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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. Terms of Subscription-Payable in Advance $10 00 One Year :For Six Months turopean Subscription (including postage) European Subscription six months (including postage) 13.nnual Subscription in London (including postage) Six Months Subscription in London (including postage) Canadian Subscription (including postage) Chicago 6 00Cincinnati Cleveland 50 17 30 Detroit 22 14e. Milwaukee 21 11 a, Indianapolis Columbus $11 50 Subscription includes following Supplements- Toledo 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 THE CHRONICLE [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 1444 THE CHRONICLE 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 1446 THE CHRONICLE [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 1450 THE CHRONICLE 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 THE CHRONICLE 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 THE CHRONICLE 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 transactions stated at 73,250 bags. Quotations were as follows: April___ _cte.8.22 8.24 May 8.2808.30 June.. .8.3408.36 July 8.4008.42 August __cts.8.4608.47 September __8.5108.52 8.5708.58 October Novemb'r_ _8.6308.64 December cts8.708.71 January -..--8.7708.78 February- 8.8508.86 March 8.9008.91 Friday Night, April 13 1917. SUGAR higher; centrifugal, 96 degrees test, 6.27@6.40c.• Trade continues good, exceeding that of last year, at molasses, 89 degrees test, 5.50@5.63c.; granulated, 7.506 rising prices, but naturally in these times of world wide 8.25c. Futures advanced with a rise in spot raws and reconvulsion, conservatism is beginning to be noticeable here fined, and fears of restricted imports from Cuba which is at and there. Yet it is also a fact that both Government and war with Germany and has to contend with high freights, shipowners. Also a fear of private buying is on a large scale. The Government has the and the nervousness of neutral duties on raw and refined may be levied by the import new is it although fitting, eminently is as deliveries preference in United States Government has not been without its inpaying considerably less than the current market prices. fluence, especially as much sugar cane, it appears, was really Iron and steel are rising rapidly and the Government has destroyed by Cuban revolutionists. To-day futures closed already given out orders for 300,000 tons of steel. It is to 5 to 10 points higher with transactions stated at 23,350 were as follows: build 1,000 wooden vessels of about 3,000 tons register to tons. Closing quotations 05.48 August __cts._ 5.6805.70 November cts5.5105.58 overcome submarine danger by supplying Europe with food, April____cts.5.46 __5.73 0:1.74 December ___5.2505.27 September_ May 5.5105.52 5.6405.66 January.--5.0205.04 June 5.5705.58 October &c. Cotton goods and other textiles have been in sharp July FebruarY----4.8004.85 5.6405.65 demand partly from the Government at advancing prices. and again higher. City, demand good in -Linseed OILS. In all the great industries there is the hum of ceaseless 12; City, boiled, American activity. Seeing this, private buyers have become nervous raw, American seed, $1 11(01 $1 30. Lard, prime again Calcutta, and are buying with avidity, fearing scarcity later on either seed, $1 12@$1 13; 80. Cocoanut, Cochin, 190.; Ceylon, from an actual depletion of supplies or from an artificial higher at $1 75@$1 14.31c.; Palm Lagos, 14e. Soya bean, scarcity brought about by interruption to transportation, 180.. Corn higher at domestic, higher at 76@78c. Spirits should the Government requisition the railroads, &c., for 13M 1613 Yic. Cod, Strained rosin, common to good, the movement of troops. Meanwhile in many lines, manu- of turpentine, 51M @52c. oil unchanged on the spot at 15c. Tofacturers find it difficult or impossible to keep up with their $6 05. Cottonseed futures closed as follows: cottonseed oil orders. Seeing the price of raw materials steadily rising, day _ __ cts_14.80014.83 April....cts.15.0015.50 July __eta _15.3015.3110ct_ 14.43014.45 and a scarcity of labor, either actually existent or threatened, May 15.25015.26 Nov _ 15.29 15.31 Aug 15.25015.28 15.30015.32 Sept they are in many cases not at all anxious to sell for distant June PETROLEUM active and strong. Refined in barrels delivery. Still the sales of military supplies, such as steel, lumber, blankets, underwear, clothing, shoes, and mules, $10 25@$11 25, bulk $5 50(06 50, cases $12 75(013 75. not to lengthen the list, makes a formidable showing. Mean- Naphtha, 73 to 76 degrees, in 100-gallon drums and over, time the financial interests of the country are awake as never 423c. Gasoline in brisk demand; motor gasoline, in steel before and a war billof$7,000,000,000including$5,000,000,000 barrels, to garages, 24e.• to consumers 26c.; gasoline, gas ofbonds,and $2,000,000,000of certificates ofindebtedness has machine, steel, 41c.; 73 to 76 degrees, steel and wood, 36@ been reported favorably in Congress with party lines ignored. 38c.; 68 to 70 degrees, 29@32e. Crude prices show no And preparations for big crops are under way. The Govern- change but market conditions are strong. Field development is urging Southern farmers to plant food crops as well ment work is being watched with increasing interest. West as cotton. All over the country there is a propaganda look- Virginia has contributed some good wells. Goose Creek, ing to the planting of larger areas to foodstuffs and in towns Texas, shows a big production. In the Eastern field, howand cities the planting of small gardens and even larger spaces ever, bad roads following heavy rains and the scarcity of is becoming popular. The seed business has never been so material have restricted development work somewhat. large as it is now. "Forewarned is forearmed," and if the Field advices from Oklahoma say that the Bixby pool, the country, foreseeing the danger of food scarcity, acts ener- leading factor for the past three months, has of late been dewere as follows: getically to avert it, the results can hardly fail to be gratify- clining. Closing prices $1 83 Illinois, above 30 Pennsylvania dark $3 05 North Lima ing and even of world-wide importance. On the other hand, Cabell _ __$1 87 1 83 degrees 2 35 South Lima 1 73 Kansas and Okla2 43 Indiana in not a few directions business has been slow, owing to cold Mercer black homa 1 70 87 1 Princeton 40 1 Crichton crop or stormy weather. The condition of the winter-wheat 1 90 2 38 Somerset.32 deg__ 2 18 Caddo La.. light Corning 1 00 Caddo La.. heavy.. 1 00 is the poorest for years past, being 23% below the ten-year Wooster 205 Ragland 23 2 Canada 70 1 Electra 70 1 than less Thrall average, pointing to a yield 50,000,000 bushels 1 00 1 70 Humble 1 70 Moran 1 70 the small crop of last year and 240,000,000 less Strewn 1 83 Henrietta 1 80 Plymouth De Soto than two years ago. High record prices on a TOBACCO has been firm with a steady demand, but gold basis prevails for grain and provisions, the high- business is restricted by the smallness of supplies. That of War. est since the paper currency values during the Civil filler cannot be replenished until next autumn. Now ConFood was never higher than it is to-day. The time may necticut crop wrapper is about to come on the market, and one ordain to come, it is suggested, when it will be advisable when it does, packers are expected to buy rather freely. meatless day in the week. The mere suggestion that the Meantime cigar manufacturers have to contend with the high does course, Government may yet regulate prices of food, of cost of labor, as munition factories are paying higher wages. not relieve the situation. It is significant, too, that col- The question of enlistments and their effect on the labor some lections are not quite so prompt as recently. In supply will come up later. Altogether, the labor outlook sections, they are even beginning to be a trifle slow. The from the standpoint of employers is none too bright. Fura is growing scarcity of labor for factories, mills and farms thermore, the planting of the next coop may be more or less knotty problem. Already there is talk of drafting labor for restricted. Sumatra, meanwhile, is very high. Some is suggested even the farms to insure abundant harvests. It is coming by way of the Pacific. Cuban leaf, needless to say, that school boys, including boy scouts, may be mobilized is very firm, with an insistent demand. labor the make for farm work as enlistments will tend to COPPER lower. Lake here on the spot 333/20.; electroquestion more perlexing than over. lytic, 33c.; third quarter delivery, 31 Mc. The talk of GovLARD higher; prime Western 22.25c., refined to the Con- ernmental regulation of prices has had a somewhat depresstinent 22.75c., South America 23c., Brazil 240. Futures ing effect. Buyers have been holding aloof awaiting deadvanced and then reacted on heavy liquidation, partly in velopments. First hand producers are said to be sold up to sympathy with a setback in wheat. On the 10th inst. prices July. The statistical position of copper is considered strong, at Chicago reacted 110 to 140 points on lard,90 to 150 points the consumption outrunning the production. The smallness on pork and 30 to 60 points on ribs. This was largely due to of the supply is said to be due to labor troubles, as well as to a fear that the United States Government may decide to fix difficulties of transportation which have resulted in emmaximum prices. Packers bought as products are relatively bargoes in different places. Tin slightly firmer on the spot cheaper than hogs, which have touched $16 50 at Chicago. at 55c. London has latterly advanced. The statistical Later came a renewed advance in response to a rise in grain. position of tin is considered bullish and keeps up prices. To-day prices advanced early but reacted later and ended at The scarcity and dearness of freight and insurance rates a small decline for the week on selling by packers and others. have also helped to do so. But buyers are awaiting developments as regards Government regulation of prices. Arrivals DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Fri. Wed. Thurs. Mon. Tues. Sat. far this month are 1,490 tons. thus 21.32 20.82 20.90 21.10 20.80 cts_21.17 May delivery increasing Spelter dull and loweron the spot at 10e.,owing to 21.45 21.60 • 21.12 21.12 21.37 21.02 July delivery 5 owing 21.12 21.45 21.25 21.55 21.70 21.25 September delivery stocks. Lead slightly firmer on the spot at 9%c., PORK higher; mess $40, clear $40@$42. Beef products to the strength of the statistical position. Buyers have firm; mess $25@$26,extra India mess $45(047. Cut meats been holding off pending price regulations by the Government, again higher; pickled hams, 10 to 20 lbs., 21 IA @22Hc.; but this has not bad much effect as supplies are decreaspickled bellies 25 M ©26 Mc.. Butter, creamery 39@483.c. ing. Offerings for nearby delivery have been small and Cheese, State, 23M ©27 . Eggs,fresh, 30@35 . producers are said to be sold up to the end of June. Pig iron has been firmer, but new orders are smaller, COFFEE higher; No. 7 Rio, 10c.; No. 4 Santos, 103- (4) iron sold 10Yo.; fair to good Cucuta, 10@113.c. Futures ad- Furnaces, however, are well sold ahead. Virginia Basic iron, $40 vanced mainly on the belief that a duty is likely to be levied at $2 over current quotations, it is stated. by the United States Government as an unavoidable war at Valley furnace; Bessemer, $42. But prices for the first measure. Also Wall Street has been buying on the idea half of 1918 are $3 to $4 under those for early delivery. On that peace may come this year, and that coffee is relatively 1917 deliveries, there has been a rise within a, week of $1 to$2 with cheap. The spot demand, too, has been better. On the Steel has been in brisk demand and moving upward, other hand, Brazil has been more disposed to sell now that pig iron higher, labor scarce and big Government orders to it has severed relations with Germany and fears submarines. work out on the basis of 2.90cents for plates, and 2.50 cents The trade here has also sold to some extent. To-dayfutures for shapes, or well under ordinary quotations. Semi. Ara. 14 1917.1 THE CHRONICLE 1507 finished steel has advanced sharply. Sheet bars for early In addition to above exports, our telegrams to-night also delivery have sold at 0 at mill. Tin plates, $7 50 to 50 give us the following amounts of cotton on shipboard, not and the Far East is in the market for large quantities. There cleared, at the ports named. We add similar figures for has been no advance in wire, but one is expected. Forging New York. billets are $10 higher than recently. On Shipboard, Not Cleared for-- COTTON Friday Night, April 13 1917. THE MOVEMENT OF THE CROP,as indicated by our telegrams from the South to-night, is given below. For the week ending this evening the total receipts have reached 64,264 bales, against 75,372 bales last week and 83,041 bales the previous week, making the total receipts since Aug. 1 1916 5,978,730 bales, against 5,995,448 bales for the same period of 1915-16, showing a decrease since Aug. 1 1916 of 15,718 bales. Other CoastGerGreat April 13 at- Britain. France. many. Cont'l. wise. Galveston _ _ _ _ 11,827 New Orleans_ _ 8.550 Savannah ___ _ Charleston_ _ _ _ Mobile 929 Norfolk New York_ _ _ 500 Other ports_ _ _ 4.000 8,000 8.919 5,000 9,011 4.000 3.000 Total 1917_ _ 25,806 16,011 Total 1916- _ 43.669 28,597 Total 1915 111,339 22,602 Total. 9,750 29.577 760 27.240 800 5.800 "iii 1;5i6 200 200 4,500 7.000 Leaving Stock. 221.365 337.938 139,373 33.803 6.129 105,448 92.695 124,971 21,919 11,921 75,657 1,061.723 73.173 19,612 165,151 1,166,100 100 67,302 35,573 236.91611,217.086 -166 Speculation in cotton for future delivery has been fairly active and prices at one time were decidedly higher. May touched 21.25c., or within $1 50 a bale of the high point of the season on Nov. 27 1916. July even got up to within 50 ----- cents a bale of the high level on that date. But later btew Orleans__ _ _ 1,224 6,20 4,144 2,127 2.800 1,685 18.21( there 8 6 96 8 23E was a sharp reaction, owing to rains in Texas and more dis38 Mobile 80 Pensacola ---position on the part of the South to sell. Also there has been ---:--Facksonville isii 1,i5 1:223 5:64( more or less discussion of the possibility of Government reguRig 1:6Jii 1:Elig 3avannah 2,000 2,00( Brunswick HI§ 8A5 -dii 1-,§55 -N§ Dharleston 563 3.721 lation of the cotton trade of this country, as there has also 35 186 10 13 188 Wilmington 109 541 been in the grain trade. And it may be worth bearing in. 1,934 1,055 1,358 1,159 2.071 7,577 Norfolk _-__ -_ ---N'port News, &c ------217 217 mind that the New York and Chicago butter and egg ex25 42 135 74 __ gew York 27 30.? changes have for patriotic reasons suspended tradingin futures. 41 6( 168 3oston 92 1,40E It is well known that some sort of Governmental regulation 3,278. __ 3altimore ----_ --------------3,271 59 Philadelphia_ _ ---of the Liverpool Cotton Exchange has been in operation for 86 ---- ---- ---14 R76 16.197 12.676 7.196 7.4R1 1 A 330 AA 9AA many months past. The general aim there has evidently been to discourage speculative trading in cotton, and the shows the week s total receipts, the total Exchange there for months past following The has not been open on stocks the to and 1916 -night, compared with Saturdays. This fact is recalled with interest in these times, since Aug. 1 last year: now that the United States has joined the Allies. Already there is talk here and there in the cotton trade to the effect 1916-17. 1915-16. Stock. that patriotism and bull speculation in cotton can hardly go Receipts to Aug Since This This Since Aug April 13. hand in hand. It is notorious, however, that for some time Week. 11916. Week. 1 1915. 1917. 1916. past there has been comparatively little speculation in 18,426 2,377,377 35,456 2,099,184 250,942 285,941 cotton, and it must be recorded that very many are sinGalveston 458 242,523 9,357 287,852 Texas City 18,141 cerely convinced that higher 19,213 prices are inevitable for cotton 35,074 53,584 Port Arthur 60,083 Aransas Pass, &c_ 738 79,468 1,671 through the inexorable operation of the law of 18,210 1,301,516 18,374 1,139,150 365,178 332,087 New Orleans supply and demand. It is not less certain that much 236 Mobile 91,531 5,179 103,630 7,469 20,839 Pensacola 31,381 of the buying here of late has been to cover hedges by spot 43,169 Jacksonville 2,100 58,981 181 38,754 9,000 2,037 houses and mills. Futures here have risen rapidly after being Savannah 5,469 774,057 7,346 908,737 145,173 151,325 Brunswick 96,700 2,000 109,500 3,500 5,802 15,000 unduly low,so low indeed, that the stock here has fallen to the Charleston 3,721 157,370 3,770 225,863 33,803 66,071 smallest figures seen at this time of the year for 15 or 20 years. Georgetown 728 541 85,745 5,240 172,606 Wil ng on 53,983 55,606 New York prices, so far from being exorbitant, have really 7,577 455,837 10,899 534,423 105,648 114,911 been much of the time this season fully a cent below Norfolk the parity 217 12,349 492 76,404 N'port News,&c_ 34,790 303 127 26,042 New York 97,195 251,130 of the South. It is this which has prevented a replenishing of 75,482 1,736 1,406 64,723 Boston 11,488 8,796 the stock here. In fact, it is of interest to note that hedgers 71,202 3,278 152 41,869 Baltimore 28,719 5,385 have had an experience of late similar to that which they 4,932 3 had 142 2,562 Philadelphia ___ _ 3,717 2,311 in Daniel J. Sully's famous bull campaign in 1903-04 when fu64,264 5,979,730 102,550 5.995,448 1,137,380 1,331,251' Totals tures advanced faster than spots. But there is this difference In order that comparison may be made with other years, this season that it is only recently that futures have been at leading totals the ports below for. six give we seasons: advancing faster than spots, whereas in the Sully campaign it was a condition that existed for many months. All this, 1916. 1917. 1915. 1914. Receipts at1913. 1912. however, is by way of parenthesis. Of late spot markets 35.456 58,131 Galveston_ _. 18,426 36,310 24,792 28,804 have been falling. Texas as we have seen has had some rain., 10,095 458 TexasCity,&c 6,770 1,388 806 11,918 and moreover, the Eastern belt conditions .have been im18,210 18,374 New Orleans_ 38,445 27,868 24,246 16,282 236 6,179 Mobile 1,385 6,703 4,942 2,940 proved by a period of clear weather. Some insist, too, that 5,649 Savannah.- _ _ 7,346 25,736 14,478 16,405 19,346 peace is 8,,bearish influence. And assuredly it would mean Brunswick _ 2,000 3,500 8,000 300 2,050 Charleston,&c 3,721 3,770 3,190 7,469 2,204 2,013 a cessation of big Government contracts for the armies of Wilmington_ 541 5,240 6,933 2,649 5,153 4,716 the United States and the Allies across the water. And the 10,899 7,577 14,024 Norfolk 4,944 6,593 10,691 possibility 492 217 of. peace this season is emphasized in some quar3,287 3,884 N'port N.,&c. 327 1,382 7,229 2,199 11,199 1,705 All others 1,577 7,227 ters. The recent successes of the Allies and rumors of 64.264 102,550 181,379 103,419 Tot.this week 89,095 105,319 food riots and unrest throughout Germany have been taken by not a few as pointing the way to an Since Aug. 1- 5,979,730 5,995.448 9,396,313 0,814,274 9,128,120 11262898 earlier end of the great world war than at one time seemed ending week this the evening reach a total probable. Lloyds of London is underwriting risks of peace The exports for 17,659 which were to of of 60,370 bales, Great Britain, within three months at the odds of 1 to 10. It is also urged 13,710 to France and 29,001 to other destinations. Ex- that the entrance of the United States into the war will of ports for the week and since Aug. 1 1916 are as follows: itself contribute largely towards an earlier arrival of peace. And some think that supplies are ample on this side of the From Aug. 1 1916 to Apr. 131917, Week ending Apr. 13 1917water, whatever may be said to the contrary. They also Exported Exported to-tourge that there is a possibility of a large crop being raised, Exports Great fromGreat even though the season is admittedly late. At the same time, BrUain. France. Other. Total. BrUain. France. Other. Total. exports continue small and war risks are very high, while Galveston__ 10,677 18,450 29,127 833,336 125,818 436,805 1;395,959 ocean freights continue scarce and dear. Submarines are 78,617 City_ Texas 115,532 28,725 222,874 said to have appeared in the Pacific Ocean. They may at35,005 Pt. Arthur. 35,005 Eagle Pass 600 600 tempt to blockade some Atlantic ports. Business with Japan New Orl'ns. 3,150 3,150 469,026 156,828 187,669 813,523 which has been a large buyer this season, may be endanMobile 63,577 400 63,977 Pensacola_ say nothing of Europe. But, on the 36,676 100 36,776 gered, to Savannah_ 152,356 91,525 65,290 309,171 other hand, there are a good many believers in Brunswick 96,983 96,983 Charleston_ 13,007 2,900 15,907 higher prices for cotton. They count on a carryWilmingt'n. 5,000 19,355 66,381 80,736 over into next season of considerably less than a Norfolk_._ - 2,761 3,150 5,911 49,313 37,566 4,450 91,329 million bales. They believe that there is little chance of N'p't News. 913 913 New York_ 1,438 13,710 3,218 18,366 162,160 179,178 229,781 571,119 raising a big crop. The season is reported anywhere from Boston 7,486 73,294 1,931 82,711 10 days to a month late. Southern Texas, which needs Baltimore_. 2,873 2,384 1,950 133,141 2,783 128,807 Philadel pia. 31,463 3,540 35,003 rain, has had very little even though other parts of that State Portrd, Mo. 148 148 have been visited by welcome precipitations. The first San Fran_ 164,307 164,307 Seattle 234,547 234,547 weekly weather report of the season appeared on the 11th 1,033 1,033 Tacoma 115,652 115,652 inst. It is stated that planting is delayed in Southern, Pembina_ 150 150 Southwestern and Western Texas awaiting rain. Drouth Total.___ 17,659 13,710 29,001 60,370 2,232,464 735,672 1,535,0784.503,214 was complained of in Oklahoma. The most of Georgia is Alabama backward. In conditions are generally unfavorable Tot. 1915-16 36,019 16,601 25,222 77,842 2,031,120 650,459 1,527,073 4,208,652 m... 1014-16 57.476 1.403 78.518 167.397 2.061 MA MA OKRA 232 7RR R gni 2110 for farm work, and not much cotton has been planted in the central portions, while and in northern the southern plantPArote.-Exports from New York include 60 bales Peruvian to Havre and 890 ing is progressing but slowly. In Mississippi germination bales West Indian to Liverpool. Sat. Ciialveston rexas City 3,214 458 Mon. 4,6'70 Tues. 4,103 Wed. 2,460 Thurs. 2,013 Fri. Total. 1,966 18,42( 451 and growth of what little cotton has been planted have been delayed by low temperatures and insufficient sunshine. Heavy rains have retarded planting or field work in Louisiana, Arkansas, Tennessee and South Carolina. In general the Central and Eastern portions of the cotton belt are backward owing to rainy and cold weather, which has delayed farm work, germination and growth, while Texas as already intimated has suffered from drouth. Some maintain that as soon as the war ends, Germany and Austria will want 5,000,000 bales at once. In peace times, they buy between them about 3,000,000 bales a year. Finally cotton goods have been active and rising. To-day prices opened higher on the Texas drouth, but later on broke sharply owing to heavy selling of July, which was attributed to various interests. There was even a report that German holders were selling July. It was also said, however, that spot interests were selling against cotton at the South with a view of delivering on contract. Still another idea was that spot houses or other trade interests may have been selling July-some 20,000 bales-in taking in hedges as cotton was bought at the South. Another opinion was that it was simply the selling out of a local long interest in a market rather tired for the time being. Some were selling old crops and buying new, and the latter deliveries showed only a small decline for the day as Texas is said still to need rain and the Atlantic States clear weather. Spot cotton closed at 20.85e. for middling uplands, showing an advance for the week of 30 points. The official quotation for middling upland cotton in the New York market each day for the past week has been: Sat. Mon. Tues. Wed. Thurs. Fri. H. 21.15 21.05 20.55 20.85 20.65 April 7 to April 13Middling uplands NEW YORK QUOTATIONS FOR 32 YEARS. 20.85 11.95 10.15 13.35 12.50 11.65 14.85 15.30 1917c 1916 1915 1914 1913 1912 1911 1910 10.35 10.10 11.10 11.80 8.05 14.40 10.65 9.25 190)_c 1008 1007 1906 1905 1904 1903 1902 1901.c 1900 1899 1898 1897 1896 1895 1894 8.31 9.81 6.12 6.19 7.44 7.88 6.56 7.56 8.25 7.12 8.94 11.62 10.62 9,75 10.62 9.25 1893..c 1892 1891 1890 1889 1888 1887 1886 Futures Market Closed. Spot Market Closed. SALES. Spot. Contract Total. HOLIDAY Steady,60 pts. adv_ Easy Quiet, 10 pts. dee_ _ Steady Quiet, 50 pts. dec.. _ Unsettled Quiet, 30 pts. adv_ _ Steady Irregular Quiet THE VISIBLE SUPPLY OF COTTON to-night, as made up by cable and telegraph, is as follows. Foreign stocks, as well as the afloat, are this week s returns, and consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Friday), we add the item of exports from the United States, including in it the exports of Friday only. April 13Stock at Liverpool Stock at London Stock at Manchester 1917. bales_ 677,000 ' 24,000 57,000 1914. 1915. 1916. 816,000 1,538,000 1,206,000 5,000 -55,000.22,000 92,000 87,000 127,000 753,000 *1,000 *1,000 322,000 958,000 1,687,000 1,303,000 17,000 *1,000 *34,000 *1,000 *552,000 561,000 308,000 231,000 376,000 3,000 19,000 13,000 29,000 43,000 a80,000 36,000 133,000 606,000 48,000 *4,000
@FedFRASER