4 Do prat
*7858 ---*7834 __ _
*80
80
*8012 8312 .80
78 Dec 10018 Mar
Maine Central
100 80 Jan 26 85 Jan 3
Last Sale
L
M
85
*82
85
*82
85
*82
•____ 85
8112June
434 Apr 1
1 Dec
2 Jan 2
100
130 Mass Electric Cos
4
4
4
4
4
4
*334 412 *33
4 412 *312 412
3114 July
6 Dec
812Jan 22 1912 Apr 4
100
170 Do pref stamped
18
18
19
*17
18
19
19
*18
19
*18
19
19
215* Sept 528
100 27 Feb 25 33 Jan 2
248 N YN H & Hartford
4Jan
27
2712 27
27
27
27
28
2778 283
4 28
*2812 2914
9012 Oct 105 Apr
Northern New Hampshire_100 90 Jan 10 90 Jan 10
Last Sale 90
Jan'18
85 Dec 135 Jan
100 92 Feb 21 98 Jan 2
3 Old Colony
*95
WI;
;Ed- ---: ;id"
844 Feb
1613 Dec
Rutland. pref___. _______ 100 20 Jan 2 25 Jan 8
Last Sale 2012 -Apr'18
22
*20
22
*20
22
ii *20
*20 83 Dec 110 Jan
Vermont & Massachusetts_100 83 Jan 24 85 Jan 9
Last Sale 83 Mar'18
-- *80 -- *80 -- *80
34 Dec
5612 Mar
50 37 Feb 20 4712 Apr 1
285 West End Street
4312 4212 4312 43
43
*43
*804414 4414 4312 4312 4312 45
74 Jan
50 47 Jan 16 62 Apr 1 z45 Dec
22 Do pref
55
55
*54
55
55
55
55
56
50
Miscellaneous
948 May
4
73 Dec
100 7812 Jan 2 8912 Feb 14
52 Amer Agrioul Chemical
8458 844 83
83
86
8518 *8412 8512 *84
*84
86
*84
8Jan 2 94 Mar 1
88 Dec 10313 Jan
100 885
142 Do pre'
9112 9112 9212 9212
92
9212 92
4
8 92
*9112 9212 903 917
2apJan
212 Mar 2
1 Dec
.76 Jan 24
25
75 Amer Pneumatic Service
*1
112 *1
112
112 112
112 *114 112
112 *114
*1
s
14 Mar
8 Jan 29 155 Mar 4
712 Dec
Do pref
50
Last Sale 12 Apr'18
12
*11
*11 , 12
1
13
*11
13
*11
90 Nov 12814 June
100 99 Jan 2 10812 Feb 20
59 Amer Sugar Refining
4 99722 9972
,10213 10158110158 *100 1003
f
*10112 10212 *10112 103 *101 f
100 108 Jan 19 111 Feb 6 105 Dec 12112 Jan
93 Do prof
1085 10912 10912 10912
4
108.21109
4
*10812 10912 10812 1093 109 4 110
96 Dec 1281g Jan
Amer Telep & Teleg
100 994 Mar28 109 Feb
4
4
4110018 9954110012 993 10014 993 10014 2,790
4
10014 1003 100 10034 993
387 Nov 58 June
8
15 American Woolen of Mass.100 4512 Jan 8 5614 Mar 8
5114 5114
52
*5134 5212 *5112 5212 *51
*5112 53
4
90 Jan 3 963 Mar12 x8714 Dec 10014 June
291 Do pref
100
9312
9312 9412 9412 9412 9312 9412 93
91
94
94
94
60 Dee
6012 Jan 2 64 Apr 4
75 July
123 Amoskeag Manufacturing__
66
*62
64
64
66
*6214
64 64
64
434
971 Jan
76 Jan 7 80 Feb 1
75 Dec
40 Do pref
80
*77
80
7712 17712 *77
78
*77
80
78
4Jan 4
14,4 Dec
6 Dee
677 Art Metal Construe Inc_10 11 Feb 21 138
1114 1114
--1212 1212 1112 N1112 102 12
12
12
88 Sept 12112 Jan
270 Atl Gulf & W I 88 Lines_100 98 Jan 15 12014 Feb 16
8
107 1085 *108 109
*109 110
110 110
111 112
110 112
5513 Fob
68 Jan
4
Do pref
100 5812Jan 17 623 Mar21
Last Sale 6212 Apr'18
*6214 63
63
*6112 63 *62
*60
63
235 Booth Fbheries
no par 21 Jan 25 26 Feb 16
4
2418 2414 2334 233 *2234 23
25
2414 2414 *24
2012 JAMS
4
9 Dec
275 Cuban Port Cement
10 12 Jan 29 158 Mar15
1354 133
4 1312 1312 *1312 1412 -------14
14
133 14
4
10
4 Jan 31
512Feb 15
East Boston Land
37 Deo
1.
10 Jan
Last Sale 5i
*412 5
*412 5
*412 5
*412 5
95 Edison Electric Blum
100 z137 Jan 15 15412 Jan 2 1331s Dec 226 Jan
143 14314 142 143
143 143
143 143 *143 146
143 143
26 General Electric
100 128 Jan 16 14312 Feb 19 11884 Dec 17014 Jan
_
811393 139 139 *13612 13714
8
1393
140 140
*13814 139
612 Feb 2
4 Dee
5 Apr 3
10
1812Jan
50 Intemat Port Cement
514 514
58
4
534 *5
534 *5
53
4 *5
*5
53
4 *5
3312 Jan
50 1212 Jan 29 14 Feb 5
10 Dec
Do pref
Last Sale 1314 Mar'18
15
*12
15
*12
*12
15
*12
15
4 Apr 3
51.s Mar18
1,350 Island 011 & Trans Corp_ _10
4
4
8 4
412 *37
418 412 *4
418 412
412 414
-9212 Dec 102 ji112
MoEivraln(W H) let pref-100 91 Feb 6 9212 Feb 28
Last Sale 92 Mar'18
*92 __
___ *92 __
+92
71 Dec 10012 Mar
265 Massachusetts Gas Cos.
-100 27714 Jan 15 8212Feb 20
80
793 80
4
79
*7812 79
*92*794 8012 7914 80
79
80
81 Mar
63 Dec
100 63 Apr 10 70 Jan 3
180 Do pref
65
65
*63
6412 *83
63
65
*63
*65
66
65 65
10 Mergenthaler Linotype ___100 113 Mar 4 124 Jan 31 110 Dec 169 Jan
8
114 114 +113 114 *112 114 *112 1137
*112 114
134 July
1 Mar
10
Mexican Telephone
Last Sale
2
2
*1
*3
4 2
*1
2
*1
35 Jan
95 Mar
.190 88 Jan 15 89 Jan 10
New Hug Cotton Yarn.....
Last Sale 88 Apr'18
+88 _ _
*88 __ *88
*88
9212 Aug
60 Jan
100
Do pref
Last Sale 9212 Aug'17
*88
___ *88 ____ *88 93 Dec 12412 Mar
159 New England Telephone.. 100 87 Mar28 100 Jan 3
90
89
90
8934 89
8918 8934 89
8912 90
*8889
89
27 Nova Scotia Steel & C__100 5812 Apr 12 69 Jan 2 259 Nov 112 Jan
67
5812 60
*60
61
61
67
+61
*61
67
*61
67
100 102 Jan 7 118 Apr 10 107 Dee 16614 Jan
110 Pullman Company
117 118 *116
*118
+118
29 Dec
46 Jan
50 29 Jan 3 38 Feb 23
120 Punta Allegro Sugar
3312
33
*33
34
34
*33
"iai"
34
*33
8
10 Dec
16 Mar
10 11 Jan 29 137 Mar16
Reece Button-Hole
Last Sale 1312 Apr'18
*13 _ _
*13_ *13
100 12414 Jan 7 14614 Apr 9 116 Nov 16272 Apr
10,339 Swift & Co
142 145
141 144
14324 145
1423 14412 14112 14614 14314 145
4
68 June
5012Jan 4
40 Nov
25 45 Jan 29
62 Torrington
4912 4812 4812
4912 *48
*48
48
*46
48
48
48 48
100 11512Jan 17 133 Feb 18 5105 Dec 15512 Jan
422 United Fruit
g
1237 1237 123 12312 124 124
8
124 125
12412 12512 124 125
3712 Dee
5814 Jan
25 41 Jan 2 474 Mar 8
441
4 44
4412 4413 443
4 1,471 United Shoe Mach Corp
4412 44
4412 443
4 44
4478 44
25 Oct
3014 Mar
25 25 Jan 19 2614 Mar 8
568 Do pref
25
25
2514 -------25
• *2518 2512 25
2518 25
2518
79 8 Dec 135 May
5
1,697 U S Steel Corporation...J00 87 Mar25 9812 Feb 19
90
884 89
8ii4
904
8
8 90
4
8 903 907
9012 9112 903 915
4
10 Do prof
100 108 Mar25 z112 Feb 1 1032 Dee 121 Jan
4
8
*110 11012 110 110 *10912 110 *1093 10978 *10914 1093
414 Dee
3
8 8Jan 24
Vs Jan
5 Jan 2
612 1,490 Ventura Consol 011 Fields_ 5
614
6
6
614 64 *614 135s
*638 65
8 *612 658
Mining
1 Oct
41,Jan
1114Jan 25
1 Jan 10
25
Adventure Con
Last Sale 1
M ar'18
188
138 *1
138 *1
*1
158 *1
70 Dec 108 Jan
• 25 77 Mar28 83 Jan 3
35 Ahmeek
79
79
*77
*77
79
*77
79
*77
77
7712 7714 77
284 Jan 22
113 Jan 19
1112Jan
1 Dee
10
225 Alaska Gold
8
134
134 *112 17
8 *112 17
134 134
134 134
*134
17
8
.30 Apr 10
114 Jaa
.25Jan 7
14 Sept
25
200 Aigomah Mining
.30 .30 '30 .35
.30 .30
*.25 .30 *.25 .30 +.25 .35
45 Dec
70 Mar
25 50 Jan 15 64 Feb 27
80 Alloues
51
5014 5014 *50
51
*50
52
*50
51
52
51
*50
4114 Jan
11 Dec
1 Mar23
41
230 Amer Zinc, Lead & Smelt 26 1258 Jan 5 11744
1314 *127 1312
1314 1352 13
8
14
134 *13
•1314 1414 13
40 Nov 73 Jan
26 41 Jan 2 48 Feb 18
180 Do pref
44
45
44 44
*44
45
47
+45
*44
47
jen 18
F b 3
a
81a Nov
1514 Jinn
a
445 Arizona Commercial
1212 1212 *1234 13
8 1252 13
13
1258 127
13
1212 13
.45Jan 7
.25 Feb 1
.25 Dec
214 Jan
20 Butte-Balaklava Coppor_ 10
.30 .30 *.25 .32 +.25 .32
•.25 .32 *.25 .32 *.25 .32
52 Jan
125 Dee
s
20 Butte & Sap Cop (Ltd)
- 10 17 Mar25 2438 Marl I
2012 1912 1912 *18
1912
2112 *19
*20
*1912 21
*1912 21
8514Jan
55 Dec
10 6212 Jan 15 7112 Mar12
1,12' Calumet & Arizona
6712 66722 67
4 6712 6734 67
673
67
68
6712 6734 67
26 427 Feb 23 464 Jan 4 411 Dec 590 Feb
7 Calumet & Heels
432 433 +433 435
430 430 +432 435
*432 435
432 432
2714 Jan
11 Doe
25 12 Jan 14 1412Feb 19
*13
14
Centennial
Last Sale 13 Apr'18
14
*13
14
*13
133 *13
4
83 Mar
3814 Dec
8
5 403 Mar16 45 Feb 19
50 Chino Copper
4012 4012 +40
403
4
2
*405 4114 *4112 42
4
+405g 4114 403 41
88 Jan
8
3914 Dee
25 435 Mar25 4858Jan 3
4414 444 4412 1,061 Copper Range Co
4412 443
45
4 4418 4458 44
8
4438 4412 443
3 Jan
258 Mar 1
112 Apr 10
112 Apr
20
550 Daly-West
112 158 *15* 2
158
158
*158 2
158
158 *158 2
7i4 Jan
Erg Mar 8
5 Jan 2
10
314 Nov
5
5 12 1,159 Davis-Daly Copper
512 512
4
4
512 53
55a 53
522 512
512 55
8
16 Jan
812 Mar25 1012 Jan 2
814 Dec
10
215 East Butte Copper Min
93
4
914 914 *914 912
912 *914 912
*914
918
912 912
9 Mat
6 Feb 18
4 Dec
4 Jan 29
*5
26
53
4
Franklin
Last Sale 512 Apr'18
534
*5
6
*5
6
+5
92 Jan
68 Dec
100 7414Jan 29 79 Mar28
20 Granby Consolidated
+76
79
*77
79
*76
80
79
*75
79
*74
79
79
461k Jan
35 Nov
Greene Cananea
100 39 Jan 17 4412 Feb 6
Last Sale 4112 Mar'18
*4212 4312
41
+39
41
+3912 42
*39
201 Jars
7 Dec
Feb 18 104 Jan 2
712
25 Hancock Consolidated___ 25
8
*73
4 8
*73
4 8
*7 4 8
8 8
8
8
4 814 *77
*73
12Apr 8
1 Jan 3
4 Mar
8g Dec
26
5 Indiana Mining
.85 *- - .85 *_.
.85
12
12
.85
*.50 .90
52 Nov 7612 June
1 50 Jan 14 6712 Mar27
63 Island Creek Coal
6312 *6134 63
*62
63
64
*6214 6314 *62
633 633
4
4 63
80 Nov 94 Apr
20 Do prat
1 80 Jan 24 84 Feb 18
82
82
*8112 8312 *81
8312
82
82
*8012 83
*8012 82
20 Dec
36 Jan
25 191k Jan 14 26 Jan 2
405 isle Royale Copper
22
*2112 22
2212 2212 2212 22.2 22
*2212 23
*2212 23
6 Feb 19
6 Aug
414 Apr
5 Jan 2
140 Kerr Lake.
5
5
5 8 *54 58
5
4
55
8 54
514 514 *1
514 514
*514 512
112Jan 2
114 June
.99 Jan 24
41 Jan
26
13
8 *1
150 Keweenaw Copper
138
'114
114
114 114
14 13
8
+114
112 *1
5 Oct
18 Jan
712 Jan 3
5 Mar25
25
Lake Copper Co
*512 5
Last Sale 512 Apr'18
*512 6
*522 6
*512 6
314 Mar 5
Ile Dec
5 Jan
2 Jan 2
26
55 La Salle Copper
278 278
25
8 25
8 *212 3
3
3
*258 3
3
3
412 Nov
84 Aug
6 Feb 13
5 Jan 29
6
Mason Valley Mine
Last Sale 5
Mar'18
*412 512 *412 512 *412 512 *412 512
16i Jan
7 Jan 2
5 Nov
5 Apr 2
25
25 Mass Congo'.
*514 512 *514 512
514 514 *514 512 *514 512 *514 512
3 May
112 Jan 3
1 Nov
.65 Mar28
235 Mayflower-Old Colony_ 26
114
158
114
114 114 *1
132
*118
.85 .85 e138
158
152 Aug
212 Feb 5
51 Mar
1,{ Jan 4
14
25
214 212
224 224
110 Michigan
212
214 214 *2
*2
222
/
27 4 2j'
57 Dec
98 Jan
25 z58 Jan 9 66 Jan 2
202 Mohawk
6222
62
62
61
63
*62
62
62
63
62
6212 62
Nevada Consolidated
a 1812 Jan 30 201s Mar 7 16 Nov 2612 Mar
Last Sale 19
Apr'18
*1812 19
*1814 19
+1812 19
*181g 1858
6 Jan
214 Feb 9
154Jan 24
112 Dec
*17
8 2
2
85 New Arcadian Copper____ 26
2
*178 2
178 +17g 2
178
•178 2
17.2 Apr
10 Nov
New idria Quicksilver____ 5 1314Jan 2 1714 Mar 7
Last Sale 1614 Mar'18
17
*15
17
*15
17
+15
•15
17
30 Mar
22 Jan
*15
17
100 17 Jan 2 20 Jan 2
New River Company
Last Sale 17 Mar'18
17
*15
17
*15
*15
17
65 Dec
9214 Mar
35 Do prof
100 75 Jan 2 80 Jan 31
*75
78
*75
78
78
*75
75
75
78
78
*75
*75
gas Sept
9 Apr 11
14July
4
6
447 Niptssing Mines
6 8*,{ Jan 11
812 812
4
85
5 9
812 83
814 814
3
8 *814 8 4
812 85
2414 Mar
11s4 Oct
16 21418 Apr 12 1612Jan 3
310 North Butte
8
8
1412 *1438 145 *143 1458 z1418 1418
1434 143
4 1438
*1412 15
2s4 Jan
.30 Nov
95 Marie
.25 Fen 14
26
*.75 .88
100 North Lake
.75
.75
+.75 .90 +.62 .88 +.75 .88 *.75 .88
84 Jan 4
4.1an
.98 Dec
27
112 Mar30
25
*3
4 114
Last Sale 1
Olibway Mining
Apr'18
114
"4 114
+1
•"4 114
4
33 Nov 673 Mar
25 3934 Mar25 4512 Jan 3
40
40
40
255 Old Dominion Co
41
40
4012 4012 41
4012 41
41
41
5312 Dec
95 Mar
26 54 Mar30 65 Jan 9
Osceola
54
64
15
*52
64
54
54
+54
55
*54
55
55
*54
16 Nov 282 June
4
10 1712 Jan 12 2014 Feb 20
915 Pond Creek Coal
1814 18
1814
4
4 1814 1814 1814 1812 18
183 18'4 183 183
4
60 Nov 9412 Feb
25 69 Mar27 76 Feb 19
71
70
70
145 Qu1110Y
71
70
71
72
+70
7018 71
72
*70
20 Nov 324 Apr
4
15 Ray Consolidated Copper_ 10 213 Mar22 2438 Mar 4
243 *2314 24
4
*2312 24
245 *24
4
+237g 2438 2378 2378 *24
48 Dec
894 Mar
4
Last Sale 53 Apr'18
St Mary's Mineral Land__ 26 4913 Mar23 57 Jan 2
5234
5234 *50
253 *50
4
*50
52
*50
2 Jan
114 Feb 21
.58 Dec
65Jan 26
625 Santa Fe Gold & Copper__ 10
1
•
.85 .99
8
4 *•86
84
54 .80
'.80 1
*3
4 1
51 Oct
534Jan 2
10 Jan
3 Apr 10
1
250 Shannon
3
44
414 438 *418 438
418 412
418 418
418 418
19 Oct
*15
11011 Mar
17
Last Sale 1612 Mar'18
10 16 Jan 15 1612 Mar15
Shattuck-Arisona
1712 *16
17
1712 +15
*15
.89 Dee
2 Jan 3
614 Jan
8
8 2
13 Mar30
26
*138 2
100 South Lake
1414
*138 2
*13
8 112 *13
*1,4 2
7
.31 Jan
.20Jan 8
.10 Deo
luau 23
5
200 South Utah M & El
.12 .12 +.12 .17 *.12 .17 •.12 .17 +.12 .17
*.12 .17
512Jan 2
314 Dee
1.611e Mar
4 Feb 19
28
25 Superior
*414 5
*414 43
4 *414 43
4
434 43
4 *414 5
.412 5
814 Jan
3 4Jan 3
3
218 Apr 12
2as Dec
315 Superior & Boston Copper- 10
212 212
218 212
212 212 *212 272
*212 23
4 *212 278
41/ Feb 13
3 Nov
812 July
314Jan 14
25
250 Trinity
3 4 33
3
4
39 3%
4
3
334 3 4 *312 4
334 334
*312 4
14 Feb 21
1 May 2% Jan
.93 Feb 14
1
Last Sale .99 Mar'18
Tuolumne Copper
4
..99 _
+.95 1
*.95 1
•
.95
1
4Jan
678
401a Dec
40
4 - 38
63
1,962 U S Smelt Refit) & Min__ 80 3712 Apr 12 491k Feb 19
3712 38
4014 4112 40
4212 41
41
*41
4312 Nov 5212 Jan
50 4258 Apr 12 46 Jan 2
433 4414 425 44
4
300 Do prof
45
8
8 45
4412 447
2 447 447
45
8
45
252 Feb 8
us Mar
Vs SePS
2 Jan 30
2
5
2
2
120 Utah-Apex Mining
2
2
2
218
218 *2
*2
-+912 10
6 9 Mar20 12 Jan 16 912Dec 2112 Feb
*912 10
55 Utah Consolidated
*912 10
*912 10
10
93
4 03
4 10
71 Dec 118ss May
10 7712 Mar23 85 Feb 19
7812 *7814 783
25 Utah Copper Co
4
*7914 793 *78
4
*7912 80
7914 7914 *7912 80
24 Deo
2 Jan 30 VA Apr 8
Pr Jab
1
212 3,970 Utah Metal & Tunnel
214
4
4
23
4 23
234 23
212 3(*
212 3l fe
i
214 212
3 Jan 3
6 Jan
212Jan 26
2 Oct
Last Sale 258 Mar'18
25
8
Victoria
*212 25
*212 258 +2.2 258
*212 3
etsJan
2 Jan 3
2 Oct
1 Jan 10
25
130 Winona
112 112 *114 2
112 112
134
/
134
14'I 15 4
•112 2
Ws Mar
111 Dec
25 28 Mar22 36 Jan 3
2814 *27
05 Wolverine
2814 *27
2814
2914 2812 2812 *28
+2812 2912 29
15 Aug
358 Jan
.61 Apr 9 154 Mar 7
25
200 Wyandott
.90 *.70 .90 *.70 .90
.01 .80 *.60
*.60 .90 +.70 .80
ihu.paw
• as-dividend •
• Maud asked DMus. a 1131411vklond and rigtiti. 0 Assessment paid. 8 Ex-riebss.
•
--
1,562
THE CHRONICLE
[VoL, 106...
Baltimore Stock Exchange.
-Complete record of;the
transactions at the Baltimore Stock Exchange from Apr.‘6
to Apr. 12, both inclusive, compiled from the official sales
Boston Bond Record.
-Transactions in bonds at Bos- lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
ton Stock Exchange Apr. 6 to Apr. 12, both inclusive:
of par value.
Friday
Outside Stock Exchanges
Last Week's Range Sales
Sale j of Prices.
for
Price. 'Low. High. Week.
Bonds
-
S Lib Loan 3%8_1932-47 98.50 98.34 98.90 $54,950
1st Lib Loan 48_1932-47 95.94 95.64 96.30 26,550
2d Lib Loan 48_1927-42 95.90 95.64 96.50 76,650
Am Tel& Tel coil 4s_ _1929
81% 81% 2,000
Collateral trust 5s_ _1946
91% 92% 10,000
Atl 0&W I SS L 5s_ _1959 75% 75% 75% 6,000
Chic June & US Y 48_1940
72% 7235
1,000
Gt Nor-C B & Q 48_1921
92% 92% 10,000
Mass Gas 4%s
1929 90% 90% 90% 7,000
Miss River Power 5s_ _1951
70% 70% 1,000
N E Telephone 5s_ ___1932
90
90
4,000
Punta Alegre Sugar Os 1931
81
81
2,000
Swift & Co let 5s_ _ _ _1944 93% 93% 9331 2,500
United Fruit 4348_ _ _ _1923
95% 95% 3,000
Western Tel & Tel 53_1932
88
88
2,000
Low.
96.52 Jan
95
Feb
94.54 Feb
81
Feb
91
Jan
75
Mar
72% Apr
92
Mar
88
Jan
67% Jan
89
Jan
79
Feb
92% Mar
93
Jan
87% Jan
High.
99.06 Apr
98
Jan
97.90 Mar
83
Jan
95% Feb
79
Jan
72% Apr
94% Jan
91% Mar
Mar
71
91% Feb
Apr
81
95% Feb
95% Feb
90% Mar
Chicago Stock Exchange.
-The complete record of
transactions at the Chicago Stock Exchange from Apr. 6
to Apr. 12, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sala
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
American Radiator_ _ _100
.
Amer Shipbuilding_ _ _ _100 115
Preferred
100 88
Booth Fisheries
Common, new _no par 23
Preferred
100
Chic City&CRy pt sh prof 15%
Chic Pneumatic Tool_ _(r 64
Chic Rye part ctf "
Chicago Title & Trust_100 170
Commonwealth-Edison 100 107
Deere & Co, pref
100 95%
Diamond Isrfatch
100
Hart,Shaff&Marx, pret 100 105
Haskell& Barker Car Co_ - ......
Illinois Brick
100
Lindsay Light
10
Mid West Utlities cOm_100
Preferred
100
National Carbon preferred
Peo Gas Lt & Coke_
100
Quaker Oats Co pref _..100 99
Sears-Roebuck com_ _ _100 14134
Shaw W W common
100
Stewart
-Warner Sp com100 5434
Swift & Co
100 144
Union Carbide Co
100 5034
United Paper Bd com'_ _100
Ward Montg & Co, pref.. _ 102
Wilson & Co, common 100
Preferred
100
Bonds
Booth Fisheries a f d Os '26
Chicago City Ry 55_ _1927
Chic City& Con Rye 55'27
Chicago Rye 55
1927
Chic Rye 5s_ _series "A"
Commonw-Edison 58_1943
Liberty Loan 3348_1932-47
Liberty Loan 1st 4s '32-47
Liberty Loan 2d 4s_ _'27-42
Metr W S El ext g 4s_1938
Ogden Gas 5s
1945
South Side Elev 4%3_1924
.
Swift dc Co 1st g 5s_ _1944
Wilann /1, On 1 Rt. Aq
1041
250 250
10034 119
85
89
Range since Jan. 1.
Low.
88
87%
55
82%
8234
91% 91%
98.50
96
96
48
48
7534 75%
80
93% 93
0.5'.
High.
10 250
Jan 265
1,964 87
Jan 119
174 84% Mar 90
23
25
1,155 18%
50 80
8034 82
15% 16
35 14
63% 64%
375 4734
10_
11
55
8
168 170
60 165
106% 107
99 103
95% 96
97 9434
108 108
50 102
105 105
25 103%
3934 3934
100 34
50 4934
4934 50
20% 2134
645 19%
25
25
30 2434
5834 5834
10 57
112 112
40 112
41
43
167 40%
99
9934
67 95
140 143
783 139
67
67
10 53%
54
54%
238 47
141 146
21,726 124
4934 5234 7,690 47%
17
17
100 1434
102 103%
244 102
52% 5534
405 46
64 95
98% 99
87%
55
88
$1,000
87% 2,000
55
3,000
82% 5,000
83
3,000
91% 8,000
98.50
300
94.10
300
96.12 4,600
48
1,000
80
7,000
80
5,000
93% 59,000
94% 1.000
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Apr
Mar
Mar
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Fob
Apr
Jan
Jan
88
Apr
84% Jan
52
Jan
82
Jan
82% Apr
90
Mar
97
Jan
95.04 Mar
94.70 Feb
48
Mar
75
Mar
78% Jan
92% Apr
94
Apr
26
86
18
65
15
175
108
97
112
108
4134
58
28
28
65
120
55
100
157
69
58
146
5434
17
110
59
9934
Feb
Apr
Jan
Feb
Feb
Mar
Apr
Mar
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Feb
Apr
Feb
Mar
Feb
Jan
Mat
90
Feb
87% Apr
59
Mat
84% Mat
83
Apt
9434 Mat
98.80 Mat
97.50 Jar
97.52 Mar
55
Jar
80
Apr
81
Jar
9534 Jar
96
Mar
x Ex-dividend.
Pittsburgh Stock Exchange.
-The complete record of
transactions at the Pittsburgh Stock Exchange from Apr. 6
to Apr. 12, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
American Rolling lt4111_ _25
55
55
American Sewer Pipe_ _100
1434 1435
Amer Wind Glass Mach100
50
50
Am Wind Glass pref._ A00
9934 9934
Consolidated Ice corn_ _ _50
2%
2% 234
Crucible Steel, pret__ A00
89
89
Indep Brewing corn_ _50
134
134
Preferred
50
7% 7%
La Belle Iron Works_ _ _100 108% 108 108%
Lone Star Gas
100
101
101
Mfrs Light & Heat
50
50
50
Nat Fireproofing Corn.. _50
334 3%
Preferred
50
834
8% 834
Ohio Fuel 011
1 15% 15% 16
Ohio Fuel Supply
25
41% 41%
Oklahoma Natural Gas_25
23% '2334
Pittsb Brewing corn_ _50
1% 2
Pittsb Coal corn
100
5294 5234
Preferred
81
100
83
Pittsb-Jerome Copper_ _ _1 67c
67c
75c
Plttsb & Mt Shasta Cop.1 38c
380
41c
Pittsb 011 & Gas
100
634 6%
Plttsb Plate Glees com_100
114% 11434
River Side Eastern 011 pret
2%
234 234
Ross Mining & Milling_ _1
12c
14c
San Toy Mining
100
1
11c
U S Steel Corp corn_ _ _ _100
89% 91%
West'house Air Brake__50
9434 9634
West'house Elee & Mfg_50
40
4034
West Penn Tr & W P--100
9% 10
Bonds
Mon Riv Con C&C 6s 1949
M.oi
i",..1 rinh Ka
10.11
112
00
112
110
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Range since Jan. 1.
Low.
10 55
10 12%
100 40
25 9934
100
2
20 89
310
1%
100
6%
142 106
37 95
110 50
25
3
75
8
134 15%
175 z41%
270 23%
300
134
50 45
113 80
2,400 40e
8,900 210
200
554
25 11434
70
234
Sc
1,500
4,700 10o
275 8734
115 9434
110 39
100
9
High.
Apr 55
Jan 15%
Jan 58
Apr 101
Feb
3
Mar 89%
Jan
2
Mar
9%
Mar 115
Jan 101
Apr 53
Jan
4
Mar
9%
Jan 16
Mar 45
Apr 25
Mar
2%
Jan 5834
Jan 83%
Jan
1
Jan 48c
J an 734
Apr 117
Feb
2%
Jan 17c
Apr 16e
Mar 98
Apr 9634
Jan 43
Feb 13
$1,000 112
Apr 112
2 ann 01111 Mar 00
Apr
Jan
Feb
Feb
Mar
Feb
Feb
Jan
Feb
Apr
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Mat
Jan
Feb
Mat
Feb
Feb
Mar
Jar
Mat
Stocks-
Atlantic Petroleum
10
Consol Gas,E L & Pow_100
Consolidation Coal_ _ _ _100
Cosden & Co
5
Preferred
5
Davison Chemical_ _no par
Elkhorn Coal Corp
50
Houston 011 pret tr cts_100
Mer & Miners Trans_ _100
Mer & Miners IsransVT100
Mt V-Wood M v t r__100
Preferred v t r
100
Northern Central
50
Pennsyl Wat & Power_100
Sapulpa Refining
5
United Ry & Elec
50
Wash B & Annap
50
Wayland Oil& Gas
5
Bonds
Bait Electric stamped 58'47
Bait Sparrows P&C 430'53
Consol Gas gen 4348_1954
Consol Gas EL&P 434s '35
5 per cent notes
Consol Coal cony 68_1923
Costien & Co
(Old Co) refund 68_1926
Georgia Pacific 1st 08_1922
Kirby Lumber Contr 613'23
Maryland Dredge 65
MO Elec Ry 1st 5s_ -1931
Milw Billy Sc Lt 434s 1931
Monon V Trac 5s_ _ _ _1942
Norf & Ports Trail 58_1936
Rich & Danv deb 58_1927
United E L & P 434s_ _1929
United Ry & E 48......_1949
Income 48
1949
Funding 55 small__ _1936
Vs Mid 5th ser 5s small '26
Wfkah is .6. A ca
10.11
9534
8734
3%
32
•
2034
27
0094
2%
95
8734
694
3%
32
27
66
78
78
1534
73
7334
65
8
2034
27
3
2%
96
8935
7%
3%
3334
27
66%
79
79
15%
7334
7334
6534
8%
21
27%
3
90%
91
8654
8234
9134
99
9094 $4,000
91
4,000
8634
1,000
83
5,000
92
8,500
99
7,000
92
101%
9534
9894
0034
84
8434
7934
95% 9594
83
74
5334
76
98
9534
591Z
5954
92
10134
9534
9834
9034
84
8434
7934
9534
83
74
54
76
98
52*1
Low.
2%
94
8734
634
334
30
2234
6434
56
77
15
63
70
60
8
20
24
3
High.
Mar
3%
Jan 102
Apr 106
Jan
834
Jan
4
Jan 38%
Jan 29
Jan 74
Jan 02
Jan 90
Jan 1734
Jan 74
Jan 7334
Jan 6534
Mar
8%
Mar 2434
Jan 2934
Apr
3%
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Feb
Feb
Mar
Apr
Feb
Mar
Jan
90% Apr 93
Feb
90
Mar 9334 Jan
8634 Mar 8834 Feb
81
Jan 84
Feb
01% Jan 95
Jan
99
Jan 103% Jan
2,500 92
2,000 101
4,000 9531
1,000 9894
1,000 87%
1,000 84
1,000 8434
3,000 79%
1,000 95%
1,000 83
2,000 73
6,000 5334
200 76
500 98
7.0410
gn
Apr 94
Jan
Jan 101% Apr
Apr 98
Feb
Apr 9834 Apr
Jan 92
Feb
Mar 86
Feb
Apr 85
Feb
Mar 80
Feb
Apr 95% Apr
Apr 8534 Jan
Jan 7734 Feb
Mar 5834 Jan
Apr 8234 Feb
Apr 98
Apr
.Th.n
11:11(
Feb
Philadelphia Stock Exchange.-Tho complete record
of transactions at the Philadelphia Stock Exchange from
Apr. 6 to Apr. 12, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, not per cent. For bonds the quotations are
per cent of par value.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
American Gas of N J__100
Baldwin Locomotive_ _100
Cambria Iron
50
Cambria Steel
50
Elec Storage Battery_ _100
General Asphalt pref. _100
Insurance Co of N A..10
Lake Superior Corp__ _100
Lehigh Navigation
50
Lehigh Valley
50
Midvale Steel & Ord__ _50
Pennsylvania
50
Philadelphia Co (Pitts)_50
Preferred (5%)
50
Prof (cumulative 6%)50
Phila Electric of Pit_ _25
Phil Rap Tr vot tr rets_50
Philadelphia Traction_ _50
Reading
50
Tono-Beimont Devel_ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
S Steel Corporation_100
Warwick Iron & Steel_ _10
Westmoreland Coal_ _50
Wm Cramp & Sons_ _._100
York Railways prof_ _ _ _50
Bonds
U S Lib Loan 330_1932-47
let Lib Loan 45_1932-47
2d Lib Loan.48. _1927-42
Am Gas & El 56 small_2007
Baldwin Locom 1st 58 1940
Beth'm Steel pur m 5s 1936
Elec & Peo tr Ors 4s. _1945
Lake Superior Corp 58 1924
Lehigh C &N cons 430'54
Leh Vail gen cons 48_2003
Leh Vail Coal 1st 58...1933
Pennsylv RR gen 434s 1965
Consol 4348
• 1960
P W & ars 4s..__1921
Pa& Md Steel cons 6s 1925
Phila Co 1st 5s stpd_ _1949
Cons & coil tr 55 stpd$'51
Phila Electric 1st 5s_ _1966
Small
1966
Reading gen 45
1997
Registered 4s
1997
Spanish Am Iron (3s_1927
Welsbach Co 5s
1930
do do small_...1930
77
77
7834
74
7734
40
40
127 127
4834 49
4894 48% 4934
2534 25%
14% 14% 1534
64
64
65
57% 58%
45% 45% 46%
4434 44
44%
22% 23%
23% 23%
29% 30
2434 24% 2534
24% 25%
25
66
66
78
80%
3 3-16 334
3 1-16 3 3-16
39
38% 39
66
65% 6634
8934 8834 9134
8
8
8
70
70%
79
79
31% 31% 32
Range since Jan. I.
Low.
58 77
670 58%
56 40
28 115
289 48
64 47
2 24
655 12
251 8194
79 • 55
290 43%
1,429 44
230 2234
70 2334
565 29
2,494 24%
1,664 23%
5 66
90 71
218
3
200
3
171 3834
340 6534
1,954 8694
350
734
15 69
50 74
53 31
95.90
High.
Apr 89
Jan 80%
Apr 243
Jan 136
Mar 51
Jan 5151
Jan 26
Jan 17%
Jan 65%
Jan 63
Jan 47%
Mar 47%
Apr 27
Apr 28
Apr 33
Apr 25%
Mar 30
Apr 71%
Jan 85%
Jan
3%
Jan
4
Apr 4234
Apr 7234
Mar 98%
Apr
8%
Mar 76
Jan 85
Feb 33
98.50 98.80 $15,950 97
Jan
95.70 96.10 4,300 95.70 Apr
95.10 96.30 46,300 94.50 Feb
78
78
300 7734 Mar
99% 99% 99% 5,000 9934 Apr
80
80
9,000 79
Mar
70
70
1,000 70
Mar
50
50
4,000 47% Jan
50
93
93
13,000 93
Apr
7934 7934 1,000 78
,
Feb
100 100
1,000 99% Mar
89
89% 9,000 89
Apr
96% 96% 5,000 96
Mar
95% 96
4,000 95
Apr
10134 101% 1,000 100
Mar
8734 87% 5,000 8734 Apr
75
75
75
20,000 73
Apr
94% 93
94% 22,000 93
Mar
94
95
3,400 94
Jan
81% 81% 81% 35,000 81% Apr
8034 8034
1,000 80% Apr
100 100
3,000 100
Jan
94
95% 6,500 91
Feb
95
95
95
300 91
Mar
98.80
Jan
Feb
Mar
Jan
Feb
Feb
Apr
Feb
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Jan
99.04 Apr
97.90 Jan
97.60 Mar
82
Jan
10034 Feb
80% Feb
73
Jan
52
Feb
95
Jan
80
Jan
100% Jan
92
Jan
9894 Jan
96
Apr
103
Jan
8734 Apr
Apr
75
Jan
96
96%
85
Ian
83% Feb
101
Feb
95% Apr
95
Apr
V
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
1Veek ending
Apr41 12 1918.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Par Value.
204,100 619,374,500
228,600 20,695,500
169,600 14,826,000
188,600 16,191,500
338,200 30,278,500
216,602 20,014,600
Apr
114Ar
45
232
423
835
370
100
300
55
23
30
10
129
210
75
57
733
260
100
Range since Jan. 1.
Total
•
1.344.702 $121.380.600
Railroad,
&c..
Bonds.
$249,000
798,000
692,000
776,000
634,000
682,500
State, Mute.
ce Foreign
U. S.
Bonds.
Bonds.
$800,000 1,426,000
701,000 2,730,000
493,000 3,473,000
765,000 2,468,000
759,000 2,505,000
769,500 2,151,000
33.831.500 84.287.500 14753000
THE CHRONICLE
APR.,13 1918.1
Week ending AprU 12.
Sales at
New York Stock
Exchange.
Jan. 1 to April 12.
I
1917.
1918.
1918.
1017.
3,817,301
35,710,292
1,344,702
56,223,898
-No. shares_ _
Stocks
$121,380,600 $352,616,000 $3,340,280,350 $5,059,558,430
Par value
Bank shares, par
$12,400
$15,200
Bonds.
$48,000
$213,046,500
Government bonds_ _ _ $14,753,000
$249,500
64,158,500
4,287,000 18,218,000
State, mun., &c., bds_
120,299,000
3,831,500 14,661,000
83,878,500
207,189,500
RR.and misc. bonds_ ..
$22,872,000 $32,927,000
Total bonds
$361,083,500
$327,738,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES. '
Philadelphia.
Boston.
Week ending
April 12 1916.
Baltimore.
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
$18,500
49,300
38,800
23,650
51,900
26,600
2,335
863
1,763
1,846
5,087
911
$23,750
29,150
52,350
47,650
45,700
23,300
1,093
624
470
731
724
492
$10,206
10,000
7,500
16,000
19,700
10,000
46,1311 $208,750
12,805
$221,900
4,134
373,400
4,7891
7,1721
10,868;
4,5371
12,011!
6,7541
-Below we give a record of
New York "Curb" Market.
the transactions in the outside security market from April 6
to April 12, both inclusive. It covers the week ending Friday afternoon.
It should be understood that no such reliability attaches
"
to transactions on the "Curb as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed
that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
"
insure that quotations coming over the "tape, or reported
in the official list at the end of the day, are authentic.
On the "Curb, on the other hand, there are no restric"
tions wjiatever.
Any security may bob dealt in and any one
can meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
that
fictitious transacThe possibility
that dealings in spurious securi-
of the transactions.
tions may creep in, or even
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week ending AprU 12.
Stocks-
Aetna Exelos.r.._.(no par)
Preferred.r
100
-Amer Tob ord'y- .£1
Brit
Ordinary bearer
£1
Burns Bros Ice r
Second preferred.r
100
Chevrolet Motor
Curtiss Aerop Sr M coin(t)
1
Electric Gun r
.5
Emerson Phonograph..
Gillette Safety Razor.r-(t)
Inter Trad Corp, com.r_ _1
Preferred.r
1
Keyst Tire & Rub,com_10
Preferred.r
10
Kresge (5 S) pref r_ _ _ _100
Lake Torpedo Boat.r_ _100
Marconi Wirel Tel of Am..5
Maxim Munitionss__ _10
North Am Pulp & Pap (t)
Poulson Wireless r.___100
Repub Mot Trk.r_(no par)
St Joseph Lead_ r
10
Smith Motor Truck.r.-10
Standard Motor Constr r 10
Submarine Boat V t a_(1)
Thlogen Co of Amer
Mangle Film Corp v t o-5
United Motors.,..(no par)
U S Light az Heat, corn r10
S Steamship
10
Wright-Martin Afros_ (t)
Former Standard 011
Subsldlarle4.
Anglo-Amer 011 r
£1
Galena-Signal Oil corn r100
Illinois Pipe Line r___ A00
_ ...-.25
Ohio 011 r
_100
Prairie OH & Gas r
Prairie Pipe Line r _ _100
Standard 011 (Calif) r .100
Standard 011 of N V r .100
Other Oil Stocks
1
Allen 011.r
Amer Ventura Oil
1
1
Barnett 011 & Gass
Boston-Wyoming 011.r
1
Coaden & Co.com.r
5
Preferred .r
5
Crown Olis
1
Dixie Gas_r
10
Elk Basin Petroleum _r--5
Inland 011 & Gas r
1
Esmeralda 011 Corp_r
1
Federal 011-r
A
Olenroolc011-,
10
Hanover 011 az Ref_r___ _5
Houston 011 corn.r _-100
7%
15%
21%
122
9-16
2%
3-1
3-16
17%
2%
3%
9-16
10
2 9-16
11%
4%
25%
5%
734
325
217
258
lie
11-16
210
6%
10%
611
A
10e
2%
3%
5
7% 8%
55
55
14% 15
15
15%
23%
20
50
57
118 123
28% 29
%
A
2%
2
82
79
1-16
14
1-16 3-16
17% 18%
17% 17%
101 101
2% 3
334 354
14
54
2% 2%
11%
10
31
31
1554 1554
2 7-16 2%
13
12
1114 1214
414 4%
11-16
%
2534 26
1%
114
511 5)4
715
7
Range since Jan. 1.
Low.
8,800
6%
15 41%
300 14%
3,200 14%
21,100 19
320 50
2,500 100
400 25
2,950
2,420
2
338 77%
1,100 .1-16
500 1-16
2,750 12%
100 17%
100 100
825
2,100
3%
16,500
400
2%
1,000 10
100 31
100 14%
40,500
1
1,600
8)5
3,700 11%
7,600
4
800
4,700 19%
900
1
4%
12,300
6,800
634
11% *12A
138 138
185 185
325 333
485 490
265 266
216 220
258 267
2,250
10
10
97
85
20
112
210
7-10 7-16
90 120
9-16 11-16
200
6% 711
314 354
51
44
10% 10%
614 614
14
120
flo
2% 3
3% 3%
4% 5%
43
45%
200
14,100
11,200
13,500
5,600
200
32,600
2,400
700
7,740
19,500
3,500
12,600
7,350
1,900
11%
134
180
300
418
255
212
202
High.
Feb
9% Mar
Jan 61
Mar
Apr 10% Jan
Apr 18
Feb
Apr 23)4 Apr
Apr 57
Apr
Jan 135
Feb
Jan 41% Feb
Mar
54 Apr
Apr
4% Jan
Mar 82
Apr
Apr
1% Feb
Apr
1% Feb
Jan 18% Apr
Apr 17% Apr
Mar 104
Mar
Apr
314 Jan
Jan
3% Mar
Feb
1
Jan
Jan
3% Jan
Apr
12
Mar
Apr 40% Mar
Jan 1734 Feb
Jan
2
Mar
Jan 13% Mar
Mar 14% Jan
Mar
5
Mar
Apr
1
Jan
Jan 30%Feb
Mar
134 Jan
Jan
5% Apr
Jan
8% Feb
Feb
Mar
Mar
Jan
Jan
Feb
Mar
Jan
34 Feb
60
Jan
Apr
20e Mar
634 Jan
314 Mar
Feb
1034 Feb
6% Jan
3-1 Jan
90 Apr
2% Jan
3% Jan
Jan
39% Jab
17%
145
192
365
500
278
237
285
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
11-16 Jan
ICc Feb
1 3-16 Jan
33e
Jan
8% Feb
334 Jan
1 5-16 Jan
10% Mar
7
Feb
% Jan
5-16 Jan
4
Feb
5
Jan
7% Jan
5344 Jan
Friday
Sates
Last Week's Range for
Sale.
Week
of Prices.
Other Oil Stocks (Conc'd) Price. Low. High. Shares.
Internat Petroleums_ _£1 14
13% 14% 5,300
Island Oil az Trans_r-_10
4
4% 12,000
4
Kenova 011
1 5-32
14 3-16 26,700
Merritt Petroleum
5
18% 1841
1,300
Metropolitan Petroleum -5
% 7,000
%
Midwest 011 com_r
1 89c
87e 96c 12,000
Preferred r
1 11-16
500
Midwest Refining-r- --50 101
100 102% 1,105
Mineral Wells Pet
1
1% 2% 2,800
234
N Y-Oklahoma 011com_r1
14
34
% 2,950
Northwestern Oil com_r_l 63e
60e 65e
3,900
Oklahoma 011 com.r_ __
4e
3%c 4e 22,000
Oklahoma Prod & Ref__ _5
634
6% 6% 5,000
Okmulgee Prod & Ref
5
9
8
42,000
Omar Oil & Gas corn_ _ _ _1 31e
310 32c
4,000
Pan-Am Petrol corn r_._50 48
47
49
300
Penn-Kentucky 011_r
5
5% 4,225
5
Queen Oil_r
250 25e
1 25e
6,900
1 5-16
% 23,000
34
Roco 0 11rr
i ya1 0- _
9
1
1
13,700
1
34
Sapulpa Refining.,
8% 8% 2,715
8%
5
Sequoyah 011 & Ref
1
1
14,600
% 1
Sinclair Gulf Corp_r-- (t)
15% 15%
200
Somerset 011.r
7-16 7-16
1
100
Stanton Oil_,
2
2
2
1
5,100
Stockton 011.r
10
10
10
500
Tuxpam Star Oil r
554c
7c 105,200
5c
1
United Western Oil new_r_
3-16
% 7,500
United Western 011.r _ _ _ _1
% 15-16
7-1
500
Vacuum Gas & Oil Ltd_ _1 3-32 3-32 3-32
800
Victoria 011 r
*4% 4,002
4%
4
10
Mining Stocks
America Mines_r
530 53e
3,900
1
Atlanta Mines
lie 1114e 12,000
1 lle
Aurora Sliver Mines_r
5
4% 5
6,525
5
Big Ledge Copper
15-16
14,700
1
34
Booth _r
6c
6e
1,000
1
Boston & Montana Dev 5 52e
51c 55e 48,000
Bradshaw Copper_r
14 *9-16 1,850
1
Butte-Detroit Cop & Zinc 1
11-32 7-16 35,000
Butte & N Y Copper_ _1
15-16 15-16
500
Caledonia Mining
1 42e 40e 420 20,200
Calumet & Jerome r_
1% 1 1-16 1% 32,000
1
Canada Copper Co Ltd_ -5
151 1% 2,100
Cash Boy
9c
9e
12e 33,000
1
Cerbat Sliver
% 1
4,900
74
Coco River Mining_r
2%
214
2
1,900
1
Consol Arizona Smelt.. 5 1 15-16
5,700
1% 2
Consol Conner Mines
5% 5%
1,300
534
,
5
Consol-Homeatead_r. -1
14 9-32 5,950
___
Copper Valley Mining_r-1
1,125
134
13-4
Cresson Cons Gold MacM 1
4% 4% 3,100
Dupont Copper_r
1
44 2,800
%
El Salvador Sliver.,
66e
600 68c 12,032
Emma Copper_r
% 7,300
1 7-32 3-16
Rucks Croesus Min
1% 17-16 9,475
1%
Fortuna Cons'd_r
37e 37e
1,000
1
Globe Dominion Copper_l
2,500
14
41
Goldfield Consolidated_10 11-32 5-16
44 7,100
Goldfield Merger r
3% 7,000
3
3%
1
Green Monster_r
54,000
50e 15-16 11-16 1
Heels Mining
250 411-16 4 7-16 4% 2,905
International Mines_r__1 14e
13e *16e 46,120
Iron Blossom.:
)4 3,500
44
10e.
Jerome Prescott Copper r 1
614 81g
,
7.500
Jerome Verde Copper...-1
11-16 13-16 31,500
Jim Butler,
59c 67e
650
9,900
Josevig-Kennecott Copp..1
54 9,800
34 5-16
Jumbo Extension
12%c 14e
130
4,600
1
Kewanus r
6e 615e 11,200
60
1
Lampazos Silver
1% 1% 16,000
1)4
1
La Leona Silver r
3% 4% 3,600
La Rose Consol Mines__ -5 9-16 9-16 9-16
700
Liberty Silver (prospl) r 1 32c
30c 34e 10,500
Lone Star Consol.r
314 2,000
314
3
1
Louisiana Consol
7-16 7-16
500
1
Magma Chief.r
5-16
44 11,100
36
35
Magma Copper
35
200
Marsh Miffing r
6c 6%c 12,900
6e
1
Mason Valley _
5
5
100
5
37c 400
McKinley-Darragh-Say...1
1,700
Milford Copper_r
114
300
1%
1
Mogul Mining_ r
10e 20e
6,500
10e
1
Monster Chief r
514c Ile 57,300
12c
1
Mother Lode r
340 36e
35c
14,000
1
National Leasing r
Sc
4%c 514c 50,450
1
Nat Zino & Lead r
22e 30e 13,200
1 240
Nevada Ophir r
18e 18e
2000,
10c
Nevada Rand r
20c 23e
5,600
10e 21c
New Cornelia r
16% 2,000
5 164 16
Nipissing Mines
2,900
5
Nixon Nevada
7,700
1
)1
34
Ohio Copper r
1
1
300
1
Onondago Mines_,
244 374 4.850
2%
1
6Se 68e
Porphyry Copper r
1,000
1
Provincial Mining
50e 5Ie
2,500
1
Ray Hercules Mining r 5
4
4%
431 2,500
Red Warrior Mining r___1
600
34
%
1134e 1114c 2.500
Rex Consolidated Mg
1
34c 40c 23,200
Rochester Mines
360
San Toy Mining
10c lie
3,500
1
Senorito Copper_ _ _ _ _ _1
3,300
X
X,
Sliver Mamie Silver r__ _ A 13-16 13-16 13-16 8,600
Silver King of Arizona__ _1
7-32
% 4,900
34
Sliver Plume Cona.r._ 1 71e
70e 76e
9,000
Standard Silver-Lead.._1 7-16 13-32 7-16 4,600
Stewart
1 7-32 7-32 7-32 9,600
Success Miffing
14e
12e
7,400
.1
Superior Con (prosp't) (t)
2% 2%
500
Tonopah Exteaalon
1%
1,300
1% 1%
1
Tri Bullion S & D
5
3-1
500
14
4% 4%
United Eastern
4%
600
1
US Lead & Zinc i.r
30c 34e
30e
6,500
1
Unity Gold Mines
5% 63-4 3,500
5%
5
‘‘, nshoe Copper
% 1 3-16 1.300
1
3-1
West End Consolidated__ 5 SOe
77c 80c
5,700
White Cape Extension 10e
9c 10c
1,500
White Caps Mining._ -10c
7-16 17-32 5,350
14
Wilbert Miffing
11%c 12c
3.000
1
Yukon Gold5
nnd
15-16 1
400
M&M
1563
Range since Jan. 1.
Low.
High.
12% Feb 14% Mar
134 Jan
5% Mar
3-32 Jan
34 Feb
17% Mar 24% Jan
44 Jan
Feb
•87c Apr
4 Jan
Apr
1
1% Jan
Mar 114
97
Ian
244 Mar
1% Jan
44 Feb
34 Jan
560
Jan 890 Feb
3o
Jan 8440 Mar
7% Jan
6% Mar
2% Jan 113.4 Mar
280 Feb 40o
Jan
40
Feb
Jan 53
Jan
544 Feb
5
170 Feb 860
Jan
3-32 Feb
44 Feb
% Apr
1% Mar
M
8
10
Jan
I% Mar
44 Jan
Jan 23% Feb
15
5-16 Feb
% Feb
2% Mar
134 Mar
Mar
9% Mar 10
Sc Apr 220 Mar
5f4 Mar
34 Jan
2% Feb
% Apr
1-16 Mar
44 Mar
644 Mar
3% Jan
1/
50c Mar
8e
Jan
2% Feb
44 Jan
So
Jan
Jan
410
% Jan
14 Jan
11-16 Jan
40o Mar
Jan
*1
1 5-16 Jan
3160 Jan
Jan
42e
1% Mar
1% Feb
Jan
5
22e Feb
44 Jan
444 Ma
% Apr
550 Mar
;( Apr
6
% Feb
Jan
35c
% Mar
44 Mar
Jan
3c
9-16 Jan
214 Jan
Jan
8a
%, Apr
1% Jan
Mar
Jan
550
3-16 Jan
1244c Apr
Jan,
6e
)4 Feb
Apr
3
25e
Jan
28e Feb
3c Apr
7-16 Jan
5-16 Feb
35
Apr
4e
Jan
4% Jan
37e
Apr
1% Jan
10e Apr
514e Apr
25o
Jan
30
Jan
15o
Jan
13e Feb
Feb
13e
1514 Jan
Jan
8
% Apr
14 Feb
2
Jan
670 Mar
43o
Jan
3% Jan
% Jan
tie
Jan
27e
Jan
Apr
10c
14 Jan
54 Mar
7-32 Apr
47c Feb
44 Jan
,
3-16 Jan
Jan
7c
2
Jan
14 Jan
3-16 Jan
3% Jan
9e Feb
314 Jan
44 Apr
Jan
65e
9e Apr
11-32 Jan
Se Feb
% Feb
53e Apr
13c Feb
Apr
5
144 Mar
Apr
6c
960 Mar.
1% Jan
44 Mar
I% Mar
Jan
660
1% Mar
2% Jan
190 Feb
1% Mar
2% Jan
2% Jan
Jan
7
34 Mar
2% Mar
534 Jan
% Mar
680
Apr
,fs Feb
144 Apr
400
Jan
144 Jan
7-16 Jan
5e Feb
Apr
1
Jan
5
200 Feb
11-16 Jan
8% Apr
% Jan
900
Jan
7-16 Mar
24e
Jan
Feb
9e
134 Mar
434 Apr
)1 4 Apr
4
39e Feb
Sc Feb
14 Jan
7-16 Jan
42
Jan
8340 Mar
6% Jan
Jan
60o
1% Apr
35c
Jan
5-16 Jan
410 Mar
80 Feb
Feb
38o
210
Jan
23o Mar
184 Mar
8% Mar
1% Mar
1% Mar
4% Mar
1% Mar
520 Feb
4% Jan
% Mar
15o Feb
458 Mar
18c
Jan
% Mar
14 Mar
7-16 Jan
760 Apr
;4 Apr
34 Jan
160 Apr
234 Apr
114 Jan
% Jan
5% Feb
60o Mar
6% Apr
1% Feb
860 Feb
18c Feb
% Jan
14c
Jan
2
Jan
Am Tel & Tel 1-yr 6s _ _
99% 99 99 5-16 113,000 98% Msr 99% Jan
Beth Steel 5% notes_ _1919 08
98
98
7,000 96% Jan 98% Mar
95% 212,000 94% Jan 95% Mar
Canada(Dom of) 58. _1919 95% 95
Can't Elea 6% notes_ _1919
100)4 100% 11,000 99
Jan 10034 Feb
6% notea
1020 100% 100 1004 29,000 98% Jan 100% Apr
Phila Elea (Is
99
99
99% 25,000 97% Feb 99)4 Apr
Procter & Gamble 76 r 192 100% 100% 100% 7.000 98
919
9
Mar 100% Apr
7s r
1920 100% 100% 100% 14,000 99% Mar 100% Apr
7s r.
100% 10071 14,000 99
1921
Mar 100% Apr
75,
101
101
10111 5,000 98% Mar 1014 Apr
7c r..
100% 101% 14,000 91:144 Mar 101% Apr
101
Russian Govt 634s v.:1 23
39% 40
1919
Mar 58
60,000 38
1
Jan
36
5%a_r
36
5,000 35
1921 36
Feb 52
Jan
U Light & Heat fla r_ .. 21 ------ 75
75
....
2,000 75
Apr 75
Apr
Westinghouse Elea & Mfg
994 99
1-year 6% notes
9934 92,000 9844 Mar 99% Feb
* Odd lots. t No par value. I Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. is Ex-eruth and stock dividends. to When issued. x Ex-dividend.
y EC-rightS. z Ex-stock dividend.
1564
THE CHRONICLE
-The followSTOCK OF MONEY IN THE COUNTRY.
ing table shows the general stock of money in the country, as
well as the holdings by the Treasury and the amount in circulation on the dates given.
[VOL. 106.
New York City Realty and Surety Companies
Bid
Ask
Bid
Ask
Bid
Ask
70 Lawyers Mtge 87
92 Realty Assoc
Alliance R'Ity 60
(Brooklyn). 65
Amer Surety_ 108 115 Mtge Bond__ 82
87
75
-Stock of Money Apr. 1 '18- -Money in Circulation
- Bond & M G_ 187 195 Nat Surety__ 160 163 U S Casualty_ 176 190
in U. S. afield inTreas. Apr. 1 1918. Apr. 1 1917 Casualty Co_
USTitle G &I ____ 60
_ 100 N Y Title &
20
Mtge
50
57 West & Bronx
City Investing 15
Gold coin (including bullion
Title&M G 160 175
Preferred__ 60 s66
In Treasury)
3,042,708,319 234,610,242 1,029,779,585 c667,338,602
975,051,932 1,865,918,769
Gold certificates b
Standard silver dollars.... 568,269,513 36,482,080
77,110,980
71,015,2 6
452,801,764 476,348,016
Sliver certificates b
Subsidiary silver
225,971,720 10,667,733 215,303,987 191,351,912
All bond prices are "and interest" except where marked
Treasury notes of 1890_
1,874,689
1,997,200
United States notes
346,681,016 11,485,378 335,195,638 335,136,581
Federal Reserve notes__ _d1,563,969,405 31,449,191 1,435,723,424 380,921,035
RR. Equipments-PerCt Basis
Standard 011 Stocks Pe rShare
67,570
11,594,475
11,169,975
Federal Reserve bank notes 11,662,045
Par Bid. Ask.
Bid Ask,
National bank notes
720,919,507 15,094,480 705,825,027 700,934,185
6.10 5.50
Anglo-American Oil new.. £1 1112 12 Baltimore &Ohio 4.4e.......
100 920 940 Buff Rooh & Pittsburgh 434e 6.00 5.60
Atlantic) Refining
Total
6,480,181,525 339,856,674 5,240,261,501 4,720,130,911
100 425 450
Equipment 4s
6.00 5.60
3orne-Sorymser Co
Population of continental United States estimated at 105,437,000. Circulation
,
6.65 6.10
3uokeye Pipe Line Co__ 50 •93 96 Canadian Pacific 435s
per capita, $49 70.
Dhesebrough Mfg new... 100 315 325 Caro Clinchfield & Ohio 55._ 6.75 6.00
a This statement of money held in the Treasury as assets of the Government does
100 10 40 Central of Georgia 5s
6.45 5.50
Dolonial 011
not include deposits of public money in Federal Reserve banks, and in national
100 440 460
6.45 5.50
Equipment 43s
banks and special depositaries to the credit of the Treasurer of the United States, jontinental 011
Dreseent Pipe Line Co_. 50 •30 33 Chicago & Alton 4s
7.35 6.50
amounting to $978,931,595 05.
jumberland Pipe Line__100 135 145 Chicago dr Eastern Ill 5348- 7.00 0.00
b For redemption of outstanding certificates and Treasury notes of 1890, anexact
Equipment 40
7.00 6.00
equivalent in amount of the appropriate kinds of money is held in the Treasury, 9.)ureka Pipe Line Co____100z185 190
3alena-Signal Oil com___100 133 138 Chic Ind dr Loulay 434s
6.25 6.00
and is not included in the account of money held as assets of the Government.
100 123 128 Chic St Louis & N 055
5.90 5.00
Preferred
c Includes $399,471,540 Federal Reserve Gold Settlement Fund deposited with
100 183 188 Chicago & N W 4s
Illinois Pipe Line
5.80 5.40
Treasurer United States.
Indiana Pim Line Co-_ 50 *95 97 .Chleago R I & Pao 4Ss
6.90 6.00
d Includes own Federal Reserve notes held by Federal Reserve banks.
4
International Petroleum_ £1 .133 1414 Colorado & Southern 5s___. 6.40 6.00
Note.
-On April 1 1918 Federal Reserve banks and Federal Reserve Agents held
gational Transit Co__ _12.50 *1212 1312 Erie 55
6.50 6.00
against Federal Reserve notes $556,310,610 gold coin and bullion, $246,935,950
Equipment 4145
6.50 6.00
gold certificates and $96,796,790 Federal Reserve notes, a total of $900,063,350 Slew York Transit Co_ -100 195 205
Equipment 4s
6.50 6.00
gorthern Pipe Line Co...100 104 108
against $351,779,889 on April 1 1917.
25 325 330 Hocking Valley 4s
, 6.30 6.00
31110 011 Co
FOREIGN TRADE OF NEW YORK-MONTHLY Penn-Mex Fuel Co
Equipment 55
0.30 6.00
25 *38 42
25 *83 914
6.10 5.60
-In addition to the other tables given in Pierce 011 Corporation.._ 100 480 4 485 Illinois Central 5s
STATEMENT.
Equipment 430
6.10 5.60
Gas
this department, made up from weekly returns, we give the Prairie 011 &Line
100 260 265 Kanawha de Michigan 4,4s.... 6.30 6.00
Prairie Pipe
100
5.00
following figures for the full months, also issued by our Solar Refining Line Co....100 295 310 Louisville & Nashville 5e......_ 6.30 5.40
184 189 Michigan Central 5(3
Southern Pipe
5.60
New York Custom House.
100 275 280 Minn SIP & S S M 430......_ 5.80 5.45
South Penn Oil
Southwest Pa Pipe Lines_ loo 92 97 Missouri Kansas & Texas 55.. 7.00 6.00
7.00 6.00
Standard 011 (California)100 216 220 Missouri Pacific 5s
Customs Receipts
Merchandise Movement at New York.
6.60 6.00
Standard 011 (Indiana)....100 630 640 Mobile & Ohio 5s
at New York.
Equipment 4l4s
6.60 6.00
Standard 011 (Kansas)_-100 430 450
Imports,
Exports.
Month.
Standard 011 (Kentucky)100 320 325 New York Central Lines 5s.._ 6.50 6.00
Equipment 410
6.50 6.00
Standard Oil (Nebraska) 100 475 500
1917-18. 1_1916-17.
1916-17.
1917-18.
1916-17.
1917-18.
6.25 6.00
Standard 011 of New Jer_100 540 550 N Y Ontario & West 434s
5.75 5.35
Standard 011 of New Y'k 100 258 263 Norfolk & Western 4}.5e......
3
100 400 415
Equipment 4s
5.75 5.35
July
95,713,123 95.614,439 210,181,903243,808,629 11,190,794 11,314,256 Standard 011 (Ohio)
100 95 100 Pennsylvania RR 430
5.80 5.40
August
122,231,660 107,920,942 178,614,369 273,627,773 10,584,750 12,392,700 Swan& Finch
Equipment 4s
5.80 5.40
Union Tank Line Co..- _100 93 97
September 99,805,185 80,486,311 242,132,080265,387,737 9,409,365 11,579,296
100 335 345 St Louis Iron Mt & Sou Ss- 6.80 0.00
October _. 91,319,486 85,883,225 219,908,712238,474,910 9,548,029 13,487,160 Vacuum 011
10 *27 30 St Louis & San Francisco 5s. 6.80 0.00
November 89,530,607 87,639,487 270,128,789 230,620,136 8,733,2141 12,878,595 Washington 011
Seaboard Air Line 5s
7.00 6.50
December 91,511,471 102,935,533209,467,362228,173,541 7,142,265 12,166,341
per Cent.
Equipment 434e
Bonds.
7.00 6.50
•January_ _ 88,164,970 128,344,239 248,203,724 303,906,525 7,488,5511 13,494,316
6.12 5.70
Piero() 011 Corp cony 6s..1924 74 78 Southern Pacific Co 4%a
February _ 94,303,999 97,834,888 168,713,182 223,464,135 8,177,780 10 "' 800 297
1
Southern Railway 45s
6.50 5.50
-Per • hare.
Toledo dc Ohio Central 4s...._ 6.50 6.00
Ordnance Stocks
Total 772,580,501 786,659,064 1747350121 2007463386 72,334,748 98,112,961
Aetna Explosives pref.. _10p 55 60
4
6
-Per Shoes.
Tobacco Stocks
American dr British Mfg_100
Imports and exports of gold and silver for the 8 months:
Par Bid Ask.
100 15 20
Preferred
Powder common.. 100 172 175 American Cigar common_100 97 101
Atlas
100 9312 95
Preferred
100 80 90
Silver
-New York.
Gold Movement at New York.
Preferred
100 112 114 Amer Machine dr Fdry_100 70 80
Babcock & Wilcox
Month.
Imports,
Imports.
Exports.
Exports.
Bliss(E W)Co common.. 50 *350 425 British-Amer Tobao ord__£1 *15 16
50 *70 80
Ordinary, bearer
£1 *15 1512
Preferred
100 180 225
1917-18.
1916-17.
1917-18.
1917-18.
1916-17.
1917-18.
Canada Fdys & Forgings_100 120 140 Conley Foil
Carbon Steel comnaon___100 z90 97 Johnson Tin Foil & Met_100 75 125
100 85 95 MaoAndrews OC Forbes.. 100 170 190
3
let preferred
Preferred
100 90 98
July
813,489 1,240,464
904,838 17,881,388 19,179,232 8,096,907
100 65 75
2d preferred
Reynolds(R J) Tobacco-100 280 300
August _
1,245,038 1,432,146 12,337,552 5,759,159 1,734,701 1,544,134 Colt's patent Fire Arms
Preferred
100 98 102
25 *65 67
September
925,958 1,200,701
980,609 11,773,504 11,331,810 2,651,454
Mfg
B stock
250 270
October _
886,834 1,278,579 duPont(E I) de Nemours
1,225,028 1,514,663 7,484,497 1.311,114
100 261 265 Young (J 13) Co
100 120 140
November 1,090,730 1,197,787 3,422,712 11,244,658 1,677,189 1,195,181
& Co common
Preferred
100 100 106
100 93 95
910,205 1,110,789
December
908,575 1,258,973 1,187,606 18,318,717
Debenture stook
Short-Terns Notes-Per Cent.
January_ _ 1,070,279 1,930,781
100 93 96
657,940 10,494,074 1,409,524 2,746,717 Eastern Steel
February _
994,103 1,085,806 3,170,387 14,129,717 1,444,351 2,186,324 Empire Steel & Iron corn..100 32 35 Amer Tel&Tel 65 1919_ _F&A 09 8 991
100 75 80 Balto & Ohio 15s 1918 __J&J 9958 9972
Preferred
_J&J 9812 9832
5s 1919 ...
100 228 234
Total
8,419,200 38,075,848 58,771,706 72,005,800 9,802,251 12,502,889 1Hercules Powder oom
100 112 114 Beth Steel 5s 1919_ _F&A 15 977 98%
8
Preferred
Niles-Bement
-Pond oom_li. 115 120 Canadian Pao 6s 1924_M&S 2 9714 9734
100 97 102 Chic & West Ind 65' 18_M&S 9822 99
Preferred
-Theodore S. Chapman has taken into partnership Henry E. Cutler Penn Seaboard Steel (no par) •38 42 Del. dr Hudson 55 1920 F5rA 9712 98
and Woodruff J. Parker, the firm name of this Chicago house being now Phelps-Dodge Corn
A-0 9412 943
4
100 265 280 Erie RR 5s 1919
Chapman, Cutler & Parker. Mr. Chapman has joined the Red Cross Scovill Manufacturing__100 450 470 General Rubber 5s 1918.J&D 0812 9878
xecutive service and expects to sail for Franco shortly. His two partners Thomas Iron
50 *25 35 Gen Elect 65 1920..
J&J 10018100%
ill look after his interests during his absence.
6% notes (2-yr) '19.. J&D 100 10014
Winchester Repeat Arms.10o 700 825
100 n35 45 Great Nor 54 1920
-The bond department of the Equitable Trust Co., 39 Wall St., this Woodward Iron
M&$ 9714 975
8
city, has prepared an explanatory booklet entitled "Acceptances as an
Hocking Valley 68 1918 M&N 9914 99
'2
Investment," which it will send to "Chronicle" readers on request.
K C Rye 53 1018
0
,
J&J 98 99
Public Utilities
-Stoddard Hancock, general partner in the firm of J. B. IIarris & Co., Amer Gas & Eleo com___ 50 *57 89 K C Term fly 430'18_M&N 98 99
Ois 1921
J&J 9212 94
9 40
Preferred
50 *3
60 Broadway, this city, is now engaged in active service in the United
Amer Lt & Trao oom..,....100 188 192 Laclede Gas L 5s 1919__F&A 97 98
States Navy.
8
' 100 93 95 Mich Cent 55 1918
993 997
4
Preferred
Amer Power & Lt oom_100 40 13 Morgan&Wright 55 Dec 1 '18 9812 ---100 70 74 N Y Central 001918..M&N 9934 997
s
Preferred
55 1919
8
9714 973
Amer Public Utilitles com100 15 20
Preferred
Bid
100 45 50 NYNH&H55.Apr 15 1918 0934 100
Ask
Banks.
Ask Trust Co's. Bid
Ask
Banks-N.Y. Bid
New York
100 201 203 Penn Co 434s 1921._!MD 15 9534 96 4
gitles Service Co oom
,
America*._ _ 485
330
500 Manhattan• 315
Bankers Tr_ 350
Preferred
100 74 76 Pub Ser Corp NJ Se '19.M&5 9512 9612
370
Amer Exch. 208
215 Mark & Fult 305
303 CentralTrust 700
:.;'om'w'ith Pow Ry & L..100 22 24 Rem Arms U.M.0 5s'19F&A 84 89
Atlantic ____ 170
715
180 Mech & Met 298
100 48 49 Southern fly 58 1919__M-S 2 98 9814
Preferred
258
255 Columbia __ 253
Battery Park 190
205 Merchants__ 240
3 08 United Fruit Sc 1918_ _ _M-N 997 - --Bowery' _ 400
Metropol'n • 165
glee Bond & Share pref 100 9
_ _8
175 Commercial_ 100
Empire
290
7 Utah Sec Corp 65'22.M-9 15 84 85
Federal Light & Traotion.100
5
300
Bronx Boro• 150
200 Mutual*. _ _ 375
Preferred
100 26 30 Winches RepArme7s'19.M&S 99 9913
220 Equitable Tr 337
Bronx Nat._ 150
New Neths_ 200
342
industrial
155 Farm L & Tr 380
3reat West Pow 5s 1946.J&J 71 73
BryantPark* 148
390
155 New York Co 135
and Miscellaneous
Vlissiesippi Riv Pow corn- 100 13 15
Fidelity _ _ _ _ 200
95 New York... 415
210
Butch & Dr_ 80
100 37 41
American Brass
100 230 235
Fulton
240
Preferred
270
255
335
350 Pacific•
Chase
Park
First Mtge 5s 1951.-..J&J 70 72 American Chicle corn__ _100 36 39
490
327
510 Guaranty Tr 320
Chat & Phen 228
Preferred
100 63 67
North'n States Pow corn.100 40 45
142
210 Hudson _ _ 135
Chelsea Ex * 100
110 People's'.... _ 200
100 84 86 Am Graphophone own......100 76 80
Irving Trust 165
Preferred
Chemical ___ 380
330 Prod Exch•_ 200
Preferred
100 80 84
Os
2 - Law Tit & Tr 9:3
-1W
gorth Texas Eleo Co corn 100 55 60
Citizens-- 210
220 Public
200
100 127 131
98
100 70 74 American Hardware
470 Lincoln Tr..
Preferred
105
City
375
385 Seaboard
450
400
425 Mercantile
Pacific Gas & Eleo own_..100 32 33 Amer Typefoundere coin.100 37 42
Coal & Iron_ 205
215 Second
100 SO 81
Preferred .
100 80 85
125
Colonial•___ 1400
Sherman
135
Tr & Dep. 190
let preferred
Puget sd T3 L & p eem_100 10 14 Borden's Cowl Milk corn _100 94 98
Metropolitan 300
Columble,*__ 5150
115
315
175 State.
100 37 41
100 93 95
Preferred
Preferred
.Commerce_ _ 168
66 Mut'l(West172 23d Wards_ 110
_100 145 155
4
chester) _ _ 115
Republic fly & Light-......100 223 2312 Celluloid Company.
155
405 Union Exoh_ 145
12.5
Comml Ex. 390
CommonUnit States. 500
N Y Life Ins
Preferred
100 55 57 Columbia Glraphoph Mfg (t) *62 66
Preferred
100 61 68
_
& Trust
900
875
190 Wash H'ts*_ 350
3outh Calif Edison com 100 80 83
wealth •_ _ 180
$
4 142
Havana Tobacco Co__100
100 98 101
Preferred
145 Weatch Ave* 175
200 N Y Trust t595
Continental* 135
3
5
Preferred
100
6
315 West Side_
275
3tandard Gas & El (Del).. 50 *4
185 Soand Way l'n 260
Corn Bub*. 305
50 •24 25
let g Sc June 1 1022_ .1I-fl /44 48
'. 540
Preferred
Coemopol'n• 85
265
100 Yorkvillo
565 TitieGu &Tr 255
812 013
2
3 Intercontinen Rubb nom _100
Brooklyn.
67
Transatlan'c 175
Pennemsee fly L & P corn 100
East River.._
60
Internat Banking Co____100 160 --9 11
155 Union Trust 412
417
Preferred
100
Fifth Ave•__ 3500 4000 Coney lard* 145
100 ____ 5518
3 International Salt
255
270
1
215
230 First
410
Fifth
S Mtg & Tr 400
1gnited Gm & Eleo Corp.100
A-0 68 70
we 30 40
1st gold Sc 1951
Flatbush
140
150 UnItedStates 915
930
860
880
let preferred
First
100
3
8 International Sliver prat _1011 77 81
150
165 Westchester_ 130
140
2d preferred
165
180 Greenpoint
'Garfield
Hillside •___ no
120
halted Lt & Rys eoln.......100 27 29 Lehigh Valley Coal Sales.. 50 *84 87
Gotham
200
Brooklyn.
100 58 60 Otls Elevator common..._100 46
115
Greenwichs_ 335 0; Homestead
let preferred
100 69 72
Preferred
120 Brooklyn Tr 500
530
Western Power oommon_100 13 15
Hanover
645
660 Mechanics'' 110
100 49 51
Remington TYPnwrIter
240
235
245 Montauk•__
95 Franklin__ 230
Preferred
Harrl man _
100 131y 1412
Common
275
265
490 Nassau
195
205
Imp & Trad _ 475
.100 67 6912
let preferred
)275
280 Nation'ICity 265 275 Kings Co-- 625
650
Irving(It
100 48 49
25 preferred
200 Manufact're 135
145
405 North Side* 175
Liberty
390
Royal Baking Pow corn....100125 135
140 People's _
265
Lincoln
275
280
300 People's ____ 130
94
_100 91
Preferred
Queens Co__ 70
85
•Per share. S Basis. d Purchaser also pays accrued dividend s New stook.
• Banks marked with a *I are State banks. f Sale at auction or at Stooir Exv Er-rights (t) Without par value.
fFlat price, 11 Nominal, r Ex-dividend
change this week. I New stook. y Ex-rights.
Quotations for Sundry Securities
CURRENT NOTICE.
New York City Banks and Trust Companies
1565
THE CHRONICLE
APR. 131918.1
/nuestnxent an gailroatt Intelligente.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
eon be obtained. The first two columns of figures give the gross earnings for the latest 'cc eek or month, and the last two
°alumna the earnings for the period from Jan. 1 to and including the latest week or month. We add a supplementary statement to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period. of
It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first
January instead of with the 1st of July. This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year. In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year. Our own totals have accordingly also been altered to conform to the new
practice. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Current
Year.
Previous
Year.
$
$
545,655
498,796
194,648 166,416
Ala & Vicksburg_ __ March
547.789
43,739
554,106
54,300
3d wk Mar
Ann Arbor
Atch Topeka & S Fe December 14541066 13133867 165529519 144290238
949,469
Atlanta Birm & Atl 4th wkMar 124,250 105,964 1,061,833
165.736
132,844
165,736 132,844
Atlanta & West Pt_ January
315,565
268,727
130,973 127,052
February
•
Atlantic City
Atlantic Coast Line February 4,357.022 3,790.315 8,570,977 7,500,815
419,668
337,891
209,921 165,862
Chariest & W Car February
376,475
331,380
209,721 170,497
Lou Hand & St L February
a Baltimore & Ohlo_IDecember 10668050 10311 307 133613321 121793843
72.645
146,382
72,645 146,382
B & 0 Ch Ter RR January
614,893
761,146
292,853 349,919
Bangor & Aroostook February
418,716
534,724
257,282 244,390
Belt Ry of Chicago. February
461,675
519,483
461,675 519,483
Bessemer & L Erie. January
117.311
98,822
117,311
98,822
Birmingham South. January
& Maine_ ,February 3,937,316 4,001.884 8,047,965 8,520.163
Boston
Buff Roch & Pittsb- 1st wk Apr 260,890 284,777 4,020,150 3,446,077
393,071
199.407 121,421
261,129
Buffalo & Susq RR-IFebruary
Canadian Nor Syst_ ,4th wkMar 1,248,700 1,146,800 8,842,600 8,464,400
Canadian Pacific..-'1st wk Apr 2,984,000 2,830,000 35,613,119 33,764,584
684,579
366,671 289,396
643,176
Caro Clinchf & Ohio February
Central of Georgia-'February 1,644,265 1,133,566 3,187,192 2,331,944
2,434,532 2,798,487 2,434.532 2,798,487
Cent of New Jersey January
372,258
372,256 446.132
446,132
Cent New England.. January
315,753
337,143
315,753 337,143
Central Vermont January
Ohes & Ohio Lines_ February 4,214,230 3,679,250 7,776.571 7,900,082
Chicago & Alton.._ _'February 1,436,376 1,376,715 2,670,001 2,910,097
9.108.705 9.590.840 9,108,705 9.590.840
Chic Burl & Quincy January
b Chicago & East Ill February 1,618,832 1,476,334 2,926,209 3,092,014
c Chic Great West.- 4th wkMar 456,973 408,280 4,021,995 3,787,589
Chic Ind & Louisv_ 1st wk Apr 191,186 201,483 2,127,396 2,330,483
424,685
499,539
230,746 233,310
Chicago June RR.._ February
7.492,519 8,351,113 7.492,519 8,351,113
Chic Milw & St P January
7,172,006 8,075.065 7,172,006 8,075,085
dOhic & North West January
125,098
176,379
125,098 176.379
Chic Peoria & St L. January
Chic Rock Isl & Pac February 6,462,895 5,949.978 12,771.195 12,705,508
692,664
612,397
334.061 293,997
Chicago R I & Gulf February
1.690.007 1,662.436 1.690.007 1,662.436
d Chic St PM & Om January
515,271
552,653
297,985 265,585
Chic Terre H & S E February
466,293
443,231
257,606 212,322
Me Ind & Western February
126.641
122,355
126.641 122.355
Colorado Midland_ January
e Colorado it South_ 4th wkMar 524,710 469,219 4,758,331 4,362,441
Cuba Railroad_ _ _ _ February 1,164,564 395,631 6,947,914 4,331,926
1.762.706 4,071,802 3.916,250
Delaware & Hudson February 1,954,696
Del Lack & West February 4.196,250 3,966,725 8,590,196 8,401,401
Deny & Rio Grande February 2,035,285 1,739,276 4,377,763 3,943,039
135,330
257,985
71,660 111,574
Denver & Salt Lake February
292,351
42,640
43,398
280,938
Detroit & Mackinac 4th wkMar
105,919 182,336
203,734
401,045
Detroit Tol & Iront February
144,408 140,587
255,377
298,061
Det & Tol Shore L. February
102,858 103,135
205,094
207,395
Dul & Iron Range February
142,987 169,847
142.987
169,847
Dul Missabe & Nor January
50,383
72,032
730.692
763,536
Dul Sou Shore & Atl 3d wk Mar
132,527 166,997
132,527
166,997
Duluth Winn & Pac January
Elgin Joliet & East_ February 1,042,868 1,067,209 1,90 ,413 2,255,963
1.219,615 1.237,182 1,219,615 1,237,182
El Paso & So West_ January
February 5,334,301 5,001,609 i0,371,743 10,603.705
Erie
755.494 793.300, 765.494
793,300
Florida East Coast_ January
74,568
75,021
154,843
157,104
Fonda Johns & Glov February
431.997 294,751
431,997
294,751
Georgia Railroad January
98,927 1,127,150
814,395
Grand Trunk Pac 2d wk Mar 124,213
Grand Trunk Syst_ 1st wk Apr 1,359,291 1,215,768 14,243,313 14,748,399
Grand Trunk Ry 2d wk Mar 923,169 836,064 7,836,902 8,503,438
Grand Trk West_ 2d wk Mar 159,397 171,977 1,561,784 1.645,921
52,947
60,758
526,851
555,695
Det G H & Milw_ 2d wk Mar
6,489,603 6,006,910 17,282,900 16,611,370
Great North System March
187,309 154,584, 358,940
335,008
Mobile & Nor. February
Gulf
192,052 145,218, 379,728
322,602
Gulf & Ship Island_ February
732,135 600,6311 1.355,250 1,294,348
Hocking Valley...February
February 7,210,449 6,229,685 13,543,527 13,024,070
Illinois Central__
1,052.522 901,621 1,052,522
901,621
Internat & Grt Nor January
Kansas City Soul February 1,257,074 994,095 2.443,42:3 2.067,053
126,836 148,862
275,538
327,792
Lehigh & Ilud River February
191,409 222,242
388,626
504,313
Lehigh & New Eng. February
3,195,8883,658.141 3,195.888 3,858,141
January
Lehigh Valley. _
1,013,989 891,141 1,013,989
891.141
Los Angeles & S L January
151,517 107,201
289,608
232,056
Louisiana & Arkan_ February
207,839 199.714
207.839
199.714
Louisiana Ry & Nay January
f Louisville & Nashy February 6,724,820 5,377,781 12,968,650 11,301,021
951.781 1,069.171
951.781 1,069.171
January
Maine Central
37,386
32,870
32,870
37.386
Maryland & Penna. January
249,361 203,202
486,861
404,289
Midland Valley..._ February
17,673
246.695
20.979
255,298
Mineral Range_ _ _ _ 3d wk Mar
Minneap & St Louis 1st wk Apr 212,197 208,310 2,823,625 2,623,971
Minn St P & S S M_ 4th wkMar 813,793 890,689 6,508,131 6,797,822
61.008
974.749
112.256
823.365
Mississippi Central_ December
g Mo Kan & Texas_ 1st wk Apr 869,475 732,208 11,869,148 10,358,995
142.832
166,589
142,832 166,589
Mo Okla & Gulf.... January
5.870.844 6,306,936 5.870,844 6.306.936
h Missouri Pacific January
341,023
182,852 151,215
Monongahela
319,687
February
Jan. 1 to Latest Date.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Previous
Year.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
$
322,273
256,692
125.609 150,309
Monongahela Conn. February
Nashv Chart & St L February 1,403,776 1,095,112 2,597.444 2,298,310
61,788
49,628
4,215
10,066
Nevada-Cal-Oregon 4th wkMar
152,708
148.130
148.130 152.708
New On Great Nor_ January
620.635 586,739 1,262,623 1,165.743
NO Tex&Mex Lines February
New York Central February 15378991 13633817 30,076,840 29,535,691
Boston & Albany February 1,503,352 1,431,906 3,052,309 3,109,083
564,497 608,973 1,086,975 1,293,981
n Lake Erie & W.February
Michigan Central February 4,038,759 3,450,210 7,550,597 7,511,265
Cleve 0 C & St L February 4,098,856 3,320,920 7,631,878 7,322,722
351,706
309,231
169,188 158,424
Cincinnati North. February
Pitts & Lake Erie February 1,881,431 1,684,853 3,691,724 3,489,522
943,942
992,854
529,391 430,173
Tol & Ohio Cent_ February
491,277
541,528
291,347 228,989
Kanawha & Mich February
Tot all lines above February 28455814 24948267 54,933,937 54,049,180
NY Chicago & St L February 1,119,982 1,158,279 2,107,793 2,498,152
5,898,364 6,712,001 5,989,364 6,712.001
NYNH& Hartf__ January
N Y Ont & Western February
682,429 563,108 1,366.632 1,196,637
N Y Susq & West__ December
294,187 324,632 4,151,145 3.974.431
430,591
336,645
336,645 430,591
Norfolk Southern.. January
Norfolk & Western_ February 5,076,193 4,527,345 9,864,097 9,489,497
Northern Pacific... February 6.031,436 5,430.116 12,196,266 11,719,591
316.809
347,384
347.384 316,809
Northwest'n Pacific January
714,505
Pacific Coast Co... February
528,009 345,131 1,075,823
p Pennsylvania RR_ February 18928900 18830132 38,396,009 40,071.254
95,333
41,758
26,613
32.210
Bait Ches & Atl_ _ February
634,560
592,186
290,143 323,877
Cumberland Vail February
February 1,095,135 930,416 2,219,600 1,981,510
Long Island
92,302
30,793
31,579
21,461
Mary'd Del & Va February
701,507 • 762.272
357,678 317.270
N Y Phil & Norf. February
977,586
940.113
480.805 487,487
W Jersey & Seash February
815,179 880,751 1,710.035 1,937,015
West N Y & Pa February
Penn West Lines... February 4,626,354 4,456,140 8,783.254 9,794,426
916,721
800,642
432.077 427,539
Grand Rap & Ind February
1 Pitts 00 & St L February 4.905,695 4.920,574 9,384,726 10.417,001
Penn System
February 21466 802 21227 114 43,444,157 45,196.560
Lines East
February 10120843 9.947.659 19,265,806 21,429,329
Lines West
Lines E & W___ _ February 31587645 31174773 62.709,963 66,625,88g
Pere Marquette.. February 1,542,526 1,518.990 2,804,552 3,278,709
126,432'
131,744
131.744 126,432
Pitts Shaw & North January
150.062
94.566
94,566 150.062
January
Port Reading
Reading CoPhila & Reading_ February 4,566,229 4,583,701 9,138.940 9.999,375
Coal & Iron Co February 4,150,876 3,185,199 7,946,520 7,318,930
Total both cos.__ February 8,717,105 7,768,900 17,085,460 17,318,305
372.771
412,349
412.349 372.771
Rich Fred & Potom January
92,244
45,110
105.055
47,443
Rio Grande South February
604,182
572,655
262,686 276,030
February
Rutland
338,259
416,910
215,754 164,164
St Jos & Grand Isl. February
369,943
325,572
325.572 369,943
St L Brownsv & M..January
St Louis-San Fran_ December 5,191.248 4,764.996 59.681.610 53.116.827
St Louis Southwest_ 1st wk Apr 412,000 296,000 5,178,334 4,282,960
2.529.137 2.569.166 2,529.137 2.569.166
Seaboard Air Line January
December 17328 493 15396828 193971 489 163427 423
Southern Pacific_
k Southern Ry Syst_ 4th wkMar 3,664,996 3,060,641 30,236,286 25,726,154
536,187
544.012
544.012 536,187
Ala Great South_ January
850.755 1.082.889
850.755 1,082.889
(In N 0& Tex P.January
763,350'
901,103
443,887 360,250
New Orl & Nor E February
Mobile & Ohio_ _ _ 4th wkMar 354,469 377,351 2,981,883 3,127,924
717,189
769,378
82,155
75,100
Georgia Sou & Fla 4th wkMar
466,881
737,832
737.8.32 466,881
Spok Port & Seattle January
22,385
20.663
2.750
2,229
Tenn Ala & Georgia 2d wk Mar
267,004
148,382 120,934
275,501
Tennessee Central_ February
306,461
252,314
252.314 306.461
Term RR Assn St L January
239,915
202.432
202,432 239.915
St L M B Term January
Texas & Pacific.... 1st wk Apr 421,601 392,003 6,154,768 5,584.419
194.949
213.167
88,902
119,578
Toledo Pen!. & West February
Toledo St L & West 4th wkMar 150,539 142,015 1,446,464 1,525,928.
91,518
91.518
91,184
91.184
Trin & Brazos Vall_ January
9,882.066 8,483.592 9,882.066 8,483,592
Union Pacific Syst_lJanuary
156.778
155.892 156.778
155.892
Union RR (Balt) IJanuary
525,927
222,119 176,945
625,214
Vicks Shreve & Pac March
776,350 720.860 1,478,695 1,595,057
(February
Virginian
February 2,582,547 2,718,334 4,927,914 5,631,17X
Wabash
187.876
230,414
230,414 187,876
Washington South'n January
918,821 1.031.965
918,821 1.031.965
Western Maryland_ January
585,372
858,292
January
858,292 585.372
Western Pacific_ _
125.076
182.440
182,440 125.076
Western Ry of Ala_ January
703,479, 575,374 1,384,711 1,256,29/
Wheel & Lake Erie_ February
Yazoo & Miss Vall_iFebruary 1.511,963.1,228,968 3,024,464 2,654.73%
Canadian Northern
Cuba Railroad
Pacific Coast
St Louis-San Francisco
Current
Year.
Period.
Various Fiscal Years.
July
July
July
July
1
1
1
1
to
to
to
to
Mar
Feb
Feb
Dec
Previous
Year.
3
31 30.699,400 30,095,900'
28 6,947,915 4,331,926
28 4,177,483 4,474.642
31 32,049,790 28.752.377
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.,
--
• Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
• itIMIthiU SUP71171oria
..:urrent
Year.
Previous
Year.
Inaease or
Decrease.
%
Cur. Yr. Prey, Yr.
$
Mileage.
$
242,111 241.550 351.001,045 301.304,803 +49.696.242 18.49
-420.241 4.29 June
3d week Jan (23 roads)___ _ 9,312.837 9,783,078
245.699 244.921 353.219.982 306.891.957 48.328.025 15.09
-53,993 0.36 July
15,069,139 15.123,132
4th week Jan (28 roads)
247.099 246,190 373,326.711 333,555,136 39.771.575 11.92
+542,068 6.03 August
9,533,171 8,991,103
1st week Feb 27 roads
982.300 10.12 September-245.148 243.027 364.880,086 330.978,448 33,901.838 10.24
10,686,704 9,704,404
2d week Feb 27 roads
-247,048 245,967 389.017,309 345.079.977 +43.937,332 12.73
965.073 9.82 October 10.693.488 9,728,415
Feb 26 roads
3d week
11,651,809 10,305.667 +1,346,142 13.07 November _ _242,407 241.621 360,062,052,326.757.147 +33,304,905 10.19
4th week Feb 26 roads
10,925,448 9,890,084 +1,035,364 10.47 December - -247.988 247,265 343,875,052 317.836.386 +26.038,666 8.18
1st week Mar 25 roads
-828,733 1.73
68.532 51.911.3271 52,740.060
•7.40 January _ _ 69,881
2d week Mar 24 roads ____ 11.274,910 10,499,359
66.041 47,210,440 43.113.487 +4.096.953 9.51
66.381
12,096,910 10,096,017 +2,000,893 19.82 February_
3d week Mar 24 roads)_
65,843 65,515 58,466,439 52.459,298 +6,007.141 11.45
17,157,972 15,512,608 +1,645,364 10.56 March
week Mar 22 roads)
4th
- .
a Includes Cleveland Lora n & Wheeling BY. and 0 ncinnati Hamilton & Dayton. 6 includes Evansville & Terre ilaUta- c Includes Mason City &
Sort Dodge and the Wisconsin Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. e Does not include earnings of
Colorado Springs & Cripple Creek District Ry. f Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and the
Wichita Falls lines. is Includes the St. Louis Iron Mountain & Southern. 5 Includes the Lake Shore & Michigan Southern Hy., Chicago Indiana &
Pacific.
Southurn RR., and Dunkirk Allegheny Valley & Pittsburgh RR. k Includes the Alabama Great Southern, Cincinnati New Orleans & Texas Central.
New (Mesas & Northeastern and the Northern Alabama. 1 Includes Vandalla RR. n Include. Northern Ohio RR. p Includes Northern
and Philadelhpla Baltimore & Washington. • We no longer include Mexican roads In any of our totals.
1566
Latest Gross Earnings by Weeks,
-In the table which
'follows we sum up separately the earnings for the fourth week
of March. The table covers 22 roads and shows 10.56%
increase in the aggregate over the same week last year.
Fourth week of • Mardi,
, 1918.
Atlanta Birmingham & Atlantic
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chicago Great Western
Chicago Ind & Louisville
Colorado & Southern
Detroit & Mackinac
Georgia Southern & Florida_ _ _ _
Grand Trunk of Canada
Grand Trunk Western_,_ _ _
Detroit Gr Hay & Milw7 _ _ _
Canada Atlantic
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M_ _
Missouri Kansas & Texas
Mobile & Ohio
Nevada-California-Oregon
St Louis Southwestern
Southern Railway
Texas & Pacific
Toledo St Louis & Western_ _ _ _
Total (22 roads)
Net increase (10.56%)
105,964
124,250
405,110
514,240
1,248.700 1,146,800
4,306,000 3,932,000
408,280
456,973
251,635
263,766
469,219
524,710
43,398
42,640
82,155
75,100
18,893
266,730
39,694
76,896
309,233
22,882
5,851
139,000
604,355
21,024
8,524
17,157,972 15,512,608 1,809.5801
1,645,364
164,216
----Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Feb 1,436,376 1,376,715
39,708
s297,765
s672,475
2,670,001 2,910,097sdef207,239
Chicago & Alton a
Jan 1 to Feb 28
Chicago & East Ill a-__ _Feb 1,618,832 1,476,334 def39,998
230,183
Jan 1 to Feb 28
2,926,209 3,092,014 def449,084
509,019
Chic Rock Lsl & Gulf b_Feb
334,061
293,997
07,534
85,493
Jan 1 to Feb 28
181,752
692,664
612,397
231,572
Del Lack & West b
Feb 4,196,250 3,966,725
836,195 1,385,593
Jan 1 to Feb 28
8,590,196 8,401,401 1,728,505 3,038,966
Denver & Rio Grande a Feb 2,035,285 1,739,276
352,871
341,004
Jan 1 to Feb 28
4,377,763 3,943,039
755,879 1,048,992
Erie a
Feb 5,334,301 5,001,609 def971,935 def272,349
Jan 1 to Feb 28
10.371,743 10,603,705def2788,939
14,988
Great Northern b
Feb 5,007,440 4,923,519 def139,219
853,147
Jan 1 to Feb 28
10,793,064 10,604,459
14,426 2,315,312
Louisville & Nashv a _ _ _Feb 6,274,820 5,344,781 1,461,536 1,486,454
Jan 1 to Feb 28
12,968,650 11,301,021 2,092,169 3,372,931
Pere Marquette b
Feb 1,542,526 1,518,990
dot 608
890
Jan 1 to Feb 28
2,804,552 3,278,799 def250,066
251,016
Rutland b
Feb
262,686
276,030 3ef24,290
34,437
Jan 1 to Feb 28
572.655
604,182 def19,273
115,223
Southern Ry a
Feb 7,775,886 5,998,107 1,771,867 1,359,771
Jan 1 to Feb 28
15,052,444 12,762,258 2,963,166 3,383,907
Mobile & Ohio a
Feb
936,997 . 916,398 def21,019
148,918
Jan 1 to Feb 28
1,917,588 2,060,280 de133,860
434,247
N 0 & Nor East a_ _ __Feb
443,887
360,250
71,401
88,822
Jan 1 to Feb 28
901,103
763,350
140,993
220,116
Georgia Sou & Fla a _ _Feb
250,966
231,149
23,737
48,577
Jan 1 to Feb 28
517,741
488,880
49,211
100,399
Texas & Pacific b
Feb 1,852,363 1,580,046
452,594
357,886
Jan 1 to Feb 28
3,801,339 3,436,973
896,799
924,162
Virginian a
Feb
776,350
720,860
162,139
273,414
Jan 1 to Feb 28
1,478,695 1,595,057
274,854
665,260
Wabash a
Feb 2,582,547 2,718,334 def166,134
591,697
Jan 1 to Feb 28
4,927,914 5,631,173 def587,789 1,195,923
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
s After allowing for miscellaneous charges to income for the month of
Feb. 1918, total net earnings were def. $65,100, against $198,378 last year,
and for „period from Jan. 1 to Feb. 28 were def. $354,736 this year, against
$472,153 last year.
Bellefonte Central_Mar '18
'17
3 mos '18
'17
7,069
6,856
18,544
21,489
Net
Fixed Chgs.
Earnings. .*. Taxes.
$
$
1,254
210
820
247
def59
630
1,186
741
Gross
Earnings.
Louisiana&Arkansas Feb '18
'17
2 mos '18
'17
Net after
Taxes.
$
151,517
40,517
107,201
15,484
289,608
72,026
232,056
41,659
Gross
Net
Earnings. Earnings.
$
Carolina Clinch & Onto
Feb '18
366,671
117,261
'17
289,396
112,763
2 mos'18
684,579
215,176
'17
643,176
299,897
Toledo Peoria & Western
Feb '18
119,578
4,180
'17
88,902
6,198
2 mosf'18
213,167 def13,110
'17
194,949
18,341
Gross
Earnings.
Net after
Taxes.
$
Boston elk Maine
Feb '18 3,937,316 de1399,356
'17 4,001,884
242,648
2 mos '18 3,017,9656ef1060,135
'17 8,520,163 1,059,343
Cuba RR
Feb '18 1,164,564
451,797
'17
395,631
32,932
8 mos'18 6,947,915 2,042,242
'17 4,331,926 1,224,446
Other
Income.
Fixed
Charges.
$
26,713
26,169
53,073
51,984
Total
Income.
Balaive,
Surplus.
$
1,044
573
def689
445
Balance,
Surplus.
$
13,804
def10,685
18,953
def10,325
Charges
Balance,
& Taxes. [Surplus.
24,669
55,495
54,438
93,635
141,930
168,258
269,614
393,532
124,024
118,209
248,410
232,767
17,90,1
50,049
21,201
160,765
13,615
24,274
34,441
40,568
17,325
30,472
21,331
58,908
9,146
27,222
16,857
54.918
8,679
3,250
4,471
3,991
Other
Income.
$
Other
Income.
23,141
25,441
31,065
15,675
Gross
Income.
$
Fixed
Charges.
$
Balance,
1Surplus.
$
69,793 def329,503
933,136(lef1262,699
91,923
995,914 def661,343
334,571
142,942 def926,193 1,883,275def2809,468
176,524 1,235,867 2,045,234 def809,367
1,237
453,034
946
33,878
10,780 2,053,022
8,528 1,232,974
105,004
94,758
846,194
723,744
Net after
Taxes.
Other
Income.
New York Central
Feb '18 15,378,991
705,046 1,218,349
'17 13,633,817
948,213 1,318,825
2 mos '18 30,076,840 def343,615 2,660,783
'17 29,535,691 4,296,608 3,235,108
890,689
813,793
1,363,621 1,054,388
377,351
354,469
10,066
4,215
592,000
453,000
3,664,996 3,060,641
626,433
605,409
142,015
150,539
Gross
Earnings.
Net after
Taxes.
New Or1 Tex & Mex Lines
Feb '18
620,635
203,620
'17
586,739
229,231
2 mos'18 1,262,623
399,628
'17 1,165,743
439,893
Gross
Earnings.
18,286
109,130
101,900
374,000
48,693
12,131
55,491
758
7,055
1,796,678 1,815,571
227,036
Gross
Earnings.
Gross
Income.
226,761
254,672
430,693
455,568
Fixed
Charges.
64,083
55,869
124,931
114,903
Increase .Decrease
1917.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroads reported this week:
Roads.
[vol.,. 106.
THE CHRONICLE
348,030
def60,880
1,206,828
504,230
Balance,
Surplus.
162,678
198,803
305,762
340,665
Balance,
Surplus.
Gross
Income.
Fixed
Charges.
1,923,395
2,267,038
2,317,168
7,531,716
3,785,012df1,861,617
3,576,674df1,309,636
7,270,368df4,953,200
7,160,098
371,618
Boston St Albany
Feb '18 1,503,352 def24,399
'17 1,431,906
79,406
2 mos '18 3,052,309 def137,061
'17 3,109,033
357,864
26,250
1,851
24,859
104,265
61,591 de175,470
419,489
61,625
414,625
398,101
833,779
821,268
Lake Erie & Western
Feb '18
564,497
def7,594
'17
130,548
608,973
2 mos '18 1,086,975 def01,276
'17 1,293,981
347,408
9,003
1,409
9,431
139,979
21,158 def40,118
23,093
370,501
94,374 def92,965
137,080
2,899
176,353 def216,471
237,562
132,939
Michigan Central
Feb '18 4,038,759
'17 3,450,210
2 mos '18 7,550,597
'17 7,511,265
def412,774
6ef293,836
def909,249
def401,779
268,098
122,691
1,678
968,291
92,842
89,182
188,346
176,193
360,940
732,022 def371,082
211,873 1,026,341 def814,468
190,024 1,456,205df1,266,181
1,144,484 1,870,720 de1726,236
Cloy Cino Cole & St L
Feb '18 4,098,856
423.403
'17 3,320,920
226,196
2 mos '18 7,631,878
284,995
'17 7,322,722 1,100,334
208,847
167,263
340,998
277,525
711,998 def79,748
632,250
393,459
715,867 def:322,408
625,993 1,405.168 def779,I75
1,377,859 1,398,449 def20,590
Chic Northern
Feb '18
169,188
158,424
'17
2 mos '18
309,231
• '17
351,706
8,819
9,530
def21,177
57,215
Pitts & Lake Erie
Feb '18 1,881,431
'17 1,684,353
2 mos '18 3,691,724
' 3,439,522
17
157,266
302,630
253,612
801,178
Toledo & Ohio Central
Feb '18
529,391 def90,790
'17
430,173 def21,280
2 mos '18
092,354 de1248,470
'17
943,942
37,227
Kanawha & Mich
Feb '18
'17
2 mos'18
'17
291,347
228,989
541,528
491,277
Total all lines
Feb '18 28,455,814
'17 24,948,267
2 mos '18 54,933,937
'17 54.049.189
9,505
20,458
2,894
69,010
1,077
9,396
10,368
838
2,221 def18,956
53.902
1,687
38,724
28,200
54,482
106,441
195,990
330,830
308,094
907,610
96,637
5,847
81,030
59,750
171,976 def76,494
144,509
181,736
41,327
78,543
59,848
145,950
50,832
99.001
62,742
214,060
1,449,355 1,733,056 3,182,411
1,818,393 1,798,171 3,616,564
def263,421 3,561,403 3,292,982
8,035,135 4,172,131 12.207.266
de15,401
15,357
15,010
def4,642
29,052 de148,608
28,947
29.955
125,789
148,223
230,028
301,568
70,201 •
182,607
73,066
606,051
150,755 def144,908 •
118,481 (10158,731
293,908 def37"1,402
239,761 dof58,025
25,960
27,254
52,341
54,580
24,872 .
71,747
10,401
160,380
6,055,892df2,873,481
,0,102,031d12,545,487,
11,747,801.318,454,819
12,112.953
94,313
I'er cent return on operating investment for 12 months to Feb. 28 1918 has been:
N. Y. Central, 5.39%; Boston & Albany, 4.18%; Mich. Cont., 5.16%; Clev. dine.
Chic. St St. L., 4.86%; Cinc. Northern, 5.83%; Toledo Rc Ohio Cent., 4.64%; Pitts.
& Lake Erie. 10.03%; Lake Erie & West.. 2.52%; and Kanawha & Mich.. 6.68%.
Gross
Earnings.
New York Central
Dec.'17 17,326,387
'16 16,159,943
12 mos.'17 216267517
'16 201585048
Net after
Taxes.
3
Other
Income.
Gross
Income.
$
6,361,846 1,263,779 7,625,625
4,963,261 1,359,502 6,322,763
51,410,578 17,264,862 68,675,440
63.347.223 21.293.109 84.640.332
Fixed
Charges.
$
Balance,
Surplus.
3,726,731
3,562,251
43,071,688
41.732,710
3,898,894
2,760,512
25,603,752
42,007.622
Boston St Albany
Dec.'17 1,762,470
807,144
'16 1,893,488
933,774
12 mos.'17 22,562,282 4,729,141
'16 21,676,541 7,264,392
34,376
841,520
401,993
439,527
37,403
971,177
555,293
415,884
395,812 5,124,953 5,129,436 del.4,533
415,841 7,680,233 4,023,638 2,751,595
Lake Erie & Western
Dec.'17
622,986
122,905
'16
617.862
191,292
12 mos.'17 8,122,896 1,853,777
'16 7,404,184 2,410,960
18,737
141,642
22,385
213,677
153,812 2,007,589
144,802 2,555,702
77,598
99,405
1,27:3,996
1,035,795
64,044
114,272
733,503
1,519,967
Michigan Central
Dec.'17 4,727,395 1,589,956
65,382 1,655,338
845,888
809,450
'16 4,153,785 1,141,990
758,320
122,946 1,264,936
506,016
12 mos.'17 52,879,434 12,604,655 1,074,462 13,679,117 10,240,901 3,438,216
' 46,418,790 14,076,169 1,125,550 15,201,719 8,364,347 13,837,372
16
Clove dine Chic & St L
Dec '17 4,244,428
462,569 1,224,097
761,528
892,310
331,787
'16 3,953,158 1,105,375
823,344
418,354 1,523,729
700,385
12 mos'17 52.650,920 11,842,881 2,013,693 13,886,574 8,028,767 5,257,807
'16 46,673,240 13,759,866 1,738,032 15,497,948 7,166,246 8,331,702
Cino Northern
Dec '17
176,990
2,084
37,731
20,919
39,815
18,896
156,431
'
16
42,501
44,402
1,898
17,906
26,496
12 mos'17 2,440,830
544,400
13,398
267,569
557,708
290,229
'16 1,909,947
527,172
15,487
542,659
184,037.
358,622
Pitts & Lake Erie
Dec '17 1,940,318
345,643 -94,969
250,674
169,172
81,502
'16 1,885,405
784,401
147,945
932,346
721,794
210,552
12 mos'17 25,621,654 7,634,163
431,045 8,065,208 2,103,509 5,961,699
'16 24,043,163 11,429,331 1,415,861 12,845,192 2,723,844 10,121,348
Toledo & Ohio Central
Dec '17
583,558 def.3,355
'16
523,134
69,843
12 mos '17 8,088,541 1,600,952
'16 6.203,847 1,293,171
71,377
68,022
76,791
146,634
775,624 2,376,576
942,877 2,230,048
Kanawha & Mich
300,549
Dec '17
'16
263,567
12 mos'17 3,606,990
'16 3,527.860
22,879
66,626
66,370
134,108
701,023 1,484,480
564,898 1,545,756
43,747
67,738
783,457
980,858
125,669 def.57,647
120,256
26,378
1,461,386
914,690
1,491,747
744,301
29,236
27,950
325,703
348,391
37,390
107,158
1,158,777
1,197,365
Total all lines
Dec '17 31,685,031 10,067,145 1,846,214 11,913,359 6,327,053 5,586,306
'16 29,611,777 9,300,177 2,284,659 11,554,836 6,036,938 5,517,898
12 mos'17 392241065 93,004,003 22,853,731 115857,734 72,503,517 43,354,217
'16 359447621 115089,140 27,656,571 142745,711 67,975,839 74,769,872
Per cent return on operating investment for 12 months to Dec. 31 1917 has been
N. Y. Central, 5.91%; Boston & Albany, 4.47%; Mich. Cent., 5.50%; Cleve. dim
Chic. & St. L., 5.26%; Cinc. Northern, 7.46%; Toledo & Ohio Cent., 5.69%; Pitts.
& Lake Erie, 10.86%; Lake Erie & West., 3.30%; and Kanawha & Mich., 7.48%•
THE CHRONICLE
APR. 13 1918.]
1567
Gross
Earnings.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Atlantic Shore Ry___ February
cAur Elgin & Chic By December
Bangor By St Electric January
Baton Rouge Elec Co January
Berkshire Street By.. December
Brazilian Trac, L Sr P February
Brock & Plym St By.. February
Bklyn Rap Tran Syst December
Cape Breton Elec Co February
Cent Miss V El Prop January
Chattanooga R3r & Lt January
Cities Service Co____ February
Cleve Painesv & East January
g Columbia Gas & El_ February
Columbus (Ga) El Co January
Colum (0) By.P & L January
Com'w*th P."fly & Lt February
December
Connecticut Co
Consum Pow (Mich).. February
Cumb Co(Me)P & L January
Dayton Pow & Light February
g Detroit Edison........ February
Detroit United Lines December
Duluth-Superior Trac February
East St Louis St Sub_ January
Eastern Texas Elec__ February
El Paso Electric Co__ February
g Federal Lt & Trac... January
Galv-Hous Elec Co__ February
Grand Rapids By Co January
Great West Pow Syst February
Harrisburg Railways_ February
Havana El By,L & P January
Honolulu R T & Land January
Houghton Co Trac Co February
b Hudson & Ma,nhat_ February
Illinois Traction ___ February
Interboro Rap Tran_ February
Jacksonville Trac Co February
Keokuk Electric Co.. February
Key West Electric Co February
Lake Shore Bloc By. January
Lewist Aug & Watery January
Long Island Electric.. December
Louisville Railway_ December
Milw El By & Lt Co.. February
Milw Lt, fit & Tr Co February
Nashville By & Light January
NewpN & II Ry,G&E December
N Y & Long Island__ December
N Y & North Shore__ December
N Y & Queens Co__ December
New York Railways_ February
N Y & Stamford IV_ December
N Y Westches & Bost December
Northampton Trac__ December
North Ohio Elcc Corp February
North Texas Electric. February
Ocean Electric (L I).. December
Pacific Gas & Elec___ December
g Paducah Tr & Lt Co February
Pensacola Electric Co February
Phila Rapid Transit_ February
Port(Ore)Ry,L&PCo. January
g Puget Sd Tr, Lt St P January
gRepublic Ry & Light February
Rhode Island Co... December
Richmond Lt & RR.. December
St Jos By,14, H & P.. November
Santiago El Lt & Tr_ January
Savannah Electric Co February
Second Avenue (Rec) December
Southern Boulevard_ December
Southern Cal Edison_ February
Staten Isi'd Midland_ December
Tampa Electric Co__ February
Third Avenue By..... December
DDEB&B RR.. December
42dStM&StNAvRy December
Union Ry Co(NYC)December
Yonkers Railroad__ December
N Y City Interb By December
Belt Line By Corp.._ December
Third Avenue System February
Twin City Rap Tran_ February
Virginia Ry & Power_ February
Wash Balt & Annap_ February
Westchester Electric_ December
WestchesterStreetR R December
g West Penn Power_ November
g West Penn Rys Co_ November
January
York Railways
Youncrstown & Ohio.. February
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Keystone Teleph
Mar '18
'17
3 mos '18
'17
Previous
Year.
$
$
$
$
8,261 22,040
19,093
44,942
186.095 176,571 2.181,871 2,056,362
77,776 74,684
77,776
74,684
21,530 20,446
21,530
20,446
58.916 87.478 1.058,729
999,886
1731500016872000 115152,000 114138,000
7,714
7,192
14,751
16,730
2422,455 2452,706 30,563,718 29,304,948
36,294 32,010
77,722
70,591
28.046 26,327
28,046
26,327
133,002 107,049
133,002
107,049
1849,611 1681.868 3,881,073 3,536,317
40,772 36,436
40.772
36,436
1178,033 1051,697 2,432,985 2,171,492
108,978 89,607
108,978
89,607
367,662 337,571
367,662
337,571
1619,202 1530,735 3,319,672 3,148,452
837,047 808.198 10.023.162 9,566,435
483.419 460,279 1,004,382
947,606
231,606 238,719
281,606
238,719
193,186 167,246
388.663
344,815
1142,497 1034,609 2,420,264 2,144,331
17,427.939 16,036.669
131,230 117,240
272.201
246,214
299,688 292;607
299.688
292,607
80,409 73,007
164,868
152,359
103,875 111,255
218,235
227,598
310,344 243,878
310,344
243,878
181,822 148,284
376,005
311,360
107,648 113,108
107,648
113,108
348.451 328,982
713,724
670,667
89,857 87,120
189,661
179,790
645,010 547,488
645,010
547,488
58,356 57,984
58,356
57,984
26,645 25,249
56,068
54,002
538,938 497,800 1,114,865 1,039,095
1165,482 1065,019 2,397,553 2,217,519
3256,310 3240,154 6,825,331 6,870,847
66,004 53,932
131,561
113,093
20,054 19,030
41,920
39,927
13,149 10,682
26,924
21,985
141,555 129,505
141,555
129,505
47,120 61,703
47,120
61,703
15,871 17,153
251,122
245,164
291.955 270,131 3,281,505 3.078,297
724,874 634,375 1,408,957 1,322,031
206,027 160,752
331,187
399,977
204,521 209,869
204,521
209,869
138,864 57,980 1,357,308 1,013,712
32,785 32,577
470,197
413,986
11,265 12,115
160,216
167.906
67,830 112,713 1,132,362 1,391,330
830,359 914,077 1,695,736 1,911,152
357,816
.24,377 25,296
394,259
564.654
46,844 49,155
555,414
200,070
18,275 18,117
216,215
982,011
533,095 483,866 1,081,487
329,678
487,665
237,353 158,578
153,965
6,828
6,314
158,304
1770,392 1669,126 19,813.381 18,615,498
54,338
52,416
24,722 25,550
72,371
53,956
35,228 26,909
2262,611 2205,349 4,731,510 4,633,137
589,787
490,231
589,787 490,231
960,090
787,870
960,090 787,870
944,832
737,428
460,246 357,646
498.252 481,639 6.000,602 5,811,996
447,538
30,416 31,945
406,738
132,033 125,091 1.373,630 1.235.944
55,477
55,477 49,713
49.713
85,198 69,295
178,572
144,348
60,617 58,382
855,600
766,250
15,694 15,160
218,643
182,956
530,508 659,860 1,096,279 1,370,862
19,321 23,671
346,642
331,428
87,102 90,360
173,551
182,675
336,419 818,420 4,117,833 3,590,943
37,254 32,932
455,616
421,808
127,651 127,491 1,766,080 1,672,888
209,282 222,716 2,910,070 2,544,253
65,555 41,154
824,866
564,967
54,718 58,660
733,081
632,805
50,113 54,250
677,840
678,447
693,966 767,252 1,442,317 1,596,677
780,372 827,374 1,622,097 1,725,307
608,730 478.499 1,224,316 1,003,671
164,302 58,052
336,740
125,011
43,616 37,259
554,914
441,131
17,564 14.703
246,023
225.734
385,238 297,012 3,576,572 2.706.802
672,612 568,381 6,984,869 5.705.741
97.528 01,490
97,528
91,498
29,760 24,318
60.583
49.666
b Represents income from all sources. a These figures are for consolidated company. .1 Earnings now given in miirels. g Includes constituent
companies.
Electric Railway and Other Public Utility Net Earnings.-Tho following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
New York Rye-
Feb '18
'17
8 mos '18
'17
Pacific Pow & Lt Feb '18
'17
. 12 mos '18
'17
Porti'd Gas & Coke Feb '18
'17
12 mos '18
'17
Republic By & Lt Feb '18
'17
2 mos '18
'17
Net after
Taxes.
Fixed
Charges.
Balance,
Surplus.
133,880
128,971
404,878
384,073
58,976
29,121
29,855
32,875
60,667
27,792
89,393
175,240
85,847
184,512
83,375
101,137
830,359
144,862
284,087 def.92,246
914,077
99,716
280,179 def130,985
8,001,842 1,897,680 2,262,883
40,389
7,304,713 1,425,326 2,252,124 def394,312
145,080
123,669
1,691,184
1,486,852
73,568
56,794
900,682
714,798
36,678
34,326
439,211
403,328
36,890
22,468
461,471
311,470
135,324
105,315
1,415,151
1.266,797
460,246
357,646
944,832
737,428
64,381
48,443
634,476
605,195
29,471
27,350
340,219
324,001
34,910
21,093
294,257
281,194
127,431
106,002
261,607
228,679
99,864
78,686
188,767
157,411
x36,645
z28,301
x92,266
z73,097
Feb '18
272,768
'17
210,586
12 mos '18 2,716,619
'17 2,314,243
Western Union (March estimated)
3 mos to Mar 31 '18 20,518,353
'17 17,231.710
Gross
Earnings.
$
Harrisburg Rys-- Feb '18
89,
857
'17
87,120
2 mos '18
189.661
'17
179,790
104,964
88,938
1,031,784
1,013,442
47,532
41,850
568,909
454,556
57,432
47,088
462,875
558,886
Texas Power & Lt
332,962 3,092,809
3,425,771
3,420,867
332,962 3,087,905
Net
Fixed Chgs. Balance,
Earnings. ei. Taxes.
Surplus.
$
$
3
6,001
38,877
32,876
9,957
42,200
32,243
14,505
65,753
80,258
23,985'
88,472
64,487
INDUSTRIAL COMPANIES.
Fixed
Gross
Net after
Balance,
Charges.
Earnings.
Taxes.
Surplus.
3
St Louis R Mt& Pac Feb'18
20,671
84,736
399,266
105,407
63,251
21,450
'17
261,706
84,701
175,985
41,342
2 mos '18
850,345
217,327
143,321
185,498
42,177
'17
561,205
z After allowing for other income received.
ANNUAL REPORTS
-An index to annual reports of steam
Annual Reports.
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
March 30. The next will appear in that of April 27.
Louisville & Nashville Railroad.
(67th Annual Report-Year ending Dec. 31 1917.)
The income account and balance sheet are given in full
on a following page. The text, signed by Chairman H. Walters and President M. H. Smith, says in substance:
-There were charged to investment, equipAdditions and Betterments.
ment, during the year, sums aggregating, net. $8,964,257. There were
bought or built 30 locomotives for $717,111; 5,637 freight-train cars for
$8,410,643, and 15 passenger-train cars for P05,587. These and other
additions and betterments aggregated $9,502,816. The offsets amounted
to $538,559, chiefly $9.183 for one locomotive destroyed and 698 freighttrain cars and 3 passenger-train cars destroyed or sold.
To "Investment, Road," there were charged expenditures for sundry
additions and betterments amounting to 33,313,694, notably: grading,
$403,160; bridges, trestles and culverts, $220,415; rails, $386,357; ties and
other track material, $452,867; station and office buildings, $273,804; telegraph and telephone lines, $290,899; signals and interlockers, $260,035.
The installation of automatic block signals has been continued during
the year, but the progress of the work has been somewhat slow on account
of difficulties in obtaining labor and material. At the close of the year
automatic signals were in operation on 604.73 miles of road. The installation of signals between Slaughters, Ky.. and Springfield. Tenn., 79.2 miles,
and between Jackson and Oakdale, Ky., 11.3 miles, Ls in progress.
The enlargement of DeCoursey Yard, near Latonia, Ky., has practically
been completed. The work on the Radnor Yard, near Nashville, was
resumed in the fall of 1917, and the yard should beta full operation by the
early fall of 1918.
Taxes.
-The amount of the U. S. Government taxes included in Railway
Tax Accruals, "Income Account." is as follows: Income tax, 2%,
$364,731; war income tax, 4%, $683,417; excess profits tax, $1,245,108:
total, $2,293,256.
-The Federal Government assumed posControl by Federal Government.
session and control of all transportation systems located wholly or in part
within the United States at noon on Dec. 28 1917, but for purpose of accounting as of Dec. 31 1917.
ROAD AND EQUIPMENT.
1915.
1917.
1916.
-Gross Earnings--Net Earnings
5,040
Average miles operated
5,073
5,058
Current • Previous
Current
Previous
Equipment
Year.
Year.
Companies.
Year.
Year.
1,073
1,095
1,102
Locomotives
$
$
$
659
Passenger cars
660
666
American Power & Light
Freight cars
47,505
45,953
52,435
only)_ _Feb 1,109,709
976,075
(subsidiary cos
462,635
416,952 Roadway cars
2,243
2,264
2.358
2,273,557 2,006,950
944,329
Jan 1 to Feb 28
860,273
Operations
11,420,465
12,516,777
14,152,986
carried
Brazilian Tract Lt & P_Feb c7,315,000 c6,872,000 c3,565,000 c3,885,000 Passengers carried one mile
743.698,632 583,801,023 493,912.056
c15,152,000c14,138,000 c7,261,000 c7,887,000 Passengers
Jan 1 to Feb 28
Rate per passenger per mile
2.202 cents. 2.177 cents. 2.168 cents
30,159,369
43,732.425
38,565,422
393,827
193,734
187,278 Freignt (tons) carried
Southwestern Pow & Lt_Feb 464,420
949,307
819,452
388,488
389,852 Freight (tons) carried one mile_7,979,203,229 6,932,569,129 5,626,650,820
Jan 1 to Feb 28
0.700 cents
Rate per ton per mile
0.698 cents 0.689 cents
23.93
22.23
Average train-load (rev.) tons
25.76
c
Earns, per rev. pass. train mile 1.711 cents
1.405 cents
1.230 cents
Earns, per rev. fght. train mile
$2.9014
$2.718
$3.0570
Net after
Gross
Fixed
Balance,
$10,719
$12,836
Gross earnings per mile
815,161
Taxes.
Earnings.
Charges.
Surplus.
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
48,829
110,655
10,743
38,086
Ft Worth Pow & Lt Feb '18
1916.
1917.
1915.
Earnings from46,281
76,527
9,860
36,421
'17
$55,678,080 $47,727,975
557,029
122,178
434,851 Freight
12 mos '18 1,086,826
Not
16.374.643 12.709,074
Passengers
505,082
863,023
117,439
387,643
'17
1.056,395 reported
Mall
1,142,368
1,604,405 separately
54,549
1,757,820
27,849
183,533
26,700 Express
Kansas Gas & Elec Feb '18
52,928
1,828,271
19,980
1,954.476
186,021
32,948 Miscellaneous
'17
498,418
293,862
204,556
12 mos '18 1,775,137
579,279
Total operating revenues
$76,907.387 $64,928.120 $54,026,979
222,326
356,953
'17 1.681.220
1568
THE CHRONICLE
Operating ExpensesMaintenance of way and structures__
Maintenance of equipment
Transportation expenses
Traffic expenses
General
Miscellaneous operations
Transportation for investment
1917.
$9,289,234
14,852.774
25,615,286
1,556,848
1,555,654
321,604
Cr.192,641
1916.
1915.
$8,430,602
11,779,770
Not
18,875,512
1,512,676 reported
1,357,697 separately
249,583
Cr.163,729
Operating expenses
$52,998,759 $42,042,111 $38,562,819
Per cent operating expenses to earns..
(68.91)
(64.75)
(71.38)
Net operating revenues
$23,908,628 $22,886,009 $15,464,160
Taxes
$5,119,518 $2,427.927 62,172,054
Uncollectibles
13,680
18,217
16,416
Operating income
$18,775,430 $20,439,865 $13,275,690
Income from investments, rents, &c_ 6,203,213
3,640,621
5,250,105
Total income
Deduct
Interest on funded debt
N.& D. RR. rent •
Other rents, &c
Sinking fund, &c
Dividends
$24.978,643 $25,689,970 $16,916,311
$7,495,030 $7,621,367 $7,618,878
119,967
127,159
119,617
892,439
946,548
886.352
82,515
94,367
99,474
(7%)5,040,000(7)5,040,000(5)3,600.000
Total deductions
Balance, surplus
-V. IN, p. 1454. 1344.
$13,637.144 $13,767,160 $12,379,410
$11,341,499 $11,922,810 $4,536,901
Pere Marquette Railway.
(Report for Nine Months ended Dec. 31 1917.)
The report, signed by Chairman Edward N. Brown and
President Frank H. Alfred, dated March 6,said in substance:
New Company.
-The Pere Marquette Ry. Co. was organized in Michigan on Mar. 12 1917 for the purpose of acquiring the property of the Pere
Marquette RR. Co. foreclosed [per plan in V. 103, p. 2342, 1692]. The
property was conveyed to the Pere Marquette Ry. Co. and possession taken
on April 9 1917; for convenience and with the approval of the court the
separation of accounts was made as of April 11917.
Equipment.
-Fifteen road locomotives of Santa Fe type and ten switch
locomotives were ordered by this company for delivery before Dec. 31,
but none were received. On Mar. 1 1917 the receiver, as special representative of the Reorganization Managers, contracted with Haskell &
Barker Car Co. for 1,000 40
-ft. automobile cars. During the nine months
ended Dec. 31 1917 414 of these cars were delivered.
Expenditures.
-During the nine months ending Dec. 31 1917 $2,932,620
(net) was expended for road and equipment, viz., (1) $610.609 for road,
principally for bridges, trestles, culverts, grading, &c.; (2) $2,283,811 for
equipment, principally $1,661,691 for freight-train cars and $525,250 for
steam locomotives; and (3), $38,200 for organization expenses.
Maintenance of Way.
-On account of war conditions, necessary rail could
not be secured to carry out the renewal program for the 9 months' period; therefore, an operating reserve of $222,175 was created to take care
of the deferred maintenance. This amount was charged to operating expenses and credited to suspense. Excluding the amount of this operating
reserve, the expenditures for rail and other track material will show a
decrease of $11,305.
Maintenance of Equipment.
-The cost of repairing locomotives decreased
$198,831; freight cars $409,295; passenger cars $20,084; floating equipment
$17,686; work equipment $340; a total decrease of $646,236. This decrease
is due to the fact that second-hand equipment purchased April 1 1917 was
in such condition that it was necessary to rebuild the equipment in order
to bring it up to the required standard of the company, the cost being
charged to capital account by instructions of I. S. C. Commission.
Fuel.
-The fuel situation was bad during the entire period. Sufficient
quantities of coal could not be purchased, making confiscation necessary.
The increase in the cost of fuel for all purposes was $740,458.
Taxes.
-The tax accruals for the nine months ended Dec. 31 1917 were
$526.620 against $452,760 for the corresponding period in 1916. The
increase is due largely to accruals for U. S. income tax.
Profit and Loss.
-The profit and loss credit as of Dec. 31 1917 was $2,313,806. There was a credit from income account of $2,317,171. Credits
were made to profit and loss for unclaimed wages of year 1914, $3,349;
donations for cast of side tracks, culverts, &c., $1,532; other miscellaneous
items resulted in a debit of $8,246.
OPERATIONS FORIPERIODS AS INDICATED.
3 Mos. to
6 Mos. to 12 Mos. to
9 Mos. to
Dec. 31 '17. Mar. 31 '17. Dec. 31 '16. June 30 '16.
Average miles operated..
2,248
2,249
2,249
2,251
Passengers carried
1,196,638
3,459,905
2,777,727
5,168,465
Pass. carried one mile_ _165,273,351 46,365,054 124,848,191 207,168,089
Earns. per pass. per mile 1.985 cts. 2.011 cts.
1.993 cts.
1.953 cts.
Earns, per pass. train m.
$1.3327
$1.0572
Revenue tons carried_..., 10.178,209
7.041,369 12,908,719
3,091.931
Rev,tons carried 1 mile_1790696069 564,814,971 1206547817 2225740512
Earn, per rev, ton p. m- 0.705 cts.
0.63 cts. 0.663 cts. 0.652 cts.
Tons per fr't train mile_
543.76
534.6
563.06
518.70
Earn, per fr't train mile_ $3.96932
$3.40903
33.38241
$3.6057
Gross earnings per mile_
$8,109
$9,421
INCOME ACCOUNT.
-9Months to Dec.31--June 30 Years
Operating Revenue1916.
1915-16.
1914-15.
1917.
Freight
$13,103,152 $12,258,114 $15,098,256 $12,562,523
Passenger
4,129,019
3,434,096
3,281,498
3,938,086
Mail, express, &c
1,236,129
1,598,884
1,319,971
1,401,152
Incidental, &c
344,510
446,846
291,472
383,894
Total oper. revenues_$18,232,648 $17,356,691 $21,210,053 $18,028,210
Maint. of way & struc's_ $2,048,689 $1,781,073 $2,007,172 $2,000,282
Maint. of equipment _ 2,204,940
2,888,548
3,492,973
4,268,058
Maintenance of equip.
Depreciation
315,465
481,983
Traffic expenses
381,311
318,729
335,803
379,125
Transportation expenses 7,251,030
6,067,072
7,338,105
7,022,741
General expenses
492,361
489,956
388,779
500,859
Miscellaneous operations
48,323
42.780
43,600
53.045
Transportation for Inv__ Cr.8,035
Cr.4,904
Cr.5,467
Cr.5,011
Total oper. expenses..$12,681,448 $11,963,497 $14,530.424 $13,444,014
Per cent exp. to earnings
(68.51)
(69.55)
(68.93)
(74.57)
Net operating revenue__ $5,551,200 $5,393,194 $6,679,629 14,584,196
Taxes
626,275
526,620
511,715
452,760
Uncollectibles
8,328
48
5,895
1,848
Operating income..___ $5,024,532 $4,934,539 $6,045,026 $4,070,633
Int., divs., &c., received
159,479
110,236
156,611
194,538
Total income
Rentals. &c
Hire of equipment
$5,134,768 $5,094,018 $6,201,637 14,265,170
526,303
665,934
510,193
767,816
698,288
778,098
609,074
749,110
Bal. for int. charges__ $3,910,177 $3,805,727 $4,786,593 $2,888,280
Interest on bonds
$1,265,8201 In receiver's hands till Apr. 9 1917.
Int. on bills pay., &c_ _ _
518Figures of new company date from
Divs. on prior pref. stock x326,667J April 11917.
[VoL. 106.
BALANCE SHEET DEC. 31 1917 (Total Each Side $114,148,245)•
Assets.
Liabilities.
Road and equipment since
Common stock
$45,046,000
Mar. 31 1917
$98,836,722 Prior pref. 5% cum. stock_ _ _ 11,200,000
Impts. on leased ry. prop'ty_
29,736 Pref. stk. cum. aft. Jan. 1 '19 12,429,000
Miscell. physical property_ _ _
155,327 First mortgage bonds
30,455,000
Invest. In affiliated cos
6,744,314 Coll, trust bonds (P.M.RR.) 5,870,000
Other investments
475,770 Traffic, &a., balances
321,119
Cash..
1,666,646 Audited acc ts & wages
2,040,073
Special deposits
783,220 Miscellaneous
463,172
Loans and bills receivable.. _ _
8 Int. matured and unpaid
783,220.
Agents and conductors
840,433 Unmatured int., &c., accr'd_
135,092
Miscell. acc'ts receivable_ _ _ _ 1,070,781 Deferred liabilities
151,656
Material and supplies
2,311,169 Tax liability
610,852
Other current assets
296,304 Operating reserves
394,314
Working fund advances
27,561 Acced deprecia'n (equip't)
312,662
Rents & Insur. prems. in adv.
30,487 Other unadjusted credits...,.. *1,622,279
Other unadjusted debits....
859,768 Corporate surplus
2,313,806
* Includes $1,031,837 cash received from reorganization managers.
which will eventually be credited to investment in road and equipment.
[Separate pamphlet reports have been issued for the 6 months ended
Dec. 311918 and tne 3 months ended Mar. 31 1917.-Ed.j-V. 106, IL1462, 601.
Hudson & Manhattan RR. (Hudson Tubes), N. Y.
(Ninth Annual Report for Year ended Dec. 31 1917.)
Pres. Wilbur C. Fisk, March 30, says in substance:
Pursuant to the proclamation of President Wilson, Hon. William G..
McAdoo, as Director-General of Railroads, on Dec. 28 1917 assumed
possession operation and control of this company's property. [See explanation In V. 106, p. 929.
[Official statement as tenon-payment of income interest, V. 104.P.856.1
MINCOMETACCOUNT FORzYEARSIENDED DEC. 31.
17 "
17 1
11917.
1916.
1915.
1914.
Passenger fares
$4,110,436 $3,822,578 $3,477,695 $3,490,881
Misc,rev.from RR.op..
316,570
262,270
248,294
260,070.
Total RR.revenue,... $4,427,006 $4,084,848 $3,725,989 $3,750,951
Maint. of way & struc__ 6293,168
$260,801
$269,424
$268,061
Maintenance of equip__
219,179
190,234
159,257
179,676
Power
476,819
245,478
243.509
275,986
Transportation exps
622,486
615,303
679.464
742,338
Traffic expenses
3,308
2,335
1,625
1,110
General expenses
206,572
157,693.
176,636
147,574
Total RR.oper. eorp__ $1,911.466 $1,622,834 $1,456,596 $1,447,340 •
Net RR. oper. revenue.. $2,515,540 $2,462.214 $2,269,393 $2,303,611
Railroad taxes
308,438
251,205272,237
293,610
Net income
$2,207,102 62,168,604 $1,997,156 $2,052,406
do Hud.Term.Blgs.
876,777
900,376
957,080.
947,395
do other real estate deb.26,703
17.701
40,191
35,233
Total net income.,_ - $3,057,175 13,086,681 $2,979,784 63,049,676.
Non-oper. income
55,398
78,013
28,628
43,111
Gross income
$3,135,188 $3,142,080 $3,022,895 $3,078,304
Int. on car-purch. agreements
$26,667
$54,267
$45,067
$35,867
Int. on real est. Ms.
,&c..
50,836
50,536
47,566
52,200
Rentals
73,187
71,822
76,287
83,377
Amort.debt disct., &c.._
37,531
39,020
39,795
39,795
Miscellaneous
19,606.
37,020
54,968
90,493
Balance for bond int_ $2,854,381 $2,877,537 $2,779,130 $2,841,514
Bond in.(N. Y.& J. 54,
1st M. •Ois and 1st
Lien Ref. 5)
2,155,402
2.167,534
2,121,007
2,137,998
Int. on adj. inc. bonds
None (1%)33l,020 (2)662,040 (2)662,040
Reserve for conting'es
*685,000
390,000
surp. or deficit
sur.$1,847 sur.$1,115 def.$20,908 sur.$58,467
rArkiii0S.i •&C.SOF HUDSON TERM. BLDGS. FOR CAL. YEARS.
1914.
1915.
1916.
1917.
Gross rentals
$1,685,290 $1,674,459 $1,661,010 $1,684,196.
Miscell. revenues
49.828
39,476
45,281
58,049
Total revenues
$1,743,339 $1,724,287 61,706,291 $1,723,672
Maint. of struc. & plant
889,406
$100,441
$94,509
$75,760
Expenses of operation....
302,219
377,116
309,03a
331,748
General expenses
75,950
77,624
88,232
111,816
Assum.leases in oth.blgs.
17,137
16,405
16,325
16,116
Deprec. of bldgs.& plant
36,864
36,864
36,864
36,864
Taxes
225,493
237,963
256,233
248,890
Net income
$900,376
1876,777
$947,395
BALANCE SHEET DECEMBER 31.
1917.
1917,
1916.
AssetsLiabilities$
$
$
Property accts.119,336,291 119,456,891 Com.stk.& scrip 39,994,890
Investments ___
8,000 Pref stk& scrip_ 5,242,151
1,000
Proc. prop. reStks. to redeem
leased from
12,909
sec. of old cos.
mtges
111,071
111,071N.Y.& J. RR.5s 5,000,000
Amortiz'n funds 1,135,185
875,100 do 1st M.4s.
944,000
Bond disc.& exp 3,668,625 3,694,349 do 1st Lien & ref
37,521,234
Curr. cash acct..
829,926
970,094 M. 5s
Cash for coup....
26,571 Adj.inc.M. his.. 33,102,000
25,760
927,000
U. S. Govt. 2nd
Real est. mtges.
456,000
Liberty bonds
250,000
Car purch.oblig.
Accts. receiv_ _ _
601,359
208,935
183,979 Readj. reserve..
Miscellaneous_.
14,186
9,086 Conting. reserve *1,075,000
Prepd insur.,&c.
51,387
165,013
39,018 Accts. payable_
Materials & sup.
452,351
286,330 Matured int_ ' 25,761
Accts. In susp'se
022,503
461
Accrued Int_ _ _ _
827
Adv. rents. rec..
Oper. reserves__
41,325
.
53,206
Surplus
Total
126,085,178 125,660,489
Totals
$957,080
1916.
IS
39,904,800
5,242,151
•
12,909
5,000,000
944,000
37,394,734
33,102,000
1,101,000
640,000
608,217
390,000
175,753
26,571
923,873
1,963
51,070
51,350
126,085,178 125,660,489
* Consists of appropriations made by directors as special reserves
created under the terms of tho adjustment income mortgage "to secure
the proper, safe and adequate maintenance, equipment and operation of
the tunnels, lines of railroad and other properties of the companykor to
preserve its earning capacity." See V. 106, p. 1461, 929.1g,..
ev. Meil
[Chicago Railways Company.
(Tenth Annual Report-Year ending Jan. 31 1918.)
Pres. Henry A.Blair, Chicago, April 3, wrote in substance:
Results.
-The net income of the company for the year is $409,976, as
compared with $778,015 for the previous year. Adding the surplus carried
over ($453,767), the total is 3863.743. After deducting the adjustment
income bond interest, $100,000 paid May 1 1917, and the dividend of
Balance, surplus
$2,317,171
$252,600 applicable to Participation certificates, Series 1, paid Aug. 1
x Includes dividend No. 1 of 1 2-3%, paid Aug. 1 1917 on the $11,200,000 1917, there remains a balance of surplus at Jan. 31 1918 of $511,143, as
5% prior preference stock for the 4 mos. ended July 31 (V. 105,P.73);and compared with $453,767 Jan. 31 1917. The surplus of $511.143 will be
No. 2, of 1Y%, paid Nov. 1 1917. A dividend of 1(% was also paid further reduced by the payment on May 1 1918 of the Adjustment Income bond yearly interest of $100,000.
Feb. 1918. V. 105, p. 1420.
The amount of income divisible with
year is
RESULTS FOR THREE MONTHS ENDING MARCH 31 1917 AND 1916. $2,421.421, as against $3,217,200 for thethe city of Chicago this proporprevious year; the city's
3 Mos. to Mar. 31: 1917.
1916.
1916.
1917.
tion thereof (55%) being $1,331,781, as compared with $1,769,460 'last
Gross earnings_ ....$5,275,208 $5,202,564 Deduct-Taxes __ $113,859 $200,075 year, and the company's proportion (45%) $1,089,639, as against/11,Operating expenses 4,699,998 3,667,734
Rentals _
_ 176,100
166,624 447,740 last year.
`11
Hire of equip _ 584,544
220,568
While the gross receipts of the Chicago surface lines showed an increase
Net earnings_ __ $575,210 $1,534,830
Miscellaneous_ _
5,397
2,001 of $324,997, or .93%, this was less than anticipated. Receipts for the 7
Other income__ __
39,622
55,986
months ended Aug. 31 1917 showed an increase of 3.3% The subsequent
.
falling off in the rate of increase was largely caused by unfavorable weather
GAM I000P10== 1031495 $1In4, 0? Bal.for in chgs_def$248,704 sr.$986,184 conditions, January alone being responsible for a loss in receipts of approxl4
APR. 13 1918.1
THE CHRONICLE
mately $380,000 by reason of heavy snow storms and the interruption to
business activities occasioned by the Governmental fuel conservation orders.
On the other hand, the operating expenses for the year increased $1,358,173.
This increase was almost wholly due to the increased cost of material and
supplies and to higher wages of trainmen under contract entered into for
a period of three years from June 1 1917.
-The mileage of track constructed by the company
Extensions, &c.
during the year, as extensions under ordinance requirements, together with
the mileage reconstructed under supervision of the Board of Supervising
Engineers, amounted to 16.71 miles, measured as single track. Total
mileage Jan. 311918, 582.45 miles, measured as single track.
-The capital expenditures during the year aggreCapital Account.
gated $2,081,916, of which $1,111,612 went for new extensions and
reconstruction of tracks, including paving and electrical transmission. The
capital account on Jan. 31 1918 (being city purchase-price under terms of
ordinance) was thereby increased to $89,529,413.
Bonds.
-Based on capital expenditures made to Jan. 31 1918, the cornpany now has, or will have in its treasury as soon as they can be certified
by the trustee, $2,276,000 par value of its First Mtge. bonds (V. 104, p.
451; V. 105, p. 1103, 1208.)
-The reserve fund for renewals and depreciation received
Reserve Fund.
during the year amounted to $2,232,470 and was drawn on for $745,038,
leaving in the fund Jan. 31 1918 $5,150,946. This reserve is an actual
deposit in a special fund and is a part of "cash and cash items" shown on
the balance sheet. It is available only for renewals with the approval of
the Board of Supervising Engineers.
-The annual payment of $250,000 applicable to retire
Sinking Fund.
Series C consols was made on Aug. 1 last, and there remained outstanding
Jan. 31 1918 $903,336 of these bonds.
Dividend.
-On Aug. 1 1917 a dividend was paid equivalent to $8 per part
on'the 30,800 parts of Participation certificates, Series 1.
Taxes.
-Provision has been made for all taxes, except war excess profits
taxes, which cannot be determined without further rulings.
-Negotiations are still in progress with the Local TransporUnification.
tation Committee of the City Council, looking to an ordinance providing
for the construction of subways and the unification of the surface and
elevated lines. [Compare V. 104, P. 559, V. 105, p. 1998; V. 106, p. 1344.
RESULTS ON ALL CHICAGO SURFACE
1917-18. I I 1916-17.
Jan. 31 Year1915-16.
Gross earnings
$35.114,683 $34,789,636 $31,690,761
23,101,696
Operating expenses
21,743,522
21,041,356
Residue receipts
South Side lines
$12,012,937 $13,046,114
$10,649,405
(40%)4,805,175 (40)5,218,446 (41)4,366,256
Chicago Railways
(60%)$7,207,762(60)$7,827,668 (59)$6,283,149
RESULTS FOR YEAR END. JAN. 31-JOINT ACCOUNT WITH CITY.
-PARTNERSHIP.
NON
1917-18.
1916-17.
1915-16.
Chicago Railways
(60%)$7,207,762(60)37,827,668 (59)$6,283,149
Joint acct. exp. & adjustments__
368,205
290,685
20,327
Balance
$6,839,557
Deduct-Int.at 5% on valuation 4,418,136
$7,536,983
4,319,783
$6,262,822
4,230,975
Net income
$2,421,421
$3,217,200
$2,031,847
Division of Net Income
To City of Chicago (559')
$1,331,782
$1,117,516
$1,769,460
$1,089,639
3914,331
'To,Chicago,Rys. Co. (45%)
$1,447,740
NON
-PARTNERSHIP ACCOUNT.
1915,16.
1916-17.
1917-18.
$914,331
Co.'s proportion of income
$1,089,639 $1,447,740
Int. on valuation of property
4,418,136 4,319,783 4,230,975
64,807
66,960
Int. on bank balances
66,992
103,440
123,886
Int. on treasury securities
79,592
1569
year bonds have been sold. When the balance of $125,000 have been disposed of, no additional capital can be obtained by either company until
such time as it may be possible to dispose of capital stock at not less than
par, as both companies will have issued the full amount of bonds permitted
until such time as more capital stock is outstanding.
Relief Sought.
-Since Nov. 5 1917 the reports then under consideration
by the Street Railway Investigation Commission and the Public Service
Commission have been presented to the Legislature, resulting in two concrete propositions for the purpose of affording financial relief, properly
described: (1) as the "service at cost plan," and (2) the plan for government operation with private ownership. Both propositions could be perfected so as to conserve the interests of the public and the investors if it is
conceded that Government operation is for the public good (compare
V. 106, p. 394, 714, 1036)•
Wages.
-Subsequent to the closing of the fiscal year under review, an
entirely unexpected crisis in our labor situation developed. His Excellency
the Governor requested that we hold conferences with Henry B. Endicott
with a view to reaching a satisfactory understanding. Mr. Endicott on
Feb. 28 recommended that "the men should be paid special extra compensation during the life of the present agreement, that is, until May 1 1919.
at the rate of two cents an hour flat increase over their present wages for
time allowed," adding: "I realize that the expenses of the road have increased out of all proportion to its income, and that, even without any
increase in wages, the company is unable to earn a fair return on its investment, and that at present the road is not even earning its fixed charges."
New Tunnel.
-On Dec. 15 1917 the Dorchester Tunnel was opened from
South Station Under to Broadway Station, greatly facilitating travel in
the Dorchester and South Boston sections (V. 105, p. 2542; V. 106, p. 188)•
Cars.
-Of 42 elevated cars ordered for delivery in 1917, only 9 were received; of 100 centre entrance motor cars similarly ordered, only 41 were
received; 35 new Cambridge Subway cars were ordered for delivery in
Nov. 1917, but it is doubtful if we will get them before early summer.
Power Facilities.
-A new 25,000 k. w. turbo-generator was contracted for
Lincoln Power Station on Feb. 26 1917 for delivery and erection on or
before Nov. 15 1918. A new substation of 2,000 k. w. ca.Pacity was practically completed at Somerville and the substation at Washington village
was increased from 4,000 to 6,000 k. w.
INCOME ACCOUNT.
Year ending 6 Mos. to -Years end. June 30Dec. 31 '17. Dec. 31 '16.
1916.
1915,
Revenue miles run
59,455,693 29,835,503 58,572,308 57,805,695
Revenue pass. carried_ _381,017,338 189,415,158 363,477,041 346,316,584
Earnings
Passenger
$19,008,052 $9,444,521 $18,126,247 $17,269,03
Mails, rentals, adv., &c_
353,359
725,824
560,725
529,575
Total
$19,733,876 $9,797,880 $18,686,972 $17,798,608
Operating Expenses
General & miscellaneous $1,948,381
$962,995 $1.841,396 $1,738,630
Maint. of way & struc
997,277
1,778,175
1,733,379
1,429,567
Maint. of equipment_ _ _ 1,609,863
742,862
1,324,965
1,203,350
Transportation expenses 6,522,360 3,230,220
5,928,096
5,620,829
Power
684,892
1.681,940
1,233,259
1,290,317
Traffic
12,479
18,901
6,405
5,290
Total oper. expenses_$13,547,124 $6,630.726 $12,079,996 $11,287,983
Net earnings
$6,186,752 $3,167,154 $6,606,976 $6,510,625
Interest on deposits, &c_
7,722
25,658
22,242
16,460
Int.from securs. owned_
32,302
16,027
33,387
31,213
Inc. from sink.fund,&c_
16,640
33,280
33,280
33,395
Miscellaneous
2,489
3,375
2,032
1,092
.1111M11110011111M
.
Total gross income
$5,654,360 $5,958,369 $5,313,554
Interest accrued on First Mtge. bonds 2,784,050 2,748,137 $2,650,242
1,794,998
1,809,394
1,777,884
Consol. Mtge. bonds
203,650
166,314
203,650
Purchase Money Mtge. bonds
250,000
250,000
250,000
'Sinking fund reserve accrued
30,000
60,000
17,828
Federal income tax on int. coupons
153,568
168,800
89,203
.Corp. exp. and adjustments
$5,244,384 $5,180,354 $4,982,981
Total deductions
$778,015
$330,573
Net for income tint., &c. (see below)_ ,$409,976
ROFIT AND LOSS ACCOUNT FOR YEARebNDING JAN. 31 .1
: 11916-17. '411915-16.
1
„AN 771'i
$453,767
$286,952
'Surplus-beginning of year
$568,995
409,976
778,015
Net income for year
330,573
Total
Deduct-Adjust, income int. (4%)-Divs. on partic. ctfs. No. 1 (paid
Aug. 1) and expenses
Divs. on partic. ctfs. No. 2 ($2 per
share
$863,743 $1,064,967
$100,000
$100,000
252,600
$899,569
$100,000
257,600
264,017
253,600
248,600
Total
$6,271,283 $3,210,918 $6,701,332 $6,598,566
DeductionsInt. on West End debt_ - $928,500
$438,970
$867,196
$819,792
Taxes, West End
554,106
290,136
536,871
546,793
Corp. franchise, Federal
income, &c., tax, Boston Elevated
159.794
343,813
326,396
371,107
Tax on earnings
82,787
158,801
151,289
Rental of subway
93,292
x183,958
184,687
183,929
Divs. on West End stock 1,483,857
726,580
1,453,161
1,430,323
Div.Somerv. Horse By..
9.180
4,590
9,180
9,180
Rent Old Col.St.Ry.,&c.
35,249
69,824
71,366
65,993
Int. on Bos.El.fund.debt 1,087,041
1,064,625
531,719
963,619
Int. on unfunded debt.._
33,094
65,053
87,531
86,166
Wash'ton St. tunnel rent
356,622
178,033
355,568
355,488
East Boston tunnel rent
35,480
71,360
68,057
64,838
do extensions rental.
99,608
49,400
28,357
Cambridge Conn'g rent._
71,104
35,525
71.008
70,858
Boylston St. sub. rental.
104,361
210,849
207,515
150,382
4,648
Miscellaneous
12,300
4,589
13,846
Total deductions_ _ $5,553,777 $2,803,657 $5,497,562 $5,274,347
Balance
$407,261 $1,203,770 $1,324,219
$717,506
Dividends
(33i %)835,779 (3)716,382 (5)1,193,970(5%)1313367
Balance for year_ _ _ _def.$118,273 def.$309,121
sur.$9,800 sur.$10,852
x After deducting $22,411 charged Bay State Street By. and Wilbur
1$511,143
Total surplus Jan. 31
$453,767
$286,952 Theatre.
BALANCE SHEET BOSTON ELEVA TED RAILWAY DEC. 31.
-RECORD OF771:YMENTS OF DIVS1ON PARTICIPATION C:eRTFS.
1917.
1916.
1917.
1916.
871909.191271.915=-1914-var 1915- 1916.=1917!...7P7ririri9i)
Assets
Liabilities$
;Feb. Aug. June Sept. Aug. Feb.Aug.
Nov. Sept. Oct.
'infs.
Road & equipm't_54,380,801 51,640.261 Capital stock____23,879,400 23,879,400
*$22 $4 $8 34 $4 $8
Series 1..__ $4 $8 $6
$8
Inv. in affil. cos.:
Prem. on cap. stk.. 2,707,428 2,707,428
$2 7
1- 32 '
Series 2_ _
Stocks
201,510
201,510 Funded debt
26,586,000 26,586,000
Advances
1,775,965 2,297,987 Mortgage notes
125,000
125,000
aGENERAL BALANCE SHEET AS OF JAN. 31.'
Other investments 254,187 . 284,464 Non-negot'ble debt
1917.
,1918.
L1918.
1917.
Miscellan's physto affiliated cos_ 1,209,415 1,241,215
Liabilities-.
$
$
$
"
1,
'Assetsical property
a988,311 21,046,581 Loans & notes pay. 2,900,000 3,660,000
Road,equip.,&e.98,493,204 96,882,803 Capital stock_ ___ [100,000
100,000 Cash
1,005,157 2,865,635 Vouchers & wages 1,592,313
710,304
Treasury securs_ 1,566,049 1,506,049 Bonds (see "Eleo.
845,419 Matured int., &c_ 345,604
346,624
Ry." Section)_91,152,611 91,393,611 Special deposits.._ 344,398
Consols in escrow
Int.,&c., accrued.. 806,588
Loans and notes
749,177
Old securs. exch.
itfor underlying
5,002
5,064 Taxes accrued_ _ _ _ 333,419
receivable
283,159
under plan_ ___
1,980
1,980
1,980
1,980 Accounts receiv'le 140,209
' securities
139,497 Miscellaneous.,.._ 110,859
204,430
Cash & cash items 6,757,279 7,610,023 Per. mon. M.bds.4,073,000 4,073,000 Prepaid rents, &c_ 145,994
180,477
822,226
259,164 Adjust. inc. bds_ 2,600,000 2,500,000 Mat'l and supplies 2,225,997 1,518,462 Insur., res've, &c_ 572,226
10,473
Aco'ts receivable_
Depreciation fund 741,326
608,568
5,000 Current liabilities 1,513,985 2,029,651 Insur., &c.,funds.. 835,750
5,000
Prepaid accounts
835,750 Operating reserve_ 728,512
594,285
Int., taxes & sink.
Inc.from treasury
Prem. on fund. d't
12,315
12,315
22,312 fund accrued__ 2,016,588 2,010,790 Discount on fund- 313,344
56,071
securities
ed debt
325,911 Miseel. fund res...,
50,000
50,000
Renewals,&c.,res. 5,020,748 3,784,533 Miscellan's Items. 112,336
235,559 Surplus
bsur28,558 def157,556
Surplus
511,143
453,767
Total
62,728,062 62,422,576 Total
62,728,962 62,422,576
106,890,056 106,347,332
106,890,056 106,347,332 Total
Total •
-1706, p. 1461, 601.
a Miscellaneous physical property (purchased from the West End Street
By. Co.). b After crediting $250,000 transferred from fire insurance
fund, $62,815 by rebate of W. E. St. By. Co. Federal income taxes for
Boston `(Mass.)'Elevated Mailway Company.
years 1909 to 1912, and part of 1913, and $43,092 amount charged against
ending Dec.
income during the three months ending Dec. 31 1916 on account compen(21st Annual Report-For
sation tax which was abolished, and miscellaneous (net). z 1,197, and debit'Pres. Matthew C.Brush, Boston, Mar. 15,
ing 61,225 to net loss on Commonwealth of Massachusetts bonds. These
11.7bThi- lends.-During the year the company paid three dividends
- c
-15i% bonds were on deposit as security under Acts of 1894 and 1897 and were
-V. 106, p. 1343, 1036.
on Feb. 15,
of 1% on May 15 and 134% on Aug. 15, and in a letter of returned to the company.
Nov. 15 1917 stated that it was doubtful if the earnings for the year would
quarterly period, an opinion now clearly
warrant any :divideni for the last
-Rs
eorgia Railway Power Co., Atlanta, di
17A
justified by this report (V. 105, p. 1897, 1801).
1There are 5,195 M issachusetts stockholders holding 217,971 shares, an
r(Report for Fiscal Year ending Dec. 31 1917.)1:
Over 91% of all the investment ,in
average of lass than 42 shares each.
the stock is Massachusetts money.
The report signed by Pres. P. S. Arkwright and Chairman
•ISecurities.-During the year the Boston'Elevated Railway Co. issued no
H. M. Atkinson at Atlanta on Feb. 20, says in substance:
additional stock or bonds (V. 105, ro• 1998
)
•West End Street Ry. Co.issued (1) additional common stock of $584,700,
Results.
-After paying rentals, interest and sinking funds, the balance
which was sold at auction April 2 1917, realizing $602,201; (2) on Feb. 1 on the year's operations amounted to $619,626. Current dividends at
1917, $2,700,000 4% bonds, then due, were refunded with $2,700,000 5% 6% on the first preferred 6% stock, amounting to 3120.000, were paid
-year bonds dated Feb. 11017; (3) on Aug. 1 1917, $1,581,000 5% bonds out of earnings, and on account of the dividends accrued and unpaid on this
5
became due, and to refund this issue a like amount of new 7%three-year stock from Jan. 1 1913 to Dec. 31 1916 there has been paid 47 in addition
0,
bonds, dated Aug. 1 1917, were issued and sold; (4) on Sept. 6 1917, to the 3% declared on this account in Dec. 1916 and paid Jan. 20 1917.
$570,000 7% 30
-year bonds, dated Sept. 11917, were sold to provide funds [The accumulations have thus been reduced from 24% to 17%.
-Ed.)
to pay for permanent additions and improvements (V. 104, p. 363, 1389,
Bonds.
-On account of additions and improvements to the property of
the Georgia By. & Electric Co. during the year 1916 4337,0001, Refunding
2120; V. 105, p. 499. 1105: V. 106, p. 398)•
authorized the West End Street and Improvement Mortgage bonds of that company were issued and sold.
"-'Since Dec. ,31. the P S. Commission has
For the several sinking funds there were retired $25,000 First Mortgage
By. Co. to issue $375,1)00 additional bonds on account of permanent additions and improvements already made. Of this amount $250,000 7% one- bonds of the Atlanta Consol. Street By.; $50,000 First Consols. of Georgia
--
[VoL. 106.
THE CHRONICLE
Ry. & Elec. Co.. and $44,000 Refunding & Impt. Mtge. bonds of Georgia
Ry. & Elec. Co. were redeemed and canceled. There have been paid
during the year to the sinking funds of the Atlanta Gas Lt. Co., Atlanta
Northern By. and Atlanta Water & Electric Power the sums of $7,590,
$5,000 and $10,000, respectively.
Railway.
-During the year 5.173 miles of new track were built and .018
miles of track were abandoned. Total tracks Dec. 31 owned, leased and
controlled, including mileage in Gainesville, Ga., 247.70. On the city
system, 72,076,392 passengers were transported in 1917, as against 66,520,050 in 1916, an increase of 5,556,342.
Annual Output of Electrical Energy by the Company in 1,000 IC. W. Hours.
1915.
1916. 1917.
1914.
1913.
Generated and purchased____,....100,479 145,692 179,976 211,872 258,607
New hydro-electric contracts signed during the year 1917 amounted to
over 62,000,000 k. w. hours, or approximately 3,500,000 k. h. hours more
than the aggregate contracts signed for the four preceding years combined.
-This rapid increase in the demand
New Hydro-Electric Developments.
made necessary the construction of additional water-power developments,
which, when completed, will nearly double the present capacity of our
water-power plants. These developments, work on which is now under
way, are as follows:
(1) Burton Storage Reservoir, on Tallulah River in Rabun Co., Ga., to
store approximately 3,500,000,000 Cu. ft. of water, increasing tie annual
capacity of (a) the existing Tallulah Falls generating station, already in
operation, about 40,000,000 k, w. hours, this being additional to the average flow of the river. (b) Tugaloo hydro-electric station, now under construction, by about 9,100,000 k. w. hours.
(2) Tugaloo Hydro-Electric Generating Station, on the Tallulah River,
near the confluence of the Tallulah and Chattooga rivers, two miles below
the Tallulah Falls generating station, to include a dam, reservoir, power
house and 13•6 mile transmission line to connect with the present Tallulah
Falls transmission line. This development should produce about 115,530,000 k. w. hours per annum, and a further 9,100,000 k. w, hours with
the aid of the Burton reservoir.
(3) Sixth Unit at Tallulah Falls power station. The installation of the
sixth unit, which will be ready for service in the summer of 1918, will increase the capacity of Tallulah Falls power station 12,000 k. w., or 20%.
The estimated cost of these new developments is about $5,000,000.
-For the purpose of constructing these developments, the
Note Issue.
company sold In July 1917 $2.500,000 6% 23 -year collateral gold notes,
due Feb. 1 1920. (Compare V. 105, p. 715, 606.)
-Upon completion of the developments now under construcCapacity.
tion, the company will have hydro-electric stations of approximately 200,000
horse-power constructed and in service. It also controls approximately
300.000 undeveloped water horse-power in addition, or a total developed
and undeveloped of approximately 500,000 water horse-power.
[The pamphlet report contains a map of the territory in which the company is now operating, showing the location of its transmission lines, &c.]
•
RESULTS FOR THE CALENDAR YEAR.
[Georgia By. & Power Co. and leased and subsidiary companies.]
1914.
1915.
1916.
1917.
$7,807,039 $6,985,709 $6,507,657 $6,341,184
Gross earnings
3,323,727
3,268,350
3,442,967
4,317,404
Operating expenses..
Net oper. revenue
Taxes
$3,489,635 $3,542,742 $3,239,307 $3,017,457
434,347
443,731
465,813
574,038
Net, after taxes
$2,915,597 $3,076,929 $2,795,576 $2 583,110
75,340
{ 5,718
Div. on treasury stock..),
189,271
120,359
160,748
Miscellaneous income_ f
Total income
$3,104,868 $3,197,288 $2,870,916 $2,749,576
Interest on bonds
$1,433,938 $1,387,781 $1,384,027 $1,236,527
71,463
73,069
60,111
Interest on notes
86,447
12,585
8,466
13,068
Extinguish. of discount_
25,379
801,168
801,168
801,168
Rental dividends
801,168
90,303
85,343
92,612
Ga. By.& Elec.sink.fd.
115,719
17,590
17,590
17,590
Other sinking funds..
22,590
Total deductions..
$2,485,242 $2,383,681 $2,378,742 $2,209,206
$540,370
$492,174
3619,626
$813,607
Balance
Dividends 1st pref_ _(6%)120,000
do do on accitm_(4%)80,000 (3%)60.000
$492,174
8540.370
Balance, surplus
$419,626
$753.607
GEORGIA RAILWAY & POWER CO. BALANCE SHEET DEC. 31.
1916.
1917.
1916.
1017.
Liabilities-$
S
AssetsConstruc'n, plant_43,379,973 42,859,947 First pref. stock__ 2,000,000 2,000,000
233,207 2d pref. stock....__10,000,000 10,000,000
New construction.. 779,867
640,034
370,293 Common stock......15,000,000 15,000,000
Supplies
Mortgage bonds__14,003,500 13,204,500
Spec'! depos.acc'ts 2,600,267
314,100
728,652 Debentures
Cash & acc'ts reo_ 850,307
24,602
16,959 Collateral notes 2,500,000
Prepaid accounts_
234,497
453,889 Accounts payable.. 596,483
Stocks and bonds_ 493,889
1,985,000 1,125,747
383,305 Notes payable
Bond discount _ 588,535
683,817
37,000 Divs., &c., pay'le_ 662,226
Treasury bonds__ 200,000
465,679
153,275 *Ga.Ry.& El. Co. 465,679
Suspense accounts 188,705
353,918
62,000
54,000 Reserve accounts.. 269,755
Sink, fund bonds..
13,336
35,215 Accr'd fixed chgs.
do trustee.... _ _
125,141
99,019
Ga. Ry. & El
Profit and loss......_ 2,239,944 1,818,344
Total
49,821,606 45,325,743
Total
49,821,606 45,325,743
* Net assets turned over to the Georgia By.& Power Co. by the Georgia
-V.106,p. 710.
By. & Elec. Co.in accordance with the terms of the lease.
Substantial additions were made to the high-tension transmission and
distribution systems and to roiling stock. Extensions aggregating 3.09
miles were made to the tracks in Youngstown.and Warren to reach desirable territory, and a new 25-yr. franchise was granted by the City of Youngstown covering a large part of the trackage in that city. The Mahoning
County Light Co., operating a steam heating plant in Youngstown, has
been acquired.
The company has curtailed its construction program during the year and
has now abandoned its plans for further immediate extensions, owing to
abnormal costs and difficulties in financing.
-Year
-Since Jan. 1 1918 this company has sold $1,500,000 2
Note Issue.
6% notes, which are convertible into pref stock of the Mahoning ee She,
nango Railway ec Light Co. which was purchased by the Republic Company from the Mahoning Company and is deposited under the indenture.
With this financing the company will await the development of some national plan of meeting the public utility situation, which we believe must
be found in order to make possible the continued expansion of other industries necessary to the conduct of the war.
Outlook.
-There is every indication of a continuance of industrial activity and growth in the district served. All industries throughout the territory are running to their maximum capacity, including new ones which
have started, and many companies are building large additions to their
plants. Among these are the Republic Iron & Steel Co., Youngstown Sheet
& Tube Co., Brier Hill Steel Co., Trumbull Steel Co., Trussed Concrete
Steel Co., Republic Rubber Co. and General Fireproofing Co. The
McDonald Mill of the U. S. Steel Corp., said to be designed as the largest
rolling mill in the United States, has started operation. This mill is located in a new town of the same name which is now served with light and
power by your company.
-The policy of consolidating the underlying companies
Sub. Co. Merger.
has been continued by consolidating the Mahoning & Shenango Railway
& Light Co. with the Mahoning Valley Railway Co., Youngstown & Sharon
Street Ry. Co., Mahoning Valley Southeastern By. Co., Poland Street
By. Co. and Youngstown Park & Falls Street Ry. Co. Mahoning &
Shenango Railway & Light Co.Is now a corporation of both Penna. and Ohio.
Sub. Co. Pref. Stock.
-As a result of a local campaign conducted by the
company since last November, $250,000 of the pref. stock of the Mahoning
& Shenango Railway & Light Co. has been sold at par to 589 of its customers
In lots limited to not over 20 shares each.
VOLUME OF BUSINESS DONE BY THE COMBINED PROPERTIES.
1917.
1916.
1915.
174.72
173.99
170.90
Track owned, miles
7,575,616
7,497,489
7,652,866
Car miles operated
59,923,605 53,448,848 46,036,596
Passengers carried
3
3
3
Generating stations
59,250
44,250
29,250
Generating station capacity,k. w
IC. w. h. feeder outrt
162,172,400 136,887,330 96,989,4:48
182.25
174
133
Tnsmission lines (miles)
ra
700
776
Elec. distrib. lines (overhead)(miles)
800.5
20 miles
31 miles
31 miles
do do (underground conduit)
23,523
19,888
16,041
Number of customers
• 3
3
3
Number of gas holders
28
28
28
Miles of gas mains '
49,988
60,627
56,090
Artificial gas output (1,000 cu.ft.)
INCOME ACC'T FOR CAL. YEARS (Republic Ry. & Lt. Holding Co.).
1917.
1916.
1915.
$637,682
Common divs. on sub. cos.*
$668,113
$657,271
Divs. & int. from.sub. cos., aft. exps_
Add Inc.from eng.dept.& oth.sources
109,574
Deductions
136,188
161,435
Interest charges
Less administration exps. and taxes_ _
70,344
Preferred dividends (6%)
311,484
311,484
311,484
62,060
248,240
Common dividends(1%)
Balance, surplus
$117,188
$158,380
3184,352
& Light Co.
* Mahoning & Shenango
CONSOL.INCOME ACC'T FOR CAL. YEARS (Inter-Co. Items Eliminated).
1916.
1915.
1917.
$4,889,916 $3,987,617 $3,121,297
Operating earnings
2,327,407
1,874,083
Operating expenses and taxes
*3,341,134
Net earnings
Other income
81,548,732 $1,660,210 $1,247,214
67,206
20,966
1,753
$1,615,938 $1,681,176 31,248,967
Gross income
$759,427
$804,850
$688,953
Interest charges
311,484
311,484
Rep. Ry.& Lt. Co. pref. divs.(6%)_
311,484
(4%)248,240 (1%)62,060
do
do common diva
245,000
22.719
Stock of sub. cos. owned by public...._
6
Balance, surplus
$51,787
$480,062
$248,525
* Includes depreciation in 1917, $49,867, and. in 1916 $46,562, and not
carried in operating expenses in previous years.
BALANCE SHEET DEC. 31 REP. RY. & LIGHT CO. (HOLDING CO.).
1916.
1917.
1917.
1916.
LiabilitiesAssets
•$
$
Common stock.... _ 6,206,000 6,206,000
Invest. in stocks of
subsidiary cos__11,413,737 11,413,737 Preferred stock_ _ _ 5,191,400 5,191,400
487,549 Ace'ts pay'le, &c..
273,968
190
190
Cash
31,390 Acc'ts not yet due 167,663
Acc'ts receivable.. 371,531
156,587
60 Surplus
._
1,753
Suspense
495,737
378,549
12,060,989 11,932,726 Total
Total
12,060,090 11,932,726
Contingent liabilities: Guaranty of principal and interest on $170,000
20-year 5% bonds of the Poland Street By. Co. Indorsement on notes
aggregating $800,000 of Mahoning & Shenango Ry. & Light Co.
CONSOL. BALANCE SHEET DEC. 31 (Eliminating Inter-Co. Items).
1916.
1917.
1917.
1916.
-The increase of $902,299 in gross earnings was greater than
Results.
Assetsin 1916 and was a continuation of the rapid growth begun in the latter part * Property, franCapital 8EOCk(ReP•
or
of 1915. The gross income decreased from $1,681,176 to $1,615,938,
Ry.&Lt. Co.)
chtses & invest _31,362,979 28,972,853
$65,238, which is 3.9%.
322,397
Common stock_ 6,200,000 6,206,000
Materials & supp_ 534,549
The increase in interest and subsidiary company dividends is due partly Advance paym'ts_ 138,831
8,189 6% cum. pref._ 5,191,400 5,191,400
to dividends on the 7% cumulative pref. stock of the Ma,honing & She- Notes & sects roc_ 571,359
308,186 Sub. cos. cap. stk_ 3,639,775 3,500,675
nango Ry. & Light Co., by means of which the $3,000,000 Republic notes Bond sink. funds.. 592,353
557,438 Fund.(It. sub. cos.16,036,000 14,278,000
were retired late in 1916 and junior financing was accomplished. This, Treasury stock_x_ 139,200
Notes de acc'ts paytogether with additional subsidiary interest charges, amounted to an in- Unadjust. debits.. 205,034
able, &c
60,183
2,452,544 1,011,005
crease of $176,857, causing a total reduction from the balance applicable to Special deposits...: 210,475
73,250 Bond coupon acc't 210,475
73,25
the common stock in 1916 of $242,094. The conditions which brought Cash
628,750 Unadjusted credits
894
356
538,288
about the increases in operating expenses have affected all public utility Funds to be withReserves
326,614
345,838
companies, the most serious factor being the increase in the price of coal,
Surplus
688,582
626,724
drawn against
comment is required, as the results compare favorably
and no particular
302,900
constr. expend.. 439,216
with other properties similarly situated.
-Grass revenue for the year from
Growth o Light and Power Business.
34,732,284 31,234,147 Total
Total
34,732,284 31,234,147
electric light and power increased 32.7%, while the railway increase was
10.9%. With a development of our total gross earnings in 5 years of
* Consists of property, franchises and investments, including cost of
the growth of the light and power business since 1912 has reduced the acquisition of securities of subsidiary companies at cost, and in so far as
84%,
percentage of railway earns, in the total from 70.59 to 56.38%, as follows: paid for, in securities at par. x 1,392 shares Mahoning & Shenango
1916.
1917.
1912.
1914.
1915.
-V. 106. p. 1037, 822.
BY. & Light Co. 7% pref. stock.
Tot. gross earns-$2,655,601 $3,001,285 $3,121,297 $3,987,617 $4,889,915
60.86%
56.38%
66.70%
63.30%
Per cent railway_ 70.59%
Aurora Elgin & Chicago (Electric) Railroad.
39.14%
33.30%
36.70%
Lt. power & misc. 29.41%
43.62%
The nutiber of light and power customers connected Dec. 31 1917 was
(Report for Fiscal Year ending Dec. 311917.)
23,523, a net increase of 3,635 for the year, while the average earnings per
customer increased from $75 15 to $84.
President L. J. Wolf, Cleveland, Mar. 28, wrote in part:
-During the year the company increased its rates for power In the
Rates.
Franchises.
-Seven of the franchises on the Fox River Division have
entire territory, and efforts are being made to increase street railway fares
over' the entire system. The fare in the City of New Castle, Pa. has al- been renewed for 20 years, notably at Aurora and Batavia.
Fares.
-A new tariff of passenger fares has been filed with the Illinois
ready been increased from 5 to 6 Cents, while the question of increase, on the
Interurban lines in the State of Ohio is now before the Supreme Court of' Public Utility Commission and hearings are now being held by the ComOhio for a decisioti as to the authority of the Commission to grant this mission in relation thereto. The new,tariff should result in a substantial
Increase. Unless something unforeseen occurs, the results for the current addition to the company's revenue.
Results.
-When considering this balance sheet and the income statement
year should prove more satisfactory than those of the past.
Additions.
-During 1917 $2,390,226 was expended upon acquisitions, next herein, it should be remembered that there was charged during 1917
extensions and betterments, but owing to the unusual delays in deliveries, to operating expenses and to income, respectively, and credited to reserves
the additional 20,000 h. p. unit mentioned in the last annual report was for depreciation of equipment, $31,845; for a mortization of discount and
not placed in operation until after Jan. 1 1918. This caused considerable expense on bonded debt, $42.185: total, $74,029.
• [Various improvements and additions have been made to the property.]
loss in operating efficiency.
Republic Railway & Light Co., New York.
(Report for Fiscal Year ending Dec. 31 1917.)
Pres. Harrison Williams Mar. 1 wrote in substance:
APR. 13 1918
THE CHRONICLE
RESULTS FOR CAL. YEAR 1917, 6 MOS. TO DEC. 31 1916 AND JUNE
30 YEARS.
Year
-June 30 Years.
6 Mos. to
1917. Dec.311916. 1915-16.
1914-15.
Gross earnings
32.159,349 $1,109,327 $1,950,510 $1,968,137
Expenses and taxes_ _ _ $1,563,900
$741.515 $1,2911,502 $1,359,347
P. C. oper. exp. to earns
(72.51)
(66.86)
(6b.62)
(69.06)
t5'7 I
rates wore recently increased with approval of the California RR. Coramission. These increased rates and the hydro-electric
referred
to, should enable the company to maintain at least the contract earnings
ratio of
of recent years, notwithstanding the greatly increased cost of fuel oil and
other supplies. (Compare V. 100, p. 506, 1132.)
Oklahoma Gas & Electric Co.
-Under this title have been consolidated the
Oklahoma Gas & Electric Co., El Reno Gas & Electric
& Gas Co., Muskogee Gas & Electric Co., and SapulpaCo., Enid Electric
Net earnings
$595,449
$367,811
Electric Co. The
$651,008
$608,790 new company owns in fee the properties
Other income
formerly belonging to all of the
193
203
257
1,091 companies named excepting Muskogee Gas
& Electric
which in turn
owns all of the stock of the Sapulpa Electric Co. In the Co. of the MuskoTotal net income_ _
$595,642
$368,014
case
$651,265
$009,881 gee company, the new company, it owns
Deductions from income $502,546
over 81% of the outstanding pref.
$253,425
$489,210
$443,438 and all of the corn. stock excepting directors'
Div. on pref. stock(6%)
shares. The minority shares
186,000 of Muskogee Gas & Electric Co. are gradually
Div. on corn.stock(3%)
being exchanged for stock
of the Oklahoma Gas & Electric Co.. and eventually the properties of the
Balance,sur. or def._ _ _ _ sur.$93,096sur.$114,589 sur.$162,055 def.$19,557 Muskogee and Sapulpa companies will be taken over.
During the year the electric properties at Norman, Kiefer, Drumright.
BALANCE SHEET.
Waukomis and Hennessey were purchased. Some of these
already been connected by high-tension transmission lines, properties have
Dec. 31
June 30
Dec. 31
June 30
but the greater
part of the program outlined in last years report, particularly
1917.
1916.
1917.
1916.
that concerning an additional large generating station, has been deferred.
Assets
Liabilities
Duo to the high prices of crude oil and its products, and also of
Prop., plant, &c_ _12,408,895 12,407,305 Preferred stock_ _ _ 3,100,000 :3,100,000
argiConstruction, ImCommon stock__ _ 3,100,000 3,100,000 cultural products, the entire State of Oklahoma is enjoying
provements, &e. 2,092,481 2,816,504 First A: ref. bonds_ 4,678,000 4,293,000 There is a large amount of power business in oil pumping great prosperity
and otherindustries awaiting the coippany as soon as the large extensions planned
Other hnprovem'ts
First mtge. bonds- 2,6-19,000 2,700,000
can be
made. During 1917 the net earnings have suffered, but it is
14,123
and betterments
14,696 E. Sc A. 8. Tract
17,510
Investments
16,013 cons. 1st M.bds. 2,000,000 2,000,000 rate increases and the continuing increases in gross earnings believed that
will improve
the divisible earnings during 1918. Electric rates in Oklahoma City
"First & refund'g"
3-yr. coll. tr. notes 800,000
800,000 advanced
were
bonds in treas'y. 1,509,000 1,215,000 Salaries and wages
Mar. 1 1918. (Compare V. 105, p. 1621, 1204.)
30,648
31,427
Sinking* funds__ _ 454,026
455,576 Vouchers & accts_ 150,186
Northern States Power.
-The past record of excellent gains in gross
160,356
Working accounts. 203,895
140,372 Notes payable_ ___ 283,584
327,900 earnings continued, the increase during 1917 amounting to $1,067,355.
21,745
Cash on ham!, &c_
40,510 Accr. Mt. & taxes_ 100,234
64,923 The large increase in business, as well as the necessity of closing down the
Notes & accounts
Outstanding tickCoon Rapids hydro-electric station for repair, made it necessary
to generate
101,984
receivable
93,115 ets, 4:c
7,758
16,601 a larger percentage of the electric output by steam. Increased fuel costs,
Unamortized debt,
Reserves
*169,894
96,934 Inferior quality of coal. &c., made serious inroads on net earnings and
discount, Sre__ _ 164,942
196,918 Profit and loss_ _ _ _ 939,620
733,171 necessitated the application of previously accumulated surplus for a part
Deferred accounts.
30,322
28,217
of the corn, stock divs. [Compare news item on another page.
-Ed.]
Increased rates became effective Jan. 1 1918, in many of
the comTotal
18,014,923 17,424,316 Total
18,014,923 17,424,316 munities served better water conditions now prevail, and all of the hydroelectric plants are again in operation. It is believed that
fuel conditions
* Includes reserve for depreciation of equipment, $116,473; for damages, will improve. It is also expected that the
$56,449; and for doubtful accts. receivable, $2,972.-V. 106, p. 928, 714. Minnesota Light & Power Co. will provide contract with the Wisconsin- •
a
hydro-electric power during this and futurelarge additional amount of
years. The transmission
lines have been extended and many contracts with flour
Booth Fisheries Co., Chicago.
industries were taken on. Notwithstanding the present mills and other
high operating
costs, your directors has-e no hesitation in predicting a successful
(Report for Fiscal Year ending Dec. 29 1917.)
future.
Under present conditions, however, they deem it advisable
to postpone the
subsequent page will be found at length the report of construction of further hydro-electric plants until after the war. [Compare
On a
V. 106, p. 1131, 1349.]
President K. L. Amos, in addition to the income account for
Louisville Gas &
-This company has again shown substantial
two years, comparative not earnings, and the balance shoot gains in both grossElectric Co.
and net earnings, to some degree due to Camp Zachary
Taylor, which is housing approximateiy 40,000 soldiers in training.
as of Dec. 29 1917.
Foreseeing much higher fuel prices, the company early in
1917 acquired and
developed a considerable coal acreage within 115
COMPARATIVE INCOME ACCOUNT.
ating station, and also purchased steel railwaymiles of its electric gener1916.
1917.
cars to handle
1915.
1914.
requirements, thus obtaining a continuous coal supply at less than its coal
Net profits
153,388,829 $1,659,205 $1,042,7701 $1,210,724 prices.
current
Extensive additions to the power
Administration expenses,
have just,lbeen completed.
289,235
1
Due to increased industrial activity andplantexceptional
the
severity of the
winter, the company
Balance
$3,388,829 $1,659,295 $1,042,770
$921,489 supply of natural gas found itself unable to purchase a sufficiently largo
Bond, &c., interest_ _ _ _
$531,904
$378,919
$386,779
$344,563 in dissatisfaction and to meet fully the increased demands. This resulted
Depreciation reserve and'
38,667 of largo capacity may criticism. To some extent the artificial gas plants
have to be resorted to.
Sinking Fund
f
354,293
274,024
307,334
294,868
The gross and
00,000 our expectations net earnings have shown continuous increases, and while
have not yet been fully realized, the future appears
Reserve for Fed. taxes
625,000
brighter at present than at any previous time.
Prof. dividends (7%).._ ..
236,110
214,270
180,005
154,000
The $1,500,000 notes due Apr. 1 1918 have been provided for
through the
sale of
Total deductions__
$1,747,307
$867,213
$874,118
$892,098 bankers2%-year notes maturing Sept. 1 1920 (V. 106, p. 1348). Private
stand ready
Balance, surplus
$1,641,522
$792,082
$168,652
$29,391 July 1 1918 (about to refund the First & Refunding bonds, maturing
$10.500.000). but
CONSOLIDATED BALANCE SHEET, DEC. 29 1917.
Finance Corporation providing funds in view of the possibility of the War
at a lower figure, the officers have
deemed it advisable to defer this latter financing.
1917.
1916.
1917.
1916.
[Compare V. 106,
p. 1348, 1235.]
Assets
Liabilities
Real estate, tradePreferred stock__ _ 3,500,000 3,246,000
Ottumwa Railway az Light Co.
-A considerable
marks,good-will,
Common stock._ - 5,000,000 5,000,000 and power business has been acquired, including amount of new lighting
a contract with another
14,240,120 12,324,335 Debenture bonds_ 5,000,000 4,998,000 public utility company serving several towns
Arc
in the vicinity
80,557
U. S. Govt. bonds
Bonds on cold-storBecause of the growth of business a new steam turbine unit of Ottumwa.
of 1,250 kiloSinking fund & int 1,502,883 1,408,740
1,051,814
ago plants
watts capacity has been installed. Heavily increased operating
799,314
expenses
Inventories
5,479,007 1,872,704 Accts & notes pay_ 8,083,452 2,369,036 made necessary an increase in electric and
steam heating rates,
Accts.& notes rec.. 4,522,475 2,524,894 Conting.,&c.,res_ 447,191
281,761 ing a final decision by the court, the higher rates are effective. and pend[Compare
Prepaid insur., &c.
39,963
36,078 Res.for deprec.,&e. 1,199,188
950,474 V. 103, p. 1413; V. 105, p. 998; V. 106, p. 920; also "Elec. By." Section.]
1,518,052
785,199 Res. for Fed. taxes 625,000
Cash
Mobile Electric Co.
122,901
Deferred Items_
132,509 Profit and loss_ _ _ 2,599,312 1,439,963 trend, net earnings -While gross earnings had an increasingly upward
wore disappointing. [Compare V. 106.
Electric light and power rates were advanced Feb. 1 1918, andp. 924, 611.1
27,505,958 19,084,549
Total
are effective
Total
27,505,958 19,084,549 pending final court decision of certain
questions affecting contractual
-V. 106, p. 1035, 926.
relations. War activities, and particularly shipbuilding, are now
bringing
in many new residents.
Standard Gas & Electric Co., Chicago.
Four shipbuilding concerns are now in operation, one
keels for 12 large composition steel and wooden boats onof which has the
the ways. The
(Report for Fiscal Year ending Dec. 31 1917.)
Alabama Dry Docks & Shipbuilding Co., with a force of 1,300
men, is
handling a large repair business in addition to the building
Vice-President Arthur S. Huey March 30 wrote in subst. and wooden ships. Six miles north of Mobile the Chicasato of both steel
Shipbuilding
Co., a subsidiary of the U. S. Steel Corporation, has purchased
Results Shown by Subsidiaries.
-The combined statement of the sub1;
400 acres
sidiary companies shows: gross earnings for 1917 of $19,341,588, against and is constructing a gigantic steel shipyard and industrial city. The
$17,127,134 in 1916 and $15,539,281 in 1915, while the net earnings were shipbuilding industries are power customers of the Mobile Electric Co.
$8,523,326, contrasting with $8,309,422 and $7,585,603, respectively. Mobile, it would appear, should again become an important deep-water
The gross balance of earnings for 1917 retained in surplus or allocated to terminal.
Fort Smith Light & Traction Co.
depreciation reserve by those subsidiaries having excess earnings for that
-Both gross and net earnings are steadily
purpose, aggregated $946,599. Not all of the subsidiary companies, how- Increasing, due primarily to the establishment of a number of new industries,
ever, earned enough to show a "balance of earnings retained in surplus or partly resulting from the discovery of new ga,s fields in the vicinity, notably
allocated to depreciation reserve," and two of the subsidiaries partially three zinc and lead smelters, four glass plants, and one hardware
paid dividends out of surplus accumulated in periods prior to .917. [See factory, all of which the company supplies with electric power andmanulight.
Two important contracts have been closed with other public service
tabular statement below.]
corThese gross earnings, aggregating $19,341,587, were derived as follows: porations supplying electricity to a number of towns, villages and coal
mines to the south and east of Fort Smith, to servo which your
electricity, 69.48%; gas, 22.79%; street railways, 4.18%; steam, 2.53%;
has built high tension transmission lines and is now completing company
telephone 0.61%; water, 0.22%; ice, 0.19% •
the instalIncreasing industrial activity was reflected in materially increased gross lation of a further 3,000 kilowatt steam turbine unit. On Jan.
1918
earnings, but not earnings did not respond as satisfactorily, owing chiefly your company increased its natural gas rate. The matter is now1 being
to higher cost of fuel, wage increases and heavier taxes largely for Federal adjudicated. [Compare "Elec. By." Section.]
purposes. Advanced rate schedulesin many communities will show their
Southwestern General Gas. Co.
-This company, which supplies natural
effect in 1918.
gas (to a considerable extent from its own field) to the Fort
Smith
Dividend Policy.-Seo citation from report in V. 106, p. 1466.
& Traction Co. shares the increased business of the latter company. Light
Subsidiary Companies.
Northern Idaho & Montana Power Co.
-This company has
Arkansas Valley Railway, Light (37. Power Co.-ThLs company exceeded organized as the Mountain States Power Co.[per plan in V. 104. p. been re76]. The
our expectations, its gross earnings increasing 13.3%, and its net 14.2%, earnings, after bond interest, are sufficient to pay the 6% cumulative
against 7.6% and 11.7%, respectively in 1916. A now 7,500-kilowatt dividend on the preferred stock. Both grass and net earnings are
steam turbine generating unit at the Canon City power plant was placed in at a satisfactory rate, and the outlook is most encouraging.increasing
Electric
operation early in the year. A number of new industries were established power is generated either by water or by sawmill refuse. The water
power
in the company's territory. Distributing systems at Ordway, Sugar City, plant at Big Fork, near Kalispell, Mont., can be greatly enlarged at a
Crowley, Olney Springs and Boone were added to the property. General comparatively nominal cost, and sale of even the present excess
capacity
financial conditions made necessary a postponement of the plan to consoli- would increase the earnings so as to allow the payment of common
date the company's financial structure. In the meantime, sales of the dividends. Your company owns a considerable amount of the new stock
comcompany's preferred stock in home territory are providing sufficient funds Pany's stock. [V. 105, p. 2189: V. 104, p. 1596.1
to meet its current construction,requirements. [Compare V. 105, p. 1521
Puget Sound Gas Co.
-The Everett Gas Co. has been succeeded, through
and "Electric Railway Section.
reorganization (V. 105, p. 1212) by the Puget Sound Gas Co.,
of
-This subsidiary gained in net earnings, your company owns a majority of the stock. Everett, Wash., haswhich
Western States Gas & Electric Co.
been
as well as in gross earnings. At Stockton and all other centres industrial much more active industrially than heretofore. but the company's earnings
activity prevailed. The agricultural districts traversed had a very prosper- show little change. Increased gas rates, authorized by the Washington
ous year, and at Eureka shipbuilding activity was greatly stimulated. P. 5. Comm., have been placed in effect.[V. 106. p. 92; V. 105, p. 1425.]
An increase in gas rates at Eureka has been granted, effective Mar. 1 1918.
Tacoma Gas Co.
-This property is still in the hands of receiver Elmer
An application is now being presented for increased gas rates at Stockton, Dover, but the reorganization should be consummated
since the larger part of the electric energy distributed is furnished by water The gross earnings are increasing, but high fuel cost before Dec. 31 1918.
has so far depressed
power plants, the increased costs in the electric department have been the net earnings. Tacoma, the city nearest to Camp
Lewis,
serious. Further acquirements of water and storage properties makes unparalleled business activity, due both to the cantonment is enjoying
and the repossible a largo Increase in hydro-electric generating capacity. (Compare vival of the lumber trade, shipbuilding, &c. The
company has increased
V. 104, P. 1597; V. 106, P. 1143.)
its gas rates, as authorized by the Wash. I'. S. Comm.[V. 104. p. 769.]
W9 San Diego Consolidated Gas & Electric Co.
-This subsidiary showed
Public Relations.
-The relation
satisfactory progress In 1917 under war conditions. Camp Kearney is continues to be satisfactory, whileof your subsidiaries with the public
increased rates
located near San Diego, as are also a naval training station and a largo and Fort Smith have resulted in legal proceedings, in Ottumwa, Mobile
there is no expectation
aviation camp, the total number of men so under training being estimated, that this litigation will seriously affect the
to exceed :35,000. Tile new industries include largo shipyards. A con- these communities. Rate advances, on the heretofore good relations with
other hand, have been placed
tract has boon made with the Southern California Edison Co. for a suf- in effect without legal controVersy in not less than 13
operating divisions.
ficient amount of hydro-electric power to supply all of the San Diego
Placing
company's average requirements available probably by June 1. Gas companiesof Securities Locally -The placing of securities of the respective
in the communities served has proved to be even more successful
I)
1572 •
THE CHRONICLE
[VOL. 106.
different departments should be kept under separate corporate organizaRefining Co.
tions. Therefore late in 1917 the St. Louis Smelting & the basic lead
works,
transferred all its properties, excepting the smeltingNational Lead Co. at
and some minor properties, to the
sulphate plant
a fair value. It declared all of its surplus in dividends. It then reduced
its capital stock from $2,000.000 to $500,000 and declared a capital divicash
dend of $1,500,000. The properties, securities and underreceived by the
the several apNational Lead Co. are distributed in the statement
at cost ($1,propriate headings; the stock formerly carried on our books in dividends,
The surplus declared
658,288) is now carried at $500,000.
as a part of
amounting to $4,071,148, necessarily appears on our booksearnings, not
our earnings in 1917. It really represents the accumulated
Co. since its organization.
declared in dividends, of said St. Louis
-The increase in the plant reserve account is to provide for
Additions.
the reconstruction of the Atlantic plant and a new oxide plant being con$1.712,927 $1,618,467 $1,475,029 structed by the John T. Lewis & Bros. Co. statement for the first time.
$1,620,343
Total
-This item appears in our
39,610
Depreciation.
43,026
48,727
54,292
better'General exp. and taxes..
Previous to 1916 it was our policy to charge new construction and system
in lieu of depreciation. In 1916 a
$1,664,200 $1,575,441 $1,435,419 ments to maintenance account was adopted to conform to the reports re*1,566,051
Net earnings
g the properties
of depreciatin
Profit on bonds owned
quired by the U. S. Govt. for taxation purposes. Provision has also been
311.857
100,000
(called for redemption)
made for the depreciation of the mining properties. heretofore has been
-This is not a new account but
Bad Debt Reserve.
$1,666,051 $1,976,057 $1,575,441 $1,435,419
of a
Gross income
$597,057 deducted from Customers' Accounts; this $76,520 is the accumulation
$588,211
$471,043
370.492
Int. on bonds
148,998 number of years after charging against the fund all bad debts. our policy
119,730
18,016
404,019
coll. trust notes_
do
-It has been
ubsidiary Corporations.
53.622
Consolidated Statement-S
88,024
40,484
16,845
them into the
on pref. stk.scrip
do
15,778 to build up all new properties acquired and incorporate earnings of all
37,098
260,220
1,389
.Miscellaneous interest.._
Parent Company by natural growth. To that end the to their new
applied first
$619,964 subsidiary corporations have been habitually
$742,377
$873,305 $1,186,294
Balance, surplus
679.245 construction and improvement of such subsidiary work-second to work513,095
784.074
1,171,701
Previous surplus
and third to dividends which when received were reported as a
$1,255,472 $1,299,209 ing capital earnings of the National Lead Co.
$2,045,006 31,970.368
Total
part of the
$314,265
statement of the
$491,040
648,172
Dividends paid in cash..
The second of the balance sheets is a consolidated which it owns all
$746,380
117,850
all its subsidiary companies in
In scrip
39,283 National Lead Co. and assets of the latter being taken at their book value
39,283
58,925
58,925
Accrued pay. In scrip_
of the capital stock, the
451
31,805
Co. in all cases where
Prem. on bds., &c., red..
at the time they were acquired by the National Lead cases where the price
216.897
55.000
Miscellaneous
the price paid was more than the book value. In been depreciated to
have
Cr.9,021
Interest on bonds
paid was less than the book value the assetsthe National Lead Co.
$513.095 conform to the price actually paid therefor by
3784,074
$1,291,930 $1,171,701
Total surplus
t and
Under the heading "Other Investments" is included Governmen the
BALANCE SHEET DEC. 31.
other securities and also stock in the following corporations in which
-United
1916.
1917.
1916.
1917.
Lead Co. owns only a part of the outstanding stock. viz. Refining
National
Liabilities
$
Co., Baker Castor Oil Co., River Smelting &
$
AssetsCorpora9,343,150 States Cartridge
Securities owned_ _32,832,938 32,198,890 Common stock__ 9,343,150 11,784,950 Co., Williams Harvey Co., Ltd., of England, Williams Harvey
values
64,867 Preferred stock....11,784,950
York, Cinch Expansion Bolt & Engineering Co. The to us.
64,705
tion of New
• Sinking fund
the actual cost thereof
stock divi511,635 Pref.
209,114
on such "Other Investments" are
Cash
323,568 placed increase in surplus as shown in the second statement as compared
266,690
dend scrip
The
_Notes & acets rec.1,500,276 1,919,733 Convert. 6% s. 1.
mith the first represents the accumulated earnings not declared in dividends
Sub. cos
5,840,500 6,880,000 since the acquisition of the subsidiary companies in which,the National
626,450 bonds
60,036
Others
div., &c., rec. 196,465 126,869 20-year 6% notes.. 6,772,100 6,714,400 Lead Co. owns all of the capital stock.
Int.,
10,595
Accounts payable.. 326,541
-It is believed that in both statements all of the
Valuation-Good Will.
•Unamortized debt,
150,793 personal property has been inventoried conservatively. In the "plant ac145,349
989,636 Accrued in,&c
discount, &c__ _ 966,599
there has never
Accrued preferred
1
1
of both the National Lead Co. and its subsidiaries and machinery.
Office furn., &c
58,925 count" separation of "good will" and lands, buildings
58,925
dividend
any
on original cost.
1,291,930 1,171,701 been
Surplus
At this late date no such division can barnacle, based time the physical
It is a conservative statement to say that at the present
35,830,135 36,438,082 value of the assets owned by the National Lead Co., exclusive of good.
35,830,135 36,438,082 Total
Total
will and intangible assets, exceeds the amount of the capital stock outEARNINGS OF SUBSIDIARIES FOR CALENDAR YEARS.
common.
- standing, both preferred and on both the preferred and common stock in
Net Earnings
Gross Earnings
-The dividends
Dividends.
1916.
has always
1917.
1915.
1918.
1917.
were declared and paid out of current earnings. This believe that
1917
$
$
$
$
$
been our practice. Of the extra Red Cross dividend of 1% we
1,428,467 1,260.287 1,171,628 645,222 564,762 directly or indirectly the greater part found its way to the Red Cross Fund.
Arkansas
was
454,664 154,266 154,180
486,705
508,669
At the Feb. 1918 meeting a dividend of 1M % on the common stock
Fort Smith
2,838,589 2,458,625 2,236,406 1,525,084 1,388,147 declared thus placing the common stock upon a 5% per annum basis.
Louisville
358,713 149,926 170,134 It is believed that this dividend rate can be maintained. As stated last
356,387
386,249
Mobile
642,727 262,455 248,362 year, however, prudence requires that we keep financially strong until the
618,579
644,601
Northern Idaho
3,341,657
Northern States.__ 7,154,509 6,087.153 5,121,827 3,389,781
difficulties "if any, attending the readjustment to normal conditions
Oklahoma system_ 2,469,287 2,211,342 2,001,064 788,909 811,179 after the war are more definitely known.
329,824 142,989 166,574
360,601
-The cost of raw materials continues
365.407
Trade and Operating Conditions.
Ottumwa
19,329
17,873
104,263
102.580
104,494
Puget Sound
very high, largely due to war conditions. The market price of tin is double
1,602,174 1,541,489 1,542,654 727,017 729,112 and of linseed oil treble its normal value. Wages of common laborers
Diego
San
42,680
32,278
94,145
120,321
acid, lumber, tanbark, freights,
134,211
Southwestern
75,397 have doubled. The cost of fuel, acetic the cost of manufacturing and
62,290
297,531
283,726
Tacoma & Olympia 302,059
cartage and everything that enters into
1,402,870 1,239.338 1,183,834 625,235 597,909 marketing our products have greatly increased. In obedience to natural
States..
Western
inlaws sales in certain lines have fallen off, while in other lines, which are
19.341.587 17,127,134 15,539,281 8,523,325 8,309.422 fluenced directly or indirectly by war conditions and requirements, have
Total
capacity.
taxed our
war or
Charges, Dividends, &c., for Calendar Year 1917.
Many of our skilled men have been called away to needed other employhave
Dividends- Balance,
Int. Chges. Amort. of
ment, and delays in transportation cutting off ourtrying. supplies
Common. Sur, or def.
(Net.) debt disct.,&c. Pref.
make operating conditions most
to
Company$135,000 sur. $70,611 also contributed
being constructed in
$66,578
$2,500
-The tin smelting works
Harvey Tin Smelters.
Arkansas Valley---- $370,533
def. 27,646 Brooklyn by the Williams Harvey Corporation are expected to begin oper181,912
Tort Smith
sur. 105,289 ations in July. The National Lead Co., (see a subsequent page) and the
661,860
757,934
_
Louisville
sun 14,000 former owners of Williams-Harvey Co., Ltd. of England have sold one-third
35,531
2,400
97,995
'Mobile
'
of the outstanding capital stock of both the English and American corporado Proportion of dividends charges to
:24,144
Patino, the largest individual tin mine owner in Bolivia.
surplus of previous years
def. 74,339 tions to Simon I. stock ownership in both companies the miner, smelter
Under the present
Northern Idaho ____ 336,794
88,932 sur. 435,003 and distributor are equally interested in the enterprise.
1-916,011
Northern States ___ 1,709,838 140,000
-We have organized this company
National Lead Co. of Argentina.
do Proportion of dividends charged to
z240,970
of Argentina with office and factory at No. 2469 Tres
surplus of previous years
233,110 sun 118,017 under the laws
127,520
Aires, enabling us to overcome the obstacle resulting
Buenos
Esquinas
Oklahoma System... 310,262
24,375 sur. 18,000 from the St., duty imposed on alloys of lead, tin and antimony under
32,382
250
67,982
high
Ottumwa
sur. 1.730 the Argentine tariff laws. A local company will also be able to secure
3,750
105
Puget Sound (4 mos.)
def. 15,938 and care for all our South American business more efficiently than is posEverett Gas(8 mos.) 28,226
295,500 sur. 120,000 sible when operating from the United States. The new company is manu23,314
21,688
266,516
San Diego
def. 3,479 facturing mixed metals and will draw its supplies of pig tin from the Wil35,757
Southwestern ._
def 54,221
•
Harvey Co., Ltd., Liverpool.
Tacoma & Olympia_ 116,511
70,096 sur. 63,953 liams
148,750
17,424
-The National Lead Co. owns one-half of
325,012
United States Cartridge Co.
States
Western
outstanding capital stock of this company. That company
the
9 has $400,000 no dividends; its new buildings are on leased ground and its
$4,605,378 $184,262 -(See totals below)- sur.$779,97
declared
Total
of little value
equipment for making rifle ammunition will probably be taxation in an
:Special Deductions
$240,970
$24,144
after the war. Such profits as it makes will be subject to large profits in
Dividends charged against prev.surp__
(0
$175,623 amount that cannot now be foretold. It expects to make
for 5 companies
.(2) Total of deficits shown
proportion
proportion to its capital stock and very small profits In It has in itsto its
busivolume of business. At this time it needs all the capital It can utilize a
Balance total dividends charged against
ness. It is seeking other lines of manufacture in which manufacture of
for deprecia1917 earnings and surplus
$946,599 portion of its equipment after the war, in addition to its
$947,013
tion,($832,000) &c., of remaining cos..... $2,015,606
may need additional capital for this purpose. There
-NO. CONSUMERS, JEc. shotgun shells, anddeclared by that company in the near future.
STAND. GAS 64 ELEC. COS. SUBSIDIARIES
will be no dividend
1913.
1915.
1916.
-The total number of stockholders on Dec. 2 1917 was
Stockholders.
1917.
188,623 169.412 149,225 7,152, increase for year, 512.
211,071
Electric consumers 239,775
124,216 120,629 117,994
130.204
-The company has tendered the services of all its officers,
War Service.
140.046
Gas consumers..
2,290 laboratories, plant and experts to the Government and many of its men
2,156
1.927
1,936
2,153
Water consumers....
883 are now in the active service of the Government. In the sale of merchan973
1,007
1,030
1,070
Steam consumers.._
2,660 dise either to the Government or to its contractors the company has habit2,788
2,979
3,405
3,766
Telep. subscribers..
ually charged prices lower than those quotedt to its largest private customers.
318,752 295,958 273,052
347,646
'386,810
RESULTS FOR CALENDAR YEARS.
Totals
227,047 204,222 173,683
256,463
1914.
287,892
1915.
1916.
K. w. lighting load
1917.
155,999 138,510 120,730
183,550
K. w. power load.... 215,662
$4,896,953 $2,977,699 $2,710,526 $2,476,292
6,486 Net earnings
6,508
7,394
7461
K. w. railway load..7,350
$1,705,732 $1,705,732 $1,705,732
390,440 349,240 300.899 Dividend on preferred (7%)....._ $1,705,732 (4)820,210 (3)619,662 (3)619,662
447,474
Total k. w.connec'd 510,904
(4%)826,216
339977798 Dividend on common
K.w. hour output 592.067,247 488982.265 421201,049 380212118
Div. on common (Red Cross) (1%)206,554
(in
Gas output
12,711,537 10,064,650 9,243,652 9,122,718
15,893,219
$150,898
$385,132
1,000 cu. ft.)
$445,751
$2,108,451
Surplus
Street ry. receipts., $808,625 $753,725 $669,083 1767,907 $828.168 Previous surplus
6,183,113 5,737,362 5,352,230 5,201,332
-V. 106, p. 1466, 710.
$8,341,564 $6,183,113 $5,737,362 $5,352,230
Remaining surplus
National Lead Co., New York.
GENERAL BALANCE SHEET DEC. 31.
Dec. 31 1917.)
1916.
(Report for Fiscal Year ending
1917.
1916.
1917.
Liabilities
$
$
AssetsPresident Edward J. Cornish says in substance:
stock....24,367,600 24,367,600
follows the Plant investment_25,229,672 23,805,234 Preferred stock......20,655,400 20,655,400
-The first of the balance sheets given below
Common
Balance Sheet.
includes the National Other investm'ts 818,753,768 17,980,307 Accounts payable_ 664,826 2,057,788
form employed ever since our organization in 1892 andNational Lead Co. of Inventories
8,222,782 7,320,170
Lead Co. (of N. J.) and the following subsidiaries: 011 Co. of Penn. and Cash in bank
942,150 1,283,520 Insurance fund... 1,400,000 1,200,000
300,000
300,000
Metal
Mass., John T. Lewis & Bros. Co., National Lead &
s" we Customers' accts.. 3,727,843 3,813,625 Plant reserve__ 2,500,000
400,000
reserve...... _
836,045
National Lead Co. of California. Under "Other Investment
corpora- Adv. to sub. cos 1,096,415
493,241
have always reported, at cost the stocks and bonds in other a part of Other notes reedy. 750,000
125,000 Tax reserve
as
8,341,504 6,183,113
Surplus
tions, only the interest and dividends thereon being reported
the earnings of the National Lead Co. which has all been owned by the
58,722,631 55,163,901
Total
Among the companies, the stock in
58,722,630 55,163,901
Total
company
National Lead Co., is the St. Louis Smelting & Refining Co., the also the
operations and
which has carried on our mining and smelting high price of pig lead has
a Other investments in 1917 ($18,753,768) include stooks and bonds of insurance
Lead Co.,
manufacture of basic lead sulphate. The recent
consump- fund, $1,400,000; stocks of companies not entirely owned by National
resulted in large mining profits and at the same time has checkedwhy these $3,353,555, and stocks and bonds of sub-companies, $14,000,2134
good reason
tion of manufactured lead products. There is no
in 1917 than was anticipated. From Jan. 1 1917 to Mar.23 1918, inclusive,
;local sales numbered 5,240, aggregating $4,008,350 par value ofsecurities.
INCOME AND PROFIT AND LOSS. CALENDAR YEARS.
1914.
1915.
1916.
1917.
EarningsInterest on (owned)
$550,434
$549,430
$429.152
$374,772
Bonds
2,660
7,386
Coupon notes
72,840
57,845
107,065
93,066
Notes & acc'ts receiv_
on (owned)
,Dividends
247,210
222,677
276,141
293,278
Preferred stock
601,120
751,615
871,577
850,914
Common stock
of seProfits from sale
765
29,514
28,992
8,312
curities (net)
•
APR. 13 1918.]
THE CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31 1917 (Total each side, $80,713,859).
iThe assets and liabilities of the subsidiary companies in which the National Lead
Co.owns all of the capital stock have here been consolidated with the National Lead
Co. instead of appearing under the heading "other investments.")
$24,367,600
*541,557,964 Preferred stock
Plant account
20,655,400
Stock & bonds-Of ins. fund.. 1,400,000 Common stock
Bonds of subsidiary cos
10,051,000
Of cos. not entirely owned,
1,400,000
and other investments__ 7,102,635 Insurance fund
.300,000
14,138,222 Metal reserve
Inventories
1,702,084 Plant reserve
2,500,000
Cash
1,698,714
x12,680,953 Tax reserve
Customers' accounts
2,132,001 Accts. pay'le audited, not due 4,725,720
Other notes receivable
Surplus Dec. 31 1917
15,015,425
* After deducting $2,353,337 depreciation and depletion reserve. x After de-V. 106, p. 1465, 826.
ducting $194,344 reserve for bad debts.
Submarine Boat Corporation, New York.
(Report for Fiscal Year ending Dec. 31 1917.)
Pres. Henry R. Carse, N. Y., March 30, wrote in subst.:
Government Contract for Cargo Vessels -This corporation has heretofore
been a holding company, but during the year 1917 it entered into negotiations with the U. S. Shipping Board Emergency Fleet Corp., which
materialized into a contract for the construction of 50 steel cargo vessels of
5,000 ton dead weight carrying capacity, which contract was followed by
an additional order for 100 additional vessels of the same type, making a
total of 150 vessels of 5,000 tons each.
This contract is on the basis of estimated cost with a fixed fee, and for
this work .we have created a special organization. It is impossible at this
time accurately to calculate the amount of the fee. Our principal purpose
was to assist the Government with vessels in the shortest time possible, and
the matter of compensation is one that can be left to work itself out as the
future may determine.
Despite the rigorous winter, about 80% of the work on the ship ways
and plant has been finished, 21 keels have been laid, and sufficient work
has been done on a number a'. the ships to indicate that the plans in relation
to having the parts of the vessels fabricated in over fifty different shops
throughout the country and brought to Newark Bay shipyard to be assembled, will work out satisfactorily.
The contract provides that the cost of the vessels shall be paid for by
U. S. Shipping Board Emergency Fleet Corp., and funds are provided in
a trustee account to meet such outlays.
-Our income heretofore has been
Income of Submarine Boat Corporation.
the dividends received on the stock owned in the Electric Boat Co. The
majority stock of New London Ship & Engine Co. Is owned by Electric
Boat Co., but the New London Co. has not paid dividends, except upon its
first pref. stock, using its surplus earnings for the development of the plant
at Groton, Conn., which is now engaged to its fullest capacity on work for
the U. S. Government, work in such volume as to require large working
capital.
The grass business of Electric Boat Co. and Electro-Dynamic Co. for the
year 1917 amounted to about 324,000,000.
The unfinished business on the books of those companies on Jan. 1 1918
amounted to over $53,000,000.
-During the
-U. S. Government Contracts.
Submarines
-Russian Contract
past few years the Electric Boat Co. has been striving to increase its business with foreign governments in order to have its type of submarine boat
generally accepted and during this period many boats have been built of
its design for Great Britain, Russia, Italy, Spain, Holland and Norway.
The largest opportunity offered was in Russia, where its type of boat had
been unanimously recommended by a special commission. To establish
firmly this friendly relationship in Russia,it was deemed desirable to accept
a contract for a certain number of boats payable in rubies to remain in
Russia during the period of the war, we having received other contracts
payable in dollars. The unfortunate events of the past year rendered it
impossible to realize on this account, and thero is on deposit in banks in
Russia, or owing to us on account of material delivered, 11,900,000 rubles,
which'we are carrying in our balance sheet at 13c., the market rate Dec. 31
1917. Other work which we were constructing for that Government was
not shipped but was retained in this country, and arrangements have since
been made for its disposition to another Government which will, during
1918, reduce the amount we are carrying as accounts receivable and
material and correspondingly increase our cash.
At the beginning of 1917 all of the contracts of the company for submarine
boats were on a flat price basis, and the great increase in cost of labor and
materials has greatly reduced the earnings from that source. The contract
taken during 1917 for 24 submarine boats is on the basis of cost plus 10%,
which will remove the uncertain contingency of labor and material. All
work is now being done on a more narrow margin of profit than during the
two previous years, but the business has been developed and extended in
a manner which should provide a steady flow of orders for many years.
During 1916 we entered into a contract with the 17. S. Navy Department
for the construction of eight submarines of the "0" type. These boats
arc now undergoing their official trials and the results are proving very
satisfactory to tho authorities. It Is expected that a large number of submarine boats will be delivered by this company during the present year.
-The Rico Works has been
Motor Boat Department of Electric Boat Co.
employed to full capacity during the year in the production of motor boats
for the Governments of the United States, Great Britain, Italy and France,
and in addition has handled a substantial amount of commercial business.
The gross receipts on account of product delivered for the year amounted
to over $4,000,000. The orders taken for submarine chasers during 1917
-ft. typo and for 16 of the U. S. Navy
were for 132 of the standard Elco 80
-ft. type were delivered and the entire
110-ft. type of which 70 of the 80
16 of the U. S. type, there remaining in process of construction for 1918
-ft. type of motor boat and 4 of the U. S. Navy 110-ft. type,
02 of the 80
for which order has been given to us.
-Because of the amount of capital involved in the ruble deposit
Dividends.
in Russia and that invested in material, the directors of Electric Boat Co.
In Sept. 1917 considered it wise and conservative to defer payment of additional dividends to the stockholders until these matters were adjusted as
the company required large working capital.
These matters are now in process of realization and as the funds are
received the directors will determine the matter of dividends according to
conditions that may exist, always bearing in mind the necessity of having
ample working capital to handle properly the large volume of business
which the company is being called upon to produce for the U. S. Govt.
SUBMARINE BOAT CORP.-BALANCE SHEET DEC. 31 1917.
Assets (Total, $7,661,878)Investments-Stock of Electric Boat Co
$7,648.100
7,055
Cash and accounts receivable
Deferred assets-Prepaid taxes
6,723
Liabilities (Total, 37,661,878)
$7,648,100
Capital stock voting trust certificates outstanding
Accounts payable* (1) to Electric Boat Co., $20,698; (2) other
accounts, $11: total
20,709
Deficit Jan. 1 1917, 3107,815, and net income for 1917, 31,248,def6,931
099* less dividends, $1,147,215; balance, $100,884; total
ELECTRIC BOAT CO. INCOME ACCOUNT FOR YEAR 1917.
(Including Electric Boat Co. and Electro-Dynamic Co. and Subsidiaries.)
Gross earnings from construction and sales, $23,873,935; cost of
$3,164,551
construction and sales, $20,709,384; gross profit
793,963
Expenses and taxes
Net profit from operations
Interest, discount and other income
Gross income
Net earnings (see above)
Depreciation, &c
Preferred dividends
Common dividends
$2,370,588
241.424
$2.612.012
1917.
1915.
1916.
$2,612,012 $7,012,084 $5,622,855
457,149
531,974
532,635
(1
)481,050(60)1603,500 (23)614,475
(18 0)899,928(60)2999,760(23)1149,708
Balance, surplus
$699.060 $1.876,189 $3,401,522
The total surplus Dec. 31 1917 was $5,447,804, after deducting $1,168,094
reduction of ruble account 1916, rubles 6,871,141.88 at 13c., $266,587
adjustment of sundry construction account of previous years, $50.000
reserve for debenture bonds and $9,827 sundries.
1573
ELECTRIC BOAT CO. BALANCE SHEET DECEMBER 31.
(Including Electric Boat Co. and Electro-Dynamic Co. and Subsidiaries.)
1916.
1917.
Liabilities (con1916.
1917.
cluded)$
Assets
$
Accounts payable_ 1,791,227 1,278,091
do for Gov't
real estate,plant,
*8,031,828 8,166,797
work when pay&c
ments are rec'd_ 800,120
Invest'ts in stocks. 1,186,543 1,285,780
300,000
2,235,457 Notes & loans pay. 490,000
do bonds
Payments account
xLiberty bonds_ _ 291,600
work in process
xAngio-French 55_ 489,951
for U. S. & fory1,439,513k
Cash
eign governm'ts. 1,088,082
Notes & accts. rec.. 3,285,801f 4.637,261
34
Material & supp z3,020,140 3,012,057 Unpaid dividends_
650,430 Contingent res'ves 469,948
Deferred assets,&c 743,735
Advance payments
3,026,809
Total
18,489,111 19,987,782 on contracts
729,796
Accrued royalties_ 729,796
814,301
1917.
Depr.,&c., res've_
1916.
Liabilities$
Profit and loss_ _ _h5,447,804 6,166,884
$
Common stock__ _ 4,999,600 4,999,600
18,489,111 19,987,782
Preferred stock._ _ 2,672,500 2,672,500 Total
* After deducting $1,682,273 reserve for depreciation. x At market
price. y Includes in 1917 cash in U. S. banks, $321,176; in French banks.
32885, and in Russian banks, $1,115,452 (8,580,396.70 rubles at 13c.).
z includes in 1917 materials and supplies, $740,978; miscellaneous work in
process, $303,758; and work in progress, U. S. and foreign Governments.
-note above.
See foot
NEW LONDON SHIP 8: ENGINE CO.
-RESULTS FOR CAL. YEAR 1917.
Gross sales less returns and
$652,164
Not income
allowances
$5,085,237 Res.for doubtful accts.,&c. 101.177
48,832
Cost of sales
4,471,547 First pref. divs.
$502,155
Balance, surplus
Net profit
$613,690
643,492
Previous surplus
Add-Rentals, ferriage,
.
&c
38,474 Deduct-A .of dep.acct
deb12,665
1916
Not income
$652,164
Total surp. Dec. 31 '17_$1,132,982
-BALANCE SHEET DEC.31 1917
NEW LONDON SHIP & ENGINE CO.
(Total Each Side,$3,926,494.)
$610,400
First preferred stock
Real est., bldgs., mach'y,
250,000
&c., after $462,429 depr$1,761,893 Second preferred stock_ _ _
1.050,000
Pat'ts, rights, goodwill,&c 465,023 Common stock
125.000
Cash
21,299 Notes payable
696,332
Accounts receivable
916,038 Accounts payable
31,349
Merchandise in process_ _ _
321,391 Accr. payrolls & insurance
Unclaimed wages
53
Merchandise in store for
30,377
current contracts
433,660 Contingent reserve
1,132,982
Deferred charges
7,191 Profit and loss, surplus_
-V. 106. p. 1466, 403.
Phelps Dodge Corporation, New York.
(Report for Fiscal Year ending Dec. 31 1917.)
Pres. Walter Douglas, N. Y., Feb. 28, wrote in substance:
-By plan of reorganization outlined March 31 1918 [V. 104, p.
Merger.
13911, the name of the Copper Queen Consolidated Mining Co. was changed
to Phelps Dodge Corporation and its capital stock increased. At the
same time the properties of the Detroit Copper Mining Co. of Arizona,
Burro Mountain Copper Co. and Stag Canon Fuel Co., and also the stocks
of the Moctezuma Copper Co.. Bunker Hill Mines Co. and Phelps Dodge
Mercantile Co. were transferred to Phelps Dodge Corporation. The dissolution of Phelps, Dodge & Co. wa,s authorized May 15 1917. [The proper-Ed.
ties have also been revalued-see statement following balance sheet.
-Early in the year the market price for copper reached a
Output.
record figure, and the output for the first six months from your properties
reached the large figure of 80,497,835 lbs. In June and July labor troubles,
fomented at Bisbee by the I. W. W.and at Morenci by the local Mexican
Union, seriously affected the ore production.
In September the U. S. Government fixed an arbitrary market price for
copper at 2336 cts. per lb. Owing to the greatly increased cost of labor and
supplies, this price caused a certain reduction of output because of the inability to work profitably low grade ore.
The metal produced from the ores of our branches and subsidiaries was
153,974,692 lbs. of copper, 8,136,356 lbs. of lead, 1.524,632 ozs. of silver
and 24,423 ozs. of gold. There was also purchased or smelted on toll at
the reduction works, ores yielding 51,907,525 lbs. of copper, 946,921 ozs.
of silver and 10,957 ozs. of gold.
Sales.
-Including copper received from other sources, 290,522,569 lbs.
were sold and delivered to buyers at a price of 26.67 cts. per lb., net cash
f.o.b. New York, an increase of 2.19 cts. over the previous year. This
amount consisted of C*Q electrolytic copper, 274,994,140 lbs.; P. D.ingot
copper, 15,528,429 lbs.
The company's sales of copper as aforesaid included:
Prod. mines owned__156,114,518 lbs. To domestic trade_ __185,131,891 lbs.
From ores purch'd__ 16,681,572 lbs. To foreign trade__ __105,390,678 lbs.
117.726,479 lbs.
On commission
Throughout the year the demand for copper greatly exceeded the supply
and the fluctuations in the price between the maximum of 333j cts. per lb.
in the early part of the year and 233i cts. during the last third are indicative
of the market conditions and the uncertainty of trade.
-The copper production from the
Operations and Development Work.
mines of the Copper Queen Branch, after reaching record production the first
six months, showed a marked decrease in the latter half of the year, due
largely to labor difficulties, the yield for the 12 months being 87,831,317 lbs.
of copper as compared with 95,397,219 lbs. for 1916. A large increase in
the holdings of mineral ground in the WarrentDistrict has been acquired
through the purchase of the mining claims of the Warren Realty & Development Co. and the Rough Rider Group, aggregating about 2,()74 acres.
[Manager G. H. Dowell says: "While, on account of labor troubles, the
output of the Copper Queen Branch was 7,500,000 lbs. short of last year's
production, this was more than made up by increased shipments from the
Moctezuma Copper Co., Burro Mountain Branch, and the United Verde
Extension, so that the total production of the reduction works was almost
20,000,000 lbs. in excess of any previous year in the history ofthe plant.
Offerings of custom ores were considerably in excess of our smelting and
converting capacity, and we were reluctantly obliged to decline shipments
during certain periods of the year.")
At the Morenti Branch the strike completely stopped the production of
copper for four months and caused a very much reduced output for November and December. It is probable that the normal production of this
property will not be reached until after the first half of the current year.
The 333,263 tons of ore treated, assaying on the average 2.73%, produced
3,202,201 lbs. of fine copper, the yield in fine copper per ton of ore being
1.681% the concentrating ore averaging 1.56%, smelting ore 8.321
The Moctezuma Copper Co., operating in Sonora, Mex., was enabled
through more satisfactory political conditions in that State to reach its
highest output on record, and while costs have been greatly increased by
the heavy Mexican State and Federal taxes, and the higher prices paid for
supplies and labor, the financial outcome of the year's operations may be
regarded as satisfactory. [Gen. Mgr. J. S. Williams Jr. says: "The net
production (based on smelter returns and invoices) was 38,186,451 lbs. of
copper, 2.677.356 ozs. of gold, 511,738.02 ozs. of silver and 35,630 lbs. of
molybdenum, which is the largest production in the history of the company.
It exceeds that of 1916 (which was a record year) by over 2,000,000 llas of
copper. Concentrator operations for the year were as follows: Ore milled,
dry weight, 750,897 tons, averaging 3.179% copper; concentrates produced
-General, dry weight, 149,336 tons, averaging 12.284% copper."'
The Burro Mountain Branch produced 13,139,053 lbs. of copper as
against 6980,885 lbs. during the previous year, and experienced no difficulties with its labor. Because of the satisfactory development of this
company's ore reserves during the past three years, the mill capacity will be
still further increased and a larger production attained. [Mgr. E. M. Sawyer says: "The cost of mining a ton of ore shows a reduction as compared
with the previous year, but this improvement is more than counterbalanced
by a drop in the grade of the ore from 2.117% in 1916 to 1.972% in 1917. 'I
The Stag Canon mines and ovens operated continuously throughout the
year and both output and financial results were extremely satisfactory.
At the mines of the Bunker Hill Mines Co., operations during the past
year have not opened up any new ore bodies of value, notwithstanding the
t
1574
THE CHRONICLE
active development work that was done above water level.[A total of
69,418 tons of ore were produced by the company as against 59,299 tons in
1916. The shipments included 2,872 ozs. of gold, 397,253 ozs. of silver,
1,049,445 lbs. of lead, 13,357 lbs. of copper and 2,106 lbs. of molybdenum.]
At Organ, N. M., prospecting operations were continued under disadvantageous circumstances. No ore of importance has been developed.
Aceuisition.-In August the Corporation purchased from the Commercial
Mining Co. all of its real and personal property, including its mines in
Yavapai and Mohave counties in Arizona. These properties, while of
minor importance at the present time, are profitable and may develop into
more Important producers in the future.
While the general labor shortage made it Impossible to carry out the
normal amount of development work on new ore-bearing areas, the known
ore reserves have, without exception, been materially increased in all of
your mines.
Dividends.
-Four dividends of 2M% each and extra dividends of 334%
in March, 534% in June, 23.6% in September and 234% in December,
amounting to 24%, exclusive of 8% distributed from the "reserve for depletion," or 32% in all, were paid during 1917 [V. 106, p. 505, 1132].
PRODUCTION OF REDUCTION WORKS IN 1917.
Charged.
Amounts Recovered
Dry Tons Gold(oz.) Silver (oz.) Copper (lbs.)
Copper Queen branch
794,904 19,171
550,156 . 87,831,317
Burro Mountain branch
45,868
293
36,799
13,342,508
Moctezuma Copper Co
167,381
1,91,0
508,387
38,499,781
All other
268,664 10,957
946,921
51,907,525
Total 1917
1,276,817 32,331 2,042,263 191,581,131
Total 1916
1,304,523 32,832 1,794,854 171,893,880
PHELPS DODGE CORP. PROFIT & LOSS ACCT. FOR CAL. YEAR 1917.
(Including Operations of Subsidiary Companies Owned.)
Income-Sales of copper, lead, silver and gold, $48,978,772; of
coal,coke and merchandise,$12,182,687;income from investments and miscellaneous earnings, $1,100,727; total
$62,262,186
Expenses
-Mining, treating and refining metals, $21,545,457;
cost of coal, coke and merchandise sold, $10,508,162; general
and administrative expense, $796,634; total
32,850,253
Depreciation of buildings and plants
1,097,432
State and Governmental taxes
5,857,595
Dividends paid during the year (24%)
10,800,000
Profit for the year 1917
$11,656,906
Balance, surplus, Dec. 311916, carried forward
15,687,126
Increase in valuation of mines to comply with Government
regulations
110,069,341
Total
$137,413,374
Provision for depletion of mines-year 1917
5,516,527
Profit and loss surplus Dec. 31 1917
$131.896.847
BALANCE SHEET DEC. 31 1917 (Total Each Side, $232,367,739).
(Including Assets and Liabilities of Subsidiary Companies Owned.)
Mines & mining claims_$179,630,651 Capital stock (auth.,
Bidgs., plants, &c.,prop 15,774,742
$50,000,000) issued__ $45,000,000
Invest'ts in sundry cos_
3,129,481 Accounts & wages payMaterials, supplies and
able & taxes accrued_
9,523,198
prepaid expenses____
3,439,360 Reserves for depletion
Mdse. held for sale..___
after deducting $3,2,123,820
•
Metals on hand-Cop600,000 distributed to
per at cost, silver and
stockholders in '17__ 41,657,488
gold at market
8,613,872 Reserves for deprec'n_
4,290,206
Accounts receivable_ _ _
5,880,186 Surplus as per surplus
Cash & marketable sec_ 13,775,628
acc't above
131,896,847
("Boston News Bureau" on April 10 had the following: "Taking full'advantage of the situation made necessary by the imposition of income and
excess profits taxes, the Phelps-Dodge Corp. has marked up the valuation
of its mines and mining properties from around $35,000,000 to $180,000,000.
'Invested capital' has been the item in which most of the mining companies
have been seriously perplexed in attempting to make up their tax returns.
The proper method of reaching 'depletion' has also been an awkward problem. The management of the Phelps-Dodge Corp. has taken the bull by
the horns and marked up the valuation of its properties 400% to a level
determined just and proper by its engineers, attorneys and officials.'
See comparative tables in V. 104, p. 1139.-V. 106, p. 1132, 505.
Inspiration Consolidated Copper Co. (of Maine), N. Y.
(Sixth Annual Report-Year ending Dec. 31 1917.)
Vice-Pres.W.D.Thornton,March 30,wrote in substance:
No new ore was developed during the year, the reserves showing at
Dec. 31 1917, 87,864,378 tons. It is unlikely that any important new
construction will be undertaken while the war lasts, though the experimental work will be continued.
The successful operation of the New Cornelia Copper Co.'s leaching plant
where they are treating ores similar to our own would seem to settle the
question of treatment for our oxide ores.
The mill operated practically at full capacity for the first half of the year.
On July 1 occurred the strike called by the I. W. W.and International
Mine, Mill and Smeltermen's Union, which caused us to close down for
two months. On Sept. 1 the mill resumed operations with six units, but
on account of the shortage of labor following the strike, the increase in
operations has been slow. At the present time the mill is in full operation
and production should remain at the normal rate.
As noted in the General Manager's report, the grade of the ore dropped
to 1.388% and recovery per ton to 20.39 lbs. [against 22.46 lbs. in 19161.
This was the result of our plan to lower the grade of the ore as soon as we
had provided Increased mill capacity. Hereafter it is intended to hold
mill feed at a grade which will yield approximately 20 lbs. per ton. our
The refined copper production for the year was 80,566,982 lbs., all of
which was sold at an average price of 26.366 cts. per lb. The cost per pound
of copper, exclusive of depreciation and Federal income tax, was 10.439 cts.
[against 8.673 cts. in 19161.
The net profit for the year was $11,080,732. This is after deducting
Federal taxes, $1,185,249, and depreciation, $750,000.
TONS OF ORE MINED AND COPPER PRODUCED-CALENDAR YEARS
-Tons Ore Mined- -Lbs.Copper Product
1917.
1916.
1917.
1916.
Concent. ore, Insp. Div_ _ _3,891,075 5,332,058 79,346,033 119,431,389
Oxid.ore direct to smelt. do
4,933
1,969
108,926
do Cordova Div
do
3,210
10,362
107,014
1,341,248
do
do Live Oak.... 15,524
9,473
1,005,009
Smelt. ore do Black Cop.
18
Total
3,914,742 5,353,880 80,566,982 120,772,637
COST OF COPPER DERIVED FROM CONCENTRATING ORES.
-Cost per Pound- -Cost per Ton Ore
1917.
1916.
1917.
9116.
Cost of copper. &c
10.439c. 8.673c. $2.0099 $1.94845
INCOME'ACCOUNT.
-Years ending Dec.31- 6 Mos. to
1917.
1916.
Dec.3115.
Sales of copper
$21,242,217 $33,496,343 $1,138,878
DeductionsivIining expenses and development___ $2,933,877 $3,335,889
$530,486
Ore transportation, &c
3,702,224
4,590,398
*701,763
Depreciation
750,000
750,000
Transp. of metals, refin. & sell'g exp.. 1,716,352
2,459,345
362,877
Federal corporation taxes
1,185,249
Administration expenses, &c
50,92'7
478.789
45,089
Copper in process & on hand (at cost)
-- --1,101,399 Cr1,101,399
Interest
-- Cr177,144
151,034
Dividends paid
9,751,228 8,548,051
Dividend rate
(413I%)
(36 M %)
Total deductions
$19,912,713 $21,414,904
538,816
Balance, surplus
$1,329,504 12,081,439
600,062
Total surplus
$14,011,005 $12,681.501
600,062
•
=clunes for period in 1915 reduction expenses of $552,737.
1
[VOL. 106.
BALANCE SHEET DECEMBER 31.
1917.
1916.
1917.
Assets
Mines and mining
Capital stock ($20
claims
117,110,201 17,047,280
23,639,340
per share)
Lands
Accts.&wages pay.
Bldgs. & equipl_ 8,355,041 7,810,814 & accrued taxes. 2,314,550
Supplies on handl 1,932,383 1,133,632 Divs. payable Jam 2,363,934
Prepaid expenses'
Depreciation
1,500,000
Accts. receivable_ 4,733,312 10,314,857 Develop't reserve- 797,843
Cash 4c cash assets 12,495,735 5,477,730 Surplus
14,011,005
Total
41,626,672 41,784,314
-V. 106, p. 1039, 611.
Total
1916.
23,639,340
1,818,069
2,363,934
750,000
531,469
12,681,501
44,626,672 41,784,314
Associated Oil Co., San Francisco and New York.
(Report for Fiscal Year ending Dec. 31 1917.)
Pres. William Sproule, San Fran., Mar.30, wrote in subst.:
Finances.
-It will be observed that the company is in sound financial
condition, current assets exceeding current liabilities by $4,445,543. Cash
on hand $1,672,986. Funded debt outstanding Dec. 31 was $11,332,000:
decrease during the year, $967,000.
Additions.
-The sum of $2,565,461 was expended during the year for
additional oil lands, drilling and other development work, as follows:
(1) Producing properties: (a) In Coalinga field: Coalinga Unity 011 Co.,
stock purchased, 40 acres; (b) Santa Maria field: Casmalia Syndicate
Leases (stock purchased), 2,007 acres; mineral rights purchased, 443
acres. (2) Non-producing properties: (a): Coalinga field, purchased in fee
200 acres; (b) in Santa Marla field, mineral rights purchased, 3,522 acres,
and mineral rights leased. 2,298 acres; (c) Kern field, mineral rights leased,
160 acres. (3 39 wells were completed, located by fields: Kern, 6; Midway, 9; Lost ills, 7; Santa Maria, 9, and Coalinga, 8. Drilling is under
way on 18 wells. (4) $476,238 was expended in extending Santa Maria
pipe line from Divide to Casmalia and increasing capacity from.7 000
to 18,000 barrels a day to take care of the properties in the Santa Maria
field. (5) Additions to refineries, $171,640. • (6) Additional distributing
stations and distributing equipment, $304,550.
Crude Oil Production.
-Gross crude oil production was 7,478,520 bbls., an
increase over 1916 of 310,853 bbls. Crude oil stock on hand as of Dec. 31
1917 was 2,608,414 bbls.; decrease, 249,565 bbls. Estimated production
for 1918, 7,500,000 bbis.
Marine Equipment.
-The Government has commandeered four of our
vessels but has taken possession of only one; the others are In our service.
Subsidiary Companies.
-The Amalgamated Oil Co. reports crude oil
production of 1,479,432 bbls., a decrease of 174,467 bbls., and the West
Coast 011 Co. a production of 668,985 bbls., being a decrease of 42,395
bbls. compared with 1916.
INCOME ACCOUNT OF ASSOC. OIL CO. AND PROPRIETARY COS.
Calendar Years1917.
1916.
1915.
1914.
Operating income
$27,952,192 $21,094,849 $15,194,792 $14,743,274
Divs., int., &c., rec'd
236.373
569,057
623,879
801,401
Total receipts
$28,188,565 $21,663,906 $15,818,671 $15,544,675
Deductions
Operating expenses.._ _ _320,467,202 $15,038,020 $10,778,474 $11,148,988
Miscellaneous interest
177,067
77,970
70,109
56,127
Taxes
373,045
247,468
167,578
167,113
Interest on funded debt_
586,406
620,790
748,407
764,402
Disc't on bonds sold,&c_
123,839
122,162
151,293
90,518
Depreciation
_ 2,619,217
2,359,107
1,984,805
2,052,774
Dividends
reserve_(5%)1,987,834 (4)1,590,287(434)1789095 (3)1,200,000
Total deductions____$26,334,611 $20,055,804 $15,689,762 $15,479.922
Surplus for year
$1,853,954 $1,608,102
$128,909
$64,753
ASSOCIATED OIL CO. AND PROPRIETARY COS. BAL.SHEET DEC.31.
1917.
1916.
1917.
1916.
Assets
Liabilities
Real est. dr leases_31,944,685 30,001,413 Capital stock_ _ _ _40,220,094 40,015,854
Personal property,
Bonds
12,599,097 12,362,242
improv'ts, &c_26,751,555 24,435,178 Accounts & wages 842,946
669,013
Stocks and bonds_ 3,502,785 7,899,995 Acc'ts payable_- 3,650,429 1,007,374
Sinking fund_
S95,568 1,042,247 Loans & notes pay. 112,500
312,500
Material dr supp _ 1,043,684
487,642 Interest accrued
267,726
280,139
Cash
1,672,986 1,634,668 Payments on real
Loans dr acc'ts rec. 3,000,804 2,254,450 estate purchased
10,285
10,342
Mdse. on hand
3,610,361 2,532,318 Other def'd debit
Def'd assets, &c
102,300
134,798 Items
24,990
4,436
Bond disc't, &e... 1,144,372 1,243,679 Tax liability
132,265
34,454
Due from affil. &
Miscellaneous _ _ 147,382
405,067
proprietary cos.. 2,018,917 2,835,637 Deprec'n reserve_15,278,444 12,763,070
Surplus
a7,392,860 6,637,537
Total
80,688,018 74.502,029
Total
80,688,018 74,502,029
a After deducting $864,973 Recruit Oil Co. indebtedness written off,
$195,526 loss on retired physical property sold, and $12.978 miscellaneous
item.
-V. 106, p. 1463, 819.
American Chicle Co., New York.
(Report for Fiscal Year ending Dec. 31 1917.)
The report, presented on Feb. 19 by Darwin R. James Jr.,
President, and Thomas Adams, Chairman, says in subst.:
Sales.
-The sales increased 63% over 1016 and exceeded the previous
record (in 1911) of both the American Chicle Co. and the Son Sen Chiclet
Co. The sales of Adams Pepsin increased 63%; Adams Black Jack, 508%;
Adams California Fruit, 205%; and Chiclets 15%; Beeman's Pepsin, 70%.
Consolidation and Improvements.
-To the Sterling gum factory in Long
Island City, acquired in Nov. 1916, was added the machinery from the
Newark and Philadelphia factories, the former sold and the latter acquired
by the city. The capacity of the Long Island City factory now exceeds
the total output of the company (Wring 1915.
The installation of up-to-date machinery, &c., also increased the production of the Portland factory 46%, the Cleveland factory 50%. Chicago)
factory over 1916, 100%; Kansas City factory, 50%; San Francisco factory, over 60%. Further unification and standardization is under way.
The company is now operating seven factories in this country.
Costs.
-The cost of raw material during 1917 increased about 22% over
1916. Notwithstanding increased wages, there was practically no increase
in the percentage cost of labor. Factory overheads showed a lower percentage of cost to sales than in 1916.
Increased difficulty was experienced in securing raw material and also
from freight congestion and embargoes during the latter part of the year.
In the last two months of 1917 wo were restricted to 50% of our requirements of sugar and production was reduced to 50% of normal. These
and other difficulties, undoubtedly,will increase with the progress of the war.
Tutti Frutti Sen Sen Co., Ltd.
-During part of the year an embargo
against the importation of confectionery embarrassed our London company
and, being limited as to use of sugar, it was forced to practically suspend
operations. Shortly thereafter it was found that the soldiers and munition
workers required chewing gum. The British War Office placed a large
order and the embargo was raised. The business increased during the
year 139%. all since the raising of the embargo. No dividend has been
declared, the taxes levied by the British Government having taken a good
part of the earnings. The business prospects are encouraging. The
London factory was damaged by bombs from German aeroplanes, but it
was covered by insurance and there was no lass of life.
Canadian Chewing Gum Co., Ltd.
-Business increased 68% over 1916.
No dividend was paid because of the requirements of the increased business.
The profits were slightly more than in 1916. A still further increase in
business is looked for.
Export Sales.
-Our exports during 1917 increased 75% over 1916.
Further increases may be expected.
Chicle.
-Increasing difficulty is experienced in securing chicle, and prices
have advanced more than 50% over the price obtaining a year or two ago.
Our reserve of chicle shows a decrease.
Government Tax.
-The bill finally passed by Congress imposed no additional tax on chicle, which already boars a heavy burden of taxation, and
the tax on sales was reduced from 5 to 2%.
Earnings, &c.
-Considering the increased cost of material of 22%, an
increase of $130,000 in freight and cartage, the 2% tax on sales-offset
only in part by an increase in the price of our product
-the showing is
fairly satisfactory. During the year 1917 there was written off or set up
in reserve a total of $504,257, as against $120,079 in 1916. been paid and
During the year three dividends on the pref. stock have
1918.
the fourth set up in reserve Dec. 31, payable Jan. 2 was
completed during
-The appraisal of plant and equipment
Bal. Sheet.
amount indicated in the balance sheet represents, we believe,
1917 and the
sound value. An increase is shown in notes and accounts payable,
owing to the necessity of borrowing from the banks in order to meet the
expansion of the business. Total assets Dec. 31 show an increase from
$14,706,089 to $15,175,082.
-Your board of directors feels that the assets should
Financial Policy.
be further conserved in view of the requirements of the business and the
uncertainties of the situation arising from the war.
INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1915.
1914.
1917.
8727,5271 $548,934 $1,638,063
$1,066,158
Gross profits
25,306J
234,404
Depreciation
$702,221
$548,934 $1,638,063
$831,754
Balance
26,555
Other income
Total income
Bond, &c., interest
Amount written off..
Pref. divs.(69)
Common dividencLs
Rate on common diva.
15Th
THE CHRONICLE
APR. 13 1918.]
$858,309
$177,272
89,539
$702,221
$134,776
The net undivided earnings of the constituent companies from the
operations of six months ending Dec. 31 1917 (see the several statements
below) show a surplus of $194,260, comparing with $342,596 in 1916-17,
$277,440 in 1915-16. $195,368 in 1914-15 and $103,775 in 1913-14.
The company has been accustomed to declare yearly in 'July out of the
earnings of the previous fiscal year an annual dividend for the four quarters
beginning in August and ending the following year. In July 1917 $1,75 000 were set aside for dividends of the year 1917-18. amounting to 7%;this
amount is charged against the year ended June 30 1917.
-YEAR ENDED DEC. 31.
-HALF
BOSTON CONSOLIDATED GAS CO.
Half
Years ended June 30--Year
1914-15.
1915-16.
1916-17.
1917.
$2,766,489 $5,371,701 34,980.970 $4,889,783
Gross income
3,405.372 3,312,906
2,078,974
3,899.620
Expenses
$548,934 $1,638,063
$135,165
$55,075
$687.515 $1,472,081 $1,575,598 $1,576,877
Net income
21.150
24,438
23,249
11,405
Miscellaneous income__..
Net earnings
Interest
Dividends
$698,920 $1,495,330 31,600,036 $1,598,027
$166.257
$141,576
$151,091
$85,165
(354%)529,361 (7)1.058,722(85.4)1285591(834)1285591
$146,176
$172,869
$285,518
$84,393
Balance, surplus
180,000 NEW ENG. FUEL ec TRANSP. CO. AND MERGED COS.
-YEAR
-HALF
1,380,000
ENDED DEC. 31 AND JUNE 30 YEARS.
(20%)
N.E.F..&T.Co. -N.E. Gas & Coke- Fed.C.&C. Bos.T.B.
Year
Year
Half
-Year -Years end. June 30$434,776 $1,235,165 $1,615,075
Total deductions_ _ _ _ $446,811
1916-17.
1916-17.
1915-16.
1916-17.
1917.
or def__-_sur$411,498 sur$267,445 def$686,231 sur$22,988
Balance, sur.
$399,607
Gross income46,412,132 $5,443,939 $4,318,847 $1,041.030
BALANCE SHEET DECEMBER 31.
348,334
651,370
3,444,762
Operating exp. 5,329.287 4,388,757
1917.
1916.
1916.
1917.
Liabilities
$
Assets
Net inc. from
Preferred stock..__ 3,000,000 3,000,000
$389,660 $51,273
$874,085
Land, buildings,
operations.._$1,082,845 $1,055,182
$35,034
$83,256
$80,780
machinery, &c_ 1,353,999 1,440,269 Common stack.. _ _ 3,000,000 8,000,000 Interest
$13,728
Bonded debt- - - 2,227,000 2,288,000 Dividends _ _ _ 1,000,000(534)962,500(434)787,500
337,500
Trade-inks., goodwill, &a_ _ ___ 8,155,897 8,155,897 Notes and- accts.
1,062,627
payable
985,486
$3,273
$17,126
$5,805
$9,426
Stks.& bds. of 0th.
$69,117
Bal., surp
45,000
1,369,494 Dividend payable_
45,000
cos. & treas. stk. 1,383,462
-JUNE 30 YEAR
-YEAR ENDED DEC. 31 1917
297,10S Reserve for taxes,
379,698
SUBSIDIARIES HALF
Cash
88,557
depreciation, &o. 120,911
600,969
1916-17.
Notes&accts. roe - 975,038
710,544
299,046
1,946,637 1,915,628 Surplus
x Inventories
-E. Boston Gas Co.- New.& Wet. G. Lt. Citizens' G. Lt. Co.
Advances for purSix Mos. Year Six Mos. Year Six Mos. Year
851,038 •
chase of mater'is 469,548
1917. 1916-17. 1917. 1916-17. 1917. 1916-17.
75,686
Deferred chges., &c 510,754
Gross income_ _ ..$257,536 $474,533 $311,433 $588,256 $123,339 $183,540
226,392 412,124 265,468 489,056 88,388 144,391
15,175,082 14,706,089 Expenses
Total
15,175,032 14,706,039
Total
Not from open $31,144 $62,409 $45,965 $99,200 $34,951 $39,149
x Includes material and supplies, goods in process, finished stock, ad- Misc. income__ _
802
303
5,665
3,064
1,735
664
-V. 106, P. 1345, 823.
vertising matter, &c.
Net earnings- $31,808 S64,144 $49,029 $104,865 $35,254 $39,951
Massachusetts Gas Companies, Boston.
Deduct-Year ended Dec. 31 1917.)
$4,632 $6,167
(15th Annual Report-Half
Tnterest
$11.337 $17,903 $13,952 $19,388
in subst.: Dividends__ _(254)14,375(75)43125(5)28,000(12)67,200 22,290(412)33,435
2,
i80,000
180,000
120,000
(134%)
Pres. James L. Richards, Boston, Apr.
180,000
920,000
(113.%)
wrote
-This on Dec. 31 1917 included the following securities:
Property Account.
Owned. *Ouisland.
Owned. .Outstand.
Co. Stocks$
Co. StocksCo _ 15,112,600 15,124,601 N.Eng.F &T Co_25,000,000 25,000,000
Bost. Cons. G.
200,000
575,000 N. Eng. Mfg. Co.. 187,500
East Boa. Gas Co_ x575,725
560,000 Bonds of the J. B.
Newton & Water'n 560,000
(7)
743,000 B. Coal Co.._ 119,000
Citizens' of Quincy 743,000
•
-Ed.
* Supplied, not in report. x Par of shares, $25; other shares $100.
-Our 4754% stock interest in the New England
Dividends and Gas Rates.
Mfg. Co., represented by 1,18734 shares, returned dividends amounting
to $60,800 in the six months.
The marked increases in costs of manufacture and distribution of gas
has obllged all four of our gas companies to seek relief through an increase
in the price of gas to consumers.
On Jan. 1 1918 the Boston Consolidated Gas Co. increased its price of
gas to consumers from 80 eta. to 90 eta. per 1,000 Cu. ft. The company
was entitled to make this increase of 10 cts. per 1,000 Cu. ft. in accordance
with the provisions of the Sliding Scale Act, it having reduced its dividend
from 9% to 7% in the preceding year.
The Citizens Gas Light Co. has increased its price of gas to consumers
10 eta. per 1,000 Cu. ft., effective Feb. 1 1918. Watertown Gas Light Co.
The East Boston Gas Co. and the Newton &
now have petitions before the Board of Gas and Electric Light Commissioners for an increase, respectively, of 15 eta. and 10 cts. per 1,000 Cu. ft.
[The East Boston Gas Co. is reported to have omitted its April 1918 dividend.-Ed.1
-See table below.
Operations of Gas Companies.
-Considering the adverse conditions, the net
Commercial Companies.
results of the Everett plant of the New England Fuel & Transportation Co.
for the six months ending Dec. 31 1917 were reasonably satisfactory.
Shortage of coal at the loading piers, labor conditions, and the unusually,
severe winter causing blocking ice all along the coast, seriously interfered
with the movement of the fleet of steamers, tugs and barges.
The Government through the Shipping Board requisitioned the six
steamers but up to March 1 1918 had left them in the coal trade, they being
operated by this company under charter from the Shipping Board. On
March 9 1918 tile Shipping Board took the steamer Newton for Govt. use.
The output for the six months of the Federal Mine was 272,540 tons as
compared with 313,908 tons in the same period of 1916. Labor conditions
and shortage of cars and motive power were the cause for this decrease.
Coal Lands Acquisltion.-In Nov. 1917 the New England Fuel & Transportation Co. acquired, at what is believed will prove a satisfactory price,
approximately 10,500 acres of Pittsburgh seam coal and approximately
total
3,500 acres of Sewickley seam coal, athe of approximately 14,000 acres,
Empire Coal & Coke Co. This
which was formerly the property of
125,000,000
acreage is estimated to contain at leastthe time of tons of high-grade coal.
purchase, a considerable
In accordance with the intention at acreage
will undoubtedly be sold in
acreage has been resold, and further
time, but the company intends to develop and operate a substantial portion of this property.
-For the six months the output of the J. B. B. Coal Co.
10J. B. B. Coal Co.
;
is owned by the New England Fuel &
(60% of the capital stock of which grass tons as compared with 167,343
Transportation Co.) was 121,316 due
primarily to the extreme shortage
decrease being
gross tons in 1916, the
of cars on the N. & W. Railway.
OPERATIONS OF SUB-COMPANIES DURING SIX MONTHS.
-Gas to Consumers- Meters.
Add'ns to
Subsidiary
Total Cu. Ft.
Increase. Net Gain
Street Mains.
Companies2,951
3,035,283,000
8.52
3,330 ft.
Boston Consol. Gas
499
9.41
313,640,000
East Boston Gas
748
12.03
380,394,000
6
518 t
Newton & Wat'n Gas Lt_ _1, 52 f ..
359
111,736.000
16.97%
Lt.(Quincy).3,236 ft.
Citizens' Gas
-HALF
-YEAR ENDED DEC. 31 1917.
MASSACHUSETTS GAS COS.
Years ended June 30
-Year
Half
1914-15.
1915-16.
1916-17.
1917.
$312,383
$426,201
$315,597
Int. on bonds, notes, &c.. $47,371
2,404,896
3.469,457
2.581,701
1.654,371
Dividends received
3,637
2,490
5,623
892
Profit on sale of securities
$1,702,634 $3,784,330 $2,902,921 $2,834,734
Total income
Deduct
$139,696
$93,215
$95,085
$138,281
General expenses
454,927
414,902
419,487
206,085
Bond, &c., interest
Divs. on pref. shares__(2%)500,000 (4)1,000,000(4)1,000,000 (4)1,000,000
04)125,000
Red Cross common div_
3,637
2,490
5,623
892
Res.for depr. of securities
$845,258 $1,682,088 $1,520,194 $1,551,779
Total deductions
$857,376 $2,102,242 $1,382,727 $1,282,055
Balance, surplus
1,368,041
1,533,723
1,400,996
Surplus from prey. years.. 1,870,731
def.15,234
Adjustments
$2,728,107 $3,620,731 $2,783,723 $2,650,996
Total
Divs. on com.shares-(7%)See below (7)1,750,000 (5)1.250,000 (5)1,250,000
Balance
$2.728,107 $1,870,731
Balance,surp_
$6,096
Gross income
Expenses
Net from operations
Deduct
Interest
Dividends
$349
$8,332
$7,077 $18,277
$3,116
-N. E. C. & C. Co.- -J.B. B. Coal Co
Six Mos. Year
Year
Six Mos.
1916-17.
1917.
1916-17.
1917.
$392,790 $3,049,219 $279,673 $611,601
560,555
281,262
2,370,484
299,776
$93,014
$678,735 def.$1,589
$51,046
$15,575
$27.448
$148,223
$13,771
(8%)60,000 (35)525,000
$23,598
$5,512 df.$17,164
$19,243
Balance, surplus
The New England Coal & Coke Co. owns 2,000 shares, equal to approximately 60%, of the capital stock of the J. 13. B. Coal Co.
BALANCE SHEET OF MASS. GAS COS. DEC. 31 AND JUNE 30.
De,c.31'17. June30'17.
Dec.311.7. June30'17.
Liabilities$
Assets
Property account _60,604,557 60,610,043 Common stock__ _25,000,000 25,000,000
508,702 Preferred stock.... _25,000,000 25,000,000
Cash in banks_ _ _ _ 203,296
879,294 20-year bonds_ _ _ _ 8,851,000 8,854.000
Notes receivable__ 1,200,926
8,240
22,306
153,167 Accounts payable_
9,130
Accts. receivable_
62,899
88,796
354,135 Accr. int. & taxes_
Bond disc't susp__ 338,835
83,333
83,333
Pref. div. accrued_
Mass. Gas Co. bds.
155,851 Res. for corn. div_ 875,000 1,875.000
185,562
in treasury
100,000 Reserve for deprec.
117,618
Liberty bonds....
120,714
121,606
of securities....
Notes (Unit.King.
2,728,107 1,870,731
113,724 Surplus
of Gr.B. & Ir.). 113,724
62,773,648 62,874,916
Total
-V.106, p. 825, 710.
Total
62,773,648 62,874,916
Advance-Rumely Company, LaPorte, Ind.
(Second Annual Report-Year ending Dec. 31 1917.)
Pres. Finley P. Mount, LaPorte, Mar. 27, wrote in subst.:
-When compared with the size of the company, the business
Profits.
done, and the profits of the year are yet small, but considering the problems that had to be met, the Board feels the company is to be congratulated on the showing made. Preferred dividends are not cumulative until
Jan. 1 1919.
-The company sold the buildings and ground of the StillProperties.
water Plant and retained at a nominal rental the occupancy ofthe warehouse.
The Canadian plant has operated at a profit on work outside our line.
The Battle Greek plant is being prepared for quantity production of
small size Oil Pull tractors. A contract for the manufacture of marine
boilers for the U. S. Shipping Board, Emergency Fleet Corporation, will
engage our boiler shop at Battle Creek throughout the year 1918. material
Our LaPorte plants continue to be run as full as labor and
conditions permit.
-We have reduced customers' notes from $6,259,841
Customers' Notes.
to $3,633,403. Of the customers' notes on hand at Dec. 31 1917 only
represent receivables taken since organization Jan. 1 1916.
32.164,625
-The operations for the year were carried on without borrowFinancial.
ing and we shall not have to borrow during 1918. During the year we retired 3123,000 of debentures and purchased $560,548 additional, which
arc carried in the Treasury. The company was also allotted $540,000
Liberty Loan bonds on its own account and $117,000 for employees.
-During the year we set aside out of earnings reserves amountReserves.
ing to $701,625 against depreciation of assets acquired since the company
began business, viz.: For doubtful farmers' notes, $74,715; depreciation
of assets in Russia, $71,934: shrinkage of value of current inventory &c.,
$341,245; insurance fund, $16,914; miscellaneous, $40,705; depreciation
reserve, $156,113. The total current reserve Dec. 31 therefore aggregates $1,162,245, against $460.619 Dec.31 1916. We also spent $105.004
during the year for current repairs. All losses and expenses that will be •
incurred in the liquidation of the inventory, farmers' notes, and other
assets taken over at Jan. 1 1916 are now believed to be fully covered.
-During the year the company has developed its line of Oil Pull
Product.
tractors by designing and building three new sizes; two of these sizes will
be manufactured in quantities in 1918 and it is planned to have these and
tile third new size 011 Pull in production to the capacity of the company's
plants in 1919. A small size Ideal separator has also been developed.
The company now has its product standardized as follows: All
Purpose Tractor, one size: OilPull Tractors, four sizes; Ideal Separators,
six sizes; Ideal Clover Hullers, two sizes; Advance Husker-Shredders, two
sizes; Advance-Rumely Steam Engines, three sizes; fuel and water tanks
and trucks, two sizes. The company also sells tractor plows, etc.
-We manufacture a line of power farming machinery second
Prospects.
to none. While the material situation is worse than ever before known and
the reserves of labor have been seriously drawn upon, we feel that there is
nothing to Justify any recession from the original plans providing for the
expansion of the volume of the company's business and the consequent •
$1,533,723 $1,400,996 increase of its profits.
1576
THE CHRONICLE
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
[Including Advance-Rumely Thresher Co., Inc., and Can. Rumely Co., Ltd.]
1917.
1916.
Gross profit
$2,101,832 $1,757,344
Interest on receiv., investments & disc. on ;arch_
317,394
420,977
Total profits
$2,419,226 $2,178,321
Selling, &c., exp. at home and branches (net)
$1,703,468 $1,689,941
Debenture, &c., interest
165,201
204,901
Net profits and income
$550,557
$283,478
CONSOLIDATED BALANCE SHEET DECEMBER 31.
[Including Advance-Rumely Thresher Co., Inc., and Can. Rumely Co.. Ltd.]
Assets1917.
1916.
Land, bldgs., mach. &
$4,027,806; less
depr. res've from earns, of year, $310,813
$3,716,03 $3.835,058
Outside real estate, incl. property held for sale_ _ _
113,961
114,538
Goodwill, patents, designs and other intangible
*values, subject to adjustment upon realization
of assets
14,172,305 14,172,305
Securities of the company purchased and held in
treasury (at cost)
563,466
Inventories of raw materials, supplies, finished and
partly finished products, &c
6,554,938
Customers' notes receivable, $3,633,403: less com- 7,281,779
mission certificates outstanding, $463,960
3,169,443
5,624,770
Dealers and other trade accounts ($309,499), &c_..
449,346
280,565
Investments
-U. S. Liberty Loan bonds less payments on subscriptions by employees, ae613,393;
U.S. certificates of indebtedness,$25,000; CanaWan Victory Loan, $99,108, and other investment securities, $416,004; total
1,153,505
480,005
Cash in bank and on hand
2,370,814
Misc. operating supplies, $31,054, and prep. exp... 2.594,168
43,125
43,577
Total assets
t.
$33,258,091 $33,476.570
Liabilities
6% pref. stock (divs. cum. after Jan. 1 1919
$12,500,000 $12,500,000
Common stock, 137,500 shares ($100 each)
13,750,000 13,75o,000
Ten-year 6% gold debentures, due 1925, 33,500,000; canceled to Dec. 31 1917, $237,000
Accounts payable, incl. pay-rolls, $209,057; taxes, 3,263,000 3,386,000
Interest, &c. (incl. U. S. Federal income tax),
accrued, $160,788
369,845
558,173
Oper. and conting. res'ves from earns of the year
(excl. dept. deducted from property account)
851,432
305,920
Reserve against readzation of assets taken over
Horn reorganization committee and other contingencies; less trasury securities of total par value
of $242,400 remaining in reserve for delivery in
satisfaction of certain indeterminable claims
against the receiver of M. Rumely Co., residual
balance to goodwill account
1,689,777
2,692,999
Surplus net profits and income for the year
834,036
283,478
Total liabilities
-V. 106, p. 1462.
$33,258,091 $33,476,570
Union Natural Gas Corporation, Pittsburgh.
(16th Annual Report-Year ending Dec. 31 1917.)
The board of directors, Pittsburgh, Feb. 27, wrote:
In 1917 your company, through its underlying companies, has acquired
228,046 acres of new oil and gas leases and surrendered 52,995 acres that
have proven unproductive, and now holds 631,429 acres. In addition to
the above, your company owns a one-half interest in 137,670 acres in West
Virginia through its ownership of stock in the Reserve Gas Co.
During the year your company drilled 205 wells, of which 38
wells, 113 were gas wells, and 54 were unproductive. In additionwere oil
to this,
we purchased 5 gas wells and leases in Ashland and Richland counties, Ohio,
and 3 oil wells (one in Ashland County and two in Hocking County),
making a total of 150 oil wells in Ohio and 959 gas wells in Ohio and Pennsylvania, and through its ownership of stock in the Reserve Gas Co., a
one-half interest in 640 gas wells and 5 oil wells in West Virginia.
There were laid in field lines 58.23 miles; in extensions in cities and towns
25.59 miles; a total of 83.82 miles of pipe. We also purchased distributing
plants at Birmingham and Utica, Ohio.
The total investment for the year in the foregoing and other additions
and improvements was $1,772,003.
The operations of the Preston Oil Co. have been successfully continued
throughout the year, a net daily average of 708 bbis. having been maintained.
During the past two years, engineers have been engaged in making an
inventory and appraisal of the physical plants of the various operating companies, which work is near completion. The appraisal of a number of the
smaller plants has been completed and entered on the books during the year.
OPERATIONS OF THE CORPORATION AND ITS AFFILIATED
COMPANIES FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
Gross earns., gas, oil, &c..$8,076,613 $6,642,541 $5,271,612 $5,647,141
Ordinary taxes, drilling,
rentals, royalties, &c__ 2,800,975 2,149,539
1,872,856
1,875,786
Gas purchased
*1,653,861
1,553,761
1,364,124
1,454,926
War income and excess
profits taxes
471,747
Net earnings
$3,150,030 $2,939,241 $2,034,632 52,316,429
Int., divs., &c., received_ 424,647
504,276
460,772
Gross income
$3,574,677 $3,443,517 $2,495,404 $2,316,429
Interest on bonds, &c__ _ $266,812
$317,798
$372,307
$364,685
Dividend (10%)
984,000 1,000,000 1.000,000 1,000,000
Depreciation
858,188
815,908
793,178
745,372
Miscellaneous
Cr.29,512
39,057
54,407
Cr.2,202
Total deductions
$2,079,488 $2,172,763 52,219,892 $2,107,855
Surplus
51,495.189 $1,270,754
$275,512
$208,574
* Of the gas purchased in 1917, over 81% was purchased from Reserve
Gas Co.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1917.
1916.
1917.
1916.
Assets$
Liabilities$
$
$
Plant, stocks, LibCapital stook -___x9,840,000 10,000,000
erty bonds, &o_27,403,165 24,838,366 Bonds,"Union"- 3,156,000 3,659,000
Material dc supp_ 881,925
423,381 Affird co. bonds-- 659,000
708,000
Notes & aco ts rec. 1,124,581 1,430,086 Matured bonds, etc.
Cash
270,301
313,320 Notes payable_ _ _ 958,200
799,649
Cash in escrow_
203,038 Accounts payable_ 560,943
874,094
Cash for bonds,&e.
52,005 Dividends payable 246,000
Prepaid rents,royAccr. int. 8, taxes_ 791,567
aides, dco
137,088
94,747 Deferred credits_
35,358
Deferred charges..
70,210
Contingent earns
203,038
Depreo'n reserve... 5,903,811 4,989,974
Other reserves......
13,048
5,579
Surplus
y7,718,289 6,063,603
Total
29,887,270 27,354,943 Total
29,887,270 27,354,943
x After. deducting $160,000 canceled. y After adding $159,497 plant
appraisal adjustments, &c.
-V. 106, p. 935.
American Gas Company, Philadelphia.
(Report for Fiscal Year ending Dec. 31 1917.)
President Morris W.Stroud Feb. 19 wrote in substance:
Results.
-Owing to the growth of the cities supplied, the demands on
our subsidiary companies have very largely increased, the gross revenue
for the year being over 17% larger than in 1916, the Cu. feet of gas sold
increasing over 18% and the kw. hrs. of electricity, over 31%•
[VOL. 106.
To take care of this growth it was necessary to increase the facilities
in addition to the new stations mentioned last year (V. 104. p. 2250),
and certain additional contracts were entered into some months before
war was declared. The expenditures for improvements for 1917 totaled
over 53,700,000. The new electric plants at Waterloo, Ia., and at Cromby,
near Phoenixville, Penna., and the rehabilitation and enlargmeent of the
one in the Luzern() County district in Pennsylvania will be in full operation
by June 30 1918. and the economies resulting together with
to take on the pressing new business at those points will add the ability
materially
to the income of this company.
Stock-Notes.
-To provide for these extraordinary expenditures the
stockholders were permitted to subscribe for 21% capital stock, and in
Sept. $2.000,000 two-year 6% notes were issued.
-V. 104, p.
2642:
,V. 105, p. 182, 717, 911, 2367, 2544; V. 106, p. 88, 192, 608. 2554.
Outlook.
-The large increases in the operating expenses of the subsidiary
companies are due to the increased cost of all materials, but particularly
coal
-and in the Gas Dept., Gas 011-and the increase in
It is
felt, however, that the net earnings for 1918 will show a wages. better
much
proportion than those in 1917, as a good many of the materials probably
reached the maximum of cost during 1917, nor is it likely that wages will
be much higher.
Rates.
-Applications for rate increases have been made by most of your
subsidiary companies and thus far no appljcation has been refused, some
have been granted, others are still pending.
New Plants.
-During the year the now water power of the Winooski
Valley Power Co. near Burlington, Vt., was completed and put in operation
and the business has developed in such a satisfactory manner that both
that, and the old water power station of the Burlington Light .3: Power
Co. are loaded to nearly their full capacity. Because of the war we are
now making no expenditures that can possibly be avoided.
Affiliated Companies of the American Gas Co.
Bangor Gas Light Co.
Petersburg Gas Co.
Burlington Light & Power Co.
Phila. Suburban Gas & Elec. Co.
Cedar Valley Electric Co.
Portage American Gas Co.
Citizens' Gas & Electric Co.
Rockford Gas Light & Coke Co.
Consolidated Light & Power Co.
St. Clair County Gas & Electric Co.
Kingston Gas & Electric Co.
Ulster Electric Lt., Ht. & Power Co.
Luzerne County Gas & Electric Co. Waukesha Gas & Electric Co.
(The company owns the entire capital stock (except directors' shares) in
the above-named companies and the Burlington Gas Light Co. and the
Winooski Valley (Vt.) Power Co., and is interested through ownership of
part of the capital stocks in the Peru (Ind.) Gas Co., Western United Gas
& Electric Co., Coal Products Co. and Illinois Commercial & Mining Co.,
INCOME ACCOUNT YEARS ENDING DEC. 31.
1917.
1916.
1915.
1914.
Gross earns. of MTH. cos.. $5,287,707 $4,491,818 $3,979,614 $3,704,310
Operating expenses..___ 3,235,498
2,568,899
2,024,195
1,967,704
Gross profit
52,052,209 $1,922,919 $1,955,420 $1,736,606
Miscellaneous income.._
264,624
128,465
80,463
60,528
Total
52,316,833 52,051,384 52,035,883 31,797,134
Bond interest
$1,220,178 $1,109,743 $1,060,392 $1,007,895
Depreciation
548,519
270,028
193,316
173,421
Net profits
$548,136
$671,613
$782,175
$615,818
Sundry inc. (Am. Gas)_
426,191
366,768
322,096
271,044
Total profit
3974,327 $1,038,382 31,104,271
$886,862
Int. on Am. Gas Co.bds. $258,500
$163,662
$123,734
$142,623
Int. on loans, expenses,
&e., Am. Gas Co
277,180
222,729
218,613
191,955
Dividends paid
(8%)525,005 (8)515,953(731)459,220 (7)374,882
Total deductions_ __- 51.060,684
5902,345
5801.567
$709,460
Balance, surp. or def.
def$86,357 sur$136,037 8114302,704 sur$177,402
Dividends as above are deducted by company from profit and loss, but
deducted as above for comparative purposes.
BALANCE SHEET DEC. 31.
1917.
1916.
1917.
1916.
Assets$
Liabilities-$
$
.Eq'y in cos.ownd.11,959,672 9,195,032 Capital stock____ 7,801,100 6,449,700
Insurance fund__ _ 146,016
138,233 Bonds, 6%
3,000,000 3,000,000
Miscellaneou.s_ 20,800 Bonds, 5%
73,500
1,570,000 1,570,000
Deferred accounts 387,666
305,487 Collateral notes 2,000,000
Sundry mdse
2,959
2,661 Miscellaneous_
5,112
8,456
Accts receivable
542,229
584,666 Insurance reserve_ 139,035
138,233
Sundry investm'ts
3,445
46,470 Monied accounts_ 107,589
56,746
Bond investments 3,025,102 2,022,048 Bills payable
637,500
Cash
290,488 Contingent reserve 187,918
162,260
444,797
Surplus
a851,595
937,953
Total
16,302,849 12,605,885
Total
10,302,849 12,605,885
* Equity (over bonds) in gas and electric light plants, Including original
cost and cash advanced for betterments, represented by capital stock of the
various cos. owned (see list, V. 98, p. 1069). a After deducting $187,918
contingent reserve and $139,035 insurance fund.
-V. 106, p. 1463, 1037.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Government Control of Railroads.
-Text of Act.
See page 1421 in
last week's Issue.
-V. 106, p. 1343. 1229.
Arkansas Valley Ry Light & Power Co.
-Status
-Plan
for Consolidation of Financial Structure Postponed.
-
See Standard Gas & Elec. Co. under "Reports" above.
-V. 106, p. 924.
Atchison, Topeka & Santa Fe.
-New General Counsel.
S. T. Bledsoe, Assistant General Solicitor, has been appointed General
Counsel at Chicago, succeeding Walker D. Hines.
-V. 106, p. 1460, 817.
Bay State Street Ry, Boston.
-Investigation.
-
The House in the Mass. Legislature has rejected a motion requesting
the Mass. P. 8. Commission to postpone further investigation of
the
company's affairs pending action by the General Court.
-V. 106. IL 1460.
Boston & Maine RR.
-Earnings.
-
The comparative income account for calendar years 1917 and 1916
were
published in V. 106, p. 928. Further data will be cited another week.
V. 106, p. 1125, 928.
Brooklyn Rapid Transit Co.
-No Dividend Yet.
-
The following resolution adopted by the Executive CommitteeTon
Feb.
25 was sent to the shareholders in place of the usual dividend due Apr.
1:
"While the company's net profits justify the declaration of the usual
dividend payable on April 1, the committee believed that in view of
maturity on July 1 next of the $57,735,000 Secured gold notes issued the
for
rapid transit purposes and the pending negotiations relative thereto,
It would be wise for the present to withhold action upon such quarterly
dividend, and do so recommend to the board of directors."
Tolls Litigation.
-
In the action of the City of Now York versus the Brooklyn Union
Elevated RR. and the New York Consolidated Rye. to recover certain tolls
over the Williamsburg Bridge from Aug. 4 1913 to May 1 1914, the Appellate Division of the Supreme Court has affirmed the findings of the Supreme
Court 7 at a new contract made in March 1913 superseded the agreement
of 190 h
t.
Service on Culver Line.
-
See Rapid Transit in New York below.
-V. 106, p. 1343. 1229.
Chicago & Eastern Illinois RR.
-Sale Postponed.
-
Sale of this property scheduled for Apr. 5 has been again postponed, lt
Is understood for 90 days. Compare V. 106, p. 606.
THE CHRONICLE
APR. 13 1918.]
1577
District
from the judgment rendered in August last by the United States received
Court to the Circuit Court of Appeals. The Council have now decision
advices stating that the Appeal Court has affirmed the
Co., of New York,
The Central Trust
telegraphic
-V. 105, p. 909.
first lien 5% coal mortgage bonds of 1912 (outstanding, $5,167,000), has of the lower Court.
of each $1,000 bond toward
announced it will pay $18 76 to the holderinterest on presentation with
principal and
Hartford (Conn.) Street Ry.-Appeal.- appeal from the
the amount due thereon for
at its office, 54 Wall St.,
The City Council of Hartford, Conn., has decided to
Feb. 1 1915 and all subsequent coupons attached,
recent decision of the Connecticut P. S. Commission sustaining the sixNew York City.
A 20% payment was made on this issue ($200 on each $1,000 bond) in cent fare. Compare V. 106, p. 1461.
November last. Compare V. 105, p. 2093.
-Earnings.
Honolulu Rapid Transit & Land Co. 1917.
1916.
-Report.
1916.
1917.
Cal. YearsChicago & Interurban Traction Co. Interest-- Net
ec
Net
Gross earnings. -$726,603 $669,982 Depreciation, &c_$171,990 $48,922
Rev.from Other Operating
Calendar
152,000 112,300
$332,636 $314,546 Dividends
Transpor'n. Revs. Expenses. Earnings. Taxes. Income. Net earnings
Years$333,650 $4,508 $212,370 $125,788 $94,769 $31,019 Bond interest, &c. 55,035 69,011 Balance, surplus_ $46,388 $84,313
1917
55,566 -v. 104. P. 138787,566
143,394
190,209
3,442
330,161
1916
The balance sheet as of Dec. 31 1917 shows outstanding stock,$-,000,000:
-Equipment 58 Sold.
Illinois Central RR.
1st M. bonds, $1,350,000 (additional $290,000 issued and held in treasury);
The $5,500,000 equipment trust certificates, Series E, described in the
and profit and loss surplus, $277,592.-V. 104, P. 1387.
all been sold by bankers privately.
"Chronicle" of Jan. 12,
- -V.106, p. 1461.929. page 189, have
Chicago Milwaukee & St. Paul RR.-Equip't Trusts.
The management are understood to have been making tentative enissue of $10,000,000
Kansas City & Memphis Ry.-Proposed Sale.
quiries in financial circles with reference to a possible
A press report states that H. C. Mechem, of Fort Smith, Ark., has been
equipment trusts with a view to providing means for buying or building
sell the property, which has been in a receiver106, p. 1343, 929.
-V.
appointed special master to
some 5,000 new freight cars.
-mile line
70
ship for some time. The date of sale is not yet set. The other points
Ry.-New
Chicago & North Western Hulburt, bothDirectors.
connects Rogers, Fayetteville, Siloam Springs, Monte Ne and
of Pittsburgh, ha,4e in Benton and Washington counties in Arkansas -V. 102. p. 800.
Henry D. McEidowney and E. D.
been elected directors to succeed the late James Stillman and Zenas Crane.
-V. 106, P. 1358, 1336.
Kansas City Rys.-Dividend Omitted.
Marvin Hughitt has resigned as Chairman.
The semi-annual dividend due April 1 on the preferred beneficial certi-Stock Sales.
Cleveland (Ohio) Railway Co.
ficates has been omitted owing to increased cost of operation and strikes.
.
paid
Regarding the new stock recently offered the shareholders, Treas. H. J. From Oct. 1 1916 to Oct. 11917, 62 50 per share was from semi-annually
5 to 6 cents.
The company is seeking authority to increase fares
Davies writes: "We have received subscriptions for stock to an amount
sufficient to pay our floating debt of $1,230.000 and to pay for all the On Jan. 1 1919 the preferred dividends, it is understood, will become
extensions and other additions to property that we shall need this year. cumulative. (See V.101, p. 1628).-V. 106, p. 1035.
While the stock has not all been taken by our shareholders, it is not likely
Kansas City Southern Ry.-Govt. Control.
that we shall offer any to the public, until after the close of 1918." ComThe stockholders will vote May 14 on sanctioning resolutions submitting
pare V. 106, P. 1461. 1230, 607.
to the assumption by the Federal Government of control over their propColorado Midland Ry.-Payment on Bonds.
-V. 106, p. 607, 499.
erty.
We are advised that the holder of each $1,000 first mtge. bond will
-Taken By Government.
Leavenworth Bridge Co.
receive $85 55 provided the Jan. & July 1913 coupons are attached. Comat Fort
pare V. 106, p. 1461.
This company's property, a bridge over the Missouri Riverstructure
The
Leavenworth, Kan., has been taken by the Government. highway and
--Merger.
nd Valley RR.
was built in 1872 by the Kansas & Missouri Bridge Co. for
Cumberla
but the mortgage was
Stockholders will vote on May 3 on an agreement to merge the Cumber- railroad traffic. Bonds for 16750,000 were sold property was purchased
default in interest. The
land Valley RR. Co. and the Martinsburg RR. Co., to be called the foreclosed in 4 years for and in 1880 made a mortgage for $600,000. "Until
present company
by the
-V. 104, p• 1489.
Cumberland Valley Ry. Co.
1894 the Rock Island and the Chicago Great Western operated over the
bridge, but in that year they abandoned it for another crossing. and there-Status-Dividends Sought on First Pref. Shares. after the old bridge was used for highway traffic only. In 1899 it was
Erie RR.
-Stockholders at the annual meeting April 9 adopted reso- sold at foreclosure a second time, the Fort Leavenworth Bridge Co. becomlutions declaring that operating revenue for the past three ing the owner." ("Engineering News-Record.") the Leavenworth Ter[This property should not be confounded with
years had been more than sufficient to pay the dividends minal By. & Bridge Co. See "Ry. & Industrial Supplement, page 71.1on the first pref. stock and requested directors to apply for V. 71, p. 1012.
(Foreclosed
Payment on Coal Mortgage Bonds trustee of the )
Purchase Money
as
authority from Director-General to pay them.
In discussing the general conditions of the road President
Underwood is quoted as saying:
After watching the Erie for 15 years and comparing what it had in the
way of business and plant then, with what it has in business and plant
to-day, I am convinced that the stock has greater intrinsic value than ever
before. For 20 years we have had bad laws, multiplicity of commissions,
repression of railroads, and investigations which have all interfered with the
progress of the railroads. The country paid no attention to James J. Hill
when he said that its transportation system was breaking down, and that
billions of dollars would be needed to build it up again to the nation's
requirements. The transportation system did break down, and when the
Government took over the railroads it was high time.
The railroads will come out from under Government control better off
than ever before. Baiting of the railroads has heretofore been an entertaining pastime, but it was a very costly one to railroad stockholders and
to the country at large. Under Government control we shall have, instead
of baiting, intelligent supervision and sound improvement in their physical
condition. Competition will be done away with, and the eviLs that it
brought in its train so far as operating efficiency was concerned. Many
inequitable customs that have grown up in railroad operation will be
eliminated.
The railroad air will be purified all around. For the first time, indeed,
to-day railroad affairs are being entirely administered by railroad men
•
our three regional directors are all trained railroad men.
Amendment to Permit Extending Old Bonds.
This company has filed with the New York P. S. Commission a petition
for consent to an amendment to the indenture securing the $500,000,000
Refunding & Improvement Mortgage, to modify certain provisions so
that nothing shall limit the right of the company to extend the time of
payment of underlying old and General Mortgage bonds and bonds and
obligations which may be secured by lien prior to the lien of the Refunding
and Improvement Mortgage and for the refunding of which provision was
-V. 106. P. 295S11.
made.
Fort Smith (Ark.) Light & Triction
-V. 102, p.1060.
See Standard Gas & Elec. Co. under "Reports" above.
-Sold to Citizens.
Leavenworth & Topeka RR.
property for
Citizens along this company's line have purchased the a
Chairman of
$80,000. F. H. Roberts, Oskaloosa, Kan., is line. Compare reorganizaV. 106, p.
representing the buyers of the
tion committee
1231, 715.
(Me.) Augusta & Waterville St. Ry.-
Lewiston
schedule
This company on Mar. 1 put into effect a new rate p. 499. between
-V. 106,
Lewiston and Bath based on the zone system.
-Finances.
Mahoning & Shenango Ry & Light Co.
-V.106,p. 396, 296.
See Republic By & Light Co. under "Reports."
Nashville Chattanooga & St. Louis Ry.-Earnings.-
The total operating revenues for the calendar year 1917 were $15,194,755
(an increase of $1,675,167 over 1916) and surplus after expenses and charges
$2,839,316 for 1917, against $3,056,935 for 1916.-V. 106, p. 818.
-Earnings.
New Orleans Railway & Light Co.
1916.
1917.
1916.
1917.
Cal. Years$226,308 $260,235
Gross earnings_ _ _$7,746,259 $7,200,741 Renewals,&c
$2,821,756 Preferred dividends 371,430 496,147
Net,aft.taxes,&c__$2,757,347
(5%)
Rate on pref. stock_ (3)(%)
61,675
61,137
Other income__ __
50,000
Gross income____$2,321,531 $2,833,431 Corn. dive. a( of 1%)
$279,796 $174,205
Balance, surplus
1,944,000 1,902,843
Interest,&c
The total surplus Dec. 31 1917 was $1,077,793 after deducting $183,333
special provision for repairs, maint., renewals and replacements. $129.927
amortization of discount and expense from June 1 1916 in connection with
tho issue of Ref. & Gen. Lien 5% Mtge. bonds and two-year 6% deben-V.106, p. 1037,924.
tures,$60,000 turbine failure and $10,268 sundries.
-Agreement With Govt.
New York Central RR.
Shareholders will vote June 5 on authorizing or ratifying the execution
the
of an agreement between the company and the United States undervote
Railroad Control Act. Shareholders of controlled companies will
May 22 on the same matter.
0
Quarterly Dividend of 1%7 Declared.
Usual
The quarterly dividend of 1 X% on the stock due in March, has now
been declared payable May 1 to holders of record April 13.
-V.106, p. 1461.
Harry R. Warfield has resigned as one of the receivers.
Governor Whitman has signed the railroad bill designed to prevent the
channel in conneccompany from placing any piers in the Husdon River 106, p. 1461. 1231.
Georgia Lt., Power & Rys.-Consol. Earnin
-V.
Sinking
Interest Sub. Cos. Smiling Balance, tion with the construction of the Castleton bridge.
Net, after
Calendar
Charges. Divs.Paid. Fund &c. Surplus.
Taxes.
Years- Earnings.
-To Vote on
New York New Haven & Hartford RR.
$1,093,412 $544,515 $426,801 $29,997 $46,800 $40,937
1917
45,512 24,867 Refunding Debentures of Providence Securities Co., &c.
17,411
399,571
487,361
950,855
1916
-V. 106, p. 1124.
advertisement on another page that the
Georgia & Florida Ry.-Receiver Resigns.
-Earnings.Grand Trunk Ry. of Canada.
.
1914.
1916.
1915
1917.
Calendar Years£10,725,500 £9,819,700 £8,292,688 £8,596,768
Gross earnings
6,841,919
7,228,000
6,511,257
Operating expenses.__ 9,002,900
Net earnings
Other income
£1,722,600 £2,591,700 £1,781,431 £1,754,849
68,000
*682,744
62,400
373,200
£1,790,600 £2,654,100
£2,154,631
£2,437,593
Total
Deduct
.C1,496,700 x£1,914,600 £1,499,307 *£1,747,240
Charges
def40,200
def1,880 def103,742
Dot. Gr. Hay.& Milw_ _ def143,600
Grand Trunk West Ry_ def95,200 sur119,200 def122,177 def135,348
def26,147
def16,200
def20,563
Sag. & Musk. Ry_ - def28,800
Tol.
(4%)500,000(4%)500,000(331)437,500
Div. on guar. stock__ .
171,000
do 1st pref.stk.(5))
126,500
do 2d pref. stk.(5 0)
£1,764,300 £2,649,300 £2,143,927*£2,449,977
Total
sur126,300 sur£4,800 sur£10,704 def£12,384
Bal., sur. or def
* Comparisons are slightly inaccurate due to changes made in later years.
-V. 106, p. 1461, 1344.
x Includes £400,000 reserve for contingencies.
Great Northern Ry.-Agreement With Government.
The shareholders will vote May 15 on ratifying an agreement between
the company and the United States under the Railroad Control Act.
Tax Decision Favorable to Railroads.
In the suits brought by the State of Minnesota to enforce payment of
personal property taxes to the amount of about $50,000,000 on stocks and
bonds of other railroads held by the Great Northern, Northern Pacific
and Chicago & North Western railroads, the Minnesota Supreme Court
has affirmed the decision favorable to the railroads rendered by the lower
-V. 106, p. 8171
Court.
-1
Guayaquil & Quito Ry.-Decision Affirmed.
With reference to the suit brought against Messrs. Speyer & Co., the
Council of Foreign Bondholders communicate that an appeal was taken
Notice is given by
shareholders will vote at the annual meeting Apr. 17 on
ratifying the making of an agreement for the operation of
the road by the U. S. Government and also on authorizing:
this
of 4%
(a) The issueexceedingdebentures of to becorporation to the1aggregate
1957, to
payable on May
$16,758,000,
amount of not
of
be exchanged for an equal amount of 4% Fifty-Year Gold Debentures
the
the Providence Securities Co., due May 1 1957, heretofore assumed as as
by this company
direct obligations of this company and guaranteed
issued, will
to payment of principal and interest. Such debentures, ifand all right
waive any
contain an agreement on the part of the holder to any mortgage hereafter
to have payment of such debentures secured by thereof, for the purpose
crated upon this company's railroad, or any part refund any indebtedness
of securing payment of obligations issued to pay or 15 1915, or to provide
not in excess of the amount outstanding on May
funds for capital expenditures. [On June 30 1917 there were outstanding
$19,899,000 of the 30-year 4% debentures of the Providence Securities
Co., of which $3,141,000 is now owned by the N.Y. N. H. & H. RR. Co.
holders
It is not known what inducement, if any, will be offered to lead Co. 4s to
in
make the exchange. Compare offering of the Prov. Securities
V.85, p. 347.
V.84, p. 1114.
company's bonds, notes or other evi(6) To approve the issue of this
dences of indebtedness for periods of more than one year for the purpose
of providing funds requisite for maturing obligations, for additions to,
betterments and extensions of the company's road, equipment and other
property and for other lawful and proper expenditures.
-J. P. Morgan & Co. in circular of Apr. 8 say:
Notes.
by
The One-Year 5% Collateral Trust Gold notes due April 15 1918,yet
April 15 1918. We are not
their terms are payable at this office onpayment will be made under the
advised as to the method in which the
but in
arrangement between the U. S. Government and the company,
order to facilitate the collection, we have prepared a form of schedule
presented with the notes.
which we suggest that you have filled in and of
the notes is to be made
Unless It be publicly announced that payment
you lodge with
elsewhere than at our office, we woad also suggest thatthe above notes
15, accompanied by schedules, such of
us prior to April
-V. 106, p. 1344. 1231.
as may come into your hands for collection.
1578
THE CHRONICLE
N. Y. Ontario & Western Ry.—Earnings.-
Cal. Years—
1917.
1916.
1917.
1916.
Gross earnings___39,164,878 $3,794,166 Int., rents, &c,.._$1,523,035
$1,669,288
Net, after taxes. $2,227,676 32,324,735 Pref. dividends__ _
210
210
Other income..___ 272,826
184,134 Corn. dividends (2)1,162,144 (1)581,071
Gross income...__$2,500,502 $2,508,869 Balance
def$184,887 sur$258300
—V. 106, p. 1035, 822.
Northern Electric Ry, California.—Sale Ordered.—
Sale of this company's
properties at foreclosure
V. 104, p. 1489) has been ordered by the United (in accordance with plan
States
San Francisco. The date of sale will probably be fixed District Court at
between May 15
and June 1.—V. 106, p. 715, 500.
[VOL. 106.
a
upon their merits they will be re-elected. The
things to a focus, and prominent men are needed onagitation has brought
the board, so that the
city and the company may get together with respect to the franchise.
I
was assured that the directors would strive after an understandi
city before I agreed to give up my proxies." Compare V. 106, ng with the
p.1462, 930.
Union Pacific RR.—New Directors.—
Henry W. Clark and Marvin Hughitt Jr. have been
succeed R. S. Lovett and Marvin Hughitt Sr.—V. 106,elected directors to
p. 1462, 1231.
United Rys. & Electric Co., Baltimore.—Earnings.—
Cal. Year—
Gross.
Net.
Oth.Inc. Chgs.,&c. *Divs. Bat.,Sur
1917
$10,560,837 $3,685,676 $96,101 $2,906,191 $819,368 $56,218
1916
9,914,051 3,855,558 92,000 2,839,435 819,368 288,755
Ottumwa (Ia.) Ry. & Light Co.—Status.—
*Includes yearly $920 (3%) pref. divs. and $818,448 (47 cOmmon.
)
0
The total profit and loss surplus Dec. 31 1917 was $1,066,988 after
See Standard Gas & Elec. Co. under "Reports" above.—V. 106,
p. 925. deducting $50,000 contribution
to American Red Cross Fund and sundries
Ozark Valley RR.—Sale.—
(net), $49,725.—V. 106, p. 1345, 819.
B. W. Frauenthal, Special Master, will sell on
22 at
United Rys of St. Louis.—Ordinance Passed.—The St.
Mo., this company's property, &c., for $150,000 April going Greenville,
as a
concern, or
$25,1100 in notes representing the mortgage debt, provided the purchaser Louis Board of Aldermen on Mar.
22 adopted the amenddiscontinue operations and remove the equipment.—V. 106,
p. 1127, 1037. ments suggested
Pacific Gas & Electric Co. (Cal.).—Conservation of
Fuel.
This company, the Northern California Power Co.
Oregon Power Co., in order to conserve $450,000 worth and the California
of fuel oil annually
for the Navy, have agreed that the power from the Klamath
River plant
be delivered at San Francisco Bay points.
slightly more than 300 miles long. Compare V.Transmission lines will be
106, p. 1462, 925, 715, 608.
Philadelphia Co., Pittsburgh.—Action on May 1 Dividend on Common Stock Postponed Till April 27.—
The directors met in Pittsburgh on Monday
to the dividend on the ($42,943,000) commonlast, but took no action as
stock usually paid
about May 1. Subsequently it was announced that "the dividend on or
would
be considered at a special meeting April 27." The quarterly dividend
paid
Jan. 31 last was IA %, as against 1%% for seven preceding
quarters.
Compare V. 105, p. 2457; V. 106, p. 86, 296, 930, 1231.
Pittsburgh Mars & Butler Ry.—Fare Increases.—
This company has filed with the Penna.P. S.
package and freight tariffs, to become effective Commission new passenger,
April
in existing rates. The new passenger tariff makes the20, making increases
rate of
per zone, with the sale of strips of 10 tickets for 55 cents.—V. fares 6 cents
105, p. 998.
Pittsburgh & Susquehanna RR.—Still Operating.—
Gen. Mgr. E. B. Lee, writing April 10, informs us as follows:
The road has not ceased operations but is at present being operated
by
the Director-General of Railroads. The road was operated at a
loss
1917, and in consequence the six months' interest on the bonds from during
July 1
to Dec. 31 1917 has not, as yet, been paid.
There have been no negotiations within the knowledge of
the disposition of the property. On the other hand, the I. the writer for
-S. C. Commission on April 4 granted an increase of freight rate on bituminous
coal of
123ic. per ton, which will make our income 273.6c. and 32%c. a
ton, where
it formerly was 15c. and 20c. With this increase in rate
we
able to pay all charges and show a balance surplus.—V. 106, expect to be
p. 1345.
Portland (Ore.) Ry Light & Power Co.—Fare
Appeal.—
The city of Portland, Ore., has filed an appeal to
Court from the recent decision of the Multnomah the Oregon Supreme
County Court which
decreed that tho P. S. Commission had legal authority to
the company's lines from 5 to 6 cents.—V. 106, p. 1462, increase fares on
1345.
Rapid Transit in New York.—Culver Line
It is announced that effective Apr. 11 an express service Service.—
on the Culver Line of the Brooklyn Rapid Transit Co.would be installed
from 36th St. to
Park Row, N. Y., the running time to be 16 minutes.—V
. 106, p. 1462.
Rhode Island Co.—Six Cent Fare.—
The special legislative committee has recommended a 6
-cent
18 tickets for $1 to be in effect until one year after the signing fare with
of peace.
The committee defeated a resolution to report in favor of
State
and also defeated a motion to report in favor of the zone system ownership
as recommended by the special commission in its report presented
a month ago.
Compare V. 106, p. 1127.
St. Joseph Valley Ry, Elkhart, Ind.—Sale Postpone
d.—
Benjamin Harris & Co. Chicago, on Apr. 3 purchased this company's
:
voraty i
pati•reive
salt- for $390,000. The property will be j ked.—
by the Board of Public Service to the proposed ordinance for the settlement of differences between
the city and the company.
The "Electric Ry Journal" summarizes the provisions as
(1) The mill tax and franchise tax will be eliminated, and follows:
Railways will be required to pay to the city, in lieu thereof, the United
3-6 of 1%
of its gross receipts annually. This tax later may
exceed 3% of the company's gross annual receipts. be increased not to
(2) The franchises of the. United Railways subsidiaries will be validated
and extended until 1948.
(3) The United Railways will be permitted to earn for the present not
to
exceed 6% annually on a valuation of $60,000,000, and 7% on money put
into the property hereafter.
(4) The temporary valuation of $60,000,000 is fixed
holdings as a basis of its earning power, with a provisoon the company's
that the physical
valuation of the properties made by the Missouri P. S. Commission within
two years shall be substituted for the temporary valuation.
(5) The company will be permitted to pay the accrued mill tax of $2,300,000 to the city in ten annual installments, without interest.
(6) The fare must remain at 5 cents, and universal transfers must be
given, until the jurisdiction of the Missouri Public Service Commission
to make a change is established and the Commission has legally ordered
a
change.
(7) The company must reorganize and accept the terms of the ordinance
within twelve months, or within six months after peace is declared in
the
European war.
Two amendments submitted by President Aloe of the Aldermen were
adopted. They require the United Railways to install a bookkeeping
tem in accordance with the orders of the Missouri P. S. Commission. sysand
authorize the Judges of the Circuit Court to appoint the third member
the Board of Control to settle mooted problems if the St. Louis Court of
.
of
Appeals fails to do so.
111
Subsequently the Board of Public Service approved the settlement ordinance as amended by the Board of Aldermen and adopted a report recommending its passage.
On March 29 the Board of Aldermen passed the settlement bill.
The Protective Committee, N. A. McMillan, Chairman,
representing holders of the First General Mtge. 4% gold
bonds, in view of the proposed ordinance and believing
that concerted action is necessary to safeguard the interests
of the bonds, requests (by adv. on another page) the deposit
of such bonds with the St. Louis Union Trust Co. ofiSt.
Louis or the Union Trust Co. of N. Y., depositaries.
The Protective Committee of which Breckinridge Jones Is
representing the general 4s. announces: If the ordinance Chairman, also
the
Board of Aldermen Mar. 26 is accepted by the company,passed by and
bond
stock capitalization must be reduced to $60,000,000 to make the ordinance
effective; therefore in order that the holders of General 4s the be in a
may
position to protect themselves against any possible default of any of the
underlying bonds ($3,500,000 of which fall due on June 1 next), and against
any plan of reorganization that might be proposed which would be prajudicial to the 4s, we again urge the holders of the 4s to deposit their bonds
immediately, with any of the following depositories, namely: Mississippi
Valley Trust Co., St. Louis; Farmers' Loan and Trust Co., N. Y.; Mercantile Trust and Deposit Co., Baltimore; Girard Trust Co., Phila.
See committee for bondholders of St. Louis Transit Co.
St. Louis Transit Co.—Deposits Urged.—In view
of the
proposed city ordinance which will probably necessitate a above.
Appraisement Made for City by J. E. Allison.—
readjustment of capital of the United Railways Co.
following appraisal has been
the committee named below, already owning or represent- J.TheAllison, as of Dec. 31, 1917: made for the city of St. Louis by
E.
ing a large part of the issue, urges the immediate deposit (A) CAPITAL ENTITLED TOIRETUR
NS INVESTED IN THE
of the bonds of this company with the Bankers Trust Co.
PANY ON BASIS OF ACTUAL COST, DEC. 31 1017. COMN. Y., or the Mercantile Trust Co. of St. Louis, as deposi- Cost of Physical. Property.—(1) Construction cost, $32,548,017; (2) contingencies, $1,615,955• (3) engineering, $1,857,taries. See adv. on another page and United Rys. below.
381• (4) interest during construction,
$1,256,947; (5) taxes
Committee: Edwin M. Bulkloy, Chairman, Spencer Trask & Co.,
during construction, $266,267;(6) insurance during construcN. Y.;
Edwards Whitaker, Vice-Chairman, Boatmen's
tion, $71,655;
Louis; F.
$37,616,222
man, F. J. Lisman & Co., N. Y.; Charles S. Bank, St.Haskins J. Lis- (8) Depreciation(7) total in principle
(wrong
and confiscatory), no
N. Y.•, George L. Edwards, A. G. Edwards & Ludlam, Louis. & Sells,
deduction made.
Co., St.
Counsel,
Masten & Nichols, N. Y.; Samuel A. Mitchell, St. Louis.
W. Lorne (9) Working capital (stores and cash), $1,250,000; (10) real
Scovil, 25 Broad St., N. Y., is Secretary.—V. 105, p. 181.
estate (not cost), $2,410,421
3,660,421
Second Avenue RR., N. Y.—Interest Deferred.—
(11) Total physical property
$41,276,643
The semi-annual interest due April 1 on $3,140,000 6% receiver's
Other Than for Physical Properly.—(12) Initial promotion,
tificates was deferred until May 1 on account of diminished earnings cer$1.00.).000; (13) initial organization, $224,720; (14) initial
due
to bad weather conditions.—V. 105, p. 1310.
risk, $2,000,000; (15) assembling capital, $2,084,976 (5%
Item 11 and 13 and $198,152 of 16); (16) consolidatioof
n,
Sioux City (Ia.) Crystal Lake & Home Electric Ry.—
$2,198,152; (17) allowance for superseded property (amortThis company has applied to the Iowa RR. Commission for permission
ized); (18) total
$7,507,847
to abandon its 4 miles of line between South Sioux City and Crystal
Lake.
(19) Total capital entitled to return
$48,784,491
Southern Maryland RR.—No Dismantlement.—
(B)INVESTMENTIIN COMPANY ON BASIS OF REPRODUCTION COST,
This property, extending between Brandywine and Mechanicsvi
lle,
recently sold, it is announced, will not be torn up and the rails
sold to the Physical Prorerties.—(1) Construction costs (actual), $32,Government. A Washington dispatch states: "The road was recently
548,017; 2) 20% advance in prices, $6,509,603; (3) consold to Joseph & Joseph of N. Y. BY a contract entered into
struction (reproduction)
Government the new owners were to tear up the rails and sell with the (4) Contingencies, 10% of item 3, $3,905,762; (5) engineering $39,057,620
them to
,
Uncle Sam. Major Chance, Chief Engineer of the Bureau of
5% on items 3 and 4, $2,148,169; (6) interest during conOrdnance,
said he would order the contract for the rails canceled. Efforts
struction, 10% on items 3, 4 and 5, $4,511,155; (7) taxes and
will be
made to put the road in operation."—V. 42, p. 754.
and insurance, 3% items 3 and 4, $1,288,901; (8) total
overhead
$11,853,988
Southern New York Power & Ry. Corp., Herkimer
County, N. Y.—New Mortgage.—Acquisition.—
(9) Total construction and overhead
$50,911,608
(10) Real estate, $2,410,422; interest on real estate, 12%,
This company has applied to the New York P. S. Commission for
$289,250; (11) working capital, $1,250,000
per3,949,672
mission to execute a mortgage to the Equitable Trust Co. of
N.
trustee, to secure $5,000,000 6% 10-yr. First Mortgage bonds; Y., as (12) Total physical properties
554,861,280
authorize the immediate issue of $952.000 in bonds in exchange also to Other Than Physical
for outProperty.—(13) Promoter's reward,
standing bonds and the issue of $48,000 additional upon the acquisition
$1,000,000; (14) organization, $500,000; (15) capitalization
of a like amount of the capital stock of the Southern
of initial risk, 15% of items 12 and 14, $8,304,192; (16) cost
York Power
The proceeds are to be used by the latter to acquire aNew amount of Co.
of assembling capital, 5% of items 12 and 14, $2,768,064;
like
bonds
of the Deposit Electric Co.
(17) total
812.572,256
Remaining bonds are to be issued from time to time for acquisitions
and extensions.—V. 106, p. 822.
(18) Total reproduction cost (without contractor's profit)_ _$67,433,536
(C) The above table is prepared without contractor's profit.
Toronto Ry Co.—No Opposition at Meeting.—
This item is often allowed, and if considered in this case the
At the deferred meeting of the stockholders on
anticipated figures would be changed as follows:
controversy between the management and interestsApril 4 the Herman
headed by
N. (121') Total physical property (Item 12 plus 10% of items 3
Pitts of Ottawa failed to materialize. The Toronto "Globe"
quotes
and 4)
Mr. Pitts as follows:
$59,157,617
(131') Promoter's reward,$1,000,000;(141') Organization, $500,"Powerful banking interests in Toronto and Montreal have shown
000; (15b) Capitalization of initial risk, 15% of items 121'
that it would be in the best interests of the shareholders and the publicme
to
and 141', $8,948,643; (16b) cost of assembling capital, 5%
yield, and by so doing the company may now conform to the formality
of
of items 126 and 14b, $2,982,881; total
applying for a change in the law to the Provincial Secretary, and
813,431,523
may then
elect the directors they please. I feel sure that they will be acceptable
to the public, and that when the shareholders come next year to pronounce Total reproduction cost
$72,589,141
—V. 106, p. 1454, 1232.
APR. 131918.1
THE CHRONICLE
-Committee Calls for
Vera Cruz Terminal Co., Ltd.
-The Committee named below
Deposits of Debenture 43's.
is urging the deposit of the £1,000,000 4% debentures
with Morgan, Grenfell & Co. 22 Old Broad St., London,
'
E.C., under terms of a deposit agreement. The Committee
in adv. of March 20 says:
In the report dated July 30 last, issued by the Provisional Committee,
to call upon
it was stated that the Trustees had been requested guaranteeing the TerRailway
minal Company to enforce the obligations of the has now been issued
and pursuant to such a request a writ
Companies,
four guaranteeing Railway
by the Terminal Company against the Co., Ltd., The Intoroceanic ComRailpanies, namely, The Mexican Railway
way of Mexico (Acapulco to Vera Cruz), Ltd. Vera Cruz (Mexico) Railways, Ltd., and the Vera Cruz Al Istmo RR' Co., claiming the sum of
£128,246 15s. 6d.
As the Terminal Company and the Guaranteeing Railway Companies
Debenture-holders
are allied interests, it is manifestly desirable that thenecessary that steps
should take a part in the proceedings. It is therefore
should immediately be taken to constitute a Committee, definitely representing the Debenture-holders.
We, the undersigned, have been requested and have agreed to serve on
the Committee. We hold or represent the holders of about one-fifth of the
total issue of bonds.
Communications to the Committee should be addressed to its Solicitors,
Linklater & Co., 2 Bond Court, Walbrook. London, E.C. 4.
Committee: Robert Benson, H. R. Breton, Robert Carmichael, Frank
Chaplin, and L. F. Havil.-V. 105, p. 1210.
Walla Walla Valley Ry.-Fares-Abandonment.-
The company has announced its decision (1) to abandon the East Walla
line,
Walla line from the city limits to the end of the the 1 Y miles, tear up
entire system unless
the tracks and junk the material; (2) to abandon 7 cents and
interurban
the city voters agree to an increase of city fares to also asks
elimination of
fares to a basis of 2M cents a mile. The company
franchise tax, protection from jitney competition and relief from
the
paving assessments. The financial embarrassment is attributed in part
-V. 96, p. 791.
to the increasing use of automobiles.
-Text of Bill, &c.
War Finance Corp.
-V. 106, p. 1343, 1037.
See pages 1412-1415 in last week's issue.
--Officers.
Western Pacific RR.
The officers of this company are: Alvin W. Krech, Chairman of the
Board; Charles M. Levey, President; Alexander R. Baldwin, Vice-Pros,;
Charles F. Craig, Secretary; Charles Elsey, Treas.; Allan P. Matthew,
General Attorney; John F. Evans, General Auditor.
The following Executive Committee has been elected: Alvin W. Krech •
John B. Dennis, William Salomon, A. M. Hunt, Richard B. Young awl
-V. 106, p. 1345, 930.
0. M. Levey.
INDUSTRIAL AND MISCELLANEOUS,
-Merger of Express Companies.
Adams Express Co.
The railroad administration and representatives of the various express
companies have under consideration a proposal to merge the express
-V. 106.
companies under a new corporation and to operate them as a unit.
p. 930, 603.
-February Earnings-Litigation.
Aetna Explosives Co.
1579
1917.
1916.
Average paid-in capital and consolidated surplus_ _$16,961,851 $27,983,130
$502,427 $3,026,480
Gross earnings, interest and dividends
3,803,915
3,337,450
earnings from operations
do
do
$3,839,877 $6,830,395
Total gross earnings
Consol. net earnings as shown by annual reports.. $2,483,943 $3,746,122
Percentage of consolidated net earnings to consoli13.39%,
14.64%
dated capital and surplus
Out of the net earnings for 1917 dividends at the rate of 6% were distributed on the paid-up capital which called for $1,574,175, and after
making sundry charges and adjustments amounting to $587,973 the sum
of $1,583,974 was added to surplus.
Over 70% of the "earnings from operations" for the year 1917 came
from merchandising profits.
In the consolidated income account (V. 106, p. 1245) the item of "miscellaneous expenses" increased from $908,278 in 1916 to $2,577,734 in 1917.
Over two-thirds of this increase comes from subsidiary corporations, and
is largely made up of increased selling and other expenses occasioned in
part by increased commercial business, in part by the inclusion of the accounts of new companies in the consolidated income account, and in part
because of a change in the method of accounting for sales and expenses.
During 1917 this corporation made detailed investigations in Russia
and Spain, the cost of which was charged to "operating expense.' In
1916 and 1917 our subsidiary, the Allied Machinery Co. of America, did
a total Russian business of over $11,700,000, of which all has been collected
except $39,000. Of this amount only $14,000 is doubtful.
Our general policy being to develop the foreign trade of the United States,
we acquired late in 1917 a controlling interest in the prosperous exporting
and importing concern of G. Amsinck & Co., with branches throughout
Central America and in Colombia, Venezuela, Brazil and the Argentine
Republic. An interest was also acquired in the securities of the 'United
I104
States Rubber Co. and the "United States Industrial Alcohol Co.
The construction of sewerage systems in the Republic of Uruguay was
successfully completed ahead of the conttact time. As a part of this transaction the corporation acquired during the year over $3,500,000 6% Uruguay bonds, maturing serially from 1918 to 1929.
The sum of $1,732,582 has been spent for land and rights of way at
Philadelphia where the American International Shipbuilding Corporation
is completing a shipyard and constructing merchant ships for the U. S.
Government. The cost is carried on the balance sheet under "real estate."
The item of "investments, bonds, stocks, &c.," increased from $23,226,558 in the 1916 balance sheet to $27,313,579 in 1917. During the
year bonds and notes having a value of upwards of $6,000,000 were disposed of and $5,000,000 of additional capital was called on the stock. The
"investments, &c."are carried at cost or below cost. Except for a small
amount of accounts payable, the item of "notes and accounts payable,
$2,789,215," represents mainly acceptances, notes and current accounts
payable of the merchandising companies whose accounts are included in
the consolidated balance sheet.
The operations of our shipping companies and the N. Y. Shipbuilding
Corporation during 1917 have been very satisfactory and show both in
their growth and their financial return results which amply justify the
investment. Compare V. 106, p. 1245, 1224.
Sub. Co. Report.
-V. 106. P. 1245, 1224.
See New York Shipbuilding Co. below.
-Earnings.
American Sales Book Co., Ltd., Toronto.
1916.
1917.
1916.
1917.
Cal. Year$412,461 $341,945 Depreciation, &c_$100,000 $71,400
Profits
31,183 Itwiuc'n pat't acct. 50,000
Bond interest_ _ _ _ 38,431
Balance, surplus_ $8,900 $239,362
Pref. div. (7% I_ _ 215,131
-V. 104, p. 766.
The following published statements have been confirmed:
Net earnings for February were $30,385, after paying off about $100,000
-Mexican Smelter.
American Smelting & Refining Co.
in fees for attorneys and receivers. This is the smallest month so far reco
ported since receivers were appointed in April of last year, and compares
This company has reopened its smelter at Chihuahua, Mexico, after a
-V. 106.
diti n..
i45c
p
with $395,975 in January and record monthly earnings of $686,214 in susivpn or several months due to revolutionary
November last year. This reduction was entirely due to a continuation
of poor railroad conditions.
-Dividend Increased.
American Sumatra Tobacco Co.
The Now York Circuit Court of Appeals will hear on May 6 an appeal
A quairterly dividend of 2% has been declared on the $6,813,900 comfrom the order of Judge Mayer adjourning the annual meeting for the
- mon stock, payable May 1 to stock of record April 22. The last previous
until such time as the receivers were discharged.
election of directors
6
,
dividend was 1 s, %,paid Feb. 1. The regular semi-annual 33 % on pref.
V. 106, p. 1462.
stock has also been declared, payable Sept. 2 to stock of record Aug. 15.
-New Director.
Ahmeek Mining Co.
The company has subscribed to $250,000 of the Third Liberty Loan.
-V. 106, p. 1342.
IA company having the name of "Sumatra Sales Corp." was incorporated
John T. Burnett succeeds E. V. R. Thayer as director.
under New York laws on Mar. 19 last to deal in tobacco. Authorized
-Definitive Bonds.
Algoma Steel Corp., Ltd.
capital stock, $;1,000,000.1-V. 106, p. 1128, 931.
The Bank of Montreal, 47 Threadneedle St., London, E.0.2, notifies
-Gov't Tobacco Purchase.
holders of outstanding scrip certificates for funded interest that such cerAmerican Tobacco Co.
tificates, aggregating £100 or multiples thereof, should at once be fonvarsled
President Percival S. Hill in an adv. says: "Our Government has rebank for exchange to definitive bonds, with the Oct. 1 1916 and sub- quested that we put at the disposal of the War Department our entire output
to the
-V. 105, p. 2186, 2000.
sequent coupons attached.
-"Bull" Durham tobacco. And we have complied
of the "makings"
fully, gladly. We have been sending immense quantities of "Bull" to our
-Organization, &c.
Allied Industries Corporation.
consumers at home.
trying
New York laws in Feb. 1918 with men at the front, and at the same timeoutput to supply
This company was incorporated under
-36,00.000 sacks, 2,000,000
But now we are asked to give all our
authorized capital stock of $1,000,000, $500,000 outstanding. The object lbs., 100 carloads of "Bull' Durham every month."
-V. 106, p. 1463. 1121.
of the organization is to develop, stimulate and participate in the donduct
of business between America and foreign countries. Alfred I. duPont is
-New Treasurer.
Co.
American Writing Paper
Chairman of the Board of Directors, but the duPont powder companies
E. B. Hutchinson. of Ernst & Ernst, N. Y., has been elected Treasurer.
disclaim being interested in the enterprise. Compare the rival concern,
-V. 106, p. 1128. 931.
the du Pont American Industries, below.
American District Telegraph Co. of N. J.-Consol.
Results.
-Production (lbs.).Anaconda Copper Co.
-1917. Decrease.
1918-March-1917. Decrease.[ 1918-3 Months
3,300,000 177,000,000 84,550.000 7,550,000
Interest Dividends Paid Balance, 28,000,000 31,300,000
Net
Gross
Calendar
on Bds. & Declared. Surplus. -V. 106, p. 1346, 1037.
Income.
YearIncome.
$3,212,368 $787,989 $12,608 (5%)$498,210 $277,171
1917
-Receivership Extended.
Atlantic Dry Dock Co.
700,365
12,826 (5%) 498,208
189,332
2,844,095
1916
Justice Van Siclen in the Brooklyn Supreme Court on April 11 granted
106, p. 398.
of Receivers Fairchild, Dutcher and Sherwood and has exthe petition
be sold. The receivers
within which the
-Controller's Order Closing Certain tended the time March 15 1917. inproperty must proceeding. The comAmerican Ice Co.
a dissolution
were appointed
Artificial Ice Plants-Those to Remain in Operation.
is realty on the water fronts of an assessed valuation said to
pany's property
State Ice Controller Odell has ordered, effective Apr. 15, that all but be over $995,000.
six artificial ice plants in the New York district close down until June 1
-Lines of SubsidiAtlantic Gulf & West Indies SS. Co.
or later. This action Is taken to conserve ammonia and coal. The plants
which will be allowed to operate are the Knickerbocker Ice Co. plants at ary Companies under Government Control.
and Powell Street, Brooklyn; Glendale Consumers Ice
-V.106, p.609. 501.
Flatbush Avenue
See Merchants & Miners Transportation Co. below.
Co., Glendale, N. Y.• Richmond Hill Coal and Ice Co., Richmond Hill:
Jamaica Consumers fce Co., Jamaica; Bronx Consumers Ice Co. West
The Atlantic & Pacific Safety Explosives Corporation,
Knickerbocker Ice Co. plant at 184th St. arid AmFarms Road, and the
-New Name-Stock Increase.
Washington, D. C.
sterdam Ave.
This company has changed its name to the National Explosives CorporaIce Prices Announced.
to $4,000,000.
tion, and increased its capital from $1,500,000
The following ice prices have been kiven out by the Ice Controller:
-ReAurora Automatic Machinery Co., Chicago.
To wholesale dealers, $4 40 a ton. This price is about 40 cents above the
last year. The retail price runs from 50 cents a hundredgrass price for
-(Including Independent Pneumatic Tool Co.:
port.
weight for families down to 30 cents for cellar trade to resell.
Increase.
1916.
1917.
Calendar YearsAs to text of N. Y. State Ice Bill as amended see page 1421 in last week's
$221.746
$597,890
$819,636
Net earnings
issue.
-V. 106, p. 1232, 603.
•
SHEET DECEMBER 31.
BALANCE
-Statement at AnAmerican International Corporation.
1916.
1917.
1916.
Assets-At the annual meeting, held on April 3, Good will, patents, 1917.
nual Meeting.
Capital stock __ _ _32,988,000 $2,988,000
50,000
trade marks, &c.$1,481,880 $1,481,880 First mtge. bonds_
President Charles Augustus Stone, referring to the annual
500
accr. on bonds
report, income account and balance sheet already published Real estate, bldg., .86'3,305 866,200 Bills payab e
165,000
machinery, &c.
74,558
8,374 Accounts payable.. 109,502
276,042
in 'Chronicle" (p. 1245 issue for March 23) says in subst: Cash
30,075
40,972
301,352 Pay-roll accrued
700,662
The annual report explains fully the work that the corporation is now Accts.& bills rec.- 1,206,989 1,299,516 Customers' depos.
doing in constructing the shipyards and building merchant ships for the Inventories
6,541
3.785
On 83103 contr'ts
18,130
4,073
Prepaid insur., &c.
United States Government.
14,387
Res. for taxes, do_ 179,7:31
45,647
In the balance sheet of Dec. 31 1916 (V. 104, p. 1397) the corporations Lib. Loan bonds_ _
22,500
45,000
Dividend payable_
International Corporation and the Allied Maincluded are the American
623,891
1,211,609
Surplus
chinery Co. of America, owned entirely by the parent corporation.
In the balance sheet a Dec. 31 1917 (V. 106, p. 1245) the figures in34,578,599 $3,975,452
54,578,599 33,975,452 'NUJ
Total
clude also (a) Allied Machinery Co. de France, which transacts the French
business for the Allied Machinery Co. of America. (b) American Inter*After deducting $383,339 depreciation reserve.
national Steel Corporation, which conducts an export business in steel
-V. 106, p. 1346, 1232.
E. T. Konsberg & Co. of Chicago are interested.
products. (c) The American International Shipbuilding Corporation.
(d) Symington Forge Corporation, organized to carry out a contract for
-Receivership.
Barney & Berry, Inc.
own all the stock of the above
the manufacture of shell forgings. We
Judge Dodge in the U. S. District Court at Boston, Mass., on Mar. 27
corporations.
PageMeadow and Arthur C. Hastings of
Friver.
capital, gross earnings and consolidated surplus appointed oeeank
The average paid-in
Longan
dr
for the years 1016 and 1917 and the earnings on such averages were:
1580
THE CHRONICLE
Barrett Company, N. J.
-Combined Results.
-
Cal. Year1917.
1916.
1917.
1916.
Net sales
$34,297,371 $27,800 185 General reserves
x
$750,000
Net income_ _ _ _ $3,673,244 $5,165,286 Pref. divs.(7%) $425,265
333,249
Bond., &c., int..
211.856
158,656 Common diva.:
Adjust. of securCash
(7)1,034,542(17)2026,426
ity valuations
268,055
Stock
(7)790,900
Miscellaneous__
1,142
8,771
Balance,surp. $2,268,494 $1,097,283
x Represents depreciation treated in 1917 as a manufacturing expense
and included in "cost of goods sold" before arriving at "net income."
V. 106, p. 1346, 1124.
Booth Fisheries Co.
-New Director-Report.
-
Charles Hull Ewins of Chicago has been elected a director to fill a vacancy.
Annual report appears on other pages of this issue.
-V.106, p. 1035, 926.
Borden's Condensed Milk Co.
-April Milk Prices Fixed
By Feder
.alMilk Commission.
See page 1418 in last week's issue.
-V. 106, p. 1232, 1038.
Braden Copper Mines Co.
-Production (lbs.)1918-March-1917. Decrease. I 1918-3 Months
-1917. Increase.
5,248,000
5,942,000
694,000 16,202,000 14,190,000 2,012,000
-V. 106, p. 1038, 717.
Brooklyn Borough Gas Co.
-New Stock.
-
This company has applied to the New York P. S. Commission for authority to issue $250,000 in common stock to consist of 2,500 shares, par $100,
the proceeds to finance improvements to plant and service.
The proposed new issue is half of an issue of' 5.000 shares authorized
by the stockholders in 1913, the other 2,500 shares having been previously
issued and comprising one-third of the 7,500 shares of stock, of a par value
of $750,000 now outstanding. Compare V. 99, p. 896; V. 106, p. 1232.
[VOL. 106.
Centennial Copper Mining Co.
-Earnings.
--
Cal. Year1917.
1916.
1917.
1916.
Total income____$459,925 $594,814 Dividend (4%) - $90,000 $90,000
Mining profit_ ___$145,398 $276,546 Miscellaneous
11,296
Income tax
9,278
Surplus
$46,120 $175,250
The production of refined copper aggregated 2,002,857 lbs., against
2,367,400 lbs. in 1916. The total cost per lb. was 18.67 cts., against
13.44 cts.-V. 106, p. 1342.
Century Steel Co.
-Stock Offering.
-Earnest E. Smith
& Co., Boston, are offering at par ($10) a limited amount
of this company's treasury 10% stock. No bonds, no
preferred stock. Authorized $750,000, outstanding $500,000. Divs. Q.
-M.
The Company.
-Incorporated June 4 1915. Produces high-speed crucible
steel, used principally in the manufacture of tools. The company outgrew
the plant in Brooklyn, N. Y., and is now in full operation in the new plant
in Poughkeepsie, N. Y., six buildings on the New England RR. and tho
New York Central RR. Principal sales office is in the Equitable Bldg.,
N. Y. The capacity of the new plant as operating amounts to $500,000
production per year. The buildings can accommodate additional furnaces,
&c, to turn out $1,000,000 of crucible steel.
Earnings.
-At the Brooklyn plant for the last three months of occupation earnings were $60,000. Orders now being turned out more than
insure the dividends for 1918. Customers include General Electric Co.,
Curtiss Aeroplane, Consolidated Gas Co., N. Y., Westinghouse Electric,
Splitdorf Electric, Remington Rifle Works, Gaston, Williams & Wigmore,
Chester Shipbuilding, Central New England RR., &c., &c.
Directors (& Officers).
-F. B. Lown, formerly with Midvale Steel Co.
(Pres.); E. E. Perkins, Pres. First Nat. Bank, Poughkeepsie (V.-Pres.);
H. A. Schatz, Treas. Federal Bearings Co. (Treas.); W. S. Kidd, Pres.
Kidd Drawn Steel Co., and II. E. Hildreth, Dlr. Waltham Watch Co.
Charcoal Iron Co. of America.
-New Director.
-
Burns Brothers.
-Common Dividend Increased.
A. A. Fowler of New York has been elected a director to succeed A. L.
The regular quarterly dividend (No. 19) of 2% has been declared
Fullerton of London. who has been made the company's European reprethe $7,154,400 common stock, payable May 15 to holders of record Mayon sentative.
-V. 106, p. 712.
1,
along with the regular quarterly 1)j% on the preferred stock, payable
May 1 to holders of record April 20. The extra 1 on the common is in lieu
Charlton (Cotton) Mills, Fall River.
-Extra Div., cte.
of the usual 1% stock dividend.
-V. 106, p. 717, 193.
Reports state that an extra dividend of 1% has been declared along with
the regular quarterly 2%,both payable May Ito holders of record April 8.
(F. N.) Burt & Co., Ltd., Toronto.
-Earnings.
Company was incorp. in May 1910 in Mass. to manufacture fine cotton
Cal. Year. Profits. Pref. Div.(7%). Corn. Div.
Reserves. Bal., Sur. goods. At last accounts, the capital stock, auth. and outstanding; was
1917 _ _ _$369,999
$138,264
(6%)445,000
*$120,710
4,40,345 $800,000. par $100. No bonded debt. Initial dividend of 1% paid Aug. 1
1916
329,515
138,264
(6%) 45,000
75,000
71,251 1915. E. P. Chalrton is Pres.; James Sinclair, Treas.
* Out of profits $25,679 has been written off "patents account" and
$26,000 (not included in "reserves") has been transferred to a reserve for
Chicago Pneumatic Tool Co.
-New President.
Government taxes.
-V. 104, p. 2454, 2345.
Herbert A. Jackson has been elected President, succeeding .W. 0. Duntley, resigned.
-V. 106, p. 1463, 1347.
Butte & Superior
Mining Co.
-Production.
-
1918
-March-1917.
1918-3 Mos.-1917.
Zinc (pounds)
15,000,000 14,500,000 41,800,000 41,000,000
Silver (ounces)
285,000
300,000
791,000
860,000
-V. 106, p. 1129, 1124.
California Oregon Power Co.
-Power Agreement.
-
See Pacific Gas & El. Co. under "Railroads" above.
-V. 105, p. 2186.
Calumet & Arizona Mining Co.
-Production (lbs.).-
1918-March-1917.
4,386,000
5,528,000
-V. 106, p. 1346, 1129.
Decrease. 1918-3 Mos.-1917.
Decrease.
1,142,000112,034,000 15,082,000 3,048,000
Calumet & Hecla Mining Co.
-Results for Calendar
Years.
-The Report for 1917 shows:
Copper Production, &c., for Calendar Years.
1915.
1916.
1917.
Total (lbs.) copper product from mine
and reclamation
72,613,320 76,762,240 77,495,283
Delivered and billed during calendar year 1917
59,527,902
On hand Dec. 31 1917. not billed, of 1917 product_
17,967,381
Fiscal Results for Calendar Year 1917
Received for 59,527,902 lbs. of copper at 28.39 cts. per lb_ __$16,900,576
Mining & mine taxes. $7,977,417; reclamation, $539,007; total_ 8,516,424
Smelting, refining, freight, corporation taxes, &c
1,493,489
Balance
$6,890,663
Add-Copper on hand Dec. 31 1917
2,263,787
Dividends from oth. cos., $3,200,577; other income,$846,012 4,046,589
Total
$13,201,039
Deduct-Miscellaneous payments
$68,646
Dividends paid ($85 per $25 share, or 340%)
1917 income tax, $409,189; 1917 excess profits tax, $570,286_ _ 8,500,000
979,475
Depreciation, $2,022,765; depletion of mineral deposits, $1,579,785; total. $3,602,550; less $3,602,550 reserves established for same
Balance, surplus, for calendar year 1917
-V. 106, p. 712, 502.
$3,652,918
Canadian Car & Foundry Co.
-Gov't Orders.
-
Chile Copper Co.
-Half Paid Receipts Extended.
-
Holders of the half
-paid receipts of the Collateral Trust 6% gold bonds,
series A will be given the privilege of extending the date of payment of the
final installment from May 29 1918 to Nov. 29 1918. Holders wishing
to extend will surrender their receipts to the Guaranty Trust Co. on or
before May 29 1918, and will receive in exchange extended installment
receipts. The company will continue to allow interest at the rate of6%
per annum on the first installment.
-V. 106, p. 1038, 299.
Cities Service Co.
-Sub. Co. Stock Increase.
-
See Richland Co. below.
-V. 106, p. 1368, 1347.
Cleveland Telephone Co.
-Rates Increased.
-
The Ohio P. U. Commission has granted this company permission to
increase its rates retroactive from Jan. 1 last. Patrons will pay for each
call made on a measured service basis.
-V. 102, p, 1813.
Cliff Electrical Distributing Co.
-Consolidation.
-
See Niagara Falls Power Co. below.
-V. 106, p. 89.
Clyde Steamship Co.
-Government Operation.-
See Merchants & Miners Transportation Co. below.
-V. 99, p. 470.
Columbia Gas & Electric Co.
-Gasoline Production.
-Week ending Mar. 29-1917 1 1918
1918
-Jan. 1 to Mar. 29-1917
309,190 gals.
232,985 gals.13,474,349 gals.
2,027,336 gals.
Average daily production to Mar. 29 1918 39,481 gals., compared with
32,891 gals. In 1917.-V. 106, p. 1140, 1129, 1120.
Columbia Graphophone Mfg, Co.
-Report.
-
See American Graphophone Co. under "Annual Reports" in last week's
ssue.-V. 106, p. 1463, 1129.
Commonwealth Power, Ry. & Light Co.
-2d Scrip Div.
A dividend of 13' % in scrip has been declared on the $17,953,000 pref.
stock, payable May 1 to holders of record April 12. The last previous
dividend of 13i% on preferred was also payable in scrip dated Feb. 11918,
due on or before Feb. 1 1924, with interest at 6%. Compare V. 106, p.
498.-V. 106, p. 1036, 813.
Consolidation Coal Co. (of Maryland).
-New Stock
to be Listed on Account of 14% Dividend Payable April 20.
-
The N. Y. Stock Exchange has authorized the listing ou and after
Press reports state that this company will receive about $16,000,000
April 20 (a) of the
will be Lssuablo April
orders for new railway equipment placed by the Canadian Government. of stock dividend of34,937,200 new stock which outstanding capital 20 as a
14% on the $35,265,700
stock of
V. 106, p. 193, 89.
record March 30; (b) prior. to Jan. 1 1918 of not exceeding 3783,600 additional stock similarly Lssuable as a 14% dividend on such further stock as
Canadian Consolidated Felt Co.
-Earnings.
shall be issued in exchange for any of the $5,872,0006% convertible bonds.
Calendar
Net
Expenses,
Net
Previous
These bonds are convertible into stock at $105 per share till Feb. 1 1922,
Total
YearSales.
Chges.,&c.
Profit.
Surplus.
Surplus. but for participation in this dividend only until March 30 except in cases
1917
$763,482
$720,142
$43,340
$136,895
$180,235 whore satisfactory reason can be given for delay in conversion.
1916
577,766
572,416
The mineral deposits heretofore carried on the books at $24,236,614 have
5,350
131,545
136,895
-V.104, p. 1492.
been revalued by the engineers of the company, as a result of investigation
conducted by them during the period of approximately throe months prior
Canadian Consolidated Rubber Co.
-Earnings.
to March 6 1918 and "have been found to have been of the value on March 1
Calendar
Net
Net, after Dividends Balance,
1913 of not less than $73,206,752, and of the value on Dec. 311917 of not
Total
YearSales.
Int., Tax., &c. Paid.
less than $70,444,581." The appreciation "in the value of said mineral
Surplus.
Surplus.
1917
$16,323,431 $1,208,018 $209,984 $998,034 $4,305,934 deposits (being the difference between the said book value and the said
1916
12,494,695
827,580 209,979 617,601
3,307,900 actual value as of Dec. 31 1917, no part of which represents earnings or
-V. 105, p. 718.
profits of the company)" has been carried to a special surplus account out
.
of
Canadian National Carbon Co. Ltd., Toronto.- (inwhich the aforesaid dividend has been declared. Compare annual report
full), &c., V. 106, p. 1456, 1464, 1475.
This company was incorporated on Feb. 21 1918 under the Canadian
'
The regular quarterly cash dividend of $1 50
share declared payCompanies Act with 30.000 shares of auth. capital stock without nominal able April 30 1918 to stockholders of record April per1918, will be
25
or par value the stated capital being fixed at $1,200,000 presumably as a the stock issued in payment of the above-mentioned stock dividend,paid on
as well
subsidiary or allie of this company.
as on the present outstanding stock.
-V.106, p. 1475, 1464.
Case Threshing Co.
-Listing Permanent Certificates.
-
The voting trust for the pref. shares terminated Jan. 1
New York Stock Exchange has accordingly authorized the 1918, and the
manent certificates for the entire $12,150,000 .pref. stock onlisting of perofficial
of the issuance thereof in exchange for the voting trust certificates; notice
$4,060.000 has already been so exchanged.
-V. 106, p. 1247, 1228, 1223.
Central Foundry Co.
-Combined Earns.
-New Director.
Cal. Years1917.
Net earnings_ _ _$2,180.971
Other income._ _
22,941
Total Income
$2,203,912
1916.
Cal. Years1917.
1916.
$874,477 Prov.for Fed. tax_ $558,563
96,629 Sink. fund & depr_ 286,200 3112,463
$071,106 Int. charges, &c__ 110,619
182,933
Net profits.x
$1,228,441 $675,710
xNet Profits of Central Foundry Co. and Companies Controlled.
1917.
1916.
1916.
Central Fdy. Co__ $427,723 $269,798 Cent. Radiator Co. 1917. loss$23,692
54,747
Central I. & C.Co. 791,058
405,912 Cent.Fdy.Co.otN.J. 4,913
4,747
Results of Central Foundry Co. for Calendar Year 1917.
Net profits, as above
$427,7231Divs. on ordinary pref.(5%)_ _$230,000
Divs, on first pref. stock
39,977 Balance, surplus
$157,746
Frank Haber has been elected a director to succeed Waddill Catching's.
Newspaper reports state that a syndicate headed by A. E. Cortis has bought
ortroxiniigehye% of the company's seek and will soon have representan on
o d
.
th ogom
le
p
m
Continental Coal Corp., Chattanooga, Tenn.
-Reorganization Data.
-Replying to our inquiry, the Hamilton
National Bank of Chattanooga, Tenn., says:
The reorganization of the old Continental Coal Corp. is already well
under way, and it does not contemplate any new plan (see plan of reorganization in V. 102, p. 2169). It may include a new charter, but beyond this
there will be no change. The company is to have $1,000,000 in bonds and
$1.500,000 in stock. Other than this no definite plan has been worked out.
(It is understood that the new company will be called the Federal Coal Co.
of Delaware.-Ed.1--V. 105, p. 1901.
Denver Tramway Power Co.
-Bonds Called.
-
Forty-seven ($47,000) First Mtge. Improvement_gold bonds of 1003 have
been called for payment May 7 at 105 and int. at International Trust Co.,
Denver. --V. 104, p. 1489.
,
Detroit Edison Co.
-Sub Company Sale.
-
See Hydro-Electric Commission of Ontario below.
-V. 106, p. 710, 707.
Dominion Coal Co., Ltd.
-First Mortgage Bonds Called.
-
One hundred and twenty-five 1st M. 5% sinking fund gold bonds due
May 1 1940, of $1,000 each, and 41 of $500 each, aggregating $145,500,
have been called for payment on May 1 at 105 and int. at Royal Trust Co..
Montreal. Outstanding, at last accounts, $6,300,500.--V. 104, p._11492
1581
THE CHRONICLE
APR. 13 1918.]
-Quarterly Dividends.
Iron & Steel Co.
Dominion
A Canadian paper states that dividends on the 7% pref. shares will
-V. 106, p. 1464.
hereafter be paid quarterly.
--Merger-Negotiations.
Steel Corp.
Dominion
A dispatch from Montreal on April 9 said: "Special committees of the
boards of directors of the Dominion Steel Corporation and the Nova Scotia
Steel & Coal Co. are in session here, paving the way for a merger of the
,
,,
••,• ia 6, 4
-V. 106,...p. 717. • • • •
two companies."
-Salesfor 4 & 12 Wks. end. Mar. 31.
Jewel Tea Co., Inc.
-1917. Decrease.
Weeks
-1917.
1918-4 Weeks
$1,215,351
$1,201,515
V. 106, p. 1130. 1122.
Decreased 1918-12
$13,8361$3,541,022
$3,586,189
$45,167
-Stock Increase.
Kansas City (Mo.) Light & Power Co.
We learn the following officially: The Missouri P. S. Commission on
March 16 authorized an increase of capital stock of the company to $10,of stock paid,
000,000, $5,000.000 of which is full paid. Of the $5,000,000 was deposited
$2,500,000 was 5% pref. and $2,500,000 corn., all of which
for certificate holders, as per plan of 1916. Compare
-New Name, dcc.- '71 with the trusteesalso V. 101,_p. 614, 689; V. 102, p. 1718, under Kansas
Industries.
du Pont American
V. 103, p. 1122;
The General Industries, Inc. (Del.), has changed its name to the above City Railway & Light Co.
-V. 106. p. 825.
and has increased the authorized capital stock from $25,000,000 to $50,Corporation above.
-Production (lbs.).000,000. Compare Allied Industries
Kennecott Copper Corp.
Decrease.
-Suits, Etc.
1918-March-1917. Decreased
(E. I.) du Pont de Nemours & Co. $60,000,000 (present 5,772,000 7,076,000 1,304,0001171918-3 Months-1917. 3,616,000
,630,000 21,246,000
the
Alfred I. du Pont at al in the suit involvingPont, have appealed from
-V. 106, p. 1039, 1036.
stock, formerly held by T. Coleman du
value)
of Judge Thompson
the recent decision (V. 106, p. 1233)States Circuit Court in the United
-Sales for March, &c.of Appeals.
(S. S.) Kresge Co.
States District Court to the United
Increase.
Increased 1918-3 Months-1917.
-March-1917.
1918
Pont American Industries and Allied Industries Corp.
Compare du
17.18%
$6,114,529
24.78%157,164,868
$2,413,601
$3,011,669
-V. 106, p. 1464, 1347.
above.
-V. 106, p. 1348. 1130.
-Dividend Omitted.
East Boston Gas Co.
-V. 79, p. 2088.
See Massachusetts Gas Cos. under "Reports" above.
-Production (lbs.).East Butte Copper Mining Co.
1918-March-1917.
1,597,340
2,395,940
-V. 106,p. 1464, 1038.
Increased 1918-3 Months-1917. Incraese.
2,756,820
4,537,300
798,60017,294,120
-Successor Company.
Federal Coal Co., Delaware. a, Tenn.) above.
(Chattanoog
See Continental Coal Corp.
-Stock Increase.
Gary Land Co.
of the United States
Steel Corp., has inThis company, a subsidiary
creased its authorized capital stock from $10,000 to $2,500.000.
-Gordon Ironside & Fares Packers, Ltd., Winnepeg.patent
Act"
letters
Notice is given that under the Canadian "Companies
with an
have been issued, dated Mar. 28 1918, incorporating this company of $100
authorized capital stock of $3,000,000 consisting of 30,000 shares a going
acquire as
each. The company is authorized to take over andby Gordon, Ironside
on
concern the business and undertaking now carried 106, p. 1464.
and Fares Co., Ltd., as meat packers. &c. See V.
-Sales, &c.Atlantic & Pacific Tea Co., Inc.
Great
Increase.
1916-17.
1917-18.
Sales$50,446,221 or 6634%
For 12 mos. end. Mar. 2_$126,004,958 $75,558,737states.
-V.106, p. 932.
stores in 29
The company is operating over 3,800
-New Directors.
Western Power Co. of Cal.
Great
Elmer H. Cox has been elected a director to succeed Benjamin H.
Dibbiee, now a Captain in the National Army, and Charles F. Hunt, VicePres. of the Anglo & London-Paris National Bank, succeeds Dr. Washington Do:lge. Both directors have also been added to the board of
-V. 106. P. 610, 503.
the California Electric Generating Co.
-Annual Earnings.
Haskell & Barker Car Co., Inc.
1917-18. 1916-17.
Jan. 31 Years- 1917-18. 1916-17.
($3)$660,000(N)165,000
Gross earnings_ _ _$2,634,193 $1,135,367 Dividends
135,000
305,749 Res'd for replae,&c 300,000
293,333
Renewals,
$2,340,860 $829,618 Balance, surplus__$1,380,860 $529,618
Net earnings
that provision has not been made for the income and
The report states
war excess profits taxes for 1917, estimated at approximately $400,000.
Director.
New
A. J. McAllister succeeds Ambrose Monell, temporarily, as a director.
-V. 106, p. 932, 401.
-Sales.Hood Rubber Co., Watertown, Mass.
1915.
1916.
1917.
Calendar YearsGross sales
-V. 106, P. 713.
$18.573,765 $11,666,501
$9,083,693
-Stock, Earns., die.
Hutchison Sugar Plantation Co.
-March & 3 Mos. Sales.
(S. H.) Kress & Co.
-March-1917.
1918
$1,349,890
$1,745,525
-V. 106, p. 1130, 1122.
Increased 1918-3 Months-1917. Increase.
$3,276,815 $663,506
$395,6351$3,940,321
-The com-Quarterly Statement.
Lackawanna Steel Co.
bined earnings of the company and subsidiaries for the three
months ending March 31 were:
Balance,
Net. after Interest, SIC.Fd.& Deprec.,
Three
Surplus.
eec.
Fed'l Tax. Rents.&c. Exhaust.
Months$3,759,987 $277.418 $87,904 $397,918 $2,996,747
1918
3,457,001
437,043
373.920 101,685
4,369,649
1917
The unified orders on hand on March 31 1918 were 708.199 gross tons.
against 992.096 in 1917 and 871,876 in 1916.-V. 106. p. 1228, 1138.
-Status.
Louisville Gas & Electric Co.
-Valuation of Companies.
Mackay Companies.
-V.106,p. 1348,
See Standard Gas & Elec. Co.,"Reports" above.
The valuation of the telegraph and cable companies ordered by the I. S.C.
Commission and noted in these columns last week will cover the following,
all it appears subsidiaries of the Mackay Companies:
The Commercial Cable Co. of N. Y.; Postal Telegraph Cable Co.', N. Y.
Co..
Commercial Cable Co.', Massachusetts Commercial Pacific Cable TeleN. Y.; Commercial Cable Co., Cuba; Postal Telegraph Co.; Mackay
graph & Cable Co., Ark.
Postal Cable Co., Cal.; Postal Telegraph Cable Co.; Postal Cable Co.,
Del.; New York, Philadelphia & Norfolk Tel. Co., Del.' Postal Cable
Co. of Idaho; Ill., Ind., Iowa, Kentucky, Louisiana, Michigan, Missouri,
Montana, Nebraska, Nevada, New Jersey, New Mexico, Oregon, Pennsylvania, Rhode Island, Tennessee, Utah, Washington, West Virginia
and the Kansas Postal Telegraph Co. of Kansas. England Telegraph Co..
Mackay Telegraph Cable Co., Louisiana; New
Massachusetts; Merchants Telegraph Co., Ohio; Postal Telegraph & MackCo.,
kay Telegraph Co., Okla.; American Dist. Telegraph CablePhiladelphia;
Co., Texas;
&
Lehigh Telegraph Co. Penna.; Mackay Telegraph and Postal Telegraph
Miles, Lake Superior Telegraph Co., Wis.;
Chicago
Cable Co., Wyoming. Compare V. 106, p. 1465.
-Government Operation.
Mallory Steamship Co.
-V. 99, p. 541.
See Merchants & Miners Transportation Co. below.
-Special Dividend.
Manhattan Electrical Supply Co.
A special dividend of 1% has been declared on the common stock, payable May 1 to holders of record April 20.-V. 106, p. 1131, 713.
-Div.
Marconi Wireless Telegraph Co. of America.
A dividend of 5% has been declared on the 1610,000,000 stock, payable
Aug. 1 to holders of record July 15. The only previous dividend paid was
2% on Aug. 1 1913.-V. 106, p. 1348, 194.
-Coast Ship
ation Co.
Merchants & Miners Transport
The shareholders on Mar. 26 ratified the proposed reduction in the par Lines
stock
Taken Over by United States Government.
value of the 100,000 shares of capitalelectedfrom $25 to $15.
Vice-Pres, to
President Wilson on Apr. 11 issued a proclamation giving DirectorA. T. Dunbar, Treas., has been office. Mr. Morrison succeed A. F.
was re-elected General of Railroads McAdoo control of the principal Atlantic Coast
Morrison. also retaining his former
steamship lines, namely: Clyde Steamship Co.(Maine), Mallory Steamship
to the directorate.
1916.
1917.
1916.
Co. (Maine), Merchants & Miners Transportation Co. (Md.) and South1917.
Cal. Years,
Dividends
5360000 $500,000 ern Steamship Co. (Dela.).
$358,221 3563,9891
Profits
def.$86,250sur$6.430
57,559 Balance
This action has been taken in an effort to relieve transportation conges, &c_ 84,471
Depreciation
of coal, cotton and other commodiThe profit
Capital stock outstanding, $2,500,000. of $38,923 as and loss deficit tion, provide for the rapid movement 105, p. 1424.
of Dec. 311916. ties and add to the overseas fleet.
-V.
Dec. 31 1917 was $47,327, against a surplus
1
AEI 4
-V. 106, p. 301.
on Equipment Co., Springfield,
of Niagara Falls.-Consol.Hydraulic Power Co. below.
-V. 106, p. 00.
Metals Producti
.
-Receiver's CertificatesMass.
Receivers of this company have been authorized to issue $150,000 in
receiver's certificates. The enterprise was incorporated in 1912 in Mass. as
the Quigley Furnace & Foundry Co., which took over the grey iron foundry
The Commission has
business of the Bauch Machine Tool Co., also the metallurgical furnace
Essex County Light & Power Co.,formerly controlled by the Detroit Edison business acquired from the Rockwell Furnace Co. Name changed in
D. 710, 707). The Toronto "Globe" reports: "The price paid Fob. 1916. Stock authorized and outstanding, $500,000 each of common
Co.(V. 106,
in bonds
was $226,000, payment to be made 5%10 of the Commission: $200,000 and 7% cumulative pref. (a. & d.) stock. There were outstanding at last
-year bonds."
-V. 106. p. 504.
-Year bonds and $26,000 in
in 4% 40
accounts $50,000 5% bonds due 1924, total authorized $150,000. Annual
production valued at $2,500,000.
-Stock-Bonds.
Indiana Power & Water Co.
this
The Indiana P. S. Commission has authorizedthe company to issue
Metropolitan Petroleum Co. (of Va.)-Deposits.proceeds to be used
$725,000 in bonds
day upon
$210,000 in capital stock and at Edwardsport, Ind.
The below-named committee announces Apr. 24 to be the lastSecretary:
-V.106, p. 90.
for exten.sions to the power plant
which applications to deposit stock will be received by the Page. repU.
Committee, Howard
Copper Co.
-Production (lbs.)- resenting stockholdersWilson, Forrest Kaidenburg, David111 Broadway,
Inspiration Consol.
. Secretary. Austin Brockmeyer,
New York. See V. 105, p. 1313.
Annual Report.
Decreased 1918-3 Months-1917. Decrease.
.
-Bonds.1918-March--1917 2,350,000119,950,000 32,950,000 13,000,000
Midwest Coal & Iron Co. Denver, Colo.
11,100,000
8,750,000
The stockholders on Mar. 14 authorized the directors to issue $125,000
Compare annual report for 1917 on a preceding gpge.-V. 106, p. 1039.
7% coupon bonds, due in five years and optional after two years at 105.
Bank of Denver Colo., Trustee.
payable at
-An Interestproceeds willthe First Nationalpurchase of additional property and
-Acid Status.
International Agricultural Corp.
be used for the
The
machinery at the coal mines on Palisade, Colorado, which are being put
officer of the co. confirms the following published data:
to increase tonnage from 500 to 800 tons per day.
The company has been getting for several months an average of better in shape
than 800 tons of acid daily from the Tennessee Copper Co. The company
-Status.
Mobile (Ala.) Electric Co.
smelter between 100 and 150 tons of acid
also gets from the Bucktown
-V. 106, p. 924.
See Standard Gas & Elec. Co. under "Reports" above.
trifle less than 1,000 tons.
daily, so that its daily receipts are only ain 1917, has come back to about
which declined
The price of sulphuric,
-Canadian Company.
National Carbon Co.
recognition of enhanced cost of producin
$20 a ton. Because of this and contract with Tennessee Copper. Under
-V. 106, p. 1131, 713.
See Canadian National Carbon Co., Ltd., above.
tion the company modified its
Copper gets a maximum increase of $600,000
the modification Tennessee
-New Name.
National Explosives Corporation.
per annum. This is provided it can make 300,000 tons and means an
See Atlantic & Pacific Safety Explosives Corporation above.
increase of $2 a ton all around.
sold all the fertilizer it canproduce this
International Agricultural has
-New Plant Ready in June.
National Lead Co.
obliged
season. The Canadian plant has been 106, p. to shut down, but this is a
932.
This company's new tin smelter at Jamaica Bay, Long Island, will, it is
-V.
r elatively unimportant producer.
capacity
stated, be ready for operations in June with an initial daily1465, 826.of
-V. 106, p.
See also "Report" above.
Marine Co.
-Extra Dividend,
International Mercantiledeclared on the $51,725,500 cum. pref. ten -tons of metal.
-Production.
An extra dividend of 5% has been
New Cornelia Copper Co.
stock on account of the 72% unpaid back dividends, accrued, payable
Mar. 1918. 3 Months 1918.
s
May 3 to holders of record April 20.-V. 106,1:01348 611.
10,960,000
3,218,000
(pounds)
Copper production
-Canadian Plant, Etc.
International Nickel Co.this company in Canada is expected -V. 105, p. 720.
The plant under construction for
-Bonds Called.
New River Lumber Co.
to be completed and ready for operation in a few months with a capacity
-year 6% gold bonds have been
Twenty-nine ($29,000) First Mtge. 20
estimates for this
of about 20,000.000 lbs. per annum. Preliminary costexceeded owing to called for payment June 1 at 105 and int. at Columbia Trust Co., N. Y.
has been
figure
plant were set at $5,000,000, but this and labor.
V. 104, p. 1494.
generally advanced prices for materials
Companies Act," supplementary letters
Notice is given that under "The
New York & Honduras Rosario Mining Co.
patent have been issued, dated March 28 1918, increasing the capital stock
Jacob Perlman has been elected Secretary to succeed Ernest Schernikow,
of the International Nickel Company of Canada, Limited, from $5,000,000 who continues as Treas.
-V. 106, p.1464.1035.
each.
.000,000 to consist of shares of $100
to
A dividend of 3% on the stock, and also a distribution from its amortizato holders
declared,
-New
Isle Royale Copper Co. King Director. -V. 106, p. 1342. tion fund equal to 2%,have been1229, 505.both payable April 30
of record April 20.-V. 106, p.
as dIrector.George II. Russell succeed C. N.
See Niagara Falls Power Co.
on (of Ontario).-Acqured.Hydro-Electric Commissithe purchase of the properties of the
concluded
1582
THE CHRONICLE
New York & Queens County Gas Co.
-Litigation.
The Appellate Division
of the N. Y. Supreme Court has handed down a
decision granting a motion of counsel for the
Commission
a writ of certiorari obtained by the company P. S.rehearing in and quashed
for
the Douglaston case. The township of Douglaston will now a served
be
with gas. Compare.V. 106, p. 612.
New York Shipbuilding Co.
-Financial Statement.
-
Net income for calendar year 1917
$963,915
Add-Real estate adjustment and other profit and loss credits
789,183
Total
$1,753.098
Previous surplus carried forward
38,351
Total surplus as per balance sheet below
$1,791,449
Balance Sheet Dec. 31 1917 (Total each side, $37,723,225
)•
Plant property
$10,981,262 Common stock
$7,197,650
Uncompleted add'ns, &c- 1,337,102 5% sinking fund bonds
7,500.000
Cash
916,162 Vouchers payable
1,713,637
Notes receivable and LibAccounts payable
117,728
erty bonds
265,718 Miscellaneous
38,618
Accounts receivable
1,258,055 Accrued bond interest._ _ _ _
62.500
Materials and supplies__ _ 1,123,337 Accrued taxes
107.913
Work in progress
a20,392,056 Advance collections on
Egrned profit on concontracts
18,731,066
tracts
1,413,803 Depreciation reserve
462,664
Miscellaneous
35,731 Surplus account
1,791,449
a Includes ship contracts, $19,812,796; boiler contracts, $144,667; deferred charge to contracts, $20,516; misc., $414,077.V. 106, p. 1235.
Niagara Falls Power Co.
-Consolidation
[VOL. 106.
Phelps Dodge Corporation.
-Revaluation,
See "Annual Reports" on a preceding page.
-V. 106. p. 1132.
Philadelphia Electric Co.
-Earnings-Merger
.
Calendar
Gross
Net (after FixedChgs. Dividends
Balance,
YearsEarnings.
Taxes, &c.) Reserves, &c. (7%).
Surplus.
1917
$12,160,769 $4,455,553 $2,437,359 $1,749,189 $269,005
1916
10,260,072 4,775,097
1,981,046
1,574,313 1,219,739
Court of Common Pleas No. 5, at Phila., was recently asked to sanction
the dissolution of more than a dozen subsidiary companies, notably the
Edison Electric Co., Diamond Electric Co. and West End Electric Co.,
rendered unnecessary by the recent refunding operations.
-V. 106, p. 933.
Pittsburgh Brewing Co.
-Special Dividend of M of 1%
Being Balance of Deferred Dividends on Preferred Stock.
-
See. W. P. Heckman, in circular of April 8, says
that day "declared a special dividend of 25 cents per that the directors on
share(%
of shares, $50) on the pref. stock of the company, being balance of 1%, par
of
dividends on the M6.100,1001 pref. stock and each stockholder deferred
will be
urgently requested to purchase with the amount received Third Liberty
Loan bonds or War Savings Stamps. The dividend to be paid on April 30.
Stock books to be closed from April 22 to April 30, both inclusive."
V. 105, p. 2092.
Prairie Oil & Gas Co.
-Refinery-Pipe Line.
-
Announcement has been made that this company will build a $10,000,000
refinery near Houston, Texas, on a 400
-acre site already purchased, fronting on the ship canal. A pipe line from the Cushing field in Oklahoma is
also proposed.
-V. 106, p. 1132, 719.
Public Service
Bill.
Co. of Northern Illinois.-Gas Charge.
The committee of the Legislature at Albany has
The Illinois P.
the consolidation of this company and the Hydraulicacted upon a plan for asking relief from U. Commission has denied this company's petition
Power Co. of Isrlagara
rule requiring it to make gas connections for customers free
Falls (V. 106, p. 90) and the Cliff Elec. Distributing Co.,
-V. 106, p. 1132, 934.
(V.106, p. 89), of charge.
which consolidation, it is stated,
place the
to develop 170,000 horse power in would of what is new corp. in a position
Puget Sound Gas Co., Everett, Wash.
excess
being developed
-Status.
two companies now without using any more of the water from by the
See Standard Gas & Elec. Co. under "Reports" above.
Niagara
-V.106, p. 92.
River than is being used at present.
General Keller, representing the War Department, told the
Reece Button-Hole Machine Co.
-Earnings.
that the Government was facing a bad power situation. He committee
Cal. Yearssaid that the
1917.
1916.
1917.
1916.
Government had commandeered the entire
Gross earnings_ _ _.$745,793 $72.,6201Dividends (12%)-$120,000 $120,000
corporations it was proposed to consolidate, butpower output of the two Net earnings
$209,320 $203,236 Surplus
$89,320 $83,236
quired to keep war industries at Niagara Falls was short 136,000 h. p. re- -V.
and in the frontier district
106, p. 821.
moving.
-V. 106, p. 1228.
Northern California Powpr Co. Consol.-Assessme
nt.An assessment of $150 per share has been levied on the stock,
delinquent
May 7. Sale day, June 5.
Power Agreement.
-
See Pacific Gas& Electric:10o."Railroads" above.
-V.106, p. 1465, 933.
Northern Idaho & Montana Power Co.
-Status.
See Standard Gas & Elec. Co. under "Reports" above.
-V.105, p. 2189.
Northern States Power Co.
-Combined
R4chland (Public Service) Co.
-Stock Increased.
-
This company, subsidiary to the Cities Service Co.. has increased its
authorized capital stock from $10,000 to $3,200,000. The company controls the Public Utility Co. of Mansfield, 0., the Mansfield Gas Co., the
Mansfield Electric Light & Power Co., together with plant at Melco.,
the street railway and the Shelby interurban line. See offering of notes.
&c., V. 106, p. 1132.
Riverbank Gas & Water Co., Fresno, Cal.
-Bonds.
-
This company has filed a mortgage dated Jan. 1 1918 to the Bank &
Trust Co. of Central California, to secure an issue of $250,000 bonds.
Consolidated Statement Years ending Dec. 31 (including Earnings.
St. Lawrence Flour Mills Co., Ltd.
-Extra Dividend.
Subsidiary Cos.)•
Calendar
Gross
An extra dividend of 1% has been declared on the 51,200,000 common
Net. after Bond,&c., Pref.Div. Com.Div. Balance,
Year- Earnings.
stock along with the regular 1%%, both payable, it is stated, May 1 to
Taxes.
Int. (Net).
(7%). Paid. Surplus.
1917
$7,154,509 $3,389,781 $1,709,838 $916,011 a$429,902 $334,032 holders of record April 15. The last quarterly common dividend was
1916
6,087,153 3,341,657 1,593,128 740,236b 283,813 724,479
%, paid Feb. 1.
Earnings.
-For fiscal years ending Aug. 3:
a7%. b4(%.
Compare annual report of the Standard Gas & Electric Co. on
1916-17. 1915-16.
1916-17. 1915-16.
a pre- Net earnings
ceding page.
$171,071 $132,497 Prof. divs.(7%) _ $40,250 $40,215
New Directors.
34,373
19,801 Balance for com__ 96,448
-H. C. Cummins succeeds W. R. Thompson, resigned. Interest, &c
72,481
LS director. The board has been increased
to seventeen members with -v. 1096, P. 196.
the addition of B. W. Lynch and M. A. Morrison.
-y. 106, p. 1349, 1131.
St. Louis Smelting & Refining Co.
-Merger, &c.
Northwestern Electric Co., Portland, Ore.
See National Lead Co. under Reports above.
-V. 105, p. 2005.
-First Mtge.
Bonds.
-E.H. Rollins & Sons are offering at 95 and interest,
yielding 6.50% a block of First Mtge. 6% 20-year Sinking
Fund gold bonds, due May 1 1935, making the total now
outstanding $4,525,000. A full description of this issue
appears in V. 100, p. 2090. A recent circular shows:
CapitalizationAuthorized. Outstanding.
Common stock
$10,000,000 $10,000,000
Preferred 6% cumulative stock
2,000,000
1,783,500
First Mortgage 6% 20
-year bonds
10,000,000
4,525,000
Earns., Cal.Yrs. 1917.
1916.
Gross earnings.._ _3893,835 $738,052 Interest on $4,525,000 First 1917.
Net, after taxes
Mortgage 6s
$271,500
& maintenance.. 452,507 396,996 Balance
181,007
This Issue.
-A direct first mortgage on all of the physical property.
Of the present athount of $596,000 bonds, $228,000 aro being issued on
account of expenditures for extensions and additions
made and
$368,000 bonds are being issued against the deposit heretoforeamount
of a like
cash which may be drawn by the company for not to exceed 80% of of
the
cash cost of extensions and additions to the property. Compare
V. 100,
p. 2090.-V. 106, p. 195.
Ohio"Fuel Oil Co., Pittsburgh.
-Annual Report.
-
8 Mos. to
Years ending April 30--Dec. 31 '17.
1917.
1916.
1915.
Gross after deprec'n_1 $549,468 f$1,623,527 $1,398,278
$1,259,588
Expenses & deprec'n.....J
1
784,137
801,267
393.235
• Net earnings
$549,468
$839.390
$597.011
5866.353
Dividends
(150)480,000(100)320,000(150)480,000(150)480,000)
Balance, surplus
$69,468
$519.390
$117,011
$386,353
The company's fiscal year has been changed to end Dec. 31.-V.
104,
p. 2456.
Ohio Fuel Supply Co., Pittsburgh.
-Earnings.
Gross earnings
Expenses
8 Mos. to
Years ending April 30
--Dec. 31 '17.
1917.
1916.
1915.
$7,002,636 $9.410,833 57,129.786 $6,134,153
4,819,319
5,937,349
4,631.317
4,111,448
Net earnings
Bond interest
Dividends
$2,183,317 83,473,484 $2.498,469 52.022.705
5651,8791 $1,504,325 15366,907
5366.907
990,6501
1 978,420
978.420
Balance, surplus
$540.788 $1,969,159 $1,153,141
8677.378
The co.'s fiscal year has been changed to end Dec. 31.-V. 106,
p.928.
Oklahoma Gas & Electric Co.
-Status.
-
See Standard Gas & Elec. Co. under "Reports" above.
-V. 106, P. 1465.
Otis Elevator Co., N. Y.
-Earning
San Diego Consolidated Gas & Electric Co.
-Status.
-
See Standard Gas & Elec. Co. under "Reports" above.
-V.106, p. 1132.
Savannah (Ga.) Gas Co.
-Petition Denied.
-
The Georgia RR. Commission has denied the company's petition
lower the gas standard to less than 575 B. T. U's.
-V. Si. p. 476.
to
Scranton Foundry & Engine Works, Inc.
-Receiver.
Receivers
have been appointed to look after this company's affairs.
See description of co., V. 105,p. 1110.
Sharon Steel Hoop Co.
-Stock Increased.
The shareholders on Apr. 9 voted to increase the authorized capital
stock from $10,000,000 to $15,000,000. Proceeds of the new stock are
to be applied in the purchase of the Ohio Iron & Steel (Jo. and for further
blast furnace, &c., extensions. Compare V. 106, p. 934.
Shattuck Arizona Copper Co., Inc.-Output.-
Coppor(lbs.)
1918 1,013,593
1917 1,518,436
3 mos. to Mar. 31_ 1918 2,717,075
1917 4,336.592
-V. 106, p. 1040 827,
March
Lead(lbs.)
66,878
278,718
217,643
1,063,841
Silver(ozs.)
11,429
18,716
27.618
58,235
Gold(ozs.)
88.98
200.00
267.47
617.74
Sierra River Land & Water Co.
-Proposed Purchase by
the Palvant Irrigation District.
See "State & City Dep't." on a following page.
Sinclair Oil & Refining Corp.-Dividend Omitted
New Extension-Subscription to Liberty Loan.
-Pros. Harry
F. Sinclair has issued the following:
The directors of the corporation to-day passed the quarterly dividend.
In view of the present condition, this was deemed the conservativ
in that the first financial consideration in any company to-day is e policy,
the
servation of cash. The construction program approved two years conago
and recently further enlarged is now nearing completion. The corporation
as a result is now, to a large degree, independent of railroad transportation
in that the pipe line from Oklahoma and Kansas to East Chicago has been
completed and is delivering oil to the new refinery at Kansas City and
East Chicago, both of which are in operation.
The directors, at the meeting to-day, authorized the extension of the
corporation's pipe line to its large holdings in the Garber field, Oklahoma,
a distance of some ,70 miles.
The directors also authorized a subscription of $500,000 to the Third
Liberty Loan.
An initial dividend of 31 25 a share was paid on Aug.
ments at that rate were continued quarterly until Feb.10 1916. Paylast.
-V. 106,
p. 1132, 827.
Solvay Process Co.
-Pooling of Stock.
-
s-Directors.
See Solvay Securities Co. below.
-V. 105, P. 2548.
Cal.
Net
Pension Cording. Federal Pl. Divs. Corn. Divs. Bal.,
Years. Earnings. Fund. Reserve. Taxes.
(6%).
(5%).
Sur.
Solvay Securities Co.
-Pooling of Hazard Interests.1917 _$1,408,577 $100,000 $359,305 $150,000 $390,000 $318,575 $90,697
Pres. E. L. Pierce of the Solvay I'rocess Co.
1916_ 1,036,589
50,000 250,000
390,000 318,575 28,014 announcement: "A corporation, called the Solvayhas made the following
Securities Co. has been
Eugene V. R.'1 hayer, President of the Chase National Bank,
organized
L. Chadbourne have been elected directors, increasing the and Thomas solidating under the laws of Delaware, primarily for the purpose of conboard from
the Hazard interests in the Solvay Process Co. and those of such
9 to 11.-V. 106, p. 1125, 713.
others as desire to unite with the Hazard interests. The matter is
special interest, and is consummated by the exchange of stock. of no
Pacific Mills, Lawrence, Mass.
The
-Special Dividend.
A special dividend of' 6% has been declared on the $15,000,000 capital authorized capital is $20,000,000, but of this only a moderate part not
stock, payable May 1 out of earnings prior to Jan. 1 to holders of record represented by money will be issued.
It is stated that the new corporation is in no sense a reorganization or a
April 8, at the New England Trust Co., Boston. The company urges
shareholders to invest this dividend in the Third Liberty Loan. its voting trust, but one that will be of immense value'to the company and its
-v. subsidiary concerns.
106, p. 933, 402.
Paraffin° Companies,Inc.-Incorporation.
-
This company, a consolidation of certain California paint,
companies, organized per merger plan (V. 106, p. 1235), has paper, &c.',
been incorporated under Delaware laws with an authorized capital stock of $4,500,000. Compare V. 106, p. 1235.
Spring Valley Water Co., San Francisco.
-Notes.
-
Sec. John E. Bohan, April 8, wrote in substance: "Our note issue is
practically nothing more than a renewal of prior obligations. It is proposed to obtain the authorization of the stockholders to incur an indebtedness of $4,000,000, evidenced by 2
-year 6% collateral trust notes dated
March 1 1918 [Union Trust Co. of 8n Fr., trustee], secured by General
1
_
APR. 13 1918.1
J11111,_
1583
THE CHRONICLE
inas
Mortgage 4% bonds of the Water Co., in such amounts At will enable the
this time
vestments in said notes by California savings banks.
will approximate 130 of bonds to 100 of notes. Of the issue,
collateral,
$3.300,000 has heretofore been subscribed for; the remaining $700,000
will not be issued until the sanction of the Capital Issues Committee is
-V. 106, P. 1466.
obtained.
-Midway Oil Lands Control.
Standard Oil Co. of Calif.
The "Engineering and Mining Journal" says: Control of Midway oil
lands by Government receivers is to be placed by action of the Federal
Court in Los Angeles, affecting the Standard, Associated, Union and United
oil companies and the Midway Gas Co. In these actions the Government
is seeking only control of the lands as protection pending adjudication of the
patent rights of the companies. Similar actions are expected involving
-V. 106.
other lands in like situation respecting the patents to the lands.
P. 1143, 1035.
-New Stock.
Swan & Finch Co.
In view of the large increase in the business and profits of the company
since the present board of directors was elected in Feb. 1915, resulting in
the enlargement of the inventory below noted, the management have
decided that an increase in the share capital from $1,000,000 to $2,000,000
is essential for present financing and for the further development of the
business. Of the new stock, $500,000, it is announced, will now be offered
to the shareholders pro rata at par, such offer having been passed on by
the Capital Issues Committee.
Current liabilities and accrued war taxes at Mar. 31 1918 approximate
$4,500,000, or approximately $400,000 greater than on Dec. 31 1917.
First Mortgage bonds in the hands of the public have decreased $300.000,
and the final installment of the Collateral Trust Notes Sinking Fund due
May 1 1918 has been met. Purchase money obligations were reduced
approximately $62,000.
Capital stock outstanding at Mar. 31 1918 amounted to $43,567,210.
During the quarter 40,571.10 shares were issued, of which 39,511.93 shares
represent stock dividend and 1,059.17 shares were sold to those stockholders to enable them to receive full shares instead of fractional sertificates. The book value of the stock at Mar. 31 was about $143 per share.
Surplus and operating reserves at Mar. 31 1918 will approximate $18,700,000, the decrease from Dec. 31 1917 being occasioned by the stock
dividend amounting to $3,951,193 (or 10% paid Mar. 15 1918)•
The regular quarterly dividend of $1 50 per share, together with an
extra dividend of $1 per share, was declared on April 3 1918, payable on
April 20 1918 to stockholders of record April 9 1918. The total dividends
paid to date since incorporation, including the dividend payable April 20
next, approximate $40,600,000, while the surplus has been increased
about $18,700,000.-V. 106, p. 1466. 1040.
-Earnings, &c.Union Tank Line Co., New York.
Net earnings for year
Dividends paid (5%)
-For years ending Dec. 31:
Results.
1917.
1916.
1915.
1914.
1913.
Net _loss$34,5.57 loss$89,635 profit$27,555 profit$63,062 profit$203,469
121,919
-Loss on sale of the fishing plant and steamers
Deduct
$81,550
net profits for year ending Dec. 31 1917
Balance of
Inventory in 1917 amounted to $1,586,706, against $1,148,461 in 1916.
The indebtedness to the banks in Jan. 1918 was $500,000.-V. 106, p. 403.
Swift & Co. Chicago.-Increased Cash for Increase in
'
-25% New Stock at Par with Equal Amount as DiviBusiness
dend-Reported Agreement to Limit Cash Dividend Rate to
-The shareholders will vote at the
8% Without Extra 2%.
annual meeting May 13 on increasing the capital stock from
$100,000,000 to $150,000,000, $25,000,000 of the new shares
to be offered to the stockholders at par tp provide additional
cash for the increasing business. The remaining $25,000,000
new stock will be issued as a stock dividend of 25% on account
of increased value of the property as shown by recent appraisal. The date of payment is to be determined later.
It is currently reported that in order to obtain the assent of the capital
Issues Committee to the plan, the company agreed to limit itself to cash
dividends of 8% p. a. for the duration of the war, omitting such extras
as the 2% paid Oct. 20 1917.
President Louis F.Swift on April 11 issued the following:
Having to-day received approval from the Capital Issues Committee
of the Federal Reserve Board of our plan to issue $25,000,000 additional
stock at par, we are at liberty to announce it and are issuing a circular
to our stockholders.
Increased business requires increased capital. The extremely high
prices of live stock for which we pay cash and the continuous increase in
cost of operation have made large demands upon us. We have, therefore,
decided to offer to our shareholders $25,000,000 additional stock at par
at the rate of one share of now stock for each four shares of old stock.
The $25,000,000 cash proceeds of this issue will greatly strengthen the
financial position of the company and will enable it to discharge its function
with a full degree of efficiency.
We are sure that the new stock will be recognized as a desirable investment. We realize that there are many calls for funds at this time and in
order not to interfere with Government financing out of the savings of the
people, we have thought it opportune to issue free of cost a dividend of
$25,000,000 in stock of the company which will facilitate the purchase of
This dividend is not being paid
the now stock at par by our shareholders.
out of earnings. It is being issued against surplus resulting from an adjustment of values of the fixed assets of the company to values current Jan. 1
1914 based upon an appraisement under tho American Appraisal Co. of
Milwaukee. According to a decision of the Internal Revenue Department,
such dividend is not taxable until the stock is sold.
[A recent press report from Chicago stated the capitalization of the Brazil
branch of Swift & Co. has been increased from $500,000 to $3,000,000 for
-Ed.]
expansion of plant to meet the heavy demands of the Allies
[Under order of the U. S. Food Administration this company mast
suspend dealings in eggs for 30 days in Now York City because of sales of
-V. 106,
eggs at a greater price than that fixed by the Administration.
p. 1466, 507.]
-Status.
Tacoma (Wash.) Gas Co.
See Standard Gas & Elec. Co. under "Reports" abovo.-V. 104, p. 769.
1915.
1916.
1917.
$3,709,516 $2,081,766 $1,067,958
600,004
600,000
600,000
1914.
$687,200
600,006
$87,194
$3,109,516 $1,481,766 $467,954
Balance Sheet December 31.
1916.
1917.
1916.
1917.
$
Liabilities$
$
Assets-Tank car equip_ _ .18,039,504 13,486,825 Capital stock ___ A2,009,000 12,000,000
405,479
12,095 Accounts payable_ 3,080,955
10,395
Real estate
7,500,000
603,508 Car trust notes
640,795
Material
5,463,778 2,354,262
16,424 Surplus
21,021
Office furniture__ _
42,099
706,0671
Cash
137,417!
Investments
598,791
,
Accounts re Tiv'le. 1,970,617
28,044,733 14,759,741
Totals
Car trust fund_ _ _ _ 6,518,916
Balance, surplus
*After deducting $5,584,979 depreciation.
On May 1 the offices will remove from 26 Broadway to 21 East 40th St..
-V. 106, p. 507, 197.
New York.
-Status.- United States Cartridge Co.
See National Lead Co. under "Reports" above.
-Coal Development.
United States Coal & Coke Co.
The "Iron Age" says. This company, a subsidiary of the U. S. Steel
Corp.. will expend about $4,000,000 in the development of 30.000 acres
of coal lands owned by the company in Harlan County, Ky. A modern
town is being built to accommodate 6,000 persons, and already 1,700 employees are at work.
The company expects eventually to produce from 10,000 to 12,000
tons of coal per day. The output at the start will be used in the manufacture of by-product coke at the coking plants of the Carnegie Steel Co. and
other interests of the Steel corporation.
-Earns.
United States Gypsum Co., Chicago.
Balance,
Bond Reserved Preferred
Repairs,
Net
Calendar
Surplus.
Profits. Deprec.,&c. Int.,&c. for taxes. Divs. •
Year$406,280 $70,431 $78,726 $372,844 $360,392
$1,288,673
1917
306,469
343,966
94,411
347,332
1,092,178
1916
-V. 106, p. 1036. 303.
-Subsidiary Co. Earnings.
United States Rubber Co.
See Canadian Consolidated Rubber Co. and Canadian Consolidated
-V. 106, p. 1236, 1033.
Felt Co. above.
-Wage Inc. 95% Since 1916.
United States Steel Corp.
The increase of 15% in wages effective Apr. 15 for employees, noted last
week in this column, is the sixth since Jan. 1 1916, making the total increase since that date about 95%.
Sub. Co. Development.
See United States Coal & Coke Co. above.
Sub. Co. Stock Increase-Shipyards at Mobile.
See Gary Land Co. and Tennessee Coal Iron & RR. above.
Regarding the Chicasaw Shipbuilding Co., see paragraph headed Mobile
Electric Co. in report of Standard Gas & Electric Co.on a preceding page.
Unfilled Orders.
-V. 106.
See 'Trade and Traffic Movements" on a preceding page.
p. 1477. 1371. 1350. 1337, 1143.
-1917 Results.
Wellman-Seaver-Morgan & Cleveland.
A press report says that the income from all sources for the calendar
year 1917 was $4,710.945 and after deducting all expenses and reserves
for depreciation and Federal taxes there remained a profit of $446,604.
No dividends were paid during the year. V. 104, p, 1597: V. 105, p. 1319.
-Increased Charges.
Westcott Express Co.
-Shipyard Companies.
Tennessee Coal Iron & RR.
The New York P. S. Commission authorized this company and the N.Y.
There have been incorporated in Ala. the following four companies to Transfer Co.to increase their charges for delivering baggage from 15 to 20%.
operate in connection with the shipyard activities of the company, -V. 105, p. 2190..
capitalzation in each instance being $50,000.
The companies incorporated are the Chicasaw Utilities Co. to operate
-Status.
Western States Gas & Electric Co.
an electric railroad; the Chicasaw Shipbuilding Co. to operate the shipyard;
-V.106, p. 1143.
See Standard Gas & Elec. Co. under "Reports" above.
the Chicasaw Land Co. and the Fairfield Steel Co. Headquarters of all
will be in Birmingham and officers of all are: George G. Crawford, Pres.;
-Earnings.
Western Union Telegraph Co., Inc.
H. C. Ryding, V.-Pres., and L. T. Beecher, Soc. & Treas. See also Mobile
Elec. Co. in ann. report of Standard Gas & Elec. under "Reports" above. For 3 Mos. ended March 31 (March 1918 estimated).
"Manufacturers Record" says: "The company will construct an
The
1917.
1918.
addition to the by-product coke ovens at Fairfield, Ala., consisting of two
$20,518,353 $17,231,710
additional batteries of 77 ovens each 154 ovens, together with complete Total revenues repairs & reserved for deprec'n
$2,445,021 $2,024,005
is to secure the toluol, ammonia Deduct-Maint.
by-product recovery plants. The object
Other oper. exp., incl. rent of leased lines & taxes 14,647,561 11,786,838
and benzol, which is needed for the manufacture of ammunition, and also
332,962
332.962
Interest on bonded debt
-V. 105, p. 825, 295.
to secure a saving of coal.
$3,092,809 x$3,087,905
Net income
-President Resigns.Tobacco Products Corp.
Pres. Geo. L. Storm has resigned but will continue with the company as
x The earnings report to the stockholders for the quarter ended Mar. 31
-V. 106, p. 714, 507.
Vico-Pros. in charge of operations.
1917 showed a net income estimated on April 16 1917 of $3,886,920. On
date the requirements for United States and
-An that profits taxes were unknown, as was the specialBritish income and exCo. of California.-Quarterly Statement.
Union Oil
payment to employees
cess
official circular dated April 5 says in substance:
authorized on June 5 of that year. The total of these amounts, applicable
net income for that
earned from all operations, less general expense, regular taxes, to the quarter, was about $800,000, leaving the final
Profits
interest charges and employees' share of profits, also the crude oil produc- period $3,087.905.
tion (including controlled companies) and the sales for the three months
New Directors.
ended March 31 were approximately as follows:
T. De Witt Cuyler, Howard Elliott, Julius Kruttschnitt and Charles B.
Increase. % Seger have been elected directors to succeed Robert C. Ciowry, Robert S.
1917.
1918.
Quarter ended March 31-V. 106, p.
$3,100,000 $2,720,000 $380,000 14 Lovett, Joseph J. Slocum and James Stillman, deceased.
Profit before depreciation
280,000 42 1362, 1337.
950,000
670,000
Provision for depreciation
$2,150,000 $2,050,000 $100,000 5
Profit subject to war taxes
460,000 30
Crude oil produced, not barrels_ _ _ _ 2,030,000 1,570,000
$9,170,000 $7,760,000 $1,410,000 ,18
Sales
for the three mobths in 1917 included an extraordinary operatThe profit
ing profit of $220,000. The production for the quarter [in 1918] includes
the oil produced from the Pinal Dome properties. The company now has
3 wells in the Montebello field producing approximately 2,500 barrels
per day. The deliveries of fuel oil have been large, the State stocks being
Further drawn on, but we are still carrying approximately the same quantity of crude oil in storage as at the commencement of the year.
1, Capital expenditures approximate $900,000, principally for new drilling
and additions to manufacturing plants.
Current assets, consisting of cash, U. S. Government bonds and Treasury
certificates, accounts and bills receivable, oil inventories and materials
and supplies at Mar. 31 1918, approximate $23,000,000, an increase over
Dec. 31 1917 of $1,340,000. Cash, exchange, Treasury certificates and
Government bonds included above approximate close to $5,000,000. Current assets are over 5 to 1 of current liabilities and accrued war taxes combined. The quantity of crude oil in storage owned Mar. 311018 approximates 10,700,D00 not barrels, and, including stocks controlled through the
0 ar ls ,300.000 net barrels, the State storage being about
00
igegg, abzutrel 2
.
-Wage Increases.
Westinghouse Air Brake Co.
Employees of the Union Switch & Signal plant at Swissvale and the plant
at Wilmerding have been notified of increases in pay of from 10% to 15%,
and salaried employees receiving less than $200 monthly an increase of 7%.
-v.106. P. 1040, 509
.
-Tin Smelters.
Williams Harvey Corp.
See National Lead Co. under 'Reports."
-March and Three Mos.'Sales.
(F. W.) Woolworth Co.
Increase.
Increased 1918-3 Mos.-1917.
-March-1917.
1918
$8,712,378 $7.235,807 $1,476,5711$20,929,752 $18,479,781 $2,449,971
informed that the March 1918 sales were the best so
We are officially
far this year. The sales for Easter week were $2,395,440, against $2,319,year
970 for the corresponding week of 1917. In the first quarter of this1,014
the company opened 6 new stores, and on March 31 1918 operated
stores. There are 11 additional stores under lease which will be operated
by July 1. In March the stores which have been in operation for a year
showed increased sales of 31,106,528, or 75% of the increase for March 1918
,3
and in the three months, $1,534.856. or about 67% gain for the months
period in 1918.-V. 106, p. 1371, 1044.
1584
THE CHRONICLE
[VoL. 106.
Sports and. Dotnuunts.
LOUISVILLE AND NASHVILLE RAILROAD COMPANY
SIXTY-SEVENTH ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1917.
Total mileage
7,675.45
TABLE NO. 1.
-INCOME ACCOUNT.
Dec. 31 1916. RAILWAY OPERATING INCOME
364,928,120 59
Railway Operating Revenues
42,042.111 35
Railway Operating Expenses, 68.91%
$22,886,009 24
Net Revenue from Railway Operations, 31.09%
$2,427,926 75
Railway Tax Accruals
18,216 85
Uncollectible Railway Revenues
$2.446,143 60
$20,439,865 64
376.907,387 16
52,998.758 54
$23,908,628 62
$5,119,518 48
13.680 01
$5,133,19849
Total Operating Income
$18,775,430 13
NON-OPERATING INCOME
Hire of Freight Cars
-Credit Balance
Rent from Locomotives
Rent from Passenger-grain Cars
Rent from Work Equipment
Joint Facility Rent Income
Income from Lease of Road
12,039 70
Clarksville & Princeton Branch
206,506 20
Paducah & Memphis Division
1,185 96
Freight Station, etc., East St. Louis, Ill
Yard at 11th and Oak Streets, Louisville, Ky
$219,731 86
36.550 77
Miscellaneous Rent Income
113,843 03
Miscellaneous Non-Operating Physical Property
155,159 16
Separately Operated Properties-Profit
Dividend Income
316,51117
Chicago Indianapolis & Louisville Railway Stock
746,466 50
Nashville Chattanooga & St. Louis Railway Stock
46,736 92
Sundry Stocks
73,083 00
From stocks hold under Georgia Railroad lease
$1,182,797 59
Income from Funded Securities
3403,494 02
Sundry bonds and notes maturing more than one year after date
620 00
From bonds held under Georgia Railroad lease
$404,114 02
808,147 31
Income from Unfunded Securities and Accounts
412 73
Income from Sinking Funds
$5,250,104 70
Total Non-Operating Income
31,970,088 17
20.656 77
67,075 94
7,229 67
264,297 68
$25,689,970 34
39,097 83
94,503 39
1,369 65
584,113 17
119,967 53
32,386 16
5152,353 69
35.405 07
15,077 96
7,621,066 61
5,559 85
93,175 00
15,963 59
$3,412,525 21
28,273 72
78.382 32
11,668 87
286,038 03
$12,039 70
206,506 20
1,186 00
3,953 76
.
3223,685 66
32,112 37
132,883 94
$236,830 12
803,887 00
37,333 00
73,083 00
1,151,133 12
$343,735 88
620 00
344,355 88
501,723 36
430 21
6,203,212 69
GROSS INCOME
$24 978,642 82
:
DEDUCTIONS FROM GROSS INCOME
Rent for Locomotives
Rent for Passenger-Train Cars
Rent for Work Equipment
Joint Facility Rents
Rent for Leased Roads
Nashville & Decatur Railroad
Rents of other roads
38,530 15
107,962 50
1,253 82
576,057 41
$127,159 16
51,595 36
$178,754 52
29,368 93
10,503 32
7,495,029 78
5,025 36
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Debt
Interest on Unfunded Debt
Miscellaneous Income Charges
Accrued premiums on bonds drawn for Sinking Funds
U. S. Income Tax paid on Interest on Tax-.Exempt Bonds
$68,537 50
33,604 87
$109,138 59
102,142 37
$8,627,685 81
Total Deductions from Gross Income
$17,062,284 52
8,514,62818
Net Income
376,054 79
23,419 12
DISPOSITION OF NET INCOME
Income applied to Sinking Funds
Miscellaneous Appropriations of Income
399,473 91
516,464,014 66
Total Appropriations
$16,962.810 62
$82,515 43
82,515 43
Income Balance Transferred to Credit of Profit and Loss
$16,381,499,23
TABLE NO. III.
-GENERAL BALANCE SHEET.
Dec. 311916. INVESTMENTS:
Investment in Road and Equipment
3217,603.975 28
Road
56,452,606 81
Equipment
3274,056,582 09
1,762,489 90
1,298,98806
1,220,000 00
78,988 06
3,859,407 43
5,496,520 29
14,913,200 85
ASSETS.
$221,418,346 88
65,416,863 31
$286,835,210 19
1,778,044 57
Improvements on Leased Railway Property
Sinking Funds
Total Book Assets
Bonds, this Company's Issue
Miscellaneous Physical Property
Investments in Affiliated Companies
(a) Stocks
In Treasury
Pledged
$20,409,721 14
2,716,019 15
1,591,022 05
1,045,860 57
b) Bonds
c) Notes
d) Advances
1,376,913 49
1,290,000 00
86,913 49
4,082,716 86
$5,321,241 15
14,913,200 85
520,234,442 00
2,781,019 15
1,521,470 50
1,461,383 18
325,762,622 91
$460,487 74
4.433,192 35
556.373 64
Other Investments
Stocks
b Bonds
c Notes
$5,450J53 73
25,998,314 83
$494,837 74
8,292,390 07
455,269 77
9,242,407 58
$310,970,144 12
$328,024,597 52
$328,024,597 52
$310,970,144 12 Brought forward
CURRENT ASSETS:
Cash
$20,103,502 04
Time Drafts and Deposits
3,242.708 33
Special Deposits
Total Book Assets
616,999 25
Bonds, this Company's Issue
00
500,000
Stock
5 00
Cash
116,994 25
8116,999 25
248.518 54
1,250.592 84
1,267,790 58
2,777,152 22
7,759,973 47
376,150 30
23,228 70
1585
THE CHRONICLE
APR. 13 1918.]
$16,404,211 72
1.442,708 33
8615,761 50
500,000 00
5 00
115,756 50
115,761 50
306,496 73
2,367.509 17
1.869,779 13
3,006,317 91
11,287,797 95
171,134 66
23,228 70
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balance Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Rents Receivable
36,994,945 80
$37,166,616 27
DEFERRED ASSETS:
Working Fund Advances
Other Deferred Assets
Southern Railway Company's Proportion of Bonds Issued Jointly
5,913.500 00
Other Accounts
244,343 57
$69,092 05
65,897 86
$5.913,500 00
1,055,080 07
6,968,580 07
$6,157,843 57
7,037,672 12
$6,223,741 43
1,682,999 24
UNADJUSTED DEBITS:
Other Unadjusted Debits
1.186.725 30
$28,079,339 94
3,929,000 00
Securities Issued or Assumed-Unpledged
Securities Issued or Assumed-Pledged
$27,271,339 94
3,929,000 00
CONTINGENT ASSETS:
by Lou. & Nash. Rd.
L. & N. Terml Co. Fifty-year 4 per cent Gold Bonds outstanding, endorsed
Co. and Nash. Chatt. & St. Louis Ry
Lou. & Nash.
Memphis Union Sta. Co. First Mortgage 5 per cent Gold Bonds guaranteed by the
00
2,500,000
Rd. Co. and other interested Railroad Companies
2,500,000 00
2,500.000 00
2,500,000 00
6,000,000 00
$5,000,000 00
8378,243.940 74
Grand Total
$361,043,501 06
LIABILITIES.
STOCKS
Capital Stock
Full shares outstanding
571,917,200 00
Fractional shares outstanding
720 00
Original stock and subsequent stock dividends unissued
82,080 00
Dec. 31 1916.
872,000,000 00
12,116 76
371,917.200 00
720 00
82.080 00
$72,000.000 00
12,116 76
Premium on Capital Stock
$72,012,116 76
372.012,116 76
GOVERNMENTAL GRANTS:
Grants in Aid of Construction
LONG TERM DEBT:
Book Liability
Funded Debt-Unmatured
204,297,164 94
Held by or for this Company
In Treasury
27,271.339 94
In Sinking Funds
1,220,000 00
Deposited as Collateral
3,929.000 00
Special Deposit
500.000 00
10.995 02
5203.488 164 94
-,,
$28.079,339 94
1,290.000 00
3,929.000 00
500,000 00
33,798.339 94
$32,920,339 94
Actually outstanding
Liability of Southern Railway Company for Bonds Issued Jointly with this Company
$171,376,825 00
5,913,500 00
$177,290.325 00
362,566 82
Non-Negotiable Debt to Affiliated Companies-Open Accounts
$169.689,825 00
5,913.500 00
8175.603,325 00
360,489 37
175.963,814 37
$177,652,891 82
221.368 98
4,940,487 52
2.'5,417 11
1,971,964 50
104,3:1700
130,000 00
2,520,000 00
1,007,999 99
6,508 37
38,650 00
CURRENT LIABILITIES:
Traffic 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
Unmatured Roots Accrued
Other Current Liabilities
$316,118 94
5,864,584 07
900,555 95
2,068,869 50
111.927 93
108,000 00
2,520.000 00
994.936 65
6,286 87
7,900 00
12,899.179 91
$11,196,823 47
DEFERRED LIABILITIES:
Other Deferred Liabilities
$78.882 23
$1,066,854 97
4,914 09
11.009,488 40
21.326,195 10
304,310 08
1,523,390 21
UNADJUSTED CREDITS:
Tax Liability
Operating Reserves
Accrued Depreciation-Road
Accrued Depreciation-Equipment
Accrued Depreciation-Miscellaneous Physical l'roperty
Other Unadjusted Credits
42,829 25
$3,522,419 92
11,700,613 79
23,565,389 27
345,642 82
1,773,011 53
40,907,077 33
$35,235,152 85
$2,376,608 28
653,693 06
205,545 87
$3,235,847 21
66,631,786 72
CORPORATE SURPLUS:
Additions to Property through Income and Surplus
Sinking Fund Reserves
Appropriated Surplus not Specifically Invested
Total Appropriated Surplus
Profit and Loss-Balance
$2,385,269 43
736.208 49
193,877 61
$3.315,355 43
68,092,572 67
71.407,928 10
$59,867,633 93
CONTINGENT LIABILITIES:
by Louisville &
L. & N. Terminal Co. Fifty-year 4 per cent Gold Bonds outstanding, endorsed
52,500,000 00
Nashville Railroad Co. and Nashville Chattanooga & St. Louis Railway
guaranteed by the LouisMemphis Union Station Company First Mortgage 5 per cent Gold Bonds Companies
2,500,000 00
2,500,000 00
Nashville Railroad Company and other interested Railroad
ville &
$2,500,000 00
5.000,000'00
$5,000,000 00
8361,043,501 00
Grand Total
$378,243,940 74
1586
THE CHRONICLE
[Vol.. 106.
BOOTH FISHERIES COMPANY
ANNUAL REPORT FOR THE YEAR 1917.
Chicago, March 28 1918.
To the Stockholders of Booth Fisheries Company:
I herewith submit statement of earnings and consolidated balance sheet of
Booth Fisheries Company for the year
ending December 29 1917.
I again express to you my great confidence in the efficiency, loyalty and integrity
of your organization and in the future
consistent earning power of your company.
All of the properties and equipment of the company have been maintained in
good condition.
I desire to call your particular attention to the fact.that the capacity for doing
business in all departments of the
company has been largely increased during the past two years, and a large
proportion of our increased earnings for
the fiscal year 1917, over previous years, is due to that enlarged capacity.
We had on hand, as of December 29 1917, quite a large amount of additional supplies,
paid for in 1917, to be used
in connection with our 1918 packs. Up to December 29 1917 we had delivered only
a very small portion of our canned
products, although a very large proportion had been actually sold. Since that date,
however, we have made a large proportion of the deliveries and have reduced our loans very materially.
You will note that our net quick assets show $3,280,655 90 as of December 29
1917, compared to $2,568,167 60
as of December 30 1916. In addition to this gain in net quick assets, we have
made some very valuable fixed improvements and enlargements to our business during the year 1917.
The statement of earnings for the year 1917 is compared with the statement for
1916.
Respectfully submitted,
K. L. AMES, President.
INCOME STATEMENT.
Net Profit from Operation
Interest on Debenture Bonds, Cold Storage Bonds and Borrowed Capital
1917.
1916.
$3,388,829 02 $1,659,295 20
531,904 06
378,918 76
Reserves for Depreciation and Sinking Fund
$2,856,924 96 $1,280,376 44
354,293 26
274,024 49
Reserved for Federal Income and Excess Profits Tax
$2,502,631 70 $1,006,351 95
625,000 00
Dividends Paid on Preferred Stock
$1,877,631 70 $1,006,351 95
236,110 00
214,270 00
$1,641,521 70
$792,081 95
CONSOLIDATED BALANCE SHEET AS AT DECEMBER 29 1917.
ASSETS.
Capital Assets:
Real Estate, Buildings, Machinery, Steamboats, Tugs, Investments, etc
United States Government Bonds
Less Installments Paid by Employees
Bond Sinking Fund
Current Assets:
Inventories of Merchandise, Supplies, etc., valued at or below cost
Accounts and Notes Receivable
Unexpired Insurance
Cash
$90,600 00
10,043 05
80,556 95
1,502,883 00
$5,479,007 09
4,522,474 90
39,963 03
1,518,052 04
11,559,497 06
122,900 93
Deferred Expenses Paid in Advance
LIABILITIES AND CAPITAL.
Current Liabilities:
Accounts and Notes Payable
Reserve for Bad and Doubtful Accounts
Reserve for Contingent and Unknown Liabilities
Capital Liabilities and Surplus:
Preferred Stock
Common Stock
Debenture Bonds
Bonds on Cold Storage Plants
Surplus
Reserve for Depreciation
Reserve for Repairs and Renewals
Reserve for Federal Income and Excess Profits Taxes
$14,24040 46
$27,505,958 40
$8,083,452 32
195,388 84
251,802 73
$8,530,643 89
$3,500,000 00
5,000,000 00
$8,500,000 00
$5,000,000 00
1,051,813 99
6,051,813 99
$2,599,312 09
1,183,614 37
15,574 06
625,000 00
4,423,500 52
18,975,314 51
$27,505,958 40
P. L. SMITHERS,
Vice-President and Treasurer.
Chicago, March
We have audited the books and accounts of the Booth Fisheries Company and its associated companies19 1918.
for the year
ending December 29 1917, and certify that the attached Balance Sheet and Income Statement present
a fair and reasonable
statement of the companies' condition as at December 29 1917, and of the profits of the
year.
(Signed) ARTHUR YOUNG & CO.,
Certified Public Accountants.
APR. 13 1918.]
'be Tomutercial
1587
THE CHRONICLE
tnxi
COMMERCIAL EPITOME.
of selling. To-day prices rose 16 to 20 points, but are lower
for the week.
April
May
June
July
.cts_ 8.4808 51
8.4808 51
8.53(a8.65
8.5808.60
August __cts.8.60 8.61
September ..8.62@8.63
October __ ....8.65@8.66
November ..8.696)8.7O
December cts8.7209.74
January -___8.7709.78
February _ -_8.8308.84
March
8.8808.90
SUGAR steady; centrifugal, 96-degrees test, 6.005c.;
Friday Night, April 12 1918.
Trade is generally brisk, but war needs largely monopolize granulated, 7.45c. Cuban exports are increasing moderit. Crop advices are favorable. It looks as though the ately. And a larger percentage is going to the Atlantic
winter-wheat crop would be 200,000,000 to 300,000,000 ports. Receipts at Cuban ports have latterly been small,
bushels larger than last year. The cotton acreage will be but exports have been so light that stocks are accumulating.
increased. Planting has begun in the northern half of the The situation is such, however, that it is bound to be remecotton belt. Retail trade of late has suffered in the Eastern died. The country badly needs sugar. That means that
section of the country from abnormal weather in the shape it is going to get it. Meanwhile, however, refined is very
of rain, sleet, snow and low temperatures. The war news scarce.
-Linseed firm; city, raw, American seed, $1 54®
OILS.
has been unfavorable. But the American people face the
great struggle with sober determination to stick to it till $1 56. Calcutta, $1 50. Lard, prime, $2 35. Cocoanut,
/
0.
2
they win. In the meantime industries providing for the Cochin, 183/ ©19e. Ceylon, 173/@180. Soya bean, 1932
2
speeding up of war preparations are going at topmost speed. Spirits of turpentine, 42©423/2c. Strained rosin, common to
The shipping tonnage of the country is being increased. good, $6 05. Prime crude, Southeast, 17.50c.
Coastwise lines have just been commandeered by the GovPETROLEUM steady; refined in barrels, $12 90@$13.90;
ernment, and with others taken over with the railroads, the bulk, $6 50©$7 50; cases, $16 75@$17 75. Naphtha, 73 to
Government has now command of something like 400,000 76 degrees, in 100-gallon drums and over, 54%c. Gasoline
tons for coastwise traffic, in order to hurry forward cotton, firm; motor gasoline, in steel barrels, to garages, 240.;
coal and other commodities to big manufacturing centres in to consumers, 26c. Gasoline, gas machine, steel, 41e.;
the East and elsewhere and thereby relieve the pressure on 72 to 76 degrees, 38c. All field advices report increasing
the railroads. The railroad situation is gradually improv- development work. Two important wells have been coming. The expectation is that not only will the wheat crop pleted in Stephens County, North Texas. A well came in
be greatly increased, but that the area planted to corn, oats, at the rate of 1,800 bbls. daily in Eastland County and has
rye and other cereals will be much increased also, so that increased its capacity to 2,200 bbls. In the eastern fields,
there is a possibility that the crops of the country will be Kentucky gives the most promise, but the scarcity of oil well
the largest ever known. The hotels over large sections have supplies retards work in that State. A producer credited
given up flour. Twenty-one bakers who violated the recent with starting at the rate of 180 bbls. a day is reported in
orders issued by the Food Board have been ordered to close Mannington district, Marion County, West Virginia.
for three days. The condition of the iron and steel trades Pennsylvania dark 4 00 South Lima
$2 38 Illinois. above 30
2 28
degrees
82 42
2 77 Indiana
is improving as the supply of coke increases. The situation °shell
2 42 Kansas and Okla1 40 Princeton
Crichton
is better than for many months past. Even the smaller Corning
homa
• 2 25
2 85 Somerset.32 deg- 260
1 25 Caddo. La.. light_ 2 25
268 Ragland
furnaces that for many weeks were unable to obtain sufficient Wooster
2 25 Caddo. La.. heavy_ 1 25
2 25 Electra
Thrall
fuel are now being supplied. Steel plants, as may be readily Strawn
2 68
2 25 Canada
2 25 Moran
1 45
2 33 Healdton
2 15 Plymouth
conjectured, are going more and more into war work. The De Soto
Henrietta
2 25
2 38
North Lima
civilian demand stands little chance of being supplied for the
has been firm with a fair demand and no new
TOBACCO
time being. Meanwhile cotton goods are advancing under a,
sharp demand. The Government is asking for larger offer- features. Stocks are anything but burdensome and all the
ings of wool, even of grades previously rejected. Supplies evidence goes to show that there is a very large consumpof dry goods are decreasing. The leather business has im- tion, stimulated in part by the war. Havana and Sumatra
proved. Failures continue relatively small as compared are in excellent demand. Sumatra is more or less difficult
with recent years. The production of essentials is increasing to obtain.
with the augmented supply of cars and raw materials. NonCOPPER is unchanged at 233/2c. A better traffic situaessentials are being relegated more and more to the back- tion has caused a freer movement. Government needs
prevails in mining, shipbuilding for war purposes are expected to be very heavy, but a scarground. Feverish activity
and industries having to do with machinery, agricultural city is not feared. Meanwhile private trade continues
implements or anything else that promotes the speeding up light. Exports, too, are smaller, owing to the scarcity of
of war work. Wholesale trade in staple commodities is only ocean tonnage, but the foreign demand continues heavy.
restricted by the fact that available supplies are moderate; Lead lower at 7c., owing to.prompter deliveries growing
it is going as far as it can. Prices are still very high. At the out of an improved railroad situation. There is no actual
same time it is very plainly intimated that the Government shortage of lead. The Government's requirements are
may proceed further in the control of prices of commodities. officially estimated at about 6,000 tons monthly, which
The latest thing under discussion is cotton goods. This many think is nearly correct, but the price is unknown.
may at least indirectly affect raw cotton. That commodity Tin higher, owing to continued scarcity. Latterly arrivals
has broken during the past week nearly 3 cents per pound, have been fairly heavy, but they had been sold to arrive.
with a crop outlook in the main favorable, and reports that Meanwhile the London market is dull with very small stocks.
Southern holders are beginning to weaken as stocks mount American total stocks, 265 tons; afloat, 5,000 tons. Spelter
and exports shrink. There is, on the whole, little specula- firm at 7.90@8e. Stocks are increasing, but there has been
tion in this country; it is frowned upon, although the re- a fair demand for prime Western.
strictions on trading in corn and oats at the big Western
PIG IRON consumption is larger. The general situation
centres have been eased to some extent in order to permit is more cheerful. Not that the needs of foundrymen and
legitimate hedging operations essential to the orderly carry- steel makers are being fully supplied;far from it. Embargoes
ing on of the grain business. On the whole, the business of and a shortage of cars continue to interfere with shipments.
the country is in good condition.
But there is improvement. Receipts of coke are increasing.
LARD lower; prime Western 26.30@26.400.; refined to The railroads are doing everything they can to help the steel
the Continent, 28c.; South American, 28.40c.; Brazil, 29.400. trade. And that is felt all along the line.
STEEL conditions are improving with a better railroad
Futures advanced somewhat with hogs higher, a fact which
stimulated buying. Still the cash demand has not been and pig iron situation. It is true that conditions are still
brisk; far from it. And stocks are believed to be accumu- far from being entirely satisfactory. A larger production of
lating. Exports are not large. Last week the weight of coal and coke and also a larger supply of cars are needed to
hogs averaged 241 lbs., or about 15% more than last year, bring the situation up somewhere near normal. But things
and the quality was good. To-day prices declined but are arc on the mend; that is the vital point. And the mills
.
are doing their best to make up for lost time. From now on
up for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. the shipments of shipbuilding material are expected to be
Sat.
Fri.
Mon. Tues.
Wed. Thurs.
heavy, especially as shipbuilding results in March-only
25.90 25.67
cts_25.70
26.00
25.72 25.77
May delivery
166,700 tons, as against 190,000 tons promised-were far
26.05
26.20 26.02
26.10
26.30
26.12
July delivery
have aroused sharp comment. But
PORK lower; mess, $53@$54; clear, $49@$55. Beef from satisfactory andno doubt that shipbuilding is being
to
products higher; mess,$31 ©$32;extra India mess,$55 ©$56. there appears Coalbe
shortage is said to have disappeared in
speeded up.
Cut meats, steady; pickled hams, 10 to 20 lbs., 26c.; pickled Pennsylvania and every mill in the Western section of that
bellies, 31c. The Government report on farm animals estito full capacity in all departmates the number of breeding sows on April 1 as 5.7% more State is, it appears, workingenormous Government demand
than last year and 9.5% more than two years ago. Swine ments. Of course there is anto be from now on. War work
and there is bound
condition, 96.3%, against 95% last year; cattle, 95.6%, for steelspeeded up in every direction, the steel trade by no
and sheep, 96.9%. May pork closed at $47 85, a rise for is to be
the week. Butter, creamery, 43@433/2c. Cheese, flats, means excepted.
held, colored, specials, 25 ©25%c. Eggs, fresh, 3734 ©38c.
COTTON.
COFFEE easier; No. 7 Rio, 9%c.• No. 4 Santos, 11%c.;
Friday Night, April 12 1918.
Cucuta, 11 M ©124c. Futures declined,
fair to good
THE MOVEMENT OF THE CROP,as indicated by our
chiefly on a better outlook for ocean tonnage at Brazilian
ports. The Shipping Board at Washington has assigned the telegrams from the South to-night, is given below. For the
Dutch steamer Beukelsdyk of 4,500 tons to the Brazil week ending this evening the total receipts have reached
coffee carrying trade to clear about May 15 from a Brazilian 71,377 bales, against 74,681 bales last week and 76,620
port of a net freight of $1 70 per bag. That is less than half bales the previous week, making the total receipts since
the official rate heretofore quoted at Rio. The vessel Aug. 1 1917 5,041,801 bales, against 5,979,730 bales for the
mentioned can load 120,000 bags. But it is accepted as same period of 1916-17,showing a decrease since Aug. 1 1917
being merely a beginning. Certainly it caused a good deal of 937,929 bales.
1588
THE CHRONICLE
Sat.
Mon.
[VoL. 106.
ton at a meeting to be held on the 10th inst. The idea is
that even if nothing was definitely done at that meeting looking to an actual determination of prices of cotton goods, the
ice has been. broken. Some action of some sort looking to a
268
268
3,517 4,443 5,659 2,650 2,688 3,556 22,510 restriction of quotations for cotton goods, which have been
537
236
210
983 running wild for months past, is very generally expected
among Cotton Exchange people. If not now, they look for
1,962 2,187 37:0g 2,81345 3,768 1.983 16,158 something of the sort in the future. It may not directly
3,000 3,000 affect prices of raw cotton.
And then again it may. And
194
5
105
;05
57
297 1,130
139 1,563
627
690
721
138 3,878 the war has entered upon a grim phase. War work is being
860 2,537
882 1,353 1,342
483 7,457 speeded up all over the country on the idea that
it is more
137
137
314
314 than ever a war in which the United States is vitally inter306
672
230
69
247 1,599 ested. In such circumstances ordinary business considera75
961
961
tions, it is believed, will be relegated to the background.
Totals this week_ 10,463 13.542 13,905 9,493 10,213 13,721 71,337 Many feel that it will be a case of the United States first
and trade afterwards, and perhaps a long distance in the rear.
The following shows the week's total receipts, the total Another thing which has tended to depress prices was the
since Aug. 1 1917 and the stocks to-night, compared with favorable weather for a time at the South, even allowing for
last year:
the fact that of late temperatures have been too low to be
seasonable. It was generally expected, too, that the first
1917-18.
Stock.
1916-17.
weekly Government weather report of the season, to appear
Receipts to
on the 10th inst., would be favorable. And on the whole it
April 12
This Since Aug This Since Aug
.
Week. 1 1917. Week. 1 1916.
was. Another thing on which stress has been laid is the
1918.
1917.
Galveston
12,942 1,483,117 18,4262,377,377 304,432 250,942 steadily increasing stocks at the ports and interior towns.
Texas City
66,948
458 242,523
41,842
19,213 At the same time, exports continue small. May not exPort Arthur
8,102
35,074
porters who hold large supplies at the South become disAransas Pass, &c_
268
21,222
____
60,083
New Orleans
22,510 1,365,843 18,210 1,301,516 435.037 365,178 couraged after a time, if ocean tonnage should continue
Mobile
983
91,805
91.531
236
13,746
7,469 scarce, and sell out? This query is answered by not a few
Pensacola
30,213
31,381
Jacksonville
-38,000 2,100
58,981
14,000
9,000 in the affirmative. Great Britain has thus far allotted no
Savannah
16,i
-58 968,387 5,649 774.057 268.728 145,173 ocean tonnage for cotton imports. It is said that it allotted
Brunswick
3,000 120,000 2,000 109,500
14.000
5,852
Charleston
1,130 191,294 3,721 157,370
46.243
33,803 none in March and that not all of February's allotment has
Wilmington
3,878
89.899
541
85,745
44,900
53,983 yet been used. Add to this that the season in some sections
Norfolk
7,457 275,970 7,577 455,837
96,119 105,648 of the belt is said to be four weeks early, that many reports
N'port News,&c_
137
5,155
217
12,349
New York
314 109,148
303
34,790 146,603
97,195 point to an increased acreage, that the price is some 15 cents
Boston
1,599
96,572 1,406
75,482
17,968
11,488 higher than a year ago, and that the British have met with
Baltimore
961
74,195 3,278
71,202
35,662
28,719
Philadelphia
---5,931
142
4,932
8,122
3,717 reverses on the western front, and we have a pretty clear
idea why so many have sold out during the past week and
Totals
71.337 5.041.801 64.264 5.979.730 1.487.402 1.137.380
why some prominent Wall Street operators have latterly been
In order that comparison may be made with other years, selling short. The West, moreover, has been selling.
we give below the totals at leading ports for six seasons:
Liverpool of late has begun to waver. Its prices have not
been up to expectations, especially for futures. And ManReceipts at1918.
1917.
1916.
1915.
1914.
1913.
chester seems to be somewhat less active. The South has
Galveston ___
12,942
18,426
35,456
58.131
36,310
24,792 been selling here, to all appearance, rather more freely.
Texas City,&c
268
458
10,095
6,770
1,388
806 And then again there was a report that the National Ginners'
New Orleans_
22,510
18,210
18,374
38,445
27.868
24,246 Association had estimated the March consumption in this
Mobile_
983
236
5,179
1,385
6,703
4,942
Savannah____
16,158
5,649
7.346
25,736
14,478
16,405 country at 551,000 bales, against 601,000 in March last
Brunswick__ _
3,000
2,000
3,500
8,000
300
2,050 year. This had an effect for a time. And the local stock
ChariestonAc
1,130
3,721
3,770
7.469
3,190
2,204
Wilmington....
3,878
541
5,240
6,933
2,649
5,153 here is gradually increasing. Liverpool of late has been sellNorfolk
7,457
7,577
10,899
14,024
4,944
6,593 ing July and October. Trade interests have been selling
N'port N.,&c.
137
217
492
3,287
3,884
327
All others
2,874
7,229
2,199
11,199
1,705
1,577 out hedges to some extent. In short, the market has weakened on talk of price-fixing, war news, good crop advices,
Tot.this week
71,337
64,264 102.550 181,379 103,419 89,095
increasing Southern stocks and slim exports, together with
Since Aug. 1.. 5.041.801 5.070.735 5.005.448 9.30R.:118 0.814.274 0.128.120 heavy liquidation by prominent interests for months
identiThe exports for the week ending this evening reach a total fied with the bull side. Many look for a sharp increase in
of 59,645 bales, of which 251 were to Great Britain, the crop. They think that 14,000,000 to 15,000,000 bales
.
29,927 to France and 29,467 to the rest of the Continent. are by no means out of the question. And the point is emphasized that America cannot consume the whole crop.
Exports for the week and since Aug. 1 1917 are as follows:
Foreign buyers are not taking anything like their usual vota;
ships are too badly needed to transport troops, munitions
Week ending April 12 1918.
From Aug. 1 1917 to April 12 1918.
Exported toExported to
and food, and shipbuilding is too far behind the schedule,it
Exports
is believed, to permit of the normal use of ocean tonnage for
fromGreat
Great
Britain. France. Other. Total. Britain. France. Other.
Total.
purely commercial purposes. On the other hand, however,
Galveston_
4,875 67,780 158,229 660,884 the American consumption is believed to be large. Even
Port Arthur --------------------8,102
____
____
____ ____
8,102 551,000 bales in March would make a favorable showing as'
Laredo, dm_
2,507
2,507
NewOrlea.
.
251 4,894 13,950 19,095 344,719 133,439 49,650 527,808 compared with that for some months previous. It stands
Mobile __
____
____
____
____ 64,624
1,000 65,624 to reason that the consumption will be large for the duration
Pensacola_
__
30,987
30,987
Savannah__
__ _ 18,1555
-_-_ -_-_ 18,633 163,808 128,694 121,995 414,497 of the war. Government contracts will be enormous.
Brunswick.
6,514
96,514 European stocks, too, are down to an abnormally low stage.
Wilmington -----------------7,174 35,989 24,906 68,069 Spot cotton
__ _
--_-___
____
in Liverpool has been on the whole noticeably
Norfolk_ _
____
____
____ ___
60,492 21,000
2,003 83,495
New York_
____
____
____ __ _ 400,574 93,913 181,273 675,760 steady,for the very reason that imports are so light. LancaBoston _
____
____
____
____ 105,606 23,164
2,607 131,377 shire is evidently nervous. It may induce the British GovBaltimore__
____
____
____
____ 76,340
1,367
2,652 80,359 ernment to allot
a larger amount of tonnage for April and
Philadel'a__
6,984
473 27,457
Portl'd, Me. -_
---- -------------1,600
--__ -__
____
1,600 May than many people now expect. British war risks are
Detroit __ _
1,623
1,623 down to 23t%. Moreover, the Southern spot holder
Pacific ports -------- 15,517 15:517
has
441,364 441,364
refused as a rule, it is claimed, to follow declines in futures.
Total__
251 29,927 29,467 59,645 1,834,022 405,34; 988,659 3,318,027 And some
think the war will end this year, or at any rate beTotal '16-17 17,659 13,710 29,001 60,3702,232464 735,672 1,535,0784,503,214 fore the ending of the next cotton season, which will of course
Total '15-16 36,019 16.601 25.222 77.8422.031.120 650.459 1.527.0734.208.652 be on July 31
1919. And peace would very generally be
In addition to above exports, our telegrams to-night also regarded as a bullish argument. The food crop propaganda
continues and some think that it is bound to have a restrictive
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for effect on the cotton acreage. And as railroad conditions
improve, it is believed in not a few quarters that Southern
New York.
stocks will decrease. Some of the cotton at the ports and
interior towns, at least, is supposed to be owned byVmerican
On Shipboard, Not Cleared for
mills. To-day prices fell 90 to 100 points on war news,
Great
GerOther Coast:
Leaving
fear of price-fixing, rumors of lower spot prices in Oklahoma
April 12at- Britain. France. many. Conet. wise. Total.
Stock.
and the Atlantic States, and heavy liquidation. Liverpool,
Galveston ----------------16,985 5,000 21,985 282,447
New Orleans*_ 7,000 1,0116
____
3,000 2,000 13,000 422.037 Wall Street, the West, New Orleans and the South generally
Savannah --_------_------ 3,200 3,204) 265,528 sold. Middling upland closed at 33.30c., showing a decline
Charleston____
_
46,243 for the week of 205 points.
Mobile
i8o
------------ 2,4677
____
____
____
37:"21
10,529
Norfolk
The official quotation for middling upland cotton in the
500
500
95,619
New York*- 5,000 3,000
____
2,000
____ 10,000 136,603 New York market each day for the past week has been:
Other ports*.- 6,000 4,000
____
1,000
--__ 11,000 165,494
April 6 to April 12.
Sat. Mon. Tues. Wed. Thurs. Fri.
Total 1918
18,750 • 8,000
35.70 35.10 35.20 35.00 34.15 33.30
____ 22,985 13,167 62,902 1,424,500 Middling uplands
Total 1917
25,806 16,011
_ ,_ 21,919 11,921 75,657 1,061,723
Total 1916.._ 43.669 28.597
Too 78.173 10 512 155 161 1.155 Inn
NEW YORK QUOTATIONS FOR 32 YEARS.
1918.c
33.30 1910_c
02
,
15.30 19 1 _c
0
9.25 1894_c
•Estimated.
7.62
1917
20.85 1909
10.35
8.25 1893
8.31
Speculation in cotton for future delivery has been larger 1916
12.00 1908
10.25 1900
0
9
.
6 11 18 2
9 80 8 1
.
7
.00
10.10 1907
11.00
8.94
at a big decline in prices. At times the drop has been very 1915
1914
13.35 1906
11.80 118899
98
1890
11.62
sharp. Several things have had a distinctly weakening ef- 1913
12.50 1905
8.05 1897
7.44 1889
10.52
1 0
11.65 1904
14.75 18
7.88 1888
fect. One of them was the fear of pride-fixing at Washing- 1912
9.75
1911
14.6511903
10.50 1895
6.5611887
10.62
Galveston
Texas City
Port Arthur_ _.
Aransas Pass, &c
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News, &c
New York
Boston
Baltimore
Philadelphia
2,948
1,899
Tues.
2,994
Wed.
Thurs.
1,169, 1,595
Fri.
Total.
2,337 12,942
t c,
1589
THE CHRONICLE
APR. 13 1918.1
am
-that is,
AT THE INTERIOR TOWNS the movement
-The highest, lowest and closing prices at
FUTURES.
the receipts for the week and since Aug. 1, the shipmentsfor
Now York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
April 6. April 8. April 9. April 10. April 11. April 12. Week.
detail below.
April
Movement to Apr. 13 1917.
Movement to April 12 1918.
34.28 -- 33.68 -- 33.70 -- 33.28-A8 32.50 -- 31.65 -Ship- Stocks
Receipts.
Receipts.
Ship- Stocks
Towns.
meats. Apr.
tnents. Apr.
33.80-.19 33.46-.42 33.40-.76 33.37-.63 32.60-.35 31.75-192 31.75-P12
13.
Week. Season. Week.
12.
Week. Season. Week.
33.48-.49 32.70-.76 31.78 .80-- 34.18-.19 33.58-.60 33.66-.72
-937 8,282
9,500
26
4,316
15 2,831
15
Ala., Eufaula__
41,599 1,805 28,150
126
66 47,830 1,525 6,595
3.99 -- 32.23 ::31.38 ::
Montgomery.
33.12 ::33.18
33.72
167
638
236
21,060 1,834 5,044
43 33,907
Selma
300 13,804 1,273
71,531 2,136 19,699
39,979
100
32.63-.05 32.62-.91 32.01-.60 31.08 /25 31.08 172 Ark., Helena
33.14-.46 32.69-172
2,666 218,179 8,631 47,638 3,128 217.993 4,331 32,652
Little Rock
33.42-.45 32.82-.85 32.98-.02 32.79-.81 32.03-.06 31.18-.20
729 135,091 5,336 54,593 2,212 146.990 2,762 43.538
Pine Bluff...
August
260 1,664
19,136
67
60 1,750
12,304
10
32.92 -- 32.55-.44 32.48-.61 32.30-.42 32.20,23 31.68-.73 31.68-144 Ga., Albany_ _ _
Range
942
98,358 3,733 22,353
967 118,115 1,389 31,329
Athens
33.12 -- 32.62 -- 32.62 -- 32.42-.46 31.68 -- 30.83 -Closing_ _
5,054 307,880 7,877 47,204 8,162 283,774 7,695 72,821
Atlanta
September
30.38
30.38 5,467 423,041 6,231 135,289 4,980 352.756 8,679 95,871
Augusta
Range
462
60,788 1,130 15,463
372 7,900
350 35.339
Columbus_ _ _ _
Closing_ _ _ _ 32.42 -- 31.73 -- 31.80 -- 31.59 -- 30.85 -- 29.99 -2,671 157,777 1,728 23,912 3,188 153.418 2,495 16,046
Macon
October
54,818
826 7,152
629
932 53,459 1,325 11,399
Rome
31.80-.06 31.25427 31.10-.52 30.99-.29 30.44-.02 29.44-e53 29.44-127
Range
581 192,676 1,903 32,665 1,012 143,167 1,169 14,999
La.. Shreveport
Closing_ _ _ _ 32.02-.05 31.33-.37 31.40,43 31.19-.21 30.45-.46 29.59-.60
40 1,266
5,555
61
294 1,042
9,888
44
MIss.,Columbus
November
440 17,000
40 55,392
31.21 -31.21
300 103.594 1,300 33,636
Clarksdale._
Range
500 107,454 1,593 23.000
31.03 - 30.30 -29.44 -1,000 124.121 1,302 40,000
Greenwood
-- 31.20 -- 31.21
Closing__ -- 31.88
114 5,539
20,140
155
548 10,155
33,492
302
Meridian
December224 9,528
33.605
____
51,225 1,409 6,129
281
Natchez
31.50-.75 31.00-.99 30.80-.20 30.70,00 30.10-.70 29.17-e20 29.17499
Range
368 3,685
15,831
30
378 7,823
29,543
368
Vicksburg_ _ _ _
31.73-.74 31.05-.08 31.06-.08 30.88-.90 30.10-.14 24.94-.26
Closing_ _ _ _
191 5,400
19,010
____
218 15,300
37.908
100
Yazoo City
January
31.41-.64 30.99-.86 30.75-.10 30.58-.85 29.98-.59 29.11-.04 29.11486 Mo.,St. Louis_ 20,936 863,381 22,424 16,578 11,628 843,066 15,158 33,858
Range
66,693 1,442 6,100
600
___ 10,500
1,000 50,642
30.95-.98 30.94 -30.76-.79 29.98-.99 29.14,20
N.C.,Gr'nsboro
Closing_ _ _ _ 31.62-.63
144
10,953
500
487
343
500
10,364
512
Raleigh
February
30.54
204 165,100 1,261 20.599
31.80 -- 0. Cincinnati_ 3,367 109,413 4,747 22,860
31.80
Range
92 2,357
199
51,930
___
___
30.84 -30.66 -29.88 -- 29.09 13,750
____
30.85 Okla., Ardmore
Closing_ _ _ _
77,274
573 '3,427
540
57,305 4,454 3,615
1,069
Chickasha
March
29,048 1,638 3.531
30.55-175
284 5,413 1,185
5 33,358
31.75 - --30.55
Hugo
Range
37,083
233 1,100
258
835 3,923
30.69 -30.51 -29.68 -- 28.89 -42,637
501
30.77 -Oklahoma
Closing.-S.C.,Greenville 4,260 114,938 4,160 24,770 3,524 124,162 4,292 26,758
16.432 1,103 5,314
___
725 5,175
13,266
.1 33c. £32c. 131c. e 30c.
31c.
Greenwood_
Tenn.,Memphis 29,612 1,125,971 29,415372,602 17,896 1,157.049 28,203328,480
20
437
2,355
445
__-_ 1,156
1,701
__._
Nashville
THE VISIBLE SUPPLY OF COTTON to-night, as made Tex., Abilene
261 1,500
200 58,254
678
-_-_
26,990
___
41 2,228
23,780
31
802
73
21,003
69
up by cable and telegraph, is as follows. Foreign stocks, as Brenham
4
____ 2.043
42,043
____ 5,856
53,105
539
Clarksville_ _ _
well as the afloat, are this week's returns, and consequently Dallas
780 113,201 1,310 6,470
1,000 124,705 1,500 14,500
7
966
5
39,425
277 7,778
all foreign figures are brought down to Thursday evening. Honey Grove_
60,794
661
13,024 1,821,931 18,723 195,667 24,7402,355,835 25,875 124,219
Houston
But to make the total the complete figures for to-night Paris
of exports from the United States, San Antonio._ 655 103,031 985 14,657 1,616 129.108 1,329 5,576
624 1,854
(Friday), we add the item
43,485
178
17
29
29,632
16
Range
Closing_ _ _ _
.May
Range
Closing_ _ _ _
June
Range
Closing_ _ _ _
July
Range
Closing.. _ _ _
including in it the exports of Friday only.
April 12Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
bales
1918.
463.000
22,000
64,000
1917.
677,000
24,000
57,000
1915.
1916.
816.000 1,538,000
22,000
55.000
87,000 127,000
549,000
758.000
*1.000
*1,000
322,000
8,000
103,000
32,000
*1.000
958,000 1,687,000
*1,000 *34,000
*1.000 *552.000
308.000 231,000
19.000
13,000
43,000
80,000
133.000 606.000
*4,000
*1,000
468,000
537.000 1,489,000
125,000
1,000
24,000
8,000
158,000
Total. 41 towns 99.2726.847.581 131.508 1238522 91.6797.318.101 126.824 1026112
Last year's figures are for Greenville.
.
The above totals show that the interior stocks have decreased during the week 32,236 bales but are to-night 212,409
bales more than at the same time last year. The receipts at
all towns have been 7,593 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
0
.
707,000 1,226,00 1,495,000 3,176.000
Total European stocks
46,000 162,000
67,000
India cotton afloat for Europe... 28,000 228.000 379,430 668.603
176.000
Amer. cotton afloat for Europe
49,000
36,000
44.000
.,afloat for Eur'pe 83,000
Apr. 12.
Egypt,Brazil,&c
93,000 229.000 Shipped319,000 156.000
Stock in Alexandria, Egypt
*584,000 840,000 1.099,000 786,000
In Bombay, India
Via St. Louis
Stock
1,487,402 1,137,380 1,331,251 1,454,002
Stock in U. S. ports
Via Mounds, &c
.1.238.522 1.026,113 1,013,861 834,222
Via Rock Island
Stock in U. S. -Interior towns._.
9,082
23,945
2,783
26,095
Via Louisville
U.S. exports to-day
Via Cincinnati
4,649,019 4,727,276 5,502,624 7,382,772
Total visible supply
Via Virginia Points
and other descriptions are as follows
Via other routes, &c
Of the above, totals of American
American
bales- 277,000 575,000 610,000 1,235,000
Total gross overland
Liverpool stock
98,000 Deduct Shipments
47,000
34,000
64,000
Manchester stock
*138,000 *399,000 *429.0004
'1,318.000
Overland to N. Y.. Boston, dm
stock
Continental
176,000 228,000 379,430 668,603
Between interior towns
American afloat for Europe
1,487,402 1,137,380 1,331,251 1,454,002
Inland, &c., from South
U. U. ports stocks
1,238,522 1,026.113 1.013,861 834,222
U. S. interior stocks
23,945
26,095
9.082
2,783
Total to be deducted
U. S. exports to-day
3,377,019 3,415,276 3.836,624 5,631,772
-1917-18Since
Week. Aug. 1.
22,424 856,156
4.864 337,613
9,630
400
70,811
2.340
36,233
1,099
1,582 176,775
14,288 544,124
-1916-17Since
Week. Aug. 1.
a15.158 a821.335
5,487 221.983
62
5.827
1,3,45
99,303
60.639
- .
4.(59§ 249,779
13.768 646,089
46,997 20,31,332
40,858 2,104,955
285.846
80.102
676,620
5,129
1.146
12.551
196.406
130.573
306,904
26,944 1,042,568
18,826
623.883
2,874
2,116
21,954
22,032 1,481,072
Leaving total net overland*___20,053 988,764
*Including movement by rail to Canada. a Revised.
Total American
East Indian, Brazil, ex.186,000 102,000 206.000 303.000
Liverpool stock
22.000
24,000
22,000
55.000
London stock
The foregoing shows the week's net overland movement
29.000
10,000
23.000
30.000
Manchester stock
*20,000 *69,000 *108.000 *171,000 has been 20,053 bales, against 22,053 bales for the week last
Continental stock
46,000 162,000
67,000
28,000
season to date the aggregate net overIndia afloat for Europe
49.000 year, and that for the
44,000
36,000
83.000
Egypt Brazil, &c., afloat
93.000 229.000 land exhibits a decrease from a year ago of 492,308 bales.
319,000 156,000
Stock i n Alexandria, Egypt
*584,000 840.000 1,099,000 786,000
-----1917-18----- -----1916-17
Stock in Bombay, India
Since
Since
In Sight and Spinners'
Week.
1,272.000 1,312.000 1.666.000 1,751,000
Aug. 1.
Aug. 1.
Week.
Takings.
Total East India, &c
3,377,019 3,415,276 3,836,624 5,631,772
64,264 5,979.730
71.337 5,041,801
American
Total
Receipts at ports to April 12____
988.764 22.032 1,481.072
20,053
4,649,019 4,727,276 5,502,624 7,382.772 Not overland to April 12
Total visible supply
5.75d. South'n consumption to April 12a 85.000 2,988,000 90,000 2.966,000
7.78d.
24.38d. 13.08d.
Upland, Liverpool
Middling
10.30c.
20.85c.
11.95c.
33.30c.
176.390 9,018,565 176.296 10,426.802
Middling Upland. Now York........ 33.39d. 27.25d. 11.54d.
Total marketed
8.75d.
672.379
884,030 *35,145
*32,236
Egypt, Good Brown, Liverpool
9.25d. Interior stocks in excess
Peruvian, Rough Good, Liverpool 39.00d. 19.25d. 13.25d.
5.40d.
7.55d.
22.90d. 12.65d.
141,151
.144,154
Broach, Fine, Liverpool
Came into sight during week.
5.56d.
7.67d.
23.15d. 12.83d.
9,902,595
11,099,181
Tinnevolly, Good, Liverpool
Total in sight April 12
North.spinners'takings to ADr.12 52,002 1,629,112 86,556 2,422,158
* Estimated.
* Decrease
Continental imports for past week have been 22,000 bales. available. during week. a These figures are consumption; takings not
figures for 1918 show a decrease from last week
The above
Movement into sight in previous years:
of 48,118 bales, a loss of 78,257 bales from 1917, a decline
Bales.
Since Aug. 1Bales.
Week10.422.905
176.927 1915-16-April 14
of 853,605 bales from 1916 and a falling off of 2,733,753 1916-April 14
-April 16
13.422,851
237.922 1914-15
-April 16
1915
bales from 1915.
13,596.996
-April 17
136.686 1913-14
1914-Aprll 17
-The closing
-Our teleNEW ORLEANS CONTRACT MARKET.
WEATHER REPORTS BY TELEGRAPH.
quotations for leading contracts in the New Orleans cotton graphic advices from the South this evening denote that rain
market for the past week have been as follows:
has been general during the week, and on the whole, beneSaturday, Monday, Tuesday, Wed'day, Thursd'y, Friday, ficial. Temperature, however, has been lower with light
April 6. April 8. April 9. April 10. April 11. April 12.
frost in localities. Texas reports unseasonably cool weather
n
32.87-.89 32.31 -32.47 -32.31-.33 31.63-.65 30.70,
April
32.36 -31.68-.69 30.75-.81 at times with local light frosts, but good precipitatio pretty
32.87-.88 32.36-.41 32.52-.57
May
32.87-.89 32.36-.39 32.52-.57 32.35-.37 31.68-.70 30.75-.80 well over the State, except in southwestern sections, where
June
32.75-.81 31.59-.61 30-76-.83 29.91-.96
32.15-.21 31.66-.70
July
32.00-.03 31.51-.53 31.60-.63 31.19-.25 30.58-.60 29.73-.75 moisture is still needed.
August
30.84-.89 30.25-.30 30.27-.32 30.15-.18 29.39-.42 28.44-.50
October
-Unseasonably cool weather prevailed on
Galveston, Tex.
30.57-.60 29.98-.99 29.95-.99 29.79-.82 29.03-.05 28.13-.15
December
January
30.42-.44 29.83-.85 29.80-.83 29.60-.64 28.89-.99 27.93-.95 several days of the week with local light frosts. Good preTone
cipitation occurred in the eastern half of the State, while in
quiet
Quiet
Quiet
Steady
Unch'g'd Quiet
Spot
Steady Daly s'y Steady Steady Ba'ly s'y Ba ly s'y other portions light to good showers were recorded, except
Options
1590
THE CHRONICLE
Wm,. 106.
in the southwestern section, where additional moisture is
Atlanta, Ga.-We have had rain on three days of the week,
needed. Planting is making satisfactory progress. The the precipitation being three inches and forty-six hundredths.
week's rainfall has been one inch and twenty-eight hun- Minimum thermometer 34, maximum 64, mean 50.
dredths, on two days. Average thermometer 60, highest
Savannah, Ga.-There has been rain on three days during
72, lowest 48.
the week to the extent of one inch and twelve hundredths.
Abilene, Tex.
-There has been rain on two days during The thermometer has ranged from 43 to 74, averaging 57.
the week, the precipitation reaching eighty-nine hundredths
Charleston, S. C.
-Rain has fallen on three days of the
of an inch. The thermometer has averaged 58, the highest week, to the extent of one inch and twenty-five hundredths.
being 76 and the lowest 40.
Minimum thermometer 43, highest 68, average 56.
Brenham, Tex.
-We have had rain on one day of the week,
Spartanburg, S. C.
-There has been rain on four days
the rainfall reaching one inch and one hundredths. The during the week, the rainfall being eighty-seven hundredths
thermometer has averaged 63, ranging from 42 to 84.
of an inch. The thermometer has averaged 50, the highest
Brownsville, Tex.
-There has been no rain during the week. being 65 and the lowest 34.
The thermometer has ranged from 48 to 86, averaging 67.
Charlotte, N. C.
-It has rained on three days during the
Cuero, Tex.
-It has rained on two days of the week, the week, the precipitation reaching one inch and forty-two
rainfall reaching one inch and thirty hundredths. Mini- hundredths. The thermometer has averaged 50, ranging
mum thermometer 40, highest 84, average 62.
from 37 to 64.
Dallas, Tex.
-We have had rain on one day of the week,
Memphis, Tenn.
-Planting is progressing well. We have
the rainfall reaching one inch and fifty-two hundredths. had rain on one day during the week, the rainfall being
The thermometer has averaged 56, the highest being 71 twenty-seven hundredths of an inch. The thermometer
and the lowest 42.
has ranged from 33 to 67, averaging 51.
Fort Worth, Tex.
-It has rained on one day of the week,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
the rainfall reaching one inch and fifty-two hundredths. The
MARKETS.
-Below are the, closing quotations of middling
thermometer has averaged 56, ranging from 42 to 70.
Henrietta, Tex.
-There has been rain on one day during cotton at Southern and other principal cotton markets for
the week, the rainfall being one inch. The thermometer each day of the week.
has ranged from 34 to 74, averaging 54.
Closing Quotations for Middling Cotton on
Huntsville, Tex.
-It has rained on one day of the week,
Week ending
the rainfall reaching one inch. Minimum thermometer 36,
Apr. 12.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
maximum 86, mean 61.
Galveston
34.10
34.10
34.10
34.10
33.70
33.10
Kerrville, Tex.
-We have had rain on one day the past New Orleans_.. 34.50 34.50 34.50 34.50 34.50 34.00
35.00
35.00
35.00
week, the rainfall being one inch and sixty-six hundredths. Mobile
35.00
34.50
34.50
Savannah
34.50
34.50
34.50
34.50
34.50
34.50
The thermometer has averaged 54, the highest being 74 and Charleston
34.00
34.00
34.00
34.00
34.00
Wilmington..
the lowest 34.
34.00
34.00
34.00
34.00
33.13
Norfolk
34.50
34.00
34.50
33.75
55:60 33.13
Lampasas, Tex.
-The week's rainfall has been thirty-four Baltimore
34.75
34.75
34:75
34.75
34.00
33.75
hundredths of an inch on one day. The thermometer has Philadelphia
35.35
35.95
35.45
35.25
34.40
33.55
Augusta
35.25
35.25
35.00
35.00
34.75
34.25
averaged 56, ranging from 34 to 78.
Memphia
34.25
34.25
34.25
34.25
34.25
34.50
Longview, Tex.
-We have had rain on two days during the Dallas
33.35
33.60
33.25
32.60
31.75
Houston
34.30
week, the rainfall being two inches and twenty-six hun- Little Rock__ _ _ 34.25 33.80 34.00 34.00 33.65 33.15
34.25
34.25
34.25
34.25
34.25
dredths. The thermometer has ranged from 39 to 72, averaging 56.
MARKET AND SALES AT NEW YORK.
Luling, Tex.
-We have had rain on two days the past week,
the rainfall being one inch and thirty-two hundredths. The
Futures.
SALES.
thermometer has averaged 61, the highest being 82 and the
Spot Market
Market
Closed.
Closed.
Spot. Contract Total.
lowest 40.
Nacogdoches, Tex.
-It has rained on one day of the week, Saturday..__ Quiet, 35 pts. adv.... Firm
the rainfall reaching one inch and eighty-hundredths. The Monday -__ Steady, 60 pts. dec.. Irregular
Tuesday ___ Quiet, 10 pts. adv__ Firm
thermometer has averaged 55, ranging from 36 to 74.
Wednesday_ Met. 20 pts. dec__ Steady
Palestine, Tex.
-It has rained heavily on one day of the Thursday __ Met, 85 pts. dec.._ Barely steady__
Quiet, 85 pts. dec.. Steady
week, the rainfall reaching four inches and twelve hun- Friday
dredths. The thermometer has averaged 56, the highest
Total_
being 70 and the lowest 42.
Paris, Tex.
--We have had good rain on one day of the
EXPORTS OF COTTON GOODS FROM GREAT
week, the rainfall reaching one inch and ninety hundredths. BRITAIN.
-Below we give the exports of cotton yarn,
The thermometer has averaged 55, ranging from 34 to 76.
goods, &c., from Great Britain for the month of February
San Antonio, Tex.
-There has been rain on two days of the and since Aug. 1 in 1917-18 and 1916-17, as compiled by us
week, to the extent of two inches and thirty-four hundredths. from the British Board of Trade returns. It will be noticed
The thermometer has averaged 63, the highest being 80 and that we have reduced the movement all to pounds.
the lowest 46.
Taylor, Tex.
-It has rained on one day of the week, the
Cloth.
Yarn & Thread
Total of All.
rainfall reaching one inch and twelve hundredths. Minimum 000's
omitted. 1917-18 1916-17 1917-18. 1916-17. 1917-18. 1916-17 1917-18. 1916-17
temperature 40.
yards.
yards.
lbs.
Ardmore, Okla.
lbs.
lbs.
lbs.
lbs. lbs.
-It has rained on one day of the week, the
424,317
August_ 18,766 17,750
79,312
97,062
rainfall reaching one inch and ten hundredths: Thermom- Sept..__ 11,074 16,486 460,083 461,697 87,679 86,298 106,445 102,784
420,448
78,671
89,745
eter has averaged 56, the highest being 75 and the lowest 36. October 12,272 15,674 382,821 386,229 71,555 72,192 83,827 87,806
Muskogee, Okla.
-The week's rainfall has been thirty- 1st guar 42,122 49,911 1,272,352 1,272,243 237,905 237,802 280,017 287,712
eight hundredths of an inch, on one day. The thermometer
Nov ___ 9,929 14,785 304,487 340,500 73,736 63,645 83,665 78,430
has averaged 52, ranging from 32 to 72.
Dec__ 9,541 13,024 352,912 499,361
93,320 75,506 106,344
Eldorado, Ark.
-There has been rain on one day during the Jan.__ 10,344 16,424 400,612 409,484 65,965 93,361 85,225 109,785
74,881
week, to the extent of two inches. The thermometer has
2d guar. 29,814 44,233 1,148,011 1,339,345 214,582 250,326 244,396 294,559
ranged from 31 to 75, averaging 53.
Little Rock, Ark.
-It has rained on two days during the Feb____ 7,151 11,975 303,002 330,125 64,251 61,705 71,402 73,680
week, the precipitation reaching four inches and eighteen Stockings and socks
1,444
945
hundredths. Minimum thermometer 31, maximum 68, Sundry articles
26,224 28,347
mean 54.
Total exports of cotton manufactures
622,984 685,742
New Orleans, La.
-We have had rain on two days the past
week, the rainfall being three inches and forty-two hunThe foregoing shows that there have been exported from
dredths. The thermometer has averaged 61.
the United Kingdom during the seven months 622,984,000
Shreveport, La.
-There has been rain on two days during pounds of manufactured cotton, against 685,742,000 pounds
the week, the precipitation being two inches and seven- last year, a decrease of 62,758,000 pounds.
teen hundredths. The thermometer has averaged 56, rangWORLD'S SUPPLY AND TAKINGS OF COTTON.
ing from 40 to 73.
Columbus, Miss.
-We have had rain on two days of the
week, the precipitation being three inches and twenty
1917-18.
1916-17.
Cotton Takings.
Week and Season.
hundredths. Minimum thermometer 32, maximum 79,mean
Week.
Season.
Week.
Season.
56.
4,697,137
Visible supply April 5
4,814,725
pow Vicksburg, Miss.-There has been rain on two days during Visible supply Aug. 1
2,814,776
3,198,251
the week to the extent of two inches and seventy-three American in sight to April
144,154 9,002.595 141,151 11,099,181
April
hundredths. The thermometer has ranged from 39 to 77, Bombay receipts toto April11.... b50,000 1,260,000 82,000 1,897,000
b3,000
67.000
Other India ship'ts
11..
196,000
8,000
averaging 58.
b6,000
703,000
Alexandria receipts to April 10..
7,000
640,000
b9,000
149,000
3,000
141,000
Mobile, Ala.
-Two light frosts. Damage to young plants Other supply to April 10*
considerable. Rain has fallen on two days of the week to
4,909,291 14,896,371 5,055,876 17,171,432
Total supply
Deduct
the extent of four inches and seventy-six hundredths.
4,649,019 4,649,019 4,727,276 4,727,276
Visible supply April 12
Minimum thermometer 38, highest 80, average 59.
260,272 10.247,352 328,600 12,444,156
Montgomery, Ala.
-There has been rain on two days during Total takings to April 12 a
196,272 8,045,352 241,600 9.772,156
Of which American
the week, the rainfall being one inch and sixty-four hun64,000 2,202,000
87.000 2.672.000
Of which other
dredths. The thermometer has ranged from 35 to 69,
*Embraces receipts in Europe from Brazil, Smyrna, NVest Indies, &c.
averaging 52.
estimated consumption by Southern millst
a This
Selma, Ala.
-Rain has fallen here on two days of the 2,988,000total includes theand 2.966,000 bales in 1916-17-takings no,
bales in 1917-18
week, to the extent of one inch and seventy hundredths. being available-and the aggregate amounts taken by Northern and
foreign spinners 2,259,352 bales in 1917-18 and 9,312,156 bales in 1916-17,
Minimum thermometer 32, highest 74, average 51.5
of which 5,057,352 bales and 0,717,150 bales American. 8 Estimated.
THE CHRONICLE
APR. 13 1918.1
1591
SO COSS@ 0
OS OSOSO 0
-The receipts of tion of American wheat shipments are as flour. Arrivals are
BOMBAY COTTON MOVEMENT.
India cotton at Bombay for the week ending Mar.21 and for gradually improving.
Wheat, of course, has been firm, owing to scanty supplies.
the season from Aug. 1 for three years have been as follows:
The winter wheat report was in the main favorable. It
1916-17.
1915-16.
appeared on April 8 and forecast a crop of 560,000,000 bush.
1917-18.
March 21.
as against 418,000,000 last year, or in other words 142,000,Since
Since
Since
Receipts at
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1. 000 bush. more than then. Some had been reckoning on
200,000,000 bush. and even a greater increase over last
37,000 1,117,000 79,000 1,655,000 106,000 2,228,000
Bombay
year, and instead of 560,000,000 at least 650,000,000 bush.
-Our report received by The Government, to many,is overconservative in its figures.
MANCHESTER MARKET.
cable to-night from Manchester states that the market is Possibly that may be the wisest course for much may happen
exceedingly strong and spinners are booking reluctantly. A between now and harvest. It put the condition of winter
moderate turnover of cloth is reported. We give prices for wheat at only 78.6%. Private estimates had put in at 80 and
to-day below and leave those for previous weeks of this and above. It is believed that if spring wheat is planted on
anything like the ratio of winter wheat there will be a
last year for comparison:
total crop, even according to the Government figures of 850,1917.
000,000 bush. or 200,000,000 bush. more than last year.
1918.
this will be enough to take care of the
834 lbs. Shirt- Corn In other words,
834 lbs. Shirt- Cot'n
ings. Common Mid. needs of this country and those of the Allies. Of course,
32s Cop
ings Common Mid.
32s Cog
to finest.
Up's.
Twist.
Up's. the situation will be all the better if these figures
to finest.
Twist.
d. s d.
.
s. d. d.
are greatly exceeded as many hope and believe they will be.
a. d. d. d.
d. s. d.
Feb. d.
16% 9 0 @II 7% 11.33 It should be remembered in judging the Government figures
40% 18 45411825 9 23.15 15%
22 38%
Mar
16% 9 1341411 914 11.48 that they do not include the recent very beneficial rains
40% 18 454@26 9 23.81 15%
39%
16% 9 454012 0 11.94 that is, since April 1. And some believe that if such rains
40% 18 454 026 9 23.59 1581
8 40
17 9 5 012 1% 12.08
43 18 454026 9 23.63 15%
15 41
17% 9 5 012 1% 12.47 could have been included, the condition of the winter-wheat
4454 18 454026 9 24.10 16
22 41%
18 9 4 @12414 12.77 crop could have been given at around 84% instead of 78.6.
44% 18 454026 9 24.32 1654
29 41%
Apr.
18 9 4 @12414 12.69 It is also well to bear in mind, however, that even 78.6% is
45% 19 10% @28 154 24.95 16%
5 425j
18 9 9 @130 13.08 to be compared with 63.4% a year ago, a gratifying improve46% 20 014(4)286 24.83 16%
12 44
ment of 15.2%. Advices from Washington state that the
-In harmony with the desire of the Food Administration is very optimistic over the wheat crop
SHIPPING NEWS.
Government to observe secrecy as to the destination of cotton outlook and that it has been predicted unofficially that if the
leaving United States ports, our usual details of shipments are spring-wheat crop maintains the same ratio as the wintersuspended until further notice.
wheat, the next harvest will furnish sufficient wheat to take
LIVERPOOL-By cable from Liverpool we have the fol- care of the needs of this country and the Allies next year.
lowing statement of the week's sales, stocks,&c.,at that port: In Canada the weather has been generally favorable and
Mar. 22. Mar. 29. April 5. April 12. crop preparations point to an increased acreage. Mean14,000
30,000
20,000
29,000
Sales of the week
while receipts are moderate. In France field work has been
Of which speculators took_
Of which exporters took
active under favorable weather conditions. There will be
7,000
11,000
10,000
13,000
Sales, American
a fair increase there in the spring wheat acreage and autumnActual export
63,000
33.000
60.000
73,000 sown crops are in good condition. Offerings in French
Forwarded
460,000 458,000 467,000 463,000
Total stock
281,000 284,000 290,000 277,000 markets are slowly increasing. Imports have increased
Of which American
45,000
40,000 • 64,000
78,000 somewhat. In Italy weather conditions have been generally.
Total imports of the week
29,000
36,000
46,000
49,000 good. In Spain the outlook is better. In the United KingOf which American
192,000 131,000 129,000
afloat..
Amount
92,000
60,000
dom winter crops are making rapid progress. They look
64,000
Of which American
The tone of the Liverpool market for spots and futures healthy. Sowing of spring crops there is well under way.
each day of the past week and the daily closing prices of Milling operations are active. In Russia the weather has
been very cold. This has interrupted new seeding. The
spot cotton have been as follows:
whole outlook there is reported to be unsatisfactory. InTuesday. Wednesday. Thursday. Friday.
terior supplies are only of moderate size. In North Africa
Saturday. Monday.
Sot.
the outlook is good after general rains. In Argentina the
Market, {
Fair
movement of wheat is larger, with fine weather. Mr.
Moderate Moderate
Moderate Moderate
12:15
demand. demand.
demand. demand. demand.
P.M.
Hoover says the food crisis is still grave. Rye has been for24.95
24.82
bidden as a wheat substitute. There is an increase of
24.77
24.97
24.38
Mid.Upl'ds
25.47
25.35
25.49
25.30
24.91
G'dM'dUp
26,000,000 bushels in the prospective rye crop, or a total
prospective increase over last year of about 225,000,000
5,000
5,000
5,000
5,000
5,000
HOLISales
Irregular, Irregular,
Steady,
Quiet,
Quiet
DAY
Futures.
bushels of bread grains. There is also hope of an increase
8012 pts. 231430 pts. 15©20 pts. 1(4)3 pts. 22(0)26 pts.
Market 1
of 100,000,000 bushels of wheat over last year in Great
decline.
advance.
advance.
decline.
decline.
opened
I
Britain and France, and an increase in Canada.
Quiet, Barely sty., Barely
Market, I
4
P.M.
Quiet,
Quiet
sty.,
11(4314 pts.
6@25 Pte. 311446 pts. 10(4)13 pts. 24©26
adv.on new den. on new dec. on new dec. on new dec. on.new
12 pts. on 2 pts. on 123 pts. on 15 pts. on
19 pts.
old.
I
old.
old.
old.
on old.
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues.
cts 226
226
226
229 229 229
No.2 red
No. 1 spring
NEW YORK.
Wed. Thurs. Fri.
226
226
226
229 229
229
Indian corn advanced somewhat with lighter receipts.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of good middling upland for Trading for July delivery with No.4 the contract grade, with
on the 11th inst. The
not
new contract and middling for old contract, unless other- rule over 15.5% of moisture, beganinterest to 200,000 bush.
restricting holdings by any one
wise stated.
is still in force. But there is to be no maximum price.
The prices are given in pence and 100ths. Thus: 25 41 means 25 41-100d.
Under the new rule trading is expected to broaden out. It
will be a better hedging market and ought to attract larger
Mon.
Tues.
Wed.
Sat.
Thurs.
Fri.
Apr. 6
to
shipments to the terminal points. In other words, it tends
12112M 12X 4 123,i 4 123.4 4 12X, 4 1251, 4
Apr. 12.
p.m. p.m. P• In. P.m. P.m. P.m. P.m. P.m. P.m. p.m. P.m. P.m. to restore something like normal conditions in the business.
Weather conditions at the West have at times been less fad. d. d. d.
d. d.
d.
d.
d. d.
New Contet d. d.
vorable, with further rains. Besides, the visible supply
25 41 47 25 16 27 04 89 79 65 67
April
25 18 24 96 84 95 74 59 49 35 38
statement was a surprise. It showed a falling off for the week
May
25 02 06 77 64 75 52 34 26 12 13
June
of 1,656,000 bush. Nobody had been looking for anything
HOLT- 24 85 88 58 44 55 31 14 06 91 92
July
of the kind. Many had expected a smallincrease. The disDAY 24 65 69 37 23 34 10 93 86 70 72
August
Old Contract
tribution, in other words, is enexpectedly large. And at
23 82 82 80 80 67 57 62 42 23 23
April
times Chicago receipts have been 40% No.4 grade or better,
23 74 74 72 72 59 49 54 34 15 15
April-May
23 66 66 64 64 51 41 46 26 07 07
May-June
and about the same percentage in the inspected samples.
23 58 58 56 56 43 33 38 18 99 99
-July _
June
Clearances from the seaboard have been heavy. The figures
point to a larger hog crop. No. 5 mixed corn is deliverable
on the new style corn contracts, the No. 4 at contract prices
BRE ADSTUF FS
and the No. 5 at 5 cents discount. Yet, all deliveries of
Friday Night, April 12 1918.
these grades are subject to allowance to elevators, when
Flour has not been freely offered. Quite the contrary. loaded out, of 1% in weight. This deduction of 1% in
And it is just as certain that all offerings have been snapped weight, when loaded out at elevators, amounts to an increase
up promptly. Still after all the receipts have been on the in the cost to shipper of 1% in price, thereby in reality, it is
whole sufficient to supply.the pressing needs of the hour. contended, putting the No. 4 corn at a discount under the
The situation, in the main, shows in other words little contract prices. In Liverpool the situation is improving
change. Substitutes are not over active. Some of them, and the outlook is more promising. Argentine crop news is
to be sure, are scarce. These include corn flour, rice flour very favorable and increased shipments are looked for shortand tapioca flour. And they are wanted. But with corn ly. The quality of early Argentine corn is very good; the
meal and barley flour it is 'different. They are plentiful export surplus is large. American shipments continue to
and meet with little demand. Rye flour has declined with show a fair total and are steadily mounting; American export
rye. Barley flour is especially, hard to sell and has been offerings are somewhat better. South Africa reports a good
weak in price. Some are trying to resell their holdings surplus for export and arrivals from that country keep fair.
of it. Corn flour and rice flour sell the most readily. In The spot demand is active, but arrivals are on an increased
the main, however, there is little new business being done. scale. The floating quantity is becoming larger, and ConThat may be the case for the rest of the season. In Liver- tinental needs are being partially satisfied. On the other
pool a steady trade continues for home milled flour. Fair hand, the weather in the United States at times has been
quantities of foreign flour are being released. A goodly por- more favorable for spring plowing. This is now going on in
1592
THE CHRONICLE
the more southerly portions of the belt. Everybody believes that the acreage will be large under the stimulus of
present high prices. The visible supply in the United States,
in spite of the decrease during the past week, is now 17,360,000 bushels, against 11,276,000 a year ago. To-day corn
unchanged, but is higher for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 3 yellow
cts_2003 20054 19014 19034 19054 19034
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_126% 1273 1273-( 127% 127% 12734
[vol.. 106.
ment is shown in the upper Rocky Mountain region. Many fields are
spotted in Pennsylvania. especially in the southeastern portion of the State.
The early seeded wheat improved in other Middle Atlantic Coast States,
but the late sown was showing less favorable development.
OATS.
-The conditions were generally favorable for oats and other
grains during the week Just ended. Winter oats showed some improvement in the southeastern States and were growing well, although still in
only fair to good condition. Drought killed considerable of the crop in
western Texas. Spring oats are being seeded as far north as southern
Michigan, Wisconsin, and South Dakota. Those seeded are germinating
well in central States and coming up to an excellent stand in more southern
districts.
WINTER RYE.-Winter rye has improved and is nearly ready to head
in the southeastern States. There was some winter-killing in the extreme
North. Barley was being seeded in the Northwest, and some early sown
Is up and looking well on the north Pacific coast. This crop, as well as
other grains, is backward in California, but is making satisfactory growth.
Rice planting is under way in the lower Mississippi Valley, and the early
planted is coming up well in Louisiana.
SPRING WHEAT.
-The seeding of spring wheat made satisfactory
progress, except in the extreme North where delayed by rainy weather and
frozen ground during the early morning hours. The seeding of this crop
is reported to be two weeks ahead of the average in Minnesota. A generally
Increased acreage is reported.
Oats advanced in spite of a reported absence of export
business. It is stated that early bids on the basis of 13 cents
over May on the track at Baltimore were refused. Premiums
in the sample market at Chicago have shown little change.
A broader market is expected from the action of the Chicago
Board of Trade on the 11th inst. in sanctioning a vote to be
taken on amendments to the rules, the ballot to take place
AGRICULTURAL DEPARTMENT REPORT.
-The reon the 16th instant. The tendency seems to be to return
as near as may be to something like normal conditions of port of the Agricultural Department showing the condition of
trade. The visible supply in this country, too, in spite of winter grain on April 1 was issued on April 8 as follows:
The Crop
Crop Estimates, United
an increase within a week of 939,000 bush. is only 19,037,000 partment of Reporting Board of the Bureau of estimates from reports States DeAgriculture, makes the following
of its correbush. against 32,938,000 a year ago. In'
Canada the visible spondents and agents: The average condition of winter wheat on April 1 was 78.6%
stock is only 8,514,000 bushels against 16,947,000 a year of normal, against 79.3% on Dec. 1 last, 63.4% on April 1 1917. 78.3% on April 1
1916 and 83.6% the average condition for the past
years on
During
ago. Argentina reports a better demand for oats and the past ten years there has been an average declineten 5.7 pointsApril 1.condition
of
in the
winter wheat between Dec. 1 and
an improvement in the tonnage situation, though the of Upon the assumption of average April 1.
abandonment of acreage and average Influences
fact is not denied that freight rates are firm. Talk, too, on the crop to harvest, the condition April 1 forecasts a production of about 560,that the price of corn might go to $1 45 to $1 50 a bush. 000,000 bushels,against 418,070,000 bushels In 1917 and 480,553,000 bushels In 1916.
rye
was
tended to strengthen the price of oats. Also the strength onThe average condition ofAprilon1 April 187.8%85.8% of a 1normal, against 84.1%
Dec. 1 last, 86.0% on
1917,
on April
1916 and 89.0% the
of the cash position counts. So have expectations of average condition for the put ten years on April 1.
rye forecasts a
The
export business and the fact that offerings were light. Early againstcondition of bushels in 1917production of approximately 86.000,000 bushels.
60,145,000
and 48,862,000 bushels in 1916.
in the week spot No. 3 white oats sold at 923/2 cents at
Comparisons for winter wheat and rye States follow, condition figures repreChicago on the basis of 6 cents over May. In two days senting per cent of normal:
stocks at Minneapolis fell off 30,000 bush. Minneapolis
WINTER WHEAT.
RYE.
and Winnipeg advices have been noticeably firm at times.
Condition.
On the other hand, everybody looks for a big acreage as a
Price
Condition.
STATE
Apri 1.
matter of course. Bullish factors in the situation have at
AND
Apri 1.
Ain't 1.
times been neutralized by the very cheerful weather and
DIVISION.
Dec.
Dec.
10-yr. 1 1918. 1917.
10-yr
1
crop reports. Some from Missouri state that oats have
1018. 1917. As. 1917.
1918. 1917. As. 1917.
been sown under perfect conditions and that the acreage
%
%
will be large. Liverpool reports the situation more satis- Vermont ------------ ---- ---- % % Cis. C't.e. % % % %
_-_ ____
96
96
95
factory, with native offerings fair and arrivals increasing. Massachusetts ------- --- ---- -- -_ --__ ____ 94 06 94 84
--___
95
Argentine shipments are gradually enlarging and Argentine Connecticut
93
00 94
94
New York
78
79
89
84 194 193
86
86
DO
88
offerings are liberal at declining prices. American ship- New Jersey
77
84
88
83 216 183
80
87
90
85
79
80
86
ments are fair, with export offerings better; American in- Pennsylvania
85 211 190
83
85
89
88
North
78.7 80.0 87.1 84.6 207.4
83.7 85.7
terior reserves are believed to be of good proportions. Eu- DelawareAtlantic Div_ 70 80 88 82 211 190.4 80 85 89.5 87.5
193
90
85
ropean crop advices are generally favorable; American re- Maryland
77
80
88
83 209 193
83
84
88
85
Virginia
93
83
90
84 217 192
93
84
90
86
ports good and seeding is reported to be progressing rapidly. West Virginia
91
82
87
85 218 179
91
84
88
85
The spot demand in Liverpool is less active. Chilian ar- North Carolina
95
79
89
91 228 200
95
83
89
93
88
76
87
90 272 186
90
83
rivals continue moderate. The Continental demand re- South Carolina
88
90
Georgia
88
64
86
92 280 197
86
71)
89
94
mains brisk, with absorption increasing. To-day prices
South Atlantic Div_ 89.3 79.3 88.6 80.8 221.2 192.7 91.6 83.0 89.3 88.9
Ohio
80
80
80
83 208 192
85
fell, but they are higher for the week.
84
84
86
Indiana
94
65
79
86
DAILY CLOSING PRICES OF OATS IN NEW YORK.
StandSat.
Mon.
Tues.
Wed.
Fri.
Thurs.
ards _cts_103-10454 104-105 10354-10454 104-105 10354-10454 10414
No.2 white 103-10454 104-10510334-10434 104-105 10354-10434 105
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts- 8514 8634 863-( 8734 8634 8534
The following are closing quotations:
FLO(JR.
Spring
-lb sacks)
$10 75®$11 25 Hominy (100
$5 5()
Winter
10 85c 11 15 Yellow granulated
4 85
Kansas
10 908, 11 25 Barley goods-Portage barley:
Rye Flour
13 75® 15 25
No. 1
9 25
Corn goods. all sacks 100 lbs. ____
Nos. 2, 3 and 4
8 90
White
Nos. 2-0 and 3-0
5 40
9 25© 9 40
Bolted
No. 4-0
4 80
9 55
Coarse, Nos. 2, 3 and 4........ 6 55
Corn flour
5 65
Oats goods-Carload, spot del.. 10 95
GRAIN.
WheatOats
Standard
No. 2 red
$2 26
$1 0434
No. 2 white
No. 1 spring
2 29
1 05
No. 3 white
No. 1 Northern
2 28
1 04
CornNo. 4 white
1 0334
nom. Barley
No. 3 mixed
Feeding
No. 2 yellow
2 15
$1 80® 1 90
Malting
No. 3 yellow
1 9054
2 000 2 20
No. 4 yellow
1 8354 Rye
Argentine
Western
norn
2 70
Illinois
88
Michigan
70
Wisconsin
81
North Central East- 85.8
Minnesota
81
Iowa
80
Missouri
92
North Dakota
South Dakota
78
Nebraska
75
Kansas
67
North Central West 73.5
Kentucky
100
Tennessee
92
Alabama
87
Mississippi
Texas
40
Oklahoma
63
Arkansas
94
South Central
68.0
Montana
94
Wyoming
90
Colorado
86
New Mexico
70
Arizona '
92
Utah
90
Nevada
100
Idaho
97
Washington
93
Oregon
97
California
93
Far West
91.3
60
80
93
69.3
86
57
62
79
83
89
79.8
--__
84
81
207
85 201
81 207
92 210
84.5 206.7
93 199
83 208
82 201
192
95
190
92
79
82
86
95
88.0
89
80
73
89
88
73
63
85.6
80
61
75
86
88
87
30
05
93
88.7
95
91
87
60
75
82
71.8
96
90
86
78
86
84
86.2
95
94
90
90
91
93
90
96
96
80
97
94
100
92
86
94
96
96
97
83
80
95
177
165
187.5
180
179
195
80
88
86.5
88
92
90
83
82 -- 76 196 161
90
35
83
83 198 187
88
45
80
71 199 194
83
46.2 81.4 75.8 199.7 182.8 85.1
65
84
88 213 196
97
50
85
88 223 187
92
68
87
90 235 192
88
75
74
75
70.0
93
85
85
80
88
93
92
90
70
84
83
84.2
83
84
86
84.2
93
94
92
91
94
95
98
96
92
95
88
92.6
57 205 185
68 193 187
81 210 185
71.6 201.8 187.8
89 106 168
92 197 160
86 193 162
80 214 155
87 245 188
79 182 163
90 201 160
85 191 155
73 196 155
90 190 154
9) 209 155
85.4 195.4 159.2
91
88.5
88
91
86
85
90
89
84
88.4
86
85
87
89
91
83
92
87.9
90
93
85
79
81
89
78
six
87
91
91
50
69
82
85.0
WEATHER BULLETIN FOR THE WEEK ENDING
92.4 91.8 94.0 90.8
APRIL 9.
-The general summary of the weather bulletin
United States
78.6 3.4 83.6 79.3 202.6 180.0 85.8 86.0 89.0 84.1
issued by the Department of Agriculture, indicating the
The statement of the movement of breadstuffs to market
influences of the weather, for the week ending April 9, is
indicated below are prepared by us from figures collected by
as follows:
-The preparation of the ground for corn was under way as far the New York Produce Exchange. The receipts at Western
CORN.
north as the Ohio and central Missouri Valleys, and planting was begun lake and river ports for the week ending last Saturday
and
north to the extreme lower Ohio Valley at about the average date. This
crop is germinating well and is up to a good stand in the Southern States. since Aug 1 for each of the last three years have been:
It is being cultivate in the extreme South. Considerable damage by cutworms is reported in Texas and Louisiana.
COTTON.
-The work in the cotton field progressed satisfactorily in
the Southern States and planting was going on fully up to the average
date. The early planted Is coming up well and cultivation was begun in
Florida. Rains during the week, while possible delaying work somewhat,
were very favorable for the soil and furnished much needed moisture in
districts where this was lacking.
-The weather during the first week of April was
WINTER WHEAT.
generally favorable for the development of winter wheat. Drought continued in western Texas and growth was slow in the State of Washington
on account of lack of moisture and low temperatures, but there was an
improvement in nearly all other sections of the country. In Kansas the
weather was especially favorable and the crop continues to improve and the
plants are stooling well in the eastern and south-central portions of the
State; the conditions were less favorable in western Kansas, however.
There was a decided improvement in the condition in Oklahoma and the
crop was greatly benefited by good rains. Rainfall was beneficial in eastern
Texas, but the drought has killed most of the crop in the-western section
of that State. Wheat has improved by rain in Nebraska, although more
rain is needed there. High winds did some damage in New Mexico and
in western Iowa, but the condition of the crop is excellent in southeastern Iowa. The condition is reported to be from good to excellent in
Missouri, Arkansas, Tennesee, and 'Kentucky, as well as in Indiana, except
in a few localities. The strongly rooted plants are stooling well in Indiana.
The condition varies in Illinois, but it is generally good. In Ohio the plants
are responding slowly and more rain and warmer weather are needed.
The crop continues excellent in the North Pacific States and an improve-
Receipts atChicago
Minneapolis
Duluth
Milwaukee
Toledo
Detroit
Cleveland
St. Louis....,.
Peoria
Kansas City_
Omaha
Total wk. '18
Same wk. '17
Same wk. '16
Flour.
Wheat.
Corn,
Oats.
Barley.
Rye.
bb18.19elbs.bush.60 lbs.bush. 56 lbs.bush. 32 lbs.bush.481bs.bush.561bs.
178,000
19,000
3,000
8,000
64,000
47,000
319,000
442,000
388,000
87,000 2,173,000
827,000
320,000
43,000
7,000
9,000
452,000
13,000
65,000
9,000
158,000
8,000
36,000
785,000
108,000
8,000
494,000
138,000 1,615,000
81,000 1,232,000
1,331,000
5,739,000
6,453,000
7,337,000
3,786,000
3,661,000
2,861,000
1,285,000
5,000
756,000
159,000
53,000
45,000
1,096,000
481,000
349,000
830,000
302,000
464,000
94,000
184,000
110,000
53,000
204,000
35,000
21,000
16,000
17,000
7,920,000 1,210,000
4,953,000 1,208,000
4,121,000 1,665,000
338,000
284,000
267,000
33,000
15,000
Since Aug.11917-18--- 11,646,000 145,988,000 174,845,000247,262,00043,672,000 21,174,000
1916-17---- 13,517,000288,586,000 158,882,000207,800,00072,090,000 18,671,000
10l5-16.. _ _ 15.053.000424.o54.nno172.099.00n 14f1.1RR.000,93.022 non 10 AA 1 non
Total receipts of flour and grain at the seaboard ports for
the week ended April 6 1918 follow:
THE CHRONICLE
APR. 13 1918.]
Receipts at
Flour.
Wheal.
Corn.
Oats.
Barley.
Rye.
1593
THE DRY GOODS TRADE.
New York, Friday Night, April 12 1918.
That official action to stabilize prices and accelerate production of all kinds of dry goods will be taken within the
'near future, is now considered a certainty. President
Wilson and the War Cabinet are reported to have discussed
such action, while the War Industries Board has conferred
with leading cotton manufacturers of the country with this
0.1
to have been advancing
155,000
167,000 end in view. Prices are believed
615,000 2,596,000 1,327,000 1,896,000
Week 1917....
the reach
Since Jan.1'17 5,635,000 57,293,000 25,495,000 28,823,000 5,909,000 3,365,000 too rapidly and to have mounted to levels beyond
of many consumers. The dry goods market has been termed
* Receipts do not include grain passing through New Orleans for foreign ports
a "run-away affair," and it is contended by many that unless
on through bills of lading.
will continue to move
The exports from the several seaboard ports for the week restrictions are put into force, prices meeting held in Washupward. It is understood that at a
ending April 6 are shown n the annexed statement:
ington this week it was definitely decided to fix prices on
Rye. Barley- Peas.
Oats.
Flour.
Corn.
Wheal.
all finished cottons and woolens, and it is generally believed
Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
Bushels.
classes of dry goods
- among the trade that sooner or later all
86,582
144,968 3,623 will be regulated. Government purchasing boards have
53,040 336,970 111,960
New York
160,000
42,612
Boston
already been adjusting prices to be paid by the Government
147,349 25,927
63,268
16,000
Baltimore
for fabrics, and while these prices are said to be well below
69,040 442,850 111,960 393,931 25,927 144,968 3,623 those paid by buyers for civilian account they still net
Total week
806,844 1,372,463 30,255 1,692,076 236,548 69.053 19.584
Week 1917
manufacturers good profits. It appears to be the desire
The destination of these exports for the week and since of Federal authorities to make it possible for civilian buyers
to procure goods at more reasonable prices and to curb
July 1 1917 is as below
speculation. Government orders continue to increase with
Corn.
Wheat.
Flour.
.
mills diverting machinery for official business. It is also
Exports for Week,
understood that one of the reasons for the conferences beWeek
SiLce
Since
Week
Since
Week
and Since
April 6
July 1
July 1
April 6
April 6 July 1
tween Government officials and manufacturers was to arJuly 1 to1917.
1918.
1917.
1918.
1917.
1918.
range for distributing Government orders among the mills
Bushels. Bushels.
Bushels.
Bushels.
proportionately. Such allotting of orders, it is believed,
Barrels. Barrels.
37,777 23,277,083 377,693 6,375,409
trade from knowing the magUnited Kingdom_ 49,878 1,805,994
63,268 4,312,630 would prevent the ordinary
26,176,385
31,263
36,559 2,518,251
Continent
180
20,754
426,436 nitude of Government business and keep buyers from becom233,159
So. St Cent. Amer. 1,748
7,282
1,214
170,055
355,486
21,852
West ndies
ing panic stricken in their efforts to secure supplies. The
5,250
____
Brit.No.Am.Cols.
495
6,184 likelihood of price fixing has not curtailed inquiry which
68,680
1,923
Other Countries
continues in excess of supply. Buyers are absorbing goods
69,040 49,513,694 442,850 11,290,714
111,960 4,986,820
Total
orders
806,844 197,845.436 1,372,463 39.788.974 wherever possible and continue anxious to place
10.570.214
Total 1916-17._ _ _ 30.255
with mills for deferred delivery. A number of mills have
The world's shipments of wheat and corn for the week been obliged to notify their customers that their orders
ending April 6 1918 and since July 1 1917 and 1916 are have either been further reduced or entirely cancelled owing
shown in the following:
to the pressure of Government business. The cancellations,
however, are believed to have been confined to cases where
Corn.
Wheat.
mills were suspicious that buyers were endeavoring to accumal916-17.
a1916-17.
1917-18.
1917-18.
Exports.
ulate fabrics for speculation. Manufacturers are doing
everything possible to increase production, and advices
Since
Since
Week
Since
Since
Week
July 1.
July 1.
April 6.
July 1.
July 1.
April 6.
received from some of the mill centres intimate that additional wage advances are pending in order to prevent
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
a good inquiry for
NorthAmer* 4,004,000 214,286,000 266,277,000 2,122,000 21,403,000 40,377,000 labor agitation. There continues to be
6,352,000
Russia
export account, but owing to the many adverse conditions,
Danube_
109,000 16,084.000 89,559,000 actual business is light.
3,056,000 25,100,000 55,348,000
Argentina
Australia _ _ 510,000 32,911.000 34,244,000
-Despite the fact that
DOMESTIC COTTON GOODS.
180,000 12,402,000 26,112,000
India
102,000 2,943,000 4,800,000 prices for raw material have declined sharply during the past
78,000 2,612,000 2,984,000
0th. countr's
staple cotton remains firm with the tendency of values
Total ____ 7,828,000 287,311,000 391,317,000 2,333,000 40,430,000 134,736,000 week,
upward. Government requirements are far larger than
-The Canadian Government has officially prohibited the
* North America.
mills are being compelled to devote
issuance of both manifests and exports until after ten days. This is effective earlier estimates and
during the continuance of the war. a Revised.
less machinery for civilian account. As a result, goods
The quantity of wheat a nd corn afloat for Europe on dates for ordinary use are rapidly decreasing. Furthermore, the
scarcity and high prices for woolens and worsteds are turning
mentioned was as follows:
many buyers of these fabrics to cottons and inquiry for the
Corn.
Wheat.
latter continues to exceed production. On the other hand,
United
manufacturers are not encouraging new business as they
Unitej
Total.
Total.
Kingdom. Continent.
Kingdom. Continent.
are well booked, and in view of the uncertainties surrounding the situation are not anxious about accepting orders for
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Not avail able
April 8i918
future delivery. Sheetings, both brown and bleached,
Mar.30 1918_ Not avail able
are scarce and firmly held. In fact, bleached goods of every
April 7 1917__ Not avail able
60,232,000
9,511,000 description are in limited supply with finishers falling steadApril 8 1916_
behind with orders. Colored goods are also firm with
The visible supply of grain, comprising the stocks in ily
mills well sold ahead. Print cloths continue to establish
granary at principal points of accumulation at lake and new high records. Gray goods 383/-inch standard, are
2
seaboard ports April 6 1918 was as follows:
2
quoted at 193/c.
GRAIN STOCKS.
Corn.
Rye.
Oats.
Barley.
-Production of woolens and worsteds
Wheat.
WOOLEN GOODS.
bush,
bush.
bush,
bush.
bush.
United Statesbehind, and many buyers are becoming
589,000
515,000 124,000 513,000 is continually falling
46,000
New York
1,000 greatly concerned over supplies for next fall. Announce68,000
6,000
402,000
4,000
Boston
180,000
11,000
8,000
740,000
214,000
Philadelphia
made from Washington that all looms capable
520,000 1,122,000
2,000 ment has been
84,000
72,000
Baltimore
707,000
of turning out woolens and worsted have been commanNewport News
654,000 1,152,000
15,000 1,660,000 deered for.army work until July 1. Mills in order to manu512,000
New Orleans
740,000
749,000
6,000
Galveston
permis670,000
505,000
16,000 183.000 facture goods for civilian use must secure special
1,126,000
Buffalo
190,000
25,000 189,000 sion. Other Government regulations are looked for, and
118,000
40,000
Toledo
107,000
191,000
44,000
137,000
Detroit
tion of cloths. If the
908,000 5,009.000 6,343,000 531,000 745,000 there is now talk of the standardiza
Chicago
78.000 175,000 men's wear trade many mills have advised customers that
354,000 1,175,000 1,170,000
Milwaukee
63,000
13,000
1,000 530,000
461,000
Duluth
, their orders will be de830,000 1,274,000 176,000 1,304,000 as a result of Government business
380,000
Minneapolis
800,000 1,271,000
19,000
8,000
layed while others have had to cancel them entirely. In
St. Louis
229,000 3,327,000 1,725,000
6,000
it is feared that there will no longer
Kansas City
131,000
7,000 dress goods markets,
8,000
552,000
Peoria
631,000
46,000
1,000
129,000
be any fine and fancy fabrics available as the Government
Indianapolis
79,000
29,000
133,000 1,676,000 1,102,000
Omaha
has taken over the Passaic mills.
-Nothing of importance has
4,095,000 17,360,000 19,037,000 1,152,0008,148,000
FOREIGN DRY GOODS.
Total April 81918
5,381,000 19,016,000 18,098,000 1,085,000 5,709,000
Total Mar. 30 1918
market for linens during the week. Busi37,474,000 11,276,000 32,938.000 1,624,000 4,543,000 developed in the
Total AprIl 7 1917
small volume. A few small parcels of
' Note.
-Bonded grain not included above: Oats, 22,000 New York; total, 22,000 ness continues of
bushels, against 3,307,000 in 1917; and barley, 25,000 in New York, 5,000 Duluth: linens have arrived from abroad, but there is no hope of
total, 30,000, against 610,000 in 1917.
larger shipments until after the Governmental restrictions
I Canadian
76,000
39,000
313,000
415,000
Montreal
are removed. Activity is now being confined largely to
6,078,000
3,779,000
Ft. William & Pt. Arthur
substitutes for which there is an active demand. Locally
2,692,000
"
afloat
1,523,000
Afloat and Other Canadian. 1,485,000
there has been a good inquiry for household goods of domesdemand for
76,000 tic make, while there has also been an active
39,000 8,514,000
8,371,000
Total April 6 1918
69,000 embroidery cloths. Where pure linens are available they
1,000
36,000 8,393,000
8,514,000
Total Mar. 30 1918
89,000
52,000 16,947,000
29,000
32,312,000
I Total April 7 1917
are bringing extremely high prices, but in sections of the
Summary
these
4,695,000 17,360,000 19,037,000 1,152,000 6,148,000 country where the war has brought unusual prosperity
American
76,000
39,000 8,514,000
8,371,000
Canadian
goods are receiving preference over substitutes. Burlaps
weights are quoted at
13,066,000 17,399,000 27,551,000 1,152,000 6,224,000 are fairly active and firm. Light
Total April 6 1918
13,895,000 19,052,000 26,491,000 1,086,000 5,778,000 19.25c. and heavy weights at 23.25c.
Total Mar.30 1918'
49,885,000 1,653,000 4,632,000
11,328,000
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
113,000 4,000,000
212,000
758,000
21,000
204,000
New York _ _ _
34,000
19,000
409,000
158,000
108,000
97,000
Philadelphia _
2,000
45,000
647,000
249,000
44,000
121,000
Baltimore _ _
51,000
57,000
25,000
63,000
New Orleans*
75,000
145,000
1,000
337,000
19,000
Montreal_ _
2,000
1,000
159,000
16,000
67,000
Boston
85,000
535,000 1,239,000 1,623,000 209,000
571,00d
Total wk. '18
Since Jan.1'18 7,103,000 9,288,000 6,632,000 23,321,000 2,627,000 2,017,000
Total April 7 1917
69,786,000
1594
THE CHRONICLE
[VoL. 106.
OTATC AINIP CITY DtrilfamENT,
Page.
Name.
Rate. Maturill. Amount. Price.
..Defiance, Ohio (5 issues)
1258.
5
$73,649 100
1488_Des Moines Twp. S. D., Ia_ _ _ 5
1938
16,000
1379_ _Dickinson (T.) S. D., N. Y___ 5
1925-1947
46,000 102.21
1488_ _Dodge County, Minn
531
a1928
50,000 100
1598_ -Dubuque, Iowa
-Sub. to130,000 100
5 1925
call any timef
1259_ _East Liverpool S. D., Ohio... 5
75,000
_
PUBLISHED WEEKLY.
1259_ _East Youngstown, Ohio
1919-1935
6
45,000 100.535
1488_ _Edenton, No. Caro
1910-1938
6
Terms of Subscription-Payable in Advance
45,000
1488--Elkhart Co., Ind.(2 issues)___ 43
1919-1938
23,900
For One Year
4%
$10 00 1379__El Paso, Tex
100,000 100
For Six Months
6 00 1152_ _Fairfield, Iowa
35,500 100.40
European Subscription (including postage)
1259..Fairfield Twp. R. S. D., Ohio_ 6
1928-1932
13 00 1379_
2,500 102.312
European Subscription six months (including postage)
7 50 1598_ _Fisher Co. Spec.R.D.No.1,Tex. 5% 1919-1948 100,000 96
Annual Subscription in London (including postage)
E2 14s. 1598_ _Fort Dodge, Iowa
31,000
Six Months Subscription in London (including postage)
_Frankfort, Mich
E1 us. 1488_
5 '22-'24-'26-'27
5,000 100
Canadian Subscription (including postage)
_Fresno, Calif
1919-1928
6
$11 50 1488__Ga
5,117 100
rnet Twp., No, Dak
•
WILLIAM B. DANA COMPANY, Publish
6
1938
3,500 101.428
1489__Gary School Dist., S. Dak_
ers,
12,000
Front. Pine and Depeyster Ste., New York.
1259_ _Gerber S. D., Calif
6
1921
4,500 100.634
1259_ _Gibson Co., Ind
4% 1919-1928
21,000 100
Statement of the Ownership, Management, &c., required
1379__Gloucester, Mass
1919-1938
5
20,000 103.94 .
by the Act of Congress of 1259_ _Grant Co.,
Aug. 24 1912, of Commercial & Financial Chronicle,
100,000
published weekly at 1379_ _Grant Co., No. Dak
New York, N. Y., for April 11918.
Minn
5U 1924-1938
21,500 100
State of New York, County of New York, ss.: Before
1489_
1920-1939
5
55,000 100
me, a notary public, in 1380_ -Guttenberg, N. J
and for the State and County aforesaid, personally appeared
_Harrisbu
1923-1948 230,000 101.017
43
Jacob Seibert Jr., who 1489_ _Henders rg S. D.,Pa
having been duly sworn according to law, deposes and
on Co., Tex.(2 issues). 5 JDue 30 yrs.,1 90,000 100
says that he Is the editor of
the Commercial & Financial Chronicle
knowledge and belief, a true statement and that the following is, to the best of his 1153_ _Highland Park S. D., Mich__ - 5 sub.tocall ylyf 325,000 100.138
of the ownership
1933
aforesaid publication for the date shown in the above , management, etc., of the 1489--High Point, No. Caro
1926-1931
6
11,000 101.672
of August 24 1912, embodied in Section 443, Postal caption, required by the Act 1489-_Iligh Point, No. Caro
1918-1937
6
Laws and Regulations, printed 1489-_High
43,000 101.672
on the reverse of this form, to wit:
Point, No. Caro
1919-1928
6
43,000 101.672
(1.) That the names and addresses of the publisher,
1380...11111 County, Mont
1005:900280
editor, managing editor, 1489__Hill Co.
and business managers are:
S. D. No. 18, Mont 6
d1936-1938
100.421
Publisher, William B. Dana Company, 138 Front St.,
1489__Hill Co. S. D. No. 40, Mont__
.
d1928-1938
5,000
Editor, Jacob Seibert Jr., 138 Front St., New York.New York.
1598_,.Hillsborough Co , Fla
5
1919-1949 875,000 98
Managing Editor, Jacob Seibert Jr., 138 Front St., New
1259--Holmesville S. D., Ohio
6
1938
30,000 103.10
York.
Business Managers, George B. Shepherd and W. D.
1153__Ida County, Iowa
5 IDue $1.0001 20,000
Riggs,
(2.) That the owners are (Give names and addresses of 138 Front St., N. Y.
corporation, give its name and the names and addresses individual owners, or if a 1489_ _Independence Twp.S D.,N.J. 5 leach 6 mosa 18,000
1923-1939
100
of stockholders owning or
holding 1% or more of the total amount of stock):
6
1923
93,860 101.971
Owner, William B. Dana Com- 1153_ _Ironton, Ohio
pany, 138 Front St., New York. Stockholders: Estate
1598-Jefferson
13,000
of William B.Dana (bene- 1489_ _Johnson Co. S. D. No.35,Ida. .
ficiaries, Maria T. Dana and W. S. Dana), Jacob
County, Tex
65,000 _ _
Seibert Jr., Arnold G. Dana, 1489--Johnson
Grace N. Dana, and Albro J. Newton; address of
Co.Rd.Dist.No.1,Ark
259,000 95
-(3.) That the known bondholders, mortagees all, 138 Front St., New York.
1380--Kim ballton S. D., Iowa
5
4,500
of holding I% or more of the total amount of and other security holders owning 1259__Kingston, N. Y
1934
43
.4,500
bonds, mortgages, or other securities
are: (If there are none, so state.) No bonds or
1489-_Kingston Twp., Mo
1919-1933
5
10,000
mortgages on property, and there- 1380__Kno
fore no "bondholders, mortgagees and other security
xville, Tenn
5
1922
34,635 100
holders."
(4.) That the two paragraphs next above, giving the
1380__Knoxville, Tenn
Serial
6
1,457 100
names of the owners, stock- 1380- _Knoxville, Tenn
holders, and security holders, if any, contain
Serial
6
2,853 100
not
security holders as they appear upon the books only the list of stockholders and 1489__Kutztown, Pa
1933-1947
15,000
of
where the stockholder or security holder appears the company, but also, In cases 1599_ _Lac Qui Pane Co., Minn., 43
as trustee or in any other fiduciary relation, the upon the books of the company
(5
1924-1933
5
25,000 1/101.50
name of the person or corporation 1489_ _Lake issues)
for whom such trustee is acting, Is given;
Benton S. D.,Minn
30,000
also that the
statements embracing affiant's full knowledge and said two paragraphs contain 1489_ _Lake Worth Inlet Dist., Fla
5A
196,000 95.50
belief as to the circumstances 1489- _Landis Twp.
and conditions under which stockholders and
S. D., N.J
1-91-97-1§56 64,000 100
5
upon the books of the company as trustees, security holders who do not appear 1153__Lanesboro, Iowa
7,000
hold
other than that of a bona fide owner; and this stock and securities in a capacity 1260_ _Lanesboro, Minn
• 1938
15,000 100
any other person, association, or corporatio affiant has no reason to believe that 1054_ _Liberty Twp. R. S. D., Ohio__ 4
1919-1924
5
3,000 100
n has any interest, direct or Indirect, in 1260__Lima,
the said stock, bonds, or other securities than
Ohio (2 issues)
5A
255,000 101.201
(Signed) Jacob Seibert Jr., Editor. Sworn as so stated by him.
1153-Lincoln County, Minn
75,000
day of April 1918. Thomas A. Creegan, to and subscribed before me this 1st 1380„Lincoin Co. S. D. No.54, Okla. 6
1938
44,000 103.522
Notary Public, Kings County. Certifi- 1489_ _Little Rock,
cate filed In N. Y. Co. No. 37. (My commissio
Ark
1919
315,000
n expires March 30 1919.)
1599- _Little Rock Street Impt. D.
No. 18, Ark
6
1933
65,000
98.07
1489_ _Lorain, Ohio
1920-1942
5
90,000 100
MUNICIPAL BOND SALES IN,;:MARCH.1
1260_ _Lorain, Ohio
5
175,000 100.348
1260_ _Los Angeles, Calif
5A
918,000
We present herewith our detailed list
1260__Louisiana (State
1929-1958 3,500,000
5
bond issues put out during the month of the municipal 1380_ _Lowell, Mich of)
5
%
10,000 100
of March, which 1260--Loweliville, Ohio(2 issues)
6
the crowded condition of our columns
43,792 100.012
prevented our publish- 1380_ _McHenry Co., No. Dak
61921
350,000
ing at the usual time.
1489--McKenzie Co., No. Dak
180,000
1489__Mahnomen Co. I. S. D. No. 1,
The review of the month's sales was given
Minn
15,000
of the "Chronicle" of April 6. Since then on page 1486 1380_ _Malheur Drain Dist., Ore_ _ _ - 41038 8 34,400
1923-192
6
1599 _ _Mannin
5
March returns have been received, changinseveral belated 1489_Marion S. D., Iowa
1928
42,000 100
o., Fla
g the total for
5
1938 . 10,000 90.57
the month to 825,640,811. The number
1380_ _Marion Co., Ohio.
.....5
6,400 100
1054_
issuing bonds was 226 and the number of of municipalities 1260_ _ Marion Co., Tex
6
1922-1936
25.000
_Martin Co., Minn
separate issues 280.
5% 1924-1938
27,000 100
1260_ _Martin Co., Mimi
53i 1924-1935
MARCH BOND SALES.
7,000 100
1260_ _Memphis, Mo
Page,
8
25,000
Name.
Rate. Maturtig. Amount.
1258_ _Abilene. Texas
1928
5%
Price. 1380_ _Meridian, Miss
95,000 100.29
5 d1928-1958 $230,000 95
1260 Miami Co., Ind
1258.._Adams Co., Ohio
1918-1937
4
12,500
1938
10,000 102.805 1381Miami Co., Ind
1596_ _Addison ('r.) S. D. No.9, Wis. 53
434 1918-1937
9,000 100
5
1919-1925
.Mills County,Iowa
1489.
3,500 100
1596- _ Afton, Iowa
1927-1928
5
15,000 100
1489 Mill Valley, Calif
3,976 100
1378_ _Akron, Ohio
1919-1928
7
25,643 100
6
1920-1924
50,000 102.469 1489 _Minneapolis, Mimi4
1378_ _Akron, Ohio
1923
210,000
95.06
6
1919-1926
16,200 102.469 1489 Monroe Co.. Fla
1152__Alcorn Co., Miss
1943
75,000 100.963
6
1928-1942
1599 Monroe Co., Fla
1152_ _Alcorn Co., Miss
60.000 103.33
5
1948
100,000 95
6
1928-1937
Montana (State of)
1489
40,000 100.50
1258__Alexander, Ala.(2 issues)
6
1923
600,000 100.07
6
1928
1381Montpelier. Ohio
20,000
1258_ _Allen Parish, La
6
1938
6,000 104.301
5
1381 Montgomery, Ala
75,000 100
1258_ _Alliance Ohio
5
1948
150,000 y100
53
1928-1940 190,000 102.798 1153 Naches-Selah Irr. Dist., Wash. 6
1053..-Ansonia Sch. Dist., Ohio
200,000 95
6
1922-1925
1054 Nashville, Tenn
3,000 101.70
1488--Archer Cons. Ind. S.
al931
300,000 99.14
5
1054 Nashville, Tenn
50,000 100
1488_.Arkansas-Louisiana D., Ia
5
a1937
125,000 99.14
Highway
1054__Nashville, Tenn
5
Impt. Dist., Ark
a1930
55,000 99.14
1922-1938 2,500,000
1054Nashville, Tenn
1597--Astoria, Ore
5
a1930
25,000 99.14
6
25,156 101.291 1381 Newark, Ohio
1258--Bellevue, Ky
5
1920-1924
15,000 *100
5
1932
1600 New Castle Co., Dela
7,000 101
1378_ _Benton Co., Ind. (4 issues)
Serial
43
46,000 100
4
1919-1928
.New Hartford S. D.,Iowa.... 5
42,040 100
1490.
1152__Beresford, S. Dak
1923
8,000
5
1923-1938
25,000 p100.048 1381New Madison, Ohio
1258- _Berkeley, Calif
1919-1923
6
4,000 100.62
7
1919-1928
1381Newport Beach, Calif
19,483 100
1152_ _Blackwell, Okla.(3 issues)
5M 1919-1950
50,000 100
6
1943
1153__Niagara Falls, N. Y
175,000
1597-Blaine Co., Mont
5
1919-1924
10.000 100.38
7
d1920-1923
1153 Niagara Falls, N. Y
50,000
1597- _Bonneville Co. S. D.
4.70
1927
15,000 100.043.
1153 North East (Boro.) S. D. Pa 5
12,000
1152__Boone County, Ark 39, Ida_
65,000
1153 North East (Twp.) S D.,Pa_ 5
175,000 93
1152_ _Bridgeport, Conn
5
1923-1947 900,000 100.80 1381_ Norwood, Ohio
1152-Buffalo, N. Y
6
5
?:48? 100.10
4
1919
1381_ Oak Park Sch. Dist., Ill
8,042
1378-_Buffalo, N.Y
5
a1932
80,000 101.152
43 15 months 438,138 *100
1261_Olean N. Y
1488-_Buffalo, N. Y
100
1919-1927
5
41,760 100.475
4
1943
3,500 *100
1490_ Ontario, Ore
1488- _Buffalo, N. Y
1928-1938 100,000 100.607
4
1919
1261_ Orange, N J
2,643 *100
1152_ _Burling,ton, N. Caro
1919-1948
81,000 101.79
6
1919-1938 125,000 100.58
1261_ Orange, N J
1597--Butte Co. S. D. No.
5
1919-1937
55,000 101.13
12,000
1381_ Oregon (State of)
1258_ _Caldwell Co., Tex 3, Ida_
4
500,000 91.17
5
d1928-1948 200,000
081_ Oskaloosa, Iowa
1597.-Calhoun County, Mich
5
1920-1936
50,000
43
80,000 100
1261_ Ottawa County, Ohio (3 issues) 5
1378--Campbell Co., Tenn
289,500 100
5
1381_ Oxnard, Calif
12,000 y100.10
1378.-Canton, Ohio
7
1928
42,711 100
5
1927
1490„Painesville Rur. S. D. Ohio
2,000 *100
1378- _Canton, Ohio
534 1919-1928
15,400 100.72
534
1925
1261_.Palm Beach County, 1'ha
2,000 *100
1378_ _Canton, Ohio
6
1918-1945
30,000
95
5
1940-1947
24,000 100.525 1154 _Parmer County, Tex.(2 issues) 6
1597- _Carter Co., Mont
1919-1925
50,000
6
d1933-1938
30,000 105
1258_ _Cincinnati, Ohio
Ohio
es
1038
12,500 104.20
1938
1055__PaNo 1 N y
1,000,000 102.09
uldi g:County, Ohio
.n
1258-_Clay Co. Rd. D. No.2, Miss 4U
6
1920-1924
5,000 100
6
1928
15,000 102.373 1381_ _Pelham (r.) Un. F. S. D.
1378--Clear Lake,Iowa
531 1935-1937
19,500
1488_ _Clear Lake, So. Dak
1923-1947
5
50,000 101.602
6
1381__Pelho 1,oroyUn. F. S. D.
30,000
N am N
1258_ _Cliffside Park, N.J
53
1919-1928
63,000 100.595
1258- _Cliffside Park, N.J
1922-1051 115,000 101.802
5
1919-1934
47,000 101.331 1600-.Pendleton, Ore. (2 issues).... 6
1258-Clintonville S. D. No. 1, Wisc. 5j
d1919-1928
23 3 0 101.001
15 04
:07
1920-1932
52,000 102.192 1261_ _Perkins County, Neb
1597.-Coeur d'Alene Ind. Hy. D., 5
534
1490_ _Phillips County, Mont
Ida
1920-1923
7
50,000 100
5
d1928-1938
25,000 100
1381_ _Pine Grove Twp Pa
1053_ _Cohoes, N. Y
.Pa
5
50,000 100
5
40,000
1261....Pike Twp. R. S. D., Ohio.... 5A 1919-1921
1259_ _Columbus,Ind
3,000 100.33
4%
1923
5,000
1261_ _Pittsford Un. F. S. D. No. 6,
1379_ _Comal Co., Tex
6
1919-1932
15,000
N Y
1152- _Corning Sch. Dist., Ohio
1922-1937
5
8,000 101.06
6
1920-1928
4,500 101.31
1259_ -Corpus Christi, Tex
1930,s:141
102
5
1933
600,000 100
1490_ _Port Angeles, Wash
1379_ _Cowlitz Co. Dilcing Dist.
7 itonced an y
i
iate
14,316 100
No.4,
Wash
05,000 92
1055__Port Chester, N Y
1488_ _Crafton, Pa
5
30,000 100.31
4% 1939-1948
40,000
.Port Chester, N Y
1055.
1379_ _Crestline, Ohio
5
5,500 100
5
1918-1921
2,000 *100
1154 Port Chester, N. Y
1259-Cuyahoga Falls, Ohio
5
19182925
19 1
-4
14,000 100.351
53
1918-1942
25,000 102.313 1381__Prairie Co. S. D. 93, Mont
1488_ _Davenport, Iowa
6 d1923-1928
f1,200 100
5
1938
85.000 100
1490- Portsmouth, N. H
1598--Dawson Co., Mont
4A 1920-1926
35,000 100.45
7
d1920-1923 200,000
1154 Renville County, No Dak
1598--Dayton Ohio
25,0_
5
1923
5,000 *100
1600 -Richland Co., Mont
1488_ _Deepwater Sch. Dist., Mo
7
d1920-1923 150,000
6
1923-1938
16,000 101.65
1600--Ripley, Ohio
5A
8.000 100.812
The Threinicle.
-
THE CHRONICLE
APR. 13 1918.]
F
Rate.
Maturity. Amount. Price.
Page.
Name.
Serial
6
$5,000 100
1261_..Rockport, Mo
1919-1934
16,000 101.073
1490._ Root Twp. Sch. Dist., Ind__ _ 53
7
d1921-1923
75,000
1381_ _ Rosebud County, Mont
1154...Rotterdam, N 'Y
534 1919-1924
3,000
1948
11,850 100
1382_ _ Rutherford Co.,No.Car.(4iss.) 6
5,000
1600....Ryder, No. Dak
Serial
4,173 100.623
1490.._St. John, Mich
53
5 1923 & 1928 500,000 100
1490.. 8t. Louis County, Minn
1948
500,000 100.10
1382.._ Sabine County, Tex
53
192,000
1490__Salisbury, No. Caro
5
10,000
1155_ _ Sandusky, Ohio
5
1919-1926
46,000
1382 ..Sandusky Ohio
6
1937-1939
1,500 106.866
1261__Scio Sch. Dist., Ohio
'
5% 1920-1937
15,000
1382_ _Seymour, Iowa
19,500
1601--Spencer. Iowa
*4,084
1491_ _Springfield, Ohio
7
d1920-1923
75,000
1601_ _ Stillwater Co., Mont
d1923-1938
38,000 100.394
1491_ _ Stillwater Co. S. D. 6, Mont_ 6
5
1923
2,500 100
1155.. _ Sunnyvale Calif
5
120,000 100
1382_ _Texas (14 issues)
4% 1919-1928
6,400 100
1382_ _ Tippecanoe Co., Ind
5
*50,000
1491_ _Toledo, Ohio
6
1919-1924
3,000 100.83
1055.. _ Troy, Twp. S. D., Ohio
5
50,000
1491_ _Tuscaloosa, Ala
91.622
6
1918-1923
8,500 100.155
1262_ _ Union Co., Ohio
5
1918-1923
7,000 100.155
1262_ _ Union Co., Ohio
5
1920-1933
20,000
1491.._Union Twp„ Mo
5
1919-1924
1491__Utica, N. Y
17,275 100.028
5
1919-1938
21 000
1383,...Van Wert Ind. S. D., Iowa
6
1919
V
1155_ _ Vinton Rural S. D., Ohio
,OW 100
30,000
1055_ _Walker Twp. S.D.,No.11,Mich.
1262__Waxhaw Sch. D. No. 5, No. C. 6
1938
20,000 •y100
5
1919-1942
1383_ _Wellesley, Mass
48,000 102.915
5
1919-1934
1383_ _Wellesley, Mass
31,000 102.915
5
1919-1923
1383_ _ Wellesley, Mass
15,000 102.915
serial
1155_ _ Wellington, Tex.(2 issues). __ _ 6
20,000
5
1919-1928
1262_ _ Westchester Co., N.Y
41,195 101.06
6 1928-'38-'48
1263_ _West Park, Ohio
60,000 104.30
6
1263_ _ West Park, Ohio
14,544 101.79
6 '23-'28-'33-'38 30,000
1601_ _Wewoka, Okla
5 d1933-1948
1263_ _Wheatland, Wyo
12.000 100
d1920-1923
g8:
000
1601_ _Wibaux Co., Mont
4
1383_ _Winchester, Va
000 100
6
1919-1923 200,000 100
1263_ _Williams Co., N. Dak
1263_ _Woodbridge Twp., N. J
6
1920
100,000 100.94.
a1921
5
1056.. _ Wood County, Ohio
128,000 100
5
1919-1948 500,000
1263_ _ Woonsocket, R I
99.19
1918-1927
1263.. _ Worcester, Mass
25,000 100.034
43
5
1918-1928
1156_ _ Wyandotte Co., Ohio
25,120 100
a1927
1055_ _Youngstown City S. D., Ohio_ 5
350,000 100.153
Total bond sales for March 1918 (226 munidpalities
covering 280 separate issues)
'
14325,640.811
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including $39,776,552 of temporary loans reported, and which do not belong in the list. * Taken by
sinking fund as an investment. h And other considerations.
We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate. Maturity.
Amount. Price.
1487__Alcorn Co., Miss. (Dec.)
6
1927-1941 $30.000
2110__Bernalillo Co., N.Mex.(Nov.)_ 5 d1927-1937
40,000 100
103....Clarksville Iowa (July)
7,000
1597.._Cline Irr. Dist., Wash
30,000
93
6
d1929-1938
1379_ _East Hartford, Conn. (Nov.)_ 4% 1927-1946 200,000 100
1488_ _East Liverpool Dr. & Lev. D.,
Ill.(Dec.)
1925 1932 142,000 100
6
10,000
1593_ _Henderson, Minn. (June)._- 5
1929-1927
4,000
• 53
1598- _liersey, Minn.(May)
78,000
1260_ _Marshall Co., Iowa (Dec.)
5
1931-1938
94,000
1489_ _Martin Co., Minn.(Mar.'17)5,000
6
1941
1599.._Milton Township, Okla
9,125
6
1599- _Montana( 7 issues July)_
90,000
..Montana (1 issue, July)
1599..
43j
17,850
1599._ _Montana 11 issues, Aug.)__.... 6
20,243
1599-Montana 15 issues, Sept.)___ 6
4%
12,000
1599 ..Montana 1 issue, Sept.)
51,838
1599_ _Montana 11 issues, Oct.)____ 6
26,320
1599_ _Montana 15 issues, Nov.)___ 6
1381__Newark, N. J.(Mar. 1917)___ 43i 1918-1947
30,000 *100
1918-1922
15,000 *100
1381_ _Newark, N. J.(Mar. 1917)...._ 45
4 4 1918-1957 500,000 *100
,
1381__Newark, N. J. (June)
138I__Newark, N. J. (2 iss., Oct.)._ _ 4% 1918-1927
60,000 *100
4% 1918-1922 500 000 *100
1381_ _Newark, N.J.(Nov.)
1490_0klee, Minn.(May)
1,700
1
927_ _Osage Co. S. D. No. 38, Okla.
6
1932
(Aug.)
5,000
1600_ _Owasa Sch. Dist., Iowa
5
1921-1938
10,000 96.50
6
1600_ _Page Township, Okla
1942
20,000
1600_ _Pine Croft Irr. Dist. Wash.
(Jan. '17)
12,230
1381_ _Porter Co., Ind
43
1919-1928
11,000 100
6
1947
1600- _Safety Harbor, Fla
20,000 100
5
1919-1928
1382_ _ Springfield, Ohio
15,425 *100
D., Iowa (Dec.)_ 5 1922-1928
1261_ _Story City S.
50,000
1491_ _Stuttgart St. Impt. Dist. No.6,
6
Ark. (May)
1919-1937
26,000 100
d1918-1927 129,500
1401_ _Tillamook, Ore.(Jan. 1918)._ .. 6
98
2386_ _ Whitman Co. S. D. No. 102,
5% d1922-1927
Wash. (Dec.)
5,000 100
5
1918-1938
930_ _Woodward. Okla. (Aug.)
55,000
6
Al the above sales (except as indicated) are for February.
These additional February issues will make the total sales
(not including temporary loans) for that month $22,219,460.
1595
Page.
Name.
Rate. Maturity. Amount.
1601_ _Festuber S. D No. 3843,Sask_
1,800
1056_ _Gladys Sch. Dist., Alta
7
1923
2,000
1492_ Grafton S. D N.3975, Sask.
2,000
1056- Grande Prairie S D., Akita7
1938
3,000
1156--Green Corn S. D. No. 3917,
Sask
1,800
1492__Groamont S D.No.3950,Sask.
1,500
1384_ _Haileybury, Ont
6
1933
4,000
1156....Halton Co., Ont
6
1938
114,000
1156_ _Hanover, Ont
6
40,000
1938
1492_ _Haverhill S. D No. 3852_
400
1384.._Hawarden, Sask
3,000
1384_ _Hazel Ridge S. D., Sask
7
1928
1,300
1384-Herschel, Sa-sk
8
1928
1.500
1601- _Hill Point S. D No.3833,Sask.
1,800
1492_ Kandahan S.D.No.3333, Sask.
1,000
i384 ..LaFleche, Sask
8
3,000
1928
1492- _La Fleche, Sask
1,000
1384_ _Lauser, Sask
2,700
1384_ _Listowell, Ont
6
1938
39,646
1384.._Montre S. D.No.3976, Sask.
2,000
1156--Moon Lake S. D. No. 3948,
Sask
1,400
1602--Moss Bank, Sask
3,000
1492_ _Nova Scotia (Province of)____ 6
1928
1,250,000
1156_ Osgoode Twp , Ont
5
1928
3,500
1384_ Parry Sound, Ont
6
1948
15,000
1156_ Petrolia, Ont
6
26,743
1384- Pinto Head S.D.No.3959,Sask.
2,000
1492_ Plato, Sask
2,600
1602..-Poelcapelle S. D. No. 3980,
Sask
1,200
1263--Port Coquitlam, B. C
38,904
1263_ _Prelate, Sa.sk
9,000
1156....Regina, Sask
1923
1,012,000
1602--Return S. D. No.37 43, Bask_
1.800
1156- Riverhurst S.D.No.3836,Sask_
4,000
1602-Runnymeade S. D. No. 3985,
Sask
2,000
1948
1602-St. John,N. B
6
34,000
1602_ _ St. John, N B
6
1928
75,000
1156- _Sarnia, Ont
534-6
24,031
6,000
1156-Scott R ur. Mun., Bask
5%
59,800
1384_ _Sifton Rural Mun., Man
23,120
1156..-Smith's Falls, Ont
1938
6
2,000
1056_ _Spirit River S. D Alta
1928
6
15,000
1156_ _Stamford Twp. Ont
1948
6
450
1056_ _Sutherland S. D., Alta
7
1928
1056_ _Tipperary S D., Alta
7
500
1928
1056_ _Trenton, N. S
25,000
5
1937
1602.. _Verdun, Que
450,000
1923
6
1384- _York Twp.S. D., Ont
6
7,000
1943
Price.
97.67
94.56
98
90.42
86
13
Total debentures sold in March 1918
97.40
97.1,
$4.700,739
NEWS ITEMS.
-Municipal Statistics.
-"The
British Columbia.
Financial Post," of Toronto, in a recent issue published the following concerning a report made public in March by Robert
Baird, Inspector of Municipalities for British Columbia:
According to a schedule of municipal statistics issued this month by
Robert Baird, Inspector of Municipalities for British Columbia, the total
debenture debt of the cities of the province was slightly reduced during
1917. Between Dec. 31 1915 and Dec. 31 1916 the debt grew from
$72,525,180 to $73,676,039, while between Dec. 31 1916 and Dec. 31 1917
it fell back from the latter figure to $73,489,225.
It is interesting to note the changes which have occurred in the debts
of the principal cities. Vancouver, for instance, reduced its debt, while
Victoria increased its debts.
1916.
1917.
Kamlops
$1,245,373
$1,245,373
Nanaimo
1,032,024
1,043,024
New Westminster
5,905.825
5,873,425.
North Vancouver
3,031,147
2,850,252
Prince Rupert
1,834,658
1,734,663
35,584,434
35,474,784
Vancouver
Victoria
18,767,792
18,978,736
The debenture debts of the districts were very considerably reduced in
1916 and in 1917 they were still further pared down, being cut from $21,623,064 to $21,382,247. In the case of districts having debts of a million
and over, the changes have been as follows:
1917.
1916.
$2,256,150
$2,287,150
Burnaby
1,274,070
1,274,070
North Vancouver
1,266,224
Oak Bay
1,273,224
5,389,377
5,552,524
Point Grey
6,686,165
South Vancouver
6,686,165
There has been a further cut in assessments, both city and district. In
the case of the cities, the drop has been from $448,719,605 to $431,254.371,
and in the districts from $204,782,285 to $186,083,996. It is also to be
noted that during 1917 population dropped from 258,750 to 239,175 in the
case of the cities, and from 138,050 to 126,575 in the case of the districts.
Vancouver assessment has been ncreased from $214,358,910 to $215,685,180, while that of Victoria has been cut from $103.555,164 to $91,785,272.
One noticeable feature in connection with assessments is that the reduction has been made almost entirely in land values. Thus, so far as the
cities are concerned, land assessment has been cut from $275,556,707 to
$266,843,693, while improvements have only been reduced from $134,956,016 to $133,030,242. Among the districts land has dropped almost twenty
millions from $151,057,926 to $130,694,853, while improvements are
larger, being increased from $48,669,822 to $49,157,323.
France (Republic of).-Payment of 1917 Export Credit.
Reference to this is made in our editorial columns this week.
-Savings Institutions PerMassachusetts (State of).
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
mitted to Invest in Federal Farm Loan Bonds.
-We publish in
MARCH.
Rate. Maturity. Amount.
Name.
Page.
Price. our editorial columns this week the full text of a bill passed
6
1938
1263_Acton, Out
$25,000
by the Legislature and approved on March 16, authorizing
7
1928
1056.._Adshead S. D. Alta
1,200
savings banks and savings departments of trust companies
1492.._Arras Sch. Dist. No.3969,Sask.
12,000
in Massachusetts to invest their funds in Federal Farm Loan
1,800
1384_ _Atkins Sch. Di. No.3958,Sask.
1601_ _Beaver Valley S. D. No. 3804,
bonds.
1,200
Sask
,Sask_
5,000
1263-Bittner Lake Rut. Mun.
Montana (State of).-Bonds Upheld.
-The State Sup1325,
1492__Boakeview S. D. No.
reme Court on Mar. 27 in a decision held valid the bill
600
Sask
1,500
1492__Boloney S. D. No. 3890, Sask_
authorizing the issuance of the $500,000 6% tax-free war1938
6%
1056_ _Bow Sch. Dist., Alta
defense bonds awarded by the State on Mar. 20 to A. B.
5
1928
1384...British Columoia
1,000
1384_ _Bromhead, Sask
--V. 106,
Leach & Co. and R. W. Pressprich & Co. jointly.
1384Bryn Mawr S. D. No. 3312,
p. 1489.
Sask
6
10i.,10
5?) 93.728
1601- _Burlington,0nt
-Special Session of Legislature Adjourns.
-The
Nebraska.
6
101,159
1492_ _Burlington, Ont
1928
7
3,500
1056....Cereal Sch. Dist., Alta
Legislature, which convened in extraordinary session on
0
12,000
1263__Clinton, Out
sine die April 8. It is said that during
Mar. 26, adjourned
2,000
1384-Cramlich S. D. No. 3960,Sask_
1,500
1156- _Cut Arm S. D.No. 136, Bask_
the closing hours of the session a fruitless effort was made by
2,0k.
1056.._Davidson S. D. No.868, Sas
prohibition advocates in the Senate to induce the Upper
1928
1,200
1056-Donaldson Sch. Dist., Alta..... 7
House to recede from its recent action in passing a resolution.
1966__Dover Township, Ont
6
32,627
1.000
1492 _Drake, Sask
prohibiting consideration of the joint resolution for ratifi1928
1056.._Duchess Sch. Dist., Alta
2,500
7
cation of the National Prohibition Amendment.
1384_ _Dunblame, Ont
1,500
1928
8
2,800
1384_ _Eston, Basic
A bill was passed by the Legislature and approved by the
1938
6
1156_ _Etobicoke Twp., Ont
Governor on the 8th inst. giving the right to vote by mail
1492-Fcrgus, Oat1928
1,068:883
ig:883 100
1596
THE CHRONICLE
to all Nebraskans in the military and civil services except
those in the Regular Army prior to the national emergency.
New York City.—Bill Providing for Increase in Borrowing
Power During War.—The State Senate on April 4 passed a
bill introduced by Senator Wagner on March 29 for the relief
in financing New York City's obligations during the period
of the war and one year thereafter in reference to the issuance of corporate stock and serial bonds. The text of the
bill follows:
• The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. Notwithstanding any limitations contained in existing laws,
the city of New York, in addition to corporate stock and serial bonds now
permitted by law to be issued, may, in the manner and by the agencies
now provided by law for the issuance of corporate stock and serial bonds,
Issue corporate stock and serial bonds to an amount not exceeding fifteen
million dollars for each calendar year of the present war dating from January first, nineteen hundred and eighteen, and for one year after the termination of the war, for any of the purposes hereinafter set forth. For the
purposes of this Act, the termination of the war shall be as fixed by proclamation of the President of the United States. Corporate stock and serial
bonds issued under this Act shall mature within a period of time not exceeding the minimum estimated duration and usefulness of the public
Improvements, the cost and expense of which are provided for thereby.
The resolution or ordinance authorizing any such public improvement
shall express and declare the minimum estimated duration and usefulness
thereof. The time within which corporate stock and serial bonds Issued
under this Act must mature and be redeemed shall not exceed the following
periods for the following classes of purposes. respectively:
(a) Fifty years: Acquisition of real property or any interest therein;
construction, or acquisition of water supply, docks, ferries, rapid trasit
and other transportation facilities together with terminal improvements
of a fixed and permanent character, but not including equipment for any
of the foregoing; trunk sewers, to the extent that the cost and expense
thereof are borne by the city of New York. •
(b) Forty years: Fireproof buildings of a permanent character; viaducts
and bridges of metal, natural or artificial stone or concrete, and their
approaches and retaining walls, to the extent that the cost and expense
thereof are borne by the city of New York; permanent improvement (other
than buildings) of parks, parkways and boulevards, to the extent that the
cost and expense thereof are borne by the city of New York; improvements
substantially perpetual in character and usefulness, not otherwise specified
in this section.
(c) Thirty years: Revenue-producing improvements, permanent in
character, for which another limitation upon the maturity of the corporate
stock or serial bonds to be issued to pay therefor is not prescribed in this
section.
(d) Twenty-five years: Non-fireproof buildings of a permanent character;
permanent equipment and fixtures in new fireproof and non-fireproof
buildings.
(e) Fifteen years: Interior finish, heating, lighting, plumbing, ventilating, elevator and power plants and systems in new fireproof and non-fireproof buildings; electric light and power plants and distributing systems
(other than land and buildings used therefor); telephone and telegraph
plants, police, fire alarm and electrical or other communication or transmission systems (other than land and buildings used therefor).
(f) Ten years: For purposes other than the foregoing and not otherwise
expressly provided for by law.
Provided, however, that no authority is conferred by this Act upon such
city to make any improvement which it is not now authorized by law
to make or to use the proceeds of any such corporate stock or serial bonds
to acquire any public utility or any property used in connection with
a public utility. Serial bonds shall mature in substantially equal
annual installments, or in annual installments, the amount of which
in any year shall not be increased over the prior installments more than
the reduction in the annual interest resulting from the payment of
such prior installments. The first of such Installments shall mature in
not more than two years from thedate of said bond. The last installment
on such serial bonds and all corporate stock authorized and issued after
January first, nineteen hundred and eighteen,shall mature and be redeemed
in accordance with the foregoing periods of estimated minimum duration
and usefulness, such period to be computed from the date of the serial
bonds or corporate stocz; except that in case corporate stock notes are
used for financing prior to the issuance and sale of such serial bonds or
corporate stock, the average duration of such notes shall be counted as
part of the period of maturity of such serial bonds and corporate stock,
which period shall be shortened to that extent.
Section 2. This Act shall take effect immediately.
New York State.—Savings Bank Investment Law Amended.
—Acts have been passed by the 1918 Legislature and approved by the Governor amending the savings bank investment laws of this State—that is, the laws regulating the
way in which savings institutions of New York State are
permitted to invest their funds.
• The first of these measures (Chapter 95, Laws of 1918)
amends subdivision 8 of Section 239 of Chapter 369,Laws of
1914, as amended by Chapter 363, Laws of 1916, in relation
to the investment by savings banks in promissory notes.
This section, which permits the investment by savings banks
in promissory notes when pledged and secured by the assignment of stocks or bonds as enumerated in Sections 1, 2, 3,
4, 5 and 10 of subdivision 8, has been amended by adding
two new paragraphs so as to include notes secured by savings
bank passbooks and by the assignment of one or more first
mortgages on real estate situated in the State of New York.
These new paragraphs read as follows:
An Act to amend the banking law, in relation to the investment of the
deposits and guaranty fund of savings banks in promissory notes secured
by savings bank passbooks and real estate mortgages.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 8 of Section 239 of Chapter 369 of the Laws of
1914, entitled "An Act in relation to banking corporations, and individuals,
partnerships, unincorporated associations and corporations under the
supervision of the Banking Department, constituting Chapter 2 of the
consolidated laws," as amended by Chapter 363 of the Laws of 1916 Is
hereby amended by adding at the end thereof two new paragraphs to read
as follows:
(c) Promissory notes made payable to the order of the savings bank
within 90 days from the date thereof secured by the assignment and pledge
to it of one or more first mortgages on real estate situated in the State
of New York, provided that the amount of any such note is not in excess
of 60% of the appraised value in the case of improved real estate, or 40%
in the case of unimproved or unproductive real estate, of the property or
properties mortgages; that the amount of any such loan shall not exceed
75% of the principal sum secured by said mortgage or mortgages; that the
value of said properties has been certified in accordance with the provisions
of Subdivision 6 of this section; that the assignment of each of such mortgages has been recorded in the proper offices and the provisions of Section
241 of this chapter with reference to the title of the property and the insurance upon the buildings, covered by such mortgage or mortgages, shall
have been fully complied with. Such loans shall be considered mortgage
loans and the amount thereof, together with all direct loans by any such
savings bank upon bonds and mortgages shall not exceed 65% of the
whole amount of the deposits and the guaranty fund of any such savings
bank.
(d) Promissory notes made payable to the order of the savings bank
within 90 days from the date thereof, secured by the pledge and assignment
of the passbook of any savings bank in the State of New York as collateral
security for the payment thereof. No such loan shall exceed 90% of the
balance due the holder of such passbook as shown therein.
Sec. 2. This Act shall take effect immediately.
Approved March 27 1918.
[Vol,. 106.
The other Act approved (Chapter 96, Laws of 1918)
amends subdivision 5 of Section 239 of Chapter 369, Laws
of 1914, in relation to investments by savings banks in the
stock or bonds of certain incorporated cities throughout the
United States. This section has been amended by granting
such institutions much broader authority to invest their
funds in the securities of municipalities in contiguous States.
Formerly the qualifications and limitations for municipalities
in these States were the same as for those in other States.
Now it is provided that they may invest in the stocks or
bonds of any incorporated city, county, village or town, situated
in one of the States of the United States which adjoins the State
of New York. Subdivision 5, as now amended, reads as
follows. The matter printed in italics has been added this
year, while the matter in black-face type and black-face
brackets is the part of the old law now omitted:
An Act to amend the banking law, in relation to the investment of the
deposits and guaranty fund of savings banks in the stocks or bonds of incor]porated cities, counties, villages or towns located in adjoining States.
The People of the State of New York, represented In Senate and Assembly, do enact as follows:
Section 1. Subdivision 5 of Section 239 of Chapter 369 of the Laws of
1914, entitled "An Act in relation to banking corporations, and individuals,
partnerships, unincorporated associations and corporations under the
supervision of the Banking Department, constituting Chapter 2 of the
consolidated laws," is hereby amended to read as follows:
5. (a) The stocks or bonds of any incorporated city, county, village or town,
situated in one of the States of he United Stales which adjoins the State of
New York. If at any time the indebtedness of any such city, town or village,
together with the indebtedness of any district or other municiptal corporation or
subdivision, except a county, which is wholly or in part included within the
boundaries or limits of said ctly, town or village less its water debt and sinking
fund, or the indebtedness of any such county, less its sinking fund, shall exceed
7% of the valuation of said city, county, town or village for the purposes of
taxation, its bonds and stocks shall thereafter, until such indebtednesvshall be
reduced to % of the valuation for the purposes of taxation, cease to be an
authorized investment for the moneys of savings banks.
(b) The stocks or bonds of any incorporated city situated in any other
[onl of the States of the United States which was admitted to statehood
prior to Jan. 1 1896, and which since Jan. 1 1861 has not repudiated or
defaulted in the payment of any part of the principal or interest of any
debt authorized by the legislature of any such State to be contracted,
provided said city has a population, as shown by the Federal Census next
preceding said investment, of not less than 45,000 inhabitants, and was
incorporated as a city at least twenty-five years prior to the making of
said investment, and has not, since Jan. 1 1878, defaulted for more than
ninety days in the payment of any part either of principal or interest of
any bond, note or other evidence of Indebtedness, or effected any compromise of any kind with the holders thereof. But if, after such default on
the part of any such State or city, the debt or security, in the payment
of the principal or interest of which such default occurred, has been fully
paid, refunded or compromised by the issue of new securities, then the
date of the first failure to pay principal or interest, when due, upon such
debt or security, shall be taken to be the date of such default, within the
provisions of this subdivision, and subsequent failures to pay installments
of principal or interest upon such debt or security, prior to the refunding
or final payment of the same shall not be held to continue said default or
to fix the time thereof, within,the meaning of this subdivision, at a date
later than the date of said first failure in payment.
If at any time the indebtedness of any such city, together with the indebtedness of any district, or other municipal corporation or subdivision
except a county, which is wholly or in part included within the bounds
or limits of said city, less Its water debt and sinking funds, shall exceed 7%
of the valuation of said city for purposes of taxation, its bonds and stocks
shall thereafter, and until such indebtedness shall be reduced to 7% of the
valuation for the purposes of taxation, cease to be an authorized investment
for the moneys of savings banks.
Sec. 2. This Act shall take effect immediately.
Approved March 27 1918.
Bill Passed by Legislature Providing for Investment by
Savings Banks in Bankers' Acceptances and Bills of Exchange.
—See our editorial columns this week'for full text of proposed
New York State.—State Comptroller Favors Inventory of
Real Estate.—State Comptroller Travis has discovered that no
inventory has ever been made of the exact amount of real
property belonging to the State of New York, and that there
is no definite record of either its amount or value, or of
transfers and conveyances. In view of these facts he has
submitted a suggestion that such an inventory of real property should be taken, and a central bureau established for
recording all future conveyances. The Comptroller says:
No lists of property held by the State are kept other than the record
showing land acquired by the State under tax sales or mortgages, or in
forest preserve counties by the Commissioners of the Land Board. The
lists fall to show accurately the boundaries of the different parcels. Moreover, it was formerly the custom when lands were acquired by the State
to have the title placed In the names of the various State institutions.
Consequently the deeds do not run to the people of the State, and in many
instances, therefore, no record exists in any State office.
New York State—New York City.—Senate Passes Bill
Relating to Taxation of Real and Personal Property.—Referonce is made in our editorial columns this week to a bill
passed by the Senate on April 11 limiting the tax rate in
New York City on real estate to 20 mills ($2 per $100), and
fixing a tax on personal property at 11 mills ($1 10 per $100).
Ontario (Province of).—Acquisition by Hydro-Electric
Commission of Certain Light and Power Properties.—See
reference in our "General Investment News" section this
week.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ACADIA PARISH (P. 0. Crowley), La.—BOND ELECTION PROPOSED.—Reports state that the Police Jury at a meeting held March 5
decided to submit to the voters a proposition to Issue $350,000 road bonds
ADDISON (TOWN) SCHOOL DISTRICT NO. 9, Washington
County, Wisc.—BOND SALE.—On Mar. 29 the $3,500 5% 1-7-year
serial school bonds (V. 100, p. 1258) wero awarded to local investors at
par.
AFTON, Union County, Iowa.—BOND SALE.—An issue of $3,975 68
sewer impt. bonds was recently awarded to contractors.
ALBEMARLE, Stanley County, No. Caro.—BOND OFFERING.—
Further details are at hand relative to the offering on April 16 of the two
issues of 6% bonds aggregating $101,000—V. 106, p. 1487. Proposals for
these bonds will be received until 12 m. on that day by E. L. Hearne,
Town Clerk. The bonds are described as follows:
$56,000 funding assess. bonds. Due $5,000 yearly on Feb. 1 from 1919
to 1922 Incl. and $6,000 yearly on Feb. 1 from 1923 to 1928 incl.
45,000 general funding bonds. Due $2,000 yearly on Feb. 1 from 1920
to 1931 incl. and $3,000 yearly on Feb. 1 from 1932 to 1938 incl.
APR. 13 1918.]
THE CHRONICLE
1597
Discount.
Discount.
_5.66
Blake Bros. & Co., Boston___5.55% R. L. Day & Co., Boston_ _ _ _5.75
Co., Boston_
First National Bank of Boston 5.579' S. N. Bond & & Co., Boston-5.83%
National Bank_5.599 Arthur Perry
Charles River
CAMDEN SCHOOL DISTRICT (P. 0. Camden), Preble County,
-At an election held Mar. 28 a proposition
-BONDS DEFEATED.
Ohio.
to issue $15,000 school bonds was voted down by 45 majority, it is stated.
-The following finan-FINANCIAL STATEMENT.
CANTON, Ohio.
cial statement has been received by us in connection with the offering on
April 29 of the two issues of 5%% bonds, aggregating $293,000-V.
106, p. 1488:
Financial Statement.
$104,037,860 00
Assessed valuation
120,000,000 00
Estimated actual valuation
Population (Census). 50,217; 1918 (est.), 80,000.
Bonded indebtedness
$2,567,380 00
General
1,138,150 00
Special assessments
-BOND OFFERING.
649,900 00
BATTLE CREEK, Calhoun County, Mich. 3 to 5% sewer bonds,
Water works
Proposals will be received until April 15 for $40,000
$4,355.430 00
maturing 1932.
$40,367 65
Bedford),
1918
BEDFORD SCHOOL DISTRICT (P. 0. state that a Cuyahoga Cash in sinking fund Tan. 1 fund Jan. 1 1918
6,344 22
proposition Cash in water works sinking
-Local papers
-BONDS VOTED.
County, Ohio.
34,023 45
bonds carried at an election held Mar. 30 Cash in general sinking fund Jan. 1 1918
to issue $75,000 school-addition
300,700 00
Investments in sinking fund Jan. 1 1918
by a vote of 158 to 30.
20,000 00
Investments in water works sinking fund Jan. 1 1918
BELLEFONTAINE SCHOOL DISTRICT (P. 0. Bellefontaine), Investments in general sinking fund Jan. 1 1918
280,700 00
-On Apr. 2 the proposition
-BONDS VOTED.
Logan County, Ohio.
a vote of 6 to 1. Bonds issued after Jan. 1 1918, including issue advertsied
to issue $105,000 school bonds carried, it is stated, by
for sale April 29
585.506 91
V. 106, p. 1378.
General
44,597 33
-On Apr. 1
-BOND SALE.
Special assessments
Beltrami County, Minn.
BEMIDJI,
24,000 00
bonds dated July 1 1917 (V. 106, p.
Water works
the $25,000 5% bridge-construction
Due 31,250
at par and
5.267;
1258) wore awarded to R. H. Schumaker A bid of par int. received from Tax rate, city's portion, 1918 general, 13.3.
was
Bonds paid since Jan. 1
1 from 1927 to 1946 incl.
yearly on July
324.000 00
State Bank of
General
John Nuveen & Co. of Chicago and the Farmers' Sinking fund, Bemidji.
168.200 00
$38,715.
Special assessments_
Bonded debt, $80,000. Floating debt, $24,791.
2.000 00
Water works
Assess. val. 1917, $1,954,193.
-BOND OFFERING.
CARROLL COUNTY (P. 0. Berryville), Ark.
-BOND OFFERING.
BERGEN COUNTY(P.O. Hackensack), N. J.
will receive proposals until April 15,
The Board of County Commissioners
Additional information is at hand relative to the offering on Apr. 15 of it is stated, for $175,000 Jefferson Highway bonds.
-V. 106, p. 1488. Proposals for
bonds.
the $250,000 tax anticipation
CARROLL COUNTY SUPERVISORS' DISTRICT NO. 3 .(P. 0.
those bonds will be received until 12 m. on that date by Jas. M. Harkness,
-Sealed bids will be received until
-BOND OFFERING.
Clerk of Board of Chosen Freeholders. Date Apr. 11918. Due Dec.31 1918. Vaiden), Miss.
in
Any bidder may bid for the entire amount orof multiples of $50,000 thereof. 2 p. m. May 6 by G. T. Lee. Clerk,for $25,0006 25-year bonds. Interest
at which he
Each bidder is required to state the amount interestincorporatedis willing. semi-annual, payable at the County Treasurer's office. Certified check
bank or
on an
to take the loan and to deposit a cert. check bid for, payable to "Bergen for $625, payable to the above Clerk, required.
trust company, for 2% of amount of bonds
-On
-BOND SALE.
CARTER COUNTY (P. 0. Ekalaka), Mont.
County."
Mar.6 Keeler Bros. of Denver were awarded $30,000 6% 15 20-year (opt.)
BETHANY TOWNSHIP (P. 0. Bethany), Harrison County, Mo.- highway and bridge bonds for $31,500, equal to 105. Denom. $500.
of St. Louis was awarded on
-The Wm. R. Compton Co.
BOND SALE.
bonds take the place of a $10,11111
Int. J. & J.
-year serial road bonds, dated July 1 1918- Date Mar.6 1918.6. V. 106, p. These
April 4 the $75,000 59' 1-15
issue offered Mar.
were:
V. 106, p. 1378-for $73,147 60 equal to 97.53. Other bidders _ -DESCRIPTION OF
Harris Trust & Say. Bk., Chi__9 .5 Stern Bros. Co., St. Louis_ _97.11
CARTER COUNTY (P. 0. Ardmore), Okla.
97.19 Whittaker & Co., St. Louis.._ _96.48 BONDS.
Stifel-Nicholaus
-The $200,000 59' coupon road-impt. bonds awarded in Feb.
95.00
H. M. Noel & Co
Kauffman, Smith, Emelt In1917 to the G. W. & J. E. Piersol Co. of Oklahoma City (V. 104. p. 778),
97.12
Prin. and semi ann.
vestment Co., St. Louis
are in denom. of $1,000 and are dated July 11917. State of
Oklahoma in
the
-The int. (J. & J.) payable at the Fiscal Agency of 1918 to 1942 incl. Total
-BOND SALE.
BLAINE COUNTY (P. 0. Chinook), Mont.
New York. Due 38,000 yearly on July 1 from
Wells-Dickey Co. of Minneapolis is offering to investors 350,000 7% 2-5-yr. bonded debt (including this issue), $708,288. Assess. val., $20,553,582.
(opt.) seed grain funding bonds. Denom. 31,000. Date Apr. 1 1918. Actual value (est.), $30,000,000. Population 1910 (census), 25,358;
Prin. and semi-ann. int. (A. & 0.) payable at the American Exchange 1918 (est.), 50,000.
National Bank, N. Y. Total bonded debt (incl. this issue), $255,000.
-BOND OFFERING.
-Proposals
Assess. val. 1917, $7,960,226. Actual val. (est.) $18,000,000. Pop. 1017
CHARDON, Geauga County, Ohio.
(est.) 15,000.
will be received until 12 m. May 6 by Robert S. Parks, Village Clerk. for
- $58,000 5% coupon water-system bonds. Auth., Secs. 3939 and 3942,
BONNEVILLE COUNTY SCHOOL DISTRICT NO. 39, Idaho.
to 1928, incl.
-An issue of $12,000 bonds has been purchased, it is stated, Gen. Code. Date July 11917. Due part yearly from 1922 Bank of New
BOND SALE.
Prin. and semi-annual interest payable at the First National
by the State of Idaho.
Certified check for 10% of amount of bonds bid for, payable to the
VOTED. York. Treasurer, required. Purchaser to pay accrued interest.
-AID BONDS
-RAILWAY
BOONE TOWNSHIP, No. Caro.
aid of the Village
-This township has voted, it is stated, a $20,000 bond issue in Ry., from
-DESCRIPCHARLEVOIX COUNTY (P. 0. Boyne City), Mich.
building of a seven or eight mile extension of the Linvill River
-Further details are at hand relative to the $350,000
TION OF BONDS.
Shulls Mill to Boone.
5% coupon tax-free road bonds mentioned in V. 106, p. 1379. Denom.
BOONEVILLE SCHOOL DISTRICT (P. 0. Booneville), Prentiss $500, $1,000 and $5,000. Date Feb. 1 1918. Annual int. payable at the
-On April 2 the 325,000 30-year school- office of the County Treasurer. Due Feb. 1 1933. Bonded debt, none.
-BOND SALE.
County, Miss.
awarded, it is
building bonds, dated April 1 1918 (V. 106, p. 1378), wereand interest:, Floating debt. none. Assessed valuation, $12,229,158.
stated, to Prudden & Co., of Toledo, for $25,525 (102.10)
• CHINOOK SCHOOL DISTRICT NO. 10, Blaine County, Mont.
-BOND OFFERTNO.-Addt- BOND ELECTION.
-An election will be held to-day (April 13) to vote
E9130SSIER CITY, Bossier Parish, La.
-V. 106, p. 1379.
$30,Monal information is at hand relative to the offering on Apr. 30 of the these on the proposition to issue $26,000 school bonds
-V. 106, p. 1152.
000 5% special water-works bonds m. on that day by Proposals for
-BOND SALE.
U. W. Hutchings,
CHOUTEAU COUNTY (P. 0. Fort Benton), Mont.
bonds will be received until 7 p.
and ann. int. -The $100,000 seed-grain bonds voted at the election held Mar.25(V. 106.
Dec.
Town Clerk. Denom. $500. Date Bank, 1 1917. Prin.at
Shreveport, or
theNational p. 1258) were awarded to the Wells-Dickey Co. of Minneapolis. Due
of holder at American Nat.
at option
Feb. 1
City Bank, N. Y. Due yearly on incl. andas follows: $500 from 1918 to Apr. 11923. subject to call Apr. 1 1920.
$1,500 from 1953 to 1957 incl.
1942 Incl., $1,000 from 1943 to 1953 A.N. Cox, Treasurer,
CHOUTEAU COUNTY SCHOOL DISTRICT NO. 36 (P. 0. Power),
required. Tke
2%%, payable to
Cert. check for
-Proposals will be received until April 22 by
-BOND OFFERING.
approving opinion of John C. Thomson of N. Y. will be furnished to the Mont.Dull, Clerk. for $2.000 15-20-year (opt.) coupon school-house bonds
R. H.
purchaser free of charge. Purchaser to pay accrued interest.
at not exceeding 6% interest. Denom. $500. Interest annual. Certified
-By
check for $100, payable to the above Clerk. required.
BRADDOCK, Emmons County, No. Dak.-BONDS VOTED.
-Proposals will be received
vote of 24 to 3*the voters recently authorized the issuance of $3,400 fire-hall
-BOND OFFERING.
CLEVELAND, Ohio.
bonds, it is stated.
construction
by C. J. Neal, Director of Finance, until 12 m. May 6 for the following 5%
-LOAN OFFERING.
-Otis B. coupon (with privilege of registration) bonds:
Norfolk County, Mass.
BRAINTREE,
1917.
Oakman, Town Treasurer, will receive bids until 3 p. m. Apr. 15 for a $154,000 Cleveland St. opening bonds. Date Dec. 1 $10,000Due $16,000
Dec. 11933.
yearly on Dec. 1 from 1924 to 1932, incl., and
temporary loan of $75.000 in anticipation of revenue. Date not later
Nov. 11 1918, $25,000 Nov. 18 1918 and
bridge bonds. Date March 1 1918. Due $5,000 yearly on
75,000
than Apr. 12. Due $25,000
March 1 from 1919 to 1933, inclusive.
$25,000 Nov. 25 1918.
54,000 park bonds. Date March 1 1918. Due $2,000 yearly on
BRISTOW SCHOOL DISTRICT (P. 0. Bristow), Creek County,
March 1 from 1919 to 1944, inclusive.
-Reports state that a proposition will be
-BONDS PROPOSED.
Okla.
Denom. $1,000. Principal and semi-annual interest payable at the
submitted to the voters shortly to issue $35,000 school bldg. bonds.
American Exchange National Bank of New York. No offer will be conmade. Certified check (or
-BONDS VOTED.- sidered unless a separate bid for each lot isof amount of bonds bid for,
BUTLER COUNTY (P. 0. Greenville), Ala.
check) on a solvent bank, for 39'
Tho proposition to issue $36,000 5% serial road bonds carried at the elec- cashier's to the "Treasurer of the City of Cleveland," required. All bids
a
tion hold Mar. 26 (V. 106, p. 1258) byD.veto of 1,006 to 423. Duo 1935. payable made on blank forms furnished by the above-named director.
Lamploy is Chairman of County must be
Date of sale not yet determined. H.
Purchaser to pay accrued interest. Bonds to be delivered at Cleveland.
Court.
-BOND ELECTION
CLERMONT COUNTY (P. 0. Batavia), Ohio.
BUTLER SCHOOL DISTRICT(P.O. Butler), Butler County, Pa.
Graham. PROPOSED.
-Proposals will be received by harry
-This county is contemplating holding an election to vote
BOND OFFERING.
L.
of Board of Education, until 5 p. m. Apr. 25 for $250,000 *5% on the question of issuing $250,000 road bonds, it is stated.
Secretary
school bonds. Int. semi-ann.
-BOND
CLINE IRRIGATION DISTRICT, Clallan County, Wash.
-The fol- SALE.
-BONDS VOTED.
-On Feb. 8 the State Bank of Sequin was awarded 830,000 6%
BUTTE, Silver Bow County, Mont.
-year (opt.) irrigation bonds for $27,900 (93) and hit. Denom. $500.
lowing a% bonds aggregating $40,000 carried at the election held Apr. 1. 11-20
Date Jan. 1 1918. Int. J. & J.
V. 106. p. 1378:
Vote 2,268
$15,000 public market bonds. 1933 incl., to 1.440. Due $1,500 yrly.
COEUR D'ALENE INDEPENDENT HIGHWAY DISTRICT, Koosubject to call 1928.
Jan. 1 from 1924 to
on
--n Mar. 26 the State of Idaho was
-BOND SALE.
Vote 1,953 to 1,592. Duo 32,500 yrly. tenai County, Ida.
25,000 comfort-station bonds. 1933 incl., subject to
-20
awarded, according to reports, an issue of $25,000 5% 10 -year opt.
call 1928.
on Jan. 1 from 1924 to
road bonds at par.
-BOND
BUTTE COUNTY SCHOOL DISTRICT NO. 3, Idaho.
-On
-BONDS VOTED.
COLL NS COUNTY (P. 0. McKinney), Tex.
-The State of Idaho recently purchased $12.000 bonds, it is stated. Mar. 30 the question of issuing $69.000 5% 30
SALE.
-year road bonds was favorCounty, Idaho.
-The ably voted-V. 106, p. 1259. Date of sale not yet determined.
-BONDS DEFEATED.
CALDWELL, Canyon
proposition to issue $30,000 municipal-hospital bonds was defeated at the
CONLEY SCHOOL DISTRICT (P. 0. Bakersfield), Kern County,
election held March 19 by a vote of 20 "for" to 388 "against.'-V.106,P.839 Calif.
-On April 1 the $30,000 6% 12-14-year serial school
-BOND SALE.
COUNTY (P. 0. Marshall), Mich.-BOIVDS AWARDED equipment and ground improvement bonds(V. 106, p. 1379) were awarded
CALHOUN
-Of an issue of $180.000 4%% bonds, about $80,000 have been to McDonnell & Co. of San Francisco for $30,264 (100.88) and int. De
IN PART.
sold "over the counter" to local Investors. Date Apr. 1 1917. Due ser- nom. $1,000. Date Mar. 5 1918. A bid of $30,150 and int. was received
Int. A. & 0.
Bank of Stockton.
from the Union Safe Deposit
ially from 1918 to 1927 incl.
-Local
-BOND ELECTION.
-Pro-BOND OFFERING.
CORSICANA, Navarro County, Tex.
CAMBRIDGE, Middlesex County, Mass.
posals will be received by Henry F. Lehan, City Treasurer, for the follow- newspapers state that an election will be held Apr. 16 to vote on a proposiwater system bonds, mentioned in V. 105, p.
bomls:
tion to issue the $400.000
ing 4%% tax-free coupon
$14,500 street loan bonds. Donoms. $1,000 and $1,500. Duo $3,000 2381.
-BOND OFFERING.
yearly on July 1 from 1918 to 1921, incl., and $2,500 July 1 1922.
COSHOCTON Coshocton County, Ohio.
$300 and $1,000. Duo $2,300 yearly Proposals will be,
11,500 street loan bonds. Denoms.
received by W. H. Williams, City Auditor, until 12 m.
on July 1 from 1918 to 1922, incl.
Apr. 22 for the following 6% street improvement bonds, aggregating
Date July 1 1917. The bonds are issued under the supervision of the 314,900:
First National Bank of Boston, and their legality approved by Storey, $5,000 street intersection bonds. Denom. $500. , Due $500 yearly on
Thorndike, Palmer & Dodge of Boston, whose opinion will be furnished the
Mar. 1 from 1919 to 1928. incl.
purchaser. Purchaser to pay accrued interest.
5,500 McClain Ave. impt. bonds. Denom. 3500. Due $500 yearly on
Mar. 1 from 1919 to 1927, incl. and 31.000, Mar. 11928.
temporary loan of $300,000 issued
-On Apr. 9 a
TEMPORARY LOAN.
4,400 Hamilton Ave. !stmt. bonds. Denom. $400. Due $400 yearly on
in anticipation of revenues and maturing Dec. 3 was awarded to Goldman,
ir,A2
Mar. 1 from 1919 to 1927, incl., and $800 Mar. 1 1928.
% discount. Other bidders were:
Sachs & Co. of Now York at 5.45%
Denom. $1,000. Date Feb. 1 1918. Prin. and semi-ann. int. payable
incorporated bank
at the Hanover Nat. Bank, N. Y. Cert. check on anfor, payable to the
or trust company for 2%, of the amount of bonds bid
Treasurer. required.
Town
-Morris Bros. Inc.
-BOND SALE.
ASTORIA, Clatsop County, Ore.
for
of Portland were awarded on Mar. 18 $25,156 25 6% impt. bondsInt.
Feb. 1 1918.
325,481 25 (101.291) and int. Denom. $500. Date call 1919; Series 11,
follows: Series 10, 1923, subject to
F. & A. Due as
1928, subject to call 1919, and Series 12, 1938, subject to call 1919.
-TEMPORARY
ATTLEBORO, Bristol County Mass. awarded, it is LOAN.were
On Apr. 10 P. S. Moseley & Co. of Boston and maturing Oct. stated, the
12 at 5.45
Apr. 10
temporary loan of $50,000, dated
-V. 106, p. 1488.
discount.
Mo.-BONDS VOTED.-A
AUDRAIN COUNTY (P. 0. Mexico), bonds carried at an
:tiongak
go3
0 county-hospital
r5byavou
roltir tolssuer ,A0untro aeofsa000ty3tdeted
'WNW
1598
THE CHRONICLE
Date Mar. 1 1918. Int. semi-annual. Purchaser to pay accrued int.
Bonds are to be delivered and paid for within 10 days from time of award.
Cert. check, on a bank in Coshocton County, for 10% of amount of bonds
bid for, required.
COWLITZ COUNTY DIKING DISTRICT NO. 4 (P. 0. Kelso),
Wash.
-DESCRIPTION OF BONDS.
-The $95,000 7% diking bonds
awarded on Mar. 13 to the Lumbermens Trust Co. of Portland for $87,400,
equal to 92-V. 106, p. 1379
-are in denoms. of $100 and $500 and dated
Apr. 1 1918. Int. J. & J. Due Jan. 1 1936, subject to call serially on
Jan. 1 from 1919 to 1932.
CROCKETT CONSOLIDATED SCHOOL DISTRICT, Tate County,
Miss.
-BONDS NOT SOLD.
-No sale was made,it is stated, of the $5,000
6% 30
-year coupon (with privilege of registration) school bonds dated
March 1 1918 and offered on April 1 (V. 106, p.1379). J. A. Wooten is
Clerk of Board of County Supervisors (P. 0. Sehatobia).
DAKOTAH CITY SCHOOL DISTRICT (P. 0. Dakotah City),
Humboldt County, Iowa.
-BONDS VOTED.
-At a recent election an
issue of $24,000 school bonds was authorized, it is stated.
DALLAS COUNTY (P. 0. Dallas), Texas.
-BOND ELECTION PROPOSED.
-An election will be held in the near future, it is stated, to vote on
a proposition to issue $200,000 road bonds.
DAWSON COUNTY (P. 0. Glendive), Mont.
-BOND SALE.
-Recently the Wells-Dickey Co. of Minneapolis purchased $200,000 7% 2 -5
year (opt.) tax-free seed-grain funding (bonds. Denom. $1,000. Date
Apr. 11918. Prin. and semi-ann. int. (A. & 0.) payable at the county
fiscal agency in New York. Total bonded debt (incl. this issue), $350.000.
Assess. val. 1917, $15,991,569. Astual val. (est.), $33,000,000. Popuation 1917 (est.), 40,000.
DAYTON, Montgomery County, Ohio.
-BOND SALE.
-The $5,000
5% 5
-year small-pox epidemic bonds recently authorized (V. 106, p. 1379)
have been purchased by the Sinking Fund Trustees at par. Denom.$1,000.
Date March 1 1918. Int. M. & S.
DELAWARE COUNTY (P. 0. Muncie), Ind.
-NO BIDS RECEIVED.
-No bids were received for the $5,200 4 % road impt. bonds offered on
Mar. 30. V. 106, p. 1250.
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
Moines), Polk County, Iowa.
-NO ACTION YET TAKEN.
-No action
has yet been taken looking towards the issuance of the $500,000 45i%
school bldg. bonds voted Mar. 11. V. 106, p. 1259.
DIETER, Roseau County, Minn.
-BOND OFFERING.
-Proposals
will be received until 2 p. m. Apr. 18 by A. J. Gilseth, Town Clerk (P. 0.
Pine Creek), for $4,000 15-year bonds at not exceeding 6% int. Date
June 10 1918.
DUBLIN, Laurens County, Ga.-BOND SALE.
-The three issues of
6% coupon tax-free bonds, aggregating $75,000, offered on April 4 (V. 106,
p. 1379), were awarded, it is stated, to the National City Co. of New York
through its Atlanta office, for $77,006 52, equal to 102.666.
DUBUQUE, Dubuque County, Iowa.
-BOND SALE.
-An issue of
$30,000 5% impt. bonds was recently awarded to local investors at par.
Denom. $250. Date Jan. 20 1918. Int. semi ann. Due Jan. 20 1925,
subject to call at option of city.
DYERSBURG, Dyer County, Tenn.
-BOND ELECTION.
-An election will be held Apr. 16 to vote on the question of issuing the $25,000
funding bonds, mentioned in V. 106. p. 1379.
EAU CLAIRE, Eau Claire County, Wisc.-BONDS VOTED.
-On
April 2 the proposition to issue $10,000 municipal-fuel-plant bonds carried
by a vote of 1,987 to 818. V. 106, p. 1379. Date of sale not yet determined.
_ EMERYVILLE SCHOOL DISTRICT (P. 0. Emeryville), Alameda
County, Calif.
-BOND SALE.
-The $60,000 5% 10-year school building
bonds recently offered-V. 106, p. 949
-were awarded, it is stated, to the
Central National Bank of Oakland.
ERIE, Erie County, Pa.
-BOND SALE.
-On April 5 the $22,500 4%
tax-free conduit bonds
-V. 106, p. 1379
-were awarded to the Sinking
Fund Commissioners at par and int. There were no other bidders.
FENTRESS TOWNSHIP SCHOOL DISTRICT, Guilford County,
No. Caro.
-BONDS VOTED.
-According to reports, $39,000 school
bonds have been voted.
FOLEY, Benton County, Minn.
-BOND OFFERING.
-Proposals
will be received until 8 p. m. April 18 by H. Bettendorf, City Clerk, for
$20,000 4% 20-year water-works bonds. Denom. $1,000. Interest payable at First National Bank, Foley. Bonded debt April 4 1918, $6,000.
Assessed valuation, $266,000. Total tax rate (per $1,000), $56 00.
FORT DODGE, Webster County, Iowa.
-BOND SALE.
-Local
papers state that the Bankers' Mortgage Co. of Des Moines was recently
awarded $31,000 refunding water bonds.
FRANKFORT, Benzie County, Mich.
-BOND SALE.
-The $5,000
5% water-supply improvement bonds recently voted (V. 106, p. 1379)
were awarded to the State Savings Bank of Frankfort at par. Denom.
$1,000. Date April 4 1918. Int.J. & J. Due $1,000 in each of the years
1922, 1924, 1926 and 1927.
FREMONT, Dodge County, Neb.-BONDS DEFEATED.
-The
proposition to issue $75,000 sewer-disposal plant bonds mentioned in V.
105, p. 2199, was defeated, it is stated, at an election held April 2.
GALENA, Cherokee County, Kans.-BONDS VOTED.
-On Apr. 2
a proposition to issue $100,000 water works bonds carried by a vote of334
to 121, it is stated
GARY SCHOOL DISTRICT (P. 0. Gary), Deuel County, So. Dak.
-BONDS AWARDED IN PART.
-Of the $25,000 school bonds recently
authorized-V. 106, p. 1379-$12,000 have been purchased by the State
of South Dakota.
GEM HIGHWAY DISTRICT(P.O. Gem),Shoshone County, Ida.
NO BOND ELECTION.
-The District Clerk writes us under recent date
that the reports that an election was held Mar. 30 to vote on the question
of issuing $30,000 bridge bonds, were erroneous.
-V. 106, P. 1259.
GLEESON SCHOOL DISTRICT (P. 0. Gleason), Cochise County,
Ariz.
-BONDS VOTED.
-A proposition to issue 36,000 school building
bonds carried, it is stated, at a recent election.
GREENE COUNTY (P. 0. Springfield) Mo.-NO ACTION YET
TAKEN.
-No action has yet been taken looking toward the holding of an
election to vote on the question of issuing the $1,500,000 highway-impt.
bonds mentioned in V. 106, p. 1380.
GROVE TOWNSHIP (P. 0. Liltington), Harnett County, No.Caro.
-BOND OFFERING.
-J. R. Baggett, Attorney for Road Commissioners,
will sell at public auction at 12 m. May 1, $30,000 6% coupon road bonds.
Denom. $500. Date May 1 1918. Int. M. & N. Due May 1 1938.
Certified check (or cash) for $500 required.
GUADALUPE COUNTY SCHOOL DISTRICTS, N. Mex.-BOND
OFFERING.
-Proposals will be received until 10 a. m. to-day (April 13)
by J. M. Casaus, County Treasurer (P. 0. Guadalupe), forIthe following
10-20-year (opt.) school bonds at not exceeding 6% interest: $10,000
School District No. 2, $2,000 School District No. 4, $5,000 School District
No.5 and $3,000 School District No.9 bonds. Date April 1 1918. Interest semi-annual. No proposals will be entertained for any of the above
bonds for the sum less than 90% of the par value thereof and accrued interest on same to date of delivery. Certified check for 10% ofthe amount
of bid required. Purchaser to furnish blank bonds.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.
-BONDS NOT TO
BE RE-OFFDRED.-John A. Leyshon, County Auditor, advises us that
the $15,000 5% coupon 1-9
-year serial bonds offered without success on
Mar. 21-V. 106, p. 1380
-"will not be re-offered, but possibly at a later
date another bond will be issued."
HAMILTON, Hamilton County, Ohio.
-BONDS AUTHORIZED.
An ordinance has been passed providing for the issuance of $20,000 5%
coupon fire department bonds. Denom. $500. Date March 1 1918.
Principal and semi-annual interest payable atofficeof City Treasurer.
Due $2,000 yearly (not $3,000. as first reported-V. 106, p. 1489) on
March 1 from 1923 to 1932, inclusive.
[VoL. 106
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-BONDS NOT
SOLD.
-The $8,200 43 % highway improvement bonds, offered on April 5
(V. 106, p. 1259), were not sold.
HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg), Poinsett
County, Ark.
-BOND SALE.
-Recently Jas. Gould of Pine Bluff purchased $50,000 6% 10
-20-year special school bonds at par.
HAZLETON CITY SCHOOL DISTRICT (P. 0. Hazleton), Luzerne
County, Pa.
-BOND ELECTION.
-D.T. Evans, Secretary of the School
Board, under date of April 9 writes us as follows concerning the proposed
Issuance of bonds by his district: "A resolution was passed at the last meeting of the Board authorizing the solicitor of the Board to have the necessary legal notices. &c. prepared to place the matter before the voters at
the primary election On May 21 for issuing $200,000 school bonds; until
this consent is secured, the rate of interest, maturity, &c., is undecided."
HEARTWELL, Kearney County, Neb.-BONDS VOTED.
-It is
stated that at a recent election $2,700 electric-light bonds were authorized.
HENDERSON, Sibley County, Minn.
-BOND SALE.
-An issue of
$10,000 5% refunding bonds, offered on June 8 1917, was awarded to a
local bank. Denoms. $500 and $1,000. Date June 1 1917. Int. semiann. Due $500 yearly from 1919 to 1926 incl. and $6,000 June 1 1927.
HERSEY (P. 0. Brewster), Nobles County Minn.
-BOND SALE.The State of Minnesota purchased an issue of $4,0 0 5 % road and bridge
0
bonds offered on May 5 1917.
HILL COUNTY (P. 0. Havre), Mont.
-BOND SALE.
-The $100,000
7% 2
-5-year (opt.) seed-grain funding bonds awarded on Mar. 23 to WellsDickey Co. of Minneapolis (V. 106, p. 1380) are in denom. of $1,000 and
are dated Apr. 1 1918. Prin, and semi-ann. int. (A. & 0.) payable at the
county fiscal agency in New York City. Total bonded debt (including
this issue), $509,000. Assess. val. 1917, $14,761.552. Actual value
(est.), $35,000,000. Population 1917 (est.), 15.000.
HILLSBOROUGH COUNTY (P. 0. Tampa), Fla.
-BOND SALE.
The $875,000 57 coupon 1-31-year serial road bonds, dated Jan. 1 1918,
and offered on March 11 (V. 106, 731), have been awarded, it is stated,
to Davis & Webb, for $857,500 (98) and interest, the bonds not to be
p.
delivered, it is stated, until after the Third Liberty Loan has been placed.
HOLGATE, Henry County, Ohio.
-BOND SALE.
-On April 9 the
-11-year serial coupon refunding bonds, dated March 1 1918
$3,800 6% 5
(V. 106, p. 1153), were awarded to the Commercial State Bank of Napoleon,
at par and interest and expense of printing bonds.
HOWARD COUNTY (P. 0. Kokomo), Ind.
-BOND SALE.
-The
$10,400 43.5% highway-impt. bonds offered without success on March 25V. 106, p. 1380
-have been awarded to the Meyer-Kiser Bank of Indianap.
HUDSON COUNTY (P. 0. Jersey City), N. J.
-BOND SALE.
-On
April 11 the $150,000 2-20-yr. serial park and $155,000 2-15-yr. serial
boulevard-repair 434% gold coupon (with privilege of registration) bonds
dated Mar. 1 1918-1. 106, p. 1489
-were awarded to the First Nat.
Bank and Lincoln Trust Co., both of Jersey City, jointly at par and hit.
IREDELL COUNTY (P. 0. Statesville), No. Caro.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. April 29 by N. D.Tomlin,
Chairman Board of County Commissioners,for $60,000 5% coupon funding
bridge bonds. Denom. $1,000. Date Oct. 1 1917. Principal and semiannual interest (A. & 0.) payable at the Commercial National Bank,
Statesville. Due as follows: $20,000 bonds authorized in 1915, $1,000
yearly on Oct. 1 from 1923 to 1942 incl.: on $40,000 issue authorized in
1917, $4,000 yearly on Oct. 1 from 1918 to 1927 incl. Certified check (or
bank draft) for 2% of par value of bonds, payable to the City Treasurer.
required. Official advertisement states that the constitutionality of this
Issue of bonds has been passed upon by the Supreme Court of North
Carolina, and the legality of this issue is not questioned, and there is no
litigation pending or threatened affecting the issue. Prior to delivery of
bonds the county will furnish the legal opinion of Storey, Thorndike,
Palmer & Dodge, of Boston, as to the validity of the same. The county
has never defaulted in the payment of principal or interest of any of its
indebtedness. Total bonded debt (including this issue), $558.000. Floating debt, $50,000. Sinking fund, $12,680 82. Assessed valuation 1917.
$15,039,249. Actual value (estimated), $28,000,000. Population 1910
(U. S. Census), 35,314; 1918 (estimated) 42,000.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
IRON RIVER, Iron River County, Mich.
-BOND OFFERING.
-Proposals will be received by Frank C. Smart. Village Clerk, until 6 p. m.
Apr. 15 for $68,000 5% funding bonds. Denom. $1,000 and $500. Int.
M.& S. Due 32,000 Mar. 15 1919 and 33,000 yearly on Mar. 15 from 1920
to 1941 incl.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 35, Ida.
-BOND
SALE.
-Reports state that the State of Idaho recently purchased $13,000
bonds.
JEFFERSONVILLE, Twiggs County, Ga.-BONDS VOTED.
-Recently issues of $9,000 water-works and $6,000 electric-light 5% bonds
were voted, it is stated. Denom. $500. A. K. Smith is Sec. and Treas.
JOHNSON CITY, Washington County, Tenn.
-BOND OFFERING.
-Proposals will be received until 7:30 p. m. April 30 by R. C. Warren,
City Recorder and Treasurer, for the following two issues of bonds, aggregating $125,000:
$75,000 5 % city-hall and market-house bonds. Auth vote of 510 to
217 at election held April 28 1917. Due May 11948.
50,000 5% school bonds. Auth., vote of 331 to 26 at election held
May 5 1917. Due May 11938.
Denoms. $1,000 and $500. Date May 1 1918. Principal and semiannual interest(M.& N.)payable in Now York. Certified check for 2M%
of amount of bid, payable to Johnson City, required. Official circular
states that the city has never defaulted in payment of principal or interest
on its bonds.
Financial Statement.
Actual valuation of taxable property for 1917
$12,149,206 50
Assessed valuation of taxable property for 1917 (1-5th).. _ 2,429,841 30
Bonded debt:
Paving bonds
$147,377 21
School bonds
72,010 00
Normal School bonds
75,000 00
Sewer and general bonds
112,000 00
$406,387 21
Bonds to be issued:
School bonds
$50,000 00
City-hall and market-house bonds
75,000 00
Notes payable
41,300 00
$166,300 00
Water-works bonds are maintained from profits of water department,
the gross earnings for the year 1917 being $39,583 41, and the net earnings
$14,150 89.
Improvement district bonds (paving bonds), $176,637 32, are a lien on
abutting property and paid entirely, principal and interest, promptly by
property owners.
Population (Census) 1910, 8,500; 1918 (estimated), 14,500.
JOHNSON COUNTY ROAD DISTRICT NO. 1, Ark.
-DESCRIPTION OF BONDS.
-The $250,000 (not $259,000 as first reported) .6%
2 -year serial road-construction bonds awarded on March 20 to Edgar
-20
J. Hahn of Little Rock-V. 106, p. 1489
-are in denom. of $1,000 and
dated April 11918. Interest F. & A.
JOSEPH HIGHWAY DISTRICT (P. 0. Joseph), Idaho County,
-BOND OFFERING.
Ida.
-Reports state that James Avan, Sec. of If
Commission, will receive bids until 4 p. m. Apr. 20 for $30,000 6%
10-20-year (opt.) highway bonds. Date Jan. 1 1918. Prin. and int.
payable at the Corn Exchange National Bank or any other bank in Now
York City at option of purchaser. Cert. chock for $1,500 required.
KANSAS CITY, Mo.-BONDS VOTED.
-On Apr. 2 the proposition to
issue $1,250,000 water-works bonds "carried with a practically unanimous
vote, less than 8% Of tho voters voting against the proposition." V. 106.
p. 1380.
APR. 13 1918.]
THE CHRONICLE
-The propoKENOSHA, Kenosha County, Wis.-BONDS VOTED.
sition to issue school-building bonds carried at the eelction held April 2V. 106, p. 1380. Geo. M. Harrington is City Clerk.
-Proposals
KIRKWOOD,St. Louis County, Mo.-BOND OFFERING.
will be received until 8 p. m. April 18 by E. Harper, City Clerk, for the
$15,000 5% fire department bonds voted at the election held April 2
(V. 106, p. 1259).
-BOND SALE.
LAC QUI PARLE COUNTY (P. 0. Madison), Minn.
---,The Board of County Commissioners at its meeting on Mar. 15 awarded
five issues of 5% ditch bonds, aggregating $25,000, to the Minnesota Loan
& Trust Co. of Minneapolis for $25,375 (101.50) and int.. purchaser to
furnish blank bonds and pay attorney's fees and other expenses. The
above bonds answer the following description:
$4,400 Ditch No. 9 bonds. Due part yearly on Apr. 1 from 1924 to 1928
inclusive.
4,800 Ditch No. 13 bonds. Due part yearly on Apr. 1 1926 to 1930 incl.
2,800 Ditch No. 17 bonds. Due part yearly on Apr. 1 from 1930 to
1932 incl.
2,000 Ditch No. 18 bonds. Due $1,000 yearly on Apr. 1 1932 and 1933.
11,000 Ditch No. 27 bonds. Due $1,000 Apr. 1 1933 and $2,000 yearly
on Apr. 1 from 1934 to 1938 incl.
Denoms. 1 for $400, 2 for $800 and 23 for $1,000. Date Apr. 1 1918.
Prin. and semi-ann. int.(A.& 0.) payable at the Minnesota Loan & Trust
Co.. Minneapolis.
-BONDS VOTED.
-On April 1
LANSING, Ingham County, Mich.
the voters authorized the issuance of the $12.700 street-improvement
bonds mentioned in V. 106, p. 1380.
LE FLORE COUNTY (P. 0. Poteau), Okla.:-:-B07/Vi5=cently two issues of 6% coupon road-impt. bonds, aggregating $25,000,
wore awarded to the Geo. W.& J. E. Piersol Co. of Oklahoma City. The
bonds are described as follows:
$20,000 Page Township bonds. Date Sept. 1 1917. Due Sept. 1 1042.
Total bonded debt, this issue only. Assessed val. 1917, $419,918.
Actual value (est.), $600,000.
6,000 Milton Twp. bonds. Denom. $1,000. Date Dec. 23 1916.
-payable at the Fiscal agency of
Prin. and semi-ann. int.-F. & A.
the State of Oklahoma in New York. Duo Dec. 23 1941. Total
bonded debt, this issue only. Assessed val. 1916, $172,525.
Actual value (est.), $300,000.
LEMMON SCHOOL DISTRICT (P. 0. Lemmon), Perkins County,
-At a recent election a proposition to issue
So. Dak.-BONDS VOTED.
$25,000 school bonds carried, it is stated.
-At
LESTERVILLE, Yankton County, So. Dak.-BONDS VOTED.
a special election the voters, it is stated, authorized the issuance of watertower and tank-erection bonds.
-BOND SALE.
-The
LEXINGTON, Davidson County, No. Caro.
$50,000 school bonds offered without success on March 29-V. 106, IL
-have been awarded to Prudden & Co. of Toledo, it is stated.
1380
-The $12,500 534%
-BOND SALE.
LIMA, Allen County, Ohio.
-13-year serial coupon water-works bonds dated April 1 1918, recently
2
authorized-V. 106, p. 1380-were awarded on March 28 to the Sinking
Fund Trustees at par.
LINN GROVE, Buena Vista County, Iowa.
-BONDS AUTHORIZED.
-Reports state that an issue of $5,000 water-works bonds has been
authorized.
LITTLE ROCK STREET IMPROVEMENT DISTRICT NO. 18
-On Mar. 25 the Union
(P. 0. Little Rock), Pulaski County, Ark.
Trust Co. of Little Rock was awarded 365.000 6'%, 15-year impt. bonds
for $63,745 50, equal to 98.07. Denom. $500. Date Apr. 1 1918. Int.
semi-annual.
-E. H.
-BOND OFFERING.
LOCKPORT, Niagara County, N. Y.
Boynton, City Treasurer, will receive bids until 12 m. April 16 for $15,500
registered salary bonds at not exceeding 5% int. Auth. Sec. 8, Chap. 786,
Laws of 1917. Denom. $500. Date April 1 1918. Prin. and semi-ann.
int.-J. & J.
-payable at the above Treasurer's office. Due $3,000
yearly on Jan. 2 from 1919 to 1922, incl., and $3,500 Jan. 2 1923. Certified check on a solvent banking institution for 2% of amount of bonds bid
for, payable to the "City of Lockport," required.
-BOND SALE.
-An issue of
LUXORA, Mississippi County, Ark.
0
$10,000 67 1-20-year water-works bonds has been purchased by Jas. Gould
of Pine Bluff at par.
-BOND OFFERING.
LYNCH BURG, Highland County, Ohio.
Proposals will be received by W. A. Saylor, Village Clerk, until 12*m.
April 22 for the following two issues of6% coupon bonds, aggregating $3,000:
$1,500 refunding bonds. Due $500 each six months from Mar. 1 1929
to Mar. 11930, hu31.
1,500 public-building bonds. Due $500 each six months from Sept. 1
1930 to Sept. 11931, incl.
Auth. Secs. 3939 and 3916, Gen. Code. Denom. $500. Date Mar. 1
1918. Certified check for 10%, of amount of bonds bid for, payable to the
Village Treasurer, required. Bonds to be delivered and paid for within
10 days from time of award.
MANCHESTER RURAL SCHOOL DISTRICT (P. 0. Relnersville),
-No bids wero received
-NO BIDS RECEIVED.
Morgan County, Ohio.
for the $1,000 6% 5-10-year coupon school equip bonds dated Apr. 11918,
offered on Mar. 30. V. 106, v. 1380. They will be offered at private sale
on a later date. Victor B. Walters is Clerk of Board of Education.
MANNING SCHOOL DISTRICT (P. 0. Manning), Cerro! County,
-BOND SALE.-Tho First National Bank of Manning was roIowa.
cently awarded 312,000 5% 10-year school-bldg. bonds at par.
-BOND OFFERING.
MANSFIELD, Richland County, Ohio.
-Proposals will be received by O. E. Rhoads, City Auditor, until 12 m. May 1
for 315,900 5% 1-15-year serial water-works-inapt, bonds dated Mar. 1
1918. Denom. $1,000. Cert. check for 2% of amount of bonds bid for,
Payable to the City Treasurer, required. Bonds to be delivered and paid
for within 10 days from time a award. Purchaser to pay accrued int.
MARTIN COUNTY SCHOOL DISTRICT NO. 73 (P. 0. Fairmont),
-At a recent election $5,000 school-building
-BONDS VOTED.
Minn.
bonds were authorized by a vote of 38 to 3, it is stated.
-BOND OFFERING.
(State of).
-Sealed bids will be
MARYLAND
received by Governor E. C. Harrington at Annapolis until Aug. 1, it is
for $3,000,000 road and $1,000,000 war debt 4%% 15-year State
stated,
bonds.
-LOAN OFFERING.
-ProMEDFORD, Middlesex County, Mass.
posals will be received by the City Treasurer until 9 a. m. April 16, it is
stated, for a temporary loan of $50,000 in anticipation of revenue, maturing
Feb. 14 1919.
MELROSE VILLAGE SCHOOL DISTRICT (P. 0. Melrose), Paul-BOND OFFERING.
-Additional information is at
ding County, Ohio.
hand relative to the offering on April 20 of the $3,250 6%, coupon school
bonds-V. 106, p. 1489. Proposals for these bonds will be received until
2 p. in. on that date by Reid Burt, Clerk of Board of Education. Auth.
Section 5656, Gen. Code.• Denom. 15 for $200 and 1 for $250. Date
Dec. 20 1917. Prin. and send-ann. int. payable at the Paulding National
Bank, Paulding. Duo $200 yearly on Dec. 20 from 1920 to 1934, incl.,
and $250 Dec. 20 1935. Bidders will be required to satisfy themselves as
to the legality of the issue. A transcript of the proceedings of the Board of
Education relative to the Issue will 130 furnished the successful bidder.
Conditional bids will not be considered. Purchaser to furnish blank bonds
and coupons without cost to the School Board.
-The following seven proposiMILWAUKEE, Wis.-BONDS VOTED.
tions providing for the issuance of bonds aggregating $1,725,000, carried at
an election held Apr. 2:
$200,000 Sixteenth viaduct impt. bonds. Vote 20,689 "for" to 15,507
"against."
350,000 harbor-impt. bonds. Vote 22,611 "for" to 13,288 "against."
500,000 school-building construction and impt. bonds. Vote 27,200
"for" to 11,884 "against."
200,000 bridge-constr. bonds. Vote 21,195 "for" to 14,536 "against."
.
75,000 gublic bath constr. bonds. Vote 19,217 "for" to 15,583 "afainlr
150.000 ridge-constr. bonds. Vote 19,731 'for" to 15,308 'aga nst.
250,000 central police station constr. bonds. Vote 19,820 "for" to 14.831
, 4 'against."
1599
MILLER, Hand County, So. Dak.-BONDS VcSTED.-Reports state
that the $30,000 light and 'Amer plant and $15.000 water-system impt.
bonds mentioned in V. 106, p. 1381, were authorized by the voters at a recent election.
-BOND OFFERING.
MISSOULA COUNTY (P. 0. Missoula), Mont.
-Sealed bids will be received until 10 a. m. April 30 by John J. Flynn,
Chairman Board of County Commissioners, for $'75.000 coupon high-school
bldg. bonds at not exceeding 6% int. Denom.31,000. Date May 1 1918.
Prin. and semi-ann. int. (J. & J.) payable at the County Treas. office or at
some bank outside of the State of Montana to be designated by the purchaser in his bid at the time of issue. Due $5,000 yearly on Jan. 1 from
1924 to 1934 incl. and subject to call yearly on Jan. 1 from 1924 to 1934 incl.
Unconditional cert. check for $1,000, payable to the County Treas., required. The purchaser will be furnished with an opinion by Wood &
Oakley. attorneys, of Chicago, approving the legality of them bonds...IN
-The
-BOND SALE.
MONROE COUNTY (P. 0. Key West), Fla.
40%
First National Bank of Key West on Mar. 7 was awarded $100,000
road bonds (V. 106, p. 842) at 95. Denom. 31,000.
-year serial coupon
30
Date Jan. 1 1918. Int. J. & J.
-The following
-BONDS PURCHASED BY STATE.
MONTANA.
bonds were purchased by the State of Montana during the five months
ending Nov. 30 1917:
Twelve Issues. Aggregating $486,125, Purchased During July.
Purpose Int.
Optional.
Due.
Loan, Rate,
Amount. Place Issuing Bonds.
(z)
Road Impt.41i %Jan. 1 1937
.100,000 Cascade County
School 6% July 1 1927 July 1 1922
600 Chouteau Co. S. D. 39
6% Apri115 1937 Apri115 1927
do
Dawson Co.S. D.61
3,000
6% June 15 1927 June 15 1924
do
*2,000 Fergus Co.S. D.150
do
6% Sept. 9 1926 Sept. 9 1921
650 Hill Co.S. D.10
Jan. 1 in
Water-wks. 5% J Jan. 1 in
*225,000 Livingston (city)
1 1923-28-33 1920-23-28
School 6% June 4 1937 June 4 1922
1,200 Musselshell Co. S. D.66
6% June 15 1937 June 15 1921
do
975 Musselshell Co. S. D.67
6% June 1 1931 June 1 1921
do
1,900 Musselshell Co. S. D.69_
6% June 20 1927 June 20 1922
do
800 Phillips Co. S. D.24
do
4;4 April 1 1937 April 1 1927
*60,000 Powell Co. High Sch. Dist
4j July 1 1937 July 1 1927
do
90,000 Yellowstone Co. S. D.2
Eleven Issues, Aggregating E17,850, Purchased During August.
School 6% Aug. 1 1937 Aug. 1 1927
$1,000 Carbon Co. S. D.52
6% Aug. 1 1937 Aug. 1 1927
do
1,200 Fergus Co. S. D. 161
6% June 15 1927 June 15 1922
do
1,400 Fergus Co. S. D. 166
6% May 1 1927 May 1 1922
do
Co. S. D.171
1,200 Fergus
6% Jan. 6 1937 Jan, 6 1927
do
809 Hill County S. D.59
6% June 1 1937 June 1 1927
do
5,000 Nlissoula County S.D.3
6% June 30 1927 June 30 1922
do
1,250 Musselshell Co.S. D.16
6% Aug. 1 1932 Aug. 1 1927
do
1,000 Musselshell Co.S.D.39
6% July 21 1937 July 21 1927
do
1,500 Musselshell Co.S. D.70.6% Aug. 15 1932 Aug. 15 1922
do
3,000 Prairie Co. S. D. 117
6% July 1 1924 July 1 1922
do
500 Richland Co.S.D.48
Nineteen Issues, Aggregating $164,743, Purchased During September.
454 July 31 1931 July 1 1927
School
*125,000 Cascade Co.S. D.1
6% Sept. 1 1927 Sept. 1 1922
do
2,000 Chouteau Co. S. D.9
6% Sept. 1 1927 Sept. 1 1922
do
1,200 Fergus Co. S. D.81
6% Aug. 4 1923 Aug. 4 1920
do
1,200 Musselshell Co.S. D.44..
6% Aug. 15 1937 Aug. 15 1922
do
1,200 Musselshell Co.S. D.71_ _ 6% July 14 1932 July 14 1927
do
2,000 Musselshell Co.S.D.
6% Sept. 1 1927 Sept. 1 1922
do
1,500 Powell Co.S. D.31
6% Aug. 15 1932 Aug. 15 1922
do
1,500 Prairie Co.S. D.10
6% Aug. 15 1927 Aug. 15 1922
do
Prairie Co. S. D.47
1,000
6% Aug. 15 1927 Aug. 15 1922
do
885 Richland Co.S. D.57
6% Sept. 1 1923 Sept. 1 1921
do
900 Richland Co. S. D.87
6% Aug. 1 1927 Aug. 1 1922
do
1,200 Rosebud Co.S.D.43
6% June 1 1937 June 1 1927
do
*6,000 Sheridan Co. S. D.3
6% June 1 1937 June 1 1927
do
1,000 Sheridan Co. S. D. 18
6% Sept. 1 1932 Sept. 1 1924
do
1,500 Sweet Grass Co. S. D.21
8% Aug. 15 1928 Aug. 15 1924
do
1,200 Sweet Grass Co. S. D.5L....
6% Sept. 1 1931 Sept. 1 1922
do
*1,500 Valley Co. S. D.4
.04 July 1 1937 July 1 1927
do
12,000 Yellowstone Co. S. D.
6% Aug. 4 1931 Aug. 4 1922
do
1,958 Yellowstone Co. S. D.13
Fourteen Issues. Aggregating $316,038, Purchased During October.
School 6% Oct. 15 1927 Oct. 15 1922
31,000 Chouteau Co. S. D. 79
6% Oct. 1 1927 Oct. 1 1925
do
3,000 Dawson Co. S. D.23
6% Oct. 1 1922 Oct. 1 1918
do
1,000 Dawson Co. S. D 76
4% Nov. 15 1942 Nov. 15 1927
War
250,000 Liberty Loan
School 6% Sept. 25 1937 Sept. 25 1927
18,000 Lincoln Co. S. D. 1
6% Sept. 1 1926 Sept. 1 1921
do
2,638 Madison Co. S. D. 17
6% Aug. 1 1937 Aug. 1 1927
do
*2,200 Meagher Co. S. D.39
6% June 30 1927 June 30 1922
do
15,600 Musselshell Co. S. D.20
6% Oct. 15 1929 Oct. 15 1922
do
2,000 Phillips Co. S. D.3
5% July 10 1937 July 10 1924
do
*12,000 Sanders Co. S. D. No. 2_ _ _
6% May 1 1937 May 1 1922
do
2,400 Sheridan Co. S. D.39
6% Oct. 1 1937 Oct. 1 1922
do
3,700 Stillwater Co. S. D.56
6% Sept. 1 1927 Sept. 1 1922
do
1,700 Stillwater Co. S. D.59
6% Oct. 27 1927 Oct. 27 1925
do
800 Toole Co.S. D.4...... _ _
Sixteen Issues, Aggregating $28,310, Purchased During November.
School 6% Nov. 10 1937 Nov. 10 1927
$2,000 Carbon Co. S. D.6
6% Nov. 1 1922 Nov. 1 1918
do
1,000 Carter Co. S.D.24
6% Nov. 1 1927 Nov. 1 1922
do
1,000 Chouteau Co. S. D.21
6% Oct. 1 1922 Oct. 1 1920
do
570 Chouteau Co. S. D.76
6% Sept. 15 1927 Sept. 15 1923
do
1,200 Chouteau Co. S. D.81
6% Nov. 15 1927 Nov. 15 1925
do
3,000 Dawson Co. S. D. No.23._
6% Nov. 15 1927 Nov. 15 1925
do
4,400 Dawson Co.S. D.No.78._ _
6% Oct. 15 1927 Oct. 15 1922
do
1,200 Fergus Co.S.D.118
6% Oct. 1 1927 Oct. 1 1922
do
2,000 Fergus Co.S. D.148
6% Nov. 1 1927 Nov. 1 1925
do
3,000 Gallatin Co.S. D.76
6% Sept. 1 1927 Sept. 1 1922
do
500 Lewis & Clark Co.S. D.30
6% Oct. 1 1927 Oct. 1 1923
do
*2,000 Madison Co. S. D.45
6% April 1 1937 April 1 1932
do
26.......
1,700 Musselshell Co. S. D.
6% Oct. 1 1932 Oct. 1 1922
do
2.500 Stillwater Co. S. D.62
do
6% Sept. 22 1927 Sept. 22 1922
750 Stillwater Co. S. D.63
6% Sept. 10 1937 Sept. 10 1927
do
1,500 Yellowstone Co. S. D.46..
* The sale of these bonds was previously reported In the "Chronicle."
x Five bonds yearly, beginning Jan. 1 1918.
-On April 11 the
-BOND SALE.
MONTCLAIR, Essex County, N. J.
340,300 4%7 1-14-year serial land-purchasing improvement bonds, dated
awarded to J. George Fredericks at
(V. 106, p. 1489), were
Jan. 15 1918°
par and interest.
MORRIS SCHOOL DISTRICT (P. 0. Morris), Okmulgee County,
-Local papers state that an elec-BOND ELECTION PROPOSED.
Okla.
tion will be held to vote on a proposition to issue $60,000 school-building
and equipment bonds.
-Pro-BOND OFFERING.
MOSS POINT Jackson County, Miss.
posals will be received until 7 p. m. May 7 by C. M. Fairley for the $3,500
6% coupon tax-free refunding bonds mentioned in V. 106, p. 1381. Denom.
$500. Date June 1 1918. Principal and semi-annual interest (J. & J.)
payable at the Pascagoula National Bank of Moss Point. Due yearly on
June 1. Certified check for $100, payable to the above Clerk, required.
Total debt, including this issue. April 4 1918. $42,000; sinking fund, 32,187.
Assessed valuation, $1,250,000. Total tax rate per $1,000, $12.
NACHES SELAH MUNICIPAL IRRIGATION DISTRICT (P. 0.
-The
-DESCRIPTION OF BONDS.
Selah), Yakima County, Wash.
$200,000 6% gold coupon canal impt. bonds disposed of in March (V. 106,
P. 1153) are in denom. of $500 and are dated April 11918. Prin. and semiann. int. (J. & J.) payable at the County Treas. office, or, if desired, collections may be made with remittance, without cost, through the offices
of Carstens & Earles, Inc., at Seattle, Spokane or San Francisco. Due
yearly on April 1 as follows: $10.000 1929; $12,000 1930; $14,000 1931:
$16,000 1932; $18,000 1933; $20,000 1934; $22,000 1935; $26,000 1936;
$30,000 1937, and $32,000 1938.
Financial Statement.
$1,318,710
Assessed valuation 1917
2,637,420
Real valuation
375,000
Total bonds authorized
200,000
Bonded debt, this issue
1,500
Population
1600
THE CHRONICLE
NANKIN RURAL SCHOOL DISTRICT (P. 0. NanIcin), Ashland
County, Ohio.
-BOND OFFERING.
-Proposals will be received until
Apr. 27 for $26,000 5% 2
-37-year serial school bonds authorized at an election held Mar. 23 by a vote of 121 to 22.
-BONDS PROPOSED.
-Local papers state that
NASHVILLE, Tenn.
this city is contemplating the issuance of $300,000 terminal bonds.
-BOND OFNEWBERRY COUNTY (P. 0. Newberry), So. Caro.
FERING.
-J.0. Sample, Clerk Board of County Supervisors, will receive
bids until 3 p. m. Apr. 30, it is stated, for $28,000 county bonds at not exceeding 5% interest.
Financial Statement Jan. 1 1918.
Bonded Debt, including this issue
Floating debt
Sinking fund
interest in Norfolk County ferries
Total assessed value
Assessed value of real estate
Estimated total value
18% of assessed value of real estate
Population 1910, 33,190; 1918 (est.), 50.000.
[VoL. 106.
$2,082,000
170.319
80,744
1,000,000
15,780,201
12,727,542
25,000,000
2,290,957
RAPIDES PARISH ROAD DISTRICT NO. 11 (P. 0. Alexandria),
La.
-BOND OFFERING.
-Sealed bids will be received until 12 m. Apr. 18
-BOND SALE.
- by T,C. Wheadon, Pres. of Police Jury, for $44,000 5% serial road bonds.
NEW CASTLE COUNTY (P.O. Wilmington), Del.
an issue of $500,000 43 % highway bonds $45,000 have been sold as Int. semi-ann. Cert. check for 1% required.
Of
follows: $41,000 to the Security Trust & Safe Deposit and $5,000 to the
Wilmington Savings Bank at par and int. Denom. $1,000. Date Jan. 1
RED RIVER COUNTY (P. 0. Clarksville) Tex.-BONDS VOTED.1917. Int. J. & .1, Due $15,000 annually, beginning 1927.
On Mar. 30 the voters of Bogota Road District authorized the issuance
of $100.000 road bonds, it Is stated.
NEW HANOVER (P. 0. Wilmington), No. Caro.
-BOND ELECTION.
-The proposition to issue $250,000 coupon school-house bonds,
RICHLAND COUNTY (P. 0. Sidney), Mont.
-BOND SALE.
mentioned in V. 106, P. 1153, will be submitted to the voters on May 8, The Wells-Dickey Co. of Minneapolis has purchased $150,000 7% seed
It is stated.
grain funding bonds. Denom. $1,000. Date Apr. 1 1918. Prin. and
NEW YORK CITY.
-TEMPORARY LOANS.
-In addition to the semi-ann. int. (A. & 0.) payable at Kounze Bros. in New York City.
Due
$12,000,000 corporate stock notes, dated Mar. 12 and maturing June 28 this Apr. 1 1923, subject to call Apr. 1 1920. Total bonded debt (incl.
city) $297,000. Assess. val. 1917, $9,289,090. Actual val. (est.)
and the $8.000,000 revenue bills, dated Mar. 12 and payable July 8,
-the following $25,000,000. Sinking fund $15,234. Net bonded debt $281,766. Populasold at public sale on Mar. 12 at 4.79%-V. 106, p. 1154
tion 1917 (est.) 20,000.
short-term loans, aggregating $9,451,000, were issued during March:
RIPLEY, Brown County, Ohio.
-On Mar. 29 the
-BOND SALE.
Revenue Bills 1918, Aggregating $9,200,000.
coupon refunding bonds
-V. 106, p. 1261-were awarded to
Amount.
Date Sold $8,000 5 & Co of Cincinnati for $8,065 (100.812) and int. Other bidders:
Maturity.
Int. Rate.
A. E. Aub
Mar. 1 F.0. Hoehler & Co., Tol_ _$8,017 501 Ripley National Bank.._ _$8,000 00
June 14 1918
$2,000,000
4%
Mar. 4 W. L. Slayton & Co., Tel_ 8,000 001
June 14 1918
2,000,000
4%
Mar. 7
June 14 1918
200,000
4% 0
July 10 1918
Mar. 28
%
5,000,000
ROCHESTER, N. Y.
-NOTE OFFERING.
-Sealed bids will be received by Henry D. Quinby, City Comptroller, until 2:30 p. m. April 17
Tax Notes, Aggregating $250,000
for $100,000 conduit construction notes, payable four months from April 22
*3%
f On or after I
Mar. 11 at the Union Trust Co. of New York. Notes will be drawn with interest
250,000
1Jan. 2 1919f
and will be delivered at above trust company on April 22. Bids must
state rate of interest and designate to whom (not bearer) notes will be
Corporate Stock Notes, Aggregating $1,000.
payable and denomination desired.
*3%
Mar. 18
I On or before 1
1,000
-On April 9 the two issues of $50,000 water-works-impt.
NOTE SALE.
1June 30 1918f
and $500,000 revenue notes
-V. 106, p. 1490
-were awarded to Salomon
* Purchased by the city's sinking fund.
Bros. & Hutzler of New York at 5.08% int. and 4.69% int., respectively.
NIAGARA FALLS, Niagara County, N. Y.
-BONDS AWARDED Other bidders, all of New York, were:
Int. Prem.
IN PART.
-Of the two issues of bonds, aggregating $25,000, offered on
5%
$3
Apr. 8 (V. 106, p. 1490), the $10,000 5% 1-15-year serial paving bonds S. N. Bond & CJo.-All at
-Water-works improvement notes
5.10%
2
were awarded to H. A. Kahler & Co. of New York at 100 15. No bids White, Weld & Co.
Revenue notes
4.80
10
were received for the $15,000 4.70% municipal bonds maturing Nov. 1
R. W. PressprIck & Co.
-Water-works improvement notes
5.25
-1927.
Revenue notes
4.87%
-NORMAN COUNTY (P. 0. Ada), Minn.
-BOND SALE.
-During the
ROCKINGHAM SCHOOL DISTRICT, Scott County, Iowa.
month of March the Wells-Dickey Co. of Minneapolis was awarded $17.700
-Local paper state tat an Issue of school
% Judicial Ditch No. 55 bonds at par and interest. Denoms. 17 for BOND ELECTION PROPOSED.
$1.000 and 1 for $700. Date March 1 1918. Principal and semi-annual site bonds will be voted upon in the near future.
Interest (M. & S.) payable at the Wells-Dickey Co., Minneapolis. Due
ROGER MILLS COUNTY (P. 0. Cheyenne), Okla.
-BONDS DE$1.000 yearly on March 1 from 1924 to 1935, inclusive, $1,700 March 1
FEATED.
-The $100,000 (not $75,000 as first reproted) road and bridge
1936 and $2,000 on March 1 1937 and 1938.
bonds mentioned in V. 106, p. 208, was defeated at an election held April 2.
NORTH ARLINGTON SCHOOL DISTRICT (P. 0. North Arlington), Bergen County, N. J.
-BOND SALE.
-On Apr. 11 the $26,000
ROUNDUP SCHOOL DISTRICT (P. O. Roundup), Musselshell
5% 1-26-year serial coupon with privilege of registration)( school bonds County, Mont.
-BONDS VOTED.
-At a recent election $20,000 school
dated May 1 1918 (V. 106, p. 1381) were awarded to Lyndhurst investors bonds were authorized, it is stated.
at par and interest.
RYDER, Ward County, No. Dak.-BOND SALE.
-Reports state
OGDEN, Weber County, Utah.
-BOND ELECTION PROPOSED.
- that John W. Maher of Devils Lake was recently awarded $5,000 bonds.
According to reports the voters will be called upon within thirty days to
decide whether they are in favor of issuing $100,000, or not.
-BOND SALE.ST. FRANCIS COUNTY (P. 0. Forrest City), Ark.
'
Recently
OLIVER COUNTY (P. 0. Center), No. Dak.-BOND SALE.
-The awarded two issues of 53i% tax-free bonds, aggregating $478,000, were
Minnesota Loan & Trust Co. of Minneapolis has purchased, it is stated, follows: to Whitaker & Co. of St. Louis. The bonds are described as
an issue of $35,000 seed bonds.
$341,000 Road District No. 1 bonds. Due yearly on Aug. 1 as follows:
OTIS ORCHARDS SCHOOL DISTRICT (P. 0. Otis Orchards),
$7,000 1919; $7,500 1920; $8.000 1921; $8,500 1922: $9.000 1923;
Spokane County, Wash.
-BONDS VOTED.
-On March 23 a proposition
$9.500 1924; $10,000 1925; $10,500 1926; $11,000 1927; $11,500
to issue $12,000 school-building bonds was favorably voted, it is reported.
1928: $12.500 1929; $13.000 1930; $14,000 1931; $14.500 1932;
$15,000 1933; $16,000 1934; $17,000 1935; $18,000 1936: $19.000
OWASA SCHOOL DISTRICT (P. 0. Owasa), Hardin County,
1937; $20.000 1938; $21,000 1939; 322.000 1940; $23,000 1941.
Iowa.
-BOND SALE.
-On Jan. 1 an issue of $10.000 5% 3-20-year school
and $34,000 1942.
bonds was awarded to Geo. N. Bechtel & Co. of Davenport for $9,650,
136,500 Road District No.2 bonds.
equal to 96.50. Denom. $500. Date Mar. 1 1918. Interest M.& S.
Denoms. $500 and $1,000. Date Jan. 1 1918. Prin. and semi-ann.
PALATKA SCHOOL DISTRICT (P. 0. Palatka), Fla.
-BONDS (F. & A.) int. payable at the Mississippi Valley Trust Co., St. Louis.
VOTED.
-Reports state that an issue of $85,000 school bonds was favoraST. LANDRY PARISH ROAD DISTRICT NO. 3, La.
-BONDS AUbly voted at a recent election.
THORIZED.
-The issuance of $75,000 road bonds has been authorized by
PARK TOWNSHIP (P. 0. Holland), Ottawa County, Mich.
- the Police Jury, it is stated.
BONDS VOTED.
-On Apr. 2 the proposition to issue $8,000 5% road bonds
carried, it is stated, by 90 majority.
ST. LUCIE COUNTY (P. 0. Fort Pierce), Fla.
-V.106, p. 1381.
-DESCRIPTION OF
WARRANTS.
-The $10,000 6% 1-10-year serial road and bridge warrants
PEEKSKILL, Westchester County, N. Y.
-BOND AND CERTIFI- awarded to the Bank of Fort Pierce
-are in denom: of
-V. 106, p. 1490
CATE OFFERING POSTPONED.
-The offering of $54,724 street, $11,276
paving and $31,000 certificates of indebtedness, which was to have taken $1,000 and dated Sept. 1 1917. Interest M.& S.
place on Apr. 9, has been postponed until the Third Liberty Loan campaign
ST. LUCIE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 11
1
,
•
is over.
(P. 0. Fort Pierce), Fla.
-BOND OFFERING.
-Proposals are being
PENDLETON, Umatilla County, Ore.
-BOND SALE.
-On Mar.-13. asked, it is stated, by the School Board for $25,000 6% 10-30-year school
bonds. Denom.$1,000.
two issues of 6% 1-10-year (opt.) local impt. dist. bonds, aggregating
$13,374 23, were awarded to Morris Bros., Inc. of Portland for $13,508 23
ST. PARIS, Champaign County, Ohio.
-BOND OFFERING.
-Pro(101.001) and int. Denom. $500. Data Mat:. 1 1918. Int. M. & S. 1 posals will be received by Harry D. Barley, Village Clerk, until 12 m. Apr.
...
....PENSACOLA, Escambia County, Fla.
-BONDS PROPOSED.
-An 29 for $5,500 6% 6-16-year serial refunding bonds. Denom. $500. Date
ordinance has been prepared, according to reports, providing for the issu- Mar. 1 1918. Cert. check for 5% of amount of bonds bid for, payable to
ance of $6,000 6% 1-10-year impt. bonds. Denom. $500. Date Apr. 1 the Village Treasurer, required. Purchaser to pay accrued int. Bonds
are to be delivered and paid for 10 days form time of award.
1918. L. E. Fleinberg is City Clerk.
PEORIA, Peoria County, III.
-BONDS VOTED.
-On April 2 the
SAFETY HARBOR, Pinellas County, Fla.
-BOND SALE.
-The
$250.000 434% river-terminal bonds mentioned in V. 106. p. 1490, were $20,000 6% building and land purchase bonds, mentioned in V. 106, p.
authorized by a vote of 4,194 to 3,309. Due $12,000 yearly. Date of 628, were awarded on Feb. 26 to local investors at par. Denom. $500.
sale not yet determined. J. J. Crowder is City Comptroller.
Date Jan. 1 1918. Int. J. & J. Due Jan. 1 1947.
PHILLIPS COUNTY SCHOOL DISTRICT NO. 30 (P. 0. Malta),
SALINEVILLE, Columbiana County, Ohio.
-BOND SALE.
-On
Mont.
-BONDS VOTED.
-At a recent election a proposition to issue $1,250 April 5 the $25,000 6% 5-17-year serial electric-light bonds, dated Mar. 1
school-building bonds carried, it is stated.
1918-V. 106, p. 1261-were awarded to Well, Roth & Co. of Cincinnati
PINE CROFT MUNICIPAL IRRIGATION DISTRICT (P. 0. Pine for $25,650 (102.60) and int. Other bidders were:
Croft), Spokane County, Wash.
-BOND SALE.
-The Irving White- Prucklen & Co. Toledo -$25,713 00 Spitzer, Rorick & Co.,
'
Toledo
house Co. of Spokane purchased during 1917 an issue of $12,230 6% bonds. Ohio Nat. Bank, Columb_ 25,703 75
$
95,414 00
Denom. $100. Date Jan. 1 1017. Prin. and semi-ann. int. (J. & J.) F. C. Hoehler & Co., Tol_ 25,588 75 Seasongood & Mayer,Cin. 25,410 00
Graves, Blanehet & ThornWm. R. Compton Co.,
payable at the County Treasurer's office.
burgh, Toledo
25.512 00
Cincinnati
25.383 75
PITTSBURGH, Pa.
-BOND SALE.
-On April 5 the for' is7rrs of
ur
% coupon (with privilege of registration) tax-free bonds, aggregating
SANDPOINT, Bonner County, Ida.
-BOND ELECTION.
-On
$270,000-V. 106, p. 1381-were awarded to the Mellon National Bank April 23 an election will be held to vote on a proposition to issue $98,000
of Pittsburgh for $272,729 70 (101.011) and int. Other bidders were:
6% 10-20 year (opt.) water-works bonds, it is stated.
Harris,Forbes& Co. N.Y.$271,571 40 Kean,Taylor& Co. Pitts.$271,200 90
,
,
Glover & McGregor,P
National City Co., N.Y_ 270,807 30
SAN FRANCISCO, Calif.
-BOND OFFERING.
-It is stated that P. S.
burgh
271,404 00 Wm.R.Compton, N.Y_ 270,737 50 Dunnigan. Clerk Board of Supervisors, will receive bids until 3 p. m. to-day
The bonds are described as follows:
(Apr. 13) for $50,000
-year school bonds. Int. semi-ann. Cert
%5
$150,000 water-works bonds. Date Jan. 1 1918. Due $7,500 yearly on check for 10% required.
Jan. 1 from 1919 to 1938, incl.
SAYRE, Bradford County, Pa.
-BONDS VOTED.
-At an election
20,000 city-home bonds (series 1918). Date June 11917. Due $1,000
held Apr. 9, the proposition to issue $26,000 street improvement bonds,
yearly on June 1 from 1918 to 1937, incl.
-V. 106„ p. 1382.
100,000 city-home bonds (series B 1917). Date Dec. 1 1917. Due carried by a vote of 228 "for" to 72 "against."
$5.000 yearly on Dec. 1 from 1918 to 1937, incl.
SCHENECTADY, N. Y.
-CERTIFICATE SALE.
-On Apr. 11 the
Denom. $1,000. Int. payable semi-annually at City Treasurer's office.
-V. 106, p. 1490
-were awarded to
The above bonds have been approved by the Capital Issues Committee $350.000 certificates of indebtedness
R. W.Pressprich & Co. of New York, for 5.145% int. Other bidders were:
of the Federal Reserve Board.
Interest.
Prem.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BOND OFFERING. S. N. Bond & Co., Ni Y
5.20
7.50
-Proposals will be received by Fred Masten, County Treasurer, until George H. Barr & Co
5.49
2.00
2 p. m. April 27 for $4,500 and $6,000 434% 1-10-year serial highway Estabrook & Co. N Y
5.25
Improvement bonds. it is stated.
SCHUYLER, Colfax County, Neb.-BONDS DEFEATED.
-On Apr.
PORTSMOUTH, Va:-BOND OFFERING.
-L. C. Brinson, City Clerk.
will receive bids until 12 m. Apr. 22 for $150,000 5% 30-year tax-free gold 2 the proposition to issue $40,000 6% 5-20-yr. (opt.) electric light bonds
-V. 106. p. 1261.
coupon land-purchase and school building bonds. Denom. $1.000. Date was defeated.
May 11918. Prin. and semi-ann.(M.& N.) payable to the City of PortsSEATTLE, Wash.
-BONDS AUTHORIZED.
-The City Council has
mouth. Cert. check for $1,000 on some national or State bank, payable been given authority by the Corporation Counsel, to authorize and issue
without condition to H. L. Hudgins, City Treasurer, required. Official $300,000 and $270,000 funding bonds.
I 0, Ar
i
circular states that the city has never defaulted in its obligations, either
principal or interest. Purchaser to pay accrued interest and cost of
SHERIDAN, Grant County, Ark.
-BOND SALE.
-Reports state
preparing of bonds.
that $5,000 street bonds have been disposed of.
nol
APR. 13 1918.1
THE CHRONICLE
SOLON TOWNSHIP SCHOOL DISTRICT (P. 0. Solon), Cuyahoga
-On April 8 the $42,000 5% 1-21-year
-BOND SALE.
County, Ohio.
-V. 106, p. 1261
serial coupon school-impt. bonds dated day of sale
were awarded to Chagrin Falls Banking Co., Chagrin Falls, for $42,170
and int. Other bidders were:
(100.404)
$42,060
$42,252 Otis & Co., Cleveland
Pruden & Co., Toledo
Spitzer, Rorick & Co., Tol__ 42,1561
-An issue of $19,500
-BOND SALE.
SPENCER, Clay County, Iowa.
bonds has been disposed of.
-BONDS AUTHORIZED.SPRINGFIELD Clark County, Ohio.
The City Commissioners have passed an ordinance authorizing the issuance
of $7,500 5% coupon storm sower bonds. Denom. $500. Date Mar.
1 1918. Prin. & semi-ann. hit. (M. & S.) payable at the office of City
Treasurer. Due $1,000 yrly. on Mar. 1 from 1919 to 1925 incl. and
$500. Mar. 1 1926.
SPRINGPORT SCHOOL DISTRICT (P. 0. Springport), Jackson
-An Issue of $35,000 5% 1-15 year serial
-BOND SALE.
County, Mich.
school house bonds have been disposed of locally at par. Denoms. $500
and $1,000. Date Apr. 1 1918. Int. ann. on Apr. 1.
-An elecSTANTON, Stanton County, Neb.-BOND ELECTION.
tion will be held Apr. 23 to vote on a proposition to issue $3,000 city-hall
and jail bonds.
-BOND SALE.
STILLWATER COUNTY (P.O. Columbus), Mont.
An issue of $75,000 7% 2-5-year (opt.) seed grain funding bonds was
to the Wells-Dickey Co. of Minneapolis. Denom. $1,000.
awarded
Date Apr. 1 1918. Psin. and semi-ann. interest (A. & 0.) payable at
Kountze Bros., Now York City. Total bonded debt (incl. this issue)
$398,500. Assess. val. 1917, $9,556,042. Actual val. (est.) $25,000,000.
Population 1917 (est.) 9.000.
-It is
SUPERIOR, Douglas County, Wis.-BOND OFFERING.
stated that R. E. McKeague, City Clerk, will receive bids until 12 m.
-year serial bonds recently authorized by a
Apr. 22 for $80,000 5% 1-20
vote of 1,977 to 1,679. Int. semi-ann. Cert. check for $3,000 required.
-A proposition to Issue $100,000 auditorium bonds
BONDS VOTED.
carried, it is stated, a recent election by a vote of 2.120 to 1,604.
-Proposals will be
-BOND OFFERING.
TAFT, Kern County, Calif.
received until 8 p. m. Apr. 15 by W. L. Adkisson, President Board of
for the $25,000 6% gold coupon fire-improvement bonds recently
Trustees,
voted-V 106, p. 43. Denoms. 10 for $1,000 and 30 for $500. Prin. and
semi-ann. int. (M. & S.) payable at the City Treasurer's office. Due
$1,000 yearly on Mar. 15 from 1919 to 1928 incl., and $1,500 yearly on
Mar. 15 from 1919 to 1928, incl. Cert. check for 10% of bid, payable to
the above trustee, required. Purchaser to pay accrued interest.
-An
-BONDS VOTED.
TAYLOR COUNTY (P. 0. Abilene), Tex.
issue of $20,000 road bonds was authorized In Merkel Road District on
stated.
Mar. 30 by a vote of 244 to 36, it is
TERREBONNE PARISH SCHOOL DISTRICT NO.3(P.O. Houma),
-On April 2 the People's Bank & Trust Co. of Houma
-BOND SALE.
La.
was awarded the $75,000 5% school-building and equipment bonds dated
Feb. 1 1918-V. 106, P. 1155 for $75,375 (100.50), accrued interest
blank bonds and attorneys' fees.
-The following bonds have been
TEXAS.
-BONDS REGISTERED.
registered by the State Comptroller:
Date Reg.
Due.
Amount. Place and Purpose of Issue. Rate.
Mar. 27
5% 10-30 years
130,000 Eastland Co. Road Dist. 1
Mar. 27
5% 20 years
2,000 Delta Co. C. S. D. 23
Mar. 27
5% 5-20 years
1,500 Delta Co. C. S. D 27
Mar. 27
5% 5-20 years
C. S. D 41
1.000 Delta Co.
Mar. 28
5% 20 years
3,000 Collin Co. C. S. D 50
Mar. 28
5% 20 years
2,000 Colorado Co. C. S. D. 43
5% $10,000 per year Mar. 29
250.000 El Paso Co. road
Mar. 30
5% 5-40 years
1,995 Wharton Co. bridge
Mar.30
5% 5-40 years
1,995 Wharton Co. bridge
Mar.30
5% 5-20 years
2,500 Wharton Co. C. S. D. 10
Mar. 30
55S 10-20 years
1,800 Wilborger Co. bridge
Mar. 30
10-20 years
5
1,800 Wilborger Co. bridge
April 2
50,000 IIenderson Co. Road Dist. 7 5% $1,500 yearly
April 2
40,000 Henderson Co. Road Dist. 10_ 5% $1,500 yearly
April 2
5% 5-40 years
30,000 Denville I. S. D
April 2
54, 10-20 years
3,000 l'anota Co. C. S. D. 11
VOTED.-BONDS THREE RIVERS, St. Joseph County, Mich.
Reports state that at an election held on April 2 a proposition to issue
$25,000 bridge bonds carried.
-BONDS VOTED.
THURSTON COUNTY (P. 0. Olympia), Wash.
On March 26 the voters, it is stated, authorized the issuance of $600,000
road bonds, which have been approved by the Federal Government as
a "military necessity." Unofficial returns show that the vote was1,759
"for" to 1,059 "against."
-Local
-BONDS AUTHORIZED.
TOLEDO, Lucas County, Ohio.
papers state that $135,000 5% street-improvement bonds (city's portion
and $60,000 fire-house and equipment bonds have been authorized.
-
COUNTY
WASHINGTON -Proposals SCHOOL DISTRICT., NO. 1, Fla.H.
will be received until May 6 by J.
BOND OFFERING.
school
Varnum at County Supt. of Schools at Vernon for $35,000 6% 1 1938.
bonds,it is stated. Denom.$1,000. Date Apr. 1 1918. Due Apr.
-The $100,000
WAUSAU, Marathon County, Wisc.-BOND SALE.
-were awarded
school-building bonds recently authorized-V. 106, p. 952 for $101,561
the Second Ward Say. Bank of Milwaukee
on Apr. 4 to
(101.561) and int.
-BOND
WEATHERSFIELD TOWNSHIP, Trumbull County, Ohio.of Board
-Proposals will be received by James Andrews, Clerk
OFFERING.
% bridge
of Trustees (P. 0. Niles), until 12 m. April 30 for $120.000
bonds. Auth., Sec. 3295, Gen. Code. Denom. $500. Date April 1
Dollar
1918. Principal and semi-annual interest (A. & 0.) payable at the
Savings Bank of Niles. Due $2,000 each six months from April 1 1919 to
inclusive. Certified check for $500, payable to A. R. Thomas,
Oct. 11948.
Township Treasurer, required. Purchaser to pay accrued interest.
-BONDS AUTHORIZED.
WEST PALM BEACH, Palm Beach, Fla.
Council
It is stated that an ordinance has been introduced in the City Denom.
providing for the issuance of $50,000 6% refunding bonds.
$500. Due yearly from 1919 to 1935.
-Sealed
-BOND OFFERING.
WEST POINT, Clay County, Miss.
bids will be received until 10 a. m. Apr. 23 by J. L. Young, City Clerk.
6% int. Cert. check
for $50,000 20-year city hall bonds, at not exceeding
for $500 required.
-The G. W. &
-BOND SALE.
WEWOKA, Seminole County, Okla.
J. E. Piersol Co. of Oklahoma City was recently awarded $30,000 6% citysemi-ann.
hall bonds. Denom. $1,000. Date Jan. 1 1918. Prin. andOklahoma in
-payable at the fiscal agency of the State of
int.-M. & S.
New York City. Due $6,000 on Jan. 1 in the years 1923, 1928. 1933.
1938 and 1943.
Financial Statement.
$1.000.000
Estimated actual value
704,000
Assessed valuation
99.000
Total bonded debt, Including this issue
30.000
Amount this issue
43,000
$8,000
Water, $35,000: light,
56,000
Net debt, less water and light
Population 1910 (Census), 1.022: 1918 (est.). 2.500.
-BONDS DEFEATED.
WEXFORD COUNTY (P.O. Cadillac), Mich.
340.000
Local papers state that propositions to Issue $125.000 road and a recent
were defeated by a majority of over 200 votes at
infirmary bonds
election.
-An
-BOND SALE.
WIBAUX COUNTY (P. 0. Wibaux), Mont.
issue of $25,000 2-5-year (opt.) seed grain bonds has been purchased by the
Wells-Dickey Co. of Minneapolis.
-BOND
WIBAUX COUNTY SCHOOL DISTRICT NO. 15, Mont. will sell
-Mrs. Edna Oliver, Clerk (P. 0. Skaar, No. Dak.),
OFFERING.
auction on Apr. 19 $1,200 6% 5-10 yr. (opt.) coupon school
at public
house bonds.
WILLMAR SCHOOL DISTRICT NO.47(P.O. Willmar), Kandiyohi
-On Apr. 12 the voters author-BOND AUTHORIZED.
County, Minn.
ized the issuance to the State of Minnesota of the $40,000 4% school
-V. 106, p. 1383.
impt. bonds.
-Pro-BOND OFFERING.
WINONA, Montgomery County, Miss.
City
posals will be received until 8:30 p. m. May 7 by W. F. Blackstone, mencoupon tax-free refunding bonds,
Clerk, for $65,000 5SS % 20-year
tioned in V. 106. p. 1383. Denom. $500. Date May 1918. Int. M. &
N. Cert. check for 3% of issue payable to the above City Clerk, required. Bonded debt (including this issue) Apr. 8 1918, $75,000.
Assess. val., $1,347,000. Total tax rate (per $1,000), $17 50.
-TEMPORARY LOAN.
WORCESTER, Worcester County, Mass.
a temporary loan
The l'ark Trust Co.,of Worcester, was awarded Apr. 10 Nov. 6, at 5.29%
$200.000, dated not later than Apr. 11 and maturing
of
discount, plus $1 Prem.
Discount.
Discount.
5.48
5.31 R.L. Day & Co., Boston
First National Bank
Old Colony Tr. Co., Boston_ __5.40 Goldman, Sachs & Co., N. Y_ _5.495
5.50
5.40 Geo. H. Burr & Co
& Co., N Y
S. N.Bond
Blake Bros. & Co. Boston__ __5.45 Arthur Perry & Co., Boston_..5.59
5.48
'
Estabrook & Co., Boston
A bid at 5.49% discount, plus 1 premium was received from Lee:
Higginson & Co. of Boston for $100,000 of the loan.
-At a
-BONDS VOTED.
TRAVIS COUNTY (P. 0. Austin), Tex.
recent election in Road Dist. No. 1 a proposition to issue $75,000 5%
15-30-year serial road-improvement bonds carried by a vote of 215 to 48.
-At a
-BONDS VOTED.
TROPICO, Los Angeles Count3r, Calif.
recent election a proposition to issue $55,000 water system purchase bonds
a vote of 460 to 14, it is stated.
carried by
-No bids were
-NO BIDS RECEIVED.
TULSA, Tulsa County, Okla.
received for the ten issues of 5% coupon bonds, aggregating $1,042,500,
offered on Mar. 29-V. 106, p. 1152. The bonds, we are advised by Frank
Newkirk, City Auditor, will be re-advertised later.
UNION SCHOOL TOWNSHIP (P. 0. Huntington), Huntington
-BOND OPFERING.-AdditIonal information is at hand
County, Ind.
relative to the offering on Aprill 16 of the $38,000 5% school bonds(V. 106,
p. 1382). Proposals for these bonds will be received until 10 a. m. on that
day by Lewis Thomas, Trustee. Denom. $500. Due $3,500 each six
months from July 1920 to Jan. 1924 and $5,000 in July 1924 and Jan. 1925.
VALLEJO SCHOOL DISTRICT (P. 0. Vallejo), Solano County,
-Reports state that the 13oard
-BOND ELECTION PROPOSED.
Calif.
ci Education has decided to.submit to the voters a proposition Co issue
$100,000 school-bldg. bonds
-The
VERMILION, Clay County, So. Dak.-BOND ELECTION.
voters will have submitted to them on April 16, it is stated,a proposition
city lighting-plant-building bonds.
to issue $20,000
VERSAILLES, Woodford County, Ky.-BONDS AUTHORIZED.
The sale of $20,000 water-works bonds has been authorized by the City
it is stated.
Council,
WAKARUSA SCHOOL DISTRICT (P. 0. Wakarusa), Shawnee
-On March 26 the voters, it is stated,
County, Kans.-BONDS VOTED.
authorized tile issuance of $7,500 school-building bonds.
-BOND OFFERING.
COUNTY (P. 0. Raleigh), No. Caro.
WAKE
Proposals will be received until 12 in. May 7 by Arch J. Wood, Clerk
Board of County Commissioners for $40,000 6% 30-year Garner Road
District bonds. Cert. check on a Raleigh bank for 2% required.
-Reports
-BOND ELECTION.
WALLOWA, Wallowa County, Ore.
state that an election will be held on May 10 to vote on the question of
39 sewer bonds.
issuing $7,682
-DESCRIPTION OF
WAPACKANUCKA, Johnston County, Okla.
-The $20,000 6% water and light-extension bonds awarded to the
BONDS.
G. W.& J. E. l'iersoll Co. of Oklahoma City at par-V. 106, p. 521-are
in denom. of $1,000 and dated Nov. 1 1917. Prin. and semi-ann. Int.
-payable at Oklahoma fiscal agency in N. Y. Duo Nov. 1 1942.
-F.& A.
Financial Statement.
$600,000
Estimated actual value
405,156
Assessed valuation, 1917
Total debt (including this Issue): Water, $56,000; light, $16,000.... 72,000
10,112
Sinking fund on hand
Population 1910 (U. S. Census). 948; 1918 (est.), 2,00.
1601
-An
WRIGHTSVILLE, Johnson County, Ga.-BONDS VOTED.
Issue of $20,000 school bonds Is reported voted.
YARBRO SCHOOL DISTRICT (P.0. Yarbro), Mississippi County,
-Jas. Gould of Pine Bluff was recently awarded
-BOND SALE.
Ark.
-20-year school bonds at par.
$10,000 6% 5
YATES CENTER, Woodson County, Kans.-BONDS DEFEATED.
On April 2 a proposition to issue $90,000 water bonds was defeated.
YOUNGSTOWN, Mahoning County Ohio.-FINANCIAL STATE-We are in receipt of the following financial statement issued in
MENT.
connection with the seven issues of 5% bonds, aggregating $118,980,
offered on April 15-V. 106, p. 1383:
$5,679.690 00
Bonded debt (including these issues)
462,251 70
Sinking fund
198,083,420 00
Assessed valuation, 1917
$14 40
Tax rate (per $1,000)
Population 1910 (Census), 79,066; 1918 (est.), 120,000.
CANADA, its Provinces and Municipalities.
BEAVER VALLEY SCHOOL DISTRICT NO. 3804, Sask.-DEBEN-The Waterman-Waterbury Mfg. Co. of Regina was reTURE SALE.
cently awarded an issue of $1,200 school debentures.
-Proposals will
-OFFERED.
BELLEVILLE, Ont.-DEBENTURES RE
be received until 2 p. m. April 16 by the City Treasurer for the $50.000
offered without success on March 20 (V. 106.
6% coupon war debentures
p. 1384). Date April 1 1918. Interest semi-annual. Purchaser to pay
accrued interest and pay for printing of debentures. The issue has been
approved by the Minister of Finance at Ottawa.
-On Mar. 22, X.E.
BURLINGTON, Ont.-DEBENTURE SALE.
Ames & Co. of Toronto, were awarded an issue of $101,158 73 6% 25 and
30 installment debentures at 93,728, it is stated.
-Local papers state
‘-'CHATHAM, Ont.-DEBENTURES PROPOSED.
that this city is preparing to offer for sale $200,000 debentures. Harry
Collins is City Auditor,_
FESTUBER DISTRICT NO. 3843, Sask.-DEBENTURE SALE.
The Waterman-Waterbury Mfg. Co. was recently awarded an issue of
$1,800 school debentures.
HALTON COUNTY (P. 0. Milton), Ont.-DEBENTURES SALE.
The $74,000 highway and the $40,000 6% 1-20-year serial debentures
and V. 105, js. 2208) were awarded during March to A. E.
(V. 104, p. 2671,
Ames & Co. of Toronto at 97.57.
HILL POINT SCHOOL DISTRICT NO. 3833, Sask.-DEBENTURE
-An issue of $1,800 school debentures was recently awarded to
SALE.
Waterman-Waterbury Mfg. Co. of Regina.
,
'
••••••••••••••••••••.......wr
-An election will be
wr MATHESON, Ont.-DEBENTURE ELECTION.
held Apr. 19 to vote on a by-law providing for the issuance of $40,000
installment water works and sewerage debentures. H. George
6% 30
Ginn is the Town Clerk.
-The announcement is
-DEBENTURES SOLD.
MONTREAL, Qua.
made by the Bank of Montreal, according to "The Gazette" of Montreal,
that the public issue of $6,900,000 City of Montreal 5-year 6% refunding
-V.106. p. 953
gold coupon bonds, offered by the bank as fiscal agents
has been fully subscribed and the lists closed.
1602
THE CHRONICLE
As this is believed to be the first instance of a public loan other than
a war loan being issued in Canada in this manner, the result,"The Gazette"
says, should be gratifying to the city authorities, as well as to the bank
which handled the issue. The plan permitted of a maximum interest
return to the investor, with a minimum cost to the city.
The bonds were offered at par, without accrued interest for payment
on Apr. 8. This means the payment to investors of a bonus of interest
from Dec. 1 1917 to April 8 1918, thereby reducing the net price of the
bonds to a figure which makes the interest return 6M % per annum.
Apart altogether from the question of terms, the successful flotation of
the issue has one a long way to rehabilitate the city's credit with the Investing public, "The Gazette" declares. It is understood that applications
are still coming in, but as the lists are closed, and allotments made, no
further subscriptions are being dealt with.
MONTREAL CATHOLIC SCHOOL COMMISSION (P.O. Montreal),
Que.-BOND AND NOTE OFFERING.
-The Catholic School Commission,
Ayme La Fontaine, Secretary-Treasurer,is offering to investors $1,500,000
6% 5-yr. gold bonds and $1,000,000 6% 2-yr. Treasury gold notes. These
bonds and Treasury notes are offered in denominations of $100, $500, and
$1,000 at par without commission or expense to the purchaser. Int. semiannual.
Instead of selling the securities to a banking syndicate, as has been done
in the past, the School Commission is selling direct to the public with the
co-operation of the Bank of Hochelaga and at any of its branches in the
city of Montreal or in the Province of Quebec. Arrangements are also
made for the filing of subscriptions with officials of the School Commission.
[VOL. 106.
RUNNYMEADE SCHOOL DISTRICT NO. 3985, Sask.-DEBENTURE SALE.
-Nay & James of Regina were recently awarded an issue
of $2,000 school debentures.
ST. JOHN, N. B.
-DEBENTURE SALE.
-On Mar. 30 local
were awarded $34,000 6% 30-yr. refunding and $75.000 6%investors
10
-year
patriotic debentures.
SHERBROOKE, Que.-DEBENTURE OFFERING.
-Proposals will be
received by the City Secretary-Treasurer, until 8 p. m. Apr. 15 for the
following coupon tax-free debentures:
$150,000 5% 30-yr. electric transportation line debentures. Date Aug.
1 1917. Due Aug. 1 1947.
150,000 6% 5-yr. electric plants, dam and other permanent inapt. debentures. Date Jan. 11918. Due Jan. 11923.
Denom. $1,000. Int. (M. & N.) payable at Canadian Bank of Commerce, Sherbrooke, Montreal, and New York. Bonded
Issue April 6 1918, $2,339,000. Floating debt $50,000. debt (incl. this
Sinking Fund
$184,756. Assess. val. $10,804,655. Tax rate (per $1,000) $16 00.V. 106, p. 1384.
TRAIL, B. C.
-DEBENTURE OFFERING.-Proposals will be received
by Wm. E. B. Monypenny, City Clerk, until 7:30 p. m. April 30 for the
following 6% gold coupon bonds:
$15,000 15-year serial Central school extension debentures. Denom.$500.
Prin. & int. payable at British Bank of North America. Canada
and Great Britain.
6,400 water-works debentures. Denom. $100. Prin. & int. payable
at Trail. Toronto and New York. Due May 1 1937.
MOSS BANK, Sask.-DEBENTURE SALE.
Date May 1 1918. Bonded debt April 4 1918, $129,000. Floating
-W. L. McKinnon &
Co. have been awarded an issue of $3,000 debentures.
debt, $2.147. Sinking fund to Dec. 31 1917. $15,917 01. Assessed valuation 1917, 31,625,620. Tax rate per $1,000, 23.50 mills.
NIAGARA FALLS, Ont.-DEBENTURE SALE.
-An issue of $26,TRURO, N. S.
-DEBENTURES VOTED.
-At a recent election $22,600
152 49 5% 20-30-year sewer debentures was awarded on April 1 to Aemillus 6% refunding debentures
were authorized. Due 1948.
Jarvis & Co., Toronto, for $22,513 02, equal to 86.08. Interest annual.
VERDUN, Que.-DEBENTURE SALE.
-An issue
POELCAPELLE SCHOOL DISTRICT NO. 3980, Sask.-DEBEN- 5
-year debentures was awarded to Versailles, Vidricaire & of $450,000 6%,
Boulais of MontTURE SALE.
-An issue of 31,200 school debentures was recently awarded real, it is reported.
to W. L. McKinnon & Co.
VICTORIA, B. C.
-DEBENTURE OFFERING.
-An issue of $318,174
tax-free city debentures is being offered to investors at a price to yield
RETURN SCHOOL DISTRICT NO. 3473, Sask.-DEBENTURE 5%
about 7% int. Denom. $100, $250,
SALE.
-An issue of $1,800 school debentures has been awarded to the the Bank of British North America $1,000. Prin. and int. payable at
in London, New York, Montreal.
Waterman-Waterbury Mfg. Co. of Regina.
Toronto or Victoria, at the holder's option.
NEW LOANS
ENGINEERS.
$60,000 00
IREDELL COUNTY, NORTH CAROLINA IGWHrTE COMPANTFI
5% SERIAL FUNDING BRIDGE BONDS
Office of
THE COUNTY COMMISSIONERS OF IREDELL COUNTY, NORTH CAROLINA,
Statesville, N. C.
April 10, 1918.
Sealed bids will be received by the undersigned
at the office of the Board of Commissioners of
Iredell County, N. C., in Statesville, N. 0., until
TEN O'CLOCK A. At MONDAY, APRIL 29.
1918, for Sixty Thousand ($60,000 00) Dollars,
five per cent Serial Funding Bridge Bonds, dated
October 1. 1917, with the interest coupons due
April 1, 1918, detached, principal due and payable as per statement below.
These bonds will be issued in denominations
of $1,000 00 each, with interest payable semiannually on the first days of April and October
of each and every year during the life of the bond,
both principal and interest payable in lawful
money of the United States of America, at
the Commercial National Bank in Statesville,
N. 0.
These bonds are a direct obligation of the
entire County, and are issued under authority of
special acts of the General Assembly of North
Carolina, authorizing the issue of these bonds,
and the levy of a tax to provide for the payment
of interest and principal of bonds at maturity,
and orders and resolutions of the Board of Commissioners of Iredell County, duly passed by said
Board.
Purpose of Issue.
-To pay off floating indebtedness of said County legally incurred for the construction of bridges on the principal highways of
said County.
These bonds are issued under authority of two
separate Acts, as follows:
Those issued under authority of Acts of Session
1915, due and payable as follows:
31,000 00 Due October 1, 1923,
1,000 00 " October 1, 1924,
1,000 00 " October 1, 1925,
1,000 00 " October 1, 1926,
1,000 00 " October 1, 1927,
1,000 00 " October 1, 1928,
1,000 00
October 1, 1929,
1,000 00
October 1. 1930,
1,000 00
October 1, 1931,
1,000 00 " October 1, 1932,
1,000 00
October 1, 1933,
1,000 00 " October 1, 1934,
1,000 00
October 1, 1935,
1,000 00
October 1, 1936,
1,000 00
October 1, 1937.
1,000 00 ' October 1, 1938,
1,000 00 " October 1, 1939,
1,000 00
"I October 1, 1940,
1,000 00 ' October 1. 1941,
6:
1,000 00
October 1, 1942.
Financiers
Purchasers
Those issued under authority of Act of Session
1917, due and payable as follows:
Engineers
Contractors
$4,000 00 Due October 1, 1918,
Operators
4,000 00
' October 1, 1919,
Managers
4,000 00 " October 1, 1920,
4,000 00 " October 1, 1021,
4,000 00 " October 1, 1922,
of Public Utility and Industrial
4,00000 " October 1, 1923,
4,000 00 " October 1, 1924,
Properties
4,000 00 " October 1, 1925,
4,000 00 " OctobIr 1, 1926,
4,000 00 " October 1, 1927,
REPORTS-VALUATIONS-EsTillIATKEI
Sealed bids will be required and will be received
until ten o'clock a. m. Monday, April 29, 1918,
and certified check or bank draft, payable to the 43
EXCHANGE PLACE; NEW YORK
Treasurer of Iredell County, for an amount equal
to two per cent of par value of bonds will be LONDON
CHICAGO
required with all bids.
Bonded and floating indebtedness as follows:
Road Improvement Bonds
$400,000 00
Bridge Bonds
80,000 00
County Home for Aged & Infirm_ _ _ _ 18,000 00
Funding Bridge Bonds (This Issue)
60,000 00
Total Bonded Indebtedness, including
this issue
3558,000 00
Floating Indebtedness
50,000 00
Total Indebtedness
$608,000 00
CONSULTING ENGINEERS
Less Sinking Fund
12,680 82
Net Bonded & Floating Indebtedness
Development of
including this issue
$595,319 18
Industrial Plants & Equipments
Total value of property (estimated), $28,000.000 00. Assessment for taxes, 30 to 50% of real
Reports on
value.
Assessed valuation of property' for 1917.
Operating Methods & Conditions
$15,039,249 00.
Population Iredell County, Census 1910, U. S.
Determinations of
Government, 35,314. Estimated population,
Worth of Established Properties
42,000.
Rate of Taxation for 1917, as follows:
State
27 2-3 on $100 valuation 17 BATTERY PLACE
NEW YORK
School
20
44
64
General County
19
44
64
Road Special
___
25
44
16
County Home
5
8 1_3
School Special
The constitutionality of this issue of bonds has
been passed upon by the Supreme Court of North
Alex, 0. liumPhre71
AlSen B. Mlles
Carolina, and the legality of this issue is not
questioned, and there Is no litigation pending or
threatened affecting the same, and prior to delivery of bonds the County will furnish the legal
IINGINEBBB
opinion of Storey, Thorndike, Palmer & Dodge,
of Boston, Mass., as to the validity of same.
The County has never defaulted in the payment
of principal or interest of any of its indebtedness.
The right is reserved to accept any or reject
65 BROADWAY
NEW YORK
all bids.
N. D. TOMLIN,
Chairman Board of County Commissioners
W. H. MORROW,
Clerk to the Board.
WILLARD CASE & COMPANY
HUMPHREYS& MILLER,Inc.
Power-Light-Gas
READY ABOUT APRIL 30
Acts as
Executor
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS,$10,000,000
Member of Federal Reserve System
E. B. Morris, President
1918 ISSUE
THE FINANCIAL REVIEW
400 PAGES
ISSUED ANNUALLY BY THE
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