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financial

The

ljrontrie

INCLUDING
Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers' Convention Section
SATURDAY, APRIL 14 1917

VOL. 104

be Thronitic.

1917.

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veoria

WE AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly) Grand Rapids
Dayton
RAILWAY EAIV;INGS(monthly) I ELECTRIC RAILWAY(3 times yearly)
Evansville
STATE AND CITY (semi•annually) BANKERS' CONVENTION (yearly)
Springfield, Ill
Fort Wayne_
Terms of Advertising-Per Inch Space
Transient matter per inch space(14 agate lines)
(8 times)
Two Months
Tlire Months (13 Nmmeess
(26
Six Months
Twelve Months(52 times)
CHICAGO OFFICE-39 South La Salle Street, Telephone Majestic 7896.
iJONDON OFFICE-Edwards 84 Smith,1 Drapers' Gardens, E.O

NO. 2703
Week ending April 7.

Clearings at-

PUBLISHED WEEKLY.

4ox

Electric Railway Section
State and City Section

1916.

$
$
487,102,567 355,517,740
43,571,527
34,348,650
76,455,725
43,212,812
50,387,655
35,957,594
22,624,452
17,474,092
12,684,000
9,790,000
12,982,300
10,765,400
10,603,411
8,558,747
4,000,000
3,600,000
3,961,535
4,800,456
4,261.764
3,230,107
2,677,740
2,033,947
1,862,418
1,506,195
1,784,446
1,413,576
3,883,237
2,836,050
3,748,950
3,727,523
600,000
800,228
1,443,044
1,144,380
6,604,600
3,587,000
1,224,131
1,049,927
1,127,088
1,187,224
1,186,788
898,956
917,445
1,044,006
838,418
746,045
734,355
905,876
989,636
750,000
800,000
735,074
441,415
333,878
660,000
600,000
525,000
550,000
447,409
550,000
374,652
305,000
60,011
46,703
762,551,769 553,020,536

Inc. or
Dec.

1915.

1914.

%
$
$
+37.0 288,366,840 289,694,304
+26.9
26,280,950
25,600,500
+77.0
31,123,136
24,852,714
+40.1
22,847,087
26,248,281
+29.5
15,477,663
14,938,072
+29.7
7,661,554
7,230,079
+20.6
6,695,400
6,360,600
6,077,944
+23.9
5,898,936
2,907,404
3,418,622
+11.1
3,123,252
+21.2
2,790,063
2,796,794
2,349,801
+31.9
1,144,468
+31.7
1,434,763
1,417,168
1,156,417
+23.6
1,292,483
1,294,044
+26.2
+36.9
2,500,000
1,650,791
1,627,106
1,650,746
+0.6
753,762
-25.0
813,040
+26.1
1,027,211
1,180,597
+84.1
1,846,000
1,895,000
+16.7
971,093
782,472
-5.1
852,241
792,936
+32,0
717,731
626,016
+13.8
706,705
591,806
+12.3
385,178
447,157
+23.3
663,323
600,109
-23.2
623,605
551,633
+8.9
442,073
444,372
+32.4
453,585
315,017
+10.0
350,000
380,000
-4.5
400,000
440,000
+23.0
299,850
551,100
251,511
+22.8
217,220
-22.2
57,707
50,887
+37.9 431,309,920 427,988,999

*4 20 C
Ya
on
uto
ngis
ltown__
22 00 Lexington
29 001 Rockford
5
00
7 0000 Akron
Quincy
Springfield, 0_ South Bend.
Bloomington_ Decatur
WILLIAM B. DANA COMPANY,Publishers,
Mansfield
Front, Pine and Depeyster Stan New York.
Danville
Jackson
morning
by
WILLIAM
13
DANA
COMPANY
Saturday
every
Published
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana. Jacksonville __ _
Lansing
Vioe-Presidents; Arnold G. Dana, See. Addresses of all, Office of the Company.
Lima
Owensboro
CLEARING HOUSE RETURNS.
Ann Arbor
Adrian
The following table, made up by telegraph, &e., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
Tot. Mid.West
$5,812,694,431
last
week
against
and
$5,805,792,548,
$4,462,886,930
been
have
San Francisco___
the corresponding week last year.
46,664,192
49,892,211
84,232,220
60,804,990 +38.5
Los Angeles
24,887,721 +13.9
19,878,221
28,353,000
22,940,054
Seattle
19,906,705
13,444,172 +48.1
10,856,183
12,311,228
Per
Clearings-Returns by Telegraph.
Portland
12,910,472
+22.3
11,376,193
15,783,530
14,709,338
1917.
14.
1916.
April
Cent.
Week ending
Salt Lake City-13,467,925
9,002,774 +49.6
6,457,850
5,539,306
Spokane
4,800,000
4,402,499
+9.0
3,555,733
5,216,446
$2,833,719,528
$2,113,937,172
+34.0
York
New
2,381,316
2,149,605 +10.8
1,887,181
2,178,562
437,042,369
312,728,415 +77.7 Tacoma
Chicago
4,365,265 +11.5
4,868,106
3,481,276
3,777,706
286,314,950
193,098,379 +48.3 Oakland
Philadelphia
2,417,809
1,927,000 +25.4
1,922,257
2,215,536
189,229,231
176,441,932
+7.2 Sacramento
Boston
2,451,714
2,759,250 -11.2
1,821,687
2,201,675
113,993,053
71,253,282 +60.0 San Diego
Kansas City
1,283,823
1,002,581 +28.0
923,860
968,173
117,685,601
82,210,465 +43.2 Pasadena
St. Louis
1,358,584
1,068,992 +27.3
991,229
1,053,921
72,033,743
62,071,962 +38.3 Fresno
San Francisco
2,102,824
1,744,238 +20.5
1,121,708
1,084,758
65,536,612
58,829,325 +11.4 Stockton
Pittsburgh
864,724
700,000 +23.5
575,000
. 563,183
47,476,807
36,062,946 +31.7 San Jose
Detroit
530,761 +13.8
667,004
603,745
402,674
38,455,956
37,915,261
+1.4 North Yakima
Baltimore
509,128
455,717 +11.8
280,000
270,093
33,398,494
21,872,503 +52.7 Reno
New Orleans
767,820
Long Beach
747,576 +27.1
528,974
Total Pacific
186,152,973 142,903,613 +30.3 112,988,548 125,321,864
$4,234,886,344 $3,156,421,642 +34.2
Eleven cities, 5 days
655,418,241
Other cities, 5 days
505,478,249 +29.7
68,827,480
Kansas City
130,167.088
74,449,253 +74.8
48,781,977
27,311,471 -0.1
20,643,667
Total all cities, 5 days
27,294,873
20,106,465
$4,890,304,585 $3,661,899,891
+33.6 Minneapolis _ _
17,482,126
33,355,844
21,678,314 +53.9
16,299,872
All cities, 1 day
915,487,903
800,987,039 +14.3 Omaha
13,464,197
13,738,025 -2.0
11,156,432
St. Paul.
8,126,924
Total all cities for week
17,407,083
11,955,835 +45.6
8,131,120
7,958,485
$5,805,792,548 $4,462,886.930 +39.1 Denver
8,982,930 +72.1
15,456,746
/,917,213
6,793,124
St. Joseph
The full details for the week covered by tne above wi I be given next Saturday. Des Moines
10,437,833
5,946,977
8,304,496 +25.7
5,824,569
to-day,
them
furnish
clearings
being
A
onn
nnn
A
70K
A00
1
.
91
9
9
An,
:
All
o OAK OW,
cannot
made
up
by the clearing houses Sioux City
We
,
p
.
•
at noon on Saturday, and hence In the above the last day of the week has to be in Wichita
4,372,293 +32.
3,330,463
3,319,000
5,790,000
press
go
to
we
Friday
as
night.
estimated,
cases
all
4,426,551
3,221,040
Duluth
2,756,667
5,206,326 ---15.0
ending
April
5
follow:
Detailed figures for the week
4,487,567
3,158,286 +42.1;
2,102,283
Lincoln
1,996,726
1,594,096
2,852,453
1,973,952 +44.5'
1,842,587
Davenport
1,546,881
2,425,438
1,630,357 +48.8
1,939,991
Topeka
Week ending April 7.
2,501,508
1,867,760
Cedar Rapids__ _
2,412,954 +36.9;
1,831,859
Clearings at1,359,026
1,331,168
1,624,952 ---18.0,
1,309,055
Fargo
Inc. or
849,429
614,410
774,746 +9.7i
557,985
Colorado Springs
Dec.
1916.
1915.
1914.
1917.
441,814 +37.6,
392,270
607,308
618,579
Pueblo
651,411
417,937
341,063
462,973 +40.8
Fremont
%
$
$
$
$
+8.21
2,679,084
2,476,491
1,986,153
1,823,693
+9.4 1,874,225,404 1,658,216,551 Waterloo
New York
3,412,107,329 3,118,874,981
1,966,903
1,723,123 +14.1!
1,208,897
893,773
Philadelphia _ _ 302,795,551 254,664,979 +18.9 156,014,159 155,434,695 Helena
+3.11
678,681
471,601
.378,930
Billings
700,000
Pittsburgh
+12.4
60,740,654
68,247,724
51,823,907
45,855,106
+7.31
532,721
921,940
858,501
475,000
Baltimore
43,032,967 +11.9
48,165,522
34,896,373
33,058,730 Aberdeen
346.656 +87.6
206,989
171,414
650,399
Buffalo
20,893,187
14,996,971 +39.3
11,834,584
11,663,526 Hastings
Washington .___
Tot. 0th. West 286,624,823 199,287,867 +43.8 164,051,153 137,533,605
11,590,959
10,078,313 +15.0
8,607,567
7,771,451
4,680,707
5,700,652 -18.0
5,296,096
5,268,449
Albany
97,916,201 +23.1
73,475,014
120,487,379
75,946,759
Rochester
8,274,436
4,584,310
7,588,954 +9.0
4,786,729 St. Louis
37,804,770
23.327.508 +62.1
19.040,002
14,071,415
4,626,1340
Scranton
4,171,400 +10.9
3,423,680
3,370,425 New Orleans..
18,345,160
19,415,982 -5.5
11,108,655
13,345,592
5,730,673
Syracuse
2,884,014
4,188,354 +36.8
2,800,838 Louisville
11,489,116
3,321,087
9,804,963 +17.2,
7,104,856
8,000.000
Reading
3,009,083 +10.4
2,367,972
1,811,299 Houston
4,448,823
4,466,511 -0.4!
4,661,068
Wilmington
2,771,832
3,349,000
3,101,783 -10.6
2,025,443
1,730,703 Galveston
15,909,511 +39.8
Wilkes-Barre
2,070,969
22,239,520
8,846,078
8,347,200
2,096,738 -1.2
1,589,917
1,583,355 Richmond
3,935,733
11,564,772
8,050,524 +43.61
6,584,913
6,927,066
Wheeling
2,647,560 +48.7
1,712,786
2,207,943 Fort Worth
2,612,025
16,795,919 +43.0
13,297,636
24,014,038
16,226,654
Trenton
1,844,299
2,409,057 +8.4
1,626,219 Atlanta
6,983,768
9,554,164
8,066,479
7,857,886 +21.6
6,737,659
Lancaster
5,174,353 +35.0
3,042,676
2,085,123 Memphis
1,500,000
4,812,566
5,530,150
4,564,786 +21.2
4,723,282
1,377,481
1,627,080 -7.8
York
1,259,647 Savannah
1,638,157
6,911,526
8.550,937
7.981,098 +7.1
6,418,946
1,517,923 +8.0
994,589
Erie
877,666 Nashville
1,059,700
3,910,246
5,777,917
4.707,813 +22.7
4,026,831
Binghamton ___ 1,003,400 +5.6
710,200
832,300 Norfolk
949,1590
3,649,185
3,069,892 +18.9
2,703,528
3,885,856
850,000 +11.7
Greensburg
732,086
668,048 Birmingham
1,198,262
3,096,389 -1.4
3,052.717
2,200,268
2,368,636
1,182,806 +1.4
Chester
650,894
528,671 Chattanooga_ _ _
600,000
3,264,995
1,470,174 +122.0
1,509,085
2,199,645
618,416 -3.0
Altoona
513,593 Augusta
572,938
436,199
3,942,722 -3.5
3,677,660
3,803,873
3,243,515
404,324 +7.9
Montclair
354,923
359,981 Jacksonville
3,866,208
2,582,050 +49.8
2,381,673
2,644,292
Total Middle_ 3,916,190,250 3,549,689,648 +10.3 2,171,566,278 1,944,671,148 Little Rock
2,225,612
2,274,263 -2.1
1,844,009
1,701,535
Knoxville
277,025,268 238,057,104 +16.4 155,091,614 153,991,119 Charleston
Boston
2,087,416
2,714,552
3,129,264 -13.3
2,138,485
11,263,500
10,624,100 +8.0
Providence
7,160,000
6,810,300 Mobile
+7.6
1,229,561
1,323,170
1,099,479
1,464,786
8,780,077
8,664,834 +1.3
Hartford
7,741,772
4,719,229 Oklahoma
6,200,189
3,229,122 +92.0
2,358,764
2,327,000
4,998,740
4,728,266 +5.7
New Haven
3,590,534
2,877,602 Macon
2,890,146
1,547,766
3,423,204 -54.5
3,941,968
4,602,475
4,820,428 -4.4
Springfield
2,705,777
2,759,208 Austin
5,515,672
5,240,999
3,979,972
5,500,000 +0.3
4,346,235
4,612,649 -5.8
Worcester
2,344,361
2,509,648 Vicksburg
. 269,507
227,884 +18.3
335,697
282,736
2,500,000
2,200,000 +13.6
Portland
1,906,068 Jackson
1,855.863
405,761
563,721 -28.1
383,856
537,777
2,379,637
1,716,595 +38.6
Fall River
1,398,119
1,255,638 Tulsa
1,152,408
9,981,685
2,539,903 +290.5
1,827,923
1,683,340
1,405,537
+19.8
New Bedford_
1,081,380
1,160,694 Muskogee
1,328,702
1,001,798 +32.6
608,317
857,007
1,165,725
1,045,025 +11.5
Lowell
743,174
787,368 Dallas
11,936,278
7,114,389 +67.8
1,126,825 -15.6
950,000
Holyoke
675,002
701,042
Total Southern 340,829,619 265,193,048 +28.5 198,256,344 204,116,537
853,920 -23.8
650,000
564,471
Bangor
503,768
5,812,694,431 4,989,949,9851 +16.5 3,264,114,310 3,019,683,837
Total all
Tot. New Eng_ 320 844.097 270.855.283 -1-148 186 RA9057 170 051 ARA
Outside N. Y_ 2,400,587,102 1,871,075,0041 +28.3 1,380,880.006 1,301,377,286
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
Standing Business Cards




1420

THE CHRONICLE

1VOL. 104..

ure in force he would have labor against him, and
have a divided instead of a united country back of
him. Finally the Washington correspondent of the
"World" of this city yesterday stated that there
was "a strong probability of a proclamation by President Wilson placing the country and its possessions
under martial law as a necessary step toward the
suppression of attacks on munition plants and
Government property." Just think of it—the whole
country under martial law!
At the same time, in arranging for the prosecution of the war, we deal with billions with the
freedom that an individual who has never known
care or want dispenses pocket money. It is, of
course, important that our financial arrangements
should be broad and comprehensive and adequate for
all needs, but the putting out, as proposed, of
$7,000,000,000 of Government obligations should not
be lightly entered upon, and without giving due consideration to all the possible consequences. For one
thing, it should be remembered that an issue of
$5,000,000,000 of United States bonds means the
THE FINANCIAL SITUATION.
displacement of a vast amount of other investment
Our Government and our legislators should have a obligations, and this in turn means more or less hardcare lest in our endeavor to subjugate the autocracies ship and the disturbance and disorganization of inof Europe we do not, by the use of similar methods, vestment values generally. Evidence of a leaning
run into an equally dangerous autocracy here. What towards autocratic methods is manifest here, too, in
made the President's address to Congress, arraigning the unusual and extraordinary powers of discretion
Germany's acts in violation Of international law and which it is proposed to lodge in the President and the
the dictates of humanity, so appealing, was the lofty Secretary of the Treasury. Furthermore, Congress
and exalted tone in which it was pitched and the is asked to appropriate $3,400,000,000 for war purimpressive way in which it presented the ideals of poses and then, without much further ado, to
democracy. But between theory and practice and adjourn. But at such a critical period should
between ideals and performance there is often a wide not Congress, as the representatives of the peogulf, and it is impossible to view the very general dis- ple, remain continuously .in session, so as to guard
position to copy European war methods without a against ill-advised action on the'part of the executive
feeling of some concern.
branch of the Government? In asking for a year's
Apprehension is the more keen as it is recognized appropriation in advance, our Government is rethat we are prone in this country to overemphasize questing what not a single one of the great Governeverything, and in adopting European features of ments of Europe has ventured to attempt during
affairs are sure to employ them in greatly intensified the period of this great war. In Great Britain, and
form. A course of action, for instance, which Great even in autocratic Germany, the practice is for the
Britain entered upon with the utmost reluctance, and Government to come before the legislative body every
only because dire necessity compelled it, we rush into three months and ask for a new vote of credit for the
and embrace with impetuous haste without any purpose of carrying on the war. Obviously, the
impelling occasion whatever. What has been done United States, in its war measures, is evincing a disin Europe by either group of belligerents we regard position to copy all the bad precedents and to disas having been fully approved, and we feel not only regard the good ones.
that the process can and should be repeated here, but
Our fears are not relieved by certain passages
that we must go the European countries one better. found in the speech delivered by Paul M. Warburg
Congress is considering an Espionage bill which before the Commercial Club of Chicago on the subeven the New York "Times" is moved to call "a ject of Government and Business. Mr. Warburg is
Prussian measure" and to characterize still further the Vice-Governor of the Federal Reserve Board,
by saying that to call a certain specially objectionable and this Board in its brief existence has been nosection of it high-handed would imperfectly describe toriously arbitrary and autocratic. Accordingly, the
it. Then an Administration bill was yesterday in- following statement in the address is calculated to
troduced in the House giving the President power cause no little misgiving:
to seize all the railroad, telegraph and telephone
"That democracy is the ideal form of government,
lines in the country and to draft all the employees
I
do not doubt. But Europe's recent history has
of such lines into the military service of the Governborne out the experiences of 2,000 years ago; that,
ment. What can be said in defense of such an es- in the hours of greatest need, democracy is often not
treme measure at this juncture, when the heads of the most efficient form of Government. That is
the companies are loyally co-operating with the why in the old Republic of Rome, in times of war,
Government and putting their time and their recourse was invariably taken to temporary dicknowledge and experience at its service, and when tatorships, and that is why, for certain branches of
even the employees are disposed not to embarrass government, we now see this form of administration
again adopted in Europe. Democracy is governthe Government. In any event the step seems im- ment by the people.
It is the most self-respecting
politic in the highest degree. At present the Presi- form of government. But, being the expression of
dent has the entire population behind him in his the ever-changing will of the masses, it is lacking in
prosecution of the war. With the proposed meas- stability of policy, and continuity in office of trained

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 1917.
In this we are inaugurating a new practice. Heretofore it has been the custom to furnish an index at
the end of each six months. Owing to the increase
in the size of the paper it is no longer feasible to
bind the numbers for a six-months period in a single
volume,since the book becomes too bulky to handle.
Accordingly the volume will hereafter be bound in
two parts, and an index will go with each part.
The index issued to-day covers Part I of the current
volume—Volume 104. The remaining three months
to June 30 will constitute Part 2 of the same volume.
To insure greater durability it is also the intention
to bind the volumes in buckram hereafter instead of
in leather, the style and appearance, however, to correspond very closely with the old volumes.




APR. 14 1917.]

THE CHRONICLE

men. It:furthermore abhors autocratic power vested
in single individual. It believes in checking one
power by another, and each man by other men and,
therefore vests authority in groups rather than in
individuals."
Dm
The foregoing remarks were simply incidental to
Mr. Warburg's general discussion of the subject of
Government and Business, and may, therefore,
possess no special significance as hearing upon the
Government's war policy, but as the whole speech
is an apotheosis of Government regulation, and as
it is in war times that the populace, thoughtless of
consequence, is most prone, in a spirit of easy acquiescence, to yield up its rights and liberties, this complacent reference by Mr. Warburg to dictatorships
carries a suggestive warning of what it is necessary
to guard against, even when a country is battling
for the ideals of democracy.

1421

about enlisting what you call "alcouple ofimillion of the flower
of its manhood" and look facts in the face.
There is no pressing or practical military necessity of an
American enlistment of two million or even one million men.
Our present regular army can be recruited up to 300,000 and
our National Guard to 200,000. From these we could and
ought to send three army corps (120,000 men) to the front
in Belgium, making with the Belgians an army of about
250,000 seasoned soldiers.
Then this army should be pivoted on the Belgian coast
north of Dunkirk, and set the grateful task of hunting
Germans out of their submarine base at Zeebrugge.
As it is submarines we are after, the place to seek and
destroy then is at their base. In such a.chase the fleet
could render invaluable assistance. But my point is a small
well-equipped army at the front, leaving the millions you
speak of at home on the farms and in the factories to feed
and munition it and provide sufficient food to keep the world
from any approach to starvation for as many years as the
war may last.
It seems to me suicidal folly to talk of an army of millions
to be ready two or three years hence, when we have barely
enough officers to train and command one of halfa million now.
Read what the "First Seven Divisions" of the British army
did in France in August, September and October 1914
against the flushed and confident flower of the German
military machine, and imagine how a like number of American regulars would brace up the little force that is to-day
standing at bay in the little southwest corner of Belgium.
The opportunity is almost too romantically heroic to invite
the attention of strategists who can only think in millions
of men and damn the billions of expense.

Mr. Slason Thompson, Director of the Bureau of
Railway News and Statistics at Chicago, takes
exception to our remarks of last week that the whole
world is facing economic axhaustion because of the
withdrawal of millions of men from reproductive
enterprise, and our further remark that the entrance
of the United States into the conflict with the withdrawal of another couple of million of men from
SLASON THOMPSON.
agricultural and industrial pursuits must tend to
says that
Mr.
It
Thompson
that
will
be
observed
aggravate the situation, and speedily bring on a up to
pourstill
was
United
States
"the
latest dates
crisis. Here is his letter:
bins
British
into
foodstuffs
ing
of
supply
an
ample
Chicago, April 9 1917.
Chronicle:
the
of
in
figures
support
Financial
cites
he
and
war
at
prices,"
the
To the Editor of
Here are three detached sentences from the current issue statement. But this is begging the question. Eviof the "Chronicle":
dence of economic exhaustion is found in the fact
_ "The truth is the whole world, belligerents as well as
that notwithstanding such liberal contributions
neutrals, is on the verge of economic exhaustion."
from the United States, and with Great Britain
"The whole world is facing starvation."
"The entrance of the United States into the arena, by in- retaining undisputed control of the seas, food suptensifying the conditions that are responsible for the fast- plies in the United Kingdom have been so seriously
developing economic exhaustion, will certainly tend to curtailed that resort to extraordinary measures
shorten the conflict, but whether it will benefit the side we
has been found necessary in order to limit consumpare seeking to aid, or will the sooner throttle it—that remains
tion.
Great Britain, like Germany, has a Food
tell."
to
future
the
for
So far as the vision of an interested observer reaches, Controller, though, unlike Germany, its maritime
"economic exhaustion" nowhere, not even in beleaguered iwtercourse with the sources of supplies has not been
Germany, approaches a stage where it promises to end the cut off. Has Mr. Thompson failed to notice that
direful conflict. Outside of Germany and Austria the belligerents seem to be conserving their food supplies by re- the British Food Controller has just proclaimed
stricting wasteful consumption. Up to January 31st last one meatless day a week in hotels, restaurants,
the United States was still pouring an ample supply of food- boarding houses and clubs, and that it is permitted
stuffs into British bins at war prices. Here is our export in British public places to have potatoes now on
report on some of the chief articles for seven months ending only two dp,ys a week.
January:
1016.
No grain is reaching the British Isles from Russia,
1917.
1,944,557
9,581,391
Corn, bushels
26,892,231
37,433,846
bushels
Argentina has just placed an embargo upon
and
Wheat,
13,173,855
23,572,551
Canned beef, lbs
70,210,080
56,423,495 wheat exports. The fact that the United States has
Fresh beef, lbs lbs
180,625,052 193,130,060
Hog products,
131,055,535 128.708,738 continued so freely to ship grain and provisions
Hams and shoulders,lbs
80,688,416
70,283,015
Lard
5,398.851
Butter
20,757,881 abroad is what makes the situation so grave in this
86,599,543 186,882,340
Cotton seed
In several other articles where the destination is not desig- country. The seriousness of the situation is indinated the exports for the seven months ending January cated by the circumstance that wheat is selling here
were:
above $2 a bushel and corn commands nearly $1 50
1916.
bushels
Oats, lbs
47,568,553
541,271,735 a bushel. Official statistics tell the same story of
Rice,
42,722.684
51,971,318
Cheese, lbs
15,772,288
27,938.061
supplies. Thus the report of the DepartThese instances from the latest data available are suffi- exhausted
at Washington showed the farm
Agriculture
of
ment
however
that
show
much the economic shoo pinches
cient to
John Bull, it has not reached the point where his stomach, reserves of wheat on March 1 to be only 15.8 of the
on which ho fights, is seriously threatened. Discretion 1916 yield, the smallest proportion in our record,
counsels that he take up a hole or two in his waist belt in which goes back to 1883. The stock of corn at 30.6
order that he may avoid the pinch that may come if Germany
of the 1916 production was the smallest in all years
holds out to the last slice of straw bread.
1902. On top of this there came last Satursince
Do such exports of provisions suggest that "the whole
day the report of the growing winter wheat crop
world, either neutral or belligerent, is facing starvation"?
So far as actual starvation is concerned the American people showing a condition of only 63.4, the lowest at this
could live through several years of bad crops on what it date in our record, which extends back thirty-one
wastes of one.
That the American people should begin at once to look years.
Doubtless we will raise enough winter wheat and
facts in the face and prepare to conserve its resources cannot
be recognized too soon. And it should leave off talking spring wheat combined to satisfy home needs, but



1422

THE CHRONICLE

with supplies from the old crop practically exhausted, the question is how are we to meet the
needs of Great Britain and the other allies. If early
in the new crop year we should nevertheless send
large amounts abroad, then we would be confronted
with. the possibility of insufficient supplies later in
the crop season for our own needs. It should not
escape notice that David Lubin, the American representative to the International Institute of Agriculture, issued a warning from Rome last week stating
that for the first time in many years there existed a
deficit in the supply of corn, wheat, rye, barley and
oats and that the United States must profit by
Europe's experience and conserve supplies "before
meal tickets become necessary." Finally, J. Ogden
Armour, at Chicago, this week has declared the
situation alarming, and suggested Government price
fixing for grain and live stock, and the appointment
of meatless days in this country. In view of all this
it hardly seems necessary to argue the question of
economic exhaustion any further.
What Mr. Thompson says in the closing part of
his letter with reference to there being no pressing
or practical military necessity of an American enlistment of 2,000,000, or even 1,000,000 men, we agree
with. It will be - observed that he suggests
sending merely three army corps (120,000 men) to
the front in Belgium for the purpose of hunting the
Germans out of their submarine base at Zeebrugge.
We cannot persuade ourselves that the United States
should send any army abroad, but at least if some
troops must go, Mr. Thompson's suggestion is along
sane and sensible lines.
The commercial failures statement for March
1917 discloses a condition of solvency in the United
States that conforms to the situation revealed by the
monthly reports for some time past. In other words,
the showing is a very favorable one, the number of
defaults having been smaller than for the similar
period of any year since 1913 and the volume of
failed indebtedness of strictly moderate proportions
—slightly heavier than for March of last year, due
to a few large disasters in manufacturing lines, but
less than for the month of any year prior thereto
back to, but not including, 1910. For the quarter
ended with March 31, moreover, the exhibit is the
best in a number of years, the commercial mortality
being the lowest in seven years and the aggregate of
liabilities below any year since 1909, and in most
instances materially so. It is not to be inferred from
the foregoing, however, that there has been absence
of stress in all directions this year. On the contrary,
in one or two manufacturing lines the indebtedness
reported for the three months this year is noticeably
in excess of 1916, traders in groceries, meat and fish
have been adversely affected by the great rise in the
cost of the products they handle and for one reason
or another the debts in the agents and brokers class
have been largely swelled. But the general situation is satisfactory and not out of line with the prevailing condition of prosperity in the country.
Messrs. R. G. Dun & Co.'s statement of failures,
which furnishes the basis for our remarks, indicates
that for the month of March 1917 the number of
insolvencies was only 1,232, covering indebtedness
of $17,406,096, against 1,690 for $16,885,295 in
1916 and 2,090 for $23,658,130 in 1915, with the
trading group showing up most favorably, the liabilities having been only two-thirds those of last



[VoL. 104.

year, and actually the smallest for the period since
1907. Among manufacturers, on the other hand,
the volume of debts shows an augmentation of over
3 million dollars (from $4,820,249 to $8,050,840)
12 disasters out of 314 supplying liabilities of more
than 43/ millions, and most of it in lumber and
allied industries. An increase of 3 millions is to be
noted, also in the liabilities of agents and brokers.
For the first quarter the total of insolvent indebtedness reported is only $52,307,099 distributed
among 3,937 defaults, against $61,492,746 and
5,387 a year ago, $105,703,335 and 7,216 in 1915
and $83,221,826 and 4,826 in 1914. For the quarter,
as for the month, trading failures make the most
favorable showing,the contraction in liabilities having been from $31,048,161 to $20,908,655, all but
two of the fifteen lines included sharing in the reduction. Among manufacturers the drop in debts
was only from $23,807,210 to $20,082,297, due to a
marked increase in debts in machinery and tools
and lumber, &c. In the group embracing agents,
brokers, &c., several reverses of unusual size served
to swell the liabilities from $6,637,375 to $11,316,147. Banking suspensions during the quarter were
almost the same as in the preceding year, 17 comparing with 16, but the sum involved was very
measurably greater—$7,268,000, against $4,220,000.
Florida furnished no less than $4,100,000 of this
year's total and Washington $2,700,000, leaving
only $468,000 to represent financial insolvencies in
the remainder of the country. Geographical analysis of the quarter's returns indicates that in all the
various sections into which the insolvencies are
segregated, failures were less numerous than a year
ago, with the showing in that respect most favorable
in the Middle Atlantic, South Atlantic and South
Central groups. Liabilities were less than in 1916
in all divisions except the New England and Pacific,
where the increases reported were due to the failure
of three manufacturing concerns in Massachusetts
and Connecticut for a total of over a million, and
one brokerage house in Washington.
The decided improvement in the solvency situation in Canada in 1917, heretofore referred to,continued in March, both the number of casualties and
the indebtedness represented falling well below the
like period of either 1916- or 1915. As regards the
result for the quarter ended March 31, it is to be
stated that the number of failures was the smallest
since 1911 and the amount involved the lightest in
four years. Briefly, the suspensions numbered only
370 for $5,921,327, against 596 for $9,344,441 in
1916 and 798 for $15,636,915 in 1915. In all the
various divisions decreases from last year are disclosed, with the trading branches most favorably
affected,the clothing and furnishing line conspicuously
so; while among manufacturers the lumber industry—practically the leading one in the group—shows
a considerable drop in debts. As regards the various
Provinces, defaults were less numerous in 9 out of
10, the exception being Newfoundland and an
important contraction in liabilities is be noted in
Ontario and Manitoba.
The first week of formal war between the United
States and Germany has not been marked by any
clash at arms either on the part of the naval or military organization. Meanwhile, there has been considerable activity in diplomatic circles. Austria on
Tuesday severed diplomatic relations with Washing-

APR. 14 1917.]

THE CHRONICLE

ton, presenting a note to the American Charge at
Vienna dated April 8. Both Cuba and Panama
have declared that a state of war exists with Germany.
On Wednesday Brazil announced the breaking of
diplomatic relations with Germany, although this
has not yet resulted in a formal state of war. Argentina, while deciding to remain neutral, has sent a note
to our own Government, endorsing the principles
which led the United States to declare war. Her
defenses are being strengthened as a precaution
against a more serious situation later on. Uruguay
also remains neutral. Chili has not yet taken a definite stand. Guatemala has taken steps of a spectacular character to prevent a revolution resulting from
Mexican and German conspiracies and has proclaimed martial law in the States on the Mexican
frontier. Costa Rica has sent word to her diplomatic
representative at Washington endorsing President
Wilson's course and declaring a readiness to take
more serious steps when such action appears advisable. Spain is believed to be on the point of joining
the Allies; Denmark and Holland will still try to remain neutral. In Sweden and Norway the situation
is particularly strained, and it would be extremely
hazardous to attempt to predict developments.
Vienna, supporting her ally, has severed diplomatic
relations with Brazil. Thus does it become evident
how completely the entire world is in a state of
diplomatic uncertainty on a scale never before equaled.

1423

own bonds, as a result of their convertibility, are
forced to pay a higher rate, then the foreign bonds
shall likewise pay the increased rate in order to
prevent loss to our own Government, which is, it
will be seen, merely extending the aid of its credit
to its allies. Details of this new bond issue, as we
have already remarked, are presented on a later page
of the "Chronicle" to-day.

Reports of peace have again been industriously
circulated this week, though none appears to have
official foundation. There is no doubt, however,
that peace sentiment is spreading. It is likely to
become increasingly effective as time progresses.
But there is probably no question that the military
party in Germany will not, until forced to, give up
without a military decision of some importance.
On the other hand, in view of the confidence that has
taken possession of the leaders of the Allies, it seems
reasonable to suppose that they, will not be willing
to consider, unless forced by actual defeat,any terms
that do not contemplate the overthrow of the German
military caste. Among the most specific of the
peace reports was one that Austrian and Bulgarian
representatives are endeavoring to approach Entente
diplomats in Switzerland. Bulgaria, it is reported,
already has taken soundings, but whether the two
countries are working separately or together is not
known, nor has any reference been made in the
cabled dispatches to the attitude of Germany or
Turkey. In Washington this entire incident is regarded merely as an expression of weariness with the
war and anxiety to bring it to an end, without, however, involving any indication of disposition on the
part of the countries mentioned to propose terms
acceptable to the Entente. Our Secretary of State,
Mr. Lansing, in an official statement yesterday,
denied all knowledge of any peace negotiations. The
success of the Russian revolution is undoubtedly
exerting a highly disturbing influence among the
extensive Slav population of Austria-Hungary.
Next in importance in the peace reports may perhaps be regarded one that negotiations are already
in progress for a separate treaty between Germany
and Russia. There seems no encouragement to
take this rumor too seriously, and it probably has
no more substantial basis than the mission of the
German Socialist leader, Philipp Scheidemann, who
has been visiting Scandinavian capitals to confer with
the Socialist leaders there, who are endeavoring to
mediate between the Russo-German Socialists with
a view of terminating hostilities. Still another
rumor that has circulated persistently is that Austria
has taken definite steps seeking the good offices of
the Pope in a movement to start peace negotiations.
As yet there appears slight encouragement to place
any real reliance on these alleged peace moves except on the principle that where there is so much
smoke there must be some fire.

At Washington all preparations are being pushed
to bring the struggle to as early a successful close as
possible. The present week has been devoted very
largely to financial arrangements. On Wednesday
the Ways and Means Committee of the House of
Representatives presented with a favorable report
to the House the War Finance Bill, the full text of
which appears on a subsequent page of this issue of
the "Chronicle." The bill, which is expected to pass
the House to-day (Saturday), provides for securities
having a total value of $7,000,000,090. Of this
amount $2,000,000,000 will take the form of one-year
certificates of indebtedness. These, presumably,
will be issued at once and will be repaid at maturity
from the proceeds of extra taxation for which the
Administration expects to present a definite plan for
legislation in the course of the next week or so.
is understood that the plan will include substantial
increases in the income taxation and especially in the
super-taxes, with provisions for the imposition of
stamp taxes on lines very similar to what were in
force during the Spanish-American War in 1898; also
the institution of customs duties on tea, coffee, &c.,
and additional duties upon various articles of necessities that are freely imported at the present time.
The total authorization of $5,000,000,000 in bonds
will have two 'main objects. They will carry a rate
of not more than 332% interest and will be convertible into any additional bonds that may be offered by
our own Government before Dec. 31 1918, if such
later bonds are favored with a higher rate of interest.
That internal affairs in Germany are occupying a
Of the $5,000,000,000 in bonds, $2,000,000,000 are position of high tension is suggested by the Kaiser's
to be placed at the disposal of the Treasury for war instructions to the Imperial Chancellor, Dr. von
expenditures. "Not more than" $3,000,000,000 of Bethmann-Hollweg to submit certain proposals for
the remainder is to be made available to foreign the reform of the Prussian electoral law "to be disgovernments, the plan being to sell our own bonds cussed and put into effect after the conclusion of
here and with the proceeds purchase obligations of peace." A dispatch cabled from Berlin (by way
such governments, these obligations to bear the of Amsterdam), announcing this order, adds that
identical rate of interest and the same maturity as it foreshadows also the reform of the Upper Chamber
the bonds sold whose proceeds are thus used. If our of the Prussian Diet. In his instructions to the



1424

THE CHRONICLE

Chancellor the Kaiser first congratulates the Fatherland on the determination that has remained imperturbable to stake "their last for the victorious
issue." The Kaiser declares that while millions "of
our fellow countrymen are in the field, the conflict
of opinion behind the front, which is unavoidable in
such a far-reaching change in constitution, must be
postponed in the highest interests of the Fatherland,
until the time of the home-coming of our warriors
and when they themselves are able to join in the
counsel and the voting on the progress of the new
order." In brief, the Kaiser's order follows:
"It falls to you, as the responsible Chancellor of
the German Empire and First Minister of my Government in Prussia, to assist in obtaining the fulfillment of the demands of this hour by right means
and at the right time, and in this spirit shape our
political life in order to make room for the free and
joyful co-operation of all the members of our people.
"The principles which you have developed in this
respect have, as you know, my approval.
"I fell conscious of remaining thereby on the road
which my grandfather, the founder of the Empire,
as King of Prussia with military organization and
as German Emperor with social reform, typically
fulfilled as his monarchical obligations, thereby creating conditions by which the German people, in
united and wrathful perseverance, will overcome this
sanguinary time. The maintenance of the fighting
force as a real people's army and the promotion of the
social uplift of the people in all its classes was, from
the beginning of my reign, my aim.
"In this endeavor, while holding a just balance
between the people and the monarchy to serve the
welfare of the whole, I am resolved to begin building
up our internal political, economic, and social life
as soon as the war situation permits."
How far this concededly hazy promise of reform
will appease the popular, growing demand for democratic government remains to be seen. One dispatch
from Berlin states that the order means the recognition by the Hohenzollerns that their sovereignty is
derived from and sustained by the people, and that
the Hohenzollern Kingdom is in effect a sovereignty
entrusted to the Hohenzollerns by the Prussian
people. It means the acknowledgment of the overthrow of the Kaiser's claim of "divine" right. The
Kaiser obviously is attempting to gain time. He sees
the handwriting on the wall. The overthrow of
autocracy in Russia, the obvious spread of democratic
tendencies in Austria-Hungary and the demands that
are appearing for a popular government throughout
the German Empire all seem to be pointing clearly in
the direction from which we may expect the first signs
of peace of a practical character. The Entente
Powers have agreed that they will not recognize the
present German military government in peace negotiations. They undoubtedly would welcome the
establishment in an honest straightforward way of a
democratic government in Germany. In London
the Kaiser's message is called one of the biggest jokes
of the season. The British public, to quote a dispatch from London, does not see why it will be needed
if Prussia is victorious, and knows that if Prussia is
defeated, that nothing at all will be accomplished in
this direction.
The week's military operations on the western war
front have been stupendous in force and in extent.
There can be no question that the spring offensive,so
long awaited, is now in full swing. In other sections'
the Allies are awaiting more favoring weather before
making the attacks which will virtually include all



[VoL. 104.

borders of the Central Powers. A violent snowstorm
toward the close of the week has compelled the slowing down of the British attack on the Arras-Lens
front. Nevertheless the French and British troops
have finally joined and will presumably press on
together in this zone from now on. The supposed
new Hindenburg line has been driven back at a
number of positions. About 13,000 prisoners and
80 guns have thus far been taken by the British.
Yesterday's operations of Field Marshal Haig
marked a sudden striking toward Cambria instead
of around Vimy Ridge, which was the scene of
the operations during the earlier days of the week.
The official report was that he had succeeded
in capturing enemy positions "on a wide front."
These positions which were captured during
the night, extended from Hargicourt to Metz-enCoutre and the British now hold Sart farm, Gauchewood and Gouzeaucourt village. The German
official report suggests the belief of their leaders that
the force of the new drive has been checked. Major
General F. B. Maurice, Chief Director of Military
Operations at the British War Office, declared in an
interview on Thursday, that the present British
offensive was being conducted according to plans
completed in February, thereby controverting the
claims of the Germans that their retreat has upset
the British schedule and that the Teutonic military
authorities control the situation. Gen. Maurice's
attention was called to the fact that the German
military experts were claiming the battle of Arras
to be the decisive conflict of the war. He replied,
"I suppose the experts have got to have something
to write about, but it is impossible to say at this time
that the battle will be the decisive one. It may be
stated with certainty, however, that the battle of
Arras will have a far-reaching effect."
There have during the week been several engagements between the Russians and Teutonic allies on
the Russian front, but no important changes have
resulted. In a number of locations the Teutons have
invaded Russian trenches, but in each case they
have been evicted. The Austrians on the western
portion of the Austro-Italian theatre are actively
bombarding the Italians in the Lake Garda and
Lagarina valley sectors and the Italian guns are
shelling the Austrian lines near Arco and Rovereto.
Otherwise the military movements of the week
apparently have not been sensational.
The operation of the German submarines for the
week ending April 8 were not quote as successful as in
preceding weeks. There were in all 17 British merchant vessels of more than 1,600 tons sunk and two
vessels of less than 1,600 tons. The number of
merchant vessels over 100 tons of all nationalities
arriving at United Kingdom ports was 2,406, while
the departures were 2,367. There were 18 of the
large boats sunk during the preceding week and 13
under 1,600 tons. The highest figure in ships of
more than 1,600 tons sunk in any week since
Feb. 1 was 19, and of the smaller ships 13. The
reports show a total of 97 vessels of more than 1,600
tons sunk in the last six weeks and 43 of less than
that tonnage. Our own State Department has prepared a tabulation complete to April 3, which shows
that during the war submarines have sunk 686 neutral vessels, including 19 American, and have attacked unsuccessfully 79others,including8 American.

APR. 14 19174

THE CHRONICLE

By an executive order yesterday "defensive sea
areas" on the coasts of the United States and its
insular possessions were officially promulgated as a
precautionary measure. These areas may not be
crossed at all by any vessel between sunset and sunrise, and at other times only with express permission
of the harbor entrance patrol. A vessel arriving off
a defensive sea area after sunset shall anchor or lie
to at a distance of at least a mile outside its limits
until the following sunrise. Vessels discovered near
the limits of the areas at night may be fired upon.
No vessel shall be permitted to proceed within the
limits of a defensive sea area at a greater speed than
five knots per hour. The areas specified are:
Mouth of Kennebec River, Portland, Me.; Portsmouth, Boston, New Bedford, Newport, Long
Island east, New York east, New York main entrance; Delaware River, Chesapeake entrance, Baltimore, Potomac, Hampton Roads, Wilmington, Cape
Fear, Savannah, Key West, Tampa, Pensacola,
Mobile, Mississippi, Galveston, San Diego, San
Francisco, Columbia River, Port Orchard, Honolulu
and Manila.

1425

view, as obviously a not inconsiderable part of the
demand by the American Government will be on
behalf of the Entente Powers. It is proposed that of
$5,000,000,000 in United States bonds to be issued,
the proceeds of "not more than $3,000,000,000" shall
be utilized in purchasing bonds of foreign countries.
But the purchase money is to remain on our side of
the Atlantic until needed for payment of supplies.
Nevertheless no important change has been made in
British money rates for fixed maturities. The new
British war loan closed at 95 1-16, against 95 on
Thursday of last week. Tenders were invited yesterday (Friday) for a new offering of £50,000,000 in
Treasury bills.
• On the London market there has also been a resumption of offerings of Exchequer 5% bonds. These
are short-dated maturities—running three or five
years. The Exchequer returns for the first week of
the fiscal year, which begins April 1, show a revenue
of £12,958,000 and an expenditure of £48,090,000.
The Exchequer balance of £25,782,000 indicated a
decrease of £654,000. Treasury bills outstanding as
reported April 10 amounted to £474,388,000. It is
understood that until the new American credit becomes available that the British Treasury will continue to carry out its recent plan for requisitioning
securities to be used as collateral for exchange. In
any event, it is expected that all securities formerly
subject to a special tax will be requisitioned. New
British capital issues in March amounted to £82,925,000, of which £69,424,000 were bills. An
Australian Commonwealth loan of £3,500,000 in 53's
has been underwritten this week in London. It runs
from five to ten years and is offered at 98, the proceeds to be devoted to public works. The total subscriptions to a recent Australian war loan, according
to a dispatch from Melbourne, were £22,400,000.
Control of the lead industry in England has been
taken over by the Government. All dealings aside
from existing contracts are prohibited except under
license of the Ministry of Munitions.

The London Stock Exchange opened on Tuesday
after the Easter holidays with light attendance and
a small volume of business. The tone of the security markets, however, was firm, a result of the
favoring news developments over the holiday period.
These included the passage of the war resolution by
our Congress, the formal proclamation of war by
President Wilson, the intimations that the Washington Administration's policy included the extension of
large credits to the Entente Governments, and, not
the least of these influences, the steady progress
reported day by day in the British and French drives
along the western battle front. As the week advanced the news continued to improve (from the
London standpoint); hence the undertone continued
strong. London is not basking too freely at the
moment upon reports of German negotiations for
peace. Reports have reached New York by cable
from the British centre that Lloyds were underwriting
Dispatches cabled from Paris declare that Presirisks on the duration of the war on the basis of 10 to 1 dent Wilson's address and
the declaration of war
that the struggle will have ended by July 1. Later evoked tremendous enthusiasm
at that centre. A
advices, however, denied that any such offers had fair degree of activity has been shown
from day to
been made seriously. A feeling in some quarters that day on the Bourse. Money is easy and plentiful
at
the war may end before the last of the year is indi- 3%: The rate for three months' commercial paper
cated by the fact that in underwriting circles business is quoted at 4(4)43/2%. There have been modifiwas done within the week "to pay total loss if peace is cations of the recent restrictions upon imports.
not declared before Dec. 31" at 45 guineas per cent. Permits for raw materials now are available
for leSome time ago business was done at the rate of 15% gitimate industries; also for foodstuffs. The Russian
against the declaration of peace within eighteen Provisional Government has authorized the
Finance
months. The term "45 guineas per cent" means 45 Minister to issue a "liberty" loan to an
unlimited
guineas per £100. American participation in the amount at 5%. The loan will be exempt
from all
war, not unnaturally, is the absorbing topic in Lon- taxation.
don financial circles. Intense enthusiasm is being
displayed. It is recognized how practical will be
No definite reports have been received by cable
the aid that will be furnished in the direction of huge indicating the probable degree of success of the
new
credits and of arrangements to continue the trans- German loan. The subscription books, which
were
atlantic movement of foodstuffs and munitions.
opened on March 15, however, do not close until
The financial developments on this side have to April 16. Payments may be made by installmen
ts
some extent upset the plans for easier money on the up to the middle of July, thus allowing for subscripBritish market which were ushered in,by the reduc- tions based on the expectation of receipts at
the betion of the Bank of England's rate last Thursday. ginning of the third quarter of the year. At the same
The huge demand for funds in America, British time it has been arranged that payments may be
bankers argue, will mean a very substantial rise in made in full on favoring terms as early as March 31.
American money rates and will encourage the with- A dispatch from Vienna by way of Amsterdam condrawal of American funds now on deposit with Lon- tains official announcement that 6,234,610,000 krodon banks. This, however, seems to us a one-sided nen ($1,250,000,000) have been raised as the result



1426

THE CHRONICLE

woL. 104.

of the fifth Austrian war loan. The new money various items with the statement for the week
included in this total is reported at 4,464,610,000 previous and the corresponding dates in 1916 and
kronen. The fourth Austro-Hungarian war loan, 1915 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
issued a year ago, was reported to have produced
Status as of
Changes
nearly 6,000,000,000 kronen, representing two disApril 12 1917. April 13 1916. April 15 1915.
for Week.
Francs.
Francs.
Gold
Francs.
Holdings—
Francs.
for
second
tinct issues—one for Hungary, the
In Bank
Inc. 8,777,375 3,274,674,700 4,893,313,389 4,228,037,360
Austria.
No change.
Abroad
1,947,671,850
Official rates continue to be quoted at 5% in Lon2%ion
don, Paris, Berlin, Vienna and Copenhagen; 53/
Italy, Portugal and Norway; 6% in Petrograd,
and 432% in Switzerland, Holland and Spain. In
London the private bank rate has remained at 4@
4%% for sixty and ninety-day bills. No reports
have been received by cable of open-market rates
at other European centres, as far as we have been
able to discover, except that 4@432% is a range
quoted for ninety-day bills in Paris. Money on call
in London has been advanced to 3%%.
A further gain in its gold item of £240,105 is
announced by the Bank of England. Notes in
circulation were reduced £270,000; hence the total
reserve showed an increase of £510,000, and the proportion of reserves to liabilities was advanced to
19.49%, against 19.12% a week ago and 28.75% last
year. Public deposits decreased £732,000, and other
deposits £105,000. Loans (other securities) were
expanded £316,000. Government securities registered a large decline, namely £1,648,000, thus indicating that the Government had been paying off its
loans to the Bank. The English Bank's gold holdings now stand at £54,930,993, against £57,922,168
in 1916 and £55,311,986 the year previous. Reserves
total £34,750,000. This compares with £42,714,343
one year ago and £39,175,641 in 1915. Loans
aggregate £123,625,194. At the corresponding period
last year the total was £90,544,951 and in 1915
£137,813,066. The Bank reports as of April 7, the
amount of currency notes outstanding at £135,699,350, compared with £130,497,070 last week. The
amount of gold held for the redemption of such notes
is still £28,500,000. 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
1915.
1916.
1917.
April 14.
April 12.
April 11.
.£
.£
Circulation
38,630,000 33,657,825 34,586,345
49,392,000 68,802,934 104,156,735
Public deposits
128,862,000 79,960,638 102,969,283
Other deposit')
37,596,000 33,188,046 47,860,350
Govt. securities
123,623,000 90,544,951 137,813,066
Other securities_
Reserve notes & coin 34,750,000 42,714,343 39,175,641
54,930,993 57,922,168 55,311,986
Coln and buillon
Proportion of reserve
18.91%
28.71%
19.49%
to liabilities
5%
5%
5%
Bank rate

STATEMENT.
1913.
1914.
April 16.
April 15.
29,024,420
19,237,777
41,860,950
11,150,770
41,980,587
25,663,347
36,237,767

28,443,215
15,810,624
42,439,289
13,032,727
35,097,048
27,928,891
37,922,106

41.99%
3%

47.93%
434%

The Bank of France has again added to its stock
of gold, the increase for the week being 8,777,375
francs, bringing the total gold holdings (including
1,947,671,850 francs held abroad) to 5,222,346,550
francs, comparing with 4,893,313,389 francs a year
ago and 4,228,037,360 francs in 1915. The silver
item was reduced 1,634,000 francs. Note circulation
increased 94,680,000 francs, and general deposits
100,377,000 francs, while bills discounted registered
a decline of 111,361,000 francs. Other changes were
unimportant. Note circulation is now 18,844,127,000
francs. A year ago it was 15,183,959,335 francs, and
in 1915 11,500,581,150 francs. Comparisons of the



Total
Inc. 8.777,375
5,222,346,550 4,893,313,389 4,228,037,360
377,044,899
359,304,919
Sliver
Dec. 1,634,000
259,606,000
229,906,859
380,743,820
493,068,000
Dec.111,361,000
Discounts
670,861,236
Inc. 6,937,000
Advances
1,194,873,000 1,231,681,023
Note circulation Ine. 94,680,000 18,844,127,000 15,183,959,335 11,500,581,150
101,727,360
37,144,109
91,048,000
Treasury deposits_Inc. 4,936,000
2,510,370,000 1,993,803,997 2,323,850,744
General deposit& _Inc.100,377,000

In its weekly statement, issued as of March 31,
the Imperial Bank of Germany shows the following changes: Total coin and bullion increased
946,000 marks; gold increased 924,000 marks;
Treasury notes increased 32,856,000 marks; notes of
other banks were reduced 5,551,000 marks; bills discounted increased 4,338,596,000 marks, obviously
representing preparations for subscriptions to the
war loan; advances decreased 1,766,000 marks; investments decreased 4,120,000 marks; other securities showed the large reduction of 160,635,000
marks, while notes in circulation expanded 391,190,000 marks. Deposits increased 3,901,943,000 marks,
and other liabilities decreased 97,473,000 marks.
The German Bank's gold on hand totals 2,530,761,000 marks, as compared with 2,460,100,000 marks
one year ago and 2,317,520,000 marks in 1915.
Loans and discounts aggregate 13,121,963,000 marks,
against 8,124,420,000 marks in 1916 and 6,876,640,000 marks the year previous. Circulation is 8,616,021,000 marks. Last year it was 6,988,080,000
marks and in 1915 5,624,020,000 marks.
In local money circles comparatively slight activity
is being shown, but it is not unnatural, in view of the
huge demands upon funds forecast by the Administration's program for issuing bonds and notes to
the amount of $7,000,000,000, that there should
be a well-defined disposition toward greater caution
on the part of lenders. How soon the Government's
demands will become actual factors in the money
situation cannot yet be stated. It is presumed that
recourse first will be made to the sale of one-year
notes, of which $2,000,000,000 are to be authorized.
These on maturity are to be paid off from the proceeds of the Government's new scheme of taxation,
which has not as yet been definitely arranged. Of
the $5,000,000,000 of bonds that are to be authorized,
the proceeds of not more than $3,000,000,000 are to
be made available for the purchase of similar bonds
issued by foreign countries. In this way we are
merely lending our credit to these countries, who will
pay our Government identically the same interest
that is paid to investors on this side. The funds will
stay in this country, most probably on deposit with
the banks. In this way the huge transaction will be
financed with as limited a strain as possible upon the
money situation. But $7,000,000,000 is a huge sum,
and it would be altogether too enthusiastic a view
to expect such a colossal piece of finance to be carried
out without producing some degree of strain in money
circles. It is thought in banking circles here that
our Treasury authorities will be inclined at the beginning to extend substantial aid to Russia in view
of.the recent crisis to the Government of that nation
and the dislocation of its financial fabric, which must
be more or less general. It is to be hoped that the

APR. 14 1917.]

THE CHRONICLE

1427




1

New York

1

Treasury will not attempt to be too ambitious in its which was also the renewal basis. Friday's range
first demands for funds. A billion dollar bond issue continued at 23.1@232%, with 23j% the renewal
would, for instance, be a very large first amount to basis. For fixed maturities the tone was again
try. So far as our allies are concerned, the credit firm, with the tendency towards higher levels,
is intended to be used in the settlement for war sup- although actual quotations were practically unplies of all kinds, and also food supplies and other changed. Sixty-day money was still quoted at
obligations incurred in our own country. The diffi- 33'@4% (unchanged); ninety days at 3%@4%
culty undoubtedly will be to furnish supplies in suf- (unchanged); four months advanced to 4@431%,
ficient quantities to make serious inroads upon the against 39@4%, although five and six months
credit in the near future. Hence there is slight if remained at 4@43.1%, unchanged from a week
any advantage to be gained by asking for a greater ago. A disposition is being shown among lendamount from American investors than is immediately ers to restrict offerings pending official announceneeded, the more so as with the convertible privilege ment of the Government's forthcoming war loan.
that the Government has wisely incorporated in its Last year sixty days was quoted at 2@3%;ninety
plan, there is virtually no incentive for investors to days at 2%@3%, and four, five and six months at
hold back their subscriptions with any hope of ob- 3%. In mercantile paper a good inquiry is reported,
taining higher rates on later issues. If it is found though the volume of business transacted was neglinecessary to pay higher interest rates before Decem- gible, owing to a lack of offerings, and quotations
ber 31, 1918,the current loan will be convertible into remain as heretofore at 4@4/
1 4% for sixty and ninety
the new one carrying the higher rate. In the same days' endorsed bills receivable, and six months'names
way bonds of foreign countries which are to be pur- of choice character, while names not so well known
chased with the proceeds of our own bonds will like- still require 43/2%. Banks' and bankers' acceptances
wise be convertible into other foreign bonds paying continue practically unchanged with the volume of
whatever rate may be required for bonds on this side business small. The market is called inactive, with
of the Atlantic.
the disposition in many quarters to await pending
As to the availability of funds for subscriptions developments. Detailed rates follows:
that is a matter that merits serious consideration.
Spot Delivery
Delivery
Ninety
Sixty
Thirty
within
Our financial institutions are in excellent shape, are, Eligible bills
- Days.
Days.
Days.
30 Days.
of member banks
31/603
31
,4(43
3@2% 334 bid
bills of non-member banks
in fact, in a position of strength without precedent. Eligible
34.@3
334 bid
3%@3
33403
Ineligible bills
394@334 334@334 334@351 434 bid
Nevertheless, it is desirable to recall that the transThere have been no changes in the rates of the
action that is about to be authorized is itself unFederal
Reserve banks during the week, so far as
exampled. It is estimated that since the war began
our
knowledge
goes. Prevailing rates for various
no less than $2,500,000,000, par value, of American
classes
of
paper
at the different Reserve banks are
returned
been
have
from
securities
abroad and have
been taken up by American investors. A similar shown in the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
amount has been invested on our side of the water in
foreign loans during the same period, thus making
i
I
CLASSES
a total of $5,000,000,000 in new investments in
OF
ili c
' t E la zZ
round numbers. To this we are now to add another DISCOUNTS AND LOANS I•
$7,000,000,000. It seems quite reasonable to prePapersume that a not inconsiderable part of the subscrip- 1Commercial
to 15 •
_____ ___ 3 334 334 4 33.4 334 334 4 4 354 334
to 30 "
••
4 4 4 4 4 4 4 4 4 434 4 4
tions to the new Government loans must be expected 16
31 to 60 "
"
4 4 4 4344 4 4 4 4 4344 a
••
90 "
4 4 4 434 4 434 434 4 434 434 434 43.4
from the wealthy classes,since it seems to be conceded. 61Atogrictdtural
and
Paperthat the income tax is once again to be atleast doubled, 91Live-Stock
days to 6 months maturity 5 5 434 5 434 5 8 5 5 5 5 534
Notes of Member
and that the super-taxes on all incomes above $20,000 Promissory
Banks1 to 15 days maturity
334 3 334 354 354 334 334 334 4 4 334 334
advanced
be
to
in a still greater ratio than the
are
Acceptancesordinary tax. Obviously, the new bonds being tax- 1Trade
to 30 days maturity
354 334 334 3 334 334 334 334 334 4 33.4 334
31 to 60
••
33.4 354 334 334 334 334 354 334 334 4 334 334
exempt will find favor among the large number of 61 to 90 " "
334 334 334 4 334 33.4 354 334 4 4 334 334
Paperour citizens who are fortunate enough to be in the 1Commodity
to 30 dare maturity
4 --- 3% --- 334 334 -__ 334 4 4 334 334
4
31 to 60 '
___ 3% _ 334 334 ___ 33.4 4 4 334 334
"
super-tax class. At the present time, these super- 61
to 90 "
"
4 --- 3% --- 3% 3% -__ 3% 4 4 3% 334
_
taxes, it will be recalled, run as high as 13% ad- 61 days to 6 months maturitv ___
ditional to the regular 2% rate. What will be the OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
RESERVE BANKS.
limit under the new conditions, in view of the present Bankers' Acceptances.—Authorized
discount rate for all Federal Reserve banks
temper of Congress, it is difficult to imagine. But minimum,234%; maximum, 4%.
Trade Acceptances.—BIlls with maturities of 90 days or less, purchased In open
market without member bank endorsement, by New Orleans branch of Atlanta
there will, at any rate, exist a keen incentive to trans- Federal
Reserve Bank: 334 to 4%.
fer funds into the tax-exempt class. Preparations Commercial Paper.—Bills
purchased in open market by Dallas Federal Reserve
Bank; 3 to 5%.
of this character are credited by observers in financial Bills of Exchange.—Bills purchased in open market by Atlanta Federal Reserve
334 to 554%.
circles with responsibility for substantial reductions Bank;
Bills With or Without Member Bank Endorsement.—Bills with maturities of 90 days
or
less
purchased in open market by St. Louis Federal Reserve Bank; 2 to 4%.
quotations
this
week
for what are regarded some
in
highest
grade
of
the
of
investment securities, such,
Last Saturday's bank statement of New York
for instance, as Delaware Lackawanna & Western
Clearing
House members, which will be found in
and Delaware & Hudson Co. shares and Chicago &
more
complete
form on a later page of this issue,
North Western preferred stock.
made
a
decidedly
stronger showing, and registered
As to specific money rates, call loans this week
large increase in. reserves—the latter representing in
a
have ranged between 2 and 23/2%, as compared with part
the payment by the Government of the $25,2%@23/2% last week. Monday the high **as 23'%
000,000 purchase price for the Danish West Indies,
and 23i% the low and ruling quotation. On Tues- the bulk of
this amount having been deposited in
day and Wednesday the range was 2®2%% and banks at this
centre. Loans were increased $49,23% the basis for renewals. Thursday 2% was 983,000. Net
demand deposits recorded the heavy
again the maximum; the low moved uplto 23.170, increase
of $96,993,000, while net time deposits ex-

1428

THE CHRONICLE

[VoL. 104.

Closing quotations were 4 7645@4 763/2 for cable
transfers, 4 7570@4 75% for demand and 4 723 for
sixty days. Commercial sight finished at 4 75%@
4 75%, sixty days at 4 713/2, ninety days at 4 69%,
documents for payment (sixty days) at 4 71%, and
seven-day grain bills at 4 74%. Cotton and grain
for payment closed at 4 759'g@4 75%.
Somewhat of a reactionary trend has been noticeable in the Continental exchanges this week, induced
largely by profit-taking or realizing sales on the part
of speculative interests that were attracted to the
market by the violent fluctuations of a week ago.
Aside from this form of activity, however, dealings
in exchange were light in volume and without special
feature, although quotations for the most part have
been well sustained. Lire ruled steady at or near the
high levels of last week's close. The same is true of
French exchange, while rubles were strong and higher,
all being favorably influenced by the action of
Sterling exchange has responded with distinct Congress in authorizing a $7,000,000,000 war loan,
firmness to the prospects of the large credit that is a large portion of which is to be utilized in the form
to follow the financial program of our own Govern- of new loans and credits to the Entente Powers. All
ment in connection with war finance. However, operations in German and Austrian exchange conrates continue to be virtually pegged, the strength tinue to be suspended and quotations for reichmarks
being more particularly in sentiment than in actual and kronen are still unquotable. The sterling
quotations. There should now be no.difficulty in check rate on Paris closed at 27.213/2, against 27.50
maintaining demand rates at about 4 76, which it will a week ago. In New York sight bills on the French
be recalled was the figure that was suggested by the centre finished at 5 71, against 5 683/2; cables at
British Treasury when it first took control of the 5 70, against 5 673/2; commercial sight at 5 7032,
sterling exchange situation. The London market is against 5 71, and commercial sixty days at 5 7532,
showing some indisposition to adjust itself to the 'against 5 76 the week previous. Reichsmarks, no
lower figure named by the Bank of England as its quotations. Kronen, no quotations. Lire closed
minimum discount rate. We refer to this in our at 7 15 for bankers' sight bills and 7 14 for cables,
remarks on the London situation in a preceding which compares with 7 08 and 7 09 last week. Rubles
paragraph. There will not unnaturally be a prompt finished at 28.70, as against 28.55 on Friday of the
check upon gold importations in this country from preceding week.
As to the neutral exchanges some irregularity has
Allied sources. The week's gold movement has
shown, although without specific cause being
been
Ausfrom
$2,500,000
of
included an importation
therefor. Trading was not active. Swiss
assigned
$2,646,000,
of
exports
and
Francisco,
San
tralia via
including the following items: to Japan, $2,171,000; exchange was decidedly weaker as a result of the reto Singapore, $150,000; to Spain, $125,000; and to striction in arbitrage operations between this country,
Switzerland and Germany. Spanish pesetas continue
Cuba, $200,000.
Referring to day-to-day quotations in detail, ster- strong. Copenhagen exchange registered an advance,
ling exchange on Saturday, comparing with Friday but Norwegian and Swedish quotations remained
of the preceding week, was strong and higher, with without change. Guilders were firm and higher
demand up to 4 75 11-16@4 759', cable transfers to than for some time on an improved demand. Bank4 763/@4 76 9-16 and sixty days at 4 723. On ers' sight on Amsterdam finished at 419', against
Monday further substantial advances were recorded 40%; cables at 41%, against 40 11-16; commerand demand touched 4 76, the highest point reached cial sight at 413', against 40 5-16, and commercial
since May 1916, mainly under the influence of active sixty days at 40 15-16, against 403/i last week. Swiss
buying and the outlook for a large Government exchange closed at 5 09 for bankers' sight and 5 08
043/ and 5 033/
credit to the Allies in the near future; the range was for cables, which compares with 5
Greek
exchange (which
ago.
week
a
of
Friday
with
4
on
77,
to
4 75%@4 76; cable transfers advanced
continues to
as
neutral)
upon
looked
be
still
.
2
723/
may
4
to
went
days
sixty
while
11-16,
76
4
low
the
closed at
checks
Profit-taking by speculative interests and a slight be quoted at 5 00. Copenhagen
finished
Sweden
on
Checks
90.
29
hardening in money rates was responsible for a par- 30 30, against
Norway
on
checks
and
60,
29
against
60,
29
tial reaction on Tuesday, and demand was fraction- at
ally lower at 4 75 11-16@4 76, cable transfers at closed at 28 65, against 28 80, the preceding week.
2. Spanish pesetas finished at 21 60. This compares
4 763/@4 77 and sixty days at 4 723@4 723/
with 21 70 a week ago.
of
sterling
showed
somewhat
in
dealings
s
Wednesday'
rates
actual
volume
while
and
in
activity
off
falling
a
The New York Clearing House banks, in their
were again a shade easier; cable transfers receded to
4 76%@4 7665 and demand to 4 75 11-16@4 759; operations with interior banking institutions, have
2. As is lost $3,779,000 net in cash as a result of the currency
sixty days was unchanged at 4 723@4 723/
not unusual on Thursday, trading was dull and fea- movements for the week ending April 13. Their
tureless and rates moved within narrow limits at receipts from the interior have aggregated $8,348,practically unchanged levels; demand was quoted 000, while the shipments have reached $12,127,000.
at 4 7565@4 753, cable transfers at 4 7660@4 7665 Adding the Sub-Treasury and Federal Reserve operaand sixty days at 4 723. On Friday the market tions and the gold imports and exports, which toruled quiet but firm, with unimportant changes. gether occasioned a loss of $52,346,000, the combined
panded $14,750,000. The reserve in "own vaults"
increased $28,388,000, to $502,311,000, of which
$450,358,000 is shown to be specie. Last year the
amount of reserve in own vaults was $459,445,000,
including $388,476,000 in specie. Reserves in Federal Reserve vaults showed an expansion of $37,990,000, to $250,948,000, compared with $168,866,000 in
1916. Reserves in other depositories increased
$1,333,000, to $59,281,000, against $60,344,000 a
year ago. Circulation declined $61,000, to $28,090,000. Aggregate reserves were expanded by the substantial total of $67,711,000, thus bringing the total
up to $812,540,000, in comparison with $688,655,000
at this time last year. The reserve required was
also increased, viz.: $17,939,190; in consequence,
the surplus reserve gained $49,771,810, and now
stands at $163,578,960, as against $99,047,930 at the
corresponding period in 1916.




APR. 14 1917.]

THE CHRONICLE

1429

result of the flow of money into and out of the New note of victory. It bears strikingly on the question,
York banks for the week appears to have been a loss lately much discussed, whether German troops were
not being withdrawn from the western front to
of $56,125,000, as follows:
strike with accumulated violence in the east. Even
Out of
Net Change in
Into
Week ending April 13.
Banks.
Banks.
Bank Holdings.
supposing that they had been thus withdrawn, it is
$8,348,000 $12,127,000 Loss $3,779,000 safe to say that the divisions taken eastward are by
Banks' interior movement
Sub-Treasury and Fed. Reserve op29,320,000
81,666,000 Loss 52,346,000 this time being hurried back to resist the enemy's
erations and gold expts. and impts_
$37,668,000' $93,793,000 Loss $56,125,000 powerful forward movement in the west.
Total
On Monday Austria severed relations with the
The following table indicates the amount of bullion
United States—a foregone conclusion, despite the
in the principal European banks:
opportunity offered by the President for continuance
April 12 1917.
April 13 1916.
Banks of
of friendship, and apparently forced on a reluctant
Silver.
Gold.
Total.
Total.
Gold.
Silver.
Vienna ministry by German pressure. Turkey has
54,930,993 57,922,168
57,922,168 not yet spoken. But on the other hand, the Cuban
England-- 54,930,993
Frances__ 130,988,988 10,360,000 141,346,988 195,732,520 14,372,200210,104,720
Germany_ 120,543,05
791,750 127,334,800 123,042,750 2,188,850 125,231,600 Legislature, responding to the Cuban President's
Russia *__ 147,705,00 11,764,000 159,469,000 162,571,000 5,945,000 168,516,000
Aus-Hun.c 51,578,000 12,140,000 03,718,000 51,578,000 12,140,000 63,718,000 call, voted unanimously on Saturday for co-operation
Spain __ 54,287,000 30,146,000 84,433,000 37,547,000 30,648,000 68,195,000
Italy
34,504,000 2,732,000 37,236,000 41,304,000 4,155,111 45,459,000 with the United States in war with Germany.
314,000 43,406,000
Netherl'ds 49,210,00
576,400 49,786,400 43,092,000
600,000 15,980,000
600,000 15,980,000 15,380,000
Nat.Bel_h 15,380,01
10,318,900 Panama has taken closely similar action; Costa Rica
13,727,000 10,318,900
Switz'land 13,727,000
8,934,000
10,694,000 8,934,000
Sweden __ 10.694,00
6,659,000
6,835,000 has opened her ports to our warships; other Central
9,280,000
176,000
125,000
Denmark.. 9,155,000
4,083,000
7,102,000 ' 4,083,000
Norway.. _ 7,102,000
American States, notably Guatemala, are expected
Tot. week.705,803,031 69,235,150775,038,181 758,164,338 70,539,050828,703,388
Prey.week 704,609,131 69,738,950774,348,081 759,947,458 70,262,640 830,210,09 either to break relations or actually declare war.
a Gold holdings of the Bank of France this year are exclusive of £77,906,874
Early in the week Brazil broke off diplomatic
held abroad.
•The gold holdings of the Bank of Russia for both years in the above statement relations with Berlin amid great popular
enthusiasm,
have been revised by eliminating the so-called gold balance held abroad on the
latest reported date, the amount so held £214,102,000.
and, contrary to general expectation, Argentina has
c July 30 1914 In both years. h Aug. 6 1914 in both years.
given rather plain evidence of her purpose to follow
NEW EVENTS IN THE GREAT WAR.
suit. Including China, and even allowing for the
Events of the great war panorama have again apparent purpose of preserving neutrality on the part
moved with almost bewildering swiftness this past of Mexico, Chili, Ecuador and Colombia, these
week; so swiftly, indeed, and with such dramatic extraordinary events go far toward creating against
changes in passing incident and in the attitude of Germany and her allies a united coalition of the
nations, as to suggest to many minds that the war governments of the Americas, Asia and Australasia.
itself is approaching its climax and culmination, and In other words(except for such few European neutrals
that the end may be less distant than we have all as Spain, Switzerland, Holland and Scandinavia)
supposed. In our own country the events of the they present the picture, hitherto unknown in
week have in their way been epoch-making. The history, of practically the entire civilized world
proposal of a $5,000,000,000 loan, tile initial plan for banding together to end by force of arms, directed
mobilizing foodstuffs as well as wealth, the scaling against the guilty Government, a war which that
of prices on all kinds of war material sold to the Government's reckless ambition had provoked.
Government, and the arrangement for a mission of
We have said that this series of extraordinary
eminent French and English public men, headed by events seems to point to the beginning of the end,
the French Premier, the British Foreign Minister and and it appears to us that the logic of history can bear
the Governor of the Bank of England, to confer at no other interpretation. As to exactly when or how
Washington with out own Government authorities— the end will come,that is no easier to say to-day than
these are all incidents new to American history. tut it was in the Civil War when the Confederacy was
even more impressive occurences of the day are those crumbling under Grant's attacks of 1864, or in the
which have happened this past week beyond our Napoleonic war after the battle of Leipsic. It is
own borders.
conceivable now as always that the military caste, still
First in importance has been the unexpectedly dominant in Germany and undoubtedly at bay in a
successful progress of General Haig's troops in their fight for its own political existence, will insist on
attack on the German western front, and their cap- contihuing the war on steadily narrowing interior
ture of numerous important strategical positions to lines and that Germany's final resistance will be
the north of the French offensive. Nobody clearly more desperate than that of any previous period.
knows just what is to be regarded as the "Hindenburg
This, we say, is possible; but it is not the usual exline" to which the western German army was de- perience at such junctures of modern warfare, and
clared at Berlin to be withdrawing, purely for pur- it is not the result to which certain recent actions
poses of concentration. German newspapers, quoted of the German Government itself have pointed.
by cable from Amsterdam, now admit the success of Among many other considerations, it is growing
the English assault, though adding (this, however, evident that Germany now has to reckon, in this
several days ago, and before the dashing attack of matter, with her own allies. This week's reports
yesterday), that in order to complete that success, that Bulgaria is leaning towards a separate peace
the German line must itself be pierced, "and the were vague and not entirely convincing; the Balkan
English have not yet succeeded in that."
State is probably committed against such action
But one no longer reads of the "strategical retreat" by its original agreement with the German Empire,
for which the Kaiser so effusively congratulated his as closely as the Entente Powers are committed to
Chief of Staff. Instead, so well-informed a news- one another, The "peace rumors," in the case both
paper as the "Frankfurter Zeitung" tells the German of Bulgaria and Austria, may have arisen merely
people this week that "the defense of the western from attempts by those governments to detach
front will cost us heavy sacrifices," though "they revolutionary Russia from her Western allies. But
will not be in vain." This is hardly a note of gratifi- if, as seems altogether probable, that undertaking
cation at a brilliant military manoeuvre; much less a fails, the sense of isolation and desperation will un


1430

THE CHRONICLE

questionably drive Germany's two unhappy allies
to apply all possible pressure at Berlin with a view
to peace; if not to take the direct initiative.
It is not easy to imagine in what way Berlin itself
might again engage in overtures for peace—though,
for that matter, no one would have considered possible, two months before it happened, the "peace
proposal" actually made on Dec. 12. Whether a
popular revolution, unseating the present Hohenzollern dynasty and treating for peace in the name of
the German people, is or hereafter will be possible,
we do not profess to say. If it were not for the fact
that so many events have already happened—notably
the Russian overturn—which the world's best
judgment would have pronounced incredible a year
ago, we should say that a German revolution, even
granting the manifest political anger and unrest
in Germany, was not to be imagined. The organization of the existing German Government, the attitude
towards it which has long been instilled into the
German people, and the position of the German
army in relation both to Government and people,
are very different from what those same conditions
were even in Russia. But if these are not to be the
auspices under which peace will be restored, there
would remain the powerful financial and commercial
class of Germany, whose influence with the Government toward peace has alroady been visible even in the
face of German victories, whose judgment is formed
by looking at.,Germany's position, not next week or
next year, but in the longer:future, and whose political power would certainly be vastly increased by the
collapse of the military campaign.
HERO AND PATRIOT—THE PART OF CONGRESS.
A statue of Washington in the nation's Capitol,
presented by the Legislature of Virginia, bears an
inscription which contains the following characterization: "Uniting the endowments of the hero, the
virtues of the patriot, and exerting both in establishing the liberties of his country."
This statement of the union of elements necessary
to constitute a great man is worthy of particular
study;.atIthis time. Hero and patriot. It is noticeable that thei,first President, according to the language, did not unite one quality to the other, but
that they werelunited in him. Yet there is a suggestion that, while each may be necessary to enable
the world to say here is one supremely constituted
for service to his country, a man may be a partiot
without enjoying the distinction of being a hero, or
being wholly fitted to become one. Though, it may
be further inferred, when the liberties of his country
are at stake, a man cannot be a hero without being
a patriot.
Waiving consideration of the implication that there
is a measure of contrast between the soldier and
civilian, itlis worth while to contemplate, in this day
of mighty:presage to the Republi0_some of the duties
which follow the possession of "the virtues of the
patriot." And, in this our eyes instinctively turn
to the Congress. The representatives of the people
there assembled are performing the greatest and
gravest duties ever entrusted by men to man; and
upon them rest the heaviest responsibilities ever
borne by public servants. The actual conduct of
the war will be directed by the heads of the Army
and Navy, but there is an importance to the civil
processes behind the campaigns in the field, which
cannot be too deeply pondered by the people nor



[VoL. 104.

too clearly recognized by the national law-making
body. For, in the acts of this Congress are bound
up not only the lives of the citizens of to-day but the
liberties of the generations that are to come.
If we go no farther than the contemplated five
billion dollar bond issue, as a preliminary expense
to be incurred, we discover the widespread influences of the act and the long-continuing effects which
follow. Having determined on its necessity, having
placed the huge sum at the disposal of the needs of
a war chest, there still remains the method. We
discuss not now the ability of the country to float
the debt at this time—but assert, what everyone
realizes, that it is a momentous undertaking in the
history of the world,and one which touches in every
fibre the conduct, well-being, liberty and life of the
people, all the people, of the United States. Under
the urgency of necessity, in the light of the possible
good which may ensue to mankind, one-half of one
per cent in the rate of interest might seem a small
matter. It is a tremendous one—not so much as
part of fixed charges, but as affecting the savings of
the people, the independence and liquidity of banks,
the bond markets for State, municipal, railroad and
industrial issues, and the conditions of general business, present and to come. And likewise, every
step in formulating the tax system is fraught with
power and even peril.
The illustration serves to show us duties that
demand and evidence patriotism of a high order.
We do not associate this work with heroism as commonly accepted in war time. No bugle calls to
battle, no drawn sword flashes in the forefront, no
loved flag is planted in victory on enemy heights—
there is only the intensive study of quiet committee
room, the slow grind of the legislative mill, and the
solemn vote. Yet the liberties of the people are as
surely saved or lost here as they are on the firing-line
of the field of honor. Patriotism, then, may be
evinced by the establishment of the best interests
of all the people and the safeguarding of their future
energies in legislative halls as well as by service in
an army. And it is well that our citizens remember
this in the midst of excitement always attendant on
a state of war. Naturally, there will be differences
of opinion in a large Congress as to methods to be
employed. And members must vote their convictions, must use every resource of statesmanship they
possess to arrive at conclusions, and must shoulder
the responsibility of decision. Shall we not accord
to them all, in this trying hour, our full sympathy
and support, though their individual votes may not
in every instance reflect our personal feelings and
judgment? And in doing so, will we not ourselves
take on more of that true patriotism which accords
to all conscientious thought, all solemn and sacred
effort, all righteous deeds, the "virtues of the patriot,"
the defense of liberty, and the love of country?
We venture to carry our query one point farther
into the civil life of the people. There are trying
days ahead. We shall all of us reflect deeply, according to our abilities, upon passing events. But,
avoiding acrimonious debate and personal criticism,
shall we not prove ourselves partiots by according
to our fellows a full measure of patriotism, until
they are false to the trust? On the river of life there
are the glancing ripples of sunshine and the tumultuous waves of storm, but the currents which bear
them toward the ocean of rest and peace are as silent
as they are strong.

APR. 14 1917.]

THE CHRONICLE

1431

in order from the high returns received to pay the
cost of necessaries that must be purchased abroad.
The huge undertaking upon which the United We are opulently immune in many respects from
States has embarked requires profound study as well this condition, but if we so commandeer our domestic
as heroic action. More than ever the nation becomes trade, so burden it with taxes, that we reduce it to
a unit, and must be considered as such. Its mani- a minimum, we destroy both our power to procure
fest purpose, requires strength and endurance in what we do need and our power to pay at home for
all the activities of its being—industrial, commercial the new consumption demanded by the new conand financial. However, abundant the resources ditions. It at once becomes impossible to levy a tax,
which may be dedicated to a cause, their highest use for instance, on munition-making profits, that will
demands constant availability, their utmost benefit not in some degree be a tax on all profits. And it
depends upon wise conservation. Life itself rests becomes equally impossible to lay a tax on present
upon the complete and harmonious functioning of legitimate employment of industry, for an extraneous
all the organic components of being.
use, one that does not cover back into ordinary purSpartan courage and iron money is not a lesson suits without sapping it of strength to meet the
that can be strictly applied to modern life. A state future. It is very easy, therefore, by crippling our
of war compels personal frugality—by the high industries to compel them to lower wages or advance
prices it induces, the labor it diverts, and the funds rates, and thus, even before the end is reached, or
it expends. But where a vast interlacing business the purpose attained, to induce in the individual a
is self-supporting, a proper degree of spending is as feeling of unrest where he begins to rail at the powers
necessary as saving. Thus, however great the de- of government he has but lately invoked to perform
votion and consecration of a people, it becomes un- a high mission in the affairs of the worlds
wise and impolitic to destroy the ordinary incentives
If one interpose at this point objection to mort-,
to toil and accumulation. Only he can devote his gaging the future energies of the people by borrowing:
substance and surplus to his country who can con- to meet expenses, the answer must depend on the.
tinue to earn in usual and useful vocations. To dry benefits that are to be bequeathed, and the necessity
up the fountains of health and pleasure would de- and the justice of the cause for which the expenditure
stroy the individual on whose efforts, in the end, is made. A nation to meet an emergency which
all must depend.
demands a proper conservation of all its powers and
Slightly different are the laws which sustain our products should not by any methods destroy its
industrial and commercial life as a whole. Under normal domestic life. One way to do this is by a
all circumstances maximum production is the chief great and sudden check upon the spending power of
object of effort. It is also the underlying law of the people. An industry drained of its ability to pay
business system, service and success. And here dividends is drained of its vitality as a going concern.
the life of trade is dependent upon its ordinary uses. The investment is dead; and the private stockholder
The runner must be in "condition" to win the race. has no longer any interest in it. It has no longer any
Proper breathing is as important as strength. If object in being. Its capital might just as
well be
he enter half-prepared he is liable to lose. And he sequestrated in a nonproductive form. If it is
challenges fate to defeat him when he does so. The averred that it produces for the nation and for
the
difficulty is in perceiving that too great a dedication cause, then let the nation take it over and pay for
it.
of ready resources to an end outside their lawful Otherwise in proportion as it is levied upon, it is
being and natural field is a form of retardation and discriminated against and penalized. Nor is this an
weakening, which operates to destroy the potential- argument for government ownership, but a demonity to reach and maintain a maximum production stration that government ownership is unjust unless
which is the very object sought to be attained.
it takes over every possible means of toil and every
There are certain immutable laws of nature which kind of enterprise in the country. And
since capital
cannot be abrogated by man. He cannot labor for the most part is potential energy and
converted
alone; and he cannot save all he earns. His spending property, in the case cited it tends to disappear from
is the measure of the demand for other labor than view and is no longer evoked out of its constituent
his own. And no industry can be withdrawn, from elements. The reaction to excessive taxation is thus
its ordinary pursuit without affecting all others. seen to be a diminution of industry and a consequent
If a single plant be diverted to a channel that re- collapse of revenues.
turns no substance to the people, another may spring
Conservatism is never absent from conservation,
up to take its place in the legitimate pursuit. But as he found out who killed the goose that laid the
if the whole of an industry should be withdrawn, it golden egg. Yesterday is gone, to-day passes, and
would perish. It must sustain itself by its legitimate to-morrow will come. To try to dig a vast war
life. And in proportion as it does so may it meet debt out of current resources, a debt prospective and
the call which is contingent and abnormal. Thus, almost unimaginable, becomes thus waste instead
by no natural law of its being, do we ever lay a tax of saving. Nor can a government compromise with
upon industry, with the purpose of fostering it— certain industries by guaranteeing a certain percentsave to still further develop its inherent strength age over all expenses without laying heavier burdens
through larger exercise.
on industries less directly engaged. This form of
Confronted then with a condition extending over waste takes on greater importance when it is
realized
a period of years, a prime requisite of its continued that the industries which are the lifeblood of the
ability to pay a tax is that the earning power of all nation, if destroyed, demonstrate the fact that the
industry be kept at such a figure as will preserve its government which is exercising its power fora cause
productive capacity to the full over that period, which makes for selfperpetuation has overreached
and provide for its normal growth. Confiscatory itself and used its sovereignty to no good purpose.
taxation soon defeats itself. We have before us now To lay a tax so high that it will destroy the incentive
nations maintaining a foreign trade in non-essentials to form new enterprises and to render aelienaic those
OUR TAX PROBLEMS.




1432

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[Vol,. 104.

In war financing, we need to guard against a tooheroic feeling for cumulative current taxation. The
country is already heavily taxed, and we should
discountenance the growing notion that taxation can
be anything but financial blood-letting. It tends to
exhaust, and to dry up the sources from which taxes
are obtainable. The politician is rarely a man in
actual business, and what he is slowest to appreciate
is that business is already very heavily burdened
(the uncertainties of the future in every respect being
not the lightest part of the burden) so that there is
danger of weakening ourselves, financially, by too
drastic additional levy upon incomes and profits.
Nor is there any sound reason why we should hesitate to transmit to posterity a due share in the financial burden of the service we are doing (as we hope)
in laying permanent foundations which war will not
disturb. Future generations receive what we transmit to them; they should share cost as well as benefit,
and if we weaken ourselves by too much present
chivalry we may even lessen the wealth they receive.
We may also overestimate the part which our gold
and our banking reserves properly bear in the abundance we seem to possess. We cannot eat gold, or
clothe or warm ourselves with it. Give imagination
the extreme flight of supposing that everything on
the globe except our stocks of gold and other forms
of money suddenly disappeared; we should be in the
plight of Midas, doomed to perish before we could
find means of subsistence to carry us along to
ONE WAY OF RENDERING SERVICE TO THE another harvest. Extravagant though the supCOUNTRY—THE FOOD QUESTION.
position is, it may serve to illustrate the fundamental
the
to
forced
make
been
and easily-forgotten fact that our money, like our
Now that this country has
coma
to
with
them
joining
by
is but a means of moving the material
"ours"
railways,
Allied nations
our
making
of
consists only in "things." And it is
which
problem
the
wealth
that
now
and
end,
mon
co-operation most effectively and speedily helpful is in "things" that the world has been growing poor,
the dominant one and an official council with Eng- with frightful rapidity, in the last three years. War
land and France is to be held in Washington, it is of is the climax of conflagration. Millions have been
tremendous importance that we neither over-estimate turned from producing to destroying; other millions
nor misunderstand the strength which, in many have been turned to supplying them the implements
respects, we do possess at present. For our own of destruction, and the growing of food has decreased,
sake, for the sake of the reconstruction period which of late, absolutely as well as relatively. War munimust presently begin, on such a scale and with such tions and ruined towns and fields can no more be
difficulties as the world has not yet known, and for used for subsistence than gold can be; economically
the sake of future generations, we need to be,the speaking, abundance has been taking wrong forms.
Our plainest need, therefore, seems to be for insurest possible about the amount of our strength and
how we should draw upon and at the same time con- creased production of things to be eaten and worn, or
things usable in more production of ordinary necesserve it.
for
fit
saries. If Germany has deliberately forced this
Our financial position is extraordinarily
several
country to abandon neutrality (as some believe) we
are
there
but
remarked,
trial, as already
reasons why we should carefully guard against over- shall perhaps never know exactly why; but a conconfidence in that fact. One reason is that we have jectural motive might be that she thus expects to get
drawn a trading profit from the struggle that has at on the final peace board one member less severely
last dragged us in, and therefore our new financial disposed towards her, and also that meanwhile we
strength has come bythe drain upon our present may perhaps be of less practical service to the
Allies; presumably, we cannot continue to thrive in Entente than we have been thus far. In the degree
that manner, at least in the past degree, and it is not that we hamper ourselves by an excess of direct
a net gain, being transfer instead of growth. As has military activity and by thus lessening our ability to
been said but; needs repeating, thel part;of;this supply the food upon which the struggle now turns
country after hostilities will be great and indis- in such a prodigious measure, we may justify that
pensable; in practical wisdom, in nationallinfluence, explanation: at least, we should take all care that we
and in moral position we shall have not a whit more do not become less useful as an open ally than we
than will be needed. If we weaken ourselves need- have been as a trading neutral.
That we must grow more food and cannot possibly
lessly by haste or mistakes, we shall lessen our postoo much, in the next few years at least, is the
grow
means
if
this
wari
For,
to
mankind.
service
sible
anything beyond agony and waste, it is for.thefuture; one proposition upon which there will be no dissent;
it is the price and the means of establishing demo- even the most radical pacifist concurs in so much
cracy, and it is for us to do our part in securing the as that. But here we need to be very careful not
inestimable boon of permanentlpeace for.which.this to lose our heads and go rushing off into wild and
hasty propositions; there were many such in the first
price is paid.

in operation is but dissipating the strength and life
of the nation, more needed now than ever.
Waste and want are reactionary states as well as
processes. We can save in a wasteful manner. We
do not fast to become strong; we do not become strong
in order to be able to fast. We attain to a fulness
of life by eating what strength demands, and expending only that strength which eating will sustain.
And this is true of our national industrial life. We
encounter in these troubled times many anomalies
in taxation. For instance, it may be asked by some,
of what avail all the long years of "protection" to
build up domestic manufactures, if now they are to
have all their profits abstracted, preventing any
further increase? Of what avail to talk of increased
foreign trade when the volume of production is
steadily diminished by special burdens? Of what
use to talk of lowering prices by legislative enactment when by legislative enactment certain plants
and industries are devoted to special services that
must render others unable to supply the ordinary
demand? Take New York City as an example of
the convergence of all the industries of the country!
New York must have its fifteen million meals a day
no matter what happens! The problem is to keep
the wheels of trade turning, a problem inseparable
from any taxation which our lawmakers and their
advisers must lay down at this time.




APR. 14 1917.]

THE CHRONICLE

1433

few months of the war, but by this time we ought to it would be printed in practically all publications in
have recovered poise. It is suggested, for example, the country and thus go simultaneously before all
that the Government at once assume control of the the people.
food supply,. and one man whose name is linked
THE STRUGGLE FOR MAINTENANCE OF FIXED
with the paeking industry is quoted as urging that
PRICES.
Government fix a minimum price of $1 50 for wheat
The
long-fought
struggle
over thel:control of reas a guaranty to the farmer and also fix wholesale
patented
or
tail
prices
of
copyrighted
goods having
prices of all meat products; organization of a Federal
now
the
Supreme
decision on
been
ended
by
Court
commission to fix all prices Sand supervise marketing
of
the
steps
April
3,
a
brief
sketch
which
have led
and distribution during the war has been suggested,
this
may
properly
be
given.
to
and it is announced that Mr. Hoover, after experiIn 1908 the Court held that owners of copyrights
ence in Belgium, is to return and become head of a
cannot control the retail prices of books by printing
Food Board.
It may be unnecessary to assure the wheat grower on them a "notice" that nobody had authority to
a minimum of $1 50, but governmental control of the sell under the published figures; in stating this,
food supply in any part or degree naturally tends to Justice Day remarked that no question of patents
undertaking all processes from soil to table. To was involved, yet the Court had never conceded any
limit the prices of food might react by discouraging such right to owners of patents. In a subsequent
production of food. It is useless to shut our eyes case, by Justice Hughes, such power over sales was
to the possibility that scarcity and privation in a denied to owners of proprietary medicines, but still
sharper degree than we have yet known may be without passing on it as to patent rights.
That question came up in the Dick mimeograph
before us, or that a Food Controller may become unavoidable here; but we are not yet in such extremity, case in 1912, with one vacancy in the Court and one
and we need to be cautious lest impetuosity make member absent. The Dick machine had been sold
conditions worse than they need be. To set up with conditions (printed on a label attached) that.it
precedents for more government work would be of was licensed for use only with ink and other needed
materials made by the makers of the machine. The
itself a deplorable result.
Two courses are entirely clear. One is, that we seller of the ink used, not the buyer and user, had
should beware of hindering the farmer by tempting been sued in this case, and the question raised was
labor from the agricultural to the military field and whether this sale of non:permitted material conto the higher-paid work of the munition shop. Mayor stituted a "contributory" infringement. Justices
Mitchel properly urges that policemen be not taken Lurton, Holmes, McKenna and Vandewater held
for enlistment. Nor should firemen be taken, nor that it did, while Justices Lamar and Hughes joined
should farm laborers or those who probably might in dissent with Chief Justice White,who vigorously probecome such. The suggestion should be renewed tested against whatseemed to him an intolerable abuse.
that "enlistment" for the soil should be called for,
From this step towards upholding the power of a
should be publicly and forcefully urged, and that patent owner to control prices by attaching conservice on the ground should be held up to honor for ditions to sales the Court swung clear away, one
what it truly is, a real patriotic service to the country year later, in the Bauer (Sanatogen) case, holding,
and to mankind. Put out of our thoughts the guns, by five:to four, that any attempt to control prices by
the drums, the bugles, the thrill, the appeal in all its attachingtto the article a printed notice of "confamiliar forms, and let us bear upon the other for ditions" is an attempt :at 'evasion; the patent owner
the immediate present. "Your country needs you," hadfsold the article, at prices satisfactory to himin the army and navy? Granted, for the argument; self, and he had no control over it further.
but what is army and navy without ample support
A remark in the decision, however, did contain
with the means of subsistence?
a sort:ofihint that if a qualified sale had been shown
Good suggestions are that the labor of inmates of by clear evidence a different view might have been
prisons be utilized on the soil, that vacant land taken, and the most prominent maker of phonograph
around factories and schools, and every bit which is records renewed the attempt by attaching to his
susceptible of cultivation, be pressed into service; goods a notice that the record is licensed for use, not
that every pair of hands and every resourceful mind sold. This very lengthy notice of conditions is
be turned to increasing this year's crops.
printed in small type on the envelope containing
And there is one matter upon which all but the the disk record, the record itself bearing merely a
smallest children can help, and this does not have to single line of small type (and not easily readable)
be concentrated into a short time, as planting and referring to the matter on its wrapper, the purport
cultivation of crops must be, for it belongs to all being that regular dealers receive merely a right of
seasons. Begin to cut down the waste, most prom- use, conditioned on payment of the published
inent in food, but extending to everything, which has "licensed royalty" (no mention being made of sellbecome our most distinctive national habit. Let ing or any price) and this modified right, subject
us begin to learn and practice throwing away nothing also to sundry other stipulations as to the manner
that is capable of use and getting its utmost service of use, is transferable to the public. This limited
out of everything. This needs inculcating and re- right is to run during the life of the latest existing
iterating everywhere. Our abunfince has betrayed patent.
us into this wasteful habit, and now privation is
This arrangement, phrased by the best legal
beginning to offer us a needed lesson which may acumen the company could find and in close study
ultimately prove a compensation for some of its cost. of the decisions and their hints thus far, was not
Too much stress and publicity cannot be laid upon acquiesced in by all dealers, the chief contestant
this lesson of conservation and waste-stopping. being the Macy store, which has openly advertised
Busy as he is, Mr.Wilson might write a compact and these goods by name at 10% off. Two years ago
urgent appeal, which would have the advantage that Judge Hand of the Federal District Court dismissed



1434

THE CHRONICLE

[VOL. 104.

Necessarily, if a store persists in price cutting,
the suit of the company against this store, saying
that he perceived no attempted combination for for advertising reasons, it cannot be prevented from
trade restraint and if the subject were new he might getting the goods in open market and accepting the
feel that a patentee might properly attach limita- incidental loss. But the maker may prevent getting
tions to the use of his goods, but he felt himself them at under the retail price, if he lawfully can,
and a like freedom is open for the price-cutter. In
controlled by the Sanatogen decision.
Cream of Wheat case, Judge Hough of the
the
Court
Circuit
Federal
the
year
In January of last
District Court denied an application by a
Federal
Coxe
Justices
with
Lacombe,
Justice
by
of Appeals,
for an injunction to prevent the maker
price-cutter
comVictor
the
sustained
concurring,
Rodgers
and
pany, citing the position in the mimeograph case of "an advertisement-begotten" article from cir"that a restriction to use only with other products culating a letter among the trade asking each adof the patentee is legitimate." This, by itself, dressee to watch his own sales and thus prevent, if
would not cover the entire case, but Justice Lacombe possible, the price-cutter from getting a supply; he
concluded that the complainant company had suc- saw no trade restraint in such a course, nor why the
ceeded in its attempt, for "this is not a sale outright, producer of any article may not refuse to sell to
or a conditional or restricted sale, or any sale at all." anybody whose methods displease him.
It is not supposable that this right of selection
Since the patent law confers an absolute control
over making, using, and vending, he did not see why of customers will ever be denied, and yet it is proba patentee "may not give to one person a more re- able that some further attempts to control retail
stricted right to use than he does to another," or prices will be made, nor is there any doubt that a
why he may not "dispose temporarily of the use and price-cutting competition is not the best trade
ultimately of the title of a machine made by him method for the public, in the long run.
and protected under his patent."
Now the Supreme Court, by Justice Clarke, with
IN THE
Justices Holmes, McKenna and Van Deventer dis- THE PERMANENT FOOD PROBLEM
STATES.
UNITED
senting, disposes summarily of this "license notice."
We called attention several months ago (Oct. 14
It is palpably not intended as a security for any furto the condition of agriculture in the United
1916)
ther payment of money, or for any report upon the
compared with European productiveness,
States
condition of the machine. or of its manner of use, for
how far behind we are in the productiveness
showing
no such report is mentioned or indicated; by its own
land per acre, and the vital importance
cultivated
of
in
licensee,"
title
"the
vests
the
(he
continues)
terms
without further payment or action except that of of more intensive and intelligent farming, and the
waiting until 1930 for the latest patent to expire. great value in that regard of small holdings and indiThe sole discoverable function of this arrangement vidual ownership.
Some statements of the late Mr. James J. Hill
is to fix and maintain prices. Says the decision:
found the light in England through a personal
have
Courts would be perversely blind if they failed
to which, in view of Mr. Hill's great intellifriend,*
to look through such an attempt, as this license
notice plainly is, to sell property for a full price and gence and long practical experience, we are glad to
yet to place restraints upon its further alienation, call attention.
Primarily he believed that the food problem is the
such as have been hateful from Lord Coke's day to
ours, because obnoxious to the public interest. The great problem to-day. The war is only emphasizing
scheme of distribution is not a system designed to that judgment. The population of the world is
secure to the plaintiff and the public a reasonable rapidly increasing under modern conditions of life,
use of its machines, within the grant of the patent
laws, but is in substance and in fact a mere price- and tending also to concentrate. The area of availfixing enterprise, which, if given effect, would work able unoccupied arable land diminishes, and in the
great and widespread injustice to innocent pur- more advanced States the drift of population is
chasers, for it must be recognized that not one pur- strongly away from the fields to the cities. Meanchaser in many would read such a notice or under- while, luxury increases, bringing new wants and
stand its involved and intricate phraseology, which greater waste. The price of food inevitably rises.
bears many evidences of being formed to conceal
that with the inevitable
rather than to make clear its real meaning and pur- On this point Mr. Hill said
of the United States,
population
in
the
increase
the
call
pose. It would be a perversion of terms to
transaction intended to be embodied in this system where the consumption of wheat is now 7 bushels
of marketing plaintiff's machines a license to use per capita, by the year 1950 fourteen hundred
the invention.
million bushels of wheat will be required; that is
The practical injury to which this device might several hundred million bushels more than we now
expose the ultimate consumer seems rather over- produce. Dollar wheat at the farm he regarded as
stated here, for although the "conditions" printed coming to be permanent.
Mr. Hill held that the world's new economics
are universally disregarded the patent owner would
than
will have relation not so much to the high cost of
never seek to follow up his warning, any more
as to "the cost of high living." The standard
living
the
attention
ever
customer's
call
the dealer would
to them; they are merely an attempt to control the of living which has once been adopted in any comdealer, and a futile attempt for even that. Where munity will not be given up without fierce struggle.
the subject is left appears to be that the grant con- We shall have to meet this contest. The wit of
veyed by the patent is not abridged, since the Su- value with us becomes an acre of prairie land—land
preme Court holds that a sale thus conditioned is the value of which is to be measured by the bushelan absolute and unconditioned sale notwithstanding. basket. Now much of thatland is far too low at 10to 15
The maker sells his patented article, and has no bushels per acre. Raise it to 24 bushels and you solve
power to limit or decide what use shall be subse- the problem. The United States, Canada, Russia
quently made of it; it was his, but on sale and de- and Australia have such available land in vast area.
livery it ceases to be his.
•Mr. Moreton Frewen, in "The Nineteenth Century-and After."



APR. 14 19174

THE CHRONICLE

This 24-bushel land needs propinquity to market.
It should be within a freight distance of 36 cents a
bushel, say, for us, from Liverpool. This is to, be
attained by improvement in engines, grades, fuel
and cheap water rates. Because land is a fixed
quantity and the pressure of population is so great,
high food prices will remain. To meet this condition, not only must every facility be given the railways to extend and improve their means of transportation, but communication with the rest of the
world must be kept open. To this end he established great steamship lines in the Pacific; only to
discover that the questions of currency, exchange and
tariff which were so widely and so carelessly discussed and dealt with by us, made it impossible for
his ships to get freights. He wi ote in 1910: "The
adjustment to each other of two civilizations, differing not only in monetary standards and in tariffs,
but in wages, hours of labor, standards of living, in
industrial methods, and in almost every physical and
mental peculiarity which separate one race from another, must be at best a slow and diffieult process."
This adjustment marks the line along which effort
must be made, and toward which he was steadily
and intelligently striving. Before the great fall it
exchange in 1907 he had hoped "to put a barrel of
flour into the cottage of every Chinaman." Two
years later, with eight taels instead of five for five
dollars, the export of American wheat to China was
dead. Hill's ambition to link up the Northwestern
railroads with the Orient through the medium of
magnificent steam carriers, he did not see permanently attained.
The relation of the railways to the question in
hand Mr. Hill held to be vital. A speech of his at
Kansas City in 1907 is quoted. He asked how could
the republic survive if the Federal and State legislatures tied such knots in railway finance that it
became impossible to provide new funds for new constructions? A process which we have seen advance
well beyond that which he then encountered. • He
said: "With trackage increasing at an average rate
of less than 3% per year, when business was pressing
fiercely on the roads, and traffic growing at the rate
of over 12% per year for the past decade, the wonder is that the business of the country is not paralyzed." With the average freight rate for the United
States reduced by the improvements wrought in the
railways, to less than three-fourths of a cent per ton
per mile, as against a cent and a half in Germany
and two and a half cents in Great Britain, he summed
up the situation in these words: "They have cost
from one-fifth to one-half as much per mile as the
systems of other countries; the freight and passenger
rates are one-third to one-half as much, we carry
nearly double the business per mile, and pay twice
the rate of wages."
In his mind the railway was never separate from
the life of the people of the prairies. They who produced the food needed all that the food represented.
"Population," he said, "without the prairie, it is a
mob; the prairie without population, it is a desert."
He recognized that "the only social uplift is in the
wholesome, vigorous and moral atmosphere of the
prairie." He planted trees without limit; he introduced choice breeds of cattle and put them within
reach of the people. He bent his every energy to
increasing the prosperity and attractiveness of the
farm; feeling that far more than by the exhortation
"back to the land!" he was raising the farm to its



1435

proper place in an advancing civilization and
dealing first-hand with the problem of feeding the
world.
Perhaps because he had seen the country pass
through. the long struggle to get back to a sound
financial basis and free itself from the "greenback
craze," he did not enter upon any plan for advancing
the development of the farm by facilitating loans and
introducing new forms of banking credit, devices in
which Germany has done much, and in which both
England and our own country are making a beginning. There are those who call this the real problem
of the farm and the prairie. It may be so, it certainly is, in some form of bringing to the farmer all
the facilities of a large economic life. But it is
fraught with many difficulties. Whatever form it
may eventually take, it will be solved, when it is, by
some system in which the farmer himself will be a
sharer in the responsibility as well as in the advantages of increased credit and shall be so aroused to
the necessity of more intelligent farming and ,of an
increased productiveness of his land, that he will have
created basic capital of his own. The report that
our new farm loan banks have call for loans in the
millions, while local subscription to their capital is
only in the thousands, is not promising as to the
present American Governmental scheme. Meanwhile the loud cry of the world for more food,
and the high price for it, of which there is promise,
will serve as a strong stimulus to production
and the prosperity of agriculture in the United
States.
POOR CONDITION OF WINTER WHEAT.
The winter wheat condition report of the Department of Agriculture for April 1, made public on
Saturday last, indicating not only a much lower
status of the crop now than at this time last year, and
probably the lowest on record (investigation proves
this to be true for at least 31 years) is interpreted,
both officially and privately, as pointing to a yield
of the cereal smaller than in any year subsequent to
1912, and less even than in several years prior thereto.
Under the circumstances and considering the very
much reduced reserve supplies on hand, following the
short crop of last year, the markets for the grain
have. advanced sharply, reaching the highest level
since the Civil War. The report on winter wheat,
issued last December, showed a planting 2.3% larger
than in the fall of 1915 and an aggregate second only
to that of 1914, with the condition 2 points below
that season and 4.5 points under the ten-year average;
now condition is stated as 22.3 points poorer than in
December, 14.9 points lower than a year ago and
22.8 points below the ten-year average. Condition
on April 1 was 63.4, against 85.7 Dec. 1 last, 78.3
a year ago and the ten-year mean of 86.2. It is
probably not too much to say that the report came
in the nature of a surprise to many of those well
informed in wheat matters, private reports recently
issued, while poor, not being near so extremely bad
as the official pronouncement. Droughty conditions
followed by severe wintry weather,with lack of snow
covering worked havoc with the plant in Kansas and
Nebraska, and material damage is indicated in such
other important producing States as Illinois, Indiana
and Iowa. Kansas in fact reported a decline in
condition of no less than 38 points, and Nebraska
50 points, and it is intimated that much of the acreage
in both will have to be abandoned and utilized in

1436

(Vol.. 104.

THE CHRONICLE

other crops. In these two States some 123/
2 million
acres were sown with wheat last fall, so that unless
the situation as now disclosed has been exaggerated
we should be prepared for the announcement in May
of more than an average anbandonment of area in
the whole country, even though it may not come up
to the 1912 record of 6,469,000 acres.
Following the plan pursued by the Department for
some time past an official interpretation of this first
winter wheat report of the season is made, the result
reached being a yield of about 430,000,000 bushels.
This forecast is based upon an average abandonment
of area and average influences on the crop to harvest.
The total referred to above compares with a
yield last year of 481,744,000 bushels, of 674
millions in 1915 and the record product of 685 millions
in 1914.
Apropos to this indicated shortage in the winter
wheat yield and the necessity in any event of providing a generously adequate food supply for the coming
year, the Secretary of Agriculture has issued a
circular urging that every effort be made to produce
more crops than needed for home requirements, as
many millions across the seas must rely in large part
upon the products of our fields and ranges. Mr.
Houston, the Secretary, particularly recommends an
enlarged production of staple food crops, referring
especially to the various cereals and to peas, beans,
cowpeas, soybeans and buckwheat, and states that
the most effective step in that direction is to increase
acreage devoted to them in the regions where they
are grown habitually, and to the limit'permitted by
available good seed, labor and equipment. Abandoned wheat area he advises should be planted with
small grains or corn. Where land in Northern springwheat States has been reserved for flax, he counsels
using it for the grain and breaking new ground for the
fibre. Where land intended for spring wheat can
not be put into good condition early enough for
seeding, oats or barley, he says, can be substituted
to advantage in sections where they are known to do
well. The harvesting of the more or less considerable
acreage of rye that ordinarily is held out to be plowed
under in the spring for green manure is suggested, as
is the utilization of old meadows or waste land for
buckwheat and considerable expansion of corn area,as
well as ofsuch vegetables as carrots,rutabaga,turnips,
onions and cabbages. Finally, he lays stress on the
advisability of increasing production of foods off the
farms by making use of idle soil in yards, vacant lots
and unused outlying fields, adding that the total
contribution to the food supply of families and communities which can thus be brought about is great.
The keeping of small flocks of poultry is recommended to families in villages, towns and in the
suburbs of large cities, where conditions render it
feasible.

when the audited accounts for the month are received several weeks hence, owing to the great augmentation in expenses.
Our tabulations comprise an aggregate of 86,517
miles of road, including the three Canadian systems,
which always form part of our early statement. On
this mileage there is an increase of $5,678,031, or
8.04%. In judging the significance of this increase
it must be borne in mind that comparison is with
heavily augmented earnings in the year preceding,
and that both the grain movement in the West and
the cotton movement in the South were the present
year on a greatly restricted scale. On the first point
it is to be noted that our early statement for March
last year registered a gain of no less than $12,768,097, or 21.08%. Of course this followed losses in
both 1915 and 1914 in the same month, but the 1916
gain exceeded these losses for 1915 and 1914 combined,
while in the years preceding gains had been the rule
for quite a long period of time. Thusfor March 1915 our
early statement, comprising substantially the same
body of roads as is now represented, showed a loss
of $7,081,270, or 10.25%, and for March 1914 our
early tabulation registered a decrease of $2,191,364,
or 3.01%. In 1913 and 1912, on the other hand,
there were moderate increases. For March 1913 our
statement recorded $4,310,860 gain, or 6.50%, and
for March 1912 the result was $3,702,918 gain, or
5.73%. In March 1911, however, there was a loss
of $1,053,860, or 1.59%, notwithstanding large gains
by the three Canadian systems. In March 1910 our
preliminary statement revealed an increase of no less
than $8,795,473, or 15.61%. In March 1909, too,
there was improvement, the increase then having
been $5,082,356, or 10.99%. In March 1908, on the
other hand, at the time of the intense depression in
trade, our early returns recorded a loss in the large
sum of $9,150,668, or 14.36%. We furnish herewith
a summary of the comparative totals for March and
the first quarter of each year back to 1897.
Gross Earnings.

Mileage.

Increase (+)
Of

Year Yr.pre- InGiven, ceding. cese.
March. Roads Miles.
1897_ 121 92,737
1898_ 133 97,253
1899____ 119 94,333
1900._ 112 99,388
1901____ 103 100,739
1902___
89 92,041
1903._ 69 95,620
1904...._ 69 85,636
1905_ 62 80,134
1906._
58 83,228
1907._ 66 92,828
1908____ 55 83,468
1909_
48 77,656
1910_ 53 85,936
1911___
50 88,447
1912____
47 88,168
1913._
47 88,311
1914_
45 92,045
1915._ 43 88,283
1916____
44 88,554
1917___
41 86,517
Jan. 1 to Mar. 311897._ 120 92,598
1898____ 131 96,998
1899____ 118 93,875
1900.... 111 99,115
1901_ 103 100,739
1902___ 89 92,041
1903____ 69 95,620
1904____ 69 85,606
1905.... 62 80,134
1906_ 58 83,228
1907___ 66 92,828
1908.... 55 83,468
1909.... 48 77,656
1910.... 53 85.936
191L.
.
. 50 88,447
1912_
47 88,168
1913_ ___
47 88,311
1914._
45 92,045
1915___
43 88,283
1916_
44 88,554
1917____
41 86.517

Year
Given.

Year
Preceding.

Decrease (-).

$
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
71,710,050
70,785,610
61,939,361
73,344,766
76,308,967

$
36,574,594
38,767,463
43,192,673
48,306,240
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
69,026,631
60,576,669
70,630,936

$
e'e
+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 6.50
-2,191,364 3.01
-7,081,270 10.25
+12,768,097 21.08
+5,678,031 8.04

Miles.
92,048
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
85,963
90,774
87,420
86,330
84,555

%
0.75
1.21
1.18
1.97
3.28
1.72
2.33
2.68
1.59
2.18
1.90
1.38
1.02
1.82
2.60
1.95
2.73
1.38
0.99
2.57
2.32

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

0.75 104,287,357 107,550,519 -3,263,162 3.03
1.21 126,755,310 109,339,374 +17,415,936 15.93
1.18 126,102,007 121,187,638 +4,914,369 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
1.72 155,556,409 140,020,060 +9,536,349 6.52
2.33 181,463,231 160,459,158 +21,004.073 13.09
2.68 152,071,330 153,791,510 -1,720,174 1.12
1.59 149,372,126 142,415,455 +0,956,671 4.88
2.18 183,644,696 154,918,113 +28,726,583 18.54
1.90 214,200,964 204,957,203 +9,243,761 4.51
1.38 149,515,030 108,209,991 -18,694,361 11.11
1.92 142,902,711 131,609,385 +11,293,326 8.66
1.82179,172,331155,045,813 +24,126,518 15.23
2.60182,039,008 180,487,121 +1,551,887 0.86
1.95 190,997,306 180,042,806 +10,954,500 6.10
2.73200,756,220 187,761,626 +19,991,594 10.75
1.38 199,138,010 210,623,711 -11,485,701 5.45
0.99 175,502.339 192,562,201 -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 +19.103.179 9.74

RAILROAD GROSS EARNINGS FOR MARCH.
Railroad earnings on the whole continue to make
satisfactory exhibits in the face of some drawbacks.
This is evident from our early compilations for the
month of March, which are based on a relatively
small proportion of the railroad mileage of the United
States, but may, in view of past experience, be accepted as indicative of the general result for thp rail- Note.-We do not Include Mexican roads In any of the years.
As far as the separate roads are concerned, there
road mileage of the whole country. In making this
statement we have reference, of course, to the gross are several decreases in earnings, some for quite
earnings, not the net earnings. These latter there large amounts. Thus the Great Northern has fallen
is every reason to believe will be found unfavorable $591,977 behind; the Minneapolis St. Paul & Sault



ARIL 14 1917.1

THE CHRONICLE

1437

Ste. Marie $492,998 behind, while the Minneapolis
Barley.
Rye.
(bush.)
& St. Louis has $79,032 decrease, the Chicago Great
(bush.)
2,271,000 482,000
Western $50,576 and the Ann Arbor $49,083. But
3.565,000 428,000
these are all roads which there is reason to believe suf1,330,000 150,000
1,813,000 194,000
fered from adverse weather conditions as well as from
41,000
23,000
a diminution in the movement of spring wheat. In
74,000
99,000
other words, all these roads on at least some of their
branches had snowdrifts of serious proportions to
contend with. These blockades did not all occur in
March; they mostly originated earlier in the winter
3,000
9,000
6,000
10,000
but relief had not yet been obtained in March. Dis203,000
9.000
patches from Minneapolis under date of March 19,
225,000
59,000
after stating that the Chicago Great Western's 20148,000
24,000
231,000
41,000
mile branch from Red Wing to Bellechester, Minne1,472.000 397,000
4,023,000 398.000
sota; had been blocked for six weeks and the Minneapolis & St. Louis on its Storm Lake, Iowa, and
LeBeau, S. D., lines had been blocked for two and
three weeks at a time, asserted that there was
of Allnothing in railroad history out there to compare with Total
1917
2,291,000 24,537,000 22,563,000 24,243,000 5,468,000 1,094.000
1916
37,784,000 25,783,000 19,594,000 9,937,000 1,229,000
it. The snow of Jan. 26, it was stated, had made a Jan. 1 to Mar.2,078,000
31Chicago
new record for extent and depth; there was no thaw
1917
2,934,000 9,722,000 26,375,000 24,914,000 6,063,000 1.137,000
1916
2,965,000 24,544,000 35,982,000 33,337,000 10,677.000 1,374,000
thereafter; two other snow storms followed, and at Milwaukee
128,000 2,199,000 3,968,000 6,663,000 3,906,000 490,000
1917
the time of the dispatch another heavy snowstorm
1916
310,000
1,621,000 4,348,000 8,893,000 5,430,000 706,000
St. Louiswas general.
1,022,000
1917
9,100,000 7,853.000 6,022,000
215.000 142.000
1,202,000 9,721,000 5,043,000 4,002,000
1916
556.000 280,000
These few losses by individual roads, however, are Toledo
793,000 1,219,000
1917
867,000
of minor consequence alongside the long and general 1916
1,437,000 1,661,000
816,000
list of gains, not a few of striking proportions. The Detroit82,000
1917
580,000 1,672,000
860,000
86,000
684,000 1,804,000 1,117,000
three Canadian systems belong in this class, the Ca- 1916
Clevelandnadian Pacific having added $1,464,000 to its total 1917
79,000
150,000
828,000
803,000
7.000
38,000
1916
194,000 1,855,000 1,099,000
237,000
16,000
10,000
of the previous year; the Canadian Northern $666,200, Peoria454,000 11,399,000 2,518,000
1917
539,000
512,000
51.000
Trunk
Railway
of Canada $492,994. 1916
and the Grand
678,000
785,000 12,162,000 2,012,000
635,000 117,000
United States roads were distinguished in much the Dultdh1917
1,687,000
10,000
148,000
616.000 337,000
1916
9,916,000
473,000
614,000 146,000
same way, the increases coming from all parts of the Minneapolis
1917
23,552,000 4,426,000 5,146,000 3,804,000 816,000
country. The Illinois Central has an increase of 1916
31,681,000 2,684,000 9,654,000 9,909,000 1,265,000
City$1,020,779; the Louisville & Nashville $567,639; Kansas
1917
10,578,000 3,822,000 1,386,000
1916
15,565,000 10,277,000 1,071,000
the Southern Railway $507,221; the Denver & Rio Omaha
5,078,000 6,256,000 2,670,000
Grande $371,400; the Missouri Kansas & Texas 1917
1916
7,430,000 9,126,000 2,118,000
$359,151; the Yazoo & Mississippi Valley $255,258; Total of All1917
4,855,000 63,882,000 67,828,000 51,997.000 15,123,000 3,011,000
the St. Louis Southwestern $254,000, &c., &c. In 1916
5,478,000 103,578,000 84,942,000 64,592,000 27,837,000 3,898.000
the following we show all changes for the separate
In the case of the cotton movement in the South,
roads for amounts in excess of $30,000, whether in- as already stated, there was also a great shrinkage,
creases or decreases.
the receipts at the Southern outports for the even
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
month in 1917 having been only 319,102 bttles, as
Increases.
Increases.
Canadian Pacific
$1,464,000 Atlanta firm & Atlantic_
$70,837 against 453,568 bales in March 1916 and 1,101,251
Illinois Central
1,020,779 Chicago Ind & Louisv__ _ _
62,948
Canadian Northern
1915. The shipments overland this year
666,200 Vicks Shreve & Pacific.. _ _
38,151 bales in
Louisville & NashvWe
567,639
171,470
reached
bales, against 237,125 bales in March
Representing
22
roads
Southern Railway
507,221
in our compilation.. _ _$6,879.303
Grand Trunk (4 roads)._ _
492 994
1916 and 211,684 bales in March 1915.
Grande_
Denver
WESTERN GRAIN RECEIPTS.
Five Weeks
Flour.
Wheat.
Corn.
Oats.
Ended Mar.31 (bbls.)
(bush.)
(bush.)
(bush.)
Chicago1917
1,515,000
3,769,000 8,879,000 11,694,000
1916
1,115,000 10,893,000 9,138,000 9,658,000
Milwaukee1917
53,000
1,009,000 1,244,000 2,734,000
1916
89,000
450,000 1,446,000 2,308,000
St. Louis1917
435,000 3,223,000 2,579,000 2,646,000
1916
504,000 2,938,000 1,971,000 1,102,000
Toledo1917
192,000
374,000
386,000
1916
430,000
644,000
266,000
Daroit1917
35,000
149,000
567,000
377.000
1916
33,000
285,000
497,000
304,000
Cleveland1917
63,000
40,000
396,000
464,000
191686,000
41,000
649,000
286,000
Peoria1917
190,000
236,000 3,097,000 1,187,000
1916.
251,000
338,000 3,954,000
499,000
Duluth1917
298,000
10,000
24,000
1916
2,962,000
219,000
Minneapolis11,011,000 1,787,000 2,702,000
1917
13,920,000
1916
799.000 4,009,000
Kansas Ci2y-3,223,000 1,569,000
1917
620,000
3,793,000 3,809,000
1916
295,000
Omaha1,387,000 2,061,000 1,409,000
1917
1,734,000 2,876,000
1916
648,000

___
& Rio
Missouri Kansas & Texas _
Yazoo & Miss Valley
St Louis Southwestern_ _ _
Western Maryland
Buffalo Roch & Pitts_ _ _ Colorado & Southern.. _ _ Pere Marquette
Texas & Pacific
Duluth So Shore & Atl _ _ _

371,400
359,151
255,258
254,000
159,239
148,573
126,170
125,352
110,386
79.005

Decrea;es.
Great Northern
$591,977
Minneap St P & S SM--- 492,998
Minneap & St Louis
79,032
Chicago Great Western_ _
50,576
Ann Arbor
49,083
Grand Trunk Pacific
a48,762
Representing 6 roads in
our compilation
$1,312,428

a These figures are for three weeks only.

RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND FROM
JANUARY 1 TO MARCH 31 1917, 1916 AND 1915.
March.

Since January 1.

Ports.
1917.

1916.

Galveston
bales_ 138,386 165,480
Texas City. &c
5,394 45,889
New Orleans
87,105 92,703
Mobile
2,272 10,376
Pensacola, Ac
7,612 2,429
Savannah
14,830 51.372
Brunswick
12,000 15,000
Charleston
10,035 6,202
Georgetown
Wilmington
2,821 8,606
Norfolk
37,525 49,886
Newport News,aze
1,122 5,625

1915.

1917.

1916.

342,024
74.337
239,051
15,414
39,302
150,382
27,000
54,619
339
60,446
83,910
14,427

569,754
53,234
258,885
16,098
18,333
68,624
29,000
19,787

641,378 1,580.881
137,011 355,374
319,110 837,721
30,572
59,187
25,930
60,748
238,935 750,086
36.700 107,500
27,311 151,052
101
1,473
23,815 132,339
176,586 264,132
41,200
47,309

1915.

We have spoken above of the contraction in the
Western grain movement. This reached large pro6,139
portions and extended to all the leading cereals with
88,034
2,478
the exception of oats. Of wheat, the receipts at the Total
319,102 453,568 1,101,251 1,130,366 1,696,649 4.347,802
Western primary market for the five weeks ending
To complete our analysis, we add the following six
March 31 this year were only 24,537,000 bushels,
comparison of the earnings of leading roads, aryear
against 37,784,000 bushels in the corresponding five
ranged
in groups:
weeks of 1916; of corn 22,563,000 bushels, against
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
barley
25,783,000; of
5,468,000 against 9,937,000,
March.
1917.
1916.
1915.
and of rye 1,094,000 against 1,229,000. Adding
1914.
1913.
1912.
4
$
i
oats, of which the receipts were 24,243,000 bushels Canadian Pacific 11,692,00010,228,101
S.
$
$
7,852,990 9,447,46111,111,89310,519,319
ChIcagoGtWest• 1,325,959 1,376,535 1,098,574 1,238,247 1,157,572 1,051,712
against 19,594,000 bushels, the total receipts for the Del
339,614
260,609
So Sh & Ati_
235,088
285,299
258,777
243,032
Northern_ 5,786,000 6,377,977 4,747,969 5,378,383 5,475.696 4,847.167
five cereals for the five weeks in 1917 were 77,905,- Great
880,603 959,635
Minn & St L_a__
891,515 845,987
789,405 651.805
000 bushels, as against 94,327,000 bushels. The de- Minn StP&SSM 2,370,172 2,863,170 2,137,186 2,321,497 2,320,595 1,513,137
99 205 24529 (1112 (19R 15 ORR 299 10 SIR 57421 112 02515 595 172
tailslof the Western grain movement in our usual
•Includes Mason City & Fort Dodge and the Wisconsin Minnesota ac
form are set out in the following:
a Includes Iowa Central.



EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
March.
Buff Roch & Pitts
Chic Ind & Lou__
Grand Trunk..-)
Grand Trk W_ ?
Det Gr H & M i
Canada AU_ .._ )
Illinois Cent_c__
Pere Marquette.
Toledo Peo & W_
Toledo St L & W
Western Md____

1917.

s

4
$
1,251,510 1,102,937
738,842 675,894

722,325
556,721

$

$

832,657
477,951

903,265
592,293

Name of Road.

1912.

1913.

1914.

1915.

1916.

$

819,541
534,935

5,002,237 4,509,243 4,014,204 4,423,671 4,676,681 4,080,230
6,963,791 5,943,012 5,103,745 5,928,407 5,259,856 5,189,260
1,980,916 1,855,564 1,489,783 1,404,207 1,395,394 1,299,316
96,318 104,652 101,796 105,273
97,725 101,801
471,420 460,033 404,507 375,478 339,347 318,197
1,064,528 905,289 756,209 660,624 629,128 655,538

17.570.969 15.553.772 13.143.812 14.392.597 13.712.810 13.002.290
Total
C Includes earn ngs of Indianapolis Southern.
EARNINGS OF SOUTHERN GROUP.
March.

1917.

1916.

1915.

1914.

1913.

1912.

3

$

$

$

$

3

Ala N 0 & T P-_
Ala & Vicksb_
166,416
Vicks Shrev &P 176,945
Ches & Ohlo_c__ 4,322,508
Louisv & Nash_b 5,972,600
Mobile & Ohio._ 1,033,195
Southern Ry____ 1
Ala Great
-I
TP /8,841,184
So-Cinc N 0&
New Orl & No E I
Northern Ala__ J
Yazoo & Miss Val 1,313,780

142,797 122,639 144,940 165,264 133,973
155,713 158,420 123,368
138,794 108,861
4,297,951 3,270,842 3,217,375 2,890,666 3,071,886
5,404,961 4,319,741 5,055,136 4,925,451 4,939,330
1,019,998 927,936 1,074,203 1,081,109 978,164
15,290,249 6,064,598 6,034,567 5,556,583
I 398,463 436,683 431,043 401,436
8,333,963 1 784,101 928,643 839,206 806,721
I 310,344 319,912 348,316 341,084
52,714
38,284
49,874
1 45,510
1,058,522 998,059 1,047,920 1,039,608 853,510

b Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
C Includes Chesapeake & Ohio of Indiana.
EARNINGS OF SOUTHWESTERN GROUP.
.1915.

March.

1917.

1916.

Colorado & So___
Deny & Rio Grde
Mo Kan & Tex_a
St Louis Southw_
Texas& Pacific__

$
1,387,958
2,230,801
3,095,241
1,334,000
1,741,162

$
1,261,788
1,859,40
2,736,090
1,080,000
1,630,776

Total

•
$
1,095,311
1,579,046
2,784,387
871,158
1,451,465

1914.*

1913.

1912.

$
995,028
1,705,805
2,405,999
1,054,932
1,502,331

$
1,165,972
1,786,145
2,469,433
1,079,350
1,455,894

1,035,318
1,717,731
2,016,273
972,731
1,332,785

s

A 7R9 1R1 R 5fiR 034 7 7R1 R67 7.664.065 7 OM 704 7-074 RRR

a Includes Texas Central in all the years and Wichita Falls line from Nov. 1 1912.
GROSS EARNINGS AND MILEAGE IN MARCH.
Gross Earnings.
Name of Road.
191.7.

1916.

Mileage.

Inc. (+) or
Dec. (-). 1917. 1916.

$

Ala N 0& Tex Pac142
142
+23,619
Ala & Vicksburg_ _ _
142,797
166,416
171
171
+38.151
138,794
176,945
Vicks Shreve & Pac
293
293
-49,083
236,155
Ann Arbor
187,072
640
638
+70,837
271,459
Atlanta Birm & Ati
342,296
26
+222
26
6,634
6,856
Bellefonte Central.. _ _
586
586
+148,573
Buffalo Roch & Pitts_ 1,251.510 1,102,937
+666,200 9,296 7,761
Canadian Northern_ _ 3,273,200 2,607,000
Canadian Pacific_ _ _ _ 11,692,000 10,228,000 +1,464,000 12,993 12,921
+24.557 2,380 2,374
4,322,508 4,297,951
Chesapeake & Ohio
-50,576 1,496 1,427
Chicago Great West_ _ 1,325,959 1,376,535
622
622
+62,948
675,894
738,842
Chicago Ind & Louisv
Colorado & Southern.. 1,387,958 1,261,788
4-126,170 1,842 1,842
+371,400 2,577 2,566
Denver & Rio Grande 2,230,800 1,859,400
255
255
+12,734
108,496
121,230
Denver & Salt Lake.._
382
392
+8,059
100,548
Detroit & Mackinac_ _
108,607
600
4-79,005
605
260,609
Duluth So Sh & Atl_ _
339,614
402
402
4-1,780
219,437
Georgia Sou & Fla.._ _
221,217
Grand Trunk of Canl
d-492,994 4,533 4,533
Grand Trunk West
5,002,237 4,509,243
Det Gr Ray & Mill
Canada Atlantic....
916
,--48,762
9322,776
916
y274,014
Grand Trunk Pacific_
---591,977 8,197 8,102
5,786,000 6,377,977
Great Northern
6,963,791 5,943,012 -1-1,020,779 4,766 4,767
Illinois Central
4-567,639 5,071 5,038
Louisville & Nashv_ _ _ 5,972,600 5,404,961
119
120
93,485
4-9,787
103,272
Mineral Range
---79,032 1,646 1,646
959,635
880,603
Minneap & St Louis..
Iowa Central
--492,098 4,227 4,228
2,370,172 2,863,170
Minn St Paul & S S
4-359,151 3,865 3,865
Missouri Kan & Tex a 3,095,241 2,736,090
4-13,197 1,160 1,122
1,033,195 1,019,998
Mobile& Ohio
272
275
4-7,421
22,9741
30,395
Nevada-Cal-Oregon_ _
4-125,352 2,248 2,248
Pere Marquette
1,980,916 1,855,564'
180
4-3,014
180
46,1011
49,115
Rio Grande Southern_
4-254,000 1,753 1,753
St Louis Southwestern 1,334,000 1,080,000
4-507,221 7,949 7,935
Southern By System.. 8,841,184 8,333,963'
95
98
---546
11,133
10,587
Tenn Ala & Georgia_ _
4-110.386 1,944 1,944
1,741,162 1,630,776
Texas & Pacific
247
247
-4.075
101,800
97,725
Toledo Peoria & West
451
451
4-11,387
460,033;
471,420
Toledo St L & West.. _
689
786
4-159,239
905,289
1,064,528
Western Maryland_
4-255,258 1,382 1,382
Yazoo & Miss Valley_ 1,313,780 1,058,522
Total (41 roads)
76,308,967 70,630,9361 +5.678,031 86,517 84.555
Net increase (8.01%)
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.

1917.

1916.

Increase. Decrease.

$
Ala New On & Texas Pac66,668
432,128
498,796
Alabama & Vicksburg__
112,541
413,386
525,927
Vicks Shreve & Pacific__
644,871
Ann Arbor
605,114
190,003
758,982
Atlanta Birm & Atlantic
948,985
984
20,505
21,489
Bellefonte Central
108,436
Buffalo Roch & Pittsburgh 3,156,969 3,048,533
8,464,400 6,783,000 1.681,400
CanadhurNorthern
30,934,584 27,612,656 3,321,928
Canadian Pacific
12,982
Chesapeake & Ohio
12,222,589 12,209,607
3,755,827 3,856,514
Chicago Great Western
269,475
2,117,103 1,847,628
Chicago Ind & Louisv '
567,645
4,368,606 3,800,961
Colorado V Southern
856,243
6,173,839 5,317,596
Denver & Rio Grande
399,481
384,547
Denver & Salt Lake
5,727
275,210
280,937
Detroit & Mackinac
127,297
774,217
901,514
Duluth So Sh & Atl
58,381
651,717
710,098
Georgia South & Florida
Grand Trunk of Canada.._
733,257
Grand Trunk Western. 13,622,631 12,889.374
Det Gr Havi& Milw__nanada_ Atlanth.




$

$ ,.

$

39,757

100.687

14,934
.

1917.

1916.

Increase. Decrease.

$
3
$
$
15,130
y914,313
Grand Trunk Pacific
y899,183
16,390,460 15,358,853 1,031,607
Great Northern
Illinois Central
19,987,861 17,475,217 2,512,644
17,273,621 15,443,819 1,829,802
Louisville & Nashville
50,258
245,144
295,402
Mineral Range
292,838
Minneapolis & St Louls....} 2,421,117 2,713,955
Iowa Central
1,096,918
Minneap St P & S S M____ 6,797,822 7,894,740
Missouri Kan & Texas a__ 9,520,870 7,798,605 1,722,175
249,396
3,093,476 2,844,080
Mobile & Ohio
19,232
42,940
62,172
Nevada-Cal-Oregon
57,151
5,259,715 5,202,564
Pere Marquette
25.740
115,618
141,358
Rio Grande Southern
971,622
3,966,137 2,994,515
St Louis Southwestern_
25,449,608 23,233,595 2,216,013
Southern By System
2,527
31,468
28,941
Tennessee Ala & Georgia
500,168
5,178,134 4,677,966
Texas & Pacific
2,888
289,786
292,674
Toledo Peoria & Western.._
94,896
Toledo St Louis & Western 1,463,816 1,368,920
472,599
3,071,713 2,599,114
Western Maryland
796,812
3,968,516 3,171,704
Yazoo & Miss Valley
Total (41 roads)
Net increase (9.74°)1)

21 R2R R2R 29 R0(1 °MIR 57R 74A 1R 404 00717 OCR 2R4 17 944 ARO

Total

[VOL. 104.

THE CHRONICLE

1438

215,256,551 196,153,372 20,665,970 1,562,791
119.103.179

y These figures are down to the end of tho third week only.
a Includes the Texas Central in both years.

SWEEPING DECISION IN FAVOR OF THE NEW YORK
CENTRAL CONSOLIDATION.
The receipt of the full text of the opinion in the case of
Clarence H. Venner against the New York Central RR.
shows that the decision of the Court was very broad and
sweeping, and the points made are of great interest. The
decision was by the Appellate Division, Second Department,
of the New York Supreme Court, announced April 5, the
opinion being written byrJustice Thomas.
Mr. Vernier, who has attained considerable notice through
his prosecution of obstructive lawsuits against many big
corporations for twenty years past, attacked the New York
Central with a variety of court actions, none of which he has
won up to date. The suit just decided against him upon
appeal is the most important of them all, aimed to upset
the great "Lake Shore consolidation," in which case his
"omnibus" complaint attacked every important corporate
action of the New York Central during the past fifty years,
even to the extent of asking to have rescinded the old Harlem
RR. and West Shore leases. The voluminous decision just
now handed down defeats every contention by Venner,
even to the minutest detail.
The decision throughout is to the effect that the gradual
upbuilding of the New York Central Lines system has been
for the public welfare, the betterment of service rendered the
public, in strict obedience to natural economic laws and not
in violation of any State or Federal statute. Justice Thomas
shows that this growth has not been illegal, monopolistic or
detrimental to public interest and in this respect is an utter
vindication of the policies consistently adhered to by the
Vanderbilt management for decades. The Court indicates
how the New York Central consolidation differs from the
various other great mergers which have been criticized or
attacked as being in violation of the Anti-Trust Acts, such
as the Standard Oil case, the Union Pacific case, the Northern Securities case and the Tobacco case. The New York
Central in this litigation was represented by Albert H.
Harris, Vice-President and General Counsel; Alexander S.
Lyman, general attorney, and ex-Judge Walter C. Noyes.
Justice Morschauser at Special Term had dismissed the complaint upon the merits. The plaintiff appealed from this
decision to the Appellate Division, Second Department,
which has now in all respects affirmed the judgment of dismissal. The effort of the plaintiff was to secure a decree
of the Court undoing the consolidation recently effected
between the New -York Central & Hudson River RR. Co.
and the Lake Shore & Michigan Southern Ry. Co. and nine
other railroad companies, and to compel the severance of
the stock control under which numerous and extensive railway systems of the West were held by the constituent companies entering into the new consolidated company. In
speaking of the series of consolidations which led up to the
one under examination, the Court says:
The due development of railways has resulted from such mergers. Nor
does the prevailing thought concerning transportation,question the benefit.
Indeed, one cannot but know the evils to all concerned from the several
ownership of physically connecting lines, Isolated in operation and segregated in control. I feel at liberty to state that the result of the experience
of all classes of people using railways is that the possible scope in distance
of a bill of lading or passenger ticket should bo unlimited and in inverse
ratio to the proximity and accessibility of a known and an accountable
carrier. But it is to disrupt the consolidation (perfected Dec. 23 1914
pursuant to an agreement made in March 1913) and to resolve it into its
elements and even to reach further dissevering results that this action was
brought on Dec. 14 1914. Considering only the elements actually united,
such a disposition seems at variance with usual- conceptions of public benefit
and tends to reactionary conditions that would be regarded as detrimental
to the necessities of transportation, and as well subversive of essential
rights of property.

ArR. 14 1917.]

THE CHRONICLE

1439

One of the principal claims made by the plaintiff was that that for more than a generation has allowed the arrangement to exist
the consolidation is in violation of the Sherman Anti-Trust should allow it to continue.
Many of the stock holdings had commenced many years
Law and of the Clayton Law. The Court holds that the
consolidation is merely a change in the form of control and before the plaintiff purchased any stock. The Court says:
Must these long ago stock purchases always be continued wrongs if an
does not of itself offend such laws. Speaking of the alleged incoming
stockholder so elect?
may the stockholder abide in contentparallelism of the Michigan Central RR. and of the former ment until it is his will or capriceAnd
to disclaim, while all others rely and act
upon
the
faith of the company's ownership? It was not thought so in
Lake Shore & Michigan Southern RR., the Court says:
Veinier

No one can fail at once to see that an essential purpose of the Michigan
Central was, and is, to gather the commerce on the northerly side of Lake
Erie and from points between Detroit and Chicago, and that the purpose
of the Lake Shore was, and is, to serve the territory southerly of the line
of Lake Erie.

After discussing the subsidiaries of the Lake Shore reaching such termini as Pittsburgh, Cincinnati, Indianapolis,
St. Louis and Cairo, and adverting to the fact that there
was a certain geographical parallelism between some of these
lines, the Court says:

(this plaintiff) vs. Chicago City Ry. Co. (236 Ill., 349, 367-8).
There his conduct was not measured by years, as here, but by months and
by prejudicial results. I deem the origin of the stockholding valid, but if
otherwise, a stockholder who, in enjoyment of the ownership, watches and
waits for opportunity, which he regards as gainful, to disavow it, should
not be heard.

Special emphasis was laid by the plaintiff upon the control
of the Nickel Plate RR. by the former Lake Shore. After
noticing that since the commencement of the action the
Nickel Plate stock had been disposed of, the Court concludes
on this branch of the case:

The territory towards the northwest increasing so amazingly in producThe former New York Central controlled the Lake Shore; the
latter
tion, as well as the portion of Canada north of Lake Erie, are given over to
voted the stock of the Nickel Plate. Now the former New York Central
the enterprise and profit of the Michigan Central. On the other hand, an
votes
directly
the
stock
of
the
Nickel
Plate.
The
actual
power
of
control
examination of the map shows that the Lake Shore, while operating a line
is not increased, but some facility in exercising it is gained. The same is
from Buffalo to Chicago, had acquired control, through stock holding,
leasing or otherwise, or lines embraced in, or entering into, the States of true of other companies, whose stock the Lake Shore held. The potenMichigan, Pennsylvania, Ohio, Indiana, Illinois and olsewlfere. In their tiality is practically the same. As to the plaintiff, it should be decided that
largo aspects the two enterprises, the Lake Shore and the Michigan Central, the former New York Central did legally hold the stock of the Lake Shore;
are entirely dissimilar, save in the fact that they both seek business at that the latter company did lawfully hold the stock of the Nickel Plate;
Buffalo and Chicago, and have some local points which they commonly that this consolidation has not added illegality to the ownership.
As already stated, the plaintiff went so far in his demand
reach, usually through branches.

The Court continues:
The former New York Central reaching Buffalo wished to deliver on
both sides of Lake Erie. Lines for that end would naturally be carried to
Chicago. It sought to carry not only to and from Chicago, but to and from
all the lateral territory, through which service lines are now laid. I conceive that it may not be desirable that a railway be limited to two terminals,
but rather that it shall radiate, here and there diverging to touch and to
servo and to be used by many localities. But to that end there must be
main arteries ramified in branches, whereby passengers and goods are
brought nearer to points of departure or destination. What I would say
is that the ensemble must be considered, and that the enterprise does not
become in restraint of trade, or monopolistic, because two lines of the
system are parallel and have two common terminals. The public is not
injured by dissemination of branches. The shipper is not. The stockholder gains by the wider gathering of products for transportation. In my
judgment, the consummation of the system, the entirety of control, considering the geographical distribution of service, is in harmony with sound
principles of economics in railway transportation.
•
*
*
*
*
*
*
*
*
*
Unless a line's scope of influence for transportation purposes is compassed
by another line's sphere of operation, paralielity is remote and inconsequent.
I cannot believe that anti-trust statutes are so meticulous of monopoly
as to condemn a general purpose lest it be dwarfed into a capacity and intention to injure intervening vicinities that may for a comparatively short
distance use either lino. The Federal statute has to do with travel between
States and nations, not between villages in the same State, or small localities
near the boundary lines, to which both roads for a ways are available, and
States contemplate that diversities of service must bring lines into narrow
zones as they go on their several ways,

The Court, noticing the principal decisions which have
been rendered by the Federal Supreme Court under the Sherman Anti-Trust Act, such as the Standard Oil case, the Tobacco case, the Northern Securities case and the Union
Pacific case, after an analysis of the facts in those cases,finds
that they have no bearing upon the facts in the present case,
saying:
The Anti-Trust Acts seem to have been enforced with a moral sanity.
The language has not been pushed to such an extremity as to make the law
destructive of relations that have developed by a kind of practical and useful growth.

An important question considered was whether the plaintiff
has any standing to sue under the Federal Acts. In the view
of the Court the plaintiff did not show that any loss or damage had been occasioned to him as a stockholder. The primary question the Court holds is whether the plaintiff has
any standing to sue under the Sherman Act. The Clayton
Act provides for an action by a private party only when
brought in the Federal Courts. After reviewing the decisions, the Court says:
But the difficulty is that the Sherman Act is the primary anti-trust law
and it is the judicial thought that it provides within itself for its enforcement in the Federal Court. It is the duty of this Court to abide by the
decisions noted, although an opposite conclusion would harmonize with
earlier consideration of the jurisdiction of the State Courts under other
States.

Another question raised by the plaintiff was whether the
consolidation offended the laws of any of the six States under
which the consolidated company is incorporated. After a
thorough review of the facts and the law, the conclusion
reached is that there is no violation of the laws of any of the
States through which the railroad passes.
The Court further held that the plaintiff is precluded by
Inches and acquiescence, having been a stockholder in the
New York Central & Hudson River RR. Co. since 1907,
and in the Michigan Central RR. Co. since 1904, from
attacking such stock holding. The Court after reviewing
the gradual building up of the business, the,growth and the
extension of the system of railroads comprising the New
York Central Lines, says:
The whole business world related to American securities has acted upon
the basis of the system as it is, and the public conscience and intelligence




for relief as to ask that the leases of the Harlem Road in 1873
and of the West Shore RR. in 1885 should be rescinded.
The Court holds that these transactions and other transactions involving stock holding were protected by the ten
years' statute of limitation, and that it was not the intention
of the Federal Anti-Trust Acts to disturb property relations
that had been created prior to the enactment of the Sherman
Act. The Court overruled every contention of the plaintiff
and sustained an extra allowance made by the Trial Court
of $2,000.
SECURITIES SERVING AS COLLATERAL FOR FRENCH
REPUBLIC LOAN OF $100,000,000.
Below we publish the list of securities serving as collateral
for the $100,000,000 53% secured convertible gold 2-year
notes of the Government of the French Republic for which
subscription books were closed at the office of J. P. Morgan
& Co., syndicate managers, on March 28.
The aggregate value of the pledged securities is $120,000,000, of which approximately $20,000,000 in value consists of securities of American corporations and municipalities (including securities of the Canadian Pacific Ry Co.),
and the remainder consists of obligations (either direct or
through guaranty) of the following Governments:
Argentine, Uruguay, Brazil (funding loan), Switzerland,
Holland, Spain, Egypt, Province of Quebec, Denmark,
Norway and Sweden (including certain bonds of mortgage
banks in the last three countries, operated under Government supervision, and quoted customarily on a parity with
the obligations of their respective Governments); also bonds
of the State of Berne, Switzerland, bonds of the City of
Stockholm, Sweden, and bonds and shares of Spanish railway companies and of the Suez Canal Co.
The loan was offered for public subscription in March
by a syndicate, headed by J. P. Morgan & Co., and we gave
a description of it in our issue of March 24, pages 1095 and
1096. The loan, which is dated April 1 1917, matures in
two years and was offered to the public at 99 and interest,
yielding slightly over 6% interest.
Railroad Shares.
Atchison Top.& S. Fe Ry.,common.
Preferred.
Baltimore & Ohio RR.,common.
Preferred.
Canadian Pacific Ry.
Cnicago & N. NV. Ry.,common.
Chic. Milw. & St. Paul Ry., common.
Preferred.
Delaware & Hudson Co.
Great Northern Ry., preferred.
Illinois Central RR.
Lehigh Valley RR.
Louisville & Nashville RR.
Minn. St. Paul & S. S. M.Ry., pref.
New York Central RR.
Norfolk & Western Ry., common.
Adjustment preferred.
Northern Pacific Ry.
Pennsylvania RR.
Reading Company, common.
Southern Pacific Co.
Certificates of Interest.
Union Pacific RR., common.
Preferred.

J. I. Case Threshing Mach. Co., pref.
Chino Copper Co., French Bearer eds.
General Electric Co.
International Harvester Co. of N.J., pfd.
International Harvester Corp., pref.
Miami Copper Co.
Ray Consolidated Copper Co.
U.S. Rubber Co., 1st preferred.
U. S. Smelting, Refg. & Min. Co., pref.
U.S. Steel Corp., common.
Preferred.
Utah Copper Co.
Virginia-Carolina Chemical Co., pref.

Railroad Bonds—
Atchison Topeka & Santa Fe Ry.—
Convertible Gold 45, 1955.
Trans-Continental Short Line 1st Gold
4s, 1958.
Convertible Gold 4s, 1960.
Adjustment Gold 4s, 1995, stamped.
Adjustment Gold 4s, 1995, unstamped.
General Gold 4s, 1995.
/Wand° & Danville Ry. Co. 18t 4s, 1948.
Atlantic Coast Line RR.—
Lou. & Nashv. Collateral 4s, 1952.
Industrial 8c Miscellaneous Shares. Baltimore & Ohio RR.—
Anerican Can Co., preferred.
Prior Lien Gold 3tjs, 1925.
American Smelt. & Refining Co., pref.
Convertible 4!4s, 1933.
American Smelters Securities Co., pref. A
1st 50-year Gold 48, 1948.
American Telephone Sc Telegraph Co.
S. W. Div. 1st Gold 3548, 1925.
French Bearer Certificates.
Brooklyn Rapid Transit Co.
Associated Dry Goods Corp., 1st pref.
1st Ref. Convertible Gold 4s, 2002.
2d preferred.
Buffalo Roch. & Pitts. Ry.—
Baldwin I.ocomotive Works, preferred.
General 5s, 1937.
Butte & Superior Copper Co., Ltd.
Consolidated 414s, 1957.
Butte & Superior Mining Co.
Canadian Pacific Ry.6% Note Ctts.,'24.

1440

[VOL. 109.

THE CHRONICLE

Indus. & Miscell. Shares (Cocci.)— amount not to exceed $3,000,000,000. The Secretary of the
Railroad Bonds (Concl.)—
Argentine Government 4s, 1896-1899.
Central New England Ry. 1st 4s, 1961.
Treasury is to designate the denomination and maturity of
4s, 1897-1900.
Central RR.of New Jersey.—
4s, 1900.
General Gold 5s, 1987.
the United States bonds to be sold. Chairman Kitchin,
4M5, 1911, Interieur.
General 58, 1987, registered.
58, 1884.
Chesapeake & Ohio Ry.when introducing and reporting the bill to the House, an55, 1886.
1st Consol. Gold 55, 1939.
nounced that it would be called upon for debate on Friday,
53, 1905, Interieur.
General Gold 4 Ms, 1992.
5s, 1907, Interieur.
Convertible 20-yr. Gold 43s, 1930.
the 13th inst. The House adjourned at 7 o'clock last night
58, 1909.
Rich.& Alleg. Div. 1st Consol. 48,'89.
65, Cedulea.
Chicago & N. W.Ry. Exten. 4s, 1926.
with the bill still under consideration, and it is expected
Brazilian Government Funding 53, 1898.
Chicago Burlington & Quincy RR.—
Danish Government 3s, 1894.
Illinois Div. 31s, 1949.
that the bill will be passed by not later than to-day. The
General 4s, 1958.
3s, 1897.
fact that the Administration was planning to ask Congress
Chic. Great West. RR. 1st Gold 45, 1959.
3)4s (Internal Loan), 1886.
3Ms, 1901.
Chicago Milw.& St. Paul Ry.—
for authority to issue $5,000,000,000 of Government bonds
Chicago & Pacific Western Div. 1st
33.45, 1909.
Gold 53, 1921.
33.45, Amortisable Loan, 1900.
was announced by Secretary of the Treasury McAdoo on
Dutch Government 23.4% Rente.
General Gold 48, 1989, Series A.
3% Rente 1844.
Convertible Gold 4s, 1932.
April 9, following conferences with the House Ways and
Pacific
&
Ry.—
Rente
Island
1896-1898-1899-1905.
3%
Chicago Rock
Means Committee, in the following statement:
Norwegian Government 3-3345, 1886.
General Gold 4s, 1988.
3s, 1888.
Cinc. Ind. St. L.& Chicago Ry.—
The Administration will ask Congress for authority to issue $5,000,000,General 1st 4s, 1936.
3s, 1896.
000 of Government bonds to meet the situation created by the war with
Cleve. Cinc. Chic. & St. Louis Ry., 1930.
3s, 1903.
Germany. The proposed bonds will be exempt from taxation and bear
White Water Valley Div. 1st 45, 1940.
3Ms, 1894.
per centum per annum. Two billion dollars of
St. Louis Div. 1st Coll. Tr.4s, 1990.
3345, 1895.
interest probably at
General 4s, 1993, Series A.
334s, 1898.
these bonds will be required to finance,in part, the expenditures involved in
&
Colorado
Southern Ry.—
33.45, 1900.
the proper organization and operation of the army and navy, and the
Refunding & Ext. Gold 4s, 1935.
33.4s, 1902.
conduct of the war generally.
Delaware & Hudson Co. Cony. 5s, 1935.
33.45, 1904-1905.
Erie RR. 1st Consol. Gold Prior Lien 4s,
4s, 1911.
Of course, a large amount of additional revenue will have to be raised by
1996.
5s, 1915.
taxation, but this part of the problem is under consideration by the Ways
1st Consol. Gold Gen. Lien 4s, 1996.
Norway 33.4s, 1885-1898,Banque Hypoth
Means Committee of the House of Representatives. It will naturally
and
Hocking Valley Ry. 1st Consol. Gold
33.48, 1902, Banque Hypoth.
4s, 1999.
33.4s, 1904, Banque des Proprietes des take a reasonable time to discuss and agree upon the new items for taxation,
Illinois Central RR.Gold 48, 1953.
Agricoles.
which should not and. I am confident, will not become the subject of
Interborough Rapid Transit Co.
33.45, 1905, Banque Hypoth.
partisan treatment.
1st dr Refunding 55, 1966.
33.4s, 1909. Banque Hypoth.
Three billion dollars of the proposed issue of bonds should be used to
45, 1893-1894, Banque Hypoth.
Kansas City Term.Ry.1st Gold 4s, 1960.
supply credit to the Governments making common cause with us against
Lake Shore & Michigan Southern Ry.—
45, 1900, Banque Hypoth.
Debenture Gold 4s, 1928.
3)45, 1907, Banque Hypoth.
Germany, to enable them to secure essential supplies in the United States
43.4s, 1914, Banque Hypoth.
Debenture Gold 45, 1931.
and carry on the war with increased effect. The most serviceable thing
Lehigh Valley Ry. Co. (of New York)- 53, 1915, Banque Hypoth.
we can do immediately for the common cause is to furnish credit to these
1st Gold 4s,1940.
Province of Quebec 3s, 1894.
4s, 1888.
Lehigh Valley RR.—
foreign Governments who, In conjunction with us, are fighting Germany.
General Consolidated 4s, 2003.
4M5, 1880.
This financial aid ought to be extended at the earliest possible moment. It
Lehigh Valley Terminal Ry. 1st 53, 1941. Egyptian Government Unified 4s.
will be trebly valuable and effective if extended now.
Louisville & Nashville RR.—
Preference 334s.
The purpose is to purchase the obligations of the foreign Governments to
Unified 4s, 1940.
Spanish Govt. Exterieur 4s, Ser. A to H.
ColLou. & Nash.-Southern "Monon"
Northern Spain Ry.shares.
which credit is given, such obligations to bear the same rate of interest
lateral Joint 4s. 1,952.
3% 1st Ser. 1st Hypot.
and in other essentials to contain the same terms and conditions as the
Manhattan Ry. Consol. 4s, 1990.
3% 2d Ser. 2d Hypot.
bonds of the United States.
Missouri Kansas & Texas Ry.3% 3d Ser. 3d Hypot.
The bonds of the United States will be offered as a great popular loan,
1st Gold 4s, 1990.
37 4th Ser. 4th Hypot.
Hypot.
5th
1st Gold 4s, 1990, Ctfs. of Deposit.
Ser.
37:, 5th
and the widest opportunity will be given to the public to subscribe, and by
New York Central RR. Cony. 68, 1935.
Speciales 3% 1st Hypot. Pampelune- subscribing to perform one of the most patriotic services that can be rendered
Barcelone.
Consol. 45, 1998, Series A.
New York Central & Hudson River RR.: 3% 1st Hypot. Prior Saragosse-Barce- to the country at this time.
In view of the fact that the laws of the United States forbid the payment
1st 3s,1997.
lone.
1st 3Ms, 1997, registered.
3% 1st Hypot.Segovie-Medina.
of commissions on sales of Government bonds, it is extremely gratifying to
Debenture 4s, 1934.
3% 1st Ser. 1st Hypot. Asturies-Oalicehave received so many offers from bankers and others throughout the
N.Y. N. H.& Hartf. RR.Deb.48. 1956.
Leon.
proposed
N. Y. Ont. & West. Ry. Ref. 4s, 1992.
3% 2d Ser. 2d Hypot. Asturles-Galice- country of the free use of their services and facilities in making the
Norfolk & Western Ry. 1st Cons.48,1996.
Leon.
bond issue a success. It is the purpose of the Department to make use of
General fis, 1931.
3% 3d Ser. 3d Hypot. Asturles-Galice- these offers and to seek the assistance of the Federal Reserve banks, the
Northern Pacific-Great Northern Joint
Leon.
national banks, the State banks and trust companies, the savings banks,
Gold Bonds, C. B.& Q. Coll., 48, 1921. Madrid-Saragosse-Alicante Ry. shares.
Insurance companies, private bankers and investment bankers throughout
Northern Pacific fly.—
3% 1st Hypot. 1860.
Prior Lien & Land Grant 48, 1997.
3% 2d Hypot. 1884.
the country in the public offering that will be made of the Government
Prior Lien & Land Grant 45, 1997, reg.
3% 3d Hypot. 1885.
bonds. Every governmental agency, such as the internal revenue offices
General Lien 35, 2047.
Cordove-Seville 3%.
Oregon Short Line RR. Ref. 4s, 1929.
Cuidad-Real-Badajoz 5% 1st Hypot. and postoffices ,will be asked to assist in this patriotic work.
When the Congress shall have granted the necessary authority to make
Pennsylvania Company 1st 4 Ms, 1921.
Lerida-Reus-Tarragone Ry. shares.
Pitts. eine. Chicago & St. L. IV.—
East of Spain Ry. 3% 1st Hypot. Valen- public offer of the bonds, I shall take the benefit of the counsel of the most
Consol. 4 Ms, 1940, Series A.
cla-Utell.
experienced bankers and investors in the country as to the best means of
Consol. 434, 1942, Series B.
Suez Canal 3% lot Series 1879.
making the offering a pronounced success.
3% 2d Series 1885.
Reading Company and Phila. & Reading
Coal & Iron. Co. Gen. 4s, 1997.
37 3d Series 1906.
The wealth of the United States is so great, the investment resources of
57: Arrears Certificates.
Southern Pacific Co. Cony. 5s, 1934.
the country are so large, the strength of our banking situation is so phenomShares Parts de Societe Mile 1880.
Southern Pacific RR. 1st Ref. 48, 1955.
enal, and the patriotism of our people is so aroused, that I am confident
Action de Capital.
Southern Pacific Co. Cony.4s, 1929.
that when the Government offers its bonds for public subscription the
Cony. 45. 1929, registered.
Action de Jouissance.
Southern Railway—
5% Nouvelles.
amount will be overwhelmingly subscribed.
Devel. & Gen. 4s, 1956, Series A.
Swedish Government 3s. 1888.
So many offers have been received from bankers, organizations and
Devel. & Gen. 4s, 1950, Series A, reg.
3s, 1894.
individuals tendering their services and facilities to the Government free
3Ms, 1890.
Devel. & Gen. 4s,1956, Series A, Ctfe.
of expense in placing the bonds at the disposal of the public, that it has been
3Ms, 1895.
of Deposit.
1st Consol. 55, 1994.
344s, 1899.
absolutely impossible for me to make personal acknowledgment and express
Terminal RR. Assn. of St. Louis314s, 1900.
my deep appreciation and gratification at this genuine manifestation of
1st Consol. 5s, 1944.
334s, 1904-1900.
patriotic interest in the efforts to finance the war. So I am asking the news3545, 1907.
General Refunding 4s, 1953.
papers of the country to indulge me to the extent of advising the senders of
344s, 1908.
Union Pacific RR. Cony.4s, 1927.
33.45, 1911.
1st & Land Grant 48, 1947.
the many telegrams and letters which have poured into the Department.
3.60s, Interieur, 1887-1904-1909.
1st Lien & Ref. 45. 2008.
of the Government's appreciation of the loyal impulse and splendid spirit
1st Lien & Refund. 45, 2008, Sterling.
434s, 1913.
which inspired them.
5s. Interieur, 1914-1915-1916.
West Shore RR. 1st 4s, 2301.
Swedish Cities 34s, 1910, Caisse Hypot.
1st 4s, 2361, registered.
The House Ways and Means Connnittee, at a meeting last
Hypoth.
Cates°
1914,
43.4s.
Industrial & Miscellaneous Bonds.
55, 1913-1914-1915, Calm)Hypoth.
American Telephone & Telegraph Co.—
Tuesday, the 10th inst., at which Secretary McAdoo atCollateral Trust 4s, 1929.
City of Stockholm 330. 1887.
tended, decided to ask Congress for permission to issue the
3;4s. 1909.
Convertible 4 Ms, 1933.
4s, 1885.
Armour & Co.,Real Estate 1st 44s, 1939
$2,000,000,000 certificates of indebtedness, in addition to
4s, 1900.
City of New York 4s, Nov. 1956. reg.
Credit Fonder 4s, 1904.
4Ms, May 1957.
authorizing the bond issue. In an informal discussion of
414s, Nov. 1957.
4s, 1908.
4,4a, March 1960.
taxation legislation, the Committee, at the meeting on the
43.4s, 1913.
Swiss Govt.'3% Chemin de Fer, 1890.
4'4s, Sept. 1960.
10th inst., estimated, it is stated, that there must be raised
3% Chemin de For Differe.
4.4s, March 1962.
✓ 414s, March 1963.
3% Chemin de Fer, 1897, 1st Series.
by direct taxation, an additional $1,800,000,000.
quickly
6% Revenue Bonds. Sept. 1917.
3% Chemin de Fer, 1903, 2d Series.
314% Series A-K, 1899-1902, Chemin Proceeds from the direct taxes proposed, it is said, will go
General Electric Co. Deb. 314s, 1942.
I Debenture Ss, 1952.
de Fer.
3M % 1910. 1st Series, Chemin de For. primarily to take up the certificates of indebtedness, which
Indiana Steel Co. 1st 58, 1952.
4% 1900 Chemin de Fer.
Pacific Telephone & Telegraph Co.
are to furnish funds for national defense and war purposes
State of Berne 3%. 1895.
• 1st & Coll. Trust 58, 1937.
3% 1897.
U. S. Steel Corporationpending the receipt of tax returns.
10-60-yr.Sinking Fund 53, 1963.
Urtigu5y Govt. Consols 33.4s 1891.
Conversion 5% 1905.
Chairman Kitchin of the Ways and Means Committee, in
• 10-60-yr. Sinking Fund 53, 1963, reg.
5% 1909.
Denmark 349, 1906, Banque Hypoth.
the bill to the House,filed the following statement,
reporting
Interieur.
6%
Hypoth.
45, 1908, Banque
4s, 1912, Banque Hypoth.
signed by all of the members of the Committee:

33'

THE GOVERNMENT WAR FINANCING.
The House Ways and Means Committee on April 11 favorably reported a bill embodying the Administration's war
financing plans. It calls for the issuance of $5,000,000,000
of long-term bonds of the United States, besides $2,000,000,000 of one-year certificates of indebtedness, the latter to be
redeemed at the 'expiration of one year. The bonds and
certificates are both to bear 3M% interest. Under the terms
offthe bill the President and the Secretary of the Treasury
arerabsolutely unhampered in making a loan of $3:000,000,000 to the Allies. The securities which the President shall
receive in return are not stipulated. The President is only
to acquire "the obligations of foreign Governments" in an



The proposed bill authorizes a bond issue of $5,000,000,000. It provides
that not to exceed $3,000,000,000 from the proceeds of these bonds may be
used in extending credits to foreign governments. The remaining $2,000,000,000 is to be used in meeting expenditures authorized for the national security and defense.
The bill also authorizes an additional bond issue not to exceed 863,945,460
to redeem the 3% loan of 1908 to 1918 maturing Aug. 11918. The remaining bonds specified in Section Four of the bill are already authorized by law.
The bill also authorizes the Secretary of the Treasury to issue $2,000.000,000 worth of certificates of indebtedness, payable within one year from
the date of issue.
Your committee deems it advisable to authorize the $5,000,000,000 bond
Issue at this time in order to enable our Government to extend liberal credits
and in order to provide immediately ample funds to meet such expenditures
as are authorized for the national security and defense.
The bill provides that the rate of interest shall not exceed 334% per
annum, and leaves the terms and denominations of the bonds to the discretion of the Secretary of the Treasury.

APR. 14 1017.j

THE CHRONICLE

If at any time prior to Dec. 31 1918 a subsequent series of bonds are
Issued at a rate of interest in excess of 334% per annum, the bill provides
that the bonds issued under authority of this Act may be convertible at the
option of the holder into bonds bearing the higher rate of interest.
This bill also authorizes the Secretary of the Treasury to issue the
remaining bonds still available to be issued under the Panama Canal bond
provision of Section 39 of the Revenue Act of Aug. 5 1909, the bonds
authorized for the construction of the nitrate plant in Section 124 of the
National Defense Act of June 3 1916, the bonds authorized under Section 13
of the Shipping Act of Sept. 7 1916, the bonds authorized under Section 400
of the Revenue Act of March 3 1917, and those authorized under the Public
Resolution of March 4 1917, bearing interest at not to exceed 3%% Per
annum and subject to the conversion privilege should a subsequent series
of bonds be issued prior to Dec. 31 1918, bearing a higher rate of interest.
The Secretary of the Treasury at the present time has authority to issue
$472,000,000 worth of bonds; $222,000,000 worth are still available to
be issued under the Panama Canal bond provision of the Revenue Act of
Aug. 5 1909. The Revenue Act of March 3 1917 authorizes the issue of
$100,000,000 worth and the Public Resolution of March 4 1917 authorizes
the issue of $150,000,000 worth. The National Defense Act authorizes
the issue of Panama Canal bonds for the construction of the nitrate plant.
The Shipping Act likewise authorizes the issue of Panama Canal bonds for
the purposes of that Act.
The bill, as heretofore stated, authorizes the Secretary of the Treasury,
with the approval of the President, to extend credits not to exceed $3,000,000,000 to foreign Governments. It authorizes the purchase with the
proceeds from the sale of these bonds, by the Secretary of the Treasury, with
the approval of the President, of the obligations of foreign Governments
bearing the same rate of interest and containing essentially the same terms
and conditions as the bonds issued under authority of this Act.
It provides, however,should any of the bonds of the United States issued
and used for the purchase of such foreign obligations be converted into
United States bonds bearing a rate of interest higher than 3 % that in
that event the obligations of the foreign Governments held by the United
States shall be converted into obligations bearing the same rate of interest
as the like bonds of the United States. It will therefore be observed that
the $3,000,000,000 credit proposed to be extended to foreign Governments
will take care of itself and will not constitute an indebtedness that will have
to be met by taxation in the future.
In view of the fact that a very large portion of the taxes not levied and
proposed to be levied at a future date will be payable yearly and, therefore,
will not be oapable of yielding a continual flow of revenue into the Treasury,
your Committee deems it advisable to recommend the authorization of the
Issuance of $2,000,000,000 worth of certificates of indebtedness payable
within one year, to the end that the Treasury may at all times have ample
means of securing funds to meet the immediate needs of the Government.
The total interest bearing debt outstanding Feb. 28 1917 amounted to
$973,000,000. Under existing law $472,000,000 worth of bonds are available to be issued. This bill authorizes, in addition to the bonds already
available to be issued under existing law and exclusive of the $3,000,000,000
bond Issue to extend credit to foreign Governments which takes care of itself, the issue of $2,000,000,000 worth of bonds. Should this amount of
bonds be issued the total interest bearing indebtedness, exclusive of the
$3,000,000,000 credit to foreign Governments, will amount to $3,445,000,000.

The bill was taken up for debate by the House yesterday.
Representative Kitchin took charge of the bill. He answered
questions and accepted from Republicans and Democrats
various amendments intended to clarify the language of the
bill. Representative La Follette, of Washington, one of
the anti-war group, was fairly hooted by the House, it is
said, as he suggested that the bill provide for the purchase
of the North American possessions of England. "Canada
at twenty billion," he is quoted as having said, "would be a
good investment, and the bonds of the sale would be popular
in this country." In presenting the bill to the House Mr.
Kitchin said:
This bill represents the most momentous project ever undertaken by the
United States. The bill contains authorization for the largest amount of
bonds over provided for in any legislative body in the history of the entire
world. The bill comes to you with the unanimous vote of every member
of the Ways and Means Committee—Democrats, Republicans, and Independents—and has the endorsement of the President and the Secretary
of the Treasury.

Representative Fitzgerald, Chairman of the House Appropriations Committee, declared that in his opinion the
bill should be amended so as to prevent the Treasury, after
popular subscription to the bonds had been exhausted, from
selling the remainder to financial houses at less than par.
Mr. Kitchin, it is said, declared that he thought the amendment a wise one, and that a meeting of the Ways and Means
Committee would be called to consider the amendment.
Mr. Kitchin also agreed to consider a suggestion made by
Representative Fitzgerald which would limit the loans to
the foreign Governments which are at war with Germany, a
point not made quite clear in the present bill.
CHAMBER OF COMMERCE OF U. S. APPOINTS COMMITTEE TO CONSIDER WAR FINANCING.
Following closely the announcement that $3,402,000,000
is needed immediately to place the United States on a proper
war footing, a meeting is expected in the near future of the
special committee on financing war recently appointed by
the Chamber of Commerce of the United States. In/anticipation of the Government's first big more, members/of the
committee have already begun investigations of foreign
experience in the war and what the United States did along
financial lines in previous conflicts. The board of directors
of the National Chamber at its last meeting by way of
preparing for the present situation provided forithe appointment of this special committee, having in mind the magni


1441

tude of the financial problem in connection with such a
war as is now being waged by the European countries.
Economists, merchants and bankers of prominence make
up the new committee. There is wide geographical reprosentation. The Chairman is Wallace D. Simmons of St.
Louis, President of the Simmons Hardware Co. Further
additions may be made, but as the committee stands now it
is composed of the following: John V. Farwell of Chicago,
President of the John V. Farwell Drygoods Co.; Edward A.
nem of Boston, President William A. Filene's Sons Co.;
P. W. Goebel of Kansas City, President American Bankers'
Association; Prof. John H. Gray of the University of Minnesota, former President of the American Economic Association; Edmund D. Hulbert of Chicago, President of the
Merchants' Loan & Trust Co.; Hugh McK.Landon of Indianapolis, a merchant; Robert F. Maddox of Atlanta, VicePresident of the Atlanta National Bank and formerly
President of the Georgia Bankers' Association; Samuel
McRoberts of New York, Vice-President of the National City
Bank, and Prof. Oliver M. W. Sprague of Cambridge, Professor of Banking and Finance, Harvard University.
BILL FOR $7,000,000,000 UNITED STATES
OBLIGATIONS.
We give below the text of the bill favorably reported to
the House on April 11 by its Ways and Means Committee,
authorizing the Secretary of the Treasury, with the approval of the President, to issue $5,000,000,000 in United
States bonds, and $2,000,000,000 additional in certificates
of indebtedness', 'to meet expenditures authorized for the
national security and defense and other public purposes
authorized by law." The text of the bill, according to the
"Journal of Commerce" of this city, reads:
A Bill to authorize bonds for expenditures for the national security and
defense and to extend credits to foreign Governemnts, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled:
Section 1. That the Secretary of the Treasury, with the approval of tjie
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 $5,000,000,000, exclusive
of the sums authorized by Section 4 of this Act, and to issue therefor bonds
of the United States.
The bonds herein authorized shall be in such form and subject to such
terms and conditions of issue, conversion, redemption, maturities, payment and rate of interest, not exceeding three and one-half per centum per
annum, as the Secretary of the Treasury may prescribe. The principal
and interest thereof shall be payable in United States gold coin of the
present standard of value, and shall be exempt, both as to principal and
Interest, from all taxation imposed by authority of the United States, or its
possessions, or by authority of any State, except estate or inheritance taxes;
but such bonds shall not bear the circulation privilege.
The bonds herein authorized shall first be offered at not less than par as
a popular loan, under such regulations prescribed by the Secretary of the
Treasury as will give all citizens of the United States an equal opportunity
to participate therein; and any portion of the bonds so offered and not
subscribed for may be otherwise disposed of by the Secretary of the Treasury; but no commissions shall be allowed or paid on any bonds issued
under authority of this Act.
Sec. 2. That for the purpose of establishing credits in the United States
for foreign Governments, the Secretary of the Treasury, with the approval
of the President, is hereby authorized,"on behalf of the United States, to
purchase from such foreign Governments, at par, their obligations, bearing
the same rate of interest and containing in their essentials the same terms
and conditions as those of the United States issued under authority of this
Act; to enter into such arrangements as may be necessary or desirable for
establishing such credits and for purchasing such obligations of foreign
Governments and for the subsequent payment thereof, but such arrangements shall provide that if any of the bonds of the United States issued
and used for the purchase of such foreign obligations shall thereafter be
converted into other bonds of the United States bearing a higher rate of
Interest than three and one-half per centum per annum under the provisions
of Section 5 of this Act,then and in that event the obligations ofsuch foreign
governments held by the United States shall be, by such foreign governments, converted in like manner and extent into obligations bearing the
same rate of interest as the bonds of the United States issued under the
provisions of Section 5 of this Act. For the purpose of this section, the
Secretary of the Treasury is authorized to use not exceeding $3,000.000,000
of the proceeds of the bonds of the United States that may be sold under
authority of Section 1 of this Act.
Sec. 3. That the Secretary of the Treasury, under such terms and conditions as he may prescribe, is hereby authorized to receive on or before maturity payments for any obligations of such foreign governments purchased
on behalf of the United States, and to sell at not less than the purchase price
any of such obligations and to apply the proceeds thereof, and any payments made by foreign governments on account of their said obligations
to the redemption or purchase at not more than par and accrued interest
of any bonds of the United States issued under authority of this Act; and if
such bonds are not available for this purpose the Secretary of the Treasury
shall redeem or purchase any other outstanding interest-bearing obligations
of the United'States which may at such time be subject to call or which
may be purchased at not more than par and accrued interest.
Sec. 4. That the Secretary of the Treasury, in his discretion, is hereby
authorized to borrow on the credit of the United States from time to time
such sums heretofore authorized, by Section 39 of the Act approved
Aug. 5 1909. entitled: "An Act to provide revenue, equalize duties and encourage the industries of the United States, and for other purposes."
Section 124 of the Act approved June 3 1916, entitled:"An Act for making
further and more effectual provision for the national defense, and for
other purposes." Section 13 of the Act of Sept. 7 1916, entitled:"An Act
to establish a United States Shipping Board for the purpose of encouraging.

1442

THE CHRONICLE

developing and creating a naval auxiliary and naval reserve and a merchant
marine to meet the requirements of the commerce of the United States
with its territories and possessions, and with foreign countries, to regulate
carriers by water engaged in the foreign and inter-State commerce of the
United States and for other purposes." Section 400 of the Act approved
March 3 1917, entitled: "An Act to provide increased revenue to defray
the expenses of the increased appropriations for the army and the navy and
the extensions of fortifications, and for other purposes." And the public
resolution approved March 4 1917, entitled: "Joint resolution to expedite
the delivery of materials, equipment and munitions and to secure more
expeditious construction of ships." As may be necessary to meet public
expenditures on account of the Mexican situation, the construction of the
armor plate plant, the construction of the Alaskan Railway, the purchase
of the Danish West Indies, the construction of the nitrate plant, the purposes of Sections 5 and 11 of the Shipping Adt, emergency naval construction or expediting naval construction, or to reimburse the Treasury for
such expenditures to reimburse the Treasury for reimbursable expenditures
made on account of the construction of the Panama Canal, or for such
additional amount, not exceeding $63,945,460, as may be necessary to redeem the 3% loan of 1908 to 1918, maturing Aug. 1 1918. And for such
sums as ho may borrow under authority of this section the Secretary of the
Treasury is authorized to issue bonds of the United States in the manner
and under the terms and conditions prescribed in Section 1 of this Act.
And the Secretary of the Treasury in his discretion and under such terms
and conditions as he may impose, may refund the 3% loan of 1908 to 1918
maturing Aug. 1 1918, into bonds of the United States of like tenor as those
authorized in Section 1 of this Act. The bonds authorized by this section
shall be in addition to the bonds authorized by Section 1 of this Act.
Sec. 5. That any series of bonds issued under authority of Sections 1 and
4 of this Act may, under such terms and conditions as the Secretary of the
Treasury may prescribe, be convertible into bonds bearing a higher rate
of interest than the rate at which the same were issued if any subsequent
series of bonds shall be issued at a higher rate of interest on or before
'. Dec. 31 1918.
Sec. 6. That in addition to the bonds authorized by Sections 1 and 4 of
this Act, the Secretary of the Treasury is authorized to borrow from time
to time, on the credit of the United States, for the purposes of this Act
and to meet public expenditures authorized by law, such sum or sums as, in
his judgment, may be necessary and to issue therefor certificates ofindebtedness at not less than par in such form and subject to such terms and conditions and at such rate of interest, not exceeding three and one-half per
centum per annum,as he may prescribe; and each certificate so issued shall
be payable, with the interest accrued thereon, at such time not exceeding
one year from the date of its issue, DB the Secretary of the Treasury may
prescribe. Certificates of indebtedness heroin authorized shall not bear
the circulation privileges, and the sum of such certificates outstanding shall
at no time exceed in the aggregate $2,000,000,000.
Sec. 7. That in order to pay all necessary expenses, including rent, connected with any operations under this Act, a sum not exceeding one-fifth
of one per centum of the amount of bonds and one-tenth of one per centum
.of the amount of certificates of indebtedness herein authorized is hereby
appropriated, out of any money in the Treasury not otherwise appropriated,
to be expended as the Secretary of the Treasury may direct.

home to many a man that while State Government in connection with local
affairs is absolutely necessary to the perpetuity of our self-governing republic with respect to such a vast population and extent of territory, yet
State authority must never strangle great enterprises of national concern.
We shall learn more intimately what these national concerns are. We shall
have lessons taught such as have been taught abroad in intelligent cooperation. We shall find very likely some ways of adjustment which
hitherto have not been recognized by which we can under our dual system
achieve important results for our security.
Now, I mean to say that it is a time pre-eminently when men of the
bar should be alert, keen and resourceful to the end that we may make the
most of this critical situation for improvement, and that we shall be swift
to prevent its being turned to any course which will lead us to national
disaster.
The members of the bar may more speedily than others detect where
there may be any step in the wrong direction. These adjustments are very
difficult. Our problems are very grave. We have the most complex
system of government on earth. We must preserve the essential features
of it, but we must meet the needs of a people living in the most intimate
relations, to the end that our great national enterprises may be under
intelligent national control.
And I desire to say this: I sincerely hope that in our military plans we
shall have regard to the essential democratic principle of universal liability
to service in the defense of the country.
We are at a time when we must face the issue without faltering. There
is no reason in the world why the democratic obligation of defense should
not be universally shared. It is a vital part of the theory of our Government that every citizen is subject to call if his country needs him.
Let us begin right. Let us not at this time when we have the great
advantage of the public interest, of public discussion focused with a fair
understanding of the point, let us not at this time miss the opportunity
to put our military concerns on the only basis which promises a reasonable
degree of promptness and success in carrying on this war.
I want to see throughout this land the lawyers who are keen with respect
to every matter of legislation and the development of our institutions
deeply interested in this phase of the present situation. Lot us not temporize with it. This is a time when every American should feel that all that
he has and all that he is is placed upon the altar of his country,and he should
desire that we should have such an efficient preparation that every man
should servo where he can best serve; every man should have the place
where he is most needed; that those should fight who are the men who
should be first chosen to fight, and that those should work in other necessary
lines of preparation who are best fitted for that important work. It is
America, one for all and all for one, with an efficient organization which
makes the most for all and spares us to the greatest degree that economic
waste which we fear in connection with war.
I have no fear of the future so long as we treasure memories such as
those we honor to-night. There never was a time in our history when the
counsels of cowardice should be so squarely met by determination to go
forward, with our flag emblematic of an undying spirit such as gave us our
liberty, and such as alone can preserve it.

CHARLES E. HUGHES UPHOLDS THE PRESIDENT.
At a dinner given in his honor under the auspices of the
Dwight Alumni Association of the New York Law School at
the Hotel Astor on Thursday night, Charles E. Hughes told
the assembled lawyers that the hour had now come when the
citizens of the country must forget all partisanship and stand
unqualifiedly behind "a leadership most nobly declared."
He pleaded with his hearers to place everything on the altars
of their country in defeating a "brute force" which, he said,
threatened democracy. From an account of his speech in
the New York "Times" we quote as follows:
We have to-night, as has been so eloquently remarked by the speakers
who have preceded me, a condition in which we are realizing what our
democracy means and the tests tcr which it is subject. We speak of the
principles underlying our institutions; what is their security? Their
security is not in any form of words embodied in either constitution or
statute. Their security is not in any mere formal organization. Their
security is in the abiding love of democracy that exists in the hearts of
the people; and I to-night am prouder than I have ever been that I am an
American citizen, because at this time of test the American people have
responded with the true instinct of democracy and are prepared to do their
part to the end that we shall be governed by law, by agreement, by conception of right, and not brute force.
I rejoice in our realization to a greater degree than in the recent p'ast of
our unity as a people. There was a splendid call, to which every patriotic
heart made instant response. There has been no finer statement of our
principles, of our ideals, of the motives that influence us, since the days of
Lincoln that that stated in the matchless state paper of President Wilson
in his recent message.
Whatever hesitancy there may have been on the part of many groups in
our country, there was an instant realization that the crisis had come; that
it had been adequately met; that we stood before the world as united
America, ready to die for the principles of liberty.
We shall have great difficulties. We must not suppose that the immense
administrative work that must be done can be done easily, or without encountering many obstacles. We, of course, cannot fail to realize that this
is a real struggle; that we must meet it effectively; that not simply the
idealism of America, but our capacity for effective work is put to the test.
We shall have all the privileges of democracy in free discussion. It would
be impossible in this countrry to deal with a free people by autocratic
methods. That would not be desired; but out of all discussion we shall
emerge with entire safety if we have that instinct of self preservation, that
real love of the principles of our Government, which will make us understand that we must stand unitedly, effectively, behind the Administration,
as it leads us to the success of this great issue.
All thoughts of partisanship are laid aside. There is no partisanship
when it is a question of fighting for your country. That is a question of
leadership. The leadership has been most nobly declared, and it is our
desire in every way in which we can practicably to follow, and assure this
result, which we hope will guarantee the peace of the world by making the
world in the fine phrase of the President, "safe for democracy."
We must also understand that no great crisis such as this is encountered
without the probability of serious changes in connection with our institutions and laws. We shall learn many things in the next year. Some things
that have been appreciated by students of our rather disorganized condition
will become very plain to the people of this country. It will be brought




[VOL. 104.

GEORGE E. ROBERTS ON WAR PROBLEMS.
George E. Roberts, formerly Director of the Mint and
now Assistant to the President of the National City Bank of
New York, addressed the Chamber of Commerce at Cleveland on April 10 with reference to the demands of the war
upon the industrial and financial situation. He pointed out
that the negotiation of a United States loan for a prodigious
sum meant a great shifting of both labor and capital, saying:
The proposal of a $5,000,000,000 war loan, the proceeds to be expended
presumably within a year, besides what will be raised by taxation, shows
that there must be an important shift of labor from ordinary work.
The first problem is to release the labor supply required, by suspending
undertakings that are not imperative, by the improvement of methods, by
the substitution of women and by the elimination of unnecessary expenditures.
The next problem is to raise the money required. This involves a shift
of capital corresponding to the shift of labor. In peace or war capital and
labor must go together. The capital must be found either by taxation or
loans, presumably by both methods. Inasmuch as the loans must be
carried and paid by taxation, the question at last is how taxation for all
purposes shall be distributed.
Undoubtedly wealth expects to bear the brunt of it, and I believe it is
ready and willing to do so, but the final effects of taxation may reach far
beyond the direct levy. One of the principles of wise taxation is that it
shall be so levied as to bear as lightly as practicable upon industry, which
involves the general welfare. As between two men having equal incomes,
one of whom saves one-half of his income for investment while tho other
spends all upon his own living, the first is the most useful citizen. He is
helping to carry industry forward, and taxation which reduces his investments has an effect upon community progress which taxation upon the
other income does not have.
The entire community is benefited by capital accumulations devoted to
production. They multiply the demands for labor, increase the supply of
comforts and raise the standard of living. They make the differocno between a stationary and a progressive society, between conditions in Chin
and in the United States. It is sound public policy therefore to direct
taxation so far as practicable so that it will tend to curtail unnecessary
expenditures rather than reduce capital. We have practiced this in the
taxation of certain luxuries, but the policy cap be largely extended. There
is wide field of expenditure beyond what is required for health and comfort.
We are confessedly a free-spending, even improvident people. The
spenders are many, the savors are comparatively few, and what is saved
helps to increase the income of all.
Undoubtedly a very considerable proportion of the expenses of the war will
be raised by taxation as it goes along, and this capital will be gone beyond
recovery, but taxation after the war for the payment of loans will mean
enforced savings to replenish the capital fund, and make up for the check
upon progress during the war.

LLOYD GEORGE ON THE ACTION OF THE
UNITED STATES.
A luncheon at the Savoy Hotel in London on Thursday
attended by a notable gathering of Anglo-Americans, gave
Mr. Lloyd George, the British Premier, opportunity to
state the feelings of the British nation on the advent of the
United States into the war. Ho talked in a very eloquent
fashion. The Now York "World" quotes him as follows:

APR. 14 1917.1

THE CHRONICLE

I am in the position, in the happy position, of being, I think, the first
Prime Minister of the Crown who, speaking on behalf of the people of this
country, could salute the American Nation as comrades in arms. I am glad
not only because of the stupendous resources which this great nation will
bring to the succor of the Allies, but I rejoice, as a democrat, that the
advent of the United States into th s war gives the final stamp to the
character of the conflict as a struggle against military autocracy throughout
the world. That was the note that rang through the great deliverance
of President Wilson.
The United States of America, of a noble tradition, never broken, never
have engaged in a war except of liberty. This is the greatest struggle for
liberty that they have ever embarked upon.
I am not at all surprised, when one recollects the wars of the past, that
America took its time to make up its mind about the character of this
struggle in Europe. Most of the great wars in the past were waged for
dynastic aggrandizement and for conquest. It is no wonder that when
this groat war started there were some elements of suspicion still lurking In
the minds of the people of the United States of America, that there were
many who thought perhaps that the kings were at their old tricks, I think
they somewhat, perhaps, regarded it as in the nature of a conspiracy of
monarchical swashbucklers. That the United States of America has made
up its mind finally makes it abundantly clear to the world that this is no
struggle of that character, but a great fight for human liberty.
They naturally did not know at first what we had endured in Europe
for years from this military casto—it had never reached as far as the United
States of America. Prussia is not a democracy.
The Kaiser promises that it will be a democracy after the war. I think
he is right. But Prussia not merely is not a democracy; Priussia was not
a State; Prussia was an army. It had its great institutions, it had its great
universities, it had developed its science. All these were subordinate to
the one great predominant purposo of an all-conquering army to enslave
the world. The army was the spearpoint of Prussia—the rest was the
gilded haft.
That is what we had to deal with in this old, outworn country. It was
an army that in recent times had waged three wars, all of conquest, and
the incessant tramp of its legions through the streets of Prussia, on the parade ground of Prussia, had gone to the Prussian head. The Kaiser, when
he witnessed it on a grand scale at his reviews, got drunk with the sound
of it. He delivered the law to the world as a new pastor on Sinai delivering the law front the thunder clouds.
But make no mistake. Europe was uneasy. Europe was half intimidated; Europe was anxious; Europe was apprehensive. It knew the whole
time what it meant. What we did not know, of course, was the moment
when it would come. This is the menace, this is the oppression from which
Europe has suffered for fifty years. It sapped the benefits and the equities
of all States which ought to have been devoted and concentrated on the wellbeing of their peoples.
The most characteristic of all Prussian institutions is the Hindenburg
line. What is a Hindenburg line? A Hindenburg line is a line drawn on
territories of other people warning them that the inhabitants of those
territories shall not cross it at peril of their lives.
But Europe, after enduring this for generations, made up its mind at last
that tho Hindenburg lino must be drawn along the legitimate frontiers of
Germany.
This has been an undoubted fight for the emancipation of Europe and
the emancipation of the world. It was at first hard for the people of
America, who tried to appreciate that Germany had never interfered in a
single step with their freedom. But at last they have daily to endure
the same experience. Americans were told they were not to be allowed to
cross or recross the Atlantic except at their peril. American ships were
sunk without warning. American subjects were drowned without apology,
as a matter of German right.
At first America couldn't believe it. They could not think it possible
that any sane people could behave in that manner, and they tolerated it
once and they tolerated it twice, until at last it became clear that the Germans really meant it. Then America acted and acted promptly.
The Hindenburg line was drawn along the shores of America and Americans were told they must not cross it, and America said: "What is this?"
America said,"The place for that line is not the Atlantic but on the Rhine,
and we moan to roll it up." And they have started.
There are two groat facts which clinch the argument that this is a great
struggle for freedom. The first is the fact that America has come in—she
would not have come in otherwise. Tho second is the Russian revolution.
This is the story of Russia. Russia engaged in this great war for the
freedom of Serbia, of Montenegro, of Bulgaria. The Russians fought for
the freedom of Europe and they wanted to make their own country free,
and they have done it. The Russian revolution is not merely an outcome
of this struggle for freedom; it is a part of its character. And if the Russian
people realize—as there is every evidence they will realize it—that national
discipline is not incompatible with national freedom, nay, that national
discipline is essential to the security of national freedom, they will indeed
become a free people.
I have been asking myself the question, Why did Germany deliberately,
in the third year of the war, provoke America to this declaration and to
this action? Deliberately! Resolutely I It has been suggested that the
reason was there were certain elements in American life which they were
under the impression would make it impossible for the United States to
declare war. That I can hardly believe. But the answer has been afforded by Gen von Hindenburg himself, in a very remarkable interview
which appeared in the press.
He depended really upon one of two things—namely, that the submarine campaign could have destroyed international shipping to such an
extent that England would have been put out of business before America
was ready. According to his computation, America could not be ready
for three months. He does not know America. He Is confident in the
alternative that when America is ready at the end of twelve months with
her army she will have no ships to transport an army to the field of battle.
The road to victory, the guarantee of victory, the absolute assurance of
victory has to be found in one word—ships, and a second word ships and a
third word ships. With that keenness which characterizes your nation
I see that they fully realize that, and I see to-day that they have already
made arrangements to build ships by the thousand-1,000 3,000 tonners
for the Atlantic.
NM I believe that the Germans and their military advisers are already
beginning to realize that this is another of their miscalculations, which
Is going to load them to disaster awl ruin.
You will pardon me for just emphasizing that we are a slow people,
slow and blundering, but we got there. You get there sooner. That is
why I an glad to see you in. We have been in this business for three years.
We have made, as we generally do, every kind of blunder. We got into
every kind of bunker, but now we have got a good niblick stroke and we
aro right out on the course.
America has helped us oven to win the battle of Arras. She has been
making guns, making ammunition, supplying us with fuel, supplying
us with shell, and she has got all of that organization and has got that won-




1443

derful fertile adaptability and resourcefulness of the great people who inhabit that great country.
It was a bad day for the military autocracy in Prussia when it challenged the great Republic of the West. We know America and we also
know that now she has said it, she will do it. She will wage a strong and a
successful war—and there is something more important, she will insure a
beneficent peace.
I am the last man in the world—knowing for three years what our
difficulties have been, what our anxieties have been and what our fears
have been—I am the last man in the world to say that the succor which
is given us from America is not in itself something to rejoice at and to
rejoice at greatly. But I also say that I can see more in the knowledge
that America is going to win a right to be at the conference table when the
terms of peace are discussed. That conference will settle the destiny of
nations and the course of human life for God knows how many ages. It
would have been a tragedy, a tragedy for mankind,if America had not been
there and there with all her influence and her power.
I can see peace—not a peace to be a beginning of war, not a peace which
will be an endless preparation for strife and bloodshed, but a real peace.
The world is an old world. You have never had the racking war that has
rolled like an ocean over Europe. Europe has always lived under the menace of the sword.
When this war began, two-thirds of Europe was under autocratic rule.
Now it is the other way about, and democracy means peace. The democracy of France hesitated; the democracy of Italy hesitated long before it
entered; the democracy of this country sprang back with a shudder and
would never have entered that caldron had it not been for the invasion of
Belgium, and if Prussia had been a democracy there would have been no
war.
Six weeks ago Russia was an autocracy. She is now one of the most
advanced democracies in the world. To-day we are waging one of the most
devastating wars that the world has ever seen. To-morrow, to-morrow,
not perhaps a distant to-morrow, war may be abolished forever from the
category of human crimes.

TROOP TRANSPORTATION OVERSEAS—THE
DIFFICULTIES IN THE WAY.
Under the head of "Troop Transportation Overseas" the
Boston News Bureau, in its issue of April 9, had an interesting article showing that the transportation of American
troops across the ocean for service on the Continent of
Europe, if such a policy should be decided on, will be by no
means an easy matter, and that to transport an army of any
considerable size would take a very long period of time. We
quote as follows:
Unquestionably, as reflected by French opinion in the person of Premier
Ribot, English thought as voiced by Bryce and Asquith, and American
aspiration as variously expressed, the physical presence of American troops
In France would be morally most desirable. But there are certain physical
handicaps that we must recognize. First, we must have the troops and
the ships; secondly, there will be the question whether these ships can be
adequately spared from what may prove even more vital economic-military
needs.
So far as concerns our own ships, which moreover are preponderantly
passenger liners, we could hardly for at least a year send to France more than
a mere delegation, in terms of European fighting. A census of American
ocean-going tonnage shows that we have just 56 vessels capable of transporting 1,000 men or more at a trip; of these 10 vessels can carry more than
1.000 men. And it scarcely needs a quotation of military opinion to drive
home the fact that the transportation of fewer than 1,000 at a time would
be impossible from a military standpoint.
If every possible vessel—freight, freight and passenger and passenger—
were impressed into service and converted to troop transport, we would
have a transport fleet of 96 ships in a year. Let it be assumed that the
fleet commenced at once to transport men to England, carrying 1,500 men
each trip (and that average is too high); making the round trip in one month
and allowing 22 days on the water-11 days each way—leaves but four
days each to load and discharge. Let us assume that submarine warfare
sinks not a single ship, that machinery runs without breakdown, that
coaling, loading and unloading proceed with machine-like accuracy and
that nothing slows down this schedule; if these conditions obtain, the entire
fleet could land a million men in England in one year, with only the blankets
and haversacks they carry on their backs; all except personal equipment
would have to wait for transportation. At the end of two years they
would have landed 2,700,000 men, all without equipment.
But such hypothetical performances cannot be made the basis for calculation, because we would have available for troop transport, not all of our
mercantile tonnage, but about one-third of it. Rear Admiral Benson
gave it as his military opinion that the navy needed, in order to render it
effective in active service, the services of 673.6% of our seagoing tonnage;
so that we would be reduced to about one-third of our tonnage, leas whatever bottoms we wished to devote to the vital work of feeding, supplying
and munitioning England, France and Russia.
It is true there are some potential supplementary resources. It may or
may not prove politic as well as permissible to take over the 40% of the
ships now building here which were ordered by foreigners. There is the
problematical service—especially in terms of time—of the nearly 600,000
tons of damaged German shipping of which we have now become tenants
by force. And there is the open question of how many transports our
allies could still spare to eke out our own craft.
All these considerations, together with larger elements of strategy, the
progress in shaping our new armies, and the course and duration of the
war, will leave for the farther future the issue of our becoming a real factor
in battles on the Continent.

NEW YORK CHAMBER OF COMMERCE APPROVE
WAR ACTION OF PRESIDENT AND CONGRESS.
• Members of the New York Chamber of Commerce at
their regular monthly meeting on April 5 went on record as
being thoroughly in accord with the action of President
Wilson and Congress regarding the existence of a state of
war between Germany and the United States, when by a
rising vote they unanimously adopted a resolution, submitted by Welding Ring, as Chairman of the Executive
Committee, individually pledging "ourselves, our means
and our service to the support of our Government and in

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help to our country's needs, in whatsoever manner we can
be of use, realizing that we owe it to posterity to defend and
to pass on to it unimpaired the inalienable rights to life,
liberty and the pursuit of happiness which we inherited in
trust from our forefathers." Previous to the vote upon
the war resolution the members cheered a patriotic address
delivered by President E. H. Outerbridge.
The Chamber, with a view of upholding the rights of this
country in trading with the world's nations and to secure
the entry of American goods into foreign countries on the
lowest tariff basis, according to their respective tariffs,
adopted a resolution urging upon Congress the adoption of
the principle of a flexible tariff. Another resolution was
passed urging that whatever assistance this country may
see fit to give in financing the Allied Governments now
fighting for freedom and for justice in the world, especial
consideration should be given to Russia in supporting her
efforts against the common enemy and in furthering the
development of her vast resources, in view of the fact that
the new regime in Russia promises so much for the liberation of the Russian people and in the development of the
business relations between Russia and the United States.
Two other resolutions were adopted, one urging that in
view of the steady decrease in American tonnage, and realizing that further inroads upon merchant shipping will no
doubt be made to meet naval and military requirements, a
method of co-operation be devised by the Government with
those engaged in foreign trade and shipping, whereby the
tonnage available for established trades, especially with
Latin America, be conserved in the interest of economic
as well as military defense, and the other favoring the passage of legislation providing for universal military training
and service under exclusive Federal control, for all male
citizens of the United States of suitable age.
At the business meeting of the Chamber, Major-General
George W. Goethals was elected to honorary membership.
Honorary guests were Michitaka Sugawara, a member of
the House of Peers of the Imperial Japanese Diet, and K. J
Imanishi, a banker of Tokio. They both spoke briefly
thanking the Chamber for its expressions of good will toward
Japan. The Chamber also named a committee to plan a
celebration of the 150th anniversary of the organization on
April 5 1918.
THE GOVERNMENT TO TAKE CONTROL OF
RAILROADS, TELEPHONES AND
TELEGRAPH.
An Administration bill empowering the President to take
over and operate during the period of the war all railroad,
telephone and telegraph lines in the United States and to
draft into the military service the employees of such common
carriers was introduced in the House yesterday by Congressman Adamson, Chairman of the Committee on Inter-State
and Foreign Commerce. The bill gives the President
unlimited power to take possession of the railroads and the
telephone and telegraph lines to direct their operation and
"to draft into the military service of the United States and
to place under military control any and all of the officers,
agents and employees of the railroad, telephone, or telegraph
companies whose lines are so taken into possession."
The President may exercise the great power bestowed "ill
case of actual or threatened war, insurrection or invasion" or
whenever the transportation of the troops and supplies of
the United States or the public safety may require the use
of such authority. If he does not deem it necessary to take
actual possession of the lines of common carriers, power is
given•to the President to direct the movement of trains and
to commandeer any and all of the facilities of such carriers,
including the carriers of communication, at any time.
The bill clothes the President with authority "to take
possession in whole or in part" of the property of railroads,
telephone and telegraph lines by proclamation at any time
during the period of war or threatened war. So broad are
the powers conveyed, says the New York "Times," that
martial law is virtually established throughout the United
States, so far as common carriers are concerned. Not since
Abraham Lincoln received power to commandeer the railroads of the United States in 1862 has any Chief Executive
been entrusted with such unhampered authority, it is stated.
Property taken over by the President in war time shall be
returned to its owners at the expiration of the war or whenever the President may deem it unnecessary longer to exercise
control or operation. It is provided that the damages
suffered or the compensation due because of the exercise of
the power of the President under the proposed law shall be



[VOL. 109.

assessed and determined by the Inter-State Commerce Commission, the awards to be paid from the funds of the United
States. Employees of railroads, telephone and telegraph
companies drafted into the military service shall receive
compensation during the period of the draft at the rate they
were being paid prior to the draft.
The first three sections of the bill re-embody the provisions
for increasing the membership of the Inter-State Commerce
Commission, except that it is provided that the Commission
shall consist of eleven members. Originally it was proposed
that the Commission be increased by two members, that is,
from seven to nine. The increased membership bill passed
the House last session, but failed in the Senate. Inclusion
of the Inter-State Commerce Commission feature in the
present bill is taken to indicate the earnestness of the intent
of the Administration to enlarge materially the present membership. The President recently sent for Chairman Adamson and held a two-hour conference with him regarding the
railroad legislation. Mr. Adamson returned to the Capitol
and began the draft of the measure as suggested by the President. The completed bill was sent to the President on Thursday by Mr. Adamson, and it promptly received the approval
of the Chief Executive. The New York "Times" yesterday
gave the text of the new sections of the measure as follows:
Sec. 4. That on and after approval of this Act any person or persons who
shall in time of war knowingly and willfully obstruct or retard, or aid in
obstructing or retarding, the passage of the United States mall, or any
carriage, horse, driver, or carrier carrying the same, or the orderly conduct or movement in the United States of inter-State or foreign commerce, or the orderly make-up or movement or disposition of any train,
or the movement or disposition of any locomotive, car, or other vehicle, on
any railroad in the United States engaged in inter-State or foreign commerce, shall be deemed guilty of a misdemeanor, and for every such offense shall be punishable by a fine of not exceeding $100 or by imprisonment for not exceeding six months, or both such fine and imprisonment,
and the President of the United States is hereby authorized, whenever
in his judgment the public interest requires, to employ the armed forces
of the United States to prevent any obstruction or retardation of the passage of the mail, or of the orderly conduct or movement of inter-State or
foreign commerce in any part of the United States, or of any train, locomotive, car, or other vehicle upon any railroad in the United States engaged in
inter-State or foreign commerce.
Sec. 5. That in case of actual or threatened war, insurrection, or invasion, or any emergency requiring the transportation of troops
military equipment, and supplies of the United States, the
President of the United States, when In his judgment tho public
safety may require, is hereby authorized to take possession in whole or
in part of any and all telephone and telegraph lines in the United States,
their offices and appurtenances; to take possession in whole or in part of
any or all railroad lines in the United States, their rolling stock, offices,
shops, buildings, and all their appendages and appurtenances; to prescribe
rules and regulations for the holding, using, and maintaining of the aforesaid railroad, telephone, and telegraph lines, or that portion of the same of
which possession may be taken, in the manner most conducive to the safety
and welfare of the United States; to draft into the military service of the
United States and to place under military control any or all of the officers,
agents, and employees of the railroad, telephone, or telegraph companies
whose lines are so taken into possession, and said officers, agents, and employees shall be thenceforth considered as members of the military establishment of the United States, subject to all the restrictions imposed by the
rules and articles of war.
Sec. 6. That the draft of the officers, agents and employees of the said
railroad, telephone and telegraph lines shall be accomplished upon proclamation by the President declaring the occasion therefor, requiring all the
officers, agents, or employees of any railroad, telephone, or telegraph
company therein named to submit themselves to draft and directing such
officer or officers of the Military Establishment as he may select for the
purpose to prepare, either by designation or by lot, as may be most expedient, a roster or rosters of the individual officers, agents, or employees so
as to be drafted. Upon the making of such roster or rosters notice shall
be given to each person so enrolled of the place where and the time when
he shall appear and enter upon his service; and any person who shall in any
manner willfully evade the receipt of such notice, or who shall fail to present
himself for duty at the time named therein, or within such time thereafter,
as may be necessary to accomplish his journey to the place appointedlby
the most expeditious route, shall be fined not more than $1,000 or imprisoned for not more than one year, or both, in the discretion of the court.
Sec. 7. That the communication of intelligence over said telephone and
telegraph lines and the transportation of troops, equipment, militaryiproperty, and stores throughout the United States, shall be conducted under the
control and supervision of such officers as the President may designate;
and whenever in his opinion the public safety no longer requires the continued possession by the United States of the said railroad, telephone and
telegraph lines the same shall be restored to the possession of the owners
thereof and the officers, agents and employees drafted into the military
establishment of the United States shall be discharged from furtherldutY
thereunder unless re-enlisted In the manner and for purposes otherwise
provided by law.
Sec. 8. That the damages suffered or the compensation to which any
railroad, telephone or telegraph company may be entitled by reason of the
seizure and use of any portion of its lines or property under the authority
conferred by this Act shall be axsessed and determined by the Inter-State
Commerce Commission, due regard being had to the terms of any Acts of
land-grant or contracts theretofore existing between any such company
and theaUnited States. And for the purpose of such assessment and determination the Inter-State Commerce Commission is hereby vested with all
the powers which it has now or may at the time be authorized by law to
exercise in investigating and ascertaining tho justice and reasonableness
of freight, passenger, express, and mail rates, and investigating and ascertaining the value of property owned or used by common carriers subject
to the Act to Regulate Commerce as amended. The finding by the InterState Commerce Commission of the amount of such damages or compensation shall be filed with the Secretary of the Treasury and shall be paid
by him out of any funds in his hands not otherwise appropriated. All
officers, agents, or employees of any railroad, telephone, or telegraph company who may be drafted into the military establishment of the United

APE. 14 1917.1

THE CHRONICLE

States hereunder shall, during the time that the United States is so in possession of the said railroad, telephone or telegraph line, receive for their services rendered in connection with the use of the same such compensation
as they were theretofore accustomed to receive for similar services.
Sec. 9. That any person or persons having in possession any portion
of the railroad, telephone, or telegraph lines aforesaid, or the property
thereunto appertaining, who shall refuse to surrender the same to the
possession of the United States upon order of the President, or who shall
resist or interfere with the unrestrained use by the United States ofthe
property so taken into possession, or any portion of the same, or who shall
injure or destroy or attempt to injure or destroy the property aforesaid, or
any part thereof, while in the possession of the United States, shall be fined
not more than $10,000 or imprisoned for not more than five years, or both,
in the discretion of the court.
Sec. 10. That in time of actual or *threatened war, insurrection or invasion, or any emergency requiring the transportation of troops, military
equipment, and supplies of the United States, the President of the United
States, when In his judgment the public safety may require it, is hereby
authorized, without taking possession of any of the carrier lines described
in Section 5 hereof, to issue orders, either direct or through such persons
as he may designate for such purpose, to any of the officers or persons
operating in any capacity any of the aforesaid carrier lines, to operate
same or any part thereof for any public purpose apparently rendered necessary by such state of actual or threatened war, insurrection, invasion, or
other emergency, And it shall be the duty of any and all such officers or
other persons operating such carrier lines to obey strictly and conform
promptly to such orders, and failure to comply shall render such officers
or persons guilty of a misdemeanor, who shall, upon conviction, be punished as prescribed in Section 9 hereof. When, in accordance with such
order hereinbefore provided, any portion of said carrier lines shall be used
for the benefit of the United States in performing any particular service so
ordered, the damage suffered or the compensation due for such service to
any railroad, telephone or telegraph company hereinbefore described, by
reason of obeying such order and performing such service under the authority conferred by this Act, shall be assessed, determined, and paid as hereinbefore provided by this Act.

GERMAN INSURANCE COMPANIES MAY CONTINUE
BUSINESS, BUT MUST KEEP ASSETS HERE.
Besides his proclamation on Friday of last week announcing
a state of war, the President also issued a proclamation
defining the status of the German insurance companies doing
business in this country. While this in effect permits the
continuance of their operations in the United States, it provides that the German companies must not transfer any of
their assets from this country to Germany. Jesse S. Phillips, State Superintendent of Insurance, estimates at
$3,600,000,000 the risks held by the German companies
in this country, and in accordance with the President's
proclamation has formulated rules for the guidance of the
companies. The proclamation reads:
Whereas, certain insurance companies Incorporated under the laws of
the German Empire have been admitted to transact the business of insurance in various States of the United States by means of separate United
States branches, established pursuant to the laws of such States, and are
now engaged in business under the supervision of the insurance departments
thereof, with assets in the United States deposited with insurance departments, or in the hands of residents trustees, citizens of the United States,
.for the protection of all policy holders within the United States; and
Whereas, The interests of the citizens of the United States in the protection afforded by such insurance are of great magnitude, so that it is
deemed to be important that the agencies of such companies in the United
States be permitted to continue In business; now,
Therefore, I, Woodrow Wilson, President of the United States of America, by virtue of the powers vested in me as such, hereby declare and proclaim that such branch establishments of German insurance companies,
now engaged in the transaction of business in the United States, pursuant
to the laws of the several States, are hereby authorized and permitted to
continue the transaction of their business in accordance with the laws of
such State in the same manner and to the same extent as though a state of
war did not now exist.
Provided, However, that all funds of such establishments now in the possession of their managers or agents, or which shall hereafter come into their
possession, shall be subject to such rules and regulations concerning the
payment and disposition thereof as shall be prescribed by the insurance
supervising officials of the State in which the principal office of such establishment in the United States is located, but in no event shall any funds
belonging to or held for the benefit of such companies be transmitted outside of the United States nor be used as the basis for the establishment,
directly or indirectly, for any credit within or outside of the United States.
to or for the benefit or use of the enemy or any of his allies without the permission of this Government.

There are said to be ten German fire insurance companies
in the United States, four life insurance companies and one
casualty company. Some of these insure directly, while
others are reinsurance corporations. Of the total insurance
written by them, Mr. Phillips says, one-quarter is held in
New York State. Under the insurance law their assets are
held here, so that even if Germany should not regard the
arrangement binding the policy holders would still be protected because of the assets here.
Superintendent Phillips issued the following statement
on April 6:
In view of the proclamation of the President issued this afternoon, German insurance companies admitted in this State will be permitted to continue the transaction of business the same as if astate of war ilia not exist
between this country and Germany, provided such companies meet the
capital and deposit requirements of our statute and maintain the statutory
reserves.
In accordance with the proclamation, rules and regulations will be prescribed to require the managers of such companies to keep in the United
States all of the assets now or which may hereafter come into their possession for the benefit of American policy-holders. I am not prepared to
state the precise rules and regulations which may be adopted by this department, except to say they will be sufficient to prevent any portion of
the assets being used for the benefit of the enemy or any of its allies.




1445

N. Y. STOCK EXCHANGE CALLS FOR INFORMATION
REGARDING ALIEN ENEMIES' ACCOUNTS.
At the request of U. S. District Attorney H. Snowden
Marshall, the Governors of the New York Stock Exchange
ata-special meeting Thursday,the 11th inst.,adopted a resolution calling on all Stock Exchange houses and members to
file with the Secretary of the Exchange by 2 o'clock April
13 (yesterday afternoon) a list of all securities and moneys
held for the account of an alien enemy. A notice issued by
the Stock Exchange apprising its members of the committee's action read as follows:
To Members of the New York Stock Exchange:
The Governing Committee directs that all Stock Exchange members file
with the Secretary of the Exchange, before 2 o'clock p. m., April 13 1917,
a statement of all moneys,stocks or securities held for alien enemies, whether
resident or non-resident, and for whom and subject to whose order they are
held. The statements will be inspected under the direction of the Federal
authorities and in all cases where it is deemed necessary the Federal authorities will prescribe the conditions under which such money s,stocks or
other securities may be withdrawn or disposed of.
GEORGE W. ELY, Secretary.

It is said that the action of the Governors was taken in
order that the Government authorities may discover, if
possible, where the funds are or have been coming from,
which have been used to remunerate the agents of the German spy system and propaganda in the United States. The
Stock Exchange cheerfully expressed its willingness to cooperate with the Government in this work. Officials of the
Exchange, it is said, pointed out that there are few financial
institutions in New York, especially the larger ones, which
have not some connection with the Stock Exchange, and it
was expected that the Exchange would be able to get the
information desired from,these institutions. It was said
that if the information could not be obtained from the Stock
Exchange houses, it could possibly be found in the reports
of the banks. It was thought in some quarters that the
present action was preliminary to legislation similar to the
"trading with the enemy act," adopted for the London Stock
Exchange shortly after the beginning of the war. In our
issue of Oct. 24 1914, page 1198, we printed the proclamation of King George prohibiting British subjectsfrom trading
or having any commercial business transactions with those
residing or carrying on business in the German Empire or
Austria-Hungary.
WILLIAM DENMAN OF SHIPPING BOARD ON
WOODEN VESSELS FOR WAR TIME TRADE.
In an address before the New York Chamber of Commerce
at their regular monthly meeting on April 5 William Denman
of San Francisco, Chairman of the United States Shipping
Board, described the plans now being worked out by the
Shipping Board for the construction of small wooden merchant vessels, as a means of circumbenting the German
submarine menace. Mr. Denman declared that in the
opinion of the Board wooden vessels could be built at the
rate of 200,000 tons a month, beginning Oct. 1, without
interfering with the construction of steel vessels in any
way.
"Ninety per cent. of the assistance which the country
can render to the Allies in the war will be of a commercial
nature," said Mr. Denman. "It is in connection with the
transportation of supplies to Europe," he declared, "that
the United States must organize its energies to help to win
the war." Mr. Denman announced that Major-General
George W. Goethals had volunteered his services in working out some of the details of the building and organization
of the wooden fleet. His remarks on the subject were in
part as follows, according to the "Journal of Commerce" of
this city:
It is on the commercial side and particularly on the side of transportation
that the United States has got to exercise and organize, or rather reorganize
its energies if we are to do what our Allies hope for us to do, and what the
emergency calls upon us to do within the next year and possibly within the
next two years, because very few of us feel that the contest can last beyond
that time.
Now the Shipping Board has felt this along with all the rest of you for
the last two months, that is, ever since it fias been in Washington, and
about seven weeks ago we began to organize such forces as we had for the
purpose ofsupplementing the transatlantic tonnage with ships from a source
that would not disturb the major steel program of construction.
Those of us who come from the Pacific Coast are familiar with the wooden
ship; it has dropped out of commercial life until very recently, on the Atlantic, and for the very good reason that wood cannot compete with steel
under any form of construction we now have of wood, even though the
vessels have an equal commercial value at the time of construction. The
upkeep, cost of other details of the management of vessels playa quite an
Important part in the competition with the steel vessels, under normal
conditions of the price of steel, but in this emergency, the only place we
could turn to for additional tonnage was the forest and to the unorganized
forces of the woodworking labor, and the smaller machine shops, and the
smaller boiler factories and smaller steel yards. We went about very

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[VOL. 104

carefully, because some of us had the fear of being unable to secure the
INSURANCE LAW TO BE AMENDED TO INCLUDE
engines. The idea of a great wooden fleet has long been with us on the
BOMBARDMENT RISKS.
Pacific Coast, because our great timber owners there have been looking for
some means to get the enormous resources of these forests at work in the
Coffee of Westchester on April 4 introduced
Assemblyman
one
had
world and put on the Atlantic Ocean on both sides of it. But we
at Albany an amendment to the present
Assembly
the
in
since
time
the
of
portion
major
the
spent
have
and
fear about the engines,
we began last February in working out the details of some scheme to stimu- insurance law permitting the Superintendent of Insurance
late the construction of engines for vessels of the type that we could build
to grant licenses to agents to sell bombardment insurance.
out of wood. As the result of these investigations we have been able to
advise the President and the Council of National Defense, that under The amendment provides that 3% upon the amount of the
proper organization, having at its head some such men as General Goethals, gross premiums shall be paid to the Superintendent of Inwe would be able to produce monthly, without a disturbance of the steel
the uses and purposes of the Insurance DepartIndustry, in the neighborhood of 200,000 tons of wooden vessels, and this surance for
probably at a period beginning seven and eight months from the time that ment. Legislation of this kind has been advocated of late
the work was undertaken. The vessels would be somewhere in the neigh- by many large insurance brokers in this city, in view of the
borhood of 3,000 to 3,600 tons of dead weight capacity, of a speed of ten
been received by
knots over the quieter portion of the run across the Atlantic and of twelve fact that a largo number of inquiries have
knots after reaching the danger zone, and it is within the range of possibility them from owners of property in and near New York anxious
that we could have a fleet of 800 to 1,000 of such vessels within a period to insure their property against bombardment and any
of fourteen to sixteen months' time.
We figured that with the supply of steam vessels that was at the corn- danger due to war. Up to this time, it is said, over $10,000,mand of the Allies, they would be perfectly safe over a period of eight to 000 of bombardment insurance has been placed in this
ten months, assuming the highest descructivity of the submarine, and if
country with Lloyds of London because a clause in the New
they were certain that at the end of that time the combined steel production of ships with the production of wooden ships would exceed or keep York insurance law prohibits companies chartered in this
pace with the destruction of the submarine, that the German would feel State from doing this class of business. Many large comthat his ruthless warfare there was hopeless for him. So we anticipate
and corporations in this city are said to have taken
unless our investigations are all of no value, that the Shipping Board would panies
be able to render to the Allies a carrying service which will increase at the out policies with Lloyds through their agents here. The low
rate, as I say, of 200,000 tons a month under proper pressure, and after rates which Lloyds are charging for bombardment insurance,
the first of October, or thereabouts.
50 cents to $1 on every $100 of insurance
I don't know whether you know anything at all of the construction of ranging from
wooden ships. They have a life on the Coast of from eighteen to thirty- taken out, are viewed as an indication that they are not in
five years. I, myself, have ships, steamships constructed of wood that real fear of the property being destroyed.
were carrying perishable cargoes over thirty years of ago. The timber of
the Coast lends itself to very simple treatment, so that you can take that
timber and put it into a ship during the ordinary period of construction
HOME DEFENSE BILL.
and still have a vessel that is substantially as good or within 5% as good as
on April 6 signed the Meyer bill,
Whitman
Governor
the old and more seasoned timber that of course we prefer to have. However, that is a matter of small consequence. The Shipping Board feels which gives the Governor power to order the enlistment in
that if the fleet presumptively is able to convince the Central Powers that the Home Defense guard of men who are not eligible for
it Is useless to struggle against the resources of the forest and the machine
the enlistshops and the labor of America; that if' it succeeds in doing this, or if it is a enlistment in the militia. The bill provides for
make-weight in the various considerations that will come to their minds ment of men over 45 in the Home Defense guard at the
during the summer and fall, that we could write right off the entire cost of direction of the Governor.
the fleet at the same sort of a loss that you know we do write off a destroyed
battleship. You could write off the cost of the entire fleet and still feel
that the fifty millions, whatever Congress has entrusted to us, under such
BILL REQUIRING REGISTRATION OF ALIENS
conditions as WO will have to have, have been spent properly, because
APPROVED BY GOVERNOR WHITMAN.
after all there must be a time when the Central Powers will recognize that
the massed forces of the world, acting tinder a unit impulse such as now
10 Governor Whitman approved Assemblyman
April
On
controls all, can not be beaten down and, we take it. that they will learn
. employ- Meyer's bill, which amends Chapter 23, Laws of 1909,
that the one hope they now have is the success of the submarine
relating to executive officers, constituting Chapter 18,
ment of war.
We have some very interesting, possibly of interest to you, side issues Consolidated Laws, by adding a new section (Section 10)
on the scheme that the Shipping Board has outlined—I may say as approved by the Council of National Defense, by the Secretary of War, the and providing that:
Whenever a state of war exists between the United States and a foreign
Secretary of the Navy, and a number of engineers, leaving shipbuilding
men, and General Goothals who called on us a week or so ago, among the country, or, in the judgment of the Governor public safety or necessity
others—we anticipate we will be able to make use of certain of his services requires such action, the Governor may, by proclamation, direct every
subject or citizen of such foreign countries as the Governor may designate
which he at that time volunteered to us.
During the war a great interest has arisen in the territory between West- in such proclamation, who are in this State, or who may from time to time
ern Pennsylvania and Eastern Montana in over-seas traffic; whether the come into the State, to appear within twenty-four hours after the date
interest is going to die at the end of the war, or not, we do not know, but specified in such proclamation or after arrival within the State, before such
it is our intention to call on the young soldiers of the great semi-military public authorities as the Governor may designate in such proclamation,
colleges in the Middle West to man the guns of this fleet of wooden ships and personally register his or her name, residence, business, length of stay
that we intend to send across. We feel that if we had a nucleus of 2,000 and such other information as the Governor shall prescribe. Such proclaor 2,500 college youngsters brought down to the sea, trained for six or mation shall be published in such newspapers as the Governor may desigeight months under the naval gunners and are put on those vessels In squads nate. Every person to whom such proclamation is applicable shall also
of from 15 to 25, that after having gone through that romantic adven- comply with such rules of personal identification as the Governor shall
ture, on their return to their business and to their homes with the eye of from time to time prescribe. The occupant of every private residence,
the college and of the State on them, during the period of their mission and the owner, lessee or proprietor, operating or managing every hotel,
across the water, that we will get permanently a group of men who will inh, boarding or rooming house, shall, within twenty-four hours after the
become the prominent men of the country in time, men who have at least date specified in such proclamation, notify such public authorities of the
seen the sea and thought of it in a way to kindle their interest and kindle a presence therein of every subject or citizen of a foreign country to whom
such proclamation is applicable, and shall each day thereafter notify such
continually inspiring interest in it.
public authorities of the arrival thereat or departure therefrom of every
such subject or citizen. A failure to comply with any such proclamation
or to perform any act required by this section shall be a misdemeanor.
GOVERNOR SIGNS ROCKA WAY FORTIFICATIONS BILL. punishable by a fine of not exceeding $1,000 or imprisonment for one year,
With the
Governor Whitman on April 5 of or both.

signing by
Senator Elon R. Brown's bill appropriating $2,500,000, or
as much of the amount as needed, for the acquisition of
lands at Rockaway Point, to be turned over to the United
States Government for defensive purposes, all obstacles
were removed that have prevented the United States from
getting the land. The bill was passed by the Assembly on
April 3, The Rockaway-Pacific Corporation, a subsidiary
of the Southern Pacific Co., was granted an interlocutory
injunction in the United States Circuit Court in this city
on April 3restraining the State Military Condemnation Board
from acquiring title to the tract of land at Rockaway Point
until the State Legislature had made an appropriation sufficient for the purpose.. The injunction was granted on the
condition that it should be vacated upon the enactment
by the Legislature of an appropriation necessary to settle
all claims of the company in the case. In the injunction
proceedings the Rockaway-Pacific Corporation demanded
that an appropriation of at least $2,250,000 be made, asserting that the value of the property and the consequential
damages resulting from the seizure would reach approximately that amount. The State Legislature on Feb. 20
passed the bill authorizing the State of New York to seize
and turn over the land at Rockaway Point. The bill, as
noted in our issue of Feb. 24, was signed -by the Governor
on Feb. 21.




Governor Whitman, it is said, is in communication with
Washington regarding the advisability of his issuing a proclamation at once. Every detail necessary to facilitate the
checking up of aliens has been attended to. The blanks
which will be furnished local police authorities have been
printed and are now ready for distribution.
The Governor of Maine, it is said, has approved a similar
measure recently passed by the Legislature of that State.

RAILWAY EXECUTIVES' COITFERENCE AT
WASHINGTON.
Over fifty of the most important railway executives of
the United States met in Washington on April 11 at the call
of Daniel Willard, President of the Baltimore & Ohio Railroad and Chairman of the Advisory Commission of the
Council of National Defense, to discuss plans to place the
railroads of the country at the complete disposal of the
Goverrutient in the present emergency, and named a committee of five men to direct the operation of American Railways throughout the war. The members of the committee
are: Fairfax Harrison, President of the Southern Railway,
Chairman; Howard Elliott, Chairman and President of the
New York New Haven & Hartford Railroad; Samuel Rea,
President of the Pennsylvania Railroad; Hale Holden,
President of the Chicago Burlington & Quincy Railroad,

APR. 14 1917.]

THE CHRONICLE

1447

and Julius Kruttschnitt, Chairman of the Executive Corn
mittee of the Southern Pacific Company. Mr. Willard
will be an ex-officio member of the committee, and the
Inter-State Commerce Commission will be asked to name
another. The new committee will be known as the Central
Executive Committee, and will operate through a Specia
Committee on National Defense, named some time ago
by the American Railway Association. The new committee
it is stated,.will decide all matters of general railroad policy,
and in some respects its duties will resemble those of the
British Railroad Board, which is operating the British railroads for Great Britain. At the conference on the 11th
inst. a committee, composed of Howard Elliott, B. F.
Bush, Jacob M. Dickinson, Fairfax Harrison and Judge
R. S. Lovett offered the following resolution, which was
unanimously adopted:

coal industry is not on a sound, healthy basis, when this condition exists.
The miners are not seeking for luxuries, mind you, they are asking only
for what they need.
This conference is an attempt to meet the situation in a spirit of accommodation and fair dealing, and to deal forehandedly with conditions which,
if neglected, might lead to serious trouble later on, when the country's
needs are become more critical and when the national defense demands
satisfactory and harmonious relations in the coal industry.
When the wage agreements were signed in 1916, neither the operators
nor the miners could foresee the phenomenal increase in the cost of living
that has taken place in the intervening months. Those agreements do not
expire until next year. Good business practice is opposed to enforcing the
terms of a contract to the ruin of one of the parties through the operation
of conditions that could not be foreseen when the contract was entered into.
The United Mine Workers never repudiate a contract, and we are making
no threats at this time. We are merely asking the operators to meet with
us in man-to-man fashion and reach a solution of the critical problem that
has arisen in the industry. The long and short of it is that our members
are not earning enough to feed their wives and families and pay their
grocery bills.
In spite of substantial increases won by them a year ago, the cost of livResolved, That the railroads of the United States, acting through thei ing has got ahead of wages, and is now pinching them hard. This is realized
by
many operators; some of them have even taken the initiative in proposchief executive officers, here and now assembled, and stirred by a high
sense of their opportunity to be of the greatest service to their country ing higher wages than those called for in the 1916 contracts. Our organiin the present national crisis, do hereby pledge themselves, with the Govern- zation has won the good-will of many employers by placing their relations
ment of the United States, with the Governments of the several States, with their employees on a stable basis and preventing sporadic strikes.
and with one another, that during the present war they will co-ordinate We have been able to do this through wage agreements assuring fair wages
their operations in a continental railway system, merging during such period to the miners and continuous peaceful operation to the owners. But
all their merely individual and competitive activities in the effort to pro- continuous operation depends upon fair wages, and the union that fails
to obtain fair wages for its members loses its power to prevent irregular
duce a maximum of national transportation efficiency.
To this end they hereby agree to create an organization which shall have and sporadic strikes.
We are dealing with a condition and not a theory. Our members are
general authority to formulate in detail and from time to time a policy of
operation of all or any of the railways, which policy, when and as announced oyal to the union and to their pledges, but hunger is not to be denied.
by such temporary organization, shall be accepted and earnestly made
effective by the several managements of the individual railroad companies
NEW YORK CHAMBER OF COMMERCE FAVORS
here represented.

Mr. Willard acted as Chairman of the conference, which
was addressed by Secretary of the Interior Franklin K. Utile,
speaking for the Council of National Defenss, Mr. Harrison
announced that the special committee on national defense,
of which he is also Chairman, would be divided into six subcommittees, each to correspond with one of the military
departments of the army. These six committees will include twenty-eight railroad executives, their work to be
supervised by the new Central Executive Committee.
UNITED MINE WORKERS SEEK HIGHER WAGES.
A conference called by the Bituminous Coal Conference of
the Central Cofnpetitive Field, between committees representing bituminous coal operators of the central fields and
225,000 members of the United Mine Workers of America,
to adjust a wage contract accepted by the miners last year,
but which the miners now contend is proving a hardship because of the high cost of living, was begun at the Hotel McAlpin in this city on Thursday of this week. There is no
threat of a strike in the conference, it is said, since the agreement of last year is still in force and will be for another year.
The miners declare that if nothing better can be done they
will live up to the agreement during its tenure. They ask for
an increase in wages of from 20 to 33 1-3% over the present
agreement. It was estimated that the pay in the mines,exclusive of the wages of boys, averaged from $2 34 as a minimum to $3 70 as a maximum wage a day. The workers
insist that the present contracts were subscribed to when
living conditions were not so acute and that to-day the wage
scale is insufficient to meet the needs of a miner and his family. The sections of the country controlled by the operators
in conference are Illinois, employing 80,000 miners; Ohio,
50,000; Western Pennsylvania, 75,000, and Indiana, 20,000.
The miners lot it be known that they are trying principally to
cause a raise in wages for the lowest paid workers, and that
if there had to be a compromise on the amounts asked for
their men, the compromise would be on the amounts asked
for the higher paid men. Members of the miners' committee
asserted there is plenty of coal mined, and that there is no
shortage in sight so far as the supply is concerned. The
difficulty, they said, is the shortage of cars, and for that
reason the coal is piled up at the mines. As a result the mines
are not working as many days as they would be if the mined
coal was promptly moved to the points of consumption.
John P. White, International President of -the United Mine
Workers of America, called the conference to order and introduced J. C. Kelson of the Jackson Hill Coal Co. as Chairman of the meeting. Mr. White issued the following statement regarding the purposes of the conference:

HIGHER RAILWAY RATES.
A resolution favoring the granting on the part of the
Inter-State Commerce Commission on inter-State lines,
and by the State Public Service Commission on inter-State
lines, of such advances as may be found necessary to compensate the railroads for the increased cost of operation,
maintenance and operation, was unanimously adopted by
the New York Chamber of Commerce at the regular monthly
meeting held on April 5. The resolution, which was submitted by Samuel W. Fairchild, as Chairman of the Committee on Internal Trade and Improvements, reads as follows:
To the Chamber of Commerce:
The New York Chamber of Commerce has always regarded the railroads
of the United States as of vital importance to the economic development
of the nation and to the welfare of every part thereof. In keeping with
this attitude it took action in January 1914, declaring for an advance in
railroad rates. At the December meeting 1916 it voiced its conviction in
favor of conditions which would continue to attract adequate private
capital.
Meanwhile developments have impressed upon us the supreme importance of authorizing the railway managements of the country to equalize,
by reasonable advances in rates charged for transportation, the compulsory imposition of wholesale advances in wages, the rising costs of maintenance, operating and improvements, and the increased cost of additional •
capital; therefore, be It
Resolved, That the Chamber of Commerce of the State of New York
favors the granting, on the part of the Inter-State Commerce Commission
on inter-State lines, and by the State Public Service Commissions on interState,lines, of such advances as may be found necessary to compensate the
railroads for the increased cost of operation, maintenance and improvements.
SAMUEL W. FAIRCHILD, Chairman.
WILLIAM McCARROLL,
WILLARD V. KII4G,
CHARLES A. SHERMAN,
Of the Committee on Internal Trade and Improvements
Attest:
CHARLES T. GWYNNE,
EUGENIUS H. OUTERBRIDGE.
Secretary.
President.
New York, April 6 1917.

J. OGDEN ARMOUR SAYS FOOD SHORTAGE IS WORLDWIDE AND URGES GOVERNMENT CONTROL.
"If immediate and radical steps are not taken to increase
and conserve the food supply of the United States," said
J. Ogden Armour, the packer, "this country will find itself
next fall and winter in as bad a state, so far as food is concerned, as any of the warring nations of Europe." The
Chicago "Tribune" quotes Mr. Armour as follows:

The food shortage is world-wide. The production in Europe is worse
than cut in half by the war. In Argentine there have been droughts
and great losses of grain and cattle. In our own country the winter-wheat
crop has been badly damaged by cold weather.
Now we have entered the war. Our first duty, as I see it, is to make
certain that both our own people and our allies have an abundant food
supply.
With full recognition of the fact that we are facing the most critical days
in our national history, I say that the question of food supply is the most
pressing
and important before us. From a purely war standpoint, even,
This conference is really a measure of national defense. We wish to
put food preparedness seems to me quite as important and
more pressing than
our house in order so that the nation will have no occasion to complain
that military preparedness.
its coal producers are not performing satisfactorily the tremendously
imstart
we
If
at
once—this
week—we still have time to vastly increase our
portant task assigned to them. The miners are anxious to do
their bit. food production not only for the coming fall and winter, but
for the years
They will mine all the coal that is needed and do it ungrudgingly.
They which come after, and which may be oven more critical.
will not take advantage of the nation's necessities, but they want to
do their
Because the time is so short and the situation so dangerous, I favor
bit on full stomachs.
Government supervision and control of food production and food prices.
Tho war is not yet started, but already our members are restless
and They have been forced to come to that in Europe. Let us do it before:we
discontented because prices are so high that they cannot feed their
families are compelled to do so. The prices of wheat, corn, live stock and other
except by resorting to the most rigid economy,and by depriving themselves
food products have gotten away from any control but that of the Governof many articles of food that every American family should have.
T he ment. Let the Government, for instance, fix the wholesale
price of all




1448

THE CHRONICLE

[VOL. 104.

For the first time in many years there exists a deficit in the supply of
meat products. That would probably result in an automatic regulation
of all prices, from the producer to the consumer. If it failed to do so, corn, wheat, rye, barley and oats, estimated at a total of 130,000,000 bushels less than the normal requirements for countries open to trade. The situfurther Government action might be necessary.
Let the Government, say, guarantee to the farmer a minimum price of ation is worse than was expected last October. The Institute's reports
$1 50 a bushel for all the wheat ho can raise. It would be a perfectly safe indicated then a surplus of more than enough to feed the world until August
of this year, when the new crops begin to come in.
thing to do. It would not cost the Government a cent.
We must profit by Europe's experience, before meal tickets become
These are radical suggestions. But this is an emergency which nothing
of waste, by the
but radical remedies will meet. There will be objections from individuals necessary. We can avoid high prices by the elimination
supply,
and firms whose profits would be cut, but in the present situation the indi- growing of more food and also by effective organization of our food
army.
the
into
men
getting
than
is
important
more
which
vidual will have to suffer,so long as benefit to the mass of the people results.
Two months after the beginning of the war Germany forbade the use of
Everybody must help. No acre of fertile land should be left idle. Every
all
acre of my Lake Forest farm will be either cultivated this year for the raising wheat or rye for feeding livestock and two months later requisitioned
supplies of food. Our first duty is to prevent the manipulation of food
of crops or will be devoted to the grazing of cattle and sheep.
plan
same
the
through
mobilization
effective
an
obtaining
thus
As a measure of conservation, for example, I should favor the institu- supplies,
5973.
tion, by Government edict, if necessary, of meatless days; one or two of as the Germans, the substance of which is embodied in Senate bill
them a week,such as they now have in Europe. That is a strange doctrine
Reports from Washington on the 5th inst. stated that
for a meat manufacturer to preach, but I believe that, either by law or experts in the Department of Agriculture are devoting themvoluntarily, people will be obliged to stop eating so much meat during the
from all sources
summer months, especially if they expect to have a sufficient supply next selves to the foodstuffs question, obtaining
fall and winter.
throughout the country information of supplies, crop prosIt will be better for their health, in the first place, and it will conserve the pects, means for preventing waste, intensifying production
supply of breeding animals on the farms, which are now being, in many
cases, sacrificed and sold by the farmers in order to take advantage of the and even regulations for preventing manipulation. Under
present enormously high prices.
the direction of Secretary Houston, several of the DepartThe same grades of cattle, for instance, are selling now for practically
ment's most able men are devoting their time to the probtwice what they brought on the same market a year ago last February.
Hogs are at the highest price in the history of the business. The temptation lems, and the Secretary is placing the information before the
to market immature stock and breeding stock is great. But it means a Council of National Defence, of which he is a member.
dangerous shortage next fall and winter and a tremendous loss to the farmer
Recently he appointed Dr.B.T. Galloway, who had resigned
in future years.
It is the producer, the farmer, and the distributor, the railroads, which as Assistant Secretary of Agriculture, to become dean of the
have largely broken down. We manufacturers can easily double our out- New York State College of Agriculture, as the Chairman of
put. Our own plants, for instance, are now running only 43% of our
a departmental committee to consider war-time food supplies.
present capacity.
More immediate is the question of a greater supply of wheat and other This committee is going into every detail of preparing the
foodstuffs. Government crop reports show an alarming amount of damage feeding of the nation. An inquiry was made by the Bureau
done to wheat now in the ground by winter killing. Where that damage
recently asking State agents of the Dedoes not exceed 40 to 50% the sowing of spring wheat on the damaged fields of Crop Estimates
doubtless would result in the harvesting of a profitable crop. The tempta- partment to report immediately on the relative supplies of
tion is, of course, to plow up the damaged fields and plant them to corn. foodstuffs in the various States, whether they are short or
But we greatly need the wheat.
information helpful in taking stock
We manufacture fertilizers, but that does not prevent me from saying plentiful, and all other
that if farmers would put a top dressing of fertilizer on their winter wheat of the country's food resources. This information has been
fields they could increase their crop from 10% up per acre. Let the govern- coming to the committee appointed by Secretary Houston.
ment fix the price at which the necessary fertilizer shall be sold.
acreages to certain
There should be a vastly increased crop of spring wheat sowed. Farmers Efforts to have farmers devote greater
all through the great spring wheat belt of the northwest should be per- food crops and speeding up production are being made by
suaded and urged as a patriotic duty, to double their acreage in wheat.
the Department.
There is still time to save the situation so far as wheat is concerned during
the present crop year. No one need fear, even if the Government does not
guarantee him a minimum price, that he will fall to find his wheat crop
THE NEW YORK BANKERS' ASSOCIATION ON
profitable. The world must have bread.
AGRICULTURAL DEVELOPMENT.
Patriotic women who wish to do something vital for their country immediately should establish a regimen of strict economy in the household.
and educational development committee
The
agricultural
If people who now waste foodstuffs would stop that waste prices would be
New York State Bankers' Association (consisting of
lowered and there would be more than enough to go round among the whole of the
A. C. Kilmer (Chairman), First National Bank, Cobleskill,
population.
"At our house," put in Vice-President G. B. Robbins of Armour SG Co. N. Y.; H. G. Phelps, Cazenovia National Bank, Cazenovia,
"we have made It a rule that if we have potatoes on the table no other vegeW. Bingham, Bingham State Bank, Mt.
table shall be served. Not more than one vegetable at a meal is permitted. N. Y., and C.
Morris, N. Y.) has sent a letter to the members of the
And we are making similar economies in meats."
"The people of the United States," went on Mr. Aemour, "are not yet Association dealing with the request of the Council of Adawake to the deadly seriousness of the situation they are facing. Whethe
outline a plan for greater
we went into the war or not, we were certain to feel its effects, and to suffer ministration that the committee
from them. Now that we are actually at war we must arouse ourselves from co-operation between the bankers and the farmers of New
the lethargy into which we have fallen.
•
York State, their interests being identical. The committee
"Equally patriotic is the man who enlists in the army or who, by making
among bankers
an extra effort, by undergoing extra exertion and even hardship, raises more say there seems to be no division of opinion
food to supply our people, our armies and our allies.
that agricultural and educational development is one of the
"Unless the United States wishes to walk deliberately into a catastrophe,
• most important of the many problems now seeking solution,
the best brains of this country, under Government direction, must immediand that no satisfactory solution is possible that does not
ately devise moans of increasing and conserving our food supply."

put farming on a remunerative basis, and that by this means
only can the rural exodus be checked and our deserted farms
INTER-STATE COMMERCE COMMISSION ALLOWS restored to productiveness. If bankers are to render ma5% ADVANCE IN FREIGHT RATES OVER GREAT
terial aid in improving agricultural conditions, it is essential
LAKES.
that they should ally themselves with the men who are
Proceeding, the letter says:
Increases of about 5% in freight rates on all classes and producing agricultural products. work
be conducted in co-operation
Your committee recommends that the
commodities moving east and west by way of rail and by ship with
the State Department of Agriculture, the State Schools of Agriculture
lines over the Great Lakes went into effect on March 30 and the County Farm Bureaus.
The New York State College of Agriculture at Ithaca is training men as
when the Inter-State Commerce Commission declined to
teachers, investigators and farmers, all contributing in their various fields
suspend tariffs proposing them. The tariffs proposing the to the betterment of agriculture and rural life. In addition to the College,
increases were filed some time ago by the Great Lakes there are secondary schools of agriculture located at Alfred, Morrisville,
Cobleskill and Delhi prepared to give thorough
Transit Corporation, which took over many of the steam- Farmingdale, Canton,agriculture,
dairying, animal and poultry husbandry,
instruction in general
ships which railroad lines were compelled to give up under horticulture and home economics and designed to furnish practical agriculthe Panama Canal Act and the Lehigh Valley Transporation tural training to farm boys. These institutions are graduating approxito
Co. The increases will apply to rail and lake traffic from mately 500 young men every year who for tho most part aro returning
farm work.
points as far west as the Mississippi River and east to the
There are also in the State over seventy agricultural departments in
seaboard. Officers of the Transit Corporation estimated high schools that are employing teachers of agriculture on a twelve months'
basis. The men employed in those departments are giving practical inthe increased revenue from the new rates at $147,000, but struction
to farm boys on a home project basis in such subjects as animal
said expenses the present year would increase $600,000.
husbandry, farm crops, poultry husbandry and farm management. The
DEFICIENCY IN WORLD'S FOOD CROP.
The imperative necessity of a mobilization of the agricultural resources of the United States is urged by David Lubin,
American representative to the International Institute of
Agriculture. Mr. Lubin's warning comes from Rome,
where, it is stated, he is to report to President Wilson
through Ambassador Page the facts regarding the world's
food crops. Mr. Lubin calls attention to the deficiency of
the world's crop and describes the situation as becoming
alarming. From Rome on the 5th inst, he is reported as
saying to a correspondent of the Associated Press:




State Department of Education has inaugurated a campaign for thrift
gardens in villages and cities throughout the State and legislation is pending
for State assistance in the development of this work through the local school
authorities.
There are fully 200,000 farms in New York State and years must elapse
before the men on these farms can be brought in touch with the existing
agencies designed to aid them.
The calling of the farmer is so fundamentally essential to the commercia
and industrial activities of our country and his success is so vital to prosperity in every walk of life that agencies of every kind should give a forward
impulse to the work of such institutions.
We also suggest that you take a special interest in farm bureau associations. There are now 48 farm bureaus organized in the State, out of a
possible total of 54 agricultural counties, with an aggregate membership
of between 18,000 and 20.000.
Many problems present themselves the solution of which tend to a more
prosperous agriculture. The average cow in this State produces 5,000

APR. 14 1917.1

THE CHRONICLE

1449

pounds of milk in a year, according to the last United States Census. This the cost of which for a given quantity has risen from $18 96
yield will not pay for feed and care, to say nothing of a profit. The New
to $44 69. Other large increases are in eggs, from $33 01 to
York State farmer needs better cows of better parentage. They can best
flour, $15 12 to $25 40, and butter, $45 72 to $54 78.
be secured by weeding out the unprofitable cows, either by testing individ- $43 07;
ually or through cow-testing associations, and by placing at the head of Of the whole list of foods only sirloin and round steak are
every herd a pure bred sire of high-producing parentage.
cheaper than five years ago. In the period from Jan. 15
Few sheep are kept on farms in this State at the present time. With
wool at 35 cents per pound and lambs and mutton proportionately high, to Feb. 15 food prices rook a 4% jump. Onions led with a
it appears as though there is now room for a greater sheep industry. This 77% increase. Potatoes went up 30%. Eggs alone deis particularly true of the farms in the hill sections far from market and creased in price. It is estimated that if a dollar's worth of
where the hauling of cash crops is expensive and where there is an abundance of cheap grazing land. Sheep kept as an adjunct to the farm busi- food bought in 1907 weighed ten pounds it would weigh toness and as one of the items in a diversified system of farming are worthy day a trifle more than seven pounds. The Department's
of consideration.
statement says:
Secretary of Agriculture Houston recently made this statement: "The
Despite the average increase of 19% an hour in wages in the last ten
American farmer should strive this year for the highest standard of effiyears and despite a cut in hours worked of 4% the rising cost of foods has
ciency in the production and conservation of food. Under the conditions
operated to reduce the pay of the American workingman about 16%, exin which this country now finds itself it is important that everything prac- pressed in terms of food
his dollar will buy. A workingman who made
ticable be done to increase the fficiency of agricultural activities during
$3
a day in 1907, working ten hours a day, in 1916 worked nine hours and
the coming season."
thirty-six minutes a day and drew $3 48; but it cost him $4 17 to buy the
Your committee merely indicates these as a few ways in which the banker
same quantity of food has $3 would cover in 1907
can co-operate with the farmer. This general letter will be followed by
The averages of food and of pay, qualified by reductions in hours worked,
others containing more definite recommendations, and it is urged upon rose at
about the same rate from 1912 to 1915, so that during that time
every banker in the State, whether national, State,trust company or private wages would pay for
about even quantities of food each year. Actually,
banker to realize the responsibility resting upon him to co-operate in the workers enjoyed better conditions in
1915 than in 1912. because they had
work and to that end the committee invites correspondence, and bankers more and steadier work. But war losses got into the
equation in 1916
who have any suggestions to offer in regard to this work,and suggestions and pushed up food prices faster than wages. There were some crop shot.
are wanted, will please correspond with the Chairman.
ages also, which contributed their share. Besides this, however, there
is reason to fear that other elements are conspiring to raise prices.
Cold storage, robilling, reshipping, and withholding of commodities from
PRESIDENT OF PHILADELPHIA GRAIN EXCHANGE
market are suspected to contribute to the present abnormal rise in the
SAYSGOVERNMENT MUST SEND MEN TO PLANT
prices of food. Whether some persons have conspired to engross the marSPRING WHEAT—MORE IMPORTANT THAN
kets the Department of Labor cannot state. But the reports of the Bureau
MOBILIZATION OF SOLDIERS.
of Labor statistics seem to lend some color to such an opinion, viewed in
the light of conditions revealed by a comparison of figures through a range
Through a statement issued by the Philadelphia Bourse of
years.

on April 9, L. G. Graff, President of the Commercial (grain)
Exchange on the Bourse "floor", and one of the largest grain
dealers of that section, declares that the Federal Government
must take immediate steps to meet the threatened shortage
in winter wheat by assisting in the planting of the largest
spring crop acreage in the history of the country. More important during the next six months than the training and
mobilizing of fighting men, he asserts, is the sending of
thousands of men into the northwest to plant wheat and rye.
Unless the Government lends a hand to farmers by supplying
labor in the next 30 days, he says, the only opportunity to
strengthen the coming grain supply for the needs of this
nation and the Allies will be lost. The Bourse statement
quotes Mr. Graff as follows:
Despite the Government's prediction that the winter-wheat crop will be
short more than 50,000,000 bushels, it is still too early to tell just what the
crop will be. With favorable weather conditions prevailing from now until
July, when the crop is harvested, we may obtain a greater crop than the
present would indicate. We are all hoping for this.
But regardless of whether the forecast is accurate, we must prepare at
once to meet any possible shortage by planting the greatest acreage of
spring wheat and rye ever planted in the United States. If the winter
crop should produce only 430,000,000 bushels, we must have about 350,000,000 bushels from the spring crop to meet the requirements of this
country and the Allies, and we cannot foretell what kind of weather the
new crop will meet. During the last couple of years, the exports of grain
alone totaled about 800.000,000 bushels.
We can have a spring crop of the volume necessary only by Governmental
assistance to farmers in the matter of supplying labor. The acreage which
must be planted calls for a recruiting of labor into the Northwest where
labor is now very short. The most vital and practical preparedness plans
which the Federal Government can make just now is provision for the
importation of workers into the grain-growing districts. The Departments
of Labor and Agriculture should at once take steps to assist farmers in their
spring sowing by supplying them with laborers. As much acreage as possible must be planted because of the possibility of a reduction of the spring
yield by bad weather.
For the next six months the grain question will be the most vital which
this country will have to face. Troops are not needed at once, but food
Is, and the success of the United States and the Allies against Germany
largely hinges upon sufficient supplies of food. Because farming is less
spectacular than soldiering, its importance in war time does not receive
from the mass of the people the attention which it deserves. The man who
in the next six months tolls in the Western grain fields will be performing
the highest kind of service to his country. The shortage in winter wheat
which appears probable, requires every Governmental energy bent toward a
huge spring crop.
If the spring crop proves sufficient, slight hardship should be worked
as a result of the winter shortage, since but two months intervene between
the harvesting of the winter wheat and the harvesting of the spring crop—
the former occurring in July and the latter in August. To meet the domestic
and Allies' needs, the winter crop should be 600,000.000 bushels, but a
good spring crop should counteract the predicted shortage.
Whatever the Government does to furnish labor to farmers, it must be
done within the next 30 days, if the sole opportunity offered to meet the
threatened shortage is not to be lost.

BRITISH GOVERNMENT'S PRICE FOR CANADIAN
WHEAT OPPOSED.
Much opposition has developed in Canada against the
proposal of the Dominion Government to take over for Great
Britain at $1 30 a bushel the entire surplus wheat crop of
1917. Reports from Ottawa on March 15 referred to in our
issue of the 17th of that month, stated that the Dominion
Government had received word that the Canadian Council
of Agriculture (which represents large associations of grain
growers, chiefly in the Canadian West), meeting at Regina,
had decided that the whole surplus wheat crop of Canada
should be taken for the British Government at approximately $1 30 a bushel for No. 1 Northern grade, and proportionate rates for other grades, at Fort William. That these
reports were misleading is seen in the following statement
issued on March 15 by the Council, stating that the price of
$1 30 per bushel could not be accepted:
The first intimation that the Western farmers received that the Dominion Government was taking over the 1917 crop at a fixed price was on
Feb. 16. On that date Roderick MacKenzie, Secretary of the Canadian
Council of Agriculture, received a telegram from Sir George Foster, Minister of Trade and Commerce, asking that representatives of the Canadian
Council of Agriculture meet him in Ottawa for a confidential conference
on the subject. The conference was held on March 3; the Western farmers
being represented by Roderick MacKenzie, Secretary of the Council ;
H. N. Wood, President of the United Farmers of Alberta; C. Rice Jones .
President of the Alberta Farmers'Co-operative Elevator Co.;J. A. Maharg
President of the Saskatchewan Grain Growers' Association; R. C. Henders,
President of the Manitoba Grain Growers' Association, and T. A. Crerar,
President of the Grain Growers' Grain Co.
At the conference Sir George pointed out that the British Government
was anxious to have an adequate supply of wheat guaranteed for the coming year. Canada was in the best position, geographically, to provide
this wheat, as it was much nearer than either Argentina or Australia,
and consequently would require less shipping tonnage to transport. Sir
George had been in conference with the British Government and proposed
that the Canadian Government should take over the entire surplus of the
1917 crop at a fixed priee of$1 30 per bushel, in store at Fort William, on the
basis of No. 1 Northern. The conference discussed the matter at considerable length, but the delegates from the West were not prepared to agree
to this price. It was decided to leave the matter over until it was discussed
by the Canadian Council of Agriculture, at their annual meeting in Regina
this week. As a result of that discussion the Canadian Council unanimously decided that the price of $1 30 per bushel could not be accepted and
they therefore sent the following message to Sir George Foster:
"Respecting the matter of fixing or guaranteeing a price for the surplus
crop of Canadian wheat for the year 1917, discussed with you at your request in Ottawa on March 3 by representatives of the Canadian Council
of Agriculture, your suggestion that a price be fixed about $1 30 per bushel
basis for No. 1 Northern wheat at Fort William for the entire crop, was
considered by the full meeting of the Council here to-day, and after full deliberation on the matter, the Council, having in view the present high cost
of production, believe that to insure the maximum production of wheat for
t he coming year, it is advisable to fix a minimum price covering all of this
year's crop, and this Council therefore recommends that a minimum price
at Fort William of $1 50 per bushel basis for No. 1 Northern be guaranteed,
and that a maximum price of $1 90 per bushel basis for No. 1 Northern at
Fort William be fixed. Spreads in price on grades lower than No. 1 Northern to be fixed on the actual difference in value between such grades as determined by making and baking tests; or, if a flat price be decided upon.
such price be $1 70 per bushel basis for No. 1 Northern at Fort William,
this being less than the average price of No. 1 Northern at Fort William
during the last six months."
The Council of Agriculture has no further advice as to what the action of
the Government will be.

COMPARISON OF PRESENT FOOD PRICES AND WAGES
WITH THOSE OF 1913 AND 1907.
A statement dealing with the increase in the price of food
since 1913 was issued by the Department of Labor at Washington on March 29. According to the Department the
annual food bill of the average family has grown from $339 30
25 54. In ten years, the Department's exin 1913 to
perts estimate, the advance in the cost of food has so far
Sir George Foster on March 22 issued a statement regardoutstripped wage increases that the workman who drew
$3 a day in 1907 now finds himself just 69 cents a day worse ing the Western farmers' rejection of the Government's offer.
off. The Department states that the heaviest increase in After pointing out that Great Britain has purchased the enfood prices during the last four years is shown in potatoes, tire Australian wheat crop at $1 12, Sir George stated that




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the British Government desires to get its wheat supply as
far as possible from Empire sources, and that "the geographical position of Canada, taken in connection with sea
war dangers and shortage of transport tonnage, makes it of
great importance that its surplus should be at the disposal of
the British Government." The Minister of Trade and Commerce, says the "Montreal Gazette," then went on to say:
While no price was definitely fixed upon in the communications had with
the British Government, yet a possible rate was canvassed by taking as a
basis the price paid the British farmer, with adjustments and deductions
for freight and cost from Fort William to Europe. One can come pretty
close to It by taking that base price as being about $1 82 to the British
farmer and making his own calculations.
The Council of Agriculture advised that the lowest possible price acceptable would be a flat rate of $1 70 per bushel for No. 1 Northern at Fort William, or, preferably, a guarante of prices from a minimum of $1 50 to a
maximum of $1 90. This latter appears very much like making the price
$1 90 for all, or defeating the purpose in obtaining certain supply.
There are some considerations which will naturally suggest themselves
to the farmers as to what constitutes,a reasonable and safe price.
The rate paid for No. 1 Northern does not indicate the price the farmer
will get for his whole crop. On an average he will have far less of No. 1
than of the lower grades. The farmer well knows the spreads to which, under the present method of purchase, he is subject on wheat of good milling
value but of inferior grades as certificated.. If, on the other hand, the Brit.ish Government buys all his millable wheat in terms t:t its millable value
and buys it from the farmer himself and'notfrom the speculator, the farmer
gets the full price for all. He does not have to divide with any one.

[VOL. 104.

Whereas,it is recognized by this committee that one of the most important
duties of the trust companies is to co-operate in the mobilization of the financial resources of the United States; Therefore, be it
Resolved, That this committee urgently recommend to the trust companies
of the United States that immediate steps be taken to secure amendments.
where necessary, to the State laws in order to permit the trust companies
to carry their gold reserves on deposit with the Federal Reserve banks in
their several districts, and that as soon as such action can be legally taken,
the trust companies offer to deposit these reserves with the Federal Reserve
banks.

The Trust Company Section of the American Bankers'
Association represents trust companies throughout the country, the officers and executive committee of which section
include the following:
President, Uzal H. McCarter, President Fidelity Trust Co., Newark,
N. J.; First Vice-President, Frank W. Blair, President Union Trust Co.;
Detroit; Chairman Executive Committee, John W. Platten, President
United States Mortgage & Trust Co., New York; Secretary, Leroy A.
Mershon, 5 Nassau Street, Now York; Executive Committee: F. H. Goff,
President Cleveland Trust Co., Cleveland; Ralph W. Cutler, President
Hartford Trust Co., Hartford, Conn.; John H. Mason, Vice-President
Commercial Trust Co., Philadelphia; H. W. Jackson, President Virginia
Trust Co., Richmond; Lucius Teter, President Chicago Savings Bank &
Trust Co., Chicago; E. Woodruff, President Trust Co. of Georgia, Atlanta;
John H. Holliday, Chairman Union Trust Co., Indianapolis; Oliver C.
Fuller, President Wisconsin Trust Co., Milwaukee; Lynn H. Dinkins.
President Interstate Trust & Banking Co., Now Orleans; Arthur Adams,
Vice-President New -England Trust Co., Boston; Theo. G. Smith, VicePresident International Trust Co., Denver; James M. Pratt, Vice-President Guaranty Trust Co., New York; E. D. Hulbert, President Merchants'
Loan & Trust Co., Chicago; Gen. Wm. C. Heppenheimer, President Trust
Co. of New Jersey, Hoboken; John W. B. Bausman, President Farmers'
Trust Co., Lancaster, Pa.; Seward Prosser, President Bankers Trust Co.,
New York, and William T. Kemper, President Commerce Trust Co.,
Kansas City, Mo.

The "Manitoba Free Press" of Winnipeg on March 23, in a
lengthy article regarding Sir George's statement, said that
it was probably one of the most remarkable utterances by a
Cabinet Minister that has ever been made. We reproduce
herewith the closing part of the article of the "Manitoba
Some idea of the importance of this action may be gained
Free Press," which appeared under the caption "Foster Atwhen it is realized that the trust companies of the United
tacks.Council of Agriculture:"
Now, as to the good profit. $1 30 per bushel Fort William is the offer. States represent to-day approximately nine billion dollars
It is a flat rate, and for one crop only, on the basis of No. 1 Northern, of banking resources, exclusive of the many billion dollars
and it is to be paid at Fort William. Apart altogether from what it costs held in connection with their
individual and corporate trusts.
to produce the wheat and transport it to the country elevators, once it
is there there are certain fixed charges which must be paid; elevation into This step on the part of the trust companies should be an
and through a country elevator is 1% cents per bushel; elevation at a termi- important factor in strengthening the position of the Governnal is u, cents; the regular commission for'handling grain is 1 cent, but, in
ment in facing the problems of war finance, and adds an imview of the fact that in this case the buyer and the price would be fixed, it is
possible that the commission might be reduced to
cent. The average portant element of strength to the credit of the country.
freight would be 13 cents a bushel. This would be a charge of 16 cents
against the wheat before it could be loaded into boats at Fort William,
and for loading, weighing and all the certificates and formulas necessary
to get the wheat on boats is another full cent. But supposing the British
Government bought it in store Fort William and assumed the expense of
getting it on board, there would be 16 cents from the price of $1 30 even
on the wheat which reached the terminals and was taken over immediately
by the British Government. Assuming that Canada's surplus to sell to
Britain is 150,000,000 bushels, certainly 50% of that amount would have
to pay storage, because it could not be got out, and the storage, to put it
at a very conservative figure, would be another 5 cents per bushel, or, say,
2M cents on the 150,000,000 bushels, or a charge of 18A cents to come off
the price of every bushel which the British Government is paying for on a
basis of 31 30 for No. 1 Northern. This takes no account of interest on
money that would have to be borrowed to carry the crop that must be held
In store.
Sir George hints that not to have accepted the offer is both foolish and
disloyal, but ho will have difficulty in proving the folly of such a course
to Western farmers and to mon of the calibre of the Wheat Commission of
Great Britain. It would be no proof of loyalty nor patriotism for the Western farmer to undertake to produce grain at a loss when the Wheat Commission stand ready and willing to buy it at a reasonable profit from every other
part of the Empire.
If our wheat is only worth 31 30 basis Fort William, while the British
wheat is worth $1 82, why is it that Canadian wheat to-day, and for that
matter for months past, is worth from 30 to 32 cents per bushel more than
British wheat on the Liverpool market?
From beginning to end of the statement there is nothing to indicate
either that the British Wheat Commission thought 31 30 the right price
for our wheat or that they now think the proposals made by the Canadian
Council of Agriculture unreasonable.
Under all the circumstances the best way to handle our wheat is on
a minimum and maximum price, using the ordinary and well-established
channels of trade. The British Commission were willing to operate on
that plan last fall, and there has been given no shadow of reason why they
should not be willing to do so now. If the Canadian Council of Agriculture
and the British Wheat Commission could get together, it is highly probable
they would find that there is very little if any difference between them on
the questions of either method or price.

TRUST COMPANIES TO CARRY THEIR GOLD RESERVES
WITH FEDERAL RESERVE BANKS.
An important step in mobilizing American financial
strength in support of the war was taken at a meeting held
Tuesday, April 10 1917, of the executive committee of the
Trust Company Section of the American Bankers' Association in New York City. The committee, which represents
trust companies in all sections of the United Sttaes, was
called in special session by its Chairman, Mr. John W. Platten, President of the United States Mortgage & Trust Co.
of New York, to consider the general conditions facing the
country at present and to define their own attitude toward
them.
With a full recognition of its patriotic duty and privilege,
the committee unanimously voted to adopt the following
resolution:
Whereas, the nation is in a state of war and it is the earnest desire of the
trust companies of the United States to serve the country in every way in
their power; and




MR. IVARBURG WOULD FORCE STATE BANKING INSTITUTIONS INTO FEDERAL RESERVE SYSTEM.
. In speaking last Saturday evening before the Commercial
Club of Chicago on "Government and Business," Paul M.
Warburg, Vice-Governor of the Federal Reserve Board insisted on the necessity of co-operation between Government
boards and business if the large economic problems of modern
industrial states are effectively, to be coped with. Before
dealing with the subject of his, address, he spoke about the
financial problems confronting the United States, and it is
only these parts of his remarks that we present to-day. He
said:
Under the particular circumstances In which we enter the war, the financial aid that our country will be able to render will be one-of our most important contributions, and I have no doubt that in whatever way our Government will finally decide to appeal to the American investor he will respond with an alacrity and in a spirit that will astound the world.
It is a profound satisfaction-to all of us to know that never before was this
country financially as strong and as well prepared as it is to-day. During
the last three years our gold holdings have increased by 57%,from 31,900,000.000 to about $3,000,000,000. In addition, as you are well aware, we
have improved our position as against other nations by repurchasing our
own securities and making foreign loans to an amount approaching $5,000.000,000.
Moreover, by the establishment of our Federal Reserve-system, we have
organized this enormous strength. We have brought into effective coordination a large portion of the country's banking reserves. We have
regulated and brought about a general understanding of modern methods
of rediscounting. We have created a new wide market for bankers' acceptances, so that our member banks now have an easy means of recourse
to the Federal Reserve banks in case they wish to replenish their reserves.
We have established fiscal agency relations with the Government and
perfected an instrument which may prove of great value in placing future
issues of our Government securities. Not so much by investing their own
funds, except when dealing with short maturities, but by acting as a medium of distribution, the Federal Reserve banks may play a most important
part in facilitating the participation of all sections of the country, in receiving the payments for subscriptions and adjusting any drastic dislocation
of funds that might arise through heavy payments by the banks to the
Treasury.. We have available a vast supply of notes of undoubted solidity
ready to be issued whenever there may be a demand; and, through the interdistrict gold clearing fund, we have established machinery'for the freest exchange of balances between the various parts of the country. Not by any
stretch of imagination could we any longer perceive the possibility of a gold
premium between the various American centres or a currency famine as in
years gone by. About our power to take care of ourselves there can be no
doubt.
But in view of the unparalleled demands that may be made upon us, both
during the war and after the conclusion of peace—demands which it may be
our highest national interest and duty to satisfy—we should not neglect
;o perfect our financial machinery to Such a degree as to give it the greatest
poasible strength. For this reason, the Federal Reserve Board has again
recommended to Congress amendments having for their object a still further concentration in the Federal Reserve banks of gold held in scattered
bank reserves, and a more liberal substitution of Federal Reserve notes for
our present rigid 100% gold certificate circulation. One billion dollars—
one-third of the gold holding of the United States—is at present "unaccounted for;" you and I carry It in our pockets,Ills in the tills of the baker.
the grocer and the dry-goods store. We all would Just as leave take Federal Reserve notes—our Government's absolute obligation secured at pres-

APR. 14 19174

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1451

it." We quote the
ent by practically 100% of gold and all the assets of the Federal Reserve welfare of the United States requiring
banks. It is as apparent that it would increase our strength enormously address as follows:
if we could add to our organized reserves a substantial portion of this wasted
To those who are deeply interested in unifying and strengthening our
gold as it is obvious that it would be nothing short of a crime wilfully to financial system the attitude of the State banks in not becoming members
to
addition
its
an
of
vital
so
power
time
this
at
country
our
withhold from
of the Federal Reserve system appears rather peculiar. The public,
offense and defense.
through its commercial bodies, and the business men generally are loud in
at
all
the end of their praise of the Federal Reserve Act and the practical workings of the
legislative work
Unfortunately, in the general tie-up of
desired
the
pass
to
unable
legislation.
was
Congress
the preceding session,
system. This praise is due to the assured benefit of those who are directly
It is most essential for the best interest of the country that prompt action engaged in commercial, agricultural and industrial pursuits.
be taken by the present Congress and it is most doshable that public opinIs it not strange, then, that so few of the State banks have seen fit to
ion assist the Committees on Banking and Currency in securing early and apply for membership, notwithstanding that they have often been appealed
will
promptly
us
which
enable
amendments,
these
of
consideration
favorable
to by the Federal Reserve Board and by the officers and directors of the
to complete our financial mobilization.
Federal Reserve bank of their respective district? There must be some
for
the
upon
importance
length
at
dwelt
Warburg
underlying
clause why they have refrained, up to this time, from joining
Mr.
with a financial system that has received so much praise from the
the whole country of effecting a uniform banking system and hands
press and commendation not only from the general public, but also from
developing the fullest strength of the Federal Reserve Sys- prominent students of financial questions throughout our country.
State
the
of
into
system
the
entrance
the
Federal Reserve Requirements of State Banks.
securing
tem by
Economic writers of European countries, who have for years given their
banks and trust companies. On this point he spoke with the
best thought to a study of the banking systems of the world, have been
utmost frankness, and conveyed an implied threat that the very generous in their approval of
the Federal Reserve Act. Inasmuch as
State banking institutions, if they do not voluntarily come this piece of legislation is conceded by all to have been the most important
years, and in view of such universal approval.
into the Federal Reserve banking system, will be forced enacted by Congress in many
I again submit, "Why is it that State banks, to any great extent, do not
into it, saying:
avail themselves of the privileges of membership in the Federal Reserve
The present condition of having 7,500 banks carry the burden for 27,000 system?" By so doing they are not required to surrender their State
is unfair both to the member banks and the best interests of the country. charter; nor, are they even required to restrict their customary activities
The strong non-member banks who, knowing the facts, do not remove this in the regular course of transacting business. It is true that in some
inequality will, in time, force the Government to do its duty in adjusting respects they would have to conform to the same laws that govern national
the matter. But if Congress finally should be forced to swing the "big banks. For instance, they would be required to limit their loans to any
stick" they will be the ones to complain most loudly about the "nuisance one person, firm or corporation to 10% of their capital stock and surplus.
and unfairness" of governmental compulsory regulation.
But this surely is not a serious objection, for prudent bankers, whether
Mr. Warburg argued that the Federal Reserve Board had State or national, do not care to lend excessive amounts to a single borrower.
Reserve system would have the
gone to the limit in prescribing impartial conditions for mem- A State bank as a member of the Federal
same privileges as a national bank in handling large transactions involving
inthat,
insisted
ber State banks and trust companies, and
dealings in cotton, grain or other readily marketable staples, through the
stead of trying to restrict the legitimate banking operations medium of bills of exchange, bankers' acceptances and trade acceptances, in
large amounts to accommodate the demands of trade. A
of such members, the Board had striven rather to secure sufficiently
member bank using this class of paper is not restricted by the 10% limit
from Congress enlarged powers for national banks. He as on ordinary loans—such as promissory notes.
There is only one other restriction that would apply to State banks, which
said further:
I know that a groat many of the leading State bankers of the country are hardly amounts to an objection at all, and that is prohibiting a bank to lend
on
its own capital stock. With respect to loans on real estate, the Federal
feel
happy about it and
very sensitive as to this situation. They do not
have made up their minds that it is the proper thing for them to come in. Reserve Board has taken a very liberal position and has not imposed restricThey furthermore know that every depositor in a member bank contributes tions of a character calculated to embarrass properly conducted State banks.
his share to the stronger protection and to the greater credit power of the The Board simply requires that such real estate loans shall not be carried
country, and that their depositors will awaken to a realization of the im- by a State bank so excessive in amount as to impair the liquid condition of
portance of this condition. They know that in case of a real strain savings the bank. The few restrictions herein enumerated are, after all, generally
banks, trust companies and State banks, indirectly, will have to depend conceded as sound banking practice and I have no doubt a great number of
upon the strength of the Federal Reserve System others maintain for them. State banks at the present time are conducting their business along these
But they know that entering the system means certain sacrifices in earnings, lines. A membership in the Federal Reserve system would not preclude a
and, may be, the loss of some interlocking directors. Yet, if that is their State bank from exercising its full charter and statutory rights as exist at
contribution to the rise of America's banking system and to the safety present under the State laws.
Required Reserve.
and better growth of our economic edifice, they ought to be willing to pay
Perhaps the State banks balk on the question of reserves; which they, like
that price.
Under a highly developed system of branch banking, there are in England the national banks, would be required to carry with the Federal Reserve
259 joint-stock banks, in Canada 21 and in Germany about 350. We have Dank—without receiving any interest thereon—and here, maybe, is where
about 30,000. It is obvious, therefore, that leadership and direction by the "shoe pinches." No central bank in any European country pays intergovernment agencies Is even more necessary with us than in Europe. We est on reserves, nor is it practicable to do so as it would necessitate their
have adopted from Europe the principle of co-operative protection in investing their funds to an extent in earning profits that the bank as a
banking and we ought to accept from them also the loyal spirit in which reserve institution would be so impaired as to be useless in time of public
they co-operate with their leaders. The people, the banks and the press stress. It may be that this question of reserves without interest is the
are mindful of the fact that farmer and manufacturer, borrower and lender principal drawback to State banks joining a financial system so universally
of necessity cannot take an unselfish point of view; that no matter how approved. It is true that State banks can now keep their reserves in far-off
profoundly they believe they have given due regard to the country's general financial centres and receive thereon 2% to 3% on their balances, but isn't
interests, most of them are so busy with their own affairs that they have this more than compensated for in the protection and security afforded by
not even had the time to consider the problem front any but their own having their reserves in a Federal Reserve bank with the assurance that it
angle. The central bank's actions must, of course, bear careful analysis can be gotten promptly when needed. It is no doubt fresh in the memory
and healthy public discussion. But the first impulse abroad is to follow of a majority of you that when panics occurred in the past, banks were
the men they have placed in charge, to stand by them and to take it for unable to get their reserves from New York and the other financial centres.
granted that the obvious is not likely to have escaped their attention, and They were practically helpless, both State and national banks. Those
that the only object in view is to be fair to all and to do the best for their who were at the head of banks during those trying times can never forget it:
country.
and I know they are thankful now that they have a financial system that is
More than in Europe it is necessary with us that our banks shall not con- ready for any emergency and that allays the fears that existed in past
sider the Federal Reserve System as an unwelcome and bothersome leash panics. I imagine I can hear a State banker say, that when a panic occurs
from which some day they still hope to escape. The Federal Reserve Act again (and, gentlemen, they will surely come in one form or another) they
provides for a joint administration by Government on the one hana and will get help through those who are members of the Federal Reserve system.
banking and business on the other. The more the banking and business Isn't it quite likely that in troublesome times member banks would be
communities realize that Government regulation in banking is indispensable busy looking after and taking care of their own customers? I have heard
and has come to stay the more they substitute for a critical attitude a spirit some State bankers say that should another panic occur they would put in
of active co-operation, the more they begin to recognize their duties and their application for membership. I fear this kind of financial death-bed
privileges as half-partners in the administration, and the more they make repentance might not work so well at a critical time, for at such times there
It their business to perfect the machinery which has been established for mightlbe considerable delay in taking in new members; and, in an emertheir own protection, helping instead of hindering those who try to make it gency, time counts for everything.
a success, the happier and safer will they be and tho better it will be for all.
May Not Be Panic-Proof.
Let them be clear about it that our people will never permit this Federal
The FederalReserve Act,like many good things, has received extravagant
Reserve System, or any other similar system, to bo run by the banks alone praise from its friends; and some of its admirers have gone so far as to say
without the check and regulation of the Government, just as little as the there would be no more panics. Well, we hope this is true. but I cannot
country would permit the Government to run such a system without the bring myself to take such a rosy view of the future. No matter what kind
counter-check of the co-operation of the banking and business communities.
of a banking system we may perfect, panics are liable to occur, for they
You may say that this marriage between Government and business is not
are more often caused by influences not directly connected with banking.
wedlock based upon love at first sight. But no matter whether it was It is unquestionably true that the Federal Reserve system is a potential
love, reason or necessity that brought it about, there can be no divorce. power in the financial world, and with its present membership and large
And inasmuch as they must live together, the only wise course is to pull resources would be able to go a long ways towards ameliorating a financial
together and let the common interest act as the strong bond uniting them.
disturbance; but how much more potent and effective it would be if the
State banks and trust companies were also a part of the system. Ultiin my opinion, this will come to pass; for public opinion,
MR. WELLBORN SEEKS FOR REASONS WHY STATE mately,
which is the governing power of this country, will take a hand in this quesINSTITUTIONS DO NOT JOIN RESERVE SYSTEM.
tion and a way will be found to unify our financial system and compel all
banks to be in one powerful organization, the general welfare of the United
Speaking on April 7 at St. Augustine, Fla., before the States
requiring it. This to my mind is a "consummation devoutly to be
annual convention of the Florida Bankers' Association, wished." Perhaps, however, it may not be necessary for Congress to bring
about, for the public, although a little slow, is quite disM.B.Wellborn, Chairman of the Board and Federal Reserve this unification
cerning, and in the fulness of time there will doubtless be a sharper disFederal
the
of
undertook
Reserve Bank of Atlanta,
Agent
crimination by tho customers of banks, and I feel quite sure the discriminato find the reasons why State banking institutions evince tion will be in favor of the banks who are "members of the Federal Reserve
As the system proceeds in its development and its daily workings
no inclination to join the Federal Reserve system, notwith- system."
.
..more familiar to the general public, it is not unlikely that banks will
become
standing solmany are loud in its praise. Like Mr. Warburg, becharacterized as "member banks" and "non-member banks," instead of
he makes an implied threat that the State institutions will in as_at present, "national banks" and "State banks."
Provisions for State Bank Membership.
the end be forced into the system, saying that ultimately "a
the outset of this address, I stated that the attitude of the State banks
way will be found to unify our financial system and compel to At
the Federal Reserve system AIM rather peculiar, at least it seemed so to
all banks to be in one powerful organization, the general melli13ecause, at the beginning of our recent financial regeneration—which




1452

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had its inception in the preparation of the Aldrich Bill and which was introduced in Congress after a commission had visited Europe and thoroughly
investigated the financial systems of the world—the Aldrich Bill failed to
Include any provision for membership of State banks and trust companies.
Strong protests were made in behalf of State institutions, and it was insisted that they should not be left out of any legislation of a comprehensive
nature for the reconstruction of our financial system. In response to these
demands, when the Federal Reserve Act was prepared, careful and full provisions were made to include State institutions. Immediately following the
organization of the Federal Reserve Board in August, 1914, they went
earnestly to work to formulate proper rules and regulations for the admission of State institutions. There were many obstacles to overcome, but
finally, in June 1915, the Board issued its rules and regulations regarding
the details of admission of State banks to membership. While waiting for
this promulgation, it was common talk among State bankers that they
wanted to join and were only awaiting these regulations in order to have
their status definitely defined. The regulations of the Federal Reserve
Board when issued were found to be so liberal and fair to the State banks
that I can recall hardly a single instance where they were commented upon
unfavorably by State banks. The Board went so far as to provide that
State institutions could withdraw from the system, a privilege that is not
given to the national banks. Under all the circumstances, isn't it strange
that State banks still decline the hearty and liberal invitation of the Federal
Reserve Board?
State Banks as Members—Examination Under Control of Federal Reserve
Board.
The authority to make examinations of State banks while members of
the Federal Reserve System is lodged with the Federal Reserve Board,
and they have, in order to be liberal with the State banks and to save them
from the additional expense of two examinations, provided a regulation, as
follows:
"In order-to avoid duplication, the Board will exercise the broad discretion vested in it by the Act in accepting examinations of State banks
and trust companies made by State authorities wherever these are satisfactory to the Board and are found to be of the same standard of thoroughness as national bank examinations, and where in addition satisfactory
arrangements for co-operation in the matter of examination between the
designated examiners of the Board and those of the State already exist or
can be affected with State authorities. Examiners from the staff of the
Board or of the Federal Reserve banks will, whenever desirable, be designated by the Board to act with the examination staff of the State in order
that uniformity in the standard of examination may be assured."
May I ask if they are timid or afraid of an examination by the Federal
Reserve Board, or tho Federal Reserve' bank? Surely not; I cannot
imagine such an objection from a sound and substantial institution. If
these be the reasons, maybe a discriminating public will in time begin to
think along these lines and the result might be that the depositors will
conclude that it is safer for them to put their deposits in a bank that is a
member of the Federal Reserve system.
It may be pertinent to ask if national banks exert any effort to persuade
State banks to become members of the Federal Reserve system? I dare
say they do not, for it could hardly be expected that they would be so
altruistic as to induce their competitors to enter a system that would put
State banks on a parity with themselves, for the national banks are well
aware that a membership in the Federal Reserve system would result
in making a keener and more formidable competition for deposits, which
after all is the very essence of the profitable part of the banking business.
Patriotism.
In these stirring times—when our country is at war with a foreign foo—
ls it not as much the part of patriotism for the State banks to enlist with the
Federal Reserve system; all under one banner, as for the individual to
heed the "Call to Arms." Surely so; for the financial end in properly
carrying on a war is equally as important as it is for men to go to the front
and battle for their country's welfare. The European War has clearly
demonstrated to us the wonderful power of finance in the war-game.
Let the State banks unite With the nationals under the banner of the
Federal Reserve system and form a more solid financial phalanx, thus
enabling our Government to present a stronger front to the enemy.

PAR CHECK COLLECTIONS—COMMITTEE OF
TWENTY-FIVE STILL ACTIVE.
The Committee of Twenty-Five of the American Bankers'
Association is continuing its efforts to secure a solution of
the Check Collection Problem on a basis fair alike to the
banks and to the public. A letter from Jerome Thralls, the
Secretary, contains the following:
A number of the Federal Reserve officials, and others interested in the
expansion and promotion of the Federal Reserve Collection System, have
made public statements to the effect that the System is proving to be a
success because more than eight thousand non-member banks have voluntarily agreed to remit at par to the Federal Reserve banks, and are IThPPY
and satisfied because of the operations of the plan.
In response to a letter sent to five representative banks in each State,
whose names appear on the par lists of the Federal Reserve banks, inquiring
as to the facts, we received replies from 156 institutions. Of these, 75
.were receiving items direct from the Federal Reserve banks; of this number
36 advised that their agreement to remit at par was because of coercion; 17
advised that they remitted at par before the inauguration of the Federal
Reserve System. Deducting the 36 and 17 from the 75, leaves only 22
banks out of 156 that actually agreed to remit at par and are satisfied
with the plan. Seventy institutions had no option whatever in the matter,
their items being sent for collection through members, through the express
company, or some other agent. One bank reports that it is being paid $1
per $1,000 by the Federal Reserve bank because it IS located off the railroad, and its items cannot, therefore, be presented through the express
Company.
I am enclosing herewith a tabulation showing in full the result of this
little referendum. It may be of interest to you and to your readers.
On the 2d inst. the Federal Reserve Bank of New York inaugurated the
plan of collecting by express checks and drafts on non-member banks in the
New York District that will not remit to the Federal Reserve Bank at par.
We communicated with the Federal Reserve Board, and the Federal
R serve Bank of New York, urging that this step not be taken, because it
w
n that nse feeling and opposition that will prevent the friendly
c y of he Coll is necessary for the strength and successful operation not
onl, ,
ection and Clearing feature, but of the more important
fun no moral Federal) Reserve System. The Federal Reserve banks
haven upon n °r legal obligation to take on deposit checks and drafts
draw of items °n-member banks, and should not undertake to handle that
if it interferes in any way with marshalling the resources of
class
a
all the banks in such way as to make them available for the defense and
protection of this country.




[VOL. 104.

It is certain that if we are drawn into the world war as an active combatant every resource at the command not only,of the Federal Reserve banks
and their members, but the non-members, and even of the individual
throughout the land, as well, will be needed. If we do not become involved
as active participants in the terrible conflict these resources will be needed
in order to defend and develop our commercial and industrial interests, and
hold the enviable position that America has acquired among the great
nations of the world.
The Committee of Twenty-Five is duty-bound to stand for and work for
a collection and clearing system, the operations of which will be fair to
the banks and to the public, and therefore hopes that the law may be so
amended and the activities of the Federal Reserve banks may be so directed
as will permit of the utilization of the Federal Reserve collection, plan as a
basis of such a system. Coercive measures should be withheld until every
possible effort has been made to adjust the clearing and collection system
so that it will fit into the banking machinery without friction, and without
inflicting unnecessary burdens and hardships upon certain banks, and until
the efforts that are now under way for the solution of this problem may be
fully rounded up.

RAYMOND B. COX ON TRADE ACCEPTANCES.
Raymond B. Cox, Vice-President of the Webster & Atlas
National Bank of Boston, speaking at the conference on
trade acceptances held in this city on March 9th, was
quoted in the "Daily News-Record" as saying: "The acceptance cannot hope to succeed if we attempt to strike an immediate blow at the cash discount. The cash discount will
continue, and what effect acceptances are going to have on
it, time alone will tell." Mr. Cox spoke extemporaneously
at the conference, much of what he had to say having been
along the lines of an article, previously written and published
by him under the title of "Trade Acceptances from the
Mercantile Standpoint and also from the Banking Standpoint." In addition to the thoughts brought out in that
article Mr. Cox emphasized at the conference the following
points:
First. In considering trade acceptances, no thought should be given at
this time to their effect on cash discounts, this system being so thoroughly
established that it would be unwise and harmful to attempt any disturbance
in that phase of selling at the present time.
Second. The physical form of the trade acceptance should be along the
lines of the sample enclosed herewith, emphasizing particularly that the
acceptance should contain no terms, references or conditions as to allowances
for cash discount.
Third. As the system developed, the matter of contingent liabilities
arising out of the discounting of trade acceptances would become a most
important and serious consideration in analyzing a financial statement.
The present practice of showing such contingent liabilities as a footnote is
somewhat misleading and I recommended that financial statements should
show in the body of the statement, on both sides, the figures being included
in the totals, the amount of trade acceptances discounted, this recommendation having the support of prominent accountants, bankers and Federal
Reserve banks' officials.

Discussing the subject from the mercantile standpoint,
Mr. Cox, in the pamphlet referred to, said:
The advantage of greatest general importance, considering all phases of
this system, is in the better borrowing facilities which it provides. When
the system is established, the seller, by holding trade acceptances instead
of accounts receivable, will have something upon which he can secure funds
from banks much more freely, more independently, more quickly, and more
cheaply than he would be able to do on his single-name note. These are
very important considerations to every business man who borrows for his
business.
In granting credit on single-name notes, banks base their judgment, after
being satisfied on the character, ability, earning capacity, and prospects of
the maker, primarily on their estimate of the value of the receivables and
merchandise in relation to the existing debt as reported by the borrower
in his signed financial statement. They always assume that a certain
proportion of the receivables must be slow or doubtful and If tho merchandise were taken to help pay the debts and notes it could not, in many
cases, be sold for more than 30% to 50% of the amount at which carried.
This is a basis for the general rule of bankers that the total current liabilities
should not be more than one-half of the quick assets—cash, receivables and
merchandise. Evidently the borrower would be in a much more independent and freer position if he submitted to the bank for discount signed
obligations of his customers—trade acceptances—with his endorsement,
instead of his plain note substantiated by tho statement. The banker
would more readily grant the required accommodation because he has
tangible evidence of the receivables claimed in the statement and also the
additional security which goes with the acceptor's signature. It must not
be assumed that banks would disregard the borrower's statement for it is
only through this medium that they could determine the value of the
endorsement. Borrowers frequently inquire if they will be able to obtain
greater accommodation through this method than they now do on their
single-name notes. This would depend upon the circumstances surrounding
each individual case. A concern which carried a large line of receivables
and a small stock of merchandise could probably, after having demonstrated that their receivables were usually paid when duo, borrow more by
discounting acceptances than single-name notes; likewise With a small or
new enterprise whose customers wore good credit risks. On the other
hand, borrowers with few or very small receivables would not be much
affected.
While the system will necessitate more work for the banks, yot trade
acceptances will no doubt be so much more preferable, bearing two names,
the acceptor and endorser, and being self-liquidating, that they will command a lower rate of discount (probably M of 1% lower) than single-name
notes. There are many borrowers who, of course, do not have enough
accounts which could be changed to acceptances to cover the extent of their
borrowings. In such cases, single-name notes would continue to be used.
The banks need not object to the presence of two kinds of paper on the
market or from the same borrower during the development period, as the
matter could be properly handled. Those who uso a note broker could sell
their acceptances through tho same agent and, as previously indicated, at
a lower rate.
The introduction of this system would be a special advantage to small or
new enterprises which, because of their size or age, cannot now borrow on
their single-name note. It would enable them to sell on the same terms
as their larger and older competitors and at the same time borrow as readily

APR. 14 1917.]

1453

THE CHRONICLE

is of greatest importance in the develop.
The encouragement of new business
ment of the country and whatever is for the best interest of all is for the
that largo and strong establishments
so
unit,
good of each individual or
should not object to giving this advantage which they enjoy to their smaller
competitors. In times of financial stringency even the stronger borrowers
could secure their funds on trade acceptances when they might do so on
their own note only with difficulty and at a high rate.
Collections would positively be more certain than under the open account
system. Even if the acceptances were not discounted, they would be
placed in the bank for collection and presented to the buyer on due date.
At present an account which is paid in two weeks is considered fairly
prompt. Expert writers of dunning letters could turn much of their
valuable time to better advantage. When the Federal Reserve Bank collection system is fully developed the collection charges on trade acceptances
will probably be no more than on checks. Protest fees will be infrequent
because the buyer will not wish to injure his credit at his local bank by not
promptly meeting his merchandise obligations.
It is said that this requirement of prompt payments might at times work
a hardship in agricultural communities where business was dependent upon
crop successes. In such localities the storekeeper cannot pay his bill unless
his customers have money as a result of satisfactory crop conditions. As is
well known, jobbers who sell to retailers in such districts frequently carry
these accounts over from one season to another because of local conditions.
In such cases there is no reason why the retailer could not arrange to have
his acceptance recalled by giving a promissory note as he would the extension of an open account. The only difference is that he would have to
make this arrangement in advance, which would certainly be pleasing to the
seller who otherwise might not learn the real condition until he had made
repeated requests for payment.
The use of trade acceptances would tend to decrease one of the most
frequent causes of commercial failure—over-buying. The buyer who must
give a written agreement to pay for his purchases will consider tho debt
much more seriously than when he purchases goods on an open account,
and accordingly he will be particularly careful to the end that he will not
buy more goods than he should have. The returning of goods after an
unwarranted lapse of time would necessarily be less frequent and the
holder of a trade acceptance would have a much better evidence of debt,
particularly valuable in bankruptcy, than is offered by an account receivable. The discounting of trade acceptances would be much more economical than the selling under existing terms of accounts receivable and the
elimination of this much criticised practice is but one of the several ways in
which the whole credit structure of the country would be strengthened.
There are some who feel that a seller, when requiring trade acceptances,
rather than selling on open running account, would not have as strong a hold
on his customer for future business or got as thorough knowledge of his
desirability as a credit risk. This is hardly true. When the system is
established all sellers will be on the same basis and buyers will then, as
now, go where they can got the best goods and services for the best prices.
As to the acquiring of intimate credit knowledge, which is obtained by
watching a running account, nothing would be more indicative than the
manner in which acceptances were met at maturity. It is true that the
system might curtail the buying power of financially weak or careless merchants, but this would be an advantage rather than a disadvantage to the
business community. It has been suggested that a buyer who has received
trade acceptances from his customers and later discounted them at the
bank, would not be as good a merchandise credit risk for the seller as under
the present system, when in case of forced liquidation, the seller's obligation
shares, with the buyer's single-name note held by the bank, in the buyer's
accounts receivable. In other words, the seller might only be protected
by the merchandise of the buyer. This is true in one sense, but on the
other hand, the seller will have a greater equity in the buyer's remaining
assets, as the buyer is only secondarily liable on the acceptances which he
has discounted. Also if the system is in use the seller would have a stronger
hold by receiving the buyer's own acceptance. Furthermore, as previously
mentioned, there would be eliminated the necessity for later selling secretly
the accounts receivable, to which risk the seller is now subject.
While acceptances need not have much effect on trade discount percentages, it is probable that a rate smaller than the lowest existing one in
any line would be offered to induce the buyer, who would ordinarily take
full time, to give an acceptance. For instance, the terms of sale might be
3% —10 days, 2% —30 days, 1% —60-day acceptance, net 60-day open
account. Because of the lower bank discount rate commanded by acceptances and the other advantages, sellers could probably afford to offer
terms of this nature. Those sellers who dispose of their goods for cash
would, of course, have no occasion to ask for trade acceptances, and those
who require cash within 30 days would hardly be justified in using the
method; likewise, with sellers having many small accounts, though in
France during a recent year, of 33.000,000,000 of acceptances discounted
by the Bank of France, one-half of the total number were under $20 and
the average $101. The system is primarily intended for the wholesale
buyer who takes at least 60 days in paying his accounts.
It is feared that trade acceptances might tend to lengthen the time of
credit, which principle is contrary to the effort now being made to shorten
the terms for credit extensions. In this connection it must be remembered
that the majority of purchasers who do not take cash discounts, go over
from at least ten to twenty days beyond the net period before remitting.
If the terms are 30 days net and the debtors rarely pay in 50 days, it would
be more satisfactory to make the terms 60 days trade acceptances, which
would be definite.
The tax question is sometimes raised. Certain States permit in tax
returns a deduction from accounts receivable for possible losses which are
not allowed on bills receivable, wherein would be included trade acceptances. In other words, the change might require payment of taxes on,
say, 10% more of the assets. Such regulations might be changed, but if
not the amount is so small compared to the advantages of trade acceptances
that it is hardly worth considering.

banks as a foundation foecurrency. When thislis:accomplished. a Breit
advance will be made toward placing the banking of the United States 0
a more scientific basis.
That the individual loans of the:banks would be better secured, ati d
accordingly safer, cannot be questioned. In discounting trade acceptances
for a borrower instead of his own note, the bank would have, through the
endorsement, the same merchandise and capital assets upon which it would
have previously loaned and further would have thespecific accounts receivable and also the financial responsibility of those debtors. A bank, of
course, must hold the same faith in its customer which it now requires, and
take into full consideration his financial -statement, not discounting the
acceptances simply because they were acceptances.
There is a feeling by some that if acceptances come into popular use, there
will be too great an opportunity for those who must also borrow on their
single-name note, to conceal the full extent of their contingent liability.
This will depend upon the honesty of the borrower, upon which any system
always depends. If banks insist upon requiring a statement of contingent
liability, they will run no greater risks than at present; in fact, not as much
in this connection as at present, for now there exists that increasing opportunity, necessity of which would be eliminated by trade caceptances. of
sellino accounts receivable. Banks would do well to follow the recommendations of prominent accountants that discounted acceptances be
included in the totals of both sides of the financial statement, instead of
being shown as a contingent liability in a footnote. The kiting or interchange of acceptances might be feared by some, but again this depends
upon honesty, which is always the first essential in any credit risk. As a
matter of fact, a bank which buys trade acceptances would see that the relation between the maker and the acceptor were in the proper direction of
the business of the two.
Trade acceptances are necessarily more liquid, a prime requisite of
commercial bank loans, than single-name promissory notes. They are of
themselves self-liquidating, representing specific transactions to be closed
when that transaction is completed, as when the buyer of goods receives
cash for these goods for which he has given an acceptance.
It has been truly said that the full benefits of the Federal Reserve Act
cannot be realized unless a system similar to trade acceptances is substituted
for the present commercial borrowing system. The primary purpose of a
Federal Reserve bank is to assist its member banks in supplying the funds
for the financing of commercial business, no matter how extensive this may
be or what conditions may prevail, by advancing through rediscounts to
those banks, credits or currency on commercial loans which the banks
have made,so that they may in turn supply their customers' needs. Necessarily the more closely these loans are related to commercial business, the
safer and more definite will be this service.
The framers of the Federal Reserve Act realized that the present borrowing system could not be immediately changed by legislation. It is for this
reason that Federal Reserve banks are permitted to rediscount single-name
notes now in vogue, and also distinctly commercial bills or trade acceptances, encouraging the latter by offering to discount thent at a lower rate
and with less restrictions.

GOVERNMENT NO LONGER PAYS EXPRESS CHARGES
ON SHIPMENTS OF UNFIT FEDERAL RESERVE
NOTES.
It appears from the following circular issued by the
Federal Reserve Bank of Richmond that the Treasury
Department no longer pays express charges on shipments
of unfit Federal Reserve notes to Washington for redemption.
March 30 1917.
To the Members of the Federal Reserve Bank of Richmond:
Attention is called to the following communication which we to-day
received from the Office of the Treasurer of the United States:
TREASURY DEPARTMENT
Washington
March 19 1917.
Paragraph 20 of Departmental Circular No. 55a, dated February 12
1916, containing the Department Regulations for the issue, exchange and
redemption of money, and reading as follows:
"Charges are paid by the Government en unfit national bank notes,
Federal Reserve notes, and Federal Reserve bank notes when sent to the
Department at NVashington, charges collect. No charges are paid by the
Government on any other kind of currency sent for redemption."
is hereby amended by striking out the words, "Federal Reserve notes,"
leaving only unfit national bank notes and Federal Reserve bank notes
upon which the Government will pay tiansportation charges.
This amendment will be effective on and after April 15 1917.
JOHN BURKE. Treasurer.
Approved:
W. G. McADOO, Secretary of the Treasury.
With reference to the above it is stated that Federal Reserve bank notes.
distinguished from Federal Reservo7notes, are notes which the Reserve
banks are authorized to issue against Government bonds bearing the
circulating privilege which]the Reserve banks may purchase under the
provisions of the Act.
No such notes have been:Issuedlby this bank.
Respectfully,
GEORGE J. SEAT, Governor.
as

PROPOSED UNIFORM CLASSIFICATION OF FEDERAL
RESERVE DISCOUNT RATES.
The suggestion that a uniform classification of discount
rates be adopted by all the Federal Reserve banks so as to
Treating the matter from the banking standpoint, ho said reduce the number of rates now in use, was announced by the
in part:
Federal Reserve Board several weeks ago. In the April
it Under the present system, commercial borrowings from banks for Bulletin 'the following announcement is made of the recurrent business operations are represented largely by single-name notes,
schedules:
which in turn aro based principally upon the inventories and receivables vision of the discount rate

For some time past.it has been noted that the discount rate classificaof the borrowers. Accordingly, the Federal Reserve Act is so drawn that
currency may be based upon these single-name notes and also upon docu- tions of the Board were growing in number and complexity and the matter
ments still more closely related than they are to commercial credit, namely, was recently placed in the hands of a committee of the Federal Reserve
documents drawn to represent specific credits, such as trade acceptances. Board for investigation. The committee, after reviewing the discount
It is true that single-name notes, as now executed, are closely allied to rates in effect at Federal Reserve banks, found that there was a considercommercial activities, though some portion of such borrowings undoubtedly able lack of uniformity among them, while In some cases the policy folgolinto fixed investment. Necessarily, however, they are not as represen- lowed by one bank was slightly opposed to that of others. A summary
tative and self-liquidating as trade acceptances would be, and as they are of the situation showed that there were in effect 13 different discount
drawn in fixed amounts and for from four to six-month periods, could not rates, as follows:
1. Collateral notes, 1 to 15 days.
fluctuate as readily with the rise and fall of business.
2. Paper maturing within 10 days.
In short,from this standpoint, the plan is to substitute trade acceptances
3. Paper maturing within 15 days.
for accounts receivable, which in turn would be used by borrowers in lieu
4. Paper maturing between 11 and 30 days.
of their single-name notes, and which, later on, would be used by the




1454

THE CHRONICLE

5. Paper maturing between 16 and 30 days.
6. Paper maturing between 31 and 60 days.
7. Paper maturing between 61 and 90 days.
8. Agricultural paper within 90 days.
9. Trade acceptances between 1 and 30 days.
10. Trade acceptances between 31 and 60 days.
11. Trade acceptances between 61 and 90 days.
12. Commodity paper within 90 days.
13. Bankers' acceptances.
The committee consequently recommended that an attempt be made
to simplify these rates by suggesting to the various banks the adoption in.
lieu thereof of eight standard quotation, as follows:
1. Paper maturing within 15 days, including collateral notes.
2. Paper maturing within 16 to 60 days.
3. Paper maturing within 61 to 90 days.
4. Trade acceptances maturing within 60 days.
5. Trade acceptances maturing within 90 days.
6. Bankers' acceptances maturing within 90 days.
7. Commodity paper maturing within 90 days.
8. Agricultural paper maturing within 90 to 180 days.
Replies were received from practically all the banks expressing cordial
approval of the Board's suggestion, and in some cases immediately adoot,
ing the revised classification and submitting it for formal approval by the
Board. On March 20 telegrams of advice were sent out to all the banks
which had taken such action advising them of the approval of the schedule
in its revised form, and the terms of the schedule itself were thereupon
made public. Since then other Federal Reserve Banks have taken similar
action, and the schedule as above indicated may accordingly be regarded
as practically in force throughout the system. Little or no change in rates
of importance was made at any of the banks except the uniform action in
raising the rate on bankers' acceptances by limiting the spread formerly
2-4% to 234-4%. This,hovrever, was a technical increase only, inasmuch
as the actual rate for bankers' acceptances in the market was already about
3%.

[VOL. 104.

its various items of expenses (including organization and
current expenses, &c), totaling $114,960, and paying a
dividend calling for $43,736. In its report submitted to
member _banks under date of Jan. 29, the bank shows the
earnings and expenditures for the entire period covering its
operation. For the fourteen months from November 1914
to December 1915 its earnings amounted to but $115,962,
while for the year ended December 30 1916 they wore $316,450, the total since organization thus having been $432,412;
the expenditures for the entire period of the bank's existence
were (exclusive of organization expenses of $45,086) $303,384, making the net income to date $129,027. We print
the detailed figures of earnings and expenses below, along
with the statement of Governor A. Kains:

Dear Sirs:-The year just ended has enabled Federal Reserve Bank of
San Francisco to clear up its current expenses, organization expenses,
furniture and equipment account, cost of manufacture of $62,00(),000 and
shipment to San Francisco of $33,000,000 in Federal Reserve notes and.In
addition, to pay a 6% dividend on capital stock to March 311915.
Activities in the direction of bills discounted for member banks have beel>
comparatively light owing to abnormally easy money conditions throughout the year, the total amount for the year being $1,973,000, as against
$7,287,000 for the year 1915. Acceptances and warrants purchased in the
open market during 1916 amounted to $38,738,000, as against $2,982,000
for the year 1915. Holdings of United States bonds and Treasury notes
increased from $1,010,000 to $3,133,000. United States bonds with circulation privilege amounting to $1,000,000 were exchanged into 3% thirtyyear conversion bonds without circulation privilege and 3% one-year
Treasury notes.
operations from July 15 1916 to December 31 1916 resulted in
LOANS BY FEDERAL RESERVE BANKS ON U. S. BONDS theClearing
bank collecting out-of-town checks amounting to $45,107,000 received
OR NOTES.
reserve districts and to $24,120,000 received from memFederal
from other
ber banks of this district, in addition to $19,259,000 through San Francisco
That Pederal Reserve banks might be fully advised as to Clearing
House. Checks routed by member banks direct to other banks
the methods by which they may make advances to member for our account since Nov. 16 1916 total $8,881,000. Transfer drafts on
from Jan. 1 1016 to July 15 1916
banks for the purpose of enabling them or their customers to Now York and Chicago purchasedfrom
July 16 1916 to December 31
to $23,435,000; those
carry or trade in bonds or notes of the United States, the fol- amounted
1916 amounted to $85,145,000.
lowing letter, published in the March issue of the Federal
Annual statement of condition and of profit and loss account are attached
year will be
Reserve Bulletin, was sent out by the Governor of the Re- hereto. A full statement of activities of the bank for theshortly
to be
of the Chairman of the Board,
report
annual
the
in
found
16:
serve Board on Feb.
presented to Congress in connection with the annual report of the Federal
The Board deems it advisable that the Federal Reserve banks should
Board, copies of which will be forwarded to member banks.
understand clearly what they may and may not do in the way of redis- Reserve
We thank the member banks for their cooperation during the past year
counts or loans based upon United States Government bonds or notes.
extend to them our best wishes for their prosperity in 1917.
For your information, therefore, a memorandum which has been prepared and
A. ICAINS.
Yours truly,
by counsel and which has been approved by the Board, is sent to you hereGovernor.
with, as follows:
Section 13 of the Federal Reserve Act provides two methods whereby
STATEMENT OF PROFIT AND LOSS ACCOUNT.
Federal Reserve banks may make advances to their member banks for the
Total Since
12 Months
14 Months
purpose of enabling them or their customers to carry or trade in bonds or
Organization.
1916.
1914& 1915.
Earningsnotes of the United States.
$85,150 37
$20,682 97
Paragraph 2 of Section 13 provides that upon the endorsement of a mem- Bills discounted-members__ $64,467 40
146,453 84
133.331 07
13,122 77
ber bank a Federal Reserve bank may discount notes, drafts, and bills of Acceptances purchased
68,204 60
61
49,772
18,431 99
exchange arising out of actual commercial transactions, which may or may Municipal warrants
85,960 85
67,529 54
18,431 31
not be secured by staple agricultural products or other goods, wares, or Interest on U. S. bonds
14,487 50
14,487 50
merchandise. The law then states that "such definition" of eligible paper Profits realized on U. S. sec._ None
23,336 92
21,828 78
1.508 14
shall not include notes, drafts, or bills of exchange drawn for the purpose of Transfer charges collected_ _ _
7,660 26
26
7,660
"carrying or trading in stocks, bonds or other investment securities except Service charges collected..___ None
1,15737
1,157 37
bonds and notes of the Government of the United States." This is equivalent Deficiency interest collected__ None
to an affirmative declaration that a Federal Reserve bank may discount a
$432,411 71
$316,450 10
$115,961 61
Total
note, draft or bill of exchange endorsed by a member bank which is issued
Expendituresor drawn for the purpose of carrying or trading in bonds or notes of the
$267,91024
$128,551 82
$139,358 42
United States. This clause, however, does not permit of the discount for Expenses paid
35,474 10
13,785 82
a member bank of one of its own bills payable, since the requirement that Ass. for Fed. Res. Bd. ex_ _ _ _ 21,688 28
the note or bill must be endorsed by a member bank precludes the possi34
$303,384
64
$142,337
$161,046 70
Total
bility of applying this provision to the discount of anything but customers'
$45,085 00
Organization expense
paper.
$174,112 46
The amendment to Section 13, approved Sept. 7 1916, provides, on the Net income 1916
$129,027 37
other hand, that a Federal Reserve bank may make advances to its member Net income to date
Distribution of 1916 Net Incomebanks on their promissory notes for a period not exceeding 15 days, provided
such notes are secured by certain specified classes of paper or "by a deposit Charged to profit and loss:
$56,804 69
Federal Reserve notes total cost
or pledge of bonds or notes of the United States." It is evident, therefore,
480 00
Federal Reserve Bank notes cost
that a member bank may borrow directly from its Federal Reserve bank on
45,085 09
Organization expense
the security of Government obligations, but not for a period longer than
59
12,589
Furniture and equipment
15 days.
Under the provisions of Section 14,subsection (b), Federal Reserve banks
$114,950 87
Total charged to profit and loss
are authorized "to buy and sell at home and abroad bonds and notes of the
43,736 22
United States," and under authority of this section member banks owning Dividend paid at 6% per annum to March 31 1915
15,416 87
Government obligations may properly sell them to any Federal Reserve Balance profit and loss account December 31 1916
bank desiring to make the purchase.
46
$174,112
Total
Summary.
George
Bank;
the
of
I. Any member bank which has loaned money to any of its customers
Governor
Deputy
John U. Calkins is
for the purpose of carrying or trading in bonds or notes of the United States,
C. J. Shepherd, Assistant Cashier,
may rediscount with its Federal Reserve bank the bill or note of its cus- 0. Bordwell, Cashier;
•tomer, provided such bill or noteand Ira Clark, Auditor, John Perrin is Chairman of the
(a) Has a maturity at the time of discount of not more than 90 days, Board and Federal Reserve Agent, and Walton N. Moore is
exclusive of days of grace; and
Vice-Chairman and Deputy Federal Reserve Agent. Her(b) Has the endorsement of the member bank.
Such bill or note, however, need not necessarily be secured and need not bert Fleishhacker is the representative on the Federal Advisory
be drawn for a commercial purpose other than for the purpose of carrying
Council. The Class C directors are Messrs. Perrin and
or trading in notes or bonds of the United States.
Cal., late ViceII. Any member bank which has itself purchased obligations of the Moore and Edgar C. Bradley of Berkeley,
'United States may procure advances from its Fcderal Reserve bank, for President and General Manager of the Pacific Telephone
not exceeding 15 days, on its own promissory note, provided such note is
and Telegraph Co., San Francisco; Class B directors are
secured by a deposit or pledge of bonds or notes of the United States.
III. Any member bank owning bonds or notes of the United States may, A. B. C. Dohrmann, President of the Nathan-Dohrmann
under authority of Section 14, subsection (b), sell such bonds or notes to Company, San Francisco; John A. McGregor, President of
any Federal Reserve bank desiring to make the purchase.
tile Union Iron Works of San Francisco; and Elmer H. Cox,
Feb. 16 1917.

ANNUAL REPORT OF SAN FRANCISCO FEDERAL
RESERVE BANK.
In contrast with its showing of a year ago, when its expenditures exceeded its earnings, the Federal Reserve Bank
of San Francisco reports for the year 1916 a balance
to the credit of profit and loss of $15,417, after discharging



President of thetWeed Lumber Company,of Weed,Cal., and
71y
Secretary andiManager.of the MadortiTugar Pine Cot' ni=-o
PresiMcIntosh,
K.
C.
are
directors
A
Class
Madera, Cal.;
dent of the Bank of California, N. A., San Francisco; James
K. Lynch, Vice-President of the First National Bank of
San Francisco and Alden Anderson, President of the Capital
National Bank of Sacramento.

APR. 14 1917.]

THE CHRONICLE

SAVINGS TO COUNTRY THROUGH 5% RATE ON LOANS
BY FEDERAL LAND BANKS.
Supplementing its announcement of March 19 that the
interest rate on all loans made to farmers throughout the
country by Federal Land banks would be 5%, the Federal
Farm Loan Board states that this rate makes possible an annual saving of millions of dollars to the farmers of New York,
Pennsylvania, New Jersey and the New England States. A
statement issued by the Board with regard to its determination to fix a flat rate says:
This determination means a tremendous financial saving to the farmers
of the United States. The present farm mortgage indebtedness of the
United States is approximately $4,000,000.000 and the average interest
rate is approximately 7.4%. A reduction of this rate to 5% on the present
volume of farm loan business means an average saving to the farmers of
nearly $100,000,000 a year. This takes no account of the greatly increased
volume of loans certain to follow the decreased interest rate.
The determination of the interest rate to the farmer is based upon the
rate fixed on the farm loan bonds. Under the law the Farm Loan Board
is permitted to add to the interest rate on the bonds a maximum of 1% to
pay the cost of' operating the Farm Loan banking system. The great volume of business assured the 12 Land banks at the start has induced the
of 1%,so that since the bonds will
Board to limit the operation cost to
bear 434%. the rate of interest to the farmer will be 5%.

It is further pointed out that the rate which has been agreed
upon is I% below the maximum provided under the Farm
Loan Act. Following the adoption of the law, it was predicted that the Federal Land banks would not be able to
compete against the established farm loan rates in Eastern
States, but a comparison of the new rate with the rates now
existing in that section is said to prove that in practically all
of the States the farmers will benefit by from 1% to M of 1%.
In New York, for instance, the total volume of farm loans
is reported at $168,234,000 and the average interest rate is
5.6%. The establishment of the Land banks will mean a
possible reduction of this rate by .6 of 1%, which will mean
an annual saving in interest charges to farmers of New York
of over $1,000,000. This is based upon the present volume
of farm loans, and does not take into account the greatly
increased volume which will undoubtedly follow the reduced
interest rate.
The total farm loan indebtedness of Pennsylvania is $109,312,000 and the average interest rate is 5.8%. The establishment of these Federal Farm Loan agencies will mean,
therefore, a possible reduction of .8 of 1% in Pennsylvania,
eliminating an annual charge of approximately $1,000,000
against the farmers of that State.
New Jersey has a total farm loan indebtedness of $35,610,000 and the average interest rate is 5.8%.
The farm mortgage indebtedness of the various States,
with the average interest rate in each State, is shoivn in the
following table:
Volume of Int.
Farm Loans. Rate.
State$13,727,000 6.2
Maine
New Hampshire_ __ 6,100,000 5.3
17,113,000 5.6
Vermont
Massachusetts ____ 24,000,000 5.6
2,514,000 5.9
Rhode Island
Connecticut
17,013,000 5.7
168,234,000 5.6
New York
35,610,000 5.8
New Jersey
Pennsylvania
109,312,000 5.8
130,678,000 6.1
Ohio
132,325,000 6.2
Indiana
355,802,000 6.0
Illinois
Michigan
118,950,000 6.6
Wisconsin
206,681,000 5.8
Minnesota
145.181,000 6.8
469,063,000 5.9
Iowa
Missouri
223,107,000 6.8
Dakota
100,364,000 8.7
North
92,467,000 8.0
South Dakota
165,015,000 7.1
Nebraska
180,706,000 6.9
Kansas
6,857,000 5.6
Delaware
32,393,000 6.1
Maryland
25,007,000 6.8
Virginia

1455

long as there is a market for farm loan bonds at the present
rate there will be money available to the farmer at 5%.
After consultation with investment men in Eastern financial centres, the Farm Loan Board fixed the rate of these
bonds at 432% and it is expected that they will sell at a
premium. The bonds are exempt from all forms of taxation;
they are engraved by the United States Bureau of Engraving
and Printing and they are protected by the Secret Service.
They are instrumentalities of the Government. The Federal Farm Loan Board has anticipated a demand for approximately one hundred million dollars of these farm loan bonds
during the first year and has made arrangements to assure
a ready market for them. The M of 1% between the price
of the bonds and the rate of interest to the farmer will be
used to d.efray the expenses of the Federal Land banks.
DETAILS OF CONDITION OF NATIONAL BANKS
UNDER LATEST CALL.
The reports of condition of the national banks of the
United States just compiled show that, on the date of the
last call, March 5 1917, the reserves of these banks amounted
to 2,642 million dollars, exceeding by 169 million dollars the
greatest reserves ever previously held.
The excess or Surplus Reserves held by the banks,beyond
the amount they are required by law to hold, amounted to
1,109 million dollars, being 92 million dollars more than
ever before, the largest surplus reserve previously held having been shown on Nov. 17 1916 and amounted at that time
to 1,017 million dollars. Other particulars are as follows:
The total Resources of the national banks March 5 1917 amounted to
15,979 million dollars, and exceeding by 645 million dollars the assets held
at the time of the last call, Dec. 27 1916, and were 2,140 million dollars
more than the resources of the banks in March a year ago.
The total Deposits March 5 1917 aggregated 12,957 million dollars,
exceeding by 469 million dollars the greatest deposits ever previously
reached and were an increase of 692 million dollars over the deposits of
Dec. 27 1916, and an increase of 2,166 million dollars over the deposits of
March 7 1916: Of this 692 million dollars increase, 271 millions were in
individual deposits and 421 millions in deposits from other banks.
Loans and Discounts March 5 1917 were 8,712 million dollars, an increase
since Dec. 27 last of 372 millions, and were 1,222 million dollars more
than on March 7 1916. The amount of loans made by national banks
March 5 1917. directly secured by warehouse receipts for cotton, was
$92,000,000. This compared with $44,000,000 June 30 1916 and $48,000,000 Sept. 12 1916. The records of the Comptroller's office do not show
the total amount of loans made by national banks on warehouse receipts for
cotton for intermediate dates between Sept. 12 1916 and March 5 1917. and
the above figures are exclusive of other loans made by national banks on
cotton but not secured directly by warehouse receipts.
Specie, Specie Certificates and Balance on Hand with Federal Reserve Banks
March 5 1917 amounted to 1,456 million dollars, being an increase since
Dec. 27 1916 of 72 million dollars, and an increase as compared with
March 7 1916 of 316 million dollars.
Borrowed Money as represented by bills payable and rediscounts March 5
1917 was only 69 million dollars, a reduction as compared with Dec. 27
1916 of 20 million dollars, and an increase, is compared with March 7 a
year ago of 7 million dollars.
United States Bonds Owned amounted to 714 million dollars March 5 1917.
a reduction as compared with Dec. 27 last of two million dollars, and a
decline of 39 million dollars as compared with March 7 1916.
Bonds other than United States Bonds March 5 1917 amounted to 1,770
million dollars, an increase of 44 million dollars over Dec. 27 1916, and an
Increase of 305 million dollars as compared with March 7 a year ago.
The Amount due from Banks other than Federal Reserve Bank was 2,016
Million dollars March 5 1917, an increase of 172 million dollars as compared
with Dec. 27 1916, and an increase of 221 million dollars as compared with
March 7 1916.

Volume of Int.
StateFarm Loans. Rate.
West Virginia
$78,725,000 6.4
North Carolina.._ _ _ 21,005,000 7.7
South Carolina_ _ _ - 24,967,000 8.4
Georgia
29,711,000 8.7
Florida
4,490,000 9.6
Kentucky
41,305,000 7.1
Tennessee
25,468,000 7.9
Alabama
25,943,000 9.4
Mississippi
34,419,000 8.5
Arkansas
21,023,000 9.6 LOCATION OF RESERVES OF NATIONAL BANKS-NO
Louisiana
21,141,000 8.6
NEED OF RESERVES HELD BY RESERVE AGENTS.
Oklahoma
73,129,000 8.4
Texas
Under date of April 11 the Comptroller of the Currency
184,321,000 9.0
Montana
17,111,000 10.0 gave out the following statement concerning the location of
Idaho
21,566,000 8.9
Wyoming
7,148,000 10.0 the reserves and surplus reserves held by national banks
Colorado
36.767,000 8.9 March 5 1917:
New Mexico
4,685,000 10.5
Of the 2,642 million dollars of reserves held by national banks March 5
Arizona
4,161,000 9.4 1917 the banks in the Central Reserve cities held 647 million dollars, or
Utah
6,818,000 9.0 100 million more than the amount required by law. Other Reserve cities
Washington
43,470,000 8.7 held 750 million dollars, or 290 million more than was required, while
Oregon
35,535,000 8.0 country banks held 1,245 million, being 718 millions more than necessary.
California
124,752,000 7.6
The percentage of reserve to deposits held by Central Reserve city banks
was 21.31, against the requirement of 18%. Other Reserve cities held
against a requirement of 15%, while the country banks, which
24.48%
The Farm Loan Board is said to have found it possible
were only required to hold 12%, held 28.36% of their deposits in reserve.
interest
rate
at
the
5%
fix
throughout
to
the whole United
Among the country banks the heaviest reserves were shown in the
States because of the healthy demand for farm loan bonds, Western States, where the average reserve held was 35.10%. The SouthStates held 30.57%, Pacific States 30.32%, Middle States 29.89%.
ern
and the large volume of business assured in advance, making Eastern
States 24.11% and the New England States 22.63%.
banks
the
to
for
possible
operate
on a small percentage of
it
The States whose country banks showed the largest percentage of reprofit. Under the Federal Farm Loan system, 12 Federal serves were Colorado 41.01%, Nebraska 40.67%, Montana 39.35%.
Kansas 39.30%, Iowa 36.76%, Louisiana 36.54%, Kentucky 36.49%,
Land banks have been created and provided by the Govern- Oregon
35.50% and Texas 35.49%.
private
investors
with $750,000 initial capital
Among the Reserve cities those whose banks held the largest percentage
ment and by
47.47%, Des Moines 34.43%, Louisville and
each. These banks lend money to farmers on mortgages of reserve were Galveston
Tacoma each 33.51%, San Antonio 33.15%, Houston 31.71%, Dubuque
running from 5 to 40 years, to suit the borrower, to be repaid 31.68%, Birmingham 30.93%, Seattle 30.23%, Cincinnati 30.14%, Waco
in small annual installments throughout the period of the 30.01%. The Reserve cities outside of the Central Reserve cities which
the lowest percentage of reserves were Charleston 17.75%, Minneloan. After one of these Federal Land banks has taken showed
apolis 18.33%, Richmond and Atlanta each 19.47% and Muskogee 19.18%.
$50,000 or more of farm mortgages, it pools these mortgages The Central Reserve cities showed: New York 22.03%, Chicago 18.73%,
and issues bonds against them, selling these bonds to produce and St. Louis 19.72%.
The States whose country banks showed the lowest percentage of reserves
additional money to lend to farmers. As fast as farm mort- were
Rhode Island 20.57%, South Carolina 20.94%,Massachusetts 20.99%.
gages are taken, new issues of bonds are made, and just as New York 21.01%.




1456

THE CHRONICLE

The total amount of reserve held in the vaults of the national Banks or
with their Federal Reserve banks amounted to 1,564 mlllion dollars. The
reserve held with approved Reserve agents was 1,078 millions. As the
total reserve required was only 1,533 million dollars, it is seen that the
banks now hold in their own vaults and in the Federal Reserve banks in
the aggregate an amount greater than the total reserves which they are
required to hold, so that the total of 1,078 million dollars held with the
Reserve agents, plus 31 millions of the cash in vaults, may all be regarded
as excess or surplus reserve.
Under these conditions it is evident that no inconvenience or hardship
would result if the amendment recommended by the Federal Reserve
Board and the Comptroller's Office looking to the anticipation of the time
when the entire reserves must be kept in their own vaults or with the Reserve banks, should be passed by Congress. The law as it now stands
permits country banks until November 1917 to carry a portion of their
reserves with the Central Reserve and Reserve cities.

PENNSYLVANIA BANKS TO REPORT ON ESCHEAT
FUNDS.
Judge George Kunkel of the Dauphin County Court, at
Harrisburg, Pa., on March 31, according to the "Public
Ledger" of Philadelphia, ruled that the Auditor General
of the State shall publish and make known the reports of
banks, trust companies and savings institutions of the
State, which annually in January are required under the
act of 1915 to certify as to the deposits, money, valuables,
eze., and the reputed owner thereof, which deposits are
liable under the act to escheat to the State. By his action
Judge Kunkel dissolves the preliminary injunction obtained by at least three banking houses of the State to
prevent Auditor General Powell from publishing the reports.
The general question of the constitutionality of the escheat
act was raised by the litigants, but the Court left the question undecided, saying that it could be considered when
proceedings are begun by the State, to have the bank deposits actually escheat to the State. Reports in the hands
of the Auditor General, it is stated, indicate that all over
the State of Pennsylvania banking houses are holding deposits, money and other valuables, which have been unclaimed for fourteen or more years. The publication of the
Auditor General's reports will give notice to the owners of
the property, or the owners's heirs, of the existence of such
property or money. In our issue of March 4 1916, page 846,
we referred to the opinion of Deputy Attorney-General
Hargest of Pennsylvania, in which he expressed the view
that national banks of the State come within the provisions
of the law. On Sept. 2 1916, page 812, we gave the opinion
of Counsel Elliott of the Federal Reserve Board holding
that the Act was not intended to apply to the national banks:
The Federal Reserve Board, through its counsel, at that time,
however, recommended that the national banks of the State
make the report called for under protest, accompanied by
a statement to the effect that it was made out in deference
to the opinion of the Deputy Attorney-General and without
any admission of liability on their part.

[VOL. 104.

without the expense of amending their by-laws at a stockholders' meeting,
and another more strictly limiting the amount of money which a savings
and loan association may borrow when it has already obtained advances
from the Land Bank. Such amendments appear to me unobjectionable
and proper.

Touching on the organization of credit unions the report
said:
The general interest in this latest form of corporation for the encouragement of thrift by co-operative methods still continues and such corporations appear likely to be of great benefit to a numerous class of wage-earners and borrowers of small amounts upon personal credit which has not
heretofore been reached even by the savings and loan associations.
The farmers of the State do not yet seem to have appreciated the opportunities offered by either of these two systems of co-operative finance.
As might be expected, some difficulty is experienced In obtaiaing efficient
officers and inducing these small and newly formed corporations to keep
their books in accordance with approved methods. Where they are organized among the employees of large corporations, such corporations
usually have sufficient interest in them to furnish assistance along these
lines. Notwithstanding the fact that practically all the credit unions of
the State have been organized within the last two years, the total resources
of such corporations, reported at the close of the year 1916. were over
$210,000. One credit union organized in February 1915 has already
accumulated assets of over $31,000.
Thirteen credit unions were organized during the year 1916. although
a number of applications were refused, more frequently on account of the
lack of fitness on the part of the incorporators to conduct financial operations even on a limited scale than for any other reason.

POSTMASTERS PLACED UNDER CIVIL SERVICE
RULES.
An executive order placing first, second and third class
postmasters under the civil service rules was issued by President Wilson on March 31. Some 10,000 offices with salaries
ranging from $1,000 to $10,000 are, it is stated, affected by
the order. Present incumbents, it is understood, will not
be disturbed, appointments being made in accordance with
the new requirements as vacancies occur. The President's
()icier is as follows:
Hereafter when a vacancy occurs in the position of postmaster of any
office of the first, second or third class as a result of death, resignation,
removal, or, on the recommendation of the First Assistant Postmaster
General, approved by the Postmaster General, to the effect that the efficiency or needs of the service requires that a change be made, the Postmaster General shall certify the fact to the Civil Service Commission which
shall forthwith hold an open competitive examination to test the fitness of
applicants to fill such vacancy, and when such examination has been hold
and the papers in connection therewith have been rated the said Commission
shall certify the result thereof to the Postmaster General who shall submit
to the President the name of the highest qualified eligible for appointment
to fill such vacancy unless it is established that the character or residence
of such applicant disqualifies him for appointment. No person who has
passed his sixty-fifth birthday shall be given the examination here in provided for.

Postmaster General Burleson has also made an announcement as follows concerning the order:
The order speaks for itself and it will be observed.
Incumbent postmasters of the classes referred to who are rendering good
service and who continue to administer the affairs of their offices with
ability will not be disturbed in such offices by any recommendation made
by the head of the Department. It is due them, however, at this time to
make it clear that hereafter the supervisory officials of the Department
will be more exacting in the enforcement of those postal rules and regulations which make for increased efficiency and postmasters will not only be
expected to devote their time during office hours to a proper administration
of their respective offices but they will be required to thoroughly acquaint
themselves with the various postal activities under their charge and in the
future to occupy such part of their time not properly given to administrative work to the performance of some part of those activities.

OPERATION OF LAND BANK IN NEW YORK.
Reference to the operation of the Land Bank of the State
of New York is contained in the annual Report of State
Superintendent of Banks, Eugene Lamb Richards, SuperGOVERNOR
intendent Richards had the following to say on the subject:
The Land Bank of the State of New York is an institution designed to
facilitate loans upon real estate security, whether located in urban or rural
districts. If the opportunities afforded by the savings and loan system
of the State, used in conjunction with the Land Bank of the State of New
York, are fully utilized, it would appear that no provident thrifty resident
of the State need despair of being able to borrow sufficient money upon
advantageous terms to enable him to erect a home or purchase a farm.
The Land Bank of the State of New York, as has been noted, is intended
to be a central institution for all savings and loan associations of the State.
with this distinction between it and the Federal Reserve banks, which have
been created by the national Government as central organizations for
groups of national banks, that national banks were compelled to become
members of the Federal Reserve banks of their districts and membership
in the Land Bank of the State of New York is entirely voluntary. Thus
far only forty-six of the savings and loan associations of the State have
availed themselves of this privilege.
The total capital of the Land Bank of the State of New York, at the
close of the year was $105,000. Its reported resources amounted to $475,570, an increase during the year of $323,793. As its advantages become
better understood, it seems probable that there will be a very rapid increase in its resources and that the entire savings and loan system of the
State will be greatly strengthened by its operations.
During the last session of the Legislature, amendments to the Banking
Law were adopted which greatly increased the possible usefulness of this
institution. Its bonds were made legal investments for the savings banks
of the State, thus unifying to a certain extent the savings bank system
and the savings and loan system and making available for real estate loans
In a manner advantageous both to the borrower and lender the great resources of the savings banks.
Some amendments will be needed from time to time to perfect the legislation with reference to the Land Bank of the State of New York, which
is still, to some extent, in an experimental stage, and more strictly define
Its relations to the savings and loan system of the State. Among the
amendments deemed desirable at the present time, by those especially
nterested in the Land Bank, is one to enable the older associations to borne members of the Land Bank by action of their boards of directors




WHITMAN SIGNS TAX CONFERENCE
MEASURE.
Governor Whitman on April 5 signed a bill introduced by
Senator Mills, authorizing the appointment by the Governor
of a commission of seven members to represent the State at
a conference of delegates from other States to consider the
relations of the State and Federal Governments in respect
of taxation.
The movement for such a conference was started by the
California Legislature, which on Jan. 26 (see reference in
our issue of Feb. 17, page 678) passed a resolution recommending the same. Following this action, Governor Whitman sent a special message to the Legislature urging that
body to adopt a resolution along the lines of the one approved
by the State of California. The principal subjects of discussion will be the segregation of the sources of State and
Federal revenues. The resolution approved by New York
State's Legislature follows:
AN ACT To create a commission to represent the State at a congress of
the representatives of the several States to consider the relations of the
qtate and Federal Governments in respect of taxation.
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. The Governor is hereby authorized to appoint a commission
of seven members to meet the representatives of the State of California
and the representatives of such other States as may be in attendance
thereat, in a congress or convention to consider the relations of the State
and Federal Governments in respect of taxation, with the view of establishing a reasonable line of division between the sources of State taxation
and the sources of Federal taxation, eliminating thereby conflicts of jurisdiction between the State and Federal Governments, accomplishing

Ant. 14 1917.]

THE CHRONICLE

1457

economy in the levying and collection of taxes and relieving the growing of such cases from the bench to the great harm and injury of the
defendants.
dissatisfaction on the part of the taxpayers resulting from irritating and
(g) He has dishonestly influenced and controlled the selection of petit
expensive duplication of accounts and reports and double taxation.
juries in his aforesaid court.
Section 2. Such commission shall choose a chairman from among its
Fourth. In conclusion, I charge that the administration of justice by
members, and shall confer with the representatives chosen from other said George W. Ray, District Judge as aforesaid has become a
byword
States, and arrange for the time and place of holding such congress or con- in the mouths of reputable lawyers and a stench in the nostrils of
decent
vention. The members of such committee shall receive no compensation citizens; that by reason thereof the United States District Court for
the
for their services, but shall be entitled to their actual traveling and hotel Northern District of New York has fallen into disrepute and the
conduct
expenses.
of causes therein has become and is an open and notorious scandal which
Section 3. The sum of two thousand dollars ($2,000) or so much thereof should be investigated by your honorable body; that as a result of such Inas may be needed is hereby appropriated for the'purposes of this Act, pay- vestigation said George W. Ray should be removed from the high office
able by the Treasurer on the warrant of the Comptroller on the order of which he now occupies and which he has prostituted for the three years
last
the chairman of such commission.
past.
Respectfully.
Section 4. This Act shall take effect immediately.
HENRY A. WISE.

NEW YORK STATE CONSTABULARY.
Governor Whitman on April 11 signed the Mills bill
creating a State constabulary. The bill was passed by the
Assembly at Albany on April 4 by a vote of 81 to 60; it was
passed by the Senate the week previous. Under the terms
of the bill the constabulary force is to consist of 232 men,
divided into four troops, each consisting of a captain, one
lieutenant, one first sergeant, four sergeants, four corporals,
one saddler, one blacksmith and forty-five privates. Each
trooper will get $900 a year. The force is to be commanded
by a superintendent, appointed by the Governor, at $5,000
a year, who will have a deputy at $2,500, a clerk and two
stenographers. The now State constabulary is to perform
police duty in rural parts and can enter a city to suppress
rioting only at the direction of the Governor or at the request
of the municipal authorities. The bill was opposed by the
Democrats, the Socialists and seven Republicans. The
opponents denounced it as a step toward imperialistic government and as legislation wanted by wealthy men and not
approved by the working people or the farmers. Supporters
of the bill declared that the time had come when the farmers
of the State should receive police protection as well as residents of the cities. They urged its passage on the ground
that the National Guard soon would be needed outside of
the State, and the creation of a constabulary force was vitally
necessary. They also declared that such a force would
stimulate enlistment in the National Guard, as many men
anxious to join the colors would not do so for fear they might
be used for suppressing strikes.

Judge Ray, who is known as the "Farmer Judge," will be
seventy-four years old this year. He was for fourteen years
a member of the House of Representatives at Washington,
during which time he served on the House Judiciary
Committee. He was appointed United States Judge for
the Northern District of New York by President Roosevelt
in 1902. Judge Ray makes his home in Norwich, N. Y.,and
was admitted to the bar in September 1867. His conduct
on the bench, it is said, has been the subject of complaint
and controversy before.

BRITISH SHELL TRADE ENDED IN THIS COUNTRY.
The British Government having notified munition makers
in this country that all contracts for the manufacture of
shrapnel and other high explosive shells must be completed
by March 31, and that on that date all contracts in existence
for these war materials would lapse, the business of making
shells for the Allies in this country on March 31 came to an
official end. The action of Great Britain was without
special significance in financial circles, it is said, inasmuch as
her war order contracts were drawn to expire on that date.
For months past there have been intimations that Great
Britain was increasing its output of munitions to such an
extent that it was only a matter of a short time before it
would be unnecessary to secure supplies abroad. All the shell
contracts were not completed on March 31, but the great
bulk which amounted to hundreds of millions of dollars last
year, were finished. American manufacturers have been
making plans for some time past to find new lines of output
when the demand for munitions slackened. Plants erected
in many parts of the country for the exclusive purpose of
HENRY A. WISE ASKS IMPEACHMENT OF UNITED manufacturing shrapnel and other high explosive shells have
STATES JUDGE RAY.
been closed down and their workers have been shifting into
Henry A. Wise, former United States District Attorney, other lines of
activity. Commenting upon the shell situation
on April 5 filed with the Judiciary Committee of the House the "Iron Trade Review" of March 29
said:
of Representatives at Washington an application for the imOn the western front in France guns are roaring as they have never
peachment of United States District Judge George W. Ray. thundered before in the history of the world. Mountains of artillery
ammunition are being swept away every day, yet so confident are the
Mr. Wise charges Judge Ray of high crimes and misdempan- Entente
Allies of their ability to provide their own supplies that at this very
ors in his administration of his court duties in the last three moment, while shells are being consumed by thousands, scores
of contracts
for
munitions
are expiring in the United States, and no effort is being made
complaint
as filed at Washington, acyears. Mr. Wise's
to
Furthermore,
renew
them.
manufacturers
who
fail
to
complete their
cording to the New York "Times,",reads as follows:
orders before March 31 will get no extensions of time from the foreign

March 28 1917.
Governments. As far as orders from abroad are concerned, the shell busiTo the Honorable the Members of the Judiciary Committee of the House of
ness has practically spent itself in the United States.
Representatives of the United States, Washington, D. C.;
The shipments of explosives and firearms from ports of the
Gentlemen.—With a view to his impeachment, and for the purpose of
moving your honorable committee thereto, I respectfully present for your United States during the period from Aug. 1 1914 to
Jan. 31
consideration and action the following charges against George W. Ray.
1917, 'according to the New York "Times," amounted to
of Norwich, N. Y., who how holds a commission as and is occupying the
position of Judge of the United States District Court in and for the Northern $1,059,828,156, and it is estimated that shells, complete with
District of New York.
charge and fuse, accounted for $500,000,000 of the total.
I charge: First, that in the discharge of his duties as Judge as aforesaid,
throughout the period of three years last past, the said George W. Ray
GERMAN COTTON MILLS SHUT DOWN.
has been guilty of high crimes and misdemeanors, to wit:
In the conduct of numerous trials, both civil cases and criminal prosecuAdvices
from Manchester (Eng.) of date April 2 are to
warrant
or
without
justification, has espoused the cause
tions, the said Judge,
of one side or the other in such trials, and thereafter, by virtue of the the effect that in consequence of the blockade and the impower of his high office, has intimidated counsel to the extent that they possibility,therefore, of getting an adequate
supply of the
were unable properly to represent their clients, and has intimidated and
browbeaten witnesses to the extent that they were unable to fully and fairly raw material most of the German cotton mills have been
testify to facts and matters within their knowledge, and has browbeaten idle for some time. The report, which is given by us as a
and coerced juries into rendering verdicts which were contrary to the matter of news without vouching for
its accuracy, further
evidence, but which were in accordance with his openly indicated desires.
Second. That said George W. Ray is temperamentally unfit to occupy states that of the remainder some have been experimenting
the high office of United States District Judge, and that by reason thereof in the production of paper yarns and fabrics and the others
parties litigant appearing before him in the court over which he has prehave been run a few days a week on Government work
sided have been unable to have and have not had, that fair and impartial
solely. Realizing the wastefulness of such a system it is
trial which is assured to them by the Constitution of the United States.
Third. That said George W. Ray has been dishonest in the discharge stated that orders have been issued to concentrate
work
of his duties as Judge as aforesaid in that—
in some 76 mills, running 865,074 spindles and 33,800 looms
(a) He has bargained and traded with persons under indictment in his
located in Prussia, Bavaria Saxony, Wurtemberg and
court.
(b) He has Improperly and secretly consulted and conferred with counsel Hohenzollern. This means that approximately 10,500,000
representing one side of a litigation pending in his court, without notice
spindles, or 92%of the country's cotton manufacturing equipto counsel for the other side of such litigation.
(c) He has induced and cajoled defendants in criminal cases, against ment is to remain completely idle.
whom verdicts of guilty have been rendered, to agree not to appeal from
such convictions, when he then and there well knew that the records of said
GREAT BRITAIN MAKES CHANGES IN EMBARGO
trials showed glaring misconduct on his part.
(d) He has wilfully, knowingly and unlawfully squandered and allowed
LIST.
to be squandered the assets of bankrupt estates which were then and there
American Consul General Skinner at London on April 1
being administered in said District Court.
(e) He has shown favoritism to certain lawyers practising in said District reported to the Department of Commerce at Washington
Court and has allowed them privileges which he has denied to other lawyers extensive changes in the list of articles
placed under embargo
of equally good standing.
(f) He has usurped the function of prosecuting attorney in the conduct by Great Britain because of the necessity of conserving
of criminal trials pending before him and has conducted the prosecution supplies for shipbuilding and army needs, and of saving




1458

THE CHRONICLE

cargo space on outgoing British vessels. The exportation
of the following articles is prohibited to all destinations:
Anchors and chain cables, binnacles, leather boots and shoes with soles
or uppers, lead compounds and mixtures containing them; ships' compasses
and component parts; leather; lead, lead alloys and manufactures of lead
or alloys; nautical instruments; bootmaking machine needles; rattans; ship
engines and their component parts, including Diesel and other internal
combustion engines for marine propulsion; iron and steel castings and forgings for ships' hulls and machinery; machinery for steamships and component parts;sectional materials for shipbuilding;ships' auxiliary machinery;
ships' telegraphs and component parts; steering gear and component parts;
tanning extracts and substances; winches, windlasses.

[VoL. 104.

"Until further notice the German Government will adhere to the maintenance of Article XXIII of the Treaty of 1799, inasmuch as it assumes from
the declarations heretofore made by the State Department, that the American Government holds the same view for the present situation, as well as
for a possible state of war. In the same supposition, It will place a liberal
construction upon the article, that is to say, will not prevent money remittances to the United States, and also, in particular, honor Imperial
Treasury certificates and continue to allow Americans to depart."
Accept, Sir, the renewed assurances of my highest consideration.
P. RITTER, Swiss Minister.

THE SINKING OF THE MISSOURIAN.
The exportation of the following articles is prohibited to
The sinking without warning of the American steamer
countries in Europe and on the Mediterranean and Black Missourian was officially reported to the State Department
Seas, other than France, Russia, Italy, Spain and Portugal:
at Washington on April 5 in a dispatch from American
Boots and shoes not otherwise prohibited; aloes; cascara sagrada; jalap;
Consul-General Wilbur at Genoa, Italy. The Missourian
medicinal rhubarb; senega; chicory.
Exportation of the following articles is prohibited except had 32 Americans in her crew of 53,all of whom were rescued.
Consul-General Wilbur's dispatch said:
to British possessions and protectorates:
Barium peroxide; citra acid; hydrogen peroxide; gloves wholly or partly
of leather; jute leather; jute padding; leather belting, hydraulic leather,
pump leather and leather manufactures for textile machinery.

Unarmed American steamer Missourian, 4,981 net tonnage, master
William Lyons, built Sparrows Point, Md., owners American-Hawaiian
Steamship Co., 53 crew, including master and officers, 32 Americans, balance various nationalities, sailing from Genoa April 4, bound for United
States, according to telegram just received from master,sunk without warning. The telegram was as follows:
"Porto Maurizio, fifth, sunk without warning, crew saved. Leave for
(Signed) LYONS."
Genoa 7 p. m.

Besides making additions to the list of articles the exportation of which is prohibited, the British Government also
deleted several items from the former embargo list, many of
them being replaced by the items above. The following items
Dispatches to the State Department on April 7 regarding
were deleted from the list of articles, the exportation of which
sinking of the Missourian show, it is said, that if the vesthe
had been prohibited to all destinations:
been armed it is probable that she would have been
had
sel
sole
Chestnut extract, oakwood extract, valex, valonia; jute padding;
saved. According to the captain of the Missourian, the subleather; leather suitable for saddlery, harness or military boots; pig lead.
The following items were deleted from the list of articles marine fired a torpedo at his vessel, but failed to hit it. It
the exportation of which had been prohibited except to then came to the surface and fired forty shots, the shells
British possessions and protectorates:
finally disabling the vessel. After the crew had taken to the
Binnacles; men's heavy boots; tanning extracts and substances not boats, another torpedo was fired and the ship sank immedialready specified; ship compasses and component parts; lead, antimony or
submarine, it is said, carried no flag and had no
copper eiectros for printing; leather belting, hydraulic leather, pump ately. The
leather and picking bands; leather suitable for military clothing; lead, alloys, identification marks. The Missourian was owned by the
of lead, lead solder and manufactures of lead or its alloys not otherwise American-Hawaiian Steamship Line, and left New York
prohibited, except pig lead; nautical instruments; quercitron bark extract.
ports on March 8. She carried on her outward
The following items were deleted from the list of articles for Italian
cargo, and was under the command of
general
a
voyage
in
countries
to
the exportation of which had been prohibited
The Missourian was built in 1904
Lyons.
William
Captain
Europe and on the Mediterranean and Black Seas, other
Point, Md., and was first named the Missouri.
Sparrow's
at
Portugal:
and
Spain
Italy,
Russia,
than France,
engaged in the New York-Panama
Anchors and chain cables; boots and shoes, except men's heavy boots; For many years she was
citric acid; white lead; gloves, wholly or partly of leather; chamois, glace Canal trade, and was transferred to the Atlantic trade soon
kid, morocco, persions, roans and seal leather, book-binding leather; after the beginning of the European war. She was for a time
enameled, japanned or varnished leather; leather for textile machinery,
States Government, it is stated,
except leather belting and picking bands; leather not otherwise prohibited; in the service of the United
rattans; Diesel and other internal combustion engines for marine propulsion having been taken over as a transport soon after Gen.Funston
and component parts of such engines; iron and steel castings and forgings was sent to Vera Cruz in 1914.
for hulls and machinery of ships; sectional materials for shipbuilding; ship
auxiliary machinery.

ELISEO ARREDONDO MADE MEXICAN MINISTER
TO SPAIN.
Announcement was made at Washington on the 4th inst.
of the appointment of Eliseo Arredondo, former Mexican
Ambassador-Designate to this country, as Mexican Minister
to Spain. On the same day Mexico City advices stated that
Alberto Pani, President of the National Railways of Mexico,
had been made Minister of Commerce in the Mexican Cabinet. This is the office created by splitting the Department
of Fomento in half. It is expected that Gen. Eduardo Hay,
Carranza's chief-of-staff, will be named Minister of the other
half.
GERMAN GOVERNMENT REPROACHES U. S. WITH
VIOLATION OF PRUSSIAN-AMERICAN TREATIES.
A reply to the note of the United States refusing to accede
to Germany's request to modernize or extend the PrussianAmerican treaties of 1799 and 1828 has been transmitted to
the State Department by the German Government through
Dr. Paul Ritter, the Swiss Minister. The German reply
challenges the assertion of the United States that Germany
has violated the treaties, and reproaches the United States
with their violation. It states that "until further notice,
the German Government will adhere to the maintenance of
Article XXIII of the treaty of 1799." The note as made
public by the State Department on April 4 is as follows:
Washington. D. C., March 30 1917.
Sir—According to instructions of my Government I have the honor to
the
communication of the German
following
Excellency
your
to
forward
Government:
"The German Government challenges the assertion that it has violated
the treaties of 1785, 1799 and 1828. American citizens may freely leave
Germany, and for the most part have already done so. That departure
from the country is delayed under certain circumstances is to be ascribed
to necessary precautionary measures.
"Since the provisions of Article XII of the Treaty of 1785 and Article
XIII of the Treaty of 1799 do not oppose blockade or obstructions similar
to blockade, the U-boat warfare does not contravene them.
"In turn, Germany has to reproach the United States with a violation of
those treaties in that, without justification on the ground of neutrality, it
prevented the departure on and after the beginning of the war, of various
German merchant vessels, contrary to the Treaty of 1828; contrary to
Article XIX of the Treaty of 1799, the American Government, in the
Appam case, also contested the right of the prize to stay in American ports
ani permitted judicial proceedings against the prize.




AMERICAN LIVES AND VESSELS LOST AS RESULT
OF GERMAN SUBMARINE WARFARE.
During the course of his remarks on the war resolution
in the House of Representatives at Washington on April 5,
Representative John J. Rogers of Massachusetts presented
a table showing the number of American ships damaged or
destroyed by German submarines during the past two years,
and also a complete list of the ships sunk during that period
with the loss of 226 American lives. Mr. Rogers's report
was compiled by the State Department, and was printed
in the "Congressional Record" of the 5th inst. We reproduce it herewith:
AMERICAN SHIPS DAMAGED OR DESTROYED BY GERMAN
SUBMARINES.
Particulars.
Date.
Name of Vessel—
May 2 1915 Torpedoed
Guiflight
May 25 1915 Torpedoed
Nebraskan
July 25 1915 Torpedoed and shelled
Leelanaw
June 16 1916 Damaged by mine or torpedo
Seaconnet
Aug. 14 1916 Fired on 10 times by submarine
Oswego
Oct. 28 1916 Sunk by submarine
Lanao (Philippine)
Nov. 7 1916 Sunk by submarine
Columbian
Nov.26 1916 Fired on
Coiena
Dec 10 1916 Attacked by submarine
St. Helen's
Dec 14 1916 Fired on; slight damage
Rebecca Palmer
Jan. 9 1917 Fired on
Sacramento
Feb. 3 1917 Sunk
Housatonic
Feb. 13 1917 Burned by submarine
Lyman M. Law
Mar. 16 1917 Torpedoed
Vigilancia
Mar. 17 1917 Sunk by gunfire
City of Memphis
Mar. 17 1917 Torpedoed
Illinois
April 1 1917 Torpedoed
Aztec
SHIPS SUNS WITH LOSS OF AMERICAN LIVES.
British ship Falaba, torpedoed March 28 1915 (warned); 1 American lost.
British ship Lusitania, torpedoed May 7 1915 (no warning); 114 Americans lost.
American ship Gulflight, torpedoed May 1 1915 (no warning); 2 Americans lost.
British ship Armenian, torpedoed June 28 1915 (ordered to stop; tried
to escape); 23 Americans lost.
British ship Iberian, sunk July 311015 (tried to escape;stopped by shellfire); 3 Americans lost.
British ship Anglo-Californian, sunk July 4 1915; 2 Americans lost.
British ship Hesperian, torpedoed Sept. 4 1915 (no warning); 1 American
lost.
British ship Arabic, torpedoed Aug. 19 1915 (no warning); 3 Americans
lost.
British ship Persia, believed to have been torpedoed; sunk Dec. 30 1915
(n4 warning); 2 Americans lost.
Italian ship Ancona, torpedoed Nov. 9 1915 (no warning); 7 Americans
lost.

APR. 14 1917.1

THE CHRONICLE

British ship Englishman, torpedoed March 27 1916; 6 Americans lost
(1 more whose nationality is doubtful).
British ship Sabota, sunk by gunfire Oct. 20 1916; 1 American lost.
British ship Marina, sunk by gunfire Oct. 28 1916 (warned); 8 Americans lost.
British ship Russian, torpedoed Dec. 14 1916 (no warning); 17 Americans lost.
British ship Eaveston, sunk by shell fire Feb. 5 1917; 1 American lost
(1 other whose nationality is doubtful).
British ship Vedamore, torpedoed Feb. 7 1917 (no warning); 10 Americans lost.
British ship Turino, torpedoed Feb. 7 1917 (no warning); 1 American(?)
lost.
French ship Athos, torpedoed Feb.22 1917(no warning); 1 American lost.
British ship Laconia, torpedoed Feb. 26 1917 (no warning); 8 Americans lost.
Norwegian ship Sjostad, believed torpedoed March 2 1917 (no warning);
1 American lost.
American ship Vigilancia, torpedoed March 16 1917 (no warning);
5 Americans lost.
American ship Healdton, torpedoed March 21 1917 (no warning); 7
Americans lost.
British ship Crispin, torpedoed March 29 1917 (no warning); 68 Americans on board, 1 killed, 18 missing.
Total, 226 American lives lost.
On the Lusitania there were also 24 children born of foreign parents
on American soil.

RETURN OF MOEWE TO GERMANY-NEW RAIDER IN
SOUTH AMERICAN WATERS.
The identity of the German raider which terrorized commerce in South American waters last December, referred to
in our issue of Jan. 20, was disclosed in a statement issued by
the German Admiralty on March 22, announcing the arrival
at a home port of the German navy of the German auxiliary
cruiser Moewe from her second cruise in the Atlantic Ocean.
The Moewe on her second voyage, according to the German
Admiralty, captured 22 steamers and 5 sailing vessels of the
Entente and neutral nations, representing a total gross tonnage of 123,100 tons. The German statement said:

1459

orders to seek and destroy the Moewe at any cost. He told
the news agency that the Moewe had regularly received British and French wireless reports which warned vessels at sea
against the Moewe. The capture of the British ship Esmeralda by the Moewe, which had 50 Americans in her crew, has
raised another issue between the United States and Germany
similar to that of the Yarrowdale case, which was settled
only after the United States had made five demands upon
Germany for the American sailor's release. The State Department at Washington, through the Spanish Government,
on March 26 addressed an inquiry to Germany to ascertain
whether there are any Americans being held in Germany
among the prisoners brought in by the Moewe, and if so,
to facilitate their release.
Dispatches from Copenhagen on March 29 stated that
22 neutral seamen, including two Americans, from ships
captured by the Moewe, had arrived there from Kiel. They
said that the Moewe carried five big guns and four torpedo
tubes, and that she could completely alter her appearance
by raising and lowering her masts and funnels. The sailors
were released by the German authorities because they were
not members of crews of armed merchantmen. The State
Department at Washington on March 31 received the following dispatch from Maurice F. Egan, American Minister
at Copenhagen, confirming the report that two American
seamen had arrived at Copenhagen and summarizing the
statements made by them. Minister Egan's message read
as follows:

Alexander Meyer and Able Seaman Jack Benson, who reached Copenhagen from Germany on March 28, made the following statement: That
they sailed from Norfolk, Va., Sept. 5 1916, on the Norwegian bark Stant,
bound to South Georgia Islands. The Staut carried a cargo of provisions
and coal and was to return from South Georgia Islands with whale oil.
She was sighted by the British ship St. Theodore on Feb. 3 1917, which
ship had been captured by the Germans and was manned by a German crew.
Moewe
has
cruiser
A German officer boarded the Staut and ordered the crew to pack up
into
a home port of
returned
The German auxiliary
St. Theodore. After embarking, a bomb
the navy from a second cruise in the Atlantic Ocean, where she stayed for belongings and embark on the
several months under command of Burgrave and Count von Dohna- was placed in the main hatch of the Staut and she sank within 20 minutes.
Schlodien. The ship captured 22 steamers and 5 sailing vessels with a gross The Staut carried 16 sailors and officers, Benson being the only native
tonnage of 123,100. They included 21 hostile steamers, of which 8 were American and Meyer being a naturalized citizen. They remained ten days
armed and 5 in the service of the British Admiralty, as well as 4 hostile on the St. Theodore and were then transferred to the German cruiser Moewe.
Benson and Meyer were confined below while on the Moewe, but know
sailing ships. Among the vessels captured by the Moewe were the Voltaire,
an English steamer of 8.617 tons gross, in ballast, carrying a 12-centimeter whenever a ship had been sunk or torpedoed by the new prisoners. Accordof
Hallbjoerg,
tons
to Benson, the British schooner Jean had already been torpedoed and
ing
steamer
2,587
gross,
and the Mount
gun; the Norwegian
also the Radnorshire, the Royal Mail boat with a crew of 88 men, and the
Temple.
Hall with a crew of 40 men.
A second statement, issued by the German Admiralty at Netherby
The Staut was captured with its 16 men. Afterwards the BreckneckBerlin on March 22, giving an additional list of the vessels shire was captured with 88 men, including one American from Seattle
British steamer Eddy, with 24 men; British steamer French Prince with 39
captured by the Moewe, reads as follows:
men; British steamer Rodenta, with 29 men; British steamer Katherine.
To the booty captured by the Moewe the following is added:
Mount Temple, British steamer with 7.5-centimeter gun, 9,792 tons with 27 men; British steamer Otaki was captured after a fight, 8 men being
horses.
killed.
The Pacific Steam Navigation boat Esmeralda, from Liverpool,
and
parcels
gross, with provisions,
having delivered American horses, was captured with 116 men, 50 of them
Dutchess of Cornwall. British, sailing ship of 152 tons, with fish.
King George, British steamer of 3,852 tons gross, with explosives, pro- Americans. One man named Smith had an army discharge. Steamer
Governor captured after fight, 5 men being killed, and British steamer
visions and parcels.
Cambrian Wange (Cambrian Range), British steamer of 4,200 tons gross, Demerditan captured with 35 men.
Benson and Meyer were released to Copenhagen after remaining on the
with wheat and parcels.
Georgic, British steamer with 12-centimeter gun, 10,000 tons gross, Moewe for three days in the harbor of Kiel. The remaining Americans
off the Moewe and believed were sent to Westphalia.
horses.
taken
with wheat, meat and
Yarrowdale, British steamer of 4,600 tons gross, with ammunition, prdThe German auxiliary cruiser Moewe first came into
visions and war materials.
prominence when, on Feb. 1 1916, the British steamer
St. Theodore, British steamer of 5,000 tons, gross, with coal.
Dramatist, British steamer of 5,400 tons gross, with ammunition ami Appam came into Newport News in charge of a prize crew
fruit.
from the Moewe. The Moewe returned to Wilhelmshaven,
Nantes, French sailing ship of 2,600 tons gross, with saltpeter.
Germany,from her first cruise on March 5 1916,during which
Asnieres, French sailing ship of 3,100 tons gross, with wheat.
she captured fifteen vessels, and when she returned home she
Hudson Maru, Japanese steamer of 3,800 tons gross, with parcels.
Radnorshire, British steamer, with 12-centimeter gun, 4,300 tons gross, had on board about 200 prisoners and $250,000 in gold bars.
with coffee and cocoa.
Minieh, British steamer of 3,800 tons gross (listed at 2,890 tons gross),
Coincident with the arrival of the Moewe in Germany was
with coal.
Netherby Hall, British steamer of 4,400 tons gross, with rice and parcels. the arrival at Rio de Janeiro, Brazil, on March 30 of the
Jean, Canadian sailing ship of 215 tons gross, with sugar.
French bark Cambronne, with 277 men of the crews of variStaut, Norwegian sailing ship of 1,200 tons gross, with whale oil.
Brecknockshire, British steamer, with 12-centimeter gun, of 8,400 tons ous steamers and sailing ships sunk by a new German raider
gross, with coal.
off the Island of Trinidad. Up to the time of the CamFrench Prince, British steamer of 4,800 tons gross, with coal.
bronne's arrival at Rio de Janeiro, 11 vessels had been sunk
Katherina (Katherine), British steamer of 2,900 tons gross, with wheat.
by the raider. The vessels destroyed were:
Rhodante (Rhoda.nthe), British steamer of 3,000 tons gross, in ballast.
Antonin. French sailing vessel, 3.071 tons, owned in Dunkirk; 31 men on
Esmaraldas (Esmeraldas), British steamer of 4,680 tons gross, in ballast.
Otaki. British steamer of 7,400 tons gross (listed at 9,575 tons gross), board.
British Yeoman, British sailing vessel, 1,903 tons, owned in Victoria.
with 12-centimeter guns, in ballast.
Demeterton, British steamer, with 7.5 centimeter guns, half a thousand B. C.; 21 men.
Buenos Aires, Italian sailing vessel, 811 tons, owned in Naples; 21 men.
tons gross (listed at 6,048 tons gross), with food.
Governor, British steamer, with 12-centimeter guns, of 5,500 tons gross,
Charles Gounod, French sailing vessel, 2,199 tons, owned in Nantes:
24 men.
in ballast.
steamer
British
the
prizes
Yarrowdale
French sailing vessel, 2,206 tons, owned in Nantes; 22 men.
these
Dupleix,
reached a German"port
Of
Gladys Boyle, British steamship, 3,268 tons, owned in Sunderland; 26
on Dec. 31 1916 with 469 prisoners on board; the Japanese steamer Hudson
Maru on Jan. 16 1917 reached Pernambuco with the crows of the Dramatist, men.
Radnorshire, Minieb, Netherby Hall, Nantes and Asnieres on board.
Horngarth, British steamship, 3,600 tons gross, owned in Cardiff; 33 men.
Lady Island (or Landy Island,)4,500 tons; 25 men (not listed).
The remaining ships were sunk.
La Rochefoucauld, French sailing vessel, 2,200 tons, owned in Nantes;
The auxiliary cruiser Moewe had on board 593 prisoners.
Count von Dohna-Schlodien, commander of the Moewe, 24 men.
Pence, British schooner, 364 tons, owned in Halifax; 6 men, 1 woman.
arrived at Berlin on March 24 and was received, it is said,
Pinmore, British sailing vessel, 2,431 tons, owned in Greenock; 29 men.

by Emperor Wilhelm. In an interview with the Overseas
Alfred L. M. Gottschalk, American Consul-General at
News Agency, the Count praised the courage cif his crew and Rio de Janeiro, on March 31 sent the following messages to
said that he would like to start immediately on a third raid- the State Department at Washington regarding the arrival
ing trip with the Moewe. He also expressed particular satis- of the Cambronne:
Arrived last night the French bark Cambronne, bound Antofagasta to
faction over the fact that he had sunk a steamer in the serFrance. Was diverted from her route by German corsair See-adler, which
vice of the British Admiralty which a short time before had placed
aboard 277 prisoners, now landed at Rio. These refugees had been
coaled several British cruisers which, he said, had special captured by See-adler after sinking British steamers Lady Island, Gladys.




1460

THE CHRONICLE

Royal Hongar, and sailing vessels Pintors, British Yeoman, Terse; Italian
vessel Buenos Aires, and French vessels Charles Gounod, Antoine, Rochefoucauld and Dupleix, all between January and Mardh, in the neighborhood of Madeira and Cape Verde Islands.
Among the prisoners are 5 Americans—Roy Clark of Virginia, John Rondoni of California, off British Yeoman; Ernest Roy Gilbert of Washington,
Luther Leathers of Ohio, off Pintors, and Manuel Guerrero of our insular
possessions. I have requested the Brazilian port authorities to deliver
them to me.

The second telegram read:
Port authorities produced prisoners this afternoon. They are William
Alfonso Clark, Beckley, W. Va.; Luther Leathers, Van Wert, Ohio; John S.
Rondoni, San Jose, Cal.; Ernest Ray Gilbert, Kirkland, Wash., and'Manuel Guerrero, Guam.
All swear that they are the only Americans among those captured by the
German raider See-adier. They said all were well treated aboard, and no
loss of life occurred. All captures, embracing 12 vessels of the British,
French and Italian flags, were made between 25 and 31 west longitude and
2 south and 35 north latitude.

According to the refugees landed at Rio de Janeiro, the
See-adler is a three-master of about 2,800 tons, squarerigged, with a speed of about 12 knots, She is equipped with
a powerful wireless plant, the apparatus being skilfully concealed in the rigging. She is said to be armed with two guns
of 105 millimeters and sixteen machine guns. and has a crew
of 64 men under the command of Count Ukner. The Seeadler, it is said, was provisioned for eighteen months.
HOLLAND BARS ARMED MERCHANT VESSELS.
The attitude of the Dutch Government in refusing armed
merchantmen the right to enter Dutch ports has raised an
Issue with the Entente nations which has been the subject
of much discussion, and according to latest reports has not
as yet been decided. The experience of the defensively
armed British merchant steamer Princess Melita, which
was forced by the Dutch authorities to leave the Hook of
Holland, has now assumed, it is said, the nature of a test
case. The Princess Melita arrived at the Hook of Holland
on March 5, and because she was armed, was ordered to
depart forthwith. She sailed, but returned the next morning, and asked permission to disembark a sick passenger
and take on sufficient drinking water for the passage back
to England. Both requests were granted on condition that
the greatest haste be observed. The Princess Melita again
sailed, but on the morning of March 9 again returned, her
captain stating that he had thrown overboard the vessel's
gun and its mounting. After a thorough examination the
Dutch authorities allowed the vessel to proceed to Rotterdam. Dispatches from London on March 13 said that the
action of Holland in refusing armed vessels the right to enter
her ports had been resisted by Great Britain, and that the
British Government would insist on defensively armed ships
being permitted to enter Dutch ports. A dispatch from
Copenhagen via London on March 15, stated that United
Mates diplomatic representatives were carrying on negotiations with other neutral countries of Europe regarding the
right of American armed merchantmen to enter neutral
ports. The dispatch said that Dr. Maurice Egan, American
Minister to Denmark,like his colleagues at other courts, had
taken up the subject with the Danish Government but had
not received a reply. The report that negotiations were
being carried on by the United States was denied at Washington on March 16, but it was intimated that serious complications might develop if any abridgment of the right of
armed American vessels to enter neutral ports were attempted. The "Nieuwe Rotterdamsche Courant" said on
March 18 regarding the issue:
We had every reason to be satisfied with England's negotiations up to a
certain point. A new and much more serious difficulty has now crossed
the horizon—the arrival of the armed Princess Melita. England has for
more than a year indicated that she was able to protect her shipping to
Holland without arming merchantmen. Last week an armed merchantman asked for admission to our ports, and was refused. Is the sending of
this ship a mere accident? There is reason to doubt It. We are given to
understand that this treatment was considered unfriendly, and that no
further concessions for grain ships to call at Halifax in order to avoid
search in British home ports will be accorded. * * * When England
sent her trial ship she knew what reception awaited her, and that the Dutch
Government could not change its attitude. Was it the intention of the
British Government to force us to break away from strict neutrality?

A Berlin telegram transmitted by Reuter's Amsterdam
correspondent to London on March 24 maintained that the
Dutch Government was guilty of an unneutral act in permitting the armed British steamer Princess Melita to leave Dutch
waters after her visit there. The dispatch declared that the
steamer ought to have been interned, and added:
This is the more galling to Germany because about the same time the
Dutch gave a narrow interpretation of neutrality in the case of two German
submarines. Holland's difficult position is appreciated in Germany, but
Germany must demand that in a matter so important in naval warfare as
the utilization of Dutch waters by warships she shall not be placed at a
disadvantage in a completely unjustifiable way.

A dispatch from Copenhagen via London on March 27
statedithat the Danish Government would likely follow the



[Vol,. 104.

example of Holland in refusing to admit armed ships to her
ports. The "Nieuws Van Dem Tag," of Amsterdam,
according to a dispatch from London on April 4, had the
following to say concerning the effect of President Wilson's
address to Congress calling for the existence of a state of war
between the United States and Germany, on Holland's neutrality:
For neutrals it makes a great difference whether-America joins fully or
only partially in the war. A fresh declaration of neutrality will have to be
made and America must be recognized as a full belligerent. Thus, for
example. armed American merchant ships must be kept by our Government
outside our territorial waters. The effect which America's participation
will have on our shipping cannot yet be forecast., This must be left for
the future to disclose, and it will, in the firskpTace,depend.on_the measures
Germany takes against the new enemy.

NO PEACE MOVE BY SWITZERLAND AT PRESENT.
By a vote of 88 to 22 the Swiss Parliament on March 29
decided that Switzerland should make no move in behalf of
peace at the present time. The vote followed the reading
of the majority and minority reports of a commission which
was appointed to consider the possibility of such a move.
The majority of the commission advised against any action
at this time. The minority suggested that, for the purpose
of creating an international organization for the peaceful
settlement of all political and economical international disputes, the Bundesrath declare itself ready to take part in a
general conference of States, immediately after the war.
The minority also suggested that the Bundesrat declare itself
willing, either alone or in connection with other neutral
States, to offer its good services for peace negotiations whenever the circumstances seem timely or whenever its services
are requested. The two reports were discussed by the
Parliament, which at first declared itself in favor of the
majority report with the amendment that the Bundesrat,
the Federal Executive Committee should have a free hand
to act if future developments rendered it desirable. This
action was not received with favor by the minority group,
who forced a vote upon the question, with the result that it
was defeated. M. Hoffman, Director of the Political Department, supported the majority report, and said that the
petitions for a peace move by Switzerland were well meant,
but that the most opportune time for making a peace move
had not arrived. "However," he added,"we are optimistic
enough to declare that it is an absolute necessity to reconstruct international law so as to create new guarantees in
order that such things as we are experiencing now will be
impossible again. The first threads, however, will be spun
in some other way, perhaps, according to the Bryan scheme
of agreements to defer war, which America has concluded."
GERMANY RELEASES DETAINED AMERICAN
CONSULS.
It was made known at Washington on March 26 that
Germany had agreed to permit the four American consuls
who were held at Munich to proceed to their new posts in
Turkey. The four Americans arrived at Berne, Switzerland,
on March 29. They are Consul Henry C. A. Daun, transferred from Aachen to Harput, Turkey; Consul John Q.
Wood, from Chemnitz to Messina; Vice-Consul W. Bruce
Wallace, from Magdeburg to Constantinople, and ViceConsul C. Inness Brown, from Mannheim to Constantinople. Ambassador Willard at Madrid advised the State
Department on March 26 that the Spanish Foreign Office
had been assured by the German Foreign Minister that the
four Americans were held only until it was certain that
Turkey would accept them. Ambassador Willard said that
Germany had called attention to the fact that up to that time
she had not heard whether three German consuls transferred
from the United States had reached their posts in Mexico,
Guatemala and Costa Rica. Germany notified the State
Department of her intention of detaining the United States
consuls on Feb. 28. The United States immediately made a
demand, through the Swiss Legation, for the Americans'
release, claiming that it had in no way hindered the transfer
of German consuls from this country to their new posts in
South and Central America, one of the reasons given by the
German Government for preventing the American consuls
from proceeding to Turkey. The action of Germany in
charging that the United States had prevented German consuls from leaving this country, as stated in our issue of
March 10, was based upon circumstances for which the
United States was in no way accountable. Former Acting
Consul Mueller, at Atlanta, Ga., was ordered by Germany
to take up his duties at Quito, Ecuador, following the severance of diplomatic relations. Upon his arrival at Havana

APR. 14 1917.]

THE CHRONICLE

1461

he notified his Government that he had been "detained." It
was believed that Germany misconstrued his message,
understanding him to mean that he had been "held" through
some fault of the United States. Another reason why the
American consuls were detained, it is said, was to enable
Turkey to secure the consent of the United States to abrogate
the ancient "capitulations," under which foreigners under
Turkish rule enjoy extra-territorial rights,and are exemptfrom
many peculiarities of Moslem law. The Ottoman Government, taking advantage of the State Department's plan to
transfer the four consuls to Turkey, proposed a new form of
exequatur to the Washington authorities, omitting the right
of consuls to sit as judges under American law in cases involving Americans and American property. The United
States Government flatly refused to accept Turkey's proposal, and sent word to Ambassador Elkus, at Constantinople, to notify the Ottoman Government of its decision.
Ambassador Elkus on March 13 advised the State Department that Turkey would accept "temporarily" the four
American consuls under the old form of commission,empowerering the consuls to act as extra-territorial judges. Germany,
it is said, did not wish to embarrass her ally by sending the
consuls to Turkey while the point remained undecided, and
hence held the consuls at Munich until the question was
cleared up.

German and Austrian Governments for the vessels to go
through the blockaded area of the Mediterranean with safety
had been practically without result, and that these is no
acute suffering at Jaffa or Beirut at the present time, but
that the Spanish Government would be asked to remove the
Americans who desire to leave those ports, should conditions
there reach a precarious stage. Turkey., it is said, has expressed her willingness to allow the American ships to proceed
on their mission of mercy, but has been unable to obtain
guarantees of a safe voyage from her allies. The supplies
are on board the United States cruiser Des Moines and the
naval collier Caesar, the former ship having a cargo of
medicines, which are greatly needed in Syria. After discharging the relief supplies it was the intention to bring away
more than one thousand or more Americans stranded at
Beirut. In reply to an inquiry made some time ago by the
United States as to the treatment German submarines would
give the American vessels, Germany replied that her submarines had been precautioned to avoid attacking the vessels,
but that no guarantee could be given that the vessels would
not strike a mine or be torpedoed inadvertently.
The number of Americans in Turkey of non-Moslem origin
who desire to return to the United States was estimated by
Ambassador Elkus, at Constantinople, in a dispatch to the
State Department on March 13,at about 1,500,or 500 more
than the previous figure which he telegraphed to the State
Department. Ambassador Elkus did not estimate the number of naturalized Americans of Moslem origin who have
asked for passage on the Des Moines and the Caesar, but it is
thought that they number about 500.

COLOMBIA OPPOSES ANY CHANGE IN TREATY.
Dr. Esteban Jaramillo, former Minister of Interior in
the Republic of Colombia, and who, it is said, is still close
to the councils of the Colombian Administration, issued a
statement in Washington on April 1 in which he said he was
able to give assurance that if the United States would ratify
the treaty with his country as originally drawn, Colombia
would engage to use the $25,000,000 it received by the terms
of the treaty for public works and for the economic and
humanitarian advancement of its people. In his statement
Dr. Jaramillo says:

GREAT BRITAIN TO TAKE MEASURES OF REPRISAL
AGAINST GERMANY FOR SINKING OF
HOSPITAL SHIPS.
A wireless from Berlin on March 26 announced the sinking by a German submarine on March 20 of the British hospital ship Asturias. A dispatch from London on March 27
stated that the vessel was torpedoed and sunk without warning, and that thirty-one were killed, twelve were missing and
thirty-nine were injured as a result of the vessel's destruction.
The dispatch said:

To reopen negotiations in order to incorporate clauses In the present treaty
which would meet the new desires of the United States would dishearten
America's friends in Colombia and would unduly postpone the day when
cordiality would be officially restored between the two nations. No
greater step could be taken toward real Pan-American solidarity and amity
than the ratification of the treaty as it now reads.
With the ratification of the proposed treaty confidence would be completely restored and Colombia will gladly open her heart to American
friendship and her ports to economic and commercial penetration by the
United States.
I am informed on the highest authority that it is the intention of the Colombia Government to leave the 525.000,000 provided by the treaty on
deposit with the United States Treasury or with a responsible American
bank. These funds, supplemented by other guarantees, would serve as the
basis for a national Colombia bond issue of about $50,000,000. The bonds
would be negotiated in the United States, since this is the only country
now having resources available. The proceeds of the bonds would be
devoted to public works within Colombia and would economically reorganize the Republic.

The treaty, as stated by us two weeksago,was brought up
at the regular session of Congress, which expired on March4
1917, but no action whatever was taken in the matter.
Efforts were then made to have it ratified at the special
session of the U. S. Senate called by the President on March
5, but the treaty was so strongly opposed by several Republican Senators on the ground that in its recent form it savored
too strongly of blackmail, that Senator Stone, Chairman of
the Committee on Foreign Relations, withdrew the treaty
and sent it back to the Committee. Since then the State
Department, it is said, has virtually agreed to extensive
modifications in the terms of the treaty which will make it
more acceptable to the objecting Senators. It is said that
instead of the payment of $25,000,000 as indemnity to Columbia, a smaller amount will be paid, probably not more than
$15,000,000, and that no mention will be made of an apology
for the alleged irregularities in connection with the acquisition of Canal properties. It is expected that some action
will be taken by the present Congress now in special session.
AMERICAN RELIEF SUPPLIES FOR SYRIA TO BE
CARRIED BY SPAIN.
The State Department at Washington on March 31 announced that it had accepted the offer of the Spanish Government to transport from Alexandria, Egypt, to Jaffa, Palestine, the foodstuffs and other supplies sent by the American
Committee for Armenian and Syrian relief,which have been
held up at Alexandria several months because Germany has
refused to assure the United StAtes Government a safe
voyage for two of its naval vessels, now at Alexandria, to
the Syrian coast with the supplies. The State Department,
in making known its acceptance of the Spanish Government's
offer, stated that efforts to obtain permission from the




The British hospital ship Asturias, while steaming with all navigating
lights and with all proper distinguishing Red Cross signs visibly illuminated,
was torpedoed without warning on the night of March 20. The following
casualties occurred: Military—Dead, 11; missing, 3, including one female
staff nurse; injured, 17. Crew—Dead, 20; missing, 9, including 1 stewardess; injured, 22.
The torpedoing of this hospital ship is included in the list of achievements
claimed by U-boats as reported in a German wireless press message yesterday.

An unsuccessful attempt, it is said, was made by a German submarine to torpedo the Asturias off Havre, France, in
February 1915. The German Government later said the
vessel was mistaken for a troop ship and expressed regret for
the attack. The British Admiralty replied that under the
circumstances there could have been no possibility for such
a mistake. The Asturias before being converted into a hospital ship was in the service of the Royal Mail Packet
Company.
It is said that when the Asturias was sunk she was carrying
no wounded, having disembarked a considerable number
at a certain British port and was on a return voyage with
over 300 persons on board, consisting of the crew, members
of the medical corps and nurses. Germany as an excuse for
the sinking of the Asturias alleged in a wireless dispatch to
London that the British have employed hospital ships to
carry troops and munitions. In reply to these assertions,
an official statement was issued at London on March 29
denying the German charges, and saying in part:
The British Government does not again point out the obvious course
which common sense and humanity dictate. Neither does it repeat the
stern warning conveyed in the British communication of Jan. 31—that instant reprisals would follow the most unspeakable crime which now disgraces the record of the German Government. It can only place such facts
before the judgment of civilization and proceed to such measures as will
perhaps bring home to the German Government some realization of its
infamy.

BANKING AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 523 shares, of which
40 shares were sold at the Stock Exchange and 12% shares at auction. No
trust company stocks were sold.
Shares. BANKS—New York.
Low. High. Close. Last previous sale.
*40 Commerce, Nat. Bank of_ __ 179
179
179
April 1917— 180
12% N.Y.County Nat. Bank.. 400 400 400
Oct. 1908— 805
* Sold at the Stock Exchange.
The New York State Bankers' Ass- ociation has inaugurated a campaign
to increase the membership of the organization. About 800 banks throughout the State are now members of the Association, and it is hoped to induce
those institutions outside of the Association to join it.
In their announcement on another p- age that "Investors Should Mobilize,'
Chandler & Co., Inc., of Philadelphia, New York and Boston, state "in
the present situation we feel that it is the duty of every banking house and
every citizen with money to invest to help make the new Government bond
issues a quick suerPsts" The bankers offer their services to clients without
commission charges or profits of any kind to themselves and will be glad
to enter public subscriptions in advance.
George P. Kennedy has been appo- inted an Assistant Treasurer of the
Guaranty Trust Co. of New York, with which company he has beep
associated since September 1916. He has been connected with New York

140

iat

[VOL. 104.

THE CHRONICLE

banking institutions for the last nineteen years. He was successively
Manager of an uptown branch of the New York Produce Exchange Bank,
Vice-President of the Century Bank and Vice-President of the Chatham &
Phenix National Bank. He was born in Brooklyn Nov. 17 1880 and was
educated in the public schools of that borough.

The Live Stock National Bank of Omaha, Neb., as shown by its report
to the Comptroller of the Currency on March 5, has doubled its deposits
and business during the year ending that date. The Live Stock National
on March 5 reported deposits of $7,269,793 and total resources of $8,042,769. It has a capital of $400,000 and is headed by L. M.Lord as President.

The Atlantic National Bank of this city announces the appointment to its
new business department of C. D. Marlow, formerly assistant manager of
the Bronx Refrigerating Co.

Charles H.Easson,formerly Manager of the Toronto branch of the Bank
of Nova Scotia, has been appointed General Manager of the Standard Bank
of Canada (head office Toronto) to succeed the late George P. Scholfield.

A new banking institution, the Bank of Ruby, has been organized at
August Heckscher, President of the Commonwealth Real Estate Co., Ruby, Alaska, under the laws of the Territory of Alaska, and will begin
has been elected a director of the Lawyers Title & Trust Co. of this city.
business on May 15 under the management of A. J. Day. The new bank
will
conduct a general banking business, including the buying and selling
The Public Bank, of this city, has received permission from the State of gold dust, the handling of collections and the issuing of bills of exchange.
Siegel
and
Avenue
Graham
Banking Department to open a branch at
Street, Brooklyn. The Public Bank already has four branches, one at
Broadway and 26th Street, one at Madison Avenue corner 116th Street,
ENGLISH FINANCIAL MARKETS—PEI? CABLE.
Manhattan; another at Pitkin Avenue corner Watkins Street, Brooklyn;
The daily closing quotations for securities, &c., at London,
and a fourth at Wendover and Bathgate avenues, Bronx, besides the main
as reported by cable, have been as follows the past week:
offices at 89 Delancey Street.
The directors of the German-American Trust Co. of Paterson, N. J.,
as heretofore stated, have decided to change the name of the institution
to the United States Trust Company. Our statement last week that
Edward It. Weiss, President of the bank, was a naturalized citizen of
German birth, was erroneous. Mr. Weiss was born in Paterson, N. J.
There is not at the present time, we understand, any naturalized citizen
of German birth in the employ of the company.
The Comptroller of the Currency has approved an increase of $2,500,000
in the capital of the First National Bank, of Boston, Mass., raising it from
$5,000,000 to $7,500,000.
An increase of $250,000 in the capital of the First National Bank, of
Columbia, Pa., raising it from $200,000 to $450,000, has been approved by
the Comptroller of the Currency. The Comptroller has also approved the
change of title of the First National Bank of Columbia, to the FirstColumbia National Bank.
A new section of the Pennsylvania Bankers' Association, the Pittsburgh
Trust Company Section, was organized at a dinner and meeting of about
seventy-five representatives of the trust companies in the Pittsburgh district, at the William Penn Hotel, Pittsburgh, on April 5. The officers
of the new section are George D. Edwards, Vice-President and Treasurer
of the Commonwealth Trust Co., Chairman; A. C. Robinson, President of
the Safe Deposit & Trust Co., Vice-Chairman, and John W. Chalfant,
Secretary and Treasurer. These officers with C. M. Hughes, Vice-President of the Beaver (Pa.) Trust Co.; George C. Stewart, Secretary of the
Guaranty Safe Deposit & Trust Co. of Butler, Pa., and T. J. Duncan,
President of the Real Estate Trust Co. of Washington, Pa., comprise the
Executive Committee of the new section.

April 7. April 9. April 10. Aprilll. Apri112. Aprill3.
London,
Fri.
Wed. Thurs,
Tues.
Mon.
Sat.
Week ending April 13.
36 9-16
36%
36%
36%
cl.
Silver, per oz
55
55
55
55%
Consols, 2% per cents
95%
95
95
95
HOLTBritish 5 per cents
91%
92
92
92
DAYS.
British 4% per cents
61.85
61.85
61.85
61.75
French routes (in Paris)__fr.
French War Loan, 5% (in
88.45
88.45
88.45
88.45
fr_
Paris)

The price of silver in Now York on the same days has been:

Silver in N. Y., per ozcts— _73%

J. P. Bergs, heretofore Assistant Cashier of the Merchants-Laclede
National Bank of St. Louis, Mo., has been promoted to the Cashiership
of the institution, to succeed L.K.Wise,who resigned last month to become
an Assistant Cashier of the Central National Bank of St. Louis. T. C.
Tupper,formerly Manager of the Credit Department of the Federal Reserve
Bank of St. Louis, has been chosen an Assistant Cashier of the MerchantsLaclede National to succeed Mr. Bergs.

73%

73%

73%

73%

TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Tuesday, April 10,
issued its regular monthly statement, showing the unfilled
orders on the books of the subsidiary corporations at the close
of March. The record is again broken, the aggregate of unfilled orders on March 31 having been 11,711,644 tons, an
increase of 134,947 tons over the previous record total of
11,576,697 tons at the close of February.
In the following we give the comparisons with the previous
months:

Tons.
Mar. 31 1917..11,711,644
Feb. 28 1917_11,576,697
Jan. 31 1917..11,474,054
Dec. 31 1916_11,547,286
Nov. 30 1916..11,058,542
Oct. 31 1916_10,015,260
Sept. 30 1916...9,522,584
Aug. 31 1916_9,680,357
July 31 1916-9,593,592
30 1916...9,640,458
A complete change of management in the Pittsburgh Life & Trust Co. June
May 31 1916...9,937,798
of Pittsburgh, Pa., was effected at a meeting of the directors of the insti- April 30 1916...9,829,551
tution on April 11, when Frederick A. Wallis of New York, heretofore Mar. 31 1916...9,331,001
General Agent of the Fidelity Mutual Life Insurance Co., was elected Presi- Feb. 29 1916_8.568,966
Jan. 31 1916_7,922.767
dent, and W. Howard Nimick, President of the Keystone National Bank Dec.
31 1915_7,808,220
of Pittsburgh, who has been acting President of the Pittsburgh Life & Nov. 30 1915_7,189,489
Trust Co. since the death of William C. Baldwin, was elected Vice-Presi- Oct. 31 1915...8,165,452
30 1915...5,317,618
dent. Other Vice-Presidents elected were William D. MacQuesten and Sept,
Aug. 31 1915-4,908,455
George A. Nicol Jr. Kellogg Birdseye was elected Secretary and Treas- July 31 1915_4,928,540
urer.
June 30 1915_4,678,196
May 31 1915...4,264,598
April 30 1915_4,162,244
Park
Garfield
the
of
Vice-President
a
elected
J. L. Simmons has been
Mar. 31 1915...4,255,749
State Savings Bank of Chicago, Ill., to succeed J. G. W. Lamson, re- Feb. 28 1915...4,345,371
Jan. 31 1915...4,248,571
signed.

Frederick A.Yard, Vice-President and Manager of the Bond Department
of the Union Trust Co. of Chicago, Ill., has been elected a director of the
institution. Mr. Yard, as noted in our issue of March 31, has only recently become connected with the Union Trust. He was formerly President
of the firm of Yard, Otis & Taylor. F. J. Skipp, formerly Secretary and
Treasurer of Yard, Otis & Taylor, has also become associated with the
bond department of the Union Trust Co.

73%

Tons.
Tons.
Dec. 31 1914_3,836,643 Sept. 30 1912_6,551,507
Nov. 30 1914-3,324,592 Aug. 31 1912_6,163,375
Oct. 31 1914_3,461,097 July 31 1912_5,957,079
Sept. 30 1914...3,787,667 June 30 1912-5,807,346
Aug. 31 1914_4,213,331 May 31 1912-5,750,983
July 31 1914...4,158,589 April 30 1912-5,664,885
June 30 1914...4,032,857 Mar. 31 1912_5,304,841
May 31 1914_3,998,160 Feb. 29 1912_5,454,201
April 30 1914_4,277,068 Jan. 31 1912_5,379,721
Mar. 31 1914_4,653,825 Dec. 31 1911_5,084,765
Feb. 28 1914_5,026,440 Nov. 30 1911...4,141,958
Jan. 31 1914_4,613,680 Oct. 31 1911_3,694,327
Dec. 31 1913_4,282,108 Sept. 30 1911_3,611,315
Nov. 30 1913_4,396,347 Aug. 31 1911-3,695,985
Oct. 31 1913...4,513,767 July 31 1911_3.584,088
Sept. 30 1913...5,003,785 June 30 1911_3,381,087
Aug. 31 1913_5,223,468 May 31 1911_3,113,154
July 31 1913_5,399,356 April 30 1911...3,218,700
June 30 1913...5,807,317 Mar. 31 1911...3,447,301
May 31 1913_6,324,322 Feb. 28 1911...3,400,543
April 30 19/3_6,978,762 Jan. 31 1911...3,110,919
Mar. 31 1913_7,468,956 Dec. 31 1910...2,674,750
Feb. 28 1913_7,658,714 Nov. 30 1910...2,760,413
Jan. 31 1913_7,827,368 Oct. 31 1910_2,871,949
Dec. 31 1912...7,932,164 Sept. 30 1910...3,158,106
Nov. 30 1912_7,852,883 Aug. 31 1910_3,537,128
Oct. 31 1912...7,594,381 July 31 1910...3,970,931

The figures prior to July 31 1910 were issued quarterly
only. These, extending back to 1901, were given in the
"Chronicle" of March 13 1915, page 876.
ANTHRACITE COAL SHIPMENTS.—A new record
was established in the monthly shipments of anthracite coal
during March 1917, according to the report of the Anthracite
Bureau of Information at Wilkes-Barre. The aggregate
tonnage for the month was 6,989,075 tons, an increase of
861,724 tons over March 1916 and of 306,068 tons over
October 1915, the previous record month, when 6,683,007
tons were moved. "This maximum tonnage record,"says the
Bureau, "was made possible because of the fact that there
were 27 working days—no general holidays—and there were
fewer interruptions to steady work than usual by reason of
button strikes and other labor difficulties. Railroad cars
were also in better supply, as the congestion at terminal
points was relieved, and weather conditions were unusually
favorable for March." The Bureau, however, adds this
warning:

Stockholders of the German-American Bank of Detroit, Mich., at a
meeting on April 4 unanimously agreed to change the name of the institution to the First State Bank of Detroit. It is expected that the bank will
be operating under its new name in the very near future, inasmuch as the
change of name has already received the approval of the Michigan ComMarch
It may be well, however, to warn the public that the record for
missioner of Banking. President George H.Kirchner in explaining why the
of anthramust not be accepted as an indication that there will be a surplus
name was changed stated, it is said, that the action had been taken in order cite
any part of this year. All the conditions in
or
the
summer
during
to facilitate future growth of the bank by eliminating a feature of the bank's March were exceptionally favorable. April, on the contrary, has started
of the month, for, on acname which might suggest to some that the bank's activities are directed off with an unfavorable record for the first third
Sunof the eight-hour day, Good Friday, Easter Monday and two
toward handling business of customers of one particular nationality. The countonly
to and including Apr. 10.
up
made
been
five full working days had
German-American Bank has a capital of $500,000 and on a recent date days,
for
carriers
Below we give the shipments by the various
reported surplus and undivided profits of $196,791, and deposits of $6,March 1917 and 1916 and for the quarter ending March 31
933,286.
Andrew Jay Frame, President of t-he Waukesha National Bank of Waukesha, Wis., on May 1 Will round out fifty-five years of service with that
institution. An informal reception is to be held at the bank on May 1 to
celebrate the occasion. Mr. Frame is seventy-three years of age and is
well-known in banking circles throughout the country. His address on
the proposed increase in the reserve requirements of national banks,entitled
"The Last Pound of Flesh," was given in our issue of Feb. 17, page 618.
Last January, it is understood, he was asked to take an official position
with one of the large downtown banks in this city, but declined on account
of his age. The fact has only just become public.

ivy
The Cleveland Trust Co. of Cleve- land, Ohio, and the Peoples Bank of

St. Paul, Minn., have been admitted, it is stated, to the Federal Reserve
system.




this year and last:

—Jan. 110 March 31—
March
1916.
1917.
1916.
1917.
Road—
3,418,425
3,490,923
1,237,378
tons_1,374,051
&Reading
Philadelphia
3,017,342
3,130,405
1,234,871 1,001,614
„.
Lehigh Valley
1,804,019
,
Central RR. of New Jersey,
2,763,367
3,063,711
Delaware Lackawanna & Western 1,162,230 1,063,665
1,726,737
1,878,530
490,453
728,857
Delaware Sr Hudson
1,727,085
1,404,830
681,845
517,704
Pennsylvania
2,112,825
2,108,408
741,714
792,453
Erie
513,874
493,882
152,958
185,496
Ontario & Western
628,750
*593,706
275,259
.208,204
Lehigh & New England
Total

6,989,075 6,127,351

18,108,232

17,708,007

RR. of
After deducting (to avoid duplication) tonnage delivered to the Central part of
and included as
New Jersey at Ratite by the Lehigh & New England RR.,
and to
in
1917
tons
March
114,953
the tonnage of the latter. This amounted to
239,416 tons for the three months ending March 31.

APR.

THE CHRONICLE

14 19174

U. S. Bonds Held Mar. 31 to Secure-

eammerciat andWiscellantonsBeWS

APPLICATIONS FOR CHARTER.
For organization of national banks:
The First National Bank of Vero, Fla. Capital
The Medfield National Bank, Medfield, Mass. Capital_
The First National Bank of Plevna, Mont. Capital
The First National Bank of Veedersbtirg, Ind. Capital__
The First National Bank of Dodson, Mont. Capital
The Lake Basin National Bank of Rapeije, Mont. Capital
The Mountain National Bank of Tannersville, N Y
The Exchange Nationa Bank of Ardmore, Okla. Capital.. _ _
The Corn Belt National Bank of Scotland. S. D. Capital_ _ _
The First National Bank of New Castle, Va. Capital
For conversion of State banks:
First National Bank of Turlock, Cal. Capital
Conversion of the Commercial Bank of Turlock.
The First National Bank of Savage, Mont. Capital
Conversion of the First State Bank of Savage.

$25,000
50,000
25,000
25,000
25,000
25,000
25,000
100,000
25,000
25,000
100,000
25,000

Total Capital
$475,000
CHARTERS ISSUED.
Original organization:
The First National Bank of King City, Cal. Capital
$60,000
The Border National Bank of El Paso, Tex. Capital
200,000
The First National Bank of Summerfield, Kans. Capital.. _ _
25,000
Conversion of State banks:
Stanley,
Va. Capital
The Farmers & Merchants Nat. Bank of
25,000
Conversion of Farmers & Merchants Bank, Inc.
Total Capital
$310,000
INCREASES OF CAPITAL APPROVED.
The First National Bank of Blacklick, Pa. Capital increased
from $25,000 to $40,000. Increase
415,000
The Northern National Bank of Duluth, Minn. Capital increased from $250,000 to $500,000. Increase
250,000
The Fort Dearborn National Bank of Chicago, lb. Capital increased from $2,000,000 to $3,000,000. Increase
1,000,000
$1,265,000
Total increase
EXTENSION OF CHARTER.
The First National Bank of Windom. Charter extended until April 4
1937, at close of business.
RE-EXTENSION OF CHARTER.
The First National Bank of Boulder. Charter re-extended until close of
business April 2 1937.
LIQUIDATION.
$100,000
The Brooks National Bank of Torrington, Conn. Capital
Liquidating Agents: John N. Brooks and John M. Wadhams,
Torrington. Conn., to be succeeded by a State bank.

FOREIGN TRADE OF NEW YORK-MONTHLY
-In addition to the other tables given in
STATEMENT.
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement at New York.
Month.

Imports.

Customs Receipts
at New York.

Exports.

1916-17. I 1915-10.

1916-17.

1915-16.

1916-17.

$
$
I
$
$
July
05,614,439 75,812,949243,808,629 156,746,121
August
107,920,942 76,266,845273,627,773 144,117,486
September 80,486,311 85,617,505265,387,737 163,608,127
October
85,883,225 77,121,468238,474,910176,847,566
November 87,639,487 97,666,815233,798,432 189,813,699
December.102,935,533 94,197,777328,173,541191,268,097
January_ _ 128,344,239 99,988,117303,906,525175,656,880
February- 97,834,888,103,084,535223,464,135224,934,940
-row

7R6

RA9.0641709.756,0112110641682 1422992016

$
11,314,255
12,392,700
11,579,296
13,487,160
12,878,596
12,160,341
13,494,316
10,800,297

1915-16.
$
11,112,048
10,873,044
11,030,703
12,035,882
13,708,275
11,924,418
11,068,270
14,019,504

05.112.061 06.372.144

Imports and exports of gold and silver for the 7.months:
Cold Movement at New York.
Imports.

Month.

July
August.-September
October _ _
November
December.
JanuarYFebruary _

Silver-New York.

Exports.

1916-17.

1915-16.

17,881,38
1,432,14
11,773,504
1,515,30
1,197,787
1,258,973
1,930,781
1,085,80

$
5,301,292
2,281,541
8,992,572
27,099,731
49,827,918
36,371,277
13,025,093
4,258,059

1916-17,

1915-16.

8,096,907 2,064,670
5,759,159 1,032,670
2,651,454 1,817,500
1,311,114 2,824,000
11,244,658 1,127,370
18,318,717 3,054,228
10,494,074 6,220,132
14,129,717 10,589,971

Mar.31 1917Feb. 28 1917Jan. 311917-Dec 80 1916-Nov.30 1016..
Oct. 311916....
t3ept.30 1916.
Aug 811916...
July 81 1916-June 30 1916_
May 81 1916._
April 29 1916...
Mar.31 1916....

$
664,526,370
674,992,080
675,415.840
677,315.840
682,853,740
687,957,990
687.931,240
689,739,180
689,774,660
690.440,930
690,044.040
696,750,590
715.154,190

56,191,132
47,118,057
50,540,470
52,165,627
49,199,416
46,418,377
48,900,332
50,707,153
54.324.278
57,591,025
62,045,070
60,622,296
55,706,278

601,371,408
671,001,858
670,717,615
674,659,613
675,006,203
679,650,913
684,409,881
683,786,698
685,990,918
686,583,635
686,634.103
693,132,00
702,730,413

664.526.370

672.526.370

National Bank Notes-Total AfloatAmount afloat Mar. 1 1917
Net amount retired during March

$718,119,915
557,315

Amount of bank notes afloat April 1 1917
Legal-Tender NotesAmount on deposit to redeem national bank notes Mar. 1 1917
Net amount of bank notes issued in March
Amount on deposit to redeem national bank notes April 1 1917

$717.562,600
547.118,057
9,073,075
$56,191,132

GOVERNMENT REVENUE AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for March 1917 and
1916 and for the nine months of the fiscal years 1916-17 and
1915-16.
ReceiptsMarch 1917. March 1916. 9 mos. 1916-17. 9 mos.1915-16.
Ordinary-$
$
20,154,128 38 20,984,386 08 157,692,563 38 152,838,718 73
Customs
Ordinary internal rev 36,267,106 62 32,881,831 17 302,434,499 04 285,657,605 51
Income tax
4,694,571 87 1,978,499 37 32,035,730 92 20,578,457 37
Miscellaneous
5,244,258 74 3,617,276 34 50,089,722 74 33,726,392 90
Total
Panama CanalTolls, etc

66,360,065 61 59,461,992 96 542,252,516 08 492,801,174 61
857,634 48

57,242 12

4,444,500 12

2,127,558 71

Public DebtSale of certificates of
• 50,000,000 00
50,000,000 00
Indebtedness
Sale of Pan Can.bonds
Sale of Post.Sav. bonds
1,794,660 00
1,803,509 00
Deposits for retirement •
of nat.bank notes and
Fed. Res, bank notes
(Acts of July 14 1390
and Dec. 23 1913)_ _12,041,542 50 9,929,737 50 36,244,685 00 38,360,387 50
Total

82,041,542 50 9,929,737 50 88,039,325 00 40,163,887 50

Grand total recelpts__129,259,242 59 69,448,972 58 634,736,341 20 535.092,620 88
DisbursementsOrdinaryChecks & warrants paid
(less bal. repaid,&c.)72,328,775 12 55,792,159 98 694,254,440 17 525,235,363 49
Int.on public debt paid 445,128 08
444,305 42 17,374,228 52 17,197,160 60
Total

72,773,903 20 56,236,465 40 711,628,668 69 542,432,529 09

SpecialPanama Canal: Checks
paid Om balances
2,176,896 12 2,113,351 01 14,486,277 48 14,525.471 16
repaid, etc.)
Payment for West In25,000,000 00
dian Islands
25,000,000 00
Total

27,176,896 12 2,113,351 01 39,486,277 48 14,525.471 16

Public DebtBonds,int.-bear'g notes
& certificates retired.
7,380 00
190 00
14,570 75
27,170 00
Nat. bank notes& Fed.
Rea. bank notes retired (Acts of July 14
1890 & Dec.23 1913) 2,929,187 50 3,337,910 00 31,125,975 50 11,325,150 00
Total

2,929,377 50 3,345,290 00 31,140,546 25

11,352,320 00

1916-17.

$
1,521,172
1,403,423
1,600,076
1,722,342
917,029
1,788,147
1,098,222
1,086,891

4,213,651
4,206,413
4,664,171
5,395,226
8,417,413
6,591,579
4,209,111
5,132,662

Excess total receipts over
total disbursements.. 26,370,065 77 7,753,866 17
Excess total disbursern'ts
over total receipts..
147,519,151 22 33,217.699 37

Legal
Tenders.
56,191,132
47,118,057
50,540,476
52.165.627
49.199,416
46,418,377
48,900,332
50,707,153
54,324,278
57,591,025
62,045,070
60,622,296
55,706,278

Total.
717,562,600
718,119,915
721,258,091
726,825,840
724,205,619
726,069,290
733,310,213
734,493,851
740,321,196
744,174.660
748,679.173
753,754,906
758,436,691

The following shows the amount of each class of U. S.
bonds held against.natiopal bank circulation and to secure
public moneys held in national bank depositaries on Mar. 31.



8.000.000

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Mar. 1 and
April 1 and their increase or decrease during the month of
March:

1916-17.

Circulation Afloat Under-

Bonds.

42,500
155,04:0)

559,290,650
15.185,420
26,478,400
46,618,520
24,953,380

Grand total disburaqs 102,880,176 82 61,695,106 41 782,255,492 42 568,310,320 25

1916-17.
Legal
Tenders.

Total

$

551,488,150
15.185,420
26,478,400
46,578,020
24,798,380

Exports.

BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.

Bonds.

$

S

7,802,500

2s, U. B. Consols of 1930
3s, U. S. Loan of 1908-1918
4s, U. S. Loan of 1925
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938

Total
Held.

Imports.

Total- 38,085,69 143,057,483 72,005,8001 28,730,541 12,037,302 39,830,226

Bondsand Legal Tenders
on Deposit for-

On deposit to On deposit to
secure
secure Federal
Reserve Bank National Bank
NOW.
Notes.

Bonds on Deposit
Mar. 31 1917.

_

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

1463

a Canadian Bank Clearings.-The clearings for the week
ending April 5 at Canadian cities, in comparison with the
same week in 1916, shows an increase in the aggregate of
17.4%.
Week ending April 5.

Clearings at
1917.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
I.ethbridge
Saskatoon
Brantford
Moose Jaw
Fort William_
New Westminster
Medicine Hat_ _.
Peterborough.....
Sherbrooke
Kitchener
Total Canada..
• Estimated.

1916.

Inc. or
Dec.

$
$
%
71,606,189
65,923,475 +8.6
46,953,734 +14.0
53.548,356
45,260,106
33,397,411 +35.2
6,150,628
5,532,109 +11.2
5,838,456
5,091,450 +14.7
4,222,915
3,731,691 +13.2
2,668,393
2,185,016 +22.0
4,027.182
4,066,120 -1.0
2,144.611
1,746,188 +22.8
2,548,128
2,211,221 +15.2
6,450,581
4,173,339 +54.6
.1,200,000
1,299,841 -7.7
2,568,605
2,422,654 +6.0
3,010,399
1,779,543 +69.2
532,155
513,603 +3.6
.600,000
528,812 +13.5
1,689,821
1,186,916 +42.4
864,540
636,452 +35.8
1,119,367
830,495 +34.8
553,962
442,296 +25.1
291,041 -22.7
.225,000
560,806
376,748 +48.8
643,769
413,701 +55.6
663,194
519,604 +31.6
640.657 Not included in total
218.695.083

186.253.460 +17.4

1915.

1914.

$
36,465,589
33,815,717
16,896,774
3,894,653
3,938,317
2,540,008
1,650.718
2,788,116
1,251,088
1,824.237
2,570.326
1,113,394
1,816,016
1,257,494
520,575
300,152
720,006
456,668
708.375
458,940
241,500
207,889
440,110

$
50.553,053
36,135,260
24.110,918
8,669,309
5,255.346
3.358,139
2,160,537
2,450,598
1.521,693
1,855,518
4,478,965
2,534,308
3,610,751
2,182,493
542,284
451,455
1,478,325
685,250
1,023,865
738,790
456,466
416,459

115.576.642

154 R74 4152

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:
Per cent
Per cent. Shares. Stocks.
Shares. Stocks.
125,6 N. Y. County Nat. Bank__400
150 Internat. P.A.Y.E. Tram)
100 Crown Pharmacal Co., $101
Car Co., Ltd.,ord., 35 ea.)365
each
8 Pay-as-you-enter Car Corp.,I lot
2,040 Bklyn. San Miguel Mg. &
common
1 lot
Milling, $10 each
10 Yale Leasing Corp
4305 lot
162.45 Empire State Realty Co__
20 College Hghts. Land Co. of
450 Argonaut Gold Mg.,$10 ea.)
38
Niagara
200 Rensselaer & Sar.RR.,guar.1703
14,750 Seven Troughs Yankee Boy)
Bonds.
Mg.dr Mill. Co.,$1 each. $.50
I lot $5,000 Berks Iron Mg. 20-year 6s,
34 Sparks Macine Co
certificates
$125 lot
3,000 Allegheny Mining, $10 ea_ _1

By Messrs. Francis Henshaw & Co., Boston.
$ per sh.
1613i

3 per oh. Shares. Stocks.
Shares. Stocks.
5 Lawrence Gas
8 Great Falls Manufacturing_ _ _ _215
150
10 Sullivan Machine Co

By Messrs. R. L. Day & Co., Boston:
$ per oh. Shares. Stocks.
$ per sh•
Shares. Stocks.
80
2 Hill Manufacturing
10835
5 National Shawmut Bank
10 Providence & Worcester RR_ _186
112
I Arlington Mills
1 Boo. Revere Bch. & Lynn RR_130
10 Bigelow-Hartf. Carpet, pref._ _106%
115
4 Stony Brook RR
80%
2 American Linen
98
1 Unlon Twist Drill, preferred
125
7 Everett Mills
6035 10 Montpelier & Barre Lt.dr Pow.,
35 Everett Mills
10
common
1 Massachusetts Cotton Mills_ _.126
420
7 First National Bank
95
16 Lawrence Duck
98
5 Esmond Mills, preferred

By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
1 John B.Stetson Co., corn
370
20 Phila. Bourse, pref.,$25 each._23-24
46 Motzorongo Co. of Arizona... 1.55
217-217%
25 First National Bank
20 Reliance Insurance,$50 each__ 56
37 Central Tr & Say.,$50 ea.6334-6334
426
5 Commercial Trust Co
5 Commercial Title Ins. & Trust-256
164% rights to subscribe to Fidelity
80-132
Trust Co. at $500
10 Mutual Trust Co.,$50 each.. __ 30
2 Penn. Co. for Ins. on Lives,&o.724%
45
23 Real Estate Trust, corn
629 rights to subscribe to FireAssn.
42-53
of Philadelphia at .3250
34 Indep. F. I. Sec., $25 each... 23
20 II. K. Mulford Co.,$50 each.. 65%
100 Penn. Coal dr Coke Co ' 30%

$ per oh.
Shares. Stocks.
4 Phila. Bourse, corn., $50 each.. 8%
56
20 Union Transportation
56
2 New Egypt Ice Co
3 Philadelphia City Pass. By_ _ -150%
Per cent.
Bonds.
$2,000 Suburban Gas & Fuel, York
20
County, 1910
$3,000 Berwyn Water Co. 1st 6s,
100%
1920
$200 Springfield Water Co.5s, 1926 87
$5,000 Atlantic City Elec. 1st ref.
96%
bs, 1938
$5,000 Luzerne County Gas & Elec.
9531
1st & ref. 5s, 1948
$1,000 Waterloo Cedar Falls & Nor.
84%
fly. lot 5s, 1940
$800 Real Estate T. I. & T. Co.,
9736
Series Q 4s, 1919

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

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Hi June 1 Holders of reo. April 30a
Ateh. Topeka & Santa Fe, corn.(quar.)__
134 April 20 Holders of reo. Mar. 29a
Cley. Cin. Chlo. & St. L., pref. (guar.)._
Delaware Lackawanna & Western(quar.) 2% April 20 Holders of rec. April ba
1% May 1 Holders of rec. April 7a
Great Northern (guar.)
1% June 1 Holders of rec. May 4a
Illinois Central (guar.) (No. 126)
April 16 Holders of reo. Mar. 3Ia
1
Kansas City Southern, pref. (quar.)._._
Lehigh Valley, corn. & pref. (quar.)__ _ _ $1.25 April 14 Holders of rec. Mar. 31a
3% April 16 Holders of rec. Mar. 23a
Minn. St. P.& S. S. M.,corn. & pref
134 May 1 Holders of rec. April da
New York Central RR. (quar.)
May 19 Holders of rec. April 30a
Norfolk & Western, adj. pref. (quar.)... 1
1% May 1 Holders of reo. April 9a
Northern Pacific (quar.)
$1 May 10 Holders of rec. April 23a
Reading Company, common (quar.)__ _ _
2
April 16 Holders of rec. Mar. 29a
Rutland, preferred
1
April 30 Holders of rec. April 10a
Wabash fly., preferred A (guar.)
Street and Electric Railways.
Boston Suburban Elec. Cos., pref.(guar.) 500. April 16 Holders of rec. April 3a
20c. April 16 Holders of rec. April 4a
Brooklyn City RR.(guar.)
34 May 1 Holders of rec. April 16
Carolina Power & Light, common
Central Ill. Public Service, pref. (guar.). 134 April 16 Holders of reo. Mar. 31a
Cin. Newp.dr Coy. L.& Tr., corn.(guar.) 1% April 15 April 1 to April 15
Preferred (guar.).
134 April 15 April 1 to April 15
Cities Service, corn. & pref. (monthly)....
34 May 1 Holders of rec. April 15
stock)..
in
common
Common (payable
34 May 1 Holders of rec. April 15
Cleveland Railway (guar.)
134 April 20 Holders of reo. Mar. 17
2
Juno 1 Holders of rec. May 16a
Detroit United fly. (guar.)
1% May 1 Holders of roc. April 1
Duquesne Light, pref. (guar.)(No.9).-Georgia Ry. de Power, 1st preferred
234 April 20 Holders of rec. April 10
$1.50 April 7 Mar. 24 to April 8
Green dc Coates Streets Pass., Plata
May 15 April 26 to May 17
Havana Elec. Ry., L. & Power,common__ _ 3
3
May 15 April 26 to May 17
Preferred
1% April 15 Holders of reo. April 7a
Kentucky Securities Corp.. pref.(guar.)April 16 Holders of rec. April 2a
Manchester Trac., Lt. dr Pow. (quar.).. 2
Milwaukee Elec. fly. dr Lt., pref. (guar.) 1% April 30 Holders of reo. April 20a
Monongahela Valley Traction,common_ _
134 April 16 holders of reo. April ha
5
May 1 holders of reo. May 1
Newp.News& Hamp.fly., G.& E.,com_
Ottumwa fly. & Light, pref. (guar.)._ _ _
134 April 14 Holders of roe. Mar. 31
Pacific Gas dr Electric, common (guar.) _ _
134 April 16 Holders of rec. Mar, 31a
Philadelphia Co., corn. (qu.)(No. 142).. 8734o. May 1 Holders of reo. April Ha
Philadelphia Co. 6% preferred (No. 9).... $1.50 May 1 Holders of reo. April la
Philadelphia & Western, pref. (quar.)_._ 6230. April 14 Holders of rec. Mar. 31
Public Service Invest., pref. (qu.)(No. 32). 135 May 1 Holders of reo. April 16a
75e. April 16 Holders of roe. April 2a
Puget Sd. Tr., L.dr P., p1. (qu.)(No. 19)
April 14 Holders of rec. Mar. 31
Republic fly. SC Light, corn. (qu.) (No.2) 1
134 April 14 Holders of rec. Mar. 31
Preferred (guar.)(No. 23)
50e. April 14 Holders of reo. Mar. 28a
United fly. dr Elec.. Bait., corn. (quar.)_
Virginia Railway & Power, common.... 134 April 20 Holders of rec. April 2a
West Penn Power, pref.(quay.)(No. 5)
134 May 1 Holders of rec. April 21
lg May 1 April 22 to May 1
West Penn Rya., pref. (guar.)(No.46)
West Penn Trac., pref. (quar.)(No. 25)134 April 16 April 8 to April 16
$1 April 16 Holders of reo Mar. 31a
Wisconsin Edison Co. (guar.)
62350. Apr1130 Holders of rec. April 20a
York (Pa.) Rys., preferred (guar.)
Banks.
4
May 1 Holders of rec. April 30
Corn Exchange (guar.)
b
April 16 Holders of rec. April 10
Produce Exchange
Trust Companies.
134 April 16 Holders of rec. April 14
Mutual of Westchester County (guar.)
Miscellaneous.
131 April 16 Holders of reo. April 10
Alliance Realty (guar.)
1% April 16 Holders of reo. Mar. 31a
Allis-Chalmers Mfg., preferred (quar.)
Preferred (account accumulated dive.). h% April 16 Holders of reo. Mar. 31a
Amer. Agri°. Chem.,corn.(guar.)(No.22) 13( April 16 Holders of reo. Mar. 20a
Preferred (guar.) (No. 47)
134 April 16 Holders of reo. Mar. 20a
75e. May 15 Holders of rect. May la
American Bank Note (guar.)
(2
April 30 Holders of reo. April 14a
American Beet Sugar, corn.(guar.)
1)4 May 1 Holders of rec. April 15
American Cigar, common (guar.)
Amer. Gas & El., pref. (guar.) (No. 41). 134 May l'Holders of rec. April 18
3
May 1 Holders of reo. April 23
American Glue, common
2
May 11Holders of ree. April 23
Common (extra)
American Ice, preferred (guar.)
134 April 25 Ilolders of reo. April 15
1
May 15 May 6 to May 15
Amer. Laundry Machinery,com.(quar.)_
Preferred (guar.)
134 April 14 April 5 to April 14
American Light & Trac.,common (guar.) 235 May 1 April 15 to April 30
Common (payable in common stock).. /2% May 1 April 15 to April 30
13i May 1 April 15 to April 30
Preferred (guar.)




[Vol,. 104

THE CHRONICLE

1464

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
134 April 21 Holders of rec. April ba
Amer. Locomotive, preferred (guar.)._ _ _
1
May 1 Holders of reo. April 18a
American Malt, 1st and 2d preferred_ _ _ _
Amer. Mfg., corn.(payable in corn. stock) 33 1-3 April 15 Holders of reo. Mar. 16
Common (payable in preferred stook). 16 2-3 April 15 Holders of reo. Mar. 16
300. April 20 Holders of reo. April 5
American Navigation (guar.)
2
April 15 holders of reo. Mar. 31
Amer. Rolling Mill, common (quar.)
1
April 15 Holders of rec. Mar. 31
Common (extra)
135 April 15 Holders of rec. Mar. 31
Preferred (quar.)
April 15 Holders of rec. Mar. 310
American Seeding Machine, corn. (guar.) 1
Preferred (guar.)
134 April 15 Holders of reo. Mar. 310
kbOo. June 20
See note (r)
American Sewer Pipe (quar.)
American Shipbuilding, common
134 May 1 Holders of rec. April 16
Preferred (guar.)
134 April 16 Holders of reo. April 3a
2
April 16 Holders of rec. Mar. 31a
Amer. Telephone dr Telegraph (guar.)._
April 14 Ilolders of rec. April 10a
Amer. Type Founders, common (guar.). 1
134 April 14 Holders of rec. April 10a
Preferred (Va..)
April 27 Holders of rec. April 20
Amer. Window Glass Mach., preferred_ _ _ _ 12
American Woolen, common (guar.)
134 April 16 Mar. 17 to April 1
April 1
Preferred (quar)
134 April 16 Mar. 17 to
Amer.Zino, Lead & Smelt.. corn.(guar.). $1 May 1 Holders of reo. April 24a
Preferred (guar.)
$1.50 May 1 Holders of reo. April 24a
Anaconda Copper Mining (quar.)
May 28 April 22 to May 16
$2
Associated Dry Goods, lot preferred (No. 1) 1% Dec. I Holders of rec. Nov. 15
Associated Gas & Electric, pref. (guar.). 135 April 16 holders of rec. Mar. 31
Associated 011 (guar )
134 April 16 Holders of reo. Mar. 230
135 May 1 April 21 to AprI130
Atlas Powder, preferred (guar.)
Barnhart Bros.&Spind.,1st & 2d pf.(q11.) 134 May 1 Holders of rec. April 270
1% April 16 Holders of reo. April ba
Barrett Co., preferrea (quar)
April 14 Holders of rec. Mar. 31a
Bell Telephone of Canada (guar.)
2
Bell Telephone of Penna. (quar.)
134 April 16 Holders of rec. April 5a
I
May 1 April 24 to
April 30
Brill (.1, G.) Co., pref. (guar.)
Brown Shoe, Inc., preferred (quar.)
134 May 1 Holders of rec. April 21a
Brunswick, Balke, Collender, corn. (.111.)
134 May 15 Holders of reo. Apri126
May 12 ilolders of rec. April 30a
Burns Bros., common (stock dividend)._ /25
1% May 31 Holders of tee. May 21
Burns Bros., Inc., common (quar.)
May 31 holders of rec. May 21
Common (payable in common stock)__ _ _ fl
I% May 1 Holders of tee. April 20
Preferred (guar.)
April 10
Canada Cement, Ltd., common (guar.). 134 April 16 April 1 to
134 April 15 Holders of rec. Mar. 31
Canadian Explosives, Ltd., pref. (quar.)_
2
May 22 Holders of reo. May 15
Carbon Steel, common (extra)
Central Coal & Coke, pref. (guar.)
13.4 April 14 Holders of reo. Mar. 310
April 15 Holders of reo. Mar 31a
Central Foundry, 1st pref.(guar.)(No. I) 2
Central Leather, common (guar.)
134 May 1 Holders of reo. April 10a
$2 1-3 May 1 Holders of rec. April 14
Central Sugar Corp., pref. (No. 1)
Charcoal Iron Co. of Amer., corn. (guar.) 150. April 15 Holders of reo. Mar. 31
3
May 1 Holders of reo. April 20
Chevrolet Motor (No. 1)
April 25 April 15 to
April 25
1
Chicago Pneumatic Tool (guar.)
May 1 April 11
to May 1
Citizens' Gas of Indianapolis. special.-- 10
April 25
234 April 25 April 16 to
Cleveland-Cliffs Iron (guar.)
134 May 1 holders of rec. April 19a
Ciuett, Peabody & Co., Inc., corn.(guar.)
34 April 16 Holders of reo. Mar. 31a
Colorado Power,common (guar.)
2
May 1 Holders of reo. April 16
Commonwealth Edison (guar.)
Commonwealth Gas & El. Cos., pf. (qu.) $1.50 April 16 Holders of rec. April 2a
Continental Motors Corporation, prof... 134 April 15 April 6 to April 15
Corn Products Refining, preferred (guar.) 134 April 16 Holders of rec. April 4a
Preferred (account accumulated div.) 115 April 16 Holders of roc. April 4a
2
April 15 Holders of rec. April 5
Crocker-Wheeler Co., common (quar.)
1
April 15 April 6 to
Common (extra)
Preferred (guar.)
134 April 15 April 6 to
April 28 Holders of reo. April 16a
Crucible Steel, pref. (acct. accum.dlys)- 112
Cudahy Packing, preferred (guar.)
134 May 1 holders of rec. April 21
Delaware Lack. & West. Coal (guar.)... $1.25 April le Holders of rec. Mar. 310
April 16 Holders of reo. Mar. 31a
2
Detroit Edison (guar.)
toi April 18 Holders of rec. April 2a
Distillers Securities Corp. (quar.)
April 16 Holders of rec. Mar. 31
Dominion Steel Corp., com.(qu.) (No. 2) 1
131 May 1 Holders of rec. April 15
Preferred (guar.)
Dominion Textile, Ltd., pref. (quar.)...
134 April 16 Holders of reo. Mar. 31
du Pont (E.I.)de Nom.Pow., corn. (qu.) 134 May 1 Holders of reo. April 21
Preferred(q u ar.)
134 May 1 Holders of reo. April 21
duPont(E.I.)de Nem dr Co., deb.stk.(qu.) 134 April 25 Holders of reo. April 10
Eastern Steel, common
23.4 April 16 Holders of reo. April 2
5
June 1 Holders of rec. April 30
Eastman Kodak, common (extra)
May 1 Holders of rec. Mar. 30
Edison Elec. Ill.. Boston (qu.)(No. 112). 3
May I Holders of rec. April 16
EdisonElec. Ill. of Brockton (qu.)(No. 62) 2
Electrical Securittes, preferred (quiet.)..
13-4 May 1 floidera of reo. April 2a
1)4 April 16 Holders of rec. April 7
Electrical Util. Corp.. prof.(qu.)(No. 28)
April 17 Holders of rec. April 14
2
Electric Bond & Share,cont.(qu.)(No.32)
Preferred (guar.) (No. 48)
134 May 1 Holders of rec. April 18
May 1 Holders of rec. April 16
6
Eureka Pipe Line (guar.)
Fajardo Sugar (guar.)
234 May 1 Holders of reo. April 23
1% April 20 Holders of reo. Mar. 31a
Falls Motor Corp., preferred (quar.)__
Federal Sugar Refinin4, preferred (quar.).. 134 April 30 Holders of rec. April 276
FortWorth Power&Lt.prof.(guar.)(No.23) 134 May 1 Holders of rec. April 20
I
May 1 Holders of reo. April 240
General Cigar, common (guar.)
Preferred (guar.)
134 Juno 1 Holders of roe. May 24a
General Electric, (guar.)
2
Apr. 14 Holders of reo. Mar. 17a
May 1 Holders of rec. April 12a
General Motors Corp., preferred (guar.). 3
Preferred (quar)
13.5 May 1 Holders of reo. April 120
May 1 Holders of reo. April 12
General Motors Co. of N.J., corn. (quiet.) 15
3% May 1 Holders of reo. April 12
Preferred
Globe-Wernicke, preferred (guar.)
134 April 15 Holders of rec. Mar. 31
1
May 15 Holders of reo. May 4a
Goodrich (B. F.) Co.. common (quiet.)
Preferred (quar.)
134 July 2 Holders of reo. June 22a
Granby Con.s.Min.,Smelt.dr Pow.,Ltd.(qu) 234 May 1 Holders of reo. Apt-1114a
Guantanamo Sugar (quar.)
$1.25 May 1 Holders of rec. April 21a
Harbison-Walker Refrac., pref. (quar.)_ _
13i April 20 Holders of reo. April 10
Hart, Schaffner & Marx, Inc.. corn.(au.) 1
June 1 Holders of reo. May 19a
Holly Sugar Corporation, pref. (guar.)_ _
134 May 1 Holders of reo. April 14
lIomestake Mining (monthly)(No. 512). 65e. April 25 Holders of roe. April 20a
IllinoisBrick (quar.)
134 April 14 Holders of reo. April 4
Illinois Northern Utilities, pref. (quiet.).. 134 May 1 Holders of rec. April'20
Ill. (Cc Power Securities, pref.(qu.)(No. 19) 134 May 15 Holders of rec. April 30
May 16 Holders of reo. April 24
$2
Indiana Pipe Line (quar.)
hb% April 26 Holders of rec. April 10
Indian Refg., pref.(acct. aceum.(livs.)
April 23
$2 April 30 April 6 to
Inspiration Cons. Copper (guar.)
April 16 Holders of reo. April 2
Int. Buttonhole Sew. Mach.(qu.)(N0.78) 1
Int. Ilan/. of N. J., corn. (qu.)(No. 29) 1% April 16 Holders of reo. Mar. 24a
April 14 Holders of reo. Mar. 300
Internat. Mercantile Marine. pref.(No.1) 3
International Nickel, preferred (guar.)._
134 May 1 Holders of reo. April 14a
134 April 16 Holders of reo. April 6a
International Paper, preferred (guar.)$1.50 April 30 Holders of tee. April 11
Isle Royal Copper Co.(quar.)(No.5)
Jewell Tea, Inc., preferred (guar.)
134 July 1 Holders of rec. June 20
Kayser (Julius) & Co., 1st dr 2d pref.(au.) 134 May 1 Holders of reo. April 20a
May 1 Holders of rec. April 16
Kelly-Springfield Tire,common (quar.).. I
Kelsey Wheel, Inc., pref. (guar.) (No. 3). 134 may 1 Holders of rec. April 16
250. Juno 15 Holders of rec. Juno la
Kerr Lake Mining (guar.)(No. 47)
$1.50 May 1 Holders of reo. April 20
Keystone Telephone, preferred
bo. April 20 Mar. 25 to April 16
La Rose Consolidated Mines (quar.).._
$1.25 April 14 Holders of reo. April ba
Lehigh Valley Coal Sales (guar.)
Loft, Inc.(guar.)
134 May 1 Holders of reo. April 15
Lukens Steel, 1st and 25 preferred
134 Aprli 15 Holders of reo. Mar. 31
MacAndrews & Forbes, corn. (quar.)..
23.4 April 14 Holders of reo. Mar. 310
Common (extra)
234 April 14 Holders of reo. Mar. 31a
Preferred (guar.)
134 April 14 Holders of rec. Mar. 31a
April 15
2
April 14 April 1 to
Manufacturers Light & Heat
Mrsaaohusetts Gas Cos., common (guar.) $1.25 May 1 Holders of rec. April 14
Massachusetts Ltg. Cos.,new corn.(qu.). 250. April 16 Holders of reo. Mar. 26a
Preferred (quar.)
$1.50 April 16 Holders of rec. Mar. 26a
235 April 16 Holders of rec. Mar. 31a
Mexican Telegraph (guar.)
$1.50 May 15 Holders of reo. May la
Miami Copper (quar.) (No. 19)
$1
May 15 Holders of reo. May la
Extra
11fich. Limestone & Chem.. pref. (quar.).. 134 AprI1115
Mid-Cont. Cons. Oil & Util. Corp., A stock 100. April 30 Holders of reo. April 16
$1.50 May 1 Holders of ree. April 20a
Midvale Steel & Ord.(guar.)(No.2)_
2o. April 20 Holders of rec. April 2
Midwest 011, preferred (guar.)
$1 May 1 Holders of reo. April 14a
Midwest Refining (guar.)
2
Montreal Telegraph (quar.)
April 15 Holders of reo. Mar. 3Ia
Mountain States Telep.& Teleg.(quar.)_
134 April 15 Holders of reo. Mar. 31a
April 16 Holders of rec. Mar. 28
Municipal Service. common
1
Nash Motors, preferred
134 May 1 Holders of reo. April 20
National Biscuit,common (guar.)(No.7() 134 April 14 Holders of reo. Mar. 290

THE CHRONICLE

APR. 14 1917.]
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
May 1 Holders of rec. April 20
2
National Carbon of N. J.,common (quar.)_
May 1 Holders of reo. April 20
2
Common (extra)
1,i May 1 Holders of rec. April 20
Preferred (guar.)
May 1 Holders of rec. April 20
National Carbon, Inc., of N. Y coin (Vt.) 1
May 1 Holders of roe. April 20
2
Preferred (par.)
National Cloak & Suit, corn. (qu.)(No.1) 13( April 14 Holders of reo. Mar. 3Ia
May 15 Holders of rec. April 26a
National Enamel & Stamping,common
April 14 Holders of rec. Mar. 31a
National Paper & Type,corn.(quar.)April 14 Holders of reo. Mar. 31a
Preferred (guar.)
April 30 Holders of reo. Mar. 30a
Nevada-Calif. Eleo. Corp., pref. (guar.)_
$1
April 16 Holders of rec. April 9
New England Fuel Oil
4
May 10 Holders of rec. April 30
New Jersey Zinc
April 18 Holders of reo. April 16
New Niquero Sugar, com. & pref. (extra)_ _ 10
New River Co., unstamped pref.(No.11) $1.50 April 25 Holders of rec. April 2
4
April 14 Holders of reo. Mar. 24
New Yorx Transit
2
April 14 Holders of reo. Mar. 31a
Niagara Falls Power (guar.)
2
April 14 Holders of reo. Mar. 24a
Nipe Bay Co.(guar.)
25e. April 20 April 1 to April 17
Niplasing Mines (guar.)
North Butte Mining (quar.)(No.42)...... $1
April 30 Holders of rec. April 170
Northern States Power,common (quara_
April 20 Holders of reo. Mar. 31
Preferred (guar.)
April 14 Holders of rec. Mar. 31
Nova Scotia Steel & Coal, pref. (quar.)
2
April 14 Holders of rec. Mar.31a
Ohio Fuel Supply (guar.)
62%a April 14 Holders of rec. Mar. 31a
Oklahoma Natural Gas (guar.)
1% April 20 Holders of reo. April 9
Osceola Cons'd Mining (guar.) (No.86). $6 April 30 Holders of reo. Mar. 310
Otis Elevator, common (guar.)
UI April 16 Holders of reo. Mar. 31
April 16 Holders of reo. Mar. 31
Preferred (guar.)
May I Holders of rec. April 21
Pacific Coast Co., common (guar.)
1y/ May 1 Holders of rec. April 21
First preferred (guar.)
May 1 Holders of rec. April 21
1
Second preferred (guar.)
April 16
I% April 16 April 1 to
Pacific Teiep.& Teieg., pref. (guar.)
April 30 Holders of rec. April 160
2
Packard Motor Car, common (quar.)
May 15 Holders of reo. May 5
Penmans, Limited,common (quar.)
May 1 Holders of reo. April 21a
Preferred (guar.)
Pennsylvania Lighting, preferred (guar.) UI April 15 Holders of rec. April 7a
2
April 14 Holders of rec. Mar. 310
Pennsylvania Salt Mfg. (quar.)
April 25 Holders of rec. April 12 a
Pittsburgh Coal, pref. (guar.)
_
UI April 30 Holders of rec. April 17
Plant (Thos. G.) Co., preferred (guar.)
Portland(Ore.)Gas &Coke,pf.(qu.)(No.29) 1)1 May 1 Holders of reo. April 20
April 30 Holders of reo. Mar. 31
Prairie Oil & Gas (guar.)
2
April 30 Holders of reo. Mar. 31
Extra
April 30 Holders of rec. Mar.31a
Prairie Pipe Line (guar.)
5
April 30 Holders of reo. War.31a
Extra
2
April 14 Holders of reo. Mar. 31a
Procter & Gamble, pref. (guar.)
May 1 Holders of reo. April 14
Public Service of Nor. Ills., corn.(quar.).
May 1 Holders of reo. April 14
Preferred (quar.)
234 April 16 Holders of rec. April 2a
Quaker Oats, common (guar.)
1% May 31 Holders of rec. May la
Preferred (guar.)
April 16 Holders of reo. April 2
Reece Buttonhole Mach.(quar.)(No.124) 3
1
April 16 Holders of reo. April 2
Reece Folding Mach.(guar.)(No.32)_ _ _
1%
2)
(No.
May 1 Holders of rec. April 20a
(qu.)
corn.
Steel,
Republic Iron &
300. May 1 April 21 to May 1
Sapulpa Refining, common (guar.)
April 17 Holders of reo. April 4a
Saxon Motor Car Corp.,(guar.)
2
May 15 Holders of reo. April 30
Sears, Roebuck dr Co., common (guar.)._
134 April 15 Holders of reo. April 7a
Securities Corp. General, pref.(guar.)_ _
19)....
50c.
April 20 Holders of reo. Mar. 3Ia
Co.
(No.
Copper
Arizona
Shattuck
750. April 20 Holders of reo. Mar. 31a
Extra(No. 7)
1% May 1 Holders of rec. Apri1.118a
Sierra Pacific Elec. Co., pf.(qu.)(No.31)_
$1.25 May 19 Holders of reo. May la
Sinclair Oil & Refining (guar.)
Southern California Edison, 1st pf.(qua. 1% April 15 Holders of reo. Mar. 31a
1' April 14 Holders of reo. Mar. 31a
Southern New England Telep.(guar.)._ _
ra30o. May 15 April 17 to
Standard Motor Construction
Apr1130
Standard Oil (Calif.) stock dividend ...- e33 1-3 April 16 Holders of reo. Feb. 15
100
Standard 011 (Kentucky), special
May 1 April 17 to May 2
May 1 Holders of roe. April 10
Steel Co.of Can., Ltd.,corn.(qu.)(No.1) 1
Common (bonus)
34 May 1 Holders of rec. April 10
Preferred (guar.)(No. 23)
1% May 1 Holders of reo. April 10

1465
1V hen
Per
Cent. Payable.

Name of Company.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Submarine Boat Corporation (guar.)---75c. April 16 Holders of reo. Mar.30
Superior Copper
April 30 Holders of reo. April 16
$1
Tonopah Mining of Nevada (quar.)
150. April 21 April 1 to April 8
Transue & Williams Steel Forg. (quar.)_
April 16 Holders of rec. April 9a
SI
Union Natural Gas Corporation (quar.)_
234 April 14 April 1 to April 15
Union 011 of California (guar.)
134 April 14 Holders of reo. Mar.31
Extra
1
April 14 Holders of reo. Mar.31
United Alloys Steel Corporation (guar.)_ $1
April 21 Holders of reo. April 10a
United Cigar Stores of Amer., corn. (qu.) 2
May 15 Holders of rec. April 270
United Coal Corp., preferred (quar.)
134 April 25 Holders of tee. April 15
United Drug, 1st preferred (guar.)(No.5) 13j May I Holders of rec. April 160
United Fruit (guar.)(No. 71)
2
April 14 Holders of tee. Mar. 24a
United Gas Improvement (guar.)
$1 April 14 Holders of reo. Mar.310
Extra
$1 April 14 Holders of reo. Mar.31a
United Paperboard, pref. (guar.)
134 April 15 April 2 to April 15
1
May 1 April 12 to April 30
U. S. Bobbin & Shuttle, common
Preferred (guar.)
134 May 1 April 12 to April 30
U. S. Industrial Alcohol, pf.(qu.)(No42) 134 April 15 Holders of roe. Mar.31a
2
April 30 Holders of rec. April 160
U. S. Rubber, first preferred (quar.)__
U. S.
Refg. & Min., corn.(guar.) $1.25 April 14 Holders of rec. April 7a
Smelt.,
Preferred
(quar.)
8734c. April 14 Holders of roe. April 7a
United Verde Extension (guar.) (No. 4).
50o. May 1 Holders of roe. April 16
Extra
25e. May 1 Holders of reo. April 16
Vacuum 011
3
May 15 Holders of rec. May 1
Extra
May 15 Holders of reo. May 1
2
Victor Talking Machine, common (guar.) 6
to April 15
April 141April 1
Preferred (guar.)
to Apri1115
15j April 14,AprIl 1
Virginia-Caro. Chem.,com.(qu.) (No.38) 750, May 11Holders of reo. April 14a
Preferred (guar.)(No. 86)
April 16 Holders of rec. Mar.310
2
Wamer(Chas.)Co.of Del..1std2d pf.(qu.) 134 April 26 Holders of reo. Mar.310
Wayland Oil & Gas,common
10c. June 11 Holders of res. June 1
Preferred
15o. May 10 Holders of re*. May 1
Wells Fargo & Co. (guar.)
134 April 20'April 10 to Apr1120
Western Power Co., preferred (quar.) -- $1.15 April 16 Holders of roe. Mar.31a
Western Power Corp., preferred (quar.). 1
April 16 Holders of roe. Mar. 31a
Western States Gas & Elec., pref. (guar.) 134 April 14 Holders of rec. Mar.31
Western Union Telegraph(quar.)(No.192) 134 April 16 Mar. 21 to April 11
Westinghouse Air Brake (guar.)
$1 75 April 21 Holders of res. Mar.31
Westinghouse Air Brake (stock dividend) e20
April 21 Mar. 25 to April 1
Westinghouse Elec. & Mfg., corn.(guar.) 87340. April 30 Holders of roe. April 5a
Preferred (guar.)
8734c. April 16 Holders of res. April 5a
Wheeling Mould az Foundry (quar.)
May lIdApr.19 to Apr. SO
1
Extra
1
May 1IdApr.19 to Apr. 30
Willys-Overland, common (guar.)
750. May II Holders of res. April 18a
1Voolworth (F. W.), common (guar.)
2
June 1 Holders of res. May 1
a Transfer books not closed for this dividend. 0 Leas British inoome tax, d Correction. e Payable in stook. !Payable in common stock. 0 Payable In scrip.
h On account of accumulated dividends. i Declared 8% payable 2% quarterly as
above and 2% July 31 to holders of record July 14; 2% Oct. 31 to holders of record
Oct. 13 and 2% Jan. 31 1918 to holders of record Jan. 12. k Declared 31 50, payable 50c. each June 20, Sept. 20 and Dec. 20; transfer books closed ten days before
Payment of dividend. I Declared 4% on corn. stock, payable 2% as above and 2%
Nov. 15 to holders of record Oct. 27. m Declared 60c.. payable 30c. as above and
30e. Nov. 15 to holders of record Oct. 16. n Declared 2%, payable 44% as above
and %% each on July 18, Oct. 18 and Jan. 18 1918 to holders of record July 2,
Oct. 2 and Jan. 2 1918. respectively.

lerin true-Imports and-Exports for tfitri ee
--E.-Jr Tra---tions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie by
the New York Custom House have been suspended indefinitely. Under the circumstance our usual compilation
is omitted until such time as the figures may again be given
out.

The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on April 7:
As the Federal Reserve banks of Philadelphia and Minneapolis also the Federal Reserve Branch of New Orleans, observed last Friday as a legal
holiday, the statement for the week ending April 6 shows the condition of these institutions as at close of business April 5. The condition of the other
banks is shown as at close of business on April 6.
The statement reflects to some extent the results of several recent operations in United States securities which affect all the twelve Federal Reserve
banks. All of the banks report holdings of United States certificates of indebtedness allotted to them by the Secretary of the Treasury after the proposed issue of 50 millions had been oversubscribed by the banks. Considerable increases are shown in the amount of United States bonds and Treasury
notes held as the result of purchases through the Treasurer of $10,877,500 of United States bonds with circulation privilege formerly owned by national
banks, and of the conversion about April 1 of a certain amount of 2% bonds into 3% 30-year bends and one-year Treasury notes without the circulation privilege. Furthermore $1,732,000 of Treasury notes due on April 1 previously sold were repurchased by the New York and Cleveland banks.
The depletion of the banks' cash reserve through the transfer of gold to the Treasury on account of the 50 million dollar loan was fully made up
by heavy cash deposits during the week by member banks, mainly in New York City. As the net result of all these operations, the aggregate cash
reserves of the Federal Reserve banks show a decrease for the week of only about 2.4 millions, while their combined gold reserves show a decrease of
about 12.3 millions.
During the week the net amount of Federal Reserve notes issued increased by $18,134,000 and the amount of gold transferred to the Agents as
cover for outstanding notes by $17,782,000. The aggregate gold resources of the system, including amounts of gold held by the Federal Reserve banks
and Agents, show an increase during the week from $938,046,000 to $943,552,000, while the total amount of lawful money held by the system at present is $962,662,000, an increase of $15,334,000 for the week.
Earning assets of the banks, other than Government securities, show smaller totals than the week before. In particular, discounts show a decrease
of about 2.2 millions. Boston reporting the largest net amount of liquidation under this head. Of the total discounts, $2.535,000, as against $3,400,000
the week before, is represented by member banks' collateral notes held by eight Reserve banks. Acceptances on hand likewise show a decrease of about
millions, both New York and Boston reporting smaller amounts than at the end of the preceding week. Only 2 banks increased their holdings of
municipal warrants, the total on hand being about one-half million less than the week before.
Total earning assets stand at present at $225,541,000, and constitute over 4007 of the banks' paid-in capital, compared with 300% on March 30.
Of the total earning assets, acceptances represent 36.7%; U. S. certificates of indebtedness, 22.2%; U. S. bonds, 16.2%; Treasury notes, 10.2%; discounts, 8.0%. and municipal warrants, 6.7%. Nearly one-half of the banks' present investments are composed of Government securities. Government deposits show an increase of about 25.9 millions, due mainly to the credit operations of the Government during the past week. Member bank
reserve deposits increased 37.8 millions, the New York bank alone reporting an increase of 37.3 millions for the week.
Federal Reserve Agents report a total of $400,698,000 net of Federal Reserve notes outstanding, against which they hold $378,450,000 of gold and
$23.554,000 of paper. The banks report a total of $376,510.000 of Federal Reserve notes in actual circulation and aggregate net liabilities thereon of

1.7

$14,295,000.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 5-6 1917.

,,
Apr. 5-6 '17. Mar.30 1917 Mar.23 1917. Mar.161917. Mar.9 1917. Mar. 2 1917. Feb. 23 1917. Feb. 16 1917. Feb. 9 1917.
RESOURCES.
I
Gold coin and certificates in vault
$362,472,000 $374,903,000 $350,736,000 $355,318,000 $330,184,000 $304,163,000 $281,355,000 $274,367.4'1 3274.194.000
fund
Gold settlement
200,125,000 200,061,000 209,281,000 201.681.000 205,581,000 212,031,000 213,861,000 216,221,000 212,961.000
1,804,111
2,325,000
1.734,000
Gold redemption fund with U. S. Treasurer....
2,505,000
2,347,000
1,922,000
2,414,000
2,339,000
2,519,000
Total gold reserve
Legal tender notes, sliver. arc

$585,102,000 5577,378,000 $562,536,000 $559,318,000 $538,070.000 $518,541,000 $497.138,000 $492,392,I 1 o $488,889,000
19,110,000
7,609,1 I
10.633,000
9,282,000 10,865,000 16,176,000 19.113,000
9,971.000 15,249,000

Total reserve
5% redemption fund ag'st F. R. bank note i

$584,212,000 $586,660,000 $573,201.000 $575,494,000 $557,183,000 $528,512,000 $512,387.000 $500,001,i i 1 $499,522,000
400,000
400.000
400.000
400,'''
400,000,
400,000
400,000
400,000
400,000

10
1
Bills discounted-Members

Acceptances bought
United States bonds
One-year U. S. Treasury notes
U. S. certificates of Indebtedness
Municipal warrants
Total earning assets

I

$17,928,000 $20,106,000
82,735,000 84,473,000f
36,629000 29,275,080
23,042,000 18,425,000
50,000,000
15,207,000 15,715,000,

$18,473,000 $17,234,000 $18,500,000 $18,840,000 320,266,000 319,553,000 316,200.000
87,798,000 97,002,000 108,880,000 114,058,000 123,966,000 126,054,000 112,092,000
29,275,000 29,155,000 2),126,000 28,650,000 .29,471,000 29,471,000 29.470,000
18.647,000
18,818,000 19,368,000 19,488,000 19,468,000 18,647,000 18,647,00
15,761,000

16,029,000

16,932,000

16,798,000

17,124,000

16,678,001

14,833,000

$225,541,000 $167,994,000 $170,125,000 $178,788,000 $192,886,000 $197,814,000 $209,474,000 $210,403,000 $191,242,000

Federal Reserve notes-Net
$16,235,000 t$18,999,000 $19,440,000 $21,991,000 $20,608,000 $23,095,000 322,076,000 $22,520,111 $23,290,000
3,412,000
3,143,000
7,840,0 i i
Due from other Federal Reserve banks-Net4,023,000
13,255,000
3,379.000
732,000
2,275,000
3,298.000
148,422,000 132,759,000 145,757,000 155,976,000 130,411,000 154,026,000 136,940,000 144,249,01i 121,225,000
Uncollected Items
4,909,000 '1'5,393,000
6,401,000
All other resources
6,198,000
7,821,000
8,271,000
8,619,0'. 11,078,000
5,080,000
Total resources




3981.131 000 5014 450 nnn

anti 001

0005042 225000 seit.052.000 snis Rei ono Ism

212(1

non

5R04 052 n

IRRO

ni2 non

[VOL. 104.

THE CHRONICLE

1466
-

Apr. 5-6 '17. Mar.30 1917 Mar.23 1917. Mar.161917. Mar.9 1917. Mar. 2 1917. Feb. 23 1917. Feb. 16 1917. Feb. 9 1917.
$56,100,000 $56,075,000 $56,057,000 $56,054,000 $56,028,000 $56,045,000 $55,989,000 $55,773,600 455,713,000
46,461,000 20,567,000 19,702,000 18,594,000 12,401,000 14,162,000 13,407,000 10,851,000 15,525,000
758,219,000 720,411,000 711,117,000 726,104,000 720,488,000 708,893,000 692.475,000 688,591,000 678,170,000

Capital paid In
Government deposits
Due to members-Reserve account
Member bank deposits-Net
Collection Items
Federal Reserve notes-Net
Federal Reserve bank note liability
All other liabilities

105,436,000 100,961,000 113,784,000 121,550,000 102,824,000 116,330,000 108,826,000 121,218,000
14,295,000 15,941,000 10,725,000 19,444,000 18,787,000 19,772,000 19,061,000 17,089,000
620,000

525,000

516,000

480,000

504,000

489,000

522,000

97,207,000
13,093,000

510,000

304,000

4981,131,000 5914,480,000 $917,901,000 $942,226,000 $911,032,000 $915,691,000 $890,280,000 $894,032,000 $860,012,000

Total liabilities
()old reserve ag'st net dep. de note liabilities__
Cash reserve ag'et net dep.'4 note liabilities. _
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes In
eirculation

73.0%
75.4%

79.9%
81.2%

79.0%
80.5%

77.07
79.2%
*

74.6%
77.3%

74.07,
75.4%

71.4%
73.6%

71.8%
72.9%

73.0%
74.6%

76.1%

82.1%

81.4%

80.3%

78.3%

76.4%

74.6%

73.8%

75.3%

Distribution by Maturities1-15 days bills discounted and bought._ $34,433,000 $31,061,000 $30,245,000 $36,502,000 $40,336,000 $36,578,000 $36,912,000 $33,356,000 $24,394,000
302,000
1,227,000
1,173,000
1,754,000
1,242,000
319,000
52,000
744,000
794,000
1-15 days municipal warrants
22,631,000 30,320,000 28,410,000 22,516,000 23,707,000 29,189,000 32,925,000 28,602,000 26,876,000
16-30 days bills discounted and bought__ _
1,241,000
1,148,000
921,000
794,000
362,000
765,000
345,000
52,000
519,000
16-30 days municipal warrants
29,744,000 30,636,000 36,260,000 42,956,000 45,208,000 46,156,000 49,617,000 58,578,000 51,140,000
31-60 days bills discounted and bought_ _ _
1,945,000
911.000
1,100,000
571,000
1,103,000
582,000
612,000
437,000
7,720,000
31-60 days municipal warrants
61-90 days bills discounted and bought... 13,073,000 11,735,000 10,505,000 11,486,000 17,279,000 20,096,000 23,915,000 26,149,000 24,924,000
631,000
8,122,000
517,000
582,000
495,000
4,574,000 11,977,000 12,122,000 12,123,000
61-90 days municipal warrants
958,000
863,000
922.000
830,000
879,000
851,000
776,000
782,000
827,000
Over 90 days bills discounted and bought
6,272,000 13,084,000 13,306,000 12,848,000 10,714,000
2,210,000
2,342,000
2,212.000
2,211,000
Over 90 days municipal warrants
Federal Reserve NotesIssued to the banks
Held by banks

$400,698,000 $382,564,000 $372,244,000 $363,278,000 $355,263,000 $343,847,000 $331,469,000 4321,153.000 $308,348,000
24,188,000 24,799,000 25,440,000 27,217,000 28,651,000 29,589,000 28,298.000 29,614,000 29,825,000

In circulation

$376,510,000 $357,765,000 $346,804,000 $336,061,000 $326,612,000 $314,258,000 $303,171,000 $291,839,000 $278,523,000

Gold and lawful money with Agent

$378,450,000 $360,668,000 $349,519,000 $338,608,000 $328,433,000 4317,581,000 $306,186,000 4297.270,000 $288,720,000

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

$667,060,000 $647,700,000 $625,320,000 $598,480,000 $583.560.000 $576,400,000 $562,040,000 $539,500,000 $515,880,000
130,248,000 127,917,000 121,867,000 116,858,000 114,477,000 113.184,000 112,101,000 109,827,000 108,262,000

Amount chargeable to Agent
In hands of Agent

$536,812.000 $519,783,000 $503,453,000 $481,622,000 $469,083,000 $463,216,000 $449,939,000 $429,673,000 $407,618,000
136,114,000 137,219,000 131,209,000 11844,000 113,820,000 119,369,000 118,470,000 108,220,000 99,270,000

Issued to Federal Reserve banks.... 5400,698,000 $382,564,000 $372,244,000 $363,278,000 $355,263,000 $343,817,000 $331,469,000 $321,453,000 $308,348,000
How Secured0234,573,000 $222,377,000 $219,836,000 $218,609,000 $212,094,000 $204,194,000 $194,904,000 $188,144,000 $178,344,000
By gold coin and certificates
By lawful money
22,253,000 21,898,000 22,725,000 24,670,000 26,830,000 26,266,000 25,283,000 24,183,000 19,628,000
By commercial paper
17,697,000 17,631,000 14,353,000 15,379,000 14,959,000 15,587.000 14,722,000 15,006,000 15,126,000
Credit balances in gold redemption fund
Credit balances with Federal Reserve B'd. 126,180,000 120,660,000 115,330,000 104,620,000 101,380,000 97,800,000 96,560,000 94,120,000 95,250,000
$400,703,000 $382,566,000 5372,244,000 $363,278,000 *355,263,000 4343,847,000 $331,469,000 $321,453,000 $308,348,000

Total
Commercial paper delivered to F. R. Agent

$23,554.000 $23,050,000 $24,386,000 $26,189,000 $29,686,000 $28,700,000 $28,618,000 *26.746,000 $21,715,001

Amount due to other Federal Reserve banks tAmended figures.
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS APR.5-6
I
Total.
Chicago. St. Louis. Minna*.,Kan. City. Dallas. Ban Fran.1
I
$
$
$
$
$
$
$
$
$
$
$
$
i
RESOURCES.
Gold coin & ctfs. In vault 13,350,000 209,993,00022,020,000117,785,000 5,766,000 6,128,00031,053,000 12,815,00012.800,000! 7,888,000 7,750,00115034,000 362,472,000
Gold settlement fund_ 15,940,000 26,443,00020,520,000 27.657,000 16,248,000 4,345,01133,457,000 5,046,000 10,376,000 24,902,000 6,405,011 8,786,000200,125,000
75,001
15,0001 2,605,000
200,000
168,000
256,0001 165,000
396,000
655,00
250,000 250,000
25,000
50,000
Gold redemption fund__
i
29,340,000236,686,00042,700,00045,467,00022,410,00011,128,00064,710,000 18,029,00023,522.000132,955,000 14,230,00023,835,000565,102,000
Total gold reserve_
74,000 1,124.0
65,000 ID, 110,000
88,000
89,000 983,000 927,000 1,620,000 398,000,
251,000
271,000 13,220,000
Legal-ten.notee,eliv.,&e
;
19,649,00023,920,00033,029,0 15,354,00 23,900,000584,212,000
29,611,000249.906,00043,041,00045,555,00022,499,000 12,111,00065,637,
Total reserve
1
5% redetnp. fund-FR.
400,000
300,000 , 100,000
bank notes
;
Bills:
730,000 1,668,001
340,000 17,928,000
857,000 1,110,000 1,449,000 3,773,000 2,158,000 1,055,000 1,326,000 1,460,000
Discounted-Members 2,002,000
Bought in open mkt__ 11,816,000 18,298,001 11,620,001 5,040,000 6,445,000 3,481,000 7,784,000 3,928,000 3,902,000I 2,256,000 1,283,000 6,882,000 82,735,000
Boston.

New York IP/Madera. Cleveland. Richmond. Atlanta.

I

I

Total bills on hand_ 13,818,000 19,155,00012,730,000 6,480,000 10,218,000 5,639,000 8,839,000 5,254,000 5,362,000 2,986,000 2,951,000 7,222,000 100,663,000
6,255,000 1,152,000 675,000 7,007,000 2,233,000 1,735,000 8,792,000 3,966,000 2,429,000 36,629,000
1,224,000 1,969,000 1,491,000 3,218,000 1,444,000 1.452,000 1,784,000 1,430,000 1,500,000 23,042,000
3,500,000 2,000,000 1,500,000 5,000,000 2,500,000 2,000,000 2,500,000 2,000,000 2,500,000 50.000,000
811,000 15,207,000
177,000
456,000
560.001
7,000 2,267,000 1,068.000
2,900,000
15,600
1
48,423,00020,831,00020,458,000 15,354,000 9,312,00026,331,00012,499,000 10,726,00016,518,000 10,907,000 14,462,000225.541,000
'
: 228,000
1,690,000 16,235,000
962,060
1,910,000
10,212,000
1
1,009,000 83,412,000
1,591,000 5,899,000
449,000, 437,000
2,744,000
26,027,000 19,850,000 9,064,000 10,131,000 7,427,00024,689,006 10,503,000 3,370,000, 9,144,000 6,386,000 7,549,000 146,422,600
321,000 4.909,000
159,0001 183,000 1,227,01'
84,000 1,133,000 571,000 306,001
615,000
142,000
123,000

549,000
530,000 1,306,006
Investments* U. 8. Ws_
One-yr. U.S. Tr. note 2,194,000 2,788,000 2,548,000
US certfs.of indebtedne
3,000,000 20,000,000 3,500.000
178,000 5,174,000 1,504,000
Municipal warrants__
Total earning assets_ 19,720,000
Fed. Reeve notes-Ne 1,227,000
Due from other Federa
Reserve Banks-Net 3,414,000
12,282,000
Uncollected items
45,000
All other resources
Total resources

66,299,000 335,183,00083,864,00078,906,06048,068,00031,574,00012504300042,957,00038,624,00059,839,00033,974,001 48,931,000981,131,000

LIABILITIES.
5,059,000 11,882,000 5,260,000 6,089,000 3,431,060 2,418,000 7,002,000 2,795,000 2,110,0001 3,088.000 2,716,000 3,041,000 56,100,000
Capital paid In
Government deposits... 3,902,000 3,248,000 5,241,000 4,101,000 4,089,000 4,403.000 6,660,000 2,055,000 3,345,000, 2,968,000 2,718,001 3,731,000 46,461,000
Due to membere-R
'
17,720,000291,666,00050,703,00058,464,00025,592,00018,708,00098,948,00026,880,00029,793,00047,220,00024,028,00038,497,000758,219,000
serve account
9,490,000 19,519,000 18,341,00010,252,000 7,720,000 4,084,00012,433,000 8,653,000 2,012,000, 6,563,000 3,734,00 2,655,000 105,436,000
Collection items
14,295,000
1,261,141 1,022,0001
726,0
6,345,000 1,981,000
2,960,000
Fed. Reeve notes-Net.
52,00
1,304,
891,000
8,697,000 1,187,000
Due to F.R.banke-Nei
620,000
33,000
9,000
107,000
171,000
172.000
All other liabilities
128,000
• 66,299,000335,183,00083,864,00078,906,00048,068,000 31,574,000 12504300042,957,00038,624,00059,839,00033,974,0(0 ,8,931,001 981,131,000
Total liabilities
Federal Reserve Notes(
)
)20,593,000 17,189,000400,698,000
17,103,000 176,808,00027,054,000 17,207,000 16,857,00019,944,00027,052,000 15,955,000 21,248,00023,688,001
fumed to banks
124,011 1,685,000 24,188,000
Held by banks
• 1,227,000 10,212,000 1,190,000 962,600 775,000 450,000 3,836,000 1,586,000 888,000! 1,253,00
F R. notes In cIrculatlo i 15,876,000 166,596,00025,864,000 16,245,00018,082,000 19,494,00023,216,00014,369,00020,360,00022,435,00020,469,000 15,504,000376,510,000
Gold and lawful mone r
'
, MIA nnn 1,7 on, nnn n,'7,7,nnn 1'7 niq nnn91% 1'19 nnniq 111Q nnnlio •4•151 nnol99 nag nnn 10 7.1'1 nnn 17 10.1 OM '471,1 ARO non
with agent
,In., nnni,a ono,nano
a Difference between net amounts due from and net amount,' due to other Federal Reserve thsuks. z Overdraft

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS APRIL 5-6 1917.
Boston.

New York. Philadera. Cleveland

Richmond. Atlanta.

Chicago. St. Loafs. Minneap. Kan.City. Dallas.

San Fran

Total.

$
$
$
Federal Reserve Notee$1
S
$
$
$
$
8
$
$
2
Ree'd from Comptrolr 36,880,000313,600,00039,120,011 27,460,00029,560,00036,380,00034,480,00023,340,60032,000,000 37,720,00036,520,00120,060,001 667,060,000
Returned to Comptrol 9,177,001 60.272,000 7,666,001 5,153,001 9,243,000 5,281,000 1,888,000 4,045,000 4.452.000L3.874.000 7,326,411 2,871,001 130,248,000
Chargeable to Agent._. 27,703,000244,328,001 31,454.00022.307,00020,257,00031,099,00032,592,00019,295,00027,548,000(33,846,00029,194,001 17,180,000536,812,000
In bands of F.R.Agent 10,600,000 07,520,001 4,400,000 5,100,000 3,400,000 11,155,000 5,540,000 3,340,000 6,300,000 10,158,001 8,601,000

136,114,000

issued to F. R. bank 17,103.000 176,808,001 27,054,000 17,207,00016,857,000 19,944,011 27,052,00015,955,0 21,24S,0001,688,011 20,593,00 17,189,111 100,698,000
Held by F. R. Agent234,573,000
5,665,045013,018,000!2,370,000 10,110,000
Gold coin .1t cents__ 15,910,000 170,601,000 3,730,00) 10,273,000
2,896,001
Credit balances:
714,000 17,697,000
In gold redemption I'd 1,193,000 6,207,000 1,484,006
934,000 637,000 1,647,000 082,0001 093,000 1,200,000 1,133,001 1,17304
17,690,000 6,000,000 9,100,00 12,970,00024,450,00 6,750,000 5,120,000119,160.000 8,460,006 16,480,011 126,180,000
With F. R. Board
Notes secured by com22,253,000
850,006
7,120,000 2,431.00) 1,920.0001 2,847,000 1.910,000k 1,025,000
4,150,001
mercial paper
Total
17,103,000 170,808,000 27,054,041 17,207,000 10,857,000 10,944,00027,052,00015,955,00021,218,00023,688,00020,593,000 17,101,000406,703,000
Amount of comml paper
23,554,000
delivered to F.R.Aa't
4.189.000
7.200.000 2.456.00 1.041.000 2.850.000 1.910.000 1.114.111 1.894.000




APR. 14 1917.1

THE CHRONICLE

1467

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 7. The figuroi for the
separate banks are the averages of the daily results. In the ease of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the throe preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
April 7 1917.
(00s omitted.)

Capital.

Net
Profits.

Loans,
Discount:,
Investmls.
Nat. Wks Mar. 5k
&c.
1StateIrks Feb. 28J

Members of Federal
Reserve Bank.
Bank of N. Y., NBA.
Merchants' Nat. Bank
Mech. dr Metals Nat_
National City Bank__
Chemical Nat. Bank._ _
Atlantic National Bank
Nat. Butchers' & Drov.
Amer. Exch. Nat. Bank
National Bank of Corn_
Chatham dr Phenix Nat.
Hanover National Bank
Citizens' Nat
Market di Fulton Nat_ Corn Exchange Bank_
Importers'& Traders% _
National Park Bank
East River Nat. Bank
Second National Bank_
First National Bank
Irving National Bank
N. Y. County Nat. Bk.
Chase National Bank
Lincoln National Bank_
Garfield National Bank
Fifth National Bank__ .
Seaboard Nat. Bank__
Liberty National Bank
Coal di Iron Nat. Bank.
Union Exchange Nat..
Nassau Nat. Bank..
Broadway Trust Co....

Average.
2,000,0 5,000,1
2,000,0 2,391,3
6,000,0 9,940,9
25,000,0 a46,035,8
3.000,0 8,455.8
822,1
1,000,0
300,0
77,8
5,000,0 5,606,0
25,000,0 19,463,9
3.500.0 2,202,0
3,000,0 16,446,1
2,550.0 2,547,6
1,000,0 2,083,3
3,500,0 7,294,2
1,500,0 7,705,0
5,000,0 16,293,4
68,4
250.0
1,000,0 3,514,3
10,000,0 25,753,3
4,000,0 4,102,5
500,0 1,209,3
10,000,0 12,519,6
1,000,0 1,999,0
1,000,0 1,334,7
250,0
428,0
1,000,0 3,078,4
1,000,0 3,616,8
808,1
1,000,0
1,000,0 1,137,8
1,000,0 1,131,5
1,500.0 1,050,6

38,685,0
19,464,0
125,575,0
450,677,0
36,962,0
14,291,0
2,454,0
89,143,0
2(35,629,0
69,201,0
137,041,0
29,438,0
11,254,0
92,637,0
34,871,0
152,064,0
2,253,0
18,851,0
186,688,0
84,747,0
11,226,0
228,443,0
17„564,0
10,583,0
5,737,0
41,987,0
(33,744,0
10,870,0
11,967,0
10,572,0
23,676,0

Gold.

Nat.Bank Nat.Bank
Notes
Federal
Notes
(Reserve
Reserve
[Not
for State Counted
Notes
Instituas
(Not
(ions).
Reserve). Reserve).

Legal
Tenders.

Average. Average. Average. Average, Average, Average.
3
$
3,210,0 1,234,0
174,0
4,0
1,0
243,0
459,0
718,0
30,0
18,0
24,243,0
1,513,0 3,181,0
77,0
153,0
57,901,0 4,938,0 1,992,0
171,0 1,247,0
641,0
613,0
1,110,0
30,0
20,0
225,0
278,0
1,656,0
18,0
19,0
72,0
48,0
79,0
4,0
3,0
9,714,0 1,232,0
767,0
98,0
121,0
25,077,0 5,342,0 2,345,0
10,0
788,0
5,178,0
940,0 1,303,0
311,0
316,0
28,820,0 1,814,0
1,531,0
24,0
267,0
1,293,0
110,0 1,031,0
25,0
27,0
1,175,0
393,0
232,0
37,0
139,0
8,926,0
724,0 2,885,0
447,0 3,181,0
1,513,0 2,147,0
253,0
91,0
9,0
10,682,0 3,629,0
1,401,0
52,0
133,0
81,0
34,0
156,0
3,0
17,0
1,116,0
256,0
496,1)
29,0
55,0
39,654,0 1,331,0
1,374,0
7.0
14,0
10,203,0 1,156,0 2,525,0
13,0
230,0
459,0
642,0
220,0
172,0
28,0
28,820,0 5,158,0 3,132,0
26,0
436,0
2,704,0
807,(
182,0
221,0
129,0
664,0
165,0
458,0
16,0
137,0
168,0
116,0
445,0
18,0
8,0
2,558,0
956,0
1,329,0
17,0
71,0
1,428,1
212,0
268,0
16,0
180,0
178,0
189,0
790,0
5,0
40,0
595,0
269,0
225,0
19,0
46,0
298,0
95,0
28,0
310,0
10,0
508,0
323,0
49,0
1,920,0
92,0

A &lira;
Reserve Deposit:
with
with
Net
Legal
Demand
Legal
Deposi- Deposi- Deposits.
taries.
taries.

National
Net
Bank
CirculaTime
tion.
Deposits.

Average, Average. Average. Average. Average
3
3,440,0
36,808,0
1,793,0
789,0
1,612,0
16,202,0
1,827,0
165,0
10,320,0
141,182,0 4,392,0 3,773,0
40,709,0
499,421,0 5,277,0 1,782,0
6,545,0
33,983,0
450,0
1,169,0
14,975,0
150,0
902,0
212,0
2,185.0
48,0
16,913,0
96,142,0 6,591,0 4,829,0
22,682,0
276,219,0 5,184,0
155,0
5,651,0
69,806,0 5,724,0
1,776,0
15,776,0
165,702,0
130,0
2,805.0
27,424,0 1,091,0 1,016,0
1,001,0
11,011,0
158,0
13,183,0
110,527,0
2,632,0
32,261,0
51,0
12,691,0
153,773,0
1,936,0 3,561,0
235,0
2,488,0
50,0
1,148,0
16,062,0
760,0
14,998,0
204,871,0 1,325,0 3,057,0
10,105,0
94,578,0 5.687,0
140,0
846,0
11,717,0
197,0
17,814,0
214,541,0 15,831,0
450,0
1,603,0
19,521,0
38,0
893,0
1,350,0
10,631,0
200,0
398,0
425,0
5,790,0
249,0
3:37,0
8,582,0
51,480,0
70,0
13,475,0
72,926,0
499,0
1,538,0
1,118.0
10,988,0
413,0
215,0
1,101,0
397,0
11,758,0
40,0
1,267,0
10,473,0
50,0
25,0
2,150,0
25,553.0
484,0

Totals, avge. for week 123,850,0.214,151,2 2,298,297,0 272,439,0 37,267,0 30,255,0

2,068,0

7,935,0 233,558,0

2,480,998,0 58,775,0 28,118,0

1,837,0
2,204,0
2,024,0
2,285,0

8,014,0 250,948,0
7,884,0 212,958,0
7,343,0 206,810,0
6,437,0 221,274,0

2,517,474.0
2,431,858,0
2,438,023,0
2,432.202,0

Totals, actual condition
Totals, actual condition
Totals, actual oonditIon
Totals, actual condition

April
Mar.
Mar.
Mar,

7
31
24
17

2.327,080.0 275,324,0
2,271,808,0 252,396,0
2,266,595,0 268,367,0
2,251,619,0 269,135,0

33,121,0
44,084,0
41,901,0
41,928,0

28,748.0
32,379,0
35,241,0
33.697,0

8,957,0
4,9:38,0
1,053,0
745,0
192,0
1,468,0
337,0
821,0
2,251,0
498,0
642,0
1,023,0
268,0
1,207,()
2,639,0

1,473,0
1,887,0
315,0
469,0
69,0
1,088,0
52,1)
164,0
573,1)
72,0
40,0
329,0
235,0
402,0
826,0

414,0
617,0
516,0
145,0
150,0
573,0
69,0
95,0
1,564,0
135,0
188,0
466,0
91,0
449,0
413,0

49,0
9,0
368,0
152,0
11,0
44,0
42,0
8,0
121,0
239,0
70,0
68,0
33,0
69,0
206,0

81,0
115,0
37,0

218,763,0 27,089,0

7,994,0

5,915,0

1,489,0

219,197,0
217,121,0
218,412,0
216,335,0
-

28,518,0
21,639,0
27,521,0
27,562,0

8,727,0
6,489,0
6,287,0
6,143,0

6,571,0
5,971,0
6,142,0
6,889,0

1,467,0
1,301,0
1,185,0
1,230,0
-

35,609,0 2,106,0
240,938,0 21,853,0
65,668,0 4,888,0
33,832,0 2,889,0
41,720,0 2,202,0
373,965,0 46,989,0
10,572,O
723,0
27,970,0
1,470,0
92,225,0 6,450,0
2.1,223,0 1,8134,0
74,673,0 4,974,0
22,272,0
1,596,0
14,816,0
869,0
63,661,0 4,566,0

393,0
702,0
24,0
13,0
176,0
1,513,0
50,0
.509,0
290,0
81,1)
986,0
865,0
157,0
686,0

263,0
378,0
119,0
119,0
142,0
1,437,0
90,0
39.0
719,0
254,0
99,0
360.0
353,0
272,0

229.0
17,0
172,0
29,0
150,0
423,0
5,0
29,0
169,0
119,0
15,0
57,0
83,0
411,0

62,257.0
51,043.0
51,174.0
49.904,0

28,090,0
28,151,0
28,644,0
28,590,0

====

State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co.
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank
Bowery Bank
German-American Bank
Fifth Avenue Bank. _
German Exchange Bank
Germania Bank
Bank of Metropolis.....
West Side Bank
N. Y. Produce Ex. Bk.
State Bank

2,050,0
1,500,0
500,0
500,0
200.0
2,000.0
250.0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500.0

5,180,2
6,598,9
1,280,4
985,3
468,7
2,120,2
803,4
824,8
2,303,6
860,6
1,072.0
2,214,1
301,0
1,062,4
726,6

Totals, avge. for week_ 11,950.0 26,802,2
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

April 7
Mar. 31
Mar. 24
Mar. 17

Trust Companies.
Not Member: of
Federal &sem Bank,
1,500.0 3,799,5
Brooklyn Trust Co__ _
10,000,0 17,064,9
Bankers' Trust Co
2,000,0
4,507,1
Trust
Mtge.
Co
&
U.S.
1,250,0 1,869,1
Astor Trust Co
Title Guar.& Trust Co.. 5,000,0 12,404,5
20,000,0 31,436,3
Guaranty Trust Co
1,000,0 1.239.3
Fidelity Trust Co
Lawyers' Title dr Trust.. 4.000,0 5,511,6
Columbia Trust Co.__ 5,000,0 6,442,9
1,000,0 1,751,4
People's Trust Co
3,000,0 11,632,4
New York Trust Co
1,000,0 1,334,4
Franklin Trust Co
533,4
1,000,0
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0 5,249,3

13,733,0
35,293,0
12,80)3,0
7,9(34,0
3,094,0
15,924,0
4,305,0
6,361,0
18,644,0
5,253,0
6,357,0
14,630,0
4,657,0
15,797,0
23,945,0

Totals, avge. for week.. 57,750,0 104,776,1 1,122,144,0 103,439,0

6,445,0

4,644,0

1,908,0

6,547,0
4,461,0
8,584,0
3,627,0

6,068,0
3,369,0
5,395,0
5.749,0

2,091.0
1,887,0
2,103,0
1,872,0

Grand Aggregate, am_ liT37550,0 315,729,5 3,639,201,0 102,96770 51,70(3,0 40,814,0
Comparison prey. week
+42,835,0 +211710 -4,454,0 -2,227,0
-Grand Aggregate,aetual condition April 7 3,662,206,0 408797-170 7
187395,0 41,387,0
Comparison Prey. week
+49,983,0 +319890 -0,639,0 -332,0
======== ========
Grand Aggregate actual condition Mar. 31:1,612,223.0 398270 55,034,
0 41,719,0
Grand Aggregate aotual condition Mar. 24 3,582,286,0,403.049,0 56,772,1) 46,778,0
Grand Aggregate actual condition Mar. 173,558,906.0 413.928,0 51.698.0 46,335.0
a Includes capital set aside for foreign branches, $5,000,000.

3,397,0
+120,0

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

April 7
Mar. 31
Mar. 24
Mar. 17

1,115,929,0
1,123.291,0
1,097,279,0
1,000,952,0

105,129,0
96,947,0
107,161,0
117,231,0

3,155,0 1,059,0

321,0
146,0
243,0
8.54,0 2,260,0
270,0
1,19.5,0 2,745,0
1,653,0
427,0

51,534,0
34,868,0
13,858.0
7,807,0
3,220,0
15,669,0
3,931.0
6,569,0
20,484,0
5,353,0
6,274.0
14,238,0
4,707,0
17,191,0
27,556,0

32,0

478,0

9,119,0 6,845,0

233,259,0

59.0

383,0
307,0
323,0
365,0

9,212,0
8,880,0
9,190,0
9,139,0

6,935,0
7,197,0
6,364,0
6.309,0

235,789.0
227,087.0
230.84.5.0
229,524.0

59,0
61,0
554.0
560.0

25,0
1,462,0
358,0
27,0 11,400,0 14,791,0
40,0 2,575,0 5,158,0
27,0
865.0 2,942,0
48,0 1,309.0 3,345,0
395,0 18,103,0 8,944,0
15,0
427,0
537,0
.50,0 1,050,0
353,0
102,0 3.624,0 4,283,0
86,0
1,167,0
875,0
51,0 3,078,0
662,0
443,0 1,014,0 782,0
35,0
729,0
637.0
30,0 3,068,0 1,308,0

29,250,0
228,003,0
51,511,0
26,096,0
26,178,0
362,071.0
8,552,0
21,009,0
75,818,0
23,346,0
61,246,0
20,273.0
14,579,0
61,353.0

5,387,0
25,832.0
14,943.0
8,192,0
1,592,0
36,573,0
990,0
847,0
18,628,0
1,613,0
7,940,0
3.618,0

30,0
45,0

664,0
193,0

187,0

236,0
335,0

21,0

54,0
45,0
71.0

26,0
1,0

004,0

4,011,0

977,0 49,871,0 44,975,0 1,009,295,0 131.070,0
1,121,0
973,0
879,0
1,060,0

50,069,0 46,292.0 1,001,739,0 134,38.5,0
49,068,0 47,268,0 999.064,0 130,847.0
48.393,068,193.0 990,398.0 128,206.0
48,481,0 60,394.0 990,051.0 129,072.0

2,068,0 ' 9,390.0 292,548.0 51,820.0 3,723,552,0 1897904,0 28,11870
+28,0 +153,0 +220830 -150530 +71.363,0 +9,769.0 -136,0

3,558,0
+370,0

1,837,0
-367,0

0,518,0310,229,0 53,227,0 3,755.002,0 196,701,0 28,090,0
+354.0 +393230 -1,238,0 +96,993.0 +147500
-61.0

3,188,0
3,288,0
3.102,0

2,204,0
2,024.0
2,285.0

9,16470 270,90670 54,465,0 3,658,00970 18179.51,0 28,151.0
8,545,0 264,393,0174,5.57.0 3.659,266,0 179,934,0 28,644,0
7.862.0 278.894.0 66.703.0 3.651.777.0 179.626.0 28.590.0

STATEMENTS OF RESERVE POSITION.
Averages.

Actual Figures.

Inc. or Dec.
row. or Dec
Cash Reserve Reserve in
Total
a Reserve
Surplus
from
Cash Reserve Reserve in
Total
b Reserve
Surplus
from
in Vault. Depositari,, Reteroe.
Reserve. Previous Week in Vault. Depositaries Reserve.
Required.
Required.
Reserve. °mists/ Wsta
-3
$
3
Members Federal
$
,
$
$
Reserve Bank...._ 339,961,000 233,558,000573,519.000 449,518,390 124,000,610 +20,638,530 337,193,000250,948,000 588,141,000456,258,170 131,882,83 +30.352,420
42,487,000 9,119,000 51,606,000 41,986,620 9,619,380 +2,217,2201 45,283,000 9,212,000
State Banks.
54,495,0001 42 442,020 12,052,93 +5,648,640
Trust Companies... 116,436,000 49,871,000166,307,000 151,391,250 14,912,750
+929,300,119,835,0
50,089,000169,904,000150,260,850 19,643.15 +13,770,750
Total April 7 - 493,881,000292,548,000791,432,000642,899,260148,532,740 +23,785,050 502,311,000310,229,000812,540.000618,961,040163,578,96 +49,771,810
484,274.000270,465,000754,7:39,000629,991,310124,747,690-27,095,100 473,923,000270,906,000 744.829,000 631,021,850113,807,150,
Total Mar. 31
-23,958,210
Total Mar. 24 .... 507,663.000273,719,000 781,382,000629,539.210151,842.790 +7,004,860 509,887.000264,393,000 774,280,000631,514,640142,765.380,-21.073,810
505,526.000264.119.000769,645.000624.807.070144.837.930 +2.918.390 515.063.000278.894.000793.957.000630.118.030163.838.970 4-21.247,450
Total Mar. 17
• Not members of Federal Reserve Bank
a This is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the ease of Members of the Federal Reserve Bank
Includes also the an-valor of reserve required on Net Time Deposits, which was aa follows: April 7, 52,938,750: Mar. 31. $2,550,400; Mar.
24, $2,538,550; Mar. 17. $2,523,700.
b This he, the reserve required on No. Demand Deposits In the rase of State Banks and Trust Companies, but in the ease of Members of the Federal Reserve Bank
mildness's° the amount of reserve required on Net Time Deposits, which was as follows: April 7, $3,112,850; Mar. 31. $2,552.130; Mar. 24, $2,558,700; Mar. 17, $2,409,700




[VOL. 104.

THE CHRONICLE

1468

In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures,
furnished
showing the condition of State banks and trust companies panies in New York City not in the Clearing House,"
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
the whole State. The figures are compiled so as to distinIn
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
T.
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMEN
between the results for New York City (Greater New
guish
(Figures Furnished by State Banking Department.) Differences from
previous week.
•
April 7.
York)and those for the rest of the State, as per the following:
$789,755,800 1nc.$12,611,400
Loans and investments
285,900
68,398,100 Inc.
For definitions and rules under which the various items
Gold
148,700
10,926,600 Inc.
Currency and-bank notes
made up,see "Chronicle," V.98, p. 1661.
are
1034,168,700 Inc. 20,147,700
Total deposits
Deposits, eliminating amounts due from reserve
provisions of the law governing the reserve requireThe
depositaries and from other banks and trust com813,500,800 Inc. 17,187,900 ments of State banking institutions were published in the
panies in New York City, and exchanges
257,404,400 Inc. 2,177,200
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, P. 968). The regulaPercentage of reserve, 32.3%.
RESERVE.
to calculating the amount of deposits and what
- tions relating
-Trust Companies
State Banks
9.53%
$63,524,900
permitted in the computation of the reserves
12.22%
are
$15.797,800
deductions
Cash in vaults
156,102,300 23.43%
21,979,400 17.00%
Deposits in banks and trust cos__
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$219,627,200 32.96%

$37,777,200 29.22%

Total

The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past.
OOMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.

Week
Ended-

Loans
and
Investments

Demand
Deposits.

Jan. 13--Jan. 29......
Jan. 27--_
Feb. 3......
Feb. 10-__
Feb. 17..-..
Feb. 24......
Mar. IL_
Mar. 10....
Mar. 11...
Mar. 24.._..
Mar. 31...._
Apr. 7.._

4,119,897,3
4,172,608,3
4,216,025,9
4,254,745,3
4,222,813,7
4,200,191,9
4,230,371,9
4,262,506,1
4,309,612,6
4,330,588,8
4,338,308,0
4,373,513,4
4,428,959,8

4,230.341,0
4,333,415,0
4,389,954,3
4,403,318,2
4,338.722,5
4,311,725,2
4,539,468,4
4,386,187,0
4,396,027,8
4,438,468,5
4,464,708,0
4,478,501,9
4,567,052,8

Specie.

Other
Money.

STATE BANKS AND TRUST COMPANIES.
Trust Coe.
State Banks
Trust Co..
State Banks
outside of
outside of
in
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.

Week ended April 7.

Capital as of Nov. 29_-__

$
970,956,4
505,303,3 82,471,5 587,774,8
536,436,5 83,323,8 619.760,3 1,031,316,7
551,060,3 76,059,0 627,119,3 1,057,394,0
530,189,2 74,353,7 604,542,9 1,046.031.4
523,975,1 73,943,6 597,918,7 1,019,827,0
520,022,8 73,705,7 593,728,5 1,004,960,0
539,044,3 71,511,5 609,555,8 1,038,788,2
538,553,5 73,535,3 612,088,8 1,043,203,4
513,952,9 68,656,4 582,609,3 1,031,061,1
518,425,5 69,368,5 685,794,0 1,042,356,3
517,268,4 68,877,9 586,146,3 1,051,036,4
492,947,2 70,214,9 563,162,1 1,009,968,2
512,177,1 66,029,6 578,206,7 1,048,836,4

$
77,550,000

42,974.800

$
17,050,000

$
11,931,300

180,928,600

15,411,400

17,930,500

Loans and investments....
Change from last week_

414,803,800 1,802,130,300
+3,114,200 +20,343,800

172,170,300
+1,546,200

287,345,900
+2,170,400

Gold
Change from last week_

52,253,500
+2,097,300

166,736,900
+941,900

Currency and banknotes..
Change from last week_

22,193,200
+909,500

16,204,900
+722,000

Surplus as of Nov. 29.--

Entire
Total
Reserve on
Money
Holdings. Deposits.

$
23,850,000

Deposits
Change from last week..

571,995,300 2,272,719,300
+9,255,000 +36,191,800

185,753,100
+1,401,400

303,733,200
+3.491,800

Reserve on deposits
Change from last week_

134,393,400
+2,556,600

455,474,800
-4,446,100

32,405.200
+560,800

41,568,100
+1,597,004

P. C. reserve to deposits_
ParnAntiurA bud WPAk _ _

29.2%
28.7%.

26.0%
26.4%

20.8%
20.5%

17.2%
16.8%

+ Increase over last week. -Decrease from last week.

to the Clearing House by clearing
Non-Member Banks and Trust Companies.-FollowIng is the report made
on the preceding page:
non-member institutions which are not included in the "Clearing House return"
CLEARING HOUSE.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
•
Nei
CLEARING
NON-MEMBERS. Capital. I Profits.
Week Ending
April 11917

Loans,
Discounts,
JNat. bks. Mar. 51 Invest'State bits. Feb.281 ments, dbc.

Members of
Sidi Reserve Bank
Battery Park Nat.._
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jere. City
Hudson Co. N.,JO..
First Nat., Hoboken
Second Nat.,Hobok.
Total

Gold.

Legal
Tenders.

Reserve Additional
Nat.Bank Nat.Barsk
Deposits
with
Notes[Re- Notes1Not Federal
Net
Legal with Legal
Reserve
serve for Counted
Demand
Depot-.
Notes(Not Deposas
Msgr. State InDeposits.
Wiles.
itaries.
Reserve]
:Muttons] Reserve.]

Average. Average. Average
Average. Average. Average. Average. Average. Average. Average
s
$
$
$
$
$
$
$
s
$
$
4,386,000
I
1,000 477,000
4,000
99,000
101,000
376,000
374,900 4,842,000
400,000
5,188,000
480,000
510,000
17,000
17,000
35,000 124,000
686,700 5,746,000 152.000
300,000
234,000 6,134,000
9,000 712,000
9,000
72,000 134,000
610,800 6,052,000 178,000
300,000
26,000 1,585,000 6,237,000 5,210,000
13,000
81,000
400,000 1,292,000 4,849,000 293,000 511,000
737,000 4,437,000
532,000
3.000
92,000
99,000
14,000
763,800 5,391,000 145,000
250,000
282,000 2,991,000
25,000 466,000
10,000
35,000
10,000
624,800 6,231,000 196,000
220,000
378,000 2,460.000
530,000
10,000
3,000
45,000 117,000
37,000
306,700 5,030,000
125,000
4,812,000 8,348,000 30,812,000
91.000
148,000
689,000
788,000
1,377,000
1,995,000 4,659,700 38,141,000

State Banks.
Not Members of the
Federal Reserve Bost.
Bank of Wash. ECUs_ 100,000
400,000
Colonial Bank
300,000
Columbia Bank
200,000
Fidelity Bank
International Bank.. 500,000
200,000
Mutual Bank
200,000
New Netherland.W R Grace&Co'sBk_ 500,000
100,000
Yorkville Bank
1,600,000
Mechanics'. Bklyn
200,000
North Side, Bklyn

64,000
11,000
443,300 2,229,000 125,000
049,800 8,842,000 823,000 212,000 576,000
1,000 279,000
674,100 9,639,000 821,000
36,000
11,000
191,300 1.429,000 118,000
21,000
6,000
113,500 3,967,000 401,000
68,000 227,000
470,100 7,481,000 969,000
219,000 4,369,000 184,000 149,000 149,000
40,000
551,000 3,588.000
85,000 262,000
593,900 6,820,000 481,000
840,800 19,468,000 1,969,000 196,000 1,041,000
69,000 112,000
184,800 4,439,000 261,000

4,300,000 5,231,600 72.271,000 6,192,000

Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamlitonTrust,BkIn
Mechanies',Bayonn

500,000 1,150,100 8,289,000
309.000 5,868,000
200.000

5.30,000
79,000

21,000
42,000
74,000
12,000

12,000
40,000
13,000
2,000

36,000
50,000
118,000
360,000
32,000

808,000 2,767,000

745,000

28,000
78,000

47,000
38,000

45,000
42,000

30,000

.
42,00C

Net
Time
Deposits.

Nationat
Bank
Circulation.

Average

Average.

$

s

177,000
103,000

3,202,000
2,264,000

191,000
295,000
120,000
396,000
109,000
218,000
99,000

5,806.000 1,518.000

177,000 1,792,000
108,000
438,000 9,855,000
591,000
523,000 9,512,000
571,000
222,000 1,363,000
82,000
207,000
266,000 3,536,000
212,000
321.000
235,000 1,071,000 8,365,000
294,000
18,000 4,530.000
271,000
1,414,000 1,247,000 2,967,000
304,000 7,401,000
448,000
64,000
1,354,000 2,178,000 22,569.000
400,000
605,000 4,416,000
265,000

139,00C 1,137,000 7,214,000 74,646,000 4,313,000

12,000
14,000

328,000 2,117,000 0,571,000 1,072,000
633,000 2,688.000 3,055,00
134,000

28,000 462,000 2,750,000 9,257,000 4,127,000
85,000
87,000 106,000
639,000
256,000 0,411,000 18,312,000 114715000 14,276,00(1 1,518,000
148,000
830,000
3,562,000
1,683,000
8,208,000
+3,000 +1,000
Grand aggregate- - 0,995,000 11,350,400 121569000
1000 +75,000 +857.000
+1007000 -34,000 +111 000 +95.000 -13,000 -1,000 +22.000-26
Comparlson,prev.wk.
Excess reserve, 4265,220 decrease
9,072,000 18,237,000 113858000 14,273,000 1,517,000
234,000
149,000
843,000
3,467,000
1,572,000
8,242,000
14,216,000 1,520,000
Grand aggr'te Mar31 6,995,000 11,350,400 123562000
926,000 160,000 216,000 9,772,000 18,262,000 113578000
Grand aggr'te Mar24 6.995.00)) 11.520.200 123569000 8,190.000 1,619,000 3.336,000 916.000 176.000 264.000 9.671,000 17,888,000 11422600(1 14.333.18)0 1,511.000
Grand aggr'te Mar17 6,995,000 11,520,200 123285000 8,293,000 1,542.000 3,574,000 918,000 177,000 263.000 9,668,000 17,759,000 112471000 14,281,000 1,512,000
3,090,000
1,636,000
1.522,000
Grand aggr'te Mar10 6.995,000 11,520,200 121449000 7.989,000
148.000 202.0009,224,000 17,093,000 111640000 14.106.000
Grand aggr'te Mar.3 6.995.000,iI.520.200 120611000 7.863.000 1.527.000 3.727.000 884.000
700,000 1,459,100 11,157,000

Total

a
Boston Clearing House Banks.-We give below
Philadelphia Banks.-Summary of weekly totals of
Boston
the
in
items
the
all
for
totals
the
ia:
Philadelph
showing
of
companies
summary
Clearing House banks and trust
We Olnit POO ciphers (00) in all these figures.
Clearing House weekly statement for a series of weeks:
Loans,
Dl3ei3 I*
Investls

Due
from
Banks.

Deposits
Bank.

Individq.

Total.

Reserve
Held.

Excess
Reserve.

8
$
$
8
$
3
$
April 7.
Nat. bank_ 390,106,0 91,480,0 186,015,0 341,452,0 527,467,0 89,866,0 27,888,0
Trust cos_ 159,643,0 5,202,0 4,425,0 150,952,0 155,377,0 30,032,0 7,962,0
Total _- 549,749,0
Mar. 31...._ 540,020,0
Mar.24_ _ _ 550,356,0
Mar. 17..__ 553,267,0
Mar. 10___ 552,595,0
Mar. 3.... 546,751,0
Feb. 24.... 547,881,0
Feb. 17..__ 548,740,0
Feb. 10..... 545,652,0
542.005.0
Feb.

96,682,0 190,440,0 492,404,0 682,841,0 119,898,0
89,678,0 185,230,0 476,485,0 661,715,0 112,033,0
89,535,0 188,939,0 477,014,0 663,953,0 113,227,0
88,624,0 191,055,0 473,202,0 664,257,0 112,830,0
81,301,0 185,354.0 471,974,0 657,328.0 112,669,0
88,760,0 189,766,0 476,305,0 668,071,0 112,050,0
86,498,0 185,392,0 473,019,0 858,411,0 110,405,0
89,345,0 183,737,0 477,100.0 680,837,0 112,250,0
83,264,0 181.588,0 480,268,0 681,854,0 117,408.0
06.080.0 180.50n.0 5110.788.0 800 201.n 110.205.0

35,850,0
29,560,0
30,404,0
29,572,0
29,535,0
29,488,0
27,953,0
29,910,0
34.347,0
45.407.11

Note.-National bank note circulation April 7, $8,245,000; exchanges for Clear
ing House (included in "Bank Deposits"), banks, $22,799,000; trust companies,
$64,33,038,000; total, $25,837,000. Capital and surplus at latest dates: Banks,
175,600; trust companies, 541,295,200. total, $105,470,800.




BOSTON CLEARING HOUSE MEMBERS.
Mull 7
1917.

Change from
previous week.

$5,655,000 Dec.
Circulation
Loans, disc'ts & investments 466,630,000 Inc.
Individual deposits, Incl.U.S. 370,819.000 Inc.
151,103,000 Inc.
Due to banks
34,224,000 Dee.
Time deposits
21,288,000 Ino.
House_
Clear.
for
Exchanges
41,521,000 Inn.
Due from other banks
24,412,000 Dee.
Cash reserve
30,913,000 Dec.
Bank
Res've
Fed.
in
Reserve
Reserve with other banks.... 50,226,000 Inc.
Reserve excess in bank and
3,701,000 Dec.
Federal Reserve Bank..
Excess with Reserve Agents. 37,320,000 Inc.

Mar.3i
1017.

March 24
1917.

$676,000 $6,331,000 $6,322,000
803,000 465,827,000 466,863,000
1,541,000 369,278,000 372,382,000
6,432,000 144,671,000 145,984,000
642,000 34,866,000 33,876,000
3,949,000 17,339,000 15,685,000
815,000 43,670,000 45,918,000
052,000 25,064,000 20,641,000
1,444,000 32,357,000 31,846,000
2,827,000 47,394,000 44,891,000
2,112,000 5,813,000 6,137,000
2,823,000 34,497,000 31,803,000

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

APR. 14 1917.]

THE CHRONICLE

Vanktrs' Gaz,ette.
TVall Street, Friday Night, April 13 1917.
The Money Market and Financial Situation.-National legislation and financing, now pending, have been
dominant factors in Wall Street operations this week. Uncertainty as to future developments in several directions
tends to restrict these operations and to hold projected adventures in abeyance. This general attitude of suspense has
not, however, resulted in undue market weakness, and there
are several reasons why this should have been the case.
One of these is the practical certainty that a considerable
part of the proposed $5,000,000,000 Government bond issue
will be used to liquidate foreign indebtedness and purchases
in this country. Another is the progress of the war in.
Northern France and other evidences that the end of the conflict is,,perhaps, drawing near. Still another is the domestic)
industrial situation as illustrated by the U. S. Steel Corporation's report of unfilled orders. This shows a further increase during the month of March of nearly 135,000 tons.
In addition to these is the prospect of an increase in freight
rates which in turn will enable the railroads to improve, if
not increase, their terminal facilities and in other ways add.
to their efficiency, the need of which every shipper and consignee knows as well as railway managers themselves.
In anticipation of the Government financing mentioned,
the money market has been firmer, especially for time loans,
but the demand is limited and actual transactions on a
relatively small scale.
Foreign Exchange.-Sterling exchange ruled firm during
the week but was not especially active, taking the period as
a whole. On Monday there was quite a demand for bills in.
anticipation of the new situation to be created by the American credit. Later, however, the inquiry moderated. The
Continental exchanges were irregular and more or less
nervous. Quotations for enemy countries discontinued.
To-day's (Friday's) actual rates for sterling exchange wore 4 72 Yi, for
sixty days, 4 757004 75% for checks and 4 764504 763% for cables.
Commercial on banks, sight, 4 75%04 75%, sixty days 4 713, ninety
4,and documents for payment (sixty days) 4 713%. Cotton for
days 4 693
3 and grain for payment 4 75% ©4 75/s.
3
payment 4 75%04 75%
To-day's (Friday's actual rates for Paris bankers' francs were 5 763%
for long and 5 72 for short. Germany bankers' marks were no quotation
for sight, nominal for long and nominal for short. Amsterdam bankers'
guilders were 4104154 for short.
Exchange at Paris on London, 27.213% fr.; week's range, 27.213% fr.
high and 27.28 fr. low.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling ActualChecks.
Cables.
4 76
High for the week_ _ _ 4 72%
4 77
4 75 11-16
Low for the week__ 4 72%
4 7645
Bankers'
Francs
Paris
High for the week__ 5 75 Ws
5 68
5 67
Low for the week.. _ _ 5 763%
5 71
5 70
Germany Bankers' MarksHigh for the week_ _ _
Low for the week
Amsterdam Bankers' GuildersHigh for the week_
4015-16
41% .
41
Low for the week..__
40 1-16
40%
40 11-16
Domestic Exchange.-Chicago, bc. discount. Boston, par. St. Louis,
20e. per $1,000 discount bid and 10c. discount asked. San Francisco, 10c.
per $1,000 premium. Montreal, $3.125 per $1,000 premium. Minneapolis, 15c. per $1,000 premium. Cincinnati, 10c. per $1,000 discount.
New Orleans. sight, 50c. per $1,000 discount, and brokers, 50c. premium.

State and Railroad Bonds.-Sales of State bonds at the
Board this week include $17,000 New York State 43/2s at
1143
4 to 115, $1,000 Now York Canal 43/2s at 114k,$2,000
New York State 4s, 1961, at 105, $5,000 N. Y. Canal 4s,
1961, at 1043
4 to 105, and $10,000 Va. 6s tr. co. roots.at 56.
Continuing the movement noted last week, the volume of
business in the market for railway and industrial bonds has
increased considerably. prices have, however, fallen away.
From a list of 25 most active issues, only one, Wabash P. T.
1st 4s, Central Trust Co. ctfs. advanced, the movement
being fractional. Nev.v York Central deb. 6s fell from 108%
3
to 1063/8, while Reading gen. 4s lost over 2 points. Baltimore & Ohio cony. 4s lost over a point as did Southern Railway 1st 5s and Delaware & Hudson 1st ref. 4s. Union
3
Pacific 1st 4s were spectacular, falling away from 98 to 95%.
Since the entrance.of this country into war, the enormous
figures quoted so easily by the heads of Government departments as needed to finance the same and the floating of bond
issues to raise funds have taken up the attention of most
investors. Sales of the bonds of foreign Governments have
been somewhat larger than common, Anglo-French 5s,
American Foreign Securities 5s, the several Great Britain and
Ireland issues and Dominion of Canada securities being, as
usual, the most popular. Sales on a s-20-f basis indicating,
presumably, sales for foreign account have advanced this
week, being $30,000, as against $26,000 a week ago.
United States Bonds.-Sales of Government bonds at
the Board include $18,000 4s coup. at 107, $10,000 2s reg.
4 to 1013/2. For to-day's
at 99% and $9,500 3s coup. at 1003
prices of all the different issues and for the week's range see third
page following.
Railroad and Miscellaneous Stocks.-Peace talk again
took form in reports received by a circuitous route that Germany had made a proposal to the United States. This report was promptly denied at Washington. The plant of the
Eddystone Ammunition Corp. was partially destroyed by
explosion and fire, the circumstances at least causing suspicion. Almost daily reports of raiders in our waters and
of ships being sunk off South America and elsewhere all
have tended to make the market irregular this week. A general decline was noted at first, but reaction from this move
-set in on Wednesday. Having begun to realize, perhaps,




1469

what the proposed tax measures will mean, traders have
abandoned hopes of further "war profits" and have gone to
the opposite extreme.
Among the railroad shares, Baltimore & Ohio fluctuated
between 773 and 753
4 and Chicago Milwaukee & St. Paul
between 813 and 793's. Norfolk & Western and Northern
Pacific covered ranges of 2% and 3 points, respectively,
while Union Pacific fell from 1373
% to 134%, the close, however, being at 138. The industrial shares, as usual, fluctuated more widely. American Can moved between 48 and
4332, American Smelting & Refining between 1013/2 and 98,
while Atlantic Guff & West Indies SS., Cuba Cane Sugar
and U. S. Industrial Alcohol covered ranges of 532, 3% and
10% points, respectively. The Steel shares were less irregular but copper stocks were weak.
For daily volume of business see page 1478.
The following sales have occured this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending April 13.

Sales
for
Wee/c.

Range for Week.
Lowest.

Ifighest

Range since Jan. 1.
Lowest.

Highest.

Par. Shares $ per share. $ per share. $ per share.S per share.
Acme Tea
100
100 55 Apr 13 55 Apr 13 52
Fe 58
Jan
Adams Express
100 600 110 Apr 11 112 Apr 9 110
Ap 140
Jan
Am Bank Note pref_ _50
100 49% Apr 12 493% Apr 12 49
Feb 5334 Jan
Am Brake Sh & F p1_100
100 176 Apr 10 176 Apr 10 176
Ap 188
Jan
American Coal
25
100 40 Apr 7 40 Apr 7 36
Jan 40
Apr
American Express.. _ _100 300 110 Apr 12 115 Apr 7 110
Ap 1283', Jan
American Snuff
100 130 Apr 9 130 Apr 9 130
100
Feb 142
Feb
Assets Realization_ _100 400 3 Apr 9 34 Apr 7 3
Fe
4
Feb
Assoc, Dry G 1st pf _100
100 60 Apr 12 60 Apr 12 523% Ma sosi Apr
Associated 011
100 663% Apr 12 663% Apr 12 663% Apr 783% Jan
100
Atlanta Birm & At1_100 1,200 153% Apr 7 163% Apr 13 134 Fe. 1634 Jan
Barrett sub recta full p'd
40111 Apr 11111 Apr 11 111
Ap 111
Apr
Fret sub recta full paid
100 110% Apr 131103% Apr 13 1103% Ap 1103% Apr
Barrett pref
100 2001123% Apr 11112% Apr 12 112
Mar 117
Feb
Batopilas Mining_ _ _ _20 600 13% Apr 10 134 Apr 9 134 Ap
2
Jan
Brooklyn Union Gas.100 400118% Apr 11 119% Apr 10 118% Ap 129
Jan
Brown Shoe
100 200 653% Apr 10 6534 Apr 12 61
Feb 673% Jan
Brunswick Terminal_100
100 93% Apr 10 934 Apr 10 734 Fe' 103% Mar
Burns Bros
100 3,100 11534 Apr 9 124 Apr 13 89
Jan 124
Apr
Calumet dr Arizona...10 600 76 Apr 11 81 Apr 7 76
Ap 83
Mar
Caro Clinchf & 0 p1.100
100 50 Apr 10 50 Apr 10 50
M
50
Mar
Chicago & Alton pret 100 200 233% Apr 13 233% Apr 13 233% Apr 263% Mar
C & E Ill pf tr ctfs_ _100
100 9 Apr 12 9 Apr 12 9
Ap 1234 Jan
Chic Rock I & Pac wh iss
800 3634 Apr 13 37 Apr 13 363% Ap 37
Apr
7% preferred wh iss_ _
200 8334 Apr 13 833% Apr 13 833% Ap 8334 Apr
6% preferred wh iS8600 703% Apr 13 703% Apr 13 703% Ap 7034 Apr
C St PM & 0 pref_100
100 130 Apr 7 130 Apr 7 130
Feb 1343% Jan
Cluett,Peabody&Co 100
100 71 Apr 11 71 Apr 11 68
Feb 75
Jan
Cons G,EL&P(Balt) 100 3501203% Apr 11 121 Apr 9 119 • Feb12634 Jan
Cons Interstate Call_ _10 200 1734 Apr 10 173% Apr 10 17
Jan 21
Jan
Continental Insurance 25 600 55 Apr 9 56 Apr 10 52
Feb 5934 Jan
Deere & Co pref. _ _ _100 400 98 Apr 7 9834 Apr 9 963% Feb 100
Jan
Detroit Edison
100
Mar 145
51343% Apr 9134% Apr 9 131
Jan
3,100 76 Apr 7 873% Apr 9 393% Feb 873% Apr
Driggs-Seabury Ord_ _
Duluth S S & Atl_ _ _100
100 434 Apr 13 4% Apr 13 4% Feb 534 Jan
Federal Mg & S pref.
_100 400 3834 Apr 13 40 Apr 9 37
Jan 45
Feb
Gaston, W & W no par
200 33 Apr 9 33 Apr 10 28
Feb 40
Jan
General Cigar Inc_....i00
100 44 Apr 7 44 Apr 7 43
Ma 443% Mar
Hartman Corp _ _ _ _.,100 350 65 Apr 10 65 Apr 11 65
Apr 78
Jan
Homestake Mining.. _100
30127 Apr 9 127 Apr 9127% Jan 131% Jan
Int IIarv N J, pref_ _100 325 15% Apr 13 116 Apr 11 115% Apr121
Jan
let Harvester Corp_ _100 3,700 763% Apr 11 813% Apr 13 75% Mar 88
Jan
Preferred
100111 Apr 9111 Apr 91103% Ma 114
100
Jan
Int Paper pref ctfs dep_
600 96 Apr 11 97 Apr 11 9434 Ma 102
Mar
Iowa Central
100 334 Apr 7 334 Apr 7 3
100
Ma
634 Jan
Jewel Tea, Inc
100 1,100 57 Apr 10 62 Apr 7 57
Ap 78
Jan
100 25% Apr 13 1254 Apr 13 115
Kayser (Julius) & Co 100
Jan 135
Feb
100 91
Kelly-Springf, pref_ _100
Apr 7 91 Apr 7 91
Ap 93
Mar
Long Island
50 2,800 413% Apr 9 423% Apr 13 34
Jan 4734 Jan
Loose-Wiles Biscuit_ 100 300 203% Apr 11 22 Apr 13 20
Feb 273% Jan
100 120 Apr 13 120 Apr 13 115
Lorillard (P) pref_..i00
Feb 120% Jan
Manhat (Elev) Ry__ 100 300 123 Apr 13 1234 Apr 7 122% Feb 133% Jan
200 73 Apr 9 76 Apr 9 72
Manhattan Shirt_ ....l00
Feb 81
Mar
coo 593% Apr 13 624 Apr 7 583% Feb 66% Mar
May Dept Stores_..100
10 120 Apr 11 120 Apr 11 116
Michigan Central__ _100
Apr 120
Mar
40 9 Apr 12 9 Apr 12 1054 Feb 163% Jan
Missouri Pacific.. _ _ _ 100
do Ws of deposit_ _ _ 1,800 10 Apr 11 11% Apr 7 10
Ap 163% Jan
250; 804 Apr 7 803% Apr 7 79
Natl Cloak & Sult__100
Feb 84
Jan
NO Texas & Mex v t a.17 Apr 13 17 Apr 13 17
Ma 22
Jan
N Y Lack & %Vest_ _ _100
26,113 Apr 12 113 Apr 12 113
Ap 114
Jan
Nova Scotia S & C_ _100 600' 95 Apr 7 99 Apr 9 90
Feb 125
Jan
Ohio Cities Gas rights.... 11.887 4 Apr 7 5 Apr 9 4
Ap
534 Mar
800 95 Apr 11 97 Apr 7 95
Owens Bottle Mach...25
Ap 106
Jan
Pan-Am Pet & T, p1_100 300 90 Apr 10 933% Apr 9 90
Ap 98
Jan
Pittsb Steel, pref_ __ _100 200 100 Apr 11 100 April 99
Feb 102
Jan
Pitts & W Va Ry Ws_ _ _ 2,516 2134 Apr 12 22 Apr 13 2134 Apr 22
Apr
589 54 Apr 12 55 Apr 13 54
Preferred certlfs
Ap 55
Apr
Quickistiver Mining_ _100 300 2 Apr 7 24 Apr 11 2
Jan 3
Feb
100 234 Apr 10 23% Apr 10 234 Ma
Preferred
100
43% Feb
Royal Dutch ctfs den.... 1,600 613% Apr 11 623% Apr 9 60
Ma 6634 Mar
St L-San Fr pref A_ _100
700 3134 Apr 12 34 Apr 13 3134 Ap 42
Jan
Sloss-Sheff S dr I, p1_100 200 93 Apr 7 93 Apr 9 93 • Ap 99
Feb
270 11934 Are 7 119% Apr 71173% Ma 11934 Apr
Sou Pacific trust ctfs...
400 15 Apr 9 15 Apr 10 15
Tel St L & W pf tr recta_
Feb 15
Feb
United Drug
100 1,000 75 Apr 7 7634 Apr 10 6934 Jan 80
Feb
100
100 20 Apr 9 20 Apr 9 20
US Express
Feb 213% Jan
Wells, Fargo Express 100 200100 Apr 7 10034 Apr 7 993% Feb 144
Jan
Weyman-Bruton pref100
130 11234 Apr 13 1123% Apr 13 11234 Ap 11554 Feb
Wilson & Co, pref...10
Fph 107
800104 Apr 7 106 Apr 11 97
Mgr

1001

Outside Securities.-In sympathy with the tendency in
other branches of the securities markets, prices at the Board
Street "curb" were irregular. American Sumatra Tobacco
fluctuated between 23 and 24, while Carwen Steel, after
falling away from 125
% to 11%, closed to-night at 11%.
Central Foundry covered a range of 23/ points, and Chevrolet
Motors, spectacular as usual, declined from 120 to 114, advanced to 119 and closed at 117. Curtiss Aeroplane moved
between 20 and 22, while the high low and last prices of
Haskell & Barker,Lima Locomo.,Marlin Arms and Republic
Truck were 401
/
2-38M-40,59-54-57,91-85-873/i and 75-71-71.
Standard Oil subsidiaries were fairly active. Illinois Pipe
Line fell away from 237 to 231, while Indiana Pipe Line
moved between 100 and 102. Standard Oil of N. J. Bold
down from 680 to 650. Standard Oil of New York declined,
during the week, from 300 to 286, but recovered to 293.
Ohio Oil fell from 380 to 333, and finished at 338. Among
the bonds traded in at the "curb" were $64,000 Cosden Oil
6s between 100 and 106. $195,000 French Municipales at
4; $185,000 Russian Government new 53/2s at
943.4 to 963
8634 to 883/i and $153,000 Russian Government 63/2s at 9334
to 96. A complete record of "curb" market transactions
for the week will be found on page 1478.

Daily, Weekly and Yearly
-Stock Record,
1470 New York Stock ExchangeOCCUPYING
TWO PAGES.
For record of sales during the week of stocks usually inactive. sea preceding page
Sales/or
the
Week
Friday
April 13. Shares.

N
SIGH AND LOW SALE PRICES-PER SHARE, NOT PER CET.
Sazurday
April 7.

Monday
April 9.

Tuesday
April 10.

Wednesday
April 11.

Thursday
Aptil 12.

STOCKS
NEW YORK STOCK
EXCHANGE

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

PER SMARR
Range for Previous
Year 1916

Illokest
Lowest
Highest
Lowest'
_
per
$
share
share
per
share
8
per
$
share
per
$
Par
Railroads
share
per
share
$
$ yet share $ per share $ per share $ per share 3 Per
10878001
Apr
10014
8
3
Feb
10712Jan
10018
10,730 Atoll Topeka & Santa Fe-100
10218 103
10114 10218 10138 10178 102 10238 10218 10278 10212 103
100 98' Apr 10 10012 Feb 1 29812 Deo 102 Feb
9834 9834 1,275 Do pref
9814 *9814 9914 9834 99
*9813 99
9818 9812 98
600 Atlantic Coast Line RR-100 1101 Feb 8 119 Jan 4 10012 Apr 126 Nov
11414 11414 114 114
114 114
11412 11112 *11414 116 *112 114
96 1613
8112 Dee
100 74 Feb 1 85 Jan 18
20,600 Baltimore & Ohio
7534 77
7714 76
7734 76
7634 7534 7612 7534 76
76
80 Jan
7212 Aug
100 7134 Apr 10 7678Jan 17
650 Do pref
72
*70
72
7234 7134 7134 7134 7134 4170
72
73
73
June
8878
Dee
4
81
Jan
82
5
Feb
6514
Transit_100
Rapid
Brooklyn
2,100
6714 .68
68
(1912 673s 6773 68
6712 6712 *67
6812 68
100 1481 Feb 7 16738 Mar23 216212 Mar 183S4 Jan
20,200 Canadian Pacific
15912 16012 16012 163
15758 15913 15812 160
15718 160
15912 160
Oct
71
3
Apr
58
Jan
3
Feb
,s
567
654
100
Ohio
dc
Chesapeake
9,400
6014
5818 5912 5918 5912 60
5758 5914 5738 59
59
58
1614 Dee
1134 Apr
1114 *1114. 1214 1,200 Chicago Great Western._100 1012 Feb 3 14'8 Jan 10
12
12
1134 1134 1138 1112 ii18 1118 11 3378100
471300
33 Apr
32711 Feb 3 4134Jan 2
pref
Do
1,450
35
35
8
337
3358 3358 3358 3358 3318 3314 33
33
89 Dee 10212Jan
16,700 Chicago Milw & St Paul 100 7812 Feb 9 92 Jan 4
8018 81
81
80
7912 8012 794 80
7913 8012 8014 81
100 117 Mar 1 12512Jan 29 123 Dee 13618Jan
700 Do pre:
11818 11312 11814 11834 *118 11812 .11814 11834 .118 119
41119 120
Dec 1347s Jan
123
19
12414Jan
Mar13
113
Northwestern_100
&
Chicago
5,200
11512
11478
11318 11412 114 11412 11434 115
113 114
11314 114
100 160 Apr 10 17212 Feb 16 1165 Apr 178 Dec
1,100 Do wet
*160 170
160 160
*160 170
eet
Do
160 160
8%0
3258
88
e
3 Do
b2514 Feb 8 49 Apr 3 8381
pd
ctfs
Pac
&
2d
dep
of
I
R
Ch
10,000
4712
4612
2
191
4a7
-,-47- i8 -49- 4678 4714 46
473s 48
4678
Apr
300 Clev Cin Chic & St Loule_100 40 Feb 3 51 Jan 16
46
*42
48
50 .40
*40
45
44
45
45
48 .40
86 June
70 Feb
100 70 Feb 1 80 Jan 29
Do
f
76
76
.70
.70
80 .70
76 .70
76 .70
*70
76
37 Oct
2434 Apr
100 20 Feb 10 30 Jan 4
600 Colorado & Southern
2512 27
26
*24
28
26 .23
26 .23
.24
24
24
6218 Oct
46 Apr
100 5418 Apr 13 5712 Jan 9
100 Do 1st pref
5418 5418
58
*53
58
58 .51
*54
58
*55
*54
58 .43
40 Mar 5734 June
100 42 Mar12 46 Mar17
Do 26 pref..
48
.40
48
50 .43
50 .42
48 .42
*43
48
100 11878 Apr 12 15178Jan 19 14878 Dec 156 Oct
12012 12278 34,150 Delaware 4 Hudson
11878 123
13238 136
12734 13412 11912 127
121 124
216 Delaware Lack 4 Western--50 22734 Feb 16 238 Mar24 216 Mar 242 Nov
22912 230
123334 23334 .22334 233 .22334 231 *22334 231 *22334 230
87s Mar 2314 Oct
Grande_ _ _100 1113 Feb 8 17 Jan 6
Rio
&
Denver
700
15
*13
1412
*13
1312
13
15
.13
15
15
14 - 14'
16 Mar 5213 Oct
100 22 Feb 3 41 Jan 2
400 Do pref
35
*32
32
35
35 .30
35 .32
.30
4358Jan
3214 3213 32
Apr
32
3
Jan
3434
2
Feb
25
100
2734 2838 35,400 Erie
2612 2738 2612 2718 2612 2758 2718 2734 2758 28
46 Dec
591s Jan
100 3734 Feb 3 4914 Jan 2
4214 9,100 Do lst pref
4034 4158 41
3978 3812 39
39
39
4012 41
5413Jan
41
Dec
40
3
3034Jan
9
Feb
30
100
pref
26
Do
2,100
3314
31
33
3214 3212 33 *3213
32 .31
31
32
32
100 1101s Apr 10 11814Jan 4 115 Dec 12712Jan
11112 8,400 Great Northern pref
s
1107
4
1113
8
1107
11018 111
11214 11214 11078 112
11018 111
5034 Jan
32 Dec
3212 32
3218 22,400 Iron Ore properties-No par 2734 Feb 3 3818 Mar
301$ 32
3078 3178 3034 3138 31
3178 3134
9934 Apr 109%001
100 100 Feb 3 10638Jan 2
10112 10134 1,525 Illinois Central
10358 10358 10314 10313 103 104
1 j
1
n
Jaa
10314 10314 *10312 105
Con
par 1134Feb 9 1718Jan 2
1238 1212 1218 1214 .1214 1212 1218 1214 3,600 Interbor.pref Corp. vto No 100 61 Feb 9 7214 Jan 2
1218 1212 1214 1238 .
1
27
7
13:(1
5131
19
6
1,200 Do
65
6518 64
6414 85 .6414 6412 *6413 6134 *6113 6434 65
3214 Jan
Apr
2318
2
Jan
10
Apr
4
203
8
257
_100
__
Southern_
Kansas
City
22
2214 2278 2,900
22
23 *21
2034 21
*21
23
6478 Jan
22
22
5658 Dec
100 5313 Feb 28 5812Jan 30
100 Do pref
59
58 .55
*55
56
5412 5412 *54
*5413 53
*5412 58
10 May 30 Dec
100 17 Feb 3 2514 Jan 3
100 Lake Erie & Western
1914 1934
20
20 .17
*17
20 *17
.17
20
20 .17
5511N 0v
Apr
32
3
4Jan
Feb
40
10
533
100
Do pref
41
40 .35
40
40 .35
.35
42 .35
87180ot
741k Jan
*35
40 *35
18,700 Lehigh Valley__ __ _ ._ _ ._50 6318 Apr 10 7912Jan 2
6514 6534 6412 6512 0318 6512 64
6434 6414 647(1 6412 6534
Mar30
11
Apr
4
4258
403
_
deposit
Island
of
certfs
Long
1;000
42
41
41
Oct
4014 4014 4118 4118 *41
140
Mar
700 Louisville & Nashville_ _100 12213Feb 6 13334Jan 4 12118
lig- fie- 12818 1281-8 128 128
129 129 .129 130 .129 130
36 Oct
28 Oct
1,600 Minneap & St L (new)._100 20 Apr 13 3214 Jan 29
21
21
20
*17
21 .17
21 .18
22 .18
*17
Oct
130
21
D
118
3
Jan
7
Feb
105
119
M.-Dec100
St
Paul & 13 S
103 10914 1,750 Minn
107 108
107 107
.110 114
110 110
10513 103
100 127 Apr 13 127 Apr 13 128'i Sept 137 Jan
135 Do pref
.120 130 .120 130 .120 130 *120 130 1120 12018 127 127
Dec
1314
Sept
318
2
Jan
11
9
Apr
4
3
6
Texa4.100
&
Kansas
Missouri
2,600
712 778
713 718
712 712
034 718 *7
634 7
2414 Dee
10 Apr
712
100 14 Feb 19 2012Jan 4
100 Do pref
16
16
18
.14
15 .14
16
-i4- -2-.4%,- *14
17 .14
2218 Sept 3812 Deo
27 Feb 3 34 Jan 2
Paciflo(new)when
Ise.
Missouri
7,900
30
2913
2918 2912
2834 2913 2838 2834
5.4 2818 29
4784 Sept 6478 Dec
3
58
592 2,800 Do pref(or Inc bonds) do___ 51 Mar 7 61 Jan
58
58
5812 5812 5834 59
5734 5813 5778 53
100 91 Feb 2 1035s Jan 4 10014 Apr 11414001
9412 9412 9518 12,000 New York Central
94
9318 9458 9312 9434 9212 9434 94
331k Jan 8
4534 Nov
95
Apr
33
30*
100
2
Feb
Louis
St
&
Ohio
Y
N
33
33 .30
33 .30
33 .30
33 .30
.29
777g Jan
33 .30
4912 Dec
100 3634 Feb 16 527 Jan 2
5,300 N Y N H & Hartford
46
4513 45
4314 44
4334 44
4312 4414 4414 4113 45
26 May 3488 Dec
2914 Jan '2
_100 22 Mar 1
Western__
&
Ontario
Y
N
*2358
2434
*2314
2434
2512 .23
25 .23
.2314 26 .23
14718004
Mar
114
24
2434
8Jan
12614
1385
1
Mar
Western
100
&
Norfolk
12911 13018 131 13178 5,990
1291313018 13018 131
12813 12812 12814 129
8918 Mal
8418 Feb
250 Do adjustment pref. 100 85 Mar13 8913 Feb 3
87
*8578 8578 .85
8913 86
90 .86
8812 .86
.86
86
100 101 Feb 3 11014 Jan 3 108 Dec 1187s Jan
6,225 Northern Pacific
104 105 210212 10234 10238 10318 10212 103 10312 10334 10378 101
312 Oct
61)
3
Sg34
1
Sept
1
1
,
r
.r
n
.11
rs
50
Pennsylvania
19,400
53I8
53
5278 53
5278 63.
5258 5318 5278 53
5278 53
2514 3.500 Pere Marquette v t c
2534 25
24
2478 24
24
2418 24
7312 Dec
2138 2518 *25
Dec
28
72
4
17
673
7312Jan
Feb
o
t
v
pref
prior
Do
_ - __ _ _
70
- - - - - -- - *- _- 70 .____ 70
55 Jan 17 57 Jan 8
Do pref v t o
___ ____ ______
59
88 June
59 *____ 59
78 Feb
Pitts Cin Chic & St Louls_100 74 Feb 21 82 Jan 26
•::-_-_ -iii-iii- *- __ 80 *--- - 80
80
11512 Sept
7518 Jan
Feb 3 10.114 Jan 3
88's
Reading
50
______
1
9
9214 9418 • 9214 95
92
9434 9313 9518 9413 9538 -iiis -Iiiti
46 Feb
Feb
4178
29
Jan
45
10
Apr
8
415
50
100 1st preferred
43
*42
43
.4158 41% .4112 43 .42
*4113 43 .4112 43
52 Mal
4114 Feb
-50 4112 Mar 8 4512 Jan 10
100 2d preferred
*4134 43
*4134 4434 *4134 4434 *4134 4334 *4134 4434 4218 421s 9,900
1513 May 3012 Dec
19 Apr 5 2638Jan 2
0_
(w
new
Fran
San
&
Louis
St
1913 2014
20
1914 1014
19
19 .
1834 19
May
20 .19
19
13
Apr
3114
3
Feb
25
30
3114 1,500 St Louis Southwestern____100 4712 Apr 10 53 Jan 4
2813 2834 .2814 31 .2834 31
2812 30 .2713 32
Dec
Ms
100
600 Do pref
52
52
48
48
52
4712 4713 .4
.46
DecDe
1914 7
5212 4812 49
14 Ayr
100 1378 Mar16 18 Jan 3
1,000 aeabaard Air Line
1413 15
15
15
*14
1414 .14
1412 1418 14 .14
Oct
4218
Apr
3418
3
100 314 Mar 14 3912 Jan
100 Do pref
36
34 .32
*31
32 .31
32
33
3213 .31
32 .31
9414 Apr 10418 Jan
9812 Mar24
3
Feb
90
100
Co
Pacific
Southern
22,100
9312 9412 9318 9438 9318 9413 9334 051s 9378 9414 9412 9518 36,400 Southern
3654 Dec
18 Apr
100 2634 Mar 1 333 Jan 3
RallWaY
2678 2734 2714 28
27
28
7312 Deo
2758 2838 2778 2814 2734 2814 4,900 Do peel
56 Apr
100 5514 Apr 10 7012Jan 30
5618 5618 56
5613 5514 5612 5512 5758 5613 57
5613 53
2184 Dee
Feb
612
4
141
28
Feb
Jan
1934
3
100
Pacific
&
Texas
400
17
17
17
17
1512 1512 .1412 17
*14
16
15
15
48 Nov 6813 June
300 Third Avenue(New York) 100 38 Feb 9 4834 Jan 2
38
33
38
.36
38
3734 3734 *3812 38
99 June
94 Mar
37
37 .37
92 Mar28 95 Jan 20
-100
City
Twin
TransitRapid
92 .9012 9212
,11.12 93 *9012 92 .90
9
93 :
91
:
100 131 Feb 3 14918 Jan 2 12934 Apr 1533s Oot
Union Pacific
38 137- .3458 13612 ...4**8 13712 13514 13712 13614 13712 137 13812 100,840 Do pref
i58:
100 81 Mar13 85 Jan 24 280 Sept 8413 Sept
600
81
8118
__-_ _ _ __
.81
8112 81
81 .81
82
714 May 2114Jan
1138Jan 2
613Feb 1
-100
InvestRailways
United
300
9
812 813 .8
-;8- -9812 812 *812 9
0
17 Sept 3934Jan
.8
100 18 Feb 5 2334 Jan 2
Do pref
200
20
.18
20
19
.18
19
19
19
21
.19
*18
20
1318 Sept 17 Jan
100 1158 Apr 10 1534 Jan 5
2,200 Wabash
1134 12
1178 1178 117(I 1178 1158 1158 1138 us, .1134 12
6013 Deo
4113 Mar
100 4612Feb 2 58 Jan 2
peel A
4914 4934 501s 11,900 Do
4858 4914 4834 4914 s48
4834 4858 491s 49
3278 Deo
Apr
25
2
3012Jan
3
Apr
24
100
Do pref B do_
2418 *2413 2412 2418 2414 213a 2413 *24
2434 2434 2534 4,000 Western
24
21 Apr 7 23 Apr 3
(new)t00
Maryland
2,500
2112
2134
2158
21
2112 2113 21
21
2112 21
_
Mar27
41
9
Apr
35
100
2173 *21
pref
2d
Do
900
3712 3734 3734 38
35
40
.35
40
3834 3834
3834 *37
5 ifs; Dec
__ DecDeO
1312 Mar 1 2278Jan 2 ______
in 11,000 Wheeling & Lake E Ry w L_
17
1458 1514
17
16
1512 1618
15
14
5812 Dec
1512 16
40 Dec
3112 Apr 10 5058Jan 22
Do preferred when issued_
3712 37(2 5,500 Wisconsin Central
3618 3612 *3512 37
5612 Jun(
3112 3512 3314 3614 3638 37
33 Apr
2
5414Jan
14
Feb
4512
100
5112 1,800
51
51
5013 5114 5014 5044 .48
5113 .49
51
.50
Industrial & Miscellaneous
2134 Dec
14 Aug
100 1138 Apr 10 1812Jan 9
Rumeiy
1438 l45 '13I3 1412 *1334 15
1614 1818 2,700 Advancepref
15
1612 15
.15
43 Apr
30380ot
100 28 Apr 11 3718 Jan 5
Do
900
32
30
20
29
*31
3212 .
32 .31
30
32
63 July 8918 Dec
23
30
66 Feb 3 80 Jan 25
Inc
50
Rubber
Ajax
1,200
71
71
71
71
71
70
7112 7212 *69
1014 Dec
264 Jan
614 Feb 8 1112Jan 4
70*6713 72
10
2,600 Alaska Gold Mines
8
81s
734 8
8
818
8
813
1014 Jan
734 8
818 Mar211
*738 8
6340ot
034Feb 8
5,800 Alaska Juneau Gold Mheg_10
*613 7
*613 7
634 7
678 7
Nov
672 714
7
7
8 Feb 3 3038 Mar21
J
19
201
o-100
Mfg
t
Allis-Chalmers
v
2614 5,300
27
2578 261.1 *26
26
2518 2578 2158 28
2612 26
ill
!?:,
7013 Ju
7914 Feb 3 8678 Mar10
..
n
Preferred
c.....-100
v
Do
t
300
83
*80
*80 83
86
86
*83
8112 8158 .81
81
81
63 Apr 102 Nov
Chem_100 83 Fob 3 9313 Jan 22
Agricultural
Amer
3,100
9338
89
89
89
*8313 89
88
9012 9014 9012
gg
33
96 Mar 10314 Dec
100 9358Feb 10 10312Jan 24
1
100 D
.99 10014 *99 100 *99 102
6134Feb 10812 N ov
*09 10112 *99 19113 10014 10014
100 81 Feb 1 10213 Feb 15
19,000 American Beet Sugar
9212 95
29334 95
93
07
9514 95
9212 9512 9412 96
93 Apr 102 June
95 Feb 7 98 Jan 24
Do
pref
100
97
*9213 97 .9213 97 .91
*92
97 .9213 97
.93
96
6813 Sept
44 Dec
Mar29
s
517
3
Feb
36
100
Can
American
4313 4434 4414 4514 4512 47
4512 4634 34,300 Do peel
45
4758 45' 47
a Deo 11538 Sept
1077
25
11058Jan
3
Feb
100 100
300
10014 10614
10018 10618 *10513 10; *10518.103
10614 10614 .10512 108
7813 Dec
52 July
Feb 3 7113 Mar27
57
Foundry
100
American
&
Car
14,900
0712
ga
8
687
6513 6634 6434 6578 0112 664 6558
6518 67
100 116 Mar21 11812Jan 23 11538 Aug 11913 Mar
500 Do peel
11618 11618
*116 . 11834 11618 11618 116 116 *116 11834 116 116
Oct
D
48
5
7
Apr
40
.
5012Jan
100
1,300 American Cotton Oil
43
40 0,. 4058 4012 4012 *3912 42
9818 jig 1g1234
4078 4078 4112 4112 43
100 98 Apr 9 10113 Jan 9
Do pref
98 .95
400 American
98
98
93
99
_
*_
9913
__
__
.92
9912 091
ste
114?po
no
93
Hide & Leatner_100 10 Feb 2 1714 Mar29
Juanre 10
8
4,600
1334 1414 1378 1434 1313 14
1418 1418 1413 15 .1413 15
4514 M
100 58 Feb 3 75 Jan 4
Do pref
6378 6314 64
63
6234 6434 6432 65
6512 6378 6514 3,600 Amerlean Linseed25
3234 Dec
65
Jan
Feb 2 3234 Jan 2
24
Ice
Securities-100
2714 2,400
27 .26
2613 2078 27
2634 27
27
27
27
27
2778 Nov
17 Dec
., 100 1534 Feb 3 2178 Mar10
American
1812 191s 1814 1914 1734 1812 1813 2058 20
203s 12014 2014 13,650 Do peel
6284 Nov
3814 Mar
100 48 Feb 3 5633 Apr 12
5234 5234
5378 5814 5512 5638 5512 5534 7,800 American Locomotive- ___100 6212 Fob 2 8234Jan 4
51
58 July
9814 Nov
6858 13,600 Do pref
gn gn gr)1 6712 6513 67
6734 6834 68
6612 68
9912July 109 Nov
100 103 Feb 15 1067* Jan 20
.104 106 .103 100 .101 108 .102 104 .103 106 .103 106
100 1314 Apr 7 1934 Mar30
Amer Malting
1434 1658 1434 16
1314 1514
1534 1814 1614 1613 1512 1534 9,825 Do prat _
60 Apr 7 68 Mar30
100
63
65
6434 6431 6434 .13,800 Amer Smelters Sec pref 13_100 9312Jan 2 9914Jan 31
63
60
6214 6412 6414 653464
9714 Nov
8411 July
*96
97
200
964 9612 .98
97
*98
96
9634 *0618 9034 96
9134July 102 Nov
Feb 13 10214 Mar10
200 Do pref See A stamped_ 9814
10012 10012 *12014 10114 *10018 10112.100 10112 1004 10018
.100 102
8813 Apr 12278 Nov
8Feb 2 11014Jan 19
945
Refining_100
&
Smelting
Amer
9834 10012 08
9813 101
9914 9314 100% 1003s 10134 101 10134 47,800 Do pref
100 111 Feb 23 11718Jan 19 10914 Apr 11818 Oot
800
11238 113
.113 115 .112 114 .112 115
73 Dec
44 Apr
1121s 11258 .112 115
100 52 Feb 3 6578 Mar21
3,500 Am Steel Foundry
58
60
59
59
58. 60
55
57
5558 5558 5614 58
8Feb 3 11558 Feb 21 104 Dec 125580ot
3,700 American Sugar Refining_100 1043
110 11012 110 11138 11012 11112 111 112
11112 11112 111 112
117 Feb 2 12113Jan 25 11518 May 12313001
100
pref
Do
500
119 119 .119 120 *119 120 .119 120
119 11918 .118 120
Telephone & Teleg_ _100 12214 Feb 1 12.813 Jan 2.4 x12318 Dec z13411 Sept
12312 12114 5,000 Amer
12312 124
123 12418 12314 124
12312 1233 12358 124
100 19334 Apr 11 220 Mar12 188 Feb 22978 Nov
3,400 American Tobacco
200 20112 19334 19978 20113 20112.200 201
20214 205
207 207
100 10434Feb 16 10934Jan 18 10514 Apr 113 Sept
Do
pref (new)
200
107 107 *108 103 .105 103 .108 108
107 107
.106 108
5878 Nov
37 Dec
100 37111Feb 3 5412Apr 3
of Mass
5082 13,000 Am Woolen
5112 4912 50!2 49
50
4914 51
102 Mar
5014 501s 5038 50
92 Jan
100 94 Feb 3 9978 Mar14
pref
Do
300
9718
98
98
97
7614 Nov
11 Jan
. 9718 *9578 9812 .9512 9318 97
37 Feb 3 5412 Mar10
pref_100
Par
Writing
Am
Paper
A
800
45
51
;ii- -ii- 45
40
46 .45
9778 Apr
45 .4418 5045
2938July
25 3113 Feb 2 4138Jan 211
Zino Lead 45
3434 34
33
3434 34
3412 34
3158 3158 3334 3114 3,000 Am
87 Nov
34
5912July
641a Feb 1 7212 Jan 26
25
Vet
Do
6613 1,000
Nov
66
10538
*6312 63
*86
6812 67, 67
67
Apr
67
77
1
.
Feb
Mar20
4
863
70
50
Copper.
8014 83,555 Anaconda
Dec
ma 8078 7758 793s 7814 80
-/A -if7914 8072 80
July
56
Gulf & W 1 88 Line orfs 100 8913 Feb 3 121l Jan 22
104 10712 103 1073s 10212 105
IR
10312 10734 107 110 26,600 411Do
103 103
6012 De
54 Feb 8 66 Jan 4
100
cares
pref
410
Jan
3
61
1185,
61
6234 6234 10258 6258 62 62 .57 62 *57
61
Dec
52
Feb
43
Mar26
6312
3
100
57
5914 55
5914 51
5538 5213 5514 5414 5.538 '5413 5512 33,700 Baldwin Locomotive
9878 Deo 110 May
100 100 Feb 2 . 10212Jan 15
700 Do Orel
10114 10114 10013 101 *100 101
10018 10018
I.00 100
100 109 Mar23 136 Jan 2 al2712 Dec 16712 Dec
mo (Jut1_
fieC
t
1,700 Barrett
700 Nov
1104 11014 *141 120 .112 116 .11178 114
iii- iii- 112 113
Jan
41.5
4
a119
Jan
515
Mar 1
100
2,200
136 139
13378 136
134 135
135 135
134 133
133 131
class 13 common ....JO° 103 Mar 1 14334 Mar21
L 128 13512 12778 13212 123 129
12334 12714 12638 12312 12534 1283s 164,800 Do Dref
_ jaii _iii _ WO;
"fief
135
6
Mar
5
Jan
1171a
100
Do
.121 130 .121 130 .121 130 *121 130 *121 130
4171 Dec 10514 Mat
Copper_ _ _10 3814 Feb 3 5214 Jan 26
6,100 Butte & Superior
42
-iii4 -4234 4214 44
4234 4334 4414 45
4234 4214 43
15 June 425* Jan
n1* Porntwem vte_100 2014 Feb 3 3010.0 231
,
3.400 cIaliff
2134 21
21
2012 22
213* 215* 2134 22
2112 203s 21
x Ex-dividend 8 Before payment of 1st Installment
5 Bid and salted prices; no sales on Ibis day. I Ex-rignts. I Less than LOU snared a 01-01v. and nom

374,4.1jaan

,414




e.
gr.

1471

2

New York Stock RecordConcluded
Page
Nor record of leo* 1 yrIng the week of Icockt utuelly Inactive, see second page preceding.
HIGH AND LOW SALE PAICIS-PEA SHARE. NOT PER CENT.
Saturday
April 7

Monday
April 9

Tuesday
April 10

Wednesday
April 11

Thursday
April 12

Salesfor
the
Week
Shares

friday
April 13

STOCKS
NEW YORK STOCK
EXCHANGE

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

PER SHARE.
Range for Previous
Year 1916

Lowest
Lowest
Highest
Highest
$ per share $ per share 3 per share i per share $ per share $ per share
Industrial&Mlac.(Con.) Par $ per share
3 per share $ per share 8 per share
52
52
52
5312 51
52
52
52 *5112 54
*50
5312 1,600 California Petroleum pref_100 47 Feb 3 6214Jan 25
40 June 8038Jan
864 8912 8634 8912 284
86
8438 8618 8578 8712 8612 8758 63,300 Central Leather
100 70 Feb 1 977 Jan 4
49 Apr 123 Nov
11338 11338 *112 114 *112 115 *112 115 *112 115 *112 115
100 Do pref
100 11214 Feb 16 11578Jan 25 1 7 Jan 11712 Nov
3513 3,400 Cerro de Pasco Cop__-No par 35 Apr 9 41 Feb 20 -----------4,
36
3614 35
3512 35
3514 3512 35
3534 *354 36
_
-----9714 9714 97
*8
99
97
97
97
9812 9812 *9512 100
500 Chandler Motor Car
100 901k Feb 3 10484 Mar20
8812 Apr 13
2218 2314 2212 2334 2214 2234 2238 23
2258 2318 2258 2278 12,100 Chile Copper
25 20 Feb 3 2758 Mar12
1958July
N o•
3949
54
5514 54
5318 5412 5312 5478 55
55
5512 55
5514 14,800 Chino Copper
Feb
4818
5
4618July
3 6334 Mar 7
74 Nov
48
4812 4712 4812 4534 47
46
4634 4712 48
4758 4812 7,500 Colorado Fuel & Iron
100 381k Feb 2 5412 Mar21
384 Apr
6314
Sept
4218 4438 4334 4534 4318 44
4338 4413 4412 45
4418 4414 18,800 Columbia Gas & Eleo 100 344 Feb 3 4778 Apr 4
3014 Sept 5378 Dec
4212 4212 *40
47
*40
4212 *40
4212 *40 . 4214 *40
4214
100 ComputIng-Tab-Record
41 Feb 28 46 Jan 4
4052 July 5258 Jan
119 119
118 .11914 11712 118
117 11712 11612 117
1164 117
3,400 Consolidated Gas (N Y) 100 11612 Apr 12 13458Jan 1.8 12984 Dec 14434Jan
91
9112 *90
92
9014 91
9434 1,400 Continental Can
91
*91
9434 *91
91
100 8212Feb 3 9434 Mar29
7514Jan 2111 Sops
110 110 *10812 112 1110 110 *109 110 *109 110 *109 110
250 Do pref
100 110 Feb 8 11212Feb 7 106 Feb 114 Nov
•
23
2358 23
24
2234 2353 23
2358 2312 2378 2312 2378 32,600 Corn Product. Refining_ _100 18 Feb 2 2718 Mar23
134 Aug
2934 Deo
*98 100
98
9912 9678 07
1,300 Do pref
9_g
__la *__34
-.14 00
_ 12"
--34 9R34 s_
100 9634 Apr 11 11238Jan 2
gil
CM
85 June " 11312 Dee
63,
4 6612
634 6578 6012 6312 6034 6378 6258 6438 6278 6114 75,000 Crucible Steel of America-100 504 Feb 2 7314 Mar21
9913 Mar
Dec
5014
•10918 111
11014 11014 10978 10978 10912 10912 *109 110 *10912 111
300 Do prof
100 107 Feb 3 11734Jan 3 10814Jan 12478 Dec
4412 4534 444 46
4318 4514 4312 44 8 4434 4612 4512 4638 43,100 Cuba Cane Sugar
N. par 3534Feb 3 5514 Jan 4
Dec
5 Oct
9014 9034 9014 9014 9012
900 Do pref
100 8512Feb 14 9412Jan 3
9
41334 Deo 100
76%0ot
9112
**
199
9012 19
1
92
5
CubanCuban
190 190
91 191
_
1,600 -Amerloan Sugar
18712 18712 185 18
95
114 188
9034
190
100 159 Feb 14 195 Mar26 152 Jan 26972 Sept
9128
*102
105
*102
105
Do
*102
pre
105
105
*102
*102 105
100 10112Feb
105 Mar 8 10088 Deo 110 June
16
1734 16,
8 1714 *102 105
1638 1834 HA
1633 1618 5,500 Distillers' Securities Corp_100 16 Apr 16
1613 1612 16
7 32 Jan 2
544 Apr
24 Deo
6,932 Dome Mines, Ltd
1758 1758 1718 1758 16
157, 1612 1532 1618 1518 16
10 1518 Apr 13 2434Jan 9
17
2912Feb
18 Dec
*230 245 *230 245 *220 245 *220 245 *220 245 :228
General Chemical
100 240 Mar 9 250 Jan 15 1265 Jan 350 Mar
11
*11012 112 *1104 112 *11012 112 *11012 112 *110 112
Do pref
100 108 Feb 8 11212Feb 7 1113 Jan 117 Dee
16714 16912 16558 16814 11,606 General Electric
163 168
16112 16312 162 16258 16112 163
100 161 Feb 3 17134 Jan 26 159 Apr 187140ot
11012 114
18,745 General Motors tern002_
11214 11418 11334 11514 113 11412 11412 117 2113 115
99 Feb
3 125 Mar16
1001
20 Dec 135 Dec •
1,900 Do pref
88
8812 8712 88
*87
8712 874 88 58612 8612 *8512 88
tern otf
8612
Apr 12 93 004
e_1
Jan 4
88 Dee
93 Dec
51511 52
5014 52
5234 5312 5212 53
9,900 Goodrich Co(B F)
5112 5218 5114 52
100 25014Apr 13 6114 Jan 19
4912 Dec
80 Apr
10712 10712 *10712 109
*10912 112 *109 112
10912 10912 *107 109
200 Do pref
100 10712Apr 12 112 Jan 4 11012 Deo 11634 Mar
84
85
*80
86
*83
*83
87 *83
86
85
*33
87
500 Granby Cons MS & P
100 75's Feb 3 92385an 17
80 July 120 Nov
41
*4014 4133 .40
41
4112 41
41
*4012 45
42
41
600 Greene Citnanea Copper-100 4034 Feb 23 47 Jan 20
34 June 5612 Nov
1231 129
117__117 117
1174.11978 11712 120
126 129
4100 Gulf States Steel tr otts_100 9912Feb 3 137 Jan 3
71 May 193 NOV
107 107
_ 115_
----- ------------ 100 Do 1st prof tr ctfs
100 102 Feb 3 107 Mar 9
87, May 115 Nov
Do 26 pref tr oafs
100 117 Feb 10 11712Feb 2
72 May 190 Nov
-86" -iiii -5614 -E73i -551.2 -Stili ----5634
18;400 Inspiration Cone Copper--20 48 Feb 1 6312 Mar20 4258 Apr 7414N o•
1812 *15
*15
1812 *15
*15
18
18
*15
18
1712 1812 1,100 Internet Agrioul Corp____100 13'e Feb 5 1918 Mar10
11 Aug
297k Jan
*4112 46
42
42
*41
45
4214 4214 4312 46
46
47
1,000 Do pref_
100 3514 Feb 5 4818 Mar10
74 Jan
37 Dec
116 116 *114 118
116 116
116 11834 7,300 Intern Harvester of N J___100 113 Feb 9 123 Jan 2 10812Jan
12678 N ov
-30i4 ii- "30i2 ii- 3018 3138 3058 3134 3112 3332 3218 3314 99,600 Int Mercantile Marine____100
1934 Feb 1 3673 Mar23 e1338 Feb 25078 Sept
8533
8314 8678 84
8718 8312 8512 84
85711
8838 8612 8838 163,800 Do pref
100 6258Feb 8 9512 Mar24 26114 Mar 812558 Sept
4134 4234 4112 4212 41
4234 4114 4234 24,425 Intern Nickel (The) v t o___25
4214 4134 4214 42
3712Feb 3 4733 Mar21
3878 Deo 56%Jan
3912 3514 3712 354 3634 37
3712 3512 3614 15,500 International Paper
38
39
3S
100 • 33 Mar 2 4958Jan 4
912Mar
7512 Noy
*____ 10212 *-__. 102 *___ 102 *__ 102 *- - - - 10212 *---_ 102
300 Do pref
100 94 Mar19 105 Mar2(1
4212Feb 10912 Dee
*5412 59
*55
56
57
5714 *3412 59
58
57
*5412 59
700 Kelly-Springfield Tire
25 49 Feb 3 6412Jan 4
56 Dec
854 Sept
4334 4412 4353 4438 27,100 Kennecott Copper-4338 4412 4358 4414 4214 4314 427s 44
-No Par 40 Feb 1 4734 Mar 7
40 Dec
6414Nov
82
82
81
8414 80
833s 8414 8578 8414 86
8012 84
19,200 Lackawanna Steel
100 704 Feb 3 8914 Jan 4
64 May 107 Nov
22
*2012 2112 *21
*21
21
. 21
22
*21
100 Lee Rubber & Tire____No par 1712 Feb 28 30 Jan 2
2112
5612June
Dec
2518
250
*____
*____
250
*--iiii
250 *._ 250
•____ 260 *-_-_-_-_
Liggett & Myers Tobacco 100 250 Feb 5 281 Jan 16 240 Apr 305 Nov
200 200 *180 210 200 200 *181 210
0200 210 200 200
700 Lorillard Co (P)
100 200 Mar 2 232 Jan 19 1794Jan 23978 Aug
*85
8412 8518 *8412 86
86
86
*85
86
*85
8714 *85
384 Mackay Companies
100 83 Jan 5 894 Feb 17
78 Apr
91 Feb
4,84
6612 8412 6412 6412 641 *64
65
1564
6112 164
64
1,920 Do pref
100 64 Mar 14 6712Jan 15
68114 June
6478 Deo
53
5014 5238 5,200 Maxwell Motor Inc tr afs_100
5212 53
5212 53
52
5218 5214 5414 53
Sept
4712Feb 2 6134 Jan 17
99
44
Dec
6112
6612
6714
6712
*67
*66
69
67
68
68
66
66
900 Do 1st pref stk tr otfs_100 64 Feb 1 748 Jan 18
Jan
93
65
Dec
3212 3212 *31
3334 3412 3313 333 *3334 34
*33
34
33
1,200 Do 26 pref etk tr otfe_100 32 Feb 2 40 Jan 20
6078 June
32 Dec
8334 8614 8638 89
854 8734 844 861
8458 89
8434 863
51,700 Mexican Petroleum
8858 June 12958 Jan
100 8158 Mar 1 10612 Jan 10
9414 *9012 9412 *90
*90
9412 *90
9112 *90
9412
*90 93
Do pref
045
,
n
38
11.410
102 31
4 ply 1 9
zy) 1,
/1112tiz
41158 Jan 21
4112 41
4114 4014 4112 4112 4178 4114 42
4018 4118 41
12,000 Miami Copper
5718 5858 58
60
58
5883 5834 5933 5878 5938 34,900 Midvale Steel &
59
58
Ordnance
Apr
_50
5718
2
6238
Apr
10
10014 10112 100 10234 9912 10018 9912 9912 100 100
10112 10112 2,500 Montana Power
100 19
14
5 3
Faenb 20
6814 Mar 110DM
2 1109
7;4
2 Jan 25
*113 118
117 117 *112 118 *114 118 *115 11712 *115 11712
100 Do pref
Mar28 109 Jan 11714 Noy
11214 11214 11012 11212 11012 115 *112 116
11314 115
114 114
2,100
National
Biscuit
11012
100
Apr 10 12212JeD 5 118 Sept 131120et
.12312 125 *123 125 *123 125
Do
pref
100 122 Jan 20 127 Jan 5 124 June 1295s Ma7
-55r3 ii" -5512 We 33
3334 3338 3334 3378 344 -5:1i4 -311-4 - i6,600 Nat Enam'g
& Stan:meg-100 24 Feb 3 36 Mar 9
3612 Dec
1934 Apr
19712 9712 *95
99
*94
99
*95
99
*94
99
*95
99
20 Do pref
100 95% Feb 8 93 Jan 19
9018 Deo 100 Nov
55
5534 55
5414 56
55
554 5614 56
56
*56
2,600
National
5712
Lead100 52 Feb 3 6314 Mar23
57 DecDeo
7452 Sept
11034 11034 *110 11312 110 110
110 110 *1084 11312 *10812 11312
400 Do Prof
100 10814 Mar15 114 Jan 6 11114 Deo 11712 Oct
2234 23
22
2258 22
2234 23
2224 2238 2234 2212 2212 11,300
Nevada Conaol Copper
5 207
15 Jan
3418 N o•
:Feb 3 264 Mar 6
140 140
140 140 *136 144 *135 145 *136 144
140 142
600 New York Air Brake
100 128 Feb 3 156 Mar21 118 July 186 No,
*65
6812 0714 674 *65
0712 .66
6712 *66
6712 6618 6678
North American Co
300
100
66
Mar21
7238
Feb
3
Apr
Ms
757
s Dec
124 132
12914 135
128 13112 12912 13313 131 13514 132 13434 80,000 Ohio Cities Gas (The)_.,
25 87 Feb 3 14134 Apr 4
75 Oct 12414 Dee
5018 5018 5014 504 4934 50 .45
5041 4934 4914 4934 4934 1,100 Ohio Fuel Supply
4934 Apr 10 54 Feb 19
*512 618 *534 64
534 534 *512 534 *512 6
534 6
1,400 Ontario Silver Mining__ _100
5 Feb 3
718 Feb 14
5$4 N ov --I11;iii"
22
22
2138 2178 2112 22
2112 22
2218 2218 23
23
2,810 Pacific Mall
1134Jan
5 18 Feb 3 2618 Mar23
31 Aug
9078 9078 9014 91
91
90
91
9134 904 9112 90
9012 2,900 People's G L & C (Chic)._100 8612Feb 10 10614 Jan 18 10014 May 118 Oct
36
3514 3512 3512 3512 3538 36
36
3652 35
*3412 3512 4,200 Philadelphia Co (Pittab)..-50 35 Apr 9 42 Jan 4
38 June 48 Dec
43
4312 4314 45
441i 4212 4438 4212 44
43
Pittsburgh
Coal
17,200
dep_100
°Us
35 Feb 1
4212 4334
2514 July 5834 Dee
•114 115 *110 115
52.13 Jan 19
115 115 41111 115 *110 115 *110
100 Do prof Otis deposit __100 10718Jan 15 11818 Mar20 10014 Aug 11514 Dee
115
*72
76
75
7612 7378 75
7334 7412 7412 7434 75
7512 1,800 Pressed Steel Car
100 7213Jan 11 8314 Jan 26
4212July
8814 Nov
102 102 *101 104 *101 105 *101 105 *101 105 *101 105
3
100
00
Jul
*124 1301 '124 12712 *124 127 *124 12712 123 123
PuD
122 122
prrv
blolo Se
el Corp of N J_ _20
9
1174
1
1
2
1
31
ta
a
1
137
3
rel,
itfta
n
z11
rrl
y
1
7
1
160 1604 159 1604 160 160
159 160
158 15914 15812 15812 3.050 Pullman Company
100 158 Apr 12 16712Jan 26 15978 Ma, 177 Sept
4614 4614 4712 4712 46
4834 49
4818 4812 4878 49
100 43 Feb 2 5538 Mar21
2,200 Raliway steel Spring
32 Apr
6134Nov
*971, 9913 *9712 984 *9712 47
99
9712 974 *97
99, 100 Do pref
09
100 9712 Apr 11 101 Jan 22
9514 Mar 1034 N ov
*07
2914 304 2912 304 29
2912 29
2913 2914 3014 2953 3014 47,000 Ray Consolidated copper..to 23 Feb 1 3214 Apr 3
20 June 37 Nov
7612 7912 7734 80
7612 7812 71
7914 7914 8078 7912 8038 52,650 ReoubUc Iron & Steel
42 June 93 Nov
100 60 Feb 1 8618 Mar21
10218 10218 10234 10234 1024 10218 . 10112 1011
10212 10212 *10112 103
pref
100 90 Feb 1 10534 Jan 2 101 Dec
17 Nov
5214 5214 *52
*5212 54
56 .52
54
5234 5214 *52
SaD
6
2
M
Motor
01
z
9
o
o
n orteo
1
Co
Corp_.100 46 Feb 10 68 Jan 4
5412
6378 Dee
8434 Sept
18334 18538 17514 18134 17618 177
1854 187
Sears. Roebuck & Co
1803
2,709
4
18212
100
183
183
17514
Ma
:33
Apr
16814
22
Jan
10
Nov
23814
25
26
25
234 2434 2518 .25
2514 25
26
2534 2534 5,400 Shattuck Ariz Copper__ __10 22':Feb 2 2934 Mar 9
22 Dec
5433 57
404 Feb
1544 56
54
5514 5158 5514 , 5512 56
5534 58
18,600 Sinclair 011 & Reg _..No par 54 Apr 10 5934 Mar29
5812 611
60 614 5612 5912 53
56
5318 5514 5434 5512 21,075 Sloss-Sheffield Steel & Ir_100 50 Feb 2 7434 Mar30
37 July
9314 Nov
*181 190 *180 195 *181 190 *181 19534 *185
195 *185 195
South Porto Rico Sugar__ _100 165 Feb 6 195 Mar 9 146 Jan 240 June
9712 94
9512 9114 9014 95
92
94'2 94
9614 9134 9434 40,900 Studebaker Corp (The)--.100 9134 Apr 13 11012 Jan 17 1004 Dec 167 Jan
106
*1033
- - _- _ - *104 106 *10412 106 *103
4
*104 106
Do prof
106
100 10212 Mar 7 10858 Jul 20 10814 Sept 14 Mar
44
45
*44
44
45
*4334 411 *1334 45
45
*4312 47
400 Stutz Motor of Am Ine_No par 44 Apr 5 5334 Jan 26
194 Sept
4812 Dec
1512 1614 16
16
1538 1538 1534 1578 1538 16
154 1733 11,300 Tennessee Copper &Chem w I
!oh Dec
13 Feb 2 1734 Mar19
1534 Deo
21512 218
211 217
206 21112 20812 210 209 21034 20914 216
25,400 Texas Company (The)
100 200 Feb 3 243 Jan 10 177114June 22112Nov
5412 543,t 55
5334 5514 544 5512 54
5414 56
5412 5512 6,100 Tobacco Products Corp ..100 4812Feb 3 59 Mar21
4814 Sept 5958 Dee
098 100 *100 101 *100 101 *100 101
100 100
200 Do pref
*9912 1001
100 99 Feb 23 105 Mar12
99 July 10912 Mar
4512 414 4118 *40
4312 444 *
4312 .41
4312 *41
300 Transue &Williams Steel_Vo par 40 Feb 3 41334 Jan 25
4512
*10012 106
10012 10012 *9912 102
100 100 *9912 105 *100 106
400 Underwood Typewriter-100 100 Apr 11 10912 Mar12
86 Jan 110 Oct
1112 1112 1134 1134 11138 1138 12
12
*1134 12
:
Ate,
r(new,.100 1112Feb 2 1514 Mar22
*1134 1212
c... LI:
izo
j
310 f:
1812 Oct
414 May
*92
95
95
*91
98 .92
*92
95
9112 9412 9412 9112
300
00 9018 Feb 3 112 Jan 22
87120ot 129 Nov
*4314 45
45
4312 4312 .42
4214 4212 43
United Alloy Steel
43
600
*4212
no
pzr
41
4214
Mar
4812
11
6
Apr
100 10034 100 10012 100 10012 10012 10312 10018 101
101 101
o Cigar Stores
3,200 Utted
100 9112Feb 3 10312Jan 5
69 Feb
Aug
•118 121 *119 12114 *119 121 •119 120 *119 120
*1194 12014
100 119 Jan 2 12034 Mar14 b1112 Feb -12604314 Aug
138 13978 138 139
138 138
13812 140
141 1414 14078 14178 2,850
_100 135 Feb 3 15438Jan 22 1361* Jan 1694 June
21
1914 1914 *19
1918 1918 *1812 204 *1812 2012
200
Cur
Un
fil
3
fu
l'Ipe
&
*18
Fd y_ __ 100 17 Feb 2 2312Jan 25
20
151s Jan
2818 Nov
*54
60
55
*5334 60
55
*5334 60 *5334 60
6712 Nov
*5314 60
200 Do pref
100 55 Feb 1 63 Jan 29
484 Feb
11438 1214 114 11714 1114 117
11834 121
11112 11558 11412 11678 140,900 II 13 Industrial Alcohol
100 III Feb 2 13252 Feb 23
9412 Dec 1704 Apr
*98 103 *100 103
*95 103
*95 103
*95
103
564 57
Do
991a
pref
103
56
10413 Jan 8
100 98 Jan
July 114 Jan
5718 56
5634 5534 5634 5613 5612 .95
5713 58
5,850 United States Rubber,,.....100 5034Feb 9 65 Jan 3
7014 Dee
4734 Mar
10334 109
10878 10878 *1084 109
109 109
109 - 5._ •109 1094
100 10578Feb 2 11434Jan 3 10618 Feb 11514 Dec
500 Do let preferred
5838 5978 5732 5818 *574 5778 5713 577, 58 109
8
58
5818 2,200 U 8 Smelting Ref & M
50 5234Feb 3 6784Jan 4
8112 Nov
57 Dee
51
*4958 5118 *4958 r
4934 4934 51
•4958 51
50
600 Do pref
50 4934 Apr 7 5214 Jan 3
50
50 June 534 June
10914 11258 10952 11218 10858 11014 10914 11138 11138 11278 11138
11234 1050900 United States Steel
100 99 Feb 1 11834 Apr 3 :7934 Mar 12934 Nov
11712 11758 1174 11738 11712 11778 11778
11712 118
11778 11712 11778 3,450 Do pref
100 11634 Mar 2 12114 Jan 19 115 M83
, 123 Nov
11018 11212 110 11338 108 10934 109 11012 11018 111
110 11014 61,500 Utah Copper
.• 10 97 Feb 1 1174 Mar 7
7434July 130 Nov
20 *1978 2012 *1978 2012 20
204 2018 20
600ta
,Uh Securities v t o
20
*20
2112
lei.znre 273s Dec
j
Jan yi
42
*39
*39
42
42
*39
4012 4012 41
42
51134 4334 4,600 Virginia-Carolina Chem_ MI 11:ge
51 Jan
et g
*10812 112 *103 112 *109 112
10312 10312 *(0712 10812 10312 10312
100 10714 Mar 1 11214Jan 26 108 Apr 1144 Dec
200 Do pref
6512 68
6512 67
6412 66
6112 6512 67
70
69
100 48 Feb 3 77 Mar30
70
4,200 Virginia Iron C & C
41 July 7234 Nov
9534 96
114 ---- ---- 9612 9312 9612 9612 1,800 Western Union Telegraph_100 92 Mar 2 9934 Jan 19
,5
2,4 9
*954 9
,8, 9
87 Mar 105120ot
4834 504 48
49.4 `3‘
.2 4544 4812 501; 4972 .5012 4902 50
22,400.Westingbouse Eleo & Mfg__ 50 40 Feb 3 5532Jan 2
7158 Mar
5114 Dec
70 .68
70 .63
70
•70
73
70
*62
69
*63
200! Do let preferred
50
70 Apr
4
70
69
Jan
Jan
79 Mar
4
708
4713
4712
8
475
47311 48
4712 4712 47
475s
5938
Oct
Feb
47
3238 . 3218 3212 324
32.5 32.. 3212 3212 32
3214 1134 3:118 11:4 PllY
tes-igvorrlrand (The)---t
) 13
34 Dec 5325 June
i N:2.1.
an
n 1:
45
9618 9618 95
95
*9612 98
*9612 98
*9612 98
pref Sub recta full pd 100 95 Jan 2 100 Mar10
9612
Do
June
117
91312
Dec
94
.500
6958 7212 714 7412 7078 7513 75
7712 7612 7818 7612 7712 32,8501Wilson & Co, Inc•t o _100 58 Feb 1 8414 Mar30
138 138
138 138
137 13734 13612 137 *135 1.38
136 137
1,4001 Woolworth (F W)
100 136 Apr 13 131 Jan 22 118 Jan 14134001
125 125 *124 ____ *12312 128 *123 125 *123 125 *124
1001 Do pref
125
June 126 Nov
•
'23
21
21
23
*23
27
27
*23
25
*21
25
25
400 Worthington P & M v t c_r0(1
We Sept
25
an 17
) 12312kb ; lffslan
4 I:
95
*91
95
*91
95 .91
95
*91
95
*91
Do pref A 4,t 0
95
100 Sept
*50
*50
56
56
*50
56
5014 5014 52
*5111 5314
5?
300 I nn nref 14 v t a . _ _
1110
° t(11 41 iit'intr1il 9
43..ijsann AI
le liu
tg 664 Sept

tn

-iii. -5614 -EiCt

IP

• 11 a and fished
£z-u. vioend.

view; no Woo on inis day.




I Lees than 100 shared

I En-rights

a Es-dly. and rights.

n Pal $100 per share.

o Certificates of deposit




New York Bond Record—Continued—Page 2

APR. 14 1917.]
BONDS
N. Y. STOCK EXCHANGE
Week ending AprIl 13

its
ta

Price
Friday
April 13

Week's
Range or
Last Sale

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending April 13

_3
la
...c3
.

1473
Price
Friday
Aprid 13

Week's
Range or
Last Sale

Zs.3
L' c53
'
4

Range
Since
Jan. 1

High NO. Low High
Ask Low
Bid
Bid
Ask Low
High No, Low High
__
Del & Bud 1st Pa Div 78_1917 M- S 10012 ____ 101 Anr '17 ---- 101 10112 LehV Term Ry lst gu ir 5s__1941 A -0
114 Feb '17 ---- 11312 114
Mar'17
Registered
10118 10118
1941 A - 0 ____ 11233113 Mar'17 ----, 113 113
Registered
1017 M- $
10
90
5it
J _o.i _ sale
10014 ---ii 10018 10114 Leh Val Coal Co 1st gu a 58_1933 J - J 111212 ---- 10312 10312
-N
10014 "Ws
AI1st lien equip g 44s
3J
192
942
1 10312 10613
9913
9614 37 95
Registered
1933 J - J
let & ref 45
_ ____ 105 Oct '13 ---75 10012 107
1st int reduced to 48
1935 A - 0 10012 Sale 10012 103
1933 1 - J _-_- 98 --__--20-year cony 58
8313 10 8318 8938 Leh & N Y 1st guar g 4s
8313
1945 M- $ 87 -___ 90 Jan- '17:—
Alb & Sung cony 330-1946 A -0 7912 83
___ ___,
__
Registered
1945 M- S ____
Renss & Saratoga let 75 1921 M-N 109_ ____ 1127s Dee '16 ---- ___ ___ _
7914
Long Isld 1st cons gold 5s_h1931 Q - J 100 105 10414
111 7918 86
Deny & R Gr let con g 48.._1936 J - .1 7914 Sale 7913
1041-4
1
1936 J - J 84
88 Feb '17 ----1 8778 91
86
let consol gold 4s
741931 Q - J 90 ____ 94/
Consol gold 44s
1
4 June'16 ---.
90
1928 J -D 8312 8373 85 Apr '17
84
General gold 43
8514 8514 Feb '17 --1938 1 -D 84
Improvement gold &L
1955 F - A 6473 Sale 6473
8 63% 68
65
Ferry gold 430
1922 M- S--_- 9834 9834 Dec '16 -let & refunding 5s
87 Nov'16 ---- —_ _—
Gold 48
Rio Or Juno let gu g 56-1939 J - D ____ 95
1932 J -D ---- _--- 9914 Oct '06 -50
6114 Apr '11 ----Wick
Unified gold 48
Rio Or Sou 1st gold 49-1940 J - 1 35
89
1949 IN- S 85
8612 Feb '17 ---__ 3512 June'16 -_-1940 J - J *35
Guaranteed
Debenture gold 58
1934 1 -D ____ 94
957s Feb '17 --._ 9578 9812
1939 J - 1 ---- 7613 80 Apr '17 ---- 7913 8412
Rio Or West 1st g 45
Guar refunding gold 48_....1949 111- 13 8738 Sale 8633
873s
3 8612 tos
63 66 Mar'17 ---- 66
Mtge & coil trust 48 A_1949 A -0 57
Registered
1949 M- 8 8738 ____ 95 Jan '11 ---,
7412
Dee Moines Un By let g 53_1917 M- N *98 __-- 9812 Mar'17 ---- 9812 9812
NY B&MB 1st cone 54.1935 A-010314
10314
10314
2 103 10314
Det & Mack-1st lien g 48_1995 J -D 80 8212 82 Dee '16 ---- _
_.
NY&RB 1st gold 58_1927 M- S _-_- 1041
___- 103 Feb '17 ----' 103 .103
Gold 4s
7512 July'16 ---1995 1 -D ___- 81
Nor Sh B 1st con g gu 58_01932 Q- .1 --------_ 100 Aug '16 ...Det Riv Tun—Ter Tun 4301961 M-N ____ 91
9114 Mar'17 ---- -61. - -ii- Louisiana & Ark let g 5s
1927 M- S _-_92 9438 Jan '17 -- -613-8 -64;
1
Dul Missabe & Nor gen 5s-1941 1 - J 10431 19534 1051s Feb '17 ---- 10414 10518 Lot:11w & Nashv gen 6s
17 11213 11314
;11234 11213
1930 J -D 1121
11234
Dui & Iron Range 1st 5s
Gold 55
1937 A - 0 100 10014 10012 Mar'17 ---- loo12 104
4 107 107
1937 111-N 10612 10934 107
107
1937 A -0
Registered
Unified gold 48
1061
/
4 Mar'08 ---94
- --60 9212 9734
1910 J - J 9214 Sale 9212
Dul So Shore & Atl g 58.......1937 I - J 86
94
Registered
94 Jan '17 ---- 94
94
1940 J - J 92
94
9658 Jan '17 ---- 961
/
4 96513
Elgin Joliet & East 1st g 58_1941 M-N 10233 ____ 104 Jan '17 ---- 104 104
Collateral trust gold &L....1931 M- N __ — 10634 1067s Feb '17 ---- 10613 10634
E H & Nash 1st g 138
Erie let consol gold 78
1920 M- S 10418 10614 107 Mar'17 ____ 10612 10912
1919 J - D 103 ____ 10734 Dec '16
L Cin & Lex gold 448_1931 M- N 09
N Y & Erie 1st ext g 48_1947 M-N 9533 9812 9812 Mar'17 ---- 0812 9912
9914 103 Jan '17 ---- 103 icii"
N 0& M let gold 68
1919 M- S • __- 10118 10114 June'16 --2d ext gold 58
1930 J - J 11212 115 11214 Mar'17 -_-- 11214 1141
/
4
2d gold 68
1003s Mar'17 ---- 1.66;
3 iO61-2
1923 M- S *10034
3d ext gold 4345
1930 J - J ____ 108 10418 Feb '17 -- 1041
/
4 10418
10138
4 10138 102,2
Paducah & Mem Div 48 1946 F - A 89 ____ 9013 Apr '17 _— 8918 9012
1920 A - 0 ___- 10134 10133
4th ext gold 58
*9114
--D
____
Nov'15
943
1
4
Louis
1928
St
Div let gold 6s 1921 IN- 13 ___- 106 106 Mar'17 __-- 106 106
5th ext gold 4s
---- ---N y L E & w let g id 7g_1920 M- S 10614 108 10713 Dee '16 ---2d gold 38
60
1980 M- S ____ 62
3 60
60
7312
8 -66;
8233
At! Knox & Cln Div 4s
7 -6i1-4
Erie 1st con g 4e prior...„1996 1 - J 8078 8233 8078
1955 M-N 84 Sale 84
85
3 84 9118
84
Dee '16 -Atl Knox & Nor let g 58_1946 J - D 10512 _— 10834 Jan '17 ---- 10834 10834
1996 J - J
Registered
6513 14 -6
-4
-1; -7
let consol gen lien a 48-1996 J - J -64-1-2 "gie- 6412
Render Bdge let a f g 68_1931 M- S 106 _--- 10614 June'16 —_
-61-2
1996 J - J ____ 73
73 June'16 ---- ---- ---Registered
Kentucky Central gold 48_1987 J - J 84
8514 8514
85/
1
4
4 85'8 851
11 90
00
Penn coil trust gold 48_1951 F -A 90 9018 90
Lex & East let 50-yr 58 gu.1965 A -0 9912 Sale 9911
90
10018 27 9912 10314
60
60
50-year cony 48 Series A1953 A -0 60 61
1 60 6814
L&N&M&M let g 4%s 1945 M- S 9934 100 101 Oct '16 --1953 A -0 60 Sale 5918
do
6013 63 5938 6873
Series B
L & N-South M Joint 4s 1952 J - J 813 82
813s Apr '17 -- -661-2 IA;
73
Gen cony 4s Series D....1952 A -0 7213 Sale 72
49 72
84
Registered
51952 Q- J ---- ----95 Feb '05 ---1982 MN 103 108 108 Mar'17 ---- 10712 109
Ohio & Erie 123 gold 82
N Fla dr S let gu g 58____1937 F - A 1031; 10514 10534 Senn() ---__—
10414
1067
s
Jan
J
'17
---., 10678 10678
Clew & Mahon Vail g 58_1938 J
N & C Bdge gen gu g 448..1945 J -1 9738 9912 975s May'16 ---6 107 109
10734
Erie & Jersey 1st s f 68_19.55 J - J 107 Sale 107
Penes° de All 1st gu g 68...1921 F - A 106 108 10834 Nov'16 ---14' 10'714 10'712
1071
Genessee My 1st s f 68-1957.1 - .1 10612 10813 10712
El & N Ala cons gu g 5s_ _1936 F - A ____ 106 10658 Mar'17 --Long Dock consol g 68
1935 A - 0 12014 __-_ 12234 Oct '16 -Gen cone gu 50-year 5e_1963 A -0 ____ 10214 102 Mar'17 ---Coal & RR 1st cur 111.1 6s 1922 M-N 10112 ___- 102 Marl() -- - --- ---- L & Jeff Bdge Co au g 40_1945 M- 1E3 .78 _-__ 811s Feb '17 _—
Dock & Imp 1st ext 58-1943 J - J 10213 __-_ 10614 Jan '17 ---- 11
0214 Manila RR—Sou lines 4s1936 M-N
(164
-1
166
------ ---N Y & Green L au g 58— 1946 MN 100 ____ 10212 Mar'17 --101
-12 Mex Internet let cons g 48_1977 M- S ---------77 Marl()-I
10013 Jan '17 ---- 10012 10012
N Y Sus()& W 1st ref 58-1937 1 - J
Stamped guaranteed
1977 M- S -------—_- ---_ 79 Nov'10 --------10014
A
Dee
F
193)
'06 -- ---- ---- Midland Term—let a f a 58_1925 J -o .._ .. _ ____ 101 Oct '09-2d gold 4348
74 Nov'16 -- ___ ___
1940 F • A _--- 68
Minn & St L 1st gold 7s_......1927 1 -D *100 ____ 11318 Dec '16 -General gold 51
Terminal 1st gold 55-1943 MN 103 ___ 108 Jan '17 ---- 1061;108 Pacific Ext let gold 6s
1921 A -0 98 _-- 1033s Oct '16 _---0
10412
A
1940
.___ 108 Jan '17 ---- 107 108
Mid of NJ 1st ext 55
1st consol gold 58
8912
8 -661
1934 M- N 8913 Sale 8912
;-611;
70 Mar'17 -- 70
Wilk & Ens 1st gu g 58-1942 J -D 6658 70
let & refunding gold 4e
81
4 5558 64
5578
1949 M- S 5578 57
57
25
J
1
____
1926
2812
68
Jan
'17 ---- 2813 2812
av & Ind 1st con gu g
Ref & ext 50-yr 5s Set A 1962 Q - F
617s Jan '17 ---- 617. 6178
9
4
Evansv & T H 1st cons 65_1921 J - J 100 10113 102 Jan '17 ---- ICI() 102
Des M & Ft D let go 48_1935 1 - J --------60
Feb '15 -1942 A -0 75 ___ 63 Marie ___ ---- --_
1st general gold 58
Iowa Central let gold 58_1938 J -D 90 Sae 90
C -667; 95
90
1923 A -0 75 ____ 108 Noy'll -- ---- _ -__
Mt Vernon 1st gold Os
Refunding gold 48
2 5458 63
5453
IN- S ___- 5538 54531
1951
90
95 June'12 -Bull Co Branch let g 55_1930 A -0 75
M StP&SSM con g 48 int gu_1938 J - J 89 Sale 89
7 89
90
97
Florida E Coast let 434s...1959 J -D 93 __-- 9112 Apr '17 ---- -1411st
Chic Term s f 45
1941 M- N 93 ____ 92 Jan '17 _
2 -6-6.92
92
Fort St U D Co 1st g 430_1941 11 - J 8334 ____ 92 Aug '10 ---- --- -- —
MSSM&A 1st g 4s int gu'26 J - J 9533,,_,, 97 Apr '17 -- 97 9834
1928 J - 1 65 ____ 6914 Feb '17 ---- (3914 6914 Mississippi Central 1st 5s
Ft W & Rio(Jr 1st g 4s
1949 J - J ___9412 95 Dec '16
1933 A -0 8414 88
Gal Hous & Hen 1st 6s
8512 June'16 -,„
Mo Kan & Tex let gold 48_1990 J -D 737
11 "734 7812
7378
; 7412 7373
-Great North 0 B
1921 J - J 9634 Sale 9638
il
2d gold 4s
9778 41.3 -6(i3ii "iti3-4
47
45
21 45
g1990 F - A ____ 48
5414
Registered I
1921 Q- J 96
9734 97
97
let ext gold 58
10 97 99
1944 M- N 31 Sale 31
31
2 31
31
1st & ref 434s Series
1031 J - J 95
9878 991s
let & refunding 48
9934 15 993s 10134
3 5613 6912
5658
M- $ 5653 Sale 5613
2004
Registered
1:.J1
1 .1
,63
193
96 June'16 ---Gen sinking fund 434s
3712
3713
38
1 3614 45
1936 J - J 36
"iii- -66- 96741 Mar'17 -- -6
St Paul M & Man 4a
St Louis Div let ref g 413_2001
26
1183
6- ;6
37
40 Nov'16 ---.
---1933 J - J 11712 119 11834 Mar'17 .-- 1 4
1st consol gold 65
Dail & Waco 1st gu g 58_1940 MA&O___N 6912 ____ 80 Dec '16 ---- __— -1933 J - I
Registered
118 Ayr '17 ---- 118 118
Kan City & Pee 1st g 48_1990 F - A _--- 7014 70/
1
4 Mar'17
7014 71
- 10134 Mar'17 —__ 10158 10512
Reduced to gold 4348.1933 Jr - I 165 15134
Mo K & E let au g 5s
1942 A - 0 6818 6834 6812 Apr '17 --__ 6712 79
1933 J - 1 ---.. 103 10213 May'16 -Registered
M K & Okla let guar 58_1942 M-N 7813 8013 7912 Mar'17 --__ 82
85
9534 9434 Mar'17 ---- -613-4 -6i1.
Mont eat 1st gold 431_1937 J -D 94
M K & T of T let gu g 50_1942 M- S --__ 7478 79 Jan '17
8
7812 80
1937 1 -D---- 9858 9512 Mar'16 .--- ---- -Registered
Sher Sh & So 1st gu g 58..1942 J -D _- 60
51 Dec '16 ---.
J
I
1940
Pacific ext guar 45 £
8512 Nov'15 -- Texas & Okla let gu g 58_1943 M- S ___. 4378 4514 Feb '17 --. 45-14 49
E Minn Nor Div 1st a 48_1948 A -0 -_-__-_-: -6-8(2 98 Jan '17 ---- -641; -tii" Missouri Pacific (reorg Co)
1922 J - J 10612 ___ 1083s Jan '17 ---- 10838 10838
Minn Union 1st g 88
9813
let & refunding 58 wiz Ise 1923 __ — 98
9812 98
9934
1937
119
J
J
..--- 12312 Feb '17 --_- 12312 12478
Mont C 1st gu g Se
96
9512 96
1 98
let & refunding 58 wb 18s 1926 __ __
96
9413 9813
13614 May'06 ---Registered
1st & refunding 5s wh las 1965 __ __ 90 95
95 Feb '17
95
95
16
0i7 -_-_-_:
1st guar gold 5s
Jan
General 48 when Issued ..
6413 181 6313 68/
_ _ - 6334 Sale 6314
1
4
119
993
338
77 j
jj --- D
I
Will & S F let gold 58_ 1
!
0
7 --_1 - - — M;483124 /ktee'
l 1I
Missouri Pao let cons g 68__J920 M-N
103
- 111 1
: 10234 10614
103
80
Green Bay & W deb ctfs"A"---- Febeb _
34 DecD
-10614
Trust
gold 58 stamped_a1917 M- S ---- ------- i 61; ligi;
Jan '17
/
4 10612
1061
Feb
1112
1234
__-12
Debenture etre "B"
1234 --1 "ii" -igi2
Registered
a1917 M- S --------82 Oct '15 ---.
Gulf & 8 I 1st ref & t g 5s_b1952 J -1 ____ 8213 8238 Apr '17 --__
8238 8613
let collateral gold 1513
1920 F - A --------__- ____ 103 Jan '17 ___. 10133 laHooking Val lst eons g 4348_1999 J - 1 87 90 9012
_
____
9012 11 90
Registered
1920 F - A
933
4
1999
J
J
Registered
____ ____ 9734Jan '14 -40-year gold loan 45
S
1945
5918 —__ 58
IN."
i -Egli 'ie
Ei
Col & H V let ext g 40—1948 A - 0 8758 _- __ 88 Feb '17 -- -66- -663-4
let de ref cony be
1959 M- S 5918 ___
61 Jan '17 -- _
60 61
Col & Tol 1st ext 45
1955 F - A --__ 83 88 Nov'16 --ad 78 extended at 4%
1938 M- N _-- 821; 82
11 80 82
82
Houston Bolt & Term let 531_1937 J - 1 9012 9334 90 Jan '17 ---- "tki —66 Boonv St L & 13 let 5s gu_1951 F - A .._ __ __— 100 Feb '13 —.
Illinois Central let gold 48..1951 J - J 9613 ____ 9833 Feb '17 ---Cent Br Ry let au I; 48_1919 F - A *61 ____ 67 Aug '16 --9934
1951 J - J _ _. ___ - 92 Aug '15 --Registered
Cent Br UP 1st g 48
1948 J -D .6514 ---- 7713 Dec '13 --.
---1951 J - J 8412 90
let gold 3348
8512 Mar'17 -- -6i1Leroy &CVAL Ist g 56_1926 J -I *5434____ 110 Mar'05 --_. -___
08332 6i1-2
1951 J - J *8013 .___ 83 Nov'15 -- ---- -- - _
Registered
Pao Rot Mo 1st ext g 48_1938 F - A 87
92
9212 Dec '16
Extended 1st gold 348-1951 A -0
8513 Deo '16 -- --- -2d extended gold5s_
1938 J - 1 .10034 ___- 10034
io6371 10184
10034
1951 A -0 8
8_2
3_1_3 ..8_6_
Registered
St L Ir M & S gen con g-158.1931 A -0
1 9938
10138
9
9938 10334
-------S
M1951
1st gold 38 sterling
d- J'Ii-i15 7-7- ---Gen con stamp gu g 5s 1931 A -0 ---------_
_
_
102
-July'14
1951 M- S
Registered
Unified & ref gold 48_1929 J - J 77 Sale 77
11 77
7934
86
0 -i(1- -EW1-2 -iti"
---i -g- -iii 1952 A:
Coll trust gold de
Registered
1929 J - J ___
_ 8073 Oct '12 —
Registered
Riv & GI Div 1st g 411_1933 111-N 7713
-ii-- ti3- ,tl-e- 9514 Sep '12 --3
_
-0
- ...... _
78
- 78
781
/
4 1: 78
84
1st refunding 45
8914
Verdi V I dr W let g 56_1926 IN- 5 *9234--- 87 Sept'15 —
95
87
1955
2L
mPurchased lines alf5
:
"
4
0
8 58 Jan
---- 8558 8553 Mob & Ohio new gold 68_ _1927 J - D ___- 1121; 11212
11214 11413
11212
L N 0 h Texas gold 48_ —1953
let extension gold 6s..___11927 Q - J _-_- 108 109 Feb '16 --8973
---- 86
1953 M- N •8212 ____ 1
Registered
General gold 48
1938 M- S 78
78
80
78
"if"
7833
Cairo Bridge gold 45
1950 J - D 89 Sale 89
Montgomery Div let g 55_1947 F - A
89
9438
3 89
101 101 Oct '16 --Litchfield Div Ist g 3s
1951 J - 1 .
74 Feb '14
St Louis Div 58
89 Dec '15 -_-.
1927 J - D 9134 94
Loulsv Div & Term g 334s 1953 J - ---------77
St
L
&
:12
7 :::.: -Cairo
i'l —iiguar g 48
90
1931 J - J 86
8914
8912 Jan '17 --- -6614 -6613
.1 -------- 83 Aug
Registered
F -_ A
1953 J
Nashv Chatt & St L 1st 58_ 1928 A -0 10513 ____ 10514 Feb '17
105 108
Middle Div roe 5s
1921
02 June'16 --Jasper Branch let g 68
--..
1923 J - J •10513 ........ 11014 Mar'16
- - - - - - - -Omaha Div let gold 35-19M F - A ---------7213Jan '17 --__
Nat
Rye of Mex or lien 4%8_1957 J - J 30 ____ 30 Mar'17
-i21-2 -i61-2
"id
30
St Louis Div & Term g 38_1951 J - J _-_- 77
71 Ma8
Guaranteed general 48
r417 ---1
. 71
71
1977 A -0 ____ ____ 35 Aug '16
1951 J Gold 334s
84
83
8612 Nat of Mex prior lien 4348_1926 J - J
9638 Feb '13 -Registered
1951 J ---------80
_
let consol 4s
June'16
1951 A -0 -------____ ____ 30 Oct '16 -__
SprIngf Div let g 3348_1951 J - J 80 ____ 8058 Nov'16 ---53
____ --- -__ - N 0 Mob & Chic let ref 56_1960 J - J .46
59 Dec '10
Western lines let if 48
1951 F - A
8'712 ____ 92
1/
1
4 Dee '16
New Orleans Term let 48
1953 J - J 88
7018 70 Mar'17
72
70
Registered
1951 F - A
N 0 Tex & Mexico let tts _J925 J -D 97 98
9612 9914
973
4
9734 1
-D
J
1923
Belle,/ & Car let 68
--:---.: jail; 11712 May'10:7- ::::
Non-cum income 5s A__1935 A- 0 ____ 3958 46 Mar'17
46
4334
Carb & Shaw let gold 48..1932 M- 13 86 --__ 00 Jan '17 ---- -66- ::::
Cent
RR
N
Y
00
cony deb 68_1935 Al-N 107/
1
4 Sale 10613
10833 58 10612 11353
ChicSt L & NO gold 58.._1951 J -D •:_
10
.::
7 : ...:........:-: 10
9140
758 Oct
0Fecbt :
.01113
91 .....-.:: ......____ ________
Consol 48 Series A
8513
1999 F - A ---8514 8511
8512 8834
J -D
Registered
19
951 I
Ref & Imp 434s "A"
2013 A - 0 9334 Sale 93
96
73 93 9834
Gold 330
--- — - - --- N Y Central & H R e 348_1997 J - J 7913 81
7913
82
32 7912 867s
1951 J -D
Reentered
Registered
1997 J - J
831
/
4 82 Apr '17
82
857s
Joint let ref 55 Sales A_1963 J - D 99 - Sale- -66Debenture gold 48
1934 111-N 9014 Sale 9014
-6612 :::O_ -iii- Riiii
1
4 94,4
9058 2 90/
Memph Div let g 45_1951 J - D 8233 90
867s Deo '15 _ -_-_-_-_ ....._-_-_
Registered
1934
Al
-N
____
9313
92
Dec
'16
—
_......_
_.
____
1951 J -D
Registered
Lake Shore coil g 3348_1998 F - A 74
76
76
76
76
81
St Louis Sou let gu g 48..1931 M- S .._ 90 9012 Jan 17 ---_ 9513 9512
Registered
1998 F - A ___
7678 7634 Mar'17
80
7613
1950
J
J
____ 98
Ind III & Iowa 1st g 4s
89
Mich Cent coil inlet 334e... 1998 F - A 761; Sale 7613
J39
7613
5 89
94,2
76 8012
1919 M- N 9814 9934 97 Mar'17 --__ 07
Sot & Great Nor 1st g 6s
Registered
100
1998 F - A ___- '7'734 75 Mar'17 --80
75
James Frank & Clear 1st 48_1959 J -D ____ 90 9278 Jan '17 ---- 0234 03
Battle Cr & Slur 1st eu 38_1989 J - D 6314 ____ _ _
. _
38_1950
A
-0 68
6834 6814
Kama City Sou let gold
6878
Beech Creek 1st au g 4s 1936 J - J 96 ____ lif fel; ii .._
6 681
/
4 7112
97 97
Registered
63 Oct '00 Regletered
1936 J - J 9353 ____ 9534 Nov'16 .._
---Apr 19
-1 -3-£11-2 89
95
50
0 JA -- 0
Ref & impt 58
8834
89
2d guar gold 5s
7 87
91
1936 J - J 101 ---- 104 May'16 __ ---Kansas City Term let 48_1960 J - J 8312 85
84
87
8 84
Registered
90/
1
4
---Lake Erie & West let g 56_1937 J - J 9913 100
9833 Mar'17 --_ 9834,101
Beech Cr Ext let g 34s_b1951 A -0 ___- 3
-41-2
---1941 J - J —
80 8058 Feb '17 28 gold 58
Cart & Ad let gu a 48
8058 83
1981 1 -D 85—_ 89 No
-v-'16 —
North Ohio 1st guar g 86_1945 A -0 ____ 1001g 8978 Mar'17 --__ 8973 90
Gouv & Oswe let gu a 58_1942 1 -D 102 —__ __
____
4348-1940
J
J
97
100 100
Leh Vail N Y 1st gu g
100
Mob & Mal let gu g 411_1991 M- 5• 9113 ____ 94 Marl!)
4 100 102
1940 J - 1 99 --_- 10114 Jan '17 --__ 10114 10114
Registered
N J June R guar let 48.....1986 F - A 85 --- 89/
1
4 Feb '16
-Lehigh Vail (Pa) cons g 48_2003 IN -N ____ 8913 899014
N Y & Harlem g 3348
2000 1W -N 8112 ____ 8112 Feb '17 ....
9112
2 89
8112 8112
General cone 434e--. 2003 MN 94
99
9878
N Y & Northern let s 5s 1923 A - 0 10613 _-_. 10614 &rale ..
9878
1 0878 102
• No prim FrIday:lategt bld and &eked this week. a Due Jan. bDueFeb, Due June. A Due July. 0 Due Oct. s Option sale.




-giii

_---

-_

_iiiii 23.,

a

BONDS
N. Y. STOCK EXCHANGE
Week ending April 13

[VOL. 104.

New York Bond Record-Continued-Page 3

1474
12r

.14

Price
Friday
April 13

Week's
Range or
Last Sale

Range
Since
Jan, 1

BONDS
N. Y. STOCK EXCHANGE
Week ending April 13

1.6

Price
Friday
April 13

Week's
Range or
Last Sale

re

Range
Since
Jan. 1

Bid
Ask Low
High No. Low High
High No. Low High
P 0 C & St L (Con.)
Ask Low
Bid
X Y Cent & H H RR (Con.)1 89% 94
Series F guar 4s gold-1953 J - D 9573 ___ _ 954 Jan '14
9014
N Y& Pu 1st cons gu g 4s 1993 A - 0 90 9212 9014
9S7 97
9578 --- 957 Mar'17
Series 0 4e guar
1957 M- N
Pine Creek rag guar 6s____1932 J D 1144 ____ 113 May'15
3 1024 103%
Series I cone gu 434s-1963 F - A ---_ 10212
103 10434
- 10212 10212
R W &0con let ext 5s_A1922 A -0 1024 10212 10314 Mar'17
081 L & P lst cons g 5s 1932 A - 0 _-_
. 10712 Sept'16
10014 100,4
R W&OTR lstgug 58_1918 M-N 100 _--_ 10014 Feb '17
Peoria & Pekin Un let es g 1921 Q- F *100 --__ 102 Nov'16
Rutland 1st con g 412s __-1941 J - J 8018 _-_- 8134 Dec '15
61921 M-N *8712 -- - 87 Mar'18
2d gold 41.0
-7058 70%
7058
Og & L Chem let gu 45 g1948 - J *7012 ---- 7053
------ Pere Marquette 1st Ser A 581956 _-- 9412 sore 9414
9434 "iio 9234 95
Rut-Canada 1st gu g 44_1949 J - J 70 ---- 92 June'09
19' 73% 7754
7378 Salo 737
75
1st Series 13 4s
-- St Lawr & Adir let g 5e._-1996 J - J*96 ____ 101 Nov'16
42
42
Philippine Ely 1st 30-yr a f 48 19
95379 iy, _-_- 48 42 Feb '17
103 Nov'16
2d gold 85
1998 A 1940 A 4) 10538 ____ 109 Jan '17
109 109
Pitts Sh & L E 1st g 5e
1922 J - J 9858 9925 974 July'16
Utica & Bik Riv gu g 4s
1134 Nov'll
8512 2 84 - 8734 1st consul gold 5e
Lake Shore gold 3125
1997 -D 8512 Sale 84
171 -if- 661;
J
9112 Sale 91../:j
93
194973 j
Reading Co gen gold 4s
8312 87
8418 848 Mar'17
Regletered
1997 J -D
9213 95
9358 21 92
1997 J - J ---- 9314 9212 Feb '17
Registered
9714
Debenture gold 45
1928 M- S 92 Sale 92
3 94
97
94
91
9218 20 91 96% Jersey Central coil g 4s 1951 A - 0 8E1 93 . 94
25-year gold 4s
1931 M-N 9118 93
Atlantic City guar 40 g
_--- 95 Nov'16
1951 I - J _-_- ---Registered
1931 M-N
82
79
-idMar'17
Jos
&
Gr
1947
1
J
--_-_
Isl
1st
g
4s
J
Ka A &0 R let gu c 5s
1938
St Louis & San Fran (reorg Co"". rail; De-43-'13
Mellon 0'1 RR let Is
1934 J - J
8613 220 6578 7118
Prior Lien ser A 4e
1950.5 J 66 Sale 68
Pine & L Erie 2d g 5e ___a1928 A -0 103 104- 10334 Feb '17
10334 10334
66 8234 8834
84
1950 J - J 8234 Sale 8234
Prior lien ser B 58
Pitts MoK & Y let gu 65.._1932 J - J *11318 ---- 1301s Jan '09
1955 J - .1 6912 Sale 6712
6912 167 6712 76
12314 Mar'12
Cum adjust ser A 8e
2d guaranteed (is
1934 J - J
5212 59 50
July
5114 Sale 51
567s
Income series A 68
McKees & B V let g 63_1918 J - .1
2 111 11212
111
St Louis & San Fran gen 85_1
feidi;
1931
9 1 - .1 11012 11218 111
1931 M- s Hit;
Michigan Central 55
103 104
105 July'16
General gold 55
1931 J - J ____ 104 104 Mar'17
Registered
1931
78 May'16
St L & S F RR cons g 4s 1996 J - J -is
1940 J - J 8918 ____ 98 Apr '12
7412 75
87 Feb '14
General 15-20-yr 5a__ _1927 61- N -__ -73 - 7413 Mar'17
Registered
1940 ▪ - J
75
____ 81
75 Mar'17
70
Trust Co ctfs of deposit__
8633 90 June'08
L & S let gold 330_1951 86_-_
76
Dee
'16
8218
--_
Ma
S8112
83
8212
do
-Mar'17
86
Stamp._
ed
M-N
let gold 35e
1952
-1947 A -0 9112 ____ 9518 Dec '16
Southw Div let g 5s
8918 9134
20-year debenture de__ _1929 A.0 --_- 8612 8912 Mar'17
9512
Refunding gold is
1951 J - J ____ ____ 8334 Oct '16
9212 92
92
92
N Y Chic & St L let g 48_1937 A - 0 92
-_
--- --. 8034 Mar'll
Registered
9014 Ails '16
Registered
1937 A - 0 *914
7834 783
Trust Co Ms of depos119t5
7912
- 79 Mar'17
79
8212
_1 '1 - j ____ __ _ _ 7834 Feb '17
1931 M-N
Debenture 4e
6 89 94
7912 7414 Sep '16
do
89
Stamped_ - West Shore let is guar.,,.2361 J - J ---- 887 89
10034 11138
1E C Ft 8 & ht cons g 66._1928 A17--il -_---_-- 10712 10934 Mar'17
884 934
Registered
2361 J - J $6 .8712 8714 Apr '17
7212 7918
73
K C Ft S & M Ry ref g 48_1936 A - 0 73 Sale 7212
10012 10012
N Y C Lines eq tr 58_1916-22 86- N -------10012 Jan '17
._. 90
90
K CA M R & B let gu 59.1929 A - 0 89 .. . 90 Feb '17.
10034 Jan '17
10034 10034
Equip trust 434e_ _1917-1925 ▪ 2 77
80
77
J-6-61
; Fir2 9714 Apr '17
9714 9934 Eit,L S W let g 4e bond ette 1989 M- N ..„ i612 77
N Y Connect let gu 436s A 1953 F - A
6512
8 6834 64 Feb '17
64
2d g 4s income bond ctfe_p1989 J - J 637X Y N H dr Hartford5 6612 72
7018 6912
Consul gold 45
7958 Sept'16
1932 J -D 69
80
6912
Non-cony deben 48
1947 M29 66.12 7118
69
-. 0
.1
3
70
let terml & unit be
_
71 Nov'16
_
Non-cony deben 31i e
1947 M- 13 *59
---- ----0834 Jan '14
J
Gray's Pt Ter let gu g 58..1
1947
952 j
68 Dec' 16
Non-cony deben 330
1954 A - 0 _- 65
20
ai6334
6378
J
S
A
A
A
ii3"4
1943
J
-632 65
Mar'17
Pass
_
68
4s__
-__70
let gu g
68
68
Non-cony deben 4s
1955 J - J
1919 J - J ....... 100 10012 Feb '17
10018 1001.8
7514 SF&NPletekfdg5s
67
Non-cony deben 45
1956 M-N 70 73 68 Mar'17
7978 8212
Seaboard Air Line g 4s
60 58 Mar'17
1950 A -0 -- 834 797 Feb '17
5714 64
Cony debenture 334e
1956 J - J 59
7934 82%
80 798 Apr '17
Gold 4a stamped
10134 14 99 11012
1950 A -0 --_
Cony debenture 6s
1948 .1 - J 101 10134 101
6112- sale 6118 6214 14 6118 68
Adjustment be
79 Jan '17
01949 F - A
79
7712 -79
Cons Ry non-cony 45
1930 F - A
6712 68 12 65 7012
1959 A -0 6712 68
__ 7912 914 Jan '12
Refunding 4e
Non-cony deben 45..._. 1954
8614 87
ALI Birm 30-yr 1st g 4s e1033 m- 0 ____ 87 87 Mar'17
Non-cony deben 4s
1955 - J ___ 7778 7912 Apr '16
88
88
Car Cent 1st con g 4e
1949 J - J ____ 9214 88 Jan '17
_
Non-cony deben 4s.......1955 A - 0
-----Fla Cent & Pen let g 5s__ _1918 J - J 100 ---- 9934 Sep '15
- 80
Non-cony deben 45
1958 J - J
_ 101 Dec '15
-.
let land gr eat g 5e
1930.1 - J 101
92 92
Harlem R-Pt Ches 1st 48_1954 m - N ;gi•
1943 J - J -- Hi 10334 Dec '16
Consul gold 5e
B & N Y Air Line 1st 4s 1955 F - A 8914 _-__ 89 Nov'16
10 "'kis; 102
5 74 "ii1"2
100
Oa & Ala Ry let con 5e-o1945 J - J ___- 10058 100
74
74
Cent New Eng let gu 4s 1961 J - J __-- 75
10238
Ga Car & No let gu g 5s-1929 J - J 101 ___ 10253 Jan '17
Hartford St Ry let 4s
1930 M- S
Seab & Roan let 5s
1926.5 - .1 101 ___. 9914 Aug '15
Housatonic R cons g 56_1937 M- N103 10412 ii5F2 May'15
Southern Pacific CoNaugatuck RR 1st 4s__1954 M-N-------- 87 July'14
Gold 4s (Cent Pao coll)-k1949 J - D -_ 8234 8234
8234 3 824 88
N Y Prov & Boston 45
1942 A -0 9012-- 88 Aug '13
2 "6"E
90 Feb '14
k1949 J - D ---- 81
Registered
752
65
NYW'ches&B let eer I 434s'46 J - J
8458 84
g1929 M- S 84
8538 28 84 8834
20-year cony is
65 Aug'09
7
8 -6
-_
5 _ 107
N H & Derby cons oy 5e 1918 M-N *150
20-year cony 58
1934 .1 -D 100 Sale 100
10011 254 100 10412
Boston Terminal let 4s
1939 A -0
8712 12 8578 93%
8578
Cent Pao let ref gu g 411_1949 F - A 857s 8'7
New England cons 5e_ _1945 J - .1
874 Sept'16
-092 mijii
Registered
Consol 45
1945 J - J 8812
8934 Feb '17
893 0112
9 57
!
'
7:D
Mort guar gold 314s_kin9
57
57
57
Providence Seour deb 4s...1957 m-N --__ 60
84
8712
_
9978 Dec '14
Through St L let gu 4E3_1954 A -0 ____ 8234 84 Feb '17
Prov ds Springfield let Is..1922 J - J
10012 102
0 H & S A M & P let 5E1_1931 M-N ____ 101 10012 Feb '17
Providence Term let 4e.._ _1956 M- S 8273- 833 Feb '14
---9812
3 97
97
so
1931 J - .1
1
2d eaten Is guar
97
W & Con East let 4348_1943 JGila V G & N let gu g 5s_1924 M-N ---- ----10014 Jan '16
-fg" "ii"
NYO&W ref let g 4e----g1992 m- 5 '75 '75% 75 Mar'17
10018 I021
HousE&WTIstg5s..._1933 M-N ____ 99 10018 Apr '17
9212 June'12
Registered 35.000 wile-01992 M- s
1st guar be red2t33 M- N 96 10214 100 Oct 16
77 80
General 4s
1955 .1 -D -fgrs 80 79 Mar'17
Yoil; 1661;
9638 -5612 0 Feb
Apr19062
:17
17
11 A T C let g Is Int gu
81
78 Apr '17
1 37 1 - .8 105
78 8238
Norfolk Sou 1st & ref A Se. 1961 F - A _
06 9612
Gen gold 4s int guarI921 A ..0
'3
_ 9934 Apr '17
Nod & Sou 15t gold Is
9934 101
1941 M-N 9.474
Waco & N W div 1st g 66'30 MN 105 __ 10912 Nov'15
116
Mori & West gen gold (1s
116 122
1931 m- A 115 116 116
A A N W let gu g 5a
Improvement & ext g (115_1934 F - A 11512 122 122 Nov'16
09
112 D
Juence:16
4
10
-5
-38 10
-9°
--- J:.J1 1
21 j
New River let gold 8s
Louisiana West let fls
194
1932 A-0 115 ____ 12012 Nov'16
8 9212 9714
Morgan's La & T 1st 76._1918 A -0 --_- 10538 10434 July'16
&W
94
let cone g 45
1996 A - 093 Sale 93
.10414 105 Jan '16
1920 J - J let gold 6s
9412 Deo '16
Registered
1998 A - 0
9 89 9318 No of Cal guar g be
1938 A -0 107% -- 105 Oct '16
8978
DWI let lien & gang 48_1944 J - J 89 Sale 89
11
997
100
16
Ore & Cal let guar g 58_1927 J - J 100 102
10-25-year cony 4s
1932 J -D 13114 Sale 127
13114 26 127 134
So Pao of Cal-Gu g 5e__ _1937 M- N 10733 ____ 10712 Sept'16
10-20-year cony 44
13414 13634
1932 M- $ 129 ____ 13634 Jan '17
"iii" "(76
_
94
J
9312
Apr
'17
1037.5
5
So Pao Coast let gu 43g..
_
12712
10-25-year cony 43i6_1938 Al- S 129 _12712
1264 135
8612 8934
2 88
San Fran Terml 1st 48_1950 A - 0 -- 8412 8712 Mar'17
go* 88
88
Farah C & C joint 4s
94
1941 J - D
95 Nov'16
96
Tex & N 0 con gold 5s_ _ _1943 J - J
C & T let guar gold 58_1922 J - J 100--- 103 Sept'16
8812 Sale 8812
1055.5 - J -So Pac RR let ref 45
907s 51 8812"E"
Solo V & N E 1st gu g 4s.._1989 M- N
907s 90% Mar'17
901 92
86 9034 9634 South
Reerg
ir
stelred
et cone g 58.-1994 J - J 9812 Sale 9812
10034 122 9812 10234
Nor Pacific prior lien g de__ _1997 Q- J 90393
4 Sale 9034
1994 J - .1 _ _ _ _ 102 1004 Aug '16
91
92 Mar'17
Registered
92 93
1997 Q - J
7018 194 6812 "if
Develop & gen 45 Ser A_ _1956 A -0 8812 Sale 6812
General lien gold 34
6538 21 65 6918
a2047 Q- F 6514 Sale 65
7712 7812
Mob & Ohio coil tr g 45.._ _1938 M- $ ---- 7712 7712 Apr '17
Registered
6612 6714
8612 67,4 Jan '17
a2047 Q - F
985
Apr
'17
98 10118
__-9914
J
Mem Div 1st g 4345-58...._1996 J
St Paul-Duluth Div g 45-1996 J - D 9133 9214 918 Jan '17
91% 9178
82
82 Apr '17
7712 84
1951 J - .1 78
St Louis div let g 48
St P & N P gen gold 6s.. 1923 F - A 10612 ____ 10918 Mar'17
10918 11012
Ala Cen 1st g 6s
19183 - J 993 104 1023s Sept'16
10912 Oct '15
Registered certificates_ 1923 Q - A
--St Paul & Duluth 1st Is,,...1931 F - F 1E44
Ala Gt Sou 1st cons A 5s....1943 J - D 9813 Sale 9812
107 Oct '16
9812 5 98'2 982
92
9212 Mar'17
9212 964
AU & Char A L let A 434e 1944 J - J 91
__ 100 Jan '17
2d 5e
100 i1501-2
1917 A - 0 9912
99% 10334
J
9912
.11013
4
993
4
Mar'17
1944
let
30-yr
5e
ser
B
88%
Mar'17
8613
let consol gold is
1988 J -D
88% 8878
8314 84
8312 Jan '17
Ati& Danv let g 4s
1948 J - .1 - - _ _ 82
86
8612 Deo '18
Wash Cent let gold 4s
1948 Q
5 10912 110
2d 45
1948.5 - .1---- 8() 8112 Mar'16
no
Nor Pao Term Co let g 8s
1933 J - J IOW; 111 10912
75 -fg
At)& Yad 1st ii guar 415_1949 A -0 mi..
;iiiii; 75 Feb '17
7 83 87%
8333
Oregon-Wash 1st & ref 45._ _1961 J - J 83 Sale 83
105 105
105 M ar'17
E T Va & Ga Div g 5s
3 9312 99
1930 J - J
Pacific Coast Co let g 55
95
95
95
1946 J -D
105% 108
ge
gips 1004 Feb '17
10638
Con let gold 5e
1956 M- N 10653 107 10638
Paducah & Ills 1st e f 4128_1955
99 101
10012 10114
E Ten neon lien g 50
1938 AI- S ____ 100 10114 Mar'17
Pennsylvania RR let g 4s
1923 M-N 99 ____ 9912 Apr '17
9912 9912
604 Dee '16
Ga Midland let 36
(16
Coneol gold 54
1946 A - 0
10133 Apr '17
101% 10214
1919 M- S 10153
_
_
.
_
106%
Feb
'17
1067
8 107
.
J
1
16
-6
1
2
2J1.
Oa
J
Pac
Ry
let
g
2
5
1
92
6s
9
98%
Consol gold 4s
Mar'17
,s
1943 M-N *98
98% 9912
10534 ____ 1095 Jan '17
l093 10934
Knox & Ohio let g
9 9918 101
Consol gold de
1948 M- N 9812 Sale 9812
9912
Mob & Bin prior lien g 58_1945 J - .1 101 102 106 Sept'16
Consol 43ie
78 10312 10734
105
1960 F - A 10418 Sale 1037
74
74
1945 J - J 7214 7618 74 Mar'17
General 4345_
Mortgage gold 4s
1985 .1 -D 9734 Sale 9712
98,4 48 9712 10412
10312 10434
Rich & Dan deb be stmpd_1927 A -0 11)214 10514 10434 Apr '17
General 434s (wh iss) Junel'65
974 Sale 9718
9734 1546 9718 97%
_
10
73
0 &leg:3112
Rich & Meek let gu 4s.......1948 M- N
s
Alleg Val gen guar g 4s__ _1942
S *9514 _ _ _ _ 9712 Feb '17
97
975
14 idv10118
So Car & Ga let g Se
D R ER&B'ge 1st gu is g_1936 F - A 95 ____ 9412 Sept'16 --1919 M-N
10212 June'll
Virginia Mid ser D 4-56......1921 M- S
Mile Bait & W let g 4s_1943 M- N *9e.34 ____ 100 Jan '17 ---- 100 100
Sodus Bay & Sou 1st g 5s_1924 J - J
Series E 5s
1926 M - 13 1.131734- -..------ 20318 Aug '16
102 Jan '03
10412 Dee '16
Series F be
1931 M- S
Sunbury & Lewis 1st g 45_1938 J - J
105 108
1936 M-N ____ 107 105 Mar'17
General be
U N RR & Can gen 4s1944 M- 8 661;
"667-3 Mar'17
617-8 "itifs
105 10612
Va & So'w'n let gu 5/5_2003 J - J 105 ____ 105 Mar'17
Pennsylvania Co9013 9111
91 Feb '17
2 10012 10214
let cons 50-year As.,1958 A -0 ____ 86
10034
Guar let gold 434s
1921 J .1 99 10218 10034
9378 93%
9434 937 Mar'17
W 0 A ye 181 cy gu 4s.__ _ 1924 F - A 93
Registered
1921 J - J 9934 10012 10038 Apr '17
10038 10214
96
953
4
Mar'17
95
J
06
J
92
Spokane
_1955
87 Feb '17
Guar 3345 coil trust reg A_1937 M- S 87
Internet 1st g Is._
87
87
1004 101%
1939 A - 0 ____ 10033 101 Mar'17
Guar 3145 coil trust ser B_1941 F - A ____ _8512 8634 Ter A of St L 1st g 434s
8534 8513 Mar'17
10034 102
1894-1944 F - A 10112 1024 102 Apr '17
let con gold 5s
8618 July'16
Guar 3345 trust Ws C._ _ A942 J - D
--8812
86 Mar'17
86
1953 J -J 847 86
Gen refund 5 f g 4s
Guar 334e trust ctfs D.......1944 J - D
8612 8734 Dec '16
---997 99 Mar'17
99 100
Guar 15-25-year gold 45_1931 A -O 9218 94
St L M Bridge Ter gu g 58_1930 A - 0 99
9534 Mar'17
9512 97
27 9912 102
2000.5 -D __._ 100 9912 • 100
40-year guar 4s otfe Ser E_1952 M-N 92 ____ 9234 Apr '17
Tex & Pao let gold 58
9234 193
64
84
70
64 Jan '17
02000 Mar 64
Cin Leb & Nor gu 4s g
2d gold Inc 5e
1942 M- N 9013 ___ 91 Nov'16
8914 Jan '17
90
8914 894
1931 .1 - J 89
La Div B L let g 56
Cl & Mar let gu g 4346_1935 111-N 9934 ____ 10013 Mar'17
100 1661-3
Nov
.
04
95
10612
____
A
F
CIA P gen gu 4445 tier A 1942 - J 102 _--- 1037 Oct '16
W Min W & N W let gu 581930
ioi" 16412
Series B
1935 J - .1 10018 10233103 Apr '17
104 Dec '15
1942 A - C 10212
Tel & 0 C 1st g 5e
100 100
1935 A - 0_-__ 9812 100 Jan '17
Int reduced to 3145 1942 A - 0 8634 ---- 9114 Feb '12
Western Div lot g be
90
87
1935.5 -D __ _-_- 90 Feb '17
904 Oct '12
Series C 330
General gold be
1948 M- N 8614
824 84
84 Mar'17
1990 A -0 8212 85
Series D 3345
1950 F - A 8612
Kan & M let gu g 4e
8812 Feb .17
8812 8914
eels
9734
4
1
0414
97
97
97
J
1927
Erie & Pitts gu a 334s B 1940 J - J 88 ____ 88
2d
5
20-year As
88
88
88
82
70
62 Mar'17
53
1917 J - J 60
Series C
1940 J - J 88
Tel P & W let gold 45
9018 July'12
80 8312
8312 80 Mar'17
Or It & I ex let gu g 4301941 3-I ____ 99
99 Mar'17
Tel St LA W pr lien g 3345_1925 J - .1 80
99
99
80
57
9 57
1950 A -0 57 Sale 57
50-year gold 4e
Ohio Connect let gu 4s
93 May'14
1943 M- s 9418
-_
50
1838 Mar'08
1917 F - A 25
Pitts Y & Ash let cons 5s_1927 M- N 102 ____ 109 May.10
Coll tr 4s g Ser A
8733
1 80
80
To! W V &0 gu 414e 4_1931 J - J 9834 Sale 9831
9834 20 13 91 Tor,Ham & Buff let g 4s_ _A1948 J - D 80 87 80
9934 10012
9934
Series 13 4345
1933 J - J
9831 ____ 9913 Feb '17
9912 9912 Ulster & Del let con g 5s.....1928 J -D 9934 10014 9934
1952 A - 0 ___. 7112 74 Mar'15
91 Apr '16
Series C 4s
1942 M- S 9034
let refund g 4e
42 9534 100
977
1947 J - J 9534 Sale 9534
P CC &StLgu 440A
1940 A -0 100 10214 1034 Feb '17
10234 103% Union Pacific let g 48
9512 9812
9612 2 9112
9614 9812 9212
1947 J - .1 _
Series B guar
1942 A - 0 9912 Sale 9912
0912
Registered
3 9912 10213
44
19912
_-3 9214 9112
J86-1927 - J 913
9714 Juirlb
Series C guar
1942 M- N
20-year cony de
9113 43 89 /954
89
Series D 4s guar
02008 - 13 8912 90
9514 Oct '16
1945 M- N 958
let
ref 4e
3 90% 95
9154
Series E 334. suer gold. 1949 F- A 9514 ____ 96 Mar'17
Ore RR & Nay eon a 451_1946 J -D ___ 904 9034
9514 96
• No price Friday: latest bid and asked. a Due Jan, 5 Due Feb, e Due May, g Due June. * Due July. k Due Aug.•Due Oct. 10 Due Nov. I Due Dee. •Option sale




ga.

.iff
;
3

iaer gar

et

APR. 14 1917.1

New York Bond Record-Concluded-Page 4

1475

iVeek's
Price
BONDS
Range
BONDS
Price
Week's
Range
Range or
oc53
Friday
Y. STOCK EXCHANGE
Since
N. Y. STOCK EXCHANGE
Friday
Range or
Since
Last Sale
April 13
Jan. 1
Week ending April 13
Week ending April 13
April 13
Last Sale
1
Jan,
---High NO. Low High
Ask Low
Bid
Union Pacific (Con)
Bid
Ask Low
High No. Low High
_ 107 10634 Mar'17 -- 106 10812 Syracuse Lighting let g 511_1951 1 -D 101 10112 10214 Nov'16
Ore Short Line let g 6s___1922 F - A
7 106 10858 Syracuse Light & Power os__1951 J 10678
let consol g 513
8 Sale 10678
1946 J - J 1067J
8512 90
85 Mar'17
ig_.i_ i 19._f_1:4_
9178 23 89
9478 Trenton (3 & El 1st g 5s__ _1949 al- S 10112 ____ 10112 June'14
Guar refund 48
1929 J - D 9018 9112 89
102 Mar'16
Union Elec Lt & P 1st g 5s__1932 M- S ____ ____ 10112 Deo '16
-_
Utah & Nor gold 5e... _1926 J - J
____ _ _ _ _
90 Apr '10
Refunding & extension 58_1933 NI- N
-- - - - let extended 4s
92 100
1933 J - J
10158 Nov'16
11 0014 92
9014
Vendetta cons g 4eSer A
United Fuel Gas let s I 0e_ 1936 J - J -663-t Al-e- 9938
1955 F - A .9014 9134 9011
11 -993-8 iciii-a
100
10
9014
Utah Power & Lt 1st 5e._ _1944 F - A ___ 9314 9334
9014 92
9134 9014
Consol 46 Series B
88
1957 M- N
9334
1 9334 9612
4212 Aug '15 -Utica Elec Lt & P let g 5.1_1950 J - .1 103 -- _ 10214
87
Vera Cruz & P lot gu 434s-1934 J - J
Mar'15
9679838 51 91304 i(161-2 Utica Gag & Elec ref 5s
8 Sale 9634
Virginian let be Series A _
1962 M-N
1957 J - J 100 10018 100 Mar'17
i6d - icif 5
103
102 10678 Westchester Ltg gold 5e_ _1950 J - D __ 103
102 Sale 102
Wabash let gold 56
1930 1-N
105 Mar'17
102 106
10038 31 9912 101
9934 Sale 9934
Miscellaneous
2d gold be
1939 F - A
_-'16
Oct
105
____
Adams
80
Ex coil tr g 48
Debenture Series B
1939 J - J
1948 141- 8 ____ 78
78
78
10034 i665-8 Alaska Gold M deb 6s A__ 1925 M- S
let lien equips fd g 5s
1921 M- S 100 ____ 10058 Mar'17
70
7234 70
5
4 6
78
70
712 85
41'
Cony deb 6s series B
80
1st lien 50-yr g term 45_ -1954 J - J 80 ---- 80 Jan '17 ---- 80
1926 M- 8 70
72
70
6 6758 8478
70
10512 10512 Armour & Co let real est 4 As'39 J -D
10512 Fob'
17
Det & Ch Ext let 5s
1941 J - J 104
9278 Sale 9258
191
9258
9312
9478
80 Aug '12 -Booth Fisheries deb s f Or 1926 A - 0 9112 9458 92 Mar'17 -_-- 92
--Des Mein Div istg 4s
1939 J - J
92
75 Apr '17 Braden Cop M coil tr of 68_1931 F -A
77
73
Om Div 1et4 3;4s
1941 A -0 7212 78
96 Sale 9512
3 1)5
96
99
8414 Jan '171-- 8114 8414 Bush Termlnal let 4s
To!& Ch Div lot g 4e__ _ _1941 M- S 8258 80
1952 A-0 .8614 __ _ 88
88
78
78
78 Jan '17
Consol5e
1954 1 D
+Nab Pitts Term 1st it 4e
1955 J - J
8718 Sal
Sale
8718
8618
8718
4 8
5
2 87
99
312
112.0011 '17
14
119
131(ige 50 guar tax ex
34
Cent and Old Col Tr Co certs
-- ---1960 A - 0 86 Sale 86
86
2 Oct '16
--- --Columbia Tr Co cents------Cerro do Pasco Copp env 6s 1925 M- N 11312 11414 112
11312 14
5 112
85 19
18
54
3
1 12 Nov'16
Chic UnStat'n lot gu 4;0 A 1963 J - J
- - --Col Tr etfs for Cent Tr Ms
_
9812 99
99
9912 13 99 10114
14
14 Aug '16
Chile Copper 10-yr cony 78.1923 M - N 127 Sale 12512
--- - - 26 gold 45
1954
128
56 12318 132
14 July'16
Computing Tab-Rec of 6s_1941 J - J ---- 8678 86 Apr '17
Trugt Co certfe
....--$ 8512 8712
7912 81
8614 Jan '17
Wash Terml let gu 3)4s._ -1945 F - A
85s 8Oo Granby Cons M S& P con 6s A'28 IVI - N 101 10612 104
101
10 104 10912
94 - - 0112 Aug '15
1945 F - A
let 40-yr guar 45
Stamped
1928 81-N 10114 10812 107 Feb '17 ---- 104 10934
70
70
West Maryland let g 48- _1952 A - 0 70 Sale 70
7034 Great Falls Pow 1st s f 5e 1940 M- N 100 Sale 100
101
54 100 10278
10314
10312
Feb
1043
'17
J
4
-1937
J
10314 10534 Lot Nfercan Marine s f 6s1941 A -0 9414 Sale 937s
West N Y& Pa lot g 56- 05
,
90,
8 0
96;1
8
,
818 100
8512 86 Mar'17
81
1943 A Gen gold 4e
8514 86
Montana Power 1st 5s A_ 1e43 J - J
9918 Sale 9918
99,2
51 __ _ 37 Oct '1(
91943 Nov
Income 5s
Morrie & Co 1st *1 434e
1939 J - J
911 921 9334 Fob '17 ---- 9333 9378
8778 Sale 87
ill -if
8778
Western Poe 1st ser A 5s _A946
Mtge Bond (N Y) 4s ser 2....1'J66 A- 0 ---- ---_ 83 Apr '14 ....._
____ _ _ _ _ _ _
101 10238 102
wheeling & L E let g om1926
102
10012 103
10-20-yr 5s series 3
19;32 J - J ---- _-_- 94 June'16
__ ___
Wheel Div let gold 5e____1028 J - J _-_- 095s 100 Feb '17
100 100
N Y Dock 50-yr 1st g 4s
1951 F - A
7512 _-_- 7512 Mar'17 ---- 75
7512
Eaten & Impt gold be___-1930 F - A _-_- 0958 9958 Mar'17
9958 9938 Niagara Falls Power 1s1 5(3_1932 J -.0 102 10212 10134
10212
103
101
7
Rlt let consol 4s
1949 M- S _ _ _ _ 80
78
78
1 78
82
Ref & gen 69
a1932 A -0 ---- 106 10512 Oct '16 ---- - - - _ - -_.
Winston-Salem SB let 4s
86 Mar'17
1960 J - J
87
85
86
Meg
Lock Jr 0 Pow 1st 5s.._1954 M- N 90
8812
9312 9412 Jan '17 --- 9412 9412
Vile Cent 50-yr let gen
1949 J - J
8618 8678 8738
8712 32 85
8878* Nor States Power 25-yr 5s A 1941
_
9612 Sale 9(312
9634 23 9612 99
Sup & Dul div & term 1st 48'36 M-N
8512 86
861s
1 86
861s
Ontario Power N F let 5s__1943 F
91
_--A
-- _- 91
9158 Apr '17
91
0412
Street Railway
Ontario Transmission 5s____1945 M-N
83
90
86
Son
'16 --55.._1945
0
alooklyn Rapid Tran g
A
99 Sale 99
100
5 99 1015s Pub Serv Corp N J gen 58_1959 A - 0 9012 Sale 9012
32 -66- -i
91
012002 J - J ____ 75
let refund cony gold 4e
75 Mar'17 ---- 75
7714 Tennessee Cop 1st coav 6s 1925 M- N
8912 Sale 8912
8912 42 887k
6-year secured notes 58_ _1918.0 - .1 9911 Sale 9914
100
30 99 101 18 Wash Water Power let 5s_1939 J - J
_
102
Jan
10312
'14
Bk City let con 5s__1916-1941 J - .1 ____ 100 10038
10038
1 10038 1017s Wilson &Co let 25-yr e f 68_1941 A -0 i1E12-18 1023.8 10214
-7 - i0
--s
10112
1,
1027s --42
Bk Q Co &13 con gu g 58_1941 fol-N ---- 90
9412 Nov'16 ___ -------- Manufacturing & Industrial
Bklyn Q Co &S let 5s--1941 J - J ____ 9912 101 May'13 -Am Ag Chem let e 5e
1928 A- 0 100,
s Sale 10012
101
8 10012 10412
Bklyn Un El let g 4-5e
1950 F - A ___ 99
99 Apr '17 -..-- 0812 l01'
Cony deben 5e
1921 F - A 10312 Salo 10112
10312 63
5 0
99
2,
14
4 10
95
734
Stamped guar 4-5e
1950 F - A
_ 9918 9818
99
5 9818 101 1 t Am Cot Oil debenture 56_....1931 IVI-N
9214
9418 06
95
Kings County E let g 418_1949 F - A
8118 8112
8112
3 8112 8631 Am Hide & L 1st e f g 6s___ _1919 ell- S 10212 10378 103
5 103 10418
103
Stamped guar 45
1949 F - A ____ 82
8112
8112
8 8112 87
Amer Ice Secur deb g 6s
1925 A -0 -------100
1 9712 10014
100
Nassau Elec guar gold 46_1951 J - J
_ 75
71 Mar'17 -- 7018 7412 Am Thread 1st coil tr 4s
0814 9812 9814
1919 J - J
9314
1 9814 9912
Jnicago Rye let 5e
1927 F - A
9412 Sale 9112
95,
8 22 9412 9734 Am Tobacco 40-year g 6s_1944 A - 0 119 ____ 119 Mar'17 ---, 119 11912
Conn Ry & List & ref g 43.0 1951 .1 - j 10014 __ _ 10138 Feb '17
10138 10138
Gold 4e
1951 F - A
8312 85
8312
8312 85
8312
1
Stamped guar 45s
1951 J - J 1.0018 Sale 10018
1 100 10138 Am Writ Paper let e f 56_1919 J - J
10018
8914 Sale 8934
0034 55 8634 92
Dot United let cons g 4 is.._1032 J - J 8378 84
84
8538 22 8336 8614 Baldw Loco Works let 5s
1040 IVI-N 10312 Sale 10312
10312
I 10312 10414
t Smith Lt & Tr let g 58-1936 M - 13
'
,
15
I4
Jan
,
84
_6i.1_2 _66,_, Beth Steel 1st ext s f 58
1926 J - J 10012 101 10114
10212
9 100 104
Elud & Manhat 5s Ser A
65
1957 F - A
05
64
let & ref 5s guar A
1942 1111-N
9912 101
36 9912 102
9912
100
Adjust income 50
18
34 17
1957
17
2512 Cent Leather 20-year g 5s 1925 A -0 101 Sale 10078
1712 17
10158 29 10012 103
N Y &Jersey let 5s
Feb
100
__ _ 100
'17 ---- 100 10012 Col F & I Co gen e f 5s
1932
1943 F - A ---- 95
9312 Apr '17 ---- 9238 9712
interboro-Metrop coil 40_1950
6912 56 6534 7312 Consol Tobacco g 45
A -0 6i Sale 661t
1951 F - A
8114 _..__ 81 Mar'17 --81
81
Enterboro Rap Tran 1st 5e...A066 J - J
96 Sale 9538
97
129 9538 9958 Corn Plod Ref s f g 56
1931 81-N ---- 99
i p9899
98
99
Manhat Ry(N Y)cons g46_1900 A - 0 _
_ 88s 91 Mar'17 ---- 9012 94
let 25-year e f 5e
1934 M - N
98 Sale 98
210 9778 9912
99
Stamped tax-exempt
1990 A - 0 8-9-12 883.4 8834
8938
12 8834 9412 Cuban-Am Sugar coil tr 6s_ _1918 A - 0 10118 Sale 10118
10118
1 101 102
Metropolitan Street RyDistil Sec Cor cony lst g 56_1927 A - 0 62 Sale 61
62
36 61
70
Bwav & 7th Av isto g be_1943 J - D 90
9712 07 Apr '17 _--- 97 100
E I du Pont Powder 4;is. _1936 J -D 10112 104 103 Apr '17 ---- 103 10412
Col & 9th Av let gu g 5s_ _1993 M- S 97
9912 9812 Mar'17 ____ 9812 100
General Baking let 25-yr 6s_1936 .1 -D ---- 9212 95 Merle 7-Lex Av & P F Ist gu g 58._1993 M- S 97
0914 9914 Feb '17 --- 9914 0914 Gen Electric deb g 334s_ _ _1912 F - A
78
s "- 8112
8112 78 Mar'17 __a'
iMet W S El(Chic) lstg 4s 1938 F A
30 Mar'14
Debenture Is
1952 NI- 8 10534 Sale 105
10412 10615
10534
Mllw Elec Ry & Lt cons g 58 1926 F - A
103 Mar'17 --- 103 - 103 - Ill Steel deb 43.40
9124 32 91
1940 A- 0 9112 Sale 9128
94
93 Nov'16
Refunding & eaten 4)49_1931 J - J i66_
--- -tii
Indiana Steel 1st 5s
1952 1111-N _10_2_ _ S_a_i_e_ 102
10234 __9_3_ 10
,
1 10
„
,
378
,g
101 Aug '16 ---- -- -- - - Ingersoll-Rand let
Minneap St 1st cons g 5s_._ A919 J - J
56
1935 J - J
100 Oet '13
Montreal Tram let & ref 5(3_1941 J - J
9614 Jan '17 ---- -66- -iitiilot Agricul Corp 1st 20-yr 5s 1932 al- N
,
7312 7412 74 Apr '17 - - -- -71-12
-7614
3
4
Aug
m
0
83
,
_
_
86_
_
'16
New On Ry & Lt gen 4 As 1935 J - J
6 __ __ __
lot Paper Co lot con g 6s__ _1918 F - A 10038 10058 100
10012 30 100 102
N Y M(1111019 Ry let 6 f Ls A 1966 J 66 Consol cony s f g 5s
1935 J - J 100 10018 100 Apr '17 ---- 9812 100
; 6178
Y Rye let It E & ref 4s
1942 .1 - J --_- 647
Lackaw Steel let g 56
1923 A -0 101 Sale 10034
10118 75 100 10158
6
3
8
4% 101a1942 A - 0 36 Sale 36
30-year ad) Inc, be
103
381
1
lot cons 56 Series A
1
4
•:
38
1
1050 NI- S 981s Sale 9712
99
187 0312
82
Y State Rys 1st cone 4 As-1962 M- N 82 Sale 8078
4 8073 8714 Liggett & Myers Tobac 7e 1944 A -0-- - 124 12714 Mar'17 --- 12718 100
129
Portland Ry 1st & ref Ss__ __1930 NI- N
88
02
8812 N ov'I0 --5s.
F
1951
A
11'12
102
10112
8 10014 10418
10134
A
Portld Ry Lt & P 1st ref 58_1942 F --_- 7734 78
i -775-8.
78
7812 Lorillard Co (P) 78
O _-_- 124 12312
:
A A
195
9441 F
1
12312
5 12312 128
Portland Gen Elec let 69_1935 - J
9014 ____ 9012 Feb '17 _-__ 9012 9012
be
100 10038 100
10118
8 100 103
StJos Ry, L,II & P 1st g 68_1937 M- N 100_ 100
100
2 100 100
Mexican PetrolLtdcon fie A 1921 A - 0 10614 107 107
10734
510512 10734
It Paul City Cab cons g 56_ _1937 J - J 10134 153-12 10212 Mar'17 .._-_ 10212 10212
lot lien &ref 6s series C....1021 A -0 10718 108 107 Apr '17 ____ 10512 109
1960 J - J _
_ 7612 7612 Apr '17 --- 7612
Third Ave let ref 4e
803.1 Midvale Steel &0 cony s(Is19369412 Sale 9412
9412 95
21
95
a1960 A Adj ine 5e
&i
6231 6278
6458 23 027s 7312 Nat Enam & Stpg lot 5s..1929 i---15 100 Sale 100
10038
13 100 102
'Third Ave Ry let g La
1937 J - J ___ 10538 10538 Mar'17 --- 10538
Nat Starch 20-yr deb 5s
108
1930 J
J
9014 9112 9178 Mar'17 ---- 90
9178
Td-City Ry & Lt lots f 5s1923 A -0 9978 10038 100
100
1 100 101
National Tube lot 5s
195'2 81-N 100 Sale 9914
100
14 9914 103
Undergr of London 430...._1033 J - J
8978 90 Mar'17 ---- 8912 00
N Y Air Brake 1st cony 0s 1928 IVI-N 10278 104 102
102
10 102 106
Income (is
1948
6334 6512 72 Nov'10
Railway
Steel SpringUnion Elev (Chic) 1st g 518_1949 A--ii
84 Oct '08 -----_-_ -- - - - - - Latrobe Plant 1st e f 56_ _1921 J - J 10012 10134 10034 Feb '17 -- 10012 101
[Jolted Itys Inv 5s Pitt6 iss_1926 Pel-N :.---_-_ -rii"78 70 Mar'17 ---- -id - -id Interocean P let s f 5s
1931 A - 0 9812 100
99
99
2 99
9978
United Rys St L lot g 4s___ _1934 J - J
08
6112 Feb '17 ---- 61
6112 Repub I & 8 10-30-yr 5e s 1_1940 A - 0 100 Sale 100
10012 101 99 10114
St Louts Transit gu 5e
1924 A - 0
54
50 Feb '17 --, 50
Standard
53
Milling
let
58
1930 M- N 10018 Sale 10018
10018 20 0958 101
United Rite San Fr 5 f 4s
1927 A - 0 36
3834 39
39
Tenn
Coal
2
I
&
RR
3412
gen
5s_ _1951 J - ./ 101 102 101 Mar'17 --- 101 10318
42
Va Ity & l'ow let & ref 5s 1934 J - J
88
8914 88 Apr '17 --_ - 88
9312 The Texas Co cony deb 6s 1931 1 - J 104 Sale 104
10434 46 104 10618
Gas and Electric Light
Union Rag & Paper let 5s 1930 J - J
8812 90
8812 Mar'17 -- _ 8812 9312
Atlanta0 LCo 1st g 50
1947 J -D 10318 -- _ 103 Sept'15 --Stamped
1930 J - J
90 _
_ 8812
881
1 8812 9038
Bklyn Un Gas let cone g 56_1945 M-N
1()1
i iR
& I cony deb R 5s 1924 .1 - J -,, E6'
)
li - 10712
- - US Ideally
55
55
1 5334 64
Buffalo City Gas let g 5e_ _ _1947 A -0 1914 --,- 54 June'13
US Rubber 10-yr col Le 6s_1918 J - D 10178
-.- Sale 10178
80 10134 10433
102
CIncin Gas AcElec Ist&ref 5e 1956 A.0 19
09
112 8
10
30
1-e 110001 12
10012
lot Jr ref Is series A
4 16612 101 1947 J - J
91 Sale 91
300
91
9214
Columbia 0 & E let Ss _ _1027 J J
9234
91 Sale 90
91
U ta Smelt Ref & hi cony 65_1926 F - A 105 Sale 10414
20 87
91
Columbus Gas let gold 5s 1932 J - J
105
13 10414 109
97
U S Steel Corp--'coup_ _ _ _d1963 M-N
1
347 10512 1071*
l 10512
Consol Gas cony deb (al__ I920 Q- F iii- 5.7kie- 113 Feb '15 ---106
114
8 f 10-60-yr &if reg
57 i.ii - iiii d1963 M-N --------10514 Mar'17 -- -- 105/8 107
ConsOasE LAP of halt S-yr 53'21 M- N 104 10412 10434
10514
4 1081 1 Va-Car Chem let 15-yr 5s_ _ _1923 J -0 9812 Sale 9712
9812 49 9712 10054
Detroit City Gas gold 5s
1023 J - J
_ ioli, t00% 10078 115 1043
Cony deb fle
10078 1011,
e1924 A -0 101 102 10012
10012
Detroit Gas Co cons let g 5s 1918 F - A iiii 7,.__ 10112 Oct
2 9978 103
'16 ____
West Electric let Si Dee .1922 J - J 100 Sale 100
101
19 100 102,
Detroit Edison 1st coll tr 5s_1933 - J 10218 10318 104
4
Apr
'17
Westingh'se
____
E
&
M
10511033
8
4
notes
58_1917 A-0 100 10014 10012 Apr '17
1003s 10118
let & ref Si eer A
61940 M10112 Sale
ma
1y
0
.
1
158
8
Coal & Iron
C
18 10034 102
Eq 0 LNY let cons g 5s__ 1932 MI- S
10
50
111
Buff
&
Susq
Iron
*1
5s
1932
J
9614
-D
____
9638
Jan
__-_
'17
963
8
Berg
Elea
Coo g 5e1949 J -D ido-- :::: 100 Feb
9638
Gas &
Debenture .5e
'13 ---- - - - - - - - a1926 M- 891
02
91 Mar'17 ____ 01
9318
Havana Elec consol g So.__ _1952 F - A
_ 92
93 Mar'17 --__ -63" 01
Cababa C Al Co 1st gu 6e_ _. 1922 J -D 2 ------101 Dee '14 --- __ - _ -_
Hudson Co Gas let g 5s__ 1949 M-N 10212
_
10212 Feb '17 _-__ 10212 10312 Col Indus let & coll 56 gu___1934 F - A
3
78
Sale
77
7712
80
30
4
81
Ran City(Mo)Gas let g 56_1922 A- 0
907
8
Dee
'16
Cons
Coal
Ind
Me
lot 5s.....1935 .1 -D
70 ____ 73 Mar'14 ---- - - - - - - - Kings Co El L & P g 56____1937 A -0 09
101 Mar'17 ____ iiii- i0514
Cone Coal of Ald 18GS:ref 58.1950 J - D
9312 Sale 9312
9412
17 92
95
Purchase money es
1997 A - 0 ____ 117 116 Apr
'17 _-_ _ 11(i 11612 Continental Coal 1st g 5e.._ _1952 F• A
35 ____ 9938 Feb '14 ---- - - - - - - - Convertible deb 6s
1025
S
12012 128 Oct '16 -- _ _ __ _ __ _ Or Riv Coal & C let g 8s h1919 A -0 ____ 9
9434 Marl() ---- - - - - --Ed El Ill Bkn lateen g 49..1939 J - J
89
8931 88 Mar'17 ____ 88
Kan &II C & C 1st ef g 5s1951 J - J --------99
88
_
July'15 -----------L
let
St
g
of
be_e1919
Lac Gas L
Q- F 10038 10078 10012
10034
4 10012 10218 Pocah Con Collier let of 158_1957 J
J
8912 9212 9318
9318 10918
34
1934 A Ref and ext let g 58
10078 Sale 10078
10078
5 100 10258 St L Rock Mt & P 5e stmpd_1955 J - J
8512 8614 85
86
8 841 86
Milwaukee Gas L let 4s
1927 M-N
- 04
0234 Mar'17 _ --- 9234 9334 Victor Fuel let 5 f 5s
1953 J - 1 ____ 75
80 Dec '16 -----------1948 J - D 1(112
Newark Con Gas g 513
_
,_
_
10478 Mar'17 ____ 10478 10478 Va Iron Coal&Coke let g 5e949
_1
RI- 8 87
99
89
NYCIELH&P05e
89
1
1948 J -D 10178 Sale 10178
Telegraph & Telephone
10318 23 10134 10534
1949 F - A
Purchase money g 4s
84 Sale 84
Am Teiep at Tel coil tr 4e
8412 ____
9 84
88
1929 J - J
8834 Sale 8831
01
104 8834 9234
199r J - J 107 _ ___ 10814 Dec
Ed El 71 1st cons g 5s
Convertib e 4s1936 M- S --_- 9934 9838
'16
98
45 98 101
RY&Q El L & P 1st con g be 1930 F - A 10018 101 101 Apr '67
- 20-yr convertible 4;is_ _1933 81- S 101 Sale 10312 104
---- iiii - io
17 10312 10634
Pacific0 & El Co Cal0& E
30-yr temp coil tr 5s
1946 J - D
9914 Sale 99
100
885 99 10178
1937 M- N
Corp unifying & ref 5s
9714 sale 9714 9978 17 9714 101 Cent
Dist Tel lot 30-yr 5s. _1943 J -D 102 Sale 102
102
7 102 103
Pacific 0&E gen & ref 5(3_1942 - J
8934 Sale 8914
91
11 8914 9378 Commercial Cable let g 48-3
73 -„- 73 No**1 --- ___ ___ _
39
97
Poe Pow & Lt lot & ref 20-yr
Registered
___ 76
71 May'
__
___ __
1930 F - A
be Internat Series
9478 95 Jan '17
_05_
_ _ _0_5_ _ Cumb T & T let & yen 5s
1937 .1 • J
003s Sale 9938
100
1--36, -9938 10118
Pat & Passaic0& El 155_ 1949 Miiiii7
;
_ 9912 Oct '15
Keystone Telephone let 5e 1935 J - J ---- 99
98 Apr 16
Peon(las & C let cone g 68.-1943 A - 0 106 iii 115 Jan '17
Metropol
Tel
& Tel 1st a I be 1918 111-N 10018 101 10018
115 115
10018
2; irki- iiiiii
Refunding gold be
1947 M- S 100 10038 100
100
14 100 10212 Mich State Telep let 5s_ ._ _ 1924 F - A
9978 100
9978
9978
8' 99 10118
Registered
1947 M- S •
9914 99 Sept'13
N Y & NJ Telephone 51 g_1920 lal-N 101 __ _ 10112 Jan '17
38 89 107
91:
11 100
01%
Ch 0-L & Coke let gu g 5s-1937 J - .1
10158
10158
8 N Y Telep 1 st & gen s f 448_1939 M- N 9718 Sale 9718
3 ilii- iiii3Con0Coot Chi let gu g 5:( 193(3 J -D
10138Jan '17
10138 10138 Pac Tel & Tel lot 5s
1937 .1 - J
9812 Sale 9812
9978 451 9812 102
Ind Nat Gas & 01130-yr 5e 1936 M- N _
92
89 Mar'17
South Bell Tel &T let 6 f 58_1941 .1 - J
89
92
99 Sale 9812
100
40 9812 10134
Mu Fuel Gas let gu g 58....1947 M- N
19- -4 _ _
10012 Feb '17
1001 1011
_8 West Union coll tr cur 5s
1938 J - J 9934 Sale 9934
10114 20 99 10334
1.1111adelphia Co cony 6s.....1919 F - A
97
074
_3 9914 Nov'16
Fd and real cot g 4 He
_ 2__ _
1950 81-N
9312 9478 9312
9414
19 9312 9934
03nv deben gold 56
1922 M- N
88
8934 89 Apr '17
Met Un Tel gu ext 5s
9414
89
1941 81-N
9978 ____ 10114 Apr '16
Mill Gas & El cony f 86_1926 J -0 10112 10212 10112
10112 -1 100 102
Northwest Tel au 4 tie g _ _ 1934 1 - J ____
94 N ov'16 ____ _______ _
Slag prim radar:lateM Dia ang listed. a Due Jan. Due ADM. e Due Msy. •Duo June. h Duo July. I Due Aut. •Due Oct.
IP Due Nov. Dae Deo. • Ootton gale




11

,,,, 5.27-8

:1 _

BOSTON STOCK EXCHANGE—Stock Record se.2iNTNige
Range Since Jan. 1.
STOCKS
_ arthe
SHALT PRICES—NOT PER CENTUM PRICES.Sa
BOSTON STOCK

1476
Saturday
April 7.

Monday I Tuesday 1Wednesday 1 Thursday 1
April 12
April 11.
April 10.
April 9.

Friday
April 13

Week
Shares

[voL.
Range for Preston.
Year 1916

EXCHANGE

Highest
Highest
Lowest
Lowest
--Railroads
1
100 170 Feb 6 175 Jan 11 172 Dee 198 Feb
Albany
&
Boston
17012
171
110
17012
17012
170
17012
170 170 *170 171
8812Jan
6512 Apr
100 69 Feb 9 79 Jan 19
468 Boston Elevated
7338 "ia" IS"
73
7112 73
71
71
7112 72
71
71
100 105 Jan 22 133 Mar22 119 Dee 145 Feb
5 Boston & Lowell
*125 ____ 125 125 *120 125 4120 125 4120 125
52 Feb
38 Apr 7 45 Mar16
34 Aug
100
Maine
Boston
de
iiii2
288
-5538
3814 33' 3814 38
38
38
39
100 210 Apr 5 213 Jan 30 200 Aug 23512 Mal
120 Boston & Providence
2- 24109
210 4_3
4210 ____ 210 210 *-___ 210
Boston Suburban Elea Cos
Last Sale 413 May lb
4
4
4 4— _ _
4 4_ _ __
4_ _ _ _
Febb
4012
5 je
25 Mar 3 2712Jan 24
30
41'Fe
b
Dec
Do pref
Last Sale 25 Mar'17
Boston & Wore Electric Cos
Sale 412 Nov'16
*:::: --i- *:::: —i- *-_-_-_ -_ --,f-*::::4
July
5:je
4 Feb
42
M r 4511
35 Mar23 38 Feb 5
pre!
Do
Lust
Sale
35
Mar'17
38
36
*-___
4-___ 36 4_ __ _ 36
Cbio Juno Ry & U S Y_--100 150 Jan 5 150 Jan 5 160 Oct 154 July
Last Sale 150 'quell
153
151 4____ 153 *-___ 153
105 Feb 3 108 Jan 27 10212 Apr 110 July
180 Do pref
106 106
103 106 *106 107
106 106
106 106
4---_ 107
100 125 Mar 2 140 Mar28 123 Sept 162 Feb
Connecticut River
1391
139 *---135 135 *-___ 139
4_-__ 139
69 Mar 2 7812 Mar22
694 Sept 87 Feb
100
Fitchburg
pref
21
7312 -77:112 -fit;
*72
75
472
75
*70
75
70
*73
75
131884
8 4 Dec
317 Georgia Ry & Elea stampd100 126 Feb 20 133 Jan 17 122 Jan
12738 12712 *-___ 12812 _-_- 12812 12778 1274 127 127
*12712 129
9213 Jan 9 z86 Jan
94 Dee
Mar
5
91
pref
100
Do
_Last
Sale
Mar'17
01
*8934 93
48934 93
03
491
491
93
Jan
102
Mar
7
10018
Apr
9
98
Sept
98
100
60 Maine Central
--_- _--498 ____ 934 9812 98
98
*9912 ____ 98
Aug
512 Mar24
378 Mar 1
412 Dee
100
15 Mass Electric Cos
5
5
44
*4
5
*4
5
414 414 *4
5
*4
Jan
44
Aug
9
Mar
8
2713
2312
22
*2212
100
26
2312
Do
pref
stamped
Dec
*2212
85
23
23
23
22
23 *2212 23
23
774 Jan
50 Dee
100 3G5 Feb 16 5234Jan 2
233 N Y N H & Hartford
4-114 4412 4534 4534
4318 44
4318 4312 4312 4312 44
43
3
Mar 12
.
tTur 6
15
07
Jan
____ ____
5 Northern New Hampshire 100
498 ____ 4103 ____ 103 103 4100 103 *100 103
Feb
l"
73 Old Colony
1934714
120 120 4120 ____ 120 120 :T.. " '120 122
20 May 3512 Dec
Rutland, pref
100 2434Feb 2 3112 Feb 13
111
3:i ---I‘14;, .-C7
4___- 32 4____ 31 *____ 31
Jan 15 10012 Aug 125 Mal
110
1034
Feb
14
Massachusetts_100
Vermont
dr
Last
Sale
110
Mar'17
110
•108 110 4107 110 4108 110 4107
50 5114 Feb 1 5612 Mar17 255 Sept 6712Jan
5314 534
565 West End Street
5212 53
52
5218 5212 5212 5212 5214 5214 52
60 July 80 Feb
100 70 Feb 16 74 Jan 6
66 Do pref
72
71
_--- ---70
70
70 *-___ 70
70
701s 70
Miscellaneous
Jan
26
84
Feb
14
9312
64 Apr 102 No,
Amer
Agrioul
Chemical-100
20
*90
91
*92
93,2
8812 8812 48812 90
90
485
*874 89
100 9812Feb 13 10312Jan 27
9512 Mar 105 Dee
375 Do pref
100 100
9034 100
100 100
100 100
100 100
100 100
238Jan
9
Apr
9
11s
50
Pneumatic
Service
Amer
DApe re
1067
4 Dee
65
1,
1
* 3
138 138 *V8
112
118 4138
118
. 414 112
81*
Mar
8
14
2
Jan
------------10550
pref
Do
1012 104 1012 1012 1012 1012 41012
Petry
MA()
51
4
4O
15
361 Feb 3 115 Feb 21
193
12
110
12
00
0 10512
Refining
1000
11
Amer
Sugar
11:50
**
1
1
1
n
112
11112 11112 4110 11034 4111
•110 112
Mar 1 12112Jan 24 1144 Mar 124 Oct
310 Do pref
11812 11812 11812 11812 41812 11812 lizi iiii2
11818 1184 4118 120
Jan 12 12814 Jan 25
12334 12114 2,143 Amer Telep & Teleg
123,
4 124
12338 121
1234 12412 12312 12378 12312 124,
'
31311i
:2i:4
51
50
50
64 American Woolen of Mass.100 40 Feb 1 5438 Apr 3 1.21
*30
*4914 50
*4912 50
51
51
51
*50
0 58 M
9 Jan
100 9412Feb 3 100 Mar15
(31
9712 98
4;
9712 98
9712 93
9712 98
9712 98
9734 98
70 Nov
66 Jan
70 Jan 16 74 Jan 3
i anufacturing .._
9
-4 Am
poeskeapgreM
71
-—
—
470
71
470
7014
70
71
70
470
70
08 July 10114Feb
91 Apr 4 9712Jan 5
18 Do prat
*95 ____
495 ____ *95
95
95
*95
14714 Dec
27 Jan
6- 5,225 Atl Gulf & W ISO Lines--100 8912 Feb 23 12112 Jan 22
.
103 10134 103 10714 10234 10178 10312 f.66— 105 10712 iiii 1-0
724 N ov
5512Feb 9 86 Jan 4
100
42 Jan
pref
Do
2
62
631
330
62
63
462
62
62
62
62
62 62
257s July
Jan
2
19
10
1314
Feb
3
Will,
Apr
Cuban
Cement
Port
-------320
1512 16
16
15
1534 16
416 ____
17
416
814 Dec
712 Apr 13 10 Jan 22
1313 Jan
10
1,000 East Boston Land
1
9
48
712
9
7
2
48
9
9
9
9
9
9
19734Jan 24 226 Jan 4 225 Dec 250 Mar
100
Ilium
Edison
Electric
261
200
200
200
4197
200
200
199 201
200 200 200 200
Oct
17014Jan
186
16
4
Feb
10
Apr
100
1613
15914
General
Electric
25
•16214 163 416112 16212 416214 16234 163 16/34 4167 168
95 June 10212 Sept
254 McElwain (W H) 1st pref.100 100 Feb 3 102 Jan 18
1(10r2 1-6012
100 100 4100 101
101 101 4100 101
101 101
4 No,
10012
Mar23
1005
87
Feb
3
Sept
7
Cos-100
78
9
Massachusetts
Gas
1,333
94
r9334
9534
95
9412 95
9414 96
9412 9534 9412 95
100 7834 Feb 28 81 Mar30
Sept 185191914 NovaFAeppb
237 Do pref
80
7912 7912
80 *79
80
80
80
81
80 80
480
100 155 Apr 11 169 Jan 31
20 Mergenthaler Linotype
155 155 4150 160
4.-- 161 4____ 160 *150 160
1
Mar
16
Mar
16
10
I
Telephone
Mexican
*1 ____
Mar'17
Last Sale 1— -NI
41 ____
15
15014 ri''
DI4eaeolv
Mississippi River Power__I00
Last Sale 1158 Dec'16
---- ---100 38 Jan 26 40 Jan 17
35 Nov 44 Feb
Do pref
Feb'17
Last Sale
Nu
al
156
45
gu Dee
r f7i
2
5p
n
Ta
n!
Epnre
gfCotton Yarn_ —
!
90 ---------405
--" -81 -Fii" 87
-1W 1E" ;iirs -i - -_
_ _._
20 D
90
85
489
85
90
485
90
485
90
485
NIN:
ar
10
6
512 Mso
16
4
Mar10
100
11712
Apr
13
1244
Telephone
157
N
e
e
lv
weEngland
11734 11734 11734 11734 11712 1173-4
11812 11912 118 118
11914 120
22
100 135 Mar 5 147 Jan 19 10
94
1 Jpae
Nipe Bay Company
Last Sale 141 Mar'17
139
138 4____ 133 4____ 138
n*-_
C---100 97 Mar 1 112 Jan 11 102 Dee
Steel
&
Scotia
Nova
Last
Sale
101
Mar'17
09
*94
100
*95
490 100
497 100
100 158 Apr 13 16614Jan 25 15812 Ape 175 001
45 Pullman Company
---------------------- 158 15814
160 160
59 Oct
3g12 Decpn
50 30 Feb 15 46 Jan 3
793 Punta Allegro Sugar
3212 33
43212 33
3212 33
g 3
;554 -ii- *3212 34
1
10 14 Jan 25 18 Mar29
Button-Hole
40
Reece
15
15
15
15
1514 1514
16
415
16
415
13
177
Oct
Apr
n
1S1(
5
1
1N
Feb
ei3
7
,
803
Swift
&
Co
Feb
i-ii- 1-5-67-a
156 157
15014 15334 15134 157
147 149
149 152
70 Nov
175 Torrington
5838
59
5838 584 58
5912 5912 *58
60 00
59
59
33 Mar
Jan
25
29
Apr
9
33
4
pref
28
Do
Jan
29
29
29
29
*29 ____ 429 ___
2912 30
100 13412 Feb 9 15412Jan 22 13812Jan
16884 Aug
13712 140 - 140 14134 11074 fii- 1,3N United Fruit
13712 138
13814 140
138 140
8,3%
112M
25 53 Apr 10 5314 Jan 3
33
gn
ue 6
j
Ju
5314 3,654 United Shoe Mach Corp
5334 5314 5312 53
5312 53
53
54
5458 5312 54
2112
Mar 8
3018
25
2812
Apr
9
pref
Do
444
2812 2834 2812 2854
29
29
284 2834 2812 29
100 994 Feb 3 118 Mar21
10938 11114 11112 112/8 1-11.33 1-17i7-8 9,156 U S Steel Corporation
10858 110
10912 11258 10934 112
oev
D
NIee
100 11634Feb 2 121 Jan 27 17
19
5:4
4F
Meb
er V2132955:14 JanI,
__ ____
8,370 Do pref
11734 11734 *11714 118 411738 11734 *11712 118
•11714 118
6 Apr 10
8g Jan 26
Pa Sept
6
1,281 Ventura Consol 011 Fields., 5
6
6
6
6
618
6
6
614 614
638 612
Mining
285
4234 3
234 278 *278 3
*212 278 4258 278
278 3
414Jan 2
25
234 Apr 11
91
114 Feb
Aug
180 Adventure Con
99
498
99
99
98 100
99
498
98
9812 9912 98
122654122
25 94 Feb 3 108 Jan 2
1,230 Ahmeek
734 8
8
773 818
8
778 8
8
778 8
8
Jan
614 Feb 8 1112Jan 2
10
10 Dee
150 Alaska Gold
.90
*34
.90
*4
.90
4
*3
84
*34 .85
*34 .85
kl
urv
v
358
12 N
Apo
987
2
114 Jan 2
25
34 Apr 10
Mining
gomab
5
A
1
2
9
61
61
,19,2
61
6114 6114 6114 61
6312 6312 6212 6312 61
25 58 Feb 3 70 Mar 6
56'4 Neacy
Allouez
3114 3134 3412 3134
3314 35
3334 3438 3312 3138 3312 31
29•• July
Lead & Smelt.. 25 3034 Feb 3 4114Jan 26
Amer
Zino,
J.,g8
____
____
6712
*6612
6712
6712
6712 6712 67
69
46612 671
8818 N ov
60 July
25 65 Feb 8 73 Jan 3
Do pref
41212 13
12
12
1234 1234
1212 1134 12
12
1234 412
18 Nov
758 July
5 1038 Feb 3 1518Jan 4
460 Arizona Commercial
114
114
.114
114
112
138 *114
114
112
112
158
158
51 Feb
21 Jan 26
112 Aug
Apr 10
10
114
Copper—
70
Butte-Balaklava
43
44234 4312 *44
4212 4212 442
4412 2,833 Butte & Sup Cop (Ltd)
4218 4218 *4312 44
10 3934 Feb 2 52 Jan 26
42 Dec 10514 Mar
78
7634 7734 78
7712 7812' 77
7834
80
7912 8018 78
10 73* Feb 3 851* Jan 26
66 June 101 Nov
56 Calumet & Arizona
549
550
550
519
550
549
550
•
54512
550 550 1 555 555
Nov
25 525 Feb 3 580 Feb 20
Dec
201 Calutnet & Heola
20
19
19
*1814 20
20 *19
20
20
20
20
419
9'2? 7ov
25 19 Feb 3 2714Jan 16 5N
Centennial
453
5312
45514 56
5334 *5412 55
55
5414 5412 *53
55
Neoev
35
14
8D
5 53 Jan 6 03 Mar 7
46 July 77
3,45
70
4 Chino Copper
60
6012
61
62
61
6134
60
6112 6038 6112 597g 6012
837;4 MarNo v
5244 July.1:il y
435 Copper Range Cons Co— 25 57 Feb 3 68 Jan 17
212
2
2
4134 2
*2
2
2
2
2
*214 234
20
2 Apr 4
3 Jan 12
3,645 Daly-West
478 5
478 5
478 5
514
5
514
514'
5
5
712Jan 16
10
454 Dee
478 Feb 3
Copper
4
(,,,,,
Davis-Daly
1338 1334 1312 1334 134 1312 1314 1312 1338 1312 1312 1358
1112July 20 Nov
10 12 Feb 3 16 Jan 3
''''" East Butte Copper Min
7
714
712 7,2
714 714
714 712
714 712
714 714
9 Mar 8
25
7 Feb 1
ne 5135114k NovN ov
Jtiliii1y
4a,3
7
3S
5:g Franklin
8434 85
85
85
z82, 82
76
485
*83
87 I 48212 87
120 Nov
100 8012 Feb 5 92 Jan 17
Consolidated
Granby
20
42
*40
41
41
41
441
440
4112
441
42
*40
41
4612Jan
3
41
Feb
27
100
Cananea
105 Greene
16
415
16
415
154 1512 15 .15
*16
1612 16
16
25 1412 Feb 13 2012 Jan 19
Hancock Consolidated
104 June 2312 N ov
205
4212 3
•212 3
3
4234 3
3
*3
338
3
3
612 Nov
25
4 Mar22
2 July
134 Feb 16
450 Indiana Mining
65
65
65
6512 6512 *6112 6512
65
66 I 65
66
66
1 58 Jan 2 7013 Jan 25
42 Sept 734 Dec
Creek Coal
9214
491
Last Sale 9012 Apr'17 1,850 Island
92
491
92
*9012 9112 491
934 Dec
1 89 Feb 5 9312 Mar15
pref
88 Jan
Do
3214 23012 31
31
3012 3012 30
304
31
32 I 3134 33
25 July 43 Nov
25 29(2 Feb 3 36 Jan 18
Isle Royale Copper
414 414
414 412 *414 438
412 412
412 412
414 414
375 Kerr Lake
312 Mar
54 May
5 Feb 15
5
414 Apr 9
214 212 *2
21
*214 212
*212 258 *214 234
212 212
310 Keweenaw Copper
434Jan 27
234Feb
8 Apr
25
10
214
Apr
12
12
12
412
1212
1234 12
1112 1212 12
735 Lake Copper Co
1214 412
914 July 191* Feb
25 11 Feb 2 18 Jan 2
Last Sale 334 NIar'17
4353 378 *358 4
4312 4 I *358 4
64 N ov
5 Jan 18
314 July
25
3,8 Feb 3
La Salle Copper
6
*53
4
614
Last
Sale
6
*57
8
Apr'17
46
612 454 614
634 Mar30
112 Aug
0 Nov
5
5 Feb 9
1,010 Mason Valley Mine
13
13
1234 13
1234 13 1 1234 13
1234 13
*1234 13
25 1112 Feb 5 1512Jan 17
10 July
1912 N ov
Mass Consol
212 212 42
214 212
2
214, 214
214 21,1
214
2
385 Mayflower
5 Feb
2 July
25
2 Apr 13
312 Jan 6
414
*33
4
*334
414
*334
4
4
*4
412
4
300 Michigan
312 334
414 Nov
25
212Jan 10
512 Mar24
1l* Jan
493
83 8312 *8314 85
831
84
81
8312 83
84
83
82
108
Nov
3
Jan
25
77
Feb
3
98
7711
Mohawk
July
10
2234 *22
2234 422
422
2234 *2214 23
23
23 *2212 23
5 2i* Feb 2 2612 Mar 7
15 Jan
334 Nov
Consolidated
Nevada
1.6
80
4
4
*312
4
4
4
*312 4
4
4
334 4
205 New Arcadian Copper
1014Jan
25
6 Jan 2
434July
33* Ayr 13
16
10
*16
1612 16
1614 16
16
18
1614 1614 1612
1712 Apr 3
5 14 Jan 27
9 July 2414 Jan
85 New Idria Quicksilver
2814
26
26
26
424
26
100 22 Jan 25 30 Mar20
20 Dec
313s Nov
30 New River Company
87
89
89
87
89
8
21
*85
88
89
---- ---100 78 Jan 24 9214 l'vlar20
77 Dee
93,4 Nov
Do pref
607 Nipissing Mines
VS
758 758 --ii4 --fiti
738 758 • Ps
712 758
7% 734
33 Jan 2
6
712 Apr 7
6 Mar
94 Nov
2212
2212
22
2214
2214
2158
22
2212 2112 23
2214 2212
ii.„,,,..
20 July 3212 Nov
15 2014 Feb 2 2414 Mar28
,n,North --1,
14_ ,2, 3,605
13142 .
1,2
112 13 .
*112 134 *112 134 *112 134
411 Jan
234Jan 3
25
1 Feb 13
.50
June
',r
5
North
Lake
4
'14
4
2
214 *218 2
214 214
214 214 *218 212
272 Apr
11 July
25
2 Jan 6
011bway Mining
278 Jan 12
214 42
214
212
*214 3
214
214
214 214 42
435
212
11 July
3 Jan 31
4 Jan
25
218Jan 12
33
,Old Colony
59
60
00
59
60
59
5912 5912 • 5912 60
Nov
5912 60
Mar
12
59
25
55
6734
83
Feb 3
Dee
245 Old Dominion Co
8412 84
8412 8412 85
83
8412 8512 8412 85
85
*83
70 July 105 Nov
25 78', Feb 3 95 Mar12
6,812 Osceola
2314 2314 24
2234 24
23
2312 24
2312 2234 2312 23
1112 Mar • 2354 Dec
10 1712 Feb 3 2778 lsilar21
Pond
Creek
Coal
144
87
87
8612 301825
8512 89
86
8614 48512 87
87
87
87
84 Feb 3 9412 Feb 21
81 July 1094 Nov
Quincy_
294 30
30
30
2958 3038 2914 2914 29
20s4June 364 Nov
580 Ray Consolidated Copper_ 10 23 Feb 1 3218 Apr 3
'
3 3°12
*29
794 80
82
81
82
80
80
80
80
81
480
8012
460 St Mary's Mineral Land
25 7412 Feb 3 8934 Mar 0
6112Jan 140 Nov
158 158
112 112
114
13s
112 I,
114
34 Jan
2 Jan 2
14
/
6 Apr 13
114 July
670 Santa Fe Gold & Copper_ 10
814 814
814 834
4812 9
812 812
812 812
83s 84
1212Feb
10
712 Feb 3 10 Jan 5
7 July
300 Shannon
26
42412 26
*2412 2512 425
2614 425
Last Sale 29 Mar'17
2454July
Mari0
10 2612Feb 6 3018
50 Shattuck-Arizona
414 *4
412
*4
434 *4
•4
4
4
*34 4
81* Jan
614Jan 2
4 Aug
25
378 Feb 17
775 South Lake
114 12
13
1312 *11
12
12
11
12
14
1212 1212
2812Jan
1212July
25 11 Apr 10 16511 Mar 8
ioar
S
Turipneirt)
512 534
534 5%
1
_ 34
534 6
534 5
834Oct
534 6
53
4
52
1,085 Superior & Boston Copper_ 10
112Jan
814 Jan 6
5 Feb 2
_;5i2 _ _i3_4 _ _5f2 iii .....5i.2 i371 -;5i.2 --,i Last Sale 5012 Mar'17
561* Jan
35 Aug
25 47 Feb 2 60 Jan 15
Tamarack .1254Jan
414July
312 338
440
312 3,2
312Feb 21
25
6 Jan 4
112
112 *14
112 PA 13
,4 *114 14
118
118 *114
134
212 Dee
.15Jan
1
118 Apr 12 211A Jan 9
220 Tuolumne Copper
573
5778 5934 5834 59
5712 5712 57
5712 5818 574 5818
8138 Nov
5418Jan
50 52 Feb 3 6734Jan 4
U S Smelt Refin & Min
50
5018 5018 50
5012 5018 5012 50
4978 50
504 50,2 1,21 Do pref
49 Feb
5354 Apr
50 4978 Apr 12 5212Jan 4
214 214
214
214
214 24
214
2,4
214 214
314 Jan 2
54 Apr
273 Dee
178 Mar28
1,930 Utah-Apex Mining
5
1412 1518 1434 15
1434 1434 1438 15
15
1512 -II -111-2
Nov
121 J
5 1412 Apr 7 2112 Fob 20
)Utah Consolidated
11012 11214 11312 11312 10834 10912 4110 1101 4110 11034 411013 1104 1,a0
I oyr
ne
:4
71111423 NN
75 2 An
1(
10 98 Feb 1 11614 Mar 8
Utah Copper Co
5
5
5,4 54
478 5
VII 5
Mar
478 5
5
5
658Jan 10
2,215 Utah Metal OC Tunnel
514 Deo
1
434Feb 3
414 414 4312 414 4_ ___
414 *4
4,4 4312 4
434
Nov
4
2
Jan
85
13
6
2s4Jan
8
Apr
25
4
Victoria..
4334 37s
4
414 41------4 •,,
4 *___
54Jan 25
34 Mar
8 Nov
5 Winona
25
312 Feb 3
44
44
44
44
4314 44
43
43 *-4
-5- 43
434 si:i..
.
a
: _4
'
.3
1.1_8
90 Wolverine 871s Feb
45 Oct
25 43 Apr 11 534 Mar 0
1
*1
14 41
14
1
114 4.87 118
115 wyandott
218 Jan 3
214 Feb
25
1 Feb 14
118Aug
• Bld and asked privet!. a Ex-dividend and rights. • Assessment paid. A
Ex-righta. a Ex-dlvIdend. so Half-paid.




z23

12

igg 33 laan 13 33

3 1r3

igg

ly

1I4 184 PA

4038Feb

THE CHRONICLE

APR. 14 1917.]

1477
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.

Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Apr. 7 to Apr. 13, both inclusive:
Friday
Last Week's Range Sales
for
of Prices.
Sale.
Price. Low. High. Week.

Bonds-

Am Agri° Chem 5s_....1928
Am Tel & Tel coil 45._1929 89
Convertible 451s- - -1933
994
5.9 temporary receipts__
At1G&W ISSL 5s__1959 82
Chia Juno & US Y 58-1940
1940
4s
Gt Nor-C B & Q 4s_ _ _1921
1929
Mass Gas 456s
1931
414s
Miss River Power 5s_ _1951
N E Telephone 5s_ _.1932
New River 5s
1934
Pond Creek Coal 63..1923 105
Punta Alegre Sugar 6s_'31
Seattle Electric 55_ A930
Swift & Co 1st 5s
1944
U S Smelt R & M cony 6s_ 10454
Western Tel & Tel 5s_1932 98

10051 10034
89
9151
103 1034
994 100%
81% 8256
1014 1014
8654 864
974 974
96
974
92
93%
7631 7651
100 100
8051 804
105 108
84
85
1004 10031
100% 101%
10431 105
97% 9952

$1,000
35,000
2,000
88,000
8,500
31,000
1,000
1,000
36,000
52,000
3,000
26,000
10,000
28,500
6,000
1,000
21,500
17,000
27,000

Range since Jan. 1.
High.

Low.
Apr
Apr
Apr
Jan
Feb
Jan
Mar
Apr
Apr
Apr
Apr
Jan
Jan
Mar
Mar
Apr
Apr
Mar
Apr

1004
89
10356
994
79
10155
84%
97%
96
92
764
100
79
101
84
10034
100%
104
97%

104%
92%
106
102
854
10234
87
994
9856
95%
78
10251
82
11034
96
10131
10251
109
10051

Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan

Chicago Stock Exchange.-Record of transactions at
Chicago Apr. 7 to Apr. 13, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

Stocks-

American Radiator.
-...100 290
100
Amer Shipbuilding_
Booth Fisheries, oorn__100 101
Preferred
100 9334
Cal & Chia Canal & D.100
Chic Cy&C Ry pt sh, pref.
Chicago Elev Ry corn_ _ _ _ __ __ __
Chic Pneumatic Tool--100 70
Chic Rya part Of"2"
14
Chia Rys part ctf "4"
Chicago Title & Trust_100
Commonw'th-Edison_ _100 135
Cudahy Pack Co,com_100 126
100
Deere & Co prof
100 121
Diamond Match
tiom
Hartman Corp
Hart Shaf & Marx,com.100
Preferred
100 80
Illinois Brick
Kansas City Ry corn otfs- _____
Linde Air Prod Co, corn- 21
Lindsay Light
Middle West Utilities corn
77
Preferred
100
National Carbon
100
Preferred
People's Gas Lt &Coke.100 90
Preat-O-Lite Co Inc
12634
Pub Serv of No III, com.100
Preferred
100
Quaker Oats Co--Pref..100 11454
Sears Roebuck com__ _ _100 1824
Shaw W W oommon. 100
Preferred
100
Stew War Speed corn_ _100 77
Stover Mfg & Engine Co_ _ ...._ 100 1594
Swift & Co
100 19934
Union Carbide Co
United Paper Bd com-100 28
Ward, Montg & Co, prof__ 116
Wilson de Co, common_100 77
Preferred
100
Bonds.
Armour &
Co 411s_ _ _1939 924
Chicago
City
974
1927 94
Chicago Rya 55
Chic Rya 5s series"A"
Chia Rys 48, aerial "B"
Chicago Telephone 58_1923 100
Commonw-Edison 53_1943 10151
Commonw Eleo 58_1943
Morris & Co 434s-1939 9134
Peoples Gas Lt & CChic GasTACI 1st 58.1937 101
Swift & Co 1st g 55-1944 wog
.71tenn
.
On tat RR
1041 10234
551927

Ry

Range since Jan. 1.
Low.

10 b285
285 290
Apr
735 39
7334 75
Feb
2,097 60
87 101
Jan
625 81
9334
Feb
93
4951 494
33 49
Mar
160 24
31
30
Feb
21
5
6
6
Mar
762 60
684 70
Feb
16
1654
155 16
Apr
131
132
249
152 Jan
30 210
210 211
Apr
172 134
135 136
Feb
5,728 10854 Feb
118 127
99
99
125 964 Feb
227 119
120 125
Feb
405 60
Apr
60
63
80
80
240 80
Apr
116 116
35 116 Jan
794 82
420 7951 Apr
28
28
50 1954 Jan
259 260
12 259
Apr
20
21
617 164 Feb
58
58
10 52
Mar
77
78
30 77
Apr
315 315
83 295
Jan
135 135
20 129
Jan
90
9131
459 88
Feb
124 129
346 102
Feb
109 110
85 105
Feb
100 102
30 98% Feb
114 11434
66 110.4 Jan
175 187
6,165 c175
Apr
65
66
80 50
Feb
93
93
15 90
Feb
73
7751 2,498 73
Apr
101% 10131
100 101
Jan
14751 1594 13,468 13251 Feb
195 2014 1,607 169
Feb
28
31
590 274 Feb
2C9 115
11534118
Mar
6954 774 3,980 58
Jan
105 10634
470 1024 Jan
9256
97
94
86
67
100
10134
100%
9134

9351
9734
9532
86
6754
1004
101.4
10034
9134

$2,000 924
15,000 97
3.000 94
1,000 86
17,000 6634
6,000 100
23,000 10134
1,000 10034
5,000 9111

High.
445
79
101
934
53
3511
7
70
25
2
22054
1424
12714
100
13254
784
90
11851
8851
28
300
2351
58
78
335
135
106
14651
114
1024
115
239
73
96
101
102
15934
210
3451
11751
8451
10751

Apr 94%
Apr 994
Apr 9754
Apr 91
Mar 7051
Apr 10251
Jan 10334
Mar 10334
Apr 94

Feb
Mar
Apr
Apr
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Apr
Jan
Mar
Jan
Jan
Mar
Jan
Apr
Jan
Mar
Apr
Mar
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Jan
Apr
Apr
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan

BondsMononRivConsC&C6s'491
Pitts Coal deb 5s
1931

118
100

118
100

Range since Jan. 1.
Low.

31,000 118
1,000 99

High.

Jan 118
Jan
Jan 1004 Mar

Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Apr. 7 to Apr. 13, 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.
rrtuuy

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

Stocks-

Alliance Insurance
10
American Gas of N J._100 118
American Milling
10
American Rys pref _ _..i00
Baldwin Locomotive_ _100
Preferred
100
Buff & Susq Corp v t c_100 6134
Preferred v t c
100
Cambria Iron
50
Cambria Steel
50
Consol Trac of N J._..l00
Elm Storage Battery_ _100
General Asphalt
100
Preferred
100
Insurance Co of N A_ _10
Keystone Telephone_ _50
Lake Superior Corp_ _ _100 2031
Lehigh Navigation
50
Lehigh Valley
50 6534
North Pennsylvania_ _50
Pennsyl Salt Mfg
50 9354
Pennsylvania
50 534
Philadelphia Co (Pitts)_ 50
Pref(cumulative 6%)_ 50 39
Philadelphia Electric_..25 324
Phila Rap Tr vot tr reo_50 30
Philadelphia Traction _50
Reading
50 9751
Tono-13elmont Devel_._ _1
451
Tonopah Mining
1
Union Traction
50
United Cos of NJ
100
United Gas Impt
50 8534
U El Steel Corporation 100 11251
Western N Y & Pa
50
West Jersey & Sea Shore 50
Wm Cramp & Sons_...100
York Railways
50
Preferred
50 374
BondsAmer Gas & Eleo 58_2007
Small
2007
Baldwin Locom 1st 56_1940
Eleo & Peo tr ctfs 4s_ _1945 8251
Small
1945
Inter-State Rya coil 48 1943
Lehigh Valley cons 68_1923 10951
Gen C011130i 48
2003 8054
Gen consol 451s_ _..2003
Leh Val Coal 1st 58..1933 10451
Leh V Tran ref dr imp Sa'6() 93
National Properties 4-6s_ _
PennRRnew411s(rats)_'65 974
Consol 451s
1960 10451
Consol 456s rests_ _1960
P W & B ctfa 4s_ _1921
Pa dr Md Steel cons 68 1925 106
Peoples Pass tr ctfs 46_1943 85
Philadelphia Co Ist 5s 1949
Cons & coil tr 5s_ _ _1951
Phil Elea tr ctts 5s small'48
Trust ctfs 48 small_ _1950
New 58
10151
New 5s, small
Phil & Erie gen 4s_ _1920
Phil & Read Tenn 5s_._'41 11254
Reading gen 48
1997
United Rya Invest 50_1926 694
Alfektehne, ,••• re•
•

1 flOft
•

Range since Jan. 1.
Low.

High.

4
214 22
17
118 118
9
94
220
94
95
94
5252 544
290
15
1014 1014
614 62
35
53
5
53
4551 4554
11
115 115
22
73
50
73
63
6352
433
24
24
100
64
12
6451
2631 2651
322
12
1251
301
204 5,062
19
784 80
592
6334 654 1,137
934 934
34
46
93
9334
5254 5351 2,718
280
3534 3751
164
39
394
32
324 1,749
2,843
27% 30
116
7956 80
9252 974
737
451 451
760
651 64
1,234
42
43
659
226 226
2
8534 8751
903
108% 112% 42,507
200
22
22
291
50
5054
55
8052
770
125
15
15
61
37% 374

2051 Jan
116
Feb
Mar
8
94
Apr
49
Feb
100
Feb
6134 Apr
53
Apr
45
Jan
100
Feb
73
Jan
6031 Feb
24
Apr
Mar
64
2534 Feb
12
Apr
15
Feb
7851 Apr
6331 Apr
93
Jan
93
Apr
524 Apr
3534 Apr
39
Apr
32
Feb
2734 Apr
79
Mar
89
Feb
434, Feb
551 Jan
42
Apr
223
Jan
85% Apr
9934 Feb
17
Feb
50
Mar
66
Feb
13
Feb
36
Feb

22
121
951
98
6251
10251
66
58
46
130
74
6752
294
704
2751
14
24
85
7951
94
96
5734
414
43
3451
3431
84
10334
434
751
474
226
914
11851
25
534
92
154
39

Apr
Feb
Apr
Jan
Max
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Feb
Apr
Mar
Jan

96
9651 $8,000
9651 9654
600
10311 1034 34,000
82
8251 16,000
8054 82
520
14,000
54
54
10951 10954 1,000
894 9052 7,000
004 0056 3,000
10451 1044 3,000
93
93
3,000
6254 624 1,000
9751 9751 152,000
10434 1044 36,000
10351 1034
1,000
99
99
4,000
7,000
106 106
85
85
2,000
102 102
2,000
91
91
1,000
105 105
200
90
700
90
1005-4 101% 209,000
8,000
101 102
9851 98 t4
1,000
11254 1124 4,000
91
014 42,000
6951 6954 16,000
no
OA
ft ruin

96
96
10331
82
8051
54
10951
8951
9954
10451
93
6254
9751
1044
1034
99
106
85
10156
88%
105
90
10031
101
9854
11251
91
6954

Jan
Jan
Jan
Jan
Apr
Apr
Apr
Mar
Mar
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Feb
Feb
Jan
Apr
Apr
Apr
Mar
Apr
Apr

9734
9754
10431
84
86
57
10956
9151
102
10651
9451
68
984
1074
10351
9934
108
90
10234
94
10634
90
102
10256
9831
11351
9654
74

Jan
Mar
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Mar
Mar
an
Jan
Apr
Apr
Apr
Jan
Jan
Jan

A7 1,‘

FPh

Oat?

Tan

Baltimore Stock Exchange,-Complete record of the
101
101
4,000 101
Apr 10314 Jan transactions
at the Baltimore Stock Exchange from Apr. 7
wog 1014 3.5,500 wog Apr
102
Jan
10251 10231 12 WI 1(113A .T.n 111/ LL Tan to Apr. )3, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
Ex-dividend. b Ex-50% stock dividend. c Ex-25% stock dividend.
Pittsburgh Stock Exchange.-Record of transactions at share, not per cent. For bonds the quotations are per cent.
Pittsburgh Apr. 7 to Apr. 13, compiled from official sales of par value.
Friday
Sales
list:
Stocks-

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

Amer Sower Pipe
100
Amer Wind Glass Mach 100
Preferred
100
Amer Wind Glass prof_100
Cable Control Mining_...1
Caney River Gas
25
Columbia Gas & Eleo...100
Crucible Steel corn_...l00
Diana Mines
Gold Bar Mines
Indep Brewing corn._ _ _50
Preferred
50
La Belle Iron Works-._100
100
Preferred
100
Lone Star Gas
50
Mfrs Light dz Heat
Nat Fireproofing corn. _50
50
Preferred
1
Ohio Fuel Oil
25
Supply
Fuel
Ohio
Oklahoma Natural Gas 100
Pitts Brewing common-SO
50
Preferred
Pitts Cons M & M T_ _1
Pittab-Jeromo Copper_ _1
Pittsb & Mt Shasta Cop..I
100
Pitts!) Plate Glass
Pure Oil common
5
River Side Western 011..25
25
Preferred
Ross Mining & Milling_ _1
San Toy Mining
1
US Glass
100
US Steel Corp corn_ _ _100
West'houso Air Brake_ _50
West'house Elea & Mfg_50




54
11151
106
Sc
44
830
234
12
83%
724
20
4931
256
13
650
2254

15o
112
50

Range since Jan. 1.
Low.

16% 17%
100 164 Apr
514 55
845 48
Feb
109 113
350 103
Feb
106 106
20 105
Jan
50
70 21,500
So
Jan
4834 40%
560 4351 Feb
44
4451
70 3531 Feb
6651 664
100 63% Feb
800
1
4,500 22o Mar
35c 35c
1,900 300 Mar
24 3
1,175
24 Apr
12
1452
400 12
Apr
8334 84
165 7134 Feb
12434 12411
80 124
Feb
95
95
40 9034 Jan
71
734 7,415 624 Feb
651 7
230
614 Feb
1554 15%
50 154 Feb
20
20
335 174 Jan
494 504 1,224 434 Jan
100% 100%
10 505
Jan
254 3
780
252 Apr
13
16
392 13 *!Apr
Sc 10c
800
8o Feb
700 740
3,000 650 Feb
640 600 12,550 500 Feb
118 1194
226 118
Apr
225( 224 4,455 194 Feb
1551 16
45 1431 Mar
16
16
55 15
Mar
18e 200
1,600 180 Apr
150 150
4,500 13c Feb
36
36
100 36
Apr
109% 112%
342 102
Feb
125 127
130 125
Mar
474 5054
1,639 46.1 Feb

High.
19% Jan
62
Jan
1244 Jan
110
Jan
lie Mar
Mar
50
4751 Apr
7054 Mar
Apr
1
480
Jan
314 Jan
1751 Jan
Mar
88
1284 Jan
98
Mar
7331 Apr
74 Jan
1751 Jan
22
Jan
56
Jan
102
Mar
44 Jan
18% Jan
15o
Jan
1.55 Jan
1.20 Jan
135
Mar
254 Mar
16
Apr
x1756 Jan
280
Jan
20c Mar
3951 Jan
118
Mar
15751 Feb
55
Jan

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

Stocks-

Arundel Sand & Gravel 100
Atlantic Petroleum
751
Baltimore Electric prof..50
Baltimore Tube
100
Preferred
100
Comm'l Credit prof"B"25 2654
Consol Gas E L & Pow_100 120
Consolidation Coal_ _._100
Cosden & Co
5 14
Coadon Gas
5 134
Preferred
454
5
Davison Chemical_ _no par
Elkhorn Coal Corp
50 29
Preferred
Houston Oil trust ctfs_100 23
Preferred trust Ws_ _100 6254
Monon Vail Trac
100
Mt V-Woodb Niills v t rI00 14
Preferred v t r
100 65
Pennsyl Water & Pow_100
Seaboard Air Line pref_100
United Ry & Elec
50
Wayland Oil dr Gas
431
5

36
364
754 8
444 4454
102 105
102 102
2631 264
11951 121
11051 112
13% 1434
1251 134
431 5
3751 384
29
3031
474 4751
1951 23
62
63
70
70
14
14
85
87
7931 80
32
32
2951 31
44
4

BondsAlabama Co gen Os__ A933
83
Atl Coast Line cony 4a '39
8951
Balt Electric stamped 53'47
100
Bait Traction 1st 5s_ _1929
1044
Charles Con Ry,G&E 5s'99
98
Chicago City Ry 5s...1927 9734 9754
Chicago Ry 1st 58_ _ _1927
96
98
Coal & Coke 1st 5s.._1919
Coal & Iron 1st 5s_
1920
99
Consol G,EL&P 4549 1935
9134
1044 104
Notes
Consol Coal ref 58.... 1950
9434
•••,.....-......."•,..
ct..

Inn.

malt

ins

83
894
100
10451
98
9734
96
96
99
924
10534
9431
inn

60
750
10
15
7
25
488
418
3,060
5,947
4,020
523
2,100
4
3,168
116
28
9
103
420
10
705
1,445

Range since Jan. 1.
Low.

High.

38
754
444
102
101
26
119
10056
1334
124
451
3754
2251
46
174
60
60
13
6031
76
32
294
4

Apr
Apr
Mar
Apr
Feb
Feb
Feb
Feb
Apr
Apr
Apr
Apr
Feb
Jan
Mar
Mar
Feb
Mar
Mar
Apr
Apr
Apr
Feb

3954
914
46
12352
109
2654
127
114
1854
1651
514
444
32
49
23
6754
7154
19
72
84
32%
354
5

Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Tan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan

$10,1300 79
1,000 894
2,000 994
1,000 103
1,000 9754
2,000 9754
1,000 98
13,000 9051
1,000 99
16,000 91%
60,600 104
1,000 934

Feb
Apr
Feb
Mar
Mar
Apr
Apr
Jan
Jan
Apr
Apr
Feb

83
93
10051
10434
984
9934
97
97
100
9352
10751
9551

Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar

1111

we..

21 nnn

ins 14 as..

1478
Friday
Last Week't Range Sales
for
Sale.
of Prices.
Bonds(Concluded)-Par. Price. Law. High. Week. -

THE CHRONICLE
Range since Jan. 1.
Low.

High.

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Stocks(Concluded)-Par. Price. Low. High. Shares.

[Vol,. 104.
Range since Jan. 1.
Low.

High.

Jan
600 2955 Feb 33
30% 3151
St L R Mt & Pao Co r_100
100% 101% $102,000 100% Apr 10934 Jan Sinith(AO)Corp r (no par) 37
Jan
Apr 42
Cosden & Co 65
12 37
37
37
10431 103% 106% 125,000 103% Apr 110% Jan
Jan
Cosden Gas 6s
Feb 97
78 04
96
96
100
Preferred r
Jan
101%
Feb
99
Elkhorn Coal Corp 68 1925 100% 100% 100% 19,000
Mar 10% Mar
1,800
9%
9%
Trans
pf100
Terry
&
9%
Smith
13,000 100% Feb 107% Jan Standard Mot Constr r100 1434 1235 1435 17,200
10455 106
1918
Elkhorn Fuel 5s
14% Apr
551 Jan
Apr
Jan 106
500 105
106 106
Small bonds
955 Jan
1,400
655 Jan
7% 8
5
734
Apr 10134 Feb Steel Alloys Corp r par)
100 100% 3,000 100
Jan
Fair & Clarks Trac 53_1938
Feb 28
3,900
18%
2034
23
23
(no
Submarine
Boat._
Jan
4,000 98% Feb 100
99
99
Md Electric Ry 1st 58 1931
Feb 34% Apr
2,535 28
3234 34
Superior Steel Corp_ r_100 34
Jan
9255
9155
4,000
91%
dinr
91%
Jan
Nod& Atl Term 5s_ _1929
605 9755 Mar 100
99
99
99
r
100
preferred
1st
Apr 99% Feb
1,000 99
99
99
1949
Jan
Nonf Ry & Lt 53
Feb 85
61 77
84
83
r_(no par)
Apr 95% Jan Todd Shipyards
94
2,000 94
94
Pennsy W & P 58_ __ _1940
3% Jan
155 Apr
1% 1% 16,600
Triangle Film Corp v t 0_5
1%
Feb
Apr
101%
3,000 101
101 101
Apr
Pub Service Bldg 58
Apr 65
811 63
65
63
UnitedDycwoodCorp r 100
Jan
United Ry & E 4s_ _ _ _1949 81% 8134 8134 21,500 81% Apr 84% Jan United Motors r__(no par) 3555 35
Feb 49
3635 4,800 35
65% 65% 24,000 6435 Feb 67% Jan United Paperboard r__100
1949
Income 4s
Mar 34% Mar
200 30
3255
32
Jan
6,000 86% Apr 90
86% 87
1936 87
Funding 58
Mar
Jan 37
36% 6,600 35
35%
r
Cos
____50
Sugar
United
36%
Jan
Apr 90
88
87
700 87
small__ 1936
do
Mar
451 Feb
6% 9,600
10
5
534
US Steamship
4,000 10734 Feb 108% Mar World Film Corp'n v t0.5
108 108
1935
Wil dx Weldon 58
Jan
1
500
%
34 Mar
31
534 Mar 1655 Jan
8
2,100
7
Wright-Martin Airo r__(t)
45,5 J81)
2% Mar
1,600
2% 3
Zinc Concentrating r-10
RailroadsJan *23% Apr
100 20
21
21
1Pitts & W Va Ry corn r1C0
55
Mar
210 50% Fen
5355 54
100
1Preferred
Jan
Feb 42
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
35% 36% 1,100 34
100
Rock Island w l_r
Jan
DAILY. WEEKLY AND YEARLY.
700 osq Feb 75
7055
70
100
Preferred B w r_
Jan
50 1655 Apr 24
16% 16%
/Western Pacific RR 100
Jan
Apr 55
50 47
47
47
• 100
1Preferred
Railroad, State. Man.
Stocks.
Week ending
Standard
Oil
Former
U. B.
& Foreign
etc..
April 13 1917.
Subsidiaries.
Bonds.
Bonds.
Bonds.
Par Value.
Shares.
Feb *1834 Jan
16;5 16% 1,800 16
1651
Anglo-Amer Oil
Jan
Mar 122
90 103
105 107
50
Buckeye Pipe Line
$621,000 $1,977,000
636,336 $59,498,300
Saturday
Jan
Apr 250
170 230
234
230
100
Line
Pipe
Illinois
2,249,000
4,522,000
679,085 62,006,500
Monday
Jan
Apr 114
15 100
102
100
Line
50
Pipe
Indiana
2,249,000 6,252,000 $20,000
730,281 66,870,650
Tuesday
Mar
Apr 106
35 102
102 105
Northern Pipe Line_ _ _IGO
9,000
2,913,000
2,660,000
59,500,000
643,280
Wednesday
Jan
Apr 435
333
360
360
333
25
011
Ohio
2,560,000 1,906,000
625,444 58,617,450
Thursday
Jan
Feb 444
15 300
303
303 303
19,000 Prairie Pipe Line
2,049,000 2,921,000
502,875 46,124,000
Friday
Jan
Apr 445
40 285
285 295
Standard 011 (Calif). _100
Jan
1 810
Jan 947
840
840
100
(Indiana)
Oil
Standard
3,817,301 $352,616,900 $14,661,000 $18,218,000 $48,000
Total
Jan
Apr 800
115 650
650 680
Standard 011 of N J.. _ --100 650
Jan
Jan 345
572 270
286 300
Standard 011 of N Y__ -100 293
13.
April
110
Stocks.
Oil
January
Other
April
13.
ending
Week
Sales at
234 Apr
1% Mar
2
235
.5
234 3,100
Alcoken 011 Co r
New York Stock
Jan
1 500
580 660 19,400 540 Mar 86o
1916.
Alpha 011 & Gas
1917.
1916.
1917.
Exchange.
9,200 20c Mar 310 Feb
.1 220
200 250
Am Ventura OH r
955 Mar
751 Apr
751 735 5,500
7%
48,839,702 Atlantic Petroleum r.._.5
56,223,898
2,700,605
3,817,301
Stocks-No shares_ _ _
455 Apr
251 Apr
12,300
2% 3
2%
1
$352,616,900 $240,553,500 $5,059,558,430 $4,284,384,245 Barnett 011 & Gas
Par value
155 Jan
2,850 60e Apr
61c 670
$85,500 Consol Mex 011 Corp....1 66c
$15,200
55,000
Bank shares, par
Apr 18% Jan
14% 2,860 14
14
.5 147%
Cosden & Co r
Bonds.
Jan
Apr
16%
7,000
13
14
13
1331
5
room
$428,200
Gaa
Oil
Cosden
$249,500
$4,000
$48,000
Government bonds_ - _
53-4 Jan
4% Apr
4% 451 1,500
5
Preferred r
77,258,500
120,299,000
8,137,000
18,218,000
State, mun., &c., bds_
Apr
1% Apr
1
1
1% 15,900
1 1 1-16
249,264,500 Crown 011 r
207,189,500
14,661,000 10,879,000
RR. and misc. bonds_
755 Jan 14% Mar
Elk Basin Petroleum r- _ -5 10% 1034 11% 16,400
% Apr
% 7-16 8,100
34 Apr
5326,951,2C0 Elkiand Oil dr Gas r L
3i
5327,738,000
$32,927,000 $19,020,000
Total bonds
Feb
Feb
15-16 1% 7,750 700
1
1
Esmeralda 011 Corp r
Mar
Feb
4%
18,500
655
5%
5
Federal 011 r
63-4
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Feb 2355 Jan
7,600 17
1934 23
Houston Oil common r 100 23
BALTIMORE EXCHANGES.
Jan
15% Mar
14,800 11
Lnternat Petroleum r___£1 14% 13% 15
Jan
!318 Apr
1
34 5-16 7-16 24,800
Kenova 011
5% Apr
554 Apr
Baltimore.
Philadelphia.
531
5% 555 4,500
Boston.
Keystone Con Oil Cor r.10
10 2331 21% 24% 29,300 11% Jan 31% Mar
Week ending
Merritt 011 Corp r
431 Jan
155 Mar
1%
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales. Metropolitan Petroleum 25
255 37,000
234
April 13 1917.
1535 Apr
14% 15% 4,300 12% Jan
Mid-Cont Cons O& Utilr10 143-4
Mar
Jan
$21,000
87e
2,753
56,000
550
546,900
11,802
$78,500
800
70e
1
19,626
76o
r
011
Midwest
• Saturday
Jan 1 1-16 Mar
123,500
4,768
109,700
1
11,704
1.03 9,500 800
89,500
1.03 990
17,618
Preferred r
Monday
Mar
Mar 145
94,700 Midwest Refining r ___ _50 140
8,805 117
5,907
121,200
16,693
58,500
131 140
20,308
Tuesday
155 Mar
55 Jan
131,500 N Y-Oklahoma 011_ r._ _ _1
8,500
3,783
131,300
11,417
1
61,500
16,492
1
31
Wednesday
Feb
3
800 1 3-16 Jan
69,000 N Y Texas Oil r
3,624
130,520
2% '234 234
1
8,766
13,669
56,00
Thursday
Jan
90 Apr 16e
53,500 Oklahoma Oil corn r
3,079
45,000
1 10e
5,971
9550 1034c 83,000
65,000
14,398
Friday
Jan
Mar
54
1
12,400
720
75
74e
1
Preferred _r
Feb 14% Jan
23.914 8493.200 Oklahoma Prod & Ref__ -5 105-4
10% 1034 8,100 10
66.353 3590.620
102.1111 8409.000
Total
Jan
Jan 750
35e 400 14,500 33o
Omar 011 & Gas com1 36e
734 Jan 1034 Mar
855 955 8,700
5
9
Osage-Hominy Oil r
% Mar '134 Jan
3,300
%
_1
Gasoline_
Pennsylvania
%
%
of
record
a
give
we
-Below
Market.
New York "Curb"
Apr
% Apr
1
1,150
1
Price-Hall Petroleum r
Feb
55 Mar
1 7-16
34 34,000
the transactions in the outside security market from Apr. 7 Rice Oil r
%
8% Feb 1254 Mar
7,200
10
5
10%
r
Refining
1034
Sapulpa
Friending
week
the
covers
to Apr. 13, both inclusive. It
Jan
Feb 12
9
350
9% 955
5
934
Savoy 011
655 Mar
434 Apr
100
day afternoon:
4% 4%
Security Prod & Reg_ _5
2% Jan
1% Apr
1% 52,200
154
1 5-16
1
Sequoyah 011 & Ref
Sales
Friday
Apr
40 Apr 40
200
40
40
Sinclair Gulf Corp_ r-- -(t) 40
Range since Jan. 1.
Last Week's Range for
% 16,800 1-32 Apr
Week ending April 13.
31 Apr
1-32
_
Sinclair Oil & Ref rights..........
Week
of Prices
Sale.
Mar
134 Jan
% 13-16 27,700
_..../
United Western 011 r..
High.
Low.
Jan
Par. Price. Low. High. Shares.
Stocks-7,100 300 Feb 63c
33c 40o
Petroleum (prosp't) 1 40c
54 Apr 11-16 Jan
% 2,400
34 5-16
Vacuum Gas &0 Ltd_1
755 Feb Victoria 011 r
2% Mar
355
2% 4% 22,000
% Feb 2 3-16 Jan
Aetna Explosives r (no par)
1 1 3-16 1% 1 3-16 17,240 11
4% Apr Wayland 011 dr Gas com_5
2% Apr
Jaa
5
Feb
255
255 355 26,000
4
300
4
4
Certificates of deposit__
Apr West End 011 & Gas r. _1
Mar 75
Jan (30o
1,150 65
72%
Jan
67
500 150
180 18o
Air Reduction Co r(no par) 71
Apr Wyoming Petroleum r_ _1
12
Feb
5
12
450
10
% Feb
2% Jan
1,000
Amor & Brit Mfg com-100
1
34
Jan
200 4936 Feb 57
5055 5035
Amer Int Corp $50 pd_100
Mining Stocks.
Apr 3734 Apr Alaska-Brit Col Metals__1 11-16 9-16 11-16 15,600
3.5 Mar
35 Jan
37% 1,600 38
36
Amer Stores r com(no par) 37
Apr Alaska Mines Corp(no par) 1 7-16 1% 1 7-16 33,900
Apr 98
150 98
Jan
1
98
98
100
1X, Mar
1st preferred r
Mar Alaska Standard Cop r---1 41c
Feb 28
34 Jan
24
1,400 15
450 Mar
390 420 24,300 3-16
Amer Sumatra Tob.._ -100 2355 23
Jan
536 Feb Arizona Chloride r____10c
355 Feb
4%
400
4
Apr
1
4
34 5,200
Amer Writ Paper com-100
34
300 1734 Mar 1954 Jan Arizona Copperfields
18
51 Feb
19
% 5,200
Jan3-4
51 3-16
Brit-Amer Tob ord___.ti 19
Jan Atlanta Mines r
Feb 21
100 18
18% 1831
£1
9550 Jan
1343 24,300
1 11%c 11c
Ordinary bearer
1% Apr
Jan 3955 Mar Austin-Amazon r
1,335 33
1% 13-16 1% 58,000
1
Calif Packing Corp r---(t) 3834 36% 39
Jan Big Jim
Jan 109
appnr 2°
'
190 88
Aa
34 :::
11'
58
88
0 j
1%
0
% 800
10c
% 1,200 83
Carbon Steel corn r _ _ _100
651 Jan
255 Feb
3% Apr Big Ledge Copper Co .._1
1,650
234 3
25
23,950
4
351
3
Car Ltg & Power r
Mar BisbeeCopM&Devr1
154 Feb
Feb 14
1151 1231 9,200 10
10 1151
12,300
Carwen Steel Tool
1
% 1
Jan
23% 28
900 1655 Mar 3135 Apr Booth r
Jan 120
80
1,000
Central Foundry corn r 100 28
100 1043
1
Jan
Feb 49% Apr Boston & Montana Dev--5 590
Apr 800
44
1,100 35
100 48
4955
Preferred r
58c 680 29,000 580
epbr I 11-16 Jan
Jan Bradshaw Copper M'r___1
8
1
,6
11
300
655 754
1,825 15631 Apr
10
1
Charcoal Iron of Am
1
1
Jan
Jan Buffalo Mines, Ltd
Feb 146
I
114 119
8,900 88
200
100; 117
151
134
1
Chevrolet Motor
Feb 2534 Feb Butte Cop & Zinc v t e_-5
751 Feb 1234 Mar
20
7,000
21% 2,500 16
9% 10
Curtiss Aerop & M v t c(t)
951
Mar Butte-Detroit Cop & Z. 1
Jan 113
Jan
25 100
108 108
55 Apr *2
% 11-16 3,000
Eastern Steel, common 100 108
54 Apr Butte & N Y Copper___ -1
35 Apr
234 Mar
1,000
11
154 Jan
950
55
35
1% 1%
Electric Gun r
1%
Jan
Apr
%
Feb
7,400
554
4%
Mar
800
455
34
455
%
55
Stores_r-__50c1
34
Plan
5
Elite
Calaveras Copper r
234 Apr
335 Feb Caledonia Mining
2% 2%
515
890. Mar
Emerson Motors Inc r_ _10
1 640 .590 65o 14,390 048e. Jan
951 Jan 1334 Jan Calumet & Jerome Cop r 1 1 11-10
954 1031
34 iv aanr
6%
2
1,550
134 Feb
1% 1% 14,100
OM
Emerson Phonograph.-- -5;
2% Apr
2055 21% 8,400 2034 Apr 2134 Apr Canada Copper Ltd
1% Feb
1% 2% 26,000
5 2 3-16
Everett Heaney & Co r_20,' 21
Mar Carlisle Mining
38% 40% 2,540 3734 Feb 45
50 Jan
0
1,200
555 6
Flask & Bark Car_(no par)I 40
531
5
Mar
Apr Cash Boy
Apr 32
32
1,500 27
Jan
27
ilc 33,000
100 32
813
80
1
Hendee Mfg r
Feb 50
Jan Cerro Gordo Mines
44 *45%
2% Mar
358 40
500
2
2
Holly Sugar Corp (no par)1 45
1
Jan Consol Arizona Smelt_ ___5 1 13-16
Feb 102
an
Ja
1j
2%1°a
30 96
101 102
100,
25,500
154 2
Preferred
Iar
Jan Consolidated Cop Mines_5
Jan 13
Feb
300 11
11;5 11%
37, Ma
75/
4
3% 455 3,150
455
Intercontinental Rubb_100I
5,100 200 Apr 320 Mar Consol-Homestead r
20o 28c
55 4,400
Joplin Ore & Spotter r__ -5 250
55 9-16
1
Jan
100 • 254 Mar *57% Feb Cresson Con Gold M & M 1
5% Mar
3% 3%
13,600,
5% 7
Kathodion Bronze prof...5
6%
J
Mar Dundee Arizona Cop 1...
Feb 18
2%1,
151 Apr
800 13
1631 17
1% 3,300,
134
Keyst Tire & Rub, com_10 1655
Jan
1654 17
200 1634 Apr 1734 Mar Ely Consolidated
Mar
3,000' 10
10
12
10
Preferred r
10
n
ann
54 JJJaa
33
2
1,100 1134 Apr 1334 Feb Emma Copper r
10 1134 11% 12%
lg 11-18 1% 58,200 1 1-16 Feb
1
Kresge (SS) corn r
11
Jan
Mar
11%
11
100
Apr
11
2%
10
Preferred r
234
2% 255 2,800;
First National Conner---5
2,360 *634 Feb 1034 Feb Globe-Dominion Copper_l
854 9
55 Mar
55 8,200'
Lake Torpedo Bo't corn_10
35 7-16
1,101 4734 Jan 6234 Mar Goldfield Consolidated-10 63o
54
58
59e 64c 16,000! 550 Mar *770 Jan
Liras Locomotive corn r100 57
40
100 Feb
42
Feb 45
Mar Goldfteld Merger r
Jan
185 33
60
7c
6550 7c 10,200!
Lukens Steel, corn r__.50 40
I
722034 Mar
Apr Gold Warrior Mines r
Feb 103
100 103 ' 150 96
100
5,900 600 Feb
650 700
1st preferred r
1
Mar
51
*36
lle
Jan
Mar
Apr
49
49
100
50
70
8,350
Supp_100
50
60
Manhattan Elea
1
Great Bend r
Mar Green Monster Min r__ _1 17-16 1 7-16 1 11-16 20,500
99. 99
145 Feb
100 9335 Jan 100
100
Preferred
jaanr
34 M
50
Jan 28
Mar 10% Mar Hargraves
10 *1054 1,130 10
10 *1054
Mansell Screen r
1 180 • 160 190 76,000 14
834 Feb
Jan 101
Feb Heels Mining
Feb
800 *47
7
90
85
7%
7% 7% 5,495
25c
Marlin Arms v t e-(no Dar)
Apr
231 Jan
2% 4
29,000
43-4 Feb Itowe Sound
6
631 2,000
1
6
Maxim Munitions r____10
Apr
12o
Jan Independence Lead r_ _1
50
51
400 4734 Feb 55
4 Apr
30
9,000 1034
10%c 12o
Mitchell Mot Inc r (no par) 50
9-16 Jan
Feb 3834 Jan InspirationNeedlesCop r Il
32% 3335 1,500 32
3-16
National Acme Co r____50 33
36 '31 5,200
1% Jan
1% 7,695
93c
10e 95e
Nat Conduit & Cable r.(t) 3454 33% 35% 14,800 3336 Apr 3634 Apr Iron Blossom r
Mar
Feb
3
41
600 *3634 Feb 4535 Jan Jerome Verde Cop I
40
78,000
1 1 9-16 17-18 2
N Y Shipbldg Corp r..(t) 40
Jan
2
Jan Jerome Victor Ext r
500 1434 Mar 16
1555 15%
400 931151 A pr
151
1
.N Y Transportation_ _ _ _10
Jan%
870
4% Apr
931 Jan Jim Butler r
9,000
4% 6
8,600 690 Mar%
70c 730
5%
North Am Pulp & Paper(t)
Apr
Apr
Apr
54
40
Jan
40
42% 1,100
%
55 2,700
Pierce-Arrow Mot Car r(t)
34
Josevig-Kennecott Cop r 1
4
Mar
455 Mar Jumbo Extension
454 4% 7,200
I 420
390 47e 30,600 390 Apr 400 Mar
Prudential Pictures_ r___5
r
eb
Fa
4 m
Jan 250
Apr 23
19
Feb Kewanus r
1,800 19
1934
1755o 18c 1,400 140
Redden Motor Truck r (t)
55 Jan
Feb 75
74
Mar La Rose Consol Mines_ _5
71
700 *62
300
9-16 9-16
Republic Mot Truck r_(t) 71
1% Mar
1
Feb
Feb i 98
Feb Loma Priem Cons Mines.]
100 94
100
3,700
135
9434 0451
1%
151
Preferred r
Feb 710 Mar
200 1634 Jan' 1934 Jan Loon Lake r
10 1751
3,200 42e
69e 70e
1734 1734
25e
St Joseph Lead r

Volume of Business at Stock Exchanges




THE CIIRONICLE

APR. 14 1917.]
Sales
Friday
Last Week's Range for
Week ending Apr. 13.
Week
Sale.
of Prices
Mining (Concluded)Par. Price. Low. High. Shares.

Range since Jan. 1.

1479

New York City Realty and Surety Companies

Bid
Ask
dirk
Bid
Bid
All
Alliance lily
70
LawyersMtg 148
154
Realty Assoc
77
Amer Surety 130
135
Feb
1% Jan
80e
(Brooklyn) 94
Mtge Bond_
103
98
981s
Bond & M 0 255
265
% Jan
48%e Mar
Nat Surety_ 220
U S Casualty 200
227
Jan
59% Mar Casualty Co
100
40
_
USTitie G& 1 90
N Y Title &
15
Jan City Invest g
-21 Wes & Bronx
19c Mar 35a
Mtge ____
90
100
Preferred__
60
770
Apr
75c Apr
67
180
165
Title &M
Jan
18%c Feb
Pc
% Mar
1% Ma
Jan
5
Feb
7
Apr • 570 Feb
46o
Jan 2 5-16 Jan
20e
Apr 1 1-32 Apr
90e
All bond prices are "and interest" except where marked "f".
Jon
280
880 Mar
% Mar
1% Mar
Standard 011 Stocks l'erShare
RR. Equipments-PerCliBasis
7A8 Mar
1% Jan
Par Bid. Ask,
Bid. Ask.
%, Mar
1% Jan
Baltimore & Ohio 43.4i__ 4.65, 4.45
'A Mar
% Jan Anglo-Amer Oil new... £1 4'1612 17
Atlantic Refining
100 950 970 Buff Roth & Pittsburgh 4341 4.65' 4 35
Apr 46o
Jan
310
100 440 460
4.65 4.35
Equipment 4s
% Apr Borne-Scrymser Co
% Apr
50.103 107
Canadian Pacific 4%I-80c
Feb
1% Apr Buckeye Pipe Line Co
4-75 4.50
Caro Clinchf & Ohio 5ri
5.25 4.75
Apr 570 Mar Cheeebrough Mfg new. 100 420 130
500
100 50 70
Central of Georgia 5
4 SO 4 50
.
100 Mar
lle Mar Colonial Oil
100 550 570
Equipment 43/4s
4 80 4 50
1 1-16 Feb
1% Jan Continental 011
Chicago & Alton 4s
5.25 4.75
14% Feb
16% Jan Crescent Pipe Line (Jo.....50 *39 41
Chicago & Eastern Ill 5349
% Apt
*9-6 Apr Cumberland Pipe Line 100 160 170
5-75 650
Equipment 43--3s
5.75 5.50
% Mar
% Mar Eureka Pipe Line Co__ --100 1205 215
Chic Ind & Loulev 434s__.
5.00 4.50
% Feb
1% Jan Galena-Signal Oil corn, .100 150 155
Chic St L & N 05e
Preferred
100 138 142
4.60 4.40
Jan
330 Apr
68c
100 225 230 Chicago & N W 4344
4.50 4 25
1% Apr Illinois Pipe Line
133 Apr
Chicago III & Pac 4
5.25 4.75
% Apr
% Jan Indiana Pipe Line Co--- _50 100 104
fl •1434 15 Colorado & Southern 51
5.00 4.50
Jan Intermit Petroleum
5
334 Ap
Erie Is
19
4.75 4 50
72e Mar
3
Mar National Transit Co..12.50 •17
Equipment 434s
4.75 4.50
% Apr
13
1 4 Feb New York Transit Co,..100 195 205
Equipment 4s
4.75 4.50
30o
Feb 560
Jan Northern Pipe Line Co..100 100 104
Ohio 011 Co
Hocking Valley 4s
4.75 4.50
.25 350 355
500
Apr 67e
Jan
4.75 4.50
Equipment 5s
_25 *47 52
1
Jan
1N Feb Penn-Mex Fuel Co
4.55 4.35
1312 Illinois Central Is ______
25 •13
5-16 Apr
Jan I'lerce Oil Corp
455 4.35
Equipment 434s
100 555 565
54e
Feb °13-16 Mar Prairie Oil & Gas
Prairie
Kanawha
4.75
dr
Michigan
Pipe
4.50
43
is
300
Line
305
1011
10
Jan
143% Feb
4.511 4.25
Louisville & Nashville iii
100 350 1370
11% Apr
16
Jan Solar Refining
Minn St P & OS M Opt__ 4.60 4.30
lOIj 203 208
1
Apr
1% Feb Southern Pipe Line
Missouri Kansati & Texas 1s. 5.50 5.00
100 300 310
/
3 6 Apr 13-1(3 Jan South Penn 011
5.50 5.00
Missouri Pacific Is
4
Jan
4% Feb Southwest Pa Pipe Lines..100 110 115
Mobile & Ohio be
5.00 4.50
10o Mar
26e
Jan Standard 011 (California)100 283 288
Equipment 434s __ ____
5.00 4.50
20
Mar Standard Oil Undiana) 100 805 815
Apr
25
New York Central Lines de.
4.65 4.45
% Jan Standard 011 (Kansas)_100 510 525
M Feb
4.65 4.45
Equipment 430
% :Apr 17-32 Mar Standard Oil (Kentucky)1000370 390
4.80 4.50
Jan Standard 011 (Nebraeka).100 560 590 N Y Ontario & West 441 _
Feb
600
330
Norfolk & Western 4;45,._
4 50 4.20
Jan Standard Oil of New Jer_100 652 657
600
330
Feb
Equipment 4s
4 50 4.20
Jan Standard Olt of New Y'rk100 293 298
70e
200 Mar
Pennsylvania RR 45411-.
4.45 4.15
41% Jan
4m Jan Standard 011 (Ohio).... 100 460 475
Equipment 4s
4.45 4.15
100 100 110
4% Feb Swan & Finch
3% Mar
5.25 4.75
Mar Union Tank Line Co....100 92 94 St Louis Iron Mt & Sou Os_
7
5% Feb
Vacuum 011
5.50 5.00
100 380 390 St Louis & San Francisco Is
% Jan
% Jan
Washington 011
4.90 4.60
p1,rc,
0, •
en
3(i. 40 'Seaboard Air Line Si
Apr 620 Mar
430
I Equipment 4%s
4 90 4.60
Bonds
4
Feb
534 Jan
4.60 4.40
Apr 57c
Apr Pierce 011Corp cony as _1924 82 84 ,Southern Pacific Co 43411.
33e
'Southern Railway 434e.__.
Ordnance Stocks-Per Shore.
4.80 4.50
1% Jan
% Apr
Aetna Explosives pref
4.80 4.50
100 20 25 Toledo & Ohio Central 4a.
70 Feb 11%c Jan
Amer & British Mfg
9
11
100
•18c
Jan
26c
Feb
Tobacco Stocks-Per ska re.
Preferred
100 30 40
40
Jan
33% Feb
prefP
erorw
Ask
edder common..100 153 158
Par
Mar Atlas
4% Feb
6
American Cigar commen100 110 115
100 100 102
2% Jan
3% Jan
Preferred
3
100 97 100
8
20 5
13
26
62c
Apr 83c Mar Babcock & Wilcox
Amer Machine & Fdry_100 80 90
99•4
1
34c
Jan
2% Mar Bliss(E W)Co common__1501
British-Amer Tobac ord.. £1 *17
Preferred
19
% Jan
% Jan
Ordinary, bearer
70
8
*70
3 65
£1 •18 20
21e
Feb 60e Mar Buffalo Copper & Brass 89 60
Conley
Foil
250
300
Canada
175
Fdy.
155
&
Forg1ngs100
100
1% Apr
234 Jan
Canadian Explosives com100 350 450 Johnson Tin Foil & Met.100 100 130
MacAndrews & Forbes_ _100 210 220
Preferred
100 104 110
95% Apr 100% Jan
Preferred
96
100 100 103
80 88
98% Apr 100
Mar Carbon Steel common_..100 9
Reynolds (R J) Tobacco_100 540 580
1st preferred
100
Mar
98% Feb
98
Preferred
2,1 preferred
100 117 123
100% Mar 101
Mar
Young (1 5) Co
100 165 175
Feb 62
50
Jan Coit's Patent Fire Arras 1°° 79 75
Preferred
Mfg
100 105 110
00e101 102
10034 Apr 109
Jan
100
Apr 110% Jan duPont(E I) de Nemours
Short Term Notes. Per Cent.
144
03
0 2
& Co, common
14
02
97% Apr 98% Mar
00 2
Debenture stock__ 1
94
Feb 98% A pr
83
Mar 89
Mar Empire Steel & Iron corn _ 100 30 40 Am Cot 0115e 1917... M&N 100 10012
70 80 Amer Locom Is. July '17...(-2 100 10038
Preferred
10
95
Mar 98% Apr
Am T & T 434s 1918
10018 10038
100 243 247
100
Apr 100
Apr Hercules Powder cotn
Preferred
100 116 119 Beth Steel a 1919 _ F&A15 98 9814
10394 Apr 105% Apr
98% Jan Hopkins Ar Alien Arme_100 10 20 Canadian Pac 6s 1924.M&82 101 10112
933% Mar
Preferred
100 35 60 Chic & West Ind 54'17_M&S 99)
4 10018
84% Feb 94% Jan
A-0 9778 9818
100 30 35 Erie RR Sc 1919
9834 Apr 99 • Feb Milliken Bros pref
87% Apr
913£ Jan Nlies-Benoent-Pond com_100 165 175 General Rubber Si 1918 J&11) 9812 99
10
0 Hocking Valley 5e 1917_M-N 100 10038
Preferred
10
55
5 16
lot Harv Is Feb 15 '18_F-A 100 10012
Penn Seaboard Steel(no par)
* Odd lots. t No par value. I Listed as a prospect. / Listed on the Stock Ex- Phelps
J&J 100 1(034
Dodge & Co
100 300 305 K C Rye 5%s 1918_ _
change this week, where additional transactions will be found. o New Stock. r Un- ncovill Mfg
100 580 590 K C Term Ry 434s'18_111&N 9912 10012
430 1921
Thomas Iron
J&J 99 100
listed. u Ex-cash and stock dividends. w When issued. z Ex-dividend. y Ex50 20 27
Winchester Repeat Arms 100 800 900 Laclede Gas L 5s 1919_F&A 991,100
rights. z Ex-stock dividend.
0(
0
1 10
Woodward Iron
00%2
0
100 60 65 Morgan&Wright 55 Dec.1.13 110
New Eng Nay Co 1917_M-N
Public UtilitiesNYNH&H430May 191; 100 10018
Am Gas & Elec
tin .136 138
5112 Penn Co 434s 1921....J&T)11
Preferred
*89
99 10 4
512340 Pub Ser Corp NJ 58'19 SUES 99341091
Am Lt/c Trac common__100
80133
70 75
113 Rem Ams U.AI.C.5,19F&A
Preferred
0(0
85 Southern Ry Is 1919__M-9: 9,78100,4
13
8 98'
1
Amer Power & Lt com.....1
1K z18
Banks.
Ind
3
A3sk
Ask
3 'trust Co's. Bid
Banks-N.Y. Bid
United Fruit Si 1918_ M-N
Preferred
Ash
100 90 92
Manhattan • 325
575
560
New York
America
Amer Public Utilities com100 35 3812 UtahSecurCorp 64'22 M-S11 96 97
&
Mark
Milt255
250
Astor
Amer Each_ 240
Winches RepArrne58'18M&S 9412 9514
470
71
Preferred
480
Mech & Met :iii5" 330
182
Atlantic. __ _ 175
New York City NotesBankers Tr_ 490
99 291
495
Cities Service Co 00E0_ 199
00 262
Merchants _ 248
185
Battery Park 170
10058 IC07s
Preferred _ _
(Sway Trust 154
160
5886 8834 6s Sept 1 1917
Metropolis._
275
......_
30(i. CentralTrust 785
nowery• ___ 400
Canadian Govt. Notes
Com'velth Pow Ry & L 110009
795
58
190
__- kletroporn • 180
Bronx Borne 200
Columbia I _ 298
F&A I(O 10014
Preferred
303
100 80 82 5s Aug 111117
Bronx Nat__ 150Mutual._ _ _ 375
Commercial_ 115
flee Bond & Share pref 100 1001.1 10112
New Neth*. 215
BryantPark• 145
1-(fd
225
Empire
Industrial
_ 285
300" El Paso Bloc Co com
100 105
New YorkCo 3400
105
95
Butch & 1)r
and Miscellaneous
Equitable Tr(365
Federal Light &.Tractlon100 1212 1314
370
New York__ 405
370
380
416 - Farm I. & T (470
Chase
Preferred
100 47 49
480
....
_
_
5.10
250 Pacific •____ FA
Chat dr Phen 240
American Brass
Fidelity
100 310 315
208
215
Only-lIous Elea Co pref_100 75 80
120 Park
Chelsea EX' 100
American Chicle com
Fulton
10( 54 58
270
280
Great West Pow Is 1946.J&J 86 87
400
225
People's•
Chemical_ -. 390
___ _ Guaranty Tr 410
Preferred
Mississippi Riv Pow com100
100 76 80
450
10
9
200 Prod Exch.'. 188
los
Citizens ____ 195
fIudson
Am Graphophone com_100 117 122
138
145
Preferred
100 33 37
510 Public •____ 230
505
2'10
Law Tit & Tr 120
City...
Preferred
100 120 125
125
let M 5s 1951
J&J 76 7738
215 Seaboard .._ 450
Coal & Iron. 205
American Hardware__ _100 135 140
Lincoln Tr_. 100
110
North'n States Pow com_100 97 99
____ Second
395
450
4.1-5 - Metropolitan 385
Colonial'
Amer Ty pefounders com _100 40 43
395
Preferred
100
98
100
_____ Sherman ...._ 120
Columbia* .315
130
Mut'l (WestPreferred
100 90 93
Northern Tex Eiec Co 100 55 60
State •.......
..
100
110
Commorce _ t179
cheater) _ 125
Borden's Cond Milk com.100 103 106
85
Preferred
100 131
ii!; 234 Ward'. 100
N Y Life Ins
Coin Exch.._ 333
Preferred
100 104 106
Pacific Gas & Elea com_100 6212 63
Union
100
Exch
155
85
1
__
6
3
osmopol'n•
0
5
_
_
AG Trust.. 970 1000
Celluloid Company
100 184 194
C
92
1st preferred
Unit States* 500
75
65
N Y Trust
Havana Tobacco Co
East River._
1
2
100
600
610
)
9
0 9
Sti Tr L & P com 1(0
25
1
Puget
30
Wash II'ts• 275
150
Preferred
3
Fidelity '_
100
--- Title Ou& Tr 355
6
365
Preferred
Westch
Av•
4fiiiii190
4300
.
let g Is June 1 1922 J-11 /5212 57
Pransatian'e
Fifth Ave•__
155
Republic Ity & Light
12 37
7
3
8
5
1
99
00
230 , West Side•.. 300
215
350 Union Trust 420
Intercontinen Rub corn..100 11
VIM,
12
.
430
,Yorkville'_
590
610
US Mtg& Tr 445
. 1025 1O
Firet.._ ... _.:
455
PreferredSouth Calif Edison corn 190
7 9
69
3 Intermit Banking Co....100 160
01 6
90
lityri 1, Brooklyn
Garfield ...... 180
UnitedStates 1010 1025
Preferred
100 58 60
100 106 109 International Salt
140 Coney Isi'd• 125
135
Germ-Arrier• 135
let g 54 1951
A-0 78 81
Westchester. 130
140
Southwest Pow & L pref.100 C9712100
'First
27o
255
German Ex. 390
Standard Gas & El (Del). 50 •12
13 International Silver pref_10C 102 105
,di.o - Fiatbush _ _ 140 155
Germania •.. 475
Preferred
.39 40 Lehigh Valley Coal Sales_ 50 .86 94
50
_ Greenpoint-.. 155
165
Gotham--_ 220
100 60 63
Tennessee Ry L & P com100
7
9 Otis Elevator corn
Hillside •_ _ 110
325
120
Greenwich•. 310
Preferred
1• 600
100 87 91
610
knir_T_.
ra
0
n,
Flilr
Preferred
100 32 35
Homestead*
710
115
B
E'
Hanover._. 700
Remington Typewriter245
255
Unliettedyr
(l
ea
resrrhedElee Core_1001
11
7
Mechanice•_
1
2
8
250
138
235
.
_
Harriman
Hamilton_
Common
100 1612 171s
265
275
1001 70 74
Montauk'._
90
105
525
Kluge Co
Imp & Trail. 510
1st preferred
100 80 83
650
8
12
20 preferred
100
Nassau
227
200
210
220
Irving
Manufact're 150
24 preferred
100 50 53
United Lt & Rye com
100 44 46
Nation'i
City
265
275
People's
Liberty-.... 970 1000
Royal Baking Powd com_100 149 152
288
100 73 75
let preferred
North Sides_ 175
330
200
Lincoln -_-. 310
Queens Co._
Preferred
100 10112103
75
16
Western Power common_100 15
85
People's_.... 130
140
Preferred
1 00 55 60
Low.

High.

6,100
10c 90c
83c 93c
Louisiana Consol
600
1
500 50c
Magma Chief r
5,400
51
5 49
46
Magma Copper
3,850
21e
270
Magmatic Copper r___10c 250
12,760
1
750 77e
Magnate Copper
17,100
1 153%c 150
17e
Marsh Mining _r
1%
1% 10,600
Marysville Gold Min___..1
550
5
5% 6
Mason Valley
2,800
46e
500
MoKinleY-Darragh-SaY--1
% 7-16 3,700
Miami Merger Cop r____1
31
1 1-32 900 1 1-32 48,500
Milford Copper
9,900
70e
1 67c
55e
Mogul Mining r
1
15-16 15-16 1,850
Copper
r
Mohican
1,300
2
Mojave Tungsten r
34
34
A
700
Monitor SUL & Z M&M 1
N 1
n
N 25,950
1 5-16
Monster Chief r
350 21,700
31e
1
34c
Mother Lode r
N 12,500
Mutual Min & Leas pf r_l
1% 1 1-16 1 5-16 5,600
Nancy Hanks-Montana r 1
50c 520 10,200
Sic
National Zinc & Lead r_ _1
2,500
100
110
lie
10c
Nevada Randlr
Newray Mines Ltd r____1 1 7-16 1 11-32 1 7-16 28,000
550
15
1554
N & & IlondurasRosario 10
y *9-16 28,050
n
1
N Y Zinc r
10
3-4
%
1
34
North Butte Devel r
134 1 3-16 1% 17,800
Ohio Copper now WI r-- -1
330 42e 42,760
390
Old Emma Leasing r_100
1%
1% 2,000
13%
Port' Cons Cop treas ctfs r
34 7-16 11,100
7-16
Progress Min & A1111„ _1
2,400
3% 4
Ray Hercules r
(i00
134
1%
1
Ray Portland r
3/3
1
% 12,300
34
Red Warrior r
320 38e 23,300
1
33c
Rex Consolidated r
14,500
50c 560
55c
1
Rochester Mines
1%
1%
2,100
Sacramento Vail Cop_r_l
1
100
5-16 5-16
Santa Rita Devel r
57e 57c
300
Scratch Gravel Gold M _ _1
10
10 10
10
520
Section 30 Mining
11% 11%
600
Seneca Copper__ _ _(no par)
1
1% 18,650
1%
1
Senorito Copper_
5-16 3-16 5-16 17,200
Silver King of Arizona_ __1
4% 4%
200
Silver King Cons of Utahrl
13e - 13c
1
130
3,100
Silver Pick Cons r
20
1
20
23
1,300
Siocam Star r
%
1
% 13-16 2,500
Standard Sliver-Lead,
%
1
% 7-16 8,200
Stewart Mining
1
39e
38o
42e
11,800
Success Mining.,r
1
35c
33e 40e 24,000
Superstition Mining
240
24e
Tommy BUMS Ci M corn rl
280 10,70()
1
4% 4%
Tonopah Belmont r
43.4
950
Tonopah Extension Min_1
3% 37-16 3,900
1
Tonopah Mining
6% 6%
250
Tr1-13ulliou S & D
A 5-16 7-16 7,500
5
Troy-Arizona Cop Co r_.1 45c
430 50e
14,400
United Eastern
1
4% 4% 3,095
494
United Magma Mines r_ _1
350
0,600
33c 50c
United Mines of Arizona_l
42,910
12,00()
8%c 9c
1 8%c
U 9 Continental r
U S Tungsten r
7,500
1
22c
19c
United Verde Exten r__50c
3,300
39
38
United Zinc
(no par)
5% 5% 6,575
Unity Gold Mines
3% 3% 4,380
5
334
62e 68c
West End Consolidated_ _5
4,800
White Caps Mining__ _10c 113-32 .1%
1% 19,475
White Cross Copper r_ _1
2,600
34e
Yerrington Mt Cop
1
41c 57,900
370
Yukon Gold
1%
1%
5
500
Bonds9634
95A 96% $62,000
Amer Smelting 53 r
Atlanta & Char A L53 r'44 9835 98% 99N 36,000
98% 98% 110,000
Beth Steel 5% notes__ 1919 983%
100% 100% 8,000
Chile Copper (is
25,000
53
Cons Ariz Smelt 5s_ _ _1939
55
51,000
100% 104
Cosden & Co 63 r__ _ _1926
61,000
106
100
Cosden Oil 34 G'zis r 6s
10134
97% 98% 36,000
Erie Mt 5% notes r_ _1919
94% 96% 195,000
French NItinicIpais 51-4s '19 963-4
853i 131,000
83
Long Island new deb Is r_
94% 983,1 62,000
‘
,Ildvale St & Ord Is r1936
5,000
100 100
Nat Cowl & Cable 6s r '27 100
105% 105% 20,000
N Y State new 43____1967
93% 96 153,000
Russian Govt 6318-1919 91
86% 88% 185,000
1921 863%
530
Southern Sty 5% notes11)19 9834 98% 98% 55,000
87% 87% 15.000
Western Pac RR .5s_ _1916

Quotations for Sundry Securities

New York City Banks and Trust Companies

--

• Danko marked with a Co) are State banks.
change this week. (New stock. g Ex-rights.




t Sale at auction or at Stock Ex-

• Per share. b Basle. 4 Purchaser also pays accrued dividend. e New stock.
f Flat price. n Nominal. o Ex-100% dividend. z Ex-dIvIdend. I/ Ex-rights.

THE CHRONICLE

1480

[Vol,. 104

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

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

Ala N 0& Tex Pac$
$
Ala & Vicksburg_ March ___ _ 166,416 142,797 1.483,103 1,282,755
Vicks Shrev & F'.. March..
176,945 138,794 1,543,158 1,260,934
Ann Arbor
77,077 2,066,240 1,983,185
4th wkMar
73,380
Atch Topeka & S Fe February 11591896 10644431 101740955 87,277,880
Atlanta Birm & At 4th wk Mar 105,084
83,298 2,810,160 2,332,194
Atlanta & West Pt_ February _ 124,062 112,543 1,030,556
905,732
Atlantic Coast Line February__ 3,790.315 3,348.307 25,785,774 21,831,356
Chariest & W Car February _ 165,862 156,929 1,383,535 1,216,611
Lou Hend & St L February _ 170,497 137,177 1,246,863 1.054,024
a Baltimore& Ohio.. February _ 8,665,656 8.325.177 79.778,514 72,809,769
B & 0 Ch Ter RR February _ 128,009 139,674 1,215,119 1,137,065
Bangor & Aroostook February _ 349,919 325,761 2,692,738 2,345,463
Bessemer & L Erie_ February _ 473,413 471,820 7,532,716 7,429,821
Birmingham South.. February _
644,959
626,899
86,975
88,352
Boston & Maine
February _ 4.001,884 4.023,019 37,462,584 33,863.284
Buff Roch & Pittsb_ 1st wk Apr 251,649 233,162 10,177,366 9,259,708
Buffalo & Susq RR.. February _ 121,420 153,703 1.116,675 1,167,816
Canadian Nor Syst_ 1st wk Apr 736,200 777,000 30,832.100 24.811,600
Canadian Pacific 1st wk Apr 2,830,000 2,482,000 110482 550 96,564,820
Caro Clinchf& Ohio February _ 289,396 274,754 2,233,546 1,951,085
Central of Georgia.. February _ 1.133.566 1,106,963 9,968.819 8,510.460
Cent of New Jersey February _ 2,606,875 2,689,773
Cent New England February _ 311,921 373,432 3,571,412 3,199,040
Central Vermont.._ February _ 251,427 333,506 2,860,242 2,774,389
Ches & Ohio Lines.. 1st wk Apr 938,878 846,762 38,393,057 36,692,660
Chicago & Alton_ _ _ February _ 1,376,715 1,344,563 12,519,398 10,762,623
Chic Burl & Quincy February - 8,592,705 8,249,313 77,274,734 68,472,183
b Chicago & East Ill February.. 1,476,334 1,421,580 11,867,426 11,194,896
c Chic Great West.._ 4th wkMar 401,994 340,259 12.404,225 11,440,565
Chic Ind & Louisv_ 1st wk Apr 197,922 151,057 6,647,379 5,823,492
Chicago June RR.._ February _ 201,903 190,074 1,730,098 1,511,107
Chic Milw & St P.._ February _ 6,514,625 7,699,229 74,231,688 69,747,011
dChic & North West February _ 7,332,617 7.681,804 69,847,334 62,390,838
Chic Peoria & St L.. February.. 161,536 144,617 1,282,134 1,167,627
Chic Rock Isl & Pac February _ 5,949,978 5,748,781 54,934,402 48,249,192
Chic R I & Gulf_ February.. 293,996 245,720 2,514,830 2,157,054
d Chic St PM & Om February - 1.298,685 1,511,288 14.506,086 13,264,308
Chic Terre H & S E February.. 265,585 251,833 2,080,497 1,740,000
Cin Ham & Dayton February _ 715,170 672,247 7,054,440 7,239,292
Colorado Midland_ February _
96,278 106,257 1,211,301 1,068,091
e Colorado & South_ 4th wkMar 471,715 435,162 13,434,128 12,104,516
Cornwall
117,212
191,355
22,856
23,915
February 299,126
Cornwall& Lebanon February..
353,328
32,034
39,369
Cuba Rallroad_... January __ 761.119 691.480 3.936,295 3.231.779
Delaware & Hudson February _ 1.762,706 2,125,265 17,530,616 17,217,616
Dela Lack & West_ February.. 3,966,725 3.873.898 35.052.972 32.503,627
Deny & Rio Grande 1st wk .Apr 531,300 458,000 20,792,462 19,288,516
Denver & Salt Lake 4th wkMar
30,930 1,475,374 1,476,310
39,500
Detroit & Mackinac 1st wk Apr
867,361
954,027
25,441
22,848
Detroit Tol & Iront February _ 182,336 179,667 1,604,676 1,443,712
Det & Tol Shore L.. February _ 140,587 161,043 1,134,954 1,117,152
Dul& Iron Range.._ February _ 103,135 102,747 4,758,165 4,063,602
Dul Missabe & Nor February _ 155,649 129,597 10,054,976 7,050,011
Dul Sou Shore & Atl 4th wkMar 137,978
99,044 2,916,361 2,545,169
Duluth Winn & Pac February.. 199,783 186,497 1,247,663 1,001,721
Elgin Joliet & East.. February.. 1,067,210 1,138,547 9,298,990 8,451.179
El Paso & So West.. February _ 1,169,912 880,496 9,323,250 6,680,923
Erie
February_ 5,001,608 5,760,054 48,801,415 48,294,326
Florida East Coast_ February _ 886,386 824,530 5,717,616 4,018,272
•Fonda Johns& Glov February _
674.611) 617.140
71.420
75,021
Georgia Railroad.. _ February.. 258,857 245,842 2,467,649 2,084,153
Grand Trunk Pac 3d wk Mar
96,970 3,800,386 4,363,143
84,789
Grand Trunk Syst_ 1st wk Apr 1,215,768 1,155,486 47,827,181 41,410,414
Grand Trunk By 3d wk Mar 859,871 748,876 35,809,345 29,984,026
Grand Trk West_ 3d wk Mar 137,504 161,695 6,373,537 6,244,725
Det Or H & Milw 3d wk Mar
57,390
56,762 2,236,779 2,320,209
Great North System March
5,786,000 6,377,977 63,667,482 60,716,950
Gulf Mobile & Nor_ February _ 154,584 160,107 1,341,944 1,306,190
Gulf & Ship Island_ February _ 145,218 153,423 1,322,892 1,296,028
Hocking Valley
February.. 600,631 535,937 5,883,184 4,855,711
Illinois Central...... _ March _ _ 6,963,791 5,943,012 58,967,145 51,791,577
Internat & Grt Nor February _ 817,550 748,946 7,898,558 6,314,258
Kansas City South_ February _ 994.095 809.583 8,101.597 6,916,878
Lehigh & Hud River February _ 148,862 151,596 1,456,320 1,400,907
Lehigh & New Eng.. February _ 222,242 263,373 2,068,135 2,322,322
Lehigh Valley
February _ 3.304.753 3.479.847 32,681.451 31.254,043
Los Angeles & S L.. _ February _ 806,277 818,641 7,644,595 7,119,593
Louisiana & Arkan_ February _ 107,201 109.659
992,260 1,116,015
Louisiana Ry & Nay February _ 182,014 154,926 1,548,095 1.524,572
fLouisville & Nashv 4th wkMar 2,052,390 1,809,001 51,148.990 44,709,061
Maine Central
February
961,206 917,439 8,838,484 7,847,490
314,836
Maryland & Penn February _
336,084
32,821
36,108
Midland Valley_ __ _ February _ 203,202 142,088 1,581,740 1,207,576
Mineral Range........ 4th wkMar
796,048
880,616
34,750
40,104
Minneap & St Louis 1st wk Apr 207,200 194,271 8.426,154 8,432,353
MinnStP&SSM_ 1st wk Apr 636,521 633.829 25,294,603 26,956,826
Mississippi Central.. February _
534,260
541,910
.56,138
772
g Mo Kan & Texas_ 1st wk Apr 705,179 592,640 31,231,140 25,148,251
h Missouri Pacific.... February__ 5,659,115 5,022,931 50,086,012 42.484,911
New York Central February.._ 13633817 15231375 133437879 122279733
Boston & Albany February__ 1,431,906 1,563,382 14,422,722 12,727,259
n Lake Erie & W.. February__ 608,974 559,932 5,230,317 4,556,762
Michigan Central February.... 3,450,210 3,350,067 32,028,073 26,604,852
Cleve(30 & St L February.._ 3,320,920 3,640,765 31,844,784 28,445,484
Cincinnati North. February__ 158,424 138,920 1,366,4421 1,190,352
Pitts & Lake Erie February__ 1,684,853 1,821,842 16,055,651 14,725,317
Tol & Ohio Cent.. February.._ 430,172 449,112 4,394,156 3,530,952
Kanawha & Mich February.... 228,989 300,965 2,196,0251 2,405,934
Tot all lines above February__ 24948265 27056362 240976105 216466653

July 1 to Latest Date

Latest Gross Earnings.

July 1 to Latest Date.
ROADS.

Week or
Month.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

Nashv Chatt & St L February.. 1,095,112 1,028,827 9,415,422 8,350,261
314,084
271,202
Nevada-Cal-Oregon 4th wkMar
10,452
7,638
New Orl Great Nor_ February _ 121.106 147.536 1,127,616 1,176.973
N Y Chic & St Louis February.... 1,158,280 1,190,125 10,362,141 9,305,012
NYNH& Hartf__ February.... 5,724,565 5,802,178 54,379,695 49,628,339
N Y Ont & Western February.. 563,108 678.143 5,840,993 6,154.742
N Y Susq & West.... February.. 291,113 394,515 2,413,144 2,893,213
Norfolk Southern__ February _ 394,870 371,447 3,396,018 2,950,931
Norfolk & Western_ February__ 4,527,345 4,588,416 39,797,420 37,289,301
Northern Pacific__ February _ 5,430,116 4,963,512 55,462,356 49,820,867
Northwestern Pac_ February.._ 266,294 252,757 3,165,283 2,859.659
Pacific Coast Co_ January
369.373 497,643 4,128,610 4.345,475
p Pennsylvania RR_ February__ 16790813 17028693 154457574 143204094
Bait Ches & Atl._ February__
54,971
782,108
867,091
26,613
Cumberland Vali. February.._ 323,877 296,790 2,540,253 2,288.483
Long Island
February__ 930,415 900,233 10,246,007 9,369,382
620,917
651,891
Mary'd Del & Va February....
47,179
31,579
N Y Phila & Norf February__ 315,787 344,296 3,476,137 3,002,278
Phil Balt & Wash February__ 2,039,319 1,783,615 17,708,094 15,194,462
W Jersey & Seash February__ 487,487 467,253 5,467,209 5,095,944
Pennsylvania Co......February__ 4,456,140 4,989,287 49,749,241 45,777,293
Grand Rap & Ind February__ 427,539 431,985 4,046,680 3,726,465
:Pitts 00& St L_ February.._ 4,920,574 4,860.353 43,873,053 39,093,199
Total linesEast Pitts & Erie February__ 21227084 21188068 198129490 182002601
West Pitts & Erie February__ 9,947,658 10408682 98,902,168 89,728,251
All East & West.. February_ 31174742 31596749 297031658 271730852
Pere Marquette._ 4th wkMar 690,518 619,031 17,139,335 15,732,982
Reading CoPhila & Reading.. February _ 4,583,701 4,804,679 41,406,965 38.002,542
Coal & Iron Co February _ 3,185,199 3,508,006 30,453,187 24,889,057
February _ 7.768,900 8.312,685 71,860,152 62,891,599
Total both cos
Rich Fred & Potom February__ 348,896 305,709 2.538,999 2,004,174
December
92,694
76,010
620,679
551,792
Rio Grande Junc
16,340
418,594
467,684
Rio Grande South.... 4th wkMar
15,556
Rutland
February.... 276,030 277,876 2,680,986 2,471,981
StJos & Grand Isl. February__ 164,164 154,423 1,523,102 1,191.134
St L Brownsv & M_ February _ 380,403 195,711 3,440.864 1.746,637
St L Iron Mt & So. February__ 3,135,425 2,409,889 26,945,420 21,636,782
St Louis & San Fran February__ 4,247,604 3,847,839 37,700,236 31,578,386
St Louis Southwest 1st wk .Apr 290.000 237,000 12,162,598 9,512,294
Seaboard Air Line._ February__ 2,549,344 2,289,728 18,260,087 15,857,544
February _ 13450273 11186101 118516488 101121384
Southern Pacific
k Southern RySyst_ 1st wk Apr 2,143,851 1.913,160 79,276,974 70.315,565
Ala Great South_ February _ 448,336 430,159 4.041,584 3,596,801
Cinc N 0 & Tex P February _ 855,042 943,990 8,091,305 7,068,020
1st wk Apr 247,434 226,415 9,558,491 8,926,471
Mobile& Ohio
45,515 2,193,855 1,910,079
Georgia So & Fla_ 1st wk Apr
46.509
Spok Port & Seattle February _ 432,907 375,742 3,810,203 3,344,280
92,222
2,475
2,474
76.468
Tenn Ala & Georgia 1st wk Apr
Tennessee Central_ February.._ 120,934 119,243 1,171,155 1,054,547
Texas & Pacific_ _ _ _ 1st wk Apr 385,678 366,897 17,351,784 15,131,034
97.725 101,800
931,155
933,605
Toledo Poor & West March _
Toledo St L & West 1st wk Apr 121,483 108,778 4.695,554 4,272,334
73,182
68,013
653,903
809,751
Trinity& Brazos.. February__
Union Pacific Sysi_ February - 70586.560 8.012,375 79,785,785 69.436,425
February
720.860 747,035 6,275,363 4,924,658
Virginian
February _ 2,718,334 2.833.995 25,525,260 22,571,150
Wabash
Western Maryland.. 1st wk Apr 229,731 222,768 9,744,394 8,227,219
Western Pacific........ February _ 480,985 500,266 5,819,330 4,886,230
953,613
Western Ry of Ala_ February... 110,549 107,550
879,565
Wheel & Lake Erie.. February.. 575,374 682,833 6,479,024 6.778.799
Yazoo & Miss Vail.. March........ 1,313,780 1,058.522 12,603,949 10,224,445
Current
Year.

Period.

Various Fiscal Years.
Buffalo & Susquehanna RR....__ Jan
Jan
Delaware & Hudson
Jan
Erie
Jan
New York Central./
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Michigan Central
Oleve Cinc Chic & St Louis Jan
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Toledo & Ohio Central
Jan
Kanawha & Michigan
Jan
Total all lines
Jan
New York Chicago & St Louis.... Jan
N Y Susquehanna & Western.... Jan
Jan
p Pennsylvania Railroad
Baltimore Chesap & Atlantic Jan
Jan
Cumberland Valley
Jan
Long Island
Mary'd Delaware & Virginia Jan
N Y Philadelphia & Norfolk.. Jan
Phila Baltimore & Washing'n Jan
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana_
1Pittsb Cinc Chic & St Louis_ Jan
Total lines-East Pitts & Erie Jan
-West Pitts & Erie Jan
-All lines E & W_ Jan
Rio Grande Junction
Dec
Rutland
Jan

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Dec
Feb

Previous
Year.

28 $261,128 $309,479
28 3,916,249 4,265,549
28 10,603,704 11,471,646
28 29,535,690 30,120,429
28 3,109,083 3,150,900
28 1,293,981 1,083,254
28 7,511,265 6,622,241
28 7,322,721 7,123,658
269.193
351,706
28
28 3,489,522 3,567,193
943,941
880.664
28
491,277
592,648
28
28 54,049,186 53,410,180
28 2,498,152 2,450,337
28
789,207
627,624
28 35,823,235 34,734,931
28
114,443
95,333
28
589,257
634,560
28 1,981,510 1,868,602
95,437
92,301
28
713,543
757,981
28
28 4,248,019 3,599,942
931,681
28
977,586
28 9,794,426 10,135,838
862,067
916,721
28
28 10,417,002 9,816,848
28 45,196,966 43,201,946
28 21,429,328 21,076,235
28 66,626,294 64,278,181
76,010
31
92,694
555.735
28
604,182

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Increase or
Decrease
'1,
- --- I
Prey.
Yr
Mileage.
Cur.
Yr.
$
X
$
X
$
226.752 225.803 285,149.740 237,612,967 +47,536,779 20.0(
1th week Jan (32 roads)____ 19,155.988 16,363.202 +2,792,786 17.07 June
1st week Feb (30 roads)____ 11.094.646 10,983,013
+111,633 1.02 July
244,249 243,563 308.040.791 263,944.649 +44,096,142 16.71
Id week Feb (27 roads)._ 11.941,735 11,333.376
245,516 214,765 333.460,457 278,787,021 +54,673.436 19.61
+608.359 5.37 August
+496.217 3.99 September_.218.156 247.466 :332.888,990 294.333.419 +38,555.541 13.11
3d week Feb (30 roads)____ 12,907.667 12.411.450
246.683 246,000 345,790,899 310.740,113 +35,050,786 11.2i
Ith week Feb (28 roads).._.... 13,508,398 14,066.891
-558.493 3.97 October
5.64 November_ _248.863 248,058 330.258.745 306,606,471 +23,652.274 7.71
1st week Mar r roads)____ 12,798.647 12,115.340
,9 .
Id week Mar 30 roads)_-__ 13.411,164 12,018,648 +1,392.516 11.59 December 216.811 215.669 262,171,169 242.064,235 +20,106.934 8.31
5.04
January
248.477 247.327 307,961.074 267,115,289 +40.845.785 15.21
+633,824
3d week Mar 31 roads)....... 13.198,911 12,565,087
February
85,604 83,685 63.029.395 (11,597.875 +1.431,520 2.31
lth week
(33 roads)_- -- 21,296,954
19,034,515 +2,262,439 11.82 1%/ffs.e.1.1
45 K17
4K KKK 75 QAQ 057 711 Agfl QM
4-5.878.031 7.9f
,.. .......,... Mar
Av.« kV) ..-..,4,
ii ^7,4•3 ni 0 lA ,-Irt mt.) 1_ I 17'2 1 Kg 11 nn
rot
r
•
r
r
a Includes Cleveland Lorain & Wheeling Ry. b Includes Evansville & Terre hlaute7-c Includes Mason City ac Fort Dodge and the Wisconsin
Springs
& Cripple
Colorado
of
earnings
Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. e Does not include
Creek District Ry. IIncludes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and the Wichita Falls lines.
hIncludes the St. Louis Iron Mountain & Southern. 5 Includes the Lake Shore & Michigan Southern Hy., Chicago Indiana & Southern RR.. and
Dunkirk Allegheny Valley & Pittsburgh RR. k Includes the Alabama Great Southern. Cinc. New Orleans & Texas Pacific, New Orleans & Northeastern
and the Nor. Alabama. 1 Includes Vandalia RR. a Includes Nit'. Ohio RR. p Includes Northern Central. • We no longer include Mexican roads in
any of our totals.
• Weekly Summaries.




Current
Year.

Previous
Year.

Increase or
Decrease.

%

• Monthly Summaries.

Current
Year.

Previous
Year.

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 33 roads and shows 11.82%
increase in the aggregate over the same week last year.
1917.

Fourth Week of March.

1916.

Increase. Decrease.

$
$
$
77,077
73,380
21,786
83,298
105,084
355,786 115,293
471,079
979,800 167,000
1,146,800
3,932,000 3,491,000 441,000
1,715,912 1,484,025 231,887
61,735
340,259
401,994
226,518 , 20,419
246,937
36,553
435,162
471,715
626,500 124,200
750,700
8,570
30,930
39,500
9,037
33,603
42,640
38,934
99,044
137,978
2,873
72,362
75,235

Ann Arbor
Atlanta Birmingham & Atlantic
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Indianap & Louisville_
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atlantic
Georgia Southern & Florida__ -Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Haven & Mil
Canada Atlantic
Louisville & Nashville
Mineral Range
}
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M__
Missouri Kansas & Texas
Mobile & Ohio
Nevada-California-Oregon
Pere Marquette
Rio Grande Southern
St Louis Southwestern
Southern Railway System
Tennessee Alabama & Georgia_
Texas & Pacific
Toledo St Louis & Western_ _
Western Maryland
(33 roads)
Total
--

1,815,571 1,592,442

223,129

2,052,390 1,809,001
34,750
40,104
243,175
267,988

243,389
5,354
24,813

890,690 1,035,206
904,239
1,020,222
346,355
367,674
7,638
10,452
619,031
690,518
16,340
15,556
339,000
447,000
2,954,315 2,797,085
3,964
4,094
604,250
542,338
108,169
126,487
378,689
300,418

$
3,697
_..___ _

784
108,000
157,230
130
61,912
18,318
78,271
148,997

In the table which follows we sum up separately the
earnings for the first week of April. The table covers 22
roads and shows 11.09% increase in the aggregate over the
same week last year.
First Week of April.

1917.

1916.

Increase. Decrease.

$
$
251,649
233,162
Buffalo Rochester & Pittsburgh
736,200
677,000
Canadian Northern
2,830,000 2,482,000
Canadian Pacific
846,762
Chesapeake & Ohio
938,878
197,922
151,057
Chicago Ind & Louisville
458,000
531,300
Denver & Rio Grande
22,848
Detroit & Mackinac
25,441
&
Southern
Florida_ _ _ _
45,515
Georgia
46,509
Grand Trunk of Canada
Grand Trunk Western
1,215,768 1,155,486
Detroit Or Hay & Milw_ _ _ _
Canada Atlantic
Minneapolis & St Louis
207,200
194,271
Iowa Central
636,521
63:3.829
Minneapolis St Paul & S S M__
705,179
592,640
Missouri Kansas & Texas
247,434
226.415
Mobile & Ohio
290,000
237,000
St Louis Southwestern
2,143,851 1,913,160
Southern Railway System
2,474
2,475
Tennessee Alabama & Georgia_
385,678
366,897
Texas & Pacific
121,483
108,778
Toledo St Louis & Western_ __ _
229,731
222,768
Western Maryland
Total (22 roads)

ril_no0A)

$
18,487
59,200
348,000
92,116
46,865
73,300
2,593
994

$

60,282
12,929
2,692
112,539
21,019
53.000
230,691
18,781
12,705
6,963

11,743,218 10,570,063 1,173,156

Duluth So Sh & Atl43,380
260,726
Feb '17
56,304
256,385
'16
727.590
8 mos '17 2,576,747
678,919
'16 2,284,560
Mineral Range465
Feb '17
90,617
82,859 def1,731
'16
2 mos'17
777,344
140,695
172,129
'16 702,563
Nevada-California-OregonFeb '17
15,468 def3,873
'16
13,677 def7,167
2 mos '17
31,777 def9,394
'16
19,966 4ef22,214
Toledo Peoria & WesternMar '17
159
97,725
'16
101,800
11,822
3 mos '17 292,674
18,500
'16
289.786
26,070

Name of Road
or Company.

115,983
21.319
2,814
71,487

9 9A90 A9(1

Net
Gross
Earnings. Earnings.

Other
Income.
$

Total
Income.

Charges
& Taxes.
$

Balance.
Surplus.

5,138
6,123
43,294
35,669

48,518
62,427
770,884
714,588

95,398 def46,880
97,089 def34,662
811,871
40,987
804,280 def89,692

541
383
4,438
4,104

1,006
dell.348
145,133
176,233

13,932 def12,926
16,468 def17,816
106,365
38,768
57,964
118,269

193 def3,680
148 def7,019
333 def9,061
287 def21,927
25,000
11,710
65,569
37.143

25,159
23,532
84,069
63,213

7,607
7,234
15,134
14,420

def11,287
def14,253
def24,195
def36,347

27,170 def2,011
26,320 def2,788
1,979
82,090
79.808 def16.596

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.

144,516

21,296,954 19,034,515 2,411,436

•

NA* inproaun

1481

THE CHRONICLE

APR. 14 1917.]

1

1

:1 17R inc

•
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:

Latest Gross Earnings.
Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date
Current
Year.

Previous
Year.

$
$
$
$
154,151
138.841
Adiron El Pow Corp_ January __ 154,151 138.841
22,040 21,081
44,942
Atlantic Shore Ry___ February__
44.369
306,319
293,094
cAur Elgin & Chic By February _ 146,527 144,234
143,461
128,690
Bangor By & Electric February _ 68,776 62,406
39,268
18,822 17,150
34,977
Baton Rouge Elec Co February _
57,747
65.731
BeltL RyCorp(NYC) January _ _ 57,747 65,731
140.103
Berkshire Street By.. February _ 76,080158,121
Brazilian Trac, L & P February _ 16872000(627(i000(14138,000(12902,000
7,282
7,714
16,73015,358
Brock & Plym St Ry_ February _
Bkiyn Rap Tran Syst January __ 2439,469 2257,559 2,439,469 2,257,559
70,591
62.758
Cape Breton Elec Co February _ 32,010 28,638
48,812
50.634
24,306 23,182
Cent Miss V El Prop.. February _
209,226
197,603
Chattanooga Ry & Lt February _ 102,177 96,183
Cities Service Co.. _ _ _ February _ 1681,868 673,406 3,536,317 1.336,949
60,823
68,798
Cleve Painesv & East February _ 32,362 29,922
198,908
213,906
Cleve Southw & Col.. February _ 100,876 95,603
gOolumbia Gas & El_ February _ 1051,698 859,900 2,171,492 1.776,772
170,594
136,569
Columbus(Ga) El Co February. 80,987 64,622
578,117
653.889
Colum (0) Ry,L & P February _ 316,318 280,711
Com'w'th P. By & Lt February _ 1530,735 1362,995 3.148,453 2,770,547
February _ 720,688 681,372 1,507,193 1.382,878
Connecticut Co
786,392
947,606
Consum Pow (Mich). February _ 460,279 386.734
411,582
455,994
Cumb Co(Me)P & L February _ 217,275 198,398
380.117
336,891
Dallas Electric Co.. February.._ 179,860 163,759
244,815
271,164
Dayton Pow & Light February _ 167,247 132,690
g Detroit Edison.._.. February _ 1034,609 861,790 2,144,331 1.747,799
Detroit United Lines February _ 1282,227 1113,845 2,678,080 2,285,430
40,137
34,687
DDEB& Batt(Rec) January __ 34,687 40,137
248,214
210,008
Duluth-Superior Trac February _ 117,240 105,151
456,840
East St Louis & Sub.. February _ 268,158 227,472
560.76
66,094
79,352
Eastern Texas Elec January __ 79,352 66,094
196,429
227,59
El Paso Electric Co.._ February _ 111,255 91,146
140,32
163,580
42d St M & St N Ave January __ 140,329 163,580
441.700
473,691
g Federal Lt & Tree_ _ February _ 229,813 216,157
302,202
311.360
Galv-Hous Elec Co February _ 148,284 145,763
217,041
209,246
Grand Rapids By Co February _ 103,932 103,429
632,220
670,667
Great West Pow Syst February _ 328,982 310,805
35,876
45,260
Hagers'n & Fred Ry_ January __ , 45,260 35,876
172.580
179,791
Harrisburg Railways February _ 87.121 86,263
981,617
Havana El Rv,L & P February _ 504,325 489,543 1,051,813
50.243
57,984
Honolulu B T & Land January __ 57,984 50,243
49.002
54,002
25,249 24.166
Houghton Co Tr Co.. February _
967,819
b Hudson & Manhat_ February _ 497.800 472.259 1.039,095
Illinois Traction_ _ _ _ February _ 1057,527 1002,662 2,201,47! 2,036,603
Interboro Rap Tran_ February _ 3240,154 3036,983 6,870,847 6.230,727
103.183
113,093
Jacksonville Trac Co February _ 53.932 50.136
39,522
39,927
Keokuk Electric Co.. February - 19,030 18.796
21.98
18,822
9,544
10,682
Key West Electric...... February _
219,877
251,91
Lake Shore Elec Ry_ February _ 120,326 106,507
363.303
414,093
Lehigh Valley Transit February. 198,165 177,727
103,457
116,494
Lewist Aug & Watery February _ 54,793 50,574
15,834
16,25:
16,258 15.834
Long Island Electric_ January __
243,661
254,38 .
Louisville Railway January __ 254,383 243,661
Milw El By & Lt Co_ February _ 634,375 575,254 1,322,031 1,170,084
331,187
256,135
Milw Lt, Ilt & Tr Co February _ 160,752 127,078
371,628
565,494
Monongahela Vali Tr March ___ 202,777 128,044
407.46, 381.903
Nashville By & Light February _ 197,593 185,318
61,707
61,247
N Y City Interboro January __ 61,707 61,247
29,402
30,16
N Y & Long Island January __ 30,165 29,402
11,3 I
12,165
11,350 12.165
N Y & North Shore January __
111,404
109.030
N Y & Queens Co...... January __ 111,404 109.030
New York Railways.. February _ 914,076 1040,676 1,911,151 2,162,113
49,99
46,465
N Y & Stamford Ry_ February _ 23,885 22,358
N Y State Railways_ December 651.989 561.901 8.256.47 7.264.675
78.184
85,36
NY Westckes & Bost February _ 39,600 36,414
32.321
15,812 14,490
30.734
Northampton Trac February _
989,30:
739,539
Nor Ohio Trac & Lt.. February _ 483.866 364,153
329,67:
292,508
North Texas Electric February _ 158,578 141,880
5,404
5,424
5,424
5,404
Ocean Electric (L I)_ January __
Pacific Gas & Elec__ _ February _ 1625,814 1600,035 3,399,37! 3,362,748
544,59.
510,639
Pacific Lt & P Corp February _ 254,174 244,473
53,071
54,33:
g Paducah Tr & Lt Co February. 25,550 25,618
45.769
53,95'
Pensacola Electric Co February _ 26,909 21,833
Phila Rapid Transit.. February _ 2205,349 2036,166 4,633,13 4,190,086
69,792
75,72 Philo, & Western Ry_ Feoruary _ 36,003 33,726
864,319
950.13•
Port(Ore)Ry,L&PCo. February _ 459,908 409,331
669,593
787,87 I
g Puget Sd 'Tr, L & P January __ 787,870 669.593
628,774
737,42
g Republic By & Lt February _ 357.646 310.459
839,073
890,26
Rhode Island Co........ February _ 424,512 410,857
31,98
28.235
Richmond Lt & RR_ January __ 31,982 28.235
123,277
135,7
St Jos Ry,L, H & P_ January __ 135,783 123,276
478,222
553,58
57,814 45,961
Santiago Elec Lt & Tr December
126,531
144,34
Savannah Electric Co February _ 69,295 60,396
66,179
61.44 ,
Second Avenue (Rec) January _ _ 61,445 66.179
16,.: .1
18,422
16,584 18,422
Southern Boulevard_ January __
831,070
826,27
Southern Cal Edison.. February _ 405,687 411,981
21.379
22,9
Staten Isl d Midland_ January __ 22,933 21,379
177,249
182,67'
Tampa Electric Co.._ February _ 90,360 90,544
342,658
331,00
January _ _ 331,001 342,658
Third Avenue
Twin City Rap Tran_ 4th wkNlar 300,737 269,800 2,630,11 2,482,155
234,769
230,72;
Union By Co of NY C January _ _ 230,728 234,769
946,344
Virginia Ry& Power.. February _ 478,490 457,563 1,003,67..
58,490
66,• ii
Wash Bait & Annap_ January __ 66,960 58,490
44,266
41,4
Westchester Electric_ January _ _ 41,428 44,266
34,621
31,56
16,220 16,533
Westchester St RR _ .. February _
472,867
644,667
West Penn Power.... _ February _ 313,912 235,491
941.904
7 West Penn Trac Co February _ 571,669 463,883 1,176,14'
63,111
58,44.
Yonkers Railroad.....: January __ 58,444 63,111
79,385
90,72'
January __ 90.729 79,385
York Railways
49.661'
49,381
Youngstown & Ohio.. February _ 24,318 23,833

-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Chicago & East Ill_ b_ __ _Feb 1,476,334 1,421,580
292,990
319,265
3,092,015 2,892.299
Jan 1 to Feb 28
632,989
633,172
593,135
149,296
185,677
Chic Ind & Louisv b....Job 615.721
5,710.615 4.996,546 1,921,075 1,646,796
July 1 to Feb 28
672,247
43,931
127,442
Chic Ham & Dayton b-Feb 715,170
1,531,318 1,372,281
270.352
128,785
Jan 1 to Feb 28
Grand Trunk of CanadaJan 3.788,083 3,338,905
Grand Trunk By
555,754
691,773
689,340
Grand Trunk Western Jan 667,440
def8,030
130,665
229,212 def59,128 def26.522
Detroit Or Hay & Mil Jan 221,669
Feb 4,923,528 4.279,512
Great Northern b
10.604,459 8.980,875 2.aari
Jan 1 to Feb 28
878,096 9120,903 9227,437
Minneap & St Louis a_ _Feb 666,956
1,540,514 1,754,320 9298,761 9476.698
Jan 1 to Feb 28
Feb 480,985
Western Pacific b
500,266
132,359
87,359
1,066,357
Jan 1 to Feb 28
937,515
282,486
239,976
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g For Feb. 1917 net income after additional income was $111,119, against
$190,436 in 1916. and from Jan. 1 to Feb. 28 was $282,914 in 1917, against
$392,975.
Gross
Net
Fixed Chgs. Balance,
Earnings. Earnings. & Taxes. Surplus.
$
$
$
$
820
Bellefonte Central_ _Mar'176,856
573
247
'16
6,634
896
256
640
21.489
3 mos '17
1,186
741
445
'16
20,505
3,396
2,628
768
Other
Net, alter
Gross
Gross
Balance,
Fixed
Taxes.
Income.
Earnings.
Income.
Charges. Surplus.
$
$
Rio Grande South14,215
33
45,110
14,248 "17,007
de12589
Feb '17
68
205
273
33,377
16,775 def10,502
'10
493
30,393
92,244
30,886
33,313 def2,427
2 mos '17
Represents income from all sources. c These figures are for consoli3,257
797
4,054
33,203 def29,149 dated
69,517
'10
company. f Earnings now given in milreis. g Includes constituent
Other
companies.
Net
Total
Charges
Balance,
Gross
Income.
Earnings.
Income. & Tales. Surplus.
Earnings.
Roads.

2.szuti

Bangor & Aroostook349,919
Feb '17
'10
325,761
761,137
2 mos '17
651,446
'16




75,728
114,015
235,104
236,105

35,617
23,341
74.502
49,155

111,345
137,358
309,808
285,280

118,408
118,585
237,875
232,518

def7,06
20,791
71,931
52,742

Electric Railway and Other Public Utility Net Earn;
ings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:

1482

[VOL. 104.

THE CHRONICLE

-Gross Rev. (Est.)-Gross Earnings----Net Earnings
Eastern Power & Light Corp. subsidiariesCurrent
Previous
Current
Previous
1917-March-1916.
Year.
Year.
Reading System
Year. ' Year.
$243,540 $200,817
West Virginia System
83,240
89,543
$
$
$
$
Claremot System
23,869
19,447
American Tel & Tel_ _ _Feb 2,606,911 2,190,161 1,511,469 1,309,755
Vincennes System
9,231
11,199
Jan 1 to Feb 28
5,241,575 4,372,203 3,048,602 2,617,282
Brazilian Trac, L & P__Febc6,872,000 c6,276,000 c3,885,000 c3,519,000
Total
$361,848 $319,038
Jan 1 to Feb 28
c14,138,000c12,902,000 c7,887,000 c7,360,000
Brit Colum Elec Ry_ _ _ _Feb 581,555
96,522
572,935
101,680
July 1 to Feb 28
565,389
4,647,477 4,405,030
773,865
Mountain States Telep_ _Feb 749,701
195,163
633,125
205,670
Jan 1 to Feb 28
381,885
407.903
1,522,115 1,272,241
Annual Reports.-An index to annual reports of steam
New England Tel & Tel_Feb 1,821,780 1,645,436
515,923 railroads, street railways and miscellaneous companies which
541,634
Jan 1 to Feb 28
3,641,997 3,326,479 1,023,581 1,044,512 have been published during the preceding month will be
Northern States Power...Feb 620,162
299,876 given on the last Saturday of each month. This index will
526,259
323,655
Mar 1 to Feb 28
6,274,265 5,307,438 3,382,894 2,966,760
not include reports in the issue of the "Chronicle" in which
Pioneer Telephone
Feb 303,155
* 69,014
257,413
59,701
Jan 1 to Feb 28
518,626
130,149
618,987
140,956 it is published. The latest index will be found in the issue
Southern Bell Tel & Tel_Feb 631,209
581,212
178,146 of Mar. 31. The next will appear in that of April 28.
203,751
Jan 1 to Feb 28
1,270,524 1,165,655
456,355
421,559
Erie Railroad.
Western Union Teleg_ _ _Feb 5,223,917 4,434,043 1,619,710 1,415,339
Jan 1 to Feb 28
10,779,824 9,007,022 3,480,790 2,999,328
(22d Annual Report-Year ending Dec. 31 1916.)
Companies.

ANNUAL REPORTS

c Milreis.
Gross
Earnings.
Aurora Eling & Chic.Feb '17
'16
2 mos '17
'16
Bangor Ry & Elea_ _Feb '17
'16
2 mos '17
'16
Chatt Ry & LightFeb '17
'16
2 mos '17
'16
Col (0) Ry,P & LFeb '17
'16
2 mos '17
'16
Consum Pow (Mich)Feb '17
'16
2 mos '17
'16
Cumb Co(Me)P&L_Feb '17
'16
2 mos '17
'16
East St Louis & Sub.Feb '17
'16
2 mos '17
'16
Grand Rapids Ry_ _Feb '17
'16
2 mos '17
'16
Groat West Pow Sys.Feb '17
'16
2 mos '17
'16
Hav El By, L & P_ _Feb '17
'16
2 mos '17
'16
Huntington Dev & Gas9 mos to Feb 28 1917_ _
Keystone TelephoneMar '17
'16
3 mos '17
'16
Lew Aug & Waterv_Feb '17
'16
2 mos '17
'16
Milw Elea Ry & Lt_Feb '17
'16
2 mos '17
'16
Milw Lt, Ht & Tr__Feb '17
'16
2 mos '17
'16
Nashville RY & Lt_ _Feb '17
'16
2 mos '17
'16
NN & H Ry, G & E Dec '16
'15
12 mos '16
'15
Jan '17
'16
New York Eye
Feb '17
'16
8 mas '17
'16
Pacific Gas & Elea_ _Feb '17
'16
2 mos '17
'16
Portl(Ore)Ry,L & P.Feb '17
'16
2 mos '17
'16
Tenn Power Co_ _ _ _Feb '17
'16
2 mos '17
'16

146,527
144,234
306,319
293,094
68,776
62,406
143,460
128,690
102,177
96,183
209,226
197,603
316,318
280,700
653,889
578,117
460,279
386,734
947,606
786,392
217,275
198,398
455,994
411,582
268,158
227,472
560,765
456.840
103,932
103,429
217,040
209,246
328,982
310,805
670,667
632,220
504,325
489,543
1,051,813
981,617
384,413
128,971
119,005
384,073
353,839
54,793
50,574
116,496
103,457
634,375
575,254
1,322,030
1,170,084
160,752
127,078
331,187
256,135
197,593
185,318
407,462
381,903
57,980
81,761
1,013,712
916,172
85,222
72,448
914,076
1,040,676
7,304,714
9,107,997
1,625,814
1,600,035
3,399,379
3,362,748
459,908
409,331
950,139
864,319
138,914
109,314
285,203
221,123
Gross

Earnings.
Monongahela Val TrMar '17
'16
3 mos '17
'16

202,777
128,044
565,490
371,628

Net after
Taxes.

Fixed
Charges.

33,389
46,517
76,987
94,217
28,255
28,221
60,027
59,857
33,524
36,419
65,129
74,528
91,641
115,166
200,688
239,664
201,598
232,149
432,051
481,357
52,289
70,313
126,655
150,104
95,865
90,766
193,672
182,152
30,232
38,994
68,876.
80,148
211,536
210,656
423,464
418,197
293,473
311,777
610,997
617,563

35,651
36,530
71,411
73,187
18,933
17,779
37,658
35,496
29,700
28,570
62,360
57,425
44,961
44,375
89,230
85,497
76,090
75,171
159,430
141,318
66,304
65,761
132,471
131,612
63,969
61,802
128,034
123,655
17,392
14,486
35,443
29,020
140,705
137,083
280,373
261,431
134,872
119,075
266,752 ,
234,467

Balance,
Surplus.

def2,262
9,987
5,576
21,030
REVENUES, EXPENSES AND TAXES FOR CALENDAR YEARS.
Operating Revenues1916.
1915.
1914.
9,322
$39,178,235 $34,205,144 $27,727,822
10,442 Merchandise
17,926,667 16.362,948 16,180,537
22,369 Coal
10,100,378 9,424,489 9,951,479
24,361 Passenger
Mail, express, &c
7,105,982 6,444,139 5,800,387
3,824
7,849
Gross operating revenues
$74,311,262 $66,436,720 $59,660,225
2,769 Maintenance of way and structures $6,369,301 $5,630,281 $6,653,188
17,103 Maintenance of equipment
15,009,919 11,484,233 12,647,923
1,350,216
1,339,635
1,406,576
46,680 Traffic
Transportation-rail
line
22,923,085 22,784,189
28,615,887
70,791
341,431
287,497
111,458 Transportation-waterline
401,215
413,083
474,682
154,167 Miscellaneous operations
General
1,409,251
1,705,082
1,466,837
125,508 Transportation for investment
Cr.71,387 Cr.116,101 Cr.125,065
156,978 Railway tax accruals
2,220,333 2,206,407
1,511,050
272,621 Uncollectible railway revenue
8,628
47,659
13,930
330,039
Operating
expenses,
taxes,
&c____$55,682,662
$45,670,748
17,055,557
5
,
def14,015 Operating income
$18,628,600 $20,765,972 $12,604,668
4,552
def5,816
RESULTS FOR CALENDAR YEARS.
18,492
1916.
1915.
1916.
1915.
$
$
31,896
28,964 Operating income_18,628,600 20,765,972 Int. on fund. debt.10,361,414 9,977,578
645,335 Other interest, &c. 238,573
909,825
65,638 Dividend income_ 2,042,421
86,201
58,497 Other income__ __ 1,711,809 1,818,880 Amort.of debt die.
Sinking, &o.,funds 881,920
836,068
12,840
Gross income_ _22,382,830 23,230,187 Inv.in phys. prop. 513,833 1,383,754
24,508 Hire of equipment 1,986,186
681,266
33,433 Rent for leased
Total deduc'ns_17,750,918 17,213,968
51,128
2,245,031 2,295,149 Balance,surplus__ 4,631,912 6,016,219
roads
1,437,757 1,130,328
x75,472 Other rents,
x108,087 -V. 104, P. 1044, 952.
x151,115
x215,305
Delaware & Hudson Company.
x166,689
(87th Annual Report-Year ending Dec. 31 1916.)
x197,204
x358,701
On subsequent pages will be found extended extracts from
x397,396

the remarks of President Loree.

224,168
130,019
94,149
60,667
27,792
32,875
27,452
30,537
57,989
184,512
83,375
101,137
82,358
93,525
175,883
3,443
15,444 def12,001
16,085
11,282
def4,803
30,752 def19,794
10,958
32,048 def8,233
23,815
69,915
z96,939
159,139
66,713 x108,211
171,491
135,859 x218,218
338,944
134,137 x222,648
348,874
38,570 xdef3,228
35,351
57,858
x24,246
37,005
77,106 xdef6,499
70,585
115,940
x49,106
75,133
40,970
37,993
78,963
42,897
32,773
75,670
82,208
73,349
155,557
85,980
69,921
155,901
20,496
41,593
x21,336
19,744
x9,765
29,316
234,491 x188,432
419,650
235,911 x129,963
362,785
20,592
x11,484
.883
x5,523
25,365
19,877
280,179xdef130,985
99,716
277,332
284,816
x39,719
1,425,326 2,252,124xdef394,312
2,896,948 2,287,492 x982,278
625,340
346,320 x299,868
706,444
335,719 x401,046
1,376,207
82,311 x750,274
682,027 x949,786
1,514,273
181,016
35,791
216,807
181,166 def24,927
156,239
363,354
83,495
446,849
362,928 def9,433
353,495
52,279
46,085
x14,508
35,935
x31,364
59,867
105,419
90,018
x33,350
73,194
x60,213
118,473
Net
Fixed Chgs. Balance,
Earnings. & Taxes. Surplus.
$
• $
113,447
30,208
83,239
68,769
25,000
43,769
312,572
88,830
223,742
201,904
72,014
129,890

x After allowing for other income received.
The General Gas & Electric Co.Pennsylvania Utilities Co
Interurban Gas Co
The New Jersey Power & Light Co
Rutland System
The Northwest Ohio System
Sandusky Gas & Electric Co
Binghamton Light, Heat & Power Co
Sayre Electric Co
Total




-Operating Revenue1917-March-1916.
$101,316
$89,469
567
603
16,445
14,310
35,937
33,208
20,473
20,444
45,718
50,641
24,324
27,847
8,269
7,406
$256,608

On subsequent pages will be found the remarks of President
Frederick D. Underwood, in addition to the comparative
balance sheets and gross and net earnings for 1916 and 1915,
income account for the year 1916 and general statistics of
the company for six periods.

$240,369

OPERATIONS AND FISCAL RESULTS.
1914.
1916.
1913.
1915.
Mlles operated
909
904
909
904
EquipmentLocomotives
491
491
473
466
Passenger cars
486
463
464
464
Freight cars
18,439
18,981
19,072
19,246
Company cars & miscall.
629
567
617
544
OperationsPass. carried earn. rev
7,652,664 6,945,618 8,238,700 9,029,260
No.of pass. carried 1 m136,895,895 123,968,812 137,899,884 157,021,628
Av. rects, per pass.p.m_
2.24 cts.
2.20 cts.
2.09 cts.
2.05 cts.
Pass. earns, per tr. mile_
$0.98861
$1.0579
$1.1236
$0.9545
Tons rev, freight carried 22.865,328 20,966,785 19,731,377 20,469,752
Tons. frt. car'd 1 mile_ _3486138,898 2879192,436 2732125,564 3034262,414
Av.rects. per ton p.mlie 0.632 cts. 0.684 cts. 0.679 cts. 0.663 cts.
Fr't earns. per.
tr. mile
$4.198
$4.283
$3.657
$3.5992
Av. no. tons fr't in train
678.06
613.72
539
542.56
Anthracite coal produced 7,186,380 8,100,767
7,170,553
7,400,695
Anthracite coal carried_ 9,300,552 9,990,848 9,211,397 8,911,989
Bituminous coal carried_ 2,799,859 2,074,357
2,406,953
2,052,181
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1915.
1914.
Railroad Earningsfrom1916.
Coal freight traffic
$11,769,005 $11,311,690 $10,844,093
Merchandise freight traffic
10,748,020 8,788,365 8,133,603
Passenger traffic
3,124,317
2,774,595
2,946,641
Express traffic
379,353
338,465
324,726
Transportation of mails
125,382
129,618
137,374
Miscellaneous sources
488,349
444,786
336,525
Gross earnings
$26,634,426 $23,787,519 $22,722,962
ExpensesMaintenance of way and structures
$2,127,853 $1,852,166 $1,721,507
Maintenance of equipment
4,970,920 3,703,382 3,680,235
Traffic expenses
314,358
315,992
341,580
Conducting transportation
9,513,925 8,007,980 8,595,112
136,892
Miscellaneous operations
190,758
223,457
General expenses
775,646
760,178
957,518
Cr.22,299
Cr.19,431
Transportation for investment
Cr.24,158
Total expenses
$18,111,095
Net earnings from operations
$8,523,331
Percentage of expenses to earnings_ _ _
(68.00)
Coal DepartmentGross receipts
$15,758,765
Gross expenses
15,020,372
Net earnings
Taxes
Operating income
Railroad DepartmentGross earnings
Operating expenses
Net earnings from operations
Taxes

$14,823,626 $15,188,851
$8,963,893 $7,534,111
(62.32)
(66.84)
$15,860,677 $15,517,042
14,616,706, 14,553,053

$738,393 $1,243,971
615,090
467,933

$963,989
323,102

$123,303

$640,887

$776,038

$26,634,426 $23,787,519 $22.722,962
18,111,095 14,823,626 15,188,851
$8,523,331 $8,963,893 $7,534,111
671,119
756,455
680,119

Operating income
$7,766,877 $8,283,774 $6,862,992
0:her Income70,610
142,489
Hire of equipment
Dr.454,053
704,762
717,069
Dividends and interest (Coal Dept.)_
704,250
879,984
1,006,156
Dividends and interest (RR. Dept.)_
763,594
50,592
41,522
Miscellaneous income (RR. Dept.)__
94,573
149,304
90,115
Miscellaneous income (general)
144,863
Gross income

$9,143,406 $10,986,942 89,429.351

THE CHRONICLE

APR. 14 1917.]

Deductions from Income1916.
1915.
1914.
$1,928,475 $1,999,352 $1,997,679
Rentals
9,502
9,734
Taxes (general)
10,075
142,614
65,047
Interest on 5% bonds
1,288,160
1,288,160
1,223,435
Interest on 1st & ref. M.bonds
350,000
Interest on 1st M.bonds
350,000
350,000
558,920
Interest on D.& H.debenture bonds_
256,172
558,920
433,935
Interest on 1st lien equipment bonds_
433,935
430,953
Interest on 5% bonds
391,381
75,000
75,000
Interest on divisional bonds
75,000
170,855
General interest and discount
135,586
112,205
Total deductions
$4,985,034 $4,915,501 $4,819,557
Net income carried to gen. prof.& loss $4,158,372 $6,071,441 $4,609,794
Dividends on stock(9%)
3,825,270 3,825,270 3,825,270
$333,102 $2,246,171
BALANCE SRBET DEC. 31.

Balance, surplus for year
1916.

AssetsUnmined coal owned

1915.

3

and controlled.. _14,272,695 14,272,695
Advances on unmined coal
268,653
247,435
Real estate
2,416,019 2,406,984
Road and equip.& H. Co_ _ _ _72,752,004 68,317,762
Canadian lines 6,464,030 6,484,030
4,286
Floating equipm't
3,636
Coal dept. equip.. _ 1,364,675 1,342,319
Coal handling and
72,099
76,020 storage plants._
Stocks & bonds...228,554,630 28,544,318
1,166,262 2,504,949
Cash
543,542
570.524
Fire insur. fund.. _
10,743
11,078
Spec. res. funds
2,654,231
2,678,585
fund_
trust
Equip,
Special deposits.. _ b1,009,563b14,349,001
Supplies on hand_ 2,939.563 1,937,160
Bills & accts. rec... 6,252,473 5,011,339
6,177,972 5,810,485
Adv., new lines
Total

146,957,164 154514,595

1916.

Liabilities-

$784,524
1915.

$

Capital stock__ --42,503,000 42,503,000
Bonds (see "Ity_62,462,000c76,278,625
Ind." Sec.)
Loans payable.... _ 3,203,534 2,703,534
Int., diva., &c.,
1,588,367 1,584,205
accrued
Interest, diva, and
bonds due, not
472,304
218,826
yet collected.. _ _
151,330
Accrued taxes_ _ _ 162,106
Spec. reserve fund
accounts
36,851
10,743
Vouchers & Payrolls
4,530,951 2,791,008
Other accts. payable
845,018
722,685
Accr'd deprec'n
3,266,895
Additions to property prior ,to
June 30 1907
through income 6,839,487 6,839,487
Profit and loss__ _21,046,651 20,711,152
Total

146,957,164 154514,595

a The total par value of Stocks owned in 1916 was $27,372,774, against
$27,371,774 in 1915 (value as per balance sheet in 1916 $23,419,559); par
value of bonds, $5,360,716 in 1916 (value as per balance sheet, $5,135,071).
The list of securities owned remains substantially the same as that given in
V. 88, p. 939, the main change being the addition of the temporary capital
stock receipts of the Wilkes-Barre Connecting RR. Co.
b Includes $754,771 unexpended balance from proceeds of bonds deposited with trustee to defray cost of authorized additions and betterments
and $244,000 poroceeds from sale of 5% 20-year convertible gold bonds.
c Includes $13,973,000 debentures which matured June 15 1916 and
were refunded through issue of 5% 20-year convertibles.
STOCKS OWNED, TOTAL PAR VALUE $27,372,774 (TOTAL VALUE
AS PER BALANCE SHEET $23,419,559)•
Par Value.
Name of SecurityChat.& Lake Placid RY.,Pref-$3,000,060
75,600
do common
800,000
Rensselaer etc Saratoga RR Albany & Susquehanna RR- 450,000
Greenwich & Johnsonville fly.. 225,000
Quebec Mont.& Southern fly.. 1,000,000
600,000
Napierville Junction fly
45,000
Cooperstown &Chad. Val.RR52,050
Champlain Transporta'n Co_ 400
Delaware & Hudson Co
12,499,600
United Traction Co
Northern N. Y. Devel. Co_ _ _
10,000
x Held under lease of Rena.& Bar. RR.

Name of SecurityPar Value.
Plattsburgh Traction Co
$100,000
Rcheneetady Railway Co
2,050,0011
Froy & New England Ry._
179,980
Chat. Ore & Iron Co. 1st pref. 360,800
do 2d preferred
319,850
do common
1,250,000
Champlain Transporta'n Co.x
95,450
Troy Union Railroad Co.x
7,500
Hudson Coal Co
3,500,000
Wilkes-Barre Connecting RR_
50,000
do temp. stock receipts.. _ ..
41,300
Miscellaneous stocks
660,844

1483

Canadian Pacific Railway.
(Report for Six Months ending Dec. 31 1916.)
The fiscal year has been changed to end Dec. 31.
INCOME ACCOUNT.

6 Mos. to -Years ending June 30
1914.
1915.
1916.
Gross earnings
376,717,9653129,481,885 398,865,2103129,814,823
Operating expenses...... _ 45,843,199 80,255,965 65,290,583 87,388,896
Dec. 31 '16.

Net earnings
$30,874.766 $49,225,920 333,574,627 $42,425,927
Interest, rents, &c
$5,132,551 $10,306,196 310,446,510 $10,227,311
x Transferred to special
income account
2,115,842
1,144,071
1,923,289
1,494,151
Pension fund
200,000
125,000
125,000
125,III
Common divs.(7% p.a.) 9,100,000 18,200,000 18,200,000 17,150,III
Pref. divs.(4% P.a.)--- 1,613.639 3,227,277 3,219,051 3,109.520
Balance,surplus
$13,684,505 $15,444,159
$89,915 $9,698.254
x Net earnings of coastal steamers, commercial, telegraph and news department transferred to special income account.
Special Income Account.

6 Mos. to
Years ending June 30-----Dec. 31 '16.
1916.
1914.
1915.
Special income *
$6,415,352 $9,940,955 $10,969,332 $8,587,870
Extra common divs__ _ _ 3,900,000 7,800,000 7,800,000 7,350,000
Rate of per cent
(136%)
(3%)
(3%)
(3%)
Surplus
Previous surplus

$2,515,352 $2,140,955 $3,169,332 31,237,870
8,407,099 6,266,144 3,096,812
1,858,941

Total sur. spec. income_310,922,451 $8,407,099 $6,266,144 $3,096,812
* After making allowances for contingent reserves.-V.104. p. 1387, 162.

Green Bay & Western Railroad.
(Report for Fiscal Year ending Dec. 31 1916.).
Freight
Passenger
Mail, express & miscell_

1916.
$589,515
183,240
77,316

1915.
$525,361
183,850
71,212

1914.
$526,003
185,133
65,194

1913.
$513,983
175,494
68,260

Total earnings
Maintenance of way,&c.
Maintenance of equip't_
Traffic expenses
Transportation expenses
General expenses

$850.071
$156,568
134,129
8,365
252,328
23,581

3780,423
$151,515
121,383
7,952
232,456
24,636

$776,330
$145,844
124,587
6,658
225,873
22,985

$757,737
$148,341
101,303
5,124
225,981
26,604

Total oper. expenses..
Net earnings
Miscell. earnings. &c_ _ _

$574,972
$275,099
89,236

$537,942
$242,481
110,638

• $525,947
$250,383
50,486

$507,353
$250,384
34.507

Total
Taxes, rents,&c
Add'ns & betterments.. _

$364,335
$73,362
50,000

$353,119
$64,186
81,400

$300,869
$61,700
28,000

$284,891
$54,009
27,000

$203,882
$211,169
$207.533
Balance
$240,973
330,000
$30,000
$30,000
Paid on deb. "A," 5%..
$30,000
125.000
125,000
125,000
Paid on stock, 5%
125,000
(1)70,000 (%)43,750 (U)52,500 (%)43,750
Paid on deb "B"
Total
Balance

$207,500
$225,000
$198,750
$8,783
$3,669
$15,973
GENERAL BALANCE SHEET DEC. 31.

$198,750
$5,132

1915.
1916.
1915.
1916.
$
Liabilities$
Assets$
2,500,000 2,500,000
Road Sr equipm't_10,293,102 10,274,919 Capital stock
600,000
Mat'is dr supplies_
98,215
29,221 "A" debentures.... 600,000
7,000,000 7,000.000
3,480 "B" debentures
Coal account
38,221
54,624
35,192 Wages&acc'ts pay.
Also owns $5.360,716 bonds, valued at par, viz.: Albany & Susq. RR. Tie account
208,160
Replacem'
t
funds.
18,161
18,733
Cash
1st M•, 33,556,000; Troy & Now Eng. Ry. $160,000; Fort William Henry Treasurer
14,601
10,586
328,248 Due to railroads
404,176
Hotel Co. income debentures, $272,000; 1st' M.,$45,000; Bluff Point Land
9,485
9,663
13,677 Dividends unpaid..
18,884
Improvement income debentures, $250,000; 1st M., $28,000; Chateaguay General Auditor_ _
2,105
Sundry
accounts....
80
2,400
receivable......
1,800
Bills
Ore & Iron Co. 1st M.,$337,000; Champlain Transportation Co., $250,000:
198,750
225,000
Divs. due Feb_ _ _ _
Plattsburgh Trac. 1st M., $24,000; Carbondale Gas Co. 1st M. $8,000; Due from agents,
162,400
11,545 Add. through inc.. 188,181
10,204
&c
Lake George Steamboat Co. 2d income deb., $20,000; Glens Falls Sandy
7,102
36,548 Operating reserves
32,371
Hill & Fort Edward St. fly. 1st M., $100,000; 2d M., $50,000; Stillwater Due from RR.cos.
233,276
144,564 Accrued deprec'n_
& Mechanicville St. Ry. consol. M.. $202,500; 1st M., $47,500; City of Stocks and bonda_ 144,564
4,260 Approp. surplus....24,740
corporate stock, $10,000, and bonds and mortgages on real Old rail account_
isT. Y. 4
189,401
20,513 Profit and loss_ _ _ _ 2201,236
32,833
Miscellaneous_ _
estate. $716.-V. 104. p. 1044.
11,054,309 10,923,301
Total
11,054,309 10,923,301
Total
Western Pacific Railroad Co.
a After deducting $4,139 for adjustments in 1916.-V. 104. p. 1387,451.
(Official Statement to New York Stock Exch.-Mar. 13 1917.)
Buffalo Rochester & Pittsburgh Railway.
In connection with the listing by the N. Y. Stock Ex(Balance Sheet as of Dec. 31 1916.)
change of the Western Pacific RR. Co. bonds and the WestThe remarks of President William T. Noonan and a comern Pacific RR. Corp. preferred and common stocks, the
parative income account for the six months ending Dec. 31
following data is given:
INCOME ACCOUNT OF THE NEW COMPANY FROM JULY 14 TO 1916 and 1915 were published at length in "Chronicle," of
DEC. 31 1916.
March 10.

(Compared with the Receiver's Statement from July 1 1915 to July 13 19160
July 14 to July 1 '1510
July 1410 July 1'15 to

Dec.31 '16. July 13'16.
Dec.31 '16. July 13'16.
Freight revenue. _$3,570,067 $5,545,184 Operat. income....$1,749,568 $2,498,423
569,564 1,752,564 Other income.... _
Passenger
180,238
119,810
536,660
Mall, express, &c.. 244,939
Gross income.. $1,929,806 $2,618,233
$4,384,570 $7,834,408 Hire of equipment. $200,612 3363,776
Total
Operat. expenses.$2,457,511 34,971,518 Bond interest_ _ _
246,813
364,467 Rentals, &c
177,491
Taxes, &c
93,719
60,760
Operat. income.$1,749,568 $2,498,423

Bal., surplus......$1,421,621 $2,160,737
BALANCE SHEET(WESTERN PACIFIC RR. CO.)
Dec. 31 '16. July 14 '16.
Dec. 31'16. July 14,16.
$
AssetsLiabilitiesRoad & equipt-83,092,768 81,918,240 Preferred stock. 27,500,000 27,500,000
479,213 Common stock.-47,500,000 47,500,000
Invest.in attn. cos. 923,609
1,400 1st M.bonds
Other investments. 462,651
17,085,260 9,620,691
1,727,275 2,067,784 Traffic, dm., bal.._
Cash
234,466
266,217
Demand loans and
Accounts & wages. 569,919
579,643
.12,899,551 .6,193,449 Accrd int.& rents_
deposits
189,902
36,285
395,000
395,000
&c.._
Time drafts,
Miscellaneous
400,788
251,084
233,214
641,280 Accrued taxes
Traffic and bal.. _ _
75,023
113,690
165,768
216,958 Accrued deprec'n_
Agents & conduct_
330,027
306,648
468,306 Subsc. to cap. stk.
Material & suppl's. 571,955
149,870
710,043
373,600 Unadjust. credits_b2,898,251 2,691,973
Miscellaneous _ ___
1,741,814
962,069
debt_
Approp.
surplus.. 27,015,353 6,962,851
Disct. on Id.
Unadjust. debits_ 2,304,648 2,261,652 Profit and loss
1,429,307
Total

105,228,297 05,978,953

Total

105,228,297 95,978,953

*Includes demand loans and deposits (First Federal Trust Co. and Henry

E. Cooper, trustees): These are proceeds of sales of 1st M. bonds of the
company and are on deposit under that mortgage and may be paid out for
the purposes hereinabove set forth.
a Includes as of Dec. 31 1916 surplus-investment in road equipment,&c.,
purchased, $5,036,375; surplus-cash materials and other property purchased, $1,974,347; and additions to property through income and surplus,
$4,631, against $5,093,505, $1,866,590 and $2,756 respectively, as of
July 14 1916.
b Included in this item is the full amount $2,614,086 of the subscriptions
for 1st M. bonds made by depositors under reorganization agreement.
-V. 104, p. 1285, 953.




COMPARATIVE BALANCE SHEET.
Dec.31 '16. June 30'16.
Dec.31 '18. June 30'18.
LiabilitiesAssets$
Road and equip_ _52,017,651 51,770,454 Common stock.... _10,500,000 10,500,000
Preferred stock_- 6,000,000 6,000,000
Improvements on
leased property.. 474,111
467,068 Mortgage bonds_ _19,709,000 19,709,000
Stocks, affil. cos._
363,108
353,103 Equip. tr. oblig'ns 8,873,000 9,184,000
9,600
9,600
Bonds do
295,000
295,000 Loans & bills pay..
143,541
180,291
Advances do
192,000
192,000 Traffic, &c., bals_
Other investments
2,786
586 Audited accounts
792,220
and wages
750,678
Sink'g fund equip83,845
242,405
188,837 Matured int.unpd.
93,305
ment agreem'ts_
1,710 Unmatured inter4,873
Misc. phys. prop..
353,179
511,773
est and rents.. _ 375,005
498,737
Cash
9,989
908,734 Miscellaneous _ _
9,034
921,342
Demand loans,&c_
108,050
47,313
98,896 Accrued taxes_ _
108,306
Special deposits
224,320
3,737 Provident funds
226,537
Loans & bills rec.1,936
172,281 Other deferred
376.133
Traffic, &c., bal
14,845
17,330
credit items__ _ _
242,799
Agents & conduct.. 250,087
153,727
Materials& suppl_ 1,501,929 1,333,672 Prem.on fund.debt 150,297
300,192
72,677 Insur.,&c.,reserves 322,525
36,194
Rents.int.,&c.,rec.
311,591
841,839 Operating reserves 312,698
732,466
Miscellaneous_ _ _
3,107,875 2,897,311
Depreciation
Pension and insur45,945
18,820
157,323 0th. unadj. accts.
x154,872
ance fund
477,683 Add'ns to property 3,260,659 3,104,229
Unadjusted acc'ts 362,772
188,837
Sink,fund res'ves_
242,405
Profit and loss_ _ _ _ 4,330,335 3,965,754
Total

58,536,706 58,100.176

Total

58,536,706 58,100,176

Consolidated mortgage bonds issued, unpledged, held in treasury,
31,746,000.-V. 104. p. 1044, 951.

Hudson & Manhattan Railroad.
(8th Annual Report-Year ended Dec. 31 1916.)
Pres. Wilbur Fisk, N. Y., Mar. 31, says in substance:
The growth of traffic which began to manifest itself in the fall of 1915
continued steadily throughout 1916, the increase in the number of passengers carried during the year being 6,268,438, or about 10.5%. Of this
increase, 4,682,540 passengers (13.1%) represents the growth in the downtown traffic and 1,585,898 (6.6%) in the uptown traffic.
The Hudson Terminal Buildings have continued fully rented, and at
times the demand for space has exceeded the supply.

1484

[Vol,. 104

THE CHRONICLE

In common with other railroad companies, this company has experienced
unavoidable increases in cost of operations. These increases became most
noticeable in the later months of the year, and were the result principally
of wage increases and fuel shortage, and amounted in all to about $266,000.
The physical property is in excellent condition.
After careful study your board reached the conclusion that it was in the
interest ofthe company and ofits security holders to considerably strengthen
itself financially, so that it might be fortified against any contingencies
which might arise in connection with the operation of its tunnels, lines of
railroad and other pioperties. The report of Stone & Webster (V. 104, p.
856) confirmed the judgment of the directors that it was urgently necessary
promptly to attain an adequate cash reserve (at least $1,000,000, their report says.-Ed.),and,therefore, on Feb. 26 1917 an appropriation of $340,000 was made to the reserve account of the net income for the period ended
Dec.31 1916. An initial appropriation of $50,000 to this reserve was made
as of June 30 1916, making the total appropriated $390,000. As this appropriation absorbed the surplus earnings of the company for the period
ended Dec. 31 1916, no distribution of interest upon the adjustment income
bonds will be made on April 1 1917(V. 104, p. 856).
As of Dec. 31 1916 there were in the treasury unsold $126,500 First Lien
and Ref. Mtge. 5s, being the remainder of bonds previously issued for
the purpose of reimbursing the treasury for additional capital expenditures
approved by the Commissions. To Dec.31 1916 the company has expended
$447,548 in additions and improvements,in the redemption of car-purchase
certificates, and in the reduction of real estate mortgages. These expenditures have been approved by the engineers and accountants of the Commissions, but application has not as yet been made ot the Commissions
for the authorization of further bonds to reimburse the treasury.
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
1914.
1913.
1915.
1916.
$3,822,578 $3,477,695 $3,490,881 $3,478,084
Passenger fares
260,070
248,294
262,270
Misc,rev.from RR.op_
265,629

cipally of the city's 55% of divisible income and the dividend on participation certificates, Series 2, payable Feb. 1 1917.
Chicago Surface Lines.-On Jan. 31 1917 the first three-year period of
unified operation of Chicago surface lines expired, and the members of the
Board of Operation were re-elected (seep. 25 of "El. Ry." Section].
City Rapid Transit Plan.-In Dec. 1916 a report was presented to the city
authorities by the Chicago Traction and Subway Commission, embodying
the results of almost a year of careful study of the transportation problem
of the City of Chicago, especially with reference to the constantly increasing congestion in the downtown or so-called "loop" district. This report
is now under consideration by the Committee on Local Transportation of
the City Council(V. 103, p. 2428; V. 104, p. 559)•
RESULTS ON ALL CHICAGO SURFACE LINES.
1914-15.
1915-16.
1916-17.
Jan.31 Year$34,789,636 $31,690,761 $31,966,048
Gr.oss earnings
19,889,275
21,041,356
21,743,522
Operating expenses

Total RR.revenue_ _ $4,084,848 $3,725,989 $3,750,951 $3,743,713
$269,424
$260,801
Maint. of way & struc_ _ $268,061
$224,750
159,257}
219,179
179,676
Maintenance of equip.. _
243,509
245,478
275,986
1,060,827
Power
622,4861
679,464
615,303
Transportation exps_ _ _
1,110
1,972
3,308
1,625
Traffic expenses
147,574
157,693
167,477
General expenses
176.636

$7,536,983 $6,262,822 $7,180,402 $7,302,911
Balance
4,116,762 3,928,580
Deduct int.at 5% of val. 4,319,783 4,230,975

Total RR.oper.exp_ _ $1,622,634 $1,456,596 $1,447,340 $1,455,026
Net RR. oper. revenue.. $2,462,214 $2,269,393 $2,303,611 $2,288,687
251,205
261,307
272,237
293,610
Railroad taxes
$2,168,604 $1,997,156 $2,052,406 $2,027,381
Net income
920,755
947,395
957,080
900,376
do Bud.Term. Bigs.
16,235
17,701
35,233
40,191
do other real estate..
Total net income.._ _ $3,086,681 $2,979,784 $3,049,676 $2,964,371
28,628
43,111
32,754
Non-oper. income
55,398
Gross income
$3,142,080 $3,022,895 $3,078,304 $2,997,125
Int. on car-purch. agree$63,467
$35,867
$45,067
$54,267
ments
Int. on real est. Ms.,&c _
50,836
52,200
94,129
50,536
73,187
Rentals
83,377
71,822
55,083
Amort.debt disct.,&c39,795
36,895
39,020
37,531
Miscellaneous
11,862
54,968
37,020
19,606
Balance for bond int_ $2,877,537 $2,779,130 32,841,514 $2,735,690
Bond int. (N. Y. & J.
Ss, 1st M. 4%s and
1st Lien Ref.5)
2,155,402 2,137,998 2,121,007 2,020,264
Int. on adj.inc. bonds_(1% )331,020 (2)662,040 (2)662,040 (2)662,040
Reserve for conting'es__ •. 390,000
Bal.,surp. or deficit__ sur.$1,115 def.$20,908 sur.$58,467 sur.$53,386
EARNINGS, ETC., OF HUDSON TERM. BLDGS. FOR CAL. YEARS.
1916.
1915.
1914.
1913.
Gross rentals
$1,674.459 $1,661,010 $1,684,196 $1,673,765
Miscell. revenues
49,828
39,476
45,281
39,389
Total revenues
$1,724,287 $1,706,291 $1,723,672 $1,713,154
Maint. of struc. & plant
389,406
3100,441
$115,847
$94,509
Expenses of operation.. _
302,219
309,033
306,050
331,748
75,950
77,624
87,361
General expenses
88,232

Residue receipts
South Side lines

$13,046,114 $10,649,405 812,076,773
(40%)5,218,446 (41)4,366,256 (41)4,951,477

Chicago Railways
(60%)$7,827,668(59)86,283,149(59)37,125,296
RESULTS FOR YEAR END. JAN.31-JOINT ACCOUNT WITH CITY
Note.-Since the unification ordinance went into effect Feb. 1 1914 no
proper comparison of the results can be made with previous years. We
show below, however, the application of the total amount available under
the ordinance during the year 1914-15, as compared with the net earnings
in previous years.
1913-14.
1914-15.
1915-16.
1916-17.
$7,827.668 $6,283,149 $7,125,296 $7,302,911
Chicago Railways
597
59%
59%
Per cent
60%
cr.55,106
20,32
Joint facil. exp. & adjust
290,685

Net income
$3,217,200 $2,031,847 $3,063,640 $3,374,331
Division of Net IncomeTo City of Chic.(55%)- $1,769,460 $1,117,516 $1,685,002 81,855,882
1,518,449
1,378,638
914,331
To Chic. Rys. Co.(45%) $1,447,740
NON-PARTNERSHIP ACCOUNT.
1913-14.
1914-15.
1915-16.
1916-17.
3914,331 $1,378,638 $1,518,449
Co.'s proportion of Inc__ $1,447.740
3,928,580
4,116,762
Int. on val. of property_ 4,319,783 4,230,975
161,735
118,231
66,960
64,807
Int. on bank balances__
93,478
92,534
103,440
123,886
Int. on treas. securities..
175,000
Miscellaneous income__
Total gross Income.._ _ $5,958,369 $5,313,554 $5,706,165 $5,877,241
Int. accr. on 1st M.bds_ $2,748,137 $2,650,242 $2,617,750 $2,478,944
1,830,572
1,818,452
1,809,394
Consol. M.bonds_ ___ 1,794,998
162,920
162,920
166,314
Pur. money M.lads_
203,650
1,122
Current liabilities.. _ _ _
250,000
250,000
250,000
Sink. fd. reserve accr'd_
250,000
16,436
30,000
17,828
Federal income tax
157,296
123,446
153,568
89,203
Corp. exp. & adjust'ts
Total deductions.. _ _ _ $5,180,354 $4,982,981 $4,989,004 $4,880,854
Net for income int., &c..,
$996,387
$778,015
$717,161
(see below)
$330,573
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JAN. 31.
1913-14.
1914-15.
1916-17.
1915-16.
$435,511
$568,995
$230,433
Surplus begin, of year__ $286,952
996,387
330,573
717,161
Net income for year..
778,015
Total
$1,064,967
Deduct-Adjust.inc.int. $100,000
Divs. on partic. ctfs.
No. 1 (pd. Aug. 1)
and expenses
257,600
Divs. on partic. ctfs.
No.2($2 per share,
253,600
pd. June 5 1915)---

$899,569
$100,000
264,017
248,600

$947,595 $1.431,898
$100,000
$100,000
278,600

852,865
248,600

$230,433
$568,995
$286,952
Total surplus Jan. 31_ $453,767
RECORD OF PAYMENTS OF DIVS. ON PARTICIPATION CERTFS.
Total expenses
$467,575
$514,489
$487,098
$509,258 Partic.1908 1909 1912
1914- -1915-- 1916 1917
1913
Net operating revenue
$1,209,798 $1,238,716 $1,236,574 $1,203,896
. July. Aug. Feb. Aug. J'ne. Sept. Aug. Feb.
CO. Nov. Sept. Oct. Feb.May.
Assum.leases in oth.bigs.
316,495
317,137
$15,139 Ser .1_ $4 $8 $6 $6 $6 $6 $4 $4 *38 $4 $4 $8
$16,325
36,864
33,792 Ser.2_
Deprec.of bldgs.& plant
36,864
36,864
__ $2
$2 _- $2 __
225,493
Taxes
237,963
234,210
256,233
* Being full payment of all arrears.
Note.-There-has accrued and same is payable May 1 1917 out of the
Net income
$947,395
$957,080
$920,755 above surplus the interest on the adjustment income bonds for the year
$900,376
For comparative balance sheet see "Chronicle" of Mar.3, p.856,863.
ended Jan. 31 1917, amounting to $100,000.
GENERAL BALANCE SHEET AS OF JAN. 31.
Chicago Railways Company.
1915.
1916.
1917.
1916.
11
$
Liabilities$
Assets$
(9th Annual Report-Year ending Jan. 31 1917.)
100,000
100,000
Road, equip., &c.96,882,803 95,525,340 Capital stock
Bonds (see "Elec.
1,483,083
Treasury
securs__
1,566,049
Pres. Henry A. Blair, Chicago, April 4, wrote in substance: Consols in escrow
Ry." Section)_91,393,611 89,922,611
Old secure. exch.
Results.-In contrast with the decreases in gross earnings sustained in the
for underlying
1,980
1,980 under plan
1,980
1,980
securities
two preceding years, the receipts of Chicago surface lines for the fiscal year
just closed increased $3,098,874 over the last fiscal year, or at the rate of Cash & cash items 7,610,023 5,651,839 Pur. mon. M.bds_ 4,073,000 4,073,000
20,798 Adjust. inc. bds 2,500,000 2,500,000
9.78%. This extraordinary increase undoubtedly was due to the reaction Acc'ts receivable_ 259,164
5,000
5,000 Current liabilities_ 2,029,651 1,139,893
from the depressed business conditions which prevailed during the two pre- Prepaid accounts..
vious years, and therefore cannot be regarded as indicating such a high rate Inc. from treasury
Int., taxes & sink.
securities
of increase during the coming year.
22,312
54,524 fund accrued...... 2,010,790 1,967,585
Renewals,&c.,res. 3,784,533 2,750,543
New Construction,(U.-During the year about $1,800,000 was expended
•
286,952
453,767
for new construction and extensions, under ordinance requirements. The
Surplus
company constructed a total of 11.08 miles (single track) of extensions, mak106,347,332 102742,504
ing the total mileage on Jan. 31 1917 580.65 miles, single track. There
Total
106,347,332 102742,564 Total
were reconstructed during the year 18.67 miles, measured as single track. -V. 104, p. 1263, 451.
In connection with the above-mentioned construction and reconstruction
work, the company laid during the year a total of 131,455 square yards
American Railways, Philadelphia.
of paving.
Capital Account.-The additions to capital account for rehabilitation
(18th Annual Report-Year ended Dec. 31 1916.)
expenditures, new construction and extensions aggregated during the year
President Van Horn Ely, Feb. 21, wrote in substance:
$1,820,824, increasing the total capital account Jan. 31 1917 (being city
purchase price under terms of ordinance of Feb. 11 1907) 387,447,498.
Results.-The general prosperity of the country has been reflected in the
Bonds.-In order to reimburse the treasury for funds expended on new gross earnings and net income of both the American Railways Co. and all
construction, $1,700,000 of 1st M. bonds were sold in Jan. 1917, making a of its subsidiary companies which have shown satisfactory increases.
total amount now outstanding $55,681,000, par value, representing cash
There have been purchased 56 new cars which are now in use by the
expenditures which have been made upon the property for new construc- companies operating in Wilmington, Dela., Scranton and Altoona, Pa.,and
tion and equipment during the past ten years (V. 104, p. 451; V. 102, p. Dayton, Ohio.
344, 250).
Electric Co. of N. J.-Merger.-Early in the year it was decided to purDividends.-On July 5 1916 a dividend was declared equivalent to $8 chase a number of electric light companies in Gloucester, Salem and Cumper part on participation certificates, Series 1, which was paid on Aug. 1 berland Counties, N. J., along the Delaware River, opposite Wilmington.
1916. On Jan. 2 1917 a dividend was declared equivalent to $2 per part on Dela., and Chester, Pa., and to further develop the electric light and power
participation certificates Series 2, which was paid Feb. 1 1917 (V. 104, P. business in connection with similar properties now owned by this company
163; V. 102, p. 1249).
at Bridgeton, N. J. This has been done, and the companies consolidated
Earnings.-Tho net Income of Chicago Rys. Co. for the year is $778,015, into the Electric Co. of N. J.(V. 104, p 1390). The new company is now
against $330,573 for 1915-16. The net income combined with the surplus supplying electric current for electric light and power in the municipalities
on Jan. 31 1916 amounts to $1,064,967, and deducting two dividends above of Salem, Pennsgrove, Woodstown, Muiilca 11111, Pitman, Glassboro,
mentioned, together with the adjustment income bond interest for the pre- Williamstown. Paulsboro, Clementon, Laurel Springs, Berlin, Elmer, Clayceding year (paid out of surplus May 1 1916)-aggregating in all $611,200- ton, Quinton, Swedesboro, Pedricktown, Pennsville, Harrisonville, Micklethe balance of surplus at Jan. 31 1917 was $453,767. From this surplus ton, .01arkesboro, Wenonah, Bridgeton, Port Norris and many other
there will be payable May 1 1917 the annual interest on the adjustment smaller places.
income bonds, amounting to $100,000.
Transmission lines for the distribution of 33 000 volts and 13,000 volts
lb The income divisible with the City of Chicago this year is $3,217,200, current have been constructed through this entire territory, and current is
against $2,031,847 for 1915-16, the city's proportion thereof (55%) being being supplied from the plants of the company at Bridgeton and Salem.
$1,769,460, against $1,117,516 last year. and the company s porportion Transmission cables have been laid under the Delaware River between
(45%) being $1,447,740, against $914,331.
Wilmington, Dela.,and Pennsgrove, N. J. and electrical current generated
kik Sinking Fund.-The usual sinking fund of $250,000 was applied to the at the power house of the Wilmington & Philadelphia Traction Co. at Wilretirement of Series "C" Consolidated Mtge. bonds, of which there are now mington, Dela., controlled by the American Railways Co., will shortly be
outstanding $1,144,336,a reduction for the year of $255,000.
sent through these cables and distributed over lines of Elec. Co. of N. J.
pi Special Renewal and Depreciation Reserve Fund.-This fund on Jan. 31
New Power Plant.-To meet the rapidly growing demands for the electric
1917 amounted to $3,663,514.
light and power business at Huntington, W. Va., and vicinity, a new
bh. Balance Sheet.-The principal amounts included in the $7,610,023 of 6,750 k.w,turbine has been installed in power plant at ICenova and in power
"cash and cash items" appearing on the balance sheet are accrued interest house at Wilmington, Dela., a 10,000 k.w. turbine has been installed.
and taxes, the city's 55% of divisible Income, the renewal and depreciation
Gold Notes.-On Feb. 1 1916 your company authorized and sold $2,300,reserve and reserve for damages. "Current liabilities" are composed prin- 000 3-year 5% gold notes, which provided funds to retire its floating in-




APR. 14 1917.]

THE CHRONICLE

debtedness and additional working capital. On Dec. 1 the company called
for payment $628,000 of these notes. (V. 102, p. 521.)
Ohio Valley Electric Ry.-Consolidated Light, Heat & Power Co.-These
companies owned and controlled by your company during the past year,
have been refinanced, so that the future financial requirements of these
rapidly growing properties will be cared for,for some time to come. In this
connection, the electric railway franchises in Huntington have been extended to 1954. Your board has given much time and consideration to the
re-financing of several other subsidiary companies, and have also provided
for the payment of the collateral trust bonds of the American Railways Co.
due April 1 1917.[V. 104. p. 257; V. 103, p. 2431. See also Ohio Valley El.
Ry. on a subsequent page; and United National Utilities Co. in V. 104,
13. 864.-Ed.)
COMBINED INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
(Including American Rys. and Subsidiary and Affiliated Cos.]
1916.
1915.
1916.
1915.
Operat. revenues _$8,840,913 $5,438,247 Gross income_ _ _ _53.426,108 $1,996,220
Oper. exp. & depr_ 5,068.082 3,209,764 Int., rentals, &c_$1,564,375 $894,399
Sinking fund
32,366
26,243
Net revenue_ _ _53,772,831 52,228,483 Income available
Taxes
388,891
285,705
to stockholders
1,725
Operat. income.$3,383,940 $1,942,778
Net income_ _ _*$1,827,641*$1,073,578
* Includes income available for the American Railways,including interest
on bonds, advances, &c.
The above figures for 1916 include the Wilmington & Philadelphia Traction Co., which were not included in 1915. The gross earnings of the
Wi1m. & Phila. Traction for 1915 were $1.935,390; net earnings, $931,660;
and balance after charges and taxes, $278,464.

1485

through sale or conversion of M.& S. Ry.& Lt. pref. stock, after deducting
unamortized discount on 5% notes and financing expenses, $58,219, was
$378.549.
CONSOL.INCOME ACCT.FOR CAL. YEARS (Inter-Co. Items Eliminated).
1916.
1915.
1914.
Operating earnings
$3,987,617 $3,121,297 $3,001,461
Operating expenses and taxes
*2,327,407
1,874.083
1,856,467
Net earnings
Other income

$1,660,210 $1,247,214 $1,144,994
20,966
1,753

Gross income
$1.681.176 $1,248,967 $1.144,994
Interest charges
$804,850
$688,953
$679,987
Rep. Ry.& Lt. Co. pref. diva.(6%).
311,484
311,484
311,484
do
do
common divs.(1%)
62,060
Stock ofsub. cos. owned by public_
22,719
6
4,269
Balance, surplus
$480.062
$248,525
$149,254
* Includes depreciation in 1916. and not carried in operating expenses in
previous years.
The total surplus Dec. 31 1916, after adding previous surplus brought
forward, $485,171, to the surplus, $480,062, for the calendar year 1916.
makes at teal of $965,233; deducting depreciation, $301,922; extraordinary expenses due to coal embargo and boiler trouble at Loweliville.
$83,098; set aside, to meet unsettled claims for accidents prior to 1916.
$58,625; and miscellaneous. $13,472; and crediting $118.608 transfer of
sinking fund reserve to surplus, the total accumulated surplus Dec. 31
1916 was $626,724.
BALANCE SHEET DEC. 31 REP. RY. lfe LIGHT CO. (HOLDING CO.).
INCOME ACCOUNT-AMERICAN RAILWAYS CO., ONLY.
1916.
1915.
1916.
1915.
Year end.
-Years end. Dec. 31- 6 Months to
Assets1915. Dec. 31 '14. June 30'14. Invest.in stocks of
1916.
Common stock... 6,206,000 6.201,000
$478,064
Income from subsid. cos. $1,436,807 $1,062,770
$981,943
subsidiary cos_ _11,413,737 14,113,697 Preferred stock... 5,191,400 5.191,400
101,462
Miscellaneous income._
82,855
42,445
54,418 Cash
487,549
391,462 5% secured notes_
3,000,000
Accounts receivie
31,390
48,095 Acc'ts parte, &c.
• 190
190
$1,538,269 $1,145,625
Gross income
$520,509 $1,036,361 Unamortized disAcc'ts not yet due 151.587
98,831
$94,323
$141,991
Gen. admin. expense
$9,032
$20,493
count on notes_
102,988 Surplus
378.549
161,950 ,
Taxes
30,000
23,000
9,000
15,000 Suspense
.50
2,128
Interest on funded debt..
554,264
452.618
187,765
407,039
Miscellaneous
59,677
116,298
20,625
Total
11.932,726 14,658,371
Total
11,932,726 14,658,371
Common dividends_ _ _ _ (4)378,400(43)302,099(2Y:)184,615 (6)402,789
Contingent liaoility: Guaranty of principal and Interest on $170,000
Preferred dividends..
(7)280.000 (7)140,000 (3%)70,000 (7)140,000 20-year 5% bonds
of the Poland Street Ry. Co.
Total deductions__ _ $1,444,331 $1,128,338
$481,037
$985,321 CONSOL. BALANCE SHEET DEC. 31 (Eliminating Inter-Co. Items).
$17,287
Balance,surplus for year
$93,938
$39,472
$51,040
1918.
1915.
1916.
1915.
AssetsBALANCE SHEET DEC. 31.
Liabilities$
*Property, franCapital stook(Rep.
1915.
1916.
1916.
1915.
chises
&
invest
_28.972,853
26,692,470
Ry.
&
Lt.
Co.)
$
Assets-$
$
220,849 Common stock_ 6.206,000 6.206,000
Stocks of sub. cos.16,842,493 16,014,253 Common stock_ _ 9,460,000 9,460,000 Materials & supp_ 322,397
8,189
271,290 6% oum. pref__ 5,191,400 5,191,4W
Bonds of sub. cos_ 3,659,319 2,944,529 Preferred stock_ _ _ 4,000,060 4,000,000 Advance payments
Notes & amets reo_ 308,186
225,211 Sub. cos. cap. stk. 3,500,675
675
Other investments 889,890
927,603 Coll, trust bonds453,629 Fund.dt.sub. cos.14,278,000 12.705.000
Cony. 5s, 1931- 2,500,000 2,500,000 Bond sink. funds_ 557,438
Bills and accls re60,183
76,046 5% secured notes.
3,000,000
ceivable, &o___ 3,405,050 4,237,009 5% bonds, 1917. 2,500,000 2,500,000 UnadJust. debits.
73.250
77,200 Notes & sects.pay Ohio Vail. coil._ 2,000,000 2,000,000 Special deposits- 10,676
12,400
Furn.& fixts., &e_
628,750
484,982 able, dzci
100,646
1.011,905
Lynchb & Roan. 987.500
628,182
Int.& divs. aced. 113,584
987,500 Cash
Funds to be withBond coupon acct.
15,821 3-yr. notes(1019). 2,300,000
73,250
20,995
77,200
Empl. pens'n fund.
drawn against
Unadjusted credits
Car trust cents_
355
78.752
359,000
245,000
constr. expend_ 302,900
Reserves
Trustee. Scranton
315,839
129,294
Ohio Val. Elec.
Surplus
626,724
23,868
23,868
Ry. pref. stk. 5s. 1,199,000 1,499,000
485,171
Ry. coll. hs____
Due sub.& affil.cos. 412,068
Logn Tr.Co.(trust.)
290,699
Total
31.231.147 28,501,677 Taal
31.234,147 28,501,677
131118 payable
Car Cr. agreenft- 116,000
500,000 1,600,000
Vouch., &c., pay_ 126,336
Penn. Co. (trust.)
131,248
* Consists of property, franchises and investments. including cost of
Am.Itys.3-yr.n'ts 631,140
Accident ins. fund.
36,734
67,847
of securities of subsidiary companies at cost, and in so far as
225,645 Conting. reserve.. 202,051
Disc. on fund.debt 284,685
167,364 acquisition
paid for in securities at par.-V. 104, p. 1146, 864.
437,039
_
303,338 Miscellaneous. _
Cost of oars_ a
27.943
24,958
207,485
699,420 Taxes,tnt.,&c..acer. 292,423
Cash on hand_ _ _
197,093
Reacquired secur_ 970,989
721,301 Profit & loss surp_ b604,254
Louisville Railway.
563,021
Miscellaneous _ _ _ 193,273
9,622
Total
27,808.209 26,233,730 Total
27,808,209 26,233,730
a pledged under car trust agreement. b After deducting $52,706
sundry
accounts adjusted.-V. 104, p. 1044. 951.

Republic Railway & Light Co., New York.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. Harrison Williams Mar. 20 wrote in substance:
intense

business activity which began late in 1915 continued through
The
the year 1916. All the industries served throughout our territory are running to their maximum capacity and a large number of them are building
substantial additions to their plants, among thorn being Republic Iron &
Steel Co., Youngstown Sheet & Tube Co., Brier Hill Steel Co., Trumbull
Steel Co., Trussed Concrete Steel Co., Driggs-Seabury Ordnance Co., &c:
The gross earnings of your subsidiaries increased $866,319, or
27.75%;
operating expenses, depreciation and taxes increased $453,323,
and the net
earnings increased $412,995. or 33.11%. The gross earnings of
the
company during 1917 to Mar. 20 1917 show a satisfactory increase. There
has
been, however, a substantial increase in the cost of materials,
coal, which will result in an increase of operating expenses for theparticularly
year
1917.
The gross revenue from electric light and power business increased 37.5%,
and the gross revenue from railways 22.8%.
The total number of customers connected at Dec. 31 1916 was 19,888,
a net increase of 3,847, or 24%. The k. W. h. output increased 39,897,832,
or 41%.
The sum of $1.922,837 was expended upon improvements and betterments, including $1,264,037 upon power house and electrical equipment and
$658,800 upon extensions and improvements to railways. Work was completed upon the extension of the generating plant at Lowellville, 0., increasing the capacity of that plant from 20.000 h. p. to 40,000 h. p. The
demand for electrical energy, particularly from large power users, has developed 80 ranidly that work has been commenced upon a further extension, which will be completed in 1917, increasing the capacity of the Lowellville plant from 40,000 to 60,000 h. p. A new sub-station was constructed
at
New Castle' 41 miles of high-voltage transmission
lines and 76 miles of
overhead distribution lines were constructed; 11,600 ft. of double track
on
Wilson Ave. and Federal Rt. were relaid during the year.
The company sold $3.500,000 7% cumulative pref. stock of the MahonShenango
&
owned
Ry.& Light Co.
by it. $3.000,000 of which had been
lug
pledged as security for the payment of $3,000,000 5% secured
The notes were retired from the proceeds (V. 103, D. 2079). gold notes.
During the year an application was made to the City of Youngstown,0.,
to renew for a term of 25 years the electric light and power franchise of the
Youngstown ds Sharon Street Ry. Co.. one of your subsidiaries, which expires in 192.5. In Jan. 1917 the new franchise was granted and secures
to
your subsidiary the continuation of its right to do a lighting
and power
business in Youngstown until 1942.
VOLUME OF BUSINESS DONE BY THE COMBINED PROPERTIES.
1916.
1915.
1914.
Track owned, miles
173.99
170.90
169.63
Car miles operated
7,575,616
7,497,489
7,341,971
Passengers carried
53,448,848 46,036,596 47,587,578
Generating stations
3
3
3
Generating station capacity, k. w_ _ _ _
44,250
29,250
27,000
IC. w. h. feeder outtout
136.887.330 96,989,498 83,728,264
.
(miles)
lines
Transmission
174
133
122
Elec. distrib. lines (overhead) (miles)
776
700
586
31 miles
do do (underground conduit)
20 miles
3,000 ft.
Number of customers
19,888
16,041
Number of gas holders
3
3
Miles of gas mains
28
.
28
28
Artificial gas output (1.000 cu.ft.)56.090
49,988
53,861
YEARS
[R9public Ry. & Lt. (Holding Co.).
INCOME ACCT. FOR CAL.
1916.
1915.
1914.
Divs.& int. from sub. cos. aft. exps_ _ $668,113
$657,271
$576.436
Interest charges
$136.188
$161,435
$147,222 1
Preferred dividends (6%)
311,484
311,484
311,484 1
Common dividends(1%)
62,060
1
Balance, surplus
$158.380
$184.352
$117,730
The total accumulated surplus Dec. 31 1916, after adding previous surplus, $161,950, to surplus of 1916, $158,380, and adding credit arising




(Statement for the Year ending Dec. 31 1916.)

1916.
1915.
1914.
1913.
$2.944,347 $2,805,620 $3,031,452 $3,091,371
135.949
134.880
135.030
134,905
Total
$3,080,296 $2.940,500 $3,166.482 $3.226.276
Operating expenses
1,561,580
1,525,730
1.796.664
1,848,519
Not earnings
$1.518,716 $1.414,770 51.369,818 $1,377,757
Other income
180,000
180,000
180,000
196,815
Total net income
$1.698,716 $1.594,770 51,549.818 51,574.572
Deduct-Interest & taxes $936,801
$922,144
$876,225
5852.093
Pref. dividends (5%)...125,000
125,000
125.000
125,000
Common divs. (10%)- 545,650
545,650
545,650
545,650
Deprec., renewals, &c..
85,000
36.496
Total
$1,692,451 $1,592,794 51.546.875 31.559,239
Balance,surplus
$6,265
$1,976
52.943
$15,333
CONDENSED BALANCE SHEET DECEMBER 31.
1918.
1915.
1916.
1915.
AssetsLiabilitiest
Cost of roadway
Preferredstock_ _ _ 2,500,000 2,500,000
and electric Line 11,518,752 11,500,990 Common stock... 3.456,500 5,456,500
Real est. dz bidgs_ 2,244,306 2,240,144 Bonded debt
12,035,000 12,035,000
Maoh'y & equip__ 3,390,096 3,459,793 Collateral notes
600,000
600,000
Loulsv. & InterCurrent liabilities_ 122,021
127,412
Int. coups. acerd. 266,562
urban RR. and
266,562
other invest'ts. 4,136,002 4,158,776 Dividends accrued 122,663
122,663
172,567 Fund for taxes,
Mat'l & supplies__ 122,331
447,257
322,934 Insurance, &o__ 183,317
Cash
194,504
40,520
Bills & accts. roe_
54,373 Income account__ 613,202
606,936
Total _
21,899,264 21,909,577 Total
21,899,264 21.909,577
-V. 104 p. 952.
Passenger revenue
Other revenue

•

Associated Dry Goods Corporation, New York.
(Report for the Six Months ended Dec. 31 1916.)
Pres. Samuel W. Reyburn, April 5, wrote in substance:
The net earnings of the retail dry goods companies wholly owned for the
six months ending Dec. 31 1916 amounted to $1.097.255. After making
charges for reserves and all adjustments, the surplus account of your company shows a balance of $964.974 on Dec. 311916. The consolidated cash
account of the stores wholly owned as of Dec. 31 1916 shows cash on hand
and in banks of $1,841.140. Satisfactory progress is being made by Lord
& Taylor (only about 6% of the stock, it is understood, has not assented to
the plan in V. 103, p. 22411, in which your company owns control; in the
Surety Coupon Co., which is wholly owned by your company, and in C. G.
Gunther's Sons, in which your company owns common stock.
The prospects for the pending spring season are for better results than for
the same period last year. There is, however, the present uncertainty as
to the effect on this country of its being involved in war with whatever
result that may have upon business. The directors have decided to anticipate by three months the period fixed for dividends to accumulate on the
1st pref. stock and have declared a dividend of 1 3. % per share on the 1st
pref. stock, payable Dec. 1 1917 to holders of record Nov. 15 1917.
CONSOLIDATED INCOME ACCOUNT-6 MOS. ENDED DEC. 311916.
Profits of retail dry goods stores wholly owned, after deducting
from their sales the cost of merchandise sold, selling and general
expenses and interest paid by them
$1,097,404
Add income of parent company from other sources
72,611
Total
51,170,015
Deduct expenses of parent company, $39,443; interest paid by
72,760
parent company, $33,317
Net current profit for 6 months ending Dec. 31 196
51,097.255
Loss extraordinary adjustments, expenses, reserves, &c., not
applicable to current operations, net
132,281
Balance of surplus account Dec. 31 1916

5961.974

1486

THE CHRONICLE

ASSOCIATED DRY GOODS CORP.-BAL.SH.DEC.31 1916 (V.103,p.1412)
Assets (Total $23,551,320)Capital securities of retail dry goods stores wholly owned, the
values of which are based on net tangible assets (see below)_ _$16,512,215
All capital securities-Adrico Realty Corp., $1,700,000; Surety
Coupon Co..$200,000; Associated Dry Goods Corp. of N.Y.,
1,925,000
$25,000; total
Other investments-Lord & Taylor. 8,001 shares of 1st prof.,
14,600 shares of 2d pref., 24,207 shares of common stock,
3,975,650
total, $2,241,650, and 6% gold notes, $1,734,000
C. G. Gunther's Sons, 2,000 shares of common stock, $100.000;
373,188
Mercantile Stores Corp. notes (face value,$807,403) $273,188
Purchased accts. receivable (face value, $255,792), $42,000;
Emery Beers Co., Inc., 350 shares of pref. stock held as collateral pending delivery of Lord & Taylor 1st pref. stock,
59,500
$17,500
Notes receivable of Musical Instrument Sales Co., $96,089;
InstruMusical
of
stock
capital
of
sale
contracts receivable
146,089
ment Sales Co., $50,000
444,714
Cash, $129,679; due from subsidiary companies, $315035
Treasury stock hold against undeposited stocic of United Dry
61,145
Goods Companies and the Associated Merchants Co
53,819
Treasury stock owned, $14,850; interest prepaid, $38,969_ - _ Liabilities (Total. 323,551.320)Capital (amount filed with Virginia State Corp. Commission)
[against which there have been issued 1st prof. stock (auth.,
$20,000,000),$13,818,700; 2d pref. stock (auth.310,000,000).
$6.725,500, and common stock (auth., $20,000,000),
$16,001,000
$14,985,000]
3,578,742
Capital reserve
Notes payable, $2,400,000; due to subsidiary cos., $402,372.._ 2,802,372
and
organization
for
reserve
$49,996;
Accrued interest, &c.,
142,346
other expenses, $92,350
Amount deposited with this co. by the trustees in dissolution
Co.
Goods
Dry
United
the
and
of the Associated March. Co.
and held to their instructions, $61.145, and applicable to pay61,885
ment of uncalled for dividends, $740
964,974
Surplus as per income account above
CAPITAL SECURITIES OF RETAIL DRY GOODS STORES ALL OWNED.
Tang.Assets. *Liabilities. -Net Assets
Dec. 31 '16. Dec. 31 '16. Dec. 31 '16. June 30 '16.
$5,313,195 a$1,057,239 $4,255,956 $4,038,125
Y_
J.McCreery&Co., N.
272,154 4,920,815 4,851,678
Hahne&Co.,Nowark.N.J. 5,192,969
1,535,076
1,606,682
194,997
Wm. Hengerer Co.,Buff. 1,801,679
1.238,246
1,351,617
430,666
J. N. Adam&Co., Buff. 1,782,283
1.470,642
1,486,592
307,554
PowersMerc.Co.,Minneap.1,794.146
b832,250 2,254,312 2,162,756
Stewart&Co., Baltimore.. 3,086,562
640,570
636,240
548,017
StowartD.G.Co., Lou.,Ky.1,184,257
$20,155,092 $3,642,877 $16,512,215 $15,937,092
Total
$250,000,(b) $600,000.-V. 103, p. 1595.
(a)
mortgages
*Includes

American Zinc, Lead 86 Smelting Co.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. C. W.Baker, Portland,Me.,Mar.20,wrote in subst

[VOL. 104.

CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1913.
1914.
1915.
1916.
$9,161,211 $5,135,0561
Total profits*
loss$169,074
$77,692
146,757
158,8221
Other income
$9,307,968 $5,293,878
Total income
a$2,670,649
Dividends paid
Purch. of Granby prop's 3,282,644
Deprec'n reserve, &c__ _ 2,006,000 2,642,377

$77,692 loss$169,074
$85,600
12,000

49,957

Bal., sur. or def.. _ _sur.$1,348,675 sr$2,651,,501 sur.$65,692def.$304,631
* Includes results from sales of zinc and lead ores, sales of speltor and sulphuric acid, receipts from royalties, after deducting all cost of mining, manufacturing, marketing ores, speller and sulphuric acid, &c., expenses of
operations, all administrative and general expenses, taxes and interest.
a Includes $256,649 pref. divs, paid in cash and $2,414,000 prof. divs.
paid in pref. stock.
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUB. COS.)
1915.
1910.
1915.
1910.
$
Liabilities-$
$
Assets4,280,000
4,828,000
stock__
Common
5,858,738
_12,310,404
Property account
589,604 Preferred stock.. y2,414.000
1,637.616
Investments
548,000
2,000,000
26,291 Bonds
41,953
Insurance fund
Deprec.,&c.,res'v's 4,561,911 2,540,361
Adv. to sub. cos__ 300,000
83,000
1,013,880 1,299,153 Notes payable_ ___ 500,000
Ore stocks
473,057
631,013 Accounts payable_ 841,323
Svelter stocks_ _ _ _ 954,512
2,848
13,167
accrued__
Interest
6,557
21,231
Sulph. acid stocks
60,403
410,075 Taxes accrued_ ___ 190,428
Mat'ls, supp., &c_ 973,907
108,848
640,414 Drafts in tranilt__ 296,743
685,107
Cash
28,291
41,953
Accts. reedy., &c_ 1,982.142 1,403,650 Insurance reserve..
x4,904,316 2,796,872
48,184 Surplus
71,087
Deferred accounts
20,591,841 10,919,680
20,591,841 10,919,680 Total
Total
x After adding Granby Mining & Smelting Co. accumulated surplus
Dec. 31 1916, $758.769 after deducting $300,000 dividends paid in cash
and $2.000,000 in bonds. y In the event of any liquidation or dissolution
or winding up (whether voluntary or involuntary) of the corporation, the
holders of the pref. stock shall be entitled to be paid $100 per share and the
unpaid dividends accrued thereon out of the capital or funds of the corporation, or the proceeds thereof available for distribution before any amount
shall be paid therefrom to the holders of the common stock.-V.104, p.1266.

Brunswick-Balke-Collender Co.
(Report for Fiscal Year ending Dec. 311916.)
RESULTS FOR CALENDAR YEAR.
1013.
1014.
1915.
1916.
$841,675 $1,370,682
$793,022
Net profits and income_ $1,272,580
253,983
223,343
107,171
Sundry chgs.,reservesatc.
$587.692 $1,370,682
569,679
Balance for dividends. $1,165,409
$411,540
$405,652
376,835
$349,675
Preferred dlvs. (7%).._
- %)270,000 (3)180,000 (3)180,000
Common dividends_ _ (4

$959,142
$2,040
$12,844
$545,734
Balance, surplus
BALANCE SHEET DECEMBER 31.
1915.
1916.
1915.
1916.
for your corn
Results.-The year 1916 has been a very profitable yearyear
8
Liabilities8
$
Assetsthat
$2,642,378
pany. On Dec. 311915, after appropriating during
5,096,400
4,886,500
stock__
Preferred
4,952,087
5,207,624
of
profits
est.,plant,&c.
Real
$2,796,surplus
hand
in
to depreciation and reserve fund, we had
191,027 Common stock. __ 6,000,000 6.000,000
47,079
be retained Misc.loans & bay_
872. It was deemed best that a large part of said profits should
582,268
4,781,105 4,191,297 Aco'ts & bills pay_ 847,132
$2.414,000 of the surplus Inventories
and permanently added to capital. Accordingly,to
132,040
60,000
Sundry reserves__
5,005,356
rec..
4,879,043
bills
a
&
distribuand
Accts.
capital,
profits on Dec. 31 1915 were permanently added
89,187
85,514
E
Jan.
pay'le
Div.
694,529
513,559
dividend, Cash
tion of $2,414,000 pref. stock was made in the form of a stock
_ _ 3,806,578 3,260,843
loss__
and
Profit
123,440
107,224
&e_
equivalinsur.,
stock
Unexp.
prof.
of
share
one-half
receiving
stock
each share of common
divicumulative
a
to
ent at par to $12 50. This new pref. stock is entitledthe
15,685,724 15,160,736
15,685,724 15,160,736 Total
Total
liquidation of the
dend of $6 per annum, and is retirable at or before
have been made -V. 102, p. 1984.
company at $100 per share. No other distributions
comduring the year to the common stock. The earnings of the combined
Computing-Tabulating-Recording-Co.
panies for the first six months in 1916 were $5,260,591, and for the last six
months $4,047,377.
(5th Annual Report-Year ending Dec. 31 1916.)
Purchase.-In June we purchased all the assets of the Granby Mining &
in the Joplin
Smelting Co.,consisting of about 30.000 acres of mineral lands
President Thos. J. Watson wrote in substance:
at
District, Mo.; 10,000 acres of coal lands in Illinois; a coal zinc smelter
The net earnings, after deducting for maintenance, depreciation, all
Kan.; a lead
Roselake, East St. Louis, Ill.; a gas zinc smelter at Neodesha,
and bond interest,amount to $1,206,853. an increase of $516,159.
cash,
assets,
including
quick
expenses
all
the
with
together
ameiter at Granby, Mo.;
by $131,000.
Our annual sinking fund has reduced the bonded debt is
largo area of mineral
ores,speiter, sulphuric acid,&c. We thus obtained a and
of $495,158 in inventories (taken at cost or less) duo both to
there
which
from
increase
The
now
proceeding,
is
prospecting
active
which
in
lands
advisable,
been
it
thought
has
because
and
material,
of
mostper
prices
annum,
zinc
of
increased
concentrates
tons
are being produced about 25,000
addition to its on account of the raw material situation, to carry a much larger stock.
ly by lessees. Your company also obtained a valuable
we have equipped a factory in
business,
of
volume
to
heavy
a
the
modern
To
smelter,
meet
Roselake,
at
smelter
zinc
the
in
smelting capacity
your company's pur- Canada for the manufacture of time recorders, and made several additions
which substantial additions have been made since
together with the earnings to our other plants, as well as largo purchases of machinery and equipment.
chase. The net quick assets of tho Granby Co.
actual cost to your
the
The business so far during 1917 shows a substantial gain over the same
reduce
purchase,
the
of the Granby properties since
31 1916 to less than $4,- period of 1916. and with our increased manufacturing facilities and factory
company of the mines and smelters as of Dec.
by
mortme
together with new devices which are being marketed for the
secured
bonds
organization,
by
represented
is
$2,000,000
000,000, of which
on a subsequent page. Ed.) first time, and enlarged sales organization, we are confident of good results.
upon the Granby Co.'s real estate. (See details
The Granby Co., prior to the delivery of its assets purchased 16,000 shs.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
per
of the pref. stock of your company at an average price of less than $65
1913.
1914.
1916.1915.
of the
share, and this purchase, together with the purchase of a few shares
of net profits
Wisconsin Zinc Co., appear under the head of "Investments" in the con- Proportion
$2,163,720 $1,549,874 $1,313,063 $1,305,392
cos
sub.
of
solidated balance sheet.
a Maint. deproc. and reAdditions, &c.-At Hillsboro, a 50% addition to the acid department,
290,498
349,276
467,973
403,959
(doubtful acc'ts)
'
serve
have been
new block of furnaces, and additions to the power equipment
a
Tennessee
In
compledon.
nearing
completed, and a new oxide plant is
$1,098,894
$963,787
$1,145,915
$1,695,747
Remainder
the plant have been
new shaft on No. 4 mine has been begun, additions to
and a limestone plant Exp. C.-T.-R. Co.,after
made, additional properties have been purchased,
deducting int. rec. on
disposition of the tailings
$46,871
has been built for use in connection with thepurposes.
$68,051
$58,461
loans, treas. bds., &c.. $144,521
417,329
which have been found valuable for fertilizing constructed. As the result Int. on 6% sink. fd. bds. *344,373
405,874
306,760
been
has
furnaces
of
block
new
one
At Caney,
(3%)313,719
.
-T.
on
%)418,292
-R
0.
stock
(4
Divs.
duly
lease,
a
months,
many
of negotiations extending over a period of
from the Osage
approved by the Secretary of the Interior, has been obtained
$320,975
$489,862
$690,694
$788,562
Balance, surplus
lands in Oklahoma. Wells
Indians of a tract of about 180,000 acres of gasalready
* After crediting in 1916 $441,820 interest on treasury bonds.
been opened up; the
with a capacity of 100,000,000 ft. per day have
being
necessary pipe lines have been constructed, and sufficient gas is now
CONSOLIDATED BALANCE SHEET DEC. 31.
at a cost
1915.
supplied from these wells for our Caney and Dearing smelters
1916.
1915.
1910.
much below the cost of gas purchased from gas companies, and sufficiently
Liabilities-$
$
Assets$
low to permit the operation of our Caney and Dearing smelters, even with
Capital stock_ --10,457,200 10,457,200
good-will,
Plants,
to
a
also
be
in
position
shall
we
very low prices for speiter. It appears
6,031,000 .6,162,000
patents, &c..- -216,550,363 18,273,212 Bonded debt
produce gas for other purposes if it shall seem hereafter wise so to do.
22,797 Notes and ace'ts,
27,639
insur., &c..
503,658
Butte & Superior Ore.-During the year our smelters handled 82,455 tons Prep'd
taxes tweed,&e. 756,735
731,389
544,248
Cash
in
early
1917.
expires
which
of Butte & Superior ore under the contract
180,195
176,441
Acced bond int
& accts. tee.
•
The American Metal Co. claims the right to call for the entire output of Notes
(less reserve)_ _ 1,826,311 1,646,497 Div.dueJan.10;17 104,573
the Butte & Superior Co., and we have been notified after the expiration
sure.
dc
stock
Cap.
840,989
1,336,148
cost)
(at
Inv'tories
of
b164,704
of our contract to receive all of the Butte & Superior ore. The mines
h181,462
sub,
cos
of
242,988
your company can now supply about one-half our smelting capacity, and Invest. securitiesUndivided surplus 2,835,688 2,047,127
6,401
we have contracts with other mining companies for a large additional ton- Sinking fund
nage. The contract with the Butte & Superior Co. has been mutually
20,543,008 19,514,885
Total
20,543,098 19414,885
Total
profitable but with the high cost of smelting there has been comparatively
good-will, after
a Includes plants, equipment, machines, patents and
little profit to your company in smelting the Butte & Superior ores with deducting
organization, $18,at
acquired
companies
subsidiary
of
spelter at less than 10 cents per lb. Of the total profit received by your 302,470 insurplus
1916, less $1,743,107 for reserves, balance $16,559,363. b Not
company from the Butte & Superior contract for tho year last past, nearly owned by C.
-T.-R. Co.-V. 103. p. 1794.
80% was earned before July 1.
iVisconsin Mines.-In Wisconsin your mines have proved valuable proumely Company, LaPorte, Ind.
Advance-R
ann.
per
of
concentrates
tons
ducers and are to-day producing about 25,000
Mr. Kimball's Resignation.-In Dec. 1916 Mr. Kimball, who had been
Report-Year ending Dec. 311916.)
Annual
(First
presithe
to
accept
resigned
1902.
Dec.
since
company
President of your
LaPorte, Mar.29, wrote in subst.:
dency of the Remington Arms Co. During his presidency the production
Mount,
P.
Finley
Pres.
of your mines has been increased from a very small output of concentrates
this
company began business Jan. 1 1916, It
-When
Account.
Property
at
The
smelters
annum.
tons
per
100,000
Rumely
to an output of approximately
all the assets of the old M. Rumely Co., including the
Mich., the
Caney, Dearing, N'eodesha, Roselake and Granby have been purchased, took over
at LaPorte, Ind., the Advance plant at Battle Creek,
and the Hillsboro smelter has been constructed. The Wisconsin mines, plant
Thresher plant at
Northwest
the
Ind.,
at
plant
Richmond,
Gaar-Scott
and
the
Granby
Joplin
and
Ont. (V*
the Mascot mines and others have been opened,
Minn., and the Canadian Rumoly plant at Toronto,too
many
properties have been increased. When Mr. Kimball became President, Stillwater,
constituted
101, p. 1276, 851). In the opinion of the board this
the total value of the assets of your company was less than $1,300,000; to- widely
and it was determined,
operation,
plants
for
economical
separated
organihis
to
and
only
retain
day they exceed $20,000,000 in value. To Mr. Kimball
and
plants
Stillwater
and
of
the
Richmond
dispose
to
zation is largely due the fact that your company was prepared to meet the therefore,
plants at LaPorte, Battle Creek and Toronto.
demands and to embrace the opportunities resulting from the great Euro- the
Richmond plant was removed to LaPorte
at
the
equipment
usable
The
pean war.
estate and
Battle Creek plants, and the remainder, including real
Wages.-Many of your employees have been compensated during the and
taken with the
buildings, was sold for $118,280. The same course was
year upon a sliding scale dependent upon the price of ore or spelter; to others equipment
and semiidle
those
maintaining
of
expense
The
Stillwater.
at
bonuses have been given; and to the officers and clerks of your company
idle plants has been borne in the year's operations. For the year 1917 we
bonuses of varying amounts were givenlat the end of the year.ill




APE. 14 1917.1

THE CHRONICLE

have negotiated a contract under which our Toronto plant will show some
profit; our Stillwater plant will continue to be used for storage purposes
until sold; our LaPorte plant will be run to capacity, and our Battle Creek
plant will continue to be our main reserve for expansion.
The year's expenditures on account of plants [aggregating, net, $234,458]
were principally,for rehabilitation. All branch houses have been put in
order, and considerable economy has been achieved by constructing substantial branch houses to replace leased properties. In addition, the company has spent $180,523 in current repairs, charged to operations.
Reserves.-During the year•the charges against the $4,750,000 reserve set
up on the initial balance sheet to cover losses on realization of assets taken
over, have amounted to $2,057,001, and the management is confident that
this reserve will be more than ample to take care of any and all losses incurred in the realization of such old assets. Further reserves of $460,619
In 1916 should enable the company fully to meet all contingencies.
FINANCIAL COMPARISON OF ASSETS AND LIABILITIES.
Jan. 11916. Dec. 31 1916.
Current assets less reserves
$12,232,369 $12,312,173
Current liabilities and debentures
3,944,173
4,197,534
3,949,596
4,007,312
Property account
Deferred charges to future operations
43,577
35,548
14,172,30.5
Good will and patents, &c
14,172,305

1487

BALANCE SH,EET DEC.31 1916 (Total each side $2,113.998)
AssetsAssets (Concl.)Operating oil & gas wells,
Material & supplies
$25,421
rights-of way & leasehold
Unexpired insurance
324
rights purchased
$1,883,131
Gas line, &c
111,649
LiabilitiesOil& gas wells in construction_
20,858 Common stock
31,500,000
Deferred items
8,058 Preferred stock
300,000
Cash & oil runs subject to
Unpaid vouchers
4,891
sight draft
42,332 Payrolls
7,278
Accounts receivable
5,769 Earnings (after deducting $30,Inventory of oil in tanks
16,455 000 discount on pref. stock) 302,029

Cambria Steel Company.
(16th Annual Report-Year ending Dec. 31 1916.)
Pres. Alvah C. Dinkey, Mar. 7, wrote in substance:
Early in 1916 a controlling interest in the capital stock of your company
was acquired by Midvale Steel & Ordnance Co.(V. 102, p. 613, 715)• In
the administrative changes involved in this transfer of control, it was found
advisable, in order to prevent unnecessary duplication of effort, to dispose
of the interests of this company in the capital stock of the American Steel
Export Co.
Important additions to manufacturing equipment have been undertaken
during the year, some of which are completed and in operation.
[The Cambria Steel Co. acquired during the year 60% of the stock of the
Johnstown Steamship Co. and 60% of the Beaver Steamship Co. The former company has completed 5 vessels of 10,000 tons capacity each, and 1
vessel of 12,000 tons in progress, and the latter company has completed 2
vessels of 9,000 to 10,000 tons capacity each. Work completed during the
year were 25 steel ore cars of 200,000 lbs. capacity, No. 9 blast furnace at
the Franklin Works; 500 k. w. converter (No. 1, 2 mines); 300 steel mine
cars, purchase of Globe foundry and 7 steel lake steamers with an average
capacity of 10,000 tons each (controlling stock ownership-see above).
The work in progress in 1916 includes two 6,000 k. w. steam turbines
auxiliary equipment and building; tire plant; built wheel plant and one
80-ton open-hearth furnace, all at Franklin Works, and mine opening at
Saltsburg, Pa., and one steel lake, 12,000 tons capacity (controlling stock
ownership-see above.)]
[The bonds outstanding of the Johnstown S. S. Co. on Dec. 31 1916 (as
shown in the balance sheet below), was $1,040,000 (V. 102, p. 2258) and of
the Beaver SS. Co., $365,000 (V. 102, P. 2256.)1
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1915.
1914.
1913.
Pig iron (tons)
858,580
1,006,172
1 1,139,100
Ingots (tons)
Not stated.1 1.452,276
1,188,240
1,178,240
Shipm'ts (fin. prod.)
1,021,462
783,922
783,922
xNet earns, from oper_ $27,511,794 $8,546,084f $2,991,788 $7,579,814
Rents, investments, &c
1 124,134
208,156

Total assets
$26,250,000 $26,533,478
Preferred stock outstanding
$12,500,000 $12,500,000
13,750,000
Offsets1Common stock outstanding
13,750,000
283,478
Surplus
During the year the company has been very successful in the liquidation
of the farmers' notes taken over when it began business. We were also
able to purchase and retire $114,000 of our debentures for $100,320. The
company carried on its operations without borrowing and does not expect
to borrow during 1917. Under the rigidly enforced policy to better credits,
shorten terms and increase the cash receipts, the company obtained in the
year 1916 70% of its total sales in cash.
Profits.-When compared with the size of the company, the business
done, and the company's potential capacities, the profits for the year may
look small, but when it is remembered that this is the first year of the
mpany, which was begun within loss than a year from the time the
M. Rumely and Rumely Products companies were put in charge of a
receiver; that the domestic wheat'crop for the year 1916 was barely 60%
of the 1915 crop; that the European war and adverse crops in the Argentine
practically paralyzed our foreign business for the year, the board feels that
the company is to be congratulated on the showing made. Dividends on
preferred stock are not cumulative until after Jan. 1 1919.
Product.-Our best single asset is the oil pull tractor, and the sales of the
same have so steadily increased, that the company is now engaged in
designing and getting ready a complete line of these tractors,ranging from
the larger units now in use down to the smaller sizes so greatly in demand
under modern farming conditions. [The Advance-Rumely lines now include: Kerosene tractors, gasoline tractors,steam tractors, grain separators,
engine gang plows, stationary and portable steam engines, stationary and
portable kerosene engines, clover and alfalfa hullers, husker-shredders,
Total net income.._$27,511,794
_$27,511,794 $8,546,084 $3,115,932 $7,787,970
rice separators, tractor disc plows and fuel and water tanks.]
$219,412
Prospects.-Extraordinary advances in the cost of materials and of pro- Int. on bonds of sub.cos. $257,617
500,000
900,000
duction are being met and will continue to be met,of necessity, by increased Extraord. replacements..
1,021,997
selling prices. The difficulty of getting materials increases daily, but Depr.& accruing renew.. 1,685,557
135,547
229,527
137,837
199,440
since the very existence of the world depends upon agriculture and modern Exhaustion of minerals_
agriculture depends upon power farming machinery, we look with entire
Balance
$25,433,074 $7,075,148 $2,478,095 $6,688,530
confidence into the future, even in the face of the most unusual economic
Fixed chgs. under Camconditions the world has ever witnessed.
bria Iron Co. lease..
338,720
671,610
517,105
453,580
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEAR 1916.
Balance
$25,094,354 $6,403,538 $1,960,990 $6,234.950
$1,757,344 Selling, &c., expenses at
Gross profit
home & branches (net).$1,689,941 Dividends
(63 %)3,037,500(6)2,700,000(5)2,250,000(6)2,700,000
Int. on receiv., invest. &
discounts on purchases- 420,977 Debenture,&c..interest__
204,901
Balance,sur.or def_sr.$22,056,854 sr$3.703,538 def.$289,010su$3 534,950
$2,178,321 I Net profits & income__ $283,478
Total profits
x Includes in 1916 and 1915 total net earnings after deducting all exCONSOLIDATED BALANCE SHEET DEC. 31 1916.
penses, and ordinary repairs and maintenance, approximately $4,818,300
incl. Advance-Rumely Thresher Co., Inc., and Can. Rumely Co., Ltd
in 1916, $3,158,000 in 1915, $3,084,000 in 1914 and $3,349,000 in 1913.
-"Ts-sets (Total, $33,476,570)CONSOLIDATED BALANCE SHEET DECEMBER 31.
Land, buildings, machinery and equipment at factories and
branches, $3,989,758; less depreciation reserve from earnings
' (Cambria Steel Co. and Subsidiary Companies.)
of the year, $154,700
$3,835,958
1916.
1915.
1916.
1915.
Outside real estate, including property acquired under foreclosAssetsLiabilitiess
$
$
ure and hold for sale
Prop.
ace't,
114,538
incl.
Capital
stock
_45,000,000
45,000,000
Goodwill, patents, designs and other intangible values, subject
leasehold
CamMinority
interests
__r n Jan. 1
to adustent upon realization of assets taken
bria Iron Co__ k79,075,870 71,525,213 In sub. cos
2,302,074 k
1916
14,172,305 Adv.stripping,ore
Camb. Ir. Co. stk.
Inventories--- materials supp,finisicea-aiia parily finmines,
&c
838,485
362,594 (guar. 4%)_ _ _ 8,468,000 8,468,000
and
repair
product
parts
on
hand
at
ished
factories, $3,683,Investments
130,121
141,103 Bonds
y5,641,000 4,023,672
687; at branches and on consignment, $2,871.250
6,554;338 Inventories
14,567,337 14,626,490 Accounts payable.. 4,594,062 4,799,763
Customers' installment notes receivable, including interest acCash
2,764,213 1,297,586 Bills payable
1,750,000
$6,259,842;
less
thereon,
commission certificates outcrued
Accounts receiv'le. 9,905,749 6,474,211 Dividend scrip__ _
6,124 1,687,500
standing. $635,072
5,624,770 Bills & loans rec_ A1,727,915
4,832,781
a7,599,232
Reserves
112,175
trade
other
accounts,
and
$203,111;
Dealers
miscellaneous acReserve & sinking
b45,566,093 23,977,876
Surplus
counts receivable, $77,454
280,565
fund assets._ _. 196,896
Investment securities
480,005
and
on
hand
bank
in
Cash
119,176,585 94,539,372
Total
119,176,585 94,539,372 Total
Miscellaneous operating supplies,$34,317; prepaid expenses (in- 2,370,814
surance premiums, rents, &c.), $9,260
43,577
k
The
property
account
as
above
in
1915
was
$71,525,213;
the amount
(Total,
Liabilities
$33,476,570)6% pref. stock (divs. cumulative after Jan. 1 1919 $100 each)_$12,500,000 brought forward Dec. 31 1915 was $73,802,793; the difference, $2,277,580,
represents the minority, interests in subsidiary companies at Dec. 31 1915,
Common stock, 137,500 shares ($100 each)
13,750,000 which was not Included.
Ten-year 6% gold debentures, due 1925, $3,500,000; canceled
y Includes $3,406.000 bonds of the Manufacturers Water Co., $765,000
during 1916, $114,000
Co., $60,000 Mahoning 83. Co., $45,000 Cambria $8.
pay-rolls,
incl.
payable,
$413,039; taxes, interest, 3,386,000 Johnstown Water
Accounts
Co. $1,040.000 Johnstown SS. Co. and $325.000 Beaver SS. Co.
&c., accrued, $145,133
558,173
reserve
for
deprec. and exhaustion of minerals, $6046,061,and reWinch
reserves
from
contingent
earnings
and
of
Operating
the year
serve for blast furnace relining and 0th. op. accts. and conting.. $1,553,171.
(excl. depreciation deducted from property account)-- _ _
305,920
b After deducting $468,436 charges applicable to previous years.
Reserve against realization of assets taken over on Jan. 1
Note.-Under the lease the Cambria Steel Co. as a part of the rental
securities of total par
and other contingencies; leas treasury
thereunder, agrees to pay annually for 999 years '
a sum equal to .1% on the
value of $581,003 remaining in reserve for delivery in satisfac$8,468,000 (par) stock of the Cambria Iron Co.-V. 104, p. 1141, 666.
tion of certain indeterminable claims against the receiver of
be
to
balance
transferred to
M.Rumely Co.;residual
--------------------- _-goodwill 2,692,999
Montana Power Co.
account _ ---Surplus net profits and income for the year ending Dec.di
(Balance Sheet Dec. 31 1916.)
---------------------------------------as above
283,478
-V. 103, P. $80.
The reportfor 1916 was cited at length in V. 104, p. 1040.

ti

Wayland Oil & Gas Co., Incorporated.
(Statement for Year ending Dec. 31 1916.)
'Pres. Alfred Dryer, N. Y. Feb. 13, wrote in substance:

Further facts follow:

Capital Stock and Dividends.-On June 2 1916 Installment No. 1,amounting to 25,000 shares of common stock of this company, on which dividends
had been deferred, became dividend-bearing. On May 1 1917 25,000
were $411,066, against $304,047 in shares, known as Installment No..7, will become dividend-bearing, as the
Results.-The gross earnings for 1916
1915; net earnings of $173,704, against $115,264, or 11.60% earned on the Thompson Falls Power Co. will have delivered power under its contract
with the Chic. Milw. & St. Paul Ry. for a period of six months.
common stock in 1916, against 7.50% in 1915.
The entire common stock on which dividends are now deferred will become
Prices.-Market price of oil during the year ranged from $2 25 to $2 85
per bbl. The average price received by us for oil sold was $2.6189 per bbl.; dividend-bearing, as follows: May 1 1917, Installment No.7, 25,000 shares;
June 2 1917, Installment No. 2, 30,000 shares; May 1 1918, Installment
present price for oil is 3 05.
Income from Gas.-The improvement in our gas income continues, No. 8, 25,000 shares; June 2 1918, Installment No. 3, 30,000 shares;
anlounting to $64,889 in 1916, against $39,637 in 1915, and it is expected June 2 1919, Installment No.4,30,000 shares; June 2 1920, Installment No.
5, 30,000 shares; June 2 1921, Installment No. 6, 30,000 shares; making
that 1917 will show further substantial improvement.
Additions.-A plant for the absorption of gasoline from our gas produc- a total of 200,000 shares.
tion is being installed and expect the sale of this will add materially to
CONSOLIDATED BALANCE SHEET DECEMBER 31.
our income.
BALANCE SHEET DEC. 31 1916.
We have drilled 20 wells in 1916-11 oil, 6 gas and 3 dry. We also
1915.
1916.
x915.
of
oil
in
1916.
production
Doddridge County. These improvebought a small
Assets$
$
3
ments were all paid for out of earnings. We have no indebtedness outside
Preferred
stock......
9,671,800
Real
estate,
bidgs..
producing
9,671,800
wells
now
Our
bills.
number
of current
203-160 oil, and 43
Common stock__ _49,407,500 49,407,500
equip.,franchlse,
gas, located in Lincoln, Roane, Wetzel and other counties.
27,538,000 27,764,000
2-3 int. In Grt.F.Funded debt
STATEMENT OF OPERATIONS FOR YEAR ENDING DEC. 31 1916.
84,674,130 Bills payable
_87,984,609
425,000
T.
S.
Co.,
&e_
150,000
Oil.
Gas.
Miscel.
298,952 1,770,476 Accounts payable.. 442,496
646,854
Cash
Total.
$340,381
$64,889
621,756 Accrued interest__ 514,029
Gross earnings
rec. 799,206
521,392
Accts.
&
notes
$1118
$411,066
69,048
24,656
279,419 Div. pay. Jan.2'17 463,332
Operating expenSes
_
97,063 Materials & supp_ 374,942
96,356 Deprec. reserve.... 1,124,137
34,963
Sink, fund dopes_
760,664
$271,333
$40,233
Net earnings
54,124
$2,436
Bond discount_ _ .. 2,438,213 2,531,767 Other reserves_ _ _ _
45,697
$314,003
110,244 ''Surp. at merger"
General exp.(incl. rents.,
Miscellaneous_ ___ 108,886
38,132
38,132
45,058
12,728
taxes, and interest)
Undivided profits_a2,361,219 1,058,107
886
58,672
54,707
8,895
Depreciation
25
63,627
92,039,770 90,084,147 Total
Total
92,039,770 90,064,147
$171,568
$18,610
BalanCe
$1,525
$191,704
Deduct-Preferred stock dividends Nos. 2 and 3
a After deducting $36,00 payments and adjustments not chargeabie to
18,000
carried
to
surplus
Net,for year,
$173,704 operating expenses of 1916.-V. 104, P. 1040.




THE CHRONICLE

1488

National Candy Co., St. Louis, Mo.
(Report for Fiscal Year ending Dec. 31 1916.)
1916.
Calendar Years$890,000
Net earnings
70,000
First pref. divs.(7%)
Second pref. divs. (7%)....- 118,951
Common divs
(13%)90,000
Balance, surplus

$611,049

[vol..

109.

GENERAL INVESTMENT NEWS

1915.
$217,203
70,000
118,951

1914.
3216,033
70,000
118,951

1913.
$461,292
70,000
118,951

$28,252

$27,082

$272,341

The earnings for the year 1916 have been inserted by Editor.

RAILROADS, INCLUDING ELECTRIC ROADS,
Baton Rouge (La.) Electric Co.-Earnings.Gross Net. after Interest Rf.Divs. Common Balance.
Calendar
Taxes. & S.F. (6%). Dividends. Surplus.
Earns.
Years$211,694 $110,836 342,003 $12,000 (7%)$21,000 $35,833
1916
82,648 26,946 12,000 (2%)6,000 37,702
190,852
1915
-V. 101, p. 1806.

BALANCE SHEET DECEMBER 31.
Belt Railway of Chicago.-Earnings.1915.
1916.
1915.
1916.
1916.
1915.
1915.
Cal. Year- 1916.
$
Liabilities$
Assets$
$
earns_ _$3,191.890 $2,907,473 Rents,&c_ _ _ _31,602,307 $1,349,402
Gross
1,000,000
115,534 First pref. stock__ 1,000,000
125,629
Cash
537,391 Second pref. stock. 1,699,300 1,699,300 Net,aft.taxes_ $928,740 1,017,630 Dividends_ _ _ _(6)172,800(23. )72.000
Raw materials _ _ _ 631,134
None
$8.0541
395,715 Bal.. deficit__
846,366
551,728 Common stock... 6,000,000 6.000,000 Other income_
Mfd.mdse.& supp 545,374
140,025 -V. 102. p. 1435.
Accts.& notes rec. 1,081,163
080,575 Accounts payable_ 130,799
971,300
830,000
Bills payable
Clinton Sugar Ref.
Birmingham Rail'y Light & Power Co.-New Notes.1,644,022 1,032,973
1,648,412 1,373,042 Surplus
Co.stock
The shareholders will vote Apr. 26 on authorizing an issue of $2.000,000
2d pref.stk. purch.
33,900
33,900
2-year 6% n,otes to cover the cost of taking over and consolidating the
Mach.,trade mks
Birmingham, Ensley & Bessemer Ry which was recently purchased through
pat. rights, &c.. 7,238,509 7,251,428
a reorganization committee. Compare V. 104, p. 1144, 862.
11,304,121 10,843,598
Total
11,304,121 10,843,598
Total
Boise (Idaho) Railroad, Ltd.-Sale.'Chore is in addition to the above assets $705,400 of common stock, full
The Federal District Court at Boise, Idaho, has authorized the sale of
paid and non-assessable, owned by the company and standing in the name
this company's property to satisfy an outstanding bond issue of $373,000
of F. D. Seward trustee.
and claims amounting to $28,000 for paving bonds issued by the city.
As to resumption of common dividends, see V. 104, p. 768.
Upset price 3182,000.-V. 103. p. 577.

Illinois Brick Co., Chicago.
(Report for Fiscal Year ending Dec. 311916.)
Pres. William Schlake, Chicago,Feb.6 1917,says in subst.:

Buffalo(N. Y.)& Lake Erie Trac. Co.-Receiver's CUs.-

Receiver George Bullock, N. Y., has petitioned the County Court at
Erie, Pa., for permission to issue $944,700 receiver's certificates to provide
funds for improvements and extensions.-V. 103, p. 1117.

Canadian Pacific Ry.-Acquisition of Stock

& Rondo

The earnings exceeded 14% of the outstanding capital stock and were by British Treasury and Exchange-of the Samefor New Collateral
distributed as follows; Dividends (8%). $376,000; reserve for depreciation
account, $252,368; reserve for taxes. $37,355, and addition to surplus ac- Dollar Bonds.-Pres. and Chairman Lord Shaughnessy has
count, $8,819; total, $674,543. We have nothing to fear from labor dis- sent the following to the shareholders, dated April 5 1917:
turbances during the remaining two years which our contract has yet to run.
With the assent of your company the British Treasury included, among
RESULTS FOR CALENDAR YEARS.
the securities which were being borrowed in Great Britain, the various
outstanding obligations of your company, and these obligations have al1913.
1914.
1915.
1916.
$593,607 ready been used, to some extent, for the purpose of pledge in New York
$517,196
$530,643
Net profits
$674,543
Britain
Dividends paid
(8%)376,000 (6)$282,000 (6)3279.000(5 )242,000 as security for the obligations of the United Kingdom of Great
307,055 and Ireland.
206,045
207,611
252,368
_
_
Depreciation reserve_
company.
your
of
obligations
the
that
however,
25,000 • It became evident,
26,000
26,000
37,355
Reserve for taxes
being to a large extent issued in a currency foreign to the American market,
$19,552 could be more advantageously utilized if put in a form familiar to American
$6,151
$15,032
Balance,surplus
$8,819
investors. The need of the British Treasury for securities to obtain dolBALANCE SHEET DEC. 31.
lars has been imperative to carry on the war, and your company has felt
1916.
1915.
it not only a duty to be of assistance in this situation, but also a privilege
1915.
1916.
$
Liabilities-In view of the present position of your company having been in a large part
$
Assets$
5,000,000 5,000,000 due to the investment of British capital ever since its formation. No comReal estate
1,226,925 1,207,220 Capital stock
Accounts
107,827
payable
152.310 pany in the British Empire stands in higher credit among American inBldgs. & machinery_3,885,180 3,774,886
50,000 vestors than the Canadian Pacific Railway Co. and his Majesty's GovernStock in treasury_ 300,000 300,000 Bills payable
Cash
173,694 131,652 Dividend Jan. 15_ _ 70,500 141,000 ment had the assurance that your company's obligations, if offered in a
Accounts receivable_ 360,812 419,064 Deprec., &c., reserve 797,582 544,712 form suitable to the American market, could be readily sold in the United
26,000 States in large amounts and at a favorable price.
41,454 Reserve for taxes__ _ 36,851
Bills receivable
25,992
389,545 330,725
Acting under an understanding with your company which you will be
Brick and supplies
427,644 414,592 Surplus
asked to ratify at the forthcoming Special Meeting, the Lords CommisPrepaid insur. & int_
5,880
2,051
sioners of His Majesty's Treasury have decided to take over or acquire,
6 402,307 6,291,748 under their general powers in that behalf, or under regulations made purTotal
Total
6,402,307 6,294,748
suant to the Defence of the Realm (Consolidation) Act of 1914 and amend-V. 104, p. 563.
ing enactments, from all persons ordinarily resident in the United Kingdom, their outstanding holdings ofCanada Steamship Lines, Limited, Montreal.
Can. Pacific 4% Consol. Deb. Stock. Algoma Branch 1st M. 5% bonds.
!Ontario & Quebec 5% Deben. stock.
Atlantic North & West 1st 5s.
3d Annual Report-Year ending Dec. 31 1916.)
which the Imperial Government proposes to lodge with your company in
exchange for such an amount of 20-30 year 5% collateral trust bonds of
President James Carruthers says in substance:
the Canadian Pacific Railway Co. in dollar form as will equal, at par, the
The improvement in business noted last year has continued in a gratifying value, on a 5% basis, of the securities received from the Treasury, calcumanner, though the war has given rise to many new and difficult problems, lating the pounds sterling at the rate of £21 to $100.
If all of the above four issues should be acquired and deposited, your
notably the high cost of fuel, foodstuffs and insurance, the difficulty in obtaining new tonnage and the scarcity of labor. Our fleet has suffered some company would issue 3198.979,580 of bonds, payable as to principal and
losses from fire, stress of weather and the King's enemies, all of which were interest in gold in dollars in New York or Montreal at the option of the
covered by insurance. Additional new tonnage has, however, been ac- holder, with a fixed maturity of thirty years, but redeemable at par at
the option of your company on and after the expiration of twenty years.
quired and our position in this respect is stronger than a year ago.
The work of consolidating the various units which were brought together It is also to be provided that the bonds may be redeemed, if requested by
the Government, at 105 and int., any time within the first five years of
when your company was formed has been completed.
During the year 3 payments of 1X % were made in respect to deferred their life. The pledged collateral will be lodged at the specific prices of
will
80 for the Canadian Pacific 4% Debenture Stock and at par for the above
dividends on the pref. shares and the payment on March 1 1917 of 7%
leave a balance of 534% due, which, when paid, will wipe out all arrears to mentioned 5% securities.
Under the proposed arrangement the annual fixed charges of your comDec. 311916.
pany will remain as they are at present, interest on the collateral trust
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
bonds being covered by interest on the securities deposited as collateral,
and, although your company is taking liability for repayment on a specified
1914.
1915.
1916.
Operating Revenueliability is covered by an undertaking of the Imperial Govern$11,819,539 $7,399,819 $6,272,233 date, that
Vessels
the funds required for redemption of the bonds in whole
193,389 ment to provide
165,707
172,472
Docks and wharves
during the first five years, or after 20 years or at maturity, as
120,189 or in part
114,884
65,240
Miscellaneous
determined.
be
may
94,625
64,877
Other revenue
Included in the 4% Consolidated Debenture Stock that the Imperial
Government proposes to acquire and deposit is the amount of $40,000,000
$12,122,129 $7,775,035 $6,585,811 recently
Gross earnings
issued by your company and loaned to the British Treasury,
5,657,774
6,042,977
8,062,584
Expenses
which the Imperial Government will purchase at 80% of its face value,
$32,000,000, to be loaned to the Imperial
$928,037 the proceeds of the sale, namely,
$4,059,545 $1,732,058
Net earnings
interest rate of 534%.
$166,231 Treasury for a period of five years at an annual
$140,201
$125,051
Deduct-Bond interest
semi-annually.
285,234 payable
317,583
317,993
Interest on debenture stock
Steps have been taken to secure the requisite authority from the Domin15,875
85,276
55,460
Other interest, 8co
455,630 ion Parliament.
476,938
805,310
Depreciation
The details of the transaction will be fully set out in the formal agree65,000
49,907
42,657
Other reserves, &c
ment with the Imperial Government which will be submitted for your
322,047
for
tax
war
Reserved
at the special general meeting called for the purpose.
consideration
(3)0401,042
Preferred dividends
(534 %)656,250
[The issues most of which are to be thus exchanged were, as lLstedon
Exchange on March 9' Canadian Pacific 4% Consol.
Stock
the
London
Total deductions
$2,324,767 $1,069,906 31.389,012
£35,611,124; Atlantic & Northwest let M. 5% bonds.
Balance
sur.$1,734,778sur.3662,152 def.$460,975 Debenture stock,
£1,330,000; Algoma Branch 1st M. 55, $750.000; Ontario & Quebec 5%
Debenture stock. £4,007,382. Compare V 101, p. 1387, 162.
BALANCE SHEET DEC. 31.
1916.
1915.
1916.
.1.,sets3
Real est.,blgs.,&e*23,058,657 22,465,927 Preference stock ._12,50(1,000
Leases,contrts,&c 8,589,647 8,589,647 CommGn stock. .12,000,000
195,883 1st M.bonds__ ._ 2,205,707
Invest'ts (at goa)_
93,739
debent. stock_ 6,396,307
Funds for M. bds_ 1,307,388
705,896
Cash
612,535
138,055 Loan sec, by deb.
stock dr invest._ 600,000
Notes dr accts. recc1,840,113 1,011,110
Notes payable.... 421,032
AdJupt due by un629,446 Acc'ts payable_ _ _ 1,298,014
325,883
derwriters
140,517
467,12:3 Accrued interest__
Insur., &c., claims 565,677
434,545
237,202 War tax
Inventories
326,778
20,000
485,875 Freight, &c. refs
Prep'd insur., &c. 707,134
197,497 Prem. on reaemp.
Organiza. expenses 172,772
Rich. & Ont.
S. 1. deb. stk.(par) a290,048 8148.272
21,049
60,322
Nay. Co. bonds
11I iscellaneous _
28,587
Surplus from s. M.
62,662
pun of deb. stk_
b1,848,225
Profit and loss_

1915.
$
12,500,000
12,000,000
2,386,074
6,351.667
1,029,000
814,062
143,371
25,000
27,108
35,089
20,834

37,918,959 35,332,254
Total
37,918,959 35.332,254
Total
* Includes in 1916 vessels, $18,797 920; real estate, buildings, docks and
wharves, 35,331.115, and other fixed assets, $610,434; total, $24,739,469;
less depreciation reserve, $1,680,812, balance, as above, $23,058,658.
a Denotes sinking fund debenture stock at par, held by trustees.
b After adding $179,980 not profit on sales, &c. offixed assets and deducting organization expenses charged off, &c., $87,416.
c Includes in 1916 notes receivable, payable to trustees in respect of
vessel sold. $138,091.
Note.-Cloraulative preference stock dividends in arrear Dec. 31 1916.
$1.531,250, or 1234%.-V. 104, p. 1047, 865.




New Director.-

Senator Frederick L. Beique has been elected a director to succeed
Robert Mackay. deceased.-V. 104. p. 1387, 162.
•

Carolina Power & Light Co., Raleigh, &c., N. C.(m d. Yadkin River Power Co. and Asheville Pow. & Lt. Co.) I
1914.
1915.
1916.
Calendar Years$1,474,948 $1,363,693 $1,284,985
Gross earnings
$611,396
$689,962
$780,027
Net earnings, after taxes_ _ _ _
392,548
412,515
428,272
Int. on bonds ($361,300 in 1915), &c_
86,384
91,591
121,678
Dividends on preferred stock
21.750
Dividends on common stock
65,000
85,000
120,000
Depreciation
367.464
3100,856
388,327
Balance,surplus for year
-V. 103, p. 2237.

Chicago Indianapolis & Louisville Ry.-Bonds Offered.
-Harris, Forbes & Co., N. Y.; Harris, Forbes & Co., Inc.,
Boston, and the Harris Trust & Savings Bank, Chicago, and
Potter, Choate & Prentice, N. Y., offered, by advertisement
in last week's "Chronicle," at 933/ and int., netting 5%%,
$2,000,000 of this company's First & General Mtge. 5s of
1916. These bonds are part of the recently outstanding
issue of $3,250,000; a further $1,280,000 being in the
treasury, and additional amounts issuable only under restrictions as stated in V. 102, p. 1810. See also annual
report in V. 103, p. 1408, 2155.-V. 104, p. 1044.

THE CHRONICLE

APR. 14 1917.1

Chic. Milwaukee & St. Paul Ry.-Further Electrification.

This company announces that in addition to the contract for the purchase
of energy from the Intermountain Power Co.for electrifying its Washington
lines from Othello to the Cascades, it has contracted to purchase energy for
the electrification of the lines west of the Cascades, from the Puget Sound
Trac. Light & Power Co. Eight substations will be erected in connection
with the electrification of the Washington iines.-V. 104, p. 451, 361.

1489

Mexican Railway, Ltd.-Government Control.This road, operating between the City of Mexico and Vera Cruz, was
again placed under Government control on April 1 because of "military
and Governmental necessity "-V. 100. p 229

Midland Railway.-New First Mortgage-Stocks.-

This company has been granted authority by the Georgia Railroad Comm.
to issue $423,600 more stock and also to create a first mortgage securing an
Chicago .Railways.-Full Income Interest-Report.--issue of $1,000,000 bonds. The proceeds from the sale of these bonds will
The directors have declared the full annual interest of 4% on the $2,500,- be to used to refund outstanding obligations and to acquire properties, &c.
000 adjustment income bonds, payable May 1 out of earnings for the fiscal -V. 104. p. 764.
Year ended Jan. 31 1917. Compare annual report on a preceding page.
-V. 104, p. 1263. 451.
Mount Vernon (Ohio) Electric Street Ry.-Sale.-Treasurer Bell on April 9 petitioned the Common Pleas Court
Chicago Rock Island & Pacific Ry.-Stock Increase.- ofCounty
Mount Vernon, Ohio, to sell the company's road and apply the proceeds
Present Charter May Yet be Retained.-Under the plan it is on street improvement tax claims amounting in all to $7,530. The company has been in the hands of a receiver some time and cars are not running.
optional either to reorganize under the present charter or to -V.
100, p. 1258.
In the former case, statutes require

form a new corporation.
60 days' notice of a meeting to authorize a stock increase.
The Joint Reorganization Committee deems it desirable to
set this formality in motion, so that the present charter may
be ready for use in the near future, if it should be decided to
reorganize under same. The meeting, if held, will come
in June.
More than 99% of the stockholders are reported paid the first and
second installment of the assessment. The new 7% and 6% preferred, as well as the new common stocks of the
Chicago Rock Island & Pacific Ry. Co.(when issued), have been admitted
to the list for trading on the N.Y.Stock Exchange.-V.104. p. 1387,1263.

Cities Service Co.-Sale.-

See Citizens Gas, Electric Light & Heating Co. under "Industrials"
below.-V. 104, p. 1387. 1382.

Cleveland & Mahoning Valley Ry.-Stock Increase.-

Nashville Chattanooga & St. Louis Ry.-New Directors.

Whiteford R. Cole has been elected Chairman of the Board to succeed
the late E. C. Lewis. Judge Claude Waller, the General Counsel of the
road, has also been made a director.-V. 104, p. 863, 664.

National Railways of Mexico.-Annual Earnings.-

June 30 Yrs.(in Pesos) 1915-16.
1914-15.
1913-14.
Gross earnings
I
Not
f 1,776,982 34,273,341
Net earnings
f operated. 1 1oss45,487 2,379,776
Other income
899.986
402,886 deb3,445.348
Grossincome
899,986
357,399 defl.065,572
Taxes
197,279
211,284
510,590
Interest charges
22,444.544 23,655,664 23,520,595
Rentals
Cr4,406
75,167
294,712
Pend. chges. acct. oper.
expenses
5,130,000 3,343,000
Miscellaneous
274,186
352,340
101,064

1912-13.
57,370,282
21,126,335
1,445,164
22.571,499
422,722
20,622,051
747,030

Balance
adef22,169,344df28,909,329df28,835,624 sur723.561
The shareholders recently voted to increase the capital stock from $3,259 200 to 36,111,000, the increase to consist of $2,851,800 pref. stock.
a The total deficit June 30 1916, after crediting 5,130,000 pesos cancel-V% 104, P. 103.
lation of appropriations to reserve accounts in 1914-15, the properties not
Cleve. Painesv. & East. RR.(incl. United L. & P. Co.) having been operated, the amount should not have been set up in the
accounts,and miscellaneous 22,441 pesos.-V.101,p. 1969.
1916.
1915.
1916.
1915.
Cal. YearGross earnings_ $463,73l $425,168 Gross income__ 8202,237 8197,919
Nevada-California-Oregon Ry.-Sale.-133,252
Net, after taxes__ $199,363 $194,941 Bond,dm.,int__ __ 137,414
64,822
2,978 Balance, surplus__
Other income__ __
2,874
64,667
See Western Pacific By. below.-V. 104. p. 1264.
-V. 102, p. 1811.

Columbia Ry., Gas & Electric Co.-Coupon Payment.-

New Orleans Railway & Light Co.-Earnings.-

Calendar
Gross
Net after
Other Int.,&c., Renew. Re- Bal.for
Year- Earnings. Taxes,&c. Income. Charges. Place.,&c. Divs.
1916
17.200,741 $2,821,756 $61.675 $1,902,843-$260,235 $720.352
1915
6,951,587 2.772,332 47,648 1,812,913 218,008 789,066
From the balance surplus as above,$720,352,in 1916,preferred dividends
(5%) were paid, calling for $496,147, against $499.710 in 1915, and comCumberland Valley RR.-Earnings.-Other
Net (after
Interest Dividends Balance, mon dividends(X of 1%).$50,000 in 1916, against(1%)$200,000 in 1915.
Calendar Gross
Taxes). Income. Chgs.,&c. (8%). Surplus. leaving a balance surplus of $174,205 for 1916, against $89,358 for 1915.
Year. Earnings.
1916-43,684.644 $1,529,884 $117,743 $226,278 $426,676 $994,672 -V. 104, p. 864.
88,136 152,957 426,676 650,079
1915_ _3,091,214 1,141,576
New York Central RR.-Opinion in Venner Action.Of the surplus in 1916. 1201,012 was expended during the year for investSee editorial columns in this issue. See V. 104, P. 1388, 1264.
ment in physical property and 1781,830 held in reserve, leaving $11,830
carried to surplus.-V. 102, p. 1346.

We are informed that the coupon due July 1 1917 and subsequent coupons
of this company's First Mtge. no bonds, due 1936, will be payable at the
Chemical National Bank of New York, instead of at the office of Redmond
& Co., N. Y.-V. 102. p. 1625.

Dallas Electric Corporation.-Franchise Election.-

See Dallas in "State and City" Department.-V. 104, p. 163.

Delaware & Hudson Co.-Annual Report.-Subsequent
Earnings.-President Loree Sees No Reason to Question Ability
to Maintain Established Dividend Rate.-The annual report
is cited on other pages of this issue.
Pres. L.F. Loree on April 10 said in substance:
The report of operating revenues and expenses for January and February
as filed with the Inter-State Commerce Committee includes only the returns from the rail operations of the company. The net earnings for the
two months, January and February, after deducting fixed charges against
the railroad department, indicate a deficit of $177,401. Including the
income from investments and the coal operations of the company and its
subsidiaries, these was a surplus over the fixed charges of $184,794.
The railroad gross earnings for the 2 months decreased $374,000 on account of abnormal weather conditions and the inability of important connecting lines freely to accept freight by reason therecf. In March the gross
revenues of the company were the greatest for any single month, being 25%
higher than the average for the 2 months, January and February, though
some freight is still held back by embargoes.
A substantial part of the loss in corporate surplus was due to a loss of
about $597,000 in hire of equipment, almost all of which was caused by a
situation on lines beyond our control. A substantial improvement in tnis
situation has occurred, with the result that there will be an improvement of
not less than $150,000 in hire of equipment in the first three months of 1917.
The abnormal conditions confronting us during the 4 months, November,
to February, both inclusive, were similar to conditions experienced by all
carriers in our territory. The same conditions did not prevail during March,
There would seem to be no reason for any concern as to the future earning
capacity of the company and its ability to maintain its established dividend.
The situation of the company, in common with that of the other lines of
the country is dependent upon the decision of the I. S. C. Commission on
the application for an Increase in freight rates, and, relatively, our situation
should be no worse nor bettei than that of other lines as a result of that
decision.-V. 104, p. 1044.

Denver Tramway Power Co.-Called Bonds.-

Forty-eight (148,000) 1st M.5% improvement bonds, dated 1903, have
been drawn for redemption (at 105 and int.) on May 7 at International
Trust Co. of Denver, Colo. This reduces the outstanding indebtedness
to 11,026.000.-V. 102. p. 1346.

Erie RR.-Minority Votes for Dividend Payment.-

At this company's annual meeting April 10 shareholders passed a resolution ,calling on the directors to consider the payment of dividends
on the first and second pref. stocks. The management's (majority) proxies
were not voted. The matter will be laid before the directors at their next
meeting on April 23. The last payment of dividends on these issues
was
made April 1907, when 2% on each was paid.

Georgia Railway & Power Co.-Accumulated Dividends.

A dividend of sg of 1% has been declared on the $2,000,000 1st pref.
stock on account of accumulated dividends to Jan. 1 1917 in addition to
the regular quarterly 1 A % for the quarter ended March 31, both payable
April 20 to holders of record April 10. Compare V. 104. p. 1382, 764.

Lexington & Eastern Railway.-Bonds Assumption.-

See Louisville & Nashville RR. below.-V.102, p. 1163.

London (Out.) Street Ry.-Earnings.--

1915.
Calendar Year: 1916.
Gross earnings-1426,315 $398,858 Bond, &c. int..
Net earnings__- 133,914 123,646 Dividends'(6 %)__
IBalance, surplus_
-V. 104, p. 764.

1916.
1915.
$32,180 $32,793
33,860 33,360
67,874 57,493

Louisville & Nashville RR.-Bonds Assumed.-Report.-

The shareholders at the annual meeting on April 4 ratified the assumption of the bonds of the Lexington & Eastern Ry whose read was taken
over by deed in October 1916.
See Annual Report on other pages of this issuo.-V. 104, p. 1381, 1264.

Manistee & North Eastern RR.-Earnings.-

Calendar
Gross
Year- Earns.
1916
1517,309
1915
469,797
-V. 102. P. 1430.

Net (after
Taxes).
198,143
63,623




Interest
Charges.
167.883
71,702

Hire of
Equipment.
Cr.$652
Cr.2.374

Balance,
Sur. or Def.
sur.$30.913
def.5.706

New York Connecting RR.-Bonds.
-

This company, which is controlled by the Pennsylvania and the N. Y.
N. H. & Hartford RR. companies, has applied to the New York P. S.
Commission for authority to issue $1,500,000 additional 4 A % gold bonds
under the mortgage dated May 1913, which will make 125,500,000.-V. 104,
p. 1388. 1045.

New York New Haven & Hartford RR.-Notes, &c.J. 1'. Morgan & Co., N. Y., on April 7 notified members of the syndicate
which underwrote this company's issue of $45,000,000 1-year notes that
they had been freed from liability under their agreement, and that the notes
having been practically all sold any notes desired by syndicate members
outside of their allotment would have to be bought at the public offering
price. (See also N. Y. Connecting By. above.)-V. 104, p. 1388, 1045.

Northern Electric Ry. (of;California).-New Amended
Plan.-The reorganization committee, having prepared a
new amended plan of reorganization, gives notice that the
bonds of the system, the gold notes and other obligations
should, in order to participate, be deposited with either
the Union Trust Co. or the First Federal Trust Co., both
of San Francisco, on or before May 25. Circular of
March 31 says in substance:
The committee has tried every means to bring about an adjustment since
the original reorganization agreement dated July 1 1915 was announced.
The plan now announced has been finally speed to by all groups or committees except an interest of lass than 1%. If in its present form it does
not now receive the practically unanimous approval of the security holders
before May 25, the committee will be compelled to abandon further efforts
to reorganize, andwill advise the bondholders to apply to the courts for relief.
Reorganization Committee: Frank B. Anoerson, Chairman; John S.
Drum, Vanderlynn Stow, I. W. Hellman Jr., Fred W. Kiesel, John D. McKee, A. F. Jones, James K. Moffitt, M. H. Hyland, Miles Standish, A. L.
Reed and Phillip I. Manson, with George F. Detrick as Secretary, 901
Alaska Commercial Bldg., San Francisco.
Outline of Amended Plan Dated Jan. 1 1917.
Bonds Issued, Held by Public and Creditors and Securing Gold Notes.
Issued.
Public.
Creditors. For Notes.
Nor. El. Ry. Mary.& C. Br.. 1750,000 $387,000 $363,000
Sacramento & Woodland_ _ _ 750,000
435,000
315,000
Chico Electric By
14,000
14.000
Northern Electric Co
3.770,000 2,270,000 1,500,000
Total "underlying bonds"_$5.284,000 $3,106,000 $2.178,000
Nor. El. By. 1st & Consol. M 6,512,000 1,030,000 5,226.000 x $256,000
do
gold notes 191,000
191,000
(secured by x)
A new corporation will be created to take over all of the properties of the
Northern Electric Co., the Northern Electric By. Co., the Northern Electric By. CO. (Marysville & Colusa branch) and Sacramento & Woodland
BR..00. or such part thereof as the committee shall deem properr to purchase at foreclosure sales.
Capitalization of Proposed New Company.
(The new corporation will not assume any indebtedness of present cos')
Capital stock of $5,200,000 in shares of $100 each, viz.:
a) First pref. (a. & d.) stock. 6% non-cumulative
$1,902,200
b) 2d pref. (a. & d.) stock,6% non-cumulative
957.800
c) Common stock
2,340.000
First Mortgage, 5% 20-year bonds, all on equal footing except as
to interest payments and to be secured by a first lien except as
to any prior liens subject to which the properties shall be acquired (and such liens shall not be increased without the consent of 66 2-317 of the class A bonds). Dated July 1 1917.
Denom.$1,000.
°1500 and $100;interest payable semi-annually.
Total, $ :500,000, viz.:
Class"A bonds, call. at 102. a fixed charge from July 1 191742,012,400
*Class"B" bonds,call, at par,a fixed charge from July 1 1919_ 951,200
*Class"0" bonds,call. at par,a fixed charge from July 1 1922.. 1,268,200
*Class"D"bonds,call, at par, a fixed charge from July 1 1927.. 1,268,200
*Prior to dates named B. C. & D. bonds will receive interest only to extent of net earnings.
A sufficient number of class "A" bonds will be sold to provide for prior
liens, receiver's certificates, receiver's expenses and fees, trustees' expenses,
reorganization expenses, repairs, reconstruction, rolling stock, equipment
and for other purposes necessray to the plan.

1490

THE CHRONICLE

Bondholders and gold noteholders who have or shall become parties to
the reorganization agreement shall be deemed and held thereby to have
subscribed and agreed to pay for class "A" bonds as required by assessment
shown in following table compiled by "Chronicle].
New Securities in Exchange for Old Securities and Assessment.
For $191,000
For $6,512.000
For $5,284,000
Per $1,000 Bonds,
Gold Notes.
Overly. Bonds.
Underly. Bonds.
or Notes.
Amt. of assessment.. _ $158 —$834,872 $26 —$169,312 $34.68 —$6,624
New Securities—
"A" bds.(for assess.)_$316 $1,669,744 $5200 $338,624 $6936 $13,248
16 23 3,100
24 35 158,567
792,600
150
"B" bonds
21 64 4,133
32 46 211,379
200 1,056,800
"C" bonds
4,133
21 64
32 46 211,379
200 1,056.800
"D" bonds
32 45 6,198
300 1,585.200 48 67 316,939
1st pref. stock
98 05 18,727
147 08 937,785
2d pref. stock
207 30 1,349,938 138 20 26,396
Common stock
Unsecured creditors who have deposited their claims and who do not dissent from the proposed changes in the plan of reorganization, and unsecured
creditors who hereafter deposit their claims shall be entitled to receive in
common stock 30% of the principal of their claims. The common stock
so distributed shall be held as security fcr the claims of such creditors.
Classes "B,""C" and "D" bonds and stock not distributed to bondholders or noteholders or creditors may be sold for such prices and upon such
terms as the committee or directors of the new corp. may determine.
The corporations and individuals now,liable upon notes or obligations
listed in the "schedule of indebtedness,'either as makers, endorsors or
guarantors and who become parties to this agreement,remain liable thereon.
The new corporation shall have 15 directors who shall be appointed for
the first year as follows: By holders of bonds, 12; by holders of stock, 3.
In order that the bondholders may retain control of the now corporation
until it is earning and paying interest on all of its bonds, a voting trust
agreement is provided. All of the new capital stock, except one qualifying
share for each director, will be deposited with the Union Trust Co. of San
Francisco under this voting trust agreement, such trust to continue until
all the bonds of the new corporation shall be paying the full fixed interest
of 5% per year, but not longer than July 1 1927. (See V. 101, p. 1273.)
The provisions of the agreement of July 1 1915 relative to the payments by Leon Sloss, Louis Sloss, W. P. Hammon, E. J. deSable Jr.
and E. R. Lilienthal, referred to in the agreement as endorsers, to extinguish their liability either as endorsers or stockholders are eliminated in the
proposed change of plan of reorganization, but said endorsers who have
signed the amendatory agreement have expressly waived the statute of
limitations for a period expiring Sept. 1 1917 for the benelft of the following
claims: (a) The claims of those creditors who have already become parties
to the agreement; (b) the claims of those creditors who have not become
parties to the agreement and whose claims were not barred on Mar. 1 1917.
The reorganization agreement shall not become operative until so declared by the committee and unless on or before May 25 1917 $800,000 in
cash shall have been deemed to hays been subscribed as above provided
for class "A" bonds. [Compare V. 100, p. 52, and p. 118 of "Electric
Railway Section."]—V. 104, p. 1388, 1265.

Norfolk & Western Ry.—Conversion of Bonds, Etc.—

Holders of the convertible 10-25 year 4% bonds of 1932 are notified by
advertisement on another page that the right to exchange their bonds for
paid up shares of common stock expires on Jan. 1 next.
The stockholders on Aptil 12 changed the company's fiscal year to the
year ending Dec. 31. The date of annual meetings was fixed for the second
Thursday in April of each year,and the term of office of the present directors
was extended until the second Thursday in April 1918. The resolution as
to the relief and pension department was also approved. Of tne capital
stock 82% was represented at the meeting.—V. 104, p. 1138, 362.

Pere Marquette RR.—New Securities Ready Shortly—
Final Installment Payable by April 27—Further Deposits Till
July 1.—In accordance with the announcement on another
page by J. & W. Seligman & Co., Robert Winthrop & Co.
and Eugene V. R.Thayer,the Reorganization Managers, the
bonds in coupon form, bearing the coupon of Jan. 1 1917,
and stock (trust certificates) of Pere Marquette Ry. Co., the
new company organized under the laws of Michigan to carry
out the said plan of reorganization, will be ready for delivery
shortly (probably early next week) at the respective depositaries by which the certificates of deposit were issued.
New coupon bonds of the denomination of $1,000 will be delivered in
permanent form, and coupon bonds of smaller denominations and voting
trust certificates will be delivered in temporary form, exchangeable without
charge for definitive securities when prepared.
In accordance with the provisions of the plan,the reorganization managers
have determined to cause to be paid to depositors surrendering certificates
of deposit calling for new preferred stock (v. t. c.) an amount in cash equal
to 2A % of the par amount of such stock v. t. c. delivered against such surrendered certificates of deposit.
Holders of subscription warrants are required to make payment of the
balance of the purchase price of the stock v. t. c. specified in their subscription warrants, namely, an amount equal to $80 for each share of the prior
preference stock v. t. c. therein specified, on April 27 1917, or, at the option
of the holders of subscription warrants, on any earlier date. Such payments must be made in current New York funds to Central Trust Co.,
depositary, 54 Wall St., N. Y. Deliveries of stock v. t. c. will be made
against such payment and the surrender of the subscription warrants endorsed for transfer.
Holders of undeposited bonds of any of the issues above mentioned may
until July 1 1917 make deposits under said plan and agreement of reorganization upon payment of a penalty of 1% of the principal amount
thereof, but will not. thereby,obtain any rights of purchase from the purchase syndicate in said plan (V. 103,p. 1692),such rights having been herotofore fully availed of. Compare Pere Marquette Ry. below.—V. 104,
p. 1388, 1265.

Pere Marquette Ry.—New Officers, &c.—The organization of this company having been perfected, the following
officers, directors and members of the executive committee
have been elected:
Officers.—Chairman of the Board, E. N. Brown, (formerly President
of the National Rys. of Mexico) 55 Liberty St., N. Y.• President,
Frank H. Alfred; Sec. & Trans., John L. Cramer; Chief Counsel,
Joline Larkin & Rathbono, N. Y.; Gen. Counsel, Seward L. Merriam,
Detroit; Gen. Aud., Clarence S. Sikes, Detroit; Asst. Sec., E. M. Heberd,
and Asst. Treas., W. E. Martin.
Directors.—Frank H. Alfred, S. T. Crapo, F. W. Stevens, Detroit;
Francis R. Hart, Eugene V. R. Thayer, Robert Windsor, Boston; John A.
Spoor, Chicago; John W. Steadman, Frederick Strauss, Beekman Winthrop, E. N. Brown, Franklin Q. Brown, Chas. D. Lithgow, L. F. Loree
and -Wm. II. Porter, New York.
Executive Committee.—E. N. Brown, L. F. Loree, Wm. H. Porter, John
W. Steadman, Frederick Strauss, Eugene V. R. Thayer, Robert Windsor
and Beekman Winthrop.
Permanent quarters of the New York office of the company will be at
55 Liberty St., on and after April 25 1917, until which date temporary
offices will be at 25 Broad St.

As to the new securities see the old Railroad Co. above.—
V. 104, p. 1388, 1265.
Philadelphia Co.—Collateral Note Offering.—Montgomery, Clothier & Tyler, Blair & Co., Hayden, Stone & Co.,
Ladenburg, Thalmann & Co., and others, are offering at 99
and int. yielding over 6%, $7,000,000 Two-Year 5M%
Collateral gold notes to be dated April 2 1917, due April 2
1919. Int. A.& 0. 2. Auth. and to be issued, $7,000,000.
Denom. $1,000, &c., c. & r. Trustee,New York Trust Co.,
New York. A circular shows:
The Company.—Organized in 1871 and is to-day one of the largest public
service corporations in the United States. It is engaged, either through
direct operation or stock ownership, in supplying natural gas, electric light




[VOL. 104.

and power and street railway service in Pittsburgh and district. It servos
a population of over 1,000,000. The franchises, with unimportant exceptions, arc reported to be perpetual or for 999 years.
Purpose ofIssue.—These notes are issuable to (a) refund $2,000,000 Coll.
Trust gold notes, due May 11 1917; (b) refund $650,000 funded debt which
matured during the fiscal year ending March 31 1917; (c) reimburse the
treasury in part for capital expenditures made during the year; (d) provide
$3,000,000 for the capital requirements of the Duquesne Light Co.
Security.—The direct obligation of the Philadelphia Co. and are to be
secured by deposit of$8,400,000 corn.stock of the Duquesne Light Co.,part
of a total issue of $21,720,000 now outstanding.
The Duquesne Light Co. has no bonded debt. Its only capital issue
prior to the common stock is $5,941,000 7% pref. stock. Dividends at the
rate of 8% are now being paid on the dividend-bearing common stock, and
it is estimated that earnings available for diva. for the year ending March 31
1917 will be in excess of 10%. It is estimated that the replacement value
of the Duquesne property is considerably in excess of the total of pref. and
corn.stocks outstanding. The company furnishes about 96% of the electric
light and power in Pittsburgh and adjacent territory. Its franchises are
perpetual.
Estimated Net Income of Philadelphia Co. for Years ending March 31.
1916.
1917.
Earnings—
$7,596,500 $6,795,110
Net income before deducting fixed charges
4,888,285
5,800,000
Net income after deducting fixed charges
2,835,330
3,482,660
Dividends on preferred and common stocks
Surplus available for capital expenditures, incl. im2,000,000
provem'ts& betterm'ts and disc. on securities sold 2,317,340
Stock—Dividends.—Following its funded debt, the Philadelphia Co. has
outstanding $6,753,550 6% pref. stock, $1,442,455 5% pref. stock and
$42,943,000 corn. stock. The company has paid (flys. on its common stock
in every year since 1886, except 1897; since 1901 at least 6% p. a. has been
paid on the common stock.—'V. 104, p. 953, 664.

Philadelphia Rapid Transit Co.—Twining Report.—

The "Electric Railway Journal" of N. Y. on April 7 contained a four
page article setting forth the objections raised by William S. Twining,
Director Department of City Transit, Philadelphia, Pa., to the company's
proposal dated Dec. 20 1916, for the lease and operation of the new citybuilt high-speed lines when, from time to time completed. In Mr. Twining's opinion the effect of the proposal would be to lease the company's
property to the city at a fixed rental of $1,500,000, the company remaining
in charge of operation without a proper degree of responsibility. Compare
V. 103, p. 2342—V. 104, p. 1146, 765.

Piedmont & Northern Ry.-6 Months Earnings.—

The gross earnings for the six months ending Dec.31 1916 were $645,409;
operating expenses, $348,083; and net earns., $297,326.—V. 99, p. 748.

Pittsburgh Cinc. Chic. & St. Louis RR.—Directors.—

The following have been elected directors: E. L. Peck, W. II. Barnes.
S. Dennis, A. M.Schoyer, W. H. Lee, J. Deliver, J. T. Greene, 0. S. Patterson, E. B. Morris, J. J. Turner, D. T. McCabe, Ed. D. Taylor, W. S.
Rowe, Thos. Dewitt Tyler and Samuel Rea.—V. 104, p. 452. 362.

Pittsburgh & West Virginia Ry.—Interim Ctfs. Listed.—

The N. Y. Stock Exchange has admitted to list this company s interim
certificates for the prof. and common stocks.—V. 104, p. 1388, 1265.

Rates.—Missouri Decision—Coal Tariffs—Nashville Case.

The Missouri Supreme Court on Mar. 30 last upheld the right of tho
Missouri P. S. Commission to authorize railroads to fix rates in excess of
those specified in the Missouri rate laws. This decision permits of an advance for railroads in Missouri to 23 cents a mile for single-trip tickets and
23i cents for round trip tickets. The freight rate advances aver.about5%.
The I. S. C. Commission has voted not to suspend tariffs naming increased rates on bituminous coal from mines in Pa. W. Va., Ohio, &c.,
'will become effective
to Lake Erie ports for transshipment by vessel, which
April 15 and later. Applications for suspension of local rates on bituminous
coal from the mines to Buffalo, N. Y., and Buffalo rate points are still
pending.
The Commission on Apr. 5 disapproved a proposed increase from 80 cents
to 90 cents per ton on coal from Western Kentucky to Nashville, Tenn.
Action in this case was commenced in Feb. 1916, immediately after the
schedule of 90 cents per ton went into operation.—V. 104, p. 1146.

St. Louis-San Francisco Ry.—New Director.—

Thomas S. Maffitt of St. Louis succeeds J. W. Lusk as director.—V.
104, D. 765.560
'

The "United Gas it Electric Corporation N. Y.—To
'Opportunity
Control Needed Oil Supply—Stockholders Offered
to Buy 1st M. Oil Co. 7s Convertible into Company's Own Secured 7% Certificates—Estimated Earnings.—This corporation, as a large user of oil for fuel and in gas-making, has arranged to offset the constantly increasing cost of its oil and
fuel by an investment in a producing oil property, as has been
done advantageously by other companies similarly situated.
For this purpose it has secured an option on an undivided
one-half interest in the oil and gas leases covering a valuable
producing property of 514 acres in the well-known Augusta
pool of the Kansas oil field, the remaining one-half thereof
being owned by the successful Magnolia Petroleum Co.
(V. 104, p. 1390, 1268). The latter company has charge of
the operation and development of the property.
In order to finance this purchase, an oil company is being
organized to take over the one-half interest acquired in the
aforesaid oil properties, which company will issue $2,000,000
5-Year 1st M. 7% bonds, with interest payable quarterly,
and 80,000 shares of capital stock of $5 par value. The majority of the stock of the oil company will be owned by the
United Gas & Electric Corporation, while the entire $2,000,000 of bonds, with the balance of the stock, have been taken
by bankers. In connection with the sale of these securities,
the bankers, Bertron, Griscom & Co., and associates, have
consented that the United G.& E. Corp.should be permitted
to offer to its stockholders until April 16 the prior right of
subscription to said bonds at the rate of $1,000 and hit. for
each $1,000 bond and 10 shares of stock of the oil company;
and the United has further agreed that at any time within
three months from April 1 1917 the subscribers or the bankers may exchange, par for par, the oil company bonds for
7% Purchase Money Certificates of Indebtedness of the
United Gas & Elec. Corp. secured by Li like,amount at par
of the oil company bonds and having no maturity except
upon the dissolution or winding up of the corporation.
The new oil company, it is stated, has boon incorporated in Maine and
is known as the Utilities Oil & Refining Co. Its bonds will be dated
April 1; mortgage trustee, U. S. Mortgage & Trust Co.
1917.
Further Data from Chairman George Bullock, N. Y., April 2
net
It is the concurrent judgment of the examining engineers that the
its
on
interest
for
sufficient
cash
reserving
profits of the oil company, after
at
bonds, working capital and development, will provide funds to redeem
rethe
and
operation
of
year
first
tho
within
bonds
the
of
one-half
least
be
may
this
That
year.
second
maining bonds before the expiration of the
entire
accomplished, provision will be made in the bonds, requiring the
net profits of the oil company, after reserving sufficient cash forofinterest,
bonds.
working capital and development, to be applied to redemptionredeemable
'rite oil company bonds and the certificates ofindebtedness are
in whole or in part at the option of the corporation, on somi-annual periods

APR. 14 1917.1

THE CHRONICLE

and at the same premiums (or if purchasable at a less price). The redemption (call) prices of the oil company bonds are as follows: 101 and int. on
Oct. 1 1917, and an increase of 1% premium on each April and Oct. thereafter; and the redemption prices of the certificates of indebtedness are as
follows: 101 and int. on Jan. 1 1918 and an increase of 1% premium on each
July and Jan. thereafter until the redemption price of 110 has been reached,
and thereafter at 110. Denom. of bonds $1,000 and $100.
Based upon an average daily output of 2,000 barrels, which is substantially less than the present production, and at a selling price of $1 95 per
barrel, the present market quotation, although the oil of this oil company
has been commanding a premium, the following estimate is made:
Estimated for the 12 Mos. ending March 1 1918 (Band on Yearly Production
of 7:30,000 Barrels).
$1,423,500(Net revenue
Gross revenue
$1,187,500
236,000 Interest on bonds
$140,000
Op. exp. and devel. cost__
Bal. for bond redomp_ _$1,047,500
$1,187,500
Net revenue
From the foregoing it appears that the sub.,cribing stockholders should
within a short period be repaid the amount of their subscriptions, with a
premium, this:argil the retirement of the bonds under the sinking fund Torovisions thus made. After the redemption of those bonds substantial dividends should be received from the direct ownership of shares of stock in the
oil company, with an additional benefit resulting through the stockholders'
investment in the United Gas & Electric Corporation, because, after retirement of the oil company's bonds, over 50% of the entire revenue and earnings of the oil company will inure to your corporation on an investment
which will have cost it nothing except the investigation expense.
Extracts from Statement by Gray Carroll, Tulsa, Okla., Mar. 30 1917.
The property to be purchased consists of an undivided one-half interest
in 514.7 acres of ell and gas mining leases owned by the Slim Jim Oil & Gas
Co. of Kansas, the other undivided one-half interest in these leases having
recently been 'purchased by the Magnolia Petroleum Co., which is one of
the largest and most successful operating and producing oil companies in
the Kansas, Oklahoma and Texas oil fields. These leases are located in the
Augusta pool, Butler County, Kansas, which has developed into one of the
principal oil pools of the Mid-Continent oil fields.
The acreage thus far proved by development is approximately 250 acres.
The total number of'producing wells on March 1 was 34, with 9 now wells
then drilling. A geologist's report, submitted to you, estimates over 8.000,000 barrels of oil under these leases. The company is adequately
supplied with pipe and other equipment for future development largely in
advance of its requirements. The remainder of the acreage is awaiting
development in due course.
The flush production has been largely drawn off and the present production is getting well settled. Only 11 of the present producing wells have
been brought in this year and only four since Fob. 1. The total production for the 15 days beginning Feb. 16 1917 averaged 5,121 barrels per day,
and during this entire period from five to twelve wells were off daily, owing
to severe weather conditions or to lack of pumping equipment or other
trouble. Pumping installation is practically completed.
With new drilling it is expected that this 'production will not only be kept
up, but should, in fact, be largely exceeded. That this expectation is well
founded is evidenced by the fact that one of the last wells in is producing
at from 300 to 400 barrels per day. Compare report in V. 104, p. 1138.

United Light 86 Rys. Co.—Sub. Co. Bonds Paid.—

This company's subsidiary, the Tr -City Ry. & Light Co., has paid off
the outstanding $257,500 First Mortgage 5% bonds of the Citizens Ry. &
Light Co. and that the Tr -City Ry. & Light Co. First & Refunding bonds
are now a first lien on all the gas,electric light and power and electric railway
properties in Muscantine.—V. 104, p. 1250, 1046.

United National Utilities Co.—Acquisition, &c.—

See American Rys. Co. under "Reports" above.—V. 104, p. 1392,864.

United Rys.85 Electric Co., Balt.—Earnings.—Officers.

1491

under the plan have been deposited with Bankers Trust Co.
and will be distributed as follows:
To Holders of Note Issues
Unsecured Notes of
Secur.Notes
(Date of Notes)—
Oct. 1 '14.
April 1914. of July 1912.
First pref. 7% stock of Western
Maryland Ry. Co
$1,053 77
$1,030 27
$1,034 23
Stock of Davis Coal & Coke Co
228 64
231 83
227 53
Stock of Monongalia Coal Lands Co.. 259 81
263 44
258 55
Cash
67 97
68 92
67 64
—V. 104, p. 1265. 1047.

Western Pacific Railway.—Acquisition.—

This company has purchased 60 miles of main line and 41 miles of branch
line in California from the Nevada-California-Oregon Ry., together with
terminals in Reno, Nev.,leaving 170 miles between Hackstaff, Cal., and
Lake View, Ore.
The purchasing company will authorize an issue of $2,200,000 1st M.
50-year 6% bonds to be dated May 1 1917, of which amount $750,000 are
to be issued presently and given in exchange for thb present 5% bonds of
the N. C. & 0. company now outstanding.—V. 104, p. 1265, 953.

INDUSTRIAL AND MISCELLANEOUS.
Acme Tea Co., Inc., Phila.—Sales—Control.—
The gross sales from March 5 to April 8 1917 amounted to $2,385,072.
against $1,761,643 for the corresponding period in 1916, an increase of
$623,429, or 35.39%. The control of the Acme Tea Co. is now vested in
the American Stores Co.
See American Stores Co. below.—V. 104. p. 1047, 165..

Acushnet Mills Corp., New Bedford, Mass.—Stock Div.

This company has increased its capital stock from $1,000.000 to $1.500.000 and declared a stock dividend of 50%, payable to holders of
record
March 12.—V. 91, p. 1255.

Aetna Explosives Co., Inc.—Committee—Deposits.—The
bondholders' protective committee named below requests
all holders of 1st mtge. 6% bonds to deposit the same with
Bankers Trust Co., N.Y., depositary,for mutual protection.
The committee comprises E R. Duer, Vice-Pros. Finance & Trading
Corp.; Edward R. Tinker Jr., Vice-Pres. Chase National Bank; F. N. B.
Close, Vice-Pros. Bankers Trust Co.; A. G. Fay; Evan Randolph, Vice
Pros. Girard National Bank of Phila., and A. W. Bullard of Chicago.
W. S. Hood, 43 Exchange Pl., is Sec.; Sullivan & Cromwell are Counsel.
[The Boston "News Bureau" understands that the company is now
making deliveries of smokeless powder on a contract with Great Britain
which promises to work out an actual loss of substantial proportions.
The contract, it is said, calls for sliding scale prices for quarterly deliveries
this year-55 cents per lb. for the first quarter, 50 cts. for the second quarter and 47% cts. for the third quarter, with a clause to the effect that if
the English Government takes deliveries in third quarter at 47% cts., this
price shall be applied against deliveries for the full year of 1917. It is said
at least a million pounds a month is involved in this contract. The contract with the French Government is reported to be much more favorable.
permitting of some operating profit.]

New Directors.—
The board has been increased from 7 to 9. New directors are N. W.
Runnier', W. A. Chadbourne, E. K. Davis, B. H. Faulkner, F. F. Knapp
and II. J. Wolff. Josiah Howard, B. W. Palmer and W. H. Coolidge
have been re-elected. Retiring directors are H. S. Kimball, F. Lathrop
Ames, C. A. Fenton and F. A. Burr.—V. 104, p. 1146, 1140.

Net.
American Glue Co.—Extra Dividend.—
0th. Inc. Chas.,
Eztraord, Bal., Sur.
Cal. Yr. Gross.
1016-39,914,051 $3,855,558 $92,000 $2,839,435
An extra dividend of $2 per share has been declared on the common
$1,214,091
8,333 3,066.832 $37,950
1915__ 9,028,144 4,885,445
1,788,096 stock along with the regular semi-annual $3 per share, both payable May 1
From the surpluses as above in 1916 there were deducted pref. dividends, to holders of record April 23.
The shareholders will vote April 17 on ratifying a stock dividend of 25%.
$920; dividends on common stock (4%) calling for $818,448; and miscellaneous deductions, $291,288; leaving a balance of $103,435.
—V. 104, p. 655.
Officers.—V1ce-Pres. Thomas A. Cross has been elected President and a
American International Corp.—New Officers.—
director to succeed William A. House, resigned. James R. Pratt replaces
R. P. Tinsley, Sec. & Treas., has been elected Vice-Pros. Cecil Page
Mr. Cress as V. Pres. & Oen. Mgr.—V. 104, ,
I: 560, 164.
succeeds Mr. Tinsley as Sec., and Thomas W. Streeter as Treas. R. 11.
United ERs. of San Francisco.—Time for Deposits Ex- Sheridan, Pres. of the Allied Machinery Co.. and Harris D. H. Connick
have also been made Vice-Presidents. The corporation now has nine Vicetended—Certificates of Deposit Listed—Plan—Offer to City.— Presidents.
All other officers were re-elected.—V. 104, p. 1382, 1265.
The company announces that the time for the deposit of securities under
reorganization
has
been
extended
modified
plan of
the
until May 25.
Pipe it Construction Co.—New Officers.—
American
The N. Y. Stock Exchange has authorized the listing of (a) $3,533.000
Erskine M. Smith has been elected President to succeed Joseph S. Keen
Union Trust Co. of New York ctfs. of deposit for the 4% Sinking Fund Jr. Other officers have been elected as follows: Vice-Pres., Robert Wetherauthority
with
to
add
bonds due Apr. 1 1927,
$20,371,000 on official no- ill; Vice-Pres. & Treas., H. Bayard Hodge; Sec. and Asst. Treas.. William
tice of issuance in exchange for outstanding bonds; (b) $1,539,000 inter- H. Roth: and Asst. Sec., Ervin Lyndall.—V. 104. p. 953.
changeable Ws. of deposit of Equitable Trust Co. of N. Y. and Union
Francisco
representing
4% Sinking Fund Gold bonds due
Trust Co. of San
American Public Service Co.—Change in Control—
Apr. 1 1927, with authority to add $22,365,000 on official notice of issuance
in exchange for outstanding printed ctfs. of deposit of Union Trust Co. of Standard Gas di; Electric Co. Not Interested.—
In
last week's issue mention was made of the well-accredited report that
agents,
or
for outstanding bonds, making the total
San Francisco or its
the "Insull syndicate," of Chicago, has acquired control of this enterprise.
amount authorized to be listed $23,904,000.
The reference to the Insull syndicate in this connection as controlling the
An authoritative statement issued April 12 says in subst.:
Standard Gas & Electric Co. was wholly without warrant, being explicable
The aforesaid certificates of deposit represent the 4% bonds deposited only on the ground of "temporary aberration."—V. 104, p. 1389.
with the Hammond conunittee and the Anderson reorganization committee,
respectively. It is understood that the two conunittees which have been in
American Stores Co.(Groceries, Meats).—Preferred and
negotiation for a number of weeks have agreed upon a modified plan of re- Common Stock Offering.—Chandler &
Co., Inc. and Counselorganization and that formal announcement will be made in a few days.
Under the terms of the modified plan the 4% bondholders will receive man & Co. are offering at 97M and div., $3,000,000 7%
66 2-3% of the face of their holdings in a now 6% bond, 8 1-3%
Convertible
First
Pref.
Cumulative
stock,
in
first
par $100. Compreferred 6% stock and 33% in new common stock. A very large proportion of the bonds have already been deposited with the two committees mon shares out of a total of 126,494 are offered at $36 per
and with the listing of the certificates and the agreement of the two com- share. A circular shows:
mittees upon a modified plan of reorganization, it is expected that the reThe preferred stock is preferred both as to assets and dividends and
maining bonds will shortly be deposited and the plan declared operative.
Holders of certificates of deposit of the Anderson committee formerly in case of voluntary liquidation or if called, all or part, is redeemable at
and dividends. Convertible prior to January 1 1927 into common
$115
Equitable
Trust Co. and Guaranty Trust Co. of Now York
issued by the
and Union Trust Co. of San Francisco, must exchange them for now cer- stock, one and one-third shares of common for one share of preferred stock.
tificates to be issued by the Equitable Trust Co.in order to take advantage Divs. Q.-J. Sinking fund of 2% per ann.from July 1 1918 to purchase and
this stock. Net tangible assets to be maintained at 125% of pref.
of the listing privilege. Certificates of deposit issued by Girard Trust Co., cancel
Phila., and the Mercantile Trust & Deposit Co. of Baltimore on behalf of outstanding; net quick assets,75%. Default of these requirements, unpaid
divs.
of
10% %,sinking fund in arrears shall give 1st pref. voting power till
Hammond
committee
must be exchanged for certificates issued by the
the
0 of outstanding 1st pref. may change provisions.
Union Trust Co. of Now York in order to take advantage of tho listing defaults are cured. 907
Digest of Letter from Pres. Samuel Robinson, Philadelphia, March 30.
privilege. Compare outline of plan, V: 104, p. 1140, 1046.
Organization.—lncorporated
in Dela. It owns 18,210 shares of a total
[Pres. Jesse W.ILiiienthal on March 29 sent a letter to the Mayor and the
of 35,000 shares of the common stock of the Acme Tea Co. (See V. 102,
Supervisors of San Francisco, urging that instead of going to the expense
of
paralleling the tracks of the company on Market St., the city should enter p. 1088; V. 104, p• 1047), and will acquire the business and assets of the folinto an agreement: (a) to operate the present lines on Church St. line from lowing chain store companies as goinq concerns: Robinson & Crawford.
the Bell Co., Childs Grocery Co. and George M. Dunlap Co. Each com16th St. on Church St. and on Market St. from Church St. to Van Ness menced business with but one store, and their growth
has been accomplished
Ave. on a mileage basis; (b) to operate a limited number of Church St. cars through
the reinvestment of surplus. As at Jan. 1 1917 were operating
over the tracks of the United Railroads to the ferry, upon a similar mileage 1,223 stores
in Pa. N. J., Dela. and Md., as compared with 753 in 1913.
basis; (c) to make a transfer agreement on a 50.50 basis, providing for ex- Deals in coffees, teas, spices, groceries
and fresh and smoked meats.is
change between the Church St. line and _the Market St. lines. Ed.)—V.
Capitalization of New Co.(No Mtge. or Fund. Dt.) Authorized. Outeg.
104, p. 1146, 1046.
7% convertible First Prof. stock (par $100)
$7,000,000 $3,000,000
wages.—United Mine Workers Seek Advance in Pay.—
7% convertible Second Pref. stock (par $100)
2,000,000 1,500,000
(no par value) 150,000
126,494
Delegates representing the United Mine Workers of America began con- Common stock (shares)
Stock—The $4,000,000 1st pref. in reserve is only issuable for
ferences on April 12 with coal operators in the Hotel McAlpin, N. Y.,looking toward an agreement by the terms of which the miners in the bituminous cash at not less than par when net tangible assets, incl. proceeds of such
coal fields would receive advances in pay. The operatives ask increases of Issue, are 115% of all outstanding 1st pref., plus that proposed, and net
from 20% to 33 1-3%,claiming that present high prices make it impossible earnings are 2% times div. requirements on all outstanding 1st pref.. incl.
for them to live in any degree of comfort. No strike is threatened as the that to be issued; or, for property or in exchange for the 1st pref. stock of
minors are bound by a wage contract which does not expire until next year. another corporation under restrictions. Neither bonds nor mortgages
(except purchase money mortgages) can be placed on property, the author—V. 104, p. 560.
ized amount of pref. stocks be increased, nor can notes of longer than one
year's duration be issued without the consent of 2-3 of outstand. pref.issues.
West End Street Ry., Boston.—New Bonds.—
This company has applied to the Mass. P. S. Commission for authority Properties. Total Stores 1.223 (Jan. 1 1913. 753) Weekly Baking Capacity
About 2,000,000 Loaves and 25 Tons of Cake.
to issue $1,581,000 5% 30-year bonds. The proceeds to be used to pay off
a like amount of serial bonds due Aug. 1 1917.—V. 104, 1). 1889, 1265.
Weekly Stores,
Other
Founded.
. Baking Capac. No.
Company—
Y
Property.f.&c.
Western Maryland Ry.—Distribution- to Noteholders Robinson & Crawf.
1891
186 Warehouse, office, Phila.]
Under Readjustment Plan.—Referring to plan dated Nov. 21 Bell Company_ _ _ _1890-98
400,000 214
Bakery, &c.
400,000 268
1883
Bakery, &e.
1916, the noteholders' committee, Frederick T. Gates, Chair- Childs Co
Geo.M. DunlapCo. 1888
122
4
man, gives notice that the securities and cash distributable Acme Tea Co
1885
1.000,000 433
Bakery, &C.




41

1492

THE CHRONICLE

VOL. 104

Combined Growth.-On Jan. 1 1913 the companies were operating 753
Chesapeake & Delaware Canal Co.-Decision.stores, at Jan. 1 19170 total of 1,223,increase over 62%. All now purchase . Judge McPherson in the Circuit Court of Appeals at Phila. on March 31.
supplies direct from manufacturers or importers.
a decision sustaining a verdict for $63,924 recovered in the Dist. of
filed
Assets.-Exelusive of good-will, trade-marks, leaseholds, &c., the com- • Del. by the United States in a suit against the company. The amount
pany will have a net balance of operating assets of $4,500,000 and market- involved represents dividends on holdings of stock that were stolen by
issue
this
on
share
per
$180
of
total
able investment assets of $900,000, or a
former officers of the company in 1875 and 1876.-V. 101, p. 215.
of 1st pref. stock. Net quick assets, incl. investment assets, will equal
Chicago Lumber & Coal Co.-Bonds Called.$96 per share.
Sixty-eight ($68,000) First Mtge. 6% bonds of 1907 of the Gulf Lumber
Gross Sales and Net Earnings of companiesfor Years 1915 and 1916.
1916.
Surplus
Net
Prof.1915.
have been called for payment on May 1 at 103 and int. at Guaranty
Co.
1916.
Gross Sales. 1915.
N. Y. These bonds are guaranteed, prin. and int., by Chicago
•Prop.owned$22,515,146 $27,882,391 Prop. owned_ __$550,319 $897,079 Trust
218,013 Lumber
45c Coal Co.-V. 102, p. 1348.
Co.,
365 18,314.737 Acme Tea Co.._ a80,862
)
AcmeTeaCo. 13,321

Chile Copper Co.-Copper Production (in lbs.)Combined ___$631,181 $1,115,092
-1917-March--.1916- 1917-3 mos.-1916a 1915 figures for comparison only. b Proportion applicable to holdings. Copper production (lbs.) 8,714,000 3,536,796 20,770,000 8,748,058
The gross earnings of $46,197,128 in 1916 are 75% greater than $26.- -V. 104, p. 1147, 1047.
over
were
common
to
stock
applicable
1916
for
Earnings
356,877 in 1913.
Chino Copper Co.-Earnings.$5 50 per share. or 15% on the present market price.
Management.-Will remain in the hands of those affiliated with the Cal.
Balance,
Other Int.,Depr Dividends
Net
Gross
former companies.-V. 104, p. 1389, 1265.
Paid.
Surplus.
Profits. Income. &c.
Year. Receipts.
Combined$35,836,511 $46,197,128

American Sugar Refining Co.-Settlement.-

Litigation in Louisiana, pending since 1913 and involving upwards of
180 suits brought by planters under the Sherman Anti-Trust Law to recover
triple damages amounting to $163,000,000, has been amicably adjusted
following a conference between the company and the growers, by which the
company will pay the planters amounts said to aggregate about $700,000.
Agreeable trade regulations were decided upon, and the company will
establish a trade laboratory at New Orleans.
The ouster suit against the company brought by the State of Louisiana
is still pending, but negotiations for its withdrawal are under way.-V.104.
P• 1146, 1041.

1916_ _19,219,767 12,517,876 325,285 315,213 (167,177,335 5.350.613
1915-11,383,777 6,688,729 229,074 261,084 (co 2,609,860 4,046.859
1914_ - 7,247,197 3.074,823 179,588 262.111 (50%)2,169,065 823,235
There were produced in 1916 72,319.508 lbs. o refined copper (net),
against 64,887;788 lbs. in 1915.-V. 104, p. 666.

Citizens Gas, Electric & Heating Co.-Sold.-

American Window Glass Machine Co.-Dividend.-

This company, a Cities Service Co. subsidiary supplying artificial gas,
electric light and power, water and steam heating service in Mt. Vernon,
Ill., has been sold to the Southern Illinois Light & Power Co. The company
was somewhat isolated from the standpoint of Cities Service Co., being the
only property in Illinois, while It tied in well with the operating systems of
the purchaser.-V.95, p. 113.

American Zinc, Lead & Smelting Co.-AcquisitionsBond Issues, Contracts, &c.-

Thirty-six ($36,000) First Mtge.5% sinking fund gold bonds of the Rocky
Mountain Coal & Iron Co. have been called for payment at par on May 1
at Columbia Trust Co.. N. Y. This reduces the company's outstanding
indebtedness to $426,000.-V. 104, p. 1147, 562.

A dividend of 12% has been declared on $6,998,644 pref. stock on account of accumulations payable April 27. A like amount was paid in
February last. This leaves about 17)(% accumulated.-V. 103, p. 1505.

Colorado Fuel & Iron Co.-Bonds Called.-

See "Annual Reports" on a preceding page.
Converse Rubber Shoe Co.-Stock Dividend.In June 1916, in connection with the purchase of all the assets of the
This company on April 1 increased its common stock from $75,000 to
Granby Mining & Smelting Co. of Missouri (see aforesaid annual report) 3375,000
by issuing $300,000 of common stock, pro rata, to the present
there were issued $2,000,000 10-year 1st M.5% gold bonds of the Missouri
stockholders. This was issued against leases, patents and apcompany secured upon the latter's real estate. These bonds are dated common
in plant and equipment, which was ascertained by a recent
preciation
Sinking
time.
any
at
call
to
June 5 1916 and due in 1926, but are subject
fund, $100,000 annually. Int. J. & D. at Northern Trust Co., trustee, appraisal.-V. 102, p. 2256.
Chicago. See also the report above.
Crane Co.-Bonds Called.These bonds have been assumed by the American Zinc, Lead & Smelting
This company has called 159 ($159,000) 1st M.5K,% gold bonds of 1914,
Co.-V. 104, p. 1266.
payable June 1 at Central Trust Co., N. Y., at 103 and int.-V. 101. p. 215.

Anaconda Copper Mining Co.-Copper Production.-

Devoe & Raynolds Co., Inc., N. Y.-New Company.-

1917-March-1916. 1917-3 Mos.-1916.
This company was incorporated at Albany on April 6 with $5,000,000 to
Copper production (lbs.)_ _ _ _31,300,000 26,600,000 84,550,000 73,100,000 purchase the business of 10. W. Devoe and C. T. Raynolds and Devoe &
27,638,399
for
March
1917
produced
companies, (subject to debts, &c.), and pay therefor by issue of
company
the
of
Raynolds
smelter
Washoe
The
lbs. of copper. The largest previous production in any one month was in $4,000,000 common stock and $1,000,000 preferred stock. The stock will
Oct. 1916, when the output reached 27,539,463 lbs.-V. 104, P. 1147, 953. not be offered to the public, and none will be issued at the present time.
The company is a close corporation.

Arlington Mills, Lawrence, Mass.-Sale of Cotton Plant.

Distillers Securities Corp.-Appeal.The shareholders will vote April 17 on approving the plan to separate
Tots company and the Distilling Co. of America have filed appeals in the
the cotton and worsted departments.
A press report says It is proposed to form a new Massachusetts corpora- New Jersey Court of Errors and Appeals at Trenton from the decision of
tion with a capital of $2,000,000 or $2,500,000 to take over the cotton mill the N.J. Court of Chancery at Newark.refusing to dismiss bills of complaint
plant now carried on the books at $1.327,840, the Arlington Mills stock- filed to enjoin the dissolution of the first named corporation. Compare
holders to have the right to subscribe to one share of its stock at par for every V. 104, p. 955.-V. 104, p. 1385, 1261.
four shares now held. The effect of the sale, it is said, will be to increase
Dominion Coal Co., Ltd.-First Mortgage Bonds Called.
the cash capital of the Arlington mills about $3,500,000 without changing
One hundred and seven 1st M.5% sinking fund gold bonds dated May 1
the amount of its outstanding capital stock. now $8,000,000.-V.102,p.1164.
1905, of $1.000 each, and 63 of $500 each, aggregating 3138,600, have been
Associated Dry Goods Corp.-Initial Dividend-Report. called for payment on May 1 at 105 and int. at Royal Trust Co., Montreal.
An initial dividend of 1M % has been declared on the $13,818,700 1st The outstanding amount is now $6,163,000.-V. 102. p. 1542.
prof. stock, payable Dec. 1 1917 to holders of record Nov. 15 1917. See
Dominion Foundries & Steel, Ltd.-Merger."Reports" above.-V. 103. p. 1595.
The "Toronto Globe" on April 10 announces the proposed absorption by
Atlantic Gulf & W.Indies SS. Lines.-Consol. Earns.- this projected company of the Dominion Steel Foundry Co., Ltd., and the
Bond,&c., Deprecia'n Balance for Hamilton Steel Wheel Co., Ltd., on the following basis, all the new shares
Other
Net, after
Gross
Cal.
Income. Interest. & Rentals. Dividends. to be $100 par value and the pref. shares to be 8% cumulative.
Taxes.
Yrs. Earnings.
Common. 8% Pl.
1916_$35,175,970 $10,481,251 $284,352 $1,409,784 $1,121,152 $8,234,667
Dominion Steel Foundry common_ _ _ _$2,500,000
1915- 21.400 474 4,790,301 415,756 1,468,244 1,074,334 2,663,479 For $1,000,000
cumulative
7%
$720,000
Foundry
Steel
Dominion
From the above balance, $8,234,667, there was deducted $748,995 (5%) For $720,000
500,000
pref. divs. and $748,170(5%)common divs., leaving $6,737,502. In 1915 For $500,000 Hamilton Steel Wheel shares (par $25)_ _
280,000
2.000,000
issued
not
stock,
Treasury
dividends aggregating $1,880.000 were paid.-V. 104. p. 766.
C. W. Sherman will be President.-V. 104, p. 667. 562.
Babcock & Wilcox Co.-Dividend Increased.-

A dividend of 8% has been declared on the stock, payable 2% quarterly
on Jan., April. July and Oct. 10 to stockholders of record on the last day
of the preceding months respectively. The company has paid at least
7% per annum since its incorporation.-V. 104, p. 1389, 259.

Baldwin Locomotive Works.-Eddystone Explosion.See Eddystone Ammunition Corp. below.-V.104, p. 954,761.
Booth Fisheries Co., Chicago.-New Director, &c.-

Andrew M. Lawrence succeeds J. L. Stack as director. Other directors
re-elected are K. L. Ames, W.J. Peron, Geo. F. Goodnow,P. L. Smithers,
W. G. Well, R. S. Tuthill Jr., all of Chicago, and Herbert C. Wright, of
New York. K. L. Ames is President; P. L. Smithers, V.-Pres. & Treas.;
W.G. Well, Sec. & Asst. Treas.. and Wm.F. Cochran, Asst. Sec.-V.104,
p. 1259, 1147.

Burns Bros.-Stock Distribution-Increased Dividend.-

A quarterly dividend of 13i% and a stock dividend of 1%, payable in
common stock, has been declared on common stock, payable May 31 to
holders of record May 21. Scrip will be issued for fractional shares.
The regular quarterly 1%% has been declared on the pref. stock, payable
May 1 to holders of record April 20.-V. 104, p. 1266. 1047.

Dominion Steel Foundry Co., Ltd.-Merger.See Dominion Foundries & Steel, Ltd., above.-V. 104. p. 667, 562.

Downey Shipbuilding Corp.-Successor Company.-

This company was incorporated in Delaware on April 7 with $5,000000
capital stock to operate the property recently acquired from Milliken
Bros., Inc., which see in last week's "Chronicle."-V.104, p. 1391, 1049.

Duquesne Light Co., Pittsburgh.-Note Security.-

See Philadelphia Co. under "Railroads" above.-V. 103, p. 2431.

(E. I.) du Pont de Nemours & Co.-Acquisition of Stock
by du Pont Securities Co. Declared Illegal.-Judge J. Whitaker
Thompson of Phila. on April 12 filed an opinion in the U. S.
Dist. Court at Wilmington, Del., deciding in favor of the
plaintiffs in the du Pont stock litigation. Press reports say:

The Court held that the acquisition by Pierre S. duPont and other directors of the duPont Securities Co. of the stock of General '1'. Coleman
duPont in the E. I. duPont de Nemours Powder Co.in 1915 wasillegal and
decrees that a special commissioner shall conduct a meeting of the stockholders of the E. I. duPont deNemours & Co. to decide whether or not they
want (the present company] to buy the stock formerly neld by T. Coleman
Butte & Superior Mining Co.-Production.duPont, which stock was the basis of the whole action. The court enjoined
Zinc. (lbs.). OreMilled(T.) Silver(oz.). Concen's(T). the use of this stock from voting purposes at this meeting.
Production300,000
14,900
50,000
14,500,000
March 1916
This suit was brought by Philip F. duPont of Merlon, Pa., against Pierre
41.900 S. duPont, Pres. of the duPont Powder Co., and 11 other directors of that
860,000
149,000
3 mos. to Mar.31 1916.. 41,000,000
-V. 104, p. 1147. 865.
$240,000,000 corporation to compel the return to its treasury, stock valued
at $56.000,000, which had been purchased by Pierre and his associates in
Camden Iron Works Co.-Foreclosure Sale.the duPont Securities Co.from T Coleman duPont for about $14,000,000.
This company's property is advertised to be sold at public auction on The stock in question included 63;314 shares of common and 14,599 shares
May 2 at Camden, N. J., subject to a mortgage securing ($750,000) bonds of the preferred stock of the old E. I. duPont de Nemours Powder Co.
with interest in the arrears at the time of the appointment of the Receiver.
T. Coleman duPont in 1914 offered about ono-third of his holdings to the
amounting to $66,542 and also subject to sundry small mortgages on powder company at $160 a share, a price then thought exorbitant. The
parts of the plant amounting to $52,185 00.
complainants allege that Pierre duPont was instructed to negotiate further
The purchaser is also required to assume the performance of contracts with Coleman, but that he did not carry out these instructions and later
amounting to about $1.500,000. Routings Lippincott is receiver.
effected a private purchase of his entire holdings secretly, instead of negotiating or purchasing them on behalf of the company.
Canadian Consolidated Felt Co.-Earnings.By acquiring this stock, Pierre duPont and his associates obtained control
Bk. Fund Balance,
Total
of the powder company. In Dec. 1915, after tho stock transaction, which
Gross
Net
Calendar
Surplus. was the basis for the suit, had been effected, the name of the concern was
Sales. Income. Charges. Profit. Surplus.
Year3577.766 $51,613 347,463 Cr.1,200 sur.$5,350 $136,894 changed from the E. I. duPont do Nemours Powder Co. to It. I. duI'ont de
1916
Cr.150 def.48,815 131.544 Nemours & Co., and its capitalization doubled.
503,659 19,011 67,977
1915
It is announced that the case will be appealed.-V. 104, p. 1048, 866.
-V. 104, p. 259.

"Canadian Fairbanks-Morse Co., Ltd., Montveal.-

Eastman Kodak Co., Rochester, N.'1.-Extra Dividend.

1915.
An extra dividend of 5% has been declared on the $19,538,400 common
1916.
1915.
1916.
Cal. YearNet,after depr__ _$636,629 $709,048 Common divs_ __ _$160,000 $257.710 stock, payable June 1 to holders of record April 30. In April last 2A%
Pref. diva.(6%)_ _ 90,000 90,000 Balance, surplus_3386.629 $361,338 extra was paid. See V. 104, p. 767, 75.
-V. 102, p.1438.
Eddystone Ammunition Corp.-Plant Explosion.Central Foundry Co.-Consol. Earnings.The plant of this company near Chester, Pa., was partially demolished
1915.
1916.
by an explosion which took place April 10, causing the death of upwards of
1915. Cal. Years1916.
Cal. Years$874,477x$224.935 Sink.fd. & depr__$112,463 $204,549 150 workers, largely women, and the destruction of quantities of shrapnel
Net earnings
Int. charges, &c_ _ 182,933
y
shells destined for tho Russian Govt. It is commonly believed that the
Other income_ __ _ 96,629
20,386 explosion was the work of an alien enemy. Numerous arrests have been
675,710
Total income._ 971,106 224,935 Bal.,surplus
made.
Compare annual report of Baldwin Locomotive Works in V.104.p.761.
x After deducting interest, &c, charges. y See foot-note x.-V. 104,
-V.104, p. 1390.
p. 1147, 767.




THE CHRONICLE

APR. 14 1917.)

1493

International Paper Co.-Indictment of News Print
Men.-The Federal grand jury in N. Y. City on Thursday
Electric Light & Power Co. of Abington & Rockland. indicted seven individuals, members of the executive comNet, after Interest Dividends Balance, mittee of the News Print Manufacturers' Association, and
Gross
Calendar
Taxes.
Charges.
Surplus. others (but not the companies with which they are identified),
Earnings.
Paid.
Year$2,258
$22,052
$22,680
$46,990
$192,047
1916
9,118 for alleged violation of the Sherman Anti-Trust Law. The
35,619
22,564
160,242
3,936
1915
102. P. 1990.
indictment charges the defendants with combined action,
limiting the output of newsprint and advancing the price
Fairbanks, Morse & Co.-Dividend Increased.common
paid
stock
on
on
the
3%
March
WAS
30 from $36 or $38 a to to $50 late in 1916 and subsequently
A quarterly dividend of
to holders of record March 28, thus increasing the rate from 10% p. a. to $60 a ton. The men indicted
are:
to 12% p. a.-V. 102. p. 1990.
(1) Members of the executive committee of the News Print Association:
German-American Sugar Co., Detroit.-Stock Increase
George H. Mead, Chairman of the executive committee of the Association and President of the Spanish River Pulp & Paper Mills, of Lake Su-100% Stock Dividend-Change of Name.Electric Co. of New Jersey.-Merger, &c.

See American Rys. Co. under "Annual Reports" above.-V.104, p. 1390.

The shareholders on April 10 voted to (a) increase the authorized capital
stock from $1,500,000 to $3,000,000 (par $10); (b) authorize a 100% stock
dividend, payable May 15 to holders of record May 1; (c) increase the
dividend rate from 8 to 12% per annum by paying extra dividends of 1%
quarterly; (d) to change the name of the company to the Wolvering Sug.Co.
"Detroit Free Press" says: "The corporation's annual report recently
issues shows total assets of $4,443,577, surplus of
reserve for
depreciation $718,795, and bonded debt of only $150,000.
After making
$2,044,781'
provision for payment of the 100% dividend in stock, the company's
surplus account will show a balance of approximately $544,781. '111,e
company operates a beet-sugar plant in Bay City and one at Paulding, 0.'
-V. 102. P. 979.

(B. F.) Goodrich Co.-New Officers.-

W. A. Means, formerly Treasurer, has been elected a Vice-Pres. of the
company. G. E. Norwood has been elected Secy. to succeed 0. B. Raymond. who has also been elected a Vice-Pres.-V. 104, p. 1148. 955.
Granby Mining & Smelting Co.-Sale, &c.-

See American Zinc. Lead & Smelting Co. under "Reports" above.

Great Atlantic & Pacific Tea Co.-Sales.Increase.
1016.
1917.
SalesFor 1st 5 wks. end. Mar. 31_ _89,623,596 $6,733,872 $3,889,824 or 68%
-V. 104, p. 955, 563.

Greene-Cananea Copper Co.-Production.March 1917
3 months to March 31 1917
-V. 104, 13• 955.

Copper (lbs.)
5,500,000
16,300,000

perior Paper Co.and of G. II. Mead Co.of Dayton,0.
Philip T. Dodge, President of International Paper Co.
Edward W.Backus. President of Fort Frances Pulp & Paper Co.
George Cpahoon Jr., President of Laurentide Co. and Manager of the
Canada Export Paper Co.
G. H. P. Gould, President Gould Paper Co. and Donnacona Paper Co.
(2) Other defendants: Alexander Smith, a banker of Chicago.
Frank J. Sensenbrenner, Vice-President of Kimberly Clark Co.
The maximum penalty is $5,000 fine or one year in prison or both. Bainbridge Colby and Mark Hyman,special Assistant U. S. District Attorneys,
are handling the case for the Government. It is an interesting question
what bearing this indictment will have on the agreement recently pending
between some of the leading companies and the Government, limiting the
price of newsprint. Compare V. 104, p. 701. 714, 898; V. 103, I). 1753,

Plan Approved-Deposits.The shareholders on March 27 authorized the proposed new mortgage
and approved the action of the directors in making the offering to adjust
deferred dividends. The committee will continue to receive deposits of
stock for an indefinite period. Compare V. 104, p. 1049, 1148.

Isle Royale Copper Co.-Dividend.A quarterly dividend of $1 50 per share has been declared on the stock.
payable April 30 to holders of record April 11. In January last the company paid $1 and $1 extra.

Jewel Tea Co.,Inc., Chic.-Salesfor Per. end. Mar.24.-

1917 4 weeks-1916.
Silver (oz.). Gold (oz.)
$864,565
860 $1,215,351
161,410
2,445 -V. 104. p. 1049. 1042.
462,710

Hamilton Steel Wheel Co.-Merger.Seo pominion Foundries & Steel, Ltd., above.-V. 104,. p. 563. '

Honolulu Plantation Co.-Bonds Called.Ono hundred ($100,000) Mtge. bonds have been called for payment on
May 1 at par and interest at office of the company in San Francisco. This
will reduce the company's indebtedness to $100,000.-V. 78, 13. 1170.

Increased 1917
12 weeks-1916. Increase.
$2,499,032
43.50%
40.57% I $3,586,189

•
Kaministiquia (Ont.) Power Co., Ltd.-Bond Offering.
-Chase & Co., Boston, are offering at a price to yield 5.30%
a block of this company's $2,000,000 First (closed) Mortgage
5% gold bonds of 1907, due Jan. 11937, but callable at 105
and interest. A circular shows:

Bonds.-Interest J. & J. in N. Y. Denom. $1,000 c5. Trustee, Royal
Trust Co.. Montreal. Sinking fund, 1% per annum, now operative.
Prin. and int. payable without deduction for any taxes in Canada.
Company.-Owns and operates a modern and complete hydro-electric
the Kaministiquia River, Ont., having a developed capacity of
The stockholdets at IIouston Mar. 20 voted to raise the capital stock of plant on
h. p. Supplies practically all of the electric current used in Fort
the company from $300,000 to $4,000,000 with the Understanding that the 27.500
William
Port Arthur, Ont., combined population over 40,000. Physiand
600%
of
and
dividend
take
over
the
new board would later declare a stock
value of property. $4,608,790. Charter rights and franchises are perprincipal holdings of W. W. Fondren, H. 0. Wiess and the partnership cal
petual. Capitalization: Authorized and outstanding: First Mtge. 5%
interests of the producing firms of Matter & Parish (V. 104, p. 1208).
$2,000,000; capital stock. $2,200,000.
In a general way President R. S. Sterling outlined the plans of the greater bonds,
Security.-A direct obligation and a first (closed) mortgage on its entire
company, saying that the properties of the different interests had been property,
including power-house, dams, substations, transmission system.
scheduled at their full value and then offered to the company at one-half &c.
Bonded debt, only $72 per h. p. Dividends at rate of 7% are being
the valuations. Concretely, the Humble 011 Co.'s properties were figured paid on
$2,200,000 capital stock, which, at present quotations (120)
at $4,200,000 and all others going into the merger at $3.000,000. In the shows a the
market equity behind tne bonds of over $2,500,000.
larger organization, this would leave the present stockholders their original
Earnings for the Fiscal Years ending October 31.
stock of $300,000, give them new stock amounting to $1,800,000, leave
Earnings1913.
$1,500,000 of stock to acquire the new interests and put approximately
1915.
1916.
1914.
$302,741 $319,519
$400,000 in the treasury. It was also planned to allow the employees and Gross earnings
$341,315 $366,801
stockholders to subscribe for treasury stock at par.
Net, after taxes and maintenance 262,638 269.613 306,560 324,422
82,599
88,281
96,125
The directors include: W. W. Fondren, Miss F. P. Sterling. R. S. Ster- Interest charges
96,125
ling, C. B. Goddard, W.S. Farish, R. L. Blaffer, Jesse H. Jones, Harry C.
Balance for stock
$180,040 $181,332 $210,435 $228.297
Wiess and L. A. Carlton. the five last named being new members.
Officers: Pres., R. S. Sterling; V.-Presidents, W. W. Fondren, R. L. Blaf- -V. 103, p. 324.
fer, W.S. Parish and II. C. Wiess; Sec.-Treas., Miss F. P. Sterling.
Beginning with several small producing properties at Humble, the comKeith Car Company Chicago.-Sold.
pany was first chartered in Texas in Feb. 1911, with an authorized capital
See Keith Railway Equipment Co. below.-V. 102, p. 979.
of $150,000. This was increased in Oct. 1912 to $300,000 when the comKeith Railway Equipment Co. Chicago.-Purchase.pany entered Oklahoma, acquiring valuable properties in the Okmulgeo
district, and later at Healdton. Producing properties wore added from
This company announces that it has purchased all of the property of
time to time in Humble, Sour Lake and Goose Creek. One of its most the Keith Car Co. (V. 102. p. 979. 803.
valuable properties is an 80-acre lease out of the holdings of the Hardin
County 011 Co. at Sour Lake, owned jointly with the Gulf Production Co.
Keystone Telephone Co.,Phila.-New Officer-Director.
Well No. 14 on this land has maintained a steady production of 5,500 to
Elwood F. Reeves has been elected Secretary and Treasurer to succeed
7,000 bbls. a day since it came in last December. At Healdton the com- Wm. W. Wharton. John Murphy succeeds Michael Murphy,deceased,
as a
yowns g0acreoftrodrctivelear , besides vaIuabl
dings.
leaeswir
eun alag
elorr
e director.-V.104, p. 1149, 564.
Goosecreejtiaanumer01devoped
outside acreage not yet tested. It also recently acquired the Southern
Lackawanna Steel Co.-Quarterly Statement.-The comPipe Line Co., with profitable oil contracts in this field.
From the new interests it obtains: (a) From W. W. Fondren, established bined earnings of the company and subsidiaries for the three
production at Humble and elsewhere and •much drilling equipment and months ending March 31 were:
machinery. (b) From the Wiess interests, proven properties at Healdton, Three
Total
Interest, Sk.Fd.& Deprec.,
Balance,
Okla., and Texas properties in Sour Lake, Humble and Goose Creek operIncome. Rents,&c. Exhaustion.
Months&c.
Sur. or Def.
ated by the Paraffine and Reliance oil companies; (c) From Blaffer & 1917
$6,203,233
$373,920
$101,685
$437,043
sur.$5,290,585
parish, producing properties at Humble,Sour Lake, Goose Creek and North 1916
3,247,593 504,621
71,703 420,111 sur. 2,251,068
Texas, including the Globe Refining Co. at Humble and the Schulz Gaso- 1915
199,843 528,717
32.506 204,379 def. 565,759
line Co. at Burkburnett. It also owns leases and fee land in many promisunfilled
orders
on
hand
on
The,
March
31 1917 were 992,096 gross tons.
ing localities in Texas, Oklahoma and Louisiana.
against 871,876 in 1916 and 229,910 in 1915.-V. 104, p. 949, 1049.
011
Co.
Humble
on
its
the
earnings
of
Noil
$300,000 capital in January
amounted to $217,238. The other properties going into the company are
Lord & Taylor, New York.-Progress of Plan.said to be showing earnings fully as large. Recently the stock of the HumSee Associated Dry Goods Corporation above.-V. 104, p. 168.
ble Oil Co. has been selling in Houston at $800 to $1,000 (Par $100)•
Louisville Tobacco Warehouse Co.-Dividend Resumed.
Balance Sheet Jan. 31 1917 (Total each side $1,505,115)•
$828,607 Ca ital stock
Producing properties
A semi-annual dividend of 4% has been declared on the pref. stock,
$300,000
Non-producing properties__ 128,626 MI s payable
payable
May 4. This is the first dividend on the pref.stock since May 1914
46,083 Vouchers payable and time 112,830 when a like amount was paid.-V. 103. p. 1305.
Drilling and equipping
294,834
B111:4 and acc'ts receivable
checks
188,216
Magnolia Petroleum Co.-Joint Interest, &c.
84,667 Checks outstanding
Stocks of material
65,724 Surplus as at Dec.31 1916._ 643
Investin
. other cos
See United Gas & Electric under "RRs" above.-V. 104, p. 1390. 1268.
10
1
2,992
20,232 Net earnings Jan. 1917____ 217,238
Bank accounts
36,341
Miscellaneous
Property valuations hero shown are "nominal."-V. 104. p. 1268.
Miami Copper Co.-Copper Production (in lbs.)-1917-March-1916 -1917-3 months-1916Inland Steel Co., Chicago.-Purchase.Copper production (lbs.) 5,217,903 4,192,000 14,449,053
12,092,936
This company has purchased from the Indianola Coal Co., Pittsburgh, -V. 104, p. 1391, 457.
2,000 acres of coal land located near Derseyville, Pa.,about 14 miles northeast of Pittsburgh, And expects by next fall to be supplying its coke ovens • Midvale Steel & Ordnance Co.-Listing.
The New York Stock Exchange has authorized the listing of $45,652,000
from this source. The purchase, together with the proposed railroad spurnew shaft,&c.,it is said, will probably aggregate about 32,000,000.-V. 104. 20-year (collateral trust) 5% bonds of $500, due Marcia 1 1936, with
authority to add $84,000 on official notice of issuance in exchange for outP• 563,450.
standing temporary bonds and with authority to add prior to Jan. 1 1918
Inspiration Consolidated Copper Co.-Earnings.$883,000 on official notice and passed beyond the control of the company,
Net.
Deprec'n. Interest. Divs.(325i %). Surplus. making the total amount authorized to be listed $46,619,000. Compare
Cal. Yr. Sales.
1916_333,496,343 $21,530,523 $750,000 $151,034 $8,548,051 $12,081,438 annual report in V. 104. p. 950, 1142. 1268.

Humble Oil Co., Houston, Tex.-Merger.-Tho "Oil
Trade Journal" for Apri11917 inartiele by A.J. Hazlett says:

gr

Production of Copper.-For March and 3 Months to Mar.31.

March and 3 Mos. to Mar. 31 -1917 March 1916- 1917 3 mos. 1916.
Production in pounds__11,100,000 9,549,726 32,950,000 22,826,203
-Nr. 104, p. 955. 456.

International Elevating Co.-Stock Reduction.-

This company on April 9 filed a certificate ot Trenton, N. J., decreasing
its authorized capital stock from $2,200,000 to $1,650,000.

International Harvester Co.-Arguments Concluded.in the suit of the Government to dissolve this
The concluding arguments
Supreme

Court at Washington on March 8. A
company were heard in the
decision is not expected from the Court until May or June or even possibly
after the summer recess.-V. 104. D. 768.




Mingo Coal & Coke Co.-Receiver Appointed.-

Judge E. T. Sanford in the U. S. District Court at Knoxville, Tenn., on
April 3 appointed J. D. Templain of Middlesboro receiver for the property
on the petition of tile Columbia Trust Co., Louisville, Ky.

Mississippi Valley Electric Co.-Bonds Called.-

All the outstanding 2-year 6% First Lien secured gold notes of 1915 of
the Fort Madison St. Ry. have been called for payment May 1 at 101 and
int. at the Fort Dearborn Trust & Savings Bank, Chicago.-V.101, p. 217.

Mt. Pleasant Coke Co.-Bonds Called.Thirty-five First Mtge. 15-year 6% sinking fund gold coupon bonds
have been called for payment at $1,050 each plus int. on May 1 at Union
Trust Co. of Pittsburgh.

1494

[VOL. 104.

THE CHRONICLE

Munson Steamship Line.-Stock Increase.-

National Fireproofing Co.-New Directors-Officer.-

J. J. Fisher and A. S. Beymer succeed W. E. Cooke and George A.
This company recently increased its authorized common stock from.
as directors. The office of Vice-President and Gen. Man. of Sales
$600,000 to $3,000.000. par 5100, of which $600,000 was issued inane- Jones
been discontinued temporarily, and J. P. Robbins is Acting Vice-Presihas
the
of
increase,
mediately, making $1,200,000 outstanding. The purpose
whether for a stock dividend or otherwise, is not made public, the company dent and Treasurer.-V. 104, P. 1042,956.
being a close corporation. There is also $1,000,000 pref. stock authorized
New River Lumber Co., Cincinnati, 0.-Bonds Called.
and outstanding.-V. 104, p. 457.
Thirty-two ($32,000) 1st M. 20-year 6% gold bonds have been drawn
National Aniline & Chemical Co.-Merger.-A com- for payment at $1,050 per bond on June 1 at the Columbia Trust Co., New
pany is being formed with this name to take over (a) in their York.-V. 102, p. 1543.

North American Light & Power Co.-Notes Called.entirety the Schoellkopf Aniline & Chemical Works, with its
All the outstanding 3-year First Lien and Refunding collateral trust gold
line of dyestuffs; the W.Beckers Aniline & Chemical Works, notes
(see V. 102. p. 2259) have been called for payment at 101 and int. on
with its line of dyestuffs, and the Benzol Products Co., pro- May 1 at First Trust & Savings Bank, Chicago.-V. 104. p. 565, 367.
Northern Idaho & Montana Power Co.-Depositsducers of aniline oil and salts, and also of certain coal tar
intermediates. (b) Certain minor interests and processes in Time Extended.The Reorganization Committee reports that on March 30 last $3,833,000
coal tar intermediates already developed and developing of bonds
been deposited under the reorganization plan (see V. 104. p.'76),
the General Chemical co., the Semet-Solvay Co. and The which had
is an aggregate of more than 83% of the outstanding bonds. There
Barrett Co. A statement issued by Eugene Meyer Jr.& Co. had also been deposited in excess of 55% and 66% of the outstanding pref.
and common stocks, respectively.
of New York says:
The time for deposit has been extended from April 1 to June 1.
This company will be in a position not only to make the intermediates
and dyestuffs now being made by those concerns, but it hopes to be able
ultimately to extend its field to other intermediates and other dyestuffs,
as well as to pharmaceutical products and photographic chemicals and coal
tar explosives.
The businesses and processes of the various concerns thus taken over,
each being engaged in a separate branch of the industry, fit into and supplement one another, and the new company thus formed will be a highly
integrated concern, as are the large dyestuffs companies of Germany,
which prior to the war practically controlled the entire business of the world
in dyestuffs, coal tar intermediates and the like.
It is the hope of the parties interested that with a continuation of the
friendly co-operation of the Government and of the consumers of dyes, the
new company and others in the field will be able to meet on even terms after
the war the competition of those foreign concerns that formerly controlled
the business. The parties interested are not only endeavoring to retain
for the United States as much as possible of the business which war conditions have enabled them to develop in a temporary way, and precariously,
but also to supply the need of late so acutely felt in this country for a coal
tar chemical industry highly developed in all its branches.

The new corporation, it is stated, is not to be a holding
company, nor in the nature of a trust, but merely a union of
factories engaged in the different processes of the manufacture of the products named from the coal mines to the finished
articles. The company will probably issue about $20,000,000
stock, representing the appraised assets to be taken over,
but without a public offering, though considerable new working capital, it is said, will be supplied.
The 'New York Times" on April 12 said: "The Schoellkopf Company
Is capitalized at $3,000,000 and controls the present National Aniline &
Chemical Co. of New York, with $1 000,000 capital. The Becker Comyea ago, is capitalized at
any, which began to expand its business two years
5,000,000. The latter concern was financed in 1915 by Eugene Meyer
r. & Co. and Renskorf, Lyon & Co.,and from a small business at that time
the project has grown until forty buildings are now in use and 1,200 men
employed. It owns also the plants and assets of the Standard Aniline
Products Co. at Newburg and Wappinger Falls.

c

National Carbon Co., Inc.-Initial Dividends.-

Elmer Dover has been appointed receiver by the Federal Court.-V.
104, p. 76.

Ohio Cities Gas Co.-Listing.-

The New York Stock Exchange has authorized tho listing of the $964,575
common stock at $85 a share (par $25), offered to shareholders of record
March 29, making the total amount authorized to be listed $10,000,000.V. 104, p. 1149. 1049.

Old Dominion Co. of Me.-Report.-This holding company reports for itself and its controlled properties as follows:
Profit and Loss Account of Parent Holding Company.
1915.
1916.
1915.
1916.
(48)3,520,236(20)1466765
Divs.,&c..rec_$3,557,069 $1.405,296 Divs
sur.$11,980def.$77,368
15,899 Balance
24,943
Exp.,ta.x.,&c..
-Old Dominion Co.,N.J. -United Globe
1915.
1916.
1915.
1916.
$5,064,500 $2,854,846 $3,291,862 $1,454,324
Gross
$812,251
$2,670,595 $1,337,086 $2.053,077
Net
Dividends wild_ _ _ _(48%)1,944,000 (20)810,000(73)1,679000 (27)621,000
$191,251
$374,077
$527,086
$726,595
Balance,surplus_
-V. 104, p. 457,-9-5-6.

Old Dominion Copper Min. & Smelt. Co.-Production.
-1917-March-1916- -1917-3 mos.-1916-Copper production (lbs.) 3,335,000
-V. 101, p. 611.

3,277,000

9,030,000

9,221,000

Osage & Oklahoma Co., Pittsburgh.-Earnings.Bal.,
*Oper. Bond Depre- Deple- Dividends
Gas
Gross
Cal.
Paid.
S. ore,
Year. Earns. Purch. Exp.&c. Int. dation. lion.
$
$
$
$
69,936
)135,000 d.36,907
1916 _ 518,737 133,843 186,288 250 30,328 572,555.-i
1915 _350,206 7,539 100,775 1.625 28,325 70,007 (734)112,500 s.29,434
. 102, p. 1631.
* Includes in 1916 royalty to Osage nation,

Owl Drug Co., San Francisco, &c.-Additional Data.In connection with the offering of this company's 6% notes
by McLaughlin, Young & Bowlan, San Francisco; and
Knauth, Nachod & Kuhne, N. Y., the following is given:

This New York company, which has issued its shares in exchange for
The notes dated Mar. 1 1917 mature semi-annually, $40,000 M. & S.,
stock of the National Carbon Co. (four common shares of no par value 1919-20; $50,000, 1921-22; 380,000 Mar. 1 1923; $85,000 Sept. 1 1923;
having been given for one $100 common share of the old company), has $90,000, M.& S., 1924; and $95,000 Mar. 1 1925. Denom. $500c*. Int.
pref.
and
com.
the
on
$1
of
2%
and
dividends
declared initial quarterly
M. & S. without deduction of the Federal normal income tax. Red. all
stocks, respectively, both payable May 1 to holders of record April 20.- or part, on 30 days' notice, at 101 and int. Trustee, The Pennsylvania
V. 104, p. 858. 261.
Co. for Insurances on Lives and Granting Annuities, Phila.
from Letter of Pres. R. E. Miller, San Fran., Calif., Mar. 1 1917.
National Conduit & Cable Co., Inc.-Bond Offering.- Data
Company.-Established 25 years ago (incorporated in IsTevNa).
The National City Co. and Montgomery, Clothier & Tyler ReThe
Oakland,San
efeueg speeresegeneSeansFrsn
iitees 24 retleilgd
rs
ee
Diego, Sacramento
are offering by advertisement on another page, at 100 and Portland, Ore., and Seattle and Spokane,
ash. In addition, has a genint. to yield 6%,$5,000,000 First Mtge.6% 10-year Sinking eral office and distributing station in San Francisco, a manufacturing plant
station in Los Angeles. About 1,000 regisFund gold bonds (closed issue), dated April 1 1917, due in San Francisco, and a supplyand
salespeople are employed.
pharmacists, assistants
April 1 1927. Redeemable on any int. date in whole or in tered
Purpose of Issue.-To be used to acquire and equip additional stores on
working capipart at 1023/i and int. until and mcl. April 1 1919, and at the Pacific Coast and in the Middle West, and for additional
tal. Valuable leases have bean obtained in various cities,including Chicago,
105 and interest thereafter. The bankers report:
the present manageWith
Minn.
Minneapolis,
and
Wisc.;
Milwaukee,
III.;
Interest is payable A. & 0. in N. Y. Denom. $500 and $1,000 c*.
the co. can economically operate a large number of additional stores.
Company will pay Federal normal income tax. Penn. personal property ment
Issued.
Authorized.
Capitalizationtax refunded. Tax-exempt in N. Y. State. Bankers Trust Co., N. Y.,
$4,000,000
54,000,000
trustee. Sinking fund for annual retirement of bonds, $125,000 p. a., and, Common stock
1,400,000
2,500,000
after paying interest and sinking fund, 50% of remaining net profits in Preferred stock,8% cumulative
800,000
800,000
6% serial gold notes (this issue)
excess of $1,000,000 per annum.
These Notes.-During the life of these notes, quick assets must equal
Digest of Letter of Pres. Edward S. Perot, April 7 1917.
no mortgage or lien prior
Organization.-Now being incorporated in N. Y. and will acquire the 150% of all liabilities, including this issue, and agrees
to pay monthly 1-6
assets and business of the National Conduit & Cable Co. and the National to these notes shall be created. The company
Brass & Copper Tube Co., and either the assets or stock of the N. Y. & of the amount of the next maturing principal and interest during the
months'
6
period.
previous
$1,500,000
provide
will
financing
present
Hastings Steamboat Co. The
Sales.-During the past ten years the total annual sales have increased
additional working capital. The business was established thirty years ago,
and the net profits from $100.000 to $443,with an initial capital of but $4,000, and has developed steadily, paralleling from $1,327,683 to $4:780,018,
After depreciation the net earnings for the year ended Jan. 31 1917
000.
the electrical industry in its growth. The combined net assets will be over
and for the past five years have averaged over
$13,500,000, of which about $12,000,000 has been obtained from the re- amounted to $383,000,
5231,000, against an interest charge of 348,000 on these notes.
investment of profits.
Balance Sheet as of Jan. 31 1917 (Total each Side $6,449,495)•
Capitalization (to be Authorized and Outstanding).
$5,000,000 Assets-Cash,$196,639; accounts receivable, $18,638; inventory,
First Mtge. 6% 10-Year Sinking Fund gold bonds
31,405,427
250,000 shares
51,190,150
Capital stock (without nominal or par value)
47,069
Plant.-Modern plant equipped with all modern devices at Hastings-on- Prepaid expenses
Hudson. N. Y., including 35 acres of land, with a river frontage of over Buildings and improvements, $199,310; furniture, fittings,
763,715
machinery, &c., $564,405
2,000 ft. The business is divided into two main branches: (1) a wire cable
works making plain and insulated copper and brass wire and transmission Investments, $68,845; good will, leases, trade marks, &c.,
4,233,283
54.164,438
and telephone cables for use both on land and under water; and (2) brass
mills manufacturing brass tubing, rods and sheets. Present business is Offsets.--Accounts payable, $222.635; salaries accrued. &c..
283,389
$42,461; miscel. reserves, $18,293
entirely domestic.
10,400
Deposits as security on sub-leases
Security.-First mortgage upon the plant, together with the power plant,
755,706
Surplus
machine shops, testing laboratories, docks and upon tho capital stock or
5,400,000
corn.,
and
8%
lighterage
$4,000,000
cum..
Capital
out.-Pref.
$1,400,000;
facilities,
shipping
assets of a subsidiary company owning
With the proceeds of these notes, the net quick assets now exceed 225%
barge line, &c., operated in connection therewith. As of Feb. 28 1917,
incl. new financing, the total net tangible assets will amount to $13,501,823. of the amount of this note issue.
Management.-The same since company's formation.-V. 104, p. 1269.
The plant is appraised at $6,550,000 (based on present prices of materials
and labor, but making proper deduction for depreciation), viz.:
•
Pennsylvania Coal & Coke Corp.-Earnings.Land, excl. of buildings.. _51,500,0001Machinery and appliances $3,300,000
Total,
Depreci- Balance,
Other
Net
Gross
Cat.
Steam lighters, barges,
Buildings, pile foundation
Surplus.
Surplus.
Earnings. Income. ation.
Years- Sales.
250,000
motor trucks, &c
ka and concrete floors_ __ _ 1,500,000
$1,493,808
$78,030
$156,736
$53,092
$181,674
1916
__$4,43O,451
"The net quick assets as of Feb. 28 1917 amounted to $5,451,823, and
1,337,071
80,139
33,148 110,456 63,457
-...._ 2,961,900
must at all times exceed the aggregate funded debt. Adding the $1,500,000 1915
The company's gross tonnage mined for March 1917 was 291,127 gross
additional working capital from present financing, and including profits
gross
the three
the
for
tonnage
and
gain
cash
of
$133,222,
a
with
tons,
accrued to date, the total net quick assets are over 1 3,5 times the entire months ended March 31
1917 aggregated 776,680 tons, with a net cash gain
outstanding bond issue, and the asset value of cap.stock isover $35 p.sh. of
100,
1353.
p.
5275,576.-V.
Income-Orders.-The net profits for the calendar year 1916 amounted
to $3,393,227, and for the past ten years, derived from an average investPennsylvania Salt Mfg. Co.-Notes to Be Paid:
ment of but one-half the present, averaged $736,530 per annum. After
This company announces that it will on June 1 next pay off the remaining
divs. of $721,272 during the ten years, $6.644,029 surplus earnings have $500,000 3-year 5% notes.-V.103, p. 1892.
been turned back into the property. As of March 1 1917 unfilled orders
Philadelphia Electric Co.-Earnings.amounted to $17,028,209. Net profits for 1917 are estimated at over
Total
$4,000,000. and for Jan. and Feb. 1917 were reported as $1,183,637.
Dividends Balance,
Net
Gross
Oper. Exp.
Cal.
Surplus.
Surplus.
(7%).
Chgs..&c. Income.
Yr. Income
Balance Sheet Based on Reports of Accountants and Appraisers.
Liabilities1916510,260,072 $7,466,021 $2,794,051 $1,574,311 $1,219,738 *53,050,622
Assets840,239 2,311,986
1915 8,777,924 6,363,373 2,414,550 1,574,311
$1,835,447 Capital (book value 250.Cash
* After deducting 5481,102 account of refund to city on street lighting
Acc'ts & notes receivable.. 3.895,147 000 shares of stock)_ ___58,500,000
5,000,000 contracts for 1915, and expenses of valuation and rate case.-V. 104,
Adv. pay't on purchases.._ 458,565 First mtge. bonds
49,376 Bills and accounts payable 2,025,857 P. 565. 868.
Prepaid interest & insur__
375,000
3,217,800 Accrued taxes
Inventories
Pocahontas Consolidated Collieries Co., Inc.-Earns.
18,454
8,696 Accrued pay-roll
Bonds in insurance fund__
Balance,
Common
Pf.Div.
Bond
83,898 Calendar Gross
Net
Plant&equip.(as apprals.). 6,550,000 Compensation ins. res've_
Dividends. Surplus.
Earns.
Int. &e. (6%).
1,823
Sundries
Year- Earns.
Patents, good-will, trade
5567,378
(10)5452,000
$156,595
16,005,032 1916 -32,489,153 $2,091,857 5915,884
1 Totals
marks, &c
•1,983,034 1,596,715 705,958 157,889 (6) 271,200 732,705
Management.-The same which has been identified with the property 1915
-V. 102, p. 1351.
will be continued with representatives of the new financial interests.




APR. 14 1917.1

THE CHRONICLE

Poole Engineering & Machine Co.-Contracts.-

Thiecompany has accepted an order from the U. S. Govt. for 500 antiaircraft 3-inch guns of a total value of about $2,000,000. This order, it is
stated, will not interfere in any way with the company's usual lines of
output, which are one-pounder semi-automatic guns, one-pounder shells,
heavy gears, barbettes for coast defense guns, &c.
Orders from the Government also for 500 one-pounder guns are practically assured. These guns are manufactured by the Poole Co.from its own
designs on which it holds the basic patents. The company has also submitted bids for supplying 1.800.000 one-pounder shells. A repeat order
from the Russian Govt. for $2,000,000 worth of these shells has just been
4ompDaliz's order for 5.000.000 shells being practically cotntp
lutroo
dvedirth130c

Rhinelander Paper Co.-Bonds Called.This company on May 1 will redeem 375 First & Ref. Mtge. 5% gold
bonds at 102 and int. at Wisconsin Trust Co.. Milwaukee.-V.89,P. 1672.

Saline County Coal Co.-Bonds Called.Eight bonds of $1,000 each and six of $500 First M.6s, totalling $11,000,
have been called for redemption at 103 and int. on April 15 at the Central
Trust Co. of Illinois, Chicago.

Saxon China Co., Sebring, Ohio.-Pref. Stock Offered.
-Borton & Borton, Cleveland, 0., are offering at 100 and
div. $225,000 7% cumulative pref. (a. & d.) stock, par $100.
The bankers report:
The stock is tax free in Ohio and free from normal Federal income tax.
Divs. Q.-J. Red., all or part, on any div. date at $107 and div. Sinking
fund to cancel yearly not leas than 6% of pref. outstanding begins Jan. 1 '20.
This Issue.-No mortgage nor additional pref. stock prior or equal with
this issue without the consent of 75% of the pref. stock outstanding. Additional pref. stock may be issued only when net assets are 2 times the
outstanding pref. stock plus that proposed and when earnings are over
three times the dividend requirements.
Capitalization (No Bonds)Authorized. Issued.
Preferred stock, 7% cumulative
$325,000 $225,000
Common stock
325,000 225,000
The Company.-lneorporated in 1911 and manufactures semi-vitreous
porcelain tableware and accessories. The proceeds from this stock will
enlarge the plant and increase the equipment and working capital.
Assets-Earnings.-The balance sheet as of Feb. 28 1917, including
present financing, shows total net assets of over $225 and net quick assets
of over $120 for each share of pref. stock. Net earnings for the past five
years have averaged over $48,000 per year. With the now kilns in operation it is estimated that the earnings will be doubled.

Seamless Rubber Co., New Haven, Conn.-Sold.
-

The U. S. District Court at New Haven, Conn., on April 10 approved the
sale of this company's plant to the United Drug Co. of l3oston for $681,000.

Union Tank Line Co., New York.-Earnings, &c.-

Shenango Furnace 'Co.-Bonds Called.This company has called for payment 1,624 ($1,624,000) 1st M.(Webb
Mine) 5% 20-year sinking fund gold bonds of 1910 on June 1 at par and
int. at Pittsburgh Trust Co.-V. 97, p. 1119.

1916.
1915.
Net earnings for year___ $2,081,766 $1,067,958
Dividends paid (5%)-- 600,000
600,004

Balance,surplus
$1.481,766
Sherwin-Williams Co., Cleve., 0.-Stock Increase.
The shareholders on Apr. 3 authorized the proposed increase in capital
Balance Sheet
stock from $9,000,000 to $21,000,000. Of the new stock $4,000,000 will
1916.
1915.
be 6% pref. and $8,000,000 corn. making $5,500.000 6% cum. pref.
Assets5
and $15,000,000 common and $500,000 7% cum. pref. stocks authorized.
No action was taken as to the disposition of the common, but it was de- Tank car equip_ _ _13,486,825 11,351,926
12,095
12,645
cided to issue from $1,000,000 to $2,000,0006% preferred stock now. This • Real estate
Mach.,tools,&c_ _ 603,508
397.246
will cover the cost of plant extensions, &c.-V. 104, p. 958.
Office furniture__ _
16,424
13,803
Cash and invest
42,0991 1,192,082
Solvay Collieries Co.-Bonds Called.598,7911
The entire outstanding indebtedness (548.000) of the Big Sandy Coal & Accounts recelv
Coke Co. will be canceled on May 1 when 48 First Mtge.5% gold bonds of
Total
14,759,741 12,967,702
1905 will be paid at 103 and int. at Union Trust Co.. Detroit.-V.92,p.1037. -V.
102, p. 1442.

Southern Illinois Light & Power Co.-Purchase.-

See Citizens Gas. Electric & heating Co.above.-V.08, p. 917.

Southern Utilities Co., Jacksonville & N. Y.-Earns.
Gross
Calendar
Earnings.
Year1916
$1,163,356
1915
1,059,520
-V.103,p. 59.

Net (after
Taxes.)
$378,913
310,259

Bond Interest, dec.
$184,997
144,870

Pref. Divs.
(7%).
$106,400
106,050

1495

Approx. Results for Quarters ended March 311917.
1916.
Profits earned from all operations, less general exp.,
taxes, int. charges, & employees' share of profits_ _$2,720,000 $1,700,000
Net profit, making full provision for depreciation (increase $120,000 over 1916)
2,050,000 1,150,000
Crude oil production of the company & controlled
cos., net, bbls
1,570,000 1,418,000
Sales for quarter
7,760,000 5,884,000
Results.-The net profit for the quarter is stated after deducting an
increased provision for depreciation of $120,000, but includes an extraordinary operating profit of $220,000. Eliminating the latter item from the
results above, the profits before depreciation were equivalent to 30% and
the net profit to 22% per annum on the issued capital stock. The earnings
of our principal subsidiaries are being satisfactorily maintained.
During the closing week of the quarter 3 wells were brought in which
now producing about 3,500 barrels of light oil per day. The valueare
of
refined and lubricating oil sales for the quarter was about 50%, and the
fuel oil about 22%, greater than the March quarter of 1916. We have
recently closed some large fuel oil contracts at current market prices,
results of which will be principally reflected in the ensuing months. the
Financial.-Capital expenditures approximate $500,000, consisting
mainly of the cost of new chilling and minor
purchases of oil properties.
Current assets, consisting of oil inventories (included at or
below cost),
materials and supplies, accounts and bills receivable, and cash at March
31
1917, approximate $16,500,000, an increase over Dec. 31 1916, of about
$1,300,000. Current assets are over 7 to 1 of current liabilities. Crude
oil in storage owned by the company March 31 was about 10,800,000 net
barrels, or slightly less than was carried on Jan. 1. The State storage
having decreased,however,during the threenionths about 4,000,000barrels.
Current liabilities at March 31 1917, including share of profits
to employees, approximate $2,200,000, or about $220,000 greater payable
than
the beginning of the year. During the three months there has beenat
a.
decrease in 1st Mtge. bonds in the hands of the public of $89,000, and reduction in the Collateral Trust notes of $420,000, and in purchase money
obligations of $62,000. The outstanding bonds of Producers Transportation Co. decreased $32,000, so that the reduction in direct and outstanding
guaranteed indebtedness approximates $383,000.
Extra Dividend.-The regular quarterly dividend of $1 50 per share,
together with an extra dividend of $1 per share, was declared on April 2,
payable on April 14 to stockholders of record as of March 31 1917. Extra
dividends will be paid from time to time while the conditions of the company's business and finances warrant (V. 104, p. 1392).
New Stock.-The directors have resolved to offer for subscription by
stockholders of record as of March 31 1917 10% of the present issued
capital stock (see V. 104, p. 1392).
Surplus and operating reserves at March 31 1917 approximate $18,240.000. and the book value of the stock at that date was about$154 per share.
Re-elected.-At the annual meeting on Feb. 27 last about 315,000 shares
or 93% of the issued capital stock being represented, the stockholders
re-elected the old board of directors, and elected Mr. Gurney E. Newlin to
fill the vacancy on the board caused by the death of Mr. Giles Kellogg.
-V. 104, p. 1270, 1392.

Balance,
Surplus.
587,516
59,339

$467,954
December 31.

1914.
1913.
$687,200 $1,203,229
600,006
$87,194 $1,203429

1916.
1915.
Liabilities$
$
Capital stock_ _ _ _12,000,000 12,000,000
Accounts payable_ 405,479
95,206
Surplus
2,354,262
872,496

Total

14,759,741 12,967,702

United Drug Co.-Acquisition.See Seamless Rubber Co. above.-V. 104. p. 1050, 958.

United States Steamship Co.-Stock Offering.-The
Boughton Co., Inc., N. Y., is offering a, portion of this company's $12,500,000 outstanding (auth. $25,000,000) capital
stock. A letter dated March 28 1917 says in substance:

Standard Chemical Iron & Lumber Co. of Canada,
Ltd.-Earnings.-

Controlled Companies.-The company in 1916 contracted to purchase at
least 87%% of the stock of the following companies,and these are fulfilled
to the following extent, viz.:
Calendar
Total
Interest
DepreciSpecial
Balance,
Representing a Total of About 40.000 Ocean and
Years- Income.
& Miscel.
titian
Reserve.* Surp. or def. (1) Steamship Companies,22.000
Tonnage.
1916
$696,464
5115,304
$208,268
$375,000
def. $2,108 Bedford SS. Co.. Ltd., 73.5%.Inland
Northland SS. Co.. 33.8%•
301,859
1915
132,751
65,000
sur.104,108
Owego SS. Co., 73.2%.
*Deducted by the company from rorofit and loss, but shown here for com- Frederick SS. Co., 61.7%•
Binghamton SS. Co.. 87.3%•
St. Paul SS. Co., 57.7%.
parative purposes.-V. 100, p. 480.
Huron SS. Co., 51.7%.
Wm. Castle Rhodes SS. Co.
Standard Gas & Electric Co., Chicago.-Correction.- J. G. McCullough SS. Co.. 90.5%. N. Y. Norfolk & Washington53%.
SS.
Lansing SS. Co., 98.3%.
Co., 100%.
See American Public Service Co. above.-V. 104, p. 1392.
Minneapolis SS. Co.. M.5%.
N. Y.& Buffalo SS. Co.. 100%.
Ltd.,
SS.
Newport
Co..
62.2%.
Hudson
Standard Parts Co., Cleveland.-Acquisition.Navigation Co.
Announcement is made of the acquisition of the properties, &c. of the
(2) Shipbuilding Plants to Meet Rapidly Increasing Demand for Tonnage.
(a) Robt. Palmer & Sons Shipbuild ng & Marine Ry.Co., Noank, Conn.,
Western Spring & Axle Co., which has factories in Cincinnati, Chrthage
and Canton, 0., Wheeling, W. Va., Connersville, Ind., St. Louis, Mo., 100%.;(b) has purchased 28 acres of water-front property on the Thames
River opposite New London,Conn., where a plant for the building of standand Flint and Pontiac, Mich.
The Western company has $2,000,000 common stock and $2,000.000 ard 5,000 to 10.000-ton steel steamers will soon be in operation.
Business.-The company has four ships under charter for one year from
pref. and it is stated that the exchange of stock will be on a share for share
13aPilS for pref. and common issues, the common being valued at about Jan. 1917, yielding about $85,000 per month five are on rate charters,
$89 per share. Pres. E. J. IIess of the Western company will become a some foreign and for one trip only. The remaining ships are in the coastdirector of the Standard company, as will also J. A. Kling of the Cleveland wise trade. The shipbuilding plant at Noank, Conn., is operated to
capacity, employing 700,shows earnings of more than 860.000 per month.
Builders Supply Co.
The "Cleveland Plain Dealer" of Mar. 31 says: "The purchase of 80% This yard is now equipped for steel construction. The company also owns
of the stock of the Bock Bearing Co. of Toledo by the Standard Parts Co. the controlling intermit in the Hudson Navigation Co., whose earnings last
was announced a few weeks ago. The product of these factories, together year were about $120,000.
Stock.-On Jan. 1 1917 there had been sold for cash and exchanged for
with those of the Perfection Spring division and the Rim and Tube division,
formerly Standard Welding, to which the Western Spring & Axle plants are the stock ofsubsidiary companies $9,024,300,leaving $3,475,700 with which
now added, means the supplying of a majority of automobile manufacturers to complete its purchase contracts and acquire other property.
with a largo portion, and in some cases all, of their requirements,in the way
Earningsfor Six Months ending Dec. 31 1916 and Jan. & Feb. 1917.
of springs, axles, bearings, tubing, rims, truck tiro bands, heaters, &c., Net earnings June to Dec. 31 1916 were
$313.923
by the Standard Parts Co. Total steel requirements of the Standard Parts Balance after dividends applicable to dividends Jan. 1 1917_
129,860
Co. will now run 175,000 tons or more annually. Employees of the group Earnings for Jan. 1917 were $208,277;for Feb. 1917 were $224,660- 432,937
number
Parts
will
factories
Standard
from
8,000 to 9,000."-V.104,P•869.
Dividends.-The regular bi-monthly dividend of 1% and an extra of
of
% of 1% were declared payable May 1 to stock of record April 16. DiviSupplee-Biddle Hardware Co., Phila.-Sale, Etc.dends have been paid at the rate of 9% per ann. since July 1 1916.Pres. J. E. Baum recently announced the sale of his entire interest in the -V. 104, p. 263.
company to Heulings Lippincott, Pres. of the National State Bank, Camden; Marshall Morgan, Phila., and the Biddle interests. Mr. Baum reUnited States Steel Corp.-Unfilled Orders.cently was elected Pres. of the Empire Tire & Rubber Co., Trenton.
Bee "Trade & Traffic Movements" on a preceding page.
The company will receive tenders until May 31 for the purchase at not
divs.
for
and
share
Steel Makers Agree on Special Prices to U. S. Government.sufficient of the pref. stock to conexceeding $105 per
Following conferences this week between Secretary of the Navy Josephus
sume $30,000.-V. 99, p. 1604.
Daniels and President James A. Farrell of the United States Steel CorporaIron
&
-Wharton
Steel Co.-New Directors.- tion acting as Vice-Chairman of the special commi tee of the American &
Taylor
Theo. N. Banks and Trowbridge Callaway have been elected directors Steel Institute, the leading steel manufacturers agreed to supply the Government with the material needed for its 1916 naval program on the basis of
to fill vacancies.-V. 104, D. 958.
plates at 2.90c. and structural shapes and steel bars at 2.50c. per pound.
Union Bag & Paper Co.-New Secretary."The prices agreed upon," said Mr. Daniels, "are substantially lower than
elected
been
Secretary,succeeding E.B. Murray, current market prices. It is estimated that they involve a saving of
Charles B. Sanders has
approximately $18,000,000 over the prevailing prices on the tonnage
who is Vice-President.-V. 104, p. 1260. 1168.
Power
Co., St. Louis.-New Plant. required."-V. 104, p. 1392, 1139.
Union Electric Lt. &
This company has put in operation the first of three 20,000-k.w, units
Wayland Oil & Gas Co.-Dividends.in its generating plant at St. Louis. The other two units will be installed
A dividend of 2% has been declared on the common stock, payable
by Nov. 1 1918 increasing total capacity of the station to 116,000 k.w. June
11 to holders ofrecord June 1. The same amount was paid in March
-V. 104. D. 458.
'
last, when dividends were resumed after a lapse of over two years. The
semi-annual 3% on the pref stock was also declared payable
Union Oil Co. of California, Los Angeles.-Quarterly regular
May 10 to holders of record May 1. See V. 104, p. 670.
signed by Pres.
Statement.

W. L. Stewart and.
-A circular
Comptroller It. D. Matthews as of April 5 1917, shows:




For Other Investment News, see page 1505.

1496

[VOL. 104.

THE CHRONICLE

friaorts and. Poicnnunts.
ERIE RAILROAD COMPANY
TWENTY-SECOND REPORT-FOR THE YEAR ENDED DECEMBER 31 1916.
GENERAL FREIGHT.
New York, April 10 1917.
The total revenue freight traffic of the Company for the
To the Bond and Stock Holders of the Erie Railroad Company:
The following report of the operations and affairs of your year, including merchandise, coal and coke, was 44,359,341
Company for the year ended December 31 1916 is respect- tons, an increase of 4,384,345 tons, or 10.97 per cent.
The number of tons of revenue freight hauled one mile
fully submitted by the Board of Directors:
was 9,770,367,097, an increase of 1,205,732,722 ton miles,
or 14.08 per cent.
MILEAGE.
The total revenue derived from haulage of freight was
Table No. 1 shows in detail the mileage of road operated $57,104,901
96, as compared with $50,568,092 06 for the
December 311916, from which you will note that the Com- previous year,
an increase of $6,536,809 90,or 12.93 per cent.
pany:
The average freight revenue per ton per mile was .584 cent,
Miles.
Owns in fee or controls by ownership of entire capital stock
1,744.60 as compared with .59 cent for the last year, a decrease of
160.31
Controls by ownership of a majority of capital stock
Leases
276.96 .006 cent, or 1.02 per cent.
In addition to the above, 4,801,270 tons of Company's
Has trackage rights over
75.53
Total mileage operated
2,257.40 freight were hauled, making the total tonnage 49,160,611
Has restricted trackage rights over
131.20 tons.
Owns and leases to other companies
12.37
In hauling this tonnage 13,988,697 train miles were run,
Leases and re-leases to other companies
2.35
Controls lines operated independently
37.87 an increase compared with the last year, of 1,283,489 train
miles, or 10.1 per cent.
Total mileage controlled but not operated
183.79
The average distance each ton of revenue freight was
Grand Total
2,441.19
hauled was 220.255 miles, an increase of 6.005 miles, or
-of which 1,259.1 miles, or 51.58 per cent have second 2.8
per cent.
track, 18.47 miles have third track and 18.42 miles have
The revenue per freight train mile was $4 08 as compared
fourth track.
with $3 98 for 1915, an increase of 10 cents, or 2.57 per cent.
The increase of 15.9 miles in second track operated is due The
average train load of revenue freight was 698.45 tons,
to construction of track between Lomax and Griffith, Ind., an
increase of 24.35 tons, or 3.61 per cent. Including Com16 miles; less correction in mileage of line at Jersey City, pany's
freight, the average train load was 749.97 tons, an
N.J., .1 mile.
increase of 17.04 tons, or 2.32 per cent. The average carload of revenue freight was 22.67 tons, an increase of .74
OPERATING REVENUES AND EXPENSES.
ton, or 3.37 per cent. Including Company's freight, the
The following statement shows the gross operating average carload was 24.34 tons, an increase of .5 ton, or
revenues, operating expenses, and operating income for the 2.1 per cent more than for the year 1915.
years ended December 31 1916 and 1915.
PASSENGER.

REVENUES.

The total number of passengers carried during the year
1916.
1915.
'was 28,381,417, an increase of 1:612,369, or 6.02 per cent.
$30.178,235 08 $34,205,143 97
Merchandise
The number of passengers carried one mile was 628,394,532,
17,926,666 88 16.362,948 09
Coal
Passenger
10,100,378 12 9.424,489 48
an increase of 37,741,554 passenger miles, or 6.39 per cent.
503,512 03
465,353 07
Mail
The increase in gross revenue therefrom was $675,888 64,
2,259,248 91
2,039,600 72
Express
or 7.17 per cent.
1.157,79891
1,093,399 13
Milk
Miscellaneous
1,673,930 34
1,494,094 69
The average fare received from each passenger per mile
315,053 31
Water line
was 1.607 cents, an increase of .011 cent, or .69 per cent.
Incidental
1,518,785 56
1,046,767 76
7,294 14
10,130 54
Jointfacility-net
The average distance traveled was 22.14 miles, an increase
Gross operating revenues$74,311.261 69 $66.436,719 68 +$7,874,542 01 of .08 mile, or .34 per cent.
The average fare received from each passenger was 35.59
EXPENSES.
Inc.(+)or
cents, an increase of .38 cent.
1916.
1915.
Dec.(-)•
The passenger train mileage was 9,981,383 train miles,
Maintenance of way and
$6,369,300 87 $5,630,281 32 +5739,019 55 an increase of .13 per cent.
structures
Maintenance of equipment 15,009,918 88 11,484,232 70 +3,525,686 18
The passenger train revenue per train mile was $1.415,
1,339,635 42
+10,580 46
1,350,215 88
Traffic
Transportation-Rail line_ 28,615,887 49 22,923,085 19 +5,692,802 30 an increase of 7.25 per cent.
287,497 44
-287,497 44
Transportation-Water line
the average number of passengers in each train was 62.96,
474,682 18
401,214 67
+73,46751
Miscellaneous operations__
1,466,836 89
4-238,245 31 an increase of 3.71 passengers, or 6.26 per cent.
1,705,082 20
General
Transportation for investThe average number of passengers in each car was 17.15,
+44,714 70
71,386 67
116,101 37
ment-Cr
an increase of .71 passengers, or 4.32 per cent.
553,453.700 83 $43,416,682 26+810,037,01857
Operating expenses
Of the total number of passengers carried, 27,512,486
2,220,333 22 2,206,407 16
+13,926 06
Railway tax accruals
were local and 868,931 were interline passengers, both the
Uncollectiblo railway rev8,627 66
-39,031 02 local and interline traffic showing an increase in number of
47,658 68
enues
passengers carried and average revenue received per passenexpenses.
Operating
355.682,661 71 $45,670,748 10+310,011,913 61 ger per mile.
taxes, etc
Inc.(+)or
Dec.(-).
+54.973,091 11
+1,563.718 79
+675,888 64
+38,158 96
+219,648 19
+64.39978
+179,835 65
-315,053 31
+472,017 80
+2,836 40

Operating income

$18,628.599 98 520,765,971 58 -$2,137,371 60

Ratioofoperating empenses,
taxes, etc.. to operating
revenues
Ratio of operating expenses
to operating revenues_ _ _

74.93%

68.74%

6.19%

71.93%

65.36%

6.58%

OPERATING REVENUES.

MAIL.

Revenue from the transportation of United States Mail
increased $38,158 96, or 8.2 per cent.
EXPRESS.

Revenue from the transportation of express for the year
amounted to $2,259,248 91, an increase of $219,648 19, or
10.77 per cent.
MILK.

MERCHANDISE.
Revenue from transportation of milk was $1,157,798 91,
The merchandise tonnage for the year was 25,277,010 an increase of $64,399 78, or 5.89 per cent.
tons, an increase of 2,942,174 tons or 13.17 per cent.
MISCELLANEOUS.
The increase in revenue from haulage of merchandise was
Revenue from miscellaneous sources was $1,673,930 34,
$4,973,091 11 or 14.54 per cent more than for the previous
an increase of $179,835 65, or 12.04 per cent.
year.
INCIDENTAL.
A detailed statement of the commodities hauled is shown
Under this heading are included revenues from the operin Table No. 18 [pamphlet report].
ation of dining cars and restaurants, demurrage charges,
COAL AND COKE.
privileges. This account
The total coal and coke tonnage for the year was 19,082,331 storage and station and train
tons, an increase of 1,442,171 tons, or 8.18 per cent more shows an increase of $472,017 80, as compared with 1915, or
45.09 per cent.
than for the previous year.
JOINT FACILITY.
The anthracite tonnage was 9,312,088 tons, a decrease of
accounts
shows an increase in revenue for
The
net
of
these
per
cent
less
than
for
the
previous
or
1.31
124,005 tons,
ended December 31 1916 of $2,836 40, as comyear
the
year.
The bituminous tonnage was 8,636,187 tons, an increase pared with 1915.
OPERATING EXPENSES.
•
of 1,531,333 tons, or 21.55 per cent more than for the previous
MAINTENANCE OF WAY AND STRUCTURES.
year.
The expense of Maintenance of way and structures was
The coke tonnage was 1,134,056 ton an increase of
$6,369,300 87, an increase of $739,019 55, or 13.13 per cent.
34,843 tons, or 3.17 per cent.
The revenue from haulage of coal and coke increased The details of this account are shown in table No. 10 [pamphlet report].
$1,563,718 79, or 9.56 per cent.
51 bridges were reconstructed or are in the course of reThe coal and coke tonnage was 43.02 per cent of the total
construction, 388 rAnaired and 115 repainted.
revenue tonnage hauled.




APR. 14 1917.]

THE CHRONICLE

1497

28,333 tons of new 100-pound, 706 tons of new 90ADDITIONS AND BETTERMENTS-INCOME.
pound, and 82 tons of new 80-pound steel rails were laid
During the year $513,832 65 has been appropriated from
with the necessary frogs, switches, etc.
Income for additions and betterments to the property, as
750,840 cross ties and 2,280,271 feet of switch timber were follows:
track,
with
538,745 tie plates.
used in the
Engineering
$15,233 01
for transportation purposes
5,119 18
116.54 miles of track were fully ballasted and 21.03 miles Land
Grading
Cr.6,456
53
partially
were
ballasted.
of track
Tra
Bi
isges,
d
trestles and culverts
138.423 55
Cr.19,456 93
71.7 miles right-of-way fences were built.
Rails
127.633 69
15.7 miles of passing and other sidings and 8.2 miles in- B
Otalhleas
r ttrack material
131,733 66
dustrial side tracks were constructed.
234,691 38
Track
laying
and
surfacing
5,245 44
were
stations
constructed
at
Harrison
Street
New
(Passaic), Right-of-way fences
1.050 32
Ridgewood, Oxford, Little Falls, Haskell and Niles. At Crossings and signs
64,262 50
Station
and
office'buildings
110,286
37
Street
Prospect
(Passaic), Southfields, Otisville, Arden, Roadway buildings
9,055 20
Palisades Park and Fairview the stations were rebuilt.
Water stations
13,929 56
Shops and enginehouses
Wharves and docks
Coal and ore wharves
Telegraph and telephone lines
Signals and interlockers
Power plant buildings
Power transmission systems
Power line poles and fixtures
Miscellaneous structures
Paving
Roadway machines
Assessments for public improvements
Other expenditures-Road
Shop machinery
• 15 Freight-train cars (partial payment)
8,400 Box cars (partial payment)
700 Refrigerator cars
250 Produce cars
350 Caboose cars (partial payment)
259 Cinder cars (partial payment)
14 Gravel dump cars
1 Locomotive crane (balance)
1 Rail Loader
7 Automobiles
Miscellaneous improvements to equipment

MAINTENANCE OF EQUIPMENT.

59,960 34
44.309 12
1,940 98
17,010 40
12.690 64
128 95
483 99
1.372 30
10,844 36

Maintenance of equipment expenses were $15,009,918 88, an increase of $3,525,686 18, or 30.7 per cent more
than for the previous year. The details are shown in table
No. 10 [pamphlet report].
The total tractive power of steam locomotives is 54,473,230 pounds, an increase of 3,973,890 pounds.
23,6
43
10
88
45
2
10.416 02
The total number of steam locomotives on December 31
Cr.10,884 98
1916 was 1,461, an increase of 28; 58 new locomotives were
19.651 73
7.755 60
received, and 30 old locomotives were scrapped. One gaso500.013 79
line locomotive was purchased during the year.
479,436 81
305.776 25
The average age of steam locomotives is 14 years 7 months.
77,481 99
The average mileage made by locomotives other than
37,825 26
8,400 00
motor was 24,953 miles, an increase of 1,992 miles, 8.68
2,245 36
per cent.
2,722 50
The average mileage made by motor cars was 32,641 miles,
4,749 11
405.708 87
an increase of 1,371 miles, 4.38 per cent.
Two ferry boats, thirteen covered barges, two open
$2,854,839 06
Less credits account of property destroyed or
barges and two car floats were purchased, and eight open
barges were converted into covered barges. One tug boat sold as follows:
Steam locomotives
$144,662 57
was sold and one was condemned. The floating equipment Freight-train
cars
2,048,498 79
was fully maintained. The changes in equipment during Passenger-train cars
73,961 45
Work equipment
23,467 65
the year are shown in table No. 14 [pamphlet report].
Floating equipment
50,415 95 2,341,006 41

TRAFFIC.

Traffic expenses increased $10,580 46, or .79 per cent.

Total

TRANSPORTATION-RAIL LINE.

Transportation-Rail line expenses were $28,615,887 49,
an increase of $5,692,802 30, equal to 24.83 per cent. Details of this account are shown table No. 10[pamphlet report].
MISCELLANEOUS OPERATIONS.

Miscellaneous operations expenses, the principal items
being dining cars and restaurants, show an increase of
$73,467 51, or 18.31 per cent, for the year 1916, compared
with the year 1915.
GENERAL.

General expenses were $1,705,082 20, compared with $1,466,836 89 for the previous year, an increase of 16.24 per
cent, as per detail shown in table No.10[pamphlet report].

The balance outstanding Dec. 31 1915 on
Equipment Obligations was
$13,166,982 98
Payments made during the year
2,889,982 98
Leaving a balance of
$10,277,000 00
Equipment Obligations were made during the year covering:
68 Steam locomotives
3,000 Gondola cars
23 Steel coaches
35,525,000 00
1 Steel baggage car
3 Steel combined passenger-baggage
cars
Payments made during the year
489,000 00
Leaving a balance of

Engineering
3113,031 45
Land for transportation purposes
618,730 85
Grading
483,040 54
Bridges, trestles and culverts
264,997 76
----------------------------Ties
230,541 84
_ - _ -Rails- _ -351,196 73
Other track --------128,447 90
---------------Ballast ----- _
80,275 67
Track lay-fill and st-tifa-cing223,861 36
------------------------------fences
Right-of-way
316 53
_
Crossings and signs__
152,195 94
Station and office buildings
75,993 35
----------------------------Water stations
264 35
Fuel stations--- _
34,575 94
- - ---------------- -------- Shops and engineh-ouses- 157,390 69
Storage warehouses
83 17
Wharves and docks
4,600 00
Coal and ore wharves--201,876 23
Telegraph and telephonelines
97,151 81
Signals and interlockers
101,188 45
Power distribution systems---------------417 97
Miscellaneous structures_
14,087 44
Roadway small tools- _ -- _
717 53
expenditures-Road
Other
12,318 37
Shop machinery----------------------86,407 21
Law expenditures-----------------------------------3.524 54
Total-----------------------------------------33.437,233 62

ADDITIONS AND BETTERMENTS-EQUIPMENT.
Capital has beer.i charged during the year with $235,287 30
for additional equipment as follows:

Less credits account sale of property
Total




5,036.000 00

Equipment Obligations outstanding Dec.31 1916
PRINCIPAL.

RAILWAY TAX ACCRUALS.
Taxes for the year were $2,220,333 22.
ADDITIONS AND BETTERMENTS-ROAD.•
Additions and Betterments Capital for the year is charged
with $3,437,233 62, as follows:

11 Steam locomotives (balance)
(partial payment)
96 Steam locomotives
1 Gasoline locomotive
payment)
3,000 Gondola cars (partial
(partial payment)
27 Steel passenger cars
2 Stool dining cars (partial payment)
2 Ferry boats
••
2 Steel r loat balance
12 Barges--------------------------------8 Lighters
1 Steam lighter (partial payment)
4 Wooden car floats (partial payment)
3 Covered barges-------------------------8 Lighters and 4 barges (partial payment)
5 Barges and 6 scows (partial payment)
10 Barges (partial payment)
Freight houses on 8 barges
8 Locomotive cranes (partial payment)

$513,832 65

EQUIPMENT OBLIGATIONS.

$235,287 30

INTEREST.

SERIES.
Outstanding. I

a
U
V
AA
BB
CO
DD
Wells Fargo &
Co
Wells Fargo &
Co
Baldwin Loco.
Works

Payable.

Date of
Maturity.

Rate.

Amount.

June & Dec. June 1 19161 4%
$5, 33 33
May & Nov. Nov. 1 1916 4%
2,526 67
$29,000,Feb. & Aug. Feb. 1 1917 4 0
2.17500
214,000,Jan. & July July 1 1917 5
13,375 00
July
July 1 1917 5
58.000 Jan. &
3,625 00
304,000 April & Oct. Oct. 1 1917 5
22,800 00
100,000 April & Oct. Oct. 1 1917 5
7,500 00
2,300,000 Feb. & Aug. Aug. 1 1921 4
110,400 00
1,296,000 Feb. & Aug. Aug. 1 1922 4
61.56000
1,200.000 June & Dec. Dec. 1 1922 4
60,000 00
858,000 June & Dec. June 15 1923 5
47,575 00
1,645.000 Jan. & July July 1 1923 5
85,200 00
June 15 1923 5
June
700.000
37,291 68
784,000 Mar.& Sept. Sept. 1 1923 5 Q
41.533 32
720,000 Feb. & Aug. Aug. 1 1924 41% 33,750 00
3,849,000 June & Dec. Dec. 1 1925
% 198,297 50
1,187,000 June & Dec. June 1 1926 43i% 32,576 25
June & Dec. Dec. 1 19161 5%
1,266 67
69,000 May & Nov. May 20 1918 5%
4,913 06
Quarterly
$15,313,000

Dec. 28 1916. 6%

2.736 85
$774,935 33

CAPITAL STOCK.
The Company's outstanding Capital Stock remains unchanged.
Common
Non-cumulative 4% First Preferred
Non-cumulative 4% Second Preferred
Total

Authorized.
Issued.
3153,000,000 $112,378,900
48,000,000
47,892,400
16,000,000
16.000,000
$217,000,000 $176,271,300

BONDED DEBT.
Of the bonds secured by the First Consolidated Mortgage
Deed, an additional $2,373,000 General Lien Bonds were
issued during the year. Of the Convertible Fifty Year Gold
Bonds secured. by the General Mortgage of April 1 1903,
$10,000,000 were issued during the year.
The total amounts of bonds issued under these mortgages
are:

$49 90
10,191 54
10,013 20
10,152 77
11,413 14
366 87
48,365 83
5,15230
56,501 64
20,814 18
22,135 04 First Consolidated Mortgage Deed:
Prior Lien Bonds
68,336 10
General Lien Bonds
20.600 00
5,850 00 General Mortgage:
Convertible
Bonds
4,500 00
8,332 29
COLLATERAL
16,323 81
28,823 81
The amount of Collateral gold
$347,922 42
112,635 12

315,313,0., JO

335.000,000
55.097.000
42,000.000

NOTES.
notes outstanding Dec. 31
1916 was $9,280,000, which represents the unpaid balance of
an original issue of $13,500,000 issued April 1 1914, which
mature April 1 1917.

1498

THE CHRONICLE
INCOME STATEMENT.

Gross Operating Revenues
$74,311,261 69
Operating Expenses, Taxes and Uncollectible Revenues__ - _ 55.682,661 71
Operating Income
Non-operating Income

$18,628,599 98
3,754,230 08

Gross Income
Deductions from Gross Income

$22,382,830 06
16,355,165 63

Net Income
Applied to Sinking Funds
$881,920 04
Appropriated for Additions and Betterments
513,832 65
Surplus

$6,027,664 43
1,395,752 69
$4.631.911 74

FINANCIAL.
The financial condition at the close of the fiscal year is
shown by the Condensed General Balance Sheet, Table 4.
Statements of charges to "Additions and Betterments"
shown herein explain the increases in the accounts "Investment in road and equipment" and "Improvements on leased
railway property," except for $1,188,979 99 representing the
original cost of the Erie Railroad Lake Line steamers acquired
in 1896, which were sold during the year.
There is an increase of $878,156 07 in the account "Sinking funds," representing principally increased balance in
Pennsylvania Collateral sinking fund.
The increase in "Investments in affiliated companiesStocks" is principally explained by the purchase of the entire
capital stock of the Dunmore Iron & Steel Company, and
one-half the capital stock of The Lorain Ashland & Southern
Railroad Company,as referred to under "General Remarks."
The increase in "Bonds" is principally accounted for by the
acquisition of first and second mortgage bonds of The Lorain
Ashland & Southern Railroad Company,first mortgage bonds
of the Corning & Painted Post Street Railway, and consolidated mortgage bonds of the Chicago & Western Indiana,
Railroad Company. The increase in "Notes" is due to demand note of The Long Dock Company to cover advances
made during the year. The decrease in "Advances" is explained by payments applying on account of advances heretofore made for construction purposes, less a number of
minor additional amounts advanced during the year.
The increase in "Other investments-Stocks' is due to
minor acquisitions during the year. The increase of $176,400
in "Bonds" represents bonds of the Great Lakes Transit
Corporation acquired in connection with the sale of Erie
Railroad Lake Lino steamers, referred to in previous year's
report. Decrease in "Notes" is principally explained by
payment of note of the Chicago Milwaukee & St. Paul Railway Company. Increase in "Miscellaneous" is due to minor
acquisitions during the year. The increase in "Special deposits" is principally due to proceeds of sale of equipment
trust certificates deposited with the trustee for purchase of
additional equipment covered by trusts, Series 'CC" and
"DD," and balance of proceeds of sale of convertible bonds
on deposit wtih fiscal agents, which sale is mentioned under
"General Remarks."
"Working fund advances" decreased $1,890 11, generally
explained by decrease in working fund of the Erie Despatch
Fast Freight Line.
The decrease of $11,000,000 in "Securities issued or
assumed-Pledged-Bonds" is due to the release of $1,000,000 General Lien Bonds and $10,000,000 Convertible Bonds
pledged under the Collateral Indenture as security for payment of notes which matured and were retired April 1 1916.
The increase of $3,745,900 in "Securities issued or assumedUnpledged-Bonds" is explained by the $1,000,000 of
General Lien bonds referred to above, $2,373,000 received
from the Trustee during the year in reimbursement for a
like amount of Buffalo New York & Erie Railroad Company First Renewal Bonds retired during the year,and $372,900 of Convertible Bonds, being balance of such bonds released from pledge as explained above.
The increase in "Equipment obligations" is explained
above.
The increase of $9,953,000 in "Mortgage bonds" is explained by receipt from Trustee of an additional $10,000,000
of Convertible Bonds, less reduction by transfer to "Funded
debt matured unpaid" of $7,000 representing the amount
of Buffalo New York & Erie Railroad First Renewal Bonds
unpresented for payment to December 31 1916, and the
retirement of $22,000 Erie & Jersey Railroad Company First
Mortgage Bonds and $18,000 Genesee River Railroad Company First Mortgage Bonds under the provisions of their
respective sinking funds.
The decrease in "Collateral gold notes," $4,000,000, is
explained by retirement through payment of this amount
of the three-year notes which mature April 11917.
The increase of $36,591 18 in "Miscellaneous obligations"
is due to mortgages upon property purchased during the year,
less payments of obligations issued for construction work.
The decrease in "Loans and bills payable" is principally
explained by retirement of $10,000,000 notes which matured
April 1 1916, less issuance of one-year note, $1,200,000, in
connection with the purchase of the securities of The Lorain
Ashland & Southern Railroad ,Company, referred to under
General Remarks.
An increase of $1,355,292 42 will be noted in the account
"Accrued depreciation-Equipment."
Of the increase of $838,370 04 in account "Sinking fund
reserves," $835,373 37 is accounted for by providing an
amount of 10 cents per ton on coal mined from the mines of



[vol..

104.

the Pennsylvania Coal Company during the year, together
with interest accrued on the Erie Railroad Company Pennsylvania Collateral Bonds purchased by the Trustee and
held in the Trust Account. The balance in this account represents amounts payable to the Trustee, under the terms of
the sinking funds providing for the retirement of the First
Mortgage Bonds of both the Erie & Jersey and Genesee
River Railroad Companies.
The securities for construction purposes turned over by
the Erie Reorganization Committee have been converted
into cash, as follows:
Value as placed
Cash
on the Books
Realized
January 1897.
from Sale.
$115,200 00 Buffs° & Southwestern RR.2d Lien Bonds__ $126,720 00
405,000 00 Erie Railroad Company Prior Lien Bonds_ _ __ 414,000 00
364,055 22 New York & Greenwood Lake Railway'Co.
Prior Lien Bonds
385,570 22
1,034,400 00 Erie Railroad Company General Lien Bonds.._ 1,214,908 93
630,000 00 Delaware & Hudson Exclusive Car Trust Ctfs_ 630,000 00
202,000 00 Car Trust of New York Certificates
202,000 00
$2,760,655 22
$2,973,199 15

In addition to these securities there have been certified by
the Trustee of the Erie Railroad Company First Consolidated
Mortgage Deed and turned over to your Company in reimbursement for expenditures already made, $5,000,000 Erie
Railroad Company Prior Lien Bonds;and $16,000,000 Erie
Railroad Company General Lien Bonds, and by the Trustee
of the Erie Railroad Company General Mortgage $42,000,000 Erie Railroad Company Convertible Bonds.
Of these securities the following have been converted into
cash:
Par
Cash Realized
Value. •
from Sale.
$5,000,000 00 Erie Railroad Company Prior Lien Bonds__ $4,539,884 27
3,000,000 00 Erie Railroad Company General Lien Bonds_ 2,484,111 11
40,642,100 00 Erie Railroad Company Convertible Bonds_ 35,898,035 00
$42,922,030 38
$48,642,100 00

leaving still owned by the Company:
Erie Railroad Company General Lien Bonds
Erie Railroad Company Convertible Bonds

$13,000,000 00
$1,357,900 00

From December 1 1895 to December 31 1916 the Company has received cash from all sources for Construction and
Equipment purposes, as follows:
$500,000 00
500,000 00
4,343,850 13
2,973,199 15
7,023,995 38
35,898,035 00
230,227 05
2,500 00
457,867 50
740,000 00
107,989 22

Sale of The Erie & Wyoming Valley RR. Co. capital stock.
Settlement of account with the National Transit Co.
From the Erie Reorganization Committee.
Proceeds of sale of securities received from the Erie Reorganization Committee.
Proceeds of sale of securities received from the Farmers'
Loan & Trust Company Trustee.
Proceeds of sale of securities received from the Standard
Trust Company of New York, Trustee.
Proceeds of sale of securities received for the purchase of
Erie & Wyoming Valley Railroad equipment.
Sale of Pittsburgh Chartiers & Youghiogheny RR. Co.
bonds acquired from the Receivers of the New York
Lake Erie & Western RR. Co.
Sale June 1 1899 of capital stock of the Northern Railroad
Company of New Jersey, originally paid for by the Erie
Reorganization Committee from construction funds.
Sale of Union Dry Dock property and franchises.
Special tax deposit.made by Erie Reorganization Committee, returned June 14 1901 by the British Government.

$52,777,663 43

This amount has been applied to partially reimburse the
Company for the following expenditures:
$457,867 50 Purchase of Northern Railroad Company of Now Jersey
capital stock.
1,729,611 68 New York Lake Erie & Western RR. Co. car trusts.
176,000 00 Payment.of mortgages on real estate.
348,377 50 Disbursed on account of Union Steamboat Co. in liquidation of its affairs and in building or acquiring additional
property.
111,241 84 Liquidating Receivership New York Lake Erie & Western Railroad Company.
35,562,027 72 New Construction.
54,735,931 25 New Equipment.
4993,121,0-57 49

Your Company has expended from current cash for construction and equipment purposes from December 1 1895
to December 31 1916 $40,343,394 06, for which it has not
been reimbursed from the sale of securities.
The amount shown as expended for "New Equipment"
includes payments aggregating $18,222,953 50 for locomotives and cars purchased under the "trust" plan, and not
yet fully paid for.
GENERAL REMARKS.
The modifications of the terms of the General Mortgage,
to which reference was made in the report for 1915, were
completed and bonds, as contemplated, to the amount of
$19,627,100 were issued and disposed of to stockholders,
holders of Series B convertible bonds, and to an underwriting
syndicate.
During the year the stockholders, at a special meeting,
authorized the execution of a Refundting and Improvement
Mortgage to secure bonds from time to time to be issued
thereunder for an aggregate principal amount not exceeding
$500,000,000 at any one time outstanding, the bonds to be
issuable in one or more series, the date, rate of interest, date
of maturity and other provisions of the bonds of each series
to be such as from time to time shall be fixed by the Board
of Directors. It had been the hope of your Company that
financial conditions would permit the issue and sale of such
bonds upon satisfactory terms. The international situation
and labor conditions, however, are such as to preolude the
sale of the bonds in the near future and recourse will be had
to the issue of $15,000,000 two-year five per cent notes, the
praceeds of the sale of which will be used in part to retire the
outstanding balance of the $13,500,000 five and ono-half
per cent notes maturing April 11917,and,in part,in anticipation of the sale of long term bonds, to reimburse the Company for expenditures heretofore made for capital purposes,

Ara. 14 1917.]

1499

THE CHRONICLE

and to place it in funds for further betterment work designed
to increase revenue and reduce operating cost.
On June 1 1916 $2,380,000 Buffalo New York & Erie
seven per cent Renewal bonds matured,of which $2,373,000
were presented and paid, your Company receiving in reimbursement, under the terms of the Consolidated Mortgage,
a like amount of General Lien four per cent bonds.
Long pending negotiations having in view amendments of
the lease of the Cleveland & Mahoning Valley Railway,
that portion of your line from Cleveland to Youngstown,
are about completed. A lease of the road in perpetuity will
be secured to your Company, enabling it to make important
improvements at, Youngstown, Ohio, and at other points
along the line of that road.
Extensive freight and engine terminals, estimated to cost
$700,000, are under process of construction at Croxton,N.J.
During the year a one-half interest in the Lorain Ashland
& Southern Railroad Company was purchased.
Your Company purchased the stock control of the Dunmore Iron & Steel Company heretofore held by the Pennsylvania. Coal Company, through which lands, shops and
machinery.at Dunmore, Pa., essential in the operation of
the Wyoming Division, were secured to the Erie Railroad
Company.
123 new industries and new factories were located on the
line in 1916, and 91 industries built additions to their plants,
from which it is estimated your Company will secure an
annual revenue of over $1,600,000. 71 side tracks (7.7
miles) were constructed, the.cost of which was three per
cent of the estimated annual increase in business due to the
construction of the tracks.
The augmented business in 1916 is reflected in the increase
in cost of Maintenance of Equipment. Locomotive mileage
increased over ten per cent and freight car. mileage over six
per cent, necessitating greater general repairs to locomotives
and cars, and the account was further increased by advances
in cost of labor and material, in a considerable number of
cases of more than one hundred per cent.
Arbitration of their demands having been refused by the
representatives of the engineers, conductors, firemen and
trainmen, Congress in September 1916,at the request of the
President, passed the Adamson Act, giving those classes of

employees the demanded increase in wages. The contemplated strike was held in abeyance pending the decision
of the Supreme Court as to the constitutionality of the Act,
the railroad companies being instructed to keep their records
from January 1 1917, on such basis as would enable them to
pay the advances in compensation if the decision of the
Court held the Act to be constitutional. The Court having
so decided, so soon as arrangements can be made your Company will make the necessary disbursements covering the
Increased compensation, which, under existing conditions,
will amount to approximately $1,800,000 per year. Price
lists and cost sheets of corporations other than railroads
disclose the fact that they are enabled to meet increasing
costs and outlays through increased return on their output.
To the transportation companies this means of recouping is
denied. Their taxes are increased; their personal liability
account has been trebled; the cost of current supplies is
greater than ever before in their history. To provide for
these increases, to enable them to properly maintain their
property and to meet the insistent demand for additional
facilities the railroad companies should receive an increase
in rates, and an earnest effort will be made to bring this
about.
The necessity for greater revenue daily becomes more
evident. While the results for the first seven months of the
year show a satisfactory increase, the net returns during the
remainder of the year show a marked reduction. The
expenditures heretofore made and being made can earn a
return onlyunder different conditions than now exist.
Adjustment in all wages has been necessary to retain men in
the service, which with the advance in prices of material and
supplies have offset the prospective profits for the year and
will have their effect on the net earnings of the year 1917.
During the year $32,227,181 27, equivalent to 60.29 per
cent of the Operating expenses, was paid by the Company
direct to labor. The average number of employees was
38,332.
The efficient services of the officers and employees are
hereby acknowledged.
By order of the Board,
Respectfully submitted,
FREDERICK D. UNDERWOOD,President.

TABLE 4.-CONDENSED GENERAL BALANCE SHEET. COMPARATIVE-DECEMBER 31 1916, AND DECEMBER 31 1915.
_
ASSET SIDE.
Dec. 311915.
December 31 1916.
INVESTMENTS:
Investment in road and equipment
8306.410,098 94
$307,790,114 43
Improvements on leased railway property-Since June 30 1914
1,536,617 53
3.153,975 62
Sinking funds
7,890,824 50
9,768,980 57
Deposits in lieu of mortgaged property sold
300 00
300 00
Investments in affiliated companies:
Stocks
93,901,154 26
$94,201,634 26
Bonds
36,167,132 56
37,368,119 87
Notes
1,433,050 00
2,133,050 00
Advances
7.081,718 29
6,482,484 01
140,185,288 14
:
Other investments
Stocks
127,811 00
8129,809 00
Bonds
6,000 00
182,400 00
Notes
32,455 78
5,546 65
Miscellaneous
1,810 37
15.567 08
333,322 73
CURRENT ASSETS:
Cash
9,665,484 83
$6,304,969 99
ae;;;:xiiti
Special
127,312 02
7,701,960 51
Loans and bills receivable
22,370 64
7.135 02
Traffic and car-service balances receivable
970.390 29
_
992.377 35
receivable
from agents and conductors
Net balance
1,687,560 64
2.717,397
59
Miscellaneous accounts receivable
2,700,205 54
3,227.195 64
Material and supplies
4,386,100 72
5,552,237 48
Interest and dividends receivable
218,580 12
269,846 63
26,773,120 21
DEFERRED ASSETS:
Working fund advances
29,724 08
127.833 97
Other deferred assets
218,402 76
235,859 36
263,693 33
UNADJUSTED DEBITS:
and
insurance
Rents
premiums
paid
in advance
134,498 28
$147,725
52
Other unadjusted debits
694,472 46
346,523 62
Securities issued or assumed-Piecig&i:fiOW&
27.824,000 00
16,824,000 00
Securities issued or assumed-Unpledged-Bonds
3,745,900 00 21,064,149 14
$503,268,075 61

$508,332,944 17
LIABILITY SIDE.

STOCK:
Capital stock:
Common
First preferred
Second Preferred Non-cumulative
LONG TERM DEBT:
Equipment obligations
13,166,982 98
180,510.900 00
Mortgage bonds
37.699,500 00
Collateral trust bonds
13.280,000 00
Collateral gold notes
Miscellaneous obligations
907,069 06

$112,378,900 00
47,892,400 00
16,000,000 00

10,026,000 00
2,190,899 89
5,165,223 80
295,857 23
2,098.856 68
17,787 00
391,225 00
1,969.896 18
608,915 19

CURRENT LIABILITIES:
Loans and bills payable
Traffic and car-service balances ----------Audited accounts and wages payab e
Miscellaneous accounts payable
Interest matured unpaid__ --Dividends matured unpaid-Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued--

DEFERRED LIABILITIES:
Other deferred liabilities-------UNADJUSTED CREDITS:
Accrued depreciation-Equipment
9,837,359 59
Other unadjusted credits
320,229 49

$112,378,900 00
47,892.400 00
16,000,000 00
$176,271,300 00
915,313.000 00
190,463,900 00
37.699.500 00
9,280,000 00
943,660 24
253,700.060 24
$1,219,000 00
3,080,834 62
6.758.151 03
227,722 23
2,162,721 68
13.935 00
398,225 00
1,945,977 40
815,238 38
16,621.805 34

164,080 31

..
CORPORATE SURPLUS:
Additions to property through income and surplus
Funded debt retired through income and surplus
Sinking fund reserves
7,833,914 03
Profit and loss-Balance
33,599,222 77
6,912.856 41

1503,268,075 61




218,774:88
$11,192,652 01
382.124 72
11.574.776 73
$7,426,689 06
43,550 00
8,672,284 07
33,803,703 85

49,946.226 98
1508,332.944 17

[VoL. 104.

THE CHRONICLE

1500

TABLE 2.-INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31 1916.
Railway Operating ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic
Transportation-Rail line
Miscellaneous operations
General
Transportation for investment-Cr
Railway tax accruals
Uncollectible railway revenues
Total Operating Expenses, Taxes and
,Revenues
DeductionsHire of freight cars (balance)
Rent for locomotives
Rent for passenger-train cars
Rent for floating equipment
Rent for work equipment
Joint facility rents
Rent for leased roads
Miscellaneous rents
Separately operated properties-Loss
Interest on funded debt:
Equipment obligations
Bond's and collateral gold notes
Serial five per cent gold notes
Mortgages
Construction obligations
Interest on unfunded debt
Amortization of discount on funded debt_ _
Maintenance of investment organization_ _
Miscellaneous

$6,369,300 87
15,009,918 88
1,350,215 88
28,615,887 49
474,682 18
1,705,082 20
71,386 67
$53,453,700 83
$2,220,333 22
8,627 66
2,228,960 88
Uncollectible
$55,682,661 7,1
$1,986,186 06
60,841 37
149,683 04
208,945 61
6,086 67
875,208 22
2,245,030 98
58,767 02
78,224 80

Net income for year
Applied to sinking and other reserve funds
Appropriated for investment in physical
property

$6,027,664 43
$881,920 04
513,832 65

1,395,752 69

Balance for year transferred to the credit of Profit & loss.._ $4,631,911 74
Railway Operating Revenues$39,178,235 08
Merchandise
17,926,666 88
Coal
10,100,378 12
Passenger
503,512 03
Mall
2,259,248 91
Express
1,157,798 91
Milk
1,673,930 34
Miscellaneous
1,518,785 56
Incidental
6,489 17
Joint facility-Cr
' 13,783 31
Joint facility-Dr
$74,311,261 69
Total Railway Operating Revenues
Non-Operating Income$191,682 40
Rent from locomotives
151,987 58
Rent from passenger-train cars
774 00
Rent from floating equipment
13,863 71
Rent from work equipment
781,229 55
Joint facility rent income
23,700 00
Income from lease of road
202,616 94
Miscellaneous rent income
176,700 11
Separately operated properties-Profit _ _ _
2,042,420 50
Dividend income
40,263 11
Income from funded securities
Income from unfunded securities and ac126,313 27
counts
2,678 91
Miscellaneous income
3,754,230 08
Total Non-Operating Income

774,935 33
9,545,406 53
6,375 00
22,542 20
12,155 58
200,231 59
86,204 42
4,941 90
33,399 11
16,355,165 63
6,027,664 43

Total Deductions
Net income

$78,065,491 77

$78,065,491 77

TABLE 3.-PROFIT AND LOSS .STATEMENT, YEAR ENDED DECEMBER 31 1916.

$5,152,408 03
Balance credit Dec.311918,carried to General Balance Sheet 33,803,703 85

Credits:
$33,599,222 77
Balance December 31 1915
Credit balance transferred from income_ _34,631,911 74
5,861 67
Unrefundable overcharges
9,934 05
Donations
709,181 65
Miscellaneous credits
5,356,889 11

$38,956,111 88

$38,956,111 88

Debits:
Debt discount extinguished through surplus_$3,664,751 57
1,364,436 14
Loss on retired road and equipment
123,220 32
Miscellaneous debits

TABLE 16-ANALYSIS OP TRAFFIC REVENUES AND EXPENSES.
Years ended June 30.
1912.
Mileage of road operated_ _

2,257.666

1913.
2,257.402

1914.
2,257.402

Six Months ended
December 31
1914.
2,257.402

•
Years ended December 31.
1915.
2,257.402

1916.
2,257.402

Freight TrafficNumber of tons of merchan25,277,010
22,334,836
10,313,983
20,306,275
21,979,558
dise freight carried
19.281,168
Number of tons of coal and
19,082,331
17,640,160
8,912,898
17,819,134
19.008,435
coke carried
17,680,518
Total number of tons of all
44,359,341
39,974,996
19,226,881
38,125,409
40,987,993
freight carried
36,961,686
Total number of tons of all
9,770,367,097
8,564,634,375
3,847,845,339
7,428,034,970
7,730,675,050
freight carried one mile_ _ 6,823,560,318
Average distance hauled per
220.255
214.250
200.128
194.832
188.608
184.612
ton
$57,104,901.96
$50,568,092.06
$22,953,517.20
$42,779,577.90
$44,345,739.10
$39,791,526.24
Total freight revenue
Average revenue per ton per
.584
.500 Cents
.597 Cents
.576 Cents
.574 Cents
.383 Cents
Cents
mile
Freight revenue per mile of
$25,296.74
$22,401.01
$10,168.11
$18,950.80
$19,644.59
$17,625.07
road
Freight revenue per train
$4.08222
33.98011
33.72027
$3.3997
$3.42318
33.0757
mile
Average number of tons of
698.45
674.10.
623.65
690.31
596.75
527.43
freight in each train
Average number of tons of
22.67
21.93
21.43
21.27
21.44
20.17
freight in each loaded car
Average number of tons of
freight In each train,including Company's ma749.97
732.93
678.43
641.32
647.14
580.64
terial
Passenger Traffic28,381,417
26,769,048
13,837.461
27,628,242
27,362,836
26,205,266
No. of passengers carried
No. of passengers carried
628,394,532
590,652,978
330,869,871
651,393,355
647,026,127
611,548,871
one mile
22.141
22.065
23.911
23.577
23.646
23.337
Av. distance per passenger_
$10,100,378.12
39,424,489.48
$10,248,572.08
35.265,31 2.27
$10,215,255.59
$9,623,115.41
Total passenger revenue.._ _
1.607
1.506 Cents
1.591 Cents
1.573 Cents
1.579 Cents
1.574 Cents
Av. faro per pass. per mile_ Cents
$14,125,467.18
$13,152,990.14
$6,821.949.03
$13,465,451.09
313,473,637.46
Total pass. train revenue_ _ $12,681,863.00
Pass. train revenue per mile
$6,257.40
$5,826.61
$3,022.04
$5,965.02
$5,968.65
$5,617.24
of road
Pass. train revenue per train
$1.41518
31.36182
31.31949
$1.32397
81.31695
31.24742
mile
Average number of passen62.96
59.25
66.05
64.05
63.24
60.15
gers in each train
Average number of passen17.15
16.44
17.06
16.89
16.77
16.46
in
gers
each car
Revenues and Expenses$28,218,829.47
$53.028,149.98
$54,560,994.69
Freight & passenger revenue $49,414,641.65
Freight & passenger revenue
$12,500.58
323,490.79
$24,169.82
$21,887.49
per mile of road
Gross revenue all sources
$31,216,708.32
$57,804,813.64
$59,465,185.04
$53,708,468.63
Bail Operations
$13,828.60
$26,342.31
$25,606.79
$23,789.38
Gross rev, per mile of road_
$2.80244
32,54955
$2.57514
32.33347
Gross revenue per train mile
$23,710,942.01
$42,835,347.96
$40,705,175.78
Oper. expenses-Rail oper_ $37,701,688.05
$10,503.64
$18,975.51
$18,031.87
$16,699.41
Oper. exp. per mile of road_
$2.12862
31.8893
81.76274
$1.63802
Oper. exp. per train mile
$7,505,766.31
$14,969,465.68
$18,760,009.26
Net oper. rev.-Rall °per_ _ $16,006,780.58
I
$3,324.9
•
,
•
.
$7,089,97
Net revenue per mile of road
67.382
66.025 Cents
81.240 Cents
69.545 Cents "
Net revenue per train mile_ Cents
CURRENT NOTICE.
-Herbert D. Heathfield, for 30 years connected with the Boston Safe
Deposit & Trust Co., the last 17 years as Assistant Secretary and Secretary, has resigned to accept the position of manager of the Boston office
of Bedell & Co., investment securities, 35 Congress Street.
-Ernest T. Ross, for many years connected with the bond firm of
Devitt, Tremble & Co. of Chicago, has been elected Manager of their
Detroit office.
-Redmond & Co., 33 Pine St., this city, are offering a selected list of
April investments yielding 4.35 to 6.30%. See to-day's advertisement for
details.




$59,092,581.54

$67,205,280.08

$26,575.94

$29,771.07

$74,311,261.69
$66,436,719.68
$32,918.93
$29,430.61
33.12665
32.96386
$53,453,700.83
$43,416,682.26
$23,679.30
$19,233.03
32.24907
$1.93689
$20,857,560.86
$23,020,037.42
$9,239.63
$10,197.58
•
87.758
$1.02696 Cents

-George G. Thomas. formerly Secretary and Treasurer of the Continental Company of Baltimore, Md., has been elected Vice-President of the
company to succeed Walter S. Brinkmann, who, as noted in our issue of
last week, has been chosen President, succeeding Gilbert B. Bogart, who
resigned to engage in business in New York City. Mr.Themas in addition to his duties as Vice-President will remain as Treasurer of the Continental Company.
6 -In our advertising columns to-day the National City Co. and Montgomery. Clothier & Tyler of this city are Jointly offering $5,035,009 Na
tional Conduit & Cable Co., Inc., 1st mtge. 6% 10-yr. sinking fund. bonds
at 100 and interest, to yield 6%. For full particulars see advertisement
elsewhere in the "Chronicle" to-day. Complete descriptive circular will
,
be sent on request.

APR. 14 19174

THE CHRONICLE

1501

THE DELAWARE & HUDSON COMPANY
EIGHTY-SEVENTH ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1916.
RAILROAD DEPARTMENT.
New York, N. Y., March 27 1917.
REVENUES AND EXPENSES.
To the Stockholders of The Delaware & Hudson Company:
The President and the Board of Managers submit the fol- theThe general distribution of the operating revenues and of
operating expenses of the Railroad department was as
lowing statements of the affairs of your company for the
follows:
year which ended with December 31 1916:
Increase (-I-) or
Revenues fromThe results from operation of the Coal Mining departDecrease (-).
1916.
1915.
Coal freight traffic
$11,769,005 00 $11,311,690 00
+5457,315 00
ment were:
Merchandise freight traffic
t Expenses. Net Revenues.
Revenues.
Year- Coal Mined.
7,186,380 tons $15,758,765 02 $15,020,371 89 $738,393 13
1916
14,616,705
70 1,243,970 95
65
15,860,676
8,100,767 "
1915
*5101,911 63
$403,666 19 *5505,577 82
Increase_ *914,387 tons
* Decrease.
t Excluding taxes.

The results from operation of the Railroad department
were:

Percent. of
tOpera(ing
Operating
Net Operat. Expens. to
Miles
Expenses.
Revenues. Revenues.
Year-0p2rated. Revenues.
1916__909.38 $26,634,426 00 $18,111,094 72 $3,523,331 28 68.00
23,787,519 00
14,823,625 67 8,963,893 33 62.32
1915-_-909.07
Increase

.31

$2,846,907 00

$3,287,469 05

*5440,562 06

5.68

* Decrease.
t Excluding taxes.

COAL.MINING DEPARTIncrease (+)or
1916.
1915.
MENT:
Decrease (-).
$15,758,765 02 $15,860,676 65 -$101,911 63
Gross revenues
15,020,371 89 14,616,705 70
Gross expenses
+403,666 19

Operating income
Other Income:
Dividends and interest

$738,393 13 $1,243,970 95
615,090 42
467,932 98
$123,302 71

$776,037 97

-$505,577 82
+147,157 44
-652,735 26

704,249 52
704,762 42
-512 9()
Gross income, Coal dept. $827,552 23 $1,480,800 39
--653,248 16
RAILROAD DEPARTMENT:
Gross operating revenues326,634,426 00 $23,787,519 00 +$2,846,907 00
Gross operating expenses 18,111.094 72 14,823,625 67 +3,287,469 05
Not operating revenues_ $8,523,331 28 $8,963,893 33 -$440,562 05
Taxes accrued
756,454 75
680,119 39
+76,335 36
Operating income
$7,766,876 53 $8,283,77394 -$516,897 41
Other Incom
Hire of equipment
Dr.454,052 71
$142,489 15
--596,541 86
Dividends and interest
763,593 72
879,983 60
--116,389 88
Miscellaneous items
94,573 35
50,591 52
+43,981 83
Total other income_ _ _ $404,114 36 $1,073,064 27 .-$668,949 91
Gross income, Railroad
department
$8,170,990 89 $9.356,838 21 --$1,185,847 32
Deductions from Income:
Rentals
$1,928,475 28 $1,999,352 44
-$70,877 16
Interest on First and Refunding Mortgage bds.
(1943)
1,288,160 00
1,288,160 00
Interest on First Mtge.
bonds (1917)
350,000 00
350,000 00
Interest on Debenture
256,171 67
bonds (1916)
558,920 00
-302,748 33
Interest on First Lien
Equip't bonds (1922)430,953 00
433,935 00
-2,982 00
Interest on Five Per Cent
20-Year Gold bonds
391,381 25
(1935)
+391,381 25
Interest on Divisional
bon-Is
75,000 00
75,000 00
General interest and discount
112,204 70
135,585 80
-23,381 10
Total deductions
$4,832,345 90 $4,840,953 24
-$8,607 34
Net income, Railroad
department
$3,338,644 99 $4,515,884 97 -$1,177,239 98
GENERAL:
Miscellaneous income:
Dividends and interest
on securities owned..
$13,516 00
$25,432 61
-$11,916 61
Rentals, real estate_
14,015 07
25,717 05
--11,701 98
General interest and
discount
117,332 28
98,154 29
+19,177 99
Total income
Taxes accrued
Interest on
5% 20-yr.
Gold bds.$332,893 02
Less interest on proceeds ___ 190,279 21
Total deductions
Net income, general.._

$144,863 35
10,074 58

$149,303 95
9,501 89

-$4,440 60
+572 69

Dr.142,613 81 Dr. 65,046 78 +Dr.77,567 03
$152,688 39
Loss7,825 04

$74,548 67
74,755 28

+578,139 72
-82,580 32

Net income carried to
General Profit and
$4,158,372 18 $6,071,440 64 -$1,913,068 46
Loss
9.78% on
14.28% on
capital
stock
$42,503,000
00 $42,503,000 00
Percentage to




8,788,365 15
2,774,595 02
338,464 42
129,618 41
444,786 00

+1.959,654 89
+349,721 94
+40,888 58
-4,23641
+43,563 00

Total operatingrevenues$26,634,426 00 $23,787,519 00 +52,846,907 00
Expenses forMaintenance of way and
structures
$2,127,853 31 $1,852,166 23 +5275.687 08
Maintenance of equipment 4,970,920 00 3,703,382 44 +1,267,537 56
Traffic expenses
341,579 84
315,991 63
+25,588 21
Transportation expenses.... 9,513,924 59 8,007,980 07 +1,505,944 52
Miscellaneous operations
223,457 32
190.758 14
+32.699 18
General expenses
957,517 60
775,645 74
+181.87186
Less-Transportation for
Cr.22,298 68 Cr.+1,869 36
investment, Cr
Cr.24,157 94
Totaloperating expenses $18,111,094 72 $14,823,625 67 +$3,287,469 05
Net revenues from operat'n $8,523,331 28 $8,963,893 33

GENERAL INCOME ACCOUNT OF THE DELAWARE
& HUDSON COMPANY, YEAR ENDED DECEMBER 31 1916, IN COMPARISON WITH
YEAR ENDED DECEMBER 31 1915.

Net revenues
Taxes accrued

(including switching)
10,748,020 04
Passenger traffic
3,124,316 96
Express traffic
379,353 00
Transportation of mails_ _ _
125,382 00
Miscellaneous sources_ _ _ _
488,349 00

Percentage of expenses to
revenues

68.00

-5440,562 05

62.32

+5.68

rt. FINANCIAL.
CAPITAL STOCK AND FUNDED DEBT.

The capital stock of The Delaware & Hudson Company
on December 31 1916 was $42,503,000, there having been no
change during the year.
The total funded debt on December 31 1916 was $62,462,000. The Convertible Four Per Cent Debentures of 1906,
aggregating $13,973,000, matured on June 15 1916, and
were paid.
SINKING FUNDS.

During the year there was paid to the Trustee under the
First and Refunding Mortgage the sum of $322,040, being
one per cent of the par value of the First and Refunding
Mortgage Gold Bonds outstanding on June 1 1916, making
the total paid to December 31 1916, $2,129,070. This sum
has been expended in additions and betterments to the mortgaged property in accordance with the trust agreement.
The amount paid to the Trustee under the First Lien
Equipment Trust indenture during the year was $650,000.
The total paid to date is $5,850,000, which has been increased by accumulations of interest on balances and investments. Complying with the agreement, bonds issued thereunder having a value of $693,000 have been purchased at a
cost, including accrued interest, of $708,514 77 and retired;
$2,943,582 90 has been expended for equipment which has
been made subject to the indenture, and securities and cash
to the amount of $2,678,585 43 are now held by the Trustee.
There was accumulated in the Coal department sinking
fund during the year, in accordance with the ordinance
passed on .May 9 1899, and amended on May 10 1910,
$311,003 92, which has been applied to reimburse the treasury for expenditures for coal lands and for unmined coal in
Pennsylvania.
COAL MINING DEPARTMENT.
LABOR.

The agreement with the employees, which took effect onApril 1 1912, terminated on March 31 1916, and, after ex
tended negotiations, a new agreement was consummated on
May 5 1916, effective on April 1 1916, extending for a period
of four years from that date, that is, to March 31 1920.
The main points in the new agreement are:
(1) A change in the length of the working day from nine
to eight hours.
(2) An increase of seven per cent in contract rates, i. e.,
the rates paid for the work of miners and their laborers in
cutting and loading coal, handling rock, etc.
(3) Payment to employees paid by the day or hour an
aggregate of three per cent more for working eight hours
than they previously received for working nine hours. This
is equivalent to an increase in the rate of pay of such employees of nearly sixteen per cent.
(4) Determination of method of arriving at rates of pay
of employees working in connection with machine mining.
(5) A stipulation that the prices of powder and miners'
supplies shall be continued during the life of the agreement
without change.
Like all agreements effected since 1902, this one provides
an orderly method for the settlement of all questions arising
and that, pending resort to that method, work shall not be
interrupted by a strike. The ineffectiveness of such agreements has been again demonstrated. The new agreement
was consummated, as previously stated, on May 5 1916.
From January 1 to May 4, inclusive, there had been four
strikes involving a loss of 202 colliery hours, or, on an eighthour basis,253i colliery days. From May 5 to December 31,

Wm,. 104.

THE CHRONICLE

1502

inclusive, there were twenty-two strikes involving a loss of
1,190 colliery hours, or, on the same basis, 1489 colliery
days. During the whole year there were twenty-six strikes
with a total loss of 174 colliery days. Prior to May 5 there
was an average of one strike for each thirty-one days and the
average loss therefrom was 1.61 colliery hours per day;on
and after May 5 there was one strike for every eleven days
and an average loss of 4.94 colliery hours per day.
The reduction in the hours of labor accentuated the labor
shortage which, even without the reduced hours, would have
been seriously felt. This, with the failure of the usual supply
of immigrants, upon which the miners regularly depend for
the ordinary replenishment of the ranks of their laborers, and
the extraordinary number of withdrawals due to the unusual
rates of wages offered in munition works and other industries,
so decreased the number of men employed and available as
materially tp affect the output. The number of men engaged in the primary labor of production, that is, the miners
and miners' laborers employed in cutting down coal and
loading it in mine cars, fell off from 9,752 in January 1916
to 6,967 in November, a decrease of 28.56 per cent. But
in January the standard day involved nine hours of effort,
in November only eight hours. The difference between
9,752 men working nine hours and 6,967 working eight
hours is a reduction from 87,768 hours per day to 55,736
hours per day, a decrease of 32,032 hours, or 36.50 per cent.
In this situation the unwisdom of the "Miners' Certificate"
law, by which it is made unlawful to employ as a miner any
person who has not had two years' experience in the coal
mines of Pennsylvania, must be apparent to all. This law
makes it impossible to employ as miners men who have acquired skill and experience in other mines of Pennsylvania
or in other States or in foreign countries. There is no such
restriction upon the employment of miners in the bituminous
coal mines of Pennsylvania or elsewhere. Consequently new
men of experience seldom remain in the anthracite mines,
and the records show that seventy-five per cent of those who
begin in these mines leave within the first year, many of
them going to bituminous coal mines, in the same State, in.
which no period of apprenticeship is obligatory. The "literacy test" imposed by the new immigration law,finally passed
over the veto of President Wilson after having failed when
vetoed by President Taft, will add to these difficulties.
RAILROAD DEPARTMENT.
SO-CALLED "FULL CREW" LAW.

The so-called "full crew" laws, in effect in Pennsylvania
since July 151911, and in New York since September 1 1913,
added $172,859 49 to the operating expenses of the year,
without obtaining any service to the public or to the company.
Of this total $42,975 98 was incurred by reason of the Pennsylvania statute and $129,883 51 was due to that of New
York. The total compares with $143,561 66 and the respective items with $36,859 95 and $106,701 71 in 1915.
The total statute-compelled waste resulting from these laws
was, to December 31 1916, $612,321 60. Although a supposed relation to safety is the sole excuse for those laws, it
is a well-established fact that barely two per cent of the total
casualties on railroads could be even remotely affected by
the number of men in the train crews. The Legislature of
Pennsylvania, which meets only biennially, passed a bill
repealing this law at its last session, but it was vetoed by
Governor Brumbaugh. The effort for repeal will be renewed
at the session of this year. Efforts during the past year to
repeal the New York law were without result but will be
continued at the present session.
The Adamson Law fixes eight hours as the standard day,
for purposes of payment and without placing any new restrictions upon the number of consecutive hours of duty,
and temporarily, for a period which cannot continue after
Oct. 30 1917, prohibits any less payment for the new standard day than the standard day's wages in force when it was
enacted. By a command that will also expire with the same
period, it requires pro rata payments for all time in excess of
eight hours. Counsel advised that this statute was of doubtful constitutionality and, in view of the large additional expense and the serious operating problems which it would
entail, it was considered necessary to secure a judicial determination before assuming these additional burdens. To
that end, numerous suits were brought, including one by
your company; a test case was finally selected by agreement
with the Attorney General and it was agreed that, pending
a decision, the Federal authorities would refrain from efforts to enforce the contested statute and the railways would
keep accounts that would enable them, should the statute
be sustained, to pay at the new rates for all services rendered
on and after Jan. 1 1917, its effective date. The test case
was taken promptly to the Supreme Court, was argued on.
.Jan.8 and on March 19 1917 a judgment wasrendered,sanctioned by the opinion of five of the nine members of the Court
and over the dissent of four, sustaining the Act of Congress.
The Adamson Law provides for an official inquiry concerning the results of the system which it imposes, including the
new scale of wages, and a commission consisting of MajorGeneral George W.Goethals,lately in charge of construction
and operation of the Panama Canal; Honorable Edgar E.
Clark, of the Inter-State Commerce Commission, and. Honorable George Rublee, formerly of the Federal Trade Commission, has been named to make the investigation. It
will be shown to this Commission that the advance in wages



required by the new law involves an addition of more than
$50,000,000 per year to railway expenses and that unless the
wages rates are to be reduced at the end of the compulsory
period, the railways must be provided with additional revenue sufficient to meet this added drain upon their resources.
TAXES.
The burden of taxation grows heavier with every year.
With net operating revenue diminished, as compared with
1915, by the sum of $440,562 05, the taxes exacted by the
various authorities to which your railway property and earnings are subject increased $76,335 36, or 11.22 per cent.
The taxes of 1916 absorbed 8.88 per cent of net operating
revenue, which compares with 7.59 per cent in 1915. Comparing 1916 with 1907, the later year shows an increase in
net operating revenue of $52,319 94, or less than two-thirds
of one per cent, and taxes show an increase of $403,588 73,
or 114.37 per cent; the increase in taxes thus amounting to
nearly eight times the whole increase in the fund out of which
interest on indebtedness and compensation for the use of
capital, as well as taxes, must be paid. The increase in the
amount invested, during the same period, was 26.59 per cent.
The following table shows the total tax payments of each of
the last ten years and the absolute and relative increases for
each year since 1907 and for the whole period:
Increase Over
Next Previous Year.
Taxes Paid.
Year1907
1908
1909
1910
1911
1912
1913
1914
1915
1916

$352,866
413.029
411,469
497,408
562,410
600.944
623,107
671,119
680,119
756.455

$60,163
*1,560
85,939
65,002
38,534
22,163
48,012
9,000
76.336

Increase Over 1907.
Amount.

Amount.
17.05
*.38
20.89
13.07
6.85
3.69
7.71
1.34
11.22

$60,163
58,603
144,542
209,544
.248,078
270,241
318,253
327,253
403,589

177.68
16.61
40.96
59.38
70.30
76.58
90.19
92.74
114.37

FEDERAL VALUATION.
Engineering parties representing the Division of Valuation
of the Inter-State Commerce Commission have been engaged
in field work connected with the valuation of your railway
property since July 1 1916. Your own Valuation Department is co-operating fully with the Government and is taking all proper measures to facilitate a just valuation. The
cost of this inquiry to this company during the year 1916
was $123,750 46 and during the four years 1913 to 1916 it
caused a total expenditure of $198,313 26.
GENERAL REMARKS.
The railway industry continues to be affected by the abnormal economic conditions created by the European war.
Many of the changes effected are of stupendous magnitude.
For example, the excess of the value of United States merchandise exports over imports for the two years and seven
months from July 1 1914 to Jan. 31 1917 was $5,496,030,491,
which may be compared with $5,631,183,343, the corresponding aggregate for the twelve yearsfrom July 1 1902toJune30
1914. If the last five months of the present fiscal year show
an increase over the corresponding months of the previous
year proportionate to that of the first seven months,the trade
balance for the three years ending with June 30 1917 will
reach $7,687,043,312. The total value of imported and exported merchandise for the calendar year 1916 was $7,873,077,924, an increase of 84.10 per cent over ,276,614,772,
the total for 1913. The increase in imports was $599,057,855, while exports of goods of domestic origin increased $2,972,984,685, or 121.43 per cent, from $2,448,284,477 in
1913 to $5,421,269,162 in 1916.
The effect upon the movement of gold was not less marked.
For the calendar year 1916 the excess of gold imports over
exports was $530,197,307, and for the previous year $420,528,672, a total for the two years of $950,725,979. This
aggregate is to be compared with an excess in the opposite
direction, that is of gold exports over imports, for the previous two years of $193,322,193.
In addition to the enormous volume of gold thus sent to
the United States, a large aggregate of American securities
held, at the beginning of the war, by European investors,
have been resold in this market. Of railway securities alone,
the par value held abroad on Jan. 31 1915, six months after
the commencement of the war, was in excess of $2,704,402,364. During the ensuing two years, that is, to Jan. 31 1917,
no less than $1,518,590,878, or 56.15 per cent of these securities, passed into American ownership. The market value of
the railway securities held abroad on Jan. 31 1917 had been
reduced to $924,542,646. Data with regard to other kinds
of securities are less complete, but it is known that between
Dec. 31 1914 and Sept. 30 1916 the foreign holdings of the
stock of the United States Steel Corporation decreased from
1,193,064 shares of the common and 309,457 shares of the
preferred to 537,809 of the former and 171,096 of the latter,
reductions of 54.92 and 44.71 per cent, respectively.
The total of the foreign loans placed in the United States
during the two years that ended with Dec. 31 1916 is stated
as $2,656,000,000, of which $1,381,000,000 was the total for
1916.
Not less significant in an economic sense, is the almost
complete cessation of the flow of immigration, on which the
United States has depended for a very long period to supply
a large fraction of the immense total of manual labor essential
•

APR. 14 1917.]

THE CHRONICLE

to its industrial activities. The excess of alien immigrants
over emigrants in the fiscal year 1914 was 9152142., a figure
fairly representing the annual flow of the period just prior
to the war. The corresponding figure for the fiscal year
1916 was 169,061 and for 1915 it was 122,626. Thus the
decrease from 1914 to 1915 amounted to 86.60 per cent and
from 1914 to 1916 to 81.53 per cent.
The extreme stimulation of productive activities, primarily
due to the unparalleled expansion of export demand.and the
accompanying increase in both foreign and domestic trade,
required numerous and rapid adjustments and readjustments
not all of which could have been expected to be made without
friction and difficulty. At the present time the diversion
of vessel tonnage from domestic transportation has suddenly
thrown upon the railways traffic ordinarily moved over water
routes. Trans-continental trafficby rail was suddenly
swollen by the interruption of traffic via the Panama Canal
and the condition has been cnntinued, because many of the
boats find greater opportunities in trans-Atlantic or transPacific trade and because of the extraordinary export movement via Pacific Coast ports of locomotives, cars, rails,
munitions and other commodities destined to Russia. Similarly, the decreased vessel tonnage in the Atlantic seaboard
coastwise trade, has stopped the normal movement of lumber by water,and as the South is the source from which nearly
all the cross-ties for the Eastern railways must be obtained,
their movement by rail has been unavoidable: For the same
reason there was, during the year,a shortage in the volume of
coal reaching Boston by water. As the coal requirements
of Boston actually increased, the railways were required to
carry a large excess over the normal Ruantity of coal destined to that port. The tonnage distributed by one railway
increased, in 1916, as compared with 1915, more than one
million tons, or over one-sixth, but the tonnage received by
water, included in its total,.decreased about 640,000 tons, or
more than one-fifth. This involved an increase of fifty per
cent in the tons moved by rail, and probably more than doubled the number of tons carried one mile. Other New Engn the same manner.
land ports were affected in
The Inter-State Commerce Commission required the railways reaching ports of the Great Lakes to dispose of the
boats which they.had operated to and from such ports, and
this, together with withdrawals from the lake service for
other reasons, greatly diminished the tonnage available for
the movement of coal via the lakes and threw a corresponding burden upon the rail routes. Moreover, the extraordinary conditions in the steel trade made it seem desirable to
the owners of much of the tonnage, which in the past has carried iron ore southward and coal northward, to refuse the
coal tonnage and to send the boats without cargoes on their
returning northward-bound trips, in.order to save the few
days required for loading and unloading coal. At the same
time export traffic has concentrated upon the northern Atlantic seaports, particularly upon New: York and Boston,
because the scarcity.of bottoms in foreign trade, even after
the diversion thereto of many ships formerly in coastwise
trade, and the high trans-Atlantic rates, has made it more
profitable to operate over the shorter routes, and has caused
still greater scarcity of tonnage at the Gulf and South Atlantic ports. The merchanidse traffic moving to Boston by
rail has increased about 50 per cent. Other sources of extraordinary demand for railway services have been numerous
and may be illustrated by a few examples.
Canadian industries have been abnormally active and it
has been necessary for many manufacturers and for the Canadian Pacific Railway to obtain fuel from the United States,
this export demand involving an unusual rail movement.
The closing of the ordinary European sources of the supply
of many articles sold lar ely in the United States has impelled extensiveimportations of similar articles from China
and Japan, thus requiring a long trans-continental movement
by rail, but without relieving the Eastern railways from participation in the distribution. Extensions of many American
factories and mills, notably in the Pittsburgh district, where
railway congestion has at times been severe, have taken up
lands formerly allotted by the owners of the plants to the
storage of coal, and no other land being available, these establishments have been forced to. a "hand-to-mouth" pracdeliveries and places the heaviest
tice, which requires
possible strain upon railway equipment and motive power.
troops
to
and from the Mexican border and
The movement of
of the munitions and supplies required have also constituted
an extraordinary and adverse element in the situation.
Notwithstanding these extraordinary demands upon railway facilities, it is believed that no appreciable congestion of
traffic has occurred which is not wholly attributable to misuse
of cars and terminals brought about by the conduct of
shippers and consignees in matters which the railways are
unable to control or are not permitted to control.
The initial difficulty arose out of the contracts covering
manufactures of munitions of war for export. These contracts commonly required payment to be made when the
products were loaded on cars at the producing establishments, and the extraordinary efforts to obtain early payments on the part of manufacturers whose working capital
was, in many instances, seriously over-taxed by the sudden
expansion of activity led to loading that had no regard to the
ability of the consignees at !seaboard points to receive the
goods or to provide for their early trans-shipment. This
was the source of the first congestion, which was confined




1503

almost wholly to seaboard points. Relief was afforded
through the co-operation of the Inter-State Commerce Commission, represented by Commissioner E. E. Clark, which
authorized a reduction in the "free time" allowed for unloading cars at the Atlantic seaboard and, for a period of six
months, an increase in the charges for demurrage.
A second and more serious movement also had its origin,
in the abnormal export trade in war materials. Manufacturers with huge contracts found themselves under the necessity of rapidly multiplying the size and capacity of their
plants and became acutely anxious over the sudden demand
for machinery, building materials and, especially, for the
raw materials out of which to fabricate the products they had
contracted to deliver. A wild scramble for materials ensued, in which manufacturers not only bid avidly for supplies to meet their necessities for the ordinary periods in
advance, but sought to provide for anticipated needs running
much farther into the future. The next step in this process
might easily have been foreseen. The situation attracted
the attention of speculative adventurers who, having no real
connection with the production of any commodities and no
actual requirements for raw materials to satisfy, concluded
that by contracting for the control of such materials and thus
holding them out of the market until the actual necessities
of the manufacturers caused them to bid higher prices, they
would probably realize handsome profits. Such speculation
in commodities became very active and general; it was especially active in the case of fuel, and it soon extended to food
products. At one time, when there was a shortage of
bituminous coal in the Chicago market, there were several
thousand cars of that fuel being held in railway yards at that
point in the expectation of higher prices. Similar conditions
existed at Detroit, New York and elsewhere. Montreal
supplies illustrations of the speculative withholding from the
market of food products, ninety cars of potatoes having
been held there for approximately three months and two
carloads of celery being held until freezing compelled dumping them into the river. The results of such misuse of equipment first penalized those who had no part in bringing them
about, including the railways, and, in their reactions,
worked to the injury of those by whose conduct they were
produced.
Such situations disclose the ability of shippers and consignees to impede the economical use of railway cars and
terminals at its worst, but that ability exists at all times, for
it is inherent in relationships between the purveyors and the
purchasers of railway services, which relationships have so
far the sanction of public authority that the railways are
powerless to protect themselves or the public. It will be remembered that the Inter-State Commerce Commission, in
refusing to permit the railways in Official classification
territory to put in force, in 1914, the rate adjustments
which they regarded as necessary to protect their net corporate incomes on account of the increased cost of labor and
materials, made a series of suggestions which, if carried out,
would have restricted such abuses of equipment and added
something to the revenues of the carriers. The railways
accepted these suggestions in good faith and, as soon as
practicable, issued tariffs putting them in force, but substantially all these tariffs were suspended by the Federal or
the State commissions and the attempted reforms came to
naught. Such abuses as those here described could be
greatly curtailed by adjustments in demurrage rates and
by sufficient control of the use of negotiable bills of lading to
prevent their issue in respect of shipments to consignees
not in a situation to receive them.
Railway difficulties have been enhanced by the labor
situation. The year 1916 was a most inopportune time for
the reduction of the effort of any section of the productive
labor of the United States, in view of the substantial cessation of the normal flow of immigration and the extraordinary
demands of the export trade, yet during the year the whole
anthracite industry suffered a change from the nine-hours
day to the eight-hours day and effort was reduced in a
similar manner in other industries. The scramble of the
manufacturers of munitions of war for materials has been
paralleled by their scramble, and that of steel manufacturers,
for labor; both having sent out emissaries who have successfully solicited many employees of the railways and of the
mines to abandon their former employments. Efforts to
relieve the railway traffic situation by resort to the power
to embargo certain movements were not sufficient because
the restriction of movement by one gateway or route usually
resulted merely in diversion to another gateway or route
until equally severe congestion of the latter resulted.
Any apparent shortage of railway cars or other facilities is abundantly explained by these facts. There was
no actual shortage of cars and the appearance of shortage is found, on sufficient analysis, to have been a consequence of a general abuse of cars by shippers and consignees and not to have resulted from a lack of sufficient cars
for all legitimate uses. The situation that has received
attention has not sprung from any insufficiency in the facilities supplied by the railroads or from methods of operation
but from changed and abnormal conditions and misuse of
equipment by some shippers and consignees. Railways
ought not to be asked to supply cars for warehouse purposes,
and if freight equipment is misused in that way so as to be
available for the movement of traffic, the blame ought not
to be laid upon carriers which have resisted the abuses in all

1504

THE CHRONICLE

the ways that the legislatures and the commissions have left
open to them.
Statistics show that during the period of nearly nine years,
ending with last August, there was an almost continuous
net surplus of freight cars, the only interruptions being in
1909 (about one month), 1912 (about three months), 1913
(about one month). That is to say, there were shortages in
five months out of 104; surpluses of idle cars in 99 months
out of 104. At one time in 1908 no less than 413,338 cars
stood idle for want of traffic; never in 1908 were less than
100,073 cars idle; the surplus of idle cars rose to 332,513 in
1909, to 142,865 in 1910, to 207,251 in 1911 and was 138,881
in 1912. For two and one-half years, November 1913 to
March 1916, there was a continuous over-supply of cars, the
idle surplus being 279,411 on February 1 1915 (and 327,084
on April 1 1915). Moreover, between June 30 1907 and
June 30 1916 there was not only a great increase in the average capacity of freight cars, but the number of such cars in
the United States increased from 1,840,009 to 2,518,855.
It is true, as these data suggest, that if railway facilities
are to be adequate to supply without delay the maximum
demand for freight movement that may be at any time attained, the revenues of the railways must be sufficient to
maintain and to pay interest on the cost of a largo reserve supply of freight equipment which will be idlefar the greater part
of the time. This will be especially true if all reasonable
means to prevent detentions by shippers and consignees are
not taken. Except the railway industry, no industry is
required to be ready at every moment to supply: the highest
volume of output that may be considered desirable by its
patrons. Deferred deliveries are characteristic, in times of
intense business activity, of all other lines of productive effort.
There are, at this moment,few staple lines of American manufacture in which deliveries before the year 1918 can be contracted for, but the public, including the manufacturers
who require the longest periods before delivery, are most
restive and complain most vigorously if any railway is temporarily unable to deliver transportation in any volume and
upon a moment's notice. Moreover, the manufacturers
and all other producers invariably raise their prices when
demand presses closely upon or exceeds the immediate supply, acting merely in accordance with a fundamental law of
economics. But this law of demand and supply is statutorily restrained in the case of the railways. The ordinary
producer, in obedience to this law, raises his prices when
demand is extensive and lowers them when it is slight, his
action serving to diminish the demand in the once case and
to stimulate it in the other, fluctuations of prices thus constantly operating not only to produce an equation between
the demand and the supply, but to insure that the supply
is distributed among those the actuality of whose requirements is demonstrated by willingness to pay the higher prices.
The railways are denied any such protection but, on the contrary, every rise in the prices for other commodities tends
strongly to augment the demand for transportation for the
very reason that the freight rates are not in adjustment to
the higher price-level and the relative cheapness of railway
services tends to increase the concentration and localization
of special lines of production. The properly abandoned and
prohibited system of rebates from the standard rates had,
with all its undeniable defects, the single merit, at least, that
it provided a most desirable elasticity, and it is most unfortunate that no unobjectionable means to restore that
quality to the rate structure has been discovered. The
withdrawal of rebates in times of great pressure for transportation invariably tended to moderate the demand and
their resumption or increase in times when equipment was
idle tended to stimulate the movement of freight when such
stimulation was most desirable. But, as conditions now
exist, the stimulation of traffic movement is greatest when
most injurious from every public point of view, and the retardation, by a rigid rate system, is greatest when greater
activity of movement is most needed.
Among all American industries, that of railway transportation was in 1914 least in a condition permitting rapidity of
expansion. For a decade at least, each succeeding year had
brought increased competition for the annual fund of investment seeking capital and in this competition the offerings
of municipal governments and of manufacturing enterprises
had steadily gained at the expense of those of the railways.
Investors knew that the vast aggregate of capital which,
since 1907, had been devoted to the improvement and extension of railway facilities, had produced no additional return.
They had seen repeated extensions, both by the Nation and
by nearly all of the forty-eight States, in the exercise of
governmental authority to control railway rates and practices. They had seen the immense power of great combinations of railway employees effectively and frequently applied
to the enhancement of wages rates and to the reduction of
the labor consideration received in exchange for wages.
They had seen heavy increases in the taxes exacted under
old systems of taxation and the creation of new forms of
taxes sure to fall with especial severity upon the railways.
For twenty years they had been unable adequately to adjust
their rates to the rapid and great increase in the prices of the
materials they require and in the value of the traffic they
transport; although the right of adjustment was exercised
without hindrance by other producers.
Hence it had come to pass, by 1914, that investors believed
that the governmental authorities discriminated against




railway enterprises and, in consequence, they had become
most reluctant to supply funds for railway uses; new railway
undertakings could scarcely be financed save on the credit
of existing railways; financing by means of the issue of shares
of stock had become impracticable, and even mortgage
bonds, when they were available, could be put out only at
relatively high rates of interest. The obviously temporary
conditions arising subsequent to 1914 have not, especially
in view of the relatively enormous increases in the earning
power of great manufacturing enterprises, effected any real
alteration in this situation.
The changed attitude of investors toward railways, on the
one hand, and industries not subject to legislative regulation
of prices on the other, is suggested by comparisons of the
average prices of twenty railroad stocks with, the average
of twenty industrial stocks. The comparisons which follow
show the highest averages attained in the years given, those
for 1917 being the average for January 3, which were higher
than any subsequently attained.
Year.
1902
1911
1917

Per Cent of Averages
Average Prices.
for 1902.
Twenty
Twenty
Twenty
Twenty
industrials. railways. industrials.
railways.
100.00
100.00
$129 36
$68 44
127.35
123 86
87 16
95.75
144.92
81.76
105 76
99 18

The foregoing shows that while railway stocks have declined 18.24 per cent of their market value, industrial stocks
have advanced 44.92 per cant. Under such conditions it
would not have been surprising had railway expansion been
greatly retarded. Experiments with public control of prices
and rates in the past, and those undertaken by European
nations under the stress of the present war, point plainly to
the conclusion that while an existing supply can be distributed
under maximum prices, there is no provision and little
prospect, under such a system, of the replenishment of the
quantities consumed, much less of any augmentation of the
supply. Nevertheless, the capital for necessary railway
development has been obtained and additional mileage has
been constructed and additional equipment has been purchased, to the full extent in which there was economic justification.. The mileage of terminal and switching tracks has
been greatly augmented, bridges have been made stronger
and wider, heavier rails have been laid, wooden cars have
been replaced by cars of larger capacity constructed of steel
or with steel underframes, air-brakes have been installed on
freight cars and power-brakes on locomotives and locomotives of greatly increased tractive power have been put
in service. These processes of improvement have gone on
until to-day the average freight train load of American
freight trains is higher than anywhere else in the world and
the typical American freight train is the most perfect and
powerful instrument of land transportation anywhere known.
Unfortunately, however, the economies in transportation
which this costly evolution has procured have been overcome
by the enhanced cost of labor and of the materials and supplies constantly required. Moreover, although existing
railway facilities are fully adequate for the actual economic
demands of the present, the situation with regard to rates,
expenses and credit does not permit much confidence that
future requirements can continually be met.
Enough has been said to show that the difficulties which
have recently attended the movement of traffic are difficulties which ought only in part to be met by the expenditure
of capital. Abnormal and temporary difficulties ought not
to be met by increased investments of capital because capital
thus added would be likely soon to become idle, too probably
permanently idle. But even if the difficulties that have
been discussed ought, on other grounds, to be met in that
way the obligation would fail because of impossibility of performance. Public authority having been so exercised as to
weaken the credit of railway corporations they can no longer
obtain new capital upon terms and conditions which the railway industry ought to undertake to sustain; the extremely
high prices for railway equipment now ruling would make an
excessive volume of capital necessary, and it is now quite
impossible to contract for deliveries of cars or locomotives
within a period that is not probably considerably longer than
that of the future duration of the extraordinary demand for
railway services. Relief must be sought in the proper utilization of the present equipment, terminals and other facilities,
and to that end a committee of the American Railway Association is now co-operating with the Inter-State Commerce
Commission. Your company will conform to any reasonably devised course of remedial action which may be recommended by these bodies.
Attention to this merely temporary situation should not
obscure the fact that a great volume of new capital is needed
that is not now available. The latest enhancement of the
cost of railway labor, with the adjustments that it ne9essarily entailed and the continuing and rapid rise in the prices
of materials and supplies have already further diminished
the too-meagre margin between railway revenues and railway
expenses, and, without remedial action, that margin will
soon altogether disappear. Such action must speedily be
taken or there will be compulsory cessation of railway development and the calamity of inadequate railway facilities will
have ttrrived.
By order of the Board of Managers,
L. F. LOREE,
President.

APR.

14 1917.]

THE CHRONICLE

1505

PUBLIC SERVICE CORPORATION OF NEW JERSEY
LIST OF STOCKS OF COMPANIES OPERATED UNDER LEASE BY SUBSIDIARIES DEC. 31 1916.
The following table forms part of the company's Eighth Annual Report, which was published at much length in the
"Chronicle" of March 31, pages 1284 to 1290. In our issue of last week (page 1289) we inadvertently repeated the statement
as it stood at the close of the previous calendar year.
LIST OF STOOKS OF COMPANIES OPERATED UNDER LEASE BY SUBSIDIARY OPERATING COMPANIES
OF PUBLIC) SERVICE
CORPORATION OF NEW JERSEY, WITH TIIE RATES OF DIVIDEND PAYMENTS GUARANTEED FROM
RENTALS.

COMPANY

Bordentown Electric Co
Burlington Electric Light & Power Co
The Camden Horse Railroad Co
The Camden & Suburban Railway Co
Cinnaminson Electric Light, Power & Heating Co
Citizens' Electric Light, Heat & Power Co
Consolidated Traction Co
The East Newark Gas Light Co
Elizabeth & Trenton Railroad Co., Preferred
Elizabeth & Trenton Railroad Co., Common
Essex 14 Hudson Gas Co
The Gas Light Co. of the City of New Brunswick
The Gas & Electric Company of Bergen County
Hudson County Gas Co
Middlesex Electric Light & Power Co
The Morristown Gas Light Company
Newark Consolidated Gas Co
New Jersey & Hudson River fly. & Ferry Co., Preferred
New Jersey & Hudson River Ry. & Ferry Co., Common
The Nichols Electric Light & Power Co. of Nutley, N. J
Orange & Passaic Valley Railway Co
The Paterson & Passaic Gas & Electric Co
Princeton Light, Heat & Power Co
Rapid Transit Street fly. Co. of the City of Newark
The Ridgewood Gas Company
Riverside Traction Co., Preferred
Riverside Traction Co., Common
Shore Lighting Co
Somerset Union & Middlesex Lighting Co
South Jersey Gas, Electric & Traction Co
The South Orange & Maplewood Traction Co
United Electric Company of New Jersey
Weehawken Contracting Co., Preferred
Weehawken Contracting Co., Common

Amount
Amount
RENTALS
Owned by in Hands of Equivalent Per Cent on
Term
Capital
Corporation
Public.
Capital Stock.
of
Stock
and Pledged Including
Date
Lease.
Outstanding Under Gen. Directors' Ann.Rate
Maximum
Lease,
Years,
Mortgage.
Shares. 12-31-16.
Rate
$50.000
350,000
1-5%
1-5%
4- 1-14
48
17,550
$17,050
500 12.82% 12.82%
5- 1-11
900
250,000
250.000
4- 1-96
24%
24%
999
.3,000.000
3,000.000
4%
4
5- 1-04
999
20.000
20.000
4- 1-14
3.'%V.),
46
41,400
41.175
225
107
6-15-10
999
15.000.000
15,000,000
14 )
47:
6- 1-98
999
60,000
25
t59,975
6%
6'
9- 1-09
999
180,300
180.300
5%
54,
811,350
811.350
3%
47 (1917)1 4- 1-12
999
6.500,000
6,500.000
8%
80)
6- 1-03
900
400,000
400,000
50
'
o
1- 2-05
6%
900
2,000,000
2,000.000
1- 1-05
57:
5%
999
10,500,000
10,500.000
8%
8%
6- 1-03
900
175.000
174.500
500
5%
5%
5- 1-08
999
367,500
367.150
350
5%
5%
7- 1-10
999
6,000,000
6,000,000
5%
507
12- 1-98
999
750.000
4.633
2743.867
6%
2,500,000 2,446.350
53.650
6%
6_,
5- 1-11
6641
900
25.000
24,750
250
10%
107
5- 1-08
999
1,000,000
*923,500
76.500 1 4-5% 1 4-5
11- 1-03
900
5,000.000
269.700 4.730.300
5%
5
6- 1-03
900
122,500
115.850
6.650
2
27
5- 1-11
900
504,000
504.000 113(7: 11
6- 1-93
999
100,000
100.000
2%
7- 1-10
999
266,500
266.500
5%
g_19
747.150
747.150
2.4%
2.77 (1918)1 4- 1-12
999
112,000
104,900
7.100
5%
5- 1-11
59
900
1,050,000
422,400
627.600
4%
4
12-31-03
900
6,000,000
6.000,000
8%
8*/
6- 1-03
900
225,000
225,000 2 2-3% 2 2-3c4
10- 1-03
20,000,000 *19,694.500
405,500
5%
5
7- 1-07 Par
e9e13
9
4
41,050
41.050
6%
6e.
1- 1-10
999
70,000
69,450
550
.....
183.886.300 524.1315.0R3 S50.257 817

*Pledged under agreement securing Public Service Corporation or New Jersey Perpetual Interest-Bearing Certificates.
t All of this stock except directors' shares Is owned by Essex & Hudson Gas Company and Newark Consolidated Gas Company.
2 31.500 reserved to retire stock of consolidated companies.

Washington Oil Co.—Earningsfor Calendar Years.—

The Financial Review.for 1917, issued by the publishers
of the "Commercial and Financial Chronicle," is now ready
for distribution. It is an invaluable book (440 pages) for
reference throughout the year.
Some of the contents are as follows:

Western Electric Co., Inc., N. Y.—Rights.--

Retrospect of 1916, giving a comprehensive review or the business of that
year, with statistics in each department, financial and commercial.
Bank Clearings in 1916, with comparative statistics for 20 years.
Number of shares sold on the New York Stock Exchange in each of the
past 20 years.
Securities listed on the Now York Stock Exchange in 1916, with statistics for a series of years.
Failures in 1916; yearly failures since 1857.
Call money rates daily in 1916.
Money rates by weeks for past three years on all classes of loans.
Federal Reserve Bank of New York—Weekly Returns.
Federal Reserve System (12 Combined Banks)—Weekly Returns.
Federal Reserve Notes Outstanding at the End of Each Week in 1916.
Weekly statements in 1916 for Banks and Trust Companies.
Crop statistics for a series of years.
Iron and Coal—Production for a series of years.
Copper Production and Prices for Last Four Years.
Weekly Record' of Prices, Iron, Steel and Other Metals, and Their
Products for 1914, 1915 and 1916.
Daily Prices of Copper, Tin, Lead and Spelter for 1914. 1915 and 1916.
Gold and Silver—Production for a series of years and Monthly Range.
Price of Silver in London from 1837 to 1916, inclusive.
Building Operation Statistics, United States and Canada, comparison
for a series or years.
Comparative prices of Merchandise for a series of years.
Great Britain—Review of commercial and financial affairs, with comparative statistics.
Foreign Exchange—Daily Priem in New York on London for Three Years.
Daily Rates of Exchange on Continental Centres for 1914. 1915 and 1916.
Monthly Range for Three Years at New York on Continental Centres.
Bank of England Weekly Statements In 1913: 1914. 1915 and 1916. and
the changes in the Bank rate for a series of years; also money rates in Continental cities.
The Imperial Bank of Germany Weekly Returns for 1914, 1915 and 1916.
The Bank of France Weekly Returns for 1014. 1915 and 1916.
The Bank of Russia Weekly Returns for 1914. 1915 and 1910.
Government Bonds—Monthly Range since 1860 and Debt Statement for
each year since 1793.
State and Municipal Bonds—Record of prices since 1860.
Prices of State Securities, Monthly, for 1914, 1915 and 1916.
Foreign Government Securities—Range of Prices monthly on New York
Stock Exchange for 1914, 1915 and 1916.
Railroad and Miscellaneous Bonds and Stocks—Monthly Range of
Prices for five years in New York and for one year in Boston, Philadelphia.
Baltimore and Chicago.
Exports and imports for a series of years.
New York "Curb" Market Transactions—Highest and Lowest Prices
for Four Years; Highest and Lowest Prices by Months for 1916.
Railroad statistics for the United States, showing Railroad Construction.
Total Mileage, Capitalization, Earnings, Passenger and Freight and other
statistics for a series of years.
Railroad Earnings in calendar years 1915 and 1916.
Purchases of Cars and Locomotives in 1916.
Railroad Receiverships since 1876.
The "Railway and Industrial" Section (issue of Feb. 24 1917) is bound
up with the Review and gives a description of Railroad and Industrial
Securities and a record of dividends for the years 1907-1916.

Dividends
Calendar
Net
Balance.
Previous Total
Paid.
Sur. or Def. Surplus. Surplus
Profits.
Year—
$32,985 (40%)$40,000 def.$7,015 $52,876 $45.862
1916
sur. 16,099
16,099
36,777 52,876
1915
The balance she as of Dec. 31 1916 shows cash, $25,798; stock of other
companies, $18,186,' _total assets, $147,094; capital stock, $100,000; accounts payable, $1,252.—V. 103, 13. 1046.
The right to suoscribe for the $15,000,000 new prof. stock will expire on
April 16.—See V. 104, p. 1392.

Western States Gas & Electric Co., Calif.—New Notes.
—William P. Bonbright & Co., Inc., and H. M. Byllesby &
Co. have underwritten and will offer to the public a new issue
of $1,564,000 6% Gold Notes.
The notes are duo Feb. 1 1927 and the proceeds will provide funds for
the retirement of $621,000 notes and for extensions and additions to the
properties, and payment for recently acquired water rights and storage
reservoirs on the south fork of the American River.—V. 104, p. 1270,670.

Western Union Telegraph Co.—New Director.—

Benjamin F. Bush, Pres. of the Missouri Pacific By., has been elected a
director to succeed Geo. J. Gould, resigned.—V. lot, p. 1392, 1270.

West Virginia Timber Co.—Bonds Called.—
This company has called for payment 80 of $1,000 each, 32 of $500 each
and 40 of $100 each, totalling 3100,000, First Mtge. bonds of 1912 at 101
and int. on May 1 at First Trust & Savings Bank, Chicago.—V.89,P•1015,

Willys-Overland Co., Toledo, Ohio.—Production.—
Treas. F. K.Dolbeer,as of April 4 1917,reports in substance:

The first quarter of 1917, closing March 31, has produced a very satisfactory result in the total number of cars shipped from our factory, despite
the unusual freight car situation. Our total shipments aggregated 44,409
cars, the gross value of which,figured at distributors' prices, is $28,280,864.
Based upon the present outlook, our production for April, May and June
ought to approximate from 18,000 to20000 cars per month, despite the
increase in prices which were made effective as of April 2, large orders are
being received daily. From our point of view the outlook is exceedingly
bright for the balance of the current year.—V. 104, p. 1259, 1296.

Winchendon Electric Light & Power Co.—Bonds Called

Eight First Mtge. 6% bonds of 1892 have been called for redemption on
May 1 at the rate of $520 per bond and int. at Old Colony Trust Co., Bost.

Wolverine Sugar Co.—New Name.—
See German-American Sugar Co. above.

(F. W.) Woolworth Co.—March Sales.1917—March-1916.
$6,248,844
$7,_235,548
—V. 104, p. 958, 567.

Increase.! 1917-3 Mos.-1916.
Increase.
3986,7041318,478,898 $16,246,047 $2,232.851
CURRENT NOTICE.

—John Nickerson Jr. of New York, St. Louis and Boston are offering
a list of conservative preferred stocks of public utility companies for the
investor who wants a higher return on his investment than he is abe to
realize on a high grade bond. The firm will mall on inquiry full information of a public utility preferred stock yielding 6.03%.
—A, A. Housman & Co., 20 Broad St., this city, are distributing a circular on the condition and prospects of the Chesapeake & Ohio RR. Special reference is made to the progress which the road has made during the
past two years. A copy will be mailed on application to the bankers.




The price of the Review, bound in cloth, is $2 50. Parties
desiring ten or more copies can have their names stamped on
the covers, in gilt, at reduced rates. Publishers, William B.
Dana Co., 138 Front Street, New York. Copies may also
be had from John H. Day,39 South La Salle Street, Chicago;
Edwards & Smith, 1 Drapers Gardens, London.

[VOL. 104.

THE CHRONICLE

1506

'five Tolantertial Tiaras°
COMMERCIAL EPITOME

closed unchanged to 4 points higher, with tr