Full text of Commercial and Financial Chronicle : April 20, 1918, Vol. 106, No. 2756

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Bank & Quotation Section

Railway & Industrial Section

Electric Railway Section

Railway Earnings Section

Bankers’ Convention Section

State and City Section

S A T U R D A Y , A P R I L 20 1918______________________ N O . 2 7 5 6

V O L . 106

Week ending April 13.

(gihvonulz.

Clearings at—
1918.

PUBLISHED WEEKLY.

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W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
F ro n t. P in o an d D e p o y ste r S ts.. N ew Y o r k .
Published every Saturday morning by WILLIAN B. DANA COMPANY.
Jaoob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold U. Dana, Sec. Addresses of all. Office of tho Company.

CLEARING HOUSE RETURNS.
Tlio following table, made up by telegraph, &e., Indicates that the total bank
clearings of ail the clearing houses of the United States for the week ending to-day
havo been $0,361,479,565, against $5,890,166,548 last week and $5,857,731,929
the corresponding week last year
Clearings-r-Returns by Telegraph.
Week ending April 20.

Per
Cent.

1918.

1917.

New York............ ..........................
C hicago________________ - .............
Philadelphia......................................
B oston___________ __________ ____
Kansas City______________________
St. Louis__________ _____ - .............
San Francisco___________________
Pittsburgh..........................................
Detroit................................................
Baltimore............ ..............................
New Orleans.............. ........... - .........

$2,901,570,844
454,406.978
316,525,968
216,123,850
163,032,766
141,644,197
86,676,480
64,344,552
57,692,329
47,997,530
60,257,445

$2,819,210,765
444,891,953
315,240,970
200,049,894
116,404,140
117,199,700
77,190,402
64,899,790
53,912,128
35,004,246
37,727,326

+ 2.6
+ 2.1
+ 0.4
+ 8.0
+ 44.4
+ 20.9
+ 12.3
— 0.9
+ 7.0
+ 38.3
+ 59.7

Eleven cities, 5 days------------------Other cities, 5 days_______________

SI,515,272,939
845.927.6S3

$4,281,731,380
695,248,762

+ 5.4
+ 21.7

Total all cities, 5 days— ..........
All cities, 1 day...................... ...........

$5,361,200,622
1,000,275,943

S4,976,980,142
880,751,787

+ 7.7
+ 13.6

Total all cities for week_________

$6,361,479,565

S5,857,731,929

+ 8.6

The .full details for tho week covered by the above will bo given next Saturday
We cannot furnisli them to-day, clearings being made up by tho clearing houses
at noon on Saturday, and hence lu tho above tho last day of tho week has to bo In
all cases estimated, as wo go to press Friday night.
^Detailed figures for tho week ending April 13 follow:
Week ending April 13.
Clearings at—
1918.

1917.

Inc. or
Dec.

1910.

1915.

%
S
$
S
$
New York_____ 3,049,833.184 3.381,569,569 — 9.8 2,596,227,179 2,139,440,657
+ 0.1 233.477,458 159,154,055
341,753,029 344,405,905
Philadelphia----78,329,787 — 1.4
77,196,459
60,330,656
Pittsburgh..........
10,864,770
45,668,195 + 20.6
55,067.503
35,056,401
Baltimore..........
45,590,729
10,576,229 + 15.7
19,175,000
10,038,376
14,252,830
Buffalo ---------11,245,321 + 12.6
12,664,529
Washington----8,385,102
9,317,815
4,700,000 — 14.2
4,030,698
5,472,277
4,823,918
Albany................
6,812,594
7,060,805
+ 3.0
5,024,252
6.391,592
3,440,668 — 1.0
3,406,067
3,020,002
3,250,415
4,297,471
+ 2.8
4,416,127
3,215,705
3,138,266
3,525,035 — 11.8
3,111,718
2,088,294
3,839,168
3,589,636 — 16.1
3,012,939
1,840,912
3,247,154
1,801,467
+ 4.7
1,885,816
1,020,291
1,813,354
3,592,995 + 10.3
3,963,510
2,680,391
2,080,650
2,499,317
+ 0.4
2.509,897
2,385,074
1,794,785
1,520,983 — 5.6
1,435,710
1,105,923
1,084,375
Y o r k ..................
2,816,149 + 24.3
3.500,000
2,222,144
1,874,333
1,985,170 + 14.2
2,267,982
1,535,763
1,019,157
E rio ....................
1,085,000 — 8.8
989,000
094,100
939,700
Binghamton___
735,083
+ 0.7
741,084
538,770
571,808
962,064
+ 3.9
1,000,000
800,000
900,000
1,486,940 — 8.3
085,131
1,362,087
1,464,109
487,882 — 22.8
454,638
430,081
376,844
M ontclair..........
Total Mlddlo. 3,603,759,988 3,923,133,950 — 8.1 3,009,565,095 2,440,250,691
266,933,306 227,048,842 + 17.0 219,824.096 177,808.572
Boston................
10,559,800
+ 8.0
10.141,100
8,686,400
11,406,300
1’ rovldenco____
9,668,330 — 15.8
8,290,348
7,790,015
H artford........
8,143,175
5,284,402 — 3.8
4,321,770
4,080,815
Now Haven__
5,083,299
4,484,286 — 18.3
3,232.973
4,137,056
Springfield........
3,663,918
3,100,000 — 3.2
2,500,000
2,035,925
Portland___
3.000,000
+ 3.5
3.545.160
3,811,062
Worcester___
3,009,548
3,670,666
+ 8.9
2,189,011
1,919,016
1,586,490
Fall River___
3,383,059
1,680,130 + 48.7
1,693,487
1,315,205
Now Bedford..
2,498,597
+ 8.1
1,142,902
1,087,727
898,384
1,235,478
803,452 — 8.7
713,374
Holyoko..............
1,049,810
733,236
763,799 + 14.7
701,824
390.017
Bangor................
875,8S4
Tot. Now Eng
309.627,54 oc 270,270,174 + 14.6 258,937,925 211,619,584
Note.— For Canadian clearings seo ’’Commercial and Miscellaneous News*.




1917.

Inc. or
Dec.

1916.

1915.

Grand Rapids__
D a y to n ________
Evansville.........
Springfield, 111..
Fort Wayne___
Lexington..........
Rockford_______
Youngstown.. .
Akron..................
Bloomington___
Quincy_________
Decatur________
C a n to n ________
South Bend........
Springfield, O__
D anville_______
M ansfield........ ..
Jacksonville, 111.
L im a ..................
Owensboro____
Ann A rbor.........
Adrian.................
Lansing..............

$
512,518,763
54,286,477
82,222,842
54,949,838
28,940,879
13,370,000
11,473,600
10,941.205
4,901,488
5,216,585
5,720,003
3,699,075
2,250,000
1.377.1S7
1,451,998
2,402,456
4,539,471
7,190,000
1,430,687
1,419,158
1,198,984
3,754,868
1,107,840
1,312,390
881,221
1,346,034
491,626
1,166,231
957,373
375,000
70,187
1,022,658

$
510,284,055
40,581,195
74,233,994
56,466,194
24,535,273
13,302,000
11,475,900
11,984,524
4,750,000
4,976,365
3,773,194
3,195,528
1,932,189
1,296,357
670,617
1,811,892
4,521,737
6,840,000
1,315,019
1,270,370
1,031,745
3,952,996
1,234,534
1,349.392
724,124
894,019
425,617
959,496
649,064
362,768
157,645
1,138,246

%
+ 0.4
+ 33.8
+ 10.8
— 2.7
+ 1S.0
+ 0.5
— 0.02
— 0.4
+ 3.2
+ 4.8
+ 51.6
+ 15.8
+ 16.5
+ 6.3
+ 116 6
+ 32.6
+ 0.4
+ 5.1
+ 8.7
+ 11.7
+ 16.2
— 5.0
— 10.3
— 2.7
+ 21.7
+ 50.6
+ 15.3
+ 21.6
+ 47.5
+ 3.4
— 55.5
— 10.2

S
368,971,101
33,365,950
45,803,476
42,799,952
19,001,284
11,441,144
10,657,000
9,264,834
3,500,000
4,602,810
3,226,883
1,859,880
1,469,197
1,420,774
863,551
1,250,179
5,026,772
4,033,000
974,603
934,541
671,056
2,729,474
961,238
1,121,493
772,957
732,486
407,108
732,240
352,311
300,000
58,734
700,000

$
327,583,950
25,158,950
29,816,363
29,491,862
15,960,814
8,331,078
6,803,600
6,697,147
3,141,768
3,676,487
2,074,525
1,376,176
1,304,268
1,341,905
714,806
1,055,762
1,514,786
1,959,000
70S,328
839,370
420,608
2,220,000
834,804
739,437
502,106
613,409
284,512
491,242
343,387
244,495
54,441
550,000

Chicago______ .
Cincinnati______
Cleveland______
Detroit _ . ..........
Milwaukee____
Indianapolis___
Columbus..........

Tot. Mid. West

823,986,124

792,096,049

+ 4.0

580,002,028

470,829,446

San Francisco__
Los Angeles____
Seattle................
Portland_______
Salt Lake C ity ..
Spokane..............
Tacoma________
Oakland________
Sacramento____
San Diego______
Pasadena_______
Stockton............
Fresno.......... .....
San Jose.............
Yakim a________
lleno ............ .....
Long Beach____
Total Pacific..

95,817,196
29,738,000
34,377,118
25,615,868
13,308,181
8,144,609
4,426,479
6,337,292
3,170,714
2,366,732
1,202,765
1,979,289
1,968,472
913,374
$65,699
613,010
998,772
231,843,570

87,006,627 + 10.1
31,761,000 — 6.4
23,313,314 + 47.4
18,317,261 + 39.8
+ 7.G
12,366,271
6,702,575 + 21.5
2,700,000 + 63.9
5,118,379 + 23.8
2,468,214 + 28.4
2,704,314 — 1.4
1,625,069 — 26.0
1,705,077 + 16.1
1,588,585 + 23.9
816,518 + 11.9
689,171 + 25.5
602,434
+ 1.8
827,626 + 20.7
200,312.515 + 15.7

62,383,456
25,756,102
16,524,111
12,879,317
7,722,416
4,977,927
2,514,626
4,588.254
2,101.078
2,504,614
1,083,141
1.108,737
1,046.412
734,264
499,772
413,499
665.225
147,502,951

52,874,087
21,745,992
13,253,270
11,595,757
5,831,551
3.607.663
2,106,734
3,739,062
1,745,681
2,119,902
1,070,262
817,549
S60.111
593,026
415,510
280,757
583,554
123,260,468

Kansas City___
Minneapolis___
Omaha_________
St. Paul..............
D en ver..............
St. Joseph........ .
Dcs Moines____
Sioux City______
W ichita..............
Duluth........ .......
Lincoln ..............
D avenport____
T o p e k a ________
Cedar Rapids__
Fargo..................
Colorado Springs
Pueblo.................

200.24S.273
29,919,534
59,833,249
13,361,001
22,522,939
17,011,096
10.000.00C
10,059.167
9,161,145
3,854,031
4,672,653
2,474,261
3,089,482
1.860.95C
2,526,541
749,341
782,950
883.052
2,410,713
1.639.97C
950,000
1.07S.62C
523,275
399,612.258

133,252,968
36,713,360
34,950,711
14,285,646
15,561,570
14,545,340
7,990,027
5,829,885
6,014,119
5,258,442
4,167.510
2,147,174
2,444,848
2,641,374
2,087,000
1,109,531
781,361
622,774
2,784,000
1,627,798
825,000
933,411
523,961
297,097,809

+ 50.3
— 18.5
+ 71.2
— 6.5
+ 44.7
+ 17.0
+ 25.2
+ 72.6
+ 52.3
+ 26.7
+ 12.1
+ 15.2
+ 26.4
— 22.0
+ 21.0
— 32.5
+ 0.2
+ 41.9
— 13.4
+ 0.7
+ 15.1
+ 15.5
+ 1.6
+ 34.5

82,794,892
26,018,057
23.480,701
13,300,696
12,214,183
9,112,062
6,902,565
4,434,707
4,383,981
4,105,614
3,097,074
1,849,777
1,746,320
2,052,066
2,171,842
828,762
558,244
400,000
2,382,460
1,536,449
753.432
841,411
314,244
205,309,539

73,816,991
19,544,738
18,124,878
11,549,724
9,846,692
6,863,133
5,265,363
3,159,841
3,256,419
3,306.848
2.205,589
1,383.484
1,319,210
1,694,421
1,463,658
687,471
389,646
334,859
1,610,659
1,048,232
510,345
547,075
217,923
168,147,405

Helena............ .
Billings________
Aberdeen_______
Hastings............
Tot. Oth. West
St. Louis______
Louisville______
H ouston_______
Galveston______
Richmond______
Fort Worth____
Memphis.............
Savannah ______
Nashville............
N orfolk............ ..
Birmingham___
Jacksonville___
Augusta..............
Chattanooga___
K n oxville______
M ob ile...............
Charleston.........
Little Rock.........
Oklahoma...........
Macon.................
Austin_________
Vicksburg...........
Tulsa..................
Muskogee..........
D a llas................
Total Southern
Total all...........
Outside N. Y .

155.001,431 138,017,457
41,492,663
63,241,722
20.162.8S4
24,002,150
10.680,634
13,500,000
4,433,549
4,600,000
23,393,337
40,508,070
11,072,771
10,275.981
27,445,706
46,314,794
12.186,101
12,760,169
7,761,949
6,631,573
11,090,058
14,791,269
5.810.741
7,276,606
2,940,672
3,700,000
4,830.163
5,300,297
3,729,090
3,946,100
3,587,147
4,281.434
2,596,714
3,328,325
1,275,000
1,350,000
3,000,000
2,548,940
4,600.000
3,732,499
8,603.995
6,416,025
1,950.000
1,595,673
3,500,000
3,486,298
422,414
340,035
650,000
497,107
8,208.929
8,409,561
2,362,844
1,575,078
17,388,957
11,537,194
521,337,060 372,645,346
5.890,166,548 5,855,555,843
2,840,333,364 2,473,986,274

83.463,613
+ 12.3
96,096,510
22,177,824
18,331,795
+ 28.3
19,552,948
12,419,219
+ 19.0
+ 26.4
9,815,783
8,092,982
+ 3.7
4,780,379
3,978,580
+ 73.2
14,000.000
10,114,019
6,745,677
— 7.2
7,312,659
13,942,004
+ 68.7
17,744.643
8,001.954
7,230,322
+ 4.7
4,697,321
— 14.6
5,397,409
6,363,044
8,029,652
+ 33.4
4.273,331
3,907,569
+ 25.2
2,542,156
2,125,358
+ 25.5
4,378,873
3,034,876
+ 9.7
1,972,821
1,682,096
+ 5.8
3,056,008
2,221,229
+ 19.7
3,314,772
1,713,363
+ 28.2
1.204,566
1,034+00
+ 5.9
3,000,000
2,092,178
+ 17.7
2,584,494
2,092,966
+ 23.3
2,539,360
+ 34.1
3.115,559
3,448.128
2,697,075
+ 22.2
+ 0.4
4,500,000
3,026,850
506,722
+ 24.2
350,360
691,811
444,956
+ 10.7
— 2.4
3,398,961
1,371,527
1,170,834
+ 50.0
653,815
+ 50.7
6,961,617 .......
-+ 39.9 259,866,674 212,485,634
+ 0.6 4,461,184,212 3,638,593,128
+ 14.8 1.864,957.033 1,499,146,471

.......

1604

THE CHRONICLE

OUR R A ILW A Y EARNINGS SECTION.
With to-day’s issue of our paper we send out the
•April number of our “ Railway Earnings” Section.
Owing to the taking over of the roads by the United
States Government at the close of 1917, and some
change in the form of the monthly statements re­
quired of the roads, the returns have been very slow
in coming to hand. Ordinarily our April number
would contain the figures for the month of February.
This time it embraces the returns for January, and
even at that some 20% of the returns are still missing,
not yet having been filed with the Inter-State Com­
merce Commission, though, on the other hand, a fair
proportion of the February returns are already on
record.
THE FINANCIAL SITUATION.
A statement submitted to the New York Board of
Trade and Transportation by its Railway Committee
takes up rumors of a movement for a general rate ad­
vance and proceeds to file a protest on behalf of
shippers. With every desire to treat commercial
bodies with respect, and in the belief that, in general,
they have not been heeded enough in the last ten
years, it is impossible to avoid considering this pro­
test wrong in both presentations and deductions.
Of the report that the Government contemplates
ordering 100,000 freight cars, many locomotives, and
certain other equipment, the statement objects that
this is unnecessary. “ If the war did not exist or if
it should suddenly end,” in eighteen months there­
after the Government would have no use whatever for
such new equipment. But this is no time for unreal
suppositions. Unhappily, the war does exist, and
there is no substantial reason for believing that it
will end soon, even though the end be somewhat
sudden when it comes.
We must deal with con­
ditions as they are. We expect peace to return, and
to bring such an industrial and trading demand as
the world has not yet known, though no man is wise
enough to foresee what conditions will be imposed
and what lines of movement directed by the situa­
tion as we shall find it then; but surely it is a very un­
warranted assumption, to say the least, that the new
rolling stock and betterments will find no employ­
ment. If the commercial and industrial world were
certain to stand still, there would be need of new
equipment, since equipment and roads wear out; but
the alternative to growth is decay, and the Allied
nations are now fighting militarism because it is be­
lieved to be an attempted interruption of real pro­
gress. When the great task is finished we all expect a
resumption of that progress, with enlarged oppor­
tunities for the arts of peace, which must cause need
of even greater instrumentalities of production and
carrying. Further, our railways had become barely
adequate (if they really were adequate) to ordinary
demands before war began and were unable to keep
pace with growing needs; the reasons are too well
known, surely, to need reciting anew.
As for the proposition that if existing cars were
worked close to capacity there would be no need of
any more and the cost of handling would be so much
reduced thereby that there would be no necessity
for any advance of rates whatever (for the statement
actually puts forward this plea), it is somewhat diffi­
cult to receive it with patience. It is old and over­
worked. It has been said by the Inter-State Com­
merce Commission, as excuse for refusing rate in­




[Vol. 106.

creases or making them grudgingly, that if the roads
would use existing facilities properly they could get
along well enough, and that if they would practice
possible economy they would have no serious trouble,
and one well-known non-railroad man said he could
show them how to save many millions. It is mat­
ter of record that under the calls of war car loads and
train length were increased, economies were some­
what discovered, and efficiency in service developed,
by working the properties close to the limit of safety,
this being done by men who had grown up in the
business an4 were under every stimulus that reputa­
tion and patriotism could supply.
The 15% advance was warranted, says this state­
ment, and was accepted by all shipping interests,
because if existing rates did not suffice to keep up the
properties and make a reasonable return upon in­
vestment, they must be raised or the roads would be
bankrupted and would become so run down as to
endanger public safety. But this, say the protest­
ants, was “ before the Government had adopted the
policy of Federal control,” and they attempt to draw
a distinction from that change, whereas both the
arithmetic and human nature remain and will remain
as before; the financial alternative is now and will
remain as hard in its lines and as grimly immovable
in its rigidity as it has ever been. Surely it should
suffice to remind ourselves of this without enlarging
upon it; Governmental control, or even Governmental
ownership, will not affect the fact that funds for
maintenance and development must be supplied
somehow.
But this committee objects, on behalf of shippers,
assuredly without full warrant from them, since the
shipping interests have not been a unit against rate
increases, and makes the strange assertion that the
traffic for which new cars are required is abnormal
war traffic, and that shippers, as such, have no
interest; “ the exaction of higher freight rates in order
to produce revenue with which the Government
would pay for these railroad betterments would,
under these circumstances, be the imposition of a
war tax of a most odious character, because imposed
on the assumption of being for a service received
when in fact no service was rendered.” Yet it was
long ago said and shown that the rate increases asked
would be practically negligible when applied to the
actual cost of commodities; further, the shipper
passes the increase on to the consumer, perhaps with
a fraction added.
The plea that the increase will be passed on “ ex­
hibits an inexcusable ignorance” says the statement,
“ of the long-accepted policy and methods by which
railroad extensions or betterments have been provided
or a willful disregard thereof . . . there never was
any public approval of a policy which warranted or
would permit rates high enough to create reserve
funds for the extension of lines or for the increase
of rolling stock, because these were regarded as
betterments which should be provided by investors
and not by shippers.” It may be granted that the
vaguely defined body of persons whom we call “ the
general public” or “ the public” have for many years
past inclined to the notion that funds for those pur­
poses should be and somehow would be provided by
another (or was it really another?) body of persons
called investors or capitalists, either by ploughing in
dividends or by taking up new securities. This
notion of letting somebody else take the burdens has
gone into an expressive saying of “ let George do it,”

A pr. 20 1918.]

THE CHRONICLE

and it hardly need be discussed as to the case in hand.
How little encouragement has been given, these
many years, to the investment of new capital cer­
tainly cannot be forgotten so soon; in both transpor­
tation and fire insurance the investor may get over­
tired. Also, now that the roads have been taken
over by Government there is no place for the in­
vestor to come into the scheme; Government has
assumed everything. The roads must be kept up,
or be permitted to run down; there must be such ex­
tensions and betterments as are needed, or the service
must decline. Whatever funds are required for all
purposes must be provided, out of rates paid by
Government and by private users, or by a public
tax.
It may be true, as sortiewhat vaguely stated, that
“ the Federal control radically changes the conditions
and relations of every important element that enters
in the question, as compared with the former cor­
poration control” ; but why add that this change
“ gives the Federal control no warrant for ignoring
sound and accepted public policy of long standing or
for violating in the name of war rights which the
people formerly possessed?” It is certain that in
the present circumstances the private investor has
ceased to be a resource; Government, as operator and
guarantor, must raise needed funds, by rates or by
tax. This statement protests that no increased out­
lays as rumored are necessary and that if any are
necessary they should be raised as other war expenses
are raised. The obvious answer to this is that trans­
portation costs are in effect a general tax; that it is
impossible to draw a clear line of demarcation be­
tween normal railway needs and needs added by war;
and that the consumer, according to unwritten but
unalterable law, bears a share in all transportation
costs in proportion to his consumption.
The argument for taxes instead of rate increases
has another objection: it forgets the past and en­
dangers the future. We have come into our present
transportation trouble because of a long course of
grinding our railways between the exactions of labor
and the obstinate refusal to permit rate advances
that would allow a just and ordinary relation between
the cost and the selling price of service. The “ Chron­
icle” lately sketched this long course (Feb. 23, p. 751),
and Vice-President Sisson of the Guaranty Trust
has just said in a public address to a business body
that “ for a period of thirty years, with an increasing
intensity of action, this country has pursued the
policy of constriction and starvation towards its
arteries of commerce; sclerosis and paralysis inevi­
tably followed.” Yet, even in the circumstances of
six or eight months ago, the dangerous resort to
“ taking over” could have been avoided by a frank
recognition of past mistakes and by cutting, in an­
other manner, the knot into which priority orders had
brought all movement. The Inter-State Commerce
Commission, said Mr. Sisson, was “ not the construc­
tive friend of transportation but transportation's
fearful, hectoring keeper.” Now that the plunge
which could have been avoided has been taken, he
discovers that the nostrums of previous years have
been thrown away, under the stress of war, and the
new treatment “ has general approval for the con­
ditions of to-day, but what of to-m orrow?” He
rightly deems the present scheme a makeshift. He
thinks shippers would prefer extension of facilities
to], a further fight for lower rates; that if private
ownership is to continue “ the cornerstone of the




1605

foundation of our future facilities must be the resto­
ration of railway credit” ; that the decision about the
future is now before the people, and that “ Govern­
ment ownership of railroads would not be permitted
if the public were alive to its real interests.”
These are words of truth and soberness, although
too little likely to be weighed while the country is
in the present stress. Yet, as the “ Chronicle” has
already pointed out, the public attitude towards this
great problem is of high importance. We should
clearly realize and remember that this step is one of
war emergency, and one not to be prolonged past the
emergency or even to be contemplated. We should
do this, lest we unconsciously settle into it as a
normal and tolerable thing and thus prepare ourselves
for the natural next proposition to make it perma­
nent. Therefore one objection to resorting to a
general tax rather than proper rate increases as the
mode of raising new funds is that the former tends
to confirm and the latter to look beyond and away
from Governmental operation. Anyway, a further
great increase in the wages of railroad employees is
impending, the committee appointed by Mr. M cAdoo
for the investigation of the subject being ready with
a recommendation to that effect. How is this addi­
tion to cost to be met, even with Government in
control, except by higher transportation charges?
The Board of Trade and Transportation committee
poses as the pseudo champion of shippers. We be­
lieve, shippers are as patriotic as any other part of
the population and will not care to appear in the at­
titude of viewing a great public question from the
standpoint of petty selfish interests in times like
these.
Gold production in the Transvaal and in all other
localities from which reports of output are available
monthly, show in 1918, as was the case in 1917, a
declining tendency in yield as compared with pre­
ceding years. For each month of the first quarter
of the current year the world's premier field (the
Transvaal) has reported a rather considerable de­
crease in the volume of gold secured from the mines,
the March yield falling to 696,281 fine ounces, the
smallest for the period since 1914, while the aggre­
gate for the three months at 2,070,222 fine ounces
exhibits a decline of 220,827 fine ounces from 1917
and 267,528 fine ounces from 1916. In the adjacent
workings— the Rhodesian field— moreover, a de­
crease of some 25,000 fine ounces is indicated; there
has apparently been a loss of about 15,000 fine
ounces in West Africa and a small contraction in
India, while the diminution in Australasia would
seem to have approximated 30,000 ounces.
Altogether, therefore, the fields mentioned have
furnished to the world a new supply of gold nearly
300,000 fine ounces less than for the like three
months of 1917, and if the past is taken as indicative
of the future, a very important decline for the full
year 1918 is forecasted as increased production else­
where would be only a fractional offset. It is not
safe, however, to too hastily conclude that such
will be the outcome for the twelve months, as con­
ditions in the Transvaal for a considerable period
thus far this year have been against the full working
of the mines. We refer not so much to the labor
situation there as to the occurrence of very heavy
and continuous rains that have been specifically
stated by the officials of some of the companies as
responsible for their reduced output. But it is

1606

THE CHRONICLE

[Vol. 106.

hardly to be assumed that the losses already sus­ declared that the new U-boat construction exceeded
the losses and that the effectiveness of the sub­
tained can be made good. .
marines had increased. He also quoted figures
Germany’s unpleasant situation as regards its sup­ seeking to prove his contention that the U-boat
ply of raw cotton has latterly been engaging the sinkings were thrice or six-fold the tonnage of the
serious attention of a portion of the press of that new British construction. The Minister declared
country and the matter of finding suitable substitutes that the American destroyers, “ which had been so
is exciting discussion. Reference to the subject is much talked about,” had failed in their object.
made in the “ Berliner Borsen-Zeitung” of Feb. 2, Germany’s opponents, he admitted, had had some
that journal seeing no prospects of relief for some success with their anti-submarine measures, but
time to come, even though there has been great this success at no time had any decisive influence
progress, as claimed, in the finding of suitable sub­ on the U-boat war and would not in the future.
stitutes, of which the nettle is one. Stating that an American destroyers had failed. The convoy system
estimated area of 49,500 acres will be devoted to which it was true offered ships a certain protection
nettle cultivation this year, giving a yield of fibre had, on the other hand, the great disadvantage of
of about 18,000 tons, it is remarked that this fibre reducing their transport capabilities. The German
is now being spun into yarns of very high counts. commanders were trained for attacking convoys and
Indicating the shortage of the cotton supply, the not a day passed but one or more ships were struck
manufacturing of pure cotton yarns as well as cloth out of existence. Experienced commanders, the
is said to have come to a standstill in the last half speaker said, managed to sink from 3 to 4 ships in
of 1917, almost all of the article referred to being succession belonging to the same convoy. The
mixed with artificial-cotton or artificial-wool yarns. German Minister spoke sarcastically of the efforts
T o promote nettle culture, a company— The Nettle of the American and British shipyards to produce
Cultivation Co. (Nesselverwertungsgesellschaft) has new tonnage to meet the destruction by the under­
been formed in Berlin, and another is contemplated water boats. “ After prodigious promises,” he said,
in Bavaria. The capital of the Berlin company is “ Americans in 1917 built 750,000 gross tons of sea­
now 5,000,000 marks, but is likely to be increased to going ships.” The large mercantile fleet placed on
10,000,000 or 12,000,000 marks. Recent reports order, he added, was not planned for America by
indicate that steps to protect the interests of spinners the war but for the post bellum period, when the
and weavers of cotton substitutes are among the shipping program having been in the meantime
objects of a national central bureau to be established carried out, America will become England’s world
in Berlin. Notwithstanding the disadvantages under freight carrier. Speaking with reference to ship­
which it has been laboring, the cotton manufacturing building by England to repair the losses, Von Cappelle
industry of Germany seems to have done quite well said that there was talk of three million tons in
in 1917. Current reports indicate that the Fine official quarters in England; then Mr. Lloyd George
Cotton Spinning Co., Augsburg, paid dividends of dropped to two millions, and now, according to
11% in 1917, against 9 % in 1916, a bleaching com­ M r. Bonar Law, the output is 1,160,000 tons. As
pany in the same town 10% against 8% , and the against, therefore, about 100,000 tons monthly
Hof Cotton Spinning & Manufacturing Co. 24% put into service, there were sinkings of 600,000, or
six-fold. In brief, continued the Admiral, if the
against 20% .
.
figures given were regarded as too favorable, and new
Last week’s losses to British shipping by enemy construction was assumed to be at the rate of 150,000
mines and submarines, as officially reported by the monthly, that is, 50% higher, and the sinkings
Admiralty, comprised 15 vessels, of which 11 were in reduced to 450,000, then the sinkings would still be
excess of 1,600 tons and 4 of smaller size. Twelve thrice as large as the new construction.
Replying to the German statement the British
vessels were attacked unsuccessfully. The week pre­
ceding it will be recalled only 6 merchantmen were Admiralty declared that exaggerated figures of losses
sunk. A German submarine of the largest seagoing are still relied on by the enemy, and then gives the
type on April 10 appeared in the port of Monrovia, following definite figures: “ The average of monthly
the capital of Liberia, on the west coast of Africa, losses of British ships in 1917 was 333,000 gross
bombarding the wireless and cable stations there, tons, whereas Admiral von Capelle bases his argu­
causing extensive damage. Liberia is a negro re­ ment on over 600,000 tons. The figures for the
public with a population between 1,000,000 and quarter ending March 31 will be published shortly
2,000,000 people. It declared war on Germany when it will be seen that the claims made of a con­
Aug. 4 1917. Ten German trawlers were sunk by tinuance of the drop in the rate of losses is fully
gunfire in the Cattegat (between Sweden and Den­ justified. With regard to steel, the First Lord of
mark) , according to an announcement by the British the Admiralty already has assured the House of
Admiralty. Their crews were saved by British ships Commons that arrangements have been made for
and there were no British casualties. The destruc­ a supply of steel to give the output aimed at, and
tion of the ships was incident to a movement of the at the present time the shipyards are in every case
Commander-in-Chief of the British Grand Fleet to fully supplied with this material.”
sweep the Cattegat. There seems a quite wide­
spread feeling in marine circles that this movement is
significant of an important naval plan, whose real
importance has not yet been announced.
German officials deny that their submarine war­
fare either is a failure or is to be withdrawn. The
German Minister of the N avy, Vice-Admiral Von
Cappelle, discussed the question before the main
committee of the Reichstag early in the week. He




The House of Commons sitting in committee on
Friday night of last week passed the Irish conscrip­
tion bill and also the Man Power bill by a majority
of 165. On Tuesday the House rejected a motion
'oy John Dillon for the omission of the Irish con­
scription clause from the man power bill by a ma­
jority of 176 and finally passed the third reading of
the whole bill by 301 to 103. George M . Barnes,

A pr. 20 1918.]

THE CHRONICLE

Labor member of the War Cabinet without port­
folio, stated that the Government intended to in­
troduce a Home Rule bill immediately and to use
every effort to pass it. He further stated that the
Lloyd George Government would resign if the
House of Lords refused to pass the new bill. On
the same day the British Premier in a speech in the
House of Commons declared it was desirable in the
interest of the war “ that we should settle the Irish
question and produce something like contentment
in Ireland and good will in America.” He believed
that American opinion supported the Man Power
bill provided that self-government were given to
Ireland and it was of the greatest importance at the
moment America was rendering to the Allies great
aid on the battlefield that Great Britain should
satisfy American opinion. Nothing would tend
more he said to secure the greatest measure of
American assistance. On Wednesday the House
of Lords passed the second reading of the Govern­
ment’s Man Power bill.
It is manifest that the letter of Emperor Charles
of March a year ago suggesting peace negotiations
with France is to become an historic document.
There appears no doubt of its genuineness. Emperor
Charles himself has spoken of the letter published as
being a substitute for one he concedes to have written.
Singularly enough, he does not make public a copy
of the document in the form he intended it to be
presented. Instead he affects indignation at the
French Premier arid, after announcing that his
response will be his cannon in the West, he declares
the incident closed. The Kaiser meanwhile has
assured him of complete confidence that AustriaHungary is a loyal ally. But Count Czcrnin, the
Austrian Foreign Minister, largely because of the
forwarding of the letter in question, of which he had
no knowledge, has resigned and has been succeeded
by Baron Stephan Burian von Rajecz, who was
Minister of Foreign Affairs from Sept. 15 1914 to
Dec. 23 1916, when he was succeeded by Count
Czcrnin, whose place he now takes. Baron durian
has been Finance Minister since Count Czcrnin has
held the portfolio of the Foreign Office and the
understanding is that he will occupy both offices
for the present. These cabinet changes are variously
interpreted, many influential Austrian politicians
holding that the removal of Czcrnin affords oppor­
tunity to seek a basis for peace negotiations which
had been impossible while he was Minister of Foreign
Affairs. Others see in the incident a further tend­
ency to defer completely to German control. The
Vienna “ Ncuwe Free Press” in a recent issue an­
nounces that lamentable scenes alternate each day
with tumultous ones in the different markets of
Vienna where meat is unprocurable. The Viennese
are not able to buy even the ration of 200 grammes
a week which is officially allowed them. The
Burgomaster of Vienna declared to the Municipal
Council early in the week that the sanitary service
estimated at 65% the food deficit of the city.
At Prague the situation is said to be still wo.rse.
This week the bread supply is 274,000 kilos short.
Disturbances have occurred and the Governor had
to promise the relief sought.

1607

sent French troops as reinforcements to Field Mar­
shal Haig who apparently is now able to hold the
battle line against further incustions by the Ger­
mans from the region of La Bassee to the North of
Ypres. The Germans have repeatedly struck the
line in an endeavor to press back the defenders, but
have been repulsed with heavy losses, and have no­
where been successful in gaining further ground
since steady advances early in the week. Particularly
heavy attacks are being thrown by the Germans
on the 10-mile front between Givenchy and Robecq
where an endeavor is being made to cross the La
Bassee Canal and bend southward the salient which
now outflanks the important railroad town of
Bethune. A division of troops to each mile is, it is
said, being used by the Germans on this sector, but
the British at last accounts were holding well and
inflicting heavy losses on the enemy. This new
attack if successful would jeopardize the entire
Arras section, -which includes the famous French
coaling region about Lens and equally famous
Vimy Ridge which the Canadians are holding. On
Wednesday night the Germans literally rained
shells of all calibres between Givenchy and Robecq,
the firing by daybreak having reached the intensity
of drumfire. During Thursday night midway be­
tween Bailleul at Ypres the Germans vigorously
attacked the British positions south of Kemmel,
which the British had recaptured from them on
Wednesday, but the enemy was unable to gain any
advantage in the face of the strong defense.
Among the most disturbing news items of the week
has been the report from Berlin that Poel Cappelle
and Langenirck north of Ypres had been taken by
the Germans and the admission from the British
sources that Haig had retired from certain of his
lines in the Ypres salient. Most of the Messines
Ridge has been occupied by the Germans. Besides
this the important strategic towns of Bailleul,
Wulverghem and Wytschaete have also been taken
by the Germans. However, with the aid of rein­
forcements the British are holding ground and there
are clear-cut suggestions in the latest dispatches
that General Foch is about to inaugurate a return
drive to that of the Germans. Italian troops have
been offered him (and a considerable number are
reported to be already in France) to aid in this great
work so that we are soon to see British, French, Bel­
gian, American and Italian troops fighting in France
and Flanders.

Despite the renewal of the German drive and the
large gains in terrain, the security markets in London
have not given way to weakness. Press correspon­
dents at the British centre have spoken of the condi­
tion as being either firm or cheerful throughout the
week with the single exception of Wednesday when
they reported “ Trading tame.” Gilt-edged stocks,
especially consols, have remained firm, the latter
closing at 55% comparing with 54% the week
preceding. Spanish bonds have been strong features,
influenced by the improvement in the Madrid
exchange situation. The British Government, it is
reported, is negotiating to obtain a large credit from
Spain to aid in stabilizing the exchange situation.
The sums mentioned range from £10,000,000 to
£20,000,000. The actual volume of business passing
At the close of the week news from the battlefront on the London Stock Exchange is, however, light.
in France and Flanders is more reassuring. General The explanation of the German offensive, that seems
Foch, the commander of all the Allied forces, has most widely accepted in London financial circles is




THE CHRONICLE

1608

that it was stimulated not only by home necessities
and apprehensions of later reinforcements from
America, but also by desire to achieve victory before
there has been much loss of American blood— with
the inevitable consequences in future relations.
Sales of British war bonds have been temporarily
restricted by uncertainties regarding the age limit
of conscriptions and also because of some apprehen­
sions as to the proposals to be made in the budget.
Additional bank consolidations have not been
reported, the evident disposition being to await
the report of the committee appointed to investigate
the desirability of permitting further amalgama­
tions. The London Provincial & Southwestern
Bank announces reciprocal agency agreements
with the Irving National Bank of New York and
the British Bank of South America. The Stock
Exchange committee in view of the further call
now to be made on the country’s man power is urg­
ing members and the public, as far as possible, to
close out all pre-war speculative accounts. It is
estimated that less than one-quarter of the original
amount now is open. Keen interest attaches to
the budget proposals which the Chancellor of the
Exchequer is to submit to the House of Commons
on Monday. It is expected that the proposals will
cover an estimated revenue of £1,000,000,000, as
against £707,000,000 obtained last year, and it is
reported that the supertax will be increased and that
higher duties will be levied on liquors, sugar, tea,
coffee and cocoa with an ad valorem duty on luxu­
ries such as jewelry, furs and other extravagances.
It is not expected that the excess profits tax will
be altered. In some quarters it is thought that the
maximum income tax will be increased to 33 1-3%,
as against the present maximum of 25% . The
Yokohama Specie Bank, Ltd., announces that
the Imperial Japanese Government 4)/2% sterling
loan bonds amounting to £160,000 of the first series
and £220,000 of the second series have been pur­
chased and canceled.
British foreign trade is beginning to show more
clearly the results of the restriction of tonnage. For
the month of March imports in the United Kingdom
increased £26,090,000, but exports decreased £8,100,­
000, as compared with April of last year. The excess
of imports for the month was £71,193,000, against
£37,002,914. Cotton goods exported during March
totaled 302,975,000 yards, against 444,328,000 yards
for the same month of 1917. Detailed figures for
the month and for the first quarter of the calendar
year follow:
---------------- March-------------- -------------- Since Jan. 1----------1918.
1917
1918.
1917.
Imports...................
£107,204,000
£81,114,045 £305,310,545 £242,054,098
Exports............................. 30,011,000
44,111,131
110,770,410
128,259,159
Excess of Imports-------£71,193,000

£37,002,914

£188,540,129 £114,395,539

Despite the decreased exports the Lancashire cot­
ton manufacturing industry does not appear to be
suffering severely as a result of the control by the
Government of output. Tattersall’s analysis of the
results of nineteen large cotton spinning companies
has been issued this week. It covers the operations
of six companies for twelve months and thirteen
companies for six months. After making allowances
for depreciation and interest on loans a profit is
shown on the share capital at the rate of more than
45% and on the share capital and loans combined of
more than 35% . Only 50% of the spindles in British
cotton mills are allowed now to run on American




[Vol. 106.

cotton, according to announcement by the Depart­
ment of Commerce at Washington upon the au­
thority of the American Consul at Manchester.
The English banks report war bond sales for the
week ending April 13 as totaling £17,275,000, which
compares with £10,940,000 the preceding holiday
week. The aggregate of sales thus far reported is
£639,408,000. The post offices report for the week
ending April 6 sales of bonds amounting to £340,000,
bringing the total to £25,283,000. Sales of war cer­
tificates during the April 6 week totaled £2,390,000,
making the aggregate indebtedness under this head
£178,366,000. The British Treasury statement for
the week ended April 13 indicated a substantial re­
duction in expenditures, though this was accom­
panied by a reduction in the revenue returns for the
week. An increase in the Treasury’s balance in
hand of over £1,000,000 was recorded. The week’s
expenses totaled £27,443,000 (against £57,552,000
for the week ended April 13), while the total outflow,
including repayments of Treasury bills and other
items, amounted to £100,548,000, in contrast with
£186,479,000 a week ago. Repayments of Treasury
bills equaled £70,720,000, as compared with £128,­
827,000 last week. Receipts from all sources were
£101,994,000, against £181,679,000 the week pre­
ceding. Of this total revenues contributed £10,827,­
000, comparing with £16,384,000 a week ago.
Treasury bills issued during the week totaled £68,­
193,000; this compares with, £105,313,000 the
previous week. War savings certificates amount to
£1,700,000, against £1,400,000, and other debts in­
curred £70,000, against £104,000 the week preceding.
Advances equaled £4,500,000, which compares with
£43,000,000 a week ago. Treasury bills outstanding
total £946,747,000, as against £949,465,000 a week
earlier. The Treasury balance aggregates £17,676,­
000, in comparison with £16,230,000 for the week
preceding.
A cable report from the American Consul at Paris
received by the Department of Commerce at Wash­
ington gives details of a ministerial decree prohibit­
ing the exportation from France of capital funds or
securities. The following exceptions are made: (1)
Capital funds or securities which individuals or cor­
porations residing or doing business outside of France
may have in France; (2) capital sent to French colo­
nies and protectorates for development of agricul­
ture, commerce or industry; (3) capital as payment
in French colonies and protectorates for merchandise
to be imported into France. The provision against
exportations of stocks and shares is subject to the
following exceptions: (1) French Government issues
since the outbreak of the war; (2) securities due and
redeemable and coupons payable in France; (3) shares
at present owned by persons abroad who purchased
the same before promulgation of the present law or
who have inherited the same since date of the law;
(4) securities bought or subscribed for in France since
the outbreak of the war; (5) securities for which a
general or special authorization may have been
granted by the Minister of Finance. The decree
also provides that all sums exceeding 1,000 francs
will have to be transferred abroad by officially recog­
nized bankers or brokers, even for those obtaining
special permission. Under the provisions of the
new income tax law of France citizens with taxable
incomes of 8600 to $1,000 pay l3/6%> the rate rising

Ape . 20 1918.]

THE CHRONICLE

1609

gradually to 3 % on incomes of $2,400 to $4,000, 5% 144,987,000 francs. This brings the total amount
on)incomes from $6,000 to $7,000, 8 % on incomes of outstanding up to 26,231,722 francs, comparing with
$10,000 to $12,000, and 16%, the highest, on in­ a total of 19,001,718,585 francs for the corresponding
week in 1917 and with 15,239,423,165 francs for
comes above $30,000.
the same period in 1916. On July 30 1914 the period
No changes have been recorded in official bank just preceding the outbreak of the war, the amount
rates at leading European centres from 5% in Lon­ outstanding was 6,683,184,785 francs. Compari­
don, Paris, Berlin, Vienna and Copenhagen; 5 ^ % sons of the various items with the statement of last
in Italy and Portugal; 6% in Petrograd and Norway; week and corresponding dates in 1917 and 1916 are
43^% in Switzerland, Holland and Spain, and 7% as follows:
BANK OF FRANCE’S COMPARATIVE STATEMENT.
in Sweden. In London the private bank rate con­
Changes
-------------------------Status as of-----------------------tinues to be quoted at 3 9-16% for sixty and ninetyfor Week
April 18 1918. April 19 1917. April 20 1916.
Holdings—
Francs.
Francs.
Francs.
Francs.
day bills. Call money in London has been lowered InGold
France............. Inc.
1,431,625 3,340,633,891 3,284,816,734 4,899,441,920
2,037,108,484 1,947,671,846 ......................
to 2 % % , from 3 % last week. No reports have been Abroad-................ No change
T o ta l.................Inc.
1,431,625 5,377,742,375 5,232,488,580 4,899 441,920
received by cable of open market rates at other
Silver.....................Inc.
443,000
255,576,000
257,913,452
359,700,578
European centres, as far as we have been able to Bills discounted..Dec. 142,021,000 1,441,244 000 495,166,224 418,905,050
A dvances............ Dec. 26,574,000 1,114,873,615 1,182,302,561 1,223,767,741
ascertain.
Note circulation-.Inc. 144,987,000 26,231,722,000 19,001,718,585 15,239,423,165
The Bank of England in its statement for the week
announced an important increase in gold holdings,
namely £561,036. This compares with a heavy loss
(£993,022) recorded in the previous statement. There
was a substantial increase in the total reserve, viz.,
£557,000, note circulation having only expanded
£4.000. The proportion of reserve to liabilities de­
clined to 17.71%, against 1 8 % last week and 19.74%
at this time a year ago. Public deposits were re­
duced £126,000, although other deposits registered a
gain of £6,038,000, and Government securities were
expanded £1,445,000. Loans (other securities) in­
creased £3,881,000. The Bank’s holdings of gold
now stand at £60,997,206, as against £55,064,693 in
1917 and £57,964,779 the year before. Reserves
total £31,562,000, compared with £35,402,978 last
year and £42,382,784 in 1916. Loans aggregate
£105,950,000. A year ago they amounted to £124,­
043,796 and in 1916 £87,905,576. The amount of
currency notes outstanding has not been cabled this
week. Clearings through the London banks for the
week were £358,580,000, which compares with £401,­
300,000 last week and £396,311,000 at the same time
a year ago. 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, inas­
much as the Bank has discontinued such reports.
We append a tabular statement of comparisons:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1917.
1918.
1916.
1915.
1914.
April 18.
April 19.
April 17.
April 21.
April 22.
£
£
£
£
£
Circulation.............. . 47,884,000 38,111,715 34,031,995 34,332,370 28,632,210
Public deposits----- . 39,951,000 54,763,321 59,179,358 125,413,672 18,803,572
Otbor deposits-------.138,231,000 124,538,598 86,645,806 83,749,742 42,418,275
Government securs.. 58,312,000 37,574,695 33,188,046 47,810,181 11,040,570
Other securities...... 105,950,000 124,043,796 87,905,576 144,322,534 41,160,415
Reserve notes & coin 31,562,000 35,402,978 42.382,784 39.75S,015 26,711,688
Coin and bullion.. . 60,997,206 55,064,693 57,964,779 55,610,385 36,893,898
Proportion of reserve
19.74%
17.70%
29.10%
18.56%
43.62%
to liabilities........ .
5%
5%
5%
5%
3%
Bank rate................ .

The Bank of France reports a further, though
small, gain in its gold item this week of 1,431,625
francs. This brings the total gold holdings up to
5,377,742,375 francs, of which 2,037,108,484 francs
are held abroad. At this time last year gold hold­
ings amounted to 5,232,488,580 francs (including
1,947,671,846 francs held abroad), while in 1916 they
stood at 4,899,441,920 francs (all in vault). Silver
increased 443,000 francs during the week. Gen­
eral declines were recorded in most of the other
items, bills discounted falling off 142,021,000 francs,
advances 26,574,000 francs, treasury deposits 15,­
209,000 francs and general deposits 83,449,000 francs.
Note circulation registered a further expansion of




Treasury depositS-Dcc. 15,209,000
General deposits--Dec. 83,449,000

41,892,000
3,213 538,000

97,237,142
2,442,449,601

77,854,634
2,036,613,910

Last week’s statement of New York associated
banks and trust companies, issued on Saturday,
registered a heavy gain in loans— $167,706,000—
which was due mainly to the opening of the Third
Liberty Loan campaign. Aside from this, changes
in the principal items were not important. There
was an increase in net demand deposits of $8,649,000
to $3,770,812,000 (Government deposits of $358,447,­
000 deducted), although net time deposits declined
$4,976,000. Cash in own vaults (members of the
Federal Reserve Bank) increased $543,000, to $104,­
383,000 (not counted as reserve). Reserves in the
Federal Reserve Bank of member banks expanded
$22,509,000, to $542,042,000. Reserves in own
vaults (State banks and trust companies) increased
$592,000, to $17,585,000, while reserves in other
depositories (State banks and trust companies), was
reduced $675,000, to $7,966,000. Aggregate re­
serves recorded an expansion o f . $22,426,000, to
$567,593,000, which compares with $770,502,000
at the corresponding period in 1917. Reserve re­
quirements were expanded $1,007,350; consequently
the gain in surplus amounted to $21,418,650, and
the total of excess reserves now stands at $66,066,290,
on the basis of only 13% reserves for member banks
of the Federal Reserve system (but not counting
$104,383,000 cash in vaults held by these banks).
A year ago surplus reserves then on hand were no less
than $128,819,600, on the basis then ruling of 18%
reserves, including cash in vault. The bank state­
ment in fuller detail is given in a subsequent section
of the “ Chronicle.”
The local money situation has displayed further
ease. Call money was in fairly free supply until
Thursday, when a sudden advance to 6% followed
the withdrawal by the Treasury of funds from the
banks and notifications that additional amounts will
be needed next week. As to fixed maturities 6%
still is the rate with supplies very scarce for all
periods from sixty days to six months. Shorter
dates running from thirty to fifty days have been
negotiated at from 5 )^ t o 5 % % . These funds, it is
understood, are accumulations intended for tax pay­
ments in June. There have been further requests
made of the Treasury by business interests in New
York to institute legislation providing for installment
payments of taxes. Preparations for these taxes
are, it is asserted in circles which should be good
judges, responsible in some measure at least for the
backwardness of subscriptions to the current Liberty

were quoted at 3 ^ @ 4 % , ninety days 3 % @ 4 % and
four, five and six months at 4 @ 4 % % .
Commercial paper rates likewise receded slightly,
with 5 % @ 6 % the range for sixty and ninety days’
endorsed bills receivable and six months’ names of
choice character, against 6 % last week, and names
less known at 6 % , against 6 @ 6 } 4 % - A fair degree
of business was recorded among out-of-town institu­
tions, but trading continues to be restricted by a
scarcity of offerings.
Banks’ and bankers’ acceptances have been in
good demand. It is estimated that approximately
$30,000,000 in prime acceptances has been absorbed
during the week by New York and out-of-town
financial concerns. Quotations were firm and with­
out important change. Detailed rates were as
follows:
----------- Spot Delivery--------Ninety
Sixty
Thirty
.
Days.
Pays.
Pays
Eligible bills of member banks..4 % © ! % 4% >© 4 ’.<8 4)4 @4
Eligible bills of non-member bks.4 J4,@4'4« 4)4j @ 4)4 454@45f»
Ineligible bills................................ 5)4®454
5)4@454 5 X & 4 H

Delivery
within
30 Pays
4 A bl<l
4% bid
6
bid

The changes in discount rates which we noted last
week had been made by the New York, Philadelphia
and Chicago Federal Reserve banks have been fol­
lowed by similar action in the case of the other
Federal Reserve banks, the Federal Reserve Board
on April 12 announcing a general readjustment of
rates. Under the new schedule of rates fifteen-day
commercial paper for most banks remains at 4 % .
Cleveland and Richmond rates have been raised to
4 /4 % . Sixteen to sixty-day paper is now 4 % % in
all districts, having been raised from 4J4 in all
except Boston, whose rate was lowered from 5 % .
Sixty-one to ninety-day bills bear 4 z/i % in all banks
except Chicago, Minneapolis and Dallas, which
have 5% . Agricultural and live stock paper of more
than ninety days ranges from 5 to 5J4%, having
been raised in only three districts. Cleveland (for­
merly 5 and now 5)4), Richmond (formerly 4)4 and
now 5) and Dallas (formerly 5 and now 5)4). Fif­
teen-day paper secured by Liberty bonds or Treasury
certificates now is discounted uniformly at 4 % , and
sixteen to ninety-day paper similarly secured is 4)4For trade acceptances the new rate is 4 )4 % j having
been raised for most banks from 3J4 and 4. The
following is the schedule announced by the Federal
Reserve Board on the 12th:

Discounts—
Within 15 days, Incl. member
banks' collateral notes. 16 to 60 days’ m aturity...
61 to 90 days' maturity__
Agricultural and live-stock
paper over 90 days
Secured by U. S. certificates
of Indebtedness or Lib­
erty Loan bonds—
Within 15 days’ Includ­
ing
member
banks’
collateral notes..............
16 to 90 days’ maturity__
Trade Acceptances—
1to 60 days’ maturity____
61 to 90 days’ maturity____

4
4 54
454
j.

San F ran cisco

8

1
8

Dallas.

s

1

St. Louis.
j

Atlanta.

S3
£

Chicago.

1

\Cleveland.

OF
D IS C O U N T S A N D L O A N S

1Richmond.

«3

CLASSES

Afinneapolis.

DISCOUNT RATES OF FEDERAL RESERVE BANKS.

New York.

Loan offering. This is a subject which will justify
careful consideration. The taxes have risen far
beyond the figures they were officially estimated to
produce. They represent a burden of much weight
to the very classes of investors whom it is desirable
to interest in the Liberty Loan but who will feel con­
siderable diffidence in obligating themselves to pur­
chase bonds at a time they still have tax payments to
meet. Obviously, if these tax obligations could be
met in two or three installments there would be
opportunity for increased subscriptions to the war
loan. It seems quite reasonable to assume that if the
Treasury took a favorable view of the installment
proposal it would receive in the form of loan sub­
scriptions (on which, it is understood, the Treasury
will make allotments considerably in excess of the
$3,000,000,000 minimum asked) quite as much actual
and immediate cash as would be received in the
event of taxes being paid in full. At the same time
the subsequent installments of taxes would add to
initial payments and the Treasury in this way would
be greatly benefited. Installment payments involve
no risk and very little expense. The extent of the
taxes has come as a surprise in many instances,
especially to comparatively small interests. The
Treasury announces that banks which may wish to
buy Treasury certificates of the $500,000,000 current
issue, dated April 22, will be permitted to pay for
them in certificates of the $400,000,000 block due
on that date. The April 22 issue is the last one
which will be offered in preparation for the Third
Liberty Loan. The certificates bear
interest,
the same as the other recent issues, and are payable
July 18.
There appears widespread expectations in banking
circles at New York that the money situation, so
far as demand loans are involved, will continue to be
protected at least during the full period of the war
loan campaign. Any other course could hardly fail
to produce a retarding influence upon subscriptions.
The banks are showing a disposition to aid subscrib­
ers by promising accommodation in the event of
difficulty being experienced in making final payments.
Commissioner of Internal Revenue Roper has ruled
that promissory notes issued on or after April 6,
secured by United States bonds and obligations issued
after April 24 of last year, are exempt from internal
revenue stamp taxes.
Dealing with specific rates for money, call loans
this week ranged between 2^ and 6 % , against
2 @ 6 % last week. Monday 4 % was the high, 2)^ %
the low and 3 % for renewals. On Tuesday the maxi­
mum was reduced to 3 % , which was also the renewal
basis, while 2 Y i°/o was still the low. •Wednesday’s
range was 3 @ 5 % and 3 /xz % the ruling rate. On
Thursday there was an advance to 6 % , largely in
consequence of heavy withdrawals of Government
funds from the banks, with 4 % as the minimum and
renewals at 6 % . The range on Friday was again
4 @ 5 ^ % and renewals were negotiated at 4% .
In time money a somewhat easier feeling also pre­
vails, with short d a te‘ funds available in moderate
amounts for thirty, forty and fifty days at
5 % % • Some loans were made for ninety days at
6 % , but for periods longer than this no funds seem
available.
The volume of business transacted
was light. Six per cent is still the bid rate for all
periods from sixty days to six months, with loans
for shorter maturities, as noted above, the subject
of special negotiation. Last year sixty-day funds




[Vol. 106 .

THE CHRONICLE

Boston.

1610

4
4
4
4
4
4
4
4
4 X 4X 4
454 454 4 54 4 54 4 54 4 54 4 54 4 54 454 454 454
4% 454 4 54 454 454 5
4 54 5
454 5
454
5

5

5)4 5

5)4 5)4 5)4 5

5)4 5)4

4
4
4
4
4
4
4
4
4
4
4
4
■IX 4 H 4)4 4)4 4)4 4X 4)4 4)4 4)4 4)4 4)4 4)4
y,|
4 'A 4i2 |i2 4 Ml 4 Ml 4)4 4M> 4)4 4)4 4)4 4)4 4)4
4 Ml 4)4 4 A 4 Mi, 4)4 4)4 4)4 4)4 4)414)4 4)4 4)4

* Rate of 3 to 4 H % for 1-day discounts In connection with the loan operations
of the Government,.
Note 1. Acceptances purchased In open market, minimum rate 4% .
Note 2. Rates for commodity paper have been merged with tnoso for commercial
paper of corresponding maturities.
Note 3. In case tho 60-day trado acceptance rato Is higher than the 15-day dis­
count rate, trade acceptances maturing within 15 days will bo taken at the lower rato.
Note 4 Whenever application Is mado by member banks for renewal of 15-day
paper, too Federal Reserve banks may cliargo a rate not exceeding that for 90-day
paper of tho same class.

Sterling exchange remains virtually pegged and
without feature of importance. The report that the
British Government is arranging a credit with Spain

A pr. 20 1918.]

THE CHRONICLE

for the purpose of stabilizing Madrid exchange is a
matter of interest rather than an influence on sterling
rates here. The arbitrary stabilization of rates by
the British Treasury has, of course, a natural in­
fluence in relieving the strain necessary to keep rates
on London at a fixed level in New York, since there
is always the element of speculation to be considered
and the fact that profits are at times available by
interests who buy or sell sterling in free markets and
cover their transactions at controlled centres.
As to detailed quotations, sterling exchange on
Saturday in comparison with Friday of last week,
ruled firm and a trifle higher, with demand quoted at
4 7 5 % @ 4 7555, cable transfers at 4 76% and sixty
days at 4 7 2 % @ 4 72% . M onday’s market was quiet
but steady; rates were without important change, at
4 7 5 % @ 4 7552% for demand, 4 76% for cable trans­
fers and 4 7 2 % @ 4 72% for sixty days. No increase
in activity was recorded on Tuesday, and quotations
continued at the previous day’s levels, with the ex­
ception of cable transfers, which were a shade easier,
at 4 7645@4 76% . On Wednesday trading was dull
and featureless; the tone was firm, however, and
demand again ruled at 4 7 5 % @ 4 7552%, cable trans­
fers at 4 7645@4 76% and sixty days at 4 7 2 % @
4 72% . Dulness marked Thursday’s operations and
the volume of transactions was exceptionally light;
cable transfers were again a shade easier, at 4 76 7-16
@ 4 7645, though demand was not changed from
4 7 5 % @ 4 7552% and sixty days from 4 7 2 % @
4 72% . On Friday the sterling market was quiet. Clos­
ing quotations were 4 7 2 % @ 4 72% for sixty days,
4 75% for demand and 4 76 7-16 for cable transfers.
Commercial bills, sight, finished at 4 7 5 % @ 4 75% ,
sixty days at 4 7 1 % @ 4 71% , ninety days at 4 70 @
4 70% , documents for payment (sixty days) 4 71%
@ 4 71% and seven-day grain bills at 4 7 4 % @ 4 74% .
Cotton and grain for payment closed at 4 75%
@ 4 75% .
______
The Continental exchanges have experienced a
quiet and comparatively uneventful week, with
trading operatiins still at a low ebb and changes in
rates— at least in the case of the belligerent nations—
confined to unimportant fractions. Attention con­
tinues to centre upon the gigantic battle raging upon
the Western war front. Reports of unfavorable de­
velopments for the Allied forces exercised a depressing
influence, but the consensus of opinion seems to be
that the struggle has not as yet reached a decisive
stage. Italian lire moved irregularly, with the ten­
dency still downward, though recessions were less
marked than a week ago. Francs were well main­
tained and continue without essential net change.
Russian exchange still remains upon a nominal basis,
as practically no transactions arc being put through
in this class of exchange. All dealings have, of ne­
cessity, been suspended in German and Austrian ex­
change, and quotations for reichsmarks and kronen
are no longer obtainable. The unofficial check rate
at London on Paris finished at 27.16, as compared
with 27.16% last week. In New York sight bills on
the French centre closed at 5 72, against 5 72;
cables at 5 70% against 5 70% ; commercial sight at
5 72% against 5 72% , and commercial sixty days at
5 78% against 5 79% on Friday of the preceding
week. Lire finished at 8 88% for bankers’ sight bills
and 8 86 for cables; this compares with 8 87%
and 8 86 a week ago. Rubles have not been changed
from 14 for checks and 15 for cables. Greek ex­




1611

change continues to be quoted at 5 13 for checks and
5 11% for cables.
Transactions in the neutral exchanges have been
featured this week by another sensational rise in
Spanish pesetas, which bounded up to 30% for
checks, by far the highest point on record, and com­
paring with a rate of 23 prevailing a few weeks ago.
As explained last week, much of this strength is
due to the extensive purchasing of war supplies
from Spain by the Entente countries, thereby cre­
ating an active demand for exchange on Madrid and
resulting in a stiffening of rates on the London market.
Quotations for pesetas here are largely a reflection
of movements abroad. It is stated that steps are being
taken in Washington looking to the enactment of
legislation for the stabilization of Spanish exchange.
Swiss francs were in fairly good demand and ruled
firm. The Scandinavian exchanges were about
steady, with few variations in rates. Guilders ruled
firm. A press dispatch from Amsterdam stating
that M . Loudon, the Dutch Foreign Minister, had
announced that Holland was prepared to accede to
the United States Government’s proposal to send
three shiploads of grain to Holland in return for
three ships of equal tonnage from the Netherlands,
created a good impression and guilders closed strong,
at a slight net advance for the week. Bankers’ sight
on Amsterdam closed at 47% , against 47; cables at
47% , against 47% ; commercial sight at 47 3-16,
against 46 15-16, and commercial sixty days at
47 1-16, against 46 13-16 last week.
Swiss ex­
change finished at 4 28 for bankers’ sight and 4 23
for cables, against 4 27% and 4 23 last week. The
exceptionally wide difference at present existing be­
tween Swiss sight bills and cables is due to the fact
that there is practically no demand at all for checks,
the bulk of the business being transacted by means
of cables. Copenhagen checks closed at 30% and
cables at 31% , as compared with 30% and 31% .
Checks on Sweden finished at 33% and 34, against
33% and 34, while checks on Norway closed at 31%
and* cables at 31% , against 31% and 32 the previous
week. Spanish pesetas, after touching 30% and
31% , receded and finished at 27% for checks and
27% for cables. These rates contrast with 27.50
and 27.60, the final quotation of a week ago.
Regarding South American quotations, the check
rate on Argentina has shown a further advance to
44.75 and to 44.85 for cable transfers, compared with
44.48 and 44.58. For Brazil the rate for checks
has not been changed from 25.41 and 25.51 for cables.
The Chilian rate continues to be quoted at 15 13-32,
and Peru is still 54% . Far Eastern rates are as
follows: Hong Kong, 76@ 76% , against 75% @ 75.65;
Shanghai, 110, against 106@107; Yokohama, 51.85
@ 52, against 51.75@51.85; Manila, 49 % @ 5 0 (un­
changed); Singapore, 5 6 % @ 5 6 % (unchanged), and
Bombay, 36% @ 37 (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $1,124,000 net in cash as a result of the cur­
rency movements for the week ending April 19.
Their receipts from the interior have aggregated
$7,120,000, while .the shipments have reached
$5,996,000. Adding the Sub-Treasury and Federal
Reserve operations, which together occasioned a loss
of $98,627,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a loss of $97,503,000,
as follows:

THE CHRONICLE

1612
Week ending April 19.

Sub-Treasury and Federal Reserve
T o t a l___ _________ ____________

Out of
Banks.

Into
Banks.

Net Change in
Bank Holdings.

$7,120,000

So,996,000 Gain $1,124,000

41,706,000

140,333,000 Loss 98,627,;.00

$48,820,000 $146,329,000 Loss $97,503,000

The following table indicates the amount of bullion
in the principal European banks:
Banks of

England..
Francea..
Germany.
Russia * ..
Aus-Hun c
Spain __
Italy____
Netherl’ds
Nat. Bel. h
Swltz'land
Sweden . .
Denmark.
Norway. .

April 19 1917.

April 18 1918.
Gold.

Silver.

Total.

Gold.

Silver.

Total.

£
£
£
£
£
£
55,064,693
60,997,206
60,997,206 55,064,693
133,625,355 10,200,000 143,825,355 131,392,669 10,316,520 141,709,189
818,800 127,433,250
120,386,050 5,990,700 126,376,750 126,614,450
129,650,000 12.375.000 142.025.000 147,705,000 11.764.000 159,469,000
11,008,000 2.289.000 13.297.000 18.500.000 4.540.000 23.040.000
80.292.000 28.341.000 108.633.000 54.776.000 29.877.000 84.653.000
33.453.000 3.218.000 36.671.000 34.504.000 2.732.000 37.236.000
600,000 60.713.000 49.211.000
556,700 49,767,700
60.113.000
600,000 15.980.000
15.380.000
600,000 15.980.000 15.380.000
13.721.000
14.931.000
14.931.000 13.721.000
10.731.000
13.599.000
13.599.000 10.731.000
9.641.000
136,000 9.777.000 9.121.000
132,000 9.253.000
7.063.000
6.741.000 7.063.000
6.741.000

Tot .week. 689,816,611 63,749,700 753,566,311 673,783,812 61,337,020 735,120,832
Prev. week 688,367,460 63,884,600 752,252,060 672,978,931 61,729,200 734,708,131

a Gold holdings of the Bank of France this year are exclusive of £81,484,340
held abroad.
* No figures reported since October 29 1917.
c Figures for 1918 those given by “ British Board of Trade Journal” for Deo 7
1917; figures for 1917 estimated on the basis of the Deo. 7 1917 totals,
h Aug. 6 1914 In both years.

THE

FRENCH

AND

THE

W ESTERN

E N G L IS H

ON

THE

FRONT.

Undoubtedly, the important development on the
European battlefront this week was Thursday’s
announcement that strong French reinforcements
had joined the English line to the North, and that the
French line to the South was resuming aggressive
tactics. The day’s advance in prices on the
Stock Exchange, with the greatest activity since
the first few days of this four-weeks battle, reflected
the general feeling as to the significance of this
news. In the first place, it verified General Haig’s
announcement to his soldiers a week ago, that a
French army was coming to their support; in the
second place, it gave reason for renewed belief in
the fact of a strong and organized French reserve,
the existence of which many readers of the news
had begun to doubt while the English line was steadily
retreating.
It is necessarily still an open question exactly how
strong this reserve is, and therefore how great will be
its immediate influence on the battle. Events of
this sort move slowly, in these days when they
involve transportation of such immense bodies of
men and their supplies. The episode of the “ army
of manoeuvre” rushed to the scene of action at the
Marne in the Paris motor-buses, is not readily
duplicated in this battle. The next few weeks will
show to what extent the French reinforcements were
a necessity of a critical situation, and how far the
whole series of movements may have been part of the
strategy mapped out by the new supreme commander
of the Allies.
The steadiness of the stock market, both here and
at London, during the British retreat, has occasioned
much remark. Such encouragement as its com­
posure gave to outside observers was much needed;
for the week’s earlier news from the Western front
was of a character to test severely the spirit of the
people. It comprised a slow but fairly continuous
retreat of the English on the Flanders line before
the German assaults, until the retirement had
brought their line quite back to where it rested before
General Haig’s forward movement of a year ago.
The fighting is now in fact going on close to Ypres,
where the Allied victory of 1914 saved the Channel
ports and compelled the long campaign of the
trenches.




[Vol. 106.

While this was going on with the English line,
operations appeared to have been virtually suspended
on the French front. No further special effort was
being made by the Germans, similar to their first
move of this battle, to break the link between the
French and English armies. In some respects, the
situation seemed to resemble that of 1916, when the
furious German assaults on the French at Verdun
continued from February until well into June, the
English line in the meantime merely holding quiet;
this, however, being followed by a vigorous English
offensive in the summer months, as a result of which
the whole German line was forced back.
It would not be safe as yet to press the analogy.
Yet it is true that, just as every one was asking a
few days ago, Why does not the French army strike?
so every one was asking in 1916, What is the matter
with the English army? Eventually, the English
army did strike effectively, and the French army
may be heard from to similar purpose on the present
occasion. This was undoubtedly the basis for
General Maurice’s statement, early in the week,
that the present battle resembled Waterloo, with
Blucher not yet heard from. The analogy is correct
enough, so far as the German successes against the
English to this date parallel Napoleon’s victory at
Ligny on the first day of Waterloo, and the indecisive
conflict with the English at Quatre Bras on the
second day. As every one knows, Napoleon’s sub­
sequent launching of all his forces against Welling­
ton on the third day of that battle resulted, when
Blucher’s active co-operation was attained, in deci­
sive success for the allies.
Historical parallels of this sort are never a wholly
safe reliance, especially in the new conditions of
present-day warfare, and it is natural that the news
from Flanders should have occasioned great anxiety.
In particular, General Haig’s special order of the
day to his army, issued on Friday of last week,
roused mingled emotions among its readers. On the
whole, we suppose its influence was depressing.
What the Field Marshal said regarding his admira­
tion for “ the splendid resistance offered by all ranks
of our army” was natural and proper. His declara­
tion that “ every position must be held to the last
man,” and that “ there must be no retirement,”
might have been made a thrilling appeal. But as
to why the head of the Engilsh army should have
thought it necessary to say that the enemy’s objects
“ are to separate us from the French, to take the
Channel ports and to destroy the British army,” or
as to why he should have added that “ many among
us now are tired,” that “ to those I would say that
victory will belong to the side which holds out long­
est.” that we are “ with our backs to the wall,” and
that “ there is no other course open to us but to fight
it out” — as to the reason for these passages, most
people will conjecture with perplexity.
In strange and dramatic contrast with the events
of the past week at the battlefront, have come the
extraordinary disclosures regarding the Emperor of
Austria’s letter to his brother-in-law in the Belgian
army, dated March 31 1917. Count Czernin, the
Austrian Premier, had stated publicly a few weeks
ago that France had herself made overtures for peace,
which Austria refused when it was found that
France still wished to recover Alsace. The Premier
of France had branded this assertion as a falsehood,
and had asked if Count Czernin did not recall an
Austrian overture for peace “ by a personage of far

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1613
3

higher rank” than the other negotiators referred to. in direct combat of the three great Allied fleets.
On April 8 a long and official Austrian statement Secretary Daniels has pointed out the reasons, which
reiterated Count Czernin’s assertions, though cau­ lie in mined waters and secret coast defenses. And
tiously admitting that the Foreign Office did know yet an aggressive warfare sometimes demands a cer­
of the incident referred to.
tain risk and loss for the ultimate good that may be
On this re-assertion of the statement that France gained; and the duty of giving battle in conflict is
had taken the initiative, the French Foreign Office implied in the very existence of the means. Again,
last Friday published the text of a letter written by the sovereignty of the State demands full use of all
Emperor Charles of Austria to his cousin, Count agencies provided, before adopting a fixed waiting
Sixtus de Bourbon, by whom it was to be communi­ or defensive program. This is sometimes exagger­
cated to President Poincare of France. In this ated until it seems a wanton disregard of human life,
letter, after expressing his admiration for the “ force, as may be believed to have been the case when
resistance and dashing courage of France,” the Em­ Spain ordered Cervera’s handful of ships out of San­
peror declared that “ I will support by every means, tiago Harbor to certain death and destruction. But
and by exerting all my personal influence with my it must be manifest that the civilian is in no position
allies, France’s just claims regarding Alsace-Lor­ to determine chances or to declare a proper time, and
raine.” For the rest, the letter declared that Bel­ hence cannot plan great campaigns and movements,
gium should be “ entirely re-established in her sover­ for the prosecution of which he gives of his substance
eignty,” also Serbia; Belgium “ retaining entirely her behind the lines. In the larger things, therefore, his
African possessions without prejudice to the compen­ power of real constructive criticism becomes all but
sations she should receive for the losses she has under­ impotent. In a word, the military arm of the Gov­
gone,” and Serbia to be assured “ equitable natural ernment must be sustained, no matter what his own
access to the Adriatic, and also wide economic con­ individual opinion may be as to its action.
cessions in Austria-Hungary.”
But in matters of preparation, no less important
In regard to this amazing document, Count though less decisive, he may not [relax his watchful
Czernin issued a statement last Saturday that the care, and the measure of his patriotism may be indi­
text was falsified; that the letter had only said, “ I cated by his constant and particular study of prob­
would have used all my personal influence in favor lems, coupled with a timely and tempered expression
of the French claims for the return of Alsace-Lorraine of his personal views. It is at this point that the
if those claims were just; but they are not.” Mean­ danger line is reached in attempting to embody in
time the young Emperor telegraphed to Emperor statutes definite limits, outside the domain of overt
William that “ Clemenceau’s accusations against me acts, in which the citizen, exercising his liberty, by
are so low that I have no intention to discuss this his criticism, becomes chargeable with sedition and
affair with France any longer,” and the German disloyalty. And it is more difficult to set these lim­
Emperor telegraphed back his full belief in Charles. its in a republic than elsewhere for the reason that
Nevertheless, the Austrian Government has refused here all officers of the Government are public ser­
to publish its own full version of the letter, and at vants and subject to their masters, the people.
the opening of this week Count Czernin had to give However, this view is to be qualified, since the offi­
up his office as Minister of Foreign Affairs.
cial acting within the law is not to be moved there­
The truth of this strange episode is that the real from by public clamor; and any failure reverts upon
significance of the Austrian Emperor’s action is not the heads of the lawmakers and upon the people for
alone what terms of peace he may individually have n’o t enacting proper and adequate legislation. Criti­
proposed, but the fact that he should have urged cism of men becomes secondary to criticism of
peace in this way at all without consulting his ally. measures. And since discretionary powers to some
No doubt his attitude is different now from what it degree must be lodged in officials, unless it can be
was at the writing of the letter, when the fortunes of pointed out that incompetency or wrongful purpose
war were going against the Central Powers and the exists, they should meet with respect and support,
Russian revolution might well have caused panic at even though suggestions as to the course of duty may
Vienna, lest the popular uprising should extend into be pointed out.
.Austria. Nevertheless, the condition of Austria,
Thus it is clearly helpful to the President and to
socially, politically and economically, is certainly the Congress of a republic, and in keeping with the
more deplorable now than it was in March 1917, and principles of republican liberty and representative
the Emperor’s letter throws abundant light on that government, that the press, as the accepted watch­
part of the situation. Vassal of Germany as the man on the ramparts of national affairs, should be
Austrian Government evidently now is, it may yet
free to discuss the wisdom and effect of the exercise
play an important part through insisting on accep­ of discretionary power by officials without regard to
tance of righteous terms of peace.
rank or tenure. And the same rule applies to the
citizen, although his lack of information should ad­
C O N S T R U C T IV E C R I T I C IS M .
monish him to exercise unfailing care. It can never
It has long been pointed out that he who fails in be wrong to advocate the repeal of a law held to be
creative literature ends by becoming critic. And bad in the abstract, but if the repeal at a particular
it is generally accepted that true criticism must dis­ time would imperil the nation, it must be admitted
close merits as well as demerits. But in matters of to be improper, even though there be opposing views
public policy, in times of stress, an element of re­ as to the peril involved. But the difficulty remains,
striction enters in, from the fact that suggestions of as stated, in that by setting boundaries to discussion,
new methods may serve to weaken a course of action and limits to freedom, by specific prohibitions, there
predetermined, and which cannot be abandoned, is a tendency to constitute mere opinions overt acts.
even for a better, without disaster.
Nor is the difficulty wholly removed by relying on
An illustration may be offered. The layman has “ intent” to disclose animus, or that the exercise of
no doubt often questioned the apparent inactivity free speech must be “ willfully” done against the rights




1614

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[Vol. 106.

and interests of the nation. The prima facie case there could be such a thing, would make life a desert;
lies first in the expression itself, which, unfortunately, and civilization, to use the trite words, is no more
in an indictment, may be removed from its context. than the consensus of opinion of us all. Now that a
And second, “ willful,” it may be assumed, may be specific sedition law has been enacted, we shall
made to bear some such legal construction as “ pre­ expect its observance to show, on the part of the
meditated” in a murder, in which the will to do may press generally, in greater care in the choice of words,
and in a temperate and judicial tone, coupled with
be but a momentary antecedent to the act itself.
Consideration involves many conflicting elements. that favoring discrimination which always accom­
It is not always best to exercise a liberty which is panies a loyal duty.
undoubtedly a right. Words are blows, sometimes.
T H E V IS IO N OF J O Y A F T E R T H E W A R .
And it is a good rule, when in doubt, to say nothing.
Some
day, when the present concern of the nation,
But criticism, in a broad sense; criticism meant to
be helpful, though in error; criticism that offers an­ and the Allies, is over, we would like to feel that
other way out, or which points out incompetence or this bit of description, appearing in the midst of the
suggests either a weak, vain, or overbearing use of battle of the Spring of 1918, will be recalled, for the
discretionary power; or which attempts logically to purpose of throwing into relief the new world that is
analyze conditions or actions; though it seems to to be made safe forever. It is but a little vignette
carry an inevitable measure of resistance to duly picture drawn in one of the famous letters of the
constituted government, cannot be in itself seditious, war correspondent, Philip Gibbs. It reads:
nor should a man be adjudged guilty, thereby, of
“ The scene to-day along the line of this hostile
advocating the “ cause of” or of giving “ aid and com­ invasion was most tragic, because all the cruelty of
fort to” the enemy. The right of lawful assembly is war was surrounded by beauty so intense that the
not quite the same thing as the right of petition. contrast was horrible. The sky was of summer blue,
with sunshine glittering on the red-tiled roofs of the
The right of gathering together to formulate resolucottages and on their whitewashed walls and little
ions of protest carries with it no permission for in­ window-panes. All the hedges were clothed with
flammatory talk which tends to produce incendiary green and flaked by snow-white thorn blossoms.
conduct. But the wrong of counselling men to
“ In a night, as it seems, all the orchards of France
resist or disobey law because of personal belief is have flowered, and cherry and apple trees are in full
clear. And there is a line, hard though it be to enact splendor of bloom, fields are powdered with close­
into law, beyond which sedition and disloyalty lie. growing daisies, and the shadows of trees are long
across the grass as the sun is setting. But over all
On the other hand, it would be contrary to our insti­
this, and in the midst of all this, is agony and blood.
tutions to prohibit a man from expressing himself On the roads are fugitives, wounded soldiers, dead
freely to his fellow-citizen and neighbor, though his horses, guns and transports.
opinion involve severe condemnation of national
“ There are fires burning on the hillsides. I saw
policies. It would be oppressive to penalize an their flames and their great, rolling clouds of smoke
utterance, honestly made in order to influence and rise this morning from places where the day before
lead to popular action, though that involve the re­ I had seen French peasants plowing as though no
war were near, and young girls scattering grain over
moval, the defeat at election, or the impeachment in the fields harrowed by their small brothers, and old
office, of a high officer of the Government. And women bending to the soil in the small farmsteads
amid the perplexities that appear, we must at last where all their life was centred, until suddenly the
come to recognize, although admitting the inade­ frightful truth touched them and they had to leave
quacy of our words, that it is the sp irit in which a their homes.
“ Sometimes to-day I wished to God the sun would
word is spoken, or act is done, that precedes the
not shine like this nor nature mock at me with its
“ intent” and “ willfulness,” and upon which a just
thrilling beauty of life......................”
judgment must largely rely in any given case.
Can anyone read this unconscious tribute to the
It is always a mitigating circumstance that a
future
peace of the world and fail to revere the cause
charge be made, or a deed done, in the “ heat of
passion.” “ Malice aforethought” contains the idea of nations that openly fight that war shall be no
of a slow-growing resolution actuated and fosterec more? Can anyone fail to see, whatever opinions
by hate, ill will and desire to do injury. The spirit he may have had, past or present, that when his
reveals the soul— that shows itself not alone in one countrymen in all these liberty loving nations now
act but in the tenor of a life. It is true that the so heroically resisting the armed invader, decide he
traitor may be born in a minute, but it is altogether must abide by their decision? Can anyone doubt,
probable that in judging motive and intent previous as he reads, that the request for a small loan in aid
“ good character” will be a determining factor. The of the cause by means of a bond, response, quick and
Master knew even before the kiss that Judas would avid, becomes a privilege as well as a duty? And
betray Him. From these facts, however, the duty can anyone hesitate in the conviction, pressed home
of the citizen grows no less, to weigh his utterances, upon him by the attending circumstances of the fear­
and to be well grounded in his opinions before he ful sacrifice of human life as the invaders press on
temperately utters them. And law, while it should while yet they might voluntarily retreat to their own
not be lax, should recognize the field which it at­ borders, that they espouse militarism for its own
sake, regardless of its cost, and if triumphant will
tempts to cover.
Certain it is that a free government can better glory in it and thus fasten it upon mankind for ages
survive the vaporings of a few fanatics and the to come?
But this is not the thought we would bring out.
malevolent speech of a few malcontents than the
suppression of honest opinion by citizens consider­ Rather it lies in our hope that the whole world will
ately expressed, and the curtailment of the rights of a soon settle down to one sole consideration— and of
free press, which, after all, must, in the nature of what, if it be not that contained in the words “ the
things, be one of the great arbiters of our nationa thrilling beauty of life.” Even while the resolve
destiny. Suppression of thought and opinion, if “ they shall not pass” is at its highest, many are




A pr. 20 1918.]

THE CHRONICLE

thinking of tho material, commercial and financial
reconstruction and readjustments that are to come.
Nations would not find themselves unprepared for
the new era. But here is a spiritual significance that
is a sermon sublime. The “ thrilling beauty of life!”
The God of the toiling peasant, the sower in the
fields, of the thornflower and the blooming orchard,
is not the God who blasphemes His own creation by
joining in this new bestial sacrifice with those who
war for war’s sake.
Men talk, in a historic sense, of the “ swing of the
pendulum” ; in a scientific sense, of inevitable
“ reactions.” When this war shall end, if end it may,
by the deliverance from war by war, what infinite
new fields of vision must open to mankind every­
where when once again men are free to feel the
“ thrilling beauty of life” ! Life— that flowers in
liberal governments and uplifting institutions, that
threads the highways of the world with educative
and beneficent trade, that gathers the forces of na­
ture to work for comfort and plenty, that builds
cities by ocean side and rivers’ brim and turns the
riotous growth of marsh and upland into orderly and
useful production; life— that aspires and endures and
is patient, that touches childhood with gladness and
old age with calm, that, whether in templed nave or
forest aisle, worships that “ Power which makes for
good,” the God of a world at peace! And they who
fight to give this God a chance in His own world
are not the ruthless invaders of the fair fields of
France.
Some day, when the fierce passion of ruthlessness
is past, men will think only on the “ thrilling beauty
of life.” For in life is liberty and love and labor.
To be free to worship life, not death, this is the
magnificent adventure, the sacred cause, the sub­
lime contention. Then, will come the sad memories
of “ what might have been” but could not be, the
pronouncements of unfailing justice, and the acknowl­
edgment by friend and foe of the glory of courage and
obedience. But there will be peace; and from its
sacred soil may grow leagues of nations; and peoples
united; and democracy, which is life itself, made safe
and free; and all the things material and spiritual
that “ thrill” us with their humility, beauty and
grandeur. And men are dying in France that
nature’s “ thrilling beauty of life” may not pass from
the earth, but endure in its simplicity, worth and
love.
______________________
S H R E W D LESSON I N M O D E R N B U S IN E S S .
An officer of the great Dresdener Bank in Berlin
reviewing our Federal Reserve Banking Law, then
newly enacted, welcomed the coming of American
branch banks to Germany, only adding that Berlin
would be glad of similar opportunity in New York.
But, he said, when it came to establishing branches
in the Orient, Americans must be prepared to dis­
cover that it is one thing to open a bank and quite
another to divert to it business already established
in other connections in countries where confidence is
of very slow growth, and where business customs are
widely different from our own.
The attempt with us to establish such connections
in advance of the new law had already gone far
enough to prove the truth of the forecast; and such
effort as we have since made in similar direction
has encountered serious and thus far almost insur­
mountable difficulty. Even the disruption of older
connections by the war has not as yet sufficed to
A




1615

clear the field. We are glad, therefore, to call
attention to the story of an American enterprise
covering only ten years in China, which is no less
remarkable for the novelty of its method than it is
for the substantial character of its success.
An old American house which found its business
heavily disrupted and many of its local represen­
tatives killed in the Boxer outbreak, recognizing
that a new state of things had arisen and that
China would Ub compelled to enter as never before
the markets of the world, determined to push its
business by meeting as far as possible the new
conditions.
One of the moves was to send into a large province
in central China, in which its loss had been most
complete, a very small carefully selected force.
They found in the central city only something over a
dozen people surviving who had had any connection
with their work. The territory they wished to
work measured 40,000 square miles, more than three
times the size of Belgium, and contained a popula­
tion of three and half millions. They devoted
themselves first to making a careful survey of the
whole territory to determine the resources of the
country, the lines of intercommunication, the course
of the rivers, the location of the towns and villages,
the various occupations of the people, and, as far
as possible, their customs and habits. The only
maps they could obtain at the outset noted 28 towns;
they were able to locate 8,000. Having completed
the physical survey, they selected several growing
cities as the most important centres of population
and influence in which to begin work which, thus far,
they had kept well out of sight.
The next step was to select and train two trust­
worthy and competent natives as their represen­
tatives. These they sent to a selected centre with
strict orders to settle there quietly, and simply say
to all inquirers that they were there “ on business,”
an answer which in China is always sufficient.
These men were to make friends as opportunity
offered, and learn who were the two or three men
of the city most highly respected for their character
and position. They were to get introduction to
these gentlemen and take all the time necessary to
win their friendship.
Only after this was done
and they were well established in their favor were
they to tell them fully and frankly what was their
business. Gradually they were to proceed to explain
to them its advantages and secure their approval
and possible interest in it. This done, and not
before, they hired a place of business, fitted it up
handsomely, prepared an attractive sign, and an­
nounced an opening day.
When the day came and the curious crowd looked
in they were surprised to see several of the best
men of the town at the front and to hear them speak
favorably of the enterprise. Announcement was
made of a second gathering, and the representatives
hastened to make formal calls on the leading business
men of the city leaving with each a business card
and an invitation to return the call, which local
custom prescribed for the next day. The crowd
came, and business formally opened.
Immediately men were put in training to go to
adjoining towns and repeat the process and each
new position so occupied was charged with the duty
of similarly multiplying itself. Meanwhile, the
central station was rapidly enlarged with especial
reference to training the needed native staff and

1616

THE CHRONICLE

[Vol. 106.

controvertible, and no declaration could be more
broad than already stated by the “ Chronicle, that
every man has a natural right to sell his own labor
on the best terms he can get. The greatest inter­
ference with this right has been by organized labor
itself, and upon this right, as upon every other, some
limitations lie. We already “ make men work,
partly by voluntary consent and partly by laws
against which no objection weighs or is tolerated by
publip opinion. At the war front, men have sur­
rendered all control over the conditions of their ser­
vice; they face death, mutilation and hardships
meanwhile, of which only actual experience can give
a just idea. Their largest wage is in the perform­
ance of duty and in its honorable recognition. They
have offered themselves as sacrifices on the altar.
They cannot “ agree together to stop work,” and
they would make it unpleasant for any recreant who
dared suggest that. Here is service at its noblest,
striking only at the common enemy; and instead of
grumbling at wages and conditions of labor, it rise3
to the height of self-abnegation and writes back to
the dear ones at home “ don’t worry about me.”
Contrast this with labor here, standing off to make
conditions, refusing to proceed with work which is
vital to the life of the country and the world unless
it gets advances and assurance thus and so. It is
ci record of which no one cun feel proud. Ihe
emergency which has temporarily put it out of the
power of the employer, governmental or private, to
haggle over terms has been accepted by labor as its
opportunity to be put to the best account.
Leaving as still unsettled (and perhaps as not
having reached the time for discussion) whether the
country cannot, for preserving its life, “ make men
work” at home, the situation is that thus far Con­
gress has not enacted a law for such compulsion.
The right to work or not work, to demand any terms
as a condition of working, and to abandon work by
individual action, stands undisputed, and the ancient
fear of labor before the eyes of politicians seems
unabated. Again and again, in the long stiuggle of
the railways with labor, when the existence of a
conspiracy was unconcealed, until brotherhood^
chiefs boldly referred to the strike order in their
pockets as so much unexploded dynamite, the strike
threat prevailed and the temporary escape of another
surrender was chosen. rIhe so-called eight-hour day
was insisted upon, we were told at last, because after
the country went into the war the railway men could
not desert their posts. We are still having it before
us as unsettled whether any available and sufficient
power exists to command labor in war industries at
home as it has been commandeered for service not
more essential at the front, and as labor, when
transmuted into property is commandeered.
L E G I S L A T I V E C O N S I D E R A T I O N FOR O R G A N ­
The country claims right and power to take, and
IZE D LABOR.
it does take, life in “ the service” and property when
What is called “ the sabotage bill” was made ready deemed necessary to sustain that service. It still
for the President, a few days ago, by the Senate’s evades the issue whether it can and will asscit the
acceptance of a conference report that softened the right and power to prevent organized labor from
interfering with vital work on war industries.
prohibition of labor strikes on war work. Early in
March the House passed a bill declaring that all
R A I L R O A D GR OSS A N D N E T E A R N I N G S FOR
strikes called to obstruct such work are conspiracies
JANUARY.
and prescribing a fine and 30 years’ imprisonment as
The
month
of
January
will long, and perhaps
penalty, but only after a north-by-south amendment
always,
stand
without
a
parallel
for pool lcsults.
had been attached as a rider, that “ nothing herein
The
exceedingly
cold
weather,
the
snow blockades
shall be construed as making it unlawful for em­
ployees to agree together to stop work or not to enter in the eastern half of the country, the freight em­
thereon, with a bona-fide purpose of securing better bargoes in the same territory, the unpiccodented
wages or conditions of employment.” The Senate freight congestion at Eastern terminal points, with
finally accepted a conference report eliminating the the resulting freight blockades extending from the
Atlantic coast inward as far as Pittsburgh and even
provision referred to.
“ You can’ t make men work by passing laws,” said beyond, the fuel scarcity amounting to actual famine
one Senator. As a general proposition, this is un­ along the Eastern seaboard, with the action of the

spreading knowledge of the business as widely as
possible.
Ten years have passed. At the outset, as far as
is known, outside the city of their destroyed original
plant, not a person in the province had heard of
the concern or knew anything of its business. To­
day it is well established in seventy-seven important
centres, with some 4,000 natives engaged in its
service. It distributes annually throughout the
province some 70,000 copies of its special documents.
In its central station it has a compound of over
twenty acres in extent, enclosing a number of im­
portant productive establishments, with two hundred
native employees, and a special training class of 350
men, many of them among the most influential in
the city. It has won the confidence of the business
world so that it now fears no competition and can
command considerable local capital as its needs
may require. Some of its best local plants have
been erected entirely by native funds. It is widely
known throughout the province, and is regarded
as a substantial benefit to the community. It can
count upon the good will both of the local authorities
and of the people. Though China is still in the
throes of a great political upheaval and no man can
foretell what is to be China’s fate in the recasting
of the map of the world which is to follow the war,
no foreign enterprise in China, commercial or other­
wise, has a more solid foundation or gives promise of
larger returns than this. In view of the peculiar
difficulties that have attended all Western business
in the Orient during the past decade, this one,
whether measured by the smallness of the force that
conducted it, the very limited capital employed,
the entire absence of any special advantage of
influence or “ pun,” the novelty of the method
employed, the sureness of the intelligence that di­
rected, or the sucess attained, is certainly worthy
of the attention of those of our business men who are
seeking to take proper measure of the new world
that is opening to American enterprise.
That this is the account of a religious and educa­
tional mission opened by the American Board of
Commissioners for Foreign Missions in the heart of
a nation having 400 millions of population, after a
great and destructive revolution, and carried to its
present successful condition by several young Ameri­
can missionaries, ought not to make it less worthy
of admiration, or less valuable as an example of
hard-headed business intelligence.




Apr . 20 1918.]

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1617

Fuel Administrator in ordering the withholding of
As already stated, comparison is with large and
fuel from manufacturing establishments in the whole satisfactory totals in the previous year.
Our state­
of the eastern half of the country for the five-day ment for January 1917 recorded $40,845,785 gain in
period beginning Jan. 18 and ending Jan. 22, anc gross, or 15.29%, over January 1916, and $8,679,­
denying also the use of (fuel (not only to manufactur­ 331 gain in net, or 10.98%. This, in turn, followed
ing establishments but to office buildings, retail $46,840,440 increase in gross in 1916 over 1915, or
stores and nearly all other activities) for several 21.27%, and $27,347,413 increase in net, or 53.05% .
successive Mondays— all these combined to make the On the other hand, in both 1915 and 1914 there were
month memorable, while affording evidence of the losses. In January 1915 our compilation registered
extraordinarily unfavorable conditions under which $16,598,551 decrease in gross and $890,982 decrease
transportation operations had to be carried on.
in net. In January 1914 the falling off amounted to
The returns of earnings, which we have now com­ $16,884,807 in gross and $12,451,572 in net. I d
piled for that month, reflect in very striking fashion 1913, however, there were very important gains in
the unfortunate situation of affairs which prevailed. both gross and net, though these gains were them­
These returns have been very much delayed— they selves, in part, merely a recovery of exceptionally
are five to six weeks later than has been the heavy losses in January 1912, when the winter
case in the immediate past— by the passing of the weather experienced was the worst encountered in a
roads under Government control at the close of generation. Stated in brief, our tabulations in
1917 and the action of the Inter-State Commerce January 1913 registered $38,128,677 gain in gross
Commission in revising the blank form on which the and $18,781,777 gain in net. On the other hand, in
carriers are obliged to make these monthly returns. January 1912 our compilations recorded a decrease
It has been known for some time that some of the of $2,440,307 in gross and of $7,019,714 in net. In
most prominent systems in the territory east of the 1911 the changes were small— a gain in gross of $4,­
Mississippi and north of the Ohio and Potomac 248,770 and in net of $3,483,309. In 1910 there was
rivers had failed to earn even their ordinary operating a large gain in gross, namely $27,776,971, but it
expenses during the month in question. This is true, yielded only $6,918,577 gain in net. Below we fur­
for instance, of those two great railroad systems, the nish a summary of the January comparisons for each
Pennsylvania and the New York Central. Our tabu­ year back to 1896. For 1911, for 1910 and for 1909
lations now make it evident that the condition re­ we use the totals of the Inter-State Commerce Com­
ferred to was a general one and that the railroads mission, but for preceding years we give the results
collectively in that part*of the country failed to earn just as registered by our own tables each year— a
enough revenue to meet the ordinary expenses of portion of the railroad mileage of the country being
running the lines. The New England group found always unrepresented in the totals, owing to the re­
themselves in that predicament, likewise the Eastern fusal at that time of some of the roads to give out
and Middle group, and also the Middle Western. monthly figures for publication.
Each of these three groups shows deficits below the
amounts needed to pay ordinary operating expenses.
Gross Earnings.
Net Earnings.
Year.
Year
These deficits, however, itshould be understood, fol­
Year
Increase or
Year
Year
Increase or
Given.
Preceding.
Decrease.
Given.
Preceding. Decrease.
io w in the main from the great augmentation in expenses
January
S
5
S
$
$
$
.
48,726,980 +4,589,875 15.494.163 13.189,595 + 2,304.568
which occurred as a consequence of the conditions 1 8 9 6 .. 53,316,855
1 8 9 7 .. 51,065,589
.
54,615,619 — 3,550,030 14,277,924 15,394,495 — 1,116,571
1
8
9
8
..
.
60,345,290
52,705,271
+
7,640,019
17,833,662
14,601,313 + 3,232,349
enumerated, rather than from a contraction in gross 1 8 9 9 .. 63,149,988
.
58,753,141 +4,396,847 18,744,045 17,447,630 + 1,296,415
78,264,483
.
66,312,140 + 11,952,343 26,384,125 20,489,925 + 5,894,200
revenues. The gross earnings did fall off, but very 11 99 00 10 .... 90,514,370
.
81,878,382 +8,635.994 30,135,751 25,911,701 + 4,224,050
99,888,443 91,517,103 + 8,371,340 32,993,376 30,441,463 + 2,551,913
much less so than might have been expected in the 1902.1.
1 9 0 3 .. 100,840,997
.
92,230,740 + 8,610,257 30.021.883 29,745,477
+ 276,406
.
101,839,230
106,687,145 — 4,847,915 24,043,886 32,139,525 — 8,095,639
circumstances, and the fact that this should be so 11 99 00 54 .... 103,641,710
.
96,912,364 + 6,729,346 26.583,361 23,538,414 + 3,044,947
1 9 0 6 .. 128,566,968
.
106,741,980 +21,824,988 38,673,269 26,996,772 + 11,076,497
affords testimony to the heroic efforts made by rail­ 1 9 0 7 .. 133,840,696
.
123,664,663 + 10,176,033 36,287,044 37,096,918
— 809,874
135,127,093
.
155,152,717 — 20,025,624 29,659,241 41,155,587 — 11,496,346
road managers to keep traffic moving in face of the 11 99 00 98 .... 182,970,018
.
173,352,799 + 9,617,219 50,295,374 41,036,612 + 9.258,762
211,011,034
.
183,264,063 + 27,776,971 57,409,657 50.491,080 + 6,918,577
tremendous obstacles encountered. The effort proved 11 99 11 10 .... 215,057,017
.
210,808,247 +4,248,7701 53,890,659 57,373,968 — 3,483,309
1 9 1 2 .. 210.704,771
.
213,145,078 — 2,440,307 45,940,706 52,960,420 — 7,019,714
exceedingly costly, however, as is made evident by 1 9 1 3 .. 246,603,737
.
208,535,060 +38,128,677! 64.277.164 45,495,387 + 18,781,777
1 9 1 4 .. 233,073,834
.
249,958,641 — 16,884,8071 52,749,869 65,201,441 — 12,451,572
the great increase in expenses now disclosed. In 1 9 1 5 .. 220,282,196
.
236,880,747 — 16,598,551 51,582,992 52,473,974
— 890,982
1 9 1 6 .. 207,013,635
.
220,203,595 +46.840,040 78,899,810 51,552,397 + 27,347,413
the South and Southwest, as also on the Pacific 1 9 1 7 .. 307,961,074
.
267.115,289 + 40,845,785 87,748,904 79,069,573 +8,679,331
1 9 1 8 .. 282,394,665
.
294,002,791 — 11,608,1261 17,038,7041 83,475,278 — 66,436,574
Coast, the state of things was not quite so bad, but
Note.— In 1890 the number of roads Included In the month of January was 135- in
here also, however, expenses heavily increased be­ 1897, 127; in 1898, 130; In 1899, 115; In 1900, 114; In 1901, 130; In 1902, 109: In
1903, 105; In 1904, 103; In 1905, 94; In 1900. 100; in 1907, 97. In 1908 the returns
cause of the higher wage scales prevailing and the wero based on 157,029 miles of road; in 1909, 231,970; in 1910, 239,808; in 1911,
242,479; in 1912, 237,888; in 1913, 235,607; In 1914, 243,732; in 1915, 246,959; in
advanced prices that the carriers had to pay for fuel, 1916, 247,620; in 1917, 248,477; in 1918, 201.046.
materials, supplies, and everything else entering
The separate roads reflect, of course, the character
into the operating accounts of the roads.
of the general results. B y this we mean that nearly
Stated in brief, gross earnings, compared with the all have suffered heavy reduction in net earnings
corresponding month of the preceding year, fell off (owing to the great rise in operating cost) although
$11,608,126, which is a loss of only 3.95% , and the a few are able to report improved gross revenues.
comparison is with very large totals in 1917. Coinci­ The Pennsylvania Railroad on the lines directly
dentally, this loss in gross earnings was attended operated East and West of Pittsburgh, suffered a
by an augmentation in expenses of no less than $54,­ decrease of $1,762,097 in gross earnings, and as this
828,448, producing, consequently, a loss in net earn­ was attended by an increase in expenses of nearly
ings in the huge sum of $66,436,574, or 79.59% . $8,000,000, the loss in the net earnings reaches no
The amount of the net for the month this year was less than $9,730,093. Including all the Pennsyl­
only $17,038,704, against $83,475,278 in January vania lines, owned and controlled, which make
last year.
monthly returns to the Inter-State Commerce Com­
lit
Inc. ( + ) or Dec. (— ).
January (420 Roads)—
1918.
1917.
Amount.
%
Miles of road--------------------------240,010
239,885
+101
0 08 mission, the result is a loss of $2,101,294 in the gross
Gross earnings...................
$282,394,005
$294,002,791 — $11,008,120
3 95
210,527,513 +54,828,448 20.04 and of no less than $10,736,279 in the net.
Operating expenses...................... 205,355.901
The
Net earnings...............................$17,038,704
$83,475,278 — $00,430,574 79.59
New York Central registers $1,332,243 decrease in




1618

gross and $4,627,302 decrease in net. This is for
the Central itself. Including the various auxiliary
and controlled roads, the whole going to form the
New York Central S ystem , the result is a loss of $2,­
829,660 in gross and of $8,020,469 in net. Other
large systems make a similar showing. Thus, the
Erie has $564,554 decrease in gross and $2,107,488
decrease in net and the Lehigh Valley $462,254 de­
crease in gross and $1,345,683 decrease in net.
In the New England States the New Haven falls
$722,636 behind in gross and $1,795,333 in net, and
the Boston & Maine $407,631 in gross and $1,471,056
in net. In the West, the Chicago & North Western
has lost $1,071,703 in gross and $2,915,196 in net;
the Burlington & Quincy $482,135 in gross and $1,­
983,219 in net; the Milwaukee & St. Paul $858,954
in gross and $2,221,470 in net, and the Northern
Pacific $124,645 in gross and $1,415,489 in net. The
Great Northern with $104,693 gain in gross has
$1,308,519 loss in net, and the Southern Pacific with
$1,891,652 increase in gross suffers $271,638 con­
traction in the net. The Union Pacific constitutes
the one prominent exception to the rule, and is able
to show not only $1,398,474 increase in gross, but
also $155,939 increase in net. The Missouri Kansas
& Texas with $212,577 addition to gross loses $234,­
126 in net; the Rock Island falls behind $409,027
in gross and $1,214,593 in net, and the Missouri
Pacific $436,092 in gross and $1,167,571 in net.
The Southern railways give the best account of
themselves as far as the gross is concerned, many of
them being able to register increases in that item,
but even these nearly all report losses in the net.
Thus, the Louisville & Nashville with $287,590 im­
provement in gross sustained a contraction of $1,­
284,341 in the net, and the Southern Railway with
$512,407 addition to gross loses $813,278 in net,
while the Atlantic Coast Line with $503,455 increase
in gross, has $201,942 decrease in net. The Chesa­
peake & Ohio has lost $658,490 in gross and $1,­
278,647 in net, and the Norfolk & Western $174,247
in gross and $1,476,064 in net. In the following
we show all changes for the separate roads for
amounts in excess of $100,000 whether increases or
decreases and in both gross and net.
P R IN C IP A L C H A N G E S IN G R O S S E A R N IN G S I N J A N U A R Y .
Decreases
Increases.
Pere M arquette---------------- $497,784
Southern P a cific----- $1,891,652
482,135
U nion P a c ific -....................... 1,898,474 C hicago Burl & Q uincy—
468.780
C lev Cine C hic & St L -----Southern R ailw ay--512,407
462,254
A tlantic C oast Line---------508,455 Lehigh V alley------------------461,307
344,549 Illinois Central----------------Central o f G eorgia..............
436,092
Louisville & N ashville-----287,590 Missouri P a cific---------------R ock Island Lines-----------409,027
W estern P a cific____
272,920
407,631
Spokane Port & Seattle---270,951 Boston & M a in e---------------363,955
M issouri Kan & T exas—
212,577 Central o f New Jersey-----352,063
D enver & R io Grande-----138,715 N Y C hicago & St L o u is ..
328,209
Georgia R R ...............
137,246 Elgin Joliet & Eastern-----308,304_
Los Angeles & Salt L a k e ..
122,849 Chicago & East Illinois---299,757
Kansas C ity Southern____
109,300 C hicago & A lton _________
272,479
Internat’l & Great N o r___
105,901 Chicago Ind & Louisville.
Cine New Or! & T ex P a c ..
232,134
Great N orthern____
104,693
207,730
Indiana Harbor B elt..........
C hicago Great W e ste rn ..
191,247
Representing 15 roads
174,247
in our com pilation___ $6,413,279 N orfolk & W estern---------M obile & O hio.....................
163,292
102.530
Decreases. Lako Erie & W estern-----158,836
Pennsylvania___________ a$1,762.097 V ir g in ia n ------------------------128.900
N ew York C entral............ 61,332.243 Belt R y o f C hicago............
124,645
C hicago & N orth W e s t .. 1,071,703 Northern P acific................
121.874
858,594 T oled o St Louis & W e s t ..
C hic M ilw & St Paul____
120,894
Philadelphia & R e a d in g ..
857.850 D etroit T oled o & Iro n to n .
Grand Rapids & In d -------120,619
N Y N I 1 & H artford ------------------------722,636
M aine Central.....................
117.390
Chesapeake & O hio__________________ 658.490
113,144
W abash.....................
567,472 W estern M arylan d---------E rie______________________
564,554
Representing 39 roads
___
M inn St Paul & S S M _______________ 556.328
in our co m p ila tio n ..$17,188,443
549,217
M ichigan C entral________
Note.— All the figures in the above are on the basts o f the returns filed
with the Inter-Stato C om m erce Com m ission. W here, how ever, these roturns do not show the total for any system , we have com bined the separate
roads, so as to make the results conform as nearly as possible to those given
in the statement! furnished b y the companies themselves.
a This is the result for the Pennsylvania R R ., together with the Pennsyl­
vania Company, and the Pittsburgh Cincinnati C hicago & St. Louis, the
Pennsylvania R R . reporting $436,686 increase, the Pennsylvania Company
$1,181,386 loss and the P . C . C . & St. L . $1,017,397 loss. Including all
lines owned and controlled which make m onthly returns to the.Inter-State
C om m erce Com m ission, the result Is a loss o f $2,101,294.
6 These figures cover m erely the operations o f the N ew Y ork Central
itself. Including the various auxiliary and controlled roads, like the
M ichigan C entral, the " B ig F ou r,” & c., tho whole going to form the N ew
Y ork Central System, the result is a loss o f $2,829,660.




[Vol. 106

THE CHRONICLE

P R IN C IP A L C H A N G E S IN N ET E A R N IN G S IN J A N U A R Y .
Decreases.
Increases.
U nion P a cific______ ______ $155,939 C hicago Ind & L ouisville. $344,954
342,981
Spokane P ort & S e a ttle ..
140,904 Cine New Orl & T ex P a c._
336,385
Central o f Georgia________
104,870 Indiana H arbor B elt_____
328,113
H ocking V alley---------------324,375
C hic St P M inn & O m . . .
Representing 3 roads in
321.663
our com pilation.......... $401,713 C hicago Great W e ste rn ..
298,907
B uffalo R och & P i t t s b ...
293.758
Decreases. M obile & O h io.....................
271,638
Pennsylvania____________u$9,730,093 Southern P a cific-------------270,411
N ew York Central------------ 64.627,302 Lake Erie & W estern____
266,270
C hicago & North W estern 2,915,196 Denver & R io Grande-----250,115
C h ic M ilw & St P aul.......... 2,221,470 V ir g in ia n ________________
234,120
E r i e . . . .................
2,107.488 Missouri Kan & T exas—
231,648
C hic Burl & Q u in cy -.......... 1,983,219 Union R R (P a )__________
221,559
Philadelphia & R e a d in g .. 1,913,632 Wheeling & Lake E rie-----211,181
Illinois C e n t r a l............ .. 1.831,638 T oled o & Ohio C entral___
201.942
N Y N II & H artford.......... 1,795,333 A tlantic C oast L ine---------195,162
N orfolk & W estern______ 1.476,064 Bessemer & Lako E rie-----192,391
B oston & M a in e--------------- 1,471,056 Nash C hatt & St L ouis___
188.758
Northern Pacific__________ 1,415,489 Grand Trunk W estern—
185.213
Lehigh V a l l e y .................... 1,345,683 C olorado & Southern____
184,193
Great N orthern__________ 1,308,519 L ong Island-------- --------179.716
Louisville & N ashville____ 1,284,341 T oledo St L & W estern—
175,572
Chesapeake & O hio______ 1,278,647 W est Jersey & Seashore. _
165,793
N
Y
Phila
&
N
orfolk
-------R o ck Island Lines-------------- 1,214,593
163,447
Missouri P a c i f i c ................ 1,167,571 C hic Terre Haute & S E__
162,398
M ichigan C entral.............. 1,103.477 D etroit T oled o & Iron ton .
155,022
W abash__________________ 1,025,941 Bangor & A roostook -------144,659
C lov Cine C hic & St L ____
951,945 Central V erm ont-------------141,741
M i n n S t P & S S M ______
893,119 Grand Rapids & In d _____
140.943
Southern R ailw ay________
813,278 St Louis Southwestern___
130,853
801,354 C hicago Junction_______
Central o f New Jersey____
128,130
Delaware L ack & W est___
761.063 N orfolk Southern-----------125,676
Delaware & H udson_____
706,920 Terminal Ass’n St L o u is ._
124,752
C hicago & Eastern Illinois
669.127 Belt R y o f C hicago---------122,072
644,260 Texas & P a cific__________
St Louis-San Francisco___
118,480
C hicago & A lton-------------565,690 N Y Ontario & W e ste rn ..
115.295
Elgin Joliet & Eastern____
542,143 Lehigh & N ew E n g la n d ..
112.479
Pere M arquette__________
502,586 Central Now E ngland-----106,327
N Y Chic & St Louis_____
501,054 M inneapolis & St Louis__
103,710
434.731 Y a zoo & M iss V alley____
M aine Central___________
Seaboard Air L ino________
427.640
Representing 77 roads
374,204
W estern M arylan d ______
in our co m p ila tio n ..$61,491,773
Pittsburgh & Lako E r ie ..
373,099
a This is the result for the Pennsylvania R R .. together with tho Pennsyl­
vania Company, and the Pittsburgh Cincinnati C hicago & St. Louis, the
Pennsylvania R R . reporting $6,227,173 decrease, the Pennsylvania Com­
pany $1,765,010 loss and the P. C . C . & St. L. $1,737,910 loss. Including
all lines owned and controlled which make m onthly returns to the Inter­
State Com m erce Comm ission, the result is a loss o f $10,736,279.
b These figures merely cover the operations o f tho New Y ork Centra
itself. Including the various auxiliary and controlled roads, liko the
M ichigan Central, the “ Big F ou r,” & c., the wholo going to form the N ew
Y ork Central System, the result is a loss o f $8,020,469.

We have already stated that both the New York
Central and the Pennsylvania failed to earn their
operating expenses during the month. Among other
important companies or systems distinguished in the
same way, may be mentioned the Boston & Maine,
the Maine Central, the Erie, the Delaware & Hudson,
the Phila. & Reading, the Lehigh Valley, the Buffalo
Rochester & Pittsburgh, the Wabash, the Chicago
& Eastern Illinois, the Chicago Indianapolis & Louis­
ville, the Chicago & Alton, the Toledo St. Louis &
Western, the Chicago & North Western, the Mil­
waukee & St. Paul, &c., &c.
When the roads are arranged in groups, or geo­
graphical divisions, all are found to register decreases
in the gross, with the exception of the Southern and
the South Western and the Pacific divisions. In the
net every group, without any exception, shows a
decrease, and in most of the divisions this decrease is
strikingly heavy.
SUMMARY B Y GROUPS.
-Gross Earntngs-

Sectlon or Group—
January—
Group 1 (16 roads), New England___
Group 2 (77 roads). Eastern & Middle
Group 3 (59 roads). Middle West___
Groups 4 & 5 (86 roads). Southern...
Groups 6 * 7 (64 roads), Northwest’n
Groups 8 & 9 (85 roads), Southwest..
Group 10 (39 roads), Pacific C o a st...

Inc. ( + ) or D ec . (—
1917
1918.
$
S
%
$
— 1,403,500 10.19
12,361,830 13,705
— 3,652,056 5.28
65,570,107 69,228
—6,109,240 17.10
29,613,037 35,722
+ 003,808 1.44
42,542,614 41,938
— 4,304,283 6.83
59,523,725 63,888
+ 773,657 1.53
51,387,100 50,013
18,846
+2,543,494 13.51
21,389,640 __________
___________

Total (426 roads)......................................... 282,394,605 294,002,791 — 11,608,1263.95
-Net Earnlngs----- Mileage----1917.
In c .(+ ) orDec.l— )
1918.
1918.
1917.
S

8

$

%

7,574 df660,475 3,557,420 — 4,217,895 118.57
7,514
Group No. 1............
GroupjNo. 2_______ 23,940 24,015dI3,844,830 16,703,643 — 20,548,473 123.02
Group No. 3............ 22,983 22,998 d fl .434,082 7,170,497 — 11,610,579 161.78
Groups Nos. 4 & 5 .. 41,798 41,674 7,411,683 14,807,108 — 7,395,425 49.99
Groups Nos. 6 & 7 .. 68,448 68,267 2,493,249 18,866,478 — 16,373,229 86.79
Groups Nos. 8 & 9 -­ 57,110 57,240 10,226,080 15,981,682 — 5,755,002 36.01
18,111 5,847,079 _0,382,450
Group N o. 10--------- 18,253 ----------_ _ _ _ _ _—_535,371
_ _ _ _ _ _8.15
___
T o ta l........ ............. 240,046 239,885 17,038,704 83,475,278 — 60,436,574 79.59
NOTE.— Group 1 Includes all of tho New England States.
Group I I Includes all of New York and Pennsylvania except that portion west
of Pittsburgh aud Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group I I I Includes all of Ohio and Indiana: all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.

Groups IV and V combined Include the Southern States south of the Ohio and
east of the Mississippi River.
„ .
Groups VI and VII combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois: all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the Stato line
passing through Denver.
^
,
Groups VIII and I X combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, tho whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from tho northwest corner of the State through
Santa Fe and cast of a lino running from Santa Fo to El Paso.
Group X Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona aud the western part of New Mexico.

A pr. 20 1918.]

©urvcnt gxrcnts and discussions
CONTINUED OFFERING OF BRITISH TRASURY
BILLS.
The customary offering of ninety day British Treasury
Bills by J. P . Morgan & C o. on a 6 % discount basis, was
disposed of this week. The bills in this week’s offering
maturo July 15.
_______________________

INTEREST

PAYMENTS ON
LOAN.

CANADA'S

VICTORY

The “ Monetary Times” of Toronto in its issuo of April 12
published tho following by H . M . P . Eckardt, author of
“ Manual of Canadian Banking” in reference to interost
payments to bo made on Canada’s Victory Loan:
In connection with tho V ictory Loan there is but one m ore paym ent to
bo m ade. It is expected that this transaction will bo handled without
d ifficulty, as have been tho preceding paym ents. Owing to tho largo
amounts o f subscriptions paid in full on Jan. 2, tho sums to bo provided
on tho succeeding instalment dates were considerably cut dow n; but on
tho other hand there were a number o f largo subscribers who turned in
old bonds for conversion and who havo been m eeting their paym ents, as
they cam o duo, out o f proceeds o f tho converted bonds. Those partios,
In numerous instances, will requiro to find cash to m eet tho M a y instal­
m ents, and possibly thoro m ay be a m ore active dem and for loans on that
account. Thus in tho courso o f another few weeks the financial markets
will havo finished tho great task o f providing the national G overnm ent
with $400,000,000 o f new m oney for war purposes. Then a m onth later,
on June 1 , occurs tho first distribution o f interest to tho holders o f tho bonds.
This interest distribution will bo the m ost im portant transaction o f this
kind which Canada has so far experienced.
As there aro no details y et available regarding the amount o f old bonds
converted, it is not possible to give the amount o f tho pending distribution.
H owever, tliero were outstanding $350,000,000 o f bonds belonging to tho
first, second and third war loans; and it appears probable that from $150,­
000.000 to $200,000,000 o f these outstanding bonds were turned in. T ho
articlo on lifo insurance companias’ invastments in the war loans recently
published by the “ M onetary T im es,” indicated that in n ot a few cases
tho largo companies converted ail or nearly all o f their holdings; and it Is
understood that tho industrial com panies, brokers, bond dealers, m unici­
palities, trust com panies, and largo individual holders generally followed
tho same p olicy. Tho inducement to convert was stronger than on any
o f tho preceding occasions. N ot return on tho V ictory bonds, as offered
to subscribers, was higher than on tho earlier loans, and in case o f tho V ic­
tory bonds tho nominal rate, as printed on tho coupons, i 3 514% as against
5 % specified in tho first, second and third loans. I f It bo assumed that
$200,000,000 o f old bonds wore converted, that would make a total V ictory
Loan issuo o f $600,000,000 with annual interest charge o f $33,000,000:
and if the conversion bo taken as $150,000,000, tho yearly interest would
bo $30,250,000. So it will bo seen that even with tho lower o f the two
estimates ro conversion, the amount o f interest payable on Juno 1 will
be approxim ately $15,000,000. N o other singlo interest or dividend
paym ent made b y tho D om inion Governm ent or any Canadian corporation
approaches this am ount. Tho nearest approach to it is seen in tho Cana­
dian P acific com m on stock dividend which calls for $26,000,000 in four
quarterly paym ents o f S6,500,000 each. In case o f Canadian P acific
R ailw ay’s distribution the greater part must be rem itted to other countries.

INTEREST PAID ON ANGLO-FRENCH AND CITY OF
PARIS LOANS.
Tho somi-annual interest paymonts wore mado April 15
on two foreign bond issues, namely, tho $500,000,000 fivoyoar 5 % Anglo-Fronch loan, dated Oct. 15 1915, and placod
in this country during that year through a syndicate, headed
by J. P . Morgan & C o ., and tho $50,000,000 fivo-yoar 6 %
municipal oxtornal gold loan of tho City of Paris, datod
Oct. 15 1916 and offorod to investors in Octobor 1916 by a
syndicate, of which Kuhn, Loob & C o ., wore managers.
The intorost on tho formor amounts to $12,500,000 and on
tho latter to $1,500,000. Tho Anglo-Fronch bonds, tho
maturity of which has been reduced to one-half of tho fiveyear period, are convertible on any dato not lator than
April 15 1920, into 15-25-yoar joint and several 4 j ^ % bonds
of tho Govornmonts of tho Unitod Kingdom of Groat Britain
and Ireland and tho Fronch Ropublic.

PROPOSED NEW ZEALAND LOAN.
The following rogarding tho raising of a now loan in Now
Zealand appoarod in tho Now York “ Sun” of April 17, tho
information emanating from Ottawa on tho 16th:
T ho N ow Zealand G overnm ent, according to a R outer dispatch from
W ellington, N . Z .. is raising another £20,000,000 ($100,000,000) war
loan.
Persons able to subscribe but who fail to d o so will bo fined double tho
am ount o f their incom e tax, it Is stated, and com pelled lator to put.their
surplus funds in war bonds, receiving only 3 % interest.

PROHIBITION OF TRANSFER OF FUNDS FROM
FRANCE.
Tho following advices regarding a Ministerial decreo pro­
hibiting tho exportation of capital funds or securities from
Franco were contained in a cablegram received at tho D e­
partment of Commerce at Washington from Consul-General
Thackara at Paris on April 12:
A Ministerial decreo o f April 3, published April 4, prohibits tho exporta­
tion from Franco o f capital funds or securities. T ho followingjexcoptions




1619

THE CHRONICLE

are m ado: (1) Capital funds or securities which individuals or corporations
residing or doing business outside o f Franco m ay havo in France; (2)
capital sent to French colonies and protectorates for developm ent o f agri­
culture, com m erce or industry; (3) capital as paym ent in French colonies
and protectorates for m erchandise to be im ported to France.
T he prohibition against exportation o f stocks and shares is subject to the
follow ing exceptions: (1) French Governm ent issues since the outbreak o f
tho war; (2) securities due and redeem able in France and cou pon s payable
in France, (3) shares at present owned b y persons a b ro a d who purchased
tho same bofore prom ulgation o f tho present law, or who have inherited
tho same since date o f tho law; (4) securities bought or subscribed fo r in
France since the outbreak o f the war; (5) securities for which a general o r
special authorization m ay havo been granted b y the M inister o f F inance.
T ho decree also provides that all sums exceeding 1,000 francs will have
to be transferred abroad b y officia lly recognized bankers or brokers oven
for those who obtain special perm ission.

DEPRECIATION OF GERMAN PAPER MONEY.
The following contained in special correspondence of the
N ew York “ Evening Post” received from Zurich under date
of March 18, was published in the April 13 issue of that pa­
per:
.
A court process, reported at Berlin, against illicit trade o f m erchants in
gold, shows that at Berlin a gold piece o f 20 marks has In such trade a
value o f 55 to 60 marks in German paper m oney. In tho old-tim e w ay o f
reckoning, this would mean a “ 2 0 0 % premium on g o ld "; or, as your m arkets
used to put it in your depreciated m oney days, it means that “ gold is soil­
ing at 300.” In tho provinces, especially In tho eastern provinces w ith a
Polish population, but also in the western provinces, the price for a gold
piece o f 20 marks is even higher than 80 marks in bank notes.
In neutral countries bordering on Germany the German banknote has
never sunk m ore than 5 0% below its nominal valuo. This would mean that
tho maximum price for a gold piece o f 20 marks paid inside Germany should
be 40 marks; so that tho fact that in tho illicit German trade 60 to 80 marks
were paid for a gold piece o f 20 marks would on Its face Indicate that the
valuo o f German currency at hom e stands lower than in bordering neut ral
countries.
B u t the German authorities are taking the strictest measures again t
such transactions, which are illegal and subject to heavy penalties, and this
risk is doubtless reflected in tho fa ct that a higher bid is m ade for gold w ith
tho paper notes in Germ any than outside. N evertheless, tho numerou
prosecutions in every town prove that there exist well-organized and widely
spread bands o f such illicit gold merchants, who are not deterred b y tho
m ost severe jiunisliments— a p ro o f that tho dom and for gold instead o f pa­
per is very great.
^

ANALYSIS OF GERMANY'S DEBT.
A n interesting analysis of the debt of Germany is pre­
sented by Ernest L . Bogart of the University of Illinois, in a
letter addressed to the editor of the N ew York “ Tim es,’
under dato of M arch 11, and we reproduce his communica­
tion horewith:
.
To the Editor of The New York "Times:”
In you r issue o f M arch 5 there was a two-colum n com m ent upon a cable
d isp a tch attributing to C ount von Posadow sky W ehner, form er German
V ico C hancellor, tho statement that tho German imperial d ebt was now
124,000,000,000 marks (about $31,000,000,000.) A s this statem ent is
ob viou sly incorrect, I shall be glad if y o u will grant m e the space for a
correct statem ent o f G erm any’s indebtedness.
I t is im possible, especially at this distance, to learn all the facts concern­
ing tho financial con du ct o f the war b y Germany, for the G overnm ent has
thrown a veil o f secrecy a b ou t every vital point connected with finance,
especially tho subject o f expenditures. B ut there aro tw o sets o f figure
which It has been impossible to suppress or p robably distort and from a
•study o f these wo m ay deduce the approxim ate Indebtedness o f German 4
at tho present tim e.
_
T ho first o f these Is the votes o f credit b y which tho Reichstag a p p ro
priates m oney for the use o f the G overnm ent. As it is constitutionally
necessary to havo parliam entary approval before tho m oney can be raised
or spent, theso votes aro a m atter o f public record , and hence m ay bo ac­
cepted as accurate. U p to and including D ec. 1 1917 ten such votes o f
credit had been granted, aggregating 109,000,000,000 marks ($27,250,­
0 0 0 ,0 0 0 .)
T he following table show s these votes:
N o. Date of Vote.
1— A ug. 1 1914.
2 — D ec. 3 1914—
3— M a r. 22 19154— A ug. 31 1915.
5— D e c. 24 1915.
6—
Juno 9 1916.
7— O ct. 30 1916—
8 — F eb. 23 1917.
9— July
1917—
10— D e c. 1 1 9 1 7 -.

Amount.
$1,250,000,000
1.250.000. 000
2.500.000. 000
2.500.000. 000
2.500.000. 000
3.000.
000.000
3.000.
000.000
3.750.000. 000
3.750.000. 000
3.750.000. 000

T o t a l ...............................................................................................$27,250,000,000
An eleventh vote o f 15,000,000,000 marks was granted the other d a y ,
bringing tho total up to 124,000,000,000 marks. This is tho figure to which
C ount von Posadow sky-W ehner referred, and which is com m ented upon
In you r article. B ut this refers not to the debt, but to the expenditures.
Inasm uch as som e o f tho expenditures— though not m any— have been
m et out o f taxation, it is obvious that we shall have to establish the am ount
o f tho war d eb t In some other w ay.
F ortunately, we have one other set o f figures, w hich, while not quite so
unim peachable as those just quoted, are sufficiently trustworthy. These
aro tho loans m ade b y the Imperial G overnm ent. D ow n to O ctober last
tho public war loans— seven In number— had amounted to 73,361,660,000
marks ($18,340,415,000.) These were as follows:
N o. Date of Issue.
Amount.
1—
September 1914______________________________ $1,120,000,000
2—
M arch 1915................. ..................... — _________ ________________________
3—
Septem ber 1915------------------------------------------------- 3,040,760,000
4—
M arch 1916................................................................ 2,691,750,000
5—
September 1916------------------------------------------------- 2,862,750,000
6—
M arch 1917................................................................ 3,192,500,000
7—
September 1917.........................................................
3,156,415,000
T otal

............................................................................................ $18,340,415,000

2,286,2

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THE CHRONICLE

A s these loans have been m ade with clock-like regularity every Septem­
ber and M arch since the war began. It Is evident that an eighth loan must
soon be floated. A s the loans are now 50,00 ,000,000 marks ($12,500,­
0 0 0 ,0 0 0 ) loss than tho war expenditures, there must be an lmmenso floating
Indebtedness which will have to be funded. Cash on hand at the begin­
ning o f the war, together with additional sums raised since b y war taxes,
cannot have amounted to more than 4,000.000,000 marks ($1,000,000,000)
leaving between $ 11 ,0 0 0 ,000 ,00 0 and $ 12 ,0 0 0 ,0 0 0 ,0 0 0 as tho amount o f the
floating d eb t. E ven if the noxt loan be as successful as either o f tho last
tw o, each o f which amounted to a little over $3, 0 0 0 ,0 0 0 ,0 0 ^, it is clear that
It will not even absorb the outstanding Treasury bills and other temporary
obligations.
W hile these figures make it evident that the Imperial debt o f Germany
has n ot yet reached tho sum o f 124,000,000.000 marks, it is evident that
it has already passed the limit o f 100,000,000,000 marks which Herr R u­
dolph' Haverstein, President o f the Reichsbank, thought was all that Ger­
m any could stand, and which he was sure would never be reached. I f
this figure bo com pared with the m odest debt o f $1,250,000,000 which
Germ any owed before the war, some mesauro o f the financial burden im­
posed upon the empire can be gained. And this figure does not take into
account the debts o f the separate States or o f the com m unes, which are
already largo and steadily growing.
Tho total budget o f tho Imperial German Governm ent in 1913-1914 was
$830,00^,000; the interest on the existing debt is already $900,000,000,
and tho next loan will bring it up to $ 1 ,0 0 0 ,0 00 ,0 0 0 annually, or m ore
than all the peace and military expenditures beforo the war.
Existing
taxes are insufficient to meet these demands, and interest is being paid
out o f new loans. W hether this situation will lead to repudiation or n ot,
no m an can now decide. But it Is certain that the financial position o f
Germ any, deprived o f her expected Indemnities, will be a desperate ono
after the war.
ERN EST L. GO BART.
University o f Illinois, M arch 11 1918.

N. Y. STOCK EXCHANGE NOTICE CONCERNING DEAL­
INGS IN FRANKFORT BONDS, IN DEFAULT.
Announcement that, as a result of the non-payment of
interest due on the City of Frankfort loan, the bonds must
bo dealt in “ flat,” was made as follows by the N ew York
Stock Exchange in its weekly bulletin of Maroh 16:
C O M M IT T E E O N S E C U R IT IE S .
March 12 1918.
N otlco having been received that the interest due M arch 1 1918 on tho
C ity o f Frankfort-on-tho-M ain, Germ any, 3 A % loan o f 1901, D . R . W .,
is not being paid.
T he C om m ittee on Securities rules that on and after M arch 1 1918
and until further notice, said bonds must be dealt with in " fla t ,” and must
carry the M arch 1 1918 and subsequent coupons to bo a delivery.

The New York “ Tribune” of March 16 had the following
to say regarding the default:
These bonds were offered to American Investor* b y Speyer & C o ., who
have been paying tho interest until prevented from doing so further because
o f the Trading with the Enem y A ct. The am ount originally sold here
was 12,930,000 m arks, or abou t $3,000,000. Through a sinking fund
arrangement, how ever, there are now outstanding only about $40,000 o f
tho bonds, so that the am ount o f the M arch 1 cou pon amounted to less
than $1,400. T ho interest was payable in marks.
I t is understood that Speyer & C o. asked permission at W ashington to
p ay the M arch coupon, but this was not granted. There havo beon no
dealings in the bonds on the Stock Exchange for a long time.

JAPANESE GOVERNMENT BONDS CANCELLED.
It was announced on March 15 that the New York agency
of the Yokohama Specie Bank Ltd. had been advised by its
London office that Imperial Japanese Government 4 ^ %
sterling loan bonds amounting to £310,000 of the first series
and £190,000 of the second series have been purchased on
account of the Imperial Japanese Government, and can­
celled.
___________________________ _

BENJAMIN STRONG'S COLLECTION OF FRENCH WAR
CURRENCY TURNED OVER TO PRINCETON.
A collection made by Benjamin Strong, Governor of
the Federal Reserve Bank of New York, of various forms of
paper war currency, issued by French communities, has been
turned over by him to Princeton University, which makes
acknowledgment of his action in the “ Alumni W eekly” of
April 3 as follows:
Princoton ha* again to thank Benjam in Strong, J r., G overnor o f the
Federal Reserve Bank o f New Y ork, for one o f the m ost interesting additions
to tho U niversity’s collections. M r. Strong has long boen interested in all
questions relating to m onetary issues, and since the war has devoted m uch
tim e, thought and care to tho study o f emergency currencies In E uropo.
F or this reason ho early In the war started to organize a system for the
collecting o f all theso various forms o f paper currency. Persona who had
the good (or evil) fortune to be in Europe at the beginning o f tho war
will remember that one o f the m ost striking and In some ways disconcerting
phenomena o f thoso days was tho rapid and almost com plete disappearance
o f "hard m on ey.” The extraordinary demand for gold and the consequent
run upon metal pieces generally made It almost Impossible in some localities
to procuro the medium o f exchango. T o remedy this situation tho Cham ­
bers o f Com m erce In various French localities and com m unes Issued paper
bills to replace tho disappearing metal. Nearly all districts o f France
follow ed this plan, and oven some o f the towns and com m unities in Algiers.
Theso Issues were backed b y tho Bank o f France. As tho Bank o f Franco
Issued nothing smaller than 50-franc notes at the outbreak o f the war, there
was great difficulty in procuring smallor bills. For this reason the Chambers
o f Com m erce held tho larger Bank o f Franco notes and issuod notes o f
smaller denom inations, some o f them as low as five centimes.
M r. Strong has m ade the most com plete collection o f theso local m onetary
Issues in this cou ntry, and has now turned this collection over to the Uni­
versity. A* these Issues wero recalled later, when the Bank o f Franco
issued its smallor notes and tho situation becamo m ore normal, tho local
war Issues o f currency havo becom e very rare and In m any cases are now
unprocurable. M r. Strong’s collection, we behove, includes the issues o f




[Vol. 106

every one o f tho municipalities and com m unes concerned. It constitutes
ono o f tho m ost useful as well as m ost interesting series o f docum ents on
the financial history o f tho war. The collection Is so extensivo and varied
that it Is Impossible to give any adequate account o f It in a brief notice,
and tho “ W eekly” hopes to print a detailed articlo on it later. We merely
wish here to acknowledge tills addition to our rich war collection, for a
portion o f which we are already In tho debt o f M r. Strong. F or alumni
w ho returned on W ashington’s Birthday will remember that it Is to him
we owe tho Strong Collection o f war posters and newspaper clippings exhib­
ited on that occasion. W o tako this opportunity to thank M r. Strong
for this later token o f his interest In tho Princeton collections. M r. Strong
is a member o f the Comm ittee o f Conference o f tho Departm ent o f E co­
nomics and Social Institutions, which Is proud to havo this valuablo adjunct
to its work on the history o f finance.

W H Y FOREIGN EXCHANGE ON SPAIN KEEPS RISING.
[From financial colum n o f the "E ven in g P o st” o f N ew Y ork , April 16 1918.1
In the foreign exchange m arket, attention was again converged upon tho
rate on M adrid, which m oved with continued violence. T o -d a y ’s further
riso o f 'A cent emphasized tho fact o f a premium o f more than 5 0% against
N ew Y ork. Seeing that this market has no financial obligations to Spain
and that, despite the partial em bargo, our exports to Spain in the seven
m oths ending with January were m uch m ore than doublo our im ports
from that country, there is no convincing explanation o f this adverse m ove­
m ent in oxchange than our financial relation to our alli&s, and their rela­
tion to Spain. England, for instanco. whoso “ Import excess” from Spain
was $31,000,000 in 1913, found tho balanco on the similar side o f tho ac­
count up to $86,500,000 in 1917. M adrid exchango on L ondon, alroady
heavily depreciated, has fallen steadily during tho past few weeks. The
N ew Y ork market, with its own rate for storllng “ stabilized” at an arbi­
trarily supported figure, has to sharo in the consequences.

CAN ADIAN PROCLAMATION AUTHORIZING
ISSUANCE OF EXCESS CIRCULATION.

THE

The Canadian proclamation of other years authorizing
the chartered banks of the Dominion to issue excess circula­
tion from the first day of March to the last day of August
is repeated this year, the Canada “ Gazette” publishing the
new proclamation as follows:
CANADA.
G E O R G E tho F IF T H , b y the Grace o f G od , o f tho United K ingdom o f
Great Britain and Ireland and o f tho British Dom inions beyond tho
Seas, K ing, Defender o f tho Faith, E m peror o f India.
To All to Whom These Presents Shall Come, or Whom the Same Mav in Anywise Concern— Qreeting:
A P R O C L A M A T IO N .
E . L . N E W C O M B E , Deputy Minister of Justice, Canada.
Whoreas in and b y section 4 o f the A ct o f Parliament o f C anada, passed
in tho fourth and fifth years o f Our Rolgn, and intituled "A n A ct to C on­
serve the Comm ercial and Financial Interests o f C anada,” it is provided
among other things that In case o f war, roal or approhonded, and in case
o f any real or apprehended financial crisis, Our G overnor in Council m ay,
b y Proclam ation published in tho Canada “ G azette,” authorlzo tho several
chartered banks to issue excess circulation from and including tho first
d ay o f M arch to and including the last d ay o f August noxt onsuing, or
during any part o f such period, to amounts not exceeding 15% o f tho com ­
bined unimpaired capital and rost or reserved fund o f their respective
b a n k s; as stated in their respective statutory m onthly returns to the
M inister o f Finance o f Canada, for tho m onth im m ediately precoding
that in which tho additional amount is issuod—
N ow K now Y e that by and with tho advice o f Our P rivy Council for
Canada W o d o b y these prosents proclaim and direct tho sovoral chartered
banks be authorized to issue excess circulation as In tho said A ct defined
from and including tho first day o f M arch 1918, to and including tho last
day o f A ugust 1918.
O f all which Our loving subjects and all others whom thoso presents m ay
concern, are hereby required to tako notlco and to govern themselves
a ccordin gly.
In Testim ony W hereof, W e have caused theso Our Letters to bo m ade
P atent, and tho Great Soal o f Canada to bo hereunto affixed. W itness:
Our Right Trusty and Right E ntirely Beloved Cousin and Counsellor,
V ictor Christian W illiam, Duke ot Devonshire, M arquess o f H artington,
Earl o f Devonshire, Earl o f Burlington, Baron Cavondish o f Ilardw icko,
Baron Cavendish o f Keighley, Knight o f Our M o st N obio Ordor o f the
Garter; One o f Our M ost Honorable Privy Council; Knight Grand Cross o f
Gur M ost Distinguished Order o f Saint M ichael and Saint George; Knight
Grand Cross o f Our Royal Victorian Order; G overnor Gonoral and G om m ander-in-Chief o f Our Dom inion o f Canada.
A t Our Governm ent House, in Our C ity o f Ottawa, this twentieth day
o f February, In tho year o f Our Lord one thousand nine hundred and
eighteen, and in the eighth year o f Our Rolgn,
,
B y com m and,
iri - -V;j J
T H O M A S M U L V E Y , Undersecretary of State

;.i

JAPAN’ S INCREASING GOLD SPECIE.

In advices to the Department of Commorce at Washing­
ton (made public by the latter on April 11) Consul-General
George H . Scidmore at Yokohama reports:
Japan’s gold specie continues to increase, according to figures published
In tho Japan "C h ro n iclo ." Tho latest returns published by tho Financo
Departm ent give the total as 1.064,000.000 yen ($529,872,000) on M arch
15 . 456,000.000 yen ($227,088,000) being held at hom o and 608.000,000
yen ($302,784.000» abroad. Com pared with tho flguros for tho end o f Feb­
ruary last, the portion held at hom o shows a decreaso o f 1 ,0 00 .0 0 0 yon
($498,000), but an increase o f 9,000.000 yen ($4,482,000) is shown in the
portion hold abroad, or an increase o f 8,000,000 yen ($3,984,000) in the
to ta l.
.

NE

GUATEMALA LOAN.

According to Associated Pross advices from Guatemala
C ity, April 13, the National Assembly of Ouatomala has
passed a bill authorizing the Government to float a loan up
*o $30,000,000.

A

p r

.

20 1918.]

THE CHRONICLE

OPENING OF FOREIGN TRADE BANKIN G
CORPORA TION.
Tlio opening of the now Foreign Trade Banking Com ­
pany, styled “ America’s Pioneer Discount B an k,” occurred
on M onday last, April 15. As heretofore announced it has
been formed under tho presidency of George A . Gaston,
of Gaston, Williams & Wigmoro, Inc.; M ax M a y is manag­
ing Director and William T . Law Secretary. Tho corpora­
tion has a capital of $2,000,000 and surplus of $200,000;
it is located at 35 W all Street.

A. 0. CORBIN ON “ THE RUSSIAN BANKIN G
SITUATION AND ITS MEANING TO THE
WORLD AT TIIE MOMENT . ”
In an address under tho above title, delivered by A . O.
Corbin, Head of the Foreign Department of A . B . Leach
& C o ., In c., New York, at tho Fifth National Foreign
Trade Convention at Cincinnati, on April 18, M r. Corbin
stated that he was in Russia during tho days of tho revolu­
tion from March till October, that ho had travelled through
Russia proper and through Siberia, and tried to understand
tho Russians and the Russian situation by close observation,
and by trying to livo with tho people, and sharo their
troubles. As to his viows thereby developed ho said:
I lmvo studied the Russians and I admiro them: as a peoplo I have found
them honest and sincere; as individuals, often exceptionally ablo.
A nd if I am glad to he here to-night, it is because o f tho opportunity
given m o to stand up for Russia, and to bo ablo o say to you : “ This is tho
tim o to talco tho helm and to help Russia.”
Out o f tho present chaos o f tho revolution will com o tho rebirth o f tho
Russian nation; out o f the present state o f despondency will ariso tho stato
o f exultation; out o f the present suffering will emerge tho futuro leaders o f
tho cou ntry, her captains o f com m erce and industry.
Tills m ay seem a bold statem ent, but it is an opinion shared by m any a
man soundly informed on the situation to-day. 1 m yself, for instanco,
know o f a groat deal o f American m oney ready for investment in Russia,
and I also know or a great deal o f Russian m oney on deposit in N ow York
anxiously awaiting tho opportune moment to seek em ploym ent in Russia.
I could m ention right now tho name o f one o f Russia's ablest financiers who
has on deposit in New York $1,000,000 and is watching tho Russian
situation from day to day. . . .
W hen considering Russia, we find that country in a very peculiar and
very spocial position, closely resembling tho United States o f tho period
when foreign m oney began to pour into this country.
Russia requires the same flow o f m oney, tho samo gradual developm ent,
tho samo expansion o f foreign trado, and tho samo Improvement o f her trado
balanco, but she also wants this in the samo unselfish, tho samo sonsiblo,
tho samo courteous way In which America received her m oney from abroad,
and abovo all she want- to continue exercising control o f her own affairs.
Am erica for tho Americans; Russia for tho Russians. Russia wants no
interference, but she i looking for co-operation, co-operation to help her
develop hor wonderfully fertile plains, in order to bring forth tho rebirth
o f her splendid nation; co-operation to work tho untold hidden treasures
o f her soli, and above all. co-operation to help her re-establish her m onetary
system , in order to help her uphold her traditionally sound credit.
W h o should com e forward to her call, If not A m erica?
First o f all, Russia to the United States o f America has always boon tho
country o f unlimited possibilities: American capital, brains and foresight,
breadth o f vision and creative genius, American business methods adapted
to Russian conditions and American organization can work miracles In
that undeveloped and wonderful country, so Immensely rich in productive
forces, so boundless in extont, so am ply supplied with brains and healthy
and over increasing labor.
Russia has scarcely been touched: her industrial developm ent Is only In
its infancy. . . . Though twice tho sizo o f tho United States sho has only
ono m ilo o f railroad where we have ton. . . .
But thoro is a second reason why the United States should endeavor to
Join hands with the Russian people.
T ho proper developm ent o f Russia’s resources is a vast undertaking
Am erica Is tho logical leader for tills great undertaking, and with Amorica
will go Groat Britain and France, together with our other allies. In other
words, Russia to-day presents opportunities. In which all tho rcspoctablo
and respected Governments now linod up should participate, bocauso an
undertaking o f such magnitude Is o f tho greatest im portance not only
com m ercially, but even more so politically.
And thero is one way which leads to that goal— . . . only one w ay. It Is
tho way to tho heart and arteries o f Russia; it Is tho appreciation o f tho
imm odlato, urgont and absolute necessity for closo American co-operation
with tho entire chain o f com m ercial banks In Russia with a view o f pre­
venting a German commercial control o f Russia, a danger greater than
porhaps Is generally realized.
T ho banking situation In Russia differs in substance from that In any
other country. The reasons for this lie In tho fact that by far tho greater *
part o f tho industry N under coni rol o f tho banks.
T o -d a y wo see the Russian banks in control o f m any railways, o f Iron
and stool, grain, coal, oil. sugar, cotton , silver, platinum and other in­
dustries, and consequently tho banks really control tho entiro Russian
situation.
A great part o f the problem o f Russia to-d ay, centres around tho banks
and com m ercial co-operation with Russia, with all Its econom ic and political
consequences will have to be won from Germany with dollars, just as much
as battles havo to be won with men and m etal.
Ono should never lose sight o f tho fact that Germ any undoubtedly has
in’ view commercial gains consisting o f tho capturo o f tho foreign markets
and chiefly tho Russian markets. Is it only militarism we aro facing, or
also tho aggression o f the German banks and Industries? W ill Germ any,
dofeated In military sense, remain aggressive com m ercially? W o hope
n ot, but wo can prevent a good doal by being prepared. W o aro not out
to control Russia; we only want to help and to co-operate, and to do this
effectively thoro seems to bo only one ono thing that can bo done: and we
can do it.
W o should becom e sufficiently Interested in tho Russian banks and
industries to make It Impossible for Germany onco and forever to bring
Russia under her financial, com m ercial and political control.




1631

Through becom ing interested in the Russian banks and industries, we
would not only becom e the com m ercial co-operators with Russia, the sixth
part o f the universe, but we would also give new impulse to Russian indus­
try , and through that find em ploym ent for Russia’s billions which aro now
lying idle in the banks.
Once we com e to a basis o f real co-operation and real understanding with
Russa— a co-operation which would bo heartily welcom ed b y tho Russian
financial and industrial interests— wo would havo helped that splendid
country in the way o f which she is so fully w orthy.
W hore such an ideal can be realized, and that where such an im portant
lin k can be wrought in the chain for world peaco. it would bo an omission
not to take immediate action and not to appoint without any delay a
com m ittee to make a thorough study o f the question which I have tried
to outline in this paper. And I believe that it would be up to tho N ational
Foreign Trado Council to d o this and to take stops in this direction, w ithout
any hesitation, without any fear and without any delay.

SENATE PASSES BILL PROVIDING FOR MELTING OF
SILVER DOLLARS.
Tho Pittman Bill, providing for the melting of silver dol­
lars into bullion, to be used in meeting foreign trade balances,
was passed by the Senate on April 18. Originally it was
proposed to retire 250,000,000 silver dollars for tho purpose,
but the Senate Banking and Currency Committee on Apr. 16
in deciding to report the bill favorably, also decided to
amend it so as to provide for the withdrawal of $350,000,000
from tho Treasury, for melting, instead of $250,000,000.
Tho bill was approved by the Committee, after Director of
tho M in t Baker, Assistant Secretary Leffingwell of the
Treasury; Governor Harding of the Federal Reservo Board,
and Oscar Straus of New York had appeared before the com­
mittee and urged prompt action as a war measure. The
bill provides that as the silver dollars aro withdrawn from
tho Treasury, the Secretary shall also withdraw an equal
amount of certificates to be replaced by Federal Reserve
bank notes. To replace silver dollars the Director of the
M in t would be authorized to purchase silver at the rate of
$1 an ounco, which supporters of the bill declare will have
tho effect of stabilizing tho silver market as well as stimu­
lating production. The text of the bill, and a letter from
Secretary of the Treasury McAdoo to Senator Pittman
supporting the measure, was given in these columns last
week, page 1513. A now section (N o. 9) has since been
added to the bill; this is referred to in the report on the
measure made by Senator Owen, Chairman of the Senate
Committee on Banking and Currency, in which he said:
Tho bill authorizes the Secretary o f the 'I'reasury to melt 350,000.000
standard silver dollars and use the same as a means o f settling our trade
balanco adverse to the United States, and thereby conserve tho gold supply
o f tho United States and for the purposes otherwise named. T he sliver
so used It to bo valued at not less than $1 per ounco, upon terms to be
established b y the Treasury Department
It authorizes the Treasury
Departm ent to buy silver at $1 per ounce to restore the am ount o f silver
dollars melted up.
Section 3 o f the Act authorizes tho silver bullion obtained from m elting
the dollars to be used for tho purpose o f the A ct, and to set apart any por­
tion o f such silver required to the use o f the director o f the M in t for sub­
sidiary coinage.
Section 4 authorizes the Secretary o f the Treasury to reimburse the
Treasurer o f the United States for the difference between the face value
o f tho sliver dollars taken and tho bullion value o f such dollars. In other
words, to balanco tho accounts or the Treasurer o f tho United States as to
tho seigniorage on such dollars which would reappear when hereafter such
silver is rominted.
Section 5 authorizes the Reserve Board to require the Reserve banks to
Issuo bank notes o f small denominations to take the place o f silver eertlficatos, basing such bank n o u s on United States certificates o f Indebted­
ness or on ono-yoar gold notes, and |>erinittlng the extension o f such notes
or certificates for tho convenience o f the transaction o f this business.
Soctlon fl requires the retirement o f the Federal Reserve bank notes so
issued when the now sliver certificates shall have been Issued agalnfit
sllvor dollars so coined.
Soctlon 7 allows tho Federal Reserve bank tho samo earning upon the
Issuance o f these bank notes which are otherwise provided In tho National
Bank A ct.
Section 9 is added In order to enable the United States to acquire the
silver nocessary to restore that which Is temporarily withdrawn for the
purposes o f the A ct. If tho war should suddenly terminate, it would be
necessary to continue the (’resident's power to Issue licensee on tho export
o f sliver until the Government Is safeguarded.
This bill has been prepared with great care b y the officials o f the Treas­
ury Departm ent and meets with the approval o f your C om m ittee, who
recomm end Its Immediate passage, as there Is at present a very urgent
domand for tho use o f this metallic silver
Undor tho Espionage Bill, title 7. as approved June 15 1917, the Presi­
dent was authorized to control exports under Section 1. B ut this was only
during tho war and not after the war.
T ho A ct to punish Trading With tho Enemy, approved O ct. 6 1917,
undor Section 5, paragraph B. authorized the President to control b y
license tho exporting or ear marking o f gold or silver, but this also was an
A ct which contem plated Its exercise during the war. For these reasons
Section 9 Is justified.

Tho Now York “ Times” of yesterday (April 19) quoted
Senator Owen as saying:
India Is demanding silver. W e need $50,000,000 alone to take care
o f our juto trade with that country. The.silver we are to use is lying un­
em ployed, as dead metal, in the Treasury. It would becom e the basis o f
Federal Reservo notes and would not interfere with the value o f our gold,
but would ease tho financial strain.

The following is likewise from the “ Tim es” of yesterday:
Sonator Thom as pointed out that the Federal Reserve notes would be
interest-bearing, while the silver certificates d o not bear interest. He
doubted tho financial advantage o f such a scheme.

1622

Senator Owen said the interest rate to be charged on the Federal Reservo
notes would bo only a little over 2 % , or 3 % at the m ost. T he bill, the
Senator went on, would stabilize tho silver market and encourage produc­
tion . H e thought the miners ought to be guaranteed an advantageous
price.
Senator Pittm an said silver producers were anxious to have the price
fixed.
“ M en w ho own tho mines d on ’t want to take chances on tho price they
are going to get for the sliver,” he said, “ i f we dum p 350,000,000 silver
dollars on our m arket, and d on ’t have a fixed price for it wo are doing a
foolish thing with our financial sta b ility.”
" B u t .this m oney Is going to India they tell u s,” interposed Senator
T hom as. “ T h ey will keep it In In d ia ."
A l t h o u g h
p a i d
t h e

f o r

t h e

s i lv e r

t h e

b i l l

t o

T r e a s u r y ,

t h a t

w o u ld

b e

in

S m

w o u ld

T h e y

f i x

u s e d

S e n a t o r

m e a s u r e

p r o d u c e r s .

o o t ,

b e

w o u ld

a t

$ 1

a n

r e p la c i n g

o f

o f
n o

U

o u n c e
t h e

t a h ,

is

m

s a id

a d v a n t a g e

p r e f e r ,

h e

t h e

p r ic e

o n e y
t o

t o

W

s a i d ,

t a k e n
h a v e

t o

b e

f r o m
s t a t e d

e s t e r n

s i lv e r

h a v e

s ilv e r

t o

number o f days. T ho charge is infinitesim al, in som o districts on ly one
cent fo r each Item and in som o one and a h alf cents.
T his charge covers
tho cost o f postage, since a large num ber o f checks on som e points can be
sent under one cover.
T he day schedule b y zones differs according to tho Federal Resorvo dis­
trict. In N ew Y ork the schedule extends from im m ediate credit for checks
upon N ew Y o r k to eight days for points far west and on the P acific coast.
W hile chocks on rem ote points m ay bo collected at par, tho depositor
m ust w ait until the proceeds becom e available t o the Federal R eserve Bank
beforo receiving credit therefor.
Just what will be done In regard to those institutions that refuso to rem it
at par, In order to bring about a universal par system , is a problem still
before the Federal R eserve B oard. T h e amendment to tho Federal
R eserve A ct passed last Juno sought to regulate this m atter b y perm itting
m em ber o r non-m em ber banks to m ako an exchango chargo for collection,
n ot to exceed l-10 th o f 1 % , b ut n o t against tho Federal R eserve banks.
T h o question whother this can bo m ade to apply to non-m em ber banks has
been placed b y the Federal R eserve B oard in the hands o f the A ttorn eyGeneral fo r an opinion.
W

f o llo w

i t s

n a t u r a l

c o u r s e ,

b u t ,

r e a li z i n g

t h e

s t e p

p r o p o s e d

h a t

G o v e r n m

t o

s a c r if ic e

e n t

p a t r i o t i c a ll y .
p o l i c y ,
S I

2 9

is

t h e ir

S h o u ld

S e n a t o r

a n

a b s o lu t e ly

s e lfis h

S m

o u n c e .

H

t h e

o o t
e

n e c e s s a r y ,

in t e r e s t s
G o v e r n m

s a id ,

a ls o

a n d

t h o

m

e n t

t h e y
e e t

f o llo w

p r ic e

a r e

t h e
a

w o u ld

r e p r i n t

“ h a n d s -o f f ”
a d v a n c e

T h e

u n d e r
J o h n

e n t

o f

d a t e

c o n c e r n in g

f o r e i g n
o f

S k e lt o n

M
W

a r c h
i l l i a m

t h e

G o v e r n m
9 ,

b y

h o ld i n g s
e n t s

C o m

b y

w a s

n a t io n a l

i s s u e d

p t r o lle r

o f

a s

t h e

b a n k s

f o llo w s ,
C u r r e n c y

s :

T he reports o f condition for D ec. 31 1917 show that the total am ount
o f bonds o f foreign Governm ents held b y the national banks o f the cou ntry
on the date nam ed was $280,053,308, o f which only $709,613 were bonds
o f the German-Austrlan Governm ents. Other foreign securities held b y
tho national banks on the same date aggregated S69,990,853, m aking
total o f all foreign securities $350,644,161, against $297,236,000 foreign
securities held N o v . 17 1916 and $158,500,000 on M a y 1 1916.
O f tho total am ount o f foreign Governm ent bonds owned, $20,603,338
were held b y national banks In tho N ew England States: $182,854,947
b y national banks in the Eastern States; $15,294,128 in the Southern
States; $42,057,311 in tho M iddle States; $8,101,292 in the W estern States;
and $11,742,292 In the P acific States.
T he banks o f tho Central Reserve cities owned $99,549,562 foreign G o v ­
ernment bonds. N ational banks In other Reserve cities hold $59,488,751,
whllo the am ount held b y all country banks was $121,614,995.
T ho State in which tho country banks hold the largest am ount o f foreign
Governm ent bonds was Pennsylvania— $31,260,866. C ountry banks in
N ew Y ork State cam e next with $23,701,435, follow ed b y N ew Jersey
with $8,312,698, Ohio with $7,719,036, Massachusetts with $5,898,144,
M ichigan with $4,266,262, Virginia $3,411,536, C onnecticut $3,305,188.
In no other Stato did tho amount o f foreign Governm ent bonds held b y
country national banks am ount to as m uch as $3,000,000.

PAR CHECK COLLECTION OPERATIONS OF FEDERAL
RESERVE BANK OF NEW YORK.
F r o m

t h e

fo llo w i n g
o p e r a t io n s

“ W

a l l

S t r e e t

c o n c e r n in g
o f

t h e

t h e

F e d e r a l

J o u r n a l,”
v o lu m

e

R e s e r v e

M
o f

a r c h
t h e

B a n k

o f

1 4 ,

w e

c h e c k
N

e w

t a k e

m

t h e

r e p o r t

Y o r k :

M

B o a r d

a n n u a l

in

o r t g a g e

i n u t e

o f

o n - f a r m

e n t

h a d

r o p o r t

t o

w ill

s a y

b e

a b o u t

f o u n d

p a r

in

o u r

o u r

is s u e

o f

J a n .

2 6 ,

p a g e

3 4 4 .

t h e

la n d

c o n t a i n s

B a n k e r s ’

d a y

a n d

d e b t s

t h e

A s s o c i a t io n

n i g h t

i n

t h e

f o llo w i n g

$ 4 1 8

U n i t e d

f u r t h e r

a n n o u n c e s

5 6

in

S t a t e s .

i n f o r m

t h a t

in t e r e s t
I t s

a c ­

s t a t e ­

a t i o n :

This is $25,114 13 every hour or it Is $602,739 72 overy da y. This Is
fo r overy day in tho year, not excepting Sunday or holidays.
T hat is the amount estim ated as paid as interest on land mortgages b y
tho farmers o f the United States. This dally paym ent w ould m ake $220,­
000,000 in a year, the annual Interest on $4,000,000,000 at tho rato o f 514 % .
According to statistics com piled from tho consus departm ent and other
sources b y tho Farm M ortgage Bankers’ Association o f Am erica which
has its general office in C hicago, tho total am ount o f farm m ortgages in
tho United States is four billion dollars. As m ortgages aro usually m ade
for a period o f fivo years an avorago o f ono-fifth o f four billion dollars or
$800,000,000 com es duo to bo paid or renewed annually. Thoso paid and
retired are m oro than balanced b y now ones issued. T h o consus o f 1910
shows that there wero in this country 1,350,000 m ortgaged farm s.
Investigation proves that farm m ortgages aro not evidences o f p overty .
T h ey m erely represent borrowed working capital. Iow a and W isconsin
are conceded to bo among tho leading prosperous farm ing States and In
b oth over 51% o f tho farms wero m ortgaged in 1910. T ho avorago mer­
chant or m anufacturer does business largely on borrow ed capital carried
on short tim e bank notes. T h e farm er borrow s his working capital on
long tim e b y using his farm as security and is n ot subject to tho samo
anxieties as tho m erchant whose obligations usually m ature in sixty or
ninety days.
“ T h e s e
n e e d

o f

e r s ’

s t a r t lin g

t h o

n e s s .”

m

o s t

f i g u r e s ,”

c a r e fu l

I n c id e n t a l ly

A s s o c i a t io n

K a n s a s

C i t y

p o r t a n c e

o n

t o

i t

w i ll
O

m

is

1 ,

b o r r o w e r s

s t a t e m

n o t e d

h o ld

c t .

t h e

a n a g e m

i t s

2

t h e

3 ,

e n t
o f

a d d s ,

t h is

F a r m

n e x t

a n d

a n d

e n t

im

M

w h i c h

i n v e s t o r s

w i ll

e n s e

o r t g a g e

n a t io n a l

a t

“ s h o w

m

t h e
b u s i ­

B a n k ­

c o n v e n t io n

m

e a s u r e s

b o

a t

o f

i m

­

d i s c u s s e d .

ESTABLISHMENT OF SALT LAKE BRANCH OF FED­
ERAL RESERVE BANK OF SAN FRANCISCO.

t h e

c o lle c t io n

T h e N ew Y ork Federal Reserve Bank is handling on an average about
70,000 checks a day In Its collection departm ent. A few days ago it attained
tho record o f within a- score or m oro checks o f 100,000 in one da y. Last
sum mer Its average daily collections was about 40,000.
P ar collection o f checks, which presented so m any form idable obstacles
a few yoars ago, has arrived at a stage where further progress will be slow .
Generally speaking, par collection Is an accom plished fa ct. I t obtains
throughout the national banking system , with those Stato banks which are
m embers o f the Federal R eservo system , numbering in all about 8,000,
and certain Stato Institutions which havo agreed to rem it at par. Altogether
thero are a bou t 10,600 banks which are on tho par list throughout tho coun­
try , that is, that rem it at par for chocks on them sent from anywhere In the
country.
B ut this is n ot the full extent o f the par collection system . In certain
districts tho Federal R eserve banks have placed upon tho par list overy
bank situated in the district, m em ber as well as non-m om ber, including
such Institutions as have not agreed to rem it at par. N ow Y ork Reserve
B ank, for instance, has done so. H ero the bank undertakes to give par for
all checks turned in fo r collection, drawn on banks situated within the dis­
trict.
This means that In the case o f certain State institutions that havo refused
to rem it at par. 1. o ., that rem it against tholr own checks at less than
100 cents on tho dollar, the Federal Resorvo Bank undertakes the expense
o f collection. W here there is no m om bor available to present checks for
paym ent over the counter fo r it, the Federal Reservo bank collects the
checks b y express.
In paying a check over Its counter a bank cannot b ut
p a y in full.
In the case o f tho N ew Y ork Federal R eserve par collection system ,
It was no difficult m atter to bring this a bou t. B u t In the case
o f the N ew Y ork district there was a good deal o f opposition at first on the
part o f certain State institutions which hold ou t for tholr form er exchange
charges. Considerable progress, how over, has beon made In recent m onths
toward bringing them Into line. W hen the Federal Reserve Bank an­
nounced a year ago that it was prepared to accept all chocks in this district
a t par, there were som e 114 points whore collection had to be m ade b y ex­
press; now thero are only 74 points. B ut this is no concern o f the public;
the Reserve Bank Incurs tho express cost and the depositor does n ot know
Which is a par point and which is n ot in this State.
Par checks mean that tho depositor will rocelve 100 cents on the dollar
fo r the am ount. T hat incidental cost and the element o f tim e have n ot
y et been altogether overcom e is Indicated b y the fa ct that a small chargo is
m ade to the depositor for out-of-tow n collections and credit Is given fo r
checks drawn upon distant points or zones on ly after the lapse o f a certain




o f

F a r m

e v e r y

m

s t a t e m

R e s e r v e

i t s

s a id :

NATIONAL BAN K HOLDINGS OF FOREIGN GOVERN­
MENT BONDS.
b o n d s

in

E XTEN T OF FARM LAND DEBTS I N U. S —
CONVENTION OF FARM MORTGAGE BANKERS.

t o

c r u e s

A

F e d e r a l

c o lle c t i o n

w i lli n g

s i t u a t i o n

T he United States is in no shape to allow the export o f Its gold and
neither are our allies. All they have g ot, they m ust keep. A lthough wo
have one-fourth o f the gold in tho w orld, we have none too m uch.

o f

t h e

b y
c h e c k

t h e

[Vol. 106

THE CHRONICLE

T h o

e s t a b lis h m

e n t

R e s e r v e

B a n k

F e d e r a l
b y

t h e

F e d e r a l

S a l t

a t

w i ll

e m b r a c o

U

i n g

t h e

d ir e c t o r s

a n d

t h e

C i t y

o f

F r a n c i s c o

B o a r d .

t a h

o f

L a k o

S a n

R e s e r v e

b r a n c h
a r e

a t

T h o

b r a n c h

b e e n

o f

t h e

a u t h o r i z e d

t e r r i t o r y

S o u t h e r n

n o w

a

h a s

o f

I d a h o .

t h e

T h o

n o w

f o llo w ­

b r a n c h :

L.
H . Farnsworth (o f W alker B ros., bankers) and R . T . B adger o f Salt
Lake C ity and W . A . D a y o f San Francisco, representing tho San Fran­
cisco B ank, and Joseph L . Rawlins o f Salt Lako C ity , and O . G . W right
o f Idaho Falls, representing tho Federal Reserve B oard.
I n

r e f e r r in g

b r a n c h e s
S a lt

L a k e

t h e
D

a t

E l

S e a t t le

in

a n d

b r a n c h

t h e

b y

b r a n c h e s
t h e

e n t i o n e d

F e d e r a l
is

t h e

t o

L a k e

S a n

in

e n t

b o

F e d e r a l

is s u o

o f

e s t a b lis h e d

b r a n c h

is
D

D i s t r i c t

t h o

6 )

s t a t e s

in

t h o

lo c a t e d

t o

T h o
a t

a n d
t h a t

D a lla s

f o u r t h

i s t r i c t .

a r e

R e s e r v e

A p r i l

“ B u l l e t i n ”

F r a n c i s c o

F r a n c i s c o

o f

o u r

R e s e r v e

f i r s t

S a lt

t h e
S a n

e s t a b lis h m

( m

t h e

in

b e

o t h e r

S p o k a n e ,

P o r t la n d .

A lt o g e t h e r ,
o f

t h o

t h o

w h i le

e s t a b lis h e d
b r a n c h e s

t o
P a s o

C i t y ,

P a s o

i s t r i c t ,

E l

t h o

R e s e r v e

e it h e r

d i f f e r e n t

“ B u l l e t i n ”

a c t u a lly

R e s e r v e

o p e n e d

b a n k s

is

s t a t e s ,

o r

s h o r t ly

t h o
t o

t o t a l n u m
b o

b e r

o r g a n iz e d

1 3 .

RICHMOND RESERVE BAN K DISCONTINUES DIS­
COUNTS UNDER REPURCHASE AGREEMENT.
T h e
G e o r g e
1 5

t h e

F e d e r a l R e s e r v e
J .

S e a y , h a s

f o llo w i n g

p u r c h a s e

a g r e e m

m

t h o

o v a l

e r t y

o f

B a n k

s e n t

t o

c ir c u la r ,
e n t s

s t a m

p

o f

R i c h m

e m

b e r

o n

b e

o n d ,

b a n k s

a n n o u n c i n g

w i ll

t a x

m

t h a t

d i s c o n t i n u e d

p r o m

is s o r y

t h r o u g h

u n d e r

d is c o u n t s
in

n o t e s

G o v e r n o r

d a t e

v i e w

o f

A p r i l

u n d e r
o f

s e o u r o d

t h e
b y

r e ­
r e ­

L i b ­

b o n d s :

To Member Banka:
n T ho repurchase agreem ent, or form o f short-tim o advanco to m ember
banks, in liou o f tho 15-day collateral n ote, was dovlscd principally for tho
purposo o f relieving banks o f the stam p tax on obligations socurod b y cus­
tom ers’ notes givon for tho purchaso o f L lborty bonds. This tax was
abolished as o f April 6 1918.
(1)
M em ber banks’ collateral notos secured b y L iberty Loan bonds or
United States certificates o f Indebtedness; or

A pr. 20 1918.]

THE CHRONICLE

(2) Custom ers’ notes secured b y Liberty bonds, or United States cer­
tificates o f indebtedness; or
(3) M em ber banks’ collateral notes secured b y custom ers’ notes so se­
cured; d o not now require revenue stam ps.
T he disadvantages to tills bank o f the repurchase agreement are o f such
a serious practical nature that we feel com pelled to discontinue this form
o f discounting. Therefore on and after April 18 no rediscounts will bo
mado under a repurchase agreement, and member banks’ collateral notes
as provided in the A ct will have to be used.
M em ber banks’ collateral notes, unless secured by Governm ent obliga­
tions as above specified, will have to be stam ped. Y ou will please affix
the required stamp whenever it Is possible for you to obtain them .

CAPITAL ISSUES COMMITTEE TO CONSULT U S..
EMPLOYMENT SERVICE WITH REGARD TO
APPLICATIONS AFFECTING LABOR.
In making known plans for the co-operation between tho
Capital Issues Committee of the Federal Reserve Board and
tho United States Employment Service, tho committee re­
cently announced that it had arranged to seek the advice of
the Employment service before acting upon any application
for tho issue of securities where the approval or disapproval
would affect seriously labor conditions. Tho committee’s
announcement, mado on April 7, was as follows:
T ho problem o f making Available to tho Governm ent to tho greatost
possible dogroo capital, labor, material and transportation, moans creating
a surplus o f cacli o f these elements so vital to our national needs at this
tim o. The creation o f a surplus o f labor necessarily involves tho creation
o f a short period o f tem porary unem ploym ent, during which labor disen­
gaged from unessential industry m ay b o diverted to essential Industry.
T o m inimizo any hardship upon labor arising from tho creation o f this
unavoidable hiatus is tho ch ief concern o f all. T ho Capital Issues C om ­
m ittee is closoly studying tho problem from this point o f viow , as it is anxi­
ous that its operations should not croate idlonoss any faster than the demand
for labor can counteract. For this purposo a conference took place this
week between the Capital Issues C om m ittee, M r. John B . Donsm oro,
D irector o f tho United States E m ploym ent Service, and M r. Frank M o r­
rison o f tho American Federation o f Labor. A plan was adopted under
Which tho com m ittee, before acting upon any application for tho issue o f
securities tho approval or disapproval o f which would affect seriously labor
conditions, will seek tho advice o f tho United States E m ploym ent Service,
woso successful efforts to secure a scientific distribution o f labor fitted to
prevailing conditions arc heartily supported b y tho Am erican Federation
o f l abor.
______________________

1633

t o reduce the minimum for public utility and industrial issues considered
b y it from 8500,000 to $100,000.

During the week ended April 4 , the committee gave final
disposition to 20 applications, aggregating 817,339,000, of
which $1 ,050,000 were disapproved and $16,287,000 were
approved. As the latter figure included $2,581 ,00 0 of ap­
proved issues representing refunding obligations, the aggre­
gate of new issues approved was $1 3,70 6,0 00, as against $6 6,­
736,000 of now issues for the same period last year.

NATIONAL BANKS I N EXCEPTIONAL CONDITION
TO FLOAT THIRD LIBERTY LOAN.
In a statement issued under date of April 15, Comptroller
of tlio Currency John Skelton Williams reports that the
national banks were never in hotter position to assist in the
placing of a groat Government loan than they are at this
time, their total resources, it is stated, now amounting to
about $2,000,000,000 in excess of what they were when the
First Liberty Loan was offered. The announcement also
contains the statement that the people of tho country have
bought and paid for over $5,000,000,000 of Liberty bonds,
exclusive of all bonds owned by national banks or bonds upon
which national banks aro lending m oney. W e give the
statement in full herewith:

T he opening o f tho Third Liberty Loan finds the national banks o f the
country splendidly prepared to play a big part in m aking this loan a success.
T he subscriptions which were sent in b y tho national banks o f the
country to tho First and Second L iberty Loans for themselves and fo r their
customers aggregated the vast sum o f $4,175,000,000; and there were
allotted to tho national banks on the subscriptions thus sent in b y them a
total o f $3,090,000,000 o f bonds o f tho First and Second L iberty issues.
These huge subscriptions were practically paid In full m any weeks ago.
On M arch 5 1917 the total deposits o f the national banks o f the country
am ounted to S12,957,000,000. Since that date the Secretary o f the
Treasury has sold and collected for $5,808,000,000 o f L iberty bonds, o f
which sum nearly three-fifths were taken b y tho national banks o f the
cou ntry and their customers.
Anti yet after making settlements for these huge investments the reports
o f tho national banks for M arch 4 1918, show that their deposits were not
only not diminished on account o f withdrawals to pay fo r L iberty bonds,
but tho national banks show in the period from M arch 5 1917 to M arch 4
1918 an actual increase in deposits o f 81,480,589,000.
CREDITS ESTABLISHED A N D LOANS M A DE BY U. S.
T ho total resources o f the national banks between M arch 5 1917 and
M
arch 4 1918 increased $2,035,789,000, and amounted on the latter date
-REIGN GOVERNMENTS. ........................... .................
to $18,014,911,000.
Tho following tabulation of credits established and loans
The deposits o f the national banks on M arch 4 1918 show very little
change
as com pared with D ec. 31 1917, there being a total reduction o f
mado to foreign Governments by _tho^Uni ted States up to
$6,920,000 In deposits; but loans and discounts in tho same period show a
and including' A p r i l i l l 9 1 8 (under the Acts of'April 21 1917, reduction o f $251,611,000.
Sept.' 21 1917 and A prif"4 1918)” wits made public by the
The national banks were never in a better position to assist in the placing
o f a great Government loan than they aro at this tim o. Their total resources
’Preasury Department on April 13:
arc now about $2,000,000,000 In excess o f what they wero when the First
Dal. Under
Liberty Loan was offered in the summer o f 1917: and tho records show that
Credits
Established
tho great bulk o f Liberty bonds which these banks placed have passed on to
Loans Made.
Credits.
Country—
Established.
permanent
Investors and to customers who have been able to p a y for their
$88,400,000 $16,200,000
B elgium ______ - _______________ 8104,600,000
5,000,000
10 . 000,000 bonds and carry them without finding it necessary to borrow m oney upon
C uba
15,000,000
Franco” ” ” ............................. 1,565.000.000 1.480.000. 000 85.000. 000 them.
Tho national banks report that on M arch 4 1918 the total am ount o f 344%
Great B ritain_________________ 2,720,000,000 2.580.000. 000 140,000.000
Liberty bonds held b y them amounted to only $86,577,000. T he total
Italy
550,000,000
490.000,000
60.000. 000
amount o f 4 % Liberty bonds owned b y them on the same date was $347,­
Russia " _____________
325,000,000
187.729,750 137,270,250
161,000, making the total amount o f Liberty 344% and 4 % bonds owned
4,200,000
S e r b ia ............................................
6,000,000
1,800,000
b y national banks $433,738,000. which Is only about 7 % o f the total o f
Liberty bonds issued to date.
■ T o t a l s ........................................5,285,600,000, 4,835,329,750 450,270,250
• . . .
••
T ho amount o f m oney loaned b y national banks on tho 344% and 4 %
; Note.— In addition to the abovo, a credit o f 250.000,000 francs, or Liberty bonds was reported on M arch 4 1918 at $299,684,000. T ho amount
approxim ately $44,000,000, in favor o f tho Greek G overnm ent has been
o f Liberty bonds owned b y the national banks o f the country plus the m oney
agreed to but not yet form ally established, and a credit o f 86,666,666 was which they are lending on Liberty bonds is, therefore, only $733,422,000.
arranged in favor o f the Roum anian G overnm ent, tho precise status o f
T ho Government has in the past twelve m onths sold and collected for
which and tho drafts theroundcr is not definitely determ ined.
$5,808,000,000 o f Liberty bonds. W o, therefore, find that the people o f the
country have bought and paid for over $5,000,000,000 o f Liberty bonds,
o f all bonds owned b y national banks or bonds upon which national
APPLICATIONS PASSED ON BY CAPITAL ISSUES cxclusicc
banks aro lending m oney. E xcept in so far as the holders o f some o f these
“ COMMITTEE LAST W E E K -C O M M IT T E E TO CON­
bonds m ay bo borrowing on them from State banks or trust companies or
elsewhere, this great sum m ay now be regarded as held for Investment.
--------------- ---- TINUE PENDING NEW~APPOINTMENTS.'
" ‘
It is a tribute to the solidity and a powerful evidence o f the success o f our
The approval last week by tho Capital Issues Com m ittee banking system that these gigantic transactions have been carried through
without
creating the slightest flurry or derangement in tho m oney market.
o f"lh e Federal Reserve Board of applications a g g r e g a t i n g
Dosplto the largo withdrawals which were necessary in order to pay for the
s:(;i>;s7,6?)0 and the disapproy.qj_of__applications tola Iing new Liberty bond issues, the deposits o f tho national banks actually Increased
$2 1,049,000 is announced Tn the following s t a t e m e n t m a d e as com pared with their deposits made prior to the offering o f the First
L iberty Loan, about a billion and a half dollars, as shown b y their sworn
public by tho committee on April 15:
reports o f M arch 4 1918. while total resources as shown abovo aro nearly
In answer to questions raised from several quarters, tho C apital Issues tw o billion dollars greater.
C om m ittee o f the Federal R cscrvo Board mado it clear to-d ay that, pending
In addition to tho investments b y national banks in tho 344% and 4 %
tho appointm ent b y tho President o f tho new com m ittee, tho work o f tho Liberty bonds these banks also held on M arch 4 1918 United States certifi­
old com m ittoo would proceed on tho same lines as heretofore, and that ap­ cates o f indebtedness aggregating $876,917,000, which the banks can largely
plications for tho issue o f securities should bo addressed to it.
utilize, if they should care to do so, in making subserpitions for themselves
T h e Chicago Stock Exchange has sent to the com m ittoo a cop y o f its and their customers to the Third L iberty Loap.
resolution as follows:
I
“ >
~'''Rcsolted, That tho Com m ittee on Stock List will requiro as a condition
to tho listing o f anv now capital issues tho presentation o f the approval o f NATIONAL BANK CHARTERS A N D CAPITAL IN ­
tho Capital Issues Com m ittee o f the Federal Reservo B oa rd .”
CREASES I N MARCH.
During tho week just passed, tho com m ittee disposed o f twenty-eight
applications, aggregating 854,936,000, o f which $21,049,000 were disap­
Tito applications for charters for new national banks
proved . T ho $33,887,000 approved included 8364.000 o f refunding obli­
gations, so that tho new issues aggregated $33,023,000. N ow issues for during March numbered 38, with a capital of $1 ,650,000,
tho corresponding period last year amounted to $18,894,000. Tho Increase as compared with 33 applications in March 1917, with a
o f this year over last year is readily accounted for by tho approval this week capital of $1,305,000.
The statement issued by the Com p­
o f a slnglo issue o f $25,000,000 o f com m on stock. W hile tho total Issues
approvod is largo, It should bo borno in mind that such approvals have troller of tho Currency on April 8 , reporting this, gives the
been given with tho understanding that no offering o f securities will bo mado following further information regarding charters granted,
during tho pending Liberty Loan cam paign, unless such issues aro for tho liquidations, & c.:
spoclal purposo o f meeting obligations or aro othorwiso vitally urgent. Tho
Charters Granted.
com m ittoo will bo guided In its future operations as nearly as possible b y tho
In tho m onth o f M arch 1918, 12 charters were granted, capital $600,­
provisions o f tho W ar Finance Corporation A ct, so that tho operations o f tho
subsequent com m ittee and tho present com m ittee will bo as consistent as 000,000 as com pared with 11 charters granted during tho same m onth in
1917, with capital o f $850,000.
posslblo for tho tim o being. However, tho com m ittoo has n ot yet decided




1634

THE CHRONICLE
C apital In crea ses.

In this m onth o f 1918, 24 national banks Incroasod their capital stock
In the sum o f $1,415,000, against 19 banks increasing their capital by
$989,990, during the sam o m onth In 1917.
Capital R eductions.

Thero wero no reductions o f capital in M arch 1918, nor wero thero any
during tho samo m onth last year.
L iquidations.

Four national banks went into voluntary liquidation (exclusive o f
thoso consolidating with other national banks) during M arch 1918, their
aggregate capital being $700,000, as com pared with 11 such banks liqui­
dating during tho samo m onth in 1917, with an aggregate capital o f $ 1 ,­
500,000.
Charters R efused.

During tho m onth o f M arch 1918, the C om ptroller o f tho Currency
refused 2 applications for charters for new national banks. During tho
sam o m onth last year charters were refused for 3 now national banks.
N u m b er o f N a tio n a l Banks.

N um ber o f national banks in operation M a r. 31 1917— 7,000, M a r. 31
1918, 7696.

OFFERING OF SIXTH BLOCK OF TREASURY CERTIFI­
CATES IN ANTICIPATION OF THIRD LIBERTY LOAN.
A new issue of Treasury certificates of indebtedness, ac­
ceptable in payment of subscriptions to the Third Liberty
Loan, was announced by Secretary of the Treasury M cAdoo
on April 12. The offering is for a minimum of $500,000,000
of certificates, which will bear dato April 22 and will bo paya­
ble July 18. Thoy are tho first offered under tho new Bond
A ct which becarno a law on April 4. Tho proposed issue is
the sixth (and last, it is expected) block of Treasury certifi­
cates offered in advance of tho forthcoming Liberty Loan;
the previous offerings were $400,000,000 dated Jan. 22;
$500,000,000 dated Feb. 8; $500,000,000 dated Feb. 27;
minimum of $500,000,000 dated M ar. 20; minimum of $500,­
000,000 dated April 10. The Feb. 27 certificates were tho
first to bear the increased rate of 4 ^ % ; this rate has beon
oarried by all tho certificates since issued in anticipation of
the Third Liberty Loan. Tho new issue of certificates
will be put out in denominations of $500, $1,000, $5,000,
$10,000 and $100,000. The following is tho amount of sub­
scriptions which each of the Foderal Reservo banks is au­
thorized to receive for tho issue:
B o s t o n ................................ $35,000,000
N ew Y ork ............................ 175,000.000
Philadelphia....................... 38.000,000
C levelan d..... ...........
46,000.000
R ichm ond.......................... 18,000.000
A tlanta^ .............................. 15,000.000

$62,000,000
C hicago...............
St. L o u is ............................. 23,000,000
M inneapolis_____________ 15,000,000
Kansas C ity ....... ................ 25,000,000
D a l l a s .................
15,000,000
San Francisco_____ ______ 33,000,000

A circular has been issued as follows by the Federal Re­
serve Bank regarding the new offering:
F E D E R A L R E S E R V E B A N K OF N E W Y O R K .
Offering o f a M inim um o f $500,000,000 o f United States Troasury 4>£%
Certificates o f Indebtedness.
D ated April 22 1918.
D uo July 18 1918.
Hear Sirs — Tho Secrotary o f tho Treasury, under authority o f A ct ap­
proved Sopt. 24 1917, as amended by A ct approved April 4 1918, offers for
subscription through tho Fedoral Iieservo banks at par and accruod interest
from April 22 1918 an offering o f a minimum o f *500,000,000 United
States Treasury certificates o f indebtedness dated April 22 1918, payablo
July 18 1918, with interest at tho rate o f 414% per annum.
U pon ton days’ public notice, given hi such manner as m ay bo determined
b y tho Secretary o f tho Treasury, this series o f certificates m ay bo rodeemed
as a whole at par and accrued Interest on or aftor M a y 9 1918.
T ho certificates o f this series, whether or not called for redem ption, will
be acceptod at par with adjustment o f accrued Interest to M a y 9 1918, if
tendered on M a y 4 1918 in paym ent o f tho subscription prico then payablo
o f any bonds o f tho Third Liberty Loan subscriber! for by and allotted to
holder* o f such certificates.
T he certificates o f this series, unless called for provious redem ption, will
bo accepted at par with adjustm ent o f accrued interest If tendered on July
18 1918 in paym ont on tho subscription prico then payable o f any bonds o f
tile Third Liberty Loan subscribed for by and allotted to holders o f said
certificates.
T he certificates o f this series will not bo accepted In paym ent o f taxes.
T h e certificates will bo issued in denominations o f $500, $1,000, $5,000,
$10,000 and $100,000 payablo to bearer.
T h oy will bo payablo with accrued interest at m aturity at tho Troasury
Departm ent, W ashington, D . C ., or optional with holders, at tho Federal
Reserve banks.
Interest will bo com puted for tho oxact number o f days elapsod, on tho
basis o f 365 days to tho year.
Subscriptions will be recoived b y tho Federal Reserve Bank o f Now Y ork
up to closo o f business on Thursday, April 25 1918, and certificates will bo
allotted in full in tho order o f receipt o f applications, but tho right Is reserved
to roject any subscriptions and to allot less than tho am ount applied for
and to closo tho subscriptions at any time without notice.
Payments for certificates allotted must bo mado to tho Fodoral Reserve
Bank o f N ow Y ork at par and accrued interest on and aftor April 22 1918,
the dato o f issue, until April 25 1918, inclusivo, and must reach tho bank bofaro 3:Q0 o'clock p. m . on April 25 1918.
In connection with tho foregoing offering o f certificates o f Indebtedness
o f tho United States, the Secretary o f the Treasury announces that qualified
depositaries will bo permitted to mako paymont b y credit for certificates
allotted to thorn for thomselvcs and their customers up to tho umount for
which each shall havo qualified in excess o f oxisting deposits when so notified
b y Federal Reserve Bank.
Also paym ent for certificates allotted upon this offering m ay bo made at
th o holders’ option In United States Treasury certificates o f indebtedness
dated Jan. 22 1918, and maturing April 22 1918, at par with adjustment o f
accrued interest.




!Vol. 106.

T ho certificates of this issue shall bo exem pt both as to principal and in­
terest from all taxation now or hereafter imposed by the United States, any
State, or any o f tho possessions o f tho United States, or by any local taxing
authority, except:
(a) Estate or inheritance taxes, and
(b) Graduated additional incom e taxos com m only known as surtaxes
and oxceas profits and war profits taxes now or hereafter Imposed
b y tho United States upon tho incom e or profits o f individuals,
partnerships, associations or corporations.
H owever, the interest on an amount o f bonds and certificates authorized
by said A ct approved Sept. 24 1917, or by said Act as amended b y said
A ct approved April 4 1918, tho principal o f which does not exceed in tho
aggregate $5,000 owned b y auy individual, partnership, association or cor­
poration, shall be exempt from the taxes provided for in clause (b) above.
Interim receipts will be issued if necessary pending delivery o f definitive
certificates.
Pleaso note that paym ent m ay bo made at par and accrued intorcst to
date o f payment either by book credit or by check on this bank or other
funds available in Now Y ork on tho day o f receipt. If, however, paym ont is
m ado in funds not available on the day o f receipt, remittance should include
intorcst to tho date when such funds will becom e available,
T ho Federal Reserve Bank o f New Y ork, if desired by subscribing banks,
v/ill receivo and hold in custody for their account, subject to their order,
their certificates o f indebtedness o f this and future issues.
T he Secretary o f tho Treasury announces that It is expected that this will
bo tho last offering o f Treasury certificates o f indebtedness in anticipation o f
tho T hird Liberty Loan. On the opposite page is reprinted co p y o f an­
nouncem ent authorized by him under date o f Fob. 20 1918 in regard to is­
sues o f certificates o f Indebtedness in anticipation o f tho T hird Liberty
Loan. [This announcement was printed in opr issuo o f Feb. 23.]
Respectfully,
B E N J . S T R O N G , Governor.
April 13 1918.

Washington dispatches on April 17 made known tho an­
nouncement by the Treasury Department that banks de­
siring to buy Treasury Certificates dated April 22 might
pay for them with certificates of tho $400,000,000 block
due on that date. To tho oxtent that this transaction is
made, tho old issuo, it is stated, will bo refundod.

NEW ISSUE OF TREASURY CERTIFICATES OF IN ­
DEBTEDNESS IN ANTICIPATION OF TAXES.
Secretary of tho Treasury M cAdoo announced on April
13 that United States Certificates of Indctednoss dated April
15 and maturing June 25 1918, acceptable in paymont of
taxos, and identical with tho certificates dated March 15,
would bo made available. Wo quoto his announcement
herewith:
United States Treasury certificates o f indebtedness dated April 15 1918,
maturing June 25 1918, acceptable in paym ent o f incom e and excess profits
taxes, bearing interest at the rato o f 4 % per annum, and in all respects
Identical with tho certificates dated M arch 15 1918, except as to tho date
o f Issuo and from which thoy bear interest, will be made available prom ptly.
In tho meanwhile Federal Resorvo banks are authorizod to issue interim
receipts calling for definitive Treasury certificates datod April 15, as above.
Instead o f certificates dated M arch 15. This will roliavo subscribers for
certificates o f this character o f the necessity o f paying s ) much on account
o f accruod interest. Subscriptions for theso certificates at par and accruod
interest will bo received b y Fedoral Reserve banks, and thoy aro authorizod
until further notice to mako allotm ent in full and receive paym ent with tho
subscription. M ore than SIOO.OOO.OOO o f tho certificates datod M arch 15
havo beon sold to dato, making tho total am ount o f certificates maturing
Juno 25 1918 to dato about $1,360,000,000.

W o also give tho following announcement mado by tho
Federal Reserve Bank of Now York regarding this issuo of
certificates:
F E D E R A L R E S E R V E B A N K OF N E W Y O R K .
United States 4 % Treasury Certificates o f Indebtedness, M aturing Juno
25 1918, A cceptable in Payment o f Incom e and Excess
Profits Taxes, to bo Datod April 15 1918.
A p r i l 13, 1918.
To the President'.

_

D ea r Sir — Referring to tho issuo o f 4 %

Unitod States certificates o f
indebtedness dated Jan. 2 1918, duo June 25 1918, which are receivable
in paym ont o f incomo and excess profits taxos as announco-l in our circular
o f D ec. 18 1917, the Secretary o f tho Treasury has announced that, to
rcliovc subscribers from the necosslty o f paying so much on account o f
accrued interest, thore m ay now bo obtained from Fodoral Reserve banks
certificates identical In all respects with thoso dated Jan. 2, except as to
dato o f issue, which will bo April 15 1918, and from which dato thoy will
boar interest.
Until further notico subscriptions received in accordance with our circular
o f D ec. 18 1917 will be understood to refor to certificates datod April 15
1918.
Respectfully yours,
B E N J . S T R O N G . Governor.

SUBSCRIPTIONS TO FIFTH BLOCK OF TREASURY CER­
TIFICATES IN ANTICIPATION OF
THIRD LIBERTY LOAN.
In his announcement of April 12 concerning tho now offer­
ing of Treasury certificates of indebtedness (dated April 22
and payablo July IS), acceptable in payment for subscrip­
tions to tho Third Liberty Loan, Secretary of tho Treasury
M cAdoo mado public tho results of tho offering of Treasury
certificates dated April 10 and payable July 9. This issuo,
for a minimum of $500,000,000, was oversubscribed. N o
subscription by tho Treasury Department, which in soveral
previous offerings took some $3,000,000 of tho certificates,
was made in the case of this offering. Tho following is tho
announcement as to tho subscriptions:

THE CHRONICLE

A pr. 20 1918.]

T ho Issue o f a minimum o f $500,000,000 United States Treasury certifi­
cates o f indebtedness dated April 10 1918 was oversubscribed. T ho Federal
Resorvo districts o f Richm ond and St. Louis were the only districts which
did not equal or exceed their tentative quota. Tho following is a list o f
the tentative quota by districts and a list o f the subscription allotted:
Tentative
Q u ota.

D istrict —

S u bscription s
A llo tted .

________________
$ 3 3 ,0 0 0 ,0 0 0
........................... ..
1 7 5 .0 0 0 .0 0 0
___________________
3 8 ,0 0 0 .0 0 0
.............. ................. ..
4 6 .0 0 0 .0 0 0
................................
1 8 ,0 0 0 ,0 0 0
...................... .............
1 5 .0 0 0 .0 0 0
...................................
6 2 ,0 0 0 ,0 0 0
...................... .............
2 5 .0 0 0 .0 0 0
....................................
1 5 .0 0 0 .0 0 0
...................................
2 5 .0 0 0 ,0 0 0
.............. .............................5 ,0 0 0 ,0 0 0
3 3 , 0 0 0 ,0 0 0
S a n F ra n cisco ____________________ ......................... ..........

$ 3 9 ,7 3 1 ,0 0 0
2 1 5 ,4 4 8 ,0 0 0
3 8 ,0 0 0 ,0 0 0
4 6 ,0 0 0 ,0 0 0
1 1 ,2 1 9 ,0 0 0
1 7 ,0 9 5 ,0 0 0
6 5 , 8 5 0 ,0 0 0
2 1 , 1 8 1 ,0 0 0
1 5 ,6 0 0 ,0 0 0
2 5 ,0 0 0 ,0 0 0
1 0 ,6 0 2 ,5 0 0
3 9 ,5 0 0 ,0 0 0

T o t a l ......................... - .....................- ................... $500,000,000

$551,226.500

THE LIBERTY LOAN CAMPAIGN.
Subscriptions to the 83,000,000,000 Third Liberty Loan
passed tho billion-dollar mark this week, and last night
wore reported as 81,204,714,250, with New Y ork ’s total
as 8341,534,950.
Tho campaign opened on April 6,
and the ond of the first week (April 13) saw tho figures up
to 8539,420,100; these figures, Secretary M cAdoo said,
being based on reports to Federal Reserve banks in all the
districts except Minneapolis. So far as Minneapolis is
concerned, tho drive for subscriptions did not start until
April 15, having been preceded by a nine-day speaking cam­
paign. Tho Chairman of tho Minneapolis Committee, in
advices as to tho outlook, was quoted on April 15 as saying:
Indications arc that tho people o f tho N orthwest havo plonty o f m oney
for their G overnm ent. W o have received to date fully 200 telegrams and
not a gloom has com e over tho wiro. E very message speaks either o f full
subscriptions to bo obtained by night, obtained already, or o f oversubscrip­
tions. Fully half o f tho telegrams make special com m ent that tho Gorman
com m unities and farmers are com ing across strong.
There can be no question but that tho people o f tho N orthwest aro
awake to the war as never before. In this district thousands o f local
com m ittees apportioned each individual's fair allotm ent and notified him
and what ho was expected to d o. This is proving a m ost effective, dem o­
cratic and equitable plan of distribution. Incidentally it promises to
produce maximum percentage o f bond buyers. Y ou need fear no gloom
from this part o f tho nation.

On April 18, when the total subscriptions for tho twelve
districts reached 81,089,734,900, tho results by districts
woro reported as follows:
District—
N ow Y o r k ----B o s t o n _______
I’ liiladelphla _.
C leveland____
R ic h m o n d ___
A tlanta_______
C h ic a g o ______
St. L o u is ____
M in n e a p o lis ...
Kansas C ity . ..
D allas________
San Francisco.

Subscription.
S318,219,850
91,770,7 0
82,874,000
95,950,000
27,048,600
7,064,850
180,"MO ,800
92,80 ',950
40,009, 00
49,131,000
33,959,800
70,844,350

Per Ct.
35
36
33
31
20
07
40
71
38
37
’ 42
33

T o t a l .............................................................................. $1,089,734,900

On that date (the 18th) President Wilson issued a procla­
mation (printed in full elsewhere in to-day’s issue) setting
aside April 20 as Liberty D ay. To-morrow, Sunday,
April 21, has been designated as Liberty Loan Sunday.
Liberty Loan rallies wero held by farmers in more than
100.000 school-houses throughout the country on April 12,
tho meetings having been arranged by approximately
225.000 rural school-house directors in rosponso to a request
of Secretary M cAdoo.
A Treasury Department announcement of tho 14th witli
rogard to tho showing made by tho various Reserve Districts
said:
Roports from all districts show an optim istic fooling regarding tho final
outcom o o f the cam paign, but virtually all o f them express tho fear that
ovorconfidenco m ay hamper saios.
It is generally agreod that initial results wero pleasing, but in some sec­
tions a disposition to slow up, In tho belief that tho success o f the cam paign Is
assured, has appeared. Every effort is being m ade, howovor, to dispel this
fooling, for all com m ittees aro anxious to carry out Socrotary M c A d o o ’s
expressed desire that tho loan bo oversubscribed as largely as possible.

On April 17 the Treasury Department issued the follow­
ing statement:
Sales sinco the first days o f tho cam paign, when they started with a rush,
frankly aro not up to expectations. There is a feeling o f disappointm ent,
particularly in tho largo cities. T he country districts aro doing better
than they did during tho provious cam paigns, but the gains that they aro
making aro not o f sufficient size to offset tho lack o f sales in the larger
com m unities.
T ho nood for constant, stoady driving b y sales com m ittees every day
throughout tho remainder o f the campaign is plain.
Only persistent daily and hourly effort will restore the campaign to tho
rato o f speed which it had acquired a week ago, possibly under the Impetus
o f tho start o f tho honor flag raco.




1635

E l Paso dispatches of April 17 quoted Secretary M cAdoo
as saying, at a mass meeting of railroad men:
There is not enough room In this great world for the German flag and
th o Am erican flag, and we are going to make the Am erican flag fly over
B erlin before we get through.
The railroads must function 150% . for we are not employees o f the
railroad com panies, but o f Uncle Sam, enlisted in the great legion o f liberty.

He is also said to have asked the men not to become im­
patient because of the delay in the fixing of the new wage
schedule, adding that if a raise was granted to the railroad
men it would bo retroactive, and they would then be able to
buy Liberty bonds.
The following was also credited to Secretary M cAdoo in
dispatches from Globe, A riz., on April 18:
The U nited States will not stop this war until battle line is bent far enough
east to put Berlin in centre o f a circle form ed b y Am erican troops.

To correct any misapprehension existing as to the inclusion
in bank or trust company totals of subscriptions made at
Liberty Loan booths, Benjamin Strong, Governor of the
Federal Reserve Bank of New Y ork, on April 12 said:
M y attention has been drawn to the fact that m any persons are still
under a misapprehension as to the effect o f subscriptions filed at the various
booths throughout the city. In order to make tho situation entirely clear
I wish to say that all subscriptions made at any o f the Liberty Loan booths,
whether reported b y the wom en’s com m ittee or b y other organizations, will
count in the quota o f the bank or trust com pany through which the sub­
scription is to be cleared or through which the final paym ents are to be
m ade.

A t a meeting on the 16th of representatives of savings
banks of this city, the following resolution was adopted:
R esolved, T hat it is the sense o f this com m ittee that tho savings banks
give their hearty and utm ost Individual support to the Liberty Loan
Com m ittee to cho end that the best results obtainable be achieved in m ak­
ing the Third Liberty Loan a success.
R esolved, That the coupon plan as form ulated b y tho Federal Reserve
Bank for uso in Greater N ew Y ork meets with the approval o f this com ­
m ittee, and it is the unanimous sentiment o f the com m ittee that it forth ­
with recomm ends to every savings bank in N ew Y o rk and B rooklyn that
they adopt such coupon plan for use as far as possible in conjunction with
any plan heretofore devised and utilized b y them to tho end that subscribers
bo accom m odated as far as possible in the m atter o f part-payments.

A t a meeting at the Liberty Loan headquarters in this
city, a meeting of Belgians was held on the 14th at which
they pledged themselves to further the Liberty Loan cam­
paign; through the Belgian Minister at Washington the
following message was sent by the gathering to King Albert:
A t this critical m om ent in tho history o f the world, when tho destiny
o f civilization hangs In the balance on tho W estern front, we Belgians resid­
ing in tho United States have form ed a com m ittee to further tho cam paign
o f tho Third Liberty Loan o f tho American Governm ent.
Recognizing that the success o f this loan will contribute in a very large
oxtont to insure the victory o f the Entente and the future o f Belgium , we
will bring all our efforts to bear on our com patriots here to subscribe to the
fullest oxtent o f their ability.
W o avail ourselves o f this opportunity to respectfully express to your
M ajesty, to the soldiers in the trenches, and to the dow ntrodden people
o f Belgium our admiration for their untiring efforts in tho holy cause o f
justice and dem ocracy. In the sucess o f tills cause we have unshaken
faith. Long live Belgium .

The pledgo was signed by Lionel Hagenaers, Chairman of
the committee.
Among the numorous ovonts which have served to advance
tho campaign in this city was tho meeting held on tho floor
of the Stock Exchange on Monday last, at which James M .
Beck delivered an address. A Liberty Loan rally was also
hold on the Cotton Exchange on Thursday, when subscrip­
tions of 82,750,000 to the Liberty Loan were realized.

PRESIDENT WILSON'S PROCLAMATION DESIGNAT­
ING APRIL 20 AS LIBERTY DAY.
A

proclamation designating next Friday, April 26, as
D ay and calling upon the people of tho United
States “ to assemble in their respective communities and
liberally pledgo anew their financial support to sustain the
nation’s causo,” was issued by President Wilson on April 18.
Patriotic demonstrations in every municipality in the
country to give a now impetus to tho drive for tho Third
Liberty Loan of S3,000,000,000 are urged, and for the pur­
pose of participating in tho celebration Foderal employees
who can bo spared will be given a half-holiday. Tho follow­
ing is tho proclamation:
L i b e r t y

B y the Fro ident o f the United States o f America:
A 1*it O C L AM A T IO N .
An enemy who has grossly aba e l tho power o f or<vnizetl governm ent
and who tceks to dom inate the world by .ho might o f the sword, challenges
tho right ; o f America and tho liberty and life o f all tho free nations o f the
earth. Our brave sons are facing tho firo o f battle in defense o f tho honor
and rights or America and tie: liberty o f nations. T o sustain thorn and to
assist our gallant associates in the w .r, a gouorom and patriotic people havo
boon called upon to subscribe to the Third Liberty Loan.

1626

THE CHRONICLE

N ow , Therefore, I, W ood row W ilson, President o f tho U nited States o f
Am erica, d o appoint F riday, the 26th day o f April 1918, as L iberty D a y .
On the afternoon o f that day I request tho people o f tho U nited States to
assemble in their respective com m unities and liberally pledge anew their
financial support to sustain the nation’s cause. Patriotic demonstrations
should bo held in every city , tow n and ham let throughout tho land, under
tho general direction o f tho Secretary o f tho Treasury and the immediate
direction o f tho Liberty Loan Com m ittees organized b y tho Federal Reservo
banks. L et the nation’s response to the Third Liberty Loan express in
unmistakablo terms tho determ ination o f Am erica to fight for peace, the
perm anent peace o f justice.
F or tho purpose o f participating in L iberty D a y celebrations, all em ­
ployees o f tho Federal Governm ent throughout tho cou ntry whose services
can bo spared m ay be excused at 12 o ’clock noon, Friday, the 26th o f April.
In Witness W hereof, I have hereunto set m y hand and caused tho seal
o f tho United States to bo affixed.
D on e in the D istrict o f Colum bia, this 18th d a y o f A pril, in tho year o f
our L ord 1918, and o f tho independence o f the U nited States o f America
tho one hundred and forty-second.
W O O D R O W W IL S O N .
B y the President:
R O B E R T L A N S IN G . Secretary of State.

USE OF TREASURY CERTIFICATES FOR PURCHASE OF
LIBERTY BONDS I N AMOUNTS NOT OVER S 1 0 , 0 0 0 .
Advices to the effect that tho N ew York Federal Reserve
Bank oxpected to begin to make delivery of tho 4 \i% bonds
of the Third Liberty Loan on April 17 were conveyed to
the banks on that day. On the same day it was announced
that a change had been made with regard to the payment
of the bonds by the banks with Treasury Certificates of
Indebtedness. Under an earlier decision the banks were
advised that payment could be made with certificates,
the latter continuing to draw interest until tho date of the
bonds, M a y 9. According to the latest announcement,
the certificates can only be used in the purchase of bonds for
cash not exceeding $10,000 unless the certificates are the
property of customers making full payment. Tho followingis the announcement made by the Federal Reservo Bank
of New York:
In our printed circular o f April 6 1918, C 46, we stated that United States
Certificates o f Indebtedness, except those maturing April 22 and Juno 25,
could bo used in paym ent o f bonds for cash sale, and that such certificates
would continue to draw interest until the date o f tho bonds, M a y 9 1918.
T ho Treasury Departm ent has since ruled that certificates can only
be used b y banks in the purchase o f bonds for cash salo in an amount not
exceeding $10,000, and iu will therefore not be possible for us to accept
paym ent for bonds for cash sale b y certificates for an amount exceeding
$10,000 upon applications from your bank unless you advise us that any
certificates in e.iccss o f $10,000 aro tho property o f your subscribers making
full paym ent through you.

£ The Federal Reserve Bank of Richmond on April 16 issued
tho following circular in tho matter:
Please take note o f tho following ruling with reference to the m ethod o f
treating paym ents by credit for cash sales o f bonds:
“ Referring to supplement to Departm ent Circular N o. 92 and to appli­
cation form L and C8. Depositaries making paym ent b y credit for bonds
for advance delivery to be sold in lots o f $10,000 or less to any one sub­
scriber will not bo required to p ay intorest on resulting deposits for period
prior to M a y 9 except upon amounts and from dates o f sales b y them to
subscribers o f bonds delivered to them upon such application. In such
cases require depositaries to render separate interest reports to date o f
M a y 8 inclusive, showing amount o f daily sales o f bonds and tho balance
su p jeci to interest charge.

DEPOSITS OF FUNDS FROM SALE OF LIBERTY BONDS.
Announcement that funds available through subscriptions
from tho Third Liborty Loan will be deposited generally
with approved non-momber as well as member banks of the
Fedoral Resorvo system has been made by tho Troasury D e­
partment in a circular issued to tho banks. According to tho
“ Journal of Commerce” of yesterday (April 19), the object is
to keep cash in the districts whore it now is and not to
concentrate groator proportion of the monoy in a few cen­
tres. Tho paper referred to also said:
In offering to distribute tho bond subscriptions gonerally, tho Treasury
is carrying out a permissive provision o f tho now B ond A ct passed b y C on­
gress. Banks desiring to hold som o o f the deposits o f tho Governm ent
under those circumstances must make application to tho Treasury. D oposits m ay bo m ade in State institutions as well as national banks, provided
they qualify as to collateral, deposit account with tho Reservo bank, & c.

The circular sots out:
A n y qualified depositary m ay make paym ent b y credit o f amounts which
its correspondent banks or trust companies would otherwiso pay b y checks
upon such qualified depositary. This m ay bo dono whether such qualified
depositary and correspondent bank or trust com pany aro in tho same dis­
trict or in different districts. In cases whero they are in different dis­
tricts, tho Federal Reserve bank o f tho district where tho subscription Is
m ado must bo notified b y telegraph b y tho Fedoral Reservo bank o f tho dis­
trict whero tho paym ent is m ado, and tho Federal Reserve bank o f tho dis­
trict where tho subscription is mado will accept such telographic advice in
lieu o f paym ent to it by tho subscriber. Banks and trust com panies desir­
ing to avail themselves o f this m ethod o f paym ent must give ample notice
to tho depositary which they expect to call upon to mako paym ent, in or­
der that such depositary m ay bo prepared to mako such paym ent, and to
avoid tho possibility o f paym ent not reaching tho Federal Reservo bank on
tlm o. Tho ob ject o f this proceduro is to avoid unnecessary dislocation o f
funds and to reduce tho float as far as practicable.
T ho unoxponded cash proceeds, if any, o f tho salo o f any issue o f bonds
° r certificates will bo redeposited among tho qualified depositaries making




[Vol. 106.

application to receive such redoposits as nearly as m ay bo in proportion to
tho subscriptions mado b y or through them .
Each depositary will bo required to p ay interest at tho rato o f 2 % per
annum on daily balances. Interest paym ents must bo mado when deposits
are finally withdrawn, but not less frequently than quarterly.

STOCK EXCHANGE RULING ON DEALINGS IN
LIBERTY BONDS.

4 M

%

The following ruling with reference to dealings in the
4 / 4 % Liberty Loan bonds was announced by Secretary Ely
of the Stock Exchange yesterday:
The com m itteo on stock list directs that no doallngs in L iborty Loan
4 X % bonds be mado in this Exchange until authorized b y said com m ittee.
(Signed) G E O R G E W . E L Y , Secretary.

STOCK EXCHANGE CLEARINGS I N LIBERTY LOAN
BONDS.
The Stock Exchange also announces that transactions
in Liberty Loan 3J4s, first 4s and second 4s will be cloared
beginning with M onday night’s sheet, contracts duo Tues­
day, April 23.
___________________._______

CONVERSION OF EARLIER ISSUES INTO 4J4% BONDS
OF THIRD LIBERTY LOAN.
Announcement that the Treasury Department had sot
M a y 9 as the earliest date on which tho outstanding issues
of Liberty Loan bonds might bo converted into tho 4 Vi%
bonds of tho Third Liberty Loan was mado on April 12 by
A . M . Anderson, Director of Distribution of the Now York
Liberty Loan Committee.

TRADING IN OATS FUTURES ON CHICAGO BOARD OF
TRADE.
The changed method of trading in oats futures went into
operation on the Chicago Board of Trade on April 17, follow­
ing tho adoption on April 16, by a vote of 511 to 2 , of tho rulo
governing tho new trading. Tho change in trading in future
deliveries of corn went into effect April 11, as indicated in our
issue of Saturday last, page 1523. So far as oats aro con­
cerned, under this week’s change Juno and July can bo traded
in without restriction as to price, but the $200,000 bushel
limit holds.
_____

HOUSE REJECTS HIGHER WHEAT PRICE.
The Senate amendment to tho Agricultural Appropriation
Bill fixing tho prico for the 1918 wheat crop at $2 50 a bushel
was rojected by tho House on April 18 by a voto of 167 to
98. Under the Food Control Act a minimum price of $2
for tho 1918 crop is stipulated. In February President
Wilson by proclamation fixed tho minimum at $2 20 a bushel
at the principal interior primary markets. The ridor to
tho Agricultural Appropriation Bill fixing tho price at $2 50
a bushel was carried in tho bill as it passed tho Sonato on
March 21; the House, which had previously passed the
bill, rojected the Gore amendment on April 1 and tho bill
was sent to conference; on tho 11th tho conferees reported
a disagreement. Tho Senate again recorded itself in favor
of tho increase on the 12th when it adopted tho conference
report and by a viva voce voto insisted on retention of the
amendment. During the proceedings on tho bill in the
House on the 18th a proposal to concur in tho Senato amend­
ment and ro-establish tho interior markets as tho basis was
rejected 180 to 138, and another to includo tho samo guar­
antee for the 1919 crop was also defeated. Representative
Lever, Chairman of tho Agriculture Committeo, who re­
cently led the fight against adoption of the amendment,
declared tho proposed guarantee would not increase tho
spring wheat production and denying that tho present
guarantee is inadequate. The voto was preceded by four
hours of general debate, during which Representatives
Young of Texas, Madden of Illinois and London of New
York spoke against the increase. Am ong tho supporters
of higher prices were Representatives Baer, North Dakota;
Burnett, Alabama; Loshor, Pennsylvania; Forris, Oklahoma;
M cKenzie, Illinois; M oore, Pennsylvania; Shallonborgor,
Nebraska; Campbell, Kansas; Haugen, Iowa, and Fess,
Ohio. The rejection of tho amendment by tho House
again sonds the bill to conference.

U. S. FOOD ADMINISTRATOR HOOVER ASKS GRAIN
■EXCHANGES TO DISCOUNTENANCE SPECU­
LATION THROUGH WIRE HOUSES.
With tho putting into operation on April 11 of tho now regu­
lations promulgated by tliomsolves for tho restriction of
speculation in grain, tho grain exchanges rocoivod from
Fedoral Food Administrator Horbort C . Hoover communica-

A pr. 20 1918.1

THE CHRONICLE

tions urging that thoy discountenance the stimulation of
minor speculation through tho operation of privato-wiro
houses. It was later said to have boon explained at tho
Food Administration that, contrary to tho reports to that
effect, M r. Hoover has no intontion of closing what are known
as private-wire houses, but that he wants them to observ
tho self-imposed restrictions of the grain exchanges for June
and July trading, applying principally to corn and oats, and
to confine their trades to legitimate linos. In his communi­
cation to the exchanges Food Administrator Hoover said:
In opening tho market in corn and oats for trading in Juno and July
futures w ithout restrictions o f prico previously imposed b y tho exchange,
but with tile restrictions provided against speculation b y tho now rules
adopted b y tho board. I trust that all members o f tho exchange realize that
this is tho greatest test that has yet been applied as to whether it is possi­
ble to conduct tho legitimate and proper function o f tho grain exchanges in
the fixing o f contracts for future delivery without this very valuable ser­
vice o f tho exchanges becom ing a tool for speculative m anipulation against
tho interest o f tho general public.
It seems to m o, also, that in addition to tho restrictions imposed on
largo trading on speculation, that tho exchanges should set their faces rigidly
against the stim ulation o f m inor speculation through the operation o f
private-wlro houses. Tho m ajority o f tho exchange members have long
recognized that this typ o o f business in the public mind is aldn to bucketshop stock speculation. I am confident that tho plan made b y tho ex­
changes is with the faith that thoso objectives will bo accom plished, and
if thoy can bo accom plished, on tho voluntary basis without tho interferonco
o f Federal authority, there will havo been established tho foundation for a
wider confidence through tho wliolo country in exchango trading.
T ho success o f tho exchanges in solving tho problem o f tho elimination
o f vicious manipulation o f tho nation's foodstuffs, while preserving tho
econom ic valuo o f exchanges, has not only a positively necessary im por­
tance during tho disturbed conditions o f war, but o f permanent valuo to tho
trade and tho cou ntry, and the success or failure o f tho voluntary plan to ­
ward thoso ends rests absolutely upon tho officials o f tho exchanges them ­
selves.
___________________

HOLLAND PREPARED TO ACCEPT AMERICA'S GRAIN
OFFER.
Tko Dutch Government, according to tho announcement
on Tuesday in the Socond Chambor by D r. Loudon, tho
Foroign Minister, is prepared to accept the American G ov­
ernment’s proposal to send throo shiploads of grain to Hol­
land, on condition that Holland sends throo ships of about
the same tonnage to America. According to tho Amster­
dam “ Tolograaf,” the Minister added:
H olland must, however, have tho certainty that tho throo ships will
reach America. The Governm ent has reason to assumo that Germany
will plaeo no impediments in their way. It has, howover, asked Germany
as to her Intentions, but has not yet received a reply.

1637

T he existing difficulties are attributable to the fact that at the present
tim e there aro not enough neutral ships availabio to carry necessary grains
to Switzerland, the urgent need o f which is becom ing alarmingly acute. It
is well known that the proposed A m crican-D utch agreement provided the
placing o f a number o f D u tch ships at tho disposal o f Switzerland for this
service. T h o discontinuance o f negotiations with H olland, which resulted
in tho seizure o f the D utch tonnage, has, however, necessitated the transfer
o f those ships to the American flag.
Tills turn in the situation has made it necessary for tho Swiss G overn­
m ent to enter into negotiations with the German Governm ent with a view
to obtaining safe conduct for ships flying the American flag. These nego­
tiations have lasted longer than anticipated and are still pending. P ros­
pects fo r a satisfactory settlem ent, however, are very prom ising. In the
m eantim e, the United States and Allied Governm ents have considerately
provided other ways for caring for Switzerland’s m ost urgent needs. T he
resum ption o f regular grain shipments to C ette on a larger scale can be ex­
pected in the near future, how ever. T he rum or that Germ any is threat­
ening Switzerland with the sinking o f further grain .shipments unless Switz­
erland consents to send part o f such grain to Germ any is w holly unfounded.

The Spanish steamer Sardinero referred to, according to
an official report to the Swiss Government on M arch 23,
was sunk in the so-called free zone 12 miles from Casablanca.
Members of the crew declared that the German submarine
commander, after searching the Sardinero, made a particular
point of the fact that the vessel was not provided with a let­
ter of safo conduct issued by the German Embassy in Spain.
Tho Swiss Government is said to have protested against the
sinking and demanded the replacement in kind of the grain
and payment of damages for the unreceived freight, assert­
ing that the demand for such a safo conduct was unprece­
dented.

BILL FIX ING PRICE OF RAW COTTON AT 20 CENTS.
A bill fixing tho maximum price of raw cotton, when sold
by tho producer or dealer to the manufacturer at 20 cents a
pound during the war, was introduced in the House of Repre­
sentatives by Representative Emerson of Ohio on April 18.
Tho bill, which was referred to tho House Agricultural C om mittoo, also provides that tho price may be reduced or raised
by order of the President “ if in his opinion, justice demands
such reduction or advancement.” Tho price of cotton has
lattorly been tending strongly downward and further marked
drops occurred following the news of the introduction of the
bill.
According to the “ Financial America” of yesterday
(April 19), N . L. Carpenter & C o. have received the follow­
ing telogram from John F . Clark & C o ., of Now Orleans,
protesting against the bill:

D r. Loudon announced that he had been informed by
tho Anglo-American Governments that Dutch ships entoring
James P . B utler, J r., Chairman o f tho Liberty Loan C om m ittee, has
British or American ports after April 20 would not bo seized. telegraphed Secretary o f tho Treasury M cA d o o as follows:
“ Tho introduction o f the bill fixing prico o f cotton at 20c. has had a
Ho said he rogarded tho word of tho Anglo-American Powers
m ost demoralizing effect, which if not properly counteracted will m aterially
as a sufficient guarantee.
decroaso L iberty Loan subscriptions in the South. A reduction to 20c. a
Immodiato shipment of two shiploads of grain to Holland pound on the stocks now held in tho South will mean serious financial
embarrassment and will to a great extent affect the ability o f our citizens
was authorized on April 11 by tho W ar Trado Board to meet to talco bonds. W o do not believe it possible that such an ill-considered
tho growing shortage of food in that country. A third and ruinous measure can be adopted b y Congress, but the fear caused b y
stoamor will bo pormittod to proceed to Argentine from a the pendency o f such legislation m ay and probably will if not im m ediately
authoritatively relieved accom plish the disastrous result.
Southern port of tho United States to load grain for Holland.
T ho critical nature o f the situation warrants us in bringing the m atter
The three cargoes will amount to 14,000 tons, which, with to your attention and to urge you to issue som e encouraging statem ent and
to
take such steps as m ay bo best calculated to prevent a calam ity in.this
other supplies, will bo allowod to go forward, despite cur­
section, and a serious setback to the L iberty Loan to the S outh.”
tailment of consumption hero, just as if tho shipping agree­
ment with Holland had boon put into effect instoad of being
FURTHER RESTRICTION OF COTTON PRODUCTION
hold up by Germany’s illegal threats of reprisal against
Holland’s commorco.
BY GREAT BRITAIN.
. Two stoamors now in American waters havo boon specified
Commorco Reports of April 5 prints tho following advices
to load grain to bo sent from this country, but tho Nether­ from Consul Ross E . Iloladay at Manchester, E n g., under
lands Government may substitute, at its option, equivalent dato of March 5 regarding further restrictions on cotton
tonnage from Dutch shipping which has arrived sinco tho production by Great Britain.
use of Dutch vossols was requisitioned by President Wilson
A t a meeting o f the C otton Control Board held in M anchester on M arch
and thoroforo aro not under American control.
4 1918, it was decided to place further restrictions on production in the

SWISS MINISTER EXPLAINS NEGOTIATIONS FOR
GRAIN SHIPMENTS.
A statement explaining tho reasons why the Swiss Govern­
ment entered into negotiations with Germany for safo con­
duct for ships flying tho American flag when bound for tho
port of Cotto, in Franco, with grain for Switzerland, was
issued by Hans Sulzer, Swiss Minister to the United States,
on April 12. Tho statement read:
As thoro appear to bo m any m isconceptions o f tho prosont grain situa­
tion to Switzerland, tho Legation o f Switzerland deems It advisable to pu b ­
lish tho following statement:
T ho port o f C etto has been placed at tho disposal o f Switzerland b y
Franco as a port o f entry for her overseas grain supplies. Since tho begin­
ning o f its submarino activities Germany has loft a free zone open to provide
safo and unmolosted passage for Swiss grain steamers to that port on con di­
tion that shipments aro made on neutral ships. Until tho unfortunate
sinking o f tho Spanisli steamer Sardinero, thoro had been an uninterrupted
series o f 472 safo trips m ade to C etto sinco the outbroak o f tho war. In­
vestigation has shown that tho sinking o f that vessel was duo to an incon­
ceivable misconstruction o f orders on tho part o f tho com m ander o f tho
submarino. Since that accidont, several Spanish ships havo reached C etto
without mishap.




Lancashire cotton trado in the immediate future because o f the increased
difficulties o f tonnage. B oth spinners and weavers recognize that the use
o f all available shipping for war purposes must com e first, but those at
tho head o f tho cotton Industry aro hopeful that wherever possible the
British B oard o f T rado will provide facilities for the shipment o f raw
cotton from America.
F or soveral m onths production has been cu t down to 60% o f tho normal
portion, but on and after M on da y , M arch 18 1918, only 6 0% o f spindles
on American cotton will be allowed to run in any mill except those licensed
to run in any mill except those licensed to run excess machinery on account
o f being engaged on Governm ent work. T ho C otton C ontrol Board
reminds spinners that for all purposes one ring spindle is taken as equivalent
to one and a half mule spindles. Loom s will be similarly reduced to 60%
except in cases where licenses are granted to run oxcess looms on the grounds
o f fine counts and Governm ent work. Levies accordingly will bo payable
on all machinery run in excess o f 50% in tho case o f b oth spindles and loom s.
It is stated that tho decision has not com e as a surprise to tho cotton trade
and in viow o f the exigencies o f the war all interested will endeavor to make
tho best o f tho new conditions.
T he C otton C ontrol Board also announces that spinners using surat
cotton not m ixed with American m ay bo allowed to run up to 100% o f
their spindles on making application and on paym ent o f tho necessary
le vy . A pplication to run spindles in excess o f 5 0% will also be considered
in tho caso o f spinners using low grade American cotton , provided it can
bo shown to tho satisfaction o f the Control Board that this low grade
cotton is used alono and not m ixed with any cleaner grades o f American
cotton.

1628

THE CHRONICLE
■

SWIFT & CO. FINED FOR FAILURE TOgOB SERVE
PRICE REGULATIONS OF FOOD BOARD.
On the charge of violating the orders of the Food Admin­
istration by buying and selling eggs at prices higher than
those fixed by the food authorities, Swift & C o ., one of the
largest packing and provision concerns in the country, were
ordered, on the 9th inst., to suspend all dealings in eggs in
the N ew York market for a period of 30 days, and to refund
$3 ,000 of excess charges by making a donation of Liberty
bonds to the Red Cross. The firm of Zinn & C o ., who
acted as .brokers for Swift & Co. in the transactions com­
plained of, were ordered to suspend their egg business for
seven days and to make a contribution of $750 to the Red
Cross.
The charges against Swift & Co. were brought originally
before the N ew York Federal Food Board, which decided
against the packers. A n appeal was taken to the Food A d­
ministration at Washington, with the result that the decision
of the N ew York Board was upheld and orders issued as
above noted. The findings of the New York Board were
embodied in the following telegram sent to M r . Hoover on
April 3:
Herbert Hoover, U. S. Food Administrator, Washington, D . C.
In Swift case recomm end suspensions o f all selling and buying and other
egg transactions from N ew Y ork branch for period o f thirty days begin­
ning M on da y , April 9. Recom m end that Zinn & C o. be likewise suspended
from all egg transactions for corresponding period. Further urge that
Elm er W ood C om pany and C . A . English o f Iowa be brought to a speedy
trial on charge o f profiteering in egg transactions. Further, that Swift &
C o. refund, through contribution to Federal Governm ent war effort, such
as R ed Cross, excess charge to public am ounting to approxim ately $6,000
resulting from violation o f food regulations.
M IT C H E L L .
W IL L IA M S .

The Elmer W ood Company mentioned in the telegram, as
explained in an article in the New York “ Times” on April 4,
is the Western concern from which Zinn & C o ., acting as
brokers, purchased for Swift & Co. 150,000 dozen eggs at
4 8 H cents a dozen, or 3 cents more per dozen than was al­
lowed by the Food Administration regulations. C . A . Eng­
lish acted as agent for Elmer W ood Company in the trans­
action. Zinn & Co. made no more than its legitimate brok­
erage on the transaction, although it operated from an il­
legitimate price. Likewise, Swift & Co. made no excessive
profit on the resale, but the high purchase price paid by them
for the eggs originally compelled them to sell at a price of from
51 to 53 cents a dozen. The officers of the company said
in their defense that eggs were scarce in the market when the
transaction took place. In order to supply their trade
they were compelled to find eggs wherever they could and
get them at the lowest possible price. The testimony
showed that Zinn & C o ., acting as brokers, tried for several
days to get the Elmer W ood Company to reduce the price of
eggs, but failed. They finally purchased the eggs for Swift
& Co. at W o od ’s prices, thereby assisting and aiding the
Western profiteers in defying the regulations of the United
States Food Administration.
In announcing its decision in the case against Swift & C o .,
the statement of the United States Food Administration said:
There is no ovldenco that Swift & C o. were guilty o f profiteering; but
while they m ay not themselves have been profiteers, they bought twelve
carloads o f storage eggs from a profiteer at a prico which they know gave tlio
seller an unreasonable profit, and with full knowledge that the F ood A d ­
m inistration had ruled that the profit, and therefore the prico, was unrea­
sonable. I3y making the purchases they assisted the seller to profiteer,
and although they m ade no excessive profit themselves, they were tho
m edium by which the excessive charge o f tho seller was passed along to the
consumer.
T h ey evidently thought that tho responsibility was upon tho party who
m ado tho excessive charge and not upon tho party who paid it; but in as
clear a caso as this we shall not hesitate to penalize both parties.
W e therefore approve tho findings o f tho Federal F ood Board o f N ow
Y o rk and order Swift & C o. to suspend all dealings in eggs in N ow Y ork
C ity for a thirty-day period, beginning m idnight, April 10 1918, with such
exceptions only as tho Federal Food Board m ay deem necessary in the inter­
est o f the public. T hoy are further ordered to apply to the purchaso o f
Liberty bonds o f tho present issue a sum equal to the margin between tho
prico paid for tho eggs and their average selling price, without allowance for
expense, and to turn over the Liberty bonds to tho N ow Y ork Chapter o f
tho American Red Cross, furnishing to tho Federal Food Board tho chapter’s
roc. ipt for tire same, accom panied b y the usual certificate that this contribu! ion is not to affect in any w ay their future contributions to patriotic
or charitable purposes.
A cop y o f tho foregoing judgm ent and order is to be posted conspicuously
under the direction o f tho Federal Food Board, upon tho entranco o f their
placo o f business during tho said thrity days.
Zinn <?; C o. o f N ew Y ork C ity were tho brokers through whom Swift &
C o. purchased twelve carloads o f storage eggs from W ood & C o. o f M ou lton,
Iow a. T h e prico paid leaves to W ood & C o. an excessive profit. T h e cost and
reasonablo profit margin upon eggs o f this character had boen the subject
o f m uch discussion b y the egg trade o f Chicago, Boston and N ow Y ork,
in conjunction with the Food Administration. Tho results o f this discus­
sion and the rulings o f tho Food Administration were perfectly woll known to
all parties. Zinn & C o. m ade no excessive profit themselves, and it is
evident that they felt that this fact relieved them from responsibility.
W e approve the findings o f tho Federal Food Board in this caso, but profe r to change slightly the form o f tho penalty. Instead o f thirty days’




- ■■

..

—..

[Vol. 106
........ =3
111

suspension from dealing in eggs, we direct a suspension from dealing in eggs
in N ew Y ork C ity o f seven days, beginning m idnight April 10 1918, but add
that Zinn & C o . are to apply to tho purchase o f Liberty bonds o f the present
issue a sum equal to tho full amount o f their commission on this transaction
and to turn over these bonds to tho N ew Y ork Chapter o f the American
R ed Cross.

On the 9th inst. George J. Edwards, General Manager for
Swift & Co. in N ew York, issued the following statement on
behalf of the company:
T he Swift & C o. p olicy Is to observe all tho regulations o f tho F ood A d ­
ministration. A ny violation b y the Swift & C o. o f N ew Y ork organization
was entiroly an unintentional offense, in that wo paid too m uch for eggs.
W e are not charged with making excessive profits. W e were profiteered
against, and the price we paid was not above the prevailing m arket. W e
bought tho eggs to take care o f our trade and not to make an excessive profit

N E W WOOL REGULATIONS IN GREAT BRITAIN.
A n order regulating the sale of wool in the United Kingdom
was issued as follows by the Arm y Council last month:
1. N o person shall sell any raw w ool grown or to bo grown on sheep in
Great Britain, Ireland or the Isle o f M an during tho season o f 1918, except
gathered w ool or unwashed daggings or d a rts, otherwise than to persons
authorized b y or on behalf o f tho D irector o f R aw M aterials.
2. N o person shall make delivery o f , or paym ent for any w ool o f tho de­
scription aforesaid otherwise than in accordance with tho provisions o f this
order, whether in pursuance o f any contract entered into prior to tho date
hereof or otherwise.
3. All persons having in their cu stody or control any stocks o f wool o f
the description aforesaid are hereby roquired to sell such wool to any person
authorized b y or on behalf o f tho D irector o f R aw M aterials as m ay be
requirod b y him or on his behalf, and to m ake doilvery to such persons in
such quantities and at such times and places as m ay bo specified b y him
or on his behalf.
4. All persons having in their cu stody or control any stocks o f wool o f
the description aforesaid are hereby requirod to furnish such particulars
thereof as m ay bo required b y or on behalf o f the D irector o f Raw Materials.
5. N o person carrying on the business o f a manufacturer o f woolen,
worsted or hosiery goods in any textile fa ctory or workshop in Great Britain,
Ireland or tho Islo o f M an, shall, without a perm it, issued b y or on behalf
o f the D irector o f Raw Materials, spin, draw, roel or weavo for tho uso o f
the grower thereof any wool grown or to be grown on sheep in Great Britain,
Ireland or the Islo o f M an during tho season o f 1918, excepting gathered
w ool.
6. N o person shall, without a perm it issued b y or on bohalf o f tho D irec­
tor o f R aw Materials, make or take doilvery o f any wool whatsoever grown
or to be grown on sheep in Ireland during the season o f 1918, for shipment
from Ireland.
7. N o person shall, without a perm it issued b y or on behalf o f the Director
o f R aw M aterials, buy, sell or deal in daggings or d arts grown or to be
grown on sheep in Great Britain, Ireland and the Isle o f M an during the
season o f 1918.
8. N otice is hereby given that it is tho intention o f tho A rm y Council
to talco possession o f all washed or willoyed locks producod from daggings
or d a rts grown or to bo grown on sheep in Great Britain, Ireland and the
Islo o f M an during the soason o f 1918.
9. N o person shall mix or wind in any fleece wool grown or to be grown
on sheep in Great Britain, Ireland or tho Islo o f M an during tho season o f
1918 any brokes or fallen w ool, locks, daggings or other matter whatsoever,
or wind or cause to be wound tho said wool otherwise than in soparato
fleeces and ties with wool bands o r glazed string suppllod b y persons
authorized to purchase or collect wool b y or on bohalf o f tho D irector o f
R aw Materials.
10. N othing in this order shall bo deemod to apply to Shetland w ool.
11. F or the purpose o f this order;
The expression “ fleece w ool” shall mean tho fleece rem oved entirely by
shearing or clipping o f sheep or lambs.
The expression "daggings" or “ unwashed daggings" or " d a r ts " shall
mean the wool naturally clotted with dung or oarth.
The expression “ locks" shall mean any wool oxcept daggings which m ay
have becom e detached from the fleece at tho time o f shearing or thereafter.
The expression “ washed or willoyed locks” shall moan daggings, as here­
inbefore defined, wherefrom tho dung or earth has boon extracted b y wash­
ing or any other process.
T ho expression “ brokes" shall mean short wool obtained from the edges
o f the fleece in clipping.
T ho expression “ fallen w ool” shall mean wool rem oved from tho skins o f
sheop or lambs which have died a natural death.
•
T ho expression “ gathered w o o l" shall mean wool loft b y living shoep on
hedgos or other places.
12. This order m ay be cited ns the Salo o f W ool (United K ingdom )
Order. 1918.

The following advices concerning now restrictions on wool
clip were received by the Department of Commerce on March
13 from the American Consul at London:
W ar Office, under dato o f M arch 5, forbids salo o f British and Irish w ool,
1918 clip, except to authorized persons. W ool owners are requirod to sell
and deliver upon demand o f authorized persons. N o manufacturer can
spin, draw, reel or weavo wool o f 1918 clip, excopt gathered w ool, without
perm it. This does not apply to Shetland wool.

BILL AUTHORIZING PRESIDENT TO
COMMANDEER LUMBER.
A bill empowering the President to commandoer timber
and timber products for the use of the Arm y, N a v y or
Shipping Board was passed by tho Senate on March 25.
The following is the text of the bill as it passed the Senate:
AN ACT
T o em power the I’ resldont to requisition, for war purposes, timber and
tim ber products, rights o f w ay, and logging equipment; to construct
and operate logging roads and sawmills; and fixing a penalty for tho
violation thereof.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled. T hat during the porlod o f tho present
war tho President Is hereby authorized and empowered within tho limits
o f amounts heretofore or horoaftor appropriated therefor—■

A pr. 20 1918.1

THE CHRONICLE

First.— T o tako possession o f any standing or fallen tim ber required for
use b y the A rm y, N a vy, or tho United States Shipping Board Em ergency
Fleet C orporation, or required in tho production o f any articlo necessary
for uso b y tho A rm y, N a vy, or tho United States Shipping Board Emer­
gen cy Fleet Corporation.
Second.— T o enter upon any lands, including Indian and m ilitary
reservation and forest reserves, on which is situated any sucli stand­
ing or fallen timber so required, and to cu t, rem ovo and appropriate such
tim ber therefrom , also to enter upon and occup y any other lands or prem­
ises required in cutting or rem oving such standing or fallen tim ber, to erect
and maintain such m achinery, appliances and tem porary structures upon
any portion o f said lands as m ay bo necessary for tho accom plishm ent o f
any o f said purposes, and to rem ovo the same; to construct and maintain
such roads and logging railroads across and over said lands as m ay bo re­
quired for rapid cutting, removal or appropriation o f such tim ber, and to
operate such logging railroads and rem ove all rails and equipm ent thereof.
T h ird .— T o take possession o f and use any logs or manufactured lum ber
or other tim ber products and all machinery, cables, rails, equipment and a p ­
pliances o f every character and description necessary for the production o f
logs, as m ay be required for uso b y tho A rm y, N a vy, or tho United States
Shipping Board Emergency Fleet C orporation; Provided That a reasonable
supply o f logs shall always bo left with any mill conducting its own logging
operations to insure its continued operation as a saw mill.
Sec. 2. That it shall be lawful for the President to com m it to any exist­
ing department or agency o f tho Governm ent designated by him for that
purpose the exercise of the powers granted b y section one hereof: Provided,
T hat when it shall becom e necessary for the m ilitary needs o f this G o v ­
ernment to enter upon any Indian or m ilitary reservation, or any other
G overnm ent or privato property, for the purposes horcin provided, all
operations shall be conducted and controlled under rules and regulations
having duo regard for conservation, forestation, fire protection, and any
and all other rules as shall bo prescribed b y tho Forestry D ivision o f tho
United States Departm ent o f Agriculture.
Sec. 3. That whenever any standing or fallen tim ber or any logs or manu­
factured lumber or other tim ber products shall bo taken possession o f by
tho President, or under his authority by virtuo o f tho provisions hereof,
and whenever any lands or premises shall bo entered upon or occupied b y
virtue hereof, just compensation shall bo m ade to the owner, which com ­
pensation shall bo determined b y or under tho direction o f tho President,
and if the amount thereof is unsatisfactory to tho person entitled to receive
tho same, such person shall bo paid soventy-fivo per centum o f tho amount
so determined by or under tho direction o f the President, and shall bo en­
titled to sue tho United States and recover such further sum as added to
said soventy-fivo per centum shall mako up such am ount as will bo just
com pensation therefor, in tho manner provided for by section tw enty-four,
paragraph tw enty, and section one hundred and forty-fiv o o f the Judicial
C odo.
Sec. 4. That tho President is hereby authorized, during tho period o f
tho present war, in so far as m ay bo necessary to insure an adequato supply
o f lumber and tim ber products required b y the A rm y, N a vy, and tho
United States Shipping Board Emergency Fleet C orporation, to issuo and
cnforco orders to persons engaged in logging operations prescribing tho
length o f logs which shall bo cut in tho courso o f such operations; and to
issuo orders to persons engaged in lumbering and in operating sawmills
prescribing the dimensions o f lumber and tim bor products which shall bo
manufactured in tho courso o f such poperations: Provided, That no such
persons engaged in operating sawmills shall bo required to saw lumber or
tim ber products except o f such dimensions as said sawmills m ay, at tho timo
o f such order, bo equipped to produco.
Sec. 5. That any person who shall willfully violate any o f tho provisions
o f this A ct or any order o f the President issued under tho authority o f sec­
tion four hereof shall bo deemed guilty o f a misdemeanor, and, upon con ­
viction thereof, shall for eacli violation bo punished by a fino o f not m ore
than S I,000 or imprisonment for not m ore than ono year, or b y b oth such
fino and imprisonment.
Passed tho Senate M arch 25 1918.

ORDER MODIFYING ZONE SYSTEM OF BITUMINOUS
COAL SHIPMENTS.
An order amonding tho zono system of bituminous coal
distribution as it affocts tho markets in Baltimore and W ash­
ington was issued by the Fuol Administration on April 13,
with a viow to assuring an increased movomont of bituminous
coal to points in Eastern Pennsylvania, Now Jersoy and
Now England. Under tho ordor which bocomos offoctivo
to-day (April 20) bituminous coal originating on tho Penn­
sylvania Railroad, Monongahola Railroad, and Huntington
& Broad Top Mountain Railroad, and their short-lino con­
nections, in tho Statos of Pennsylvania, Wost Virginia, and
Maryland, whon routed via the Pennsylvania Ralroad, is
embargoed from Baltimore and Washington markets. To
ineot this situation, it is statod, tho Fuol Administration
will arrange for tho ossontial supply to tho points desig­
nated from minos on tho Baltimore & Ohio Railroad, tho
Westorn Maryland Railroad, and their connections, which
linos afford a much more direct routo to these points. As a
consoquonco, tho Fuel Administration announces a vast
amount of timo and mileago will be savod to tho Pennsyl­
vania linos, thus assuring an increased movomont of coal to
points in eastern Pennsylvania, Now Jersoy and Now Eng­
land. It is further announced:
Consumers of tho classifications named in Preference List No. 1, of the
priority board, will rccelvo coal in preference to any other individual or
class of consumers.
Under tho m odified order producers in tho sections named will bo p ro­
hibited from selling, skipping, or distributing coal to dealers and consumers
at Washington and Baltimore and at all stations on tho Baltimore & Spar­
rows Point Railroad when routed via tho Pennsylvanoia Railroad.
T he order forbids the shipment o f bituminous coal over tho railroads
named for railroad delivery or transshipments to vessels in Baltim ore, at
President Street, U ighlandtown, Jackson's W harf, Calvert, B olton,
Frederick R oad, and Gwynns Run station; and points o f delivery between
any tw o o f such stations; all stations and points o f delivery on the Balti­
m ore division o f tho Pennsylvania Railroad from Loudon Park, M d ., to
Catonsvillo, M d ., inclusive, and Arbutus, M d ., to W ashington, D . C .,




1629

and R osslyn, V a., including Popes Creek branch, running from Bowie
M d ., to Popes Creek, M d ., inclusive.
Consumers located on tho Pennsylvania Railroad and Baltimore & Spar­
row’s Point Railroad will continue to receive their coal at their regular
points o f delivery, the coal m oving via the Baltim ore & Ohio and W estern
M aryland being delivered to the Pennsylvania Railroad at junctions near
destinations.

WAR SERVICE COMMITTEE FOR TIIE PULP & PAPER
INDUSTRIES.
The American Paper & Pulp Association in response to the
request of the Chamber of Commerce of the United States,
has appointed a W ar Service Committee, consisting of the
following:
Ch airm an, A . B . Daniels, President American Paper & Pulp Association,
Adam s, M ass.
Secretary, A . D . N aylor, Secretary-Treasurer American Paper & Pulp
A ssociation, New Y ork C ity.
F. L . M oore, N ew ton Falls Paper C o ., W atertow n, N . Y .
Jno. C . Schm idt, Schmidt & Ault Paper C o ., Y o rk , Pa.
F . L . Stevens, Stevens & T hom pson Paper C o ., N orth Iloosick , N . Y .
A . W . Esieeck, Esieeck M anufacturing C o ., H olyoke, M ass.
C . W . Lym an, International Paper C o ., N ew Y ork.
M . E . M arcuse, Bedford Pulp & Paper C o ., R ichm ond, Va.
L . E . N ash, N ekoosa-Edwards Paper C o ., P ort Edwards, AVis.
F . S. Harrison, na litow n Paper Board C o ., H alltown, AV. Va.
W . J. Eisner, Newark Parafine & Parchment Paper C o ., Nowr Y ork C ity .
Pliiilipps Kim ball, Liberty Paper C o ., N ew Y ork.
Allison D odd, E . H . D avey C o ., B loom field, N ew Jersey.
G . F . M erriam , n o iy o k e Card & Paper C o ., Springfield, M ass.
R . B . H arbison, W est Carrollton Parchment C o ., D ayton , Ohio.
B . A . Van W inkle, H artford C ity Paper C o ., H artford C ity , Ind.
D . A . Smith, D istrict o f Colum bia Paper C o ., AVashington, D . C .
AV. A . Form an, Barrett M anufacturing C o ., N ew Y ork Citj^

The newsprint branch of the paperTndustry is asked to
appoint a special committee to work in co-operation with
the General W ar Service Committee of the American Paper
& Pulp Association. Suggestions from the members of the
News Print Service Bureau as to matters Avhich should be
considered by this committee and the character of the data
Avhich should bo compiled will, according to advices sent to
mombers of the Bureau by its Secretary, R . S. Kellogg, be
appreciated.

SABOTAGE BILL PASSED WITHOUT A N T I­
STRIKE CLAUSE.
Tho so-called Sabotage Bill, providing penalties of thirty
years’ imprisonment and S10,000 fino for interfering with
Avar industries or injuring war materials, A\ras passed by tho
Senate on April 1G, the Senate finally agreeing to accept
tho conference report which eliminated provisions designod
to provent strikes on Avar contracts. W o referred to this
feature of the bill in our issuo of last Avoek, page 1533.
The conference report Avas adopted after longthy debate,
during Avhich Senators Sherman of Illinois and McCumber
of North Dakota asserted that the labor situation is getting
beyond tho control of labor leaders and that Congress should
tako action. Senator Hollis of New Hamphsire defended tho
loyalty of labor, declaring that strikes in this country to-day
are “ inconsiderable,” and that tho passage of legislation
dosignod to prevent peaceful strikes Avould not tend to in­
crease labor’s efficiency. Ho denied that labor was respons­
ible for tho delay in tho airplano program, declaring that
capital Avas at fault. “ You can’t make men work by passing
laws,” Senator Hollis said. “ I concur in the opinion of
President Gompors, of tho American Federation of Labor,
that if Congress passes a laiv preventing peaceful strikes,
that laAV cannot be enforcod.”
Senator McCumber said that never have there been as
many strikos in the history of tho country as there have been
sinco tho United States entered tho war, although during
that period labor has been better treated and received higher
Avages than e\rer before. Tho North Dakota Senator
deplorod what ho termed a lack of courage by members of
Congress to oppose organized labor because of its political
influence, and said tho anti-strike provision of the bill should
liavo been rotained. Senator Sherman said he believed
Prosidont Gompers and other officials of the American
Federation of Labor are “ sincero, loyal and patriotic” in
their efforts to control union labor, but he added that M r .
Gompers knoAvs the Avholo “ coal bin in tho Missouri Valley
is on tho edge of a volcano” and that strikes are contemplated.
“ I Avant M r . Gompers to obey the laAvs of this Republic and
of tho several States,” continued Senator Sherman. “ He
has spent more time breaking laAvs than ho has in defending
his country, prior to tho breaking out of tho Avar, and I am
glad to join him iioav in a patriotic purpose to fuse Avith him
some of tho differences avo may have had in tho common
dosign of defending tho country.”

1630

THE CHRONICLE

REVISED LIST OF COMMODITIES REQUIRING EXPORT
LICENSES.
A revised export conservation list containing certain
modifications of the list (previously in effect) of commodities
requiring export licenses, has been issued by the W ar Trade
Board. The modifications became effective April 15.
The earlier list was published in our issue of N o v . 10. In
making public the revised list the Board says:
Particular attontion is dir.' ted t o the fa ct that in accordance ■with the
provisions o f this R evised E xport Conservation List individual export
liconses will n ot be required on shipments to Canada and N ewfoundland
o f the follow ing com m odities:
Alum inum and all articles containing aluminum.
Brass and all articlos containing brass, excepting
■ Brass pipes.
Brass plates.
Brass sheets.
Brass tubes.
Copper and all articles containing copper, excepting
Copper pipes.
C opper plates.
Copper sheets.
C opper tubes.
C oppor sulphate.
Chemical com pounds o f copper.
N ickol and all articlos containing nickel, excepting chemical com pounds
thereof and nickel alloys.
Articlos m anufactured o f rubber.
Should Get Licenses First.
T he attontion o f shippers Is called to the fact that the com m odities on
the E xport Conservation List are In m any cases being strictly conserved
on account o f the limited supply and the needs o f the United States and the
Allies for the successful prosecution o f the war. B efore making purchases
or sales for export or engaging freight space or tonnago for these com m odi­
ties shippers are advised to obtain licenses for their exportation.
I t will be observed that certain Items on the following list o f conserved
com m odities have been referred to in a goncral way; for example, "la c and
all varieties thereof.” In other parts o f the list, for the convenience o f the
shipping public, certain o f tho better known "la cs” have been spzcified;
for example, “ shellac” and "gu m la c.” N o attem pt has been made to list
all tho various kinds o f " la c ,” but the public will understand from the
heading, “ L ac and all varieties thereof,” that all “ lacs” aro covored by
the list, although spocific reference is not m ado to each kind. T ho same
understanding applies to all other com m odities on this list whicn have been
covered b y a general heading. Tho notations X - l , 2, 3, 4, 5, 6 indicate
tho supplem entary Information form s to be used.
Shippers aro reminded that tho collectors o f custom s have no authority
to Issue licenses even for small amounts o f these com m odities, and con­
sequently individual liconses must be procured for all destinations.
E X P O R T C O N S E R V A T IO N L IS T .
birch wood, hickory wood and oak
Acetaldohyde.
wood, X -2 .
Acetanilide.
Axle and other mineral oil greases.
Acetate o f collulose, X -2 .
B abbitt m etal, X -4 .
Acetates, all, X -2 .
B acks, fa t, X I .
A cetic acid, X -2 .
B acon, X I .
A cetic acid, glacial, X -2 .
Bagging, vegetable fiber, except
A cetic anhydride.
cotton bagging, X -2 .
A cetone, X -2 .
B ags, ju to, X -2 .
A cids, as follows: A cetic, X -2 ;
Bags, vegetable fibre, oxcept cot­
acetic glacial; carbolic (phenol) and
its derivatives, X -2 ; hydrocyanic, ton bags, X -2 .
Balata.
X -2 ; hydrofluoric; nitric and its salts,
Balls, naphthalono.
X -2 ; picric, phosphate, X -2 ; phos­
Balsam copaiba.
phoric, X -2 ; sulphuric, X -2 .
Balsam tolu.
Aeronautical instruments.
Band saw blades.
Aeronautical machines, their parts
Barium chlorato, X -2 .
and accessories.
Barium, nitrato of.
A lcohol.
Barium peroxide.
A lcohol, w ood, X -2 .
Barium , sulphate o f (blanc fixe).
A loes.
Bark, cinchona and products, X -2
A loln.
Barley, X - l .
A lloy steel, X -2 .
Barley flour, X - l .
A lloys containing tin, X -4 .
Barley meal, X - l .
A lloys, nickel, X -2 .
Bars, steel sheet, X -2 .
A lloys, steel, X -2 .
Bean m eal, soya, X - l .
Alpaca, manufactures of, X -5 .
Bean oil, soya, X - l .
Alpaca, raw.
Beans, X - l .
A lum , X -2 .
Beans, canned, X - l .
A lum , amm onia, X -2 .
Beans, castor, X -2 .
A lum , chrom e, X -2 .
Beans, soya.
A lum , ferric.
Beans, velvet, X - l .
A lum potash, X -2 .
B eef products (canned, preserved
Alumina, sulphate o f, X -2 .
Aluminum and all articles contain­ and frosh ), X - l .
Boot sirup, X - l .
ing 10% or m oro (in weight) o f alumi­
Bolladonna and atropino, X -2 .
num, X -2 . (Individual licensos not
Bolting, leathor, X -3 .
required to Canada and N ew found­
land.)
Benzaldehydo, X -2 .
Benzene (from coal tar), X -2 .
A m idoazobenzol, X -2 .
Benzino from petroleum .
Am idophenol (paraamidophonol)
Bonzino oil.
A m m onia and Its salts, X -2 .
B cnzoato o f soda, X -2 .
Am m onia alum , X -2 .
Benzol and Its derivatives.
Am m onia, anhydrous, X -2 .
.
BIchromato o f potash, X -2 .
Am m onium brom ide, X -2 .
Bichrom ate o f soda, X -2 .
Am m onium carbonate, X -2 .
Billots, steel, X -2 .
Am m onium chloride, X -2 .
Binder twine, X -2 .
Am m onium nitrato, X -2 .
Binoculars.
Am m onium sulphate, X -2 .
Birch shooks, X -2 .
Am m unition, X -2 .
Birch staves, X -2 .
Am orphous phosphorous, X -2 .
Birch w ood, X -2 .
Anhydrous amm onia, (X -2.
Biscuits, X - l .
Aniline oil, X -2 .
Bism uth salts.
Aniline salts, X -2 .
Bisulphato o f soda.
Anti-aircraft instruments, appa
B lack antim ony, X -2 .
ratus and accessories.
B lack lead and articlos m anufac­
A nti-friction m etal, X -2 .
tured thereof, X -2 .
A ntim ony, X -2 .
Blades, saw (circular, hack and
A ntim ony, black, X -2 .
b a n d ).
A ntim ony ore, X -2 .
Blanc fixo (sulphate o f b arium ).
A ntim ony, oxide of, X -2 .
Blast furnaces, open hearth.
A ntim ony salts, X -2 .
B lock tin, X -4 .
A ntim ony, sulphate of, X -2 .
B loom s, steel, X -2 .
A ntim ony, sulphido of, X -2 .
Bluostono (copper sulphate), X -2
Antiphlogistino.
Bluo vitriol, X -2 .
Arm s, X -2 .
Boiler plates and all other classes
Arsenate o f lead, X -2 .
o f iron and steel plates % Inch thick
Arsenate o f soda, X -2 .
Arsenic and com pounds thereof, and hoavior and wider than 6 inches
and circles over 6 inches diameter,
X -2 .
Asbestos.
whether plain or fabricated. This
Asbestos mill fibers, all grades.
includes N o. 11 U . S. gauge, but
Ash soda, X -2 .
n ot N o . 11 B . W . gauge, X -2 .
Boilers, marino.
A sh, staves, X -2 .
Boilers, ship.
Ash, w ood , X -2 .
Ashos. hardw ood.
Boiler tubes, X -2 .
Bono flour.
Atropino and belladonna, X -2 .
Axo handles m ade from ash w ood.
B ouo, ground.




[Vol. 106

Bono meal.
Copper sheets, X -2 .
B ook paper.
Copper tubes, X -2 .
Boring machines, horizontal and
Copper sulphate (bluestone), X -2 .
vertical.
C opra, X - l .
C opra oil, X - l .
Boring mills (vertical, all sizes).
C orn, X - l .
Boring tubes (oil well casing , X -2 .
C orn, canned, X - l .
B ottlo caps, tin, X -4 .
C orn flour, X - l .
Brass and all articles containing
C o m grits, X - l .
10% or m ore (in weight) o f brass,
Corn hom iny, X - l .
except for brass com m odities listed
Corn (Indian sam p), X - l .
below , X -2 . (Individual liconses not
Corn (m aizo), X - l .
required) to Canada and N ew found­
Corn meal, X - l .
land.)
Corn oil, X - l .
Brass pipes, X -2 .
C orn sirup, X - l .
Brass plates, X -2 .
C otton , E gyptian and Soa Island.
Brass sheets, X -2 .
C otton llntors.
Brass tubes, X -2 .
Cottonseed, X - l .
B read, X - l .
Brewers’ grains.
Cottonseed cake, X - l .
C ottonseed meal, X - l .
B rom ide o f amm onia, X -2 .
Cottonseed oil, X - l .
B rom ido of potash, X -2 .
Crackers, X - l .
Brom ide o f soda, X -2 .
Crucibles, graphlto, X -2 .
Brom ine, X -2 .
Crucibles, platinum.
Bronze and articles m anufactured
Crude oil.
therefrom , X -2 .
Cyanam ido, X -2 .
Burlap, X -2 .
Cyanide o f sodium , X -2 .
B utter, X - l .
•
Cyanides (a il), X -2 .
B utter, cocoa, X - l .
Cyanogen and derivatives, X -2 .
B utter, cocoan ut, X - l .
Cylinder oil.
B utter, peanut, X - l .
Dental gold.
Butter substitutes, X - l .
Dental instruments.
Cable (iron and steel), consisting o f
Dental platinum.
0 wires or m ore, X -2 .
Dental supplies.
C able, stud-link chain.
Dextrine.
Cake, cottonseed, X - l .
D iam onds, industrial, X -2 .
Cake, oil, X - l .
Diam onds and precious stones o f
Calcium nitrate, X -2 .
all kinds.
Calipers.
Digitalin, X -2 .
Camels hair, manufactures of, X -5 .
Digitalis and products.
Camels hair, raw.
.
Dim ethylaniline, X -2 .
Cam phors (cam phors, oucalypto
D lm cthyl-ketono, X -2 .
m enthol, thym ol), X - 2 .
Dlnltrobenzol,
X -2
(M otadlniCane syrup, X - l .
trobenzol).
Canned beans, X - l .
Dinitrochlorbonzol, X -2 .
Canned beef products, X - l .
D initrophenol, X -2 .
Canned corn, X - l .
Diphenylamino, X -2 .
Canned peas, X - l .
Disulphido o f carbon.
Canned salm on, X - l .
D o u b le acid phosphate.
Canned tom atoes, X - l .
Drilling machines, radial.
Canned tuna fish, X - l .
Drills (carbon and high-speed
Cantharides, X -2 .
tw ist).
Caps, bottle (tin ), X -4 .
Drills, twist.
C arbolic acid (phenol) and it deD ry paste flour.
ivatives, X -2 .
Dyestuffs.
Carbon disulphide.
Egyptian cotton.
Carbon electrodes, X -2 .
Electrodes, carbon, X -2 .
C arbon tetrachloride.
Electrodes, graphite, X -2 .
Carbonate o f am m onia, X -2 .
E m ery grain and flour, X -2 .
Carrier pigeons.
Emetlno.
Cars (railway, com pletely as­
E m p ty tin containers, X -4 .
sembled and unassembled and parts
Engino oil.
th ereof).
Engines, marine.
Cashmero, manufactures o f, X -5 .
Epsom salts.
Cashmere, raw.
E rgot, X -2 .
Casing, oil well (frequently doE rgotin, X -2 .
scribed as boring tubes), X -2 .
Ether.
Cast iron pipo, X -2 .
Ethylinethyl kotono, X -2 .
Castor beans, X -2 .
E ucalyptol, X -2 .
Castor oil, X -2 .
E vaporated m ilk, X - l .
Castor oil, sulphonatod, X -2 .
Explosives, X -2 .
C attle, X - l .
E xtract, quebraco, X -2 .
C attle manure.
Extracts, chestnut, X -2 .
Caustic potash, X -2 .
Extracts, sum ac, X -2 .
Caustic soda, X -2 .
Farina, X - l .
Celluloso, acotato o f, X -2 .
Fat backs, X - l .
Cereals, X - l .
Feeds.
Cerium, and other articles con­
Felts (paper m akers), X -5 .
taining cerium.
Ferric alum, X -2 .
Chain, stud-link, open-link.
Ferrocerium, X -2 .
Charcoal.
Ferrochromo, X -2 .
Chestnut extracts, X -2 .
Ferrocobalt, X -2 .
Chestnut w ood, X -2 .
Forrocyanido o f potash, X -2 .
China wood oil, X -2 .
Ferromanganese, X -2 .
Chlorido o f barium, X -2 .
Forromolybdenum, X -2 .
Chlorate o f potash, X -2 .
Ferrosilicon, X -2 .
Chlorato o f soda, X -2 .
Ferro titanium, X -2 .
Chlorates, X -2 .
Ferro tungsten, X -2 .
Chlorbenzol (m onoch lorbcnzol).
Ferrouranlum, X -2 .
Chlorido o f amm onia, X -2 .
Ferrovanadium, X -2 .
Chloride o f tin, X -2 .
Fertilizers, mixed.
Chlorino, X -2 .
Fibers, all vegetable, oxcept cot­
Chloroform .
ton, X -2 .
Chrom e alum , X -2 .
Fibers, products m anufactured
Chrom ium , chomical com pounds
from vegetable fibers, oxcopr co t­
thereof, and their products, X -2 .
Chrom ium oro and any metal or ton, X -2 .
Fibers, asbestos mill, all grades.
ferro alloy thereof, X -2 .
Files (abrasive).
Chucks, lathe.
Fir tim ber, X -2 .
Cinchona bark and products, X -2 .
Flreroom parts, marino.
Circular saw blades.
Fish, canned tuna, X - l .
Citrate o f potash, X -2 .
Flax, and all articles containing
Clips, woolen and worsted.
flax which aro manufactured in tho
Cloves, oil o f, X -2 .
United States, X -2 .
Cocaine.
Flour, as follows: Barley, X - l :
C oal, X -6 (individual licenses not
required to Canada and N ewfound­ bono, corn, X - l ; dry paste; em ery,
X -2 : rlco, X - l ; ryo, X - l ; wheat, X - l .
land).
Fluorido o f soda.
C obalt, chemical c o m p o u n d s
Fodders.
thereof, X -2 .
Foil and com position foil con­
C obalt ore and any motal or ferro
taining tin, X - l .
alloy thereof, X -2 .
Form aldehyde.
C ocoa butter, X - l .
Fresh b cof products, X - l .
C ocoa leaves and products.
Fuel oils.
C oconut butter, X - l .
Furnaces, open-hearth blast.
C oconut oil X - i .
Furnaces, steel.
Codliver oil.
Gas oil.
C offee, X - l .
Gasoline.
C oke, X -6 (individual licenses not
Gauze, hospital and m edical.
required to Canada and N ewfound­
Generators suitablo for search­
land) .
lights, X -2 .
Collapslblo tubes, tin, X -4*
German silver, X -2 .
Compasses, ship’s.
Glacial acetic acid, X -2 .
Com position foil containing tin,
Glass, optical.
X -4 .
G love, ca lf and kip leather.
Com pound lard, X - l .
G love, horso leather.
Condensed milk (Including pow ­
Glucoso, X - l .
dered m ilk, ovaporated milk and
Glycorino, X -2 .
preserved milk o f all kinds), X - l .
G old, m anufactured and articlos
Condensers.
C onfectionery, Including ch oco­ containing gold.
G old, dental.
late candy.
Grains,
as follow s: Browers’ ,
Containers, em pty (tin), X -4 .
em ery, X -2 .
Copaiba, balsam, X -2 .
Graphlto and articles manufac­
C oppor as follows: Ingots, X -2 ;
rods, X -2 ; scrap, X -2 ; tools, X -2 ; tured therefrom , X -2 .
Greases, as follows: Axlo and other
wire, X -2 . All articlos containing
10% or m oro (in weight) o f copper, mineral oil greases.
Grinders, internal, plain and uni­
X -2 . (Individual licenses not re­
quired to Canada and N ewfound­ versal.
Grits, corn, X - l .
land, except for copper com m odities
Ground bono.
listed below.)
Ground lonsos.
C opper, ch e m ica l co m p o u n d s
Guaiac rosin.
thereof, X -2 .
Guano.
Copper pipes, X -2 .
Guayulo.
C opper plates, X -2 .

A pr. 20 1918.]

THE CHRONICLE

1631

Gum lac, X -2 .
M anure, sheep.
Paranitroacetanillde, X - 2 . (N itro­ ^psom^. nitric acid, X -2 ; sulphuric
Gum opium and its products.
M aple, sirup, X - l .
acetanilido.)
Gut ta-J oolaton g.
M arino boilers.
Paranitrochiorbenzol. X - 2 .
(N lGutta-percha.
Samp, Indian (corn ), X - l . 81
M arino engines.
trochlorbenzol.)
Gutta-siak.
Sandalwood, oil o f, X -2 .
M arino fireroom parts.
Paran itrophcnol, X - 2 .
(N itroH ack-saw blades.
Saw blades, circular, b a c k h a n d
M eal, as follow s: B arloy, X - l phenol.)
band.
*
,
Ilalr, as follow s: A lpaca, manu­ bono; c o m , X - l ; cottonseed, X - l ;
Paranitrotoluol. X -2 .
(N itrotoScam m ony.
Jwia
factures o f, X -6 ; alpaca, raw; cam ­ linseed, X - l ; oilcake, X - l ; peanut,
luoi.) (Orthonitrotoluol.)
Scoured w ool.
el s, m anufactures o f, X -5 ; cam ols’ , X - l , rye, X - l ; soya bean, X - l .
Paratoluidino. X -2 .
(T oluidine.)
Scrap, c o p p e r /' X - 2 (individual
raw; cashmero, manufactures of,
M edical gauze.
(Orthotoluidino.)
X -5 ; cashmere, raw; mohair, m anulicenses n ot required to C anada and
M edicines, patented.
P aste, soup, X - l .
N ewfoundland).
'a ctu rcs o f, X -5 ; mohair, raw; and
M enthol, X -2 .
I ’atented medicines.
Scrap iron and steel, X -2 .
all similar hairs and their m anufac­
M ercury’ and its com pounds, X -2 .
Peanut butter, X - l .
Scrap rubber.
tures, wastes, by-produ cts, rags and
follow s: A ntifriction.
Peanut m eal, X - l .
Scrap tin, X -4 .
clips o f all the above; horse, raw
X -2 , B abbitt, X -4 ; typ e, X -2 ; white,
Peanut oil, X - l .
Ham s, X - l .
Sea Island t? cotton .
X -4 .
*
Peas, X - l .
H and-lantern oil.
Searchlights and parts thereof and
M etallic potassium, X -2 .
Peas,
canned,
X
l
.
generators thereof, X -2 . .u - v
Handles, ax, hoo, pick, rake,
M etallic tin, X -4 .
Peas, seed, X - l .
Seed, sugar beet.
sledgo, shovel, spado, m ade from
M othylethyl ketone, X -2 .
Permanganate
o
f
potash,
X
-2
.
Seed peas, X - l .
ash w ood , birch w ood , hickory w ood
P eroxide o f barium.
Seedlac, X -2 .
'
and oak w ood, X -2 .
ber^oljldinitr0benZ° 1’ X ~2 (dinltn>~
Petroleum .
Senega root.
H ardw ood ashes, X -2 .
M ica.
Phenol (carbolic a cid ), and Its
Sextants.
Harness leather.
M ica splittings.
derivatives, X -2 .
Shearlings.
H em p and products manufactured
M icrom eters.
Phenolphthalein, X -2 .
therefrom , X -2 .
Sheelite, X -2 .
M ilk , as follows: Condensed, X - l Phosphate, acid, X -2 .
Sheep, X - l .
H ides, X -3 .
evaporated, X - l ; pow dered, X - l :
Phosphate o f soda.
Sheep manure.
H igh-speed steel, X -2 .
pr<worved (all kinds), X - l ; sugar of.
Phosphate, double acid.
H oo handles m ade from ash w ood,
Sheet bars, s te e l,* X -2 .
M ills, plate roiling.
Phosphides.
Sheets, brass, X -2 .
birch w ood , hickory w ood and oak
M ineral greaso.
Phosphoric acid, X -2 .
w ood , X -2 .
Sheets, copper, X -2 .
M ineral oils.
Phosphorized tin, X -4 .
H ogs, X - l .
Shellac,
X -2 .
M irror iron (frequently described
Phosphorus, X -2 .
H om in y, corn, X - l .
Ship boilers.
Phosphorus, amorphous, X -2 .
H ospital gauzo.
Ship plates, iron and’ steel Jan d ’ ali
eLn’?,ex-2r
°n
aD
d
*
‘SI)legelPhosphorus, yellow , X -2 .
Horsehair, raw.
other classes o f iron and stee
M ixed fertilizers.
P ick handles m ade from ash w ood plates K -in ch t h ic k . and heavier
Horses. (Individual licenses not
M ohair, manufacturers o f. X -5 .
birch w ood , hickory w ood and oak and wider than 6 inches, and
required to Canada and N ew found­
M ohair, raw.
w ood , X -2 .
land.)
circles over 6 inches In diam eter,
M olasses, X - l .
P icric acid, X -2 .
Humus.
whether plain or fabricated. - T his
M olybdenite, X -2 .
Pigeons, carrier.
H ydraulic presses.
includes N o . 11 U . S. gauge,', b ut
M olybdenu m , X -2 .
P ig iron, X -2 .
H yd rocyn ic acid, X -2 .
n° f N o . 11 B . W . gauge, X -2 ."
M olybdom im . chemical com pounds
P ig tin, X -4 .
H ydrofluoric acid.
Ship s com passes.
Pilocarpine.
H yoscino.
Shoe ca lf and kip leather.
Monazi’te.
, Pino, yellow , measuring 12 b y 12
H yoscyam us.
Shoe finished side leather.
M onochlorbenzol, x - 2 (chlorben- b y 25 inches and larger sizes, X -2 .
H yposulphito o f sodium , X -2 .
Shoe horse leather.
P ipe, cast iron, X -2 .
Indian samp (co rn ), X - l .
M orphlne and derivatives, X -2 .
Pipes, brass. X -2 .
walnut)kSX^2a k ’ b lrcb ’ m ah°Sany .
Industrial diam onds, X -2 .
M ules (individual Iiconsos not rePipes,
copper,
X
-2
.
Ingots, copper, X -2 . (Individual
Shovel handles m ade f r o m 'a s h
Plaster, land.
to Canada and N ow foundlicenses not required to Canada and landj
w ood, birch w ood, hickory w o o d , and
P lan ers.
N ewfoundland.)
oak w ood , X -2 .
*M ustard oils, X -2 .
Plate,
tom
e,
X
-4
.
Ingots, steel, X -2 .
Silver, m anufactured, and articles
N aphtha.
P late, tin, X -4 .
Instruments, as follows: Aeronauti­
containing
silver.
Niiphthaleno and Its derivatives.
P late, rolling mills.
cal, anti-aircraft, dental, oil well,
Silver, German, X -2 .
N aphthalene balls.
Plates, brass, X -2 .
drilling and accessories, optical, sur­
Silver, nitrate.
Neutral lard, X - l .
Plates, copper, X -2 .
gical.
Sisal and products m anufactured
N ewsprint papor.
Plates iron and steel. Including thereof, X -2 .
Invert sugar sirup.
Nickel
and
all
articles
containing
ship, boiler, tank, and all other
Iodine.
Skins.
v 9° rtLSEJ® u,\ weif?ht) o f nickel, classes o f iron and steel plates H -inch
Ipecac, X -2 .
Slabs, steel, X -2 .
X -2 (individual llcenso not required thick and heavier and wider than
Iridium .
Sledgo
handles m ade from -” ash
to Canada and N ewfoundland, six Inches and circles over six Inches
Iron, nig, X -2 .
w ood, birch w ood, hickory w ood ,
diam
eter,
whether
plain
or
fabriIron pipe, cast, X -2 .
and oak w ood , X -2 .
K
b elow ). nlCkCl ~ o d i t i e s
acted . This includes N o . 11 U . S.
Blotters.
Iron plates, Including ship, boiler,
Nickel alloys, X -2 .
f^mgo, b ut not N o . 11 B . W . gauge.
tank and all other classes o f Iron
Soda, as follow s: Arsenate o f / X - 2 ;
N ickel, chemical com pounds theroplates H -lnch thick and heavier
bichrom ato o f, X -2 ; caustic, X -2 ;
Platinum and articles containing nitrate o f, X -2 ; prussiate o f;i sul­
and wider than 6 inches, and circles
N
itrates
as
follows:
Am
m
onia,
platinum
.
phate
of.
over 6 inches diam eter, whether X -2 ; barium; calcium , X -2 ; potash.
Platinum , dental.
Soda ash, X -2 .
plain or fabricated. This Includes X -2 ; silver; soda, X -2 .
. 1 lum bago and articles m anufac­
Sodium.
N o . 11 U . S. gauge, but not N o. 11
N itric acids and its salts, X -2 .
tured thereof, X -2 .
B . W . gaugo, X -2 .
Sodium, as follows: B enzoate, X -2 :
Nitroacetanilido, X -2 (paranitroP lyw ood and veneer o f all kinds.
Iron scrap, X -2 .
bisulphate, bisulphite.
acctanlllde).
Jalap.
Brom ide, X -2 .
N itroanilino, X -2 .
P o rk ’products, X - l .
Jowoiry.
Chlorate, X -2 .
N itrobenzol, X -2 .
1 ostago stam ps, canceled and un­
Cyanide, X -2 .
Jute, and products m anufactured
N itrocrosols.
canceled.
Fluoride.
thereof, including cloth, bags, gunN
itrochlorbonzol,
X
-2
(paranitroPoster paper.
nios, twine, & c., X -2 .
H yposulphite, X -2 .
ch lorben zol).
Potash, X -2 .
Kerosene oil.
Phosphate.
N itronaphtalenos, X -2 .
P otash, as follows: Alum , X -2 :
K etone, othylm ethyl, X -2 .
Sulphide, X -2 .
nol^ltr° Ph0n01’ X_2 (ParanItr°Pho- brom ide o f. X -2 ; bichrom ate of. X -2 :
K etone, m othylethyl, X -2 .
Sulphite, X -2 .
caustic, X -2 ; chlorate o f, X -2 ;
L ac, and all varieties thoreof, X -2 .
Solder, X -4 .
N itrotoluol, X -2 (orthonitrotoluol). citrate of, X -2 ; cyanide o f, X -2 ;
Lacquers.
Sole leather, X -3 .
(paranitrotoluol).
ferrocya n id o, X -2 ; nitrate o f, X -2 ;
Land plaster.
Soot.
Nitrosodimothyianilino, X - 2 .
perm anganate o f, X -2 .
Lantern oil.
Soup paste. X - l .
N itroxylols, X -2 .
Lard, X - l .
Potassium and its com pounds, X -2 .
Soya bean meal, X - l .
N olls, worsted.
Potassium , m etallic, X -2 .
Lard com pound, X - l .
Soya bean oil, X - l .
N oodles, X - l .
P otato manure.
Lard, neutral, X - l .
Soya beans.
N ovocain .
P oudretto.
Lard, substitutes, X - l .
Spado handles, m ado from ash
N ux vom ica and products.
Powdered m ilk, X - l .
Lathes, ail sizes.
w ood, birch w ood, hickory w ood and
Oak shooks, X -2 .
Precious stones o f all kinds.
Latho chucks.
oak w ood, X -2 .
'
jJJ
Oak staves, X -2 .
Preserved beef products, X - l .
Lead, arsenate o f, X -2 .
Spaghetti, X - l .
Oak w ood, X -2 .
Leather,
as
follows:
Bolting
Preserved
milk
o
f
all
kinds,
X
l
.
Spiegeleisen
(frequently
described
Oakum, X -2 .
leather, X -3 , glove ca lf and kip
Presses, hydraulic.
1 specular iron” and "m irror Iron” )
Oatmeal, X - l .
leather, glove horse leather, harness
•Printers’ typ e, X -4 .
-X-2.
Oats, X - l .
P
rint paper.
loathor, leather belting, X -3 , shear­
Sprouts, m alt.
Oats, products o f, X - l .
lings, shoo ca lf and kip leather, shoe
Proprietary com pound.
Spruce w ood.
Oats, rolled.
finished sido leather, shoo horso
Prussiato o f soda.
Oil cako, X - l .
Stamps, postage (canceled and
Pulled w ool.
leather, sole leather, X -3 , strap
Oil cako meal, X - l .
uncanceled).
Pyrites.
leather.
Oil o f cloves.
Leaves, cocoa, and products.
Pyrom
eters,
equipm
ent
and
ther­
Staves (oak, ash, birch, m ahogany,
Oil o f sandalwood.
w alnut), X -2 .
m ocouples.
Lenses, ground and optical.
casing, x -2 (frequently
Linen, X -2 .
Quebracho extract, X -2 .
* Steel, as fo llo w s A lloy , X -2 ; bil­
described as ■•boring tubes” ).
y
Quebracho w ood, X -2 .
Linseed meal, X - l .
lets, N -2; bloom s, X -2 ; boiler tubes,
. P 1*l'Tc11 drilling implem ents, m aQuicksilver X -2 .
Linseed oil.
X -2 ; files, abrasive; high speed. X -2 :
and accessories.
Lintors, cotton.
Quinine ana its com pounds, X -2 .
Ingots, X -2 ; oil well casings. X -2 ;
Oils, as follows: Analino; axle, and
Radial drilling machines.
L ocom otives and parts thereof.
(frequently described as "b o rin g
Lubricating oils.
R
adio
and
wireless
apparatus
and
castor
x
T
n
L
t
1
W
*
b
&
zta
e;
tubes ); plates, including ship, boiler,
Lum ber as follows: Ash w ood, X -2 , castor, X -2 , castor, sulphonatcd, X -2 ; all accessories, X -2 .
tank and all other classes o f stee!
X
_
2
’
clov
°:
cocoanut,
Rags, woolen or worsted.
birch w ood, X -2 , chestnut w ood, X -2 , X - l ; cod liver; copra. X - l •com y-_i!
plates 3-a-inch thick and heavier and
R ailw ay cars, com pletely assem­ wider than 6 inches, and circles over
fir tim ber, X -2 , m ahogany w ood, cottonseed, 3 c-l; crude* cylinder*
bled and unassembled, and parts 6 Inches diam eter whether plain or
X -2 , oak w ood, X -2 , plyw ood and
fuel;
gas;
gasoline;
hand
fanthereof.
?* ^ .
veneer o f all kinds, spruce w ood,
fabricated. This Includes N o . 11
tm ii.e 0iSeno:i lan tcn i: linseed; lubrlwalnut w ood, X -2 , yellow pine meas­
R ake handles m ado from *' ash U . S. g a u g e /b u t not N o . 11 B . W .
uring 12 b y 12 Inches and larger size
w ood , birch w ood , hickory w ood,
^
o g0’. ^ ‘ 2 :^ cj:aP ' x ~2’ ^ e e t bars.
and oak w ood , X -2 .
25 feet long and longer, X -2 .
X -2 ; slabs, X -2 ; wire rope, cable or
M acaroni, X - l .
R apcsced oil, X - l .
b
strand consisting o f six w£res orkm ore.
- i , sanaaiwood; soya
M achines, as follow s: Aeronauti­
Ream ers.
f»c
cal, their parts and accessories; bor­
Reclaim ed rubber.
Steel furnaces.
ing (horizontal and vertical); drilling
R eflectors, searchlight, X -2 .
Stones, precious, o f all k in d s ."
R esin, guiacol.
(radial); milling, plain and universal
Strand (iron and steel), consisting
8
K
S
"
to
?"'
IRTF
Resin, guaiac.
(oxcopt hand millers); oil well drill­
o f six wires or m ore, X -2 .
R ico, X - l .
ing and accessories.
Strap leather.
8 K l S E , and
x -2
R ico flour, X - l .
M achine tools as follows: Grind­
Strontium ores, X -2 .
Optical instruments.
R
ods,
copper.
X
-2
(individual
ers, internal, plain and universal;
Strophanthine.
Optical lenses.
licenses not required to Canada and
horizontal and vertical boring ma­
Strophanthus.
Ore, as follow s: A ntim ony, X -2 - N
ew foundland).
chines; lathes, all sizes; milling ma­ crom
Strychnine.
ium and any m etal or foird alloy
R olled oats.
chines, plain and universal (oxcopt
Stud link chain.
^T2:
c,?
baIfc
and
any
metal
R
olling
mills,
plate.
hand millers); planers; radial drilling or ferro alloy thereof, X -2 ; m angaStud link cable.
R o o t, senega.
machines; Blotters; vortical boring ncso and any motal or ferro alloy
Sugar, X - l .
R op o, manila, X -2 .
mills, all sizes.
Sugar beet seed.
Hicreof, X -2 ; strontium , X -2 ; tin
R op o, wire (iron and steel), con­
M agnoslto.
Sugar o f m ilk.
sisting o f six wires or m ore, X -2 .
M agnesium .
Sulphate o f alumina,* X -2 .
R ubber.
Magnesium , sulphate, X -2 .
Sulphate o f amm onia, X -2 .
R ubber,
articles manufactured
M ahogany shooks, X -2 .
Sulphate o f antim ony, X -2 .
thoreof (individual licenses n ot re­
M ahogany stavos, X -2 .
Sulphate o f barium (blanc fixe).
quired to C a n a d a l and; N ewfound­
M ahogany w ood, X -2 .
Sulphate o f copper (bluestone).
land).
M aizo (corn ), X - l .
Oxide o f antim ony, X -2 .
M a lt, X - l .
R ubber, reclaimed.
Sulphate o f magnesium, X -2 .
Oxide
p
f
manganeso,
X
-2
.
R ubber, scrap.
M a lt sprouts.
Sulphate o f soda.
Palladium.
ltyo, X -l.
M anganoso, chemical com pounds
Sulphate o f zinc.
Palm oil, X - l .
thoreof, X -2 .
R ye flour, X - l .
Sulphide o f antim ony, X -2 .
Paper, as follow s: B ook , news­
R yo m eal, X - l .
M anganese oro and any metal or print, poster, print.
Sulphide o f sodium, X -2 .
Saccharin, X -2 .
ferro alloy thoreof, X -2 .
Sulphite o f sodium . X -2 .
Paper makers’ felts, X -5
Sal am m oniac, X -2 .
M anganeso oxido, X -2 .
Sulphonated castor oil, X -2 .
Paraffin d°phen°l • (Amidophenol).
Sal soda, X -2 .
M anila fiber and products manu­
Sulphur, X -2 .
Salm on, canned, X - l .
factured therefrom , X -2
Sulphuric acid, X -2 .
Paraffin
oil.
M anure, cattle.
Saltpeter, X -2 .
Superheaters.
Paraffin wax.
M anuro, p otato.
Salts, as follows: A m m onia, X -2 ;
Superphosphate, X -2 ,
Paranltranlline, X -2 .
anillno; antim on y, X -2 ; bism uth]
Surgical Instruments.




s t e f lf i1"!0- x-'-

SS B S ”! “r

aS fS M S S . x'2: <Mr“ »w-

THE CHRONICLE

16 32

Vegetable fibers, except cotton ,
Sirup, as follows: B eet, X - l ; cane,
X - l ; corn, X - l ; invert sugar; maple. X -2 .
Vegetable fibers, products m anu­
X -l.
factured therefrom , except cotton,
Tachom eters.
X -2 .
Tankage.
Velvet beans, X - l .
T ank plates, iron and steol, and
Veneer and plyw ood o f all kinds.
all other classes o f Iron and steel
Veratrin.
plate H Inch thick and heavier
Vermicelli, X - l .
and wider than 6 inches and circles
Vertical boring machines.
over 6 inches diam eter whether plain
Vertical boring mills (all sizes).
or fabricated. T h i s l n c l u d e s N o . i l
Vitriol, blue, X -2 .
U . S. gauge, b ut not N o. 11 B . W .
W alnut shocks X -2 .
gauge, X -2 .
W alnut wood, X -2 .
Torneplato, X -4 .
W aste, woolen.
Tetrachloride o f tin, X -2 .
W aste worsted.
Tetrachlorm ethane.
W ax, paraffin.
Tetranitroaniline.
W heat, X - l .
Tetranitromethylaniline, X -2 .
W heat flour, X - l .
Tetranitroethylaniline, X -2 .
W heat, products o f, X - l .
T hem iocouplos for pyrometers.
W hite metal, X -4 .
Thorium and articlos containing
W hite zinc (d ry ).
thorium , X -2 .
W ire, copper, X -2 (individual
b,*1
T hym ol, X -2 .
licenses not required to Canada and
; Tim ber, fir, X -2 .
■ T in, as follows: A ny m etallic alloy N ew foundland).
W ire rope, cable, or strand (iron
containing tin, X -4 ; block, X -4 ;
bottle caps, X -4 ; chloride of, X -2 ; and steel), consisting o f 6 wires or
collapsiblo tubes, X -4 ; com pounds m ore, X -2 .
Wireless and radio apparatus and
o f, X -2 ; em pty container, X -4 ; foil
and com position foil containing tin, all accessories, X -2 .
W olfram ite. X -2 .
X -4 ; m etallic, X -4 ; ore, X -4 ; phosW ood , as follows: Ash, X -2 ; birch,
phorized, X -4 ; pig, X -4 ; plate, X -4 ;
X -2 ; fir tim ber, X -2 ; m ahogany, X -2 ;
scrap, X -4 ; tetrachloride, X -2 .
oak, X -2 ; spruce; veneer or ply w ood
Titanium , X -2 .
o f all kinds; walnut, X -2 ; yellow pine,
Tolidin, X -2 .
measuring 12 b y 12 inches b y 25 feet
T oluene, X -2 .
Toluidine, X -2 (orthotoluldlne), and larger sizes, X -2 .
W ood , alcohol, X -2 .
(paratoluldine).
W ood , chestnut, X -2 .
T olu , balsam.
W ood , quebracho, X -2 .
T oluol, X -2 .
W ool, as follows: In the greaso,
T oluol, derivatives, X -2 .
pulled, scoured.
T om atoes, canned, X - l .
W oolen by-products.
T ools, copper, X -2 (individual li­
W oolen chips.
censes not required to Canada and
W ool manufactures o f, X -5 .
N ewfoundland).
W oolen rags.
T op s, worsted.
W oolen waste.
Trinitrophenol, X -2 .
W oolen yam s.
Trinitrotoluol, X -2 .
W orsted by-products.
Tubes, boiler, X -2 .
W orsted clips.
Tubes, brass, X -2 .
W orsted manufactures o f, X -5 .
Tubes, copper, X -2 .
W orsted noils.
Tuna fish, canned, X - l .
W orsted rags.
Tungsten, any chemical com pound
W orsted tops.
thoreof, X -2 .
W orsted waste.
^ Tungsten ore and any metal or
W orsted yarns.
ferro alloy thereof, X -2 .
Yarns, woolen.
Turbines.
Yarns, worsted.
Tw ino, binder, X -2 .
Yellow pine, measuring 12 b y 12
Twist drills.
inches, b y 25 feet and larger sizes,
T y p e m etal, X -2 .
T yp o, printers', X -4 .
X -2 .
Y ellow phosphorus, X -2 .
Uranium, X -2 .
Zinc and its com pounds.
Vanadium, X -2 .
Zinc sulphato.
Vanillin.
Z inc, white (d ry).
Varnish.

[Voii. 109

of interfering in any way with the food, discipline or move­
ment of military forces, carrying on any printed or other
propaganda favoring the cause of tho enemy or opposing
the cause of the United States, injuring or destroying war
material, or spreading false rumors projudicial to the United
States shall bo deemed to be a spy and tried before a court
martial, which shall have power to impose the sentence of
death or otherwise.
In introducing this bill Senator Chamberlain, it is said,
was animated by the belief that legal delays and petty
technicalities are hampering the Department of Justice in
its efforts to stamp out sedition and curb the spy menace.
Senator Chamberlain said there were six fundamental
reasons for the bill’s immediate enactment and application
to the situation:
1. Tho war cannot be run in the criminal courts b y the Departm ent o f
Justice.
2. T ho A rm y should deal with enemy activities.
3. Congress should grant all the authority to the A rm y and N a vy
necessary.
4. T he moral effect o f one m an arrested and tried b y court martial is
w orth 100 men tried b y tho Departm ent o f Justice in tho criminal courts.
5. T he one feature o f bail alone makes the criminal courts unsultod for
war crimes. A m an is indicted fo r seditious speeches. H e is roleased on
bail and goes ahead and makes even m ore seditious speeches.
6. Enem y activities are activities which must be p rom ptly punished to
prevent future activities.

The text of tho proposed law is as follows:

T hat owing to changes in the conditions o f m odern warfare whereby the
enemy now attem pts to attack and injure the successful prosecution o f the
war by the United States b y means o f civilians and other agents and sup­
porters behind the lines, spreading falso statements and propaganda, in­
juring and destroying tho things and utilities prepared or adopted for the
use o f tho land and naval forces o f the United States, thus constituting
the United States a part o f the zone o f operations conducted b y the enemy
any person, whether a citizen or a subject o f the enemy country or other­
wise, who shall anywhere in the United States In tim e o f war endanger
or interfere with or attem pt to endanger or to interfere’ with the fo o d ,
discipline, order, m ovem ent, hoalth, safety or successful operation o f tho
land or naval forces o f the United States—
(а) B y causing or attem pting to cause insubordination or refusal o f
duty b y any member o f such land or naval forces, or
(б) B y delivering or transmitting or causing to be delivered or trans­
m itted to any member o f such land or naval forces any written or printed
matter which shall support or fa vor the cause o f the enem y country or of
its allies in the war, or which shall oppose tho cause o f the United States
The Board also made known the following official list of therein or which shall contain any false reports or false statements in­
tended to interfere with the successful operation o f such land or naval
colonies, possessions and protectorates of Great Britain, forces, or
France and Italy used by the W ar Trade Board and its
(c) B y printing or publishing any such printed m atter, or
(d) B y performing or attem pting to perform any act mado an offenco
branch offices in considering applications and the issuance
against the United States b y Section 1 (a), Section 1 (6), Section 1 (c).
of export and import licenses as obtained from the Depart­ Section (d) or Section 12 o f T itle 1 o f the A ct, entitled “ An A ct to punish
acts o f interference with tho foreign relations, the neutrality and foreign
ment of State:
com m erce o f tho United States, to punish espionage and better to enforce
French Possessions.
In Africa— Algeria; French K ongo; M adagascar (including the C om oro the criminal laws o f the United States, for other purposes,” approved
Islands); Island o f Reunion; Somali Coast Protectorate; Sudan; French Juno 15 1917, as amended, or
(e) B y perform ing or attem pting to perform any act m ade an offonuu
W est A frica, comprising the colonies o f Senegal, French Guinea, Ivory
C oast, D ahom ey, Upper Senegal, N iger (French Sudan), and the Civilian against the United States b y tho A ct, entitled "A n A ct to punish the de­
struction or injury o f war material and war transportation facilities b y
T erritory o f M auretania; Tunis.
In Am erica— Guadaloupe and dependencies, consisting o f the smaller fire, explosives or other violent means, and to forbid hostile use of property
Islands M ario Galanti, Las Sainted, Deserade, St. Barthelem y and S t. during time o f war and for other purposes,” approved April 1918, or
(.0 B y performing or attem pting to perform any act m ado an offenco
M artin; French Guiana; M artinique; St. Pierre and M iquelon.
In Australasia and Oceania— N ow Caledonia and dependencies, consist­ against the United States by section 12 or Section 13 o f tho A ct. entitled,
" A n A ct to authorize the President to increase temporarily tho m ilitary es­
ing o f tho Islands o f Pinos, the W allis Archipolago, tho L oyalty Islands,
the U uon Islands, and tho Islands o f Futuna and A lafi; S ociety Islands; tablishment o f tho United States,” approved M a y 18 1917, shall bo deem od
Marquezas Islands; the Tuam otu group; Leeward islands; tho Gambior to bo a spy and be subject to trial b y a gonoral court martial or by a mili­
tary commission o f the A rm y o f b y a court martial o f the N a vy and on
Island; T ubuai Island; Rapa Island.
In Asia— French India, consisting o f tho five colonies o f P ondichery, conviction thereof shall suffer death or such other punishment as said
Karikal, Chandernagar, M ahe, Yananon; French Indo China, com prising general court martial or m ilitary commission or court martial shall direct.
the colony o f Cochin-China, the protectorates o f Annam , C am bodia,
Tonking and Laos, and Kw ang-C hau-W an.
Italian Possessions.
In A frica— C olony o f Eritrea; Italian Somaliland; Tripoli and Cyrenalca.
British Possessions (Dominions, Crown Colonies, &c.).
Europe— Gibraltar, M alta, Cyprus.
Asia— C eylon, H ong K on g, W eihaiwei, Straits Settlements, Federated
M alay States, M alay States not included in the Federation (Johore,
Kedah, Kelantan, Perlis, Trengganu), N orth B orneo, Brunei, Sarawak.
Africa— Ascension, Union o f South Africa, Basutoland, Bochuanaland
Protectorate, Swaziland, M auritius, & c., Seychelles, St. Helena, Sierra
Leone and Protectorate, Gam bia, G old C oast C olony, N igeria, Nyasaland
P rotectorate, Northern Rhodesia, Southern Rhodesia, East Africa P ro­
tectorate, Somaliland Protectorate, Uganda Protectorate, Zanzibar P ro ­
tectorate.
Am erica— Berm uda, Canada, Newfoundland and Labrador, British
Guiana, British Honduras, Falkland Islands.
W est Indies— Bahamas, Barbados, Jamaica, Turks and Caicos Islands,
Trinidad and T ob a go, W indward Isles (Grenada, St. Lucia, St. V incent),
Leeward Islands (Antigua, D om inica, M ontserrat, S t. K itts and N evis,
Virgin Islands).
Australasia— N ew South W ales, V ictoria, Queensland, W estern A us­
tralia, South Australia, Northern Territory, Tasm ania, N ow Zealand,
F iji, Papua, Solom on Islands Protectorate.

SENATE

BILL PROVIDING FOR COURT MARTIAL
FOR ALL SEDITION CASES.

The most drastic law yet proposed for dealing with cases
of sedition, disloyalty and espionago was introduced in tho
Senate on April 16 by Senator Chamberlain, Chairman of
the Committeo on Military Affairs. Hearings were begun
on the bill on Wednesday, and sensational developments
were predicted. B y the terms of the bill all persons accused




PUBLICATION OF CASUALTY LISTS RESUMED—
NEW CENSORSHIP RULES.
The W ar Department on April 9, then acting on cabled
orders from Secretary Baker in France, resumed the publica­
tion of daily lists of the casualties among our overseas forces.
The lists had been suspended on April 2 when Secretary
Baker sent orders that in future all nows concerning American
troops abroad would be given out only at tho headquarters in
France. The W ar Department’s announcement at that
time was as follows:
The W ar Departm ent has been notified that Secretary o f W ar Baker
has prescribed tho following rules for handling publicity o f mattors pertain­
ing to troop m ovem ents and operations:
First. All matters pertaining to events, persons, policies or operations
here (France) will be officially given out only from the headquarters o f tho
American expeditionary forces in France.
Second.— Similar matters affecting forces at hom e will bo given out at tho
W ar Departm ent.

This order was interpreted by tho W ar Department as
meaning that all casualty lists were to be suppressed for tho
time being, and this was done. In tho absence, howevor, of
any statement of the reasons for such a course of action,
especially at a time when American troops woro preparing
to take a largor part in actual hostilities, much criticism was
aroused, and on the 6th acting Secretary of W ar Benedict
Crowell, found it desirable to issue the following reassuring
statement:
Pending the receipt from Secretary Bakor o f a reply to a cablegram from
the W ar Departm ent asking specifically if his order directing that all publics-

A pr. 20 1918.]

THE CHRONICLE

tion with reference to persons in the American expeditionary force be given
out from General Pershing’s headquarters, forbade the publication from
the W ar Departm ent o f lists o f casualties, tho W ar Departm ent announced
that the lists o f casualties which havo been received from General Pershing
daily during the last four days have been absolutely m inor in numbers and
that there has been no great loss on our Western front reported.
Should there be a report o f large losses or a disaster o f any kind the fact
will not be concealed, but tho figures at least will bo given out im m ediately.
T ho relatives o f the soldiers named in tho casualty lists during the last four
days have been already informed.
It is understood b y tho Departm ent that a German propaganda has been
initiated for the purpose o f causing unrest and disseminating tho idea that
thero has been a largo casualty list on tho other side am ong tho American
forces, but not only on this occasion, but on all occasions, the public m ay
be assured that there will bo no suppression o f bad news.

A n Associated Press dispatch from France on the 3rd
gave tho following summary of the censorship rules which
became effective as regards the American forces on that day:
I t is the policy that all Information not helpful to the enem y m ay be given
to tho public. T ho basic principle requires that all articles m ust moot
these four conditions:
First— T h ey must be accurate in statement and im plication.
Second— T hey must not supply m ilitary inform ation to the enem y.
Third— T hey must n ot injure tho m orale o f our forces hero or at hom e or
am ong our allies.
Fourth— They must not embarrass the United States or her allies in
neutral countries.
T ho foregoing conditions apply to every article written. T h e specific
rules which follow aro intended to explain them , but never to bo considered
as perm itting tho publication o f anything which conflicts with those four
conditions.
There will never bo Identification b y numbers or organization.
Concerning troops in tho lino, identification will bo only as announced in
the official com m unique.
Concerning troops in training, there will be no identifications b y sections,
such as N ow Y ork troops and Ohio troops” in cable dispatches.
W hen it is obvious to tho censor that, in consideration o f tho tim o ele­
m ent, no m ilitary inform ation will bo given to tho enemy b y articles sent by
mail,^ thero can bo identification o f small groups, as “ Now England troops”
mid "N o w Y ork troop s.” Reference cannot bo m ade to troops o f tho
National Guard or tho national arm y or regular organization. During this
war wo havo only one arm y, tho United States A rm y.
As to individuals, a name can be used whonever a story m aterially is
obviously helped. Tho determination o f this is in tho hands o f tho censor,
not o f the writer.
Places can ho m entioned only to a limited extent. W ithin the advance
zono no sector shall bo said to have any American troops in it until tho
enem y has established it as a fact by taking prisoners.
Ship m ovem ents, real or possible, will not bo discussed. Plans o f the
arm y, real or possiblo will not be discussed. Numbers o f troops as a total
or as classes will not be discussed, except b y com m unlquo.
T ho effects o f enemy fire will not be discussed except b y com m unique.
Articles for publication in Europe will be scrutinized carefully to make
euro that they d o not hold possibilities o f danger which tile samo stories in
tho United States would not hold. This applies not only to military
inform ation, which thus would bo in the hands o f the enem y within a day
after writing, but also to an emphasis on small exploits, which it m ay be
extremely desirable to print in the United States, but quite undesirable to
print In Europo. Exaggeration o f our activities, accom plished or co n ­
tem plated. will be studiously avoided because o f tho bad effect o f this on
tho respect our allies havo for our promises.
Casualties as to numbers will bo passed only as indicated in tho com ­
m unique. Individual dead or wounded will bo m entioned b y namo only
whero it is reasonably manifest to tho censor that tho facts are correct and
that some definite and good aim, such as offering examples o f heroism ’ will
be served b y printing.
In tho main It is desirable to print no names o f dead and wounded until
tho Departm ent lias had timo to notify their families, and as notifications
com es only through tho hospital reports, it is apparent they will be delayed
Under no circumstances are thore to be reports, as for example " T h a t ’a
m ajor-goncral was k illed." Either tho m an’s name Is to be given or ho is
not to bo mentioned at all, whother for m ilitary reasons or because such a
vague statement would uselessly alarm the families o f all other m ajorgenerals in France.
The American censorship is final in articles concerning American troops
Thrco cases present themselves and aro disposed o f as followsI f American troops aro operating in a strictly American sector, tho news
Is submitted to American General Headquarters.
I f tho troops are operating in a strictly Allied sector, tho news must be
submitted only at the General Headquarters o f the Allied arm y concerned
I f the troops are operating in conjunction with an Allied force, tho news
o f those Joint operations must be submitted at either the Field Head­
quarters o f tho American Expeditionary Force or tho Field Headquarters
o f tho Allied arm y concerned. In such a case the American officer desig­
nated as Field Censor with the Allied A rm y General Headquarters will
examlno every mention o f American troops in such story. His written
signature and the addition o f “ controle Americano” will bo essential to the
passage o f that portion o f such story.
In tho samo way tho officer o f an Allied arm y concerned and designated
as Field Censor with the American Goncral Headquarters will examine
every m ention o f Alliod forces in such story, and his O. K . will bo essential
to the passage o f that portion o f tho story.

THE RETURN OF SECRETARY BAKER.
Secretary of W ar Newton D . Baker on Tuesday returned
from a month’s trip to Europe, during which ho visited
France, England and Italy, observing at first hand tho
military situation and conferring with the heads of Govern­
ments and Generals of armies with whom the United States
is eo-oporating in tho world war. M r . Baker, while admit­
ting the seriousness of the present military situation, is full
of confidence as to the final outcome, expressing surpriso,
according to the press correspondents, that any one should
be depressed over the situation on the Western front. M r.
Baker was in France when the great German offensive
began, and has been in close touch with the men charged
with stemming the tide of the German onslaught, and is




1633

enthusiastic in praise of the indomitable spirit prevailing
among the people of our co-belligerents.
Secretary Baker has issued no official statement since his
return, but press reports from Washington credit him with
urging upon President Wilson the need for a greater Amer­
ican army and a maximum speed in preparation to meet
the emergency on the western front. The Secretary’s
recommendations to the President are said to call for an
army of 3,0 00,0 00 men immediately, and more as fast as
the machinery for organization can be provided. M r .
Baker is to appear before the M ilitary Committee of the
House in a few days.
In regard to the American forces in France, an interview
published in the N ew York “ Times” on Thursday quotes
M r . Baker as follows:
So far as our own forces are concerned, any man who goes to France
will havo an increasing sense o f admiration for the magnitude, the thorough­
ness, and the speed with which the American A rm y has done its work;
and by that, o f course, I refer chiefly to its organization o f means o f com ­
m unications, lines o f supply, its warehouses and distributing facilities
tho schools organized for the training o f the special arms and the special
officers. Y ou get the impression o f the American A rm y in France as a
beehive o f the m ost energetic people, and everybody is doing his jo b with
onthusiasm and success. T hey know n o hours and no limitations on labor;
the question is to get the m ost done possible, and the amount done is an
amazing story.
T he condition o f our soldiers in France is a thing that I am very happy
to have an opportunity to tell in the widest possible w ay. Our boys are
well physically— big, strong, robust and healthy— and they are well In
every other way. Their spirits are high, their behavior is m ost admirable,
their relations with the French people and the French soldiers, and the
British soldiers to the extent I saw o f them , were cordial and sym pathetic.
The healthfulness and wholesomeness abou t the American A rm y over there
is perfectly splendid.
T he enthusiastic expression o f all those who have been on the battle
lino is that they "w ant m ore.” T he American soldier has m ade good in
France, and French and British m ilitary authorities and critics uniformly
praiso the courage, endurance and soldierly qualities o f the Americans.
T he only sad Americans in France are those who for any reason fear they
m ay havo to com e hom o before the Job is done— officers and men alike.
T h ey , o f course, want to com e hom o when the jo b is done, but just suggest
to any one that he m ight be sent hom e because he possesses som e inform a­
tion that might be useful and it almost breaks his heart.
The boys receive the Information that they should prepare for duty for
front with tho greatest enthusiasm; one regiment o f engineers ordered out
cheered so loudly that you hear them over the telephone.
T he inform ation I went to France to get I got, and the picture o f the
actual application o f all this effort, and I am now equipped with the means
o f judging and appreciating the kind o f co-operation that the AVar D e ­
partment in America can give to that arm y that w ouldn’t have been possible
without the visit to the actual field o f battle. It will undoubtedly lead to
a very m uch better co-operation between the department and tho navy
in France.
I he big thing for America to d o is to support the war— support it finan­
cially, support it in sentiment, belief, confidence, and courage. T he right
arm o f America is in France, and it is bared ready for action and striking
hard. The rest o f the b od y is over here, and we must support and invigor­
ate that arm . That means subscriptions to the Liberty Loan, and it means
tho adoption o f the sort o f confidence in our arm y in France which its own
activities justify and deserve.

Secretary Baker arrived in France on M ar. 10, having
made the crossing on a cruiser convoying a fleet of transports
on which 10,000 American soldiers were taken to France.
M r . Baker’s plans had been so carefully guarded that the
announcement of his arrival in France came as a great sur­
prise to the general public. Correspondence made public
on M a r. 12, between Secretary Baker and President Wilson
revealed that General Pershing had repeatedly urged M r .
Baker to make a personal inspection of the army at the front.
M r . Baker in his letter to the President dwelt on the need
of such a personal inspection in shaping the plans of the
W ar Department, and the advantages of being able, after
an actual visit to the camps, to assure the relatives and
friends of our boys overseas that their welfare was being
properly looked after. President Wilson in reply, agreed
with Secretary Baker that his visit would add to the morale
of the army, both abroad and at home, and that it would
be “ serviceable to all of us to have the comparative view
which you will bring back with y o u .”
M r . Baker’s letter to the President was as follows:
„
_
February 20 1918.
M y Dear M r. President:
I havo had repeated cablegrams and letters from General Pershing
urging that I visit our expeditionary forces In France, and as our plans have
gone forward I havo com e more and m ore to realize the need o f an actual
Inspection o f ports, transportation and storage facilities and cam ps o f our
overseas arm y.
Of course, we are constantly having officers o f tho several armies re­
turning from France with inform ation and recomm endations, but they
frequently serve only to illustrate the im possibility o f securing a com plete
view o f tho situation b y any other course than a personal inspection.
In addition to this, the relatives and friends o f our soldiers are deeply
concerned to know the conditions under which these soldiers live and
the environment in which they find themselves. It will be o f Importance
if I can give com forting assurances as the result o f an actual visit to the
cam ps, and it m ay be that I can suggest betterments as tho result o f our
exporionco hero, where great cam ps have been built and a m ost whole­
some and helpful environment provided, with the co-operation o f all the
helpful and sym pathetic agencies which the people o f tho country have
placed at our disposal.
T he various reorganizations in the W ar Departments have now pro­
ceeded to a place whero I feel that they will proceed uninterruptedly with
their task, and I can with m ore com fort than would have been possible

1634

THE CHRONICLE

[Vol. 106.

officials of the Board do not believe it will bo necessary for
M r . Schwab to make such a sacrifice. They pointed out
on the 17th that he would have nothing to do with letting
of contracts, and that, in addition, virtually every yard
in the United States already had all the contracts it could
fulfill until 1920. The yards which M r . Schwab controls
are engaged almost exclusively on work for the N a v y .
T o this the President replied:
M r . Schwab entered upon his new duties on April 18. After
M y Dear M r. Secretary:
I
have you r letter o f F eb. 20 and concur in your judgm ent that General
conferring with Chairman Hurley of the Shipping Board
Pershing’s repeated requests that y ou should visit our expeditionary
and M r . Piez ho was interviewed by newspaper men as to
forces in France should be com plied w ith. I bolieve that it will add to the
morale not only o f our forces there, but o f our forces hero, to feel that you his work; the N ew York “ Times” quoted him as saying in
are personally conversant with all the conditions o f their transportation part:

at an earlier tim e be absent for a brief tim e. I am writing, therefore, to
ask you r consent to m y absence long enough to pay a hurried visit to
France for such an inspection trip as I have herein outlined. M y plans
would carry mo to Franco, and would Include a thorough Inspection o f our
ports, lines o f transportation and com m unication and cam ps, with a brief
visit to Paris and London.
R espectfully yours,
NEW TON D . BAKER.

and treatm ent on tho other side, and I beliove that it will bo serviceable
to all o f us to have the com parative view which you will bring back with

T h o work which M r . H urley and M r . Piez have done is prodigious,
splendid, m agnificent. It is far greater than any man who hasn’t seen the
inside o f things can appreciate.
I
sincerely hope that you r Journey will be safe. W e shall look for you r
T ho foundation is laid and that task is well done. W e are going to get
return with Impatience, because you r guidance is constantly needed here.
tho results which are needed and I shall bo proud if I can havo any part in
C ordially and sincerely yours,
tho
accom plishm ent. All I can say for m yself is that I am filled with
W O O D R O W W IL S O N .
enthusiasm, energy and confidence.
M r. Hurley and I are in full accord on everything and we aro going to
shoulder to shoulder to m ake tho work a success. But tho largo
DEATH OF SENATORS STONE A N D BROUSSARD. work
burden must fall upon tho people at the yards, and they aro entitled to any
United States Senator William J. Stone, who was stricken credit for success.
W e can plan and advise and encourage, but wo can’t d o the work our­
with paralysis while on his way to the Capitol in a street
selves. Appreciation and encouragem ent are tho things needed. I havo
oar on April 10, died on April 14. Senator Stono was born found in m y long experience that no m an can d o his work well unless his
on M a y 7 1848 in Madison County, Kentucky. After efforts are appreciated.
I d o not want to havo any man in tho shipyards working for mo; I want
graduating from Missouri University, ho became a lawyer them all working with m e. N othing Is going to be w orth while unless we
and was admitted to the bar in 1869. Ho was Prosecuting win this war, and every ono must do the task to which ho is callod. __
I d o not know anything about policies and things o f that kind. T hat is
Attorney of Vernon County, M o ., 1873 and 1874. He
M r. H urioy’s duty. I d o not want to go to meetings to try to got things.
was elected to tho 49th, 50th and 51st Congresses and was I am essentially a field man, and that is whore m y work will be. I do not
Governor of Missouri from 1893 to 1897. Ho represented know what I can do: tho only thing I know is that I am filled with optimism
his State on the Democratic National Committee from and energy, and I want every one else to feel the samo w ay. All I know is
that I am going to build ships, and I know it can bo done.
1896 to 1904 and was Vice-Chairman four years of that
M y place is in the yards, and I shall spend a great part o f tho time thero.
tim e. In 1903 he entered the Senate, succeeding Senator I want all o f the shipbuilders and shlpworkers to feel tho samo kind o f
Vest. In 1909, ho was re-elected and again in 1914, to serve enthusiasm and optim ism that I feel. I want thorn to realize that nothing
is going to be any good to any o f us unless we win this war.
until 1921.
And I want every one in tho yards to understand that if wo succeed in
Senator Stone was one of the twelve Sonators who in building theso ships, and I know we will, that the credit w on’t belong to
March 1917 went on record against granting to President M r. H urley, M r. Piez, and m e, b ut to the men who actually built tho ships.
And wo want them to know that thoy will get the full credit.
yuu.

Wilson the powers asked for in the armed ship legislation.
H e was also opposed to tho declaration of war on Germany,
but with the entry of the country into the conflict gave evi­
dence of his intention to stand by the Government in sup­
porting its war measures.

Another U . S. Senator Robert F . Broussard, Jr., from
Louisiana, died on April 12 after an illness of several weeks.
The death of Senator Broussard will make it necessary for
Louisiana to elect two United States Senators in the general
election next Novem ber. Senator Ransdell’s term expires
March 4 next, and a successor will have to bo chosen to fill
out the term of Senator Broussard, which expires March 4
1921.
'___________
'

CHARLES M. SCHWAB MADE DIRECTOR-GENERAL
OF EMERGENCY FLEET CORPORATION.
The entire supervision and direction of the Government’s
shipbuilding program is given Charles M . Schwab, with
his appointment, announced on April 16, as DirectorGeneral of the Emergency Fleet Corporation— a newly
created post. A t the suggestion of Vice-President and
General Manager of tho Corporation Charles Piez the office
of General Manager is abolished in order to give M r . Schwab
a free hand in his now undertaking. M r . Piez will romain
as Vice-President. Announcement of M r . Schwab’s ap­
pointment was made as follows on the 16th b y President
W ilson’s Secretary, Joseph P . Tum ulty:
ft Edwin N . H urley, Charles M . Schwab, Bainbridge C olb y and Charles
Piez wero received b y tho President at the W hite H ouse to-d a y . It was
stated that tho subject discussed was tho progress and condition o f the
national shipbuilding program. T h o carrying forward o f tho construction
work in tho 130 shipyards now in operation is so vast that it requires a
reinforcem ent o f the shipbuilding organization throughout the country.
Later In the da y. Chairman H urley o f tho Shipping Board announced
that a new office with wide powers had been created b y the trustees o f the
E m ergency Fleet C orporation. The new position is that o f DirectorGeneral, and M r . Schwab has been asked and has agreed to accept this
poistion in answer to the call o f the nation.
Charles Piez, Vice-President o f the E m ergency Fleot Corporation,
recom m ended that the p ost o f tho Genoral M anager o f the Corporation
be abolished at once so that M r . Schwab, as D irector-G eneral, should bo
w holly unhampered In carrying out the large task entrusted to him . M r.
Piez, since tho retirement o f Admiral Harris, has been filling b oth tho
position o f Vice-President and that o f General M anager.
M r . Schwab wll have com plete superv sion and direction o f tho work o f
shipbuilding. H e agreed to take up the work at the sacrifice o f bis personal
wishes in the m atter. His services were virtually com m andeered. His
great experience as a steelmaker and builder o f ships has been drafted for
the nation.

M r . Schwab, who is Chairman of the Board of Directors
of the Bethlehem Steel Corporation, is said to havo told the
Shipping Board that he is willing to withdraw from his
Bethlehem Steel connections if necessary with the assump­
tion of his new functions. I t is stated, however, that




W ith tho announcement of M r . Schwab’s appointment
on April 16 it was reported that tho Shipping Board would
continue direction of policies and dotermino the number and
character of ships to bo built. After a program has been
decided upon, it will be M r . Schwab’s task to put it through,
and in this he will have unlimited authority and resources.
In pointing out that M r . Schwab is the fifth man to be put
in charge of the Shipping Board’s building program, the
Associated Press dispatches from Washington on April 16
said:
M ajor-General Goethals was the first m an put in charge o f tho ship­
building program. His retirement cam e after a long series o f disagree­
ments with William Denm an, Chairman o f tho Shipping B oard. After
the m atter had been laid beforo President W ilson, both resigned to permit
a com plete reorganization o f tho board and fleot corporation. Rear
Admiral Capps, who succeeded General Goethals, resigned becauso o f illhealth and dissatisfcatlon with his powers, giving way to R ear Admiral
Harris, form er C hief o f tho N a vy's Bureau o f Yards and D ocks, who hold
tho job tw o weeks, quitting becauso ho thought ho had not enough authority.
M r. Piez, who had been an assistant to M r. H urley, then took tho place,
and has had charge o f m ost o f tho work accom plished b y the Fleet C or­
poration.

Ira A . Campbell of San Francisco on April 16 was ap­
pointed admiralty counsel for tho Shipping Board in place
of Alfred G . Huger, who has been commissioned a M ajor
in the Arm y.
A bill appropriating $50,000,000 for constructing con­
crete ships was introduced on April 16 by Senator M c Cumber of N orth D akota. Tho measure, which is under­
stood to havo the approval of President W ilson, was pre­
pared by Chairman Hurley of the Shipping Board.
Legislation giving tho President powers to prescribe
tonnage charter rates was urged on the 16th before the
House Merchant Marine Committee by Shipping Board
officials. A bill seeking further nations of ships built in
this country was also advocated.

PRESIDENT WILSON'S PROCLAMATION TAKING
OVER ATLANTIC COASTWISE STEAMSHIP LINES.
In accordance with a proclamation issued by President
Wilson under date of April 11 control of four of tho principal
Atlantic coastwise steamship linos was assumed by tho Rail­
road]Administration on April 13. The lines commandoored
by[thoJPresident are the Clyde Steamship Company of Maine;
the Mallory Steamship Company of M aine, tho Merchants’
& !M in ers’ Transportation Company of Maryland and the
Southern Steamship Company of Dolawaro. DireotorGeneral M cAdoo already has control of tho railway owned
lines, viz.: tho Ocean, Old Dominion, Southern Paoifio,
Baltimore Steam Packet and Chesapeako Steamship Com­
pany. The President’s proclamation of tho 11th adds, it

A pr . 20 1918.]

THE CHRONICLE

is stated, 03 coastwise vessels, averaging 3,500 tons each
to tho 48 othor coastwise ships already under Government
management, making a total of 111 vessels, aggrogating
nearly 400,000 tons. Those will be assigned to carrying
coal and othor materials botwoon Hampton Roads and New
England, cotton from tho South to New England and other
traffic, which will result in relieving rail transportation.
Under private management, it is said, many of tho ships
talcon over under tho proclamation have been running on
inflexible schedules and routos, often carying light cargoes,
at least one way, and have not lent themselves entirely to
tho exigencies of railway and port congestion. One of tho
first stops of the Government, it is stated, will bo to placo a
greater number of tho vessels in tho coal-carrying trado be­
tween Hampton Roads and New England, to provido for a
reserve of fuol for next winter. Of tho 63 ships now com­
mandeered, 30 bolong to tho Clydo Lino, 14 to the Mallory,
13 to tho Merchants’ & Minors’ and 6 to the Southern. In
his proclamation President Wilson states that DirectorGonoral M cAdoo shall “ enter upon negotiations with tho
soveral companies looking to agreements for just and reason­
able compensation for tho possession, use and control of
their respective properties, and fix such just compensation
as provided by law .” Tho President’s action in commandeoring the steamship linos was taken undor tho clause
in tho Arm y Appropriation A ct of Aug. 29 1916, giving
tho President authority to take possession and assumo
control of tho railroad or transportation linos. Tho procla­
mation sots out that nono of tho companies taken over
shall, whilo under Federal control, without tho approval of
the President, declaro or pay dividends in excess of tho regu­
lar rato during tho three years ended Juno 30 1917. Tho
Government’s proclamation applios to all tho wharves,
docks, warehouses and othor operating facilities of the lines
as well as to tho ships. Coastwise shipping was included in
tho order last Octobor placing undor control of tho Shipping
Board all Amorican vessels of 2,500 tons and over. Whon
tho Govornmont took over tho railroads in Decomber, the
coastwise shipping was roloasod by tho Board and tho rail­
road-owned steamship linos thereupon passed to tho control
of tho Railroad Administration, leaving some of the linos
free to continuo business without any Govornmont super­
vision othor than that oxorcisod by tho Inter-State Commorco
Commission. The creation of a Coastwiso Stoamship
Advisory Committee to aid in the management of tho steam­
ships taken over is roferred to in another itoin. Below wo
give tho President’s proclamation ordoring tho taking over
of tho coastwiso linos:
B Y T IIE P R E S ID E N T O P T H E U N IT E D S T A T E S OP A M E R IC A .
A P R O C L A M A T IO N .
Whereas tho Congress o f tho United States, in tho exercise o f tho consti­
tutional authority vested in them, b y joint resolution o f tho Sonato and
n o u so o f Represontatives bearing date April 6 1917, resolved:
"T h a t tho state o f war between tho United States and tho Imperial
Gorman Governm ent which has thus been thrust upon tho United States
is hereby form ally declared; and that tho President bo, and ho is hereby
authorized and directed to em ploy tho entiro naval and m ilitary forces o f
tho United States and tho resources o f tho G overnm ent to carry on war
against tho Imperial German G overnm ent; and to bring tho con flict to a
successful termination all o f tho resources o f tho country aro hcrebv nlodaod
b y tho Congress o f tho United S tates."
* i
K
And b y join t resolution bearing dato o f D ec. 7 1917 resolved:
"T h a t a stato o f war Ls hereby declared to exist between tho United
Statos o f America and tho Imperial and Royal Austro-Hungarian G overn­
ment; and that tho President bo, and ho is hereby, authorized and directed
to em ploy tho entire naval and m ilitary forces o f tho United Statos and tho
resources o f tho Governm ent to carry on war against tho Imperial and
R oyal Austro-IIungarian Governm ent; and to bring tho con flict to a suc­
cessful termination all tho resources o f the country aro hereby pledged bv
tho Congress o f tho United States.”
And whereas It is provided b y Soction 1 o f tho A ct approved A ug. 29
1910, ontitlod "A n A ct making appropriations for tho support o f tho A rm y
for tho fiscal year ending Juno 30 1917, and for othor p urposes," as follows:
"T h o President in tim o o f war ls em powered, through tho Secrotary o f
W ar, to take possession and assumo control o f any system or systems o f
transportation, or any part thereof, and to utilizo tho sam e, to tho exclu­
sion, as far as m ay bo necessary, o f all other traffic thereon, for tho trans­
fer or transportation o f troops, war material, and equipm ent, or for such
other purposes connected with tho em ergency as m ay bo needful or desirab lo ."
And whereas it has now becom e necessary in tho national defenso to tako
possession and assumo control o f certain systems o f transportation and to
utilize tho samo, to tho exclusion, as far as m ay bo necessary, o f other than
war traffic thereon, for tho transportation o f troops, war material, and
equipment therefor, and for other needful and desirable purposos connected
with tho prosecution o f tho war;
N ow , therefore, 1, W oodrow W ilson, Prosldont o f tho United States,
under and b y virtuo o f tho powers vested in mo by tho foregoing resolu­
tions and statuto, and b y virtuo o f all othor powers thereto mo enabling,
d o hereby , through Benedict Crowoll, A cting Secretary o f W ar, tako
possession and assumo control at 12:01 a. m . on tho 13th d ay o f April,
1918, o f each and every system o f transportation and tho appurtenances
theroor as follows, to wit: Olydo Stoamship C o., a corporation o f tho Stato
o f M aine; M allory Steamship C o ., a corporation o f tho Stato o f M aine;
M erchants’ & M inors’ Transportation C o ., a corporation o f tho Stato o f
M aryland; and Southorn Stoamship C o ., a corporation o f tho Stato o f Dela­
ware, consisting c f steamships, tugs, lighters, barges, ships, boats and m a­
rine craft o f any and overy kind or description and all tho tacklo, appurtonanccs to and appliances thereof, together with all wharves, d ocks, ware­




1635

houses, and other property o f overy kind or nature, real or chattel, ow ned,
leased, chartered, controlled or used b y said com panies or either o f them in
conducting, or in connection with said transportation systems, to tho end
that such systems o f transportation bo utilized fo r tho transfor and trans­
portation o f troops, war materials and equipm ent, to the exclusion as far
as m ay bo necossary o f all other traffic thereon; and that so far as such ex­
clusive use bo not necessary or desirable such system s o f transportation be
operated and utilized in tho perform ance o f such other services as tho na­
tional interest m ay requiro and o f the usual and ordinary business and duties
o f com m on carriers.
It is hereby directed that tho possession, con trol, operation, and utiliza­
tion o f such transportation system s, hereby b y mo undertaken, shall bo ex­
ercised b y and through AVilliam G . M cA d o o , who has been duly appointed
and designated Director-General o f Railroads. Said Director-General
m ay perform tho duties imposed upon him , so long and to such extent as he
shall determino, through the boards o f directors, officers, and employees
o f said systems o f transportation. Until and except so far as said D irectorGeneral shall from time to timo b y general or special orders otherwise p ro­
vido. tho boards o f directors, officers, and employees o f said transportation
systems shall continuo the operation thereof in the usual and ordinary course
o f tho business o f com m on carriers, in the names o f their respective com pan­
ies.
Until and except so far as said Director-General shall from tim e to tim o
otherwise b y general or special orders determine, such systoms o f transpor­
tation shall remain subject to all existing statutes o f tho United States and
orders o f the Inter-Stato Comm erce Comm ission, and to all statutes and
orders o f regulating commissions o f tho various States in which said systems
or any part thereof m ay be situated. But any orders, goneral or special,
licrcaftor m ade b y said Director-General, shall have paramount authority
and bo obeyed as such.
Tho Director-General shall, as soon as m ay bo after having assumed such
possession and control, enter upon negotiations with tho several com panies
looking to agreements for just and reasonable com pensation for tho pos­
session, uso, and control o f their respective properties and fix such just com ­
pensation as provided b y law.
But nothing horcin contained, expressed or implied, or hereafter done or
suffered hereunder, shall bo deemed in any w ay to impair tho rights o f tho
stockholders, bondholders, creditors, and other persons having interests
in said systoms o f transportation or in tho profits thereof to receive just
and adoquato com pensation fo r the uso and control and operation o f their
property hereby assumed.
T hat none o f said carriers whilo under Federal control shall, without tho
prior approval o f tho President, declaro or pay any dividends in excess o f
its regular rato o f dividencs during tho three years ended Juno 30 1917:
P rovided, how ever. That such carriers as have paid no regular dividends or
no dividends during said period m ay, with tho prior approval o f tho Presi­
dent, p ay dividends at such rato as tho President m ay determino.
E xcopt with tho prior written assent o f said Director-General, no attach­
ment b y mesno process or on execution shall bo levied on or against any o f
tho property used b y any o f said transportation systems in tho con du ct o f
their business as com m on carriers; but suits m ay be brought b y and against
said carriers and Judgments rendered as hitherto until and except so far as
said Director-General m ay, b y general or special orders, otherwise deter­
mino.
From and after 12:01 a. m . on said 13th day o f April, 1918, all transpor­
tation systems Included in this order and proclam ation shall conclusively
bo doom ed within tho possession and control o f said Director-General w ith­
out further act or notico.
In witness whereof I havo hereunto set m y hand and caused the seal o f
tho United States to bo affixed.
D one b y tho President, through Benedict Crowell, A cting Secretary o f
W ar, in tho District o f C olum bia, this 11th d ay o f A pril, in tho year o f our
L ord 1918, and o f the independence o f tho United States tho 142d.
W O O D R O W W IL S O N .
B y tho President:
R O B E R T L A N S IN G , Secretary of Stale.
B E N E D IC T C R O W E L L . Acting Secretary of War.

CREATION OF COASTWISE STEAMSHIP ADVISORY
COMMITTEE.
The appointment of a Coastwise Steamship Advisory
Committee under the Chairmanship of L . J. Spence, of
Now York, Traffic Director for the Southern Pacific Lines,
was announced by Director-General of Railroads M cAdoo
on April 13. The creation of the Committee follows the
taking over of Atlantic coastwise steamship lines in accord­
ance with President W ilson’s proclamation of April 11, re­
ferred to in another item. M r . Spence will appoint other
mombers of tho Committee from officers of the following
companies: Clyde, M allory, Merchants & Miners, Ocean,
Old Dominion, Southern Pacific and Southern Steamship Co.
Tho Committee will co-operate with the marine section of
tho Railroad Administration’s division of transportation,
which will have charge of the supervision of the lines. The
following is M r . M cA d oo’s announcement concerning tho
Committee:
(Circular N o . 23)
O F F IC E OF T H E D IR E C T O R -G E N E R A L ,
Washington,^ April 13 1918.
1. F or tho administration o f tho coastwiso steamship linos, under control
o f tho U nited Statos Railroad Adm inistration, tho Coastwise Steamship
A dvisory C om m ittee is hereby created with office at 165 Broadway, N ew
Y ork C ity .
2 . M r. L . J. Spence is appointed Chairman, with authority to form the
Coastwiso Steamship A dvisory C om m ittee from the officers o f the following
stoamship linos: C lydo Steamship C o ., M allory Steamship C o ., M erchants
& M inors Transportation C o ., Ocean Steamship C o ., Old D om inion
Steamship C o ., Southorn P acific Steamship Lines, Southern Steamship C o .
3. T ho Chairman o f tho Coastwise Steamship A dvisory C om m ittee will
report to tho managor, marine section, o f the Division o f Transportation,
and will oxorciso supervision and direction o f all coastwise lines under
control o f tho United States Railroad Adm inistration.
W . G . M cA D O O .’
Director-General of Railroads.

OFFICERS A N D EMPLOYEES OF STEAMSHIP LINES
TO CONTINUE IN RESPECTIVE CAPACITIES.
In a general order on April 13, Director-General M cAdoo
announced that all officers, agents and employees of the
Clyde, M allory, Merchants & Miners and Southern Steam­
ship Lines which passed under Government control on
April 13 might continue their regular duties, and they are
asked not to retire without giving adequate notice. The
order reads as follows:
'

[Vol. 106

THE CHRONICLE

1636

O R D E R T A K I N G O V E R L IN E S .
O ffice o f the D irector-G en eral,
W ash in gton , A p r i l 13 1918.

General Order N o . 19.
Pursuant to tho proclam ation o f the President o f the U nited States, the
undersigned, as Director-General o f R ailroads, has taken possession and
assumed control o f tho C lyde Steamship C o ., M allory Steamship C o .,
M erchants & M iners Transportation C o ., and Southern Steamship C o .,
at 12:01 a . m ., Saturday, April 13 1918.
Until further order it is directed that:
First. All officers, agents and em ployees o f said steamship lines m ay con­
tinue in tho perform ance o f thoir present regular duties, reporting to the
same officers as heretofore and on tho same terms o f em ploym ent.
Second. A n y officer, agent or em ployeo desiring to retire from his
em ploym ent shall give tho usual and seasonable notice to tho proper officer
to tho end that there m ay no Interruption or impairment o f tho transpor­
tation service required for the successful conduct o f the war and the needs
o f general com m erco.
\V. G . M cA D O O ,
D irector-G en eral o f R ailroads.

SECRETARY LANSING’ S REPLY TO DUTCH PROTEST
AGAINST SHIP SEIZURE.
In a statement issuod on April 12, Secretary of State
Lansing replied to tho protest of the Dutch Government
against tho seizure of Dutch shipping in American harbors.
Pointing out that Tho Netherlands Government, while
characterizing tho act as indefonsiblo from tho standpoint
of international law does not arguo tho question of tho legality
of the seizure, Secretary Lansing states that the practico
of nations and the opinions of jurists on tho right of a bolligorent to utilize all vessels which como voluntarily and uncon­
ditionally within its jurisdiction, are sufficiently well known
to render citation of precedent and authority unnecessary.
The statement reiterates that Holland’s failure to make a
voluntary shipping agreement was due to German throats,
and promises that Dutch owners will bo well paid for the
use of their vessels, which will be returned or replaced when
the emergency is over. A copy of Secretary Lansing’s state­
ment was sent to The Netherlands Legation, but was not
communicated to the Holland Government in the form of a
note, for tho reason that tho Dutch protest also was issued in
tho form of a statement but was not sent formally to W ash­
ington. Secretary Lansing’s statement was as follows:
T he Netherlands Governm ent has issued a statement relative to the re­
cent action o f tho Governm ent o f tho United States in putting into its
servico for the period o f tho present war emergency certain privately owned
vossels o f Netherlands registry lying within the territorial jurisdiction o f tho
United States. W hile this action is referred to as being indofensiblo from
tho standpoint o f international law, tho statem ent o f tho Netherlands G o v­
ernment does not argue the question o f legality. N or is this Governm ent
disposed to do so. T ho practice o f nations and tho opinions o f jurists on tho
right o f a belligerent to utilize all vossels which com e voluntarily and un­
conditionally within its jurisdiction are sufficiently well known to render
citation o f precedent and o f authority unnecessary. B ut, as the N ether­
lands Governm ent themselves suggest our action must bo subjected to a
finer test than that o f m ere legality. I t matters very little that our act
bo legal if, as alleged, it violates traditional friendship and is inconsistent
with ideals o f right and justice.
T he Netherlands Governm ent first declaro that the very presenco o f
D u tch ships in our ports resulted from our detention o f them with an un­
friendly hand. W hile our right to refuse bunkers and cargo license is con­
ceded, friendship, it is said, should havo led to tho granting o f special
privileges in favor o f tho subjects o f a friendly State. Our own supply o f
bunker coal at seaboard has been inadequate for our pressing national
needs. T he cargoes which wero dem anded wero largely o f grain, o f which
our own reserves are all too low . T ho bunkers, if granted, would have
served to carry this grain to the Netherlands where, as events have dem on­
strated, it was not then heeded, and whero it would olny havo served to
release equivalent foodstuffs for tho enem y. Such action upon our part,
whatever its intention, would in fa ct havo been an act beneficial to the
enem y and having no relation to our freindship to tho N etherlands. T ho
owners o f D utch ships wero, how over, unwilling that their ships should
perform any other services than those which it was clearly impossibel for
us to facilitate, and tho ships o f this m aritim o nation accordingly lay idle
for m any m onths and until the conclusion on Jan. 25 1918 o f tho tem porary
shipping agreement which was proposed b y tho Netherlands Commissioners
at London and accepted b y tho United States as a measure to restore to
imm ediate activity that portion o f tho Netherlands mercantile fleet lying
within our waters.
T ho statement o f tho Netherlands Governm ent seems to im ply that this
agreement was in fact lived up to b y tho Netherlands Governm ent, yet,
evidence to the contrary is found in tho statement itself which refors to
German objections as having prevented perform ance b y that Governm ent
o f what is erroneously referred to as Am erica’s dem and, but what was in
reality a Netherlands undertaking, that when a D utch ship loft tho United
States for tho Netherlands a corresponding Dutch vessel should simultane­
ously leave tho Netherlands for tho U nited States. Ila d not the N ether­
lands Governm ent, under German threats o f violonce, which wero a m atter
o f com m on knowledge, felt unable to Carry out tho tem porary shipping
agreement, it is inexplicable that tho SS. Samarinda and Adonis would not
havo sailed for a D utch port with their cargoes o f foodstuffs, which under




tho agreement tho Netherlands was to receive, and o f which it was asserted
her people wero in direst need. Indeed, the statement o f tho Netherlands
M inister for Foreign Affairs made to Parliament on M arch 12 1918, If it is
correctly reported to us, sots out in considerable detail Germ any’s o b je c­
tions, which prevented perform ance o f this shipping agreomont. As
recently as M arch 14 1918, after tho Netherlands Governm ent had been
inform ed that tho situation had reached a point whore tho associated
Governm ents could soe no alternative but requisitioning, a note was pre­
sented on behalf o f tho Netherlands G overnm ent expressing tho hopo that
Germ any's objections might still be overcom e, so as to permit at sorno future
dato com pleto perform ance o f this agreement, which was to havo been
put into operation im m ediately and com pletely upon its conclusion, nearly
two m onths before.
One year ago the United States abandoned its neutrality and plodgod its
entire resources o f life and treasure to insure tho trium ph o f dem ocracy
over autocracy and to assist to save tho world from tho blight o f militarism.
A s a result o f a species o f naval warfare directed against belligerents and
neutrals alike, which the Netherlands Governm ent havo themsolves de­
clared to be illegal, there has during this period existed a shortago o f ship­
ping which threatened to postpono at irightful cost tho ultimate victory.
This has croated an em ergency which in m agnitude and significance has
seldom if ever before been equalled. During this period thoro havo been
lying in ports o f tho United States and subject to its jurisdiction and
control approxim ately 500,000 tons o f ships o f Netherlands registry.
A t any lim o within a year tho United States m ight havo exorcised its
right to put these ships into a servico useful to it. Y et it foreboro and for
m any m onths patiently negotiated, first in W ashington and then in London,
until finally the tem porary agreement o f Jan. 25 was ontored into. N o
sooner was this agreement concluded than it broke down under Gorman
throats o f violence which overruled tho will o f tho Netherlands Govornm ont
expressed therein. Then anti then only did tho United States take stops
to accom plish through the exorclso o f Its own right that which it was hoped
could havo been accom plished b y agreement, and which tho Netherlands
Governm ent had been willing in part so to accom plish.
Tho action taken leaves available to the Netherlands Govornm ont b y
far the greater part o f their merchant marine and tonnago, which, according
to estimates o f their own officials, is amplo for tho dom estic and colonial
needs o f the Netherlands. Shipping required for those noods will bo freo
from detention on our part and will bo facilitated b y the supplying o f
bunkers. T ho balance Is being put into a highly lucrative servico, tho
owners receiving tho remuneration, and tho associated Governm ents assum­
ing the risks Involved. In order to insuro to tho Netherlands the futuro
enjoym ent o f her merchant marine intact, not only will ships bo roturned
at tho termination o f tho existing war em ergency, but tho associated
Governm ents havo offered to replace in kind rather than in m oney any
vessels which m ay bo lost whethor b y war or marino risk; 100,000 tons o f
bread cereal which tho German Govornm ont when appealed to rofusod to
supply havo been offered to tho Netherlands b y tho associated G overn­
ments out o f their own inadequate supplies, and arrangements are boing
perfected to tender to tho Netherlands G overnm ent other com m odities
which they desire to prom oto their national welfare, and for which thoy
m ay freely send their ships.
T ho statement o f the Netherlands G overnm ent explicitly recognizes tho
traditional friendship o f the United States toward their cou ntry. It
recognizes that wo havo heretofore sought to act in accordance with tho
dictates o f right and justice and to cham pion tho interests o f smaller nations.
It should not therefore hastily be presumed that wo havo now abruptly
repudiated that friendship and been falso to those Idoals. It is, In fact
difficult to bellevo that such a conclusion could be drawn from this exorcise
o f our rights in a manner which scrupulously safeguards and indeod p ro­
m otes tho national interests o f the N etherlands.___

GEORGE J. BALDWIN SEES 8,000,0 00 TONS OF MER­
CHANT SHIPS PRODUCED I N 1918.
Georgo J. Baldwin, senior Vice-Prosiclent of the American
International Corporation and Chairman of tho Board of the
American International Shipbuilding Corporation, stated at
tho annual meeting of the Chamber of Commerco of the
United States in Chicago on April 11 that at tho present time
it seems possible to produce in the United States during 1918
about 4,000,0 00 deadweight tons of merchant ships, and ap­
proximately an equal amount in all tho other countrios com­
bined, with a very material increase in American production
for 1919 and subsequent years. M r . Baldwin also mado tho
following observations:
On June 30 1914 wo estimated a total o f 49,000,000 gross tons o f merchant
shipping then existing in tho w orld. B y Jan. 1 1918 this had decreased to
44,000,000 tons, and after deducting enem y tonnago interned, noutral
tonnago tied up and tonnago in m ilitary uso, the availablo tonnago for com morco was reduced to 29,000,000, or about 59% o f tho original total.
T h o foregoing statistics are given in gross tons, as it is usual to state tho
w orld’s shipping figures in this measure. In America tho com m on measure
used is tho deadweight ton, which is equivalent to approxim ately threefifths o f tho gross ton. I shall stato figures from now on in deadweight
tonnage, follow ing Am erican usage.
In 1917 over 11,000,000 deadweight tons wero destroyed, production in
tho U nited States had increased from a normal o f 500,000 tons to approxi­
m ately 900,000 during tho year, whilo all other countrios had produced
3,800,000 tons. W ith sinkings by submarino and losses from natural causes
for 1918 estim ated at between 8,000.000 and 10,000,000 tons, our problem
is to com pensate for this actual as well as futuro loss b y an enormously in­
creased construction o f cargo vossels without interference with tho needed
building o f naval vessels required to decrease tho destructive forco o f tho
growing enem y submarino fleet.
From present indications, destruction b y submarino has porhaps passed
its clim ax, and if continued at no greater rate for tho balanco o f tho year,
we m ay expect b y the end o f 1918 to bo producing an am ount o f tonnago
very nearly approxim ating tho war destruction for tho year. But this can
only bo done b y means o f tho so-called fabricated or assembled ship and by
new m otliods o f construction. I f wo are going to win tho war, wo must
have tho ships In amplo quantity, and I sco no other m othod o f producing
them in sufficient volum o.
*

*

*

*

*

*

*

W o are assured upon com petent authority that b y July 1 1918 tho rolling
mills o f this country can secure sufficient steel and will bo able to roll 6 ,­
000,000 tons o f steol plates per annum. I f wo allot 4,000,000 tons o f this
for uses other than ship construction, tho 2,000,000 remaining tons will bo
sufficient for the production o f 8,000,000 tons o f ships, far m ore than wo are
now able to construct. Tho shipment and preparation o f this steel has
been delayed because o f tho closing o f m any m ills last winter duo to lack o f

A pr. 20 1918.]

THE CHRONICLE

fu e l, the difficu lty o f transportation from the steel plants to the rolling mills,
thence to the fabricating shops and partly b y the confusion caused b y our
endeavor to give priorities to all o f the manufacturers requiring steel for
Industries producing our war m aterial.
It is the organized power o f a concentrated, unified Germ any which has
driven before it the Allied forces in France; a com plete organization o f every
individual, <very corporate activity, every industry, every financial agency,
com bined and co-operating to support her arm y and navy. It is the org an ­
ized pow er o f A m erica which will drive her back again. Organized power
will win the war. A n organized b od y o f American steel producers and fa b ­
ricators are supplying the material, a drilled and perfected organizaiton
with millions o f capital, acres o f machinery and m anufacturing plants
hundreds o f thousands o f skilled American mechanics headed b y the strong­
est men o f the nation, a unified railway system , all working w ith one
com m on purpose and backed b y the entiro p ow er and resources o f the
Am erican people, expressed and trasm itted through the Shipping and W ar
Industries boards, such an organization as has never before been welded
together in the history o f our country. This organized and drilled power
will produce the ships in whatever quantity shall bo needed to win the war.
Some one centralized, dom inating b od y from which instructions should be
issued, which would m ove coal to the plants, the steel products to tho mills,
and from them to the shipyard In a continuous flow o f the parts o f the ships
has beon needed. During tho past week the President o f tho United States
has given dom inant, centralized power to the W ar Industries B oard,
which has prom ised tho nocossary flow o f steel to the shipbuilders. So in
answor to m y question, I think wo m ay now rely upon an am plo supply o f
steel for tho construction o f our ships.

ESTABLISHMENT OF GREAT LAKES STEAMSHIP
LINE UNDER RAILROAD ADMINISTRATION.

16 3 7

W o have no guns in France except a few old coast guns which we sent
ou t early, and fo r which the French are making carriages. W o are using
French guns. T h a t is tho hard fa ct. W o decided to make 75-millimeter
guns. W e g o t the French plans; they gave us everything, including the
secret o f tho recoil, and six m onths were wasted while we were trying to
im prove tho best recoil o f tho best gun In the w orld, and now wo have no
guns. AVo have gone back to the French plans, with six golden wasted
m onths behind us.
AVo havo turned ou t tw o American ships, according to the best inform ­
ation I can get. T he cou ntry is told about twenty-six, or whatever tho
number is. W o have boon finishing som e commandeered foreign ships;
we havo com m andeered other ships b ut w e have g o t only two American
ships, and y e t tho Shipping Board has been in existence since September
1916- T w o Am erican-ordered and built ships is our whole contribution
thus far to the new tonnage o f the world.
M r . President, it is to the last degree painful to say these things, but
they are tho truth. T ho facts are there to be dealt w ith. I have the
deepest confidence in the American people, and I believe they should not
be misled with tales o f what we aro about to d o and n ot be told what we
h a vo d o n o and what wo have failed to d o . L et them know the truth;
whether it is bad or good , let them have the truth. I f they have the truth
and they seo the difficulties it will arouse the American spirit— n ot merely
tho spirit o f generous patriotism with which they have com e forward to
givo their sons and their brothers, their m oney and their tim e to the
country, but the grim determ ination, the hard setting o f the teeth which
was shown on b oth sides during the Civil W ar. Tell them the truth; tell
them where w e are to-d ay.
T ho world looked to us a year ago and said we had com e to the rescue
o f tho situation. I f tho situation is ultim ately to be saved, it can only be
saved b y tho resources and the man-power o f the United States. W e have
a good draft law; it has been well administered. AVe got tho men; we can
get m ore m en; but apart from that, what have wo to show in accom plish­
m ent? A wasted year.
T ho on ly relief that I can see is to appeal to the spirit o f the American
p coplo. Y o u cannot d o that If you deceive them . Tell them the truth.
L ot them know the dangers and the perils in which they arc; that wo are
fighting for freedom , for civilization, for all that makes life worth living,
and that wo m ay bo fighting before very long for our very existence as an
independent nation. It Is no tim e to deceive ourselves. L et us look facts
in tho fa co. I fo r one have held m y peace a long tim e, but tho day has
gone b y when it is right to hold our peace.
AVhat I havo said is well known to Senators on both 6ides o f the cham ­
ber; Just as well known as it Is to me— better know n, b y far, to tho members
o f the C om m ittee on M ilitary Affairs, which has done such great work
during the last winter. B ut, M r . President, I for ono will no longer stand
b y in silence.

The establishment of a Great Lakes steamship line under
the Railroad Administration to operate seven ships between
Buffalo and Chicago and Milwaukee was ordered by Direc­
tor-General M cAdoo on April 18 to relieve the railroads of
some of the through traffic between the East and the W e st.
The now service is to be started within a week or two. A ll­
rail rates, including marine insurance, will prevail, and, it is
stated, that to a great extent it will be optional with the
railroads as to tho method of transportation. It is pointed
out that thousands of cars are now held up on Western rail­
roads as a result of congestion at big Western terminals and
Senator Hitchcock, as a member of the Military Affairs
the inability of Eastern roads to accept tho traffic. Con­
siderable of this freight now will be taken by the steamships. Committee, told the Senate that the President had ap­
pointed a committee that was investigating aircraft produc­
Tho Railroad Administrations’ announcement said:
Shippers o f heavy staple com m odities from tho E ast, such as sugar, tion and that a statement of the progress in airplane building
coffoo and m anufactured articles will take advantage o f this service, as it would be forthcoming shortly.
Senator Hitchcock added:

will be a steady and rogular m ovom ent. There will be assigned to this
line soven largo m odern eloctric lighted steamships, and it is intended to
work day and night shifts at terminal points.

The line will bo known as the Lehigh Valley Transporta­
tion Company. ____________________________
'

SENATORS I N CRITICISM OF ADMINISTRATION'S
ALLEGED FAILURE TO MEET SHIP A N D AIR­
PLANE REQUIREMENTS.
A n arraignment of tho Administration for its alleged in­
efficiency in turning out ships and guns and its delay in
supplying American airplanes to its forces in Franco figured
in the dobato in the Senate on M ar. 26. Senator Lodge
took the Administration to task for its failure, as he claimed,
to get one airplane abroad, while Senator N ew of Indiana
stated that of 12,000 combat planes which the aircraft
Production Board had expected to deliver in France by tho
first of July only 37 would be ready.
Senator Thomas of Colorado brought about tho spirited
debate when he repudiated an alleged statement of the Fuol
Administration that a reduction in summer coal prices had
beon made at tho request of the Colorado Operators’ Com ­
mittee. Sonator Lodge in his arraignment of the Adminis­
tration, said in part:
T ho fato o f the war is trem bling in the balance. Our gallant allies are
holding back tho German advance at enormous sactiflce and with a courage
that goes beyond tho range o f eulogy. In this dark hour it Is a crim e to
keep from tho Am erican people facts well know n to our enemies, but abou t
which our own citizens aro m isinformed.
W e know hero and wo have known for w eeks, as tho Gormans have
know n, that we have no fighting planes in Franco. Tho Secretary o f
W ar spoko a short tim e ago o f our beginning to send fighting planes to
Franco. H e said tho number was small, but we had begun to send them .
W e returned at that time tho two French m odels which wo had had hero.
Since then, I believe, ono American piano has gone; it m ay bo on the water
now , it m ay havo boon landed. T ho heavy Liberty m otor, according to
the best inform ation I can get, m ay bo developed so as to furnish adequate
power for bom bing planes. Tho light m otor does not show a capacity
for fighting planes. W o havo not a fighting plane in France. The front
whero our men aro is not dofonded in tho air. T h e French and tho English
havo use for every plane they can bring up , and our men are not dofonded
at ail.
W o have spent $840,000,000 for aeroplanes in tho past year, and we have
n o t a fighting plane in France. I was shown a statement from tho Aero
Club o f A m erica, saying that what was needed was m oney— tlireo thousand
m illion dollars to build aeroplanes. M r . President, we have granted
powers and wo have given m oney w ithout stint; b ut appropriating m oney
and granting powers will load to nothing unless the m oney is wisely ex­
pended and the powers aro efficiently exercised. This idea which som e
persons seem to have that all that is necessary is to appropriate m onoy and
utter bravo words in order to end tho war is ono o f the worst delusions
which over tem pted a people to destruction.
T ho facts I havo recited in regard to aeroplanes aro know n to Germany.
It is tim e our people undeistood them.




I am n ot com bating in any degree the statements m ade b y the Senator
from M assachusetts. T h e M ilitary Affairs C om m ittee has been criticized
already in certain quarters for what it has done. A t the present tim e it is
engaged in an effort to co-operate with the W ar D epartm ent, the organ­
ization o f which has been imm ensely im proved since the investigations o f
the M ilita ry A ffairs C om m ittee com m enced. I should not speak for tho
C om m ittee, as the Chairman is here, but I believe I am safe in saying the
Com m ittee will give to the Senate as rapidly as possible any
inform ation or recomm endation which m ay be o f value regard­
ing this aircraft m atter.
The C om m ittee is naturally under
som e restraint. It has a public duty to perform but cannot make public
all tho inform ation that com es to it and all the rumors that com e to It. B ut
an investigation is now in progress and the Senator from M assachusetts
will bo gratified and the cou ntry will be gratified when that investigation
has progressed a little m ore. In having revealed the exact truth. There is ,
so far as I know , no disposition to conceal it. W hatever the mistakes o f
the past m ay have been— and they have been enormous— I believe they
aro in course now o f being cured.

Senator Hitchcock later in the discussion stated that:
“ substantially wo are not behind the time in the delivery
of training airplanes, of which we have about 2,000. When
I stated that an investigation was being made I meant that
an investigation is being made to develop who is responsible
for the presont delinquency in the delivery of combat air­
planes.”
____________________________

SENATE REPORT CRITICIZING A VIATION PROGRAM
— REORGA NIZA TION DEM A NDED.
A report condemning in the strongest terms the Aircraft
Production Board and the Arm y Signal Corps for their al­
leged failure to make better progress in carrying out the coun­
try’s aviation program was submitted by the Senate Com ­
mittee on M ilitary Affairs on April 10. The report, which
was adopted by tho committee by a vote of 8 to 6, was ac­
companied by a minority report signed by three members
and taking a much more hopeful view of the situation. The
majority report declared that the Liberty M otor was only a
partial success; that of 22,500 motors ordered, only 264 have
been finished and but 4 sent abroad. Only 15 combat planes,
the report reveals, have been completed and ono shipped to
France. The Government is criticized for having “ misrep­
resented tho progress of the aviation program” and “ misled
tho public.” Tho report recommends that production of
airplanes should be reorganized under control of a single
executive responsible to the President. The text of the ma­
jority report of the committee, as submitted by Senator
Chamberlain, was as follows:
T ho C om m ittee on M ilitary Affairs, being engaged under authority o f
tho Sonato in an investigation o f the AVar Departm ent, and having taken
m uch testim ony, herewith submits the following report in the m atter o f
aircraft production, together with certain recomm endations:

1638

THE CHRONICLE

Training Schools.
T he Signal Corps has established and Is now conducting 20 aviation
training schools In the United States. Four additional schools are in process
o f construction and aro expected to bo finished in Juno noxt.
T ho aggregate capacity o f the schools now in operation is something over
3,000 cadots. 1,926 have thus far been graduated from this primary training
courso and com m issioned as reserve m ilitary aviators. Very fow o f these
have received their advanced training in this cou n try.
In addition to tho above, tho Signal C orps, acting upon tho invitation
o f the several Entente Governm ents, dispatched some 1,200 cadots to
England, Franco, and Italy, last year, w ho were to receive primary and
advanced training in aviation schools o f thoso countries. Tho experience
o f a great m any o f these men has been m ost unfortunate in that at some of
the schools a very serious delay has occurred in providing them with tho
training planes, which it was expected would bo manufactured in foreign
factories in sufficient num ber. As a result, several hundred o f the American
cadets havo beon practically idlo and have made no progress. A bou t 450
o f them are reported as having com pleted tho prim ary training, after long
delay. T he Signal Corps is giving serious consideration to the advisability
o f bringing the remainder back to the United States to bo trained. With
tho exception o f this sovere disappointm ent, tho prim ary training o f our
aviators, according to tho testim ony o f tho aviation officials, appoars to bo
progressing favorably. T h e health record o f tho schools is excellent and
tho fatalities arising from aviation accidents, while always distressing,
appear to be less frequont than in tho schools o f our allies, according to tho
testimony o f the C hief Signal Officer.
Training Planes.
For some tim e after tho inception o f the work tho output o f primary
training planes in this country for use in our schools gave ground for gravo
concern. In recent weeks, how ever, the output has been greatly increased
Increased and there seems to bo no doubt o f the Signal Corps having an
am ply sufficient number in the future. On April 1 1918. 3,458 primary
training planes had beon com pleted. T ho planes are o f two standard
typos developed for tho purpose and are equipped with Curtiss and IialiScott m otors, respectively. T he advanced training planes aro being
turned out in accordance with tho schedule and estimates laid down at
the inception o f their m anufacture. In advanced training planes four types
aro being m ade, tho total number up to date manufactured being 342.
In these planes three types o f engines will bo used, o f which 905 havo been
com pleted. These Include tho Gnom o, Le R hone, and Ilispano Suiza,
all o f foreign design but American m anufacture. Tho Liberty m otor is
not suitablo for uso in these planes.
The Liberty Motor.
I t is apparent from tho evidence that tho 12-cylinder Liberty m otor is
just emerging from tho developm ent or experimental stage. Since tho
original design and the setting up o f the first com pleted m otor in July
1917, a large number o f changes havo been found necessary, m any o f them
causing delay in reaching quantity production. W ithin tho last tw o months
changes o f considerable im portance have been made which, it is hoped,
will make tho m otor serviceable for com bat planes o f tho defonsivo type,
and for bom bing and observation planes. It is not designed for and can
not bo used in the swift single-seater fighting machino. A few o f the motors
are being flown in appropriate m achines. Theso reports, as recited to the
com m ittee, indicate that with the latest changes tho m otor will bo satis­
fa ctory for tho character o f work expected o f it and that it bids fair to hold
its own with foreign m otors o f similar power, weight, and purpose. For
the campaign o f 1919, tho Liberty m otor must undoubtedly be further
im proved in order to keep up with tho evolution ocnstantly going on along
tho front. T ho m otor as now m anufactured Is o f tho direct-driven typo,
a type which has limits o f usefulness in heavy machines.
Steps aro being taken in the designing o f a geared drive, in order that tho
usefulness to the m otor m ay bo further extended and further improvements
attained. 22,500 Liberty m otors have been ordered, 122 havo been
com pleted for the A rm y, and 142 for tho N a v y . Four havo boon shipped
overseas. Somo o f those already delivered aro being altered to overcom e
th o defects ascertained during tho last weeks. It is understood, liowovcr,
that theso alterations will consume but a very short timo.
T ho production o f Liberty m otors to date is, o f courso, gravely disappoint­
ing. Tho tetim ony shows that experts o f tho highest reputation and
experience havo, since last July, ropcatedly warned tho officials o f our
Governm ent that the perfecting o f a nowiy designed m otor must inovltably
involve m any m onths o f painstaking experiment accom panied b y m any
setbacks and disappointments. In spite o f tho unanimous testim ony
o f m otor experts along this lino, the Governm ent officials having tho
m anufacture o f tho Liberty m otor in chargo have m ade the mistako of
leading the public and the allied nations to tho bolief that m any thousands
o f these m otors would bo com pleted in tho spring o f 1918. Inform ation of
this sort, n ot borno out b y tho facts, has beon injurious, and its constant
dissemination tho com m ittoe regards as misleading and detrimental to our
cause.
Combat Planes.
T he production o f com bat planes in tho United States for uso in actual
warfare has thus far beon a substantial falluro and constitutes a most
serious disappointm ent in our war preparations. W o had no design o f our
ow n; neither did we adopt any o f tho European designs until m onths
after wo entered tho war. M u ch timo was consum ed in discussion as to
types. Innumerable changes in designs and specifications o f tho types
finally decided upon havo cost further delay. In all, five types have, at
one timo or another, been adopted. T w o o f them havo been abandoned
after the expenditure o f m uch tim o and m oney. Tho threo remaining types
still left upon our program aro now In tho course o f manufacture. O f these,
tho largest and m ost powerful is tho Ilan dley Page heavy bom bing machino,
designed to carry as m any as six men, eight machine guns, and a heavy load
o f bom bs, and to be driven b y tw o L iborty m otors. The history o f tho
negotiations for tho adoption and m anufacture o f this piano afford a rom arkablo Illustration o f procrastination and indecision, too long to recito.
Suffice is to say that designs and specifications o f this piano which has been
used with marked success b y the British and placed In production by that
G overnm ent, were offored to our officials as early as M a y 1917. T ho
testim ony before you r com m ittee shows that tho Signal Corps finally
decided upon the m anufacture o f a number o f sets o f parts o f this machine
a bou t Jan. 1 1918. Eventually tho finished and tested parts will bo shipped
to England, whero thoy aro to bo finally assembled in factories now being
prepared for this w ork. Officials o f tho A viation Section o f the Signal
C orps testify that they d o not expoct the com pletion o f tho first sot o f parts
In this country beforo tho m onth o f Juno 1918.
Another type o f com bat plane, known as tho D o H aviland, is included in
our program.
This m achine habitually carries two m en, four machino
guns, a m oderate load o f bom bs, and other apparatus and Is to bo driven
by one Liberty m otor. Fifteen havo boon com pleted; 1 has been shipped
to Franco; tho remaining 14 havo beon vory rocently com pleted in this
country. Some o f these havo beon tested, propelled by a Liborty englno,
and appear to have given satisfaction. T ho third typo upon the program




[Vol. 106.

is known as the Bristol fighter. This machino is lighter and faster than
the D e H aviland. Its speed is expected to bo in the neighborhood o f 125
miles per hour. It is what is known as a reconnoissanco machino. Another
term which m ight bo properly applied to it is “ defonsivo figh ter.” It
carries tw o men, four machine guns, and is driven b y ono Liberty m otor.
T he decision to make this typ o was reachod on N o v . 7 1917. T ho manu­
facturers com pleted tho first o f theso machines during tho wcok ending
M arch 30 1918. T ho machine was tostod onco during that week with a
L iberty m otor, and, according to the testim ony o f the aviation officials,
m et its preliminary test successfully. This machino, a fow hours after its
flight, caught fire whilo standing upon tho aviation ground and was ontirely
destroyed. T ho officials o f tho Signal Corps assurod tho com m ittco
that auother machino would soon bo finishod by tho m anufacturer and
that if it m et the tests satisfactorily quantity production might bo
oxpected within a reasonable period. The testim ony as to this machino
was given on April 2 1918. This com pletes tho list o f machines now under
manufacture and constitutes a correct statement o f tho situation in this
country as o f April 1 1918. In addition to tho American production or
engines and aeroplanes as heroin set forth, considerable orders for com bat
aeroplanes and engines wero last summer placed with European m anufac­
turers b y Gen. Pershing, and we havo furnished quantities o f material
and numbers o f mechanics to aid in their construction.
Y ou r com m ittee has full Information as to tho number and quantity of
machines and engines ordered hero and abroad but doos not feel justified
in stating tho number in this public report. T ho facts contained In this
reports are drawn from tho testim ony o f the C hief Signal Ofticer, Gon.
Squier, C ol. Deeds, and M r. P otter, tho C hief o f tho Equipm ent Division
o f tho Aviation Section o f the Signal Corps, and aro confirm ed from other
sources official and otherwise.
Y ou r com m ittee, being devoid o f technical knowledge o f m otors and
aeroplanes, does not undertake to point out in detail engineering and
m anufacturing errors which m ay havo been com m itted and which, in part,
m ay account for this gravoly disappointing situation. Y ou r com m ittee,
how ever. Is convinced that much o f tho delay in producing com pleted com bat
aeroplanes Is duo to ignoranco o f the art and to failuro to organlzo tho offort
in such a way as to contralizo authority and bring about quick decision.
A certain aloofness in dealing with persons possessing inform ation based
upon experience, an apparent intention o f confining tho actual production
to a restricted number o f concerns, and a failuro o f tho officials in chargo o f
the work to grasp the situation in a broader way and soizo upon tho best
approved foreign engines and planes and proceed prom ptly to build as
m any as possiblo for tho cam paign o f 1918 has contributed to tho failure.
It Is groatly to be regretted that tho statements o f Governm ent officials
havo misrepresented tho pgoress o f tho aviation program. This has misled
the public, and your com inittoo, cognizant o f tho facts, has, in tho perform ­
ance o f its du ty, mado this report to tho Sonato.
Y ou r com m ittee believes that production o f aircraft should bo conti oiled
b y one executive officers, appointed by tho President and responsible to
him . Ho should bo assisted by a crops o f tho best aircraft onginoors and
designers possible to obtain, both European and Am erican. T ho m atter
o f production should bo taken out o f tho hands o f tho Signal Corps ontiroly,
and no man who has any near or romoto interest in a com pany m anufactur­
ing airplanes or ongines should bo pormlttod to act as advisor or bo in
authority. W hile wo aro developing Amorican aircraft and American en­
gines wo should temporarily, at least, procuro an abundant supply o f ap­
proved types o f aircraft and ongines o f European design.
Further, it seoms to tho com m ittco that ovory oncouragomont should bo
given to tho developm ent o f aircraft and that any action which rotards
progress, such as trust agreomonts or tho prevention o f thoso developing
machines from flying, under proper restrictions, should bo rom oved.
The com m ittee also believes it to bo its duty to point out that thus far
no broad plan looking to futuro developm ent lias boon laid down b y the
authorities. W arfare in tho air is still in its infancy and it is inevitable
that rapid changes will take placo in both ongines and planes. It is essen­
tial to our success that thoso in chargo o f tho American aviation develop­
ment shall be constantly looking ahead and dovislng plans for a continued
expansion o f tho program, as well as tho developm ent o f now types o f en­
gines and planes.

The minority report, criticizing tho majority report as be­
ing unfair and incomplete, explains in detail tho difficulties
that had to be overcomo, and expresses the opinion that un­
der tho circumstances tho record is “ ono of which every
American can bo justly proud.” The minority report in full
reads as follows:
W o d o not boliovo that the report o f tho m ajority o f tho Sonato M ilitary
Affairs C om m ittee on tho aviation situation shows a proper estim ate o f
what is being accom plished or that It Is sufficiently com plete to give an
accurate impression o f the fa cts.
,
__
Soon after tho war began tho Signal Corps arranged with tho Fronch G o v ­
ernment for tho making o f 6,100 com bat pianos at a total cost o f S127,000,000, tho planes to bo produced as rapidly as American flyers could bo trained
to operate them . As tho Amorican aero squadrons reach tho front ready
for d u ty, battlo pianos aro boing supplied them under this arrangement.
T o aid in this foreign manufacture o f pianos for Amorican flyors, the
Signal Corps iias shippod to Franco 11,000 tons o f various materials and
has sent 7,000 mechanics to reioase for Fronch factories making^ pianos tor
our American flyers tho Fronch workers on m otor transports. T ho Signal
Corps then arranged for tho making o f about 11,500 com bat pianos in tho
United States, the torm "co m b a t piano” boing horo used to o in b ra coa il
kinds o f planes, both offensive and defonsivo, except training pianos. 1 ho
Curtiss Aeroplano C orporation, tho D ayton-W right Aoroplano C o -, tho
Fisher B od y C o ., tho Standard A oro C orporation, tho Grand Rapids Aero­
plane C o ., W . II. M ullon & C o. and about 19 other comapnios throughout
tho country wero engaged for tho production oithor o f com pleted machinos
^ L e c ft b e l a i d hero that when tho war began tho U nitod States G overn­
ment had purchased altogether loss than 200 aoroplanos in its entire his­
tory, and that o f tho fow aoroplano factories in this country probably not
ono was making over fivo or six a m onth. It Is hardly possiblo to grasp
tho magnitude o f tho task tho factories contracting to m ake tho l,o 0 0
com bat pianos found boforo them . Now plants had to bo constructed, old
ones fundam entally changod. Special tools for tho making o f tho planes
had to bo devised and m anufactured and mechanics had to bo trainod to
make tho tools and also to make tho planes aftor tho tools had boon com ­
pleted. An aeroplano, especially tho battio aoroplano, is ono o f tho m ost
highly technical, delicate and com plicated machinos known to man. In
no other form o f m achinery is absoiuto and painstaking accuracy in tho
smallest details m ore Indispensable. It has about 4,000 parts and roquiros
from 1,800 to 2,800 different drawings in tho preparation for its m anufac­
ture, almost as m any drawings as aro required for a battleship. E v®fy
part is strainod to tho utm ost whilo tho machino Is in tho air, and tho
ciifrhfAQf. hrante almost auywUero moans instant disaster. W hen It is ro-

A pr. 20 1918.]

THE CHRONICLE

1639

m cm borod how often tho wheels o f railway trains, clue to hot boxes, & c., sent of the Chief Signal Officer.
The New York “ Sun” on
parts o f railway and autom obile engines, tires on autos, & c., go wrong,
necessitating imm ediate repair, and that any similar breakdown in an aero­ April 10 gave the following account of M r . Caldwell’s re­
plane would m ean, as a rule, (loath to its occupants, som e part o f tho ro- marks:
sponsioiiity and difficu lty involved in making a finished plane m ay bo un­
Asking to digress and discuss aviation during debate on the river and
derstood .
harbor bill Representative Caldwell said:
Rem em ber further that every fighting plane must have m achine guns,
“ There is continuously published In tho newspapers criticism o f the arm y
synchronizing devices, special telescope airplane sights, wireless apparatus,
in its endeavors to create an air service. T he m atter has got to be so im ­
cameras o f special typ e, electric heating devices for clothing, oxygen ap­
portant to tho public and the public is so greatly distrubed about it that it is
paratus, speed indicators, special gauges, barometers, com passes, altoabsolutely necessary that something be done to clarify the situation as it
m eters, & c. T o say that this com plicated equipment is in steady and adestands. N ow it so happens I am Chairman o f the Sub-Com m ittee on
‘ quato production, and that tho factories are now about in shape for quan­ A viation o f tho H ouse M ilitary Affairs Com m ittee.
tity p roduction o f com bat planes, and have about com pleted tho foundation
In order that we m ay see whether the air service has fallen down we
fo r what is as difficu lt and responsible a task as has ever fallen to the hand
must consider the conditions o f the country at the tim e we undertook to
and brain o f m an, is to state the truth, and at tho same tim e to recite an
m ake an arm y. W hen war was declared every concern in Am erica that
achievem ent unparalleled in all history for so short a tim e.
could make an aircraft was invited to com e to W ashington fo r consultation,
R em em ber again that when these com bat pianos wero contracted for
and after careful examination o f ail plants in America that had been stimu­
tho only known lubricating oil adapted to their delicate parts was an oil
lated b y m oney o f Great Britain and Franco under an offer to p ay any kind
m ade from tho castor bean. There wero not enough beans in this country
o f profit that an Am erican manufacturer desired it was freely adm itted
to m ake anywhere near tho amount o f oil required. N either wero there
that we could not construct m ore than 630 aeroplanes in America in a
enough seeds with which to grow the needed quantity o f beans. T ho Sig­ singlo year.
nal Corps had to search the globo for seeds and finally secured a shipload
"A lso that with G overnm ent assistance it was not expected that ail o f tho
from distant India. Then tho Corps had to contract for tho planting o f
actoiies in America put together would be able to m ake m ore than 1,500
tho seeds in this cou ntry and has succeeded in having about 110,000 acres airplanes in eighteen m onths from that tim e. The facts o f the case are
p lan ted . It is now claimed that a form o f petroleum has been developed
these. 9 ho manufacturers o f the United States have thought m ore o f their
that will answer tho same purpose. This, how over, is still in the experi­ country than they have o f European m oney and to-d ay we are m anufactur­
m ental stage, while tho oil from tho castor bean is known to bo entirely ing upward o f 1,000 airplanes every m onth and the production is increasing
adequate and rciiablo.
every d a y .”
R em em ber again that tho cloth used in tho wings o f tho aeroplanes o f
Representative M cK enzie (R epublican, 111.) also a m em ber o f the com ­
all typos had to bo treated with acetone, a liquid substanco which makes the m ittee interrupted:
cloth as fireproof as possiblo and also strengthens if for tho immense strain
Has thero not been a tremendous fall down from the promises made to
to Which it is subjected in tho air. T he Signal Corps is having this acetone the Com m ittee on M ilitary Affairs when wo passed the $640,000,000
distilled from w ood under its own supervision on an enormous scalo and a appropriation?”
a cost o f about 920,000,000.
“ N ot from the promises m ade b y any arm y officer, but from the promises
T he Corps has had to find a substitute for Irish linen as tho material for m ado in tho newspapers b y men who took up the m atter after we had
Wing cloths on training planes, and has succeeded in adapting a certain appropriated the $640,000,000,” replied M r. Caldwell.
form o f long-stable cotton to this need.
D id not the Secretary o f W ar m ake a direct statement as to the number
Coining now to tho training piano, it m ay well bo said that tho com ple­ expected to be delivered in France b y July 1 ? ” asked R epresentative Longtion o f 3,600 to date and tho fa ct that they aro now in quantity production, worth.
*
practically according to program , constitute a remarlcablo achievem ent
I d o not rem em ber any such statement having been m ade to the coun­
when tho nature o f tho task is fairly weighed. Tho training plane Is sim­ tr y ,” said Caldwell.
pler than tho battle piano and for that reason could bo produced sooner,
IIow m any com bat planes have wo n o w ?” inquired Representative
but tho making o f tho training planes on a quantity scalo is in itself a task o f Hull (la .)
unprecedented d ifficulty and magnitude.
“ W o havo in France to-d ay 180 com bat planes,” said M r. Caldwell,
Lot it bo remembered further chat the Signal Corps had to put regiments “ manufactured in the United States, put in boxes here, put into United
o f workers in tho forests to find tho spruce needed in tho making o f aoro- States ships and sent to Franco, and they are being used thero now .
planos. T h e spruce trees aro found among fir and other trees, and o f each
In addition to that wo have 764 training planes in France manufactured
100 feet cu t only about 15% is found sound enough for aeroplane construc­ in tho United States, and in addition to that wo havo all told o f the machines
tion . A pproxim ately a billion feet o f lumber had to bo cut and inspected purchased from foreign manufacturers a total o f over 1 ,000 machines being
and tested vefore tho necessary 100,000,000 feet o f spruce could bo obtained. used b y American aviators in France to -d a y .”
Propellers aro mado o f m ahogany and other highly durable w oods, and
“ H ow m any fighting planes did you s a y ? ” asked R epresentative Hull.
three or four must bo mado for each m achine. This m ahogany com es from
“ I said 180.”
tho tropics, and whether and when it can be brought to seaport depends on
“ Aro they equipped with Liberty m o to r s?"
tropical rains which swell tho rivers so as to perm it transportation.
“ N o, fourteen o f them are.”
L ot us now consider tho L iberty M o to r. T ho Liberty m otor could not
Representative Gillett interjected that “ the gentleman does not dis­
fairly havo been called an experimental and untried dovice. It represented tinguish between fighting planes and com bat planes. I d o not think
a com bination o f what had been dem onstrated to bo best in all m otor con ­ thero is a singlo fighting plane in France, mado in the United States. I
struction. T ho Signal Corps with its trained and skilled engineers under­ think tho gentleman Is m istaken.”
stood that a foreign m otor could not bo adapted to American m anufacture
Representative Foster (D em ocrat, 111.) asked if M r. Caldwell thought it
and turned out in sufficient quantity in anywhere near tho timo in which tho proper “ to publish all o f th is."
Liberty m otor could bo produced. Foreign m otors aro based on the m etric
Yes, I d o think s o ,” said M r. Caldwell, “ because before I got these
system o f measurements, & c. American practice and American m anu­ figures I told peoplo who gave them to me that I expected to make them
facture aro not adapted to this system . All parts mado under tho m etric public and they told me they were giving me figures that wo old enough
system must bo converted into inches and fractions o f inches under our so that oven if Germany knew them it could not do us any harm because
system . T ho foreign m otor is so extensively tho result o f handwork that tho situation was im proving so rap id ly.”
it is with great d ifficulty adapted to tho machine work that dominates
M r. Caldwell spoke only five minutes, then obtaining leave to extend ihs
American factories.
remarks in tho “ R e co rd .” M r. Caldwell later said tho continuation o f his
Furthermore, tho Liberty m otor is capablo o f 100 m oro horsepower remarks would contain statements that 264 Liberty m otors have been
than any foreign m otor except a few o f one single typo, tho R olls-R oyco.
built and th.it a total o f sixty engines have been sent to England, France
T ho L iberty m otor develops 400 horsepower ordinarily and is capablo
and Italy already; that tho Signal Corps has sent 26,000 men abroad,
465. Tho foreign lim it, with tho one exception abovo m entioned, is 300.'
o f which number 7,000 wero mechanics, and that 100,000 acres havo been
T ho Liberty m otor has becom e so well established that tho British G ov­ planted in castor beans to provide oil for aviation engines.
ernment has asked for a largo num ber. Sir W illiam W eir, head o f British
A special committee under the chairmanship of H . Snow­
Aircraft production, stated recently in London that ho considered tho
L iberty engine tho greatest singlo factor in tho w orld's aviation program,
den Marshall, which was appointed by President Wilson to
and that it was the m ost important singlo thing in tho air program o f E n g' investigate deficiencies in aircraft production, submitted its
land in 1018.
As soon as tho Liberty m otor had been dosigned, arrangements were report to the Secretary of W ar on April 12, and the report was
m ado for tho m anufacture o f a very largo number beforo the close o f 1918. at once forwarded to the President. The report has not been
T he exact figures are withheld for m ilitary reasons. Henry Ford agreed
mado public, but a special dispatch to the New York “ Times”
to produco a substantial number o f tho total, tho Packard C o. another por­
tion, tho Lincoln M o to r C o ., N ordyko & M arm on, General M otors, and tho on tho 12th stated that the main recommendations of the
T rego C o . still other portions. Those companies wero notified to get ready Marshall committee were understood to be:
last sum mer, and tiio actual contracts wero signed later. Tlioy havo spout
Ono-man control o f aircraft production instead o f the present liydratho intervening tim e preparing plants, tools, and workmen for this unprece­
hcadcd administration, with half a dozen different bureaus and boards
dented w ork, and aro now on tho eve o f quantity production. Tho very com prising it, and accentuating the lack o f co-ordination.
names o f tlioso manufacturers are sufficient assurance that they would not
I ho divorce o f the Signal Corps o f tho arm y from aircraft production and
take a day longer than necessary to lay proper and efficient foundations.
entrusting it solely with the military operation o f aircraft, including tho
The foreign planes which were accepted by tho Signal Corps, known as selection and training o f aviators.
light battle planes or singlo seaters, for which the Liberty m otor is too heavy
Legislation that will placo tho making o f contracts for aircraft in the
in horsepower, wero none o f those offered b y foreign concerns that cam o io hands o f another b o d y than tho Signal C orps, which has general statutory
Am erica soon after tho war began to sell their wares, oxcept tho Ilandloy- authority at present over aircraft purchases for the arm y.
Paigo, and that was n otjth o plant which tho Ilandloy-Paigo peoplo first
offered our Governm ent on this side.
Indeed, when tho llandley-Paigo
piano was first offered hero it was untried and undeveloped and had not
been accepted by tho British Governm ent. Tho Signal Corps sent a com ­ RESULTS OF AMERICAN-C A N A D I A N FISHERIES CON­
mission abroad to study foreign planes on tho ground, and accepted certain
FERENCE-RECIPROCAL PRIVILEGES.
ones, only after careful and personal study.
Tho Amorican-Canadian Fisheries Conference will hold
On the wholo, tho record o f tho Signal C orps is one o f which every Amer­
ican lie justly proud. In tho face o f unparalleled d ifficulty it is accom plish­ hearings in Soattle beginning April 24, after which hearings
ing an unparalleled task with characteristic American energy, capacity, will bo held in Vancouver and Prince Rupert, B . C ., Ketchi­
patriotism and enthusiasm .
kan, Alaska, and at other places in the Northwest which the
M O R R IS S H E P P A R D ,
II. L . M Y E R S ,
Conforonco may doem desirable. It has already held sessions
W . F. K IR B Y ,
in Washington, Boston, Gloucester and St. Johns, New
M em b ers o f the M ilita ry A ffa ir s Com m ittee.

The airplane program also came in for discussion in the
House, whero Representative Caldwell, speaking as a mem­
ber of tho House Committee on Military Affairs, gavo fig­
ures and mado statements considerably at variance with the
Senate report. M r . Caldwell said his information camo from
tho office of tho Signal Corps and was furnished with the con­




Brunswick. A t these hearings several subjects came with
special prominence beforo the Conference. Chief among
those Avero tho limitations now imposed upon American
fishing vessels in Canadian ports and tho restrictions which
Amorican laAv placed upon Canadian vessels in our own
ports. Of less general importance, but still having weight
with tho States of Vermont and NeAv York, wero certain

1640

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[Vol. 106.

it should and must bo tho creed o f liberty, o f agriculture, o f tho citizenship

existing conditions in Lake Champlain. The hearings de­ o f Am erica, we shall havo advanced the happiness and contentm ent of
veloped the fact that a large incroase in the production of our people a hundred fold; we shall have placed dem ocracy upon a broader
fish for the food supply of this country was both necessary foundation, and have m ounted infinitely higher in tho scale o f clvilizaand practicable, and that wisdom would provide for re­ tion.
moving, as far as might bo possible, the difficulties that
E. A. FILENE WOULD HAVE BUSINESS MEN IN
hamperod tho development of the largest possible produc­
EVERY COMMUNITY SPEED SHIPS.
tion. Following the hearings mentioned above, tho Cana­
A challenge to American business men that they, col­
dian authorities took a courteous initiative in removing, by
lectively and individually, bestir themselvos to speed tho
regulation, the embarrassing conditions on Lake Champlain.
structure of ships was tho keynote of an address delivered
Shortly thereafter, with the President’s approval, Secretary
on April 10 by Edward A . Filone, Chairman of the W ar
Redfiold issued, on Feb. 20 1918, to the collectors of customs
Shipping Committee, at the sixth annual meeting of the
the following order:
M r. Filene em­
T o prom ote the vigorous prosecution o f the war and to make tho utm ost United States Chamber of Commerce.
phasized tho responsibility that rests upon tho community
uso join tly o f all the resources o f tho nations now co-operating, you will
perm it, during the war, Canadian fishing vessels and those o f other nations and tho individual business man.
In part he said:
now acting with tho U nited States to enter from and cloar for the high seas
and the fisheries, disposing o f their catch and taking on supplies, stores,
& c., under supervision, as in the caso o f merchant vessels entering and
clearing for foreign p orts, except as to tonnage tax and other charges spe­
cifically Imposed on entry from and clearance for foreign p orts.
_

The effect of this order was to pormit Canadian fishing
vessels and those of other nations acting with the United
States in the war to procoed direct with their cargoes of
fish from the fishing grounds to our ports and also direct on
the outward trip from the ports to the fishing banks. This
action was in duo course made known to tho Canadian
authorities. On March 8 an Order-in-Council granting
privileges to American vessels in Canadian ports was issued
by the Governor-Gonoral of Canada, consisting, in part, of
the following report presented by tho Committeo of the
Privy Council and approved by tho Governor-General:
T he M inister o f tho N aval Service recomm ends, under tho authority o f
tho W ar Measure A ct, Chapter 2, o f the Statute^ o f 1914. that during tho
war United States fishing vessels, in addition to their treaty rights and
privileges, shall bo perm itted to enter any port in Canada, without the
requirement o f a license or tho paym ont o f fees not charged to Canadian
fishing vessels, for any o f tho following purposes: (a) Tho purchase o f
bait, ice, nets, lines, coal, oil, provisions, and all othor supplies and outfits
used b y fishing vessels, whether tho same are o f a like character to those
named in this section or not; (6) repairing fishing implements; (cl dressing
and salting their catches on board ship: (d) tho shipping o f crows; (e) the
transshipment o f their catches; (/) tho sale thereof locally on paym ent o f
tho duty.
Tho M inister further recom m ends that the fees paid on licenses already
takon out for tho present calendar year bo rem itted.

These privileges are granted only for the period of tho war
by the present Order-in-Council; and this order applies to
both tho Pacific and Atlantic coasts. The Department of
Commerce in announcing the above, further said:
A source o f com plaint on tho part o f the Canadian delegation had refer­
ence to the practice pursued b y a number o f American lobster well smacks
o f catching lobsters o ff tho coast o f N ova Scotia just outside tho threemile lim it during tho closed season for lobster in the territorial waters o f
Canada. W hile the laws o f Canada prevent Canadian fishermen from
taking lobster during the closed soason, American fishermen continued
to catch thorn to the disadvantage and annoyanco o f the fishermen from tho
M aritim o Provinces. T he justice o f tho com plaint was recognized b y tho
American delegation and also b y witnesses engaged in tho lobster industry
who testified at tho hearings o f tho Conference in B oston. As a result,
a bill approved b y the American delegation to tho Conference was intro­
duced into Congress on F eb. 25 1918 by H on. J. W . Alexander, Chairman
o f tho C om m ittee on M erchant M arino and Fisheries, with the ob ject o f
prohibiting tho practice.
T he prom ptness with which action was takon in those matters is indica­
tive o f the earnest desiro on tho part o f b oth countries to eliminate all
sources o f friction growing ou t o f tho fisheries.

MR. RHETT CALLS FOR ENERGY AND SPIRITUAL
VISION IN DEVELOPMENT OF BUSINESS.
That tho groat development of this country and of its
resources has been due in large part to tho enorgy, enter­
prise, and genius of tho American businoss men, and that
their further development depends on tho continued ideal­
ism of businoss men, was tho idea developed by R . Goodwyn
Rhett, in a speoch as retiring President, delivered at Chi­
cago on April 10 before the sixth annual meeting of tho
Chamber of Commerce of tho United States. M r. Rhett
said:
In all this empiro building it was tho businoss men who furnished tho
leadership, tho vision, and tho courage to follow that vision to realization.
And it has been m ore than an achievement in material growth and ex­
pense. It has also been ono o f spiritual developm ent Into the great cham ­
pion o f human liberty In its broadest sense.

Linking this idea up with his conception of tho mission
of tho United States Chamber of Commorco, M r. Rhett
continued:
Gentlemen, there is a wonderful mission for the Chamber among business
m en, which I would have you all see cloarly. W o havo thought o f business
and talked o f business as a cold and callous thing. W o have said to our­
selves and to our neighbors so often ‘ ‘there is no sontlment in business,”
that we have blinded our eyes to what business ought to bo. T o me the
highest mission o f tho Chamber is to put the soul into business, to trans­
form the cold clay into tho sentient being— to transfuse into a marble
statuo the warm blood o f tho human being that will mako its face to shine,
its eyes to glow , its hands to clasp, its heart to beat, and its soul to vision
In that sentiment being only m ay dem ocracy find its safeguard and pro­
tection. W hen we havo found out that what is not for tho cou n try’s good
is not for tho goo
business— when wo havo transmitted that creed to
our fellow citizens
n ado them understand that it is our creed and that




Thero aro enough men to talk about tho blamo for delay due to causes
which the Governm ent can correct. Let us emphasize tho blamo that rests
upon communities and tho business men o f these com m unities and try
to find a way to holp.
T ho problem o f a contontod and effective working force in our shipyards
will not bo solved finally by rhetorical proachmonts to the shipworkers at
their luncheon hour, but b y tho definite solution o f the discouraging p rob ­
lems o f bad housing, inadequate transportation, inadequate amusements,
&c.
W hat can the business men o f tho United States do in these fields? The
answer is tw o-fold .
Firstly, wo can seo to It that our local business organizations in every
com m unity where ships or ship parts aro being turned out shall mako it
their first business to organize themselves into an offectlvo aid to ship­
building.
Secondly, wo can help organize tho com m unity behind tho shipbuilding
in as definite a manner as wo can organizo tho business forcos back o f ship­
building.
.

In discussing tlio first half of this question, M r. Filene
pointed out definite things that businoss organizations
could do to help shipbuilders solvo the varied probloms of
transportation, housing, shipping, labor, and all tho other
related problems that now contro in and around the ship­
yards. He said:
W e shall not be wiliing at a tim o like this that private plants shall have
better skilled workmen than tho shipyards or that a shipyard shall ever
havo a labor shortage while tho labor force o f any private business remains
full. Organized business can mako this impossible in every com m unity.

How organized communities can holp solve tho local trans­
portation problem, the local housing problem, the problem
of recognition of the shipworkers, were discussed at longth
by M r . Filone. In conclusion M r. Filene said:
There is no danger o f our exaggerating tho im portance o f speed in ship
construction. In tho nation’s chain o f m ilitary power, ship construction
is the one link that determines at this tim o the strength o f tho entire chain.
It is for the business men o f America so to orgauizo their export knowledge
and special abilities that, in eacli com m unity where ships are being built,
or ship parts being producod, they will be in a position largely to relievo
tho shipbuilder o f every responsibility oxcept tho actual work o f construc­
tion for which his special training has fitted him.
It is for the business men o f America to help focus all the powers o f
their respective com m unities upon this matter o f shipbuilding, upon which
the very outcom o o f tho war itsolf depends.

COMMITTEE OF U. S. CHAMBER OF COMMERCE
CALLS FOR UNITY BY EMPLOYERS
A N D LABOR.
Pointing out tlio cssontial importance of avoiding industrial
disputes during war, tlio Committeo on Industrial Rela­
tions of tho Chambor of Commerce of tho United States
has set out tho progross that is boing mado toward a plan
for assuring maximum production on tho part of tho United
States. Tho Committeo points out that tho difficulties of
obtaining war materials havo boon increased by questions
of wages, of hours and conditions of labor, of transporta­
tion for workers, and of housing, each of thorn of tho highest
importance to tho maintenance of vital production. “ In­
dustrial relations ai-e tho very hingo— joint of tho war in
which we are engaged,” says tho Committee, whoso viows are
expressed in a report submitted to the sixth annual meeting of
tho National Chamber of Commerce at Chicago on Apr. 10.
Dwolliug upon the part which labor p k ys in war, and tho
consequent necessity for tho establishment of amicable re­
lations between employers and employees, and proper
working conditions, tho Committoo statos that in two years
the number of men at work in our shipbuilding plants has
increased by at least 5 0 0 % and that 3,500 factories aro to­
day at work upon articlos which go into tho construction
of ships. Longshoremen to the numbor of 160,000 aro
busy at our ports handling cargoos of vessels. The Gov­
ernment has outstanding upwards of 50,000 important war
contracts, and some communities havo boon oalled upon to
incroase the output of thoir manufacturing plants by as
much as 3 5 % .
Tho constructive plans suggested by tho Committee
insure industrial poaco and efficiency includo agreements
that thoro shall bo no cessation of production, that those
agreements bo supported and onforcod by oxooutivo au-

A pr. 20 1918.]

THE CHRONICLE

tliority, that thoro shall bo control of causes leading to
unrest, and that thoro shall be provision for conclusive
arbitral decisions regarding differences that arise in spito
of provontive measures. The Committee takes tho ground
that no plan should be considered which does not first pre­
vent excessive profits resulting from tho conditions of war.
It is necessary to permit a reasonable profit to stimulate tho
increase of production on the part of industry. Anything
in excess of that should be either prevented or taken by tho
Government. The Government should at the samo time
ondeavor to prevent excossivo prices which employees pay
for tho necessaries of life. Tho Committee is composed
of Honry P . Kendall, Chairman, Boston; Henry Brucre,
New York City; Waddill Catchings, Now York City; Homer
L . Ferguson, Newport Nows, V a .; A . Lincoln Filono, Bos­
ton; E . M . Hopkins, Hanover, N . H .; Charles P . Neill,
Washington, D . C .; L . A . Osborne, Now York City; F . A .
Soiborling, Akron, Ohio, and A . F . Thompson, Baltimore.
The magnitude of industrial clxangos in tho opinion of
tho Committee, which war requires, loft no other courso
opon to tho Government than to undertake new and
special dutios with regard to tho maintenance of proper
relations. This was necossary in ordor to achieve tho ef­
fective utilization of the labor resources of tho nation which
is now a matter of tho first importance. Migrations of
labor, now circumstances of livelihood, erratic changos of
rolativo wages which sometimes make compensation for
workers of lower classes higher than wages of more skillod
men, and innumerable other olomonts alter tho industrial
status in communities, districts, and tho wholo country,
croating now conditions, with all tho difficulties of novel
adjustments, which affect to a great part tho 8,000,000 and
moro wage-oarnors in our manufacturing establishments.

1641

p u t on its store shelves, there would result a labor revolution and possibly
another international war.
T o -d a y ive stand as guardians for mankind o f precious materials in abund­
ance, a long list o f them originating in our own soil. Our obvious d u ty is
to keep enough o f them for the norm al consum ption o f our own m anufac­
turers and m erchants. T h a t m uch is fundam ental. T he principle o f dis­
tribution o f a surplus has already beon established and put into practice
b y our war em oargo; that principle is not altered b y making our peace­
tim e surplus what remains aftor normal absorption at hom e instead o f
what is realized b y forced econom y in tim e o f war.
It seems to mo that no arbitrary control under the authority o f laws
already existing amongst our com petitors or in process o f adoption can
possibly displace this country from its position o f ch ief provider during tho
first few years o f reconstruction. Our vast stock o f materials and the indus­
trial and mercantile organization still left intact and undestroyed by war will
attract the great bulk o f all orders fo r goods fro m every region where
dissatisfaction o f com m ercial needs has been accum ulating fo r the past
three or four years. Inevitably our ch ief troublo will be one o f satisfying
our foreign custom ers in every part o f the w orld on a basis o f som ething
like equal distribution. I f we are beset£by any d ifficu lty requiring a new
or m odified national policy, it will bo"i!a difficu lty em anating from too
m uch prosperity.
_________________________________

SECRETARY OF N A V Y DANIELS DENIES REPORTS
OF ESTABLISHMENT OF NA VAL BASE A T AZORES.
Roports on April 11 to the effect that a naval base on the
Azores Islands had been established by the United States
with tho consent of Portugal for tho protection of the A t­
lantic trade routes to Southern Europe are said to have been
donied as follows by Secretary of the N av y Daniels on April

12 :
T h o story that the U nited States N a vy has established a naval base
at tho Azores probably grew out o f tho fa ct that som e ships stopped there
several times on account o f storm s, and to get coal. W e have no conces­
sion from the Portuguese Governm ent to establish a base thero.
W e have coal there, but we do not call a place where we have coal a
naval base. W e would not call it anything m ore than any place on the
French coast or anywhere else where wo havo coal and our ships go in. It
is not being arm ed. W e havo no guns there. I am very sorry anything
has been published, because wo have no naval base thero and do not intend
to have one there.
I was very much surprised to see the story, and conferred with Admiral
Benson and M r. R oosevelt about it. T h ey wero both surprised. M r .
Roosevelt has m ade a statement that it was not a naval base.

B. S. CUTLER ON ALLIED TRADE PLANS— DUTY OF
UNITED STATES TO PREVENT LOP-SIDED DIS­
RAILROAD ADMINISTRATION TO OPERATE BARGES
TRIBUTION OF MATERIAL AFTER WAR.
ON ERIE CANAL.
Flat denial that our European Allies are oven considering
plans to injure our trade after tho war was made on April 18
beforo tho Fifth National Foreign Trade Convention at
Cincinnati by Burwell S. Cutler, Chief of tho Bureau of
Foreign and Domestic Commerce, Department of Commerce.
M r. Cutler said:
In Europe there is taking place a witlo and thorough econom ic reorganiza­
tion that seems to fill with alarm m any persons on this sido o f tho ocean.
W o find amongst our countrym en a vague idea that we are being legislated
against evon by our own allies, that our greatest associate is planning
national raid on tho foreign trado o f tho world in sucli force that wo m ay
bo driven from tho field unless wo are speedily retaliatlve. This fear
finds expression in the frequent question as to what our Governm ent Is
going to d o to p rotect our foreign trado.
It seems to m o that nothing could bo m ore dangerous and unfair at this
tim e than tho hasty assumption o f hurtful purpose on tho part o f our allies
or the assumption o f a necessity to act quickly in som e direction, no m atter
in what direction. I f there over was a time in our history when wo should
analyzo carefully to tho end o f eliminating all extraneous factors so that
only tho basic facts are loft in front o f us, it is now . A mLsstop m ight very
well bo fatal if it took the form o f action that would antagonize a largo part
o f com m ercial allies, or indeed a substantial part o f our own business com ­
m unity. N either d o wo want to bo drawn into tho enactm ent o f any
moasures which aro scientific, unsound, and will not stand tho strain o f the
now human relationship brought about b y tho world conflict and not yet
com pletely form ulated.

M r . Cutler took up in somo detail tho moasures taken by
the British Government which have had, or m ay havo, somo
influonco on the trado between nations, such as tho Defense
of tho Realm A ct, tho Non-Ferrous M etals Bill, tho Tem ­
porary Imports and Exports Control Bill, the reconstruction
of tho British Ministry for tho hotter promotion and regula­
tion of foreign trade, and tho establishment of a foreign trado
banking corporation. Particular attention was paid to the
investigation of every concoivablo phaso of commerce
undertaken b / a total of eighty-seven British committees,
tho main concern of which will bo an inventory of raw mate­
rials controlled in ono way or another by British influence.
Tho roports of theso committees will inspire legislation having
for its purpose scientific distribution of such raw materials
after tho war. In explanation M r . Cutler said:
Our English com patriots, If I read them correctly and hear them accu­
rately, grado the claims o f raw materials as follows: First, tho regions o f
battle: second, the nations fighting for dem ocracy who havo been forced
to give up their trado in behalf o f tho interest com m on to all our allies;
third, neutral nations who havo innocently and helplessly suffered; fourth,
tho other nations o f tho earth for whoso eventual prosperity wo must plan
under an obligation that is m oro rem ote but just as positivo. W hether or
not wo ourselves subscribe to such a plan or to any part o f it, it is our
param ount interest to seo that imm ediately on tho declaration o f peace
there docs not follow a wild and desperate scram blo on tho part o f speculators
for tho materials that wo and our heroic allies must havo in sufficient quan­
tities to maintain our people in useful occupation. I f a lop-sided distribu­
tion o f materials should lead to excess o f industry In ono part o f tho world,
whilo another part has little or nothing with which to feed its machinos or




Announcement was mado by Secretary of the Treasury
M cAdoo on April 17 that ho had decided to construct and
put into operation a line of barges to be operated by the
Government on the Erie Canal. In making known this
docision tho Railroad Administration said:

Director-General M cA d oo announces that, acting upon the recom m en­
dations o f tho com m ittee on inland waterways o f tho Railroad Adm inistra­
tion, ho had dccidod to construct as quickly as possiblo and put into opera­
tion a lino o f barges to be operated b y the Governm ent on the Erie Canal.
T ho barges will be o f m odern construction o f the m ost approved ty p e and
will be operated in conjunction w ith and as a part o f tho general railroad
and watorways transportation system o f tho country under the control
o f tho Director-General o f Railroads. This will insure the com plete co-ord i­
nation o f the Erie Canal facilities with the railroad facilities, and it is hoped
will greatly enlargo tho available transportation facilities throughout
eastern territory.
M r. G . A . Tom linson, o f D uluth, M in n ., a man o f large practical ex­
perience in lake navigation, has been appointed general manager o f the
Erlo Canal operations, including tho construction o f the barges and general
equipm ent. Under Governm ent control o f the railroads and tho canal
there can be diverted to the canal all o f tho traffic that can be handled to
tho best advantage b y water, and the canal can be m ade in the highest
degroo serviceable in the present situation.
Tho United States Railroad Adm inistration has not found it necessary
or advisablo to undertake the operation o f tho boats on tho Chesapeake
& Ohio Canal.
H owever, the Railroad Administration is interested in bringing about
the transportation o f the largest possiblo tonnage o f coal from the coal
fields to W ashington b y way o f tho canal. It is to be assumed that under
private management the railroads reaching Washington preferred to handle
tho coal b y rail, but under existing conditions tho Railroad Administration
is anxious to relievo the railroads reaching W ashington to tho greatest
possible extent o f tho burden o f carrying the coal tonnago needed b y W ash­
ington and its vicin ity. T o accom plish this purpose the Railroad A d ­
ministration has arranged to co-operate to tho fullest extent with the
companies maintaining and operating the canal and expects that as a re­
sult o f a substantially increased tonnago o f coal will be carried to W ash­
ington b y tho canal during tho current year.

Governor Whitman of Now York, in signifying his ap­
proval of M r. M cAdoo’s action, was quoted as saying:
T he action o f the Director-General meets with our heartiest approval.
It was really done at our request and we will give the plan our entire co ­
operation.

Tho Govornor is said to havo mado it clear that the Fed­
eral Government will simply have charge of the operation
of tho canal and that the property of tho Now York Stafo
Bargo Canal system will remain in chargo of Gen. W . W .
Wotliorspoon, Superintendent of Public W orks. Repre­
sentatives of the State Department of Public Works are
said to havo stated on the 17th that Government operation
would not interfere with the construction work now under
way or contemplated. It is said that under the State Con­
stitution tho title of the canal property must remain with
and bo maintained by tho State. Director-General M c ­
Adoo’s announcement is interpreted to mean that the Rail-

1643

THE CHRONICLE

road Administration will simply direct the operation of
freight and the disposition of barges and boats. It was
pointed out that under Federal control it would bo possible
to lease, purchase, build or even commandeer tonnago for
use of the canal if found necessary. It is stated that several
hundred steel barges of about 700 tons each will bo ordored
immediately from construction companies on tho Groat
Lakos, and tho first of these, it is said, can bo completed
in five or six weeks. It is reported that each will cost about
$60,000. Tho canal system, running from Buffalo to Water­
ford, near Troy, on the Hudson River, is said to bo capable
of carrying about 10,000,000 tons of freight a season, and
probably half of that amount will bo hauled this year.
Grain from Buffalo and coal from Ithaca and Watkins,
N . Y . , will be tho principal commodities transported.
Grain will move through tho canal and down the Hudson
River to New York, whore it will be taken largely by tho
Food Administration’s Grain Corporation for storage and
trans-shipment to Europe. Coal will bo carried from rlroy
and other upper Hudson terminals by rail to N ew England.

PLANS FOR THE DEVELOPMENT OF IN LA N D WATER
TRANSPORTATION.
In discussing inland water transportation as a factor in
foreign trade development and the plans under way for tho
development of such transportation, W alter Parker, General
Manager of the New Orleans Association of Commerce
and former Assistant for Inland W ater Transportation,
U . S. Department of Commerce, spoke in part as follows
before the National Foreign Trado Convention at Cincin­
nati on April 19.

[Vol. 106.

Opportunity to draw foroign products, as soon aftor production as pos­
sible, into deposit or surplus supply river-rail-ocoan storago at American
ports, thero to await interior demand or favorable conditions o f water or
rail transportation to interior markets o f distribution.
Opportunity to use standard warehouse receipts and certificates o f In­
spection on surplus supplies o f even running com m odities, such as lum ber,
hides, coffeo, cotton , grain, & c., held in river-rail-ocean warehouses at tho
ports as collateral for tho attraction o f dem and, surplus or call m onoy for
tho financing o f such com m erce.
Opportunity at tho ports for miscellaneous im portant com m ercial and
industrial enterprises engaged in foreign trado to occupy and dovelop and
use river-rail-ocean water frontage.
W ith econom ic facilities for deposit and surplus supply storago at the
ports, on both imports and exports, several im portant advantages will
accrue to tho foreign trader o f the United States, Including.
A bility to buy during normal periods o f low values and soli during normal
periods o f high values, since ho m ay then roceivo com m odities when tho
producer desires to dispose o f them , and doliver thorn when tho consumer
is in need.
.
.
. . . __ _
A bility to hold surplus com m odities in strategic storago whence dollvory
at any tim o m ay bo made to any m arket, thus avoiding surplus accumula­
tions at secondary distributing centers.
A bility to re-soll in any direction at any tim o com m odities on which
transportation costs to secondary distributing centers havo not been paid.
A brief analysis o f tho relationship water transportation should bear to
rail transportation m ay bo in ordor.
In tho Mississippi Valloy, which embraces 4 1% o f tho area o f the United
States thero is a great railroad system which serves a largo territory In
which almost every trade center is reached by navigablo water to tho sea.
In order to successfully com pote with boat lines, this railroad has developed
its econom y o f operation to a very high degreo. In this way it has been
ablo to reduce its transportation charges almost to a point wlioro old-tim e
boats without terminal efficiency cannot successfully com peto.
It would be folly to force this efficient and profit-paying railroad to raise
its transportation charges to a level that would enablo old-style boats
without terminal equipment to successfully com peto.
But it would bo good business to cause tho creation of econom ic waterside
terminal and storago facilities, and the building and regular operation o f
efficient craft which could successfully com peto with tho lowest rates an
efficient railroad could make.
„ ..
B y encouraging both the railroads and the b oat linos to effect a the
econom ies they can, and then operate on a cost plus profit basis, in full co ­
ordination, the best interests o f tho cou ntry will bo served, and the way
o f the oversea trader will bo mado easier.
T he basis o f our plans for tho future o f our foreign trado should include
duo regard for the forces that are now revolutionizing our transportation
system . These forces are impairing now and highly im portant olomonts of
Oracle econom y.
N ew Orleans, for instanco, is investing m any millions o f its own m oney
in tho carrying out o f plans for the creation o f an im portant deposit and
surplus supply market, and for the uso in the form or dem and and call
loans o f surplus m oneys drawn from all parts o f tho country for tho financing

O f one sure effect o f tho war, no man need entertain any doubt— tho
world will be m oro efficient in tho generations to com e than it has beon in
tho past. The toll o f men and m oney will necessitate tho elimination o f
waste and lost m otion, tho perfection o f m ethods o f doing things, and the
use o f channels o f trado o f least natural resistance. Thero will bo no
m oney with which to p a y for unnecessary service. T ho period o f extrava­
gance has passed, and cannot return for a long tim e to com o.
But our ships will bo handicapped if wo attom pt to burdon their service
b y high cost transportation to and from our hom e port wharves and ware­
houses. In overy w ay our oversea trado will have to bo placed on an eco­ ° f M em phis ^ s t L m d s ^ S t . Paul and other Important valley conters are
nom ic parity with our com petitors abroad. I f thoso com petitors use low
building joint river-rail terminal facilities.
cost boat transportation for the m ovem ent o f their com m orco between the
An inland navigation waterway, touching every navigable'Stream that
interior and tho ship side, wo will havo to d o tho same thing.
enters tho Atlantic and tho G ulf, is being opened to roach from B oston to
E ven in war, Germany and Franco have invested hugo sums in canal con­
struction for tho purpose o f increasing their areas o f low cost interior trans­ th T ho Erie Canal has been rebuilt and is destined to becom e a very lmportation in order to better their positions in foreign trado aftor tho war.
nnrtant, factor in Eastern com m erce.
T ho history o f interior transportation in tho United States differs radi­
1 Illinois is endeavoring to secure a navigablo channel from Chicago to
cally from tho history o f interior transportation in Europe. In Europe, full tho Mississippi R iver, and has appropriated a large sum for the p u ^ o a e .
use o f the waterways was in no manner interfered with b y tho developm ent
Extensive progress has beon mado in the canalization o f the Ohio R iver.
o f tho railways. As a m atter o f fact, tho largest purpose in com m orco
Alabam a's iron and coal belt is now served b y a canaUzod waterway to
served b y tho railways o f Europe was to feed tho waterways and improvo tho G ulf and to tho Mississippi R iver, and beforo long will havo au all-thetho relative econom y o f transportation generally.
year channel to tho Mississippi R iver, eight feet In depth.
In Am erica, the transportation doveloper seemed to lack telescopic
T ho Missouri River channel is in procoss of being im proved.
vision , and thero was no governm ental policy to direct and guide him along
Iron is now being m oved from A labam a, over tho Tonuossco and Ohio
tho paths o f truo econom y. l i e found tho boats as a whole enjoying a
com plete m onopoly, and lacking tho spirit o f real enterprise. Nevertheless, UVInm and coal'are being m oved b y boat between St. Paul and SL Louis
tho system was intensely individualistic and highly com petitive within
In every direction progress is being mado in tho developm ent o f inland
itself. “ Through” bills o f lading wore unknown to it. Its equipment was w ate^transportation, and for the first time tho basis o f tho endeavor is
wasteful and oxtravagant. Term inal storago and handling efficiency did
, TT i «« -n
not exist. In no way was tho system convenient to tho shipper; yet tho practical econ om y.
In Juno last. Congress amended and passed a Rivers and Ilaroors
cost o f actual transportation b y boat was lowor than the cost o f trans­ carrying a river regulation provision. This amendment provides for the
portation b y rail.
i
tJ
appointm ent b y tho President o f a com m ission o f seven whose d u ty lts h a il
Term inal efficiency, good business management, and “ through and
bo to form ulate a plan, for adoption b y Congress, by which tho Govern­
dependable servico soon diverted traffic from the boats to tho railroads,
ment m ay conserve and use for tho purposes o f agriculture, com m erco and
and at tho same time developed tho regions distant from tho water courses.
industry, m uch o f the natural drainage o f tho country which now runs to
This new m onopoly in turn developed com petition within itself. Each
waste in the form o f destructive floods. T ho means at hand Include.
railroad fought for all tho business in sight. Long hauls com peted with
Contour plowing, which will permit tho rainfall to remain In^the furrows
short hauls. M ountain grade lines com peted with water grado lines. ^ All
long enough to soak into tho ground, thus conserving m oisture for tho bene­
joined in concerted endeavor to prevent actual water com petition. I or a
fit o f plant life, reducing soil erosion, checking flood form ation and aug­
timo tho keen contest for position and control overshadowed tho factor of
mountain
econom y in transportation. Com m erce developed rapidly. In spito^ o f menting tho dry season flow o f streams and rivers.
Forestation and reforestation, thus utilizing waste lands and mountain
constantly increasing tonnage, railroad securities lost attractiveness. Now
sides in such a w ay as to realizo an asset o f timber, and at tho same time
rails and cars and engines in quantities were required and wero unobtain­ check son erosion and retard the flood-form ing run-off from rains and
able, and tho system failed to meet the full needs o f tho country.
N ow comes tho day o f tho boat again— this time as an adjunct and a co­
111 Impounding o f flood waters for power developm ent and stream flow
operating factor in transportation— and with it com es a m ore accurate senso
o f proportion and knowledge o f what constitutes transportation econom y. ' ' Tho use o f flood waters in tho irrigation o f arid lands, thus cliocklng flood
Its use as a war mcasuro for tho relief o f an overburdened railroad system
form ation, and by restoring tho natural ground water supply, prom ote
undoubtedly will be followed b y the developm ent o f the system to meet the
agriculture and tho feeding o f stream flow during tho d-<y
...
needs o f reconstruction and developm ent that peace will bring.
T ho dralnago o f wet lands, and their uso in tho production or food which
T o becom e a helpful factor in transportation and a permanent aid in tho
tho overseas trade will need from America in largo volum o during years
developm ent o f our foreign trado, tho boats need:
Dependable and adequate channels between sections capablo o f develop­
t0 ThTinternal developm ent o f tho country provided for by this constructive
ing Important com m erce.
_
Waterside terminal and storago equipment capablo o f co-ordinating program, contemplates these benefits:
A m oro abundant food supply for our own people and for oxport.
river and rail.
A continued supply o f lumber.
,
„,
.
Efficient equipment that will permit o f regular and econom ical servico.
An important addition to tho country s supply o f low -cost power
Assuranco that no railroad will be perm itted to em ploy unduly depressed
Better waterway channels on which to float com m odities to and n o m
rates or unfair practices as a club against boat lines.
ship-side, and to and from our seaport warehouses.
.
Assurance that “ through” bills o f lading under joint rates based on
I f this commission bo put to work boforo long, and presents its great pla
cost o f service will bo issued.
for adoption by Congress beforo tho war ends, a way may bo devised t
W ater-front river-rail-ocean terminal and storago facilities at tho ports
accomplish tho following enormously im portant purposes:
in which com m odities can rest at low cost between tho period o f produc­
Provide asset-creating work for m any o f tho men who will bo thrown out
tion and consum ption.
o f work with the signing o f tho peaco p ro to co l.
In tho trado era ahead, tho Amorican trado operator will bo greatly
Promise new and bettor opportunities to invostor, homesoekor and
assisted if he can enjoy:
Opportunity to em ploy transportation channels o f low natural resistance. worker, thus rem oving tho cuaso o f discontent.
Assure
another era o f developm ent and expansion in tho United States.
Opportunity to assemble miscellaneous com m odities in intelor river-rail
Discontent Is the real enomy at hom o which froo governm ent must find
storago whenever tho producer desires to ship, inovo such com m odities
. .
either b y boat or train, when transportation is available, into deposit away successfully to com bat.
Incom e and excess profits taxes help solvo tho problem , but do t i ■
storage at the port, there to await foreign demand or favorable conditions
satisfy the rent payer and the man who works with his hands t
o f overseas transportation.




THE CHRONICLE

A pr. 20 1918.]

W ill not tho program I havo outlined give tlio rent payor, tho wageearner, the tim o server, something direct, tangible, im m ediato, that will
answer his yearning for opportunity? And will not tho prospect it holds
ou t draw tho nation closer together aaswer tho question the masses now
constantly ask, and cliango unrest into harm ony b y pointing the way to
better and better conditions, to perm anent and profitable em ploym ent,
and to industrial and commercial growth and prosperity which opens the
door to a larger and larger share o f tho world's overseas trade?
And will not this scheme o f scientific internal developm ent im prove our
ability to pay o ff our war debt, thus tho sooner enlarging our ability to aid
our friends abroad with tho products o f our fields and factories and with
financial aid as well?
___________________________

INSTRUCTIONS TO RAILROADS A S TO HANDLING OF
COMMODITIES INTENDED FOR EXPORT.
Instructions issued by the Railroad Administration (Di­
vision of Transportation, Car Service) Section with regard to
rules for handling commodities received for transportation
and intended for oxport are printed as follows in tho “ Official
Bulletin” of March 14:
W ashington, D .

C ., F ebruary 15 1918.

T o All Railroads:

1643

motive W orks, put squarely up to the Government the
responsibility for adequate improvements and the capital
necessary for providing additions and extensions, in his ad­
dress before the United States Chamber of Commerce at
its sixth annual meeting on April 11. He said:
During the depression preceding tho war there was a small surplus o f
power which, as should havo been foreseen, w ould be abs orbed in traffic
with the first increase o f activ ity . As a rule railroads have purchased
locom otives largely under the spur o f excessive tra ffic and have abstained
from purchasing during periods o f reduced earnings. This is contrary to
tho econom ics o f the situation. Enlargements o f facilities should be made
in times o f depression: first, that is the cheapest tim e to d o it; second, it is
the m ost convenient tim e to d o it; and third, it is the tim e when the m an­
agers can give m ost attention to doing it; and fourth, the em ploym ent o f
labor arising out o f large railway purchases tends to m itigate the severity o f
a general depression. Tho reason tho railroads havo not done this since
1907 is that under the regulatory p olicy which went into effect at the tim e,
railway managers have not been able to accum ulate surpluses sufficient in
their judgm ent to warrant bold construction in times o f small earnings, and
especially because future earnings have not been susceptible o f approxim ate
calculation oven where tho volum e o f traffic could be estimated in advance.
Adequate provision o f m otivo power, like adequate provision o f othor
rolling stock and other facilities, can only be assured when Congress
places upon the functionary charged with tho duty o f regulating rates
tho definite responsibility o f making such rates as will yield earnings
sufficient for thorough maintenance, for adequate im provem ents and
sufficient to attract the capital necessary for providing additions and
extensions.
_________________________________

1. In accordance with the provisions o f tho proclam ation o f tho President
o f tho United States, dated Fob. 14 1918 all articles o f com m erce, effective
Feb. 20 1918, shall require an export liconso from tho W ar Trade Board for
exportation via any port or border point to whatsoever destination, except
to points in tho noncontiguous possessions o f tho United States.
(For status o f Canadian shipments tho articles enumerated in list ap­
CLEARING UP OF CONGESTION ON EASTERN
pended hereto require individual license.)
2. Y ou will immediately instruct all concerned that the furnishing o f
RAILROADS.
equipment for shipments consigned, reconsignod, to bo roconsignod, or
The gradual clearing up by the Eastern railroads of the
Intended for export shall bo contingent upon (o) the issuance o f said license;
(5) tho presentation o f license number; (c) tho marking o f bill o f lading badly congested freight conditions which developed during
"F o r exp ort,” and (d) tho waybill bearing licenso number.
the long period of bad weather of the winter months, was
3. Shipper’s export declaration, o f which thcro shall bo four copies, must
bo ovontually delivered to tho collector o f customs at points o f exit from the reported in Washington dispatches of April 16, which stated,
United States. For shipments to noncontiguous possessions shipper's however, that indications were that it would be another
oxport declaration in duplicate is required.
4. All shipments aro further subject to such regulations and permits as month before conditions were restored to normal.
A report of the Railroad Administration on April 16
m ay bo requirod b y tho various railroad com m ittees controlling oxport
shipments.
showed 41,726 cars more than normal held on Eastern lines,
5. T ho Car Service Section o f tho Division o f Transportation o f tho
United States Railroad Adm inistration is authorized to permit tho shipment about one-fourth the number reported early last January,
o f com m odities intended for oxport prior to the issuance o f an export liconso and a little more than half the number held on March 1.
If said car servico section shall bo satisfied that thcro is storage room avail­ About 25,200 were eastbound loaded cars, 10,233 west­
able, or that it is tho custom o f tho trado to m ovo such com m odities to
bound loads, 4,455 westbound empties, and 833 eastbound
seaboard for storage or grading.
G. Tho foregoing, for tho present, will not in any way apply to (a) any empties.
The Pennsylvania Lines East of Pittsburgh were
shipments made by or consigned to the N a vy Departm ent or W ar Depart­
tho most crowded with 12,665 ears above normal capacity.
m ent, or b y or to any o f tho bureaus or other subdivisions thereof; or
(b)
any com m odities for tho exportation o f which a special licenso lias been The Erie has cleared away all congestion.
or shall hereafter bo issued b y the W ar Trado Board, dispensing with tho
The second most congested road in the East is the Balti­
requirement o f an individual licenso, such com m odities being at present
more & Ohio with 5,442 cars more than normal. Other
as follows
Raw Cotton.

(c) A ny shipments o f coal or coke.
(d) A n y shipments to Canada o f com m odities other than those in ap­
pended statement.
Acknow ledge receipt,
W . C. KEN DALL,
•
M a n a g er Car Service Section.

LICENSES FOR EXPORT OF MANUFACTURED RUBBER
GOODS.
Following tho placing of all commodities containing rubber
on tho conservation list on Feb. G, tho W ar Trade Board
has ruled that certain shipments of commodities containing
rubber may be informally licensed by tho branch offices of
tho W ar Trade Board when such shipments are destined to
thoso countries mentioned in tho second half of tho proclama­
tion of Aug. 27 1917. To all other destinations thoso goods
havo needed a liconso for somo months. Tho shipments
which may bo licensed in accordance with this ruling aro
thoso which aro covered by:
(1)
(2)
(3)
(4)

Ocoan bill o f lading dated F eb. 13 1918, or caller; or
D ock receipt dated Fob. 13 1918, or earlier; or
Through export bill o f lading dated Fob. 13 1918, or earlier; or
Bill o f lading marked "fo r oxport” dated Fob. 13 1918, or earlier.

The Board further announces:
T o obtain a licenso shippers o f goods covered b y tho abovo shall present
their export declarations in quadruplicate at tho nearest brancli office o f
tho W ar Trado Board, using shippers' oxport declaration. Custom s Cata­
logue N o. 7525, as described in Journal N o. 4 o f tho War Trade Board.
N o formal application need bo made on shipments o f this character. Tho
branch office will liconso tho shipment on tho declaration, but tho declar­
ation when licensed will bo o f uso only if the goods aro actually exported
b y M a r. 15 1918. All shipments not specifically covered b y the foregoing
will roquiro a regular oxport licenso, which must bo form ally applied for on
tho custom ary application form.
It should bo noted that this ruling does not apply to shipments o f crude
or scrap rubber which havo required form al oxport liconses since N o v . 28
1917.
_________ _____________________

ALBA B. JOHNSON THINKS RAILROADS WILL HAVE
ADEQUATE MOTIVE POWER ONLY WHEN
ALLOWED ADEQUATE RATES.
Declaring that adequato provision of motivo power like
adequato provision of othor rolling stock, can bo assured only
whon Congress places on the functionary charged with tho
duty of regulating rates tho definito responsibility of making
such rates as will yield earnings sufficient for thorough main­
tenance. Alba B . Johnson. President of tho Baldwin Loco­




roads’ reports show: New York Central, 3,280; Lehigh
Valley, 2,345; Pennsylvania Lines W est, 1,600; Boston &
M aine, 1,350; Delaware Lackawanna & Western, 1,192;
Buffalo Rochester & Pittsburgh, 784; Delaware & Hudson,
286; Michigan Central, 750; Nickel Plate, 1,183; New
Haven, 193; Philadelphia & Reading, 664.
Improvement of motive power and good weather are ex­
pected to make it possible for Eastern lines to approach
normal conditions by the middle of M a y . Through a num­
ber of operating reforms, such as the rerouting of traffic
over shortest lines, better repairs, and a greater number
of locomotives, and common use of facilities, officials believe
they can keep freight moving about as usual next winter.

NEW YORK LEGISLATURE ENDORSES PROPOSAL FOR
LEAGUE OF NATIONS TO SAFEGUARD PEACE.
The entrance of the United States after tho war “ into a
league of nations to safeguard the peace that must be won by
the joint militaty forces of the Allied nations” is advocated
in a resolution adopted by the New York Legislature on
April 12. The adoption of the resolution followed a speech
made before a joint session of the lawmaking body by former
President William H . T aft, in which he explained the purpose
of the League to Enforce Peace, which is intended to act as
an international tribunal for the settlement of justiciable ques­
tions. It was advocated by M r. Taft that the United States
put into tho western battle front as soon as possible an
army of from 5,000,000 to 7,0 00,000 men. This, he stated,
would probably take two years or more. The ex-President
expects at least two years more of war. W ith regard to his
army proposal he said :
W hen we get our arm y o f 5,000,000 men abroad, tho victory is w on.
W e’ll occu p y tho centre o f that terrible battlefront, and we’ll bear the
brunt o f tho struggle, as we should, after our Allies have been fighting our
battles for tho last threo years.
I have traveled about this country a great deal recently, and tills one
fact is upperm ost in m y mind is a result o f m y observations: T he one big
thing for which the hearts o f our people aro yearning, tho one fa ctor for
which they are willing to sacrifice all, is that when this war ends in victory
for our cause and the cause o f tho Allies, a repetition o f this dastardly
effort on the part o f William Ilohenzollern and tho Potsdam gang will be
impossible in the lifetime o f this generation or o f m any generations to com e.

M r. T aft then asked the Legislature for some^eoncrete ex­
pression of approval of the plan for a league of/nations which
would see to it that another worldjwar was an impossibil-

1644

THE CHRONICLE

ity. The adoption of tho following resolution offered by
Chairman Sage of tho Senato Finance Committee was the
result:
W hereas, Tho m ost im portant task before tho Unitod States is to win
the war; and
W hereas, T ho war will not bo won until tho peaceful developm ent o f all
free peoples is guaranteed by tho strength o f their own will. Therefore,
bo it
Resolved, B y tho Legislature o f tho State o f N ow Y ork , b oth houses co n ­
curring, that tho State o f N ew Y ork plodges all its resources to tho vigor­
ous .prosecution o f the war until Prussian autocracy has been defeated;
and, bo it further
Resolved, That tho State o f N ow Y ork favors tho entrance o f tho Unitod
States, after the war, into a leaguo o f nations to safeguard the peace that
must bo won b y the join t m ilitary forces o f tho Allied nations; and, bo it
further
Resolved, That certified copies o f these resolutions bo sent b y the Secre­
tary o f State to the President and to tho presiding officers o f both branches
o f Congress and each o f tho Senators and Representatives from N ew Y ork.

Governor Whitm an attended tho joint session.

FOREIGN HOLDINGS OF U. S. STEEL CORPORATION.
Foreign holdings of the common shares of tho United
States Steel Corporation showed a further slight increase for
the quarter ending March 31 1918, the total now held being
485,706 shares, which compares with 484,190 shares held
D ec. 31 1917. There has also been a further trifling in­
crease in the foreign holdings of the preferred shares, tho
amount to March 31 1918 being 140,198 shares, contrasted
with 140,077 on Dec. 31 1917. Compared with the period
before the war, the shrinkage in the foreign holdings is, of
course, very striking; in the case of tho common stock,
while tho foreign holdings now are only 485,706 shares, on
M arch 31 1914 they aggregated as much as 1,285,636 shares.
Tho foreign holdings of tho preferred at 140,198 shares
March 31 compare with 312,311 on March 31 1914.
Below we furnish a detailed statement of the foreign
holdings at various dates since Dec. 31 1914.
F O R E IG N II O L D IN G S OF S H A R E S OF U. S. S T E E L C O R P O R A T IO N
M ar. 31 Dec. 31 June 30 Dec. 31 Dec. 31
Dec. 31
Common Stock—
1918.
1917.
1917.
1916.
1915.
1914.
A frica ______________
23
25
23
15
5
2
A lgeria____________
150
340
A rg e n tin a _________
43
43
34
34
23
8
A ustralia__________
30
30
29
3
23
38
A ustria-H ungary __
472
472
472
472
532
690
B elgium ___________
2,625
2,625
2,625
2,625
2,639
3,509
B erm uda__________
97
97
95
95
95
46
B ra zil_____________
43
7
7
7
7
IS
British India______
45
38
33
24
24
17
Canada ___________
43,310 41,639 36,064 31,662 38,011
54,259
Central A m erica___
1
1
78
235
382
Chile .........................
60
30
24
11
18
8
C hina_____________
85
79
73
10
13
13
D en m ark__________
16
E ngland___________
173.538 173,074 176.307 192,250 355,088
710,621
F rance_____________
29,170 30,059 29,982 34,328 50,19.3
64,537
G erm any__________
612
467
628
628
1,178
2,664
G ibraltar__________
100
H ollan d ___________
229,185 229,185 229,195 234,365 238,617
342,645
Ireland____________
19
19
29
914
1,730
2,991
Ita ly _______________
281
281
277
279
280
146
____
____
Japan_____________
5
J a v a ____________
4
M a lta _____________
75
75
75
75
75
75
M e x ico ____________
154
154
154
140
250
300
N o rw a y ___________
20
20
20
20
20
70
P e ru _______________
1
3
P o r t u g a l__________
190
____
R u s s ia ____________
10
S c o t la n d __________
75
75
740
482
4,208
3 ,4 3 5
S p a in _____________
300
300
510
510
800
1,225
Sweden . . _______
64
64
64
1
68
13
Switzerland_______
1,442
1,587
1,447
1.512
1,267
1,470
T u r k e y ___________
16
16
Uruguay __________
10
10
10
W ales_____________
30
30
35
45
315
623
W est Indies_______
3,875
3,690
2.990
1.952
1.568
1,872
T o t a l ___________
Preferred Stock—
A frica _____________
A lgeria____________
A rg e n tin a _________
A ustralia__________
Austria-Hungary
A z o r e s ____________
B elgium ___________
B erm uda__________
B r a z i l .......................
British India______
Canada ___________
Central A m erica___
C h i l e .........................
C hina_____________
C olom bia__________
D en m ark__________
E g y p t .......................
E ngland___________
F rance____________
G erm any__________
G re eco____________
H ollan d___________
Ireland____________
Ita ly _______________
Japan______________
L uxem bu rg________
M a lta ______________
M e x ico ____________
M o r o c c o __________
N o rw a y ___________
P e ru _______________
P o r t u g a l__________
R u s s ia ____________
S c o t la n d __________
S e r b ia ____________
S p a in _____________
Sweden ___________
Switzerland_______
T u r k e y ___________
W ales_____________
W est Indies_______
T o t a l ___________

485,706 484,190 481.342 502.632 696.631 1,193,064

9

9
25
15
373
683
120
334
108
84
352
36,420
6
23
50
30
78

9
105
19
379
683
120
331
53
84
352
36,201

339
25
84
357
34,891

23
50
30
178

23
50
30
140

25
82
354
35,876
33
23
50
30
140

39,424
20,048
876
65
25,274
440
2,009
61
15
405
7

39'779
25,763
862
65
25,274
450
2,028
61
15
405
6

39",604
26,327
935
38
25,274
525
2,023
61
15
405
16

50',429
27,863
935
38
25,384
826
2,185
61
15
405
16

55
75
IS
403
3,483
120
341
25
16
119
36,453
237
24
57
30
140
40
147.453
32,524
1,330
38
26,494
3,929
2,148
61
15
405
16

26
6

26
6

29
6

31
6

27
6

7

7
252
220
880
1,136
2,848
100
24
1.259

7
367
220
750
1.136
2,923
100
29
1.188

7
734
220
710
1,136
3.043
100
45
1,952

33
12,256
220
421
1.130
2,695
100
788
863

405
235
7
27
5
120
43
13.747
220
432
1,137
2.617
100
1.068
874

140,198 140,077 142,226 156,412 274,588

309.457

_234
880
1,156
2,853
100
24
1,578




105
24
370
3,683

44
105
24
379
3,683
120
339

58
11
484
2.086
697
21
31
81
34,673
146
12
42
40
140
174.906
36,749
3.252
38
29,000
4.119
1,678
81

D a le —

[Vol. 106.

COMMON.
Shares. PerCe.nl.

M ar. 31 1914............1.285.636
Juno 30 1914............1,274.247
D ec. 31 1914........... 1,193.064
M a r. 31 1 9 1 5 .....1 ,1 3 0 ,2 0 9
Juno 30 1915........... 957,587
Sept. 30 1915........... 826,833
D oc. 31 1915........... 696.631
M a r. 31 1916........... 634,469
Sept. 30 1916........... 537,809
D ec. 31 1916........... 502.632
M a r. 31 1917........... 494,338
June 30 1917........... 481,342
Sopt. 30 1917........... 477,109
D ec. 31 1917........... 484,190
M ar. 31 1918--------- 485,706

25.29
25.07
23.47
22.23
18.84
16.27
13.70
12.48
10.58
9.89
9-72
9.45
9.39
9.52
9.56

D a te —

M a r.
Juno
D ec.
M ar.
Juno
Sept.
D oc.
M a r.
Sopt.
D ec.
M a r.
Juno
Sept.
D ec.
M ar.

31
30
31
31
30
30
31
31
30
31
31
30
30
31
31

PREFERRED.
Shares. P erC ent.

1914..........
1914..........
1914..........
1915..........
1915_____
1915.........
1915..........
1916..........
1916..........
1916..........
1917..........
1917..........
1917_____
1917_____
1918..........

312,311
312,832
309.457
308.005
303,070
297.691
274,588
262,091
171.096
156.412
151.757
142,226
140.039
140.077
140,198

8.67
8.68
8.59
8.55
8.41
8.26
7.62
7.27
4.75
4.34
4.21
3.94
3.59
3.88
3.90

NEW JERSEY L A W COMPELLING IDLERS TO WORK
TO BE ENFORCED.
In accordance with the provisions of tho Wolvorton A ct,
signed by G ov. Edge of Now Jersey on Fob. 16, compelling
all able-bodied men between tho ages of 18 and 50 to work
during tho period of tho war, a proclamation was issued by
the Governor on M a r. 9 to carry into effect tho roquiromonts
of the A ct. Tho Governor pointed out that if the law was to
fulfill its purpose it must bo appliod in the samo way as the
selective service principle for military work, in ordor that
tho “ socioty idlor” and slackors of the “ hobo” typo might
secure tho particular kind of work that best suited thoir respec­
tive physical and mental capacity. Tho following is the
text of tho proclamation:
In accordance with the provisions o f Chapter 55, laws o f 1918, I, W alter
E . E dge, Governor o f Now Jersey, hereby issuo this, m ay proclam ation,
putting into full force and effect, and calling upon all law officers o f the
Stato to enforco tho legislative enactm ont declaring it to bo tho d u ty o f
every able-bodied male resident o f this Stato, botwcon tho ages o f eighteen
and fifty years, to bo habitually and rogularly engaged In som o lawful,
useful and recognized business, profession, occupation, trado or em ploy­
m ent on and after tho date o f this proclam ation until tho termination o f
tho war in which tho United Statos is now engaged.
In its wisdom tho Legislature has ordained that following tho issuance o f
this proclam ation it shall bo tho duty o f the Comm issioner o f Labor to
prepare and publish such rulos and regulations governing tho assignment
o f persons to work as will Insure equality o f treatment and take into account
ago, physical condition and any other circumstances o f tho Individual. Tills
is imperatively necessary becauso o f tho plain fact that the sucoss or failure
o f N ew Jcrsoy’s anti-loaflng legislation will depond upon its application.
T ho selective service principle should provail precisely as in tho making
o f our m ilitary forces. In this task we are drafting for tho industrial arm y.
There are kinds o f work too severo In a physical sense for tho “ socioty
idler” who m ay, how ever, bo com petent to handle tasks which would bo
impossible for slackers o f tho " h o b o ” typo. Sound Judgmont must be
em ployed in our experiment to rid tho hamun hive o f its drones, and I call
upon tho Labor Departm ent o f this Stato to em ploy all o f its available
resources, including tho Fcderal-Stato-M unicipal E m ploym ent bureaus,
in providing m achinery to obtain tho kind o f work suitable for specific
cases.
■
T o put in m otion tho m achinery thus to bo provided b y tho Stato D e ­
partment o f Labor will requiro tho co-operative touch o f law enforcing
officers all over the Stato. I tliercforo call tho attention o f sheriffs, mayors
and heads o f polico departments in all municipalities to tho necessity o f
maintaining sharp vigilanco and a keen eye for thoso workloss individuals
whose lack o f am bition and fondness for Idlonoss constitutes not merely a
financial burden to every com m unity, but also a genuino m cnaco to tho
welfaro o f the nation’s m anhood under arms and their safety on tho battle
fron t.
Executives o f municipalities o f 10,000 population and over are urged
to have their police departments coinpilo a list o f all habitual idlers in the
com m unity, to the end that thoy m ay bo Individually warned o f tho penalty
o f $100 or three m onths in Jail, or both , prescribed for deliberate non­
em ploym ent, and that tho names o f thoso profosslng willingness to work
m ay bo prom ptly certified to tho Stato Labor D epartm ent, as available for
em ploym ent.
Our farms and industries need inoro man power than is available to meet
extraordinary demands for production. B y making Chapter 55 o f tho
laws o f 1918 something m ore than a temporary sensation we shall bo liolplng
to supply this demand and at tho same tim e curbing vagrancy, useless­
ness. m endicancy, im m orality and crim e.

Enrollment of tlioso coming within tho provisions of tho
law was begun on March 14. Undor rulos and regulations
for tho carrying out of tho law, issued by Lowis T . Bryant,
State Labor Commissioner, exemption from its operation is
granted to students and other preparing to engago in trade
or industrial pursuits, and persons temporarily unemployed.
Tho regulations stato:
It is requested that tho sheriffs o f tho respective counties and any othor
officers. State, cou nty or m unicipal, charged with enforcing tho law, to
cause an enrollment blank, which is to bo provided b y tho Comm issione o f
L abor, to bo filled out b y all persons com ing within the provisions o f the
A ct, and forward it to their local Fodoral-State-M unieipal Em ploym ent
Service, provided such an office is operated within their m unicipality,
or, otherwise, to tho Comm issioner o f Labor, Stato houso, Trenton.
Tho assignment o f positions will bo niado to thoso so enrolled with due
consideration to their physical and general capabilities, but preference will
be given to such activities as m ay seem tho rnoro essential during tho stress
o f war conditions, including:
(o) Agricultural and horticultural work o f all kinds.
(6) Cannery work o f all kinds, including all industries directly concerned
in the m anufacture and preservation o f foodstuffs.
(c) W ork o f all kinds in ship yards.
(d) W ork o f all kinds in concerns interested in tho m anufacture o f
war m unitions.
(e) W ork o f all kinds in concerns interested in tho m anufacture o f any
goods requirod b y tho G overnm ent in connection with tho prosecution o f
the present war.
(/) W ork o f all kinds dono b y or in behalf o f tho Stato o f Now Jersey in
connection w ith tho prosecution o f tho prosont war.
(g) W ork o f all kinds in connection with Stato, cou nty and city roads
and streets.

Apr . 20 1918.]

THE CHRONICLE

Compensation will be paid at not less than tho wage o r salary afforded
to others engaged in the same nature o f w ork as that to which each person
is assigned, and tho number o f hours required for w ork under this A ct
shall not bo greater than the number o f hours per day law fully constituting
a d a y’s work in the occupation to which such person is required to engage.
I t Is, o f course, understood that tho assum ption o f regular em ploym ent
fo r the required number o f hours in any private enterprise will avoid tho
necessity o f undertaking em ploym ent definitely assigned in accordance
with the above specified plan.
Placards setting forth a concise statem ent o f the A ct will be x>repared b y
the Comm issioner o f Labor, and forwarded to the sheriffs and other officials
chargod with the responsibility o f enforcing tho provisions o f the A ct.
I f this A ct is to b e made the useful adjunct to the adequate m obilization
o f the man power o f the State necessary to the successful prosecution o f
tho war, tho fullest co-operation and assistance on the part o f tho State,
C ounty and municipal authorities must bo afforded, and in turn the C om ­
missioner o f Labor gives tho assurance that the entire m achinery o f the
Departm ent o f Labor, including tho Federal-State-M unicipal E m ploym ent
Service, will bo included in the offort to curb vagrancy, uselessness and
m endicancy during these times when every red blooded citizen o f our
cou ntry should be doing his b it toward the successful term ination o f our
present con flict.
______________________

NEW YORK LAWS COMPELLING IDLERS TO WORK.
The New York Legislature, besides passing a bill similar
to the New Jersey law requiring all able-bodied men between
the ages of 18 and 50 to be regularly employed in a useful
occupation‘ during the war, has also passed a measuro to
provide for requisitioning the labor of able-bodied male
persons between the ages of 18 and 60 who are not engaged
in a lawful and useful business pursuits. Under the latter
those subject to the A ct would be conscripted to effect the
uninterrupted continuance and development of the agricul­
tural, industrial and other industries of the State. The bill,
known as the Co wee bill, was passed by the Assembly on
April 9 and by the Senate on April 12.
The bill com­
pelling idlers to work is known as the Robinson bill.
Under this bill the Governor would be empowered to
issue a proclamation to the effect that a public exigency
requires the employment of all male persons between the
ages of 18 and 50 and to compel the unemployed to register
with agencies. To carry the law into effect the sheriff in
counties and police officers in tho smaller subdivisions of the
State would bo vested with power to arrest all unemployed
unless they are able to prove to the satisfaction of the authori­
ties that they are registered and have had no opportunity to
obtain employment. The burden of proof shall always be
upon the person unemployed. The State Industrial Com­
mission would be authorized to enlarge its force in order to
check up the unemployed. All persons without work would
bo called upon to register with tho Industrial Commission
agencies within thirty days after the issuance of the Gover­
nor’s proclamation. Failure to register or refusal to accept
a position provided by the Industrial Commission would
constitute a misdemeanor, punishable by a fine of $100 or
three months in jail, or both. W e give the text of both
bills herewith.
.
The Robinson measure reads as follows:
A N A C T to require that all able-bodied male persons, between tho agos
o f 18 and .50 years, bo regularly em ployed or engaged in a useful occu ­
pation, after proclam ation b y tho Governor and until tho termination
o f tho present war.
The People of the State of New York, represented in Senate anil Assembly,
do enact as follows;
Section 1. Tho G overnor is hereby authorized to issue a proclam ation,
during tho present war with Gormany and its allies, to tho effect that
public oxigency roquires that every ablo-bodied male person, between tho
ages o f 18 and 50 years, inclusive, bo habitually and regularly ongagod in
some lawful, useful and recognized business, profession, occupation, trade
or em ploym ent until the termination o f such war. A ny such proclam ation
shall bo filed with the Secretary o f Stato and published at least once in each
cou n ty, in a newspaper o f goneral circulation thcroin. Tho Governor
m ay, in like manner, rovoko any such proclam ation before tho termination
o f such war.
.
Sec. 2. From and after tho issuance o f tho proclam ation b y the G over­
nor, as provided In Section 1, and until tho termination o f tho present war
with Germ any and its allies or until tho prior revocation o f such proclam a­
tion, overy ablo-bodied malo resident o f this State, between the agos o f
18 and 50 years, indluslvo, shall habitually and regularly engage in some
lawful, useful and recognized business, profession, occupation, trado or
em ploym ent. A refusal b y any such person to bo so em ployed for at least
thirty-six hours per week shall constitute a violation o f this section. Tho
possession by any person o f m oney, property or incom e sufficient to support
him self and those regularly dependent upon him shall not bo defense to a
prosecution for a violation o f this section or o f any provision o f this articlo.
Sec. 3. In the prosecution o f any person for failure or refusal to bo
em ployed as required b y Section 2, if tho defondant allego his inability to
obtain work or em ploym ent the burden o f p roof shall be upon him to show
that ho m ado reasonable efforts In that behalf; and tho people shall not bo
required to prove in tho first lnstanco that the defendant failed or refused
to mako such efforts. It shall, however, bo a defonso, if tho defondant
shall prove that ho was registered, as an applicant for em ploym ent, with tho
bureau o f em ploym ent o f tho Departm ent o f Labor or with a branch office
o f such bureau and that em ploym ent was not furnished.
Sec. 4. N o person shall bo oxcused from accepting any proposed em ploy­
ment on the ground that tho com pensation is not adequato, if tho wage
or salary Is equal to that paid to others in tho samo locality for the samo
kind o f work. In addition to its other powers, the State Industrial C om ­
mission m ay assign any person registered with the bureau o f em ploym ent
to any available job or occupation for which such person is fitted. Such
Commission shall prepare and publish such rules and regulations governing
the assignment o f persons to work under this A ct as will assure that all




16 4 5

persons similarly circum stanced shall, so far as possible, be treated alike.
In assigning any one to work, such Commission shall take into considera­
tion the age, physical condition and any other appropriate circumstances
o f the person so assigned. Such rules shall have the force o f law, and a
violation thereof shall be punishable in the same manner as a violation
o f any other provision o f this A ct.
Sec. 5. It shall be the duty o f the sheriffs o f the respective counties
and o f any othor officer, Stato or m unicipal, charged with enforcing the
law, to seek and to continue to seek diligently the names and places o f
residence o f ablo-bodied male persons within their respective jurisdictions,
between the ages o f 18 and 50 years, inclusive, not regularly or continuously
em ployed, as provided in this A ct, while such proclam ation is in force.
Sec. 6. The State Industrial Com m ission is hereby authorized to appoint
or em ploy, subject to tho civil service law or rules, such additional em­
ployees as m ay b o necessary, and to use such agencies as m ay be available
and appropriate, to carry out the provisions o f this A ct.
Sec. 7 . T h o provisions o f this A ct shall not apply to persons tem porarily
unem ployed b y reason o f differences with their em ployers or to bona fide
students during the school term nor to persons fitting themselves to engage
in trade or industrial pursuits.
Sec. 8. F or the purposes o f this A ct, any male person found within the
State shall be deemed a resident and in any prosecution hereunder o f a
male person between the ages o f 18 and 50 years, inclusive, p ro o f that the
accused habitually loiters in Idleness In streets, roads, depots, pool-room s,
saloons, hotels, stores or other places shall be prima facie evidence o f the
failure or refusal o f such person to com ply with tho provisions o f this A ct.
Sec. 9. A ny ablo-bodied male person, between the ages o f 18 and 50
years, inclusive, w ho, after such proclam ation, and during tho time re­
quired b y this A ct, fails or refuses to bo habitually and regularly engaged in
some lawful, useful and recognized business, profession, occupation, trade
or em ploym ent, as required b y Section 2 o f this A ct, or who, after unsuc­
cessfully seeking em ploym ent, fails to register with the bureau o f em ploy­
ment o f the Departm ent o f Labor within thirty days after the proclam ation
b y tho G overnor as provided b y this A ct takes effect, or who thereafter
continues out o f em ploym ent fo r any period o f thirty days without having
registered with such buroau, or who refuses to accept em ploym ent assigned
to him b y the Stato Industrial Com m ission, shall bo guilty o f a misdemeanor
and punishable b y a fine o f not exceeding $100 or imprisonment for not
exceeding three months or both.
Sec. 10. This A ct shall take effect im m ediately.
Senate. N o . 1173.

The following is the Co wee bill:

A N A C T to provide for requisitioning the labor o f able-bodied male persons
between tho ages o f 18 and 60 years, who are n ot engaged in a lawful
and useful business, occupation, trade or profession.
The People of the State of New York, represented in Senate and Assembly
do enact as follows•
Section 1 . P ublic purpose. The uninterrupted continuance and develop­
m ent o f the agricultural, industrial and other industries o f tho State, and
tho uninterrupted, increased and efficient production o f food and other
articles needed b y the citizens o f this Stato, b y the armies o f the United
States and b y our allies engaged in the present war, is hereby declared to
be a public purpose, essential for the protection and welfare o f the State
and o f the United States.
Sec. 2. Designation o f essential industries and occupations. T he G over­
nor shall, b y proclam ation, on or before June 1 1918, designate such indus­
tries and occupations within the Stato as he deems essential to the p rotec­
tion and welfare o f the State and o f the United States, and m ay from time
to time thereafter include other industries and occupations not included In
tho original proclam ation. T he industries and occupations so designated
and the persons engaged in their conduct shall be entitled to the privileges
o f this A ct.
Sec. 3. Persons subject to A ct. E xcept as provided in this A ct every
malo person within the State over 18 and not over 60 years o f age, who is
not regularly em ployed or engaged in a lawful and useful business, occupa­
tion, trade or profession fo r at least 36 hours per week, and who is not
physically or m entally incapacitated fo r perform ing services in connection
with the industries or occupations proclaim ed b y tho G overnor as a m atter
o f governmental concern, shall bo subject to tho provisions o f this A ct.
The provisions o f this A ct shall not apply to students or other persons
engaged in fitting themselves fo r a profession, trado or industrial pursuit
whilo they are so engaged, to persons tem porarily unem ployed b y reason
o f differences with their em ployers, nor to persons engaged or em ployed in
a seasonal business, trado or occupation although at certain periods o f the
year they are not so em ployed.
Sec. 4. Registration o f persons subject to A ct. E very person subject
to this A ct shall, on or before June 1 1918, register with tho sheriff o f his
county his name, address, ago, and such other inform ation as m ay be
required b y tho registration blanks provided pursuant to this A ct. The
Stato Industrial Comm ission shall cause registration blanks to be prepared
in accordance with this section and shall distribute them to the sheriffs
o f the several counties who in turn shall supply them upon request to any
person applying therefor. The sheriff o f every county shall n ot later than
M a y 1 1918, cause to bo published at least once in a newspaper published
in the county and posted in such number o f places as he m ay doem ad­
visable, a notice describing the persons who are subject to this A ct and
require them to register with him on or before Juno 1 1918 as required b y
this A ct. A n y person subjoct to this A ct who shall fail to so register shall
bo deem ed a vagrant and punishable as such. E very person subject to
this A ct who is not registered on or before June 1 1918 m ay be arrested b y
any poaco officer and brought before any magistrate having jurisdiction
in tho locality where such arrest was m ade. Such magistrate m ay either
com m it such person as a vagrant, or m ay permit him to register with tho
sheriff o f the cou nty in accordance with this A ct, and thereby becom e
subject to its provisions. N o person shall be com m itted as a vagrant
under the provisions o f this A ct if ho bo able to show that ho has made
reasonable efforts to obtain work or em ploym ent or that he is registered
with tho bureau o f em ploym ent o f tho Stato Industrial Commission or
with a branch office o f such buroau and that em ploym ent was not furnished
or offered to him . T ho burden o f proving such facts shall be on such person.
Sec. 5. W h o deemed residents. For the purposes o f this A ct any male
person witliin the prescribed ages found within the State shall be deemed
a resident thereof, and in any prosecution hereunder p roof that tho accused
habitually loiters in idleness in streets, roads, depots, p ool-room s, hotels,
stores or other public places, that he is habitually intoxicated, that he is
addicted to tho use o f narcotic drugs or is a professional gam bler, or, being
able-bodied, supported in whole or in part by any woman or child, shall be
prima facie evidence o f vagrancy.
Sec. 6. Persons living on incom e from investments. A person who main­
tains him self b y incom e received b y reason o f the owmership o f stock or
bonds, or the ownership o f property not conducted or operated b y him .
shall bo subject to this A ct, notwithstanding that tho incidental labor
co n n e ctcd w ith the collection o f such incom e m ay bo perform ed by_such
person.
‘

1646

THE CHRONICLE

Sec. 7. Persons to bo classified. T ho sheriff o f overy cou nty m ay requiro
any person subject to this A ct to appear boforo him and bo examined as to
his qualifications for perform ing services in connection with any Industry
or occupation included in the proclam ation o f the Governor, and shall, so
far as practicable, classify all persons registered with him in respect o f tho
Industry or occupation which they are In his opinion best fitted to perform .
Such classification in each county shall bo made as soon as practicable after
Juno 1 1918, and upon tho com pletion thereof tho sheriff shall cause a sum­
m ary, including number registered in each classification m ade b y him , to
b e filed with tho State Industrial Comm ission.
Sec. 8. Requisition for em ploym ent. A ny departm ent, board, commis­
sion or officer o f tho State, or o f any municipal corporation therein, or any
privato person or corporation conducting an industry or occupation included
in the proclam ation o f tho G overnor, as herein provided, m ay filo with tho
Stato Industrial Comm ission a requost for tho assignment o f a number of
persons, specifying in such requost the industry or occupation conducted
b y such department, board, com m ission or officer, or b y such privato person
or corporation, at tho com pensation prescribed b y this A ct. A private
person or corporation making such application shall satisfy tho Industrial
Commission that tho applicant is responsible for tho p aym ent o f tho com ­
pensation of persons assigned to such person or corporation for em ploym ent
hereunder. T ho Industrial Comm ission m ay requisition tho sheriff of any
county for such number o f persons as m ay bo so requested. Such requisi­
tion shall bo made in the first instance to tho sheriff o f the county in which
is conducted the industry or occupation for which assignment o f labor is
requested. Such sheriff shall thereupon assign to such industry or occu p a ­
tion persons registered with him, and notify such persons to roport accord­
ingly to tho em ployer requesting such assignment o f labor. I f thcro be
an insufficient number o f persons registered with sucli sheriff to enable
him to com ply with such requisition, ho shall com ply therewith so far as
possiblo, and shall notify tho Industrial Commission o f tho extent to which
ho has been ablo to so com ply. T ho Industrial Commission shall thereupon
requisition tho sheriff o f any other county or counties to com plete such
assignment o f labor, and the sheriff o f any such cou nty shall In liko manner
com ply with such requisition. A ny porson who shall have been notified
b y a sheriff, as provided b y this A ct, who shall rofuso to com ply with such
requisition or to labor in tho industry or occupation to which ho shall havo
been assigned, unless physically or m entally incapable of com plying there­
with or o f perform ing such labor, shall bo doom ed a vagrant and m ay bo
arrested and com m itted as such. Tho Stato Industrial Comm ission is
hereby authorized to receivo donations o f m onoy from any source and to
apply such m oney or any m oney appropriated b y tho Stato for such purpose
to tho expense o f transporting persons subject to this A ct to tho placo
where tho occupation or industry to which thoy aro assigned is conducted.
Sec. 9. Com pensation. E very person subject to this A ct who is em­
ployed subject to its provision shall bo entitled to receivo compensation
at tho samo rate for such services as ho would receivo if ho were a m ember
o f tho Stato Guard in active service, but no porson shall bo required to
work under this A ct in any case m oro than ten hours in any day, or other­
wise any greater number o f hours per day than lawfully constitutes a d a y ’s
work in tho Industry or occupation in whicli such person is required to en­
gage. Such com pensation shall bo payablo b y tho Stato or municipal
corporation out o f m oney appropriated or otherwise available for such
purpose, or b y the privato person or corporation, if so em ployed.
Sec. 10. Paym ent o f com pensation. If any private person or corporation
fails to p ay any person com pensation to which ho Is entitled pursuant to
this A ct, such com pensation shall bo paid b y tho Stato out o f any m onoy
appropriated for such purposo, and tho Stato m ay recover from such
em ployer tho am ount o f any com pensation so paid b y the Stato.
Sec. 11. This A ct shall take effect Im modiatoly.

NEW YORK STATE LEGISLATURE ADJOURNS—FEW
IMPORTANT ACTS PASSED.
The 141st session of tho Legislature adjourned sino die
at 7 p. m . April 13 after having been in session three and
one-half months. In his annual message, Governor W h it­
man advised tho legislators that a minimum of legislation
would be expected from them, and tho lawmakers apparently
havo lived up to this injunction.
Only a few important measures were sent to tho Governor.
Other bills of equal, and perhaps of greater, importance
wero killed in committee or buried in tho so-called grave­
yards of both houses. The most striking examplo of this
was tho failure of the Legislature to ratify tho national pro­
hibition amendment, notwithstanding tho tremendous
“ dry” pressure, to which Governor W hitm an added his
personal influence.
Ono proposition side-tracked was the demand by tho
New York City Administration and a majority of the up­
state municipalities to permit tho cities of tho State to ac­
quire and operate public utilities. Through tho activity of
Senator Brown a special Senate committee was created to
investigate tho subject and mako recommendations to the
noxt Legislature, and an appropriation of $5,000 to defray
the expenses of tho committee was authorized in a con­
current resolution passed by tho Sonato and IIouso.
Ignoring requests from tho Now York City Administration,
consisting of bills proposed as economy measures, the
Legislature, notwithstanding protests from Assistant Cor­
poration Counsel Edward J. M cGoldrick., who represented
the city at the Capitol, approved several bills affecting
New York City and over which tho Governor will have sole
power of veto. Those aro salary increase bills, pension bills,
and some few public improvement measures. According
to a plan developed in tho executive chamber on tho day
of adjournment overy New York City bill before tho Gover­
nor for action will bo turned over to tho city authorities
•it for an expression of their opinion. Tho request will
> made that the M ayor and tho Board of Estimato recom­
ud what shall bo dono with them. It is understood




[Vol. 106.

that any measuro disapproved by tho M ayor and tho Board
of Estimate will have a poor chance of being approved by
tho Governor.
About tho only relief measuro asked for by the City A d ­
ministration which found favor with the legislators provides
for a plan by which tho cost of permanent improvements,
which under the present law is paid for out of current rev­
enues, may be defrayed by issuing corpoi’ato stock and serial
bonds, not in excess of $1 5,000,000 annually to run for
terms of from 10 to 50 years. This A ct, which was pub­
lished in full by us in last week’s issuo of our paper (page
1596) was urged as necessary to meet the conditions growing
out of tho war, and was passed in both branches on April
13 after the Legislature had refused to repoal tho “ pay-asyou-go” law enacted upon recommendation of tho Mitchel
administration. A hearing will bo givon this bill on April 23.
Of tho city administration bills that failed was ono in­
troduced by Senator Foley to give tho Board of Estimato
the M ayor and Board of Aldermen power to abolish de­
partments and offices and transfer their duties to other
departments or offices. Another measuro, which was
passed by tho Senate but defeated in tho Assembly, was
Sonator Boylan’s bill limiting tho assessment on real ostato
to 20 mills ($2 per $100) and establishing a porsonal prop­
erty tax not to exceed 11 mills or $1 10 for each $100. This
bill to which wo referred in these columns last week, took
the place of six measures introduced in tho Legislature dur­
ing March at tho requost of President Cantor of tho Tax
Department of the City of New York.
Important among
these was ono advocated very strongly by tho City Comp­
troller providing for a “ listing system” of personal property
for New York City. W o published in full in our editorial
columns on April 6 a circular issued on March 26 by the
Now York Tax Reform Association, explaining those six
bills, tho enactment of which tho association said “ would
result in doublo taxation in its most indofonsible form
throughout tho Stato, and in a ‘listing systom’ for
tho city, such as has been condemned by every investigating
commission.” In our editorial columns on March 16 we
published the text of a circular issued by tho Tax Reform
Association on March 8, setting forth its objections to a bill
introduced in the Legislature early in March to limit tho
tax rate on real estato in this city to $1 75 per $100 and tax
all personal property without deduction or exemption at
25 cents per $100.
Tho repeal of tho township school law urgod by Governor
W hitman on account of protests received by him from
farmers whoso school taxes had been increased under the
new plan, although the educational authorities of tho State
maintained that it had not been sufficient trial, was passed
by both branches of the Legislature. Tho Republican law­
makers from up-Stato, who controlled tho Legislature, gave
ready compliance to tho Governor’s recommendation and
failed to enact a compromise measuro drafted by Sonator
Brown, in conjunction with experts from tho Educational
Department, to take its placo. Instead, a legislative com­
mittee was created to investigate tho rural school system
and recommend appropriate legislation to next year’s Legis­
lature.
Soveral W ar measures wero passed by tho Legislature in­
cluding Senator Wagner’s bill designating formor Governor
Benjamin B . Odell as Stato Ico Controller and authorizing
him to contract in behalf of tho State for a surplus harvest
of natural ico and to control and restrict tho manufacture of
tho artificial product, with a view to saving ammonia for
the explosives industry. Tho Ico Controller was also
equipped with rato fixing powers. Anothor of Sonator
Wagner’s bills also passed by both branches gives tho State
Food Control Commission powor to fix tho margin of profit
in retail sales of necossaries of lifo.
Two important waterpower bills wero passod under
emergency messages from tho Governor permitting tho
consolidation of the Hydraulic Power Co. and tho Niagara
Power Co. to insure moro power for tho munitions plants,
established at Niagai’a Falls and in its vicinity. Tho Fed­
eral Government has commandeered tho powor output of
tho two companies. Another important war measuro
enacted was Senator Sage’s bill making it a felony punish­
able by from five to twenty-five yoars’ imprisonment to in­
terfere with the production, manufacture, storago or trans­
portation of war material. Othor successful war moasuros
wero:
Senator Georgo A . Slater’s bill creating a censorship over all textbooks
in tho public schools to provont tho spread o f German propaganda and
un-American ideas. Sonator Theodoro Douglas R obinson's bill legislating

A pr. 20 1918.]

THE CHRONICLE

out o f oxistonco tho German-American Alliance o f N ew Y ork State. A s­
semblym an Schuyler M . M oyer’s Americanization bills, which make
it com pulsory for illiterate nativo born and non-English speaking minors
between tho ages o f sixteen and tw enty-one to learn to road, w rite and speak
English and to liavo a fundamental knowledge o f civics; Assemblym an W il­
liam O . A m os’s bill requiring all teachers in public schools to bo citizens;
Senator Sago’s anti-sabotago bill; Sonator Slater’s bill com pelling students
between sixteon and nineteen to undergo m ilitary training, and Sonator
Slater's bill providing for a systematized p atriotic instruction in tho public
schools.

Bills for the relief of contractors on public work demanded
by war conditions were passed. Thero were three such
measures. One introduced by Senator Lockwood of Kings
County gives tho Board of Estimate and the Public Service
Commission discretionary power to release contractors on
rapid transit construction in New York City from their con­
tract obligations when conditions justify. Senator Walters
of Syracuse introduced a similar bill applying to all the
municipalities of tho State. Tho legislators approved
Sonator Robinson’s anti-loafing bill enacted as a war meas­
ure, under tho terms of which the idle rich and the idle poor
alike under proclamation by the Governor may be drafted
for useful employment. Tho Industrial Commission will
administer tho law.
One of the constructive laws of tho 1918 session, if ap­
proved by the Governor, will bo the bill introduced in the
Assembly by M r . Youker and in tho Senate by M r . Burlin­
game, both of Kings County, amending tho “ Torrons”
law in this Stato for tho registration of titles to real prop­
erty. Tho now law, it is claimed, simplifies tho procedure,
lowers tho cost, and makes it easy, instead of difficult, for
real estato owners to register titles with county officials,
instead of relying upon private title companies. Tho bill
will have a hearing at the executive chamber on April 24.
Tho “ Emerson Law” passed in 1917 by which manufac­
turing and mercantile corporations were taxed at the rato
of 3 % on their net income as reported to tho Federal G ov­
ernment, an apportionment being made for the corporations
doing an inter-Stato business on the basis of property within
and without the Stato, was amended this year, by extending
tho 3 % rato to all corporations, except the following:

1 6 47

but during which time less than a dozen titles have been
registered, was amended by both branches of tho 1918
Legislature so as to strengthen and extend its operations
in this State. The bill will be given a hearing at the execu­
tive chamber on April 24.
Concerning the law in general and the changes made by
the Legislature, Edward Polak, Register of Bronx County,
who has been actively interested in the “ Torrens” system
for many years, discussed in the New York “ Tim es” on
April 14 the history of the long fight for the framing and
enactment of a workable law, and outlined how the efforts
of “ Torrens” adherents had finally found expression in the
bills introduced by Assemblyman Youker and Senator Bur­
lingame, both of Kings County. M r . Polak said:

W hile tho friends o f a real Torrens law found it necessary to accept tw o
aruondmonts to tho original bill in order to obtain its passage, still they
wero successful in obtaining the simplified procedure which will result in
attaining the principal purpose o f shortening tho tim o o f tho proceedings
and lessening tho expense.
A t this point it m ight bo well to define what the Torrens system is, and
such definition is given b y its creator, Sir R obert Torrens, who started
it in Australia:
T ho person or persons in whom singly or collectively the fee simple is
vested, either at law or in oquity, m ay apply to have the land placed in the
register o f title. T he applications are subm itted for examination to a
barrister and to a conveyancer, who are styled "Exam iners o f T itle .”
In New Y ork , under the Youker bill just passed, the court shall refer the
m atter to one o f the official examiners o f titlo appointed in the cou n ty by
the Register thereof, said official examiners to bo first qualified and ad­
m itted b y the Court o f Appeals.
These mon report to the Register, under the N ew Y ork law to the Justice
o f the Supreme Court presiding in the titlo part, first, whether the descrip­
tion o f land is definite and clear. Second, is the applicant in undisputed
possession o f the prop erty? Third, does he appear in equity and justice
rightfully entitled thereto? Fourth, does he produce such evidence of
titlo as leads to tho conclusion that no other person is in position to suc­
ceed against him in an action for ejectm ent?
T ho advantage o f the system lies in the sim plicity o f registration. The
Register issues a certificate which describes tho naturo o f tho estate o f the
applicant, and this certificate o f title vests tho estato indefeasibly in the
applicant. This certificate Is kept in duplicate b y the Register, and the
putting together o f these duplicates constitutes tho registration record.
But bocauso o f the fact that under N ew Y o rk law the system has been
cumbersom e and costly no use has been m ade o f it. W hile the law has
been in operation since 1908, less than one dozen titles have boon registered.
An inquiry into the scope o f the law as it has existed shows the causes for
this failure. T ho N ow Y ork law has failed to m ako the system official in all
respects. In other words it has perm itted attorneys and title com panies to
"C orporations wholly engaged in the purchaso, sale and holding o f real
act as official examiners instead o f restricting the official examination o f
estato for thomsolves, holding corporations, whose principal incom o is
titles to tho R egister’s O ffice, where tho said titles should bo examined b y a
derived from holding tho stocks and bonds o f other corporations, and cor­
porations liable to a tax under Sections 184-189, inclusive, o f this chapter" duly qualified official examiner, appointed b y tho Register, and responsible
only to tho public and tho courts.
(theso sections relate to tho taxation o f public servico corporations) “ banks,
F or eight years tho N ow Y ork law failed to provido for a com pulsory as­
savings banks, Institutions for savings, title guaranty, Insurance or surety
surance
fund, and it perm itted titles to be withdrawn after registration. N o
corporations.”
argumont is necessary to prove that where thero is no requirement that
Tlio above bill imposes on every domestic corporation premiums shall bo paid into an assurance fund, it naturally follows that
exercising its franchise in this Stato and every foreign cor­ no ono would have any confidence in such a system , because in the event o f a
mistake or error there would be no fund in existence out o f which to pay
poration doing business in this State, other than those claims. T he withdrawal provision was b ad, because it enabled pressure
corporations referred to, a tax of not less than ten dollars to bo brought against an owner b y opponents o f tho system who wore
and not less than ono mill upon each dollar of the appor­ inclined to prevont Its growth.
In 1916 tho law was amended to provide for a com pulsory assurance fund
tionment of tho faco value of its issued capital stock appor­ and to prevent withdrawals o f registered titles. H owever, the fundam ental
defects o f perm itting unofficial examinations o f titles, the continuance o f
tioned to this State.
Another bill passed by tho Legislature proposes an amend­ lengthy, duplicate and costly proceedings, and tho failure to amend the
assurance fund provisions so as to place the State or cou nty back o f it all
ment to tho inheritance tax law of this State making taxable together consigned the law to a state o f lethargy, and so it remained un­
“ shares of stock of any corporation organized under the workable.
T ho present recording officers o f the five counties in Greater N ew Y ork ,
laws of this Stato, o f tho proceeds of salo of such stock” of a realizing theso conditions and recognizing the great benefits to the real
non-rosidont decedent. These are exempt under the present estato ownors and tho city to bo gained from a really workable Torrens
law, decided to form themselves Into a com m ittee for the attainm ent o f
law.
that purpose. A fter holding a number o f meetings w o drafted a bill and
Thero wero a great number of general amendments to tho had it introduced in the Senate b y Senator John V . Sheridan o f the B ronx,
election law that passed. Ono of theso, which was put and in tho Assem bly b y Franklin A . Coles from Nassau C ounty. Later
through in an effort to facilitate tho taking of tho soldier theso tw o bills wore merged b y the Assembly Com m ittee on General Laws
and tho Sonato Judiciary Com m ittee into tho Youker-Burlingam e bill.
voto, moves forward tho date for tho fall primary to tho This bill represents tho views o f tho five recording officers o f N ew Y ork
first Tuosday in September. The form of ballot for tho C ity, tho Torrens T itlo League, o f which ex-Register John J. H opper,
soldiers is changed so that they may vote a straight party J. Clarence Davies and W aiter Fairchild are the leading supporters, and
m any realty interests and taxpayers’ associations which have endorsed it.
ticket with ono mark if they choose. Another provides
T ho Y ou ker bill in general provides for the appointm ent o f official examthat this year, for tho first time, thero will bo two boards Inors b y tho Registers o f tho counties o f the State o f New Y o rk , and the
in each election district, ono to receive and tho other to count C ounty Clerks where there aro no registers in various counties, tho said
examiners to bo attorneys at law and admitted b y the Court o f Appeals
tho vo to. This bill also provides for a complete recasting of after first passing a special severe examination given b y the State Board
election districts throughout tho Stato, to caro for tho o f Law Examiners. Said examiners are rem ovable b y the Appellate D i­
vision on charges. A ttorneys can no longer be privately em ployed as
woman voto.
official examiners. T he Y ouker bill, as passed in the Assem bly, eliminated
A bill was approved by both branches of tho Legislature tho titlo companies as official examiners, but tho Judiciary Com m ittee
calling for a direct tax of approximately 813,000,000, amended tho bill to read that "th e cou rt, in its discretion upon the request
o f tho petitioner, m ay om it referring tho m atter to an official examiner to
of which New York C ity’s share will bo about 89,000,000! title and in lieu thereof m ay accept a report on title m ade and certified b y
Tho direct tax is being levied to meet the amortization a titlo insurance com p a n y.”
W hile this provision leaves it to the discretion o f the court as to whether a
charges of tho various sinking funds of tho State. Senator
title com pany shall act as an official examiner, its effect is not as bad as
Wagner protested against tho bill on tho ground that there under tho present law, which permits them to act as an official examiner
was sufficient money in tho sinking funds already to meet under any circum stances. T he titlo companies have had an opportunity
all charges on maturity. The total appropriations for the to popularize tho law, but have refused to d o so. T h ey have therefore no
reason to com plain if attem pts wero m ade to eliminate them entirely.
fiscal year ending Juno 30 1919,;will'reach a total, it is said,
T he procedure is amendod com pletely, and Is similar to that o f the M assa­
chusetts law, which has worked satisfactorily and has been declared co n ­
of 881,000,000 or more.
stitutional b y tho courts. In general Sections 380 and 385 it is provided
that tho applicant for registration o f title shall file his petition with the Su­
premo C ourt, which shall refer the m atter to an official examiner, and tho
“ TORRENS”
LAND TITLE REGISTRATION L AW
court directs tho Register to give notice o f tho proceeding to those named
AMENDED BY NEW YORK LEGISLATURE.
in tho petition and to such additional persons as tho preliminary report o f
Tho “ Torrons” system of land title registration, which as tho official examiner shows should be made parties. T ho determination o f
been on tho statute books in Now York Stato for ten years tho question as to sufficiency o f parties and due servico shall bo for tho
cou rt. N otlco 6hall bo given in three ways: First, b y publication in a




1648

newspaper published in tho cou n ty in which tho land is situated; second,
b y registered m ail, demanding a return, and such other and further notice
as tho cou rt m ay require; third, b y posting tho notice on each parcel o f
land affected b y the proceeding fourteen days before the return day.
T he return day o f the notico shall n ot bo less than twenty days nor m ore
than sixty days after the date o f p ublication, and within seven days o f the
publication o f tho notico in a nowspaper a cop y o f tho notico is sent by
registered m ail. T he steps to bo taken on tho return d ay are entiroly
constitutional, but lack o f space will not perm it thorn to bo given in detail
horo. A n y appeal must bo taken within thirty days after tho final order in
tho proceeding is entered.
Tho Senate C om m ittee failed to retain tho amendment contained in tho
Y ou ker bill which places tho cou nty in b ack o f tho assurance fund. Upon
request tho A ttorney-General rendered a rather short and hasty opinion
that tho said provision would bo un constitutional. H ow over, wo boliovo
that ho is entiroly wrong and that tho provision is constitutional beeauso
(1) security o f titles is a natural governm ental function and not a m atter
between private individuals. T h o w ork is dono b y a public official and
tho fees go into the city treasury; (2) tho principle o f cou nty liability is
recognized in statuto law; (3) tho N ow Y ork Constitution does not prohibit;
and .,(4) M assachusetts, Illinois, United States G overnm ent, and m any
other States and countries have public assuranco funds.
On a ccou nt o f tho toclm ical features o f tho law, m any property owners
have for a long tim o been struggling to effect an understanding w ith it,
and; as m any have been greatly discouraged. Fundam entally, tho theory
Is a simplo one and tho administration is sim ple, but legal technicalities have
been introduced every timo the proposed legislation has com o up and issues
brought in creating considerable confusion to the laym an.
For tho purpose o f presenting briefly and sim ply tho procedure for regis­
tering a Torrens title under the now amendments ju st passed b y tho Legis­
lature, W alter Fairchild, Secretary and Counsel o f tho Torrens T itle
League o f the State o f N ow Y ork , has prepared a statement which takes a
prospective registrant step b y stop through tho entiro proceeding, and
should clear a numbor o f doubts regarding the administration o f tho law.
T ho statem ent follows:
A pplication to register a title is made b y filing a petition addrossed to
the Supreme C ourt. T ho law directs tho Registrar to print form s for tho
petition and other papers, and supply them to applicants freo o f chargo
or for a nominal sum.
In the counties o f N ew Y ork , K ings, Bronx and W estchester, tho R egis­
trar o f Deeds is tho R egistrar. In all other counties the C ounty Clerk
acts as Registrar. In practice, therefore, a person wishing to register his
title should go to tho R egistrar’s office and procure a form o f petition to
fill out. The R egistrar’s offico will answer any questions and assist tho
applicant.
A ny owner m ay havo his title registered, or any holder o f a contract to
purchase. IIo m ay apply in person or through his attorney. M any
peoplo m ay prefer to have an attorney look after tho m atter, but tho
amount o f work involved is small, and tho attorney should chargo only a
nominal fee for his services. T h e actual work o f examining tho title and
o f conducting tho proceedings Is dono b y tho Registrar’s office, for which
fees are fixed b y the statuto.
.
Tho public is accustom ed to tho titlo com pany m ethod, b y which one
goes or sends his attorney to tho titlo com pany, fills out an application,
pays the fees, and— theoretically, at Ioast— the titlo com pany takes caro
o f tho m atter until tho titlo closes and policy issues. So under tho now
Torrens law tho owner or his attorney fills out a similar application, only in
tho public offico instead o f w ith a titlo com pany; pays tho fees, and tho
public offico does tho work until tho certificate o f titlo issues. Thero is
this difference, how over, in favor o f tho Torrens w ay, in that the titlo
com pany p olicy is m erely guaranteed b y a private com pany and only tor
the face amount or tho policy, whoreas the Torrens certificate gives a title
which b y law Is absolutely uncontostablo and cannot bo attacked in any
w ay.
A Torrens certificate is safer than any titlo policy. It glve3 an owner
absolute titlo.
F or the benefit o f those interested In tho actual registration o f a title
tho following sum mary is m ade o f tho stops to bo taken and tho oxponso
to tho owner in an ordinary title. N oto that each step after tho potition is
filed is taken b y tho public offico.
(1) A pply to tho Registrar o f you r county for a form o f potition and a
notico. Fill out tho potition and tho notico and filo them in tho County
C lerk’s offico, and filo a cop y o f tho notice with tho Registrar. T ho filing
fee with the Registrar is $1.
(2) As soon as tho potition is filed tho court will enter an order directing
tho official examiner who is om ployed in tho Registrar’s offico to examine
the titlo and directing the Registrar to give notice o f tho hearing.
T ho Registrar then sots a d ay fo r tho hearing, as ordered b y tho cou rt,
which must bo at least tw enty days in advance, and Issues a form al notico,
which Is published in a nowspaper, posted on tho land, and a co p y sent by
registered m all to oach person Interested in tho titlo, including tho ownors
o f abutting properties. T h e R egistrar’s office attends to this, tho owner
pa yin g the actual expense.
(3) Tho official examiner oxaminos the titlo for tho court just as a titlo
com pany exam iner does for his com p any, and makes a report which is
ready for tho court upon tho day o f tho hearing. T ho oxamlner chocks
up tho petition and sees to it that all necessary parties havo been named
and served with tho notico. T ho examiner’s report covers every phase
o f title, including tho roading o f tho survey, which must bo furnished b y tho
applicant. Tho exam iner’s fee is $10 plus $1 a thousand on tho assessed
value o f the property, and Is paid to tho Registrar. T ho survey charge
depends on the survoyor, but is about $15 for a city lot.
(4) U pon tho d ay o f the hearing, if no fault is found with tho titlo. tho
court enters a final order o f registration, directing tho Registrar to issue a
certificate o f titlo to tho owner. F or this first certificate tho Registrar
charges $5 and the owner then pays tho assurance premium o f $1 a thousand
o f the assessed valuo o f tho property.
T he face o f tho certificate shows the name o f tho owner and tho descrip­
tion o f tho property and on the back appear tho mortgages and any other
encum brance thero m ay b o. N o “ exceptions” as to indefinite rights aro
perm itted. A ny unsettled questions that m ay ariso aro determined once
for all b y the court.
I f tho potition Is filed b y the holder o f a contract the certificate is Issued
directly to tho purchaser upon tho delivery o f tho closing deed.
It takes from twonty to thirty days to com ploto tho initial proceeding so
that a purchaser can register title under the usual thirty-day contract.
T he contract must bo acknowledged and filed with tho petition. It is good
practice to insert a clause in the contract to tho effoct that it is understood
tho purchaser intends to apply to havo the titlo registered and that the seller
has a good titlo that m ay bo registered and consents to such regis­
tration.
As the am ount o f tho exam iner’s fee and o f tho assurance premium is
based on the assessed valuo o f tho property tho cost o f tho Initial registration
varies accordingly. T ho fees for a $50,000 property aro estim ated as
follows:




[Vol. 106.

THE CHRONICLE

(1) Filing notice o f p etition ____________________________________________
(2) Publishing, mailing and posting notico (estimated average)-----------(3) Exam iner’s fee ($10 plus $1 a thousand o f v a lu o )....................... ........
(4) Assuranco prem ium ($1 a thousand)---------------------------------------------First certificate________________________________________________________

SI
15
00
50
0

T o ta l_________________________________________________________________ 5131
Form ula: F or easy com putation the fees for tho first registration m ay be
estimated by taking $2 a thousand on the valuo o f tho property and adding
$31. For S10.000 the fees would bo $51: for $20,000 tho fens would bo
$71, &c.
T o this must bo added the cost o f tho survey, which will bo $15 and
upward. This is exclusive o f tho attorney’s fee, w hich, o f course, is a
m atter o f arrangement, but as tho amount o f work is nominal an attornoy
could well afford to d o it for a foe o f $25.
T he foregoing expenso and tim o are required for tho first registration
only. A fter the first tim o, all that is needed to transfer titlo is to take tho
certificate to the Registrar, who cancels it atid issues a now ono to the
purchaser. This can bo done in an hour’s tim o and costs $3. T o register
a m ortgage or a lease costs $1.
T ho assurance premium is paid once for .all, and covers all future dealings.
N o re-examination or searching o f titlo is over again necessary.
This is tho great advantage a Torrens certificate has over a title com pany
p olicy. T ho title com pany charges tho regular rates over and over again
for every reissue, oven though tho continuation is only for a fow weeks.
Under tho Torrens system the work is dono onco for all and tho chargo is
made once for all. In all subsequent transfers no chargo for continuation
or for assuranco is m ado. I t is all included in tho fees for tho first registra­
tion.
T he fco o f S3 charged for Issuing tho now certificate is sim ply to pay the
offico expense for canceling ono certificate and issuing a new certificate in
its place. It must bo romombered also that there aro no recording fees
under tho Torrens system , and tho chargo o f $3 takes tho placo o f tho present
recording fee for a deed. T ho chargo o f $1 made for registering a m ortgage
is m uch less than the present recording fee for a m ortgago.
Thero will bo a saving also in tho recording offico, beeauso the exponse
o f “ recording instruments at length” will bo dono away with.
E very person who contem plates tho purchase o f real ostato should insist
that his contract provido for tho registration o f tho title, and then should
imm ediately go to the Registrar’s orfico for tho necessary forms to fill out
to begin tho registration proceedings.
It is only as titles actually becom o registered that tho public and indi­
vidual owners will roap tho benefit o f this system which in other com m uni­
ties has dono so m uch to freo real ostato from unnecessary burdens and to
make it a liquid asset.

NEW YORK INHERITANCE T A X L A W AMENDED.
The 1918 Legislature passed a bill (Sonato 1744) proposing
an amendment to the inheritance tax law of this Stato,
making taxable “ shares of stock of any corporation organized
under the laws of this Stato, or tho proceeds of sale of such
stock,” of a non-resident decedent. Under tho present
law those aro exempt. Tho bill is now before tho Governor.

NE W YORK LEGISLATURE FAILS TO RATIFY
NATIONAL PROHIBITION AMENDMENT.
Tho New York Stato Legislature adjourned on April 13
without reviving or again bringing to life tho Ilill-M cN ab
resolution, defeated by both branches of tho Legislature,
and referred to in these columns on tho 23d of that month,
providing for the ratification of tho national prohibition
amendment.

___________________

FAILURE OF T AX BILLS AFFECTING REAL ESTATE
AND PERSONAL PROPERTY IN NEW YORK.
The bill to which wo roferrod in these columns last week,
and introduced at Albany by Sonator Boylan providing
that tho tax rate on roal ostato in Now York City shall not
exceed 20 mills ($2 por $100) to bocomo effective Jan. 1
1920; and that personal proporty shall pay 11 mills (SI 10
por $100) without deductions or exemptions of any kind
except in the naturo of a contract botwoon tho Federal,
State and City Governments and tho ownor of tho proporty,
passed the Senate but failed in tho Assombly.
Tho above bill took tho place of tho six mcasuros intro­
duced in tho Legislature on March 20 at tho request of
President Cantor of the Tax Dopartmont of tho City of Now
York, relating to tho taxation of personal proporty, includod
among which was ono providing for a “ listing systom” of
all such proporty in this city.
In these columns on April 6 wo published in full a circular
issued on March 26 by tho Now York Tax Roform Associa­
tion opposing the above measures, and in our issue of March
16 we published tho toxt of a circular issuod by tho associa­
tion on March 8 , sotting forth its objections to a bill intro­
duced earlior in the legislative sossion to limit tho tax rate
on roal estate in this city to 17)^ mills ($1 75 por $100)
and tax all porsonal proporty at 2 )^ mills or 25cents per $100.

NEW YORK LAW IMPOSING 3 % T A X ON INCOMES
OF PRIVATE CORPORATIONS AMENDED.
A n important change in taxation of corporations in this
State is proposed by Sonato bill printed 1731, which is now
in the hands of tho Govornor.
Last year an Act was passod, known as tho “ Emorson
Law” tho full toxt of which was published in thoso columns

A pr. 20 1918.1

THE CHRONICLE

on July 14 1917 (pages 124 to 126 inclusive) by which manu­
facturing and mercantile corporations were taxed at the
rate of 3 % on their net income as reported to the Federal
Government, an apportionment being made for corpora­
tions doing an inter-State business on the basis of property
within and without the State.
The bill passed this yoar extends the 3 % income tax to
all corporations, except the following:
“ Corporations w holly ougaged in the purchaso, sale and holding o f real
estate for them selves, holding corporations, whose principal incom e is d e ­
rived from holding the stocks and bonds o f other corporations, and corpora­
tions liable to a tax under Sections 184-189, inclusive, o f this ch ap ter”
(these sections relate to the taxation o f public service corporations) "banks,
savings banks, institutions for savings, title guaranty, insurance or surety
corporations.”

Anothor section of this bill imposes a minimum tax based
on par value of issued capital stock as follows:
“ it is further provided that every dom estic corporation exercising Its
franchise in this State and every foreign corporation doing business in this
Stato, other than those exompted by Section 210 o f this chapter, shall be
subject to a m inimum tax o f not less than ton dollars and not less than
one mill upon each dollar o f the apportionment o f the faeo value o f its
issued capital stock apportioned to tbi3 State, which shall bo determined
b y dividing the am ount o f the real and tangiblo personal property in this
Stato b y tho entire am ount o f tho real and tangiblo personal property
as shown in tho report, and m ultiplying the quotient b y tho face value o f
the issued capital stock. I f such a corporation has stock without par
valuo, then the- base o f the tax shall bo on such a portion o f its paid in
capital as its real and tangiblo personal property In this Stato bears to its
entire real and tangiblo personal p rop erty .”

The exempted corporations referred to in this section are
those mentioned above.

LOCAL OPTION ELECTIONS I N NEW YORK STATE .
Local option elections were held in thirty-nine cities and
villages throughout the State of New York on April 16 and
17, the result being that tho “ drys” carried twenty munici­
palities against nineteen carried by the “ wets.” Syracuse
and Schenectady, the largest cities voting, rolled up ma­
jorities of approximately 12,000 and 2,500, respectively,
for the liquor element. Binghamton, tho only other secondclass city affected, went dry. This latter city is tho home
of Senator Hill, tho author of the law passed in 1917 under
which cities of the State wore permitted this year for the
first time in their history to register their wishes on the
question of the salo of liquor.
The balloting, which lasted two days, was the largest
ever cast in any of the municipalities, due chiefly to the fact
that it was the first election in which the recently enfranchised
women of the State had been given an opportunity to par­
ticipate. An analysis of the figures shows that the vote
in tho cities averaged 7 0 % greater than the total voto for all
candidates for Governor in tho election of 1916.
.
In the cities which voted dry, the sale of liquor must
coaso on Oct. 1 next. In all instances four questions were
voted on: (1), tho question of maintaining saloons- (2)
whether liquor shall bo drunk in private homes; (3), whether
it shall bo dispensed from drug stores, and (4), whether or
not it shall bo sold in hotels. Virtually all of the cities de­
claring against the saloon also voted against the sale of
bottled liquors, pharmacists’ licenses, and the dispensing of
intoxicants by hotels. Salamanca banished all forms of
sale except by druggists under a physician's prescription.
Tho result in detail follows:
Auburn
Batavia
Binghamton
Canandaigua
Corning
Cortland
Elm ira
Fulton
Gloversvillo
Hornoll

—DrvIthaca
Jamestown
Johnstown
M iddletow n
N orw ich
Oneida
Ouconta
I’ lattsburg
Salamanca
W atertown

Am sterdam
Beacon
Geneva
Glens Falls
Kingston
Little Falls
Lockport
M ou nt Vornon
Newburgh
N ew Rochelle

- Wet------- —_________
N orth Tonawauda
Ogdensburg
Oloan
Oswego
P ort Jervis
R om o
Schenectady
Syracuso
Tonawauda

BRITISH PARLIAMENT VOTES FOR IRISH CONSCRIP
TION— IRISH THREATS OF RESISTANCE.
B y a voto of 301 to 103, tho House of Commons on April
16 passed tho M an Power Bill, raising the military age in
Great Britain to^50 andjin;some cases 55 years, and oxtending
conscription to Ireland. Tho measuro was then rushed
through tho House of Lords in two days, receiving the royal
assent on the 18th.
The House had previously rojected
John Dillon’s motion for the omission of the Irish conscrip­
tion clause by a majority of 176. The bill was passed not­
withstanding tho threats of the Irish memebrs that civil war
would follow any attempt to enforce conscription in Iroland,
and against tho earnest advice of ex-Promier Asquith and
the leaders of the Labor Party.




1649

During the debate in the House on April 12, M r . Asquith
appealed to the Government to omit the clause on conscrip­
tion. If these were normal times, he said, he would not hesi­
tate to take appropriate Parliamentary action to give effect
to his opposition to the clause, but it would “ be criminal to
blind our eyes to the extent of the peril at this m om ent.”
Continuing, he said:
I could n ot be a party to any proceeding in the House, legitim ate in nor­
mal conditions, which, if it, succeeded, m ast have tho effect o f prevention
on those who for tho tim e being are responsible to the nation and to the
Allies for extricating the greatest o f causes from the greatest o f perils.
W hon every m om ent o f their tim o, every faculty o f their m ind and every
fiber o f their being needs to be devoted to saving from disaster tho A llies’
cause, I cannot take that responsibility.

Arthur Henderson, Labor leader, warned the Government
that it was displaying more reckless courage than wisdom in
staking its existence on the clause applying conscription to
Ireland. Unless the Government was prepared to modify
its proposal, it was creating a situation which contained all
the elements of the greatest disaster which had befallen the
country in the last four years. The Government’s present
proposals, ho declared, would place Sinn Feinism in the as­
cendency in Ireland, as they had placed Bolshevism in the
ascendency in Russia. The minimum the Government could
do was to say frankly that it would not make the clause
operative until Home Rule absolutely was the law in
Ireland.
On the 15th London dispatches reported that the Labor
Ministers of the Cabinet in an interview with Premier Lloyd
George had urged the Premier to grant self-government to
Ireland on the basis of the majority report of the Irish Con­
vention, before consription was put into operation. The
conference was reported to have had “ satisfactory results.”
A t any rate, it was on the following day (April 16) that the
Premier made his speech in Parliament (referred to in another
article, announcing the Government’s intention to introduce
a Home Rule bill at once. In that speech, however, M r .
Lloyd George is quoted as saying that “ the Government
could not possibly have resistance to the Home Rule bill
used as a lever to defeat conscription,” and that each meas­
ure must be taken on its own merits.
Tho Irish leaders demanded that tho concsription measure
be held back until an Irish Parliament was established and
had a chance to pass on it. A motion to that effect, however,
made by James C . R . Lardner on the 12th, was defeated by
the Commons by a vote of 280 to 108.
Notwithstanding the fact that the Government is virtually
committed to the passing of a Home Rule bill before any at­
tempt is made to enforce conscription in Ireland, Sir Edward
Carson, leader of the Ulster Unionists and long the bitterest
foe of Home Rule, is lending full support to conscription.
“ Even if you put me under the government of the opposition,
or of the Sinn Feiners,” he is quoted as saying in the House,
“ I would still support conscription, because I prefer anything
to German domination.”
M eantime, preparations are under way in Ireland to re­
sist tho putting into effect of the draft. A large number of
meetings have been held, in which, for the first time, the
Nationalists and the Sinn Feiners co-operated. The clergy
also are said to be taking an active part in the agitation.
Cardinal Logue, Primato of Ireland, preaching at Dungan­
non, said tho conscription proposal for Ireland was the grav­
est blunder the Government had made, and would lead to the
utmost disorder, and would be met with the most strenuous
passive resistance. Anything in the nature of organized
physical resistance was to bo deprecated, and would not be
favored by him. Tho Cardinal said he had called a meeting
of Irish bishops for April 18, when resolutions would be
adopted.
The M ost Rev. Michael Fogarty, Bishop of Killaloe, pub­
lished his view that the people are entitled to resist, adding
that it is for the nation to decide the most effective form of
such resistnace. Bishop James Naughton, preaching at
Ballina, said, having regard for agricultural requirements,
Ireland had already given more than her just portion for the
army, and that tho numbers would have been larger but for
the unsympathetic policy of tho Government.
Chancellor of the Exchequer Bonar Law, replying to a
query in the House of Commons on Thursday, said he ex­
pected that Irish conscription would be enforced before
Aug. 1. Tho authorities, although they do not expect that
any conscripts will be called until the Home Rule is on the
statu to books, are taking steps to deal with the situation.
Field Marshal Lord French, Commander-in-Chief of the
forces in the United Kingdom, arrived in Dublin on April
17 with his staff.

1650

THE CHRONICLE

The Nationalists, or at least a majority of them, are un­
derstood to have decided to abstain from attendance in the
House of Commons during the crisis, thus adopting the at­
titude of the Sinn Feiners, who were elected to Parliament
but have never attended.
A special dispatch to the New York “ Sun” on April 11
gives the following estimates regarding the number of men
made available by the M a n Power Bill in Ireland and Great
Britain:
Sir George C ave, the H om o Secretary, estimated that Ireland would yield
a considerable number o f men; if the Governm ent could expect ten divisions,
or even fiv e, it would be a substantial addition. It is believed that moro
than 150,000 fit Irishmen are available, besides 45,000 natives o f Great
Britain and aliens dom iciled in Ireland, who would bo included under the
M an Pow er bill. Other estimates put the number below 100,000.
Figuros com piled this year show the total number o f Irish recruits for
the arm y up to February was 124,581. O f these 64,967 woro Romanists
and 52,725 Protostants. T he total number o f Irishmen serving with tho
forces was 175,627.
,
,
A s to tho effect o f tho application o f tho M an Power bill in England, tho
total number o f men between 40 and 50 years old in England and Wales,
according to tho last census, was roughly 2,000,000. Tho Prime M inister
said In his speech that 7 % o f tho men between 42 and 50 would bo available.
I f ho intended to indicate that this was the total fit for general service, it
would yield only 140,000 m en, which probably would bo reduced b y the
higher proportion o f ineffectives at that age.

LLOYD GEORGE TO STAND OR FALL ON HOME RULE
ISSUE— BILL TO BE INTRODUCED A T ONCE.
Taking his stand on tho proposition that conscription in
Ireland is necessary as a military measure, and that Irish
homo rule is the necessary justification for conscription,
Premier Lloyd George has servod notice on the British Par­
liament that the Government will rosign if tho Homo Rule
Bill, soon to bo introduced is rojoctod. “ It is impossible,” he
said, “ to secure unity unless overy section feels that justice
has been done, not merely by compelling Irishmen to tako
a full share in tho war’s burden, but by securing to them
tho principle of solf-detormination for which wo are fighting
in every theatre. W o entered tho war for that principle.
W e have never doparted from it, and hope wo shall bo ablo
to enforce it at tho peace conforonce.”
The statement that tho Government would resign if the
Homo Rule Bill woro defeated was made with tho Premier’s
approval by George N . Barnes, Labor member of the W ar
Cabinet.
_
.
Premier Lloyd George’s remarks on tho Irish question
were made during tho debate on tho IVIan-Powor Bill, and
wore reported as follows in Associated Press dispatches from
London on April 16:
Prem ier L loyd George, in a speech in the C om m ons, said:
“ It is desirable in tho interest o f the war that we should settlo the Irish
question and produce something like contentm ent in Ireland and good-w ill
hi A m erica.”
,
.
In discussing the M an-Pow er Bill tho Premier asked whether conscrip­
tion in Ireland was to be tho Governm ent’s only answer to tho report o f
tho m ost remarkable convention over held in Ireland. ' Such an answer
would bo regarded as unsatisfactory, n ot only In Ireland, but in England.
I f thero wero troublo in Ireland arising from refusal to legislate aftor the
Irish Convention and only conscription was offored, any resistance in
Ireland would m oot with sym pathy hero, which would paralyzo tho effort
to enforce conscription in Ireland.
T ho Premier referred especially to tho attitude o f the Labor Party,
adding:
, _ . .
“ I t is useless to put this bill on tho statute book unless wo intend to
onforco it, and it Is useless to try to enforce it, unless behind tho Governm ent
thero is a feeling that Ireland has been justly treated. M oreover, Ireland
Is not the only country to be considered.
"A s to Am erica, the opinion reaching tho Governm ent is that sentiment
in America supports tho bill, provided self-government is offored Ireland.
I t Is vital to us at tho m om ent that America is com ing to our aid through
tho m ost remarkable decision over taken b y any executive. President
W ilson’s decision was n ot without d ifficulty, but it was tho only way that
Am erica could render practical assistance in this battle.
In these circumstances America is entitled to oxpect from tho British
Governm ent (though they could not ask any Governm ent to carry out
dom estic legislation), tha they would sm ooth thoso difficulties and, at
any rate, not increaso them . I am certain nothing would holp m oro at tho
present juncture to secure the full measure o f American assistance than the
determ ination o f the British Parliament to tender to Ireland her own
Parliam ent.”
_
T ho Prem ier’s use o f tho terms “ offer” and “ tender ovoked irritated
cries from tho Irish benches. Tho Premier continued:
“ T ho honorable members are seeking quarrels whoro nono aro intonded.”
“ Tho G overnm ent, therefore, arrived at tho conclusion, that self-govern­
m ent is an essential war m easuro,” ho wont on.
In regard to tho statement m ade b y George N . Barnes that tho G overn­
m ent would carry tho bill, L loyd George said that tho Governm ent could
only uso all its influence to carry it. I f it was not carried, thoso responsible
for its failure to carry ought in all consionce to accept tho responsibility
fo r tho direction o f the war w ithout it. It was im possible to face the
difficulties in Ireland without a united country, ho said.

[Vol. 106.

REPORT OF SIR HORACE PLUNKETT ON WORK OF
IRISH HOME RULE CONVENTION.
The results of the Irish Convention, called to work out
a solution of the vexed Home Rule question, wero trans­
mitted to Premier Lloyd George on April 12 in the form of
a series of recommendations— together with a long letter
from Sir Horace Plunkett, Chairman, explaining in detail
the extent to which the convention had reached agreement
and the points on which agreement had proved impossible.
Both the minority Nationalists and the Ulsterites sub­
mitted separate reports, but the Nationalists joined with
the Southern Unionists in signing the majority report. Tho
Ulster Unionists dissented entirely from the majority re­
port, declaring that “ on the fundamental issues no agree­
ment was at any time visible,” and that on many important
questions the Nationalists wero themselves sharply di­
vided. “ Had we thought,” the Ulster report concluded,
“ that a majority of the convention intended to demand not
tho subordinate powers of previous Home Rule bills, but
what is tantamount to full national independence, wo would
not havo agreed to enter tho convention.”
Tho scheme of tho majority, as described in tho Chair­
man’s letter, provides for establishment of a parliament for
the whole of Ireland, with an executive responsible to it,
and with full powers over all internal legislation, administra­
tion and direct taxation. Pending decision of tho fiscal
question, it is provided that imposition of duties and excise
shall remain with tho Imperial Parliament, but that tho
whole of the proceeds of these taxes shall be paid to tho Irish
exchequer. A joint exchequer board would bo set up to
determine tho Irish true revenue, and Ireland would be
represented upon tho Board of Customs and Lxciso of tho
United Kingdom . Irish representatives in tho Imperial
Parliament would be elected by the Irish Parliament instead
of directly by constituencies.
Tho Irish Parliament would consist of two Houses, a
Senato, of 64 members, and a House of Commons of 200.
Tho principle underlying tho composition of tho Senato is
representation of interests. This would bo effected by giving
representation to commerce, industry and labor, county
councils, churches, learned institutions and peerago.
Sir Horace remarks that in constituting tho House of
Commons the Nationalists offered to guarantee 4 0 % of its
membership to the Unionists. Ho adds that it was agreed
that in the south of Ireland adequate representation for
Unionists could only be secured by nomination, but
as
Ulster’s representatives had informed tho convention that
those for whom they spoke could not accept tho principle of
nomination, provision was made in the scheme for extra
representation of Ulster by direct election.”
Tho text of Sir Horaco Plunkett’s letter to tho Prime
Minister, as published by the Now York “ Tim es” on April
13, roads as follows:

I have tho honor to transmit herewith a report o f tho proceedings o f tho
Irish C onvention. F or tho imm ediate ob ject o f tho Governm ent tho report
tells all that need be told . It shows that in tho Convention, while It was
not foun d possible to overcom o tho objections o f tho Ulster Unionists, tho
m ajority o f tho N ationalists, all tho Southern Unionists and fivo out o f
sovon Labor Representatives were agreed that tho schemes for Irish self­
governm ent set out In Paragraph 42 o f tho roport should bo imm ediately
pas sed into law.
T h o m inority o f N ationalists propose a schomo which differs in only one
im portant particular from that o f tho m a jo rity .
T he Convention has, therefore, laid a foundation o f an Irish agreomont
unprecedented in history. I recognlzo that action in Parliament upon tho re­
sult o f our deliberations must largoly depend upon public opin ion . W ithout
knowledge o f the circum stances which at tho term ination o f our proceed­
ings com pelled us to adopt an unusual m ethod o f presenting the results o f
our deliberations, tho public m ight bo misled as to what has actually been
achieved. It is therefore necessary to explain our procedure.
W o had every reason to believe that tho Governm ent contem plated im ­
m ediate legislation upon tho results o f our labors. T he work o f an Irish
settlem ent, which was suspended at tho outbreak o f tho war, is now felt to
adm it o f no further postponom ont. In tho dom inions and tho United
States, as well as In tho other allied countries, tho unsettled Irish question
is a disturbing fa ctor, b oth in regard to war effort and peaco aims.
N evertheless, urgent as our task was, wo could not com plete it until
overy possibility o f agreement had been explored. T ho moment, this point
was reached— and you will not bo surprised that It took us eight m onths to
reach it— we decided to issuo our roport with tho least possiblo delay. T o
do this we had to avoid further controversy and protractod dobato.
I was, therefore, on M arch 22, Instructed to draft a roport which should
bo a mero narrativo o f tho C onven tion’s proceedings, with a statement for
tho inform ation o f tho Governm ent o f tho conclusions adopted wliothcr
unanimously or by m ajorities. It was hoped that this roport m ight bo
unanimously signed, and it was understood that any groups or individuals
would be free to append to It such statements as they doom ed nocossary
A committee is at work drafting a Homo Rule Bill, which, to give expression to their viow s.
Tho draft report was circulated on M arch 30, discussed and amonded on
it is said, will tako tho form of a measuro amending tho A pril 4 and 5. T he accuracy o f tho narrativo was not challenged, though
Government of Iroland A ct that passed just boforo tho out­ thero was considerable differenco o f opinion as to ttio rolativo prominonco
break of the war, but tho operation of which was suspended which should bo given to som o parts o f tho proceedings. As timo pressed,
it was decided not to havo any discussion upon tho m ajority roport, nor
for tho poriod of tho war. General opinion is said to favor upon any m inority reports or other statom onts which m ight bo subm itted.
a federal measure which could bo made applicable to Scot­ T ho draft report was adopted b y a m ajority, and tho Chairman and Sec­
retary wero ordered to sign it and forward It to tho Governm ent
land, Wales and England.




A pr. 20 1918.]

THE CHRONICLE

T ho lim it o f twenty-four hours was b y agreem ent p u t upon the reception
o f any other reports or statem ents, and in tho afternoon o f April 5 tho C on­
vention adjourned sine dio.
T he public is thus provided with no m ajority report in tho sense o f a
reasoned statement in fa vor o f tho conclusions upon which tho m ajority
agreed, but it is loft to gather from tho narrative o f tho proceedings what tho
contents o f such a roport would havo been. On tho other hand, both the
Ulster Unionists and tho m inority o f tho N ationalists havo prosented
m inority reports covering tho whole field o f tho C onvention’s inquiry.
T h o result o f tills procedure is to minimize tho agreement reached and
emphasize disagreement. In these circum stances I conceive it m y duty as
Chairman to subm it such explanatory observations as are required to en­
able the reader o f tho report and accom panying docum ents to gain a clear
idea o f tho real effect and significance o f tho C onvention’s achieve­
m ent.
I m ay assume a knowledge o f tho broad facts o f the Irish question. It
will bo agreed that in recent years the greatest obstacle to its settlem ent has
been tho Ulster d ifficulty. Thero seemed to be tw o possible issues to our
deliberations. I f a schem e o f Irish self-government could bo fram ed to
which Ulster Unionists would give their adherence, then tho Convention
m ight produce a unanimous report. Failing such a consum m ation, wo
might secure an agreement, either com plete or substantial, between N a­
tionalist, Southern Unionist, and Labor representatives. M a n y enter­
tained tho hope that tho effect o f such striking and w holly new develop­
m ent would bo to induce Ulster to reconsider its position.
Perhaps unanimity was too m uch to expect. Bo this as it m ay, neither
timo nor effort was spared in striving for that goal, and there woro moments
when its attainment seemed possible.
There was, however, a portion o f Ulster where a m ajority claimed that
if Ireland had the right to separate herself from tho rest o f tho United K ing­
dom , they had tho samo right to a separation from tho rest o f Ireland.
B ut tho timo had gone b y when any other section o f the Irish peoplo would
accept partition o f their country evon as a tem porary expedient. H ence
tho Ulster Unionist members in tho convention remained there only in the
hopo that some form o f hom o rulo would bo proposed which m ight m od ify
tho determ ination o f thoso they represented to havo neither part nor lot in
an Irish Parliament.
T ho Nationalists strovo to win them b y concessions, but they found
themselves unable to accept any o f tho schemes discussed, and tho only
schemo o f Irish Governm ent they presented to tho convention was con ­
fined to tho exclusion o f their entiro province.
L ong beforo tho hopo o f com ploto unanim ity had passed tho m ajority o f
tho Convention wero considering the possibilities o f an agreement botw con
N ationalists and Southern Unionists. Lord M kldloton was tho first to
m ake a concrete proposal to this end.
T ho roport shows that in N ovem ber lie outlined to tho Grand C om ­
m ittee and in D ecem ber brought before tho C onvention what looked liko
a workable com prom ise. It accepted self-governm ent for Ireland. In
return for special m inority representation in tho Irish Parliam ent, already
concodod b y tho Irish N ationalists, it offered to that Parliament com plete
pow er ovor intornal legislation and administration, and in m atters o f
financo over direct taxation and exciso.
B ut, although they agreod that custom s revenue should bo paid into tho
Irish Exchequer, the Southern Unionsts insisted upon a permanent reserva­
tion to tho Imporial Parliament o f power to fix rates o f custom s duties.
B y far tho groater part o f our time and attention was occupied b y this ono
question: W hether im position o f customs duties should or should not bo
under control o f tho Irish Parliament.
T ho difficulties o f tho Irish Convention m ay bo summed up In tw o words,
"U lster” and "C u stom s.” Tho Ulster difficulty tho whole world knows,
but how tho customs question cam e to bo ono o f vital principle upon the
decision whereof dopended tho amount o f agreement that could bo reached
in convention needs to bo told . Tho tendency o f recent political thought
am ong Constitutional N ationalists has been toward a form o f G overnm ent
resembling as closely as possiblo that o f tho Dom inions, and, slnco tho geo­
graphical position o f Ireland imposes obvious restrictions in respect o f
naval and m ilitary affairs, tho claim for dom inion hom o rulo was con­
centrated upon a demand for unrestricted fiscal powers.
W ithout separato custom s and exciso Ireland w ould, according to this
vlow, fail to attain national status liko that enjoyed b y tho D om inions.
U pon this issue tho Nationalists m ado a strong case and wero ablo to provo
that a considerable number o f leading com m ercial men had com o to favor
fiscal autonom y as part o f an Irish settlement.
In tho present stato o f public opinion in Ireland it was feared that, w ith­
out custom s, no schomo tho Convention rocom m ondcd w ould receive a
sufficient measuro of popular support to securo legislation. T o obviato any
serious disturbance o f tho trado o f tho United K ingdom thoy wero prepared
to agree to a free trade arrangement between tho tw o countries.
B ut this did not overcom o tho difficulties o f tho Southern Unionists, who
on this point agreed with the Ulster Unionists. T h ey wero approhenslvo
that a soparato system o f customs control, howover guarded, might impair
tho authority o f tho United Kingdom over its oxternal trado p olicy. N either
could thoy consont to any settlement which was, in their judgm ont, in­
com patible with Ireland’s full participation In a schem o o f tho United
K ingdom ’s Federation, should that com e to pass.
It was clear that, b y means o f mutual concessions, an agreement botweon
N ationalists and Southern Unionists could bo reached on all tho other
points. On this important point, howover, a section o f tho Nationalists,
who havo em bodied their viows in a soparato roport. hold that no com pro­
mise was possiblo.
On tho other hand, tho m ajority o f tho N ationalists and tho wholo b od y
o f Southern Unionists felt that nothing effcctlvo could result from their work
In tho C onvention unless somo understanding was reached upon tho cus­
tom s which would render agreement on tho com pleto schomo attainable.
Neither sklo was willing to surrender principlo, but both sides wero willing,
In order that a Parliament should bo at onco established, to postpone
legislative decision upon tho ultimate control o f custom s and exciso. A t
tho samo tim o each party has put on record In separate notes, subjoined to
tho roport, its claim respecting tho final settlement o f this question.
Decision having been reached upon the cardinal issue, tho m ajority o f tho
convention carried tho series o f resolutions which together form a com pleto
schomo o f solf-government.
This schom o provides for tho establishment o f a parliament for tho wholo
o f Ireland, with an executive responsible to it and with full powers ovor all
intornal legislation, administration, and direct taxation. Ponding decision
o f tho fiscal question, it is provided that imposition o f duties o f custom s
and exciso shall remain with tho Imperial Parliament, but that tho wholo
o f tho proceeds o f theso taxes shall bo paid into tho Irish Exchequer. A
Joint exchequer board is to bo sot up to determino Ireland’s true rovenuo,
and Ireland Is to bo represented upon tho Board o f Custom s and Exciso o f
tho Unltod K ingdom .
T ho principle o f representation in tho Imperial Parliament was insisted
upon from the first d ay b y tho Southern Unionists, and tho Nationalists
conceded it. It was felt, how over, that thero wore strong reasons for pro­
viding that Irish representatives at Westminster should bo elected b y tho




1651

Irish Parliament, rather than directly b y constituencies, and this was the
arrangement adopted.
It was accopted in principle that there should be an Irish contribution to
tho cost o f Imperial services, b u t, ow ing to lack o f data, it was not found
possible in tho Convention to fix any definite sum.
It was agreed that the Irish Parliament should consist o f tw o houses, a
Senate o f sixty-four m embers, and a House o f Com m ons o f 200. T ho prin­
ciplo underlying the com position o f tho Senate is representation o f interests.
This is effected b y giving representation to com m erce, industry, and labor,
C ounty Councils, churches, learned institutions, and tho peerage.
In constituting tho House o f C om m ons, tho Nationalists offered to guar­
antee 40% o f its membership to tho Unionists.
It was agreed that in
tho South adequate representation for tho Unionists could only be secured
b y nom ination, but as tho Ulster representatives had inform ed the C onven­
tion that those for whom they spoke could not accept the principlo o f nom ­
ination, provision was mado in the schemo for extra representation o f Ulster
b y direct olection.
T ho m ajority o f tho Labor representatives associated themselves with the
Nationalists and Southern Unionists in building up a constitution with
provisions o f which they found themselves in general agreem ent. T hey
frankly objected, how over, to the principle o f nom ination and to what they
regarded as inadequate representation o f Labor in tho upper house.
Throughout our proceedings they helped in every w ay toward tho at­
tainment o f an agreement. N or did they press their own special claims
in such a manner as to make m ore difficult tho w ork, already difficult
enough, o f agreeing upon a constitution.
I trust I havo said enough to enable the reader o f this report and accom ­
panying docum ents to form an accurate judgm ent upon the naturo o f the
difficulties o f the task beforo the C onvention and upon its actual achieve­
m ent. W hile technically it was our function to draft a constitution for our
cou ntry, it would bo more correct to say we had to find a way out o f tho
m ost com plex, anomalous political situation to bo found in history— I
m ight almost say in fiction.
W o aro living under a system o f governm ent which survives on ly because
tho act abolishing it cannot, consistently with Ministerial pledgos, be p u t
into operation without further legislation no less difficult and controversial
than that which it has to m end.
W hile tho responsibility for solution o f our problem rests prim arily with
tho Governm ent, the C onvention found itself in full accord with your in­
sistence that tho m ost hopeful path to settlement was to be found in an
Irish agreomont. In seeking this and in attem pting to find a com prom ise
which Ireland m ight accept and Parliament pass into law it has been recog­
nized that tho full program o f no party could bo adopted. T he C onven­
tion was also bound to givo due weight to your opinion that to press for
a settlement at W estminster during the war o f questions which, as I have
shown, had boon a form idable obstaclo to agreement would bo to imperil the
prospects o f early establishment o f self-government o f Ireland.
Notwithstanding tho difficulties wherewith wo wero surrounded, a larger
measure o f agreement has been reached upon the principlo and details o f
Irish self-government than has ever yet been attainod. Is it too m uch to
hopo that tho schem o em bodying the agreement will forthw ith be brought
to fruition b y thoso to whose call tho Irish C onvention has now responded ?

The scheme mentioned by Sir Horace Plunkett as meeting
tho approval of a majority of the delegates is set forth in
Paragraph 42 of the report, under the title: “ Statement of
Conclusions,” summed up as follows:
Section 1. T ho Irish Parliament to consist o f tho King, Senate and House
o f Com m ons. N otw ithstanding the establishment o f an Irish Parliam ent,
the supreme power and authority o f tho Parliament o f the U nited K ingdom
shall remain unaffected and undiminished over all persons, m atters and
things hi Ireland and overy part thereof. (Section carried b y 51 to 18.)
Sec. 2. Tho Irish Parliament to havo general powers to m ake laws for
tho peace, ordor, and the good governm ent o f Ireland. (Section carried
51 to 19.)
Sec. 3. T ho Irish Parliament to have no power to m ake laws on the fo l­
lowing: Crown and succession, tho making o f peace and war, arm y and
navy, treaties and foreign relations, dignities and titles o f honor, necessary
coiltrol o f harbors for naval and m ilitary purposes, coinage, weights and
measures, copyrights and patents. T he Im perial and Irish Governm ents
shall join tly arrange, subject to imperial exigencies, for the unified control
o f tho Irish police and postal services during the war, provided that as soon
as possiblo after tho cessation o f hostilities the administration o f theso tw o
services shall becom e subject to tho Irish Parliam ent. (Section carriod
49 to 16.)
Sec. 4. Restriction o f the power o f the Irish Parliament: prohibition o f
laws interfering with religious equality; a special provision protecting
tho position o f Free M asons: a safeguard for T rinity Collego and Queens
University; m oney bills to be founded only on a viceregal message; privi­
leges and qualifications o f the members o f the Irish Parliam ent to be
limited as in tho A ct o f 1914: rights o f existing Irish officers to be safe­
guarded. (Section carried 46 to 15.)
Sec. 5. Constitutional amendments as in tho A ct o f 1914. (Section
carried 43 to 15.)
Sec. 6. T ho executive power in Ireland to continue to be vested in the
K ing, oxercisablo through tho Lord Lieutenant on the advice o f an Irish
Executive C om m ittee, as in tho A ct o f 1914. (Carriod, 45 to 15.)
Sec. 7. D issolution o f tho Irish Parliament, as in tho A ct o f 1914. (Car­
ried, 45 to 15.)
Sec. 8 . R oyal assent t o bibs, as in the A ct o f 1914. (Carried, 45 to 15.)
Sec. 9. C onstitution o f the Senate as follow s: One L ord Chancellor, four
Bishops o f tho R om an Catholic Church, tw o Bishops o f the Church o f
Ireland, one representative o f tho General A ssem bly, three L ord M ayors,
o f D ublin, B elfast, and C ork; fifteen peers resident in Ireland, elected b y
peers resident in Ireland; eleven persons nominated b y tho L ord Lieutenant;
fifteen representatives o f com m erce and Industry; four representatives o f
labor, ono for each province; eight representatives o f C ounty Councils, two
for each province. T otal, 64. (Carried. 48 to 19.)
Sec. 10. Constitution o f the H ouse o f C om m ons. The ordinary elected
members shall number 160.' T he U niversity o f D ublin, the U niversity o f
Belfast, and tho N ational U niversity shall each have tw o m embers, elected
by graduates. Special representation shall be given to urban and industrial
areas b y grouping the smaller towns and applying to them a lower electoral
quota than tho rest o f the country. T he principle o f proportional represen­
tation shall bo observed wherever a constituency returns tw o or three
members.
F orty per cent o f tho membership in the n o u se o f C om m ons shall be
guaranteed to tho Unionists, and, in pursuance o f this, tw enty members
shall bo nom inated b y tho L ord Lieutenant, with a view to duo representa­
tion o f interests not otherwise adequately represented in the provinces o f
Leinster, M unster and Connaught, and tw enty additional members shall
bo elected b y Ulster to represent com m ercial, industrial and agricultural
intorosts; tho nom inated members to disappear in whole or in part after
fifteen years. Extra Ulster representation Is n ot to cease except on the

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[Vol. 100

decision o f a three-fourths m ajority o f both houses sitting together. T ho
H ouse o f Com m ons shall continue for five years unless previously d is­
solved. (Carried, 45 to 20.)
Sec. 11. M on ey bills to originate only in tho IIouso o f C om m ons, and not
am endable b y tho Senato. (Carried, 45 to 22.)
Sec. 12. Disagreem ent between tho houses to bo solved b y a joint
sitting. (Carried, 45 to 22.)
Sec. 13. Representation in tho British Parliament to continuo. Irish
representatives to have tho right to deliberate and voto on all m atters.
F orty-tw o Irish representatives shall bo elected to tho British House o f C om ­
m ons. Irish representation in tho British House o f Lords to continue as
at present until that cham ber is rem odeled, when that m atter sha 1 bo
reconsidered. (Carried, 44 to 22.)
S ec.' 14. Finance— Irish exchequer and consolidated fund to be estab­
lished; an Irish Controller and Auditor-General to bo appointed as in tho
A ct o f 1914. I f necessary, it should bo declared that all taxes at present
leviable in Ireland should continuo to bo lovied and collected until tho
Irish Parliament otherwise decides. Necessary adjustments o f rovenue
between Ireland and Groat Britain during the transition should bo m ado.
(Carried, 51 to 18.)
Sec. 15.— Control o f customs and excise b y tho Irish Parliament to bo
postponed for further consideration until after the war, provided that the
question shall bo considered and decided b y the United Kingdom Parlia­
m ent within seven years after the conclusion o f peace. Until tho question
o f the ultim ate control o f Irish custom s and excise shall bo decided, tho
United K ingdom ’s Board o f Custom s and Exciso shall include persons
nom inated b y tho Irish Treasury. A join t Exchequer B oard, consisting
o f two members nom inated b y tho Im perial Treasury and tw o nominated
b y the Irish Treasury, with a Chairman appointed b y the King, shall bo
set up to determine the trao incom e o f Ireland. Until tho question o f tho
ultim ate control o f the Irish customs and excise shall be decided, the reve­
nue duo to Ireland, as determined b y tho join t Exchequer B oard, shall bo
paid into the Irish exchequer. A ll branches o f taxation other than cus­
tom s and excise shall be under tho control o f tho Irish Parliam ent. (Car­
ried, 38 to 30.)
,
Sec. 16. T ho principle o f imperial contributions is approved. (Carried
unanim ously.)
Sec. 17. A ccepts tho report o f tho sub-Com m ittco on Land Purchases.
(Carried unanim ously.)
Sec. 18. Deals w ith tho judicial powor similarly to tho A ct o f 1914.
(Carried, 43 to 17.)
Sec. 19. The Lord Lieutenant shall not bo a political officer. Ho shall
hold offico six years. N either he nor the Lords nor Justices shall bo sub­
jected to any religious disqualification. His salary shall bo sufficient to
throw the post open to men o f m oderato moans. (Carried, 43 to 17.)
Sec. 20. A Civil Service Comm ission consisting o f representatives o f
the Irish universities shall form ulato a scheme o f com petitive examinations
for admission to tho public service, and nobody shall bo adm itted to such
service unless ho holds a Civil Servico Commission certificate. A scheme
o f appointm ents and salaries shall bo prepared b y a special commission,
and no appointm ents shall bo made until tho schom o o f this com m ission
has been approved. (Carried, 42 to 18.)
Sec. 21. Tho Irish G overnm ent, if desired, m ay defer taking over tho
departments o f Old Ago Pensions, N ational Insurance, Labor Exchanges,
Postal Savings Banks, and friendly societies. (Carried, 43 to 18.)

o f R aph oo’s fifth proposal was supported by a m ajority v o to o f tho con­
ven tion .
Tho report continues:
" W e regard as excessively dangerous the Nationalist claim that tho Irish
constabulary shall com e under the control o f tho Irish Parliament at tho end
o f tho war, instead o f remaining under imperial control for six years, as
p rov id ed in the 1914 A ct.
“ Failing any evidence o f an approach to tho narrowing o f our differences,
and in view o f tho new demands o f tho Nationalists wo wero finally forced
to declare that Ulster is unablo to partitiepate in any schom o o f self-governmont for Ireland. W e cannot overlook tho strong probability that tho
controlling forco o f such would to-day bo tho R epublican, or Sinn Fein,
party, which is openly and aggressively hostilo to Great Britain and tho
empire.
“ A proposal was brought forward under which in tho Irish Parliament tho
Unionists should havo tem porary representation largely in excess o f what
thoy wero entitled to on a population basis. W hilo appreciating tho spirit
o f tho offer It was decided, after full consideration, that tho undem ocratic
character o f the proposal rendored it w holly unacceptable.”
T ho report shows that tho Unionists, with tho ob je ct o f meeting the N a­
tionalists, presented an alternative schom o for tho exclusion o f Ulster,
based on lines agreed to b y tho official Natlonist Party in 1916, and con­
tinues:
"T h o discussions proved beyond doubt that tho aim o f the N ationalists
Is to establish a Parliament In Ireland which would bo practically freo from
effective control b y the Imperial Parliament. It is only necessary to draw
attention to modern political m ovem ents to roalizo tho unwisdom o f es­
tablishing within tho United K ingdom tw o Parliaments having co-equal
powers. A ll other countries havo fought against this disintegration
p o licy .”
Asserting that tho N ationalist itollcy would bo a constant m cnaco to tho
ompiro, the report continues:
“ H ad we thought that a m ajority o f tho convention intended to domand
not tho subordinate powers o f provious H om o Rule bills, but what is tan­
tam ount to full national indopcndenco, we would not havo agreed to enter
tho con vention.”
T he report cites, am ong other examples, that o f tho United States, which
"established at the cost o f m uch blood and treasure national unity, whon
tho Confederacy claimed, like tho Irish N ationalists, tho right to sot up an
independent G overnm ent,” and adds:
“ W ith these and other examples before us, wo cannot help feeling that
tho demands put forw ard, if conceded, would creato turmoil at hom o and
weakness abroad. One o f tho m any objections to tho schcm o presented is
that it would havo nmado tho future application o f federalism to tho United
Kingdom impossible. For tho reasons statod, wo could not accopt the
N ationalist proposals.
“ W o desire to record our appreciation o f the uniform courtesy and good
feeling which characterized tho proceedings o f tho C onvention through­
o u t.”

The concluding paragraph submitting the report to the
Imperial Government, wat carried by 42 to 35. The whole
report was carried by 44 to 29.
The report of the Ulster Unionist delegation to tho con­
vention was summarized as follows in press dispatches from
London

“ E xcept for somo important political and labor absontlons, tho C onven­
tion worthily reflected almost every phase and interest and class in tho
varied life o f Ireland. But there have been no sure means o f knowing how
far it exhibited the mind and will o f Ireland at tho presont tlm o, nor any
guarantee that its decisions, independently o f tho suggestions m ado b y tho
Governm ent, would tako effect in law. Tho Sinn Fein organization stood
a loof altogether.”
T hoy behoved that if a measure giving to tho Irish lull control o f their
affairs was agreed to and given effect b y tho Governm ent tho vast m ajority
o f Nationalists would bend their minds to making it a success.
“ It looked as if tho gravity o f tho times, tho principles o f freedom for
which tho allied nations claimed to stand, tho widespread desire for a set­
tlement throughout the Dom inions and among our Amorlcan kindred, and
tho disastrous consequences o f further con flict and disunion,” tho report
continues, “ might bring about a spontaneous resolvo am ong all tho dele­
gates to establish our country as a freo and contended nation within tho
em pire.”
T hose who signed this report express satisfaction at tho abandonment o f
opposition to home rulo b y the Southern Unionists, and regret that the
Ulster Unionists did not givo much co-operation in constructive work.
T h oy advocate a Dom inion systom which would put all Irish affairs, In­
cluding taxation, under tho Irish Parliament, whilo ioaving foreign rela­
tions, tho army and navy and tho making o f war and poaco under tho
Imperial Parliament.
Thcso Nationalists hold reconciliation difficult, unless, as tho roport
puts it, "th o British peoplo sincerely boliovo in liberty for its own sako and
are willing to apply to Ireland tho principle that tho supposed Interests o f
great States shall not override tho rights o f small nationalities.”
T hoy givo a detailed argument for Irish control o f taxation, suggest a
join t British-Irish commission for com m ercial and postal m atters, pro­
pose an arrangement for imperial contribution b y join t negotiations, and
also that Ireland shall havo tho samo powors as tho Dom inions o f providing
for local defense. This report adds:
“ A ny attem pt to imposo conscription upon a nation without its sanction
is utterly impolitic and unjust and bound to end in disaster."
T ho report opposes membership in tho British Parliament as upsetting
the balance o f tho British parties. It prefors a join t council, but waives
objections and agrees to a delegation o f forty-tw o members at W estminster.
Agreement Is expressed to a Unionist representation o f 4 0% In tho lowor
house, and to tho m ajority schemo for representation o f tho Southern
Unionists. Postponem ent o f vital questions until after tho war Is opposod.

T ho report o f tho Ulster U nionist delegates to tho Irish Convention Is
signed by nineteen members, including tho M arquis o f Londonderry, the
Duke o f A bercorn, Colonel R obert Gordon Sharman-Crawford, and James
Johnston, Lord M a y or o f B elfast. T ho delegation finds itself unablo to
concur in tho Chairm an’s draft report, and protests against his implication
that a measure o f agreement regarding Irish solf-govcrnm cnt was attained.
It states that on tho fundam ental issues no agreement was at any timo
visible, and that on m any im portant questions tho Nationalists wero
sharply divided.
A fter reviewing tho reasons for tho calling o f tho convention, the report
says:
“ W e oxpected that tho real work o f tho convention would havo been
directed toward a sincero and patriotic endeavor to find com m on ground
somowhoro betw een tho A ct o f 1914, on tho one hand, and tho views o f
Ulster on tho other. From tho first week wo urged this courso, and re­
peatedly expressed our disappointm ent that almost ovory N ationalist’s
speech outlined a form o f homo rule far in advanco o f any previous claim .
T he schem o finally brought forward b y tho Bishop o f Raphoo in behalf
o f the Nationalists included tho following domands:
“ First— A sovereign independent Parliament for Ireland, co-equal in
power and authority with the Imperial Parliament.
"S econd — Com plete fiscal autonom y for Ireland, Including tho powor o f
imposing tariffs and control o f tho exciso, involving, as it would, tho risk
o f hostilo tariffs against Great Britain, tho right o f making com m ercial
treatios with foreign countries, and full powers o f diroct taxation.
“ T hird— Tho right to raise and maintain a m ilitary territorial force In
Ireland.
“ Fourth— Repudiation o f any liability for national debt, on tho plea o f
over-taxation in Ireland in tho past, but admitting tho principle o f a small
annual contribution to the Imperial oxpondituro.
“ Fifth— Denial o f the right o f the Imperial Parliament to Impose m ilitary
service In Ireland, unless with the consent o f tho Irish Parliament.
“Over tho fiscal question,” tho report continues, " n o approach to an
agreement was possiblo, and tho real ob ject o f tho proposal was clearly
apparent in tho official reply to questions b y tho Chairman, signed b y M r.
R edm ond, tho Bishop o f R aphoe, M r . Devlin, and Georgo Russell, in
which thoy em phatically insisted upon their demand for fiscal independence
and crystallized their arguments in tho following terms:
“ ‘W o regard Ireland as a nation in econom ic unity. Self-government
does not exist where those nominally Intrusted with tho affairs o f G overn­
ment havo not control o f tho fiscal and econom oic p olicy .’ ”
T he report doclares in opposition to this demand for fiscal independence,
saying:
"U lster takes a firm stand on tho basis o f tho people’s com m on pros­
perity, and maintains that tho fiscal unity If the United Kingdom must be
preserved intact, carrying with it, as it does, the sovereignty o f tho Imperial
Parliament and due representation therein.”
It is set forth in tho report that whilo Ireland’s contribution to Imperial
taxation for the curront yoar was about £13.000,000. an im portant section
o f tho Nationalists opposed any contribution; but tho m ajority favored a
contribution ranging from £2,500,000 to £4,500,000 yoarly. T ho Bishop




Nationalist members of tho Convention, including Arch­
bishop H arty and Bishops O ’ Donnell (Diocese of Raphoe)
and Macrory and Joseph Devlin, signed a minority report
dissenting from certain recommendations of tho majority,
and saying:

CZERNIN RESIGNS AS SEQUEL TO CLEMENCEAU
CONTROVERSY.
The resignation of Count Czernin as Austro-Hungarian
Foreign Minister was announced on tho 15tli, following hard
upon tho publication by tho French Government of the sen­
sational letter from Emperor Charles to Prince Sixtus do
Bourbon, showing that it was tho Emporor himself who
initiated the peace proposals to Franco in March 1917.
Baron Stephen Burian von Rajccz, a former Foreign M inis­
ter, has been appointed as Count Czernin’s successor.
Tho resignation of Count Czernin was oxpected, his posi­
tion having becomo untonablo after tho publication of the

A pr. 20 1918.]

THE CHRONICLE

Emperor’s letter. Vienna dispatches to the Berlin “ Lokal
Anzeiger” state that Czerniu did not know of the Emperor
Charles’s letter when he made the statement that France
had initiated the conversations with Austria, and that when
he learned of the letter he resigned, but consented to hold
office until his successor was appointed.
Various explanations have appeared at Vienna, intended
to mitigate the effects of the French disclosures. A n A m ­
sterdam dispatch on April 13 reported that an official state­
ment issued by Count Czernin “ by all-highest command”
declared that Emperor Charles’s letter as published by the
French was falsified. It said that Princo Sixtus began the
correspondence, and that the Emperor wrote a purely pri­
vate lotter, not mentioning Belgium, but saying: “ I would
have usod all m y personal influence in favor of the French
claims for the roturn of Alsace-Lorraine if these claims were
just. They are not, however.”
The Austrian semi-official explanation of the peace lotter
of Emperor Charles, according to a dispatch received from
France on the 13th, is that it was written by the Duchess of
Parma, mother of Empress Zita, to her son, Prince Sixtus,
and that the Emperor must have added certain lines over his
signature. The Vienna view is that this explains how
Premier Clemoncoau was able to say that the lotter was signed
by the Emperor.
Another statement from Vienna asserts that the Austrian
Foreign Minister is unable to ascertain who was responsible
for delivering to the French what is said to have been a forged
lotter, substituted for the lotter which was to havo been de­
livered. Noithor Princo Sixtus, whoso character is beyond
suspicion, nor any one else, is accused of falsification, con­
tinues the statement, which concludes: “ The affair is here­
with declared to bo at an end.”
Emperor Charles also attempted to put an end to tho af­
fair by sending tho following telegram to Emperor William
of Germany, as reported in Vienna dispatches to Baslo on
tho 15th:
Clem cncoau s accusations against m o aro so low that I havo no intention
to longer discuss this affair with Franco. M y cannon In tho west is our
last roply.
In faithful friendship,
(Signed) C H A R L E S .

Dispatches from Paris, however, received at Washington
on April 15, indicato that the French Government and press
think that tho Emperor Charles cannot so easily evade re­
sponsibility for his letter to Prince Sixtus de Bourbon, which
was sont to King George of England and President Poincare
of France. Tho dispatch says that tho French Government
has communicated tho following official noto to tho newspa­
pers:
There aro perverted consciences. On tho im possibility o f saving his
faco, Em peror Charles talks, stammering in his confusion. Dehold him re­
duced to accusing his brother-in-law o f falsity in fabricating with his own
hand an untruthful text, tho original o f w hich, as published by tho French
Governm ent, was com m unicated in tho presenco o f M . Jules Cainbon,
General Secretary o f tho M inistry o f Foreign Affairs, and sent b y tho
M inistry as delegate to tho Presidont o f tho R epublic, w ho, with tho consont
o f the Princo, transmitted a cop y o f it to tho President o f tho Council.
W ith M . R ibot him self tho Prince had an interview which would have had
no meaning if tho text had not beon as published b y the French G overn­
m ent. Is it not apparent that no conversation could have bono hold and
that tho President o f the R epublic would not even havo received tho Princo
a second tim e if tho latter on A ustria’s initiative, had been tho bearer o f
m atter which contested our rights Instead o f asserting them ?
T ho letter o f Em peror Charles was shown by Princo Sixtus him self to
certain rulers. Besides, two friends o f the Prince can testify to its authen­
ticity, particularly tho ono who received it from tho Princo in order to cop y

In roply to a, question in tho House of Commons on April
15 as to whether Great Britain was aware that Presidont
Poincare had in his possession Emperor Charles’s lotter a
year ago, when Britain refused to consider peace negotiations,
especially Kerensky’s proposals, A . J. Balfour, Secretary
for Frooign Affairs, said that tho Government had most
carefully considered tho subject and had decided that it
was not in tho public interest to discuss it in any form in
tho IIouso of Commons at present. lie appealed to tho ques­
tioner not to push the matter further.
A special cable to tho New York “ Times” from M ilan on
tho 15th quotos the “ Giornalo d ’ltalia” as stating authori­
tatively that Emperor Charles’ historic lotter was communi­
cated to and discussed at tho meeting of tho tliroo Allied
Promiors, Lloyd George, Ribot and Bosolli, and also tho
Italian Ministor for Foroign Affairs, Baron Sonnino, which
took placo at Saint Jean de M aur April 19 of last year. On
the strongth of information then in possession of the M inis­
ters and since amply confirmed by notorious facts, Austria’s
bid for peace was unanimously judged as insincero and in­
tended to mask subtle manoeuvres for stirring a rivalry of
interests botweon tho Allied Powers, thereby paving tho




1653

way more easily for a realization of Austro-German ambi­
tions.
A dispatch from Amsterdam on April 15 stated that ac­
cording to Count Ernst von Roventlow, chief editorial
writer of the Berlin “ Tageszeitung,” tho adoption by the
Reichstag last July of the resolution against annexations and
indemnities was due to the influence of Emperor Charles of
Austria. Count Reventlow is continuing his campaign
against the Austrian Emperor, and says that Mathias
Erzberger, Clerical member of the Reichstag, read at a secret
session of that body a letter from Count Czernin to Emperor
Charles in which he wrote as follows: “ Austria wants, and
in any event must have, peace by the winter of 1917.”
Herr Erzberger said that he had authorization from Emperor
Charles to read the letter and this, according to Count Revontlow, induced tho Centrists to support the peace resolu­
tion. The “ Tageszeitung” protested against what it called
“ Emperor Charles’s meddling in affairs.”

HUNGARIAN CABINET RESIGNS.
Tho resignation of the Hungarian Cabinet headed by
Count Wekerlo was announced on the 17th, due, among other
causes, it is said, to the developments in the Czernin affair.
Count Tiza has been asked by Emperor Charles to form a
new M inistry. A report from Switzerland that Premier Von
Seydler of Austria had also resigned has not been confirmed.
B A N K IN G A N D F IN A N C IA L N E W S .
N o bank stocks were sold at the Stock Exchange or at
auction this week. Thirty-one shares of trust company
stock were sold at auction.
Shares. T R U S T C O .— Brooklyn. Low. High. Close.
Last Previous Sale.
31 Manufacturers Trust C o ___ 125
125
125
_____________________

The suspension of the Stock Exchange firm of Atwater,
Foote & Sherrill, of 38 W all Street, was announced on April
17. The firm also has offices in Poughkeepsie, N . Y .
It was formed on Juno 1 1912. The members are Eliot
Atwater, Stock Exchange member; Gilbert F . Foote, who
holds a membership on the Cotton Exchange; M orton
Atwater, and Harold W . Sherrill. The outstanding obli­
gations aro said to be small.
Tho directors of the New Netherland Bank, 41 W . 34th
Street, near Broadway, this city, have elected William F . H .
Koelscli President of the institution, succeeding J. Adams
Brown, resigned. Four new directors were elected: Charles
R . Herschel of Knoedler & C o ., E . D . Flannery of A . Steinhardt & C o. and Charles Lotte of tho National Silk Dyeing
C o ., and tho new President. M r. Koelsch is forty-three
years of ago, a native of this city, and he has been Vice­
President and director-of the Bank of tho United States of
this city since its organization in 1913. Ho started his
banking career as a messenger in the Metropolitan Trust
Co. in 1890, leaving that institution after thirteen years’
service to become Secretary and Treasurer of the M utual
Alliance Trust Co. Subsequently he was made manager
of the credit department of the Guaranty Trust C o. M r .
Koelsch was one of the earliest advocates of tho acceptance
method of commercial financing and ono of the original
mombors of tho American Trade Acceptance Council.
Tho quostion of increasing tho capital of the German
Amorican Bank of this city from 8750,000 in shares of 875
each to 81,000,000 in shares of 8100 will be acted upon at
a special meeting on April 29. On April 3 the directors
resolved to change tho name of tho institution to tho Conti­
nental Bank of New York.
Luthor Kountze, senior member and founder of tho New
York banking house of Kountze Brothers at 141 Broadway,
diod on April 17 in his 77th year. M r. Kountze was born
at Osnaburg, near Canton, Ohio, in October 1841. Tho
business of the firm grew out of the establishment by his
brother Augustus of a private banking business in Omaha
in 1855; in 1857 Luther and still another brother, Herman,
joined with Augustus in the creation at Omaha of the private
banking firm of Kountze Brothers, which was later con­
verted into tho First National Bank of that city. In 1862
Luthor Kountze opened a branch of Kountze Bros, at
Donver, which four years later was changed to the Colorado
National Bank under tho presidency of M r . Kountze. He
also organized and became Presidont of the first street rail­
way company in Colorado. In 1867 he went to London to

1654

THE CHRONICLE

study financial affairs there and with his return a year later
began business as a private banker in W all Street; in 1870,
he and his three brothers, Augustus, Herman and Charles B .,
formed the firm of Kountze Brothers at 14 W all Street.
Relations with a London bank and other Continental
institutions were established in 1871, the house becoming
active in dealings in foreign exchange and cable transfers.
M r . Kountze was one of the founders of the Metropolitan
Opera House.

[Vol. 106.

M a y 15 to take action with regard to its conversion into the
trust company.
Henry G . Brengle, whose election to the Presidency of the
Philadelphia Trust Co. of Philadelphia to succeed Thomas S.
Gates was mentioned in our issue of April 6, has also been
elected a director of the Philadelphia National Bank to take
the place of M r . Gates.

A t the special meeting of the stockholders of the North
George E . Edwards, for seven years President of the Dol­ Philadelphia Trust Co. of Philadelphia on April 10 (notice of
lar Savings Bank of the City of N ew York, Third Avenue which was given in our issue of Feb. 26), the proposal to
and 148th Street, Bronx, prominent in the affairs of. tho increase the capital from 8150,000 to 8250,000 and the sur­
American Bankers’ Association and the Savings Bank As­ plus from 8250,000 to 8450,000 was ratified.
sociation of the State of N ew York, died at his home in New
A new banking institution, to be known as the City Bank of
Rochelle, N . Y . , on April 16. M r . Edwards was President
of the Savings Bank Section of the American Bankers’ As­ Philadelphia, is being organized in that city. Application
sociation in 1917 and had previously served as a member of to the Governor of tho State of Pennsylvania for a charter
the executive committee and membership committee in the for the new bank will be made on M a y 6. The incorporators
Section. Ho was Chairman of Group IV of the Savings Bank are: Giuseppe Argentieri, Raffaele D ’Abruzzo, Anthony
Association of the State of New York also in 1917. Before Gattone, Michael Cataldo, Gervasio Ruggieri, Nicola
his election to the Presidency of the Dollar Savings Bank, D ’Alonzo, Nicola Vitulli and Luigi Scaricamazza. The in­
M r . Edwards was for seventeen years Cashier of the Twenty- stitution is to have 850,000 capital in shares of 850.
third W ard Bank of this city and had been connected with
Edward J. Lucke and John S. Townsend, both formerly
that bank since 1888. H e was born in N ew York City and
Assistant Cashiers of the Calvert Bank of Baltimore, were
was in his forty-ninth year.
recently elected Vice-Presidents of the institution. Tho busi­
After more than eight years of service with the Guaranty ness of the Calvert Bank, which has a capital of 8100,000
Trust C o ., Now York C ity, Fred W . Ellsworth, Secretary of and surplus and profits of 895,424 and deposits of 83,750,000,
the company, has resigned to become Vice-President and has been steadily increasing and it now operates four branches
director of the Hibernia Bank & Trust C o. of N ew Orleans. outside of the main office. The management of these
H e will leave N ew York to take his new position on M a y 1. branches has to an extent devolved upon M r . Lucke and M r .
M r . Ellsworth began his banking career in Chicago twenty- Townsend as Assistant Cashiers. As Vice-Presidents they
five years ago, working through the various clerical and ad­ will have greater executive powers, while at the same time
ministrative departments of the First National Bank of that their duties will remain practically the same. W illiam C .
city. In 1905 he was made manager of tho advertising de­ Page is the President of the Calvert Bank.
partment of the First National. In 1910, shortly after the
merger of the Guaranty Trust C o. with the Fifth Avenue
Charles C . Macgill has been elected a director of the Farm­
and the Morton Trust companies, M r . Ellsworth came to ers’ & Merchants’ National Bank of Baltimore, succeeding
N ew York and inaugurated a publicity department. M r. Alfred R . L . Dohme, resigned.
Ellsworth was manager of the advertising and new business
W . Graham Boyce, hitherto Manager of tho Investment
department of the Guaranty Trust until 1916, when he was
elected Secretary of the company. M r . Ellsworth is a fel­ Department of the Union Trust C o. of Baltimore, has been
low of the American Institute of Banking and was President elected a Vice-President of the institution. M r . Boyce is
of Chicago Chapter in 1907. H e is a Governor of Now York also Treasurer of the John Hopkins University, which office
Chapter and a member of various committees in the New he will retain.
York organization.
Fred T . Loeffler, Treasurer of tho William Penn Trust Co.
The April 13 bulletin of the Comptroller of the Currency of Pittsburgh, has been elected a director of the company
reports the placing in voluntary liquidation of the M arket & and C . C . Spencer of the C . C . Spencer C o. of that city has
Fulton National Bank of N ew York, with Alexander Gilbert been added to the directorate. The William Penn Trust
and Robert A . Parker, as the liquidating agents. The Co. was organized in November of 1916 with a capital of
business of the bank was consolidated with that of the 8125,000 and now has deposits of over 8600,000.
Irving Trust C o. in M arch; particulars were given in these
The First National Bank and The First Trust & Savings
columns March 9.
Co. of Cleveland, O ., have adopted a plan for stimulating
W ard R . N oble, formerly with the credit department of interest in the Liberty Loan. Huge bulletin boards have
the Guaranty Trust C o ., has been appointed Credit Manager been placed in tho banking room of ThoJFirst National
and three clerks continuously record the purchases made,
of the Merchants’ National Bank of this city.
writing in both the names of the buyers and the amount of
It is announced by the Schenectady Trust Co. that its each sale. Each night the names are transferred to cards
application to join the Federal Reserve systom has been which are placed in rows around the entire banking room
approved by the Federal Reserve Board at Washington and and at the end of the first week of the campaign thousands
the company, having qualified, is now a member of the of names were recorded in this manner. From the time the
Federal Reserve Bank of N ew York. The company an­ bank opens each morning and until it closes in tho afternoon
nounces that it still retains its charter rights as a trust com­ a large group stands watching the blackboard whore several
pany and in addition acquires tho privilege of the national sales are recorded each minute. On Liberty D a y , it is
banks. It is also stated that the action was taken by the stated, the interest was so great that for three hours tho
board of directors, believing it to be for the best interest of sales averaged more than 810,000 por minute.
the country that the national system be sustained and sup­
The First National Bank and Tho First Trust & Savings
ported by all the banking resources of the country.
C o ., Ohio, have publicly announced a goal of war securities
Under date of March 14 the Schenectady Trust reported that they have set for themselves. This goal is Ono hun­
a capital of 8300,000; surplus fund and profits of 8513,533; dred million dollars, the amount of securities to bo purchased
deposits of 85 ,614 ,77 9, and resources of 86,454,919.
by M a y 4th— the last day of the Liberty Loan campaign.
The State Board of Bank Incorporation of Massachusetts
recently granted the Roxbury National Bank permission
to change to a trust company. The reason assigned for the
chango was that there was no trust company, except a
branch of a Boston institution, in the section served by the
Roxbury National Bank, while there were two national
banks, and that tho business interests of the community
desired a home trust company. The Roxbury National
Bank has a capital of 8200,000 and surplus and profits of
835,950. Henry G . Wells is President. A meeting of the
stockholders of the Roxbury National has been called for




A change in the title of the Gorman National Bank of
Columbus, N e b ., to the Central National Bank of Columbus
has been approved by*the Comptroller of the Currency.
The name of the German Banking Co. ofiLindsoy, Ohio,
was on March 21 changed to the Lindsey Banking Co.
The N ew Berlin Banking Co. of North Canton, Ohio,
(formerly N ew Berlin, Ohio), is now known as the'N orth
Canton Bank.

Apr . 20 1918.]

THE CHRONICLE

The Cumminsville German Bank of Cincinnati has changod
its name to the Cumminsville Bank & Savings Co.
The name of the Gorman Savings Bank of M artin’s Ferry,
O ., has been changed to the Citizens’ Savings Bank.
A t a special meeting of tho directors of tho State Bank of
Chicago held recently, four members of the staff were elec­
ted Vice-Presidents of the institution. They aro: Oscar H .
Haugan, heretofore Manager of the Real Estate Loan D e­
partment and for many years a director of the bank; Henry S.
Honschon, Cashier for tho past ten years and who will for
the time being continue to hold the position; C . Edward
Carlson, formerly an Assistant Cashier and Manager of tho
Bond Department, and W alter J. Cox, heretofore an Assist­
ant Cashier and Manager of the Credit Department. A t tho
samo time, Austin J. Lindstrom, for eight years Cashier of
the Rock Island Savings Bank of Rock Island, 111., and
Chairman of tho Liberty Loan Committee of that place,
was elected an Assistant Cashier, and Joseph F . Notheis,
an employee of tho bank for tho past ten years, was made
an Assistant Cashier.
A charter for tho Bankers’ National Bank of Minneapolis,
representing a conversion of the Bankors’ Trust & Savings
Bank, has been issued by the Comptroller of tho Currency.
Tho plans to change from a State to a national institution
were referred to in our issue of Jan. 5. Tho Bankers’
National is to have a capital of $800,000.

1655

will make further progress. T he trade dem and has been heavy, m anufac­
turers naturally being anxious to secure as m uch as they can before the fuU
effect o f the American schem e com es into force. T ho rising tendency has
been further accentuated on account o f the reduced offerings.
Tho Indian currency returns again show a decrease in the holding o f
silver.
(In Lacs of Rupees.)
Feb. 28.
A far. 7. A far. 15.
N otes in circulation------------------- ----------------------10,346
10,304
10,259
Reserve in silver coin and bullion______________1,301
1,271
1,247
G old coin and bullion in India________________ 2,830
2,818
2,797
G old out o f India--------------------------------------------67
67
67
Tho stock in B om bay on the 8th inst. consisted o f 1,300 bars; no'fresh
nows has com e to hand. T ho stock in Shanghai on tho 18th o f M arch,'con­
sisted o f about 29,750,000 ounces in syceo and 13,800,000 dollars, as com ­
pared with 29,850,000 ounces in syceo, and 13,500,000 dollarslonlthol9th
inst. Casivjquotations for bar silver per ounce standard:
A la r.
“
'*
“
“

N o quotation fixed for forward delivery. T he quotation t-d a y for cash
delivery is l A d . above that fixed a week ago.

ENGLISH FINANCIAL MARKETS— PER CABLE.
Tho daily closing quotations for securities, & c., at London,
as roportod by cable, have been as follows the past week:
A p r . 13 A p r .1 5 . A p r . 16. A p r . 17.
19.
Sat.
M on.
T u cs.
W ed .
Silver, per oz.................... .6 . 46A
47
4714
47>4
Consols, 254 per cents______Holiday 55
55J4
5514
British, 5 per cents............... Holiday 9414
9456
9456
British, 4J4 percents............ HolldaylOl
101
101
59.35
59.35
59.25
French Rentes (In Paris), fr..........
FrenchWar Loan(lnParls) ,fr.........
88.45
88.55
88.55
London,
W eek ending A p r il

According to the “ Bullotin,” issued April 20 by tho
Comptroller of the Currency, application for a charter has
been made by tho Farmers’ & Mechanics’ National Bank
of M obile, A la ., with a capital of $200,000. An applica­
tion for a charter for an institution under tho samo title,
with a capital of $100,000, was reported last August.
The Comptroller of tho Curroncyhas granted permission to
to tho First National Bank of Tulsa, Okla., to increase its
capital $75,000, changing it from $125,000 to $200,000.
An application for a charter for tho Citizens National
Bank of Monroo, L a., has been made to tho Comptroller of
tho Currency.
•
Tho First National Bank of Alexandria, L a ., has been
granted permission by tho Comptroller of tho Currency
to incrcaso its capital $200,000, raising it from $100,000
to $300,000
Paul G . Taylor, Assistant Cashier of tho South Toxas
Commercial National Bank of Houston, has tendered his
resignation in ordor to enter tho service of tho Federal Roservo
Bank of Dallas. A t a meeting of tho directors on March 29
his resignation was accepted with regret* effective April 0.
R . II. Hanna and John Dreaper, both of tho South Toxas
Commercial National, were appointed Assistant Cashiers.

THE ENGLISH GOLD AND SILVER MARKETS.
W o roprint tho following from tho wookly circular of
Samuol Montagu & Co. of London, writton undor dato of
M ar. 21 1918:

GOLD.
Tho Bank o f England gold roservo against its note Issuo shows an in­
crease o f £579,505 as com pared with last week's return. T h e Transvaal
gold output for February 1918 am ounted to £2,802,477 as com pared with
£3,003,970 for February 1917 and £3,033.053 for January 1918. N ow
Y ork announced that during tho week gold to tho valuo o f $218,000 was
engaged for shipment to Alexico.
S IL V E R .
T ho outstanding feature o f tho week has been tho announcement from
Washington that a bill will bo introduced into Congress authorizing tho
Governm ent to m olt and sell 200,000,000 silver dollars out o f tho 400,000,­
000 now held against silver certificates. It has also been stated that an
Informal agreement has been entered into b y American silver producers
to sell tho wholo o f tho output for tho noxt year or tw o to tho United States
Treasury at tho probablo fixed prico o f $1 per ounce, in ordor to roplaco tho
dollars m olted down and exported. This is b y far tho m ost important
ovont that has occurred in tho silver market in recent tim es. Should this
bill bocom o law, which seems m ore than likoly, tho effect should bo to es­
tablish tho prico at a somewhat higher lovol than It has been ruling for somo
tim e past, eventually to settle down at about 46d. per ounco standard,
plus charges (which are at present about 7 % , but which aro subject to
variations), and to remain m ore or loss ‘ ‘pegged” at that prico.
T ho rlso during tho week o f l'Ad. per ounco brings tho prico a Ilttlo
noarer tho American parity, and It Is probablo that tho upward m ovem ent




A p r . 18. A p r . 19.
Th urs.
F rl.

47J4
5514
9454
10014
59.10
88.55

47J4
55J4
94J4
101
____
____

Tho prico of silver in Now York on the samo days has been:
Silver in N. Y ., per o z ..cts . 9354

Tho Western National Bank of Oklahoma City, Okla.,
has been placed in voluntary liquidation, having consolidated
with tho American National Bank of that city.

d . 4 4 ^ ,l
Alar. 2 1 ........
A v e ra g e ---------------------------------- 43.458
Bank rate_______________________ 5 %
Bar gold per ounce standard.77s. 9d.

1 5 ____________ ......................d .4 3
1 0 ____________................. ......... 43
1 8 .................... .— .................... 4 3 K
19____________---------------------- 43 A
2 0 ____________ ...................... - 4 3 5 4

9514

9554

9554

9554

9554

T R A D E A N D T R A F F IC M O V E M E N T S.
A N T H R A C IT E C O A L S H IP M E N T S .— The shipments of
anthracito coal in March as reported to the Anthracite Bureau
of Information at Philadelphia, P a ., amounted to 7,276,777
tons, establishing a new record for monthly shipments and
exceeding the shipments of October 1917, heretofore the
banner month by 165,827 tons. The current shipments
exceed those of the corresponding month last year by 287,702
tons. Tho fact that this tremendous increase was made
in tho face of a labor shortage of about one-seventh of the
normal working force in and about the mines, goes to testify
that tho operators efforts to maintain maximum production
during the first year of the war have met with success.
The official report says, “ The mine workers have co-operated
with tho companies in making possible these new production
records, and the grand total of March shipments was made
possible through the men and boys working steadily during
all of Holy W e ek .” The aggregate shipments for the full
coal year of 1917-18 (which began April 1 1917) were 7 7 ,752 ,­
315 tons, an increase of 9,975,726 tons over the amount
moved during the same period in 1916-17.
Tho shipments by the various carriers in March 1918 and
1917 and for the respective coal years were as follows:
--------- March --------Road—
1918.
1917.
Philadelphia & Reading.............. tons 1.339,051 1,374,051
Lehigh Valley___________ __________ 1,355,933 1,234,871
Central R lt. of New Jersey_________
777,642
785,209
Delaware Lackawanna & Western__ 1,155,587 1,162,230
Delawaro & Hudson............................
861,253
728,857
Pennsylvania................................ 519,806
517,701
Erlo.......................................................
864,968
792,453
Ontario * Western..............................
199,6S0
185,496
Lehigh & New England.............. ....... *202,857
*20S,204
Total.................................................. 7,276,777

— 12 M os. to Apr. 1—
1917-18.
1916-17.
14,798,496 12,915,229
14,221,783 12,169,141
8,376,398 7,270,945
12,528,523 10,938,844
8,754,113 7,247,090
5,643,501 5,519,220
8,840,579 7,722,506
2,065,236
1,925,038
*2,523,686 *2,068,576

6,989,075 77,752,315 67,776,589

* After deducting (to avoid duplication) tonnage delivered to the Central R R . of
New Jersey at Hauto by the Lehigh & New England R R ., and included as part of
the tonnago of the latter .This amounted to 154,031 tons in March 1918 as against
114,953 tons in March 1917 and to 1,503,763 tons for the coal year ending March
31 1918, against 789,760 tons for the coal year ending Mar. 31 1917.

Commercial atxdlH iscellaueouB JJcms
B read stu ffs figu res b ro u g h t from page 1707. The
statements below are prepared by us from figures collected by
the Now York Produce Exchange. The receipts at Western
lako and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at—

F lo u r.

W h eat.

C orn.

Oats.

Barley.

Rye.

60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bush.bClbs.
85.000 1,689,000 3,105,000
304.000
50,000
710.000
421,000
893,000
294.000
148,000
32.000
75.00C
6,000
16,000
198.000
495.000
125.00C
50,000
134.000
67.00C
13.000
5.000
9.000
87,000
106.000
110.000
4.000
622.000
3 ,00C
4.000
106.000
599.000 1,066,000
18.00C
16,000
20.000
518.000
19.00C
4.000
604.000
85,000
258.000
713.000
110,000 1,298,000
778.000

b b ls .im b s . bush.

Chicago........
Minneapolis _
Duluth..
Milwaukee . .
Toledo_____
Detroit..........
Cleveland . . .
St. Louis___
Peoria_____
Kansas Clty.
Omaha........ .

177,000

Total wk. '18
Same wk. '17
Same wk. ‘ 16

312.000
443.000
370.000

7.000
2.000
24.000
64.000
38.000

1,180,000
5.782.000
5.602.000

6.300.000
3.362.000
4.092.000

7.444.000
905.000
4.946.000
923.000
4,050,009 1,609,000

243.000
160.000
296,000

Sikco Aug. 1­
1917-18.. . 11.948.000 147.168.000 181.145.000 254.706.000 14.577.000 21.417.000
1916-17... 13.960.000 294.368.000 162.224.000 212.746.000 73.022.000 18.831.000
1915-16.__ 15.423.000 129.656.000 176.191.000 150.238.000 95,531,000) 19.797.000

Total receipts of flour and grain at the seaboard ports for
the week ended April. 13 1918 follow:
R eceipts at—

New Y o r k ...
Philadelphia .
Baltimore . . .
N ’port News.
Now Orleans*
Montreal___

F lo w .

W heat.

C om .

O ats.

B arley.

R ye.

Barrels.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

165.000
107.000
81,000
35.000
43.000
21.000

32.000
111,0 0 0
26.000

297.000
137.000
161.000

18,000
163,000

42,000

342.000
718.000
922.000
1,098,000
59,000
132.000

82,000
6,000

4,000
32.000
14.000

73,000

Total wk. 'IS
530,000
350,000
661,000 3.526.000
161,000
50.000
Since Jan. 1’ 18 7.633.000 9.638.000 7.293.000 26.847.000 2.788.000 2.067.000
Week 1917...
260,000
186,000
.437,000 2.670.000 1.023.000 2.787.000
SinccJan.1’ 17 6.072.000 59,963,000 26,518,000 31.610.000 6.169.000 3.551.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending April 13 are shown in the annexed statement:
W h ea t.
B ushels.

C orn.
Bushels.

Rye.
F lou r.
Oats.
BarleyPeas.
Barrels. Bushels. Bushels. Bushels. Bushels.

340,887 162,357
138,565 264,545
58,000
02,512
332,399
35,000 1,098,000
—
973,666
3,292,000 103,000 2091000

2,504

Total week____
33,435 1,434,389 197,357 4,722,399 241,565 2355545
Week 1917_______ 5,976,529 2,784,957 122,590 2,826,465 200,993 280,447

2,504
4,689

New York________
Boston___________
Baltimore________
Nowport News___
New Orleans--------

33,435

__

...........

—

The destination of these exports for the week and since
July 1 1917 is as below:
F lou r.
E xports fo r W eek ,
W eek
Since
and Since
July 1
A p r . 13
July 1 to —

W heat.
Since
July 1

1917.

1918.

1917.

Barrels.

B arrels.

Bushels.

Bushels.

W eek
A p ril 13

1918.

Bushels.

Since
July 1

1917.
Bushels.

26,085 23,303,168 1,081,938 7,457,347
7,350 20,183,735 331,451 4,044,031
20,754
21,000
447,436
7,282
170,055
” 32’, 190

6,184

T otal................ 197,357 5,184,177
33,435 49,547,129 1,434,389 12,725,103
Total 1916-17___ 122,590 10,696,80-1 5,876,529 203,821,905 2,784,957 42,573,931

The world’s shipments of wheat and corn for tho week
ending April 13 1918 and since July 1 1917 and 1916 are
shown in the following:
W heat.

1917-18.

C orn.

01916-17.

W eek
A p r il 13.

Since
July 1.

Bushels.

Bushels.

-

1917-18.

01916-17.

Since
July 1.

W eek
A p ril 13.

Since
July 1.

Since
July 1.

Bushels.

Bushels.

Bushels.

Bushels.

North Amer* 4,873,000 219,159,000 270,249,000 1 ,686,000 23,089,000 42,027,000
Russia_____
6,352,000
Danubo____
Argentina... 2,548,000 27,618,666 56.092.000 " 472,000 16*5561666 90,’933,666
Australia__
580.000 33.491.000 34.824.000
India.........
210.000 12.612.000 20.272.000
Otli. countr’s
68,000 2,080,000 3.008,000
102,000 3,045,000 4,816,000
8,279,000 295,590,000 396,797,000 2,260,000 42,690,000 137,776,000

* North America.—The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This is effective
during the contlnuakce of the war. a Revised.

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
W h ea t.

April
April
April
April

U n ite)
K in g d om .

Continent.

Bushels.

Bushels.

13 1918.. Not avail ablo
6 1918.. Not avail able
14 1917— Not avail able
15 1916..

........ ......

A P P L IC A T IO N S F O R C H A R T E R .
F or organization o f national banks:
T he First National Bank ofJVIonroeville, A la. C apital__________ *25,000
T he Citizens’ National Bank o f M onroo, La. C apital.............. 250,000
T he First National Bank o f Barrington. III. C apital___________
25,000
T h e Farmers and M echanics. National Bank o f M ob ile, A la.
C a p it a l__________________________________________ ______ ______ 200,000
T ho First National Bank o f Des A rc, Ark. C apital____________
25,000
T he First National Bank o f T ra cy, Cal. C apital...............
150,000
Succeeds the Commercial Departm ent o f the W est Side Bank
o f T ra cy.
--------------T o t a l . . ................................................................................... ........ 8675,000
C H A R T E R S ISS U E D .
Original organizations:
First National Bank o f Charlo, M o n t. C apital........................... $25,000
T he First National Bank o f Gridley, C al. C apital____________
40,000
Succeeds tho Gridley State Bank.
T he American National Bank o f B ridgeport, A la. C apital____ 25,000
Conversions o f State banks:
T he Bankers’ National Bank o f M inneapolis, M in n . C a p ita l..$ 80 0 ,0 0 0
Conversion o f the Bankers’ Trust & Savings Bank o f M inne­
apolis.
T he Citizens’ National Bank o f Streeter, N o . D ak. C apital____ 25,000
Conversion o f the Citizens’ State Bank o f Streeter.
--------------T otal capital_______________________________________________ $915,000
IN C R E A S E S OF C A P IT A L A P P R O V E D .
T ho First National Bank o f Grosham, N ebraska. Capital in­
creased from $25,000 to $30,000. A m ou nt_____________________ $5,000
T he M cM innville National Bank, M cM innville, Oregon. C api­
tal increased from $50,000 to $75,000. A m ou nt________________ 25,000
T ho First N ational Bank o f C otton Plant, Arkansas. Capital
increased from $35,000 to $60,000. A m ou n t__________________
25,000
Tho First National Bank o f Tulsa, Oklahoma. Capital increased
from $125,000 to $200,000. A m ou nt___________________________ 75,000
The First National Bank o f Alexandria, Louisiana. Capital In­
creased from $100,000 to $300,000. A m ou nt.................................. 200,000

Corn.

W eek
A p ril 13

1918.

E xp orts.

N a tio n a l B an k s.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

T o t a l................................................... ..................................................... $330,000

United Kingdom. 120,733 1,926,727
Continent............ 70,624 2,594,875
So. & Cent. Amer.
233,159
West Indies____
355,486
5,250
Brit.N0 .Am.C0l8Other countries. .
68,680

T o ta l___

[Vol. 106

THE CHRONICLE

1656

T otal.
Bushels.

61,912,000

B u shels .

Continent.

Total.

Bushels.

Bushels.

........ ........

C H A N G E S O F T IT L E A P P R O V E D .
T h e German National Bank o f C olum bus, N ebraska.
changed to "T h o Central National Bank o f C olu m bus."

8,424,000

Title

V O L U N T A R Y L IQ U ID A T IO N S .
F or consolidation with other national banks:
T he W estern N ational Bank o f Oklahoma C ity, Olda. C anital.$100,000
Consolidated with the American National Bank o f Oklahoma
C ity.
Other liquidations:
The M arket & Fulton National Bank o f N ew Y ork , N . Y .
C a p i t a l ______________________________________________________ 1,000,000
Liquidating com m ittee: Alexander Gilbert, Plainfield, N . J ., and
R obert A . Parker, N ew Y ork C ity. A bsorbed b y tho Irving T rust
C o ., New Y ork.
T ho First National Bank o f Carsonvillo, M ichigan. C apital____ 25,000
Liquidating agent: Harvey W . Smith, Carsonvillo. Succeeded
b y the First State Bank o f Carsonville.
T he First National Bank o f Ganado, Texas. C apital____________
25,000
Liquidating com m ittee: Tho board o f directors and T . N .
M auritz, Ganado. Bank discontinued business.
T ho First National Bank o f Ilo lly Springs, Miss. C apital______
60,000
Liquidating com m ittee: R . L. Tucker, W . H. Fant and J. C .
T ucker, H olly Springs. Succeeded b y tho First Stato Bank
o f H olly Springs.
T ho Stato National Bank o f B loom ington, 111. C apital................ 150,000
Expiration o f corporate existence.
T o ta l.......................................... ............................................. ............ $1,350,000

A u c tio n Sales.— Among other securities, tho following
woro recently sold
at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, New York:

not usually dealt in at the Stock Exchange,

Shares.

C orn.
United
K ln gk m .

CHARTERS E XTE N D E D .
T ho Leavitt & Johnson N ational Bank o f W aterloo, Iow a. Char­
ter extended until close o f business on April 11, 1938.
C IIA T E R S R E -E X T E N D E D .
T h e Annvllie National Bank, Annvillo, Pennsylvania. Charter
re-oxtonded until close o f business on April 16 1938.

Stocks.

Per cent.

Shares.

Slocks.

P er cent.

31 Mfrs.’ Trust Co. of B klyn.. . 125
1,282)4 Pa. Coal & Coke Corp.,
575 Western Nat. Bank, Ft.)
$50 each.............. ..$29 per th.
Worth..............................|
200 Oh Look Producing Co.,
113 Weatherford (Tex.) Com-|
Inc ................ .......... ..... $1 per sh.
press............ .................. )S 1,000 Bonds.
Per cent.
11K Weatherford Mach. &l lot
$45,000 Intcrnat. Cot. VI. Corp.,\$8,500
Fdry., $50 each..............|
syndicate full-pd. partlc. ctf_ _/ lot
25 Citizens’ Nat. Bank, Stam-j
0,000 Middletown & Unlonv.
ford, T e x ........ ................ J
R R . adjust. 6s, 1933___ 40

B y Messrs. M illett, Roe & Hagen, Boston:
C an adian B an k C learings.— The clearings for tho wook
ending Apr. 11 at Canadian cities, in comparison with tho
same week in 1917, show an increase in the aggregate of
4 2 .4 % .
Week ending April 11.

Clearings at—

Canada—
Montreal........ .............. .
Toronto............ ............ .
Winnipeg........................
Vancouver ................ .....
Ottawa................ ...........
Quebec____ _____ _____
H alifax_______________
H amilton...... ............. ..
St. John___ _____ _____
London.......................... .
Calgary_______________
Victoria............................
E dm onton.................. ..
Regina........ ............... .....
Brandon.....................
Lethbridgo......................
Saskatoon.................... ..
Brantford.................. .....
Moose Jaw.................. ..
Fort William............ .
New Westminster..........
Medicine Hat...... ...........
Peterborough..................
Sherbrooke__
Kitchener________

1918.

1917.

Inc. or
Dec.

$

$

%

94,054,721 58,601,623 + 60.5
67,676,368 44,630,470 + 51.6
49,849,166 46,941,249 + 6.2
10,546,015 5,036,410 + 109.4
6,448,697 4,300,597 + 49.9
4,394,SOS 3,612,771 +21.6
3,000,000 2,055,245 + 46.0
5,213,839 4,390,867 + 18.7
2,472,730 1.6S0.437 + 47.1
2,599,261 1,763,325 + 47.4
7,024,958 5,756,758 + 22.0
2,422,635 1,350,457 + 79.4
4,140,319 2,392,400 + 73.1
3,887,058 2,306,031 + 68.5
636,897
492,731 + 29.2
715,303 + 32.9
950,760
1,500,000 1,497,466 + 0.2
903,044
700,000 + 29.0
1,467,023
980,349 + 49.7
385,469 + 64.9
635,801
200,498 + 110.1
421,146
482,619
517,015 —6.6
685,092
448,419 + 52.0
878,929
500,236 + 75.7
664,192
481,100 + 38.0

Total Canada_______ 272,957,575 191,737,892




1916.

1915.

8
$
65,962,536 49,034,959
43,610,392 36,506,112
28,614,087 22,777,540
5,324,029 5,564,009
3,879,463 3,720,118
3,261,263 3,416,977
2,329,813 1,910,161
3,711,721 3,031,380
1,488,831 1,659,154
1,818,646 1,755,701
4,543,771 3,234,447
1,464,556 1,643,524
2,347,459 2,163,907
1,829,255 1,339,297
483,017
470,071
461,143
328,854
1,094,433
742,947
550,020
431,121
850,466
791,113
484,202
351,324
254,037
310,379
394,800
210,295
450,941
447,649
521,842
466,619

+ 42.4 176,203,942 141,891,045

Shares.

Stocks.

$ per sh.\ Shares.

Slocks.

per 3h.

3

45 Nonqultt Spinning C o____ 131-132)4
5 Boston Belting, prcf_................ 40
13 Hood Rubber, p r e f ................. 98
111 Walthnm Watch, pref................ 76M

B y Messrs. R . L. D ay & C o ., Boston:
Shares.

Stocks.

$

per sh.

Shares.

Stocks.

$

p er s h •

1 Merchants’ Nat. B a n k ............201)4 10 Waltham Watch, lommon........ 10)1
14 Nat. Shawmut Bank____ _____ 190
4 Lawrence Gas________________ 115
15 Merrimack Mfg., pref__________ 76)1 0 Sullivan Maoliinery____ 133)4-134)4
25 Lawrence D u c k .................. ..... 94
1 Columbian Nat. Life Ins............ 110
7 Arlington Mills_______________ 125)4 20 Gray & Davis, Inc., c o m . ____ 18
1 Saco-Lowell Shops, common . -.142)4 2 Plymouth Cordage_____ _____ 197)4
1 Worcester Cons. St. R y., 1st
10 Amer. Glue, pref_____________ 135
pref., $80 par.......................... 30
8 Fall River Electric____________ 105
19-10 Sullivan Machinery........13)4-13)1
5 Hood Rubber, prof________98 & lnt.

B y Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
10 Am. ripe & Construction.......... 3)4
40 Eastern Petroleum...................... 6 M
14 Phil. Bourse, com., $50 e a ch ... 5)1
5 Phil. Bourse, pref., $25 each__ 19
4 Farm. & Mech. Nat. Bank. 100-160H
6 Girard Nat. Bank........ ............ 352)4
10 Del. Co. Nat. Bank, C hester...275
6 Fidelity Trust C o.........................518
4 United Sec. L. I. A T r ................. 120
55 Alliance Insur., S10 each............ 18
6 F. A. Davis C o.................. ......... 30)4
5 Eqult. Off. Bldg., N. Y., p ref.. 68
2 Eqult. Off. Bldg., N . Y., co m .. 18)4
l
5 Golding Sons Co., common___
7 Golding Sons C o., p r e f.......... .. 50
5 Roanoke Gas Lt., pref.......... . 15
3 Virginia Power, common_____ 10
5 Miss. Val. R y. & Pow., pref_____2
10 Hale * Kllhurn, pref.................. 13
4 Ga. L t.. Pow. & R y., rpef........ 30)4
1 States Light & Power................ 7
2 Roch. & Syra. R R ., pref............ 10

Shares. Stocks.
$ per sh»
10 Franklin Nat. B a n k ................ 480
20 Eighth Nat. Bank.......... ............ 430
8 Commonwealth F. I. & T ......... .240
13 Fidelity Trust......................... ...5 2 1
5 Girard Trust........ .......................800
20 Mutual Trust, $50 each_______ 36
25 West End T r u s t ........................ 160
7)4 rights to sub. to Camden Fire
Assoc, at $5 (par).................... 3)4
1 John B. Stetson, common........... 315
10 Keystone Watch Case........ .......... 70
25 Phoenix Iro n ................................100
Bonds.
Per cent.
$1,000 Scranton Elec. Co. 1st ref.E!
5s. 1937_____________ £95
6.000 John Wanamaker 1st 5s,
1923 (unguar.)........ ..........99)4
1.000 Altoona A L. V. Elec., cons.
4)4s, 1933..................
66)4
10,000 Eastern Petroleum 1st 0s,
1927 .................................. 83

A pr. 20 1918.]

THE CHRONICLE
D IV ID E N D S .

T h e

f o llo w i n g

s h o w s

a ll

t h e

d i v id e n d s

Name of Company.
a n n o u n c e d

f o r

t h e

16 5 7
Per
When
Cent . Payable.

Books Closed.
Days Inclusive.

Miscellaneous (C oncluded).
.)3
May 1 Holders of rec. April 15a
Preferred (quar.)__________
May 1 Holders ol rec. April 15a
Gillette Safety Razor (quar.)..
- - $1 11i June 1 Holders ol rec. May 1
Extra___________ _________
$1 June 1 Holders of rec. May 25
Per
When
Books Closed.
Goodrich (B. F.) Co., common (quar.) — 1
May 15 Holders of rec. May 3a
Cent . Payable.
Name of Company.
Days Inclusive.
. . *1
Aug. 15 ’ Holders of rec. Aug. 2
2 A May 1 Holders of rec. April 19a
Railroads (Steam).
May
1 Holders ol rec. April 25a
-1A
■).
l'A Juno 1 Holders of rec, May 3a
r.)
1A April 20 Holders of rec. April 10a
...
'l'A May 10 May 1
May 10
1A May 1 Holders of rec. April 15
...
2
May 1 Holders of rec, Apr. 27a
14) 50c. April 25 Holders of rec. April 20a
.)l'A April 20 Holders of rec. April 13a
- - 62 A'c May 1 Holders of rec. April 22a
Delaware Lack. & Western (quar.). . . . S2 Si i April 20 Holders of rec. April 5a
Preferred
(No.
31)_____
..
75c . May 1 Holders of rec. April 22a
Elmira & Williamsport, common...
2.2
Holders of rec. Apr. 20a Illinois Northern Utilities,
) - *1^ May 1 ♦Holders of rec. April 30
...
l'A May 7 Holders of rec. April 27a
__ §2 May 15 Holders of rec. April 24
Indiana Pipe Line (quar.).
...
1A
Great Northern (quar.)_________
Holders of rec. April 5a
. $1 May 15 Holders of rec. April 24
Extra_______ _________
..
1)4
Illinois Central (quar.) (No. 130).
Holders of rec. May
-S2 April 29 Holders of rec. April 12a
April 26 Holders of rec. April 13a
Kanawha & Michigan (quar.)___
-.
.
h5
May 3 Holders of rec. April 20a
Nashua <k Lowe,l_______________
Holders of rec. Apr. 15a
-4A
Nickel, pref. (quar.). - 1A May 1 Holders of rec. April 16a
.1 A May 1 Holders of rec. April 13a International
Isle Royale Copper Co. (quar.)___
__ *50c April 30 'Holders ol rec. April 12
._
1
May 18 Holders of rec. April 30a
)1A May 1 Holders ol rec. April 19a
Northern Pacific (quar.).
1%
Holders of rec. April 12a
..
2
April 30 Holders of rec. April 25
.).
1 A May 1 Holders of rec. April 15a
May 1 Holders of rcc. April 15a
..
SI
■)l'A June 1 Holders of rec. May 15a
-1A May 1 Holders of ree. April 20
Reading Company, common (quar.).. . .
May 9 Holders of rec. April 18a
SI
._ 25c. June 15 Holders of rec. June la
Reading Company, lsl pref. (guar.)__
*50c . June 13 Holders of rec. May 28a
. . SI .51) May 1 Holders of rec. April 20a
Southern Railway, preferred........ ..... -'l'A April 30 Holders of rec. April 2a
1
-- *1A May 1
April 30 Holders of rec. April 10a Keystone Walchcase (quar.).
Wabash R y., preferred A (quar.)..
La Rose Mines, Ltd_______
April 20 March 31 to April 14
..
5
May 31 Holders of ree. May la
Street & Electric Railways.
Common
(extra)............
\to.v ol
31 Holders of rec. May la
.'iay
Bangor Ily. A Elec., com. (quar.).. -A May 1 Holders of rec. Apr. 20a
Preferred (quar.)..........
-I A May 31 Holders of rec. May la
7)
1 A May 1 Holders of rec. April 20a Loft,
Incorporated (quar.).
May
1 April 14 to May 2
..
3
May 1 Holders of rec. April 20a
-1A
..
1
May 1 Holders of rec. April 20a
A May 1 Holders of rec. April 15
) . 25c. Aug. l jruly 16 to Aug. 1
..
A May 1 Holders of roc. April 15a
)1A May 1 Holders of rec. April 15
May 1 Holders of rec. April 15a
).
fA
..
$1 May 15 Holders of rec. May la
..
A June 1 Holders of rec. May 15a
May 1 Holders of rec. April 15a
..
SI.50
June
1
Holders
of
rec.
May 15a
..
A
Midwest Oil, preferred (quar.)
*2c April 20 4'Holders ol rec. April 1
i.) *1 A May 1 'Holders of rec. April 12
Midwest Refining (quar.) (No.
May 1 Holders of rec. April 15a
..
SI
)1 A May 1 Holders of rec. April 1
Nash Motors, pref. (guar.)____
-1A May 1 Holders of rec. April 20
l'A April 20 Holders of rec. April 10a
)1A July 15 Holders of rec. June 29a
el. 3
May 15 April 26 to May 10
1A May 31 Holders of rec. May 18a
-l'A May 1 Holders of rec. Apr. 18a
3 A May 1 Holders of rec. April 15a
).
l'A April 30 Holders of rec. April 20a National Breweries, Ltd., preferred" .National Carbon, Inc., common (quar .. *$1
May 1 *
..
2 A May 1 Holders of rec. Apr. 18
Preferred (q u a r.)............. .............
May 1 *
)_ $1 50 May 1 Holders of rec. April la
National
Grocer,
common
(quar.j
..
2
June 30 June 20 to June 30
6)
1 A May 1 Holders of rec. April 15a
Preferred................
une 30 June 20 to June 30
-v.vr v*v. U.H UH W U . H U . , 11. IK, X. . vm *
-l'A May 1 Holders of rec. April 15a
Sao Paulo Tram. L. A P. (quar.).
-2 A May 1 Holders of rec. April 15a
1A June 15 Holders of rec. May 24
National Refining, common (quar.)
. *4
May 15 *” '" -s of ree. May la
Texas Electric Ry , '2d pref. (quar.).
..
1)4 May 1 April 1 to
April 30
West Penn. Power, preferred (qua
l A April 30 Holders of rec. Mar. 30a
-1 A May 1 Holders of rec. April 20a Nevada-Callfornla El. Corp., pref. „ tu..)
2)4 May 15 Holders of rec. May la
York Railways, preferred (quar.).
. . 02'Ac April 30 Holders of rec. April 20a New England Company, 1st preferred. Now Jersey Zinc (quar.)...........
May 10 Holders of rec. April 30a
Uanks.
Ntpisslng Mines (quar.).......... 1
April 20 Mar. 31 to April 17
Bowery (quar.)..................................
..
3
May 1 April 27 to April 30
.
25c. April 29 Holders of rec. April 12a
Extra___ _____ ______ ________
..
3
May 1 April 27 to April 30
Corn Exchango (q u a r .).............
1A April 20 Holders of rec. Mar. 30
..
4
May 1 Holders of rec. April 30a Northern States Power, pref. (quar.)II .
50c. April 20 April 10 to Api 11 20
Trust Companies.
.
S2 April 30
Farmers' Loan A Trust (quar.)___
* A May 1 Holders of rec. April 20a
.
1
May 1
Hamilton (Brooklyn) (quar.)..........
May 1 Holders of rec. April 26a Pacific Coast Co., common (quar.)
.
3
First preferred (quar.)
May 1
Second preferred (quar.j
.
1 ' May 1
Miscellaneous.
v^vii \i. m u j i r
.
75c. May 15
s of rec, May la ~ — .1 ,
1)4 May 15
Mail SS.t preferredA (quar.)
April 30
. k2
s of rec, April 13a Pacific
1)4 June 1 :
T>rt/'I fie* 1 * , - D. T*~1. A
.
. ' '
American Cigar, common (quar.j.
s of rco, April 15a
)
1)4 May 1 ;
l'A May 1
May 1 1
. to May 1
3
1A May 15 1
Common (extra)..
_ 1
April 29
May 15 1
.
1
s of rec, April 15a
Preferred (quar.).
.
75c. May 1
s of rec, April IS
1A May 1 1
May 1
.
50c. April 25 1
American Glue, common.
.
5
4 to May 2
) $1.25 May 1 1
.
<5 May 1
4 to May 2
April 25
American Ice, preferred (quar.)............
s of rec. April 15a
) 25c. April 30 .
to April 30
Amcr. Light A Trac., com. (quar.)___ 2 to April 25
2 A May 1
. H A April 25 1
Preferred (quar.) I
Common (payable In common stock) . r-2A May 1
2 to April 25
.
1A April 25 1
Preferred (quar.)............ ................. . .
2 to April 25
l'A May 1
)
1A April 30 1
American Locomotive, pref. (quar)___ 3 of rec. April 5a
1A April 22
1A Apr. 18 Ml
Amcr. Malting, 1st A 2d pref. (quar.). i of rec. April 16a
1A May 1
. 33))
1A May 1 i
Prairie Oil <fc Gas (quar.j.
American Navigation (quar.)________ . 15c. April 20
i of rec. April 10
*3
April 30 *1
Extra.
. *2
April 30 *1
American Shipbuilding, common (qu.). 3 of rec. April 15a
1A May 1
Common (extra).................................. .
. 5
April 30 1
i of rec. Aplrl 15a Prairie Pipe Line" (quar.j I
2'A May 1
Extra.
Preferred (quar.)............................. . 5
April 30 I
i of rec. April 15a
1A May 1
May 1 ]
Amer. Sumatra Tobacco, com. (qu.)._ . 2
. 5
May 15 I
i of rec. April 22a Procter A Gamble, common (quar')'
lblic Serv. Corp. of Nor.111.,com
Prcferre.'l________________ ________ 3A Sept. 2 1
i of rec. Aug. 15a
to May 1
) 1A May 1 J
Preferred (q u a r.)......................
1
May 10 ]
American Utilities, pref. (quar.)____ i. .
>of rec. Apr. 30a
to May 1
.
I A May 1 )
:rene Mfg., common (quar.) (No'
Amer. Water Works A Elec., 1st pf. (qu. ) *1A May 15 *:
. 25c. M a y' 1 t
i of rec. May 10
to April 30
Quaker Oats, preferred (q u a r.j...
. SI.50 May 1 ]
i of rec. Apr. 29
f rec. May la
. I A May 31 I
May 27
Anaconda Copper Miulng (quar.).
.
S2
1 to May 15
I A May 1 I
. 50c. April 30 ]
Arizona Commercial Mining (qua
i of ree. April 20a
. I A May 1 I
May
1
f
Atlas Powder, pref. (quar.)..........
1A
L to April 30
■ 1A May 1 I
Common (bonus)___
May 1 1
1
Preferred (quar.j________
(quar.)..................................
1A May 1 I
. April 26a
1)4 May 1 I
Sapulpa R efining (guar ) . . . . . . . . . . . . I"
Bellows Falls Power, preferred.
2 A May 15 1
30c. May 1 A
. April 30
to May 1
May 1 t
1
Sears, Roebuck A C o., com . (guar') . . . . . . . . . . .
Brill (J. <7.) Co., pref. (quar.).
2
:May 15 I
April 30
5
May 21 1
Securities Corporation G eneral, p ref. (qu ji
May 20
*1A ■Apr 15 *1
Shattuck-Arizona Copper (quar.)
2A May 21 J
25c. .April 20 1
May 20
Extra............ .......
Hrown Shoe, pref. (quar.).
25c. .April 20 T
1A May 1 1
. April 20a
1A May 15 I
. May la Sloss-Shcffteld Steel A / . , co m ."(qu
*1A lMay 10 *1
May 15 I
1
S2 1Mav 1 1
. May la Standard Motor Construction (quar.)..
1A May 1 I
. April 20a Steel Co. of Canada, common (quar.)
1A lMay 1 F
Preferred (quar.)................ .........
1A May 16 I
. April 30
D4 :May 1 F
3
May 15 I
Superior Steel, common (quar.j
. Apr. 30
1 A 1May 1 r
May
15
I
Preferred (quar.)____ _____ ____
First
and
second
preferred
(quar.j
1A
2
1Vlay 15 I
. Apr. 30
May la
Swan A Finch (quar.) .
1
May 15 I
Canadian Converters', Ltd. (quar.).
. Apr. 30
April la
2 A 1May 1 I
ruly 30 I
6
. July 20a T a ylor-W h arton Iron A Steel, p ref. (qu.)
Apr. 30
1)4 IMay 1 A
Carwen Steel Tool.......... .................
50e. hnc 10 J
Tennessee
Copper
A
Chemical
2
to
Juno 9
$1 1May 15 F
’eras P ow er A Lt., p ref. (qu.) (N o . 24j 11
Central Leather, common (quar.).
1A 51ay 1 I
. April 10a
1)4 IMav 1 I
1A May 1 I
7 A c. /April 20 k
. April 15a Tonopah Mining of Nevada (quar.).
to April 7
Chevrolet Motor (quar.)________
May 1 I
Union Oil of California (quar.)
3
. April 15
to April 20
I A iApril 20 A
Extra .......... ......... .......
............
Chicago Pneumatic Tool (quar.).
1A April 25 A
1
iApril 20 A
April 25
to April 20
51ay 1 1
5
United
Alloy
Steel
Corporation’
(quar.j
•April 15a
SI
!April 20 II
1A May 1 l
2
?May 15 H
■April 15a United Cigar Stores, com .(qu.)(No. 22j
Cleve. Elec. Ilium, pref. (quar.)........ .
1A May 1 I
. April 25a United Coal Corp., pref. (quar.)
to April 25
1 A iApril 25 A
May
1
I
United
Drug,
1st
pref.
(qu.)
(No.
9)’
1A
. April 20a
S7Ac. ?May 1 H
ipril 25 I
Second preferred.............
A
. April 10a
I A J'une 1 11
2
iprll 25 I
Preferred (quar.).....................
, April 10a United Electric Securities, pref I ............
3 A JMay 1 11
2
:May 1 I
Commonwealth Edison (quar.)..
50c. JMav 1 H
April 15a United VerdoExten. Min. (qu.j (No 8)
Extra........................ ...........
Consolidation Coal (quar.)_____
l'A April 30 I
25c. 15May 1 H
April 25a
I 5a
14
\prll 20 i:
. S. Glass (quar.).............. ...................
Extra (payable in stock)...........
1
Aiprll 25 A
Mar. 30a
to Apr. 25a
. S. Rubber, 1st pref. (quar.j. _ 11III ~ 2
Cosden A Co., com. (pay. In com. stk.). /25c. 1May 1 A
Aiprll 30 H
April 30
Dominion Steel Corp., pref. (quar.)___
. S. Steamship (bl-monthiv) .
1A May 1 A
10c. !5May 1 H
May 1
Extra_______ _______ ________
du Pont (E. I.) dc Nemours A Co.—
5c. .VMay 1 H
H
Vacuum O il . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Debenture stock (quar.)___________
1A lIprll 25 Holders
3
Xlay 15 H
of rco. April 10
E x tra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IIIIIII. . . . . . . . . . . .
du Pond (E. I.) de Nemours Powder—
2
15lay 15 H
Common (quar.)_________________ ♦iA rday 1 *H
virglnia-Caro. Chcm., com.(qu.j (No.42j
of rec. April 25
A \May 1 H
Preferred (quar.)______ __________ *154 lay 1 *11
of rec. April 25
Warner (Chas.)Co.of Del., 1stA2dpf.(qu.)
I A A■pri! 25 II
Eastman Kodak, common (quar.)........... 2A l uly 1 H
of rec. May 31a Wells Fargo A Co. (quar.)....................
I A A,pril 20 II
Common (extra)....................... .............. 7 A - uue 1 11
" ”
4
Iune 30 Jt
of rec. April 30a Western Grocer, com m on...........
June 30
Preferred (quar.)...................................
Preferred..................
3
June 30 Jt
1A J uly 1 11
of rec. May 31a
June 30'
1
H
3
>lay
Edison El. III., Hoston (qu.) (No.*116).
Westlnghousc Air Brako (quar.j.. . "" $1.75 Aprll 22 II
of rec. April 15
1
J lay 15 11
Elscnlohr (Otto) A Bros.,Ino.,com.(qu.)
of rec. May la Wcsflnghouse Elec. A Mfg., com. (qu.) 87HC. Aprll 30 11
Elec. Bond A Share, pref. (qu.) (No.52)
Wcyman-Bruton C o., common.............. rco
1A » lay 1 II
of rec. April 17
0ict. 1 H
Electrical Secur. Corp., pref. (quar.)__
3
15lay 1 M
1A » lay 1 11
of rec. April 22a WheollngMould. A Fdy., com. (extraj..
to April 1
2
1lay 1 II
Elgin National Watch (quar.)...............
25c. \fay 1 A]
of rec. April 24a Wlllys-Ovcrland Co., common (quar.j
to
May 14
Elk Basin Petroleum (quar.)................ 12)4c 15lay 1 II
Wool worth (F. W .), com. (qu.)(No. 24)
2
Jiune 1 M
of rec. April 15
to May 15
Eureka Pipe Lino (quar.).........................
$6 15lay 1 II
of rec. April 15
From unofficial sources, a Transfer books not closed for this dividend. 6 Less
Fajardo Sugar (quar.)_______________
2A 15day 1 Ti
of rec. April 20
Federal Sugar Refining, pref. (quar.)____
1A 15lay 1 It
of rec. April 19a British income tax. d Correction, e Payable in stock. / Payable In common
Fisher Body Corporation, pref. (quar.) . .
lay 1 II
of rec. April 20a stock, g Payable In scrip, ft On account of accumulated dividends. 1 Payable in
Iberty Loan bonds, k Declared 8% , payable in quarterly installments as followsFt. Worth P. A L., pf. (qu.) (No. 2 7 )..
1A 15lay 1 11
of rec. April 20
2% as above; 2% July 31 to holders of record July 13; 2% Oct. 31 to holders of
Freeport Texas Co. (soeclal)............................. ♦S1.50 15lay 15 *11
of rec. May 10
record Oct. 11; 2% Jan. 31 1919 to holders of record Jan. 11 1919. I Declared 5% .
Qaslon, Williams A Wlgmore, Inc. (qu.). ♦SI
Nlay 15 *ir
of rec. April 30
General Chemical, common (quar.).............. ♦2
Juno 1 *11
of rec. May 22 payable In quarterly installments of 1)4% on April 25, July 25, Oct. 25, 1918, and
Jan. 25 1910 to holders of record of the tenth day of the month preceding date of
General Cigar, Inc., common (guar.)____
1
\lay 1 H
of rec. April 24
payment.
fu t u r e

b y

la r g o

o r

i m

p o r t a n t

c o r p o r a t io n s .

Dividends announced this week are printed in italics.




[Vol. 106.

THE CHRONICLE

1658

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board
on April 13:
Aggregate gains o f 17.6 millions in cash reserves coupled with m oderate increases in investments and in net deposits, aro indicated b y the B oard ’s
weekly bank statement issued as at close o f business on A pril 12 1918. Substantial gains in reserves are reported b y tho N ew Y o rk . B oston and
M inneapolis banks, largely tho result o f increases in net deposits and issues o f Federal Reserve notes.
IN V E S T M E N T S .— D iscounted bills on hand show an increase o f 138.9 m illions, as against decreases o f 118.3 millions in Governm ent short-term
securities and 6.2 millions in U . S. bonds. D iscounts secured b y U . S. W ar obligations increased from 304,1 to 465.6 millions, while holdings o f U . 8 .
securities purchased for tho tem porary accom m odation o f m em ber banks fell o ff from 251.6 to 118.1 millions. These changes are largely caused b y the
new provision o f tho W ar Finance C orporation A ct, approved A pril 5, whereby prom issory notes secured b y 17. S. war obligations are freed from tho
stam p tax.
C A P IT A L .— Paym ent for Federal Reserve bank stock b y new ly adm itted members, chiefly in the B oston and Cleveland districts, accounts largely
for the increase o f $254,000 in the am ount o f paid-in capital
D E P O S IT S .— Governm ent deposits decreased 4.3 m illions, while m embers’ reserve deposits show a gain o f 21.2 m illions, tho N ew Y ork bank
reporting a larger increase o f 36.6 millions.
C IR C U L A T IO N .— Federal Reserve Agents report net issues for tho week o f 18.1 millions o f notes. T he banks show a total circulation o f 1,499.4
millions, an increase o f 19.5 millions for the week.

T h e
w e

f ig u r e s

p r e s e n t

f u r n is h in g
F e d e r a l
t w e lv e

C

a

u s e fu l

F e d e r a l

t h e

t h e

t h e

c o n s o li d a t e d

f o r

c o m

B o a r d

R e s e r v e

R

e a o h

o f

t h e

p a r i s o n .
a s

o f

R e s e r v e

in

s t a t e m
s e v e n

T h e

J u n e

b a n k s .

t r a n s a c t io n s

F e d e r a l

o m b in e d

o f

r e s u lt s

R e s e r v e

r e g a r d in g
a n d

t h e

e a r lie r

2 2 .

T h e

F e d e r a l

e n t

fo r

t h e

p r e c e d in g

I n

fig u r e s

t h e

s t a t e m

e n t

R e s e r v e

h a v e

s e c o n d
o f

s y s t e m

w e e k s ,

b o o n

t a b le

F e d e r a l

n o t e s

a s

w h o le

w e

t h o

a r e

w i t h

r e v is e d
s h o w

R e s e r v e

b e t w e e n

a

t o g e t h e r

In

t h e

o f

o r d e r

in

t h e

t o

a n d

A c c o u n t s

p t r o lle r

a n d

t h e

f o llo w i n g

c o r r e s p o n d in g

c o n f o r m

r e s o u r c e s

A g e n t s ’

C o m

g iv e n

t h o s e

n e w

li a b ilit ie s

(t h e

t h e

w i t h

t h ir d

R e s e r v e

t a b l e ,
w e e k

a n d

o f

f o r m

t a b le

fo r

fo llo w i n g )
a n d

a d d it i o n

y e a r ,

a d o p t e d

s e p a r a t e ly

A g e n t s

In

la s t

e a o h

g iv e s

b o t w e e n

t h u s

b y

t h e

o f

t h e

d e t a i ls

t h e

la t t e r

b a n k s .

L ia b il it ie s

e so u r c es and

F ederal R

of th e

eserve

B

anks

at

the

C lose

of

B

u s in e s s

A

p r il

1 2

1 9 1 8 .

28 and
Mar. 22 1918. Mar. 15 1918. Mar. 8 1918. Mar. 1 1918. Feb. 21 1918. Apr. 13 1917.
29 1918.
$
$
$
$
S
3
3
464.144.000 461.615.000 447.508.000 338.369.000
489.948.000 470.629.000 477.521.00
198.271.000
399.568.000 379.866.000 372.508.000 354.585.000 357.299.000 375.273.000
52,500,000
52,500,000
52,500 000
52,500,000
52,500,000
52,500,000
942.016.000 902.895.000 902.529.000 871.229.000 871.414.000 875.281.000 536.640.000
852.102.000 878.805.000 869.628.000 890.702.000 885.346.000 877.023.000 410.796.000
2,434,000
20,091,000
20,569,000
20,267,000
21,086,000
21,114,000
21,496,000

M arch

Apr. 12 1918 April 5 1918.
RESOURCES.
Gold ooln and oertlfloatea in vault___
Gold settlement fund— F. R. B oard ...
Gold with foreign agenoles....................

S
488.762.000
407.971.000
52,500,000

$
483.780.000
381.163.000
52,500,000

Total gold held by banks.............
Gold with Federal Reserve Agent-------Gold redemption fund------------------------

049.233.000
857.492.000
23,546,000

917.443.000
873.077.000
23,404,000

1,777,329,000 1,772,395,000
Total gold reserves_____________ 1,830,271,000 1,813,924,000 1,815,704,000 1,802,814,000 1,793,243,000 1,788,198.000
60,129,000
60,444,000
59,635,000
58,950,000
59,558,000
58,359,000
63,509,000
64,724,000
Legal tender notes, silver, Ao..............
1,837,773,000 1,832,524,000
Total reserves__________________ 1,894,995,000 1,877,433,000 1,874,003,000 1,862,372,000 1,852,193,000 1,847,883,000
712.807.000 573.883.000 583.228.000 543.119.000 517.481.000 520.340.000 502.525.000 509.534.000
Bills discounted— members___________
318.857.000 326.503.000 304.065.000 328.880.000 323.248.001 317.952.000 299.213.000 206.170.000
Bills bought in open market..................

949,870,000
21,136,000

805.704.000
62,950,000
169.707.000
3,436,000

102,613,000
36.218.000
73.370.000
15.318.000

Total bills on hand_____________ 1,031,664,000
54,237,000
0 .3 . Government long-term seourltles.
U. 3. Government short-term securities' 142,143,000
3,771,000
All other earnlug assets______________

900.386.000
60,403,000
260.400.000
3,222,000

837.293.000
68,190,000
252.579.000
3,523,000

840.732.000
68,383,000
193.980.000
4,040,000

871.909.000
61,030,000
226.036.000
4,240,000

838.292.000
72,154,000
182.822.000
4,004,000

801.738.000
77,705,000
157.482.000
3,680,000

971,006,000
22.009.000
80.604.000

Total earning assets.................. . 1,231,815,000 1,224,411,000 1,201,585,000 1,103,314,000 1,107,135,000 1,097,332,000 1,040,605,000 1,031,797.000 227.519.000
1,071,000
11,403,000
11,882,000
6,113,000
11,600,000
26,945,000
8,801,000
9,957,000
1,815,000
Due from other F. U. banka—net___
383,009,000 346,997,000 330,130,000 367,821,000 357,147,000 337,283,000 360,185,000 299,402,000 169.184.000
Uncollected Items___________________
170,255,000
384,824,000 356,954,000 366,075,000 376,622,000 363,756.000 343,396,000 381,067,000 310,865,000
Total deduo’us from gross deposits
400,000
637,000
537.000
537.000
537,000
537,000
537.000
537.000
537.000
0% redemp. fund agat. F. tt. bank notes
4,504,000
7
31,000
796.000
701.000
1,452,000
3,724,000
550.000
324.000
324.000
All other resources__________— -------. . . ___ 3,512,495,000 3,459,659,000 3,445,984,000 3,403,395,000 3,330,073,000 3,289,909,000 3,260,778,000 3,176,454,000 1,373,684,000
Total resources........ .
$
$
S
$
*
$
LIABILITIES.
$
73.401.000
73.624.000
73.886.000
74.011.000
74.223.000
74.494.000
74.748.000
Capital paid In........ ....... .........................
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,0 0
1,134,000
Surplus------- ------------------------------------56.208.000 150.781.000
72.023.000
91.505.000
100.523.000 104.818.000 104.086.000
Government deposits.............................
Due to members—reserve aooount........ 1,494,537,000 1,473,294,000 1,409,400,000 1,480,025.000 1,447,997,000 1,465,504,000 1,388,020,000
238.270.000 226.139.000 216.897.000 220,115.000 232,207,000 210,986,000 218.031.000
Collection Items............ .....................—
64.122.000
77.137.000
81.048.000
81.751.000
81.059.000
82.067.000
85.321.000
Other deposits, lnol. for. Gov’t oredlts..
Total gross deposits.................... — 1.918.651.000 1.886.318.000 1.901.442.000 1.882.396.000 1.833.275.000 1.815.835.000 1.820.054.000
F. R . notes In actual circulation........ . 1.499.377.000 1.479.920.000 1.452.838.000 1.429.509.000 1.406.228.000 1.383.990.000 1.351.001.000
7.099.000
8,000,000
8,000,000
7.978.000
7.978.000
7.860.000
8,000,000
F. ft. bank notes in circulation, net Ilab.
6.199.000
7,326,000
7,550,000
8.367.000
9.933.000
8.369.000
10,585,000
All other liabilities...................................
Total liabilities.................................. 3,512,495,000 3,459,659,000 3,445.984,000 3,403,395,000 3,330,073.000 3,289,900,000 3,260,778.000
60.5%
59.2%
61.6%
59.6%
61.4%
60.0%
Gold reserve against net deposit lla b ...
61.9%
06.6%
66.3%
63.3%
63%
60.1%
00.6%
Gold res. agst. F. R. notes In act. olro’n.
58.8%
Ratio of gold reserves to net deposit and
63.7%
62.6%
62.5%
61.4%
60.8%
60.3%
Fed. Res. note liabilities com bined...
60.3%
Ratio of total reserves to net deposit and
05.8%
64.7%
64.5%
63.4%
62.7%
62.4%
62.5%
Fed Res. note liabilities combined . . .

28 a n d
29 1918.

M a r.

1p r . 12 1918.
Distribution by Maturities—

1-18 days bills discounted and bought.
1-18 daya U . S. Govt, short-term aeoa.
1-18 days municipal warrants_______
18-30 daya bills discounted and bought.
18-30 days U . 8. Govt, short-term secs.
18-30 days municipal warrants_______
Jl-60 days bills discounted and bought.
31-60 days U. 8. Govt, short-term secs.

81-60 days municipal warrants_______
61-00 days bills discounted and bought.
81-90 days U . 8. Govt, short-term secs.
81-00 days municipal warrants.............
Over 90 days bills discounted and bought
Over 90 days U. 8. Govt, short-term secs
Over 90 days municipal warrants__
federal Reserve .Volet—

issued to the banks............................
Held by banks.................. ...............
In circulation------------- ------------

Fed. Res. Notes ( Atents Accounts)—

1,000

1,625,698,000 1,607,627,000
126,321,000 127,707,000
1,499,377,000 1,479.920,000

Issued to Federal Reserve banks.

1,625,698,000

Total

........... .................................

22 1918.

M a r.

15 1918.

M a r. 8

1018.

M a r.

1 1918.

345.123.000
186.681.000
55.000
126.263.000
2.787.000
13.000
249.549.000

*42,247,666
741.542.000
131.064.000
914.853.000
401.809.000
614,000

3,176,454,000 1,373,684,000
72.1%
60%
102.8%
07.5%

F eb .

63.8%

82.9%

86.0%

84.7%

21 1918, Apr. 13 1917.

S

$

$
56,408,000

40,745,00#
345,000
21,543,000
292,000
26,038,000
12.232.000
13.367.000
2,000

920,000
2,341,000
431,789,000
29,979,000
401,809,000

2,168,400,000 2,130,860,000 2,100,160,000 2,064,120,000 2,014,980,000 1,968,200,000 1,926,880.000
328,008,001 324,263,000 309,705,000 305.414.000 296,932,000 292,490,000 284,452,000
1,840,392,000 ,806.597.000 1,790,455,000 ,758,706.000 ,718,048,000 1,675,710,000 1,642,228,000
232,765,000 242,010,000 231,750,000 238,410,000 212,835,000 211,065,000 212,496.000
1,607.627,000 1,563,987,000 1,558,705,000 1,520,290.000 1,505,213,000 1,464,645,000 1,429,732,000

696.540.000
132.292.000

245.251.000

252.391.000

253.524.000

768,206,666

734,550,666

711.795.666
48.926,000
540.742.000

50,038,00
570.648.000

48,504,000
563.737.000

b

564.248.000
132.459.000
431,788,000

271.658.000

266.824.000

278.207.000

276.987.000

292.877.000

248.313.000

679,900,666

650,6*88*666

cosVm V.ooo

579,299,666

552.709.666

*26,9*9*8',066
18,583,000
143.900.000

47,021,000
560.126.000

47,984,000
554.820.000

47.986,000
570.509.000

1,625,698,000 1,607,627.000 1,563,987,000 1,558,705,000 1,520,296,000
1,006,691,000 876,860,000' 883,471,000 852,074,000 821,052,000

Net araoupt due toother Federal Reserve banks,




M a r.

1.773.492.000
1.314.681.000
7.099.000
5.943.000

331.103.000 331.978.000 307.240.000 338.543.000
40.150.000
151.392.000 140.837.000 106.003.000
133.000
10.000
49.000
93,055.009 104.830.000
88.804.000
87.477.000
81.765.000
2,000,000
7.702.000
7.614.000
55.000
19.000
267.591.000 226.633.000 183,752*,666 174,460,666
0,884,000
9.546.000
4.086.000
6.271.000
1.300.000
7.000
7.000
3,000
3.000
3,000
142.660.000 145.904.000 182.098.000 207.554.000 178.480.000
8.290.000
2.925.000
1.771.000
2.132.000
2.901.000
2.000
3.000
13.000
13.000
469,000
9.391.000
9.531.000
8.781.000
8.657.000
8.404.000
28.612.000
36,408,000
28.426.000
27,396,000 28.587.000
470.000
409,000
457,000
457,000
1.000
1.000
1,429,732,000
1,464,645,000
1,505,213,000
1,558,705,000
1,520,296,000
1,563,987,000
111,149,000 129,196,000 114,068,000 121,223,000 113,554,000 115,151,000
1,452,838,000 1,429,509,000 1,406,228,000 1,383,990,000 1,351,091,000 1,314,581,000

394.352.000 359.987.000
224.395.000 217.613.000
34,000
15,000
100.295.000 127.065.000
2,224,000
2,529,000
2 1.000
282.036.000 279.343.000 267.267.000
3,781,000
5.032.000
2.109.000
7.000
40,000
36,000
103.898.000 117.899.000 123.498.000
9.122.000
14.866.000
15.703.000
487,000
455.000
496,000
9.476.000
8.497.000
9.845.000
19,839,000
13.578.000
13.650.000

1,875,033,000
249,335,000

Eligible paper delivered to F. R. Agt----

$

$

Amount chargeable to Agent____
In hands or Agent..................................
O r gold ooln and certificates________
By lawful money.................- .................
By eligible paper.......... .........................
Gold redemption fund________ _____
With Federal Rosorve Board................

5 1918.

836.016.000
105.716.000
14.000
99.869.000
4.959.000

Received from the Comptroller_______ 2,211,560.000
336,527,000
Returned to the Comptroller........... .

Hote Secured—

A p ril

$
73.305.000
1,134,000
56.165.000
1,459,720,000
199,278,000
58.329.000

This Item Includes foreign Gov’t oredlts

t Revised figures

49,747,000
658.612.000

45,699.000
638.447.000

1659

THE CHRONICLE

A pr. 20 1918.]

WEEKLY STATEMENT of RESOURCES and LIABILITIES o f EACH of the U FEDERAL RESERVE BANKS at CLOSE of BUSINESS APRIL 12 1918
New York. PhUadel. Cleveland Rlchm'd.

Tiro ciphers (00) omitted.

Boston.

RESOURCES.
Gold coin and eertfs In vault—
Gold settlement fund.......... .......
Gold with foreign agencies--------

*
10.153.0
56.376.0
3,675,0

Atlanta.

Total.

San Fran.

Chicago. St. Louts M Inneap. Kan . Clip Dallas.

$
S
%
S
S
$
$
1.325.0 16.025.0
413,0 4.757.0 31.570.0
6.726.0 29.093.0
10,519,0 43.708.0 24,534,0 13.764.0 18,337,0 10,336,0 15.679.0
1.838.0 2,888,0
1.575.0 7,350,0 2.100.0 2,100,0 2,625,0

*
488.762.0
407.971.0
52,500,0

Total gold held by banks........ 70.204.0
Gold with Federal lies. Agonts. 48.318.0
1,9S6,0
Gold redemption fund................

478.618.0 60,812,0 71.711.0 20.566.0 18,820,0 80,211,0 27.959.0 31.889.0 21.375.0 16.931.0 50.137.0
209.419.0 87,101,0 89.903.0 29.093.0 42,902,0 148,414,0 37.577.0 39.302.0 55.272.0 14.313.0 55.878.0
845,0 1,239,0
23,0
1,411,0
1,424,0
1,558,0 1,180,0
10,000,0 2,500,0
242,0
1,138,0

949.233.0
857.492.0
23,546,0

Total gold reserves................... 120,508,0
2,420,0
Legal-tender notes, sliver, A o ...

698,037,0 150,413,0 161,856,0 50,797,0 03,133,0 230,049,0 67,094,0 72,3 71,0 77,492,0 32,483,0 106,038,0 1,830,271,0
69,0 2,500,0
64,724,0
629,0
303,0
1,893,0
40,791,0
1,075,0
1,306,0 6.2S4.0
1,074,0
317,0

Total reserves........ - ............... 122,037,0
Bills:
Disco. —Member AF.R. banks 56.012.0
Bought In open market--------- 13.475.0

744,828,0 151,488,0 162,930,0 51,368,0 64,439,0 236,333,0 68,987,0 73,000,0 77,561,0 34,983,0 106,341,0 1.894,995,0

70,387,0
861,0
1,471,0

469,G15,0 48,215,0 78.103.0 52,442,0 23,260,0 92.587.0 41,458,0 18,934,0 49,891,0 30,336,0 56,376,0 1,031,664,0
54,237,0
1,601,0 4.907.0
7,788,0
1.233.0 3.157.0 14.462.0 2,233,0 2.704.0 8,862,0 3.970.0 2.456.0
76,408,0 9.421.0 15.194.0
511.0 4.156.0 3,566,0 3.142.0 4.819.0 142,143,0
1.538.0 3.051.0 18.866.0
3,771,0
130,0
299,0 1.601.0
511,0
709,0
376.0
145,0

Total earning assets................ 72.710.0
1,356,0
Due from othor F. R. banks— Net
24.867.0

547,627,0 62,543,0 101,145,0 55,213,0 29,613,0 126,024,0 44,578,0 26,305,0 62,618,0 39,049,0 63,781,0 1,231,815,0
•1,815,0
6,795,0
6,588,0
26.896.0 3,032,0
1,298,0
81,723,0 41,823,0 20,337,0 25,050,0 23,337,0 68.029.0 22,017,0 12,497,0 22,505,0 20,615,0 14,209,0 383,009,0

Total bills on hand........ ..........
U. 8. long-term securities-------U. 3. short-term securities--------

£
S
S
339.803.0 10.284.0 32.247.0
120.698.0 46.853.0 34.739.0
18,112,0 3,675,0
4,725,0

Total deduo’ns from gross dep. 20,223,0
8% redemption fund against Fed-

$
6.361.0
12,368,0
1.837.0

340.507.0 20.925.0 51.471.0 39.741.0 13,504,0 46.141.0 30.665.0 8,411,0 36.668.0 24,409,0 31.453.0
123.108.0 21.290.0 20.692.0 12.701.0 9,750,0 46.446.0 10.793.0 10,523,0 13.223.0 5,927,0 24.923.0

81,723,0 41,823.0 27,635,0 25,050,0 23,337,0 94,925,0 25,019,0

12,497,0 ,29,093,0

20,015,0 21,004,0

400,0

712.807.0
318.857.0

384,824,0
637,0
324,0

137,0

28,0

296,0

Total resources------------------ 221,879,0 1,374,178,0 256,150,0 291,710,0 131,431,0 117,417,0 457,882,0 138,614,0 111,802,0 169,672,0 94,784,0 191,120,0 3,512,495,0
LIABILITIES.
74,748,0
6.444.0
19.727.0 0,885,0 8,468,0 3,780,0 2.964.0 9,610,0 3,509,0 2,764,0 3.447,0 2.845,0 4,305,0
Capital paid i n . . ------ ------------1,134,0
75,0
116,0
38,0
40,0
216,0
649,0
4.265.0
0,588,0 5,644,0 16.499.0 5,641,0 3.690.0 11.723.0 9,969,0 5.680.0 6,099,0 10.391.0 14.328.0 100.523.0
Government doposits__________
Duo to members— Reserve acct. 90.202.0 675,586,0 88.133.0 107,020,0 43.241.0 37.840.0 188,261,0 46.131.0 41,519,0 69.883.0 36.956.0 69.672.0 1,494,637,0
56.906.0 36.709.0 22.071.0 17.110.0 12.436.0 22.132.0 16.708.0 4.809.0 11.258.0 5.921.0 10.463.0 238.270.0
Collection Items.............. ............. 21.747.0
600,0
1.601.0
2.312.0
1.100.0
155,0
38.376.0
Duo to oth. F. U. banks— N et..
85,321,0
4,845,0
4,0
19,0
194,0
1,562,0
7.0
134,0
78.556.0
Oth. deposits Inch for Gov’t crcd.
Total gross deposits............ ...... 116,304,0
F. U. notes In aotual circulation. 98,138,0
F. R . bank notes In clro’n—Net.
918,0

856.012.0 131.086.0 145.784.0 66.147.0 55.079.0 223.681.0 72.942.0 54.330.0 87.259.0 54.869.0 99.308.0 1.918.651.0
491.776.0 118.179.0 136.762.0 61.248.0 59.334.0 223.405.0 61.671.0 54.469.0 70.222.0 30.850.0 87.323.0 1.499.377.0
8,000,0
8,000,0
190,0
10,585,0
220,0
696,0
140,0
744,0
6,014,0
970,0
201,0
492,0

Total liabilities........... .......... 221,879,0 1,374,178,0 256,150,0 291,710,0 131,431,0 117,417,0 457,882,0 138,614,0 111,802,0 169,672,0 94,784,0 191,126,0 3,512,495,0
* Difference between net amounts duo from and net amounts duo to other Federal Reserve banks
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS APRIL 12 1111
Two ciphers (00) omitted.

Boston.

New York. Phlladel. Cleveland. Richmond Atlanta. Chicago.

Total

San Fran

St.Louis. Mlnneap Kan. City Dallas.

2
Federal Reserve notos—
Received from Comptroller... 132,760,0
Returned to Comptroller____ 24,542,0

s
s
S
S
S
S
S
$
*
s
$
$
815.480.0 175,400,0 170,280,0 96.140.0 91.620.0 295,840,0 86.900.0 71.980.0 97.700.0 68.500.0 108,960,0 2,211,560,0
105.321.0 25,939,0 13,217,0 18.622.0 14.582.0 12,591,0 11.201.0 12.137.0 15.310.0 14.647.0 8,418,0 336,527,0

Chargeable to F. R. Agent____ 108,218,0
Inlands of F. R. Agent..............
6,900,0

050.159.0 149,461,0 157,063,0 77,518,0 77.038.0 283,249,0 75,699,0 59,843,0 82,390,0 53.853.0 100,542.0 1,875,033,0
249,335,0
105.600.0 19,740,0 13,360,0 6,470,0 16.125.0 45,660,0 7,080,0 4,295,0 7,260,0 10.845.0

Issued to F R. Bank_______ 101,318,0
Held by F. R. Agent—
Gold coin and certificates___ 32.110.0
Cold redemption fund______
4,708,0
Gold Sett. Fd., F. R. Board.. 11.500.0
Eligible paper, rain, req’d ___ 53,000,0

544.559.0 129,721,0 143,703,0 71.018.0 00,913,0 237.589.0 68.619.0 55.548.0 75.130.0 37.008.0 100,542,0 1,625,698,0
2.501.0
13.102.0
11.581.0
12.703.0
173.251.0
’ 315*,6 2,06*8,0 1,700,0 2,912*6 2,148,0 4,982,0
11,168,0 6,482,0 7,200,0 2,093,0 2.728.0
584,0 50.896.0
25,000.0 80.619.0 70,000,0 27,000,0 37.670.0 148.099.0 35.509.0 24.500.0 52.360.0
335.140.0 42.620.0 53.800.0 41.955.0 18.011.0 89,175,0 31.012.0 16.246.0 19.858.0 22.695.0 44.664.0

245.251.0
48,504,0
663.737.0
768.206.0

Total___________ ___________ 101,318,0 544,559,0 129,721,0 143,703,0 71,018,0 60,913,0 237,589,0 68,619,0 55,548,0 75,130,0 37,008,0 100,542,0 1,625,698,0
Amount of eligible paper deliv­
ered to F. U. Agent_________ 70,387,0 •469,614,0 42.781.0 78,163,0 51.855.0 19.310.0 92.171.0 38.187.0 17.784.0 46.131.0 30.336.0 49.972.0 1.006.691.0
F. R . notes outstanding________ 101,318,0 544,559,0 129,721,0 143,703,0 71.048.0 60.913.0 237,589,0 68.619.0 55.548.0 75.130.0 37.008.0 100,542,0 1.625.698.0
1,079,0 4,908,0
158,0 13.219.0 126,321,0
52,783,0 11.542.0 6,941,0 9,800,0
3,180,0
1,579,0 14.184.0 6,948,0
F. R. notes hold by banks--------F. R. notes In actual olroulat'n 98,138.0

491,776,0 118.179,0 136,762,0 61,248,0 59.334,0 223,405,0 61,671,0 54,469,0 70.222,0 36,850,0 87,323,0 1,499,377,0

R e s e r v e
S y s t e m , — Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks and dated April 5 . Because of the large
numbor of banks for which returns are furnished tho statement is not issued until a week later than that for the Federal
Reserve banks of tho same date. Definitions of the different items contained in the statement were given in tho weekly state­
ment issuod under date of Deo. 14 1917 and which was published in the “ Chronicle” of Deo. 29 1917, page 2523.
M

e m

b e r

B a n k a

o f

t h e

F e d e r a l

ST A TE M E N T SH O W IN G P R IN C IP A L RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE. RESERVE AN D

OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS APRIL 5 1918.

Further reductions In holdings o f certificates o f Indebtedness and substantial withdrawals during tho week o f Governm ent deposits largely from
New York banks aro indicated b y the statement o f principal assets and liabilities o f 679 member banks in leading cities. T otals for the N ew Y ork
banks for tho first tim o include data for 9 B rooklyn hanks, which heretofore wero grouped with Reserve C ity banks.
Little change is shown in tho totals o f U. S. circulation bonds and other Governm ent bonds held. Certificates o f indebtedness on hand show a
decrease for the weok o f 76.4 millions, all classes o f banks reporting smaller holdings than tho week before. Loans secured b y Governm ent obligations
show but a m odorato increase. All other loans and investments decreased about 70.3 millions, decreases being practically uniform for tho three
groups o f banks.
Rosorvcs, all with tho Federal Reserve banks, foil o ff about 18.8 millions, tho larger decrease shown for the Central Reserve city banks being partly
offset by aggrogato gains o f the banks in othor reserve cities. Casli In vault shows a slight increase. N et demand deposits declined 26.4 millions
largely outside tho contral rcservo cities, tim o deposits decreased less than 1 m illion, whilo G overnm ent deposits fell o ff 130.4 millions, tho N ew Y ork
and Brooklyn banks alone reporting net withdrawals o f 72.1 millions fo r tho weok.
For all reporting banks tho ratio o f loans and investments to total doposits is shown as 108% as against 107.9% the week before. F or tho banks
in tho contral reserve cities this ratio works out at 1 03.5% , com pared with 103.3% on M arch 29. T he ratio o f com bined reserve and cash in vault to
total doposits o f all reporting banks remains unchanged at 1 3.9 % . For the banks in tho contral roservo cities this ratio shows a decline for tho week from
15.3 to 15.2% . T otal excess reserves, in tho calculation o f which no account is taken o f Governm ent deposits, declined from 96.1 to 79.8 miUions.
For tho central resorro city banks thoso rosorves show a dccroaso from 69.1 to 42.2 millions.

1. Data for all reporting banka In each dU trlct.
Member Ranks.
Nuiubor of reporting hanks—
U. 8. bonds to sccuro clrculat’n
Other U. 8. bonds. Including
Liberty bonds________ -- U. S. certificates of lndebtedn’s
Total U. 8. securities--------

New York.

Boston.
38

8
14,621,0

98

8
50,581,0

Phlla.

Cleveland. Richmond Atlanta.

47

79

07

8
$
S
12,981,0 42,923,0 24,117,0

37

8
14,500,0

Two ciphers (00) omitted.

Chicago.
92
8
19,476,0

St. Louis. M inneap. Kan.CUy. Dallas. San Fran.
32

33

$
17,370,0

8
5,642,0

69

41

46

8
$
$
13,938,0 16,094,0 35,399,0

10,518,0 105,953,0 10,362,0 35,892,0 18,164,0 13,666,0
34,249,0 11,020,0 5,981,0 10,037,0
67,173,0 30,447,0 13,792,0 29,772,0
22,190,0 770,905,0 47,611,0 42,387,0 17,657,0 19,644,0
47,335,0 987,439,0 70,954,0 121,202,0 59,938,0 47,810,0 120,898,0 58,837,0 25,415,0 53,747,0
34,528,0 159,588,0 21,144,0 31,163,0 13,003,0 3,756,0
2,793,0 2,632,0
33,932,0 8,015,0
All other loans A Investments. 728,383,0 3,973,508,0 590,160,0 922,233,0 348,265,0 278,500,0 1,347,387.0 376,542,0 223,674,0 452,469,0
61,727,0 009,509,0 61,717,0 79,093,0 28,435,0 28,022,0 141,730,0 33,239,0 20,273,0 44,043,0
23,805,0 124,311,0 20,015,0 34,334,0 10,253,0 14,557,0
63,881,0 13,445,0 9,133,0 16,640,0
011,706,0 4,391,736,0 562,572,0 690,012,0 277,424,0 213,334,0 1,048,175,0 274,333,0 1S7,010,0 387,604,0
81,003,0 291,632,0 14,084,0 210,425,0 50,010,0 80,658,0 338,829,0 84,362,0 44,142,0 53,835,0
51,775,0 17,300.0 7,682.0 10,518,0
Government deposits.............. 45,501,0 267,854,0 29,203,0 49,992,0 7,054,0 6,625,0

12,128,0 15,380,0
13,373,0 36,181,0
41,595,0 86,960,0
3,047,0 4,701,0
180,864,0 478,779,0
18,371,0 43,631,0
10,713,0 19,925,0
159,709,0 371,276,0
24,692,0 102,984,0
7,265,0

Total.
679
$
267,642,0
343,350,0
1,111,138,0
1,722,130,0
318,302,0
9,906,824,0
1,169,790,0
367,012,0
974,951,0
1,377,256,0
500,829,0

3. Data for banka In each Central Rc-serre city, banka In all other Reserve cities and other reporting banlta.
New York.
Two ciphers omltled.
Number of reporting ban ks...
U. S. bonds to secure clrculat'n
Other U. 8. bonds. Including

April 5.
66
8
36,237,0

Chicago. St. Louis. Total Central Res. Cities.

Mar. 29.
66

8
36,187,0

151.224.0 152.079.0
U. 8. certificates of Indehtcdn's 757.141.0 797.958.0
944.602.0 986.224.0
Total U. 8. securities..........
139.763.0 141.539.0
Loans see. by U 8. bonds, Ac.
All other loans A Investments. 3.037.981.0 3.650.097.0
Rcservo with Fed. lies. Bank. 580.932.0 603.827.0
111.461.0 112.061.0
Cash In vault........ ..................
Not demand deposits.............. 4.084.426.0 4.087.465.0
247.940.0 241.750.0
Government deposits________ 253.755.0 325.896.0
a Exclusive of Kansas C ity. •Amended figures.




April 5.

April 5.

April 5.

Other Reserve Cities.
Mar. 29.

April 5.

Country Banks.
Mar. 29. April 5.

Total.
Mar. 29.

April 5.

679

S
267.642.0

682
$
270.157.0

0,808,0 171.690.0 172.827.0 140.648.0 142.827.0 31.012.0 32.136.0 343.350.0
24.770.0 823.988.0 566.186.0 251.144.0 281.962.0 36.006.0 39.357.0 1.111.138.0
41.954.0 1.043.678.0 1.080.913.0 502.929.0 597.896.0 115.523.0 120.643.0 1.722.130.0
6.353.0 108.205.0 170.816.0 130.169.0 120.038.0 19.928.0 20.649.0 318.302.0
265.477.0 4.729.301.0 4.750.703.0 4.431.770.0 1.459.112.0 745.750.0 767.307.0 9.906.824.0
24.005.0 703.837.0 731.031.0 416.110.0 407.191.0 49.843.0 50.324.0 1.169.790.0
7.239.0 160.077.0 100.406.0 172.358.0 171.955.0 34.577.0 33.395.0 367.012.0
197.350.0 4.987.100.0 4.991.224.0 3.570.418.0 3.589.590.0 617.427.0 620.574.0 9.174.951.0
57.283.0 442.887.0 435.172.0 771.909.0 777.954.0 162.460.0 165.005.0 1.377.256.0
14.879.0 310.756.0 390.836.0 170.224.0 213.211.0 19.849.0 27.211.0 500.829.0

347.790.0
1.187.505.0
1.805.452.0
311.503.0
9.977.122.0
1.188.546.0
305.756.0
9.201.388.0
1.378.131.0
631.258.0

14

40
8
$
1,393,0 10.370.0
13.058.0
42.071.0
57.122.0
22.089.0
825.846.0
98.900.0
41.377.0
705.330.0
137.664.0
42.122.0

April 5.
120
8
48,000,0

119

409

$
47,900,0

8
171.137.0

412

150

151

8
$
$
173.107.0 48.505.0 49.150.0

1660

THE CHRONICLE

[Vol. 106

S t a t e m e n t
o f
N e w
Y o r k
C i t y
C l e a r i n g
H o u s e
B a n k 3
a n d
T r u s t
C o m p a n i e s .—
The following detailed statement
shows the condition of the Now York City Clearing House mombers for the week ending April. 13. The figures for the
separate banks are the averages of the daily results. In the oase of totals, actual figures at end of the week are also g i v e n :

N E W Y O R K W E E K L Y C L E A R IN G H OU SE R E T U R N .
CLEARING HOUSE
MEMBERS.
Week Ending
A pr. 13 1918.
Members of. Federal
Reserve Unnk.
Bank of N Y, N B A .
Bank of Manhat C o.
Merchants’ National.
Mech A Metals NatBank ol Amerloa___
National City_______
Chemical National..
Atlantic N ational...
Nat Butoh ADrovers’
American Exch Nat.
Nat Bank of Coinm.
Pacific Bank________
Chat A Phenlx N a t..
Hanover N ational...
Citizens' N ational...
Metropolitan Bank..
Corn Exchange Bank
Importers A Trad Nat
National Park Bank.
East River National.
Second National___
First National____
Irving National____
N Y County Natloual
German-American__
Chase National____
Germania B a n k ...
Lincoln National___
Garfield National__
Fifth National_____
Seaboard National..
Liberty National___
Coal A Iron National
Union Exch National
Brooklyn Trust Co .
Bankers Trust Co
U H Mtgo A Tr Co
Guaranty Trust C o ..
Fidelity Trim C o ..
Columbia Trust C o ..
Peoples ’1 rust C o__
New York Trust Co
Franklin Trust C o ..
Lincoln Trust__ __ .
Metropolitan Tr C o.
Nassau Nat, Bkiyu.
Irving Trust C o ...
Farmers Loan ATr Co

Net
Profits.

Loans
Discounts,
Investments,
/N at. Banks Mar. 41
Ac.
\Stato Banks Mar. 14/
Capital.

$
2,000,000
2,341,800
2,000,000
6,000,000
1,500,000
25,000,000
3,000,000
1,000,000
300,000
5,000,000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
2,000,000
3,500,000
1,500,000
5,000,000
250,000
1,000,000
10,000,000
4,500,000
1,000,000
750,000
10,000,000
400,000
1,000,000
1,000,000
250,000
1,000,000
3,000,000
1,000,000
1,000,000
1,500,000
11,250,000
2,000,000
25,000,000
1,000,000
5,000,000
1,000,000
3,000,000
1,000,000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000

$
5,263,300
6,619,400
2,481,000
10,356,600
0,572,500
c48,917,000
8,874,600
839,500
90,100
5,730,800
21,269,300
1,002,900
2,501,400
10,856,000
2,825,400
2,128,600
7,510,200
7,659,500
17,028,500
75.100
3,816,700
29,722,800
5,386,000
298,200
885,900
11,966,900
816,400
2,008,500
1,352,300
405,200
3,578,700
4,039,000
884,800
1,241,100
2,155,400
12,980,400
4,691,500
26,125,400
1,213,200
6,210,700
1,331,800
11,032,700
1,188,700
568,200
4,070,900
1,148,000
1,082,200
10.525,000

Legal
Tenders.

Cold.

Average.
s
43,970,000
55,725,000
25,290,000
155,888,000
31,853,000
549,621,000
73,883,000
15,663,000
2.S69.000
111,083,000
361,919,000
13,000,000
83,110,000
135,235,000
38,271,000
24,904,000
108,109,000
39,939,000
192,033,000
2,810,000
20,483,000
247,287,000
94,834,000
10,480,000
6,026,000
287,077,000
6,737,000
17,417,000
11,757,000
0,732,000
48,871,000
72,096,000
11,675,000
13,045,000
35,015,000
261,887,000
62,428,000
423,483,000
11,565,000
89,312,000
25,180,000
85,675,000
26,561,000
15,009,000
54,997,000
13,038,000
37,529,000
134,708,000

Silver.

National
Bank
and
Federal
Reserve
Notes.

Reserve
tclth
Legal
Deposi­
taries.

Average.
Average.
Average.
Average.
Average.
i
S
$
$
$
29,000
125,000
140,000
132,000 5,305,000
1,419,000
395,00(1
669,000 1,365,000 15,109,000
126,000
111,000
465,000
110,000 2,961,000
8,010,000
200,000 2,044,000
264,000 21,230,000
459,000
231,000
384,000
308,000 4,699,000
8,024,000 3,062,000 1,288,000 1,001,000 91,194,000
251,000
242,000
523,000
746,000 10,001,000
95,000
107,000
106,000
114,000 2,315,000
28,000
41,000
56,000
9,000
470,000
585,000
207,000
696,000
542,000 10,674,000
62,000
488,000
473,000 1,055,000 34,861,000
68,000
331,000
411,000
1,087,000
176,000
532,000 1,405,000 1,785,000 9,875,000
945,000
5,193,000
352,000 1,787,000
783,000 17,399,000
99,000
725,000
30,000
293,000 4,920,000
722,000
257,000
659,000
445,000 3,501,000
447,000
251,000 2 OSS,000 3,39.8,000 16,282,000
520,000
70,000
42,000
154,000 4,183,000
38,000
512,000
430,000
933,000 20,121,000
2,000
17,000
141,000
19,000
558,000
47,000
02,000
317,000
465,000 2,386,000
16,000
280,000
634,000
687,000 15,880,000
1,003,000
428,000 1,937,000 1,231,000 16,072,000
91,000
30,000
181,000
455,000
1,305,000
16,000
17,000
19,000
90,000
807,000
3,280,000 2,342,000 2,056,000 1,062,000 33,054,000
47,000
34,000
204,000
1,086,000
120,000
12.8,000
386,000
120,000
150,000 2,151,000
8,000
39,000
231,000
126,000 1,720,000
41,000
291,000
70,000
54,000
881,000
376,000
280,000
398,000
216,000 7,626,000
151,000
31,000
141,000
429,000 8,580,000
0,000
129,000
34,000
424,000
1,632,000
17,000
9,000
191,000
438,000
1,763,000
98,000
53,000
190,000
380,000 3,993,000
551,000
108,000
202,000
679,000 32,674,000
336,000
70,000
109,000
263,000 6,206,000
2,875,000
847,000 1,606,000 51,837,000
151,000
89,000
37,000
51,000
122,000 1,649,000
35,000
118,000
530,000
354,000 0,549,000
58,000
86,000
261,000
398,000 2,207,000
4,000
12,000
11,000
182,000 7,966,000
78,000
63,000
183,000
242,000 2,305,000
5,000
55,000
131,000
194,000 2,022,000
289,000
37,000
87,000
393,000 4.908,000
15,000
79,000
206,000
79,000
1,355,000
190,000
240,000
779,000 1,548,000 4,759,000
3,727,000
31,000
63,000
184,000 18,437,000

Average tor week_ 192,091,800 326,395,600 4,200,295,000 40,288,000 13,183,000 25,132,000 26,799,000 525.869.000
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
aotual

oondltl
condltl
condltl
condltl

State Banks.
Greenwich__
People’s___________
Bowery..........
Filth Avonu8. .
German Exchange__
West Side .
N Y Produce E xch..
State..........................
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,

aotual
aotual
aotual
actual

condltl
condltl
condltl
condltl

Trust Companies.
Title Guar A Trust..
Lawyers Title A T r..
Totals, avge lor wk
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condltl
condltl
condltl
condltl

on
on
on
on

April
April
Mar.
Mar.

_
_____

13
4,294,212.000 39,525,000 12,382.000
6 __________ 4,128,981,000 40,885,000 12,796,000
30
4,172.463,000 39,547,000 12,712,000
23 .................. 4,185,870,000 39,408,000 13,487,000
Not Mem hers of Fed cral Reserve,
Bank
500,000 1,433,100
15,029,000
798,000
192,000
200,000
502,100
3,764,000
51,000
32,000
250,000
SI 0,900
272,000
4,786,000
100,000 2,392,100
18,758.000 1,063,000
111,000
200,000
5,756,000
868,700
419,000
70,000
326,600
58,600
4,368,000
147,000
214,000
1,000,000
1,116,700
19,259,000 1,070,000
521,000
1,500,000
520,400
26,803,000 2,380,000
365,000

4,076,600
on
on
on
on

April
Apr.
Mar.
Mar.

7,706,600

9,000,000

16,921,000

..............

....

3,609,683,000 180,500,000 35,898,000
- 1
3.627.01,8.000 170.220.000 35.056.000
3,019,001,000 184,267,000 35,851,000
3.610.266.000.1,81.833.000 35.872.000
3,571,923,000 188,279,000 35,403,000
•--- - ~T

542,042,000
519,533,000
535,104,000
524,619,000

300,000
93,000

.813,000
290,000

054,000
216,000

191,000

3,599,000

1,184,000
169,000
132,000
468,000
365,000

565,000
231,000
50,000
471,000
548,000

1,040,000
347,000
205,000
1,3183)00 l.ooslooo
1,548,000

20,362|000
28,751,000

98,523,000 6,273,000 1,458,000 2,755,000 3,211,000

5.655,000 2,033,000

102,998,000

58,000

5,121,000 1,677,000

102,289,000

58,000

90 ’932.000
08,447,000
, ,
- "

51.000
50,000

25,844,000
15,700,000

901,000
585,000

6,370,000 1,408,000 2,785,000
6,000,000 1,335,000 2,754,000
0,448,000 1,377,000 2,708,000
0,351,000 1.377,000 2,707,000

3,208,000
3,133,000
3,302,000
3,009,000

....

5,107^000
504,000
4,554,000 1.491,000

7,000

5,840,000

-

46,000

Bank
1,931,000
652,000

133,000
191,000

178,000
60,000

348,000
195,000

1,292,000
1.403,000

692,000
285,000

65,629,000 2,583,000

327,000

238,000

543,000

2,695,000

977,000

41,604,000

1,4,89,000

66,120,000
65.009,000
66,552,000
60,569,000

335,000
327,000
317,000
323,000

275,000
259,000
201,000
212,000

540,000
495.000
448,000
483,000

2,845,000 1,173,000
2,783,000 1,009,000
2,713,000
711,000
2,668.000
748,000

41,505 000
41,493,000
42,157,000
41,749,000

1,478,000
1,471,000
1,474,000

2,658,000
2,625,000
2,775,000
2,594,000

National
Bank
Circula­
tion.

Average.
Average.
Average.
i
$
$
33,OS1,000 2,074,000
785,000
63,590,000
1,000,000
20,818,000
506,000 1,800,000
147,062,000 13,574,000 3,781,000
28,349,000
554,499,000 7,883,000 1,747,000
444,000
58,995,000 3,513,000
148,000
14,684,000
519,000
2,313,000
265,000
79,775,000 0,323,000 4,902,000
268,624,000 5,023,000
12,102,000
69,915,666 7,156,000 1,910,000
309,000
133,109,000
32.331,000
324,000 1,020,000
24,900,000
111,926,000
51,000
29,261,000
301,000
152,155,000 3.917,001) 4,206,000
50,000
3,103,000
940,000
16,150,000
143,764,000 5,294,000 7,875,000
040,000
100,559,000
807,000
199,000
10,616,000
5,135,000
25,000
249,455,000 14,311,000 1,300,000
7,006,000
894,000
15,737,000
102,000
398,000
10.931,000
30,000
248,000
309,000
70,000
49,402,666
996,000
60,256,000 2,933,000
413,000
10,951,000
442,000
397,000
14,098,000
430,000
28,640,000 5,381,000
223,978,000 2.3>18,000
51,451,000 2,700,000
307,97+000 30,582,000
9,246,000
490|000
65,943^000 10,209^000
1,635,000
22,742,000
57,088,000 5,403,000
1,0823)00
10,799,000
13,560,000
1,996,000
41,733,000
10,498,000
540,000
50,000
37,631,000
194,000
120,497,000 11.005,000

Average.
i

....
....

Net
Time
Deposits.

27,316,000
25,742,000
25,010.000
21,560,000

..
__

April 13
April 0 ..................
Mar. 30 ____
Mar. 23 ..................

Net
Demand
Deposits.

25,160,000
24,417,000
24,813,000
24,808,000

13
99,201,000
6
97,837,000
30
96.440,000
23 ..................
91,772,000
Not Mem hers of Fed eral Reserve
5,000,000 11,751,800
41,943,000
4,000,000 5,169,200
23,686,000

on
on
on
on

Additional
Deposits
\cllh
Legal
Deposi­
taries.

....
...............
_u

..............

Grand aggregate,avge 205,168,400 351,023,200
Comparison prov wk .................. ..................
Grand ag’gate, actua' condition April 13 . . .
Comparison prev wk

4,304,447,000 49,144,000 14,968,000 28,125,000
534,219,000 3,010,000 a3,754,285,000 182,107,000 35,8083)00
+ 53,933,000 — 36,000 + 15,000 + 026,000 + 1999000 -12,392,000 —639,000
— 1,530,000 — 3,359,000 + 03,000

Grand ag’ gate,
Orand ag'gate,
Grand ag’gate,
Grand ag'gate,

4,291,827,000
4,335,461,000
4,347,211,000
1,206,425,000

aotual
actual
actual
actual

condition
condition
condition
condition

April
Mar
Mar.
Mar.

0 __
3 0 ...
2 3 . ..
16 . . .

4,459,533,000 4,8,559,000 14,125,000 28,220,000 31.064,000 550.008,000 2,850,000 b3,770,812.000 180,820,000 35,950,000
+ 167,700 000 -1,011,000 — 333,000 + 790,000 + 1689000| + 2183 1000 —823,000
+ 8,649,000 —4,970,000 + 105,000
49,570,000
48,770.000
4.8,353,000
48,157,000

14,458,000
14,400,000
15,187,000
14,116,000

27,4303500 29,3754)00 528,174,000 3 , 6 7 3 , 0 0 0 3.71','!. 103.000 185.796.000 35.851.000
27,722,000 23,760,000|542.924,000 1,275,000 3,752.355,000 183,355,000135,872,000
27,787,000 28,142,000 531.741.000 2,239,000 3,712,119,000 189,803,000 35,403,000
27,301,000 26,865,000 509,490,000 1,387,000 3,694,546,000 201,133,000 35,023,000

a
doposlts deducted, $284,447,000. b U. S. deposits deducted, $358,447,000. c Includes capital set aside for foreign branches, $0,000,000.
j y o tir —The statement for tho week ending March 9 Includes the aggregates for the Farmers' Loan A Trust Co., which became a member of tho Federal Resorvo Dank
on March 1.
STATEMENT!) OF RESERVE POSITION
Averages.

Actual Figures.

Cash
Ressrce
in Vault.

Reserve
In
Depositaries

Members Federal
Rcservo Bank.
State banks____
TrustCompanles*

13,007,000
3,001,000

S
$
8
3
$
525,809,000 525,869,000 474,675,590 51,193,410 — 10,925,080
d
542,012,000 142,012,000 470,888,940 65,153,000 + 21,020,390
5.055.000 19,352,000 18,539,610
812,360
— 616.480 13,777,000 5.121.000
+ 309,940
18,412,020
485,980
2.695.000 0,386,000 6,210,000
145,400
— 33,900 3.808,000 2.845.000 6,653,000 6,225,750
— 102,200
427,250

Total Apr. 13.
Total Apr. 0 .
Total Mar. 30.
Total Mar. 23.

17.388.000
17.180.000
17.300.000
10.910.000

534.219.000 551.007.000
540.611.000 563.797.000
520.319.000 513.625.00
519,013,000!530,531,000

refill
Reserve

Reserve
Required.

490,455,830
500,070,370
497,022,050
493,780,240

Surplus
Reserve.

Cash
Inc. or Dec.
from
Reserve
PreclousWeek in Vault

52,151,170 — 11,575,400
03,726,630 +17,724,280
40,002,350 + 3,248,590
42,753.700 — 4,982,400

17.585.000
16.993.000
17.570.000
17.206.000

Reserve
in
Depositaries

Total
Reserve.

b
Reserve
Required.

550.008,000 507.593.000 501,520,710
528,174,000 515.107.000 500,519,300
542,921,00 ) 560,500,000 499,100,880
531,741,000 548,917.000'493.98l, 170

Surplus
Reserve.

Inc. or Dec.
from
PreviottsWeek

00,006,290 + 21,418,050
44,647,040 — 10,751,480
61,399,120 + 0,433,290
54,905.830 —20,050,020

• Not members or Federal Reserve Bank
a This Is the reserve required on net demand doposlts In the oase of State banks and trust companies, but In the case of members of the Federal Reservo Bank Includes
also amount of reserve required on net time deposits, which was as follows: April 13, $5,416,800: April 6, S5,518,200: Mar. 30, 35,530,770; Mar. 23, 55,778,180.
b I his Is tho reservo required on net domand doposlts In the case of State banks and trust companies, but In tho case of mombers of the Federal Reservo Bank Includes
also amount of reserve required on net tlino deposits, which was as follows: April 13, $5,376,000: April 6, $5,528,010; Mar. 30, 35,454,990; Mar. 23, $5,048,370.
c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank was as follows
April 13, $104,383,000; April 0, $103,840,000; Mar. 30, $102,976,000: Mar. 23, 8101,473,000.
d Amount of ensh In vaults, which Is no longer counted as reserve for membors of the Federal Reserve Bank, was as follows:
April 13, $105,402,000: April 6, S103,000,000; Mar. 30, $102,082,000: Mar. 23, $102,263,000.




The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished bg State Banking Department.) Differences from
April 13
previous week.
Inc.811,404,800
Loans and Investments______________ _____ _____ 5761,810,600
Inc.
153,700
Specie________________________________________ 15,324,500
232,800
Inc.
Currency and bank notes----------------------------------- 12,132,100
Dec. 1,531,800
Deposits with the F. R . Bank of New York........ 51,572,500
Inc. 2,224,100
Total deposits..................................... - ................... 799,184,700
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
Inc. 1,735,800
panies in N . Y.Clty, exchanges and U .S. deposits 711,848,200
Dec. 2,111,200
Reserve on deposits......................- .........................- 138,131,300
Percentage of reserve, 21.5%.
RESERVE.
------ Slate Banks-----—Trust Companies—
Cash In vaults________- _______ ...$13,661,400 10.74%
$68,267,700 13.31%
Deposits In banks and trust cos----- 17,125,100 13.46%
39,077,100
7.62%
.530,786,500

Total

24.20%

5107,344,800

20.93%

In addition to the returns of “ State banks and trust com­
panies in New York C ity not in the Clearing House,” furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
in the whole State. The figures are compiled so as to dis­
tinguish between the results for N ew York City (Greater
New York) and those for the rest of the State, as per the fo l­
lowing:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of the law governing the reserve require­
ments of State banking institutions as amended M a y 22
1917 were published in the “ Chronicle” M a y 19 1917 (V .
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the “ Chronicle”
April 4 1914 (V . 98, p. 1045).
8TATE BANKS AND TRUST COMPANIES.

The averagos of the New York City Clearing Houso banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:

Jan.
Jan.
Fob.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Aprll
Aprll

19....
26~.
2 ...
9 ...
1 6 ...
2 3 -..
2 ...
9 -..
1 8 ...
2 3 . ..
3 0 . ..
6. . .
1 3 .-.

Loans
and
Investments
5
4.892.797.1
4.899.129.5
5.006.037.0
5.038.372.7
5.049.992.0
5.110.015.8
5.150.848.2
5,127,304,4
5.001.380.8
5.034.741.0
5.089.258.3
5.055.925.8
5.126.263.6

Demand
Deposits.

Legal
Tenders.

Specie.

Total
Cash In
Vault.

s
$
S
$
4.57.8.900.7 101,078,7 98.375.5 203,054,2
4,470,553,8 101,471,0 97.599.0 199.070.0
4.486.508.5 97.829.7 95.280.8 193.110.5
4.517.827.5 96.292.1 93.282.0 180.571.1
4.501.204.7 95.857.3 101,927,9 197.785.2
4.428.375.5 93.416.1 101,863,0 195.279.1
4.433.280.6 92.655.7 102,961,4 195.617.1
4.319.035.1 90.537.4 83.762.0 174.300.0
4,369,257,5 90.131.4 81,255,4 171,380,8
4.409.310.1 90.084.8 84.204.8 174.929.6
4.446.491.7 91.076.7 80.187.0 177.263.7
4,408,927,4 91.749.8 86.601.6 178,351,4
4.466.133.2 92.493.5 85,430,6 177.924.1

Trust Cos.
State Banks
Trust Cot.
State Banks
in
outside of
outside of
in
Oreater N . Y. Greater N . Y. Oreater N. Y. Oreater N. Y

Week ended April 13.

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK (two ciphers omitted).
Week
Funded—

1661

THE CHRONICLE

Apr . 20 1918.]

Capital as of Sept. 8____

$19,775,000

$38,950,000

$16,573,000

Surplus as of Sept. 8____

38,506,722

162,901,400

16,937,000

25,748,040

458,670,400 1,945,246,000
+ 12,254,700 + 6,208,000

198,690,000
+ 1,487,400

324,792,700
— 961,700

.............. - I

..

Loans and Investments..
Change from last week.

Reserve In
Deposi­
taries.
S
612,272,4
619.095.8
627.476.3
649.108.3
598.152.4
567.452.0
570.836.9
560,387,6
574.445.1
569.773.5
578,017,3
603.729.1
590.421.2

Specie____ ____________
Change from last week.

16,948,600
— 102,900

21,128,300
— 16,700

Currency and bank notea.
Change from last week.

24,784,600
+ 928,100

14,915,700
+ 485,100

Deposits with the F. R.
Bank of New York___
Change from last week.

44,849,000
— 171,100

204,224,600
— 346,400

—

............

..................

...................

Doposits_______________
Change from last week.

576,596,900 2,053,291,000
+ 6,461,900 — 22,343,300

206,838,700
+ 1,804,400

318,480,500
+ 2,202,000

Reserve on deposits........
Change from last week.

114,495,600 325,445,400
— 283,400 + 22,343,300

32,574,400
— 592,000

39,278,900
+ 2,100,300

P. C. reserve to deposits.
Percentage last week..
+ Increase over last week.

* Included with "Legal Tenders" are national bank notes and Fed. Reserve notes
held by State banks and trust cos. but not those held by Fed. Reserve members.

$25,938,700

24.2%
19.8%
24.9%
19.6%
— Decrease from last week.

19.3%
19.9%

17.4%
17.3%

N on-M em ber B anks and T r u st O ornpauie3.— Following is the report made to the Clearing House by clearing
son-member institutions which are not included in the “ Clearing House return” on the preceding page:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U SE
CLEARING
WON-MEMBERS.

Nil
ProfUi.

Loans.
Discounts.
Investments.
Week Ending Apr. 13 1918. INat.banl s Mar. 41
die.
(State banlH Mar. 14(
Capital.

Members of
Federal Reserve Bank
Battery Park Nat. Bank------W. R . Grace A Co.'s B an k...
First Nat. Bank, Brooklyn....
Nat. City Bank. B rooklyn...
First Nat. Bank, Jersey City.
Hudson Co. Nat . Jersey City
First Nat. Bank, H oboken...
Second Nat. Bank, Hoboken.

t
$
400.000
462,900
500.000
642.400
300.000
655.500
300.000
594.400
400.000 1,319,000
250.000
787,300
220.000
632.500
125,000
275,800

Legal
Tenders.

Gold

Silver.

Reserve
with
Legal
Deposi­
taries.

National
Bank
dk Federal
Reserve.
Notts.

Additional
Depositt 1
with Legal
Net
Devosi- j Demand
taries. , Deposits.

Average.
Average.
Average.
Average.
Average.
Average.
Average.
S
$
%
3
$
%
$
7.518.000
132.000 1,082.000
353.000
64.000
12,000
43.000
3.055.000
2,000
660,000
3.000
5.88.000
7.317.000
484*666
12.000
67.000
n ‘7‘,666
~i 4~,6o6
598.000
6.800.000
91.000
583.000
6.000
21,000
72.000
7.182.000
185.000 1 ,000,000 3,412,000
210,000
14S.000
260,000
328.000
5.224.000
880.000
132.000
85,000
73.000
10,000
7.231.000
153.000
336.000
827.000
9.000
4,000
44.000
287.000
5.414.000
515.000
6.000
42,000
96.000
26.000

Net
Time
Depositt.

Average.
Average.
3
S
6,812,000
90,000
1.874.000
750.000
5.817.000
609.000
412.000
5.509.000
6.884.000
4.291.000
506.000
3.018.000 3.495.000
2.814.000 2.513.000

A terage
f
196.000

1.521,000

2,495,000 5,369,800 50,361,000

395,000

363,000

593,000

793.000 4,879,000 7,054,000

37,019,000 8,375,000

State Banks.
Not Members of the
Federal Reserve Bank.
100,000
Hank of Washington Heights.
480,300 2.457.000
500.000 1,003,400 10.401.000
Colonial Bank..........................
1 ,000,000
Columbia Bank................
620.800 12.823.000
500.000
International Bonk........ .......
146,900 4.879.000
200.000
Mutual Bank........ ................
523,000 8.013.000
200,000
New Netherland Bank..........
213.700 4.321.000
Torkvllle Bauk......................
100,000
663,400 7.506.000
Mechanics' Bank, Brooklyn., 1,600,000
798.700 23.966.000
.'forth Side Bank, Brooklyn
200,000
174,800 5.294.000

70,000
599.000
640.000
157.000
488.000
124.000
409.000
579.000
120.000

66,000
298.000
365.000
61,000
16,000
242.000
81,000
102.000
285.000
80,000
449.000
351,000 1 ,012,000
113.000
29,000

131.000
133.000
146.000
659.000
452.000
132.000
773.000
342.000
610.000
261.000
329.000
*4*1*666
507.000
336.000
282.000
133.000
127.000
490.000
331.000
120.000
435.000 1,464,000 1,115,000
259.000
265.000
432.000

2.193.000
10.987.000
12.885.000
4.569.000
9.130.000
4.714.000
8.173.000
24.403.000
4.869.000

4,400,000 4,625,000 80,650,000 3,198,000

Trust Companies.
Not Members of the
Federal Resent Bank.
Hamilton Trust Co., Brooklyn
Mechanics’ Tr. Co.. Bayonne

500.000
200.000

1,007,800
344,000

T o ta l------------------- ----------

700,000

1,361,800 17,132,000

9.240.000
7.892.000

urand aggregate....................
Comparison previous week. ..
Excess reserve____
___
Grand aggregate Apr. 6. . .
Grand aggregate Mar. 3 0 ...
Grand aggregate Mar. 23----Grand aggregate Mar. 16----Grand aggregate Mar. 9

7.595.000 11.340.600 143,143,000
+ 2,631,000
" *140,165 Increase
7.595.000 11.340.600 145.512.000
0.895,000 11.442.000 143.466.000
6.895.000 11.442.000 143.460.000
6.895.000 11.016.700 143.493.000
6.805.000 11.616.700 142.897.000
a U. 8. deposits deducted. SO.114,000.

814,000| 2,921,000 2,481,000 4,832,000 2,992,000

Circulation..............................
Loans, dlso’ts & Investments.
Individual deposits. lnol.U.S.
Due to banks..........................
Time deposits........ ...............
Exchanges for Clear. House.
Due from other banks. . ----Cash In bank A In F. R. Bank
Reserve excess In bank nud
Foderal Reserve Bank___

23.000
94.000

138.000
114.000

346.000
550.000

316.000
443.000

6.922.000 1,081,000
4.997.000 3,087,000

393,000

71,000

117,000

252,000

896,000

759,000

11,919,000 4,168,000

...

3.986.000 1,248,000 3,631,000 3,526,000 10,607,000 10,805,000 al30,861,000 13,681,000 1,521,000
+ 3,000. +174,000 + 42,000 + 210,000 — 1060000 +2,780,000 + 120,000
+ 4,000
+ 68,000
3,92 s! 000
3.951.000
3.951.000
3.992.000
3.924.000

1.245.0001 3,457,000
1.182.000 3,323,000
1.182.000 3,323,000
1.158.000 3,391,000
1.286.000 3,416,000

April 6 .
1918.

March 30
1918.

$1,989,000 Inc.
497,862,000 Inc.
127,565.0901 Inc.
132,108,090 Inc.
10,861,000 Dec.
15.072.000 Dec.
92,990,000; Inc.
60.717.000 Inc.

$35,000
15,455,000
16,011.000
2,980,000
87,000
2,743,000
995,000
4,996,000

4,954,000 $1,997,000
482,407,000,;487,181,000
411.551.000 110.583.000
129.428.000 120.692.000
19.951.000 20.300.000
17.815.000 16.926.000
92.001.000 82.376.000
55.751.000 68.210.000

14.901.0001 Inc.

2,925,000

12.030.000 13,634,000

P h iladelph ia B an k s.— The Philadelphia Clearing Houso
statement for the week ending April 13, with comparative
figures for tho two woeks preceding, is as follows. Reserve
requirements for mombers of tho Federal Reserve system
aro 1 0 % on demand doposits and 3 % on time deposits, all
to bo kopt with tho Fodoral Reserve Bank. “ Cash in




81,923,000 1,138,000

50.000
21.000

BOSTON CLEARING HOUSE M EMBERS.
Change from
previous week.

3*2*1*666
129.000
77.000
135.000
76.000
400.000

374,000
19,000

B osto n C learing H ouse B a n k s.—-We give below a sum­
mary showing the totals for all the items in the Boston
Clearing House weokly statement for a sories of weeks:
April 13
1918.

...

3.484.000
3.182.000
3.182.000
3.322.000
3.278.000

10.397.000
10.116.000
10,116.000
10,013,000
9,953,000

11.865.000
10.685.000
10.685.000
11.494.000
13.711.000

128.072.000
127.382.000
127.382.000
126.148.000
124.408.000

13.561.000
13.231.000
13.231.000
13.208.000
13.194.000

1,*517,000
1.518.000
1.518.000
1.520.000
1.520.000

vaults” is not a part of legal reserve. For trust companies
not members of tho Federal Reserve system the reserve
required is 1 5 % on demand doposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
Two ciphers (00) omitted.

Week ending April 113 1918.
Mem. of
F R. Syst.

Trust
Cot.

_+
£?

T o ta l. . . ................. - -

155.000

290.000
120.000
400.000
197.000
219.000
99.000

Total.

Mar. 30
1918.

!
!
!

T o t a l...................................

National
Bank
Circula­
tion.

C apital........................ .....
Surplus and profits_____
Loans, dlso'ts A lnvost'ta.
Exohanges for Clear .House
Due from ban ks..............
Bank deposits....................
Individual deposits.'........
Time deitoslts..................
Total deposits................
(J .8 depositsfuot Included)
lles've with Fed. Ros. Bit
Res’ve with legal depoe'lcs
Cash In v a u lt* ...............
Total reserve A cash held.
Reserve required_______
Excess res A cash In vault

25,975,0
67,227,0
551,558,0
21,593,0
131,830,0
169,222,0
434,296,0
4,074,0
697,592,0

5,500,0
13,891,0
46,577,0
374,0
203,0
1,293,0
32,283,0

33,5*76,6
____ ____
_
53,702,0
15,791,0
69,493,0
45,131,0
24,362,0

5,2*16,6
1,861,0
7,077,0
4,950,0
2,127,0

31,475,0
81,118,0
593,135,0
21,972,0
132,033,0
170,515,0
466,579,0
4,074,0
641,163,0
40,034,0
53,702,0
5,216,0
17,652,0
76,570,0
50,081,0
26,489,0

31,475,0
81,201,0
588,095,0
24,326,0
132.455.0
172,232,0
403.994,0
4,131,0
040,357.0
28.312,0
52,639,0
5,404,0
18,100.0
76,143,0
49,733,0
26,410.0

• Cash la vault Is not couuted as reserve for F. R. Bank members.

$31,475,0
81,180,0
691.808,0
22.925,0
127.205,0
160,179,0
450,491,0
4,120,0
620.790,0
36.397,0
45,050,0
4.964,0
17,433,0
67.447,0
48,399,0
19,048,0

1663

THE CHRONICLE

%&vCkzxs7 ©a^jettje*
Wall Street, Friday Night, April 19 1918.
T h e M oney M arket an d F in an cial S itu a tio n .— Domes­
tic events, although of considerable importance, have been
almost wholly lost sight of in view of the tremendous sig­
nificance of over-seas developments. If the cabled news of
late yesterday and this morning are to be relied upon, the
great German offensive in France and Belgium has reached
a climax or set-back and for a while, at least, seems unlikely
to make further advance towards the coveted objective.
The effect of this news at the Stock Exchange has been
instantaneous and decisive. The volume of business more
than doubled and the security markets, which had for some
time past been weak and reactionary, immediately assumed
a firm tone and prices began an upward movement which has
generally been maintained.
One of the events of local interest has been a substantial
decline in the price of cotton. This was not a surprise to
thoso who comprehended the effect of the recent wild specu­
lation in this product and the possibility of Government
control of future prices. Shares of the various steel com­
panies have been relatively strong throughout the week, on
Judgo G ary’s statement that large dividends m ay bo ex­
pected to continue if present prices of steel products are
maintained. That these prices are now so high as to greatly
curtail the use of stool for structural purposes is doubtless
one reason for tho present limited amount of unfilled orders
on producers' books. A preponderating proportion of tho
curront steel output is directly or indirectly for Government
purposes. Tho weekly weather report shows that tho crops
have been favorably affected. Winter wheat has improved
and spring wheat seeding is progressing satisfactorily.
The money market has been easy with four and six months
money moro freely offered and call loan rates averaging
lower than of late, though’with a spurt to 6 % on Thursday.^;
Foreign E xch an ge.— Sterling exchange remains without
feature, changes in rates being of little significance. The
Allied exchanges as a rule have been maintained. Neutrals
are firmer.
To-day’s (Friday’s) actual rates for sterling exchange were
4 7 5 % for sixty days, 4 76 7-16 for cheques and 4 7 2 % @
4 7 2 % for cables. Commercial on banks sight 4 7 5 % @
4 7 5 % , sixty days 4 7 1 % @ 4 7 1 % , ninety days 4 7 0 @
4 7 0 % and documents for payment (sixty days) 4 71 % @
4 7 1 % . Cotton for payment 4 7 5 % @ 4 7 5 % and grain for
payment 4 7 5 % @ 4 7 5 % .
T o-day’s (Friday’s) actual rates for Paris bankers' francs
were 5 7 8 % @ 5 7 8 % for long and 5 7 2 % @ 5 73 for short.
Germany bankers’ marks were not quoted. Amsterdam
bankers’ guilders were 46 13-16 @ 4 7 1-16 for long and
46 1 5 -1 6 @ 4 7 3-16 for short.
Exchange at Paris on London, 27.16 francs; week’s range,
27.16 francs high and 2 7 .1 6 % francs low.
Exchange at Berlin on London not quoted.
The range for foreign exchange for tho week follows:
Sterling Actual— Sixty Days.
High for tho w eek___ 4 7254
L ow for the w eek___ 4 7254
Paris Bankers' Francs—
High for tho w eek. . .
5 78%
L ow for the w eek___ 5 79
Germany Bankers' Marks—
High for the w eek___ ______
L ow for tho w eek___ ______
Amsterdam Bankers' Guilders—
High for the w eek___
47 1-16
L ow for the w eek___
46 6-16

Checks.
4 7655
4 76>$
5 72
5 72)4

Cables.
4 76)4
4 76 7-16
5 70 Ys
5 70)4

47 %
47

D om estic E xch an ge.— Chicago, par. Boston, par. St.
Louis, 5c. per 81,000 discount bid. San Francisco, par.
M ontreal, $17 50 per $1,000 premium. Minneapolis, 10c.
per $1,000 premium. Cincinnati, par.
U n ited S ta te s B on d s.— Sales of Government bonds at
the Board include $10,000 3s, rog., at 99; $2,000 2s, reg.,
at 9 7 % ; $1,000 2s, coup., at 9 7 % ; $1,000 Pan. 3s, reg., at
84; Liborty Loan 3 % s , at 98.80 to 99, L . L. 1st 4s, at 96.14
to 96.58; and L . L. 2d 4s, at 96.2 to 96.64. For to-day's

prices of all the different issues and for weekly range see third
pagefollowing.

State a n d R ailroad B on d s.— N o sales of State bonds
have boen reported at tho Board this week and tho market
for railway and industrial bonds has again been practically
featureless. Transactions at tho Exchango have been ex­
ceptionally limited and of a list of 15 relatively active issues
5 are fractionally higher and 8 are unchanged from last week.
Of the exceptional features Distilling Securities 5s are
conspicuous for an advance of 1 % points and N ew York
Central 6s aro % higher. Otherwise tho changes recorded,
whether to higher or lower, are in no case more than % point.
The list from which the abovo facts aro gleaned includes
Atohison, B alt. & Ohio, Chos. & Ohio, Burlington, Rock
Island, Northern Pacific, Southern Pacific, Reading, Rubber
and Steel issues.
R ailroad an d M iscellan eou s S tock s.— The stock market
has been decidedly more active than for some time past.
It was firm on M onday, with some advancojn prices, but on




[Vol. 106,

Tuesday and Wednesday showed a tendency to weakness.
On Thursday, however, the war news was more favorable and
the market promptly responded, with a vigorous upward
movement and largely increased activity which showed that
recent apprehension has generally vanished and«a more hope­
ful feeling prevails. This movement has carried a consider­
able list of railway issues to a level from 1 to 2 points higher
than that at the close last week.
Industrial stocks have covered a wider range. Baldwin
Locomotive is up 5 % points, U . S. Steel 4 % , A m . Locomo­
tive over 3, and Smelt. & R ef., Beth. Steel, Crucible,
A m . Sum. T o b ., Sinclair Oil and Gen. Motors from 2 to 3.
Inter. M er. M ar. pref., ex-dividend to-day, closes 2 % points
lower than last week.
For daily volume of business see page 1671.
The following sales have occurred this week of shares not
represented in mu’ detailed list on the pages which follow:
STOCKS.
Week ending April 19.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Highest.

Par. Shares $ per share. $ per share. $ per share $ per share.
Adams Express........ 100
200 60
Apr 16 60)4 Apr 15 65
Mai 80
Jan
Amer Bank Note___ 50
100 31)4 Apr 18 31)4 Apr 18 31)4 Mm 34)4 Mar
American Express__ 100
200 85
Apr 15 88 Apr 18 80
Fct 88
Apr
Amer Smelters Securities
Prel Series A ________
200 91
Apr 18 91 Apr 18 90
Api 94)4 Mar
American Snuff____ 100
100 93 )4 Apr 16 93)4 Apr 16 89) 4 Jah 94
Feb
Am SumatraTob pf.100
100 90 Apr 19 90 Apr 19 81
Feb
Jan 93
Janl 60
Amer Teleg & Cable.100
3 51
Apr 17 51 Apr 17 51
Fob
Associated Oil_____ 100
300 54
Apr 16 54)4 Apr 17 54
Apn 59)4 Jan
Barrett, pref_______100
40010054 Apr 15 101 Apr 18 100
Jar 101)4 Feb
Batopllas Mining___ 20 1,100 1)4
Apr 18 l H Apr 15 1
Jar
154 Mar
Brunswick Terminal. 100
150 6)4
Apr 15 6)4 Apr 15 6)4 Jar 8)4 Feb
Calumet & A rizona...10
200 07
Apr 18 67 Apr IS 63)4 Jar 70
Feb
Jdn 85H Mar
100 83)4 Apr 13 83 H Apr 13 73
Case (J I), pref____ 100
Central Foundry___ 100 2,000 37)4 Apr 17 40 Apr 19 26
Mar
Mai 40
Preferred________ 100 2,700 48)4 Apr 17 52)4 Apr 10 41
Apr
Jar 53
Chicago & Alton___ 100
100 7
Apr 17 7 Apr 17 7
Apr 954 Jan
Jar 56
Cluett,Peabody&Co.100
100 56
Apr 16 56 Apr 16 45
Fob
Comput-Tab-Rec__ 100
100 32 A Apr 13 32)4 Apr 13 30
Jar 32)4 Mar
Jan 10
Cons Interstate C all.. 10
100 8
Apr 17 8 Apr 17 8
Jan
Crex Carpet________ 100
100 40
Apr 19 40 Apr 19 40
Api 44)4 Feb
Cuban-Am Sug, pref.100
100 95
Apr 16 95 Apr 16 90
Mai 95)4 Feb
625 95
Apr 17 95)4 Apr 17 94) 4 Fot 96
Deere & Co, pref___ 100
Feb
Elk Horn Coal_______50
400 26
Apr 19 20)4 Apr 13 22
Jar 28)4 Mar
Fed Min & S m elt... 100
100 OH Apr 17 OH Apr 17 9)4 Apr 13)4 Jan
Preferred________ 100
507 30
Apr 15 31 Apr 19 27
Jar 36)4 Feb
Jan
Fisher Body Corp,pf.100
10 S1H Apr 17 81H Apr 17 70)4 Jai 87
General Cigar I n c ... 100
100 42
Apr 19 42 Apr 19 34
Jan( 45
Mar
Gulf, Mob & N , pref. 100
100 27
Apr 15 27 Apr 15 27
28)4 Feb
Homestake M ining.. 100
100 76
Apr 15 76 Apr 15 76
Apr 89
Jan
Int Ilarv, N J, p r e f..100
300 108)4 Apr 13 10954 Apr 13 106)4 Jar 110)4 Feb
Mar 72
Int Harvester C orp .. 100
200 59
Apr 19 6054 Apr 19 53
Feb
Preferred________ 100
100 98)4 Apr 16 98)4 Apr 16 97
Jan 102)4 Feb
Jewel Tea, Inc.......... 100
400 30)4 Apr 19 32 54 Apr 18 30 54 Api 40
Feb
Preferred________ 100
100 90)4 Apr 18 90)4 Apr 18 90) 4 Apt 97H Jan
K C Ft S & M , pref. .100
100 65
Apr 17 65 Apr 17 65
Api 65
Apr
Kings Co E L & P ...1 0 0
125 93H Apr 13 93 H Apr 13 93)4 Api 94
Feb
Kress (SH)& Co, pf.100
100 10254 Apr 18 102)4 Apr 18 100
Jar 10254 Apr
Llggctt&MyersTob-lOO
13 165 Apr 17 165 Apr 17 165
Jan|19554 Fob
412 102
Apr 13 103 H Apr 19 101)4 Jaii 107)4 Mar
Preferred________ 100
Manhattan B each ... 100
200
% Apr 17
54 Apr 17
54 Api
54 Apr
Manhattan(Elev)Ry 100
100 94
Apr 19 94 Apr 19 94
Mai 9854 Mar
Guaranteed.......... 100
70 95 H Apr 19 95)4 Apr 19 95) 4 Api 95 )4 Apr
May Dept S tores... 100
450 50)4 Apr 17 54 H Apr 15 47
Jan 54 )4 Apr
Moline Plow, 1st preflOO
25 95
Apr 17 95 Apr 17 05
Apr 95
Apr
100 29J4 Apr i8 29)4 Apr 18 2654 ' Jan 32
National Acme_____ 50
Jan
National Biscuit___ 100
92 92
Apr 17 92)4 Apr 15 9254 Apr 100
Jan
238 10954 Apr 15 10954 Apr 15 108)4 Jan 114
Preferred________ 100
Mar
N O Tex & Mex vtc.100
100 18)4 Apr 18 18)4 Apr 18 17
Jan
Apr 21
N Y Ch & St L, 2d pflOO
100 42
Apr 15 42 Apr 15 42
Apt 42
Apr
Apr 21
Norfolk Southern... 100
300 17
Apr 13 17 Apr 16 17
Fob
N orf& West, pref. ..100
100 76
Apr 15 76 Apr 16 76
Apr 79
Mar
Apr 69
Nova Scotia S & C _. 100
120 59
Apr 17 59 Apr 17 59
Jan
Owens Bottle-Mach.. 25
100 59
Apr 19 59 Apr 19 5554 Jar 65
Feb
Peoria «fe Eastern___ 100
900 4 )4 Apr 17 4)4 Apr 17 4)4 Apr 6
Jan
Api 128
Pitts Ft W A C hic.. 100
13 127
Apr 17 127 Apr 17 127
Mar
Pond Creek Coal........ 10
100 18
Apr IS 18 Apr 18 18
Api 1954 Jan
Savage Arms C orp..100
300 65)4 Apr 17 67)4 Apr 19 53
Jar 70
Feb
Sloss-Shcff S A I, pf.100
100 S7
Apr 16 87 Apr 16 81
Feb 87)4 Apr
Stutz Motor Car.tto par 1,900 4454 Apr 13 4654 Apr 13 3854 Jar 47 H Feb
Third Avenue R y . . . 100
140 16)4 Apr 19 16)4 Apr 19 10
Apr 2154 Jan
Transue A W ’m s.no par
100 40
Apr 19 40 Apr 19 3954 Api 4054 Feb
United Drug............ 100
101 70
Apr 13 70 Apr 13 69)4 Jar 70)4 Feb
U S Express________ 100
100 14)4 Apr 19 11)4 Apr 19 14)4 Api 16 H Mar
U S Realty A Im pt.. 100
300 12)4 Apr 17 16)4 Apr 10 8
Mai 16 H Apr
Vulcan Detlnnlng... 100
100 8
Apr 13 8 Apr 13 754 Apt 8)4 Mar
Preferred___ __ .100
50 30
Apr 19 30 Apr 19 25)4 Mar 25)4 Mar
Wells Fargo Express. 100
100 73
Apr 17 73 Apr 17 73
Apt 83)4 Jan

O u tside M a rk et.— For most of the week there was fair
activity in the “ curb” market, with valuos showing slight
advances. To-day, howover, thore was a decided change,
an active demand developing for many issues at advancing
prices. Tho outstanding feature of the market was tho
activity and strength of Burns Bros. Ice com ., the stock
reaching 2 9 % , a new high record, and an advance of almost
8 points during the week. There was somo reaction, how­
ever, the closing to-day being at 2 7 % . Aetna Explosives
com. was in good demand and sold up from 7 % to 8 % .
M otor shares were quiet. United Motors fluctuated De­
tween 2 5 % and 2 6 % , the close to-day being at 2 5 % . Chev­
rolet Motors from 122 dropped to 118, but recovered to
124. Aeroplane issues became moro active toward the
close than for somo time past. Curtiss Aeroplane advanc­
ing to-day from 29 to 3 1 % . W right-M artin Aircraft com .,
after fluctuating between 7 % and 7 % , on heavy transac­
tions jumped to-day to 8 % , tho final figuro being 8 % .
Submarine Boat, after a gain of 1 % points to 1 2 % during
the week, moved up to-day to 1 4 % and closed at 1 4 % .
Oil shares ruled quiet and steady most of tho week, with
more _ activity and strength recorded to-day. Midwest
Refining from 101 ran up to 108 and ends tho week at
1 0 7 % . Midwest Oil com. improved from 89c. to 96 c.,
with the final figure 95c. Merritt Oil sold up from 1 8 % rto
1 9 % and down finally to 1 9 % . Mines dull, except for lowpriced issues. Bonds moro activo and slightly higher.
Procter & Gamble 7s sold to new high records.
A complete record of “ curb” markot transactions for the
week will be foqnd on page 1671.
•

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.

F o r r e c o r d o f aalaa d u r i n g t h a w e e k o f a t o o k a

H I G H AND LOW 3ALB PRICBS—PER SHARIS, NOT PER CUNT.
Saturday
A p ril 13.
$

19
65
547*
*30%
*57%
*18%
*45
*42
*101%
*160
*4
*7%
14%
28
*19
*88
26%
*95
*67*
*41
*15%
*46
*9
*18
*58
*110%
*7
4%
*7%
20%
50*4
08
27%
*19
103%
827*
437*
—

25% 25%
*6578 68
78% 78%
*36
38
*35
37
*9% 10%
*18
20%
*41
44
*7%
8
*16% 18
82% 82%
21% 21%
58
58
*13% 15
*47
49
117% 118
*70
71%
*5% 6
*10% 12
7% 7%
39% 39%
*22
22%
13% 13%
*25
30
*13
13%
*49% 51%
*8% 9
*17% 20
*33
37
*13
29

W ednesday
A p ril 17.

Thursday
A p ril 18.

Friday
A p ril 19.

W eek
Shares.

I n a e t lv a .

aaa

STOCKS

HEW YORK STOCK
EXCHANGE

S per share S per share 3 per share
Railroads
Par
827* 8273 83
83% 82% 83% 8.334 83% 84
83
84% 4,000 Atoll Topeka A. Santa Fa.. 100
*80% 82
85
81% 81% *80% 82
82
Do pref.......................100
§81
81
82
570
90
89% 89% 89% 89%
90
90
90% 897* 89% *88
400 Atlantic Coast Lino RR...100
51% 52% 4.800 Baltimore A Ohio_______ 100
51'2 52% 52% 51*2 52% 51% 51% 51% 52
54
54% 541,! 53% 53% *53% 54
53% 54% 54% 54
640
Do pref.................... .100
38% 38% 39
40% 39% 39% *387S 40% 38% 39
1,700 Brooklyn Rapid Transit.. 100
39%
136% 137% 138% 137% 138% 136% 1373.1 137% 138% 138% 139% 8,1 0 0 Canadian Pacific________ 100
54% 54% 547ft 55% 55% 54% 54% 54% 54*4 55% 55% 2,1 0 0 Chesapeake & Ohio______ 100
6
*6
6% *6
6% *6
6% *0
6*2 §6
6%
49 Chicago Qreat Western__ 100
18% *18% ___ §18% 18% §18% 18% *18
20
*18% 20
247
Do pref.......................100
39
38% 38% 39
38% 39% 38% 39
39'4 39
39% 2,300 Chicago Milw & St Paul.. 100
68% 67% 68% 67% 67% 67% 68% 663,i 68 % 68
68% 2.800
Do pref.......................100
91
91
90
91
91
91
§90
91
526 Chicago & Northwestern.. 1 0 0
*120 150
*120 125 *120 150
Do p ref...................100
19
19% 19
19
19% 19% 19% 4,450 Ohio Rook Isl A Pac temp ctls.
19% 18% 1834 19
65% 05% 66% 65% 65% 65
66%
1,700
65*4 65% 65% 66
7% preferred temp otfs___
54% 55
5534 55% 55% 55
55% 5534 5534 56
1,400
56
6 % preferred temp otfs___
33
*30% 32
*30% 31%
31% 31% *30% 35
100 Clev CIn Ohio A St Louis.. 100
6434 *57
64%
61% *57% 04% *57
*57
643,
Do pref.......................100
19
*18% 18% 18% 18% *18% 19% *18% 1834 *18% 18%
100 Colorado A Southern____ 100
50
*45
50
*45
50
*45
*45
50
50
*45
50
Do 1st pref_________ ioo
48
*40
50
*38
48
*40
*38
47
48
*38
48
Do 2d pref__________too
___ 101 104 *101 101 §101 101 *102 101
104 10134
615 Dolaware A Hudson_____ 100
170 *160 170 *160 170
160 100 *159% 170 *160 170
200 Delaware Lack A Western..50
6
*4%
5% *3% 5%
4
4
200 Denver A Rio Grande___ 100
*3
5
87* *7% 8%
*5*4 8% *6%
6% 7
500
7% 7%
8%
Go pref................
ioo
14% 14% 14% 14% 14% 14
14% 1434 4,500 Erie................................... ioo
14% 141,1 It®!
28% 28% 28% 28% 28% 27% 273.1 27% 28
28% 28% 4,600
Do 1st pref_________ 100
19% 20
20
*19
21
193.1
*19
20
193,i
1934
19%
500
Do 2d prof................. 100
88% 89% 89% 89% 89% 88% 88% 89
89
89% 89%
1,000 Groat Northern pref_____ 100
20% 26% 27% 27% 27% 27% 27% 27% 28% 28% 29
14,100
Iron Ore properties. _A7o par
90% *95
99
*95% 9634 *95
*95
98
§95
9634
95
20 Illinois Central_________ 100
71i
7% 7%
7
7
*6% 7% *6% 7% *7
700 Iutcrboro Cons Corp..N o par
7%
42
42
42
*41
44
*41
43
*41% 42
41
42%
1,000
Do pref........................ioo
15% *15
15% *15% 15% 15% 15% 15% 15% *15
16
800 Kansas City Southern___ 100
49
49
48
*47
50
48
*47
*47
50
*47
50
100
Do prof............ .......... ioo
10
10
10
9
*8
10
§10
*9
*9
9
10
110 Lake Erie A Western........100
22
22
22
*18
*18
*18% 23
*18% 23
22
*18
Do prel........................ioo
59
57% 58
59
58% 6884 5834 59
*58
57% 58
1,100 Lehigh Valley___________ so
113
112% 112% *111% 112% 111% 111% *111 113
112 112
600 Louisville A Nashvillo___ 100
8% *7
8%
8% 8% *8% 10
*7% 9%
7% 7%
790 Mlnneap A St L (new)---100
4% *4
4% *4% 5
*4% 484 *4%
*4% 5
5%
600 Missouri Kansas A Texas. 100
8
*7% 8
7% 7% *7%
8
7% 7% *7% 8'4
200
Do pref....................... ioo
20% 20% 21
20
20% 20% 21% 20% 21% 8,700 Missouri Paolflo tr ctfs___ 100
20% 21
50% 50% 50% *50
51^2 50% 50% 50% 51% 52
52
900
Do pref tr otfs______ 100
08% 68% 69% 69
69
67% 68% 6,8% 69% 09% 69% 3,425 New York Central........... 100
27% 28
28% *28
29% 28
28
28% 28% *28
29
1,175 N Y N H A Hartford____ 100
19% *19
19% *19
19% 19
*19
19
19% *19
19%
300 N Y Ontario A Western... 100
103% *103% 101% 103% 103% 103% 103% 103% 103% *103% IO334
700 Norfolk A Western_____ 100
83
83
83% *82
84
82% 83% 83*4 84% 833.1 84% 2,200 Northern Paclflo................100
44
44
44% 44
44
43% 44
43% 44
43% 44
5,900 Pennsylvania___________ so
—
10
10%
10% 10%
101,t 10% 10
1,100 Pere Marquette v t c____ 100
10%
56
400
56
56
56
—
—
Do prior pref v t o___ 100

per share

♦82%
*80%
*897*
50%
53%
*39%
136
54%
*6
18%
38%
68%

Tuesday
A p ril 16.

M on d a y
A p ril 15.

Salesfor
the

u s u a l ly

S

per share

26
*66
79%
*34%
*35
9%
*18
*35
*7%
*10
82%
21%
*56
*12%
*47
118
71
5*2
11
*7%
39%
221.1
*13%
*25
13%
*49%
♦8%
*17%
*33

27%
68
80%
38
37
9%
20%
49%
8
18
83
21%
58
15
50
119
71
5%
11
8
40%
22%
14
30
15
51%
9
19
37

13% 13
13
29
*28% 30

§

per share

27
*66%
79%
*36%
*35
*9%
*18
40%
7%
15%
82%
21%
*56
*12%
*47
118%
71
*5%
*10%
7%
39%
*22%
13%
*25
14%
*49%
*8%
*17
*34

1% *1%
178 *1%
24
23%
76% 77
85 *__
95
*90
76
72
97
*80
42
41%
*92
97
78% 77%
110%
32
32
79
*75
12% *12
57% *56%
19% 19%
47
40%
54
53
32
31%
71% 72
02% 62%
99
___
9
9%
47% *45%
117% *87%
77% 76%
105 *101%
03% 63
101% 101%
109% *108
95% 91%
101% 100%
160%
160
*91%
95
52% 51%
*93%
95
*21
22
*13
14
*40
46
65% 64%
110% 109%
*61%
63
76% 75%

85%
78%
70
102%
22%

86
*85
78%
767* 77
102% 102%
22% 22%

78%
1027«
22%




*26% 27
66
67
79% 80

27%
68%
80%
38
37
10%
20%
41
8
153i
83
21%
57%
15
50
119%
71
6
11
7'%
40
22%
14%
29
1534
5134
884
20
37

12% 12% *12
30% 30% *29
*54
178
1% *1 %
1%
2
1%
1% ♦Ml
24
23
2 134 2434
77
*77
85
85 *
95
*90
98
*90
72
70
72
71%
97
*80
97
*80
43
41% 43% 43%
97
96
96
*94
78% 75% 7734 77%
__ 110 110
321,t 31% 31% 32
79
*75
79
*75
12% 12% 12% *12
58
56% 57
57
21% 20
21% 21%
47% 46% 47
47
53% 53
53
53%
32% 31% 323i 3234
72% 73
73
73%
63% 61% 621,1 61%
___ *97
99
*97
10% §9
9
9%
45% 44% 44% 46%
___
115
112
77% 75% 703.1 76%
105% 105 105 *104%
63
§618.1 6184 03%
101% 101 101% 101%
112 *108 109% *108
96
94% 95*4 95%
101% 100 100% 993.1
160% §160 160
164
§91% 91% *91%
97
52% 51*4 52% 52%
93
95
93
*93
24
24
24% 24%
14% §13 13
*13
§46
46
47
47
65% 04% 65
65
110% 108 109
108%
61
62% §61
*61
78% 75% 7734 76%

13%
30

9%
*19
*37
7
15%
82%
20%
57%
*12%

10
20%
41
7'4
15%
82%
21
57%
15

117%
70%
5
10%
7%
391.1
22
13%
*24
14
*49%
8%
17%
*34

118%
70%
5
10%
7%
39%
22
13%
29
14
513l
8%
17%
37

Do

pref v t o ________ ioo

27% 27% 2,500 Pittsburgh A West Va___ 100
683.1 69
500
Do preferred________ 100
80% 81% 54,500 Reading________________ 5 0
*36% 38
Do 1st pref................... 5 0
*35% 37
Do 2d pref__________ 5 0
10
10
900 St Louls-San Fran tr otfs. 100
20%
*19
St Louts Southwestern___ 100
42
*37
100
Do pref.......................1 0 0
7% 7% 1,800 Seaboard Air Line........... 100
15% 153,
1,700
Do pref...................... 1 0 0
83l.i 8334 4,500 Southern Pacific Co.........100
21
21% 8,200 Southern Railway_______ 100
58
58%
800
Do pref.......................1 0 0
*12% 17
100 Texas A Pacific................. 1 00
47% 47%
100 Twin City Rapid Transit.. 100
119% 120% 8,000 Union Paclflo_________ 1 00
70% 71
700
Do pref.......................1 0 0
*5
6
300 United Railways Invest... 100
*n
12
670
Do pref....................... 1 00
*7 % 8
1,400 Wabash_______________ 1 00
40
40% 2 ,100
Do pref A.................. 1 0 0
22% 22% 1,000
Do prof B.................. 1 0 0
14
14% 1,900 Western Maryland (new). 100
*25
30
Do 2d pref__________ 1 00
*14
15% 1,000 Western Pacific_________ 1 00
*49% 51
Do preferred.......... 1 00
9
*8
300 Wheeling A Lake E R y_..l00
20
*17
200
Do preferred..............100
*34
37
Wisconsin Central...........100
12% 13%
30% 30%

Industrial A Miscellaneous

500 Advance Rumely_______ 100
800
Do pref....................... 1 00

1663

paga.

PUR SHARP!
R ange Since J an . 1 .
On basis o f 100-share lots.

PER S H A R E
Range for Precious
Year 1917

L ow est.

Highest.

Lowest

Highest

% per share.

$ per share.

$ per share

$ per share
107% Jan
100% Feb
119 Jan
85 Jan
767* Jan
82 Jan
167% Mar
65% Jan
14% Jan
41% Jan
92 Jan
125%Jan
124% Jan
172% Feb
38% June
84% Apr
71 Apr
51 Jan
80 Jan
30 Jan
57% Jan
46 M ar
1517* Jan
238 Mar
17 Jan
41 Jan
34% Jan
49% Jan
39% Jan
118%Jan
38% Mar
106% Jan
17% Jan
72% Jan
257* Jan
58% Jan
25% Jan
53% Jan
79% Jan
133% Jan
32% Jan
11 Jan
20% Jan
34 Jan
61 Jan
103% Jan
527* Jan
29% Jan
138% Jan
110%Jan
57% Jan
36% Jan
73i* Jan
57 June
35%June
68 Jan
104% Jan
45 Jan
45% Jan
26% June
32 Jan
53 Jan
18 Jan
39% Jan
98% Mar
33% Jan
70% Jan
19% Jan
95 Jan
149% Jan
85 Jan
11% Jan
23% Jan
15% Jan
58 Jan
30% Jan
23 Apr
41 M ar
18% May
48 July
227* Jan
50% Jan
54% Jan

81 Mar23
80 Jan 30
8912 Jan 8
49 Jan 21
53 >2 Apr 13
38% Feb 25
135 Mar25
4934 Jan 15
6 Apr 9
18i2Apr 9
3712 Apr 11
66% Apr 11
89>2 Mar25
137 Jan 29
18is Jan 15
563iJan 15
46 Jan 15
26 Feb 21
61 Jan 11
1834 Apr 16
47 Apr 3
40 Apr 4
IOOI2 Apr 11
160 Apr 17
2i4Jan 4
6I2 Jan 30
14 Apr 17
2318 Jan 16
18i2Jan 25
86 Jan 15
2518 Jan 15
92 Jan 7
6*4 Mar25
41 Feb 25
15is Apr. 17
45 Jan 5
9 Jan 14
18% Apr 9
55 Jan 15
110 Jan 2
7>2 Apr 17
4% Jan
6i2 Jan 29
20 Jan 15
41 Jan 15
67% Jan 15
27 Apr 11
18% Jan 22
102 Jan 24
81'8Jan 24
4314 Apr 11
10 Apr 3
5212 Apr 3
30 Apr
22% Jan 2
61 Jan 10
70's Jan 15
35 Jan 12
35 Mar30
9% Apr 3
1918 Marl2
34i2 Feb 13
7 Apr 17
15'8Apr 19
80i2Jao 24
20'2Apr 17
57 Jan 21
15 Apr 10
47 Apr 12
109*4 Jan 15
69 Jan 3
454 Jan 15
10'2Apr 9
7% Apr 17
39% Apr 12
20% Jan 15
13 Jan 15
20 Jan 29
13 Jan 2
46 Jan 3
8% Jan 15
17% Apr 17
36 Apr 8
11 Jan 19
257gjan 15

87% Jan 3
82% Jan 2
92 Jan 2
56% Marl4
57% Jan
48% Jan
149% Jan 31
60% Marl4
8% Jan
25 Jan
47% Jan
79% Jan
95 Jan
137 Jan 29
23 Jan
69% Marl2
59% Marl2
31% Apr 18
61 Jan 29
23 Jan 2
50% Jan 4
45 Marl4
115% Feb
zl80 Jan 4
6 Jan 3
13% Jan 2
17% Jan 2
30% Mar 18
22 MarlS
92% Feb 14
30% Feb 18
96% Apr
9% Jan
47% Jan
18% Jan
51 Feb
10% Feb 19
21 Feb 25
627g M arll
118 Marl4
10% Jan 3
6% Jan 2
9% Jan 7
24% Jan 2
54% M arl5
73% Jan 4
32% Jan 2
21% Jan 3
106% Marl2
88% Jan 3
47% Jan 2
14 Jan 4
58% Feb 19
37 Jan 11
30% Mar 14
69 Apr 19
85% Marl8
38 Marl 4
38% Mar 16
14 Jan 2
23 Jan
40% Jan
8% Jan
19% Jan
88% Feb 27
25% Mar 12
61% M arll
19% Feb 20
65% Jan 31
123% Feb 28
74% M arll
6% Jan 3
14% Jan 3
9% Jan 2
44%Jan 2
23% Mar 8
17% Feb 15
31% Feb 15
16% Feb 15
58 Feb 6
10% Jan 2
22% Feb 18
39% Jan 3

75 Deo
75 Dec
z79% Deo
3S% Deo
48% Deo
36 Dec
126 Deo
42 Nov
« Deo
17% Deo
35 Nov
62% Deo
85 Dec
137% Deo
16 Deo
44 Deo
35% Dec
24 Nov
61% Oct
18 Nov
44% Nov
41 Sept
87 Nov
167% Deo
5 Deo
9% Dec
13% Deo
18% Deo
15% Deo
79% Deo
22% Nov
85% Deo
5% Deo
39% Deo
13% Nov
40 Nov
8 % Nov
23 Oct
50% Deo
103 Dec
6%Deo
3% Deo
7 Nov
19% Nov
37% Deo
62% Deo
21% Sept
17 Nov
92% Deo
75 Deo
40% Deo
12 Deo
45 Nov
37 Oct
18% Deo
63% Apr

60% Nov
34 Nov
337* Deo
12 Deo
22 Deo
34 Deo
7% Deo
1678 Deo
75% Deo
21% Deo
51% May
11% Nov
62 Deo
101% Deo
69% Deo
4% Deo
11% Deo
7 Nov
36% Deo
18 Deo
12 Deo
20 Deo
10% Dec
35% Dec
7% Deo
16% Nov
33 Deo
14% Feb 18
7% Nov
30% Apr 19
19 Oct
58 Apr 8
45% Dec
278 Jan 12
1 Dec
3% Jan 21
1% Deo
27% Feb 21
15 Deo
83% Mar 7
65 Deo
90 F e b '13
72 Deo
93% Apr 9
91 Deo
84 Feb 27
63 Deo
86 Feb 19
78% Dec
44% Apr 19
29% Nov
96% M a rll
87 Deo
80% Apr 4
57 Feb
110% Feb 1 100 Nov
33% Apr 4
21 Deo
81% Mar 8
80 Deo
14% Feb 26
10 Feb
63% Feb 26
43% Deo

18% Jan
37% Jan

49 Jan 2
Ajax Rubber Inc................. 5 0
80 Jan
1%
1%
780 Alaska Gold Mines..............10
1%
1% Mar30
11% Jan
2
13.1 1*4
l% Apr 1
400 Alaska Juneau Gold Mln’g.10
8% Mar
25% 24% 25% 15,200 Allls-Chahners Mfg v t O..100
17^4 Jan 15
32% May
80
*77
80
72% Jan 4
300
867* Mar
Do preferred v t 0 ___100
85
78
Jan
2
Amer Agricultural Chem.,100
95% May
95
89% Jan 17
103% Jan
Do pref....................... 1 0 0
7212 72% 73
70 Apr 17
5,600 American Beet 8ugar____ 100
102% Feb
97
*82
97
84 Jan 9
Do pref....................... 1 0 0
98 Jan
44% 433, 44% 87,900 American Can__________ 1 00
34%Jan 15
53 May
97
*95
89%Jan 23
97*2
100
Do pref....................... 1 00
111%June
7834 7838 79% 28,730 American Car A Foundry. 100
68% Jan 14
80% June
300
Do pref....................... 1 0 0 106 Jan 3
118% May
32
32% 32% 1,200 American Cotton OH....... 100
25 Jan 16
50% Jan
79
*75
79
78% Apr 8
Do pref....................... 1 0 0
101%Jan
123i
123.1 13%
11%Jan 10
1,600 American Hide A Leather. 100
17% Mar
57
58
5912 2,200
50 Jan 2
Do p ref..................... 1 00
75 Jan
243.1 25
2611 21,200 American Ice___________ 1 00
11%Jan 2 26% Apr 19
167* Aug
87* July
473.1 47% 47% 2,000
38% Jan 16 48 Apr 8
Do preferred......... ..1 100
55 July
35 Deo
54
53
52% Mar25
4,300 Amer International Corp . 100
5812 Feb 1
62% Aug
46 Oct
33% 33% 34% 19,700 American Linseed______ 1 0 0
27 Jan 7 34% Feb 6
29% Aug
15% Feb
73% 73% 73%
69% Jan 7 75% Feb 6
700
Do pref....................... 1 0 0
48 Feb
75 Nov
63% 63% 65% 22,900 American Locomotive___ 100
53% Jan 15 69% Feb 19
82% Jan
46% Deo
99
210
Do pref....................... 1 00 z95 Jan 4 100 Feb 18
93 Deo 1087* Jan
9%
9% 10
2,250 American Malting______ 1 0 0
8% Apr 2 13% Feb 6
19% Mar
8 %Deo
47
*44% 48%
44% Apr 17 58% Feb 6
1,200
Do 1st prof................. 100
71% July
50 Deo
112 *112% 115
100 American Shipbuilding__ 100
90 Feb 21 115 Apr 10
88 Nov 93 Nov
78% 78% 79
74% Apr 11 86%Feb 19
18,110 Amer Smelting A Refining. 100
67% Deo 112% June
105% *104% 105
104 Jan 5 106% Mar 2 i99% Nov 117% Jan
100
Do pref.................. 1 00
63% 64l,i 65
1,090 Amer Steel Foundries........100
58 Jan 15 68% Feb 19
75 June
60% Deo
103
103% 101
3.700 American Sugar Refining.. 100
98 Jan 16 108% Feb 10
89% Nov 126% June
110 *108 112
100
108% Mar23 110% Jan 3 106 Deo 121%Jan
Do pref...............1 00
97
96% 97% 14,800 Am Sumatra Tobacoo....l00
60% Jan 5 98% Apr 9
30 May
62% Deo
100% 100 100% 8,100 Amer Telephone A Teiez-.lOO
99% Mar28 109% Feb 1
95% Deo 128% Jan
165
167 167
518 American Tobacco______ 100 140% Jan 5 1687g Feb 6 123 Deo 220 Mar
95
95
95
205
94 Jan 24 99 Feb 23
Do pref (new)......... 1 00
89 Dec 109% Jan
53
53% 5,900 Am Woolen of Mass......... 100
44%Jan 15 66% Feb 21
58% June
37% Feb
95
*93% 94
92 Jan 4 95% Marl2
100
Do pref.................. 100
87 Nov 100 June
25% *23
25% 3,175 Am Writing Paper pref... 100
20% Apr 11 31% Feb 5
17 Nov 54% Mar
14
*13% 14
50 Am fllnc Lead A 8_______ 25
41% Jan
17% Jan 3
12% Jan 18
10% Deo
47
*45
47%
405
41 Jan 2 47 Jan 3
72% Jan
Do pref_____________ 26
39% Deo
66
z633i 61% 44,050 Anaconda Copper Mining..50 *59% Jan 18 66% Feb 19
61% Nov 87 May
110
110 110% 6.700 Atl Gulf A W I 88 Line... 100
97% Jan 5 120% Feb 18
87% Sept 121% Jan
62
*61% 62
10
58 Jan 5 64% Mar 18
66 Jan
54 Feb
Do pref......................100
78% 78% 81% 140,600 Baldwin Locomotive Wks.100
56% Jan 15 81% Feb 19
76% July
43 Feb
93 Jan 2 100 Feb 28
Do pref__________ 1 00
93 Deo 102% Jan
*85
87% 851.1 85% 85% 87% 88
88
1,100 Barrett Co (The)......... 180
85 Jan 4 93 Feb 19
82 Deo 130 Jan
74% Jan 15 83% Feb 27
200 Bethlehem Steel Corp___ 100
66% Deo 615 Jan
77% 78% 76% 78
77% 79% 79
80% 66,750
72% Jan 15 83% Jan 3 z68% Deo 156 June
Do class B common_100
1023,1 103
102% 103
1023i 103% *103% 108
2,000
96% Jan 15 103% Apr 18
Do cum conv 8% pref___
93 Deo 101% Oot
23% *21% 24
22% 22% 22% 22%
*22
21 Jan 21 26 Feb 18
500 Booth Fisheries______ No par
no sales on this day. t Ex-rights. I Loss than 100 shares, a Ex-dlv. and rights, s Ex-dlvldend. # Before payment of first installment

1% *1%
2
1%
22% 23%
80
76
85 *__
95
♦90
74
*72
97
*80
41
41%
97
*93
77% 77%
110% 110%
33
32
79
*75
12
*12
57
50%
18% 18%
47
*39%
54
53%
31% 31%
73
71%
___
61%
98
99
9
9
49
47
117% ♦111
75% 76
105 *104
63% 63%
101
101%
n o *107
95% 94%
100% 1001,1
162
160
95
05
51% 51%
94
*92%
23
*20%
13% *13
45
45
04% 04
108
108%
03
*61%
74
74%

• Bid and asked prloes;

27
*67
z79%
*36i.i
*35
10%
*19
*37
*7
15%
S238
20%
57%
15
*47
118
*70
*5
11
*7%
39%
221,1
13%
*25
*13%
*49%
*8
*17
*33

*12% 13%
30
30

1%
*1%
22%
*76
*80
*91
*08
*80
40%
*93
76%
110%
*32
*75
12
*55%
18%
*41
53%
31%
*71%
___
98
*8%
*46
*91%
75%
"104
*61%
100
110
937*
100%
*150
*91%
51%
*92%
*20
*13
*44
637*
108
*61
731,1

87%

27%
67
81
38
37
10
20%
40%
7%
16%
83%
21%
58
15
50
119
71
6
12
7%
40
23
13%
30
15%
52
9%
20
37

p r a o a d in g

New York Stock Record—Concluded—Page 2

1664:

v e t racor<1 of -Kiiei during the weak o f stocks usually Inactive, sea second page preceding.

m an

a

Saturday
April 13.

.VD 10 W SALS
Mom
April 15.

pr ICS3

lay
April 16.

-P B S S 3 All a. NOT p a s CBN T.
Wedne
April 17.

April 18.

ay
April 19.

Sales/or
the
Week
Shares.

per share S per share
124 130% 3.700
123% 124
400
914 *834 Oil
*$h
20% 1.000
20
20
20
*19*4 20 % *18*4 20 % 18% 19
*20% 21
600
*42% 43
42% 42% 42% 42% 42% 42%
*41% 42% *41% 43
17
17% 17% 4,900
17
18
17
17
18
17% 18
18% 18
1,940
48
48
48*4 48% 47% 48% 47% 48
47
48l2 48% 49
20,900
67% 67% 69
66
67
65% 66% 66
63% 64% 65
67
350
*10 1 103
102*2 102% 102% 102% 10234 102% §104 104 *102 104
31% 32% 32% 32% 2,325
§32
32
*31
3 l7s 31*4 31% 31% 32
1,100
82% 83
82
82
81
81
*S0
*79
81
81
80*2 81
15lS 151S 15*2 15% 15% 15% 15% 15% 15% 16% 16% 16% - 6,500
40% 41% 41% 41% 2,150
*41
42i2 *41
42% 41% 41% 40% 41
900
39
39
38% 39%
.32%
33
32%
32%
32%
33% 3334 34% 3,000
•30'J.i 32
32
33%
*85
88
*85
88
*85
*85
*85
88
89
88
88
*85
*65
70 U *65
701.1
35% 355s 35*4 36% 36
37% 36
37% 3658 37% 36% 37% 56,900
97
97% 2,380
97
97
96
96
*96% 98
97
.97
96*2 97
04% 64
65% 32,100
63
62% 63% 61% 62% 63
61
61*2 61
*88
89
*88
80
*85
*88
*85
89
89
29% 9,000
28% 29% 29
*2712
28% 27% 28
27*2 28% 28
900
791.1 79% 79% 79%
79
*90
95
79
79
79
79
79
4534 4534 48% 46% 48% 45% 47'.! 46% 48% 47
48% 152,850
45
8% 8% 2,000
8%
8
*8
8
8
8%
8 >8 H>4
8% *8
1,000
34
*33% 34
34
34
34
34
34
3314 3314 33*2 34
139% 140% 14112 142% 2,500
*137 139
139% 139% *138 139% 139 139
118 119 .cllO 118% 116% 119
117 118% 118 120% 121% 123% 19,500
7934
400
*79
79
79
79% 79% 79
79
*80-34 81% *79% 81
1,300
44
4214 4214 42
*42% 45
42% 42% 42% 42% 43
43
*95 100
*95 100
*95 100
*93 100
*95
99 >4 *95 100
300
78
z76
76
78
73
*77 % 78% *77% 78% *77 % 78% 78
730
42% 42% 42% 43
42
*41l2 42
42
§42% 42% *42
43
95
300
94
95
95
9212 *87
92
*87
92
*87
*87
94
*96 102
*96 100
*96 102
*96 102
*96 102
*96 102
37% 38% 38% 39% 5,500
37% *36
3712 37*2 37*2 38% 37
38
48% 40*8 24,450
46l2 46% 46*4 47% 47% 47% 46% 47% 47% 48
*12% 15
*1134 14*2 *12
*12% 15
*12% 15
*12% 15
15
250
45% 45%
*40
47
*40
47
*40
46
43% 43% *42
47
500
120 122
*116 124
118 118 *117 122 *116 120 *118 121
24% 24% 24% 25% 24% 25% 24% 24% 24% 25% 24% 25% 13,200
91'4 92 >8 92% 93% 92% 93% 92% 93% 93% 94% Z89% 8934 64,200
28% 28% 28% 4,925
27l2 27*2 27% 28
27% 27% 28
27% 28
38% 81,800
*29
30
33% 32% 38% 37% 39% 37
30*8 33% 33
5,400
63 .
64% 63
*55
60
61% 61% 63% 64
61
61
59
100
*41
43
*41
43
42% 425s *40
43
*41
*41
43
45
32% 8,700
30% 3038 31% 32% 31% 32% 31% 31% 31% 32% 32
79% 79% 80% 0,300
78
77i2 7734 77% 78% 78% 79
78% 78
*12% 13*2 *12% 13%
*12
15
*12
*12
13%
13
*1834 22
200
*18% 20
*18% 20
20
*18
18% 19
*18% 22
*52
63
*52
*52
63
G3
*52
*52
63
*52
60
63
7512 *74
*73
75
7512 *73
7512 *74
75% *74
75*2.
*63% 05
100
*62-2 65
*63
65
*63
63
63
65 “ *63*2 65
800
*26
27% *26
27% *25% 27% 27% 29%
26*2 26*2 *25% 27
551?
900
54% 5412 55
5214 5212 52*4 53% 53% 54
*52% 56
21% 21% 22
500
*1912 21
*19*4 21% *19% 21% *19% 21% *19
941i 96% 53,500
95
91% 92% 92% 94% 93% 95
92% 94% 93
100
93
93% 93% *88
*28
28% 28% 28% 28% 4,300
29
28% 28% 28% 29% 28% 29
46% 29,950
46
47*2 3:45*2 46% 45*4 46% 4l*i 45% 45% 46% 46
*64
*65
69
69
100
69
*65
*65
69
69
O8I2 *65
69
*95
*97
*95
*97
*97
*97
14% 14% 15
16% 3,700
13% 14
14
*1312 14
14l,i *14% 15
4934 50% 50% 51% 50% 51% 50% 50% 50% 51% 50% 51% 9,500
*96
*96
*90
98
98
98
*90
*95
98
98
200
58
58
585
*57
58
58
*57
59
*57
*57
58
60
100
*105 109 *105 107 *104 107
105 105 *105 107 *105 107
19% 3,200
* 1842 183.!
18% 18% 18% 18% 18% 18% 18% 19% 19
985
*122 125 *122 125
125 126 ,
123 126
122 122 §122 122
*42
300
4-1
44
45 '
*45
50
43
45
*40
*45
50
45
37
37% 37% 385? 7,100
361S 36% 37
37% 37% 37% 36% 37
9% 10% 11,700
9% 10%
9% 10%
9% 10%
*9U 9*2
9% 10%
*2912 31
30% 31% 31% 32% 32% 32% 7,900
30% 31% 30% 31
100
*89% 91*8 *89% 91% *89% 91% *89% 91% *89% 91% 91% 91%
42% 43 , 431
1,200
*41
41% 41% 41% 41% 42
4U2 *41
42
400
21% 21% *21% 23
*21% 23
21
21% 21% *21 § 23 ?
21
900
37% 37% 373| 38%
38
38
*36
39
37% 373.! *37
38
*92%
95
951
200
*90
95
*92% 95
*90
93
93
95
*4934 51
52
53% 53% 53% 4,000
53% 52
52
50% 53% 53
82
*78
81% *78
*78
82
*81
83
82
*78
*78
81%
3,920
58
58% 58% 59*
58
58
58% 58
58% §57
58
57
93% 93%
200
95
96
*94
94% 94% *93
*9412 96
*99% 103%
*97 100
300
*99 102
*98 100
98
99
99
98
115 117
600
*116 118% *116 120 *116 120 *116 120 *116 120
52% 52.>8 5234 54% 3,705
5U2 51% 52% 52% 52% 53% 51% 52
*96% 98
*961? 98
*96’ ? 98
97% 97% *96
*9612 98
23% 24
24
24% 24% 243S 24
24% 24% 24% 24% 2434 5,800
821.! 83l,i 30,600
80% 82 f
79
78
78V 781.1 79% 79
81
SO
98
98
800
93*
97% 97% 97*4 9734 *97
98
97% 97% *97
77%
820
77 t *77
75% 75% *72
75% 75% 76
77
*75% 77
9!
*7
200
*61.i
8
9
*7
*7
9
6%
*7
9
7
200
*140 145
141% 1411? *141 150 « *140 150
1421.t 142% *142 144
17
200
*15% 17% 1578 1578 16% 16% *15% 17% *16
*16l2 17
2578 26% 26% 271- 27
27% 27% 27% 27% 28% 28% 29% 24,200
51% *50
50% 51
54
51
52% 52% 5334 56*4 1,900
*50
52
3712 38% 37% 39
37% 38% 37% 38% 38% 39% 383.1 40 j 42,450
90*
*80
90 » *80
37
*80
90
*80
90
§85
*80
90
85
36%
900
36
36
*34
35
35% 35
*34% 35% 35 -? 35% 36
♦92 101
*92 101
*92 101
*92 lot
*92 101
*9412 99
17's 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 2,000
142 142
142 143% 143% 146% 147 148% 10,100
143% 145% 143 145
5434 55% 24,800
531.! 54% 54% 55
5212 53% 53% 54% 53% 55
92% *86
92% *87% 92% *87% 92% *87% 92%
*87
92% *86
300
100 100
*99% 105% *100 103% *100 103% *99% 103%
72% 72% 75
500
*68
70
70
*67
72% 68% 68I.1 *09
70
40
200
*39
40
40
*3812 39*2 39% 39% *39
*39
40
40
88% 88
89*4 90% 8,200
89% 88% 90
8578 87
871,1 88% 88
*102 112 *102 112
*102 112 *102 112 *102 112
1,600
123 123
120% 121% 121% 123
119% 121 *120 123 *121 i 125
14 * 14%
13% 13%
925
13
13
*1118 13
511% 11% *11% 13
*41
42% 42%
*41
*41
*41
45
100
45
*41
45
45
45
12134 123
122-% 124% 122% 124% 122 123% 123 127% 125 , 127% 39,700
97
97-? *95 ; 99
100
*95 100
99
*95
*97
*97
99
98
54 < 54% 653.1 7,300
54
52
53% 5.3
53
52% 52% 55 U 53
494
*101 104*2 Xl02% 102% *101% 103 §101% 101% 102% 102% 103% 104
36
38% 37% 38
38
38*2 38% 38% 38% 2,000
36-% *36% 39
_
*42% 44-S *42% 44?*
100
4238 42% *42% 44
*42% 44
89's 89% 89% 91% 90% 92% 90% 91% 91% 94% 94% 953.1 487,100
n o 110
110% 110% 2,700
109 109*2 109% 109% 109% 109% 109% 110
78
78% 78% 79% 79% 80% 11,900
781i 78% 78% 78% 7812 79
*12
13% *13
13%
100
13
*12% 13% *1212 13% 12% 12% *12
42% 42% 42% 43800
41
41
*40% 42% *41% 42% 42
42
104 101 •
200
IO2I4 102*4 *105 107 *102 107 §102% 102% *102 107
*68
69
*66
68
68
701
*66
*66% 70
100
*66
70
70
9412 94% 94% 95% 95% 95% 94% 94% 94% 95% 93% 94% 2,400
40% 40% 41
5,700
3912 39% 40% 40% 39% 40's 39% 39% 40
65 5 *60
65 '
*60
*60
67
*60
65
§64
64
50
*60
67
43*1 42
*41
42’
*10
300
43*4 *41
42*4 41% 41*4
1714 17*4 zl7% 17% 17% 17% 16% 17% 17% 17% 17% 17% 8,200
*79
80 !
80
80
700
80
80
80
80%
55
*54
55 '
55% 1,000
54
54
54% 55
55
*53
55"
*54
*112 115 *112 115 *112 115 *112 114 *112 1 it • *112 114
*112 120*2 *112 1201? *112 120% *112 120% *112 120% *112 120%
43%
42% 42% 43
41
41
*40
43
1,100
*40% 43
*40'a 42
90
90
*89
91% *89
*89
91
91% 90
90% *89
91
300
64% 64
*62
64% *62
64% *62
64% *62
64% *62
64%
300
S ver share
♦ 120 124

S per share
122% 124

3 per share 3 per share
123% 124 *122 124

• Bid and asked prices; no sales on this day
♦Certificates of deposit * Ex-dlvldend.




$

t Leas than 100 shares,

STOCKS
NBW YORK STOCK
EXCHANGE

PBS S 3 ASK
Range Since Jan. 1.
On basis of 100-sftare tots.
Lowest.

Highest.

PER SHARE
Range for Previous
Year 1917
Lowest

Highest

$ per share.
lndustrlal&lVflse.(Con.) Par $ per share.
$ per share $ per share
Burns Bros................ ......... 100 108 Feb 5 130%Apr 19
89 Jan
125% Apr
Butte Copper & Zinc v t c . .. 5
9 Apr 11
10*4 Feb 15
Butte & Superior Mining. .1 0
16% Jan 2 24% M arll
52% Jan
12*4 Deo
California Packing___ No par
36% Jan 3 43% Apr 9
33*4 Nov
42% Aug
30% Jan
California Petroleum____ 100
12 Jan 7 18% Apr 15
10% Deo
Do pref_____________ 100
62% Jan
36 Jan 5 49 Apr 15
29% Nov
61% Jan 15 73% Feb 27
Central Leather_________ 100
55 Deo 101% Jun
Oo p r o f ........... ......... 100 102% Mar 14 zl07 Mar 8
97 Dec 115% Jan
Corro do Pasco Cop__ No par
29% Mar 6 3314 Feb 20
41 Feb
25 Deo
Chandler Motor Car
08% Jan 2 95 Feb 25
56 Nov 104*4 Mar
100
Chile Copper____________ .25
14% Apr 4 17*8 Jan 2
11% Nov
27*s M ar
Chino Copper.................... . 5
39 Mar25 45% Feb 1
35% Nov
0334 Mar
34*4 Jan 29 42% Feb 19
68 June
Colorado Fuol * Iron____ 100
29% Nov
Columbia GasAEleo......... 100
25% Nov
47% Apr
28*4 Mar25 35 Jan 30
84 Jan 5 92% Feb 7
Consolidated Gas (N Y)__ 100
76% Dec 134*8 Jan
68% Mar25 05 Feb 19
100
76 Nov 103% June
29% Jan 15 3S Mar 22
Corn Products Refining__ 100
18 Feb
37% July
Oo pref_____________ 100 z90%Jan 7 97% Mar21
88% Nov 112*8 Jan
52 Jan 12 68*8 Feb 19
01% July
45*4 Deo
Crucible 3teel of America. 100
Do nrof
_
inn
86 Jan 31 90 Jau 2
83 Dee 117*4 Jan
27% Apr 10 33% Feb 20
55% Jan
Cuba Cane Sugar____ No par
24% Nov
Do pref__________
78% Mar25 83 Feb 18
04% Jan
74% Deo
100
Distillers’ Securities Corp. 100 z33 Jan 2 48% Apr 19
11*4 May
44% Oot
8 Mar 14 10 Jan 4
24*4 Jan
Dome Mines. Ltd............ .1 0
0% Nov
31*4 Mar25 39 Feb 13
Gaston W & W Ino.-iVo par
41% Aug
28 Fob
General Electric____ __ mo 127*1 Jan 7 143% Fob 19 118 Deo 17t*i Jan
General Motors Corp . 100 100*4 Jan 15 141*4 Feb 9
74% Nov 146% Jan
79 Apr 17 83 Feb 1
Do p ref_________ __ 100
03 Jan
72*4 Deo
38 Jan 2 z50% Feb 5
61% Jau
Goodrich Co (B P )............ 100
32% Deo
112 Jan
96 Jan 10 loo Feb 19
100
Granby Cons M 9 4 P.
74 Jan 25 79% Jan 3
05 Nov 92*8 Jan
100
38% Jan 17 45 Feb 6
Greene Cananea Copper.. 100
34 Nov 47 Jan
86 Jan 15 96% Jan 3
Gulf States Steel tr etfs__ 100
77 Nov 137 Jau
Do 1st pref tr ctfs___ 100 102 Jan 10 102 Jan 10 101% Nov 110 June
34 Jan 5 42*i Mar ‘1
40 Juno
Haskell & Barker Car. .iVo par
27% N ov
42% Jan 15 49*8 Apr 10
Inspiration Cons Copper.. .20
38 Nov 66%June
15% Jan 30
2 1 % May
10 Jan 8
7*4 Nov
Internet Agrlcul Corp___ 100
38 Jan 5 49*4 Fob 6
26% Nov 60% July
Do prof.................... 100
Intern Harvester of N J .. 100 111% Jan 2 130 Feb 20 100*4 Nov 123 Jan
36% Mar
21 Jan 15 31*4 Feb 23
17% Deo
Int Mercantile Marino.. 100
83*8 Jan 2 102% Feb 18
62% Feb 100% Oot
Do pref_____________ 100
47*8 Mar
27 Jan 15 30% Jau 3
24% Doe
International Nickel (The .25
24%Jan 15 39% Apr 18
18% Nov 49*8 Jan
International Paper____ 100
77% June
58 Jan 22 65% Jan 3
60% Nov
Do stamped pref___ 100
64% Jau
41 Apr 2 47%Jan 11
36% Deo
Kelly-Sprlngfleld Tire___ .25
29 Mar25 34% Feb 19
50% May
26 Nov
Kcnnecott Copper___ No par
73*4 Jan 12 81*3 Mar 8
68 Nov 103%Juno
Lackawanna Steel_____
100
12 Apr 2 10 Feb 19
Leo Rubber A Tlre.._A ro par
10*s Nov 30 Jan
17% Jan 8 22% Feb 27
12% N ov
27% Jan
Looso-Wlles Biscuit tr ctfs. 100
53 Feb 15 57 Feb 26
64 Jan
100
78%Feb 28
74 Marl8
89*4 Feb
70 Nov
100
67 Jan 4 63 Apr 15
67% Jan
Do pref........................ 100
67% Deo
01*4 Jan
23%Jan 15 32% Feb 10
Maxwell Motor, Tne
19% Nov
100
52%Apr 1 64*4 Feb 8
74% Jau
49 Deo
Do 1st pref__________ 100
19*4 Jan 15 20 Feb 5
13 Nov
Do 2d pref___________ 100
40 Jan
79 Jan 5 98% Marl2
67 Deo 106% Jnn
Mexican Petroleum__
100
87 Jan 15 95 Feb 23
Do pref___________ 100
97% June
27% Apr 12 33% Jau 31
43% Apr
Miami Copper___
25 Nov
43% Mar23 48% Jan 4
67% June
391? Dec
Midvale Steel A Ordnance. .50
Montana Power
06 Mar20 73 Jan 4 z 58*4 Deo 109% Jan
ICO
95 Marl 9 100% Jan 3
1171* Mar
18*8 Feb 13
13% Apr 8
39 ” June
Nat Conduit 4 Cable No par
13% Dec
37% Jan 7 53% Feb 26
Nat Enam'g 4 Stamp’s . . . 100
24 Feb
46*4 Oot
99% Feb 20
99*4 July
inn
43% Jan 7 6 134 Apr 4
63% Mar
National Lead.......... ..
37% Deo
100
99*4 Mar 2 105 Apr 11
Do prei...................... 100
99 Deo 114 Jan
26*8 June
17*4 Mar25 20 Mar 0
Nevada Consol Copper.. ..5
16 Nov
New York Air Brake........ 100 117% Jail 12 138 Feb 27
98 Nov 160 Mar
72*8 Mar
43 Jan 2 40% I-eb 23
North American Co____ 100
39 Deo
35% Mar25 42&8 Feb 13
143% Apr
31% Oct
Ohio Cities Gas (The)___ 26
10% Apr 8
4% Jan 22
3*8 Nov
Ontario Silver Mining___ ICO
7*4 Sept
23%Jan 21 32*8 Apr 19
30%June
Pacific Mall SS.................. .. 5
18 Feb
86 Jan 8 96 Feb 27
87 N ov
Pan-Am Pet 4 Trans, pref 100
98 Jan
39*8 Jau 2 55 Jan 31
35 Deo 106% Jan
Peoplo’s G L 4 C (Chic).. 100
21 Apr 12 30 Jan 3
42 Jan
24% Deo
Philadelphia Co (Pittab).. .50
34 Jan 10 43% Mar 1
11*4 June
25 Dec
Pierce-Arrow M Car ...N o par
89*4 Jan 20 97% Marl2
9812 Aug
Do pref____________ 100
88 N ov
42 Jan 15 58*4 Feb 28
64% Sept
Pittsburgh Coal of P a ___ 100
37% Deo
79*4 Jan 2 84 Feb 19
00 Aug
100
58 Apr 12 69% Feb 19
83% Jan
Prossed Steel Car_______ 100
49 Deo
93% Apr 19 97% Feb 13 z90 Nov xl07 Jan
Do pref.......... ............. 100
98 Apr 17 1091? Mur 5
Publlo Serv Corp of N J .. 100
90 Deo 131 Jan
Pullman Company............ 100 100% Jail 7 118*4 Apr 9 100% Deo 107% Jan
45% Jau 7 60% Feb 19
58 June
Railway Steel Spring____ 100
36% Nov
98 Feb 15
101 Jan
mo
32% Apr
22*8 Jan 15 26 Feb 19
19% Nov
Ray Consolidated Copper. .10
94% June
60 Feb
Republic) Iron 4 Steel____ 100 z72%Jan 15 83% Apr 19
92*g Jan 2 99% Feb 19
Do p r e f.................... 100
89 Deo 105% May
701s Mar23 80% M arll
73% Nov
Royal Dutch Co ctfs d e p .. .
59 May
11 Jan 31
6% Apr 17
Saxon Motor Car Corp. 100
4% Nov
68 Jan
Scars, Roebuck A Co........ 100 139*4 Jan 5 156 Feb 16 123% Deo 238% Jan
15%Jan 17 18% Feb 19
29% Mar
Shattuek Arl* Copper__ .10
15 Deo
25% Apr 11 39 Feb 6
69*i Mar
Sinclair Oil 4 Rel’ g__ No par
25% Deo
39 Jan 24 56*4 Apr 10
74*i M ar
Sloss-Sheffield Steel 4 Iron 160
33% Nov
37*8 Apr 2 66% Feb 19
Studebaker Corp (T h e )... 100
33*a Nov 110% Jun
Do p r e f ____ _______ 100
90 Mar 27 95 Feb 6
85 Nov 108*8 Jan
Superior Steel Corp’n.
34% Mar25 40 Jan 3
51*4 June
30% Nov
100
95 Feb 16 95 Feb 16
Oft Deo
17*4 Jan 30
12% Jan 2
19% June
Tonn Copp 4 C tr otfs.No par
11 Nov
Texas Company (The)___ 100 130% Jau 7 160*4 Feb 2 114*4 Deo 243 Jau
Tobacco Products Corp
48% Mar25 50*1 Feb 21
80*8 Aug
42% Deo
100
93 Fell 2
Underwood TypowrltT__ 100 100 Apr 9 104% Mar 2 z83 Deo 107 Aug
65 Jan 24 75 Apr 19
Union Bag 4 Paper Corp.. 100
59*8 Deo 112 Jan
37 Jan 2 40 Feb 26
49*8 June
United Alloy Steel........ N o o a r
34% Deo
83*4 Mar28 99 Jan 23
United Cigar Stores_____ 100
81% Nov 127% Aug
100 101%Jan 5 106 Apr 10
08% Deo 120*4 Mar
United Fruit.......... ......... 100 116% Jan 10 133 Feb 18 zl05 Deo 154*8 Jan
11% Apr 0 16*4 Feb 18
24% June
U 8 Cast I Pipe 4 Fdy___ 100
10 Nov
41 Mar26 47*t Feb l
63 Jan
Do prel..................
42 Doo
100
U 8 Industrial Alcohol___ 100 114 Jan 5 130*4 Feb 19
08% Nov 171%June
95 Jan 22 99 Mar21
Do pref____ ______
88 Nov 106 June
100
51 Jan 16 59% Feb 19
07 Aug
United States Rubber___ 100
45 Deo
91 Deo 114%Jan
Do 1st preferred........ 100 z95 Jan 15 101% Apr 4
32% Apr 12 48*i Feb 19
07*4 Jan
U 8 Smelting Ref A M __ .60
40 Deo
42% Apr 12 45*4 Feb 1
52% Jan
Do pref.............. .........
43*8 Nov
86% Mar25 98% Feb 1
79% Deo 130*8 May
United States Steel Corp. 100
Do pref.......... ........... 100 108 Mar25 112*8 Jan 31 102*4 Doo 121%Jan
85*4 Feb 19
Utah Copper........ ...........
76*4 Mar25
70% Doo 118*4 May
24*4 Jan
11% Jan 2 15% Feb 18
Utah Securities v t c _____ 100
9% Deo
46 May
33*4 Jon 2 43*t Apr 4
26 Nov
Vlrglnla-Carollna Chem .. 100
98 Jan 10 101% Apr 1
Do pref......... ............ 100
07 Deo 112% Jan
77 Mar
60 Jan 6 70*8 Mnr22
Virginia Iron C A O.......... 100
40 Feb
99*4 Jau
85*8 Jau 2 95*8 Apr 15 *76 Dee
Western Union Telegraph. 100
38%Jan 17 43% Feb 19
56 May
33*4 Deo
Westlnghouse Elco A Mfg. .60
64% Feb 20
70% Jud
59 Jan 11
52% Doo
Do 1st preferred.......... .60
62% Jan
33*4 Nov
White M o to r....................
30*4 Jan 2 46%Feb 20
38% Jan
15%Jau 15 22 Jan 3
15 Nov
Wlllya-Overland (The)___ .25
75 Jan 3 82% Marl9
60 Nov 100 Mar
Do pref (new)..........
100
84% Mar
45% Jan 2 59 Jan 19
42 Nov
Wilson A Co. Inc, v t 0 . . . 100
151 Jan
110 Mar25 120% Jan 3
113 Deo 126% Jan
34 Jan 4 43% Apr 19
23% Feb
37*8 June
Worthington P A M v t 0. 100
88 Nov 07% Juno
85*8 Fob 6 91% Apr 6
Do pref A............ ....... 160
59 Jan 18 64% Apr 19
63 Jun
60 May
Do pref B___________ 100

t Ex-rlghts.

a Ex-dlv. and right*.

ft Par $10 per share.

a Far $100 per shars.

New York Stock Exchange—Bond accord, Friday, Weekly and Yearly

1665

I n Jan . 1909 the Exchange method o f quoting bonds was changed and prices are now— ‘ and interest "— except fo r interest and defaulted}bonds
BONDS
N . Y. STOCK EXCHANGE
Weak ending April 19

Price
Friday
April 19

Week’*
Range or
Last Sale
Low

(J. S, Government.
O 8 3X8 Liberty L oan___ 1947
a 8 4a converted lrorn 1st.Lib­
erty Loan.................... 1932-47
U 8 4s 2d Liberty Loan____ 11)42 M-N
U 8 2s consol registered...<11930 q - J
U 8 2s consol coupon_____dl930 q - j
U 8 3s registered........ ....... *1918 q - F
U 8 3a coupon___________ *1918 q - F
U S i s registered__________ 1925 q - f
0 8 4o cou p on ..__________ 1925 Q - F
U 8 Pan Canal 10-30-yr 2s.*1936 q - F
U 3 Fan Canal 10-30-yr 2s reg '38 Q -N
U 8 Panama Canal 3s g___ 1901 q -M
U 8 Philippine Island -Js.1914-34 q - F
Foreign Government
Atner Foreign Secur 5s____ 1919 F -A
Anglo-French 6-yr Cs Liter loan. A -O
Argentine— Internal fis ot 1909.. M- 8
Bordeaux (City ol) 3-yr 0s. 1919 M-N
Chinese (HulsuangRy)— 5s o f ’ l l J -D
Cnba— External debt 0a of 1904. M- 8
Exter dt 5s of '14 ser A __ 1949 F - A
External loan 4X e_____ .1949 F - A
Dominion of Canada g Cs__ 1921 A -O
Do
do
192c A -O
Do
do
1931 A -O
French Kopub 5Xa secured loan.
Japanese Govt— £ loan 4 X B-1925 f' - ' a
Second scries 4 X s----------- 1926 J - J
Do do "German stamp '
Sterling loan 4s.......... ...1931 J - J
Lyons (City of) 3-yr 6s........ 1919 M- N
Marseilles (City of) 3-yrCu..1919 M- N
Mexico— Exter loan £ 6s of 1899 Q - J
Gold debt 4s Of 1904........ 1954 J - D
Paris, Ctty of, 5-year Cs___ 1921 A -O
Tokyo City— 6s loan of 1912___ M- S
U E of Gt Brit A I 2-yr 6S..1918 M- S
3-year fiX % notes.......... 1919 M -N
6-year 5)4% notes.......... 1921 M -N
Convertible 5 X % notes.1919 F - A
tThese are prices on the basis of %5tol
H u ll and City Securities.
H Y City—4 k sC orp stock.I960 M- 8
4 k « Corporate stock___ 1964 M- 8
AHe Corporate stook___ I960 A -O
*X a Corporate stock___ 1805 J -D
4 14s Corporate stock___ 1863 M4% Corporate stock____ 1959 M-N
4% Corporate stook.........1958 M- N
4% Corporate stock____ 1967 M-N
4% Corporate stock reg .1956 M-N
New 4 X 8.......................... 1957 M-N
4 X % Corporate stock ...1957 M-N
3X7* Corporate stock...1954 M -N
N Y State— 4s...... ................1961 M- 8
Canal Improvement 4s__ 1961 J - J
Canal Improvement 4 s . „ 1962 J - J
Canal Improvement 4 s ... 1960 J - J
Canal Improvement 4X8.1984 J - J
Canal Improvement 4 k s.l96 5 J - J
Highway Improv’t 4XS--1963 M- S
Highway Improv't 4 k s ..l9 6 6 M- 8
Virginia funded debt 2 -3 s... 1991 J - J
6s deferred Brown Bros otfs

p

Range
Since
Jan. 1.

lh No Low High

98.86 Sale

93.80

96.58 Sale
96.60 Sale
97
98
97 -----99
993*
99
0934
105 10534
105 ____
Ofltg-----9 6 k ____
80 ------

96.14
96.1)2
97 k
97k
99
99 .
105
105 i

>3 1158
S4 16171
%
2
%
1
.
1(
8 ..
8 ...
8 ___

95.83 98.40
94.70 97 98
97
97k
97% 97%
99
99%
98k 99
105 105%
105 105

84
100

» .2 ;.
7 ___
5 ...

97k 97%

116
% 887
8 ___
47
1
8
2
8
1
8 ___
7
3
k
13
% 159
8
1
46
8 ___
83
42
8 ____
7 ___
81
2
17
it 214
151
% 151
it 135

94k
88%
78
84
53k
90k
90%
SO
94
90k
88k
94
80k
84
77
74%
84
84
40

97k
91
83 k
90
60k
96%
92%
80
95k
95%
94
98
92k
92k
81
70
90
89%
42%

81k
68
97
95%
01%
97k

89k
77k
99%
98
94*4
100

96 Sale
90k Sale
81
82
8734 Salo
t 60 Salo
9638 97
92 k 95
80
85k
947g Sale
92k 93
91 Sale
9 5 % Sale
t 81
83
t ------ 87k
78% Sale
t 74% -----87k Salo
8734 Salo
t 40k 45
30
40
85 Sales
77*2 Sale
9914 Sale
96k Sale
93k Salo
9 8 % Salo

88 Sale
8 7 k ____
87k Salo
93 k 973s
93k Salo
85
85k
------ 8734
85
85k
84k 87
93k Sale
94 Salo
75
70%
—
95

99.00
)0 3692 97.20 99.00

7

95
9014
83k ‘
86 k
GO
96>8
92k
80
91%
92k
90k
9534
80k
84
78k
74 k
8G;i4

8684

83k
75
99 k
96 k
93 k
0 8%

8734

88

87k
93 k
93
85
85

88

93k
94k

....

98
96
105k 107%
98 104k
105
98 100%
79
20
40

__

31
8 ___
131
2 14
253
4
2
5
3 ....
8 ___

87% 91%
89% 90%
87k 90k
93% 90%
93
90%
85
87%
85
87%
85
87k
85
80
5 93% 96%
2 36 94k 97
8 ___
76% 78k
_ ________
8 ___
98
97%
7 ___
8 ____ 98
96
8 ___ 105 100%
7 ____
8 ____ 104k 107k
8 ____ 100% 100%
7 ____

Railroad.
56
65
8 ___
Ann Arbor 1st g 4s________ *1995 Q - J 52
55
59
81% Salo 8034
Atoh Top A 8 Fe gen g 4 s ... 1995 A -O
2 20 80
85%
82
80
80
20 80
Registered.........................1995 A -O
80
81
72k
Nov
8
.
.
.
.
Adjustment gold 4s.........*1995
71% 76
67%
7 ___
Registered...................*1995 Nov
73% 73%
Stamped...................... *1995 M -N
2
3 71% 78
82
85
81k
Conv gold 4s...................... 1956 1 -D
4
3 81k 88
82
85
82
Conv 4s Issue of 1910____1960 J -D
4
6 82
86
Fast Okla DIv 1st g 4s...1028 M- 8 85% 91k
7 ____
80
Rocky Mill Dlv 1st 4 s ...1065 I - J 63
7 ___
Trans Con Short L 1st 4s. 1958 J - J 75% 79k
s ___
77
80k
80
81
Cal-Arl* 1st A ref 4 X s’’A” 1902 M- S 79
1 79
82%
0 Fe Pres A Fh 1st g 6 s ... 1942 M- S 86 100
7 ____
Atl Coast L 1st gold 4s___ *1952 M- 8 81
84k
4 13 81
84%
76
81’
Gen unified 4X e............... 1964 J -D
____ 75
82k
94%
Ala Mid 1st gu gold 5 s ... 1928 M -N
7 ____
75%
Bruns A W 1st gu gold 4s. 1938- J
..................................................
85
Charles A 8av 1st gold 78.1930 J - J 107k . . . . 129k
5 ____ .................
L A N coll gold 4s...........01962 M-N
70k
17 70
73k
S avFA W 1st gold 6s____ 1034 A -O 107 ____ 115
... . ....
1st gold fis.......................1934 A -O
9 4 k ____ 106
811 Sp Oca A G gu g 4s___ 1918 J - J 99
99k 99 ,
____ 99
99
Belt A Ohio prior 3 X s......... 1926 J - J 85*4 86 k 85k
80
16 85 k 89k
Registered.................. *1025 q - j ------ 87*4
mmmm _________
77 Sale 7034
1st 60-year gold 4s.......... *1948 A -O
77
16 76
78
Registered.................. *1948 q - J * ____ 73k
___
78 Sale 77k
20-yr oonv 4 X s .................1933
78
22 76k 70k
80k Sale 80
Refund A gen fis Series A . 1995 J -D
10 80
83k
112
Pitts Juno 1st gold 6s____1922 J - J
___
82
PJuno A M Dlv 1st g 3X0 1926 M- N 80k 8734 82
5 82
82
P L E A W VaSysref 4 s..1941 M -N ____ 76k 72
. . . . 72
75
Southw Dlv 1st gold 3X8.1925 J - J ____ 83*4 8334.
—
81
85
100 .
Cent Ohio R 1st 0 g 4M s.. 1930 M - S 83 .
------ -------Ol Lor A VV con 1st g fis ... 1933 A - O 91 ------ -------MononRiver 1stg u g 5 s .. 1919 F - A
------ . . . .
Ohio River HR 1st g fis...1930 J -D “flfk I . —
_________
84 ____
General gold 6s______ 1937 A -O
. . _ 99% 99%
Pitts Clev A Tol 1st g 0s.. 1922 A -O
100
107
99 ]
Buffalo R A P gen g 6s.........1937 M- S
09
99%
85
99‘2 99k C
Consol 4 X s..................... 1957 M -N
97 ]
75
A11A Went 1st g 4s gu___ 1998 A -O
___
103k I
Clear A Mah 1st gu g fis.. 1943 3 - 3
____
Roch A Pitta 1st gold 68-1921 F - A 101 105 103 I
103" 103
Consol 1st g 6 s . . . ........ 1922 J - D 100k 107 103k
1 99k 103k
90
91
90 1
Canada Sou cons gu A fis... 1962 A -O
80% 91k
84 I
Oar Clinch A Ohio 1st 30-yr fis '38 J - 1) ____ 84
____ . . . .
97k ;
Central of Oa 1st gold 6s. . v 1945 F - A ___ 102
97
97%
85
91
88k
Consol gold fis...................1945 M-N
2 87% 90
78 *
_
Chutt Dlv pur money g 4s 1961 J -D ____ 79
------ -------103 Mar’ 17
Mao A Nor Dlv 1st g 6 s.. 1946 J - J ____ 90
.................
Mid Oa A Atl Dlv 6s.........1947 J - J ____ 101k . . „ June'17
88
90 104k Apr ’ 17 —
Mobile Dlv 1st g 6s.......... 1046 J - J
.................
90 Aug '17
Cen RR A 13 of Ua colg 6 s.. 1937 M-N ____ 93
.. ..
____
3 02 104
Cent of N J gen’l gold 6s___ 1987 J - J 103 10G34 103k
Registered...................*1987 Q - J 100 103 102 Mar’ 18
;02 104
99 Mar’ 18 - - - - 98k 99k
98k 100
Am Dock A Imp gu 6s__ 1921 J - J
Leh A Hud Rlv gen gu g 5s.'20 J - J 94k 101k 100 Apr ’ 18
100 100
N Y A Long Br gon g 4s._ 1041 M- tt 02 ------ 100k Jan ’ 13
65
75k 05 Mar'18 . . . . 65
Cent Vermont 1st gu g 4s..«1920 Q - F
65
80 Apr ’ 18 —
Ohesa A O fund A Impt 6S..1929 J - J 80k 87
80
80
95k
90
1st consol gold 6s............... 1939 M -N ____ 90k
2 95% 100%
96
-----104k
Jan
'17
Registered..................... 1939 M -N
76
70k 70k
76k
General gold 4He............. 1992 M- 8
9 72
77
863.1 Mar’ 17
Registered.....................1992 m - 8
73
20-year convertible 4 X s .. 1030 F - A ■73" Sale" 72k
28 05% 73
80-year conv scoured 6 s.. 1048 A - O 7934 Salo 78k
79*4 111 76
81k
84 Apr '17 —
Big Sandy 1st 4s............... 1944 J -D
65k 78
- - .............
05 ____ 85k N ov’ 10
Coal River Ry 1st gu 4 s.. 1946 J -D

,

•No price Friday: latest this week, a Due Jan.




d

BONDS
N . Y. STOCK EXCHANGE
Week ending April 19

II

Price
Friday
April 19

Week"!
Range or
Last Sate

Range
Since
Jan. 1.

Chesapeake A Ohio (Con)—
Bid
Aik Low
High No Low High
Craig Valley 1st g fis____ 1940 J - J
00% Feb '16
Potts Creek Br 1st 4s___ 1946 J - J 63 ____ 84% Jan ’ 13
R A A Dlv 1st con g 4 s...1989 J - J 70
82
73 N ov’ 17
2d consol gold 4a...........1989 J J 62
82k 71 Oot ’ 17
Greenbrier Ry 1st gu g 4s. 19 40 M -N
65 ____ 58 k Sept’ 16
Warm Springs V 1st g 5S..194J M- 8 ------- 96k 113% Feb '16
Ohio A Alton RR ref g 3s__ 1949 A - O
52 Sale 52
52
50
52
Railway 1st Hen 3 X s.........1950 J - J 35k 37
35%
36k
35% 47k
Ohio B A Q Denver Dlv 4 s.. 1922 F - A
99k 101
99k Feb ’ 18
97% 99k
74
73
Illinois Dlv 3X 8................ 1949 J - J 72
73k
73
75k
Illinois Dlv 4s___________ 1949 J - J 85k Sale 85
86
82
87*2
Iowa Dlv sinking fund fis. 1919 A - O
9 8% ____ 99k Jan ’ 18
99k 99k
Sinking fund 4s............. 1919 A -O
9 7% ____ 97 Jan ’18
97
97
Joint bonds. See Great North
92% Sale 92%
92 %
Nebraska Extension 4 s ...1927 M -N
91% 92%
Registered____________ 1927 M -N
91 Mar’ 18
91
91
General 48...........................1958 M- 8 *81 ~83~ 80
81
80
84k
Ohio A E III ref A imp 4s g ..l9 5 5 J - J 22% 28
25 Apr ’ 18
30
25
U S Mtg A Tr Co ctfs of dep .
____ 23
25 Feb ’ 18
25
28
1st consol gold 6s________ 1934 A - O
98 101 101 Mar'18
98 101
General consol 1st 5s____ 1937 M -N ------ 84k 87 Juno’ 17
U 8 Mtg A Tr Co otfs of dep
-------74
70 Fob ’18
70
70
Guar Tr Co ctfs of d e p ...
------ 90
76 July’ 17
51% ____ 97% Feb '13
Purcb money 1st coal fis—1942 F - A
10
25
Ohio A Iud C Ry 1st fis ... 1936 J - J
32 Mar’ 17
Chicago Great West 1st 4 s.. 1959 M- S 55k Sale 54%
55k
54
60%
Chic Ind A Loulsv—Ref 6s. 1947 J - J 9 8 ‘2 105 100 %
100 %
98 100%
Refunding gold 5s_______ 1947 J - J 80
97*4 100k Apr '17
Refunding 4s Series C ___ 1947 J - J
84k Apr T7
Ind A Loulsv 1st gu 4 s ... 1956 J - J
70 Nov’ 16
Chic Ind A Sou 50-yr 4s___ 1956 J - J 71
7812 96k Jan ’ 17
Ohio L S A East 1st 4 X 8 —.1969 J -D
97% Deo ’ 16
Chicago Milwaukee A St Paul—
Gen’l gold 4s Series A—_el989 J - J 75 Sale 74%
75
74k 79
Registered.................... «19S0 q - J
92% Feb '16
78k 80k 78k
Permanent 4s........ ........... 1925 j -D
78k
76k 80%
07%
Sale
Gen A ref Ser A 4 X s___ a2014 A -O
%»7
68%
64% 70
76% Sale 76%
Gen ref conv Ser B fis__ a2014 F - A
7 k
76% 80
Gon’ l gold 3X s Ser B ___ ei989 J - J ------ 71k 72k Aug ’ 17
General 4X s Series C ...e l9 8 9 J - J ------ 82k
82k Mar’ 18
82% 84k
68 k 70 Apr ’ 18
25-year debenture 4s.........1934 J - J 01
70
74
73 Sale 72k
Convertible 4 X s............ 1932 J -D
72 71% 75k
73%
Ohio A L Sup Dlv s fis ...1921 J - J 9 5 k ____ 97 Jan ’ 18
97
97
Ohio A Mo Rlv Dlv fis ... 1926 J - J 8 3 k ____ 94 Feb ’ 18
94
94
Chic A P W 1st g fis____ 1921 J - J ------ 96k
90 Apr *18
96
98k
C M A Puget 8d 1st gu 4s. 1949 J - J -------83%
79 Dec ’ 17
Dubuouo Dlv 1st s f 6s. . .1920 J - J 94% 106% 100 Oot ’ 17
Fargo A Sou assum g 0s 1924 J - J 97% 108 104% Sept’ 17
La Crosse A D 1st 5s........ 1019 J - J 94% 103% 98 Jan '18
98
98
Wls A Minn Dlv g fig___ 1921 J - J ------ 98% 100k Sept’ 17
Wls Valley Dlv 1st 6 s ..— 1920 J - J 97% . . .
97% Apr ’ 18
97% 97%
81%
Mllw A No 1st ext 4 X s .. 1934 J -D
85 Apr '18
85
85
81% . . .
Cons extended 4 X s___ 1934 J -D
81% Feb ’ 18
81% 81%
88
Ohio A Nor West Ex 4s 1886-1926 K -A
89 Jan ’ 18
89
89
84% 89k 86k Oct ’ 17
Registered_______1886-1926 F - A
70
70k 70
General gold 3 X s.............1987 M -N
70
70
73%
Registered.................pl987 Q - F
81k Oct '16
General 4s______________ 1987 M -N "80% " s i
80 Apr ’ 18
80 " "85%
80
83
Stamped 4s.................... 1987 M -N
86 Hept’ 17
99k 100k 99k Apr ’ 18
General fis stamped__
1987 M -N
99k 103 '
Sinking fund 6s.........1879-1929 A - O 104 ____ 104% Deo ’17
Registered............ 1879-1929 A - O
109k Apr ’ 16
Sinking fund fis.........1879-1929 A -O "9 4 % loo" 104 Sept’ 17
0 2% ____ 103k Apr ’ 16
Registered............ 1879-1929 A -O
95% 103
Debenture fis.__ _______ 1921 A - O
95 Mar’ 18
95
96k
91
97 100 Jan ’ 18
Registered______ "1 9 2 1
A -O
100 100
93%
97
Sinking fund deb 6s...........1933 M -N
03k Apr ’ 18
93k 93%
9 1 k ____ 104% June’ 16
Registered...................... 1933 M -N
Des PialnesVal 1st gu 4Xs!947 M- S 7G k____ 101k Oct '10
Frem Elk A Mo V 1st 0s.. 1933 A -O 104 ____ 105
105
101 105
M a n O B A N W 1st3X8.1941 J - J 52 ____ 88 Jan ’ 17
J*Hw A S L 1st gu 3 X s .-1941 J - J
Mil L S A West 1st g 6» 1921 M- 8 101 102% 100% Apr ’ 18
100% 102k
98 ____ 98 Apr ’ 18
Ext A Imp s f gold fis. . . 1929 F - A
98
98
Ashland Dfv 1st g 6 s . .. 1926 M- 0 100% ____ 111k Dec ’ 15
Mich Dlv 1st gold 68— 1924 J - J 100% ____ 111k Nov’ 16
72k
77
73%
73%
Mil Spar A N W lot gu 4s 1947 M- S
73% 73%
St L Peo A N W 1st gu 68.1948 J - J ------ 94
98 Oct '17
Chicago Rock Isl A Pao—
74
74%
75 Apr ’ 18
Railway general gold 4 s ... 1988 J - J
73
77%
Registered......................1988 J - J
73k 87 Mar’ 17
Refunding gold 4s............ 1934 A -O "<54% Sale 64
64k
62k 68%
61
85
70 Feb ’ 18
20-year debenture 6 s ... 1932 J - J
68
71
97%
Coll trust Series P 4s___ 1918 M -N
97% Oct ’ 17
R I Ark A Louis 1st 4 X s .. 1934 M- S 62 "64% 62
62%
62
64
95
Burl O R A N— let g fis 1934 A - O 90
96 Feb ’ 18
96
96
91% 100
C R I F A N W 1st gu fig—1921 A - O
97k June’ 17
94%
97 100 Feb ’ 18
Choc Okla A G gen g 6s..ol919 J - J
95 100
75
90
Consol gold 6s________ 1952 M -N
97% July’ 15
55% 60
Keok A Des Moines 1st fis.1923 A -O
60 Mar’ 18
'57""
*60 "
74
St Paul A K O Sh L 1st 4 X s '41 r - A 63
61k Apr ’ 18
59
61k
Ohio St P M A O cons 6s
1930 J -D 104% 112 104% Apr ’ 18
102 104%
80%
Cons 6s reduoed to 3X8—1930 J -D
85k Mar’ 18
8512
85k
Debenture fis..................... 1930 M- S 86% _90
85% Mar’ 18
85% 85%
111 June’ 17
Ch St P A Minn 1st g 6 s.. 1918 M -N 100k
North Wisconsin 1st 6s._ 1939 J - J 100%
118 Nov* 10
St P A 8 City 1st g 6s___ 1919 A - O 100%
100%
100%
100% 100%
84%
Superior Short L 1st fis g.gl930 M - 8
105% Nov’16
82 Jan ’ 17
Jhlo T II A So-East 1st fis ..1960 J -D
104 Mar’ 18
Chlo A West Iud gen g 6 s ..#1932 Q -M 103*
103k 101
Consol 60-year 4s____
1062 J - J 65
65k
66 %
64
67
Jin H A D 2d gold 4 X s ___ 1937 J - J
90 May'18
1st A refunding 4s___________ I960
J - J
1st guaranteed 4s............... 1959 3 - J —
■ « r May" 17
Cln D A I let gu g fig.
1941 M -N
25 July’ 15
OFInd A Ft W 1st gu4sg,1923 M -N
88 Mar’l l
*96* 96 Jan ’ 17
Day A Mioh 1st cons 4 X s .1931 J - J
Jlev Cln Ch A 8 t L gen 4s 1993 J -D "60k 61k 60
60
59
63%
73k 67% Apr ’ 18
20-year dob 4 X s......... ...1031 J - J 70
65% 72
75
85
General fis Series B______ 1993 J -D
80 Apr T8
80
80
81% 83% Mar’ 17
Cairo Dlv 1st gold 4 s ... 1939 J - J
Cln W A M Dlv 1st g 4S..199I J - J 53% 65% 79 Feb ’ 17
63% Sale 63k
St L Dlv 1st coll tr g 4 s.. 1990 M -N
63%
63
66
Hpr A Col Dlv lstg 4e._ 1940 M- S 67k
73k June’ 17
W W Val Dlv 1st g 4s____1940 J - J 62k
84 Nov’ 16
102 102% Oct T7
O I St L A C consol 6s____ 1920 M -N
75
1st gold 4s.....................*1030 Q - f
87k 87 Deo ’17
Registered................*1936 Q - r
88k May'lfi
Cln S A Cl cons 1st g Be. . 1923 1 - J *87"
O O C A I gen cons g 6 s.. 1934 J - J 101
04
lad B A W 1st prof 4s____ 1040 A - O
94 July'08
O Ind A W 1st pref fis ...<11938 Q - J
Peoria A East let oons 4s. 1940 A - O *46k
’4<j" Mar'18
46
51k
12k "20" 12k Deo ’ 17
Income 4s.......................1990 Apr
83k 85
Jleve Short L 1st gu 4Xa—-1961 A - O
85
85
85
90
8% 8% 8 Apr ’ 18
Jo! Midland 1st gold 4s . 1947 J - J
6* 8
7k
Trust Co certlfs of deposit___
7k
5% Mar’ 18
6% 7k
Jolorado A Sou 1st g 4s____ 1929 r - A 83k 84% 83k
84
82% 86%
70i2 Sale 69k
M -N
Refund A Ext 4 X s __________ 1935
70k
66
73
97
Ft W A Den C 1st g 6s._ .1921 J -D
97k 97
97
90
97
84
A -O
95 -94* Feb" 16
J - J —

__

__ __
—
—

....
__

....
__

....

—
....

70
J -D
75% 75%
75%
J - J 102
l02 Apr ’ 18
F - A 95k Sale 95k
95k
M -N
90k 93% 93% Jan ’ 18
Warren 1st ref gu g 8X§—2000 K - A
Morris A Ess 1st gu 3X8-2000
N Y Lack A W 1st 6s___ 1021
Construction 6*_______1923
Term A Improve 4s___ 1923

Due April, e Due May eD eeJaas. * Du# July, k Due Aug 0 Due Oot.

v

Due N ov. » Due Dee.

73% 75%
100% 102%

95k 98
93% 93%

Option eale

BONDS
N . Y . ST O C K E X C H A N G E
Week ending April 19

[Vol. 106

New York Bond Record— Continued— Page 2

1666
11

Price
Frida!/
April 19

Week's
lianae or
Last Sale

fa

Price
Friday
April 19

BONOS
N . Y. S T O C K E X C H A N G E
Week euding April 19

Range
Since
Jan. 1.

Bid

No. Low High

Week’s
Range or
Last (Sale

Aik Low

High

Range
Since
Jan. 1.
Low

High

Aik Low
tlljf*
Bid
102 102
O 101% 107 102 M ar’ 18
Delaware A Hud3on—
113 Mar *17
Q ____ 100
R egistered______________ 1941
93% 94
93is 9534 94 A pr '18
1st Hen equip g 4 X s --------1922 J - J
96% 101
M
ar’
18
100
99
____
J - J
7 80*2 SG%
80
82i4 80%
82’
lat A rel 4a---------------------- 1913 M -N
105 O ot '13
1
R egistered_______________ 19)3 J - J
85% 90
86
80
85i2 80
20-yoar conv 53__________1935 A -O
80%
.
J
J
1933
lat
lnt
roduoed
to
4
s_____
74
70
75«2 A p r ’ IS —
72
74
Alb A Suaq conv 3 X a ------1945 A - O
87 Apr ’ 17
Loh A N Y 1st guar g 4s------ 1915 M - S
12% DOS ’
Sense A Saratoga 1st 7a. _1921 M -N 101 -----R e g iste re d _______________1945 M - S
60% 69’
63
o;
03*2 Sale
Denv A ft Qr lat cona g 4 a ._ 1936 J - J
01% 95
95
95 100% 95
____
Long laid lat cona gold 5a../J 1931 Q - J
08
71
63 Jan ’
67i 2 71
Consol gold 4 X 3 ..........- .- 1 9 3 0 J - J
7 8 % ____ 94% Juno’ 16
____ 72
lat consol gold 4a......... — ft1931 Q - J
70%
72 Apr '
71
74
Improvement gold 5a____ 1928 J - D
85%
Feb
’
17
60
85%
J
D
1
1
General
gold
la__________
1938
43%
51%
49
4934 4 9 14
4!
1st A refunding 5a_______ 1955 F - A
90 July’ 17
Ferry gold 4 X s ---------------1922 IV! - S ____ 95
37 Aug ’
H loG r June I s t g u g 5 3--.19 39 J - D ____ 95
99% O ct *06
Gold Is...............................1932 I - D
01i4 Apr *
Rio O r Sou l3t gold 4a— 1940 J - J
89 M ay’ 17
____
78
Unified gold 4 a - . . ...............1919 M - S
39 July ’
G u a r a n te e d .:--------------1940 J - J
97
97
97 Jan ’ 18
J - D ____ 97
5
Debenture
gold
5
a
.
____1934
64
63%
67%
6312
67
S lo Gr West lat gold 48— 1939 J - J
72
75
73
73
72
73
2
M
-N
20-year
p
ra
deb
5s_____
1937
50
55
50
M tgo A coll truat 4a A — 1949 A - O ____ 49
73
79%
73
73
Guar refunding gold 4 a . . .1949 m - a 73 Sale
93-2 1
Dea M oines Un R y lat g 5a. 1917 M - N
95 Jan ' l l
M- S
R
egistered____________
1949
82
J
Det A M ack— lat lion g 4a— 1995 J - D
9 2 % ____ 103% Apr ’ 17
N Y B A M B lat con g 53.1935 A - O
75i2 J
G old 4a.................................1995 J - D
92% 92%
92%
92% 104% 92%
N Y A R B 1st gold 5s____1927 M - S
* 75% 76%
D et R lv Tun— Ter T un 4X 81961 W -N ____ 7478 75%
82
93% 10 0 Aug *10
Nor
Sh
B
1st
con
g
gu
5a.0l932
Q
J
98
14
10478
D ul Mlssabe A Nor gen 53— 1941 J - J
87% 90
90
M
ar’
18
85%
87%
M
S
Louisiana
A
Ark
1st
g
5s
.
-.19
27
90*8 97
D ul A IronRnnge lat 5a------ 1937 A - O
109 109%
109
Louisville A Nashv gen 0 s .. 1930 J - D 103 112% 109
Registered_______________ 1937 A - O
93% 94%
04% 98*2 94% Apr '18
—
M
-N
G
old
5a..................................1937
82
87
87
____
87
Dul Sou Shore A Atl g 6 a . - . 1937 J - J
83
88*2
83%
83-%
83% Sale
Unified gold 4a........... ......... 1940 J - J
87 102 101
Elgin Joliet A East lat g 5a. 1911 M -N
96% Jan ’ 17
—
Registered____________ 1910 J - J
10 0
16 1
Erie lat consol gold 7a----------1920 M - S 1 0 0 % 1 0 1 % LOO
99
99
99 M ar’ 18
____ 99
M
-N
Collateral
trust
gold
6
a
..-1931
73%
98%
N Y A Erlo 1st ext g 4a— 1947 M -N
—
90% 96%
E H A Nash lat g 0s_____ 1919 J - D 100 % ----- 103% July’ 17
9 0 % ------2d ext gold 6a.................. 1919 M - S
87
87
87
87
90
91
M
N
—
L
Cln
A
Lex
gold
4
X
s
___
1931
93i|
Jan
1
93%
95
*
9
3
%
-----3d oxtgold 4 X 9 ____---1 9 2 3 M - S
100 Aug '17
N O A M 1st gold 09.......... 1930 J - J 1 0 1 % 1 0 0
9 5 % ------4th oxt gold 5a________ 1920 A - O
9 3 % ____ 101% Feb ’ 17
2d gold 08______________1930 J - J
—
---5th ext gold 43________ 1923 J - D
00% Apr *12
71
89
Paducah A Mem D lv 4 s ..1946 F - A
97%
N Y L E A W i s t g fd 78.-1920 M - S
100% 100%
11
St Loula D lv lat gold 6 s ..1921 IVI- S 100 % ------ 100% Jan *18
05
69
67%
08 Sale
>:r!e 1st cons g 4s p rio r...1 9 9 5 J - J
68
58%
60% 58% 53% M ar’ 18
2d gold 3a........................ 1980 IYI - S
-- 81 1
Registered.......................1990 J - J
74
79
74% 77% 74 Apr ’ 18
16
M
-N
Atl
Knox
A
Cln
D
lv
4
s
.
.
.1955
49%
57%
52%
527.
Sulu
lat consol gen Hen g 43.1990 J - J
108%
Jan
*17
9
5
%
------____
Atl Knox A Nor 1st g 5 s ..1940 J - D
73
73 J
Registered............ -..1 9 9 0 J - J
1
Hendor Bdge lat a f g 0 s . . 1931 M - 5 1 03 % ____ 105% A u g ’ 17
7 5 14 77
77% 82% 77
Penn coll truat gold 4a. .1951 F - A
74
74
74 Apr ’ 18
73
75
—
12
48%
Kentucky Central gold 4a_ 1987 J - J
44% 40
50-year conv la Series A 1953 A - O
91% 96
91
90
7 4212 49
443g
Lox A East lat 50-yr 5a gu 1905 A -O ____ 95%
40
44
do
Series B ........... 1953 A - O
77% 91% 91 A u g '17
21
4934
m
a
48%
56
L
A
N
A
M
A
M
1st
g
4
X
8
19
45
49%
Sale
Gen oonv 4a Serlea D ___1953 A - O
07% 67%
67% 81% 07% Apr *18
2 8734 93
L A N-South M Joint 4 s ._ 1952 J - J
8734
85% 83
Ohio A Erie 1st gold o s .--1 9 8 2 M -N
95 Feb '05
R egistered....................ft 1952 Q - J
L0G% j
80
Clev A M ahon Vail j 63— 1938 J - J
00% ’ 90%
“ 83 “ 101% 96% Jan ’ 18
N
Fla
A
S
lat
gu
g
5s.........
98%
~98%
1937
100
P
A
'I
93*2
Erlo A Jersoy 1st 8 f 0s___1955 J - J
8 2 % ------- 97% M ay’ 10
____
N A G Bdge gen gu g 4 X « - 19 45 J - J
96 100
Genesaee River lat n 1 0 s . -1957 J - J
102% 102%
100% 108% 102% Feb *18
A
Penaao
A
Atl
lat
gu
g
6
i
.
1921
—
107
Long D ock consol g Ga___1935 A - O
99 Oot ’ 17
98% 100
—
S A N Ala cona gu g 6 a . .. 1936 7 A
103 103
103 Jau
Coal A K R lat cur g u 6 s .1922 M -N
93% 93%
86 % 102% 93% Jan ’ 18
____
Gen cons gu 50-year 5a. 1963 A O
80
D ock A Iinpt 1st ext 63--1943 J - J
S
—
L
A
Jeff
Bdge
C
o
gu
g
4
s
.
1945
M
85
Jan
1
85
85
83
N Y A Green L gu g 6s. .1910 M -N
—
72
Manila R R — Sou lines 4s__ 1930 M -N
7 H 4 Feb ’
74
75
!f Y Susq a W lat rel 6a. 1937 J - J
3 ____
62
Mex Internat 1st cons g 4s._ 1977 M - f» .................... 77 M ar’ 10 . . . . . . . . . . . .
2d gold 4 X 8 . - ................ 1937 F - A
75
N o v '10
10 61
62
Stamped guaranteed_____ 1977 M - S
61
61
General gold o s _______ 1910 F - A
91% June’ 17
Midland Terra—-1st 3 f g 5a. 1925 J - D
77% . . . . 108 Jan ’ 7 ____
Terminal 1st gold 6a___1943 M -N
7
____
Miuneapolia
A
St
Loula—
Jan
1
91
103
70
M id ol N J lat ext 5a____1940 A - O
104 Feb '18
101 104
lat gold 7a.................... — .1927 J - D
02 Feb ' 8 ------ 62
77
02
61
Wills A Eaat 1st gu g 5 a ..1912 J - D
103% O ct *10
Pacific Ext lat gold 0s____1921 A - O
23*2 Jan 1 7 ____
Ev A Ind lat cons gu g Oa___1926 J - J
2 74U 74%
74%
74%
70
76
M
-N
7
____
lat
consol
gold
5
s
............
..
1934
97
NOV
102
92
Bvansv A T H 1st cona 6s. .1921 J - J
2 41
44
43
42
43% 42%
1st A refunding gold la__ 19 49
85*2 Juno' 7 ____
50% —
lot general gold 5s________1942 A - O
2 40
46
46
40
40
47
R ef A ext 50-yr 5s Ser A — 1962
103 N ov' 1 ____
M t Vernon 1st gold 0 s ...1 9 2 3 A - O
00 Fob *15
2
____
D
es
M
A
Ft
D
1st
gu
48—
1935
95
June'
Bull Co Branch 1st g 53___1930 A - O
3
81
81
75%
81
81
Sale
Iowa Central lat gold 5s. .1933
83
85 D e o 1 7 ____
75
Florida E Coaat lat 4 X a ___1959 J - D
17 41
42
40%
40
44*2 41
Refunding gold 4s_____ 1951
92 A u g 1 0 ____
Fort St U D C o lat g 4X n .-1941 J - J
83% 80%
83'a 81'a 84% Apr ’ 18 —
M S t P A S S M c o n g Isln tgu . 1938
50*2 Oct 1 7 ____
Ft W orth A R io Or 1st g 4a. 1928 J - J
1st Chic Term a f 4a_____ 1941 M - N
88
85*2 June' 6 ____
Galv Hous A Hen lat 68____ 1933 A - O
M 8 S M A A 1st g 4s lnt gu.*2fl J - J 89 ------- 85% N o v ’ 17
92%
9 8 220 ■92“ ‘ 94%
92% Sale
G reat Nor O B A Q coll 4 a— 1931 J - J
95 D eo *10
Mississippi Central lat 5 s ._ . 19 49 J - J ____ 94
921, 8;llo 92%
91% 93%
a
9 j
Registered_____ ______ 51921 Q - J
Missouri Kansas A Texas—
S678
8 8
86% 83
1 36% 89
lat & rel 4% a Series A ___1901 J - J
61 0 0 % 63
00%
6034
60% Sale
J
D
6
____
lat
gold
4a............................1990
90
Juuo'
R eg istered ......... ............. 1901 J - J
24 28
28 %
29
35
23% 31
2d gold 4a...........................(71990 F - A
88 % ------ 80% Mar 8 ------ 86% 36%
9t Paul M A Man 4a..........1933 J - J
21
41% 32% N ov'17
lat ext gold 5s.....................1941 M - N
lat consol gold 6a______ 1933 J - J 107*8 113 103 Apr 8 ------ 108 103
40
M a r '18 . . . .
40
•10
40
42*2
M
S
lat
A
refunding
4s..............
2001
118
Apr
------99*8
R egistered..... ............. 1933 J - J
30 M ar’ 18 —
27
34
25
29
8 ____ 93% 94
Gen sinking fund 4 X » - — 1930 J - J
93*2 95
Reduced to gold 4X8.1933 J - J
40 N o v ’ 10
0 ____
St Louis Dlv lat ror g l a . . 2001 A - O ____ 40
85>a 99
R egistered............. 1933 J - J
09% Apr '17
M
-N
Dali
A
W
aco
1st
gu
g
5
s
..1910
8
-----81%
82%
8178
89
M ont ext 1st gold 4a___1937 J -D
58
58
58 Jan '18
6 ____
Kan C ity A Pao 1st g 4s__ 1990 F - A ____ 70
807a 89
R egistered............. 1937 J - D
9 36
36
37
37
35
60
5 ____
M o K A E lat gtl g 5a____1942 A - O
Pacific ext guar 4a £___ 1910 J - J
55%
Deo
'17
5
5
%
------M
-N
M K A Okla 1st guar 5 «_ . 1942
70
80%
S Minn Nor Dlv 1st g 4a. 1948 A - O
43 49
50%
50%
56%
50% 65
7 ____
M K A T o f T 1st gu g 53. 1 0 42 M - S
9934 ------Minn Union 1st g 0a_____ 1922 J - J
51 D c o ’ ltl
7 ____
Shor Sh A So lat gu g 5s. . 1942 J - D ____ 00
M ont C lat gu g Oa______ 1037 J - J 1 0 4 % ------—
*-io""
40
Jan
*18
io
’
____
49
0 ____
Texas A Okla 1st gu g 6 s .. 1043 M - S
R eg istered________1937 J - J
93*2
Missouri Paolflo (reorg Co)
2
1 92% 93%
lat guar gold 5s......... 1937 J - J "93" III
3 79
80%
81
86
81 Sale
lat A refunding 5 s ______ 1905
0 ____
9 2% -----Will A S F 1st gold 5S— 1933 J - D
13 90
92
90
90%
90% 91
1st A refunding o s ........... 1923
____ 79*2
Groou Bay A W deb otfa ''A " ------ Feb
87
89% 88 Apr '18 ____ 80% 90
7
____
1st
A
refunding
6
a
______
1920
7
9%
Debenture ctfa “ B” _....... .......... Feb
111 55% 59%
56%
57*4
57%
Sale
General
4
a
______________
70%
74 % 77
2
J 76% 83
Gull A S I lat ref A t g 5a. .61952 J - J
7 98% 99%
99
99
97% 99
76
70
Missouri Pao 1st cons g Gs— 1920 M -N
70
77
3 75>8 78
Hocking Val lat cona g 4 X 8.1 999 J - J
57 ------- GO July’ 17
4 ____
98% Jan
40-year gold loan 4a........... 1945 M - 8
R egistered........................... 1999 J - J
60%
Apr
’
17
7 ____ ............: : :
1st A ref conv 6a................. 1959 M - S
69
87%
Col A H V lat ext g 4a ...1 9 4 8 A - O
82 Apr '17
8 ------ 67% 75
3d 7s extended at 4 % ____1938 M -N
7 0 % ------Col A T o l lat oxt 4a_____ 1955 F - A
100 Feb '13
7 ------ ____ ____ _
Boonv St L A 8 1st 5a gu.1951 F - A
95
Houston Belt A Term lat 5 a .1937 J - J
97% D eo ’ 13
8 ____ 87
Cent Br U P lat g 4s......... 1948 J - D
95
82%
Illinois Central lat gold 4a. .1951 J - J
78%
1 78% 80
78 ' ------- 78%
7 ____
Pao R of M o 1st ext g 4«..1938 F - A
R egistered_______________1951 J - J
100%
Apr '17
88
93%
7 ____
2d extended gold 5s____1938 J - J
68%
lat gold 3 X » ......................... 1951 J - J
7 90% 95%
92%
9 2 % ____ 92%
A
O
St
L
Ir
M
A
8
gen
con
g
53.1931
5
____
56%
R egistered......... ............ 1951 J - J
102 J u ly ’ 14
7 ____
Gen con stamp gu g 5s. .1931 A - O
68% -----Extended lat gold 3 X a . -.19 51 A - O
73%
5 72% 75
71% 74% 7334
Unified A ref gold 4 a .. . 1929 J - J
60%
R eg istered____________ 1951 A - O
80% Oot ’ 17
80
Ju
ly’09
9
____
R
egistered.......
...........
1029
1st gold 3a sterling______ 1951 M - 8
.
.
.
.
68%
Apr
'18
00% 71
68%
1
R lv A G Dlv lat g 4s___1933
R egistered....................... 1951 M - 3
78 S e p t'15
Verdi V I A W lat g 5 a . . . 1920
%
1 72% 78%
75
77% 77%
Collateral truat gold 4 3 ...1 9 5 2 A - O
101% M ar’ 18 . . . . 101% 101%
100
105%
95%
5
M
ob
A
Ohio
new
gold
6s____1927
2
____
6 5 % ------R egistered....................... 1952 A - O
92
92
94 ____ 92 Apr ’ 18 —
5 79
1st ext gold 6s..................ft 1927
79% 80
78
83
let refunding 4j ............
1955 M - N
65 . . . . 68 July ’ 17
General gold 4s...................1938
70 J
8 ____ 70
71
71)
70
Purchased lines 3 X « .......... 1952 J - J
93 Ju ly’ 17
80
------75
:
8
-----M
ontgomery
D
lv
1st
g
53.1947
74%
74
70*2
71
L N O A Texas gold 4a- . 1 9 5 3 M - N
90 A u g ’ 17
87% 92
St Louts Dlv 5a...................1927
72 1
84
8 ------ 72
72
70
R eg istered.......................1953 M - N
77 Deo ’ 17
71% 85
89 i
7 ____
St L A Cairo guar g 4s____1931
70*4 79
Cairo Bridge gold 4s_____1050 J - D
100% Apr *18
98 101
95%
99%
74
1
4
-----Nashv
Cbatt
A
St
L
lat
5
s
..
1928
5
0
%
------Litchfield D lv lat gold 3a. 1951 J - J
—
—
97% 102% 110% M a r ’ 17 —
Jasper Branch lat g 0 a. — 1923
71 I
8 ------ “7 l “ " 7 l "
Loulav Dlv A Term g 3X8.1953 J - J ____ 75
30 M ay’ 17
83 i
2 ____
N at Rya of Mex pr lien 4 X s . 1957 J - J ____ 30
R egistered....................... 1953 J - J
35
Aug
*10
102
J
A
O
0
____
Guaranteed
general
4a
...1
9
7
7
Middle D lv reg 6a.............. 1921 F - A ~95% III90% Peb '13
8 ------ 53% 58%
N at of Mex prior lien 4 X s . . 1920 J - J
58% ------ 58% v
Omaha D lv 1st gold 3a__ 1951 F - A
30 Oot ’ 10
62
8 ------ 02
lat consol 4s....... ................. 1931 A - O
62
02
00
r*t Louis D lv A Term g 3s. 1951 J - J
59 D eo ’ 10
63
1
J
J
8 ------ 03
N O M ob A Ohio lat ref 5a .. 1900
02% 83%
63
G old 3 X 9 ......................... 1951 J - J
03
00
60
02% 62% Fob '18
80 .
6 ____
New Orleans Term lat 4 a ...1953 J - I
61% —
R eg istered__________ 1951 J - J
1 92
91%
91
94
94
Sale
J
D
80%
6
____
____
79%
_
1925
N
O
Tex
A
M
exico
1st
fla_
Spring! D lv 1st g 3 X s ___1951 J - J
497a
—
45
Apr
*18
1
0
44%
45
79
8 ------ 79
Non-cum Income 5a A ____ 1935 A - O
79
79
Western lines 1st g 4a____1951 F - A
92
L0____
New York Central R R —
R egistered___- ___ - ___ 1951 F - A
98 91% 01%
93
93%
93% Sale
Conv deb 6s______________1935 M -N
0 ____
Dellev A Car 1st 0»............ 1923 J - D ____ 10734 117% J
4 71% 74%
71%
72
71% 74
90 ,
7 ____
Consol 4s Series A _______ 1998 F - A
Carb A Shaw lat gold 4a.-1932 M - 8
84%
7 80
81%
81*8
8
1
%
------A
O
97
8
-----R
ef
A
Imp
4X
3
"
A
"
..........2013
97"
08
97
Ohio 8t L A N O gold 53..1951 J - D
114 Feb ’
New York Cent A Hud RlvR egistered______ ______ 1951 J - D
21 70% 74%
70%
70%
7034 Sale
90 Oot ’ ) 9 ____ ...................
Guar 3 X i ............................1997 J - J
62% — Gold 3 X 8 .........................1951 J - D
74 Sept’ 17
69
71
R egistered____________ 1997 J - J
R egistered................... 1 9 5 1 J - D
9 74*4 79
75
75%
75% 78
8 ____ 80% 91
Debenture gold 4&.............. 1934 M -N
85*2 92%
Joint lat ref 5a Series A . 1903 J - o
02 D oc ’ 10
7 ____
R egistered____________ 1934 M -N
68% 90
Mem pb D lv lat g 4a___1951 J - 1>
2
65%
64%
64':
61
64
05
P
A
7
_____________
Lake Shore coll g 3 X « ____1993
R egistered......... ......... 1951 J - D
8
R egistered....................... 1998 F - A ____ 04% 67% 8opt’ 17 . . . . ____ . . . .
*80 “ _____________
*8*0* *
75% - - St Louis Sou lat gu g 4a .. 1931 M - 8
02% 0878
—
03*4
M
ar’
18
F
A
1
.
—
.
—
73%
98
M
ich
Cent
coll
gold
3
X
*
~
1993
...................
Ind III A Iowa lat g 4s_____1950 J - J
75 M ar *17
8 ____ *90
R egistered____________ 1998 F - A
9 1% 95%
02“
Int A Great Nor 1st g 0a. _ _ 1919 M - N
7 ____
Battle Cr A Stur lat gu 3a. 1989 J D
75% 82
Jamea Frank A Clear 1st 4a 1959 J - D
90% Apr ’ 17 . . . . . . . . . . . .
7
9
%
____
J
J
59
0
<
9
Beeoh
Creek
lat
gu
g
4
s
..
1936
59 Sale
58
61%
Kansas City Sou lat gold 3a. I960 A - O
95% N o v ’ 10
03 OtC ’ 0 ____
R egistered....................... 1930 J - J
R eg istered _______________1950 A - O
101
M ay’ 16
83*8____
70
T
J
J
9
Sale
2d
guar
gold
5a...............1936
77
73%
77
R ef A i m p t 5 e . . ......... Apr 1950 J - J
Reglatered__________ 1936 J - J
71 a
75% 75*2
75
7 74% 78
Kansas City Term 1st 4 * ...I 9 6 0 J * J
85 M ar’ 8 ____ 78
Beech Cr Ext lat g 3X8.D1951 A - O
90
92
78
Lake Erie A West 1st g 5 s ..1937 J - J
N o v ’ 10
.... —
6 2 % ____ 89
80% Fob ’
81
Cart A Ad 1st gu g 4a____ 1981 J - D
i d gold 5 s ....................... 1941 J - J
—
89% M ar’ 7 ____
G out A Oairo lat gu g 5a. 194J J - D
85
N orth Ohio lat guar g 5 a ..l9 4 5 A - O
.... ....
M oh ft Mai lat gu g 4 s . . . 1991 M- S 6 5 % ------- 94 M a r ’ ll
94%
85% 89% 85 Apr ' 8 ____ 85
Leh Val N Y 1st gu g 4 X a ..l 0 4 0 J - J
—
—
0 7 % ____ 89% Fob ’ 10
89 Oot *
N J June R guar lat 4«___ 1986 P - A
83% 93
R eg istered ---------------1940 J - J
80 M ay’ 17
3 * 7 S ~ 78
78
71
70% 83
N Y A Harlem g 3 X a ____ 2000 M -N
Lehigh Val (Pa) cons g 48— 2003 M -N
—
101
Juno*17
—
____
9
4
%
A
O
8
____
N
Y
A
Northern
lat
g
81.1923
87
84%
87%
90%
General oon« 4 X a - - - . . - 2 0 0 3 W -N

* No price Friday; lateat bid and asked this week,




a

Due Jan,

ft Due Peh.

g

Due June,

ft Due Julr.

«> Due Oct.

# Option sale

A pr.

New York Bond Record— Continued— Page 3

2 0 1 9 1 8 .1

BONOS
If. Y. GTOCK EXCHANGE
Week ending April 19

33

P rlC i

Friday
April 19

IVet f t
Range or
Last Sale

No prloe F riday, latesi Did and aaked,




98

98%

63
70

63
70

92
71%
72*2
82
8134

94
75%
72*2
86%
86%

Pi
^ A*

P C O A 8t L (Co*.)

St Job A Gr Isi lat g 4a.

7234 80*2
75*2 82
01
63%
76% 80
72*2 74*2

86% 88
50>2 50*2
52
55*2
55% 57
8334 8034
Southern Paclflo Co-^~

>7 M -b
3 1 ? -)
2 A -C
lQ -f
1 M-N
0
..
0 ____
7J 0A-0
3J - .
7J 71 - .
1 A -C
1J 7i - .

Price
Friday
April 19

Week's
Range or
Last Sale

Range
Since
Jan. 1.

Bid
A> k Low
Hig No Low
88
96
91 N ov’ i ' ___
86% . . .
92*8 Oct ’ 1 ___
100% . . . 100 Mar’ l. ___
100 June’l ’ ___
...............
87 Mar’ l ___
81
84
80%
81
79%
63% 65
65 Mar’ l.' ___
62*2
44
55
50 Apr ’ IS . . . .
50
96 . . .
99 Jan '1 : ___
99
90 . . .
97% D e o ’ 1 ___
81% Sale 81%
81*
32 81
____ 81
88% Oct T ' ___
81% 83
81% Apr ’ If ___
81%
________
GO ____ 60 Deo ’ 1* ___

57% Sale
0J 71 Sale
0J 5 A -C
61*8 Sale
0 Oct ____ 47
1 J - J 101% 110
93*
1 J - J 90
_________
0J 7 A - 0 _______
8 M-N 100*2 103
0 A -O
65 Sale
9 A -t
81 ____
9 M- N 66 Sale
9 J - J 52*2 63*4
2 J -D
57% 58
2 J - J 53 _
7 J - I ____
3 J - J 59% 60
9J - .
0 A -0
67 ____
0 A -0
70% 74
9 F -A
49*8 Sale
9A-0
52 Sale
3M-S
62
76
9 I - J 73*8 77%
95% 993,
8J - .
90 ____
0J - .
92% 95
3J - .
88
95
5J - .
9234 ____
9J - .
8 J - J 91 ____

57
58*
70
71
61
623
45%
46
101 Apr ’ If
91 Apr 'i f
78 May’ lf
90 May’ l"
100*2 Apr 'If
65
65
88 July’ 17
66
66
50*2 Jan 'I f
58
58
54
54
59 Apr ’ IS
100% Feb ’ ll
71% Mar1IS
71% Mar’ 18
40
50
52
52
75 Mar’ lS
77 Jan 'IS
101
10334
97
97
95

High
c
c

__
__

No. Low High
72*8 74%

BONDS
Y . STOCK EXCHANG
Week ending April 19

e
0

N Y Cent 4 H R R R (Co*.)—
Bid
A$k Loto
High
N Y 4 Pti let cona gu g 4a 1993 A - O 68»a 74'2 7412 Mar’ 18
Fine Creek reg guar 0a___ 1932 J -O 10034 . . . 113 May’ 15
RW A O con 1st ext 6a..41922 A -O
97's 98 >4 98 Mar’ 18
98% N ov’ 17
RW * O T R 1st gu g 6S..1918 IY1-N 95'2 _.
80% A ug’ 17
Rutland let con g 4 X a ~ -1941 J - J 07's
Og A L Cham 1st gu 4a gl948 J - J GO ____ 03 Mar’ 18
Rut-Canada 1st gu g 48.1949 J - J
70 Jan T8
101 N ov ’ 10
St Lawr A Adlr 1st g 6a__ 1990 J - J
103 N ov ’ 10
2d gold 03...................... 1990 A -O
Utica A Bik RIv gu g 4s..1922 J - J 94'2 ____ 92
94
70's 72
7134 Apr ’ 18
Lake Shore gold 3Ha___ 1997 J -D
Registered.......... ..........J997 J -D ____ 7338 72% Mar’ 18
82%
Debenture gold 4.3_____ 1928 M- S 82% salo 82%
82
82'2 8134
25-rear gold 4s.............. 1931 M-N
82
83% N ov’ 17
Registered_________ 1931 M-N
Ka A A O R 1st gu c 5 a ...1938 J - J
Mahon C’l RR 1st 68____1934 J - J 87% .
104% Deo T5
90 .
Pitta 4 L Erlo 2d g 5 a ...01928 A -O
103 M ay’ 17
Pitta MoK A Y 1st gu 0a.. 1932 J - J 10034 .
130*8 Jau ’09
2d guaranteed 6a_____ 1934 J - J 100% ,
123% Mar’ 12
McKees A B V 1st g 0a. 1918 J - J
Michigan Central 5a____ 1931 M- 8 88'4
99*2 Aug T7
89
105 Juiy’ 10
Rcgiatered___________ 1931 Q-M
4s....................................1940 J - J 75 ,
80 N ov’ 17
Registered___________ 1940 J - J
87 Feb T4
J L A 3 lat gold 3 ^ a „ .1951 M- S
90 June’OS
7013 70
lot gold 3Ha...................1952 M -N
79% Juiy’ 17
73*4 74
20-year debenture 4a__ 1929 A -O
74
74
78% 82
N Y C bloA St L lat g 4a. .1937 A -O
78*2
78*2
75
Rcgiatered_________ 1937 A -O
78% 85 Nov’ 17
Debenture 4a_______ 1931 M -N
01'2 03
01 Mar’ 18
77
Weat Shore lat 4a guar...2301 J J 75
70*2
77
Registered___________ 2301 J - J 72% 74% 72*2
72*2
N Y C Lines e<i tr 5a.. 1918-22 M -N
100*2 Jan T7
Equip trust 4H3--1919-1925 J - J
98% July’ 17
N T Connect 1st gu 4H8 A . .1953 F - A
79% 85% 86% Jan ’ 18
N Y N H A Hartford—
CToa-conv deben 4a______ 1947 M- S
60 Sept’ 17
Non-conv deben 3Ha____1947 M- S 50%
50 Oct ’ 17
50%
Non-conv deben 3Hs____1954 A -O
50%
50*2
Non-conv deben 4a______ 1955 J - J
55*2 Apr T8
Non-conv deben 4a______ 1950 M-N
57 Apr T8
Conv debenture 3 Ha........ 1850 i - J 50 % ____ 40 Deo T7
Con v debenture 0a_______ 1948 J - J
85
85
Cong Ry non-conv 4a___ 1930 F - A
50 Oot T7
Non-conv deben 4a___ 1954 J - J
91*2 Jau T2
Non-conv deben 48___ 1056 I - J
79% Apr ’ 10
Non-conv deben 4a___ 1955 A - O
Non-conv deben 4a___ 1956 I
Harlem R-Pt Chca lat 4s. 1954 M -N
0 8% ____ 77*4 Aug ’ 17
B A N Y Air Lino lat 43..1955 F - A 08 ____ 79*8 Deo ’ 17
Cent New Eng 1st gu 4a..1901 J
____ 70
74 Apr ’ 17
Hartford St Ry lat 4a___ 1930 M- S
Houaatonlo R cona g 6 a... 1037 M -N
100% M ay’15
Naugatuck UR 1st 4a___ 1964 M -N
87 July’ 14
N Y Prov A Boston 4 a ... 1912 A - O
83 A ug ’ 13
NYW'cheaAB 1st aor I 4Ha’ 46 J - J 46% 4634 46*4
4034
N II A Derby cona cy 5a.. 1918 M -N
107 Aug ’09
Boston Terminal 1st 4 a ... 1939 A -O
New England cona 5a___ 1945 J - J
Consol 4s__________ 1945 j - i
70 Sept’ 17
Providence Secur deb 4a. 11957 M - N ____ 00
67 Apr ’ 16
Prov A Springfield lat 6a. 1922 J - J
99% Deo ’ 13
Providence Term lat 4 a ... 1960 M- 8
833s Feb ’ 14
W A Con East lat 4H8...1943 J - J *89
00
65
64
CG%
N Y O A W reflat g 4a___ 01992 M- S
Registered *5.000 onIy..gl992 M- S
92% Juue’ 12
General 4a......................... 1955 J -D »____ 60
00
GO
Norfolk Sou lat A ref A 5 a ..1901 F - A 63 ____ 03*2 Mar’ 18
83 ____ 84%
Norf A Sou lat gold 6a..........1941 M-N
84*2
Norf A Weat gen gold 0a___ 1931 M -A 100 ____ 107*2 Deo ’ 17
improvement A ext g 6a_. 1034 F -A 102 % ___ 122 N ov’ 16
New River 1st gold 0s___ 1932 A - O 102% ___ 107% Oct T7
82% 8234 82*s
8234
N A W Ry Jst cons g 4 s ..1990 A -O
Registered.................... 1990 A O
94*2 Deo ’16
DIv’I lat lien A gen g 4S.1941 J - J 75% . . .
75% Mar’ 18
10-25-year oonr 4a........ 1932 J -D
123% May’ 17
10-20-year oonv 4s........ 1932 M- S 104 110 117% May’ 17
10-25-year conv 4Ha__ 1938 M- S 105 ____ 105*2 Feb ’ 18
78% 82% 85% Fob ’ 18
P oca b C A O ]oln t4 s...l9 4 1 J -D
C O A T lat guar gold 6«. .1922 J - J 95% ___ 103 Sept’ 16
Sclo V A N E lat gu g 4e. .1989 M- N 75
87
70 N ov’ 17
Nor Paclflo prior Hen g 4a__ 1997 Q - J
80 Sale 79
80
Registered___ _______ 1997 Q - J ------ 79
83 Oot ’ 17
General Hen gold 3a........ a2047 Q - F 50% 5034 56=8
57
Registered.................. o2047 Q - F 52*8 59
61% June’ 17
St Paul-Duluth Dlv g 4s. .1990 J - D 73*2 8934 91% May’ 17
St P A N P gen gold 0 a ...1923 F - A 102% 109 102 Apr ’ 18
Reglatered certificates.. 1923 Q - A ------ 105
103*2 Sept’ 17
St Paul A Duluth 1st 6 s ..1031 F - F 93% ____ 107 Oot ’ 10
1st oonaol gold 4s.......... 1908 i - D
65 ____ 88% Mar’ 17
Wash Cent 1st gold 4a___ 1948 Q - M
61
70
36*2 Deo ’ 16
Nor Pao Term Co 1st g 0s_. 1933 J - J 1O07S 109 110% Oct ’ 17
Oregon-Wash lat A ref 4 a ... 1901 J
72*2 73*2 72*2 Apr ’ 18
Paclflo Coast Co latgSs___ 1940 J -D ------ 83
90 Jan ’ 18
Paducah A Ills lat s f 4H8..1955 J
___ 100 100*8 Feb ’17
Pennsylvania RR lat g 4a..1923 M -N
91% ____ 99*2 July ’17
97*2____ 101*2 July T7
Consol gold 5a...... ...........1919 M- S
82% ____ 88 Jan ’ 18
Consol gold 4s..................1943 M -N
83% 85% 85
Consol gold 4s.................. 1948 M -N
85%
Consol 4 Ha____________1900 F - A
90% 97% 96%
97%
General 4Ha...... ............. 1905 J -D
88% 89*8 88%
89%
AUeg Val gen guar g 4 s...1942 IY1- 8 82*4 88*2 89*2 N ov’ 17
D R R R A B ’gelStgu4sg ..1930 F - A
75% ____ 84*2 Sep ’ 10
Phlla Balt A W lat g 4 s .. 1943 M- N 8 3 % ------ 92 Aug T7
Sodus Bay A Sou 1st g 5s. 1924 J - J
102 Jan ’03
Sunbury A Lowls lat g 4a. 1930 J
76% . . .
UN J RR A Can gen 4a
1944 M- S 84 . . .
92 Doo ’ 17
Pennsylvania Co—
90
963. 90*2
Guar lat gold 4H s.......... 1921 J - J
96%
Registered___________1921 J - J
94% 97
9534
9534
75 ____ 87 Feb ’ 17
Guar 3 Hsooll trust reg A .1937 M
Guar SHaooll trust ser B.1941 F - A
73
80
70 Jan ’ 18
74 ____ 81% July’ 17
Guar 3 Ha truat otfs C __ 1942 J - D
Guar 3 Ha trust otfa D __ 1944 J - D
70*8 83*s 3734 Deo ’ 10
Guar 15-25-yoargold 4 s.. 1931 A -O
83
85
84
84
40-year guar 4s otfa Sor E . 1952 M-N
80 ------ 80 Doo T7
Cln Lob A Nor gu 4a g__ 1942 M- N ------ 8734 80 Oct ’ 17
09
Cl A Mar lat gu g 4 H a.-.1935 M -N
90*4 May’ 17
Cl A P gon gu 4Ha sor A .1942 J - J 89*2 ’ 9 3 ’ 92*4 Deo ’ 17
Series B........................ 1942 A -O
8 9% ____ 104 Doo ’ 16
Int roduood to 3H8..1942 A - O 80*2____ 90% Fob ’ 12
Sorlos O 3 Ha................ 1948 M- N
78%
90% Oot ’ 12
78% ____ 88*2 Feb ’ 17
Sorlea D 3H s................ 1950 V - A
Erlo A Pitta g u g 3 H s B ..1940 J - J 75 ____ 88 Apr ’ 17
Sorlos O_____________ 1940 J - J 73% . . .
90% July’ 12
Or R A I ox lat gu g 4H8.1941 J - J 84% 99
99 Mar’ 18
91
Ohio Conneot 1st gu 4a.-.1943 M- S 90
93 May’ 14
Pitta Y A Ash lat cona 68.1927 M- N 95*2____ 93 May’10
98
Tol W V A O gu 4Hs A ..1931 J - J 81
08*4 Apr ’ 17
92
Series B 4 Ha................. 1933 J - J 87
92 Deo ’ 17
Series C 4a..................... 1942 M- > 73*2____ 88% 8opt’ 17
P O C A St L gu 4Ha A ..1940 A - O 86% ____ 92 Nov’ 17
Serioa B guar............ 1942 A - O 80*8 100
92 Deo *17
Sorlos O guar..........
1942 M N 86% 99
99 Juno’ 17
Series D 4a guar............1945 M- N 88
88 Fob ’ 18
Serioa E 3 H a guar gold. 1949 F - A 87
88
Mar’ 18
88
Series Fguar 4 a g old ... 1953 J -D
95% May’ 17

Range
Since
Jan. 1.

1667

82
65
50
99
86
86

78 55*2 61
57 66
74%
3f 60
67*2
12 45% 51
___ 101 101%
___
91
95%
___
___ 100% 102%
1 62
69
5
___
1
2

31
f

65
50*2
57
52

68%
50*2
64
59%

59

60%

71%
70
49
52
73
77

71%
71%
55*4
66%
75
77

Deo '15
Deo TC
A u g’ 17
Sept’ 17
Oct '17

9 J -D
70% 72ij 71%
72
5 "1% 76
9J -C
90 Feb M9 M- S 76% 76% 76*2
76*4 20 75% 79’
4 l -D
91*2 Salo 91
91%
7 86% 93%
9 F - A 78
80
78
78
2 77% 82
9V-A
87*2 Sept’ 10
9 J - D 80
87
87% Feb ’ 18
86*2 88
4 A -O
70
75
72% Feb 'IS
71
72%
1 M-N
90 100 100 Oct '17
45
49*2
1 J - J ____ 95
9684 Jan ’ 18
96*4 96*4
4 M-N ------ 95
100% Jan ’ H
3 M -N
80
95
99% Apr '17
3 M -N
80*2 95 100 Oct T6
7 J - J 91% 104 103% Aug T7
1 A -O
91
91*2 91
91
1 87
91
) M -N
109*2 N ov’ 15
1 J - J ____ 10034 101% Dec T6
1 J - J 96*2 105% 100*4 Oct T7
64
68I2
l A -0
100*8 Dec ’ 17
0 J - J ------ 100
CO GO
3 A - O 92% ____ 102% Oct T7
00
64
7 J - J 913s 9G
90% Feb ’ 18
93% 96*2
82% 84%
7 M- N 915S ____ 107*2 Sept’ 16
7 J - J 90 ____ 93*2 Aug T7
San Fran Tenni let 4a..
3 A -O ------ 74%
7334 Apr T8
73*4 8U2
Tox A N O con gold 5a
) J - J ------ 85
95 Nov’ 16
81*2 85
So Pao R R 1st ref 4a___
J - J 78 Sale 77%
78
19 76*4 82%
Southern— lat cona g 6s__
J - J 92% Sale 92
92% 30 90% 93%
74% 76*2
( J - J ------ 88 100*4 Aug ’ 16
A - O 61% Sale 60%
61% 73 59
61%
M- 3
00
08
66
66
4 66
68*2
105% 105*2
J - J 87 ____ 87 Jan ’ 18
87
87
83% 85%
J - J 64% 71
64*8 Apr '18
64% 69%
J - J 99'2 104 10238 Sept’ 10
J - D 86% ____ 87% Mar’lS
87% 87%
29 79
84S4
J - J 81
87
90 July T 7
J - J 91*2 92% 92*2
93
9 91
95
18 50% 01*2
J J
70% Mar’ lS
J - J ------ 80
81% Mar’ 16
A -O
75 Feb '17
- - - 102 102%
J - J 84% 97
96 Mar’ 18
90
90
M- N 8934 94
94
94
1 94
97%
M- 8
99 July’ 17
A -O
40 ____ 51 Mar’ lS
51
63
J - J 100%____ 103 Dec T7
J - J 98% 100*2 100*2 Apr '18
98% 100%
J - 1 85
95 108 Sept'10
J - J 58
68
68 Jan T8
68
68
A -O
93 103
95 Jan '18 . . . . 95
95
M- N
73 Sept’ 12
M -N
96% 98
97 Deo ’17
88
88
M- S
102% Juno’ l l
85
90
M- 8 9 3% ____ 03
93 "‘ "5 "03
93~
95% 99
M- S 91 ____ 104% Deo T6
88% 02
91
93
M -N
93 Apr ’ 18
93
94
J - J 95 100 105 Mar’ 17
1st consSO-year 5a. 111958 A -O
70*8 84
72*2 Jan ’ 18
72*2 72%
F - A *78% ____ 93% Mar’ 17
J - J
95*4 Mar’ 17
A -O
85
99% 93% Sept’ 17
F -A
87
95
95 Feb ’ 18
95
95
J - J ____ 82%
82 Jan ’ 18
82
82%
96*2 98
A - 0 ------ 101% 95*2 July’ 17
95*4 90
Tex A Pao lat gold 5a.
J -D
84% 90
85%
85%
3 83
86%
M ar
40
70
46*8 Feb ’ 18
46*8 46%
70
70
La Dlv B L 1st g 5a____ 1931 J - J ____ 93
89 Apr T7
W Min W A N W lat gu 5al930 F - A
Tol A O O 1st gu 5a.......... 1935 J - J 80*2 94% 93 Apr ’ 18
90
93
84
84
Western Dlv lat g 6s......... 1935 A -O ------ 96%
.00 Jan ’ 17
General gold 5a_________ 1935 J -D ____ 80
90 Feb ’ 17
Kan A M 1st gu g 4s_____ 1990 A -O
65*2 80*2 70 N ov’ 17
2d 20-year 5s_________ 1927 J - J ____ 91
91*4 Deo ’ 17
Tol P A W lat gold 4a_____Zl917 J - J ____ 50
52 Aug T7
Tol St L A W pr Hen g 3Hs 1925 J - J ____ 80
80 Feb ’ 18
80
80
50-year gold 4a_________ 1950 A - O
42
48
45
45
2 45
53
Coll tr 4a g Ser A ________ 1917 F - A
18% Mar’06
Tor Ham A Buff lat g 4a..*1940 J -D ------ 80
80 Apr ’ 17
Ulster A Del lat eon g 5s__ 1928 J -D ____ 95
00 N ov’ 17
1st refund g 4a__________ 1952 A - O ____ 70
58 Sept’ 17
Union Paclflo 1st g 4s______ 1947 J - J 86*2 8 6 * 4 85%
86*2 21 85% 89
Reglatered_________ I I 1947 J - J 84
80
80 Feb ’ 18
86
80
20-year conv 4a_______ IIl927 J - J 84% 85*2 84
84
1 82*4 87*2
lat A ref 4a...................... g2003 M- 8
78*2 7934 7812
78%
4 75% 81*4
Ore RR A Nav eon g 4 a ..1940 J -D
70
80
7934
80
4 79*4 82%
Ore Short Line 1st g 0*...1922 F - A 101% 102
01
101
2 00% 104
lat oonaol g 6s________ 1940 J - J 94*2 97
95% Apr T8
94*8 97%
Guar refund 4a_______ 1929 J -D
83 Sale 82%
83
18 81% 85
Utah A Nor gold 5a____ 1920 J - J 86*2 98
98 Deo T7
88
88
lat extended 4s_____ 1933 J - J 80
89
89 Feb T8
89
89
87
87
Vandalla eons g 4a Ser A ____ 1955 r - a
75 ____ 80 Jan ’ 18
80
80
Consola 4 Serioa B_____1957 M -N
80
82% 81% June’ 17

DuaJan. 6 Due Feb. cM ay .

g

Duo June. A Due July, k Due Aug. 0 Dae Oot. p Dae Nov. 4 Due Deo. * Option sale

New York Bond Record— Concluded— Page 4

1668
BONDS
N . Y . STOCK EXOH AN OB
W e e k en d in g A p ril 19

Pries

i i

F rid a y
A p r il 19

A ik Loto

Bid
M -N
r ,i -N
2 d g old 6 8. _ ........................1939 F - A

Week’s
Range or
L a st Sale

89*2 Sale
9 2 U Sale
81-3.1 80

89
92*4
8 434

Range
Since
J a n 1.

fa
i s

IH o* N o . Low
9
8
2

90
9 2 i2
8134

100t4 M a r ' 18
78 M a y ’ 17

r.i- s

88U
92 U
8134

93
95*3
80*2

9 3 14 100*4

7412
SO

F - A
A- 0
Wea>, N Y A Pa ld t g 59____ 1037 J - J
A -0

80
59*s
40
8112

M - S

85
61
104*8
82
90
60
GL

75 A p r ’ 17
84*4 Jan '17
85
59*s
90
70
36
82
100*4

99*8 M a r '17
00 " M a r '18
60
M u r’ 18

M- S
M S

50
55

J - J
-N

70 ' 71-*4 72
75
75 Sale

J - J
J - J

69
90 i.i Sale

o a i o s c o R y e lo t 6 s _________ 1827 F

-

78

A

82

J - J
J -J

84
71*2
15*2

A
J
M an h at R y (N Y ) cons ? 4a. 1900 A
A

J

D

70

1
1

3S

80
73

A p r ’ 18
S op t'1 7

60
Sale

70
82

A u g ’ 17
83*2

53
99
70

61*2
99
70

79*4

81

GO
00

00
GO

72
72

72*2
7G*a

N Y D o c k 5 0 -y r la t g 4 s____ 1951 F - A
N iagara Falla P ow er 1st 5 s . . 1932 J - J

7 9 78
65
92U

8334
09
97*4

N o r S tates P ow or 2 5 -y r 5a A 1941 A - O
O n tario P ow er N F 1st 5 s . . . 1943 F - A

79

87*2
85*2

52
53
SOI4
82
76
76
77 A p r ’ 18
85

F eb *18

30

M a r’ l l

i6
33
1

C onv deboo

6 a...................... 1924

A m H id e A L 1st a f g 0a____ 1910
A m a m A R la t 3 0-yr 6 3 serA i ' 47

A -O
F - A
M- N

iw- a
j

-

j

1934

G o ld 4 s.......... ______________1951 F - A

517S
79
70
77

57*2
85
80*2
82

7 6 14

85

B ald w L o c o W ork s lat 5a___1940 M - N
C en t F o u n d r y 1st a f 6 s ._ .1 9 3 1 F • A
C ant L eath er 2 0-yea r g 5 s . . 1926 A - O
F - A
C orn P rod Itol 3 t e As
10.11 M - N
1st 2 o-y oar s f 5 s ................. 1934 M - N

43.

. . 1942

J- j

48-2
18

A -O
P o rtia R y L t * P la t rel 5 8.1 84 2 F - A
P ortla n d Q oq E lec 1st 5 s , 1935

0212

68

2
80*4
86*8
85*2 M a r ’ 18 . . . .

80
86*2

87*2
87*2

78*4
92*2

78
92*2

78
92*2

3
2

73*2 8212
88 ~ 93

94*2

9134

26

93
'.) t
95
92 Sale
92
82*2 87*2 83
100 Sale 1 0 0
87
87 Sale
9 7 * 8 ____ 97*4
117
_
119
71
78*2 71
83*2 S37s 83
993i 105*2 101*8
65
81
80
91*2 Sale
94*2
81
97*4
96*8 99
0712
•96*4 98

A p r *18
92*8
A p r ’ 18

31

75
71
95*2

55
52

M *N
J
D altotl R ya fit L 1st y 4a____ 1831 J
*2 3 “

78"
d a y a m l E le c t r ic L ig h t
B k ly n Un G a s lat cons g 5 a . 1945
B u ffa lo C it y G as 1st g 5 s . . . 1947
Otncln G as A E lm let& rel 5a 1950
C o lu m b ia G A E 1 st 5 s _______ 1927

M -N
A -O
A -O
.1 - J

C on sol G as co n v d eb 6 s _____ 1920 Q - F
Con*G a.iE L A P o f B a lt 5-yr5a’ 2 l M - N
D etroit C it y G as g old 5 a . . . 1923 J - J
D e tro it E d ison la t co ll tr 5 a . 1933 J - J
M- S
E u Q I N Y 1st con s 2 5 a ..1 9 3 2 M - 8

•

A - 0
L a c G as L o f S t L 1st s 6 a . . e l 9 l 9 Q - F
A d
M -N
J -E
N Y G K L H & P g 5 s.............1918 J - D
P urchase m on ey g 4s_____ 1949 F - A
J - J
P a c ific G A E l C o — C a l O A E
C o r p u nifying A ref 5 s . . .1 9 3 7 M - N
1 - J
Pan P ow A L t 1 st A ref 2 0-yr
5a Intern a tion a l S e r i e s ...1 9 3 0 P - A

M

lo o
10018

•80 "
85*2

9734

8812

09

99

79

8 0 12 84
97*8
76
91

78
l*a

Westohet-ier t.Ur »r»|ri as . . 1060
, 1 » N o p rice F rid a y; latent b id




J - J
t n

89

81*3

S e o t’ 15
A p r ’ 18
June’ 13
90
A p r ’ 18
F eb ’ 15
99*8
F ob ’ 18
M a r ’ 18
1 0 1 * 2 O ot ’ 10
95*8 A p r '1 8
91*2 A p r ’ 18
91
F ob ’ 18
100
Feb ’ 13
92*8 NOV’ 17

_____

__
1

___

49
1734

51
217a

02*2

62*2

52*2
27*2
95
92
70
56

56
38*2
95
90
80
60

027ft
81

S 8 78 M a r ’ 18
7834
79
95
100
98*2
77*8
99
90

Jan ’ 17
J u ly ’ 17
M a r ’ 18
A p r ’ IS
S e p t’03
S o p t’ 17

89
91
99U
80

M a r *17
J u ly ’ 17
N o v ’ 15
M a r ’ 18

M ay* 17
J u ly ’ 17
G ot *17
Soot* 17
95
N0 V I6
93 ' 9 7 * 2 Jan ’ 18
82
81*2
81*2
101
J u n e’ 17
957ft 90
A u g '17
5 far '17
917ft 105
90

58
55
25
79

_____

5
- —

24

C on s ol co n v s f g 5 s.............1935 J - J
L ig g ett A M y e rs T o b a o 7 s . _ 1941 A - O
F - A

797s
93 '

5 s .......... ..................................... 1951 F - A
A -O

100
7078
99*2

71*8 Sale

100

84
101

857ft
M ay* 17

95

A p r ’ 13

71*8

6

42
87
M a r ’ 18
D e o ’ 17
A p r ’ 18 . . . .
84
4
A p r ’ 18
A p r ’ 18 . . . .
25
95*8
M a r ’ 17
A p r ’ 18
2
P7'2

7D j

*97*2 98*4 99 Jan ’ IS
1113i 111
113
113
9134
92
91*3 93
114 A p r ’ 18
116*8 1 2 0
91
92
91*4
92
106 109
100 A p r '18

90
89*2
75*2

60
55*4
25
8 0 's

9534
90
80

99*4 102
92*2 9212
91*4 95*2
92
91*2
94

90
9212
94

N a t Sta rch 2 0 -y r d eb 5 s____ 1930
N a tion a l T u b e 1st 5 s ________1952
N Y Air B rake 1st c o n v 6 a . 1928
R a ilw a y Steel Spring —
In lerocen n p 1 st a 1 6 s _____ 1931
S in clair O il * R e lln ln * —

J D
J - J
M -N
M -N
A

-

_____ 98
93 _____
91
90
98*2 9934

O

95

90

Sale

- J
- J
- J
-D
78
- A
- D
-O
- J

Sale
90*3 93*4
98 Hale
80
89
70
85
40
48
100 Sale
Sale
93
04
943i 95
98 Sale
9578 06

C a a l I r o n 8 , S te a l
B eth Stool la t e x t a 1 S t .............. 1925 J - J
M -N
2 0 -y ea r p m A Im p s f 5 8.1 93 6 J - J
B u d .4 Huso Iron • 1 5S .............. 1932 j - n
D eb en tu re 6 a _______________ a !9 2 6 M - S

94
957a
8978 00*4
80 Sale
______ 06
---------- 91*8

U n ion n a g A P aper 1st BsIIlBBO J
J
U 8 R e a lty A I co n v d eb g 5s 1924 J
U S R u b b er 10*yr co l tr 0 a . . 1918 J
U S S m elt R e f A M co n v 03.1926
V -C a r Chum 1st 1 5-yr 5 s . . . 1923
C o n v d eb fls ________________ «1924
W ent E lootrlo 1st 6 s D e o _____ 1922

F
J
A
J

214

2

93*2

9614

921* 100*2
90*4 95*2
83
.82
98*4 100
86*4
89*2
9678 97*4
74*2
71
7!)
87
9 9 l 2 IOH 4
80
80
93
97*4
97*2
95
007 b
76 “

9734
98
1001*
8578

71
913.1

100

68*2

74
7334

99
117
80
05
115
in
93
85
1053.1 100
98

t
12
10

110

99

1
1
_____

97*4
89
8 5 78

98*2
913a
8578

84

88

____ _

90

1

87*4
G9

893a
73

. . . .

M- N
A -O
823a
M -N
A -O
M- 8
M- S

Indiana Steel 1st 5 s_________ 1952
L acka w Steel la t g 6 s ............ 1923
1st con s 5a Series A .............1050
M id v a le S teel A O co n v s f 581930
P ooa b C on C ollier 1st a f 6 s . 1957 J - J
R e p u b 1 4 S 10-39-yr 5 s a 1.1910 A - O
J

6

887a
78*2

-

J

8 S teel C o r p — \ c o u p ._ .4 1 9 0 3 M - N
S F 10-60 -y r 6 s ( r c g ____ <*1903 M - N
J - J
V a I ro n C o a lA C o t e l i t 9 5 s . 1949 M - 8

U

92*2
8034

95 A p r ’ 18
9 2 U F e b ’ IS
95 A p r ’ IS
981,1
08Jj

2

90*8 F ob ’ 18
8 S -2
8014

90
80Si
00 F e b 'I S
97*8
98
8 2 3 4 A u g '17
SS >2 M a y '17
47
'40

100

77*2
03
9 4 l2
90*8
90

100

78
05
94*4
98
00

9573
9573
91
91
7 0 l2
SO
05 J u ly '1 7
85 Jan '18

23
29

95
91*4
93
983.i

1
0

194
4
2

14
4

1

3
20

100

90*8

90*8

SO
81*2

93*2

88

40

95
92*4
9534

90‘2
45
100

88*4

90
101*8

49
100*8

93
90
94*4
95

79*4
98
97*4
98
98

96*8
87
78*2

99
93*8
81*4

____

85

85

83

76
85

85

C on s C o a l o f M d la tA r e f 5 s ll9 5 0 J - D
99

______

86*2

d o w ith ou t w arrants a ttaob
S tandard M illin g 1st 6 s .......... 1930 M - N

83

9078 D eo ’ 16
90
D e o ’ 17
99
M a r’ 18

76
N o v ’ 17
98*8 98*4
9 8 14
89
89
90
8 5 7a A p r ’ 18
85
I04*a A p r ’ 17
90
88*2
88*2
69 A p r ’ 18
71
105*2 J u n e’ 17
96*2 A u g ’ 17
88*4

775a

m

U n ited F uel G as 1st a f 6 s . . . 1930 J - J
U ta h P o w e r A L t 1st 5 s____ 1944 F - A

F e b ’ 18
M a r ’ 18

3
11
_____
1

___
_____

8

- a
M- f

25
79

M a r '17
55
33
Jan ’ 18
92
M ar* 18
M a r ’ 18
O ut ’08
F e b *18
55

95
92

N

■HConv deben g o ld 5 s . . . . .^ 1922 M - N

533.1
32
95
92
70
50
84
58
55

_____
______

100

P e o p G a a A C le t con s g 0 a ._ 1943 A - O
R efu n d in g g old 6 s .....................1947 M - S
M- S
J - J

15

103
90
93
90
51
62
8 S*s 90*4 90
7S '/8 78
97
993« S:\IO
99*4
90
91*2 921}
96*8
04

8 8 is

K an C it y (M o ) G as 1st g 5 s . 1922 A - O

M -N
1

38*2 N o v ’ 10
0 2 * 2 M a r’ 18
DO’ 2 Feb ’ 17
102*2

53*2 55
33
32
104
90
921 2
92
70
58
50

A -O

50
1934

79
97
90
91
95
92

100

m

J - J
A -O
T h ird A v e R y 1st g 5 s .............. 1937 J - J
T rl-C Ity R y A I,t la t 8 1 5 8 . . 1923 A - O
Underwr o ( L on d on 1 K « _____ 1933 3 - J
In co m e 6 s . ........................................ 1948

50
19

60*2
26*8
20
87*4
90
93
83
84*2
79
107*2
58
90
107*2
80*2

86*8 Sale
85
80

98*4 Aug *17

50
1938

H igh

06
97

9134 Sale

01

79 " A u g ’ 17
N IT R y a 1st R E * rel

N o . Low

66
96*4

75

OS'2

H igh

Range
Since
J a n 1.

§S

06
M a r ’ 18
90*4 M a r ’ 18 . . . .

W ilson A C o 1st 2 5 -y r s f 63.1941 A - O

86*2

85
72*2

A»k Low

_____ 05
_____ 99
98
100

M- N

8 8 U2
____ |
2 ^ 85
85 '
85
3 08
7 2 la
7 2i2 723s
84 Jan ’ 14
97 1878
19 i « i
16
16*8
16*8

80

Bid

W eek’s
Range or
L ast Sale

01
_____ 0 0 i2 A p r ’ 18 ____
60
A dam 3 E x c o ll tr g 4 s .............1918 * i - a
19
19
2
18*4
19*2 20
A lask a G o ld M dub 08 A ____ 11)25 VI- 8
20
20
2
19
18
20
C o n v d eb 6a scries B .......... 1926 M - 8
8134 Sale
33 823s
J -D
83*8
81*4
90
F e b '1 8 ____
B o o th F ish eries d o b s f O s .. . 1026 A - O * _____ 88*4 90
4 S978
F - A
91*2
91 '2
91*2 Sale
82
78
83
82
F eb ’ 18
A -O
80
J - J _____ 85
80
M a r ’ 18
5 74
A -O
75*4 Sale
75
75*4
M FJ 106 Sale 1 0 5 1 2
100
25 103
58
M a r ' 18
58
A -O
1 86*4
J - J
87*2
87*2 8934 87*2
28 10238
C h ile C o p p e r 1 0-yr co n v 7 s . 1923 M - N
101 Sale 103*2
1 0H 8
03 73
78 Sale
77*s
78
C o ll tr Jfcconv 0a ser A pa rt pd A - O
A- O
75
_____ 87 O ot ’ 17
d o d o full p a id _________
78*2
79
85
79 F o b ’ 18
C o m p u tin g -T a b -R e o s f 0 3 . . 1 9 4 1 J - J
95
95
9 m
95 Sale
a r a n h y C o n S M S 4 P c a n 0 a A '2 8 M - N
M a r ’ IS
91
M-N
95
963| 90
90*2
M- N
8 9 * 2 _____ 90*8 A p r ’ IS
9 0 78 Sale
90
01*2
37 90
A - O
31 8 6 34
8 8 78 Sale
88*a
89
M o n ta n a P ow er le t Ga A . . .1 9 4 3 J - J
J u ly ’ 17
M orris A C o 1st a t 4 M s ____ 1039 J - J -------- 8 9 78 90
A p r ’ 14
60 _____ 83
M tg e B on d (N Y ) 4.3 sor 2 .,1 9 0 0 A - O

M ay* 13

80
70

53 " Sale
82 Sale
73i 2 783.!
79
77

-O
- J
-O
-O

72
75

68 A p r ‘ 18
95'>s
90U
10 L

S ta m p ed guar 4 -59.......... 1950 F - A
K ings C o u n t y E 1st a 4a-.1 9 4 9 F - A

D e o '17
3
59*2
Jan *18 . . . .
A p r ’ IS
O c t ’ 17
82
2
A p r ’ 17

P rice
F rid a y
A p ril 19

S I
3 fe
® a.

H ig h

90
A- 0

BONDS
N . Y . STOCK EXCH AN G E
W e e k ending A p ril 19

[Voi-. I06.g|

90*2
83
95
90
8978
81*3
84
95
79*4
97

95
Salo
Salo
Salo
Salo
88

97*2
87
Sale

74
83
98*2
08*2
91
83*4
95
95*4
89*3
81
85*2
97*2
80

71
Jan *18
S e p t '17
A u g ’ 17
F eb ’ IS
S378
95
90
897S
84*s
F e b '18
97*2
A p r *18

96*2

97
M a r ’ 18
D e c ’ 10
A p r '18

97*4

_____ 78
83
89*8

80
84

95
9478

94
85*2
97
90*2

88

00*2

94
8

4
2
21

55
i
139

_

85*2
85*2
98*4
80
971*
90*2 100
97*4 997a
80*2
85*2
93
80

83

85*8

67
1

8 OI4
81*4
80
90
98*8

83*8
85*2
91*2
95*8
99*2

2

63*8
90

08*8
93*8

1

991 2
86*4

. .. .

_____

98*2
7 7's

80

98*2
81

81

07*2
84
OS’ s
92*1
101*8

A m T e lo p A T e l c o ll tr 4 a . . . 1929 J - J
C on v ertib le 4 s .............................. 1936 M - 8
M- 8
J -D

K e y s to n e T elep h on e la t 5 s l 1 1036

80*4 Salo
87
80
89*2
92*4 Salo

______

8014
80*s
85*2 F eb '18
80 A p r '1 8
92
92*4

__

Q - J

63*8

J - J

_____ 97

91
98
88

97
J - J

4

97*2
81

W est U n ion co ll tr our 6 a ___1938 J - J
F d and real eat g 4J4 s____ I960 M - N

90*4

91*2

90
90*4
81
82
_____ 1 0 1 * 2

91
A p r '1 6
88

M a r '18
86*4

5

91*2
91*2
92*a
92*2
90
90
80*2 A p r '18
1 0 1 * 2 S o p t’ 17
91
N o v '16

2

86*2

97*2
80*3

13

7
1

85*4
90*4
90
80

997ft
88

97
89
92*8
9212
93*8
88

and a sk e d . « Due J a n . i D u e A p r il. a Duo M a y . j D u o Juno. 4 D u o J u ly , t Duo L a y . a Due Oot. » Due N o v . fDuaDoo a o p t i o n sa lo.

Apr . 20 1918

BOSTON STOCK E X C H A N G E — Stock Record
Sale*

SHARE PRICK8—NOT PER CENTUM PRICES.
Saturday
April 13.

Monday
April 15.

Tuesday
April 10.

Wednesday
April 17.

Thursday
April 18.

Friday
April 19.

Week
Shares.

STO CKS

BOSTON STOCK
EXCHANGE

BO NDS
N e x t P a g*

Range Since Jan. 1.
Lowest.

Highest.

Railroads
0 0 122i2 Apr 17 129 Jan 3
158 Boston * Albany............1.100
Exchange
123 12312 122i2 122*2 123 123
123 12312 124 124
55
57
100 37 Jan 2 61 Apr 2
50
Closed
5012 56
351 Boston Elevated_________.100
50
57*2 55
•50*2 57
*87
90
87
87
24 Boston <fc J-owell--------------.100
90
Patriots’
100 87 Marl4 100 Jan 2
*87
90
88
88
*87
2214 2312
19 Jan 23 28 Feb 19
21*8 22
23
100
Day
89 Boston & Maine_________.100
*22
215g 21SS 23
23
100 100
150 155
100 150 Apr 15 168*2 Jan 17
31 Boston A Providence-------.100
*150 155
150 150 *150 100
East Sale 2
*1
5
Boston Suburban Elec..no•par
2 Jan 20
5
Jan’ 18
2 Jan 26
*1
*1
5
*1
Last Sale 101, Mar’ 18
*11
par
Do p ref__________ no•par
lOU Mar 1
*11
11 Feb 1
*11
*11
Last Sale 41- N ov'16
Boston A Woro Eleo ..no1 par
___
Last Sale 30 Mar’ 18
*30
Do p ref__________ no>par
par 30 Mar 5 30 Mar 6
*30
*30
*30
147 147
100 147 Apr 17 147 Apr 17
4 Chlo Juno Hy A O S Y ___ .100
*
Do prel_______
82i2 Apr 18 85 Jan 30
10
8312 *
83*2 *82*2 83*2 82*2 82*2 *83 -----*108*1
Last Sale 115 Mar’ IS
*1083,
Connecticut River_______.100
100 104 Feb 14 120 Mar 6
*109
*109
___
*59
60
60
00
100 63 Jan 22 65 Jan 3
59
7 Fitchburg prel___________.100
*59
*59
Last Sale 115 Mar’ 18
*114 117 *114 117
Georgia Hy A EIcc stampdlOO
1100 115 Jan 26 IIOI4 Jan 9
*114
*114
*785g ___
Last Sale 80 Apr’ 18
*78*8
Do prel_______
80 Mar 8 81 Feb 25
.100
*785s
*7858
82
82
85
*80
82
*82
30 Maine Central.....................100
80 Jan 26 85 Jan 3
85
.100
*82
*82
85
Last
Sale
4
4
*3*2
4's
*3*2
Apr’
18
4*4 Apr 1
4
2 Jan 2
Mass
Electrio
Cos________
X00
.100
4
*3*2
*3U
18
18
18
18*2 *17*2 18
80 Do prel stamped_______.100
100
8*2 Jan 22
1912 Apr 4
18
18
18
18
28
27
28*2 23
28*2
28
27
159 N Y N H A Hartford.........100
100
27 Feb 25 33 Jan 2
27
27
27
Last Sale 90
*
90
90
Jan’ 18
90 *
Northern New Hampshire.100
90 Jan 10 90 Jan 10
90 *
.100
95
*95 ___
*95 ___
95
5 Old Colony_____________.100
100 92 Feb 21 98 Jan 2
*95
*95
22
22
Last Sale 20'- Apr’ 18
*20
*20
22
*20
Rutland, pref___________.100
100 20 Jan 2 25 Jan 8
22
*20
___
90
*87
88
88
*87
1 Vermont A Massachusetts..100
90
*87
100 83 Jan 24 88 Apr 18
*80
42
*42
43
43
42
43*2
42
343 West End Street__________
42
O 37 Feb 20 47*2 Apr 1
42
42
. B
50
52
*52
55
♦52
55
55
51 Do pref_________
55
*51
*53
. 50 47 Jan 16 62 Apr 1
Miscellaneous
Last Sale 83
*82
85lg
85ls *82
Apr’ 18
Amer Agrlcul Chem ical....100
100 78*2 Jan 2 89*2 Feb 14
*8 Hi 83*4 *8134 85
48 Do pref............
*92
93*2 *9212 9312 9212 923, 92l2 93
*92
93
.100 885s Jan 2 94 Mar 1
1*2 *1*8
U1*2
l l 2 *1*8
1*2
25 Amer Pneuinatlo Servloe... 25
*1
.76 Jan 24
2*2 Mar 2
1*2 *1
12
10
10
*11
11
11
12
35 Do pref_______
12
*11
*11
. 50
8 Jan 29
15*8 Mar 4
Last Sale 9978 Apr’ 18
Amor Sugar Refining____ .100
100
99 Jan 2 108*2 Feb 20
*100 102 *101 102 *101 102 *101 102
109
1091?
*
108*2
n
o
32
108*2
109i2
1
10
Do p ref........... .
109 109 *108
.100 108 Jan 19 111 Feb 6
100 100*2
99*4 100*4
2,010 Amer Telep A Teleg.......... .100
100
100 100*4 100 1013* 100*4 101
99*8 Mar2S 109 Feb 6
53
*52*2 53*2
70 American Woolen of Mass.100
5134 *52
52*4 5212 *52
53
.100 45*2 Jan 8 56*4 Mar 0
*51
9334
93
93*2
94
9 U2
9 II4
321 Do pref............ .
90 Jan 3 9634 Marl2
03
93*2 93*2 941?
*02*2 00
04
04
*0212 00
35 Amoskeag Manufacturing___
___
04
04
*62
00
60*2 Jan 2 64 Apr 4
9 Do pref________ ____
*77*4 80
80
77*2 771- *771, 80
80
*77
76 Jan 7 80 Feb 1
*77
Last Sale 11*4 Apr’ 18
* 1112 121? * 1 U, 121Art Metal Construe I n c...1
0
* 11 U
..10
11 Feb 21
13*4 Jan 4
*11*4
Last Sale 107 Apr’ 18
Atl Gulf A W I S 8 Lines .100
*107's 108*4 *110 111 *109 110 *108 109
.100 98 Jan 15 120*4 Feb 16
*62
63
03
25 Do pref_______ ________
62*4 02 U *02
*621« 63*4 *62*4 03
.100 68*2 Jan 17 62*4 Mar21
170 Booth Fisheries_______no par
*22*4 23*2 *22*2 23*2 2212 23
23
23
par 21 Jan 25 26 Feb 16
*2212 23
14*2
00 Cuban Port Cement.......... . 10
*13*4 1 U2 14
11*2 *13*2 141- *131- 141- *14
12 Jan 29
15% Mar 15
434 43,
*43,
20 East Boston Land________. id
*412 5
478
*4*2 5
4 Jan 31
10
6*2 Feb 15
*4t2
139 139
139 139
140 Edison Electrio Ilium____ .100
100 zl37 Jan 15 154*2 Jau 2
141 142*4 *138 1383i 1383, 139
*140
141
139
139
2
04
*138l2
139*2
139*2
139*2
137*2 138
General Electric.................100
.100 128 Jan 16 143*2 Feb 19
534
Last Sale 5*4 Apr’ 18
*5
5*4 *5
534
5*4
*5
Internal Port Cement_____
5 Apr 3
. 10
6*2 Feb 2
*12
Lasl Sale 131, Mar’ 18
*12
15
15
*12
15
*12
15
Do pref............
. 60 12U Jan 29 14 Feb 6
33,
378 3*8
3% 4
3*4
1,835 Island OH A Trans C o r p ...io
4
378 3*8
4*3
3*4 Apr 16
5*8 Marl8
..10
*91
*91
Last Sale 92 Mar’ 18
*91
*92
McElwaln (W H) 1st pref..100
100 91 Feb 6 92*2 Feb 28
79
78
79
79'
79
*79
78*4 79
80
50 Massachusetts Gas C os...100
80
.100 *77*4 Jan 15 82*2 Feb 20
04
04
64
05
141 Do pref______________
*03
03*4 03*2 03 ‘2 0312 *03
.100 63 Apr 10 70 Jan 3
113*2 113*2 *111 llRls 113 114 *11118 113*2 ♦111 113
31 Mergcntbaler Linotype....100
100 113 Mar 4 124 Jan 31
*3.4 2
*3,
*3., 2
2
.99 .99
**4 2
10 Moxlcan Telephone........... 10 .99 Apr 18 .99 Apr 18
*88 ___ *8812 ___ *88*2
Last Sale 88
*88
Apr’ 18
New Eng Cotton Yarn____.100
100 88 Jan 15 89 Jan 10
*88
*88
Last Sale 9212 Au«’ 17
*88
*88
Do pref............
100
5 New England Telephone...100
*89
90
*89
90
90
*89
90
90
90
*89
100 87 Mar28 100 Jan 3
00
03
00
*58
63
12 Nova Scotia Steel A C ____100
*59
*5812 03
*58*2 04
.100 58*2 Apr 12 69 Jan 2
116*4 117 *110.12
*118
41 Pullman Company..............100
*117
117 118
100 102 Jan 7 118 Apr 10
*33
*33
*33
34
34
34
33
33
34
10 Punta Allegre Sugar.............50
*3.3
. 50 29 Jan 3 35 Feb 23
*13
13*2 *13
15 Recce Button-Hole............ . 10 11 Jan 29
13i2 13
13(2 *13
13*2 13*2
1378 MarlO
141 143*2 140*2 143
140*8 141*2 139 141
139 141
2,860 Swift A Co_______________100 124U Jan 7 146*4 Apr 9
19 Torrlngton_______________. 25 45 Jan 29 50*2 Jan 4
49
49
48*2 48*2 *48*2 491- 49
49
49
49
853 United Fruit____________ .100
123 123
1203i 122
120*2 1213s
121*2 1223, 119*2 122
100 115*2 Jan 17 133 Feb IS
44
44*2
2,030 United Shoe Mach C'orp... 25 41 Jan 2 47*2 Mar 8
44
4438 44
44
45*4 44
44*8 44
201 Do pref.............
25
25
25
*25
25*2 *25
25
25*2 25
25 Jan 19 26U Mar 8
25*2 25
5,203 U S Steel Corporation____100
89 *s 89*2 90*8 91*4 90*s 923g 90*8 91 »4 91*2 945S
.100 87 Mar25 98*2 Feb 19
Last Sale n o Apr’ 18
*109*4 10934 *109*2 110 ♦109*2 110 *109*4 1101,
Do pref............
.100 108 Mar25 *112 Feb 1
0*4 6*2
350 Ventura Consol Oil Fields.. 6
0*2
*0
0*4 OU
0
0*4 *0',
6 Jan 2
8*8 Jan 24
0*4
Mining
Last Sale 1
Mar’ 18
13* *1
*1
138
1*8 *1
13S *1
1 Jan 10
1*4 Jan 25
Adventure Con.....................25
. 25
78
79
78
77
79
77
53 Ahmeek............................. 25 77 Mar28 83 Jan 3
79
78
*77
79
*H2 178 * li2 2
100 Alaska Gold_____________ . 10
13s
138 *1*2 178 *U2 lh
1*2 Jan 19
2*4 Jan 22
Last
Sale
.30
.30
.30 *.25
Apr’ 18
.30 *.25
*.25
.30 *.25
.25 Jan 7
.30 Apr 10
Algomah Mining________ 25
50
50
*50
S0i2
50
51
*50
50*8 50*8 50
105 Allouci___ ______
. 25 50 Jan 15 64 Feb 27
.3
1334 *1314 1312 13
z 1258 13
13
05 Amer Ziuo, Lead A Smelt. 25
13*8 *13
125$ Mar23
17U Jan 3
40
40
47
47
*45
47
45
44
45
44
100 Do pref............ ................
. 26 41 Jan 2 48 Feb 18
14
13
*13
13*2
13
13
13
13*4 13*2 13
1,379 Arizona Commercial______. 66 11 Jan 5 14U Feb 18
.32
.32 *.25
Last Sale .30 Apr’ 18
.32 *.25
.32 *.25
*.25
.25 Feb 1
.45 Jan 7
Butte-Balaklava Copper... 10
Last Sale 10t2 Apr’ 18
*1812 20
*1812 20
*18*2 20
*18*2 20
17 Mar25 24*8 M a rll
Butte A Sup Cop (L t d ).... 10
07*8 0G78 07
67
07*2
67% 07*8 07
07*4 07
386 Calumet A Arizona...............10
10 62*2 Jan 15 71*2 Marl2
437 437
435 437
440 440
435 435
433 433
39 Calumet A Hecla.................25
. 25 427 Feb 28 464 Jan 4
13
13*2 13
*13
13*2 *13
*13*2 133,
13
13
25 Centennial_______________. 25
12 Jan 14 14*2 Feb 10
*401, 41
*411, 42
Last Sale 40*2 Apr’ 18
403i *4012 41
*40
Chino
Copper....................
. 5
6 40*8 MarlO 45 Feb 19
45*4 4412 4434 45
453,
44*i 4478 4434 44?s 45
607 Copper Range Co________
25 4358 Mar25 48*8 Jan 3
.
*158 2
*1*8 2
l's
158
*158 2
*1% 2
100 Daly-West.......... .................
25s Mar 1
1*2 Apr 10
. 20
512 5*2
5*8 5*2
*5t2 53t
5*2 6
558 55*
626 Davls-Daly Copper.......... . 10
5 Jan 2
G78 Mar 8
9
9*2 *9
9'4
91.8
9*8 918
*9*4 11*2 ♦9
70 East Butte Coppor M in .... 10
10*» Jan 2
Si2 Mar25
534 *5
53.4 *5
5*2
5*2
Last Sale 512 Apr’ 18
*5
Franklin................................ 25
4 Jan 29
6
Feb 18
79
79
*70
79
*77
80
*75
SO
80
♦70
Granby Consolidated..........100
100 74*4 Jan 29 79 Mar28
*40'2 43
*41*2 43
43is 43'8
*40*2 42*2 *4D2 43
40 Groene Cauanea.................100
100 39 Jan 17 44*2 Feb 6
73,
8
*73l
8
734
73,
*7*2 8
7'4
71,
125 Hancock Consolidated_____
7*4 Apr 18 lO'g Jan 2
. 26
*
■SO *.50
.85 *___
.70
.85
Last Sale *2
Apr'18
>2Apr 8
Indiana Mining.....................25
25
1 Jan 3
62
02
00
02
02
02
62
62
62
02
205 Island Crook C oal...
1 50 Jan 14 67*2 Mar27
81
*81
83
81
*81
83l2
*81*2 84
*81*2 83
100 Do pref............ .
80 Jan 24 84 Fsb 18
1
22
22
22
22
22
22
21*2 21*2 *21*2 22
510 Islo Itoyale Copper________ 25
19i2Jan 14 20 Jan 2
26
5>2 5*8 *5*2 534
53S 5 %
*5*4 53i
245 Kerr Lake........ ................ 6
5 Jan 2
0 Feb 19
*1
U1*2
Hit *1
1*4 1*4
*1% 1*2 *1
20 Keweenaw C opper.............25
.99 Jan 24
1*2 Jan 2
25
5*2 63, *5*2 0
55s 55.8
5*2 612
*5*2 0*4
250 Lake Copper Co__________ 25
5 Mar25
7*2 Jan 3
*2*2
3
3
23,
*212
3
*2*2
*212 3
2*2
25 La Salle Copper___________ 25
2
Jan
2
3U
Mar 5
Last Sale 5
5*2
Mar’ 18
*4*2 5*2 *413 51? • *41- 5*2 *4*5 Jan 29
Mason Valley Mine______. 5
6
0 Feb 13
*5
5
5
6*4 *5
514
5*1
*5U
6*2 *5
10 Mass C onsol.......................26
5 Apr 2
26
7 Jan 2
1>4 1*4
1*4
1*4
13s
1*4 H4
138
1*8 *1*4
835 Mayflower-Old Colony____25
25
.65 Mar26
1'2 Jan 3
*2
2*? *2*4 2*2 *21,
3*2 *21,
2*2
2*4 21,
100 Michigan________________ 25
1 % Jan 4
2*2 Feb 5
01
02
01
02
63
63
02
02
03
02
98 Mohawk................................ 26 *58 Jan 9 60 Jan 2
1834
183,
19
19
19
*18*2
*1812 19
*18*4 19
63 Nevada Consolidated..............55 18*2 Jan 30 20*8 Mar 7
*17g 2
* 178 2
134 178
* 1*8 2
*178 2
150 Now Arcadian Coppor_____ 25
1*4 Jan 24
2*4 Feb 9
*15
17
*15
Lasl Sale IOI4 Mar’ 18
17
*15
17
*15
17
New idrla Quicksilver___ . 6 13U Jan 2 17U Mar 7
*15
17
*15
17
Last Sale 17 Mar’ 18
*15
17
17
*15
New
Illver
Company.........
100
17
Jan 2 20 Jan 2
*75
*75
77
77
75
75
*75
77
78
*75
10 Do pref_____________ ' 100 75 Jan 2 80 Jan 31
8*2 8*2
8 % 8*2 *8*8 834
8*2 83,
8*2 8*2
380 Nlplsslng Mines_________. 6 8 % Jan 11
9 Apr 11
14
14
13*2 1334 1378 14i8
14
14
14*8 14*8
640 North Butte...................... 16
13*2 Apr 1"
16*2 Jan 3
.80
.80 *----.80
.70
.00 .00 *
100 North Lake.......................... 25
.25 Feb 14
.95 MarlO
*3,
*3l
Last
Sale
*34 1*4
1*4
lU
l
**4
1*4
Apr’ 18
*4 Jan 4
26
1*2 Mar30
41
*39
40
40
40
41l2 42
40*2 40*2 *40
103
26 39*4 Mar25
45*- Jan 3
54
54
*5312 54
53
53
54
54
*53
54
25
53 Apr 18 65 Jan 9
25
18
18
18*4 18*4 18*2 18*4 18U 18-2 I 8 I4 181635 Fond Creek Coal_________ 10
17*2 Jan 12 20*4 Feb 20
72
70
70
*70
72
70i2 70*2
*70
72
*70
10
25 69 Mar27
76 Feb 19
*24
24*8 *2334 24U 24i2 24i 2
24
*23*2 24
24
60
24i2Apr 18
ltay
Consolidated
Copper.
10
21*4
Mar22
*
523, 50
5234
50
52
49
49 * _
10
25 49 Apr 15 57 Jau 2
*.85
1
Last Sale 34
1
*.85
*.90
1
1
*.85
Apr’ 18
.65 Jan 26
1*4 Feb 21
10
43g 43s
4*4 438
4*8 4*8
*4*8 4*8
4*4 4*8
205
3 Apr 10
5*4 Jan 2
10
18
*10
Last Sale 16*2 Mar’ 18
17
*15
*15
17
*15
17
10 16 Jan 16 16i* MarlS
*13g
2
1*2
1*2
2
2
1*2
*138
1*2
*l-*8
50
1*8 Mar30
2 Jan 3
25
.17
.12
.12
.17 *.12
*.13
.17 *.12
.17 *.12
100
.11 Jan 23
.20 Jan 8
6
♦41,
5
*414
5
5
43S 43s *41,
*4*4 5
10
4 Feb 19
6*2 Jan 2
26
25g
25S
2*4
*219 23l
23,
23*
23,
23,
*212
315
2*8 Apr 12
3*4 Jan 3
10
312 3*2
35* 358
3*2 3*8
*3l2 4
31- 3*2
080
3*4 Jan 14
25
4ij Feb 13
*.99 ___
Last Sale .99 Mar’ 18
*.99
*.99
*.99
.93 Feb 14
1
1*4 Feb 21
3034 37*2 38*4 38
38
38
381? 37U 38
30
2,700 U 8 Smelt Refln A M in ... 60 36 Apr 13 4914 Feb 19
4334 4334
4314
42*4 43
43
44
4312 43i2 43
344 Do pref-------------------- 50 42*4 Apr 13 46 Jan 2
2
2
*2
2
2
'X
e
2
X,
*2
2*8
2*8
2*8
300 Utah-Apez Mining______ 66
2 Jan 30
25g Feb 8
10
*9l2 10
♦934 10
9*2 10
9*2 9*4 10
407 Utah Consolidated............ 6
9 Mar20
12 Jan 16
Last Sale 7914 Apr’ 18
*78
78*2
*78*4 783t ♦78«g 78*8 *78*2 79
Utah Copper Co_________ 10 77*2 Mar23
86
Feb 19
21, 21,
2*2 2*2
21,
2'4
2*2
2-2 23,
21,
1,350 Utah Metal A Tunnel
2 Jan 30
1
3 Mi Apr 8
2% 2*8
*2*8 23«
*2*2 25,
2*2 25g *2*2 3
110 Victoria................................ 25
2*2 Jan 26 . 3 Jan 3
26
2
2
*1*4
*1*4 2
* 1*4 2
112
U2
♦11,
30 Winona_____ ___________25
26
1 Jan 10
2 Jan 3
*27
28
2,3*4 *27
271, 28
28*4 2714 271? *27
95
28 27*4 Apr 18 36 Jan 3
*.70
.90 *.70
.90
Last Sale .80 Apr’ 18 ...........
.90 *.70 .90 *.70
.61 Apr 9 V/U Mar 7
28
• Bid and asked prloes a Ex-dlvldend and rights * Assessment paid. k Ex-right*
i Ui-dividend
u Hall paid




1669
Range for Previous
Year 1917
Lowest

Highest

120 Deo 175 Jan
27 Deo
79 Jan
70*2 Deo 133 Mar
15 Deo
45 Mar
150 Dec 213 Jan
2 July
3 July
9 June 30 July
30 Aug
148 Nov
83i2 Deo
102i2 N ov
44 Dec
116 Deo
83 June
78 Deo
1 Deo
6 Dec
21*4 Sept
90i2 Oct
85 Deo
I 6I2 Dec
83 Deo
34 Deo
*45 Deo

38 Feb
150 Jan
108 Jan
HO Mar
78*2 Mar
133 Jan
92*2 Jan
100*8 Mar
6% June
31U July
52*4 Jan
105 Apr
135 Jan
84t2 Feb
110 Jan
56i- Mar
74 Jan

73 Dee
94*4 May
88 Deo 10312 Jan
1 Deo
2*8 Jan
7*2 Dee
14 Mar
90 Nov 126*4 June
105 Deo 121*2 Jan
96 Dec 128M Jan
38% Nov
58 June
*87*4 Deo lo o t , June
60 Deo
75 July
75 Deo
97i, Jan
6 Deo
14*4 Deo
88 Sept 12 li2 Jan
65*2 Feb
66 Jan
9 Deo
37g Deo
133*8 Deo
118*4 Deo
4 Deo
10 Deo

20*8 June
10 Jan
226 Jan
170*4 Jan
181* Jan
33*2 Jan

92*2 Deo" 102"" Jan
71 Dec 100*2 Mar
63 Deo
81 Mar
110 Deo 169 Jan
1 Mar
1*4 July
35 Jan
95 Mar
Q91. Ana
60 Jan
93 Deo 124*2 Mar
*59 Nov 112 Jan
107 Deo 166*4 Jan
29 Deo
48 Jan
10 Deo
16 Mar
116 Nov 1627s Apr
40 Nov 68 June
•105 Dec 155*2 Jao
37*2 Dec
58*4 Jan
25 Oct
30*8 Mar
79% Deo 135 May
103*4 Deo 121 Jan
4U Deo
S7t Jan
4*4 Jan
1 Oct
70 Deo 108 Jan
1 Dec
IH 2 Jan
*4 Sept
H4 Jan
45 Deo
70 Mar
4114 Jan
11 Deo
40 Nov
73 Jan
8*a Nov
15*4 June
.25 Deo
214 Jao
12*8 Dec
62 Jan55 Deo
85U Jan
411 Dec 690 Feb
11 Deo
27*4 Jan
36U Deo
63 Mar
39U Deo
68 Jan
3 Jan
1*2 Apr
7*4 Jan
3*4 Nov
8*4 Deo
16 Jan
4 Deo
9 Mar
06 Dec
92 Jan
36 Nov
4612 Jan
7 Deo
20i- Jan
4 Mar
*4 Dec
62 Nov
76H June
80 Nov
94 Apr
20 Dec
36 Jan
4U Apr
6 Aug
4*4 Jan
1*4 June
IS Jan
5 Oct
1*4 Deo
5 Jan
4*8 Nov
8% Aug
6 Nov
16*2 Jan
3 May
1 Nov
5*2 Mar
158 Auz
67 Deo
98 Jan
16 Nov
26 >2 Mar
6 Jan
1'zDeo
10 Nov
17*2 Apr
22 Jan
30 Mar
06 Doc
92*4 Mar
6*4 July
9*s Sept
11*4 Oot
24*4 Mar
.30 Nov
2*4 Jan
.98 Dec
27s Jan
33 Nov
67*4 Mar
63*2 Dec
95 Mar
16 Nov 28*4 June
94'2 Feb
60 Nov
20 Nov
82■« Apr
48 Deo
89*4 Mar
.58 Dec
2 Jan
51, Oot
10 Jan
19 Oct
30*8 Mar
.89 Deo
6U Jan
-.10 Deo
.31 Jan
3*4 Deo
16*8 Mar
2*8 Deo
8 'i Jan
3 Nov
8*2 July
1 May
2 % Jan
40's Deo
07*4 Jan
62i, Jan
43if Nov
l 7i Mar
87» Sept
211, Feb
9*2 DSC
71 Deo 118*» May
2*8 Dec
0*g Jan
6 Jan
2 Oct
u>8 Jan
2 Oot
31 Dec
83*2 Mar
10 Aug
2*s Jan

Outside Stock Exchanges
B o sto n B on d R ecord.— Transactions in bonds at Bos­
ton Stock Exchange A pr. 13 to A pr. 18, both inclusive:
Thurs.
Last Week’s Range Sales
for
of Prices.
Sale
Price. Low. High. Week.

Bonds—
U S Lib Loan 3^3-1932-47
1st Lib Loan 4S-1932-47
2d Lib Loan 4 s .. 1927-42
Am Tel & Tel coll 4s. .1929
Atl G & VV I SS L 5 s .-1959
Chic June & U S Y 53.1940
4 s ________________ 1940
Gt Nor— C B & Q 4S..1921
Registered 4s..........1921
K C Mem & B Inc 5 s.-1934
Mass Gas 4)4s__ •____1929
Miss River Power 5s. .1951
Punta Alegre Sugar 6 s 1931
Swltt& C o 1st 5s____ 1944
Western Tel & Tel 5s. 1932

98.90
96.14
96.14

58)4
90)4
70)4
80
93 %

98.60
96
95.90
80)4
75)4
87 'A
72)4
92)4
92)4
58)4
90)4
70)4
80
93
87)4

99
96.40
96.30
80)4
76
87)4
72)4
92)4
92)4
58)4
90)4
70)4
80
93)4
87)4

$36,700
43,050
47,950
1,000

4,500
1,000
1,000

24,000
2,000
2,000
1,000
1,000
6,000

7,000
1,000

Range since Jan. 1.

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

American Radiator___ 100
Amer Shipbuilding___ 100
Preferred__________ 100
Booth Fisheries—
Common..new (no par)
Preferred................. .100
Chic City & CRy pt sh com
Preferred.................... .
Chic Pneumatic T o o l.. 100
Chlo Rys part ctf " 2 " ___
Chicago Title & Trust-100
Com'monw-Edison!___ 100
Cudahy Pack Co, com.100
D eere* Co, prof_____ 100
Diamond M atch,.........100
Hartman Corporation. 100
Hart, Shaffner & Marx—
Common .............
100
Lindsay Light. ............... 10
Middle West Util, pref.100
Page Woven Wire Fence.20
People’s G L & Coke. .100
Quaker Oats Co, pref-.100
Sears-Roebuck, com__ 100
Preferred.......... ........ 100
Stewart Warner Speedom
C om m on................... 100
Swift & C o___________ 100
Union Carbide C o____ 100
United Pap Board, comlOO
U S Steel, common___ 100
Ward, Montgomery & Co,
Preferred__________ 100
Wilson & Co, com ........ 100
Preferred__________ 100

113
85)4
22)4
2
68

103
96
111

21

144

250
85)4

250
116
85)4

22)4
82

23
82

110

99.06 Apr
Jan
98
97.90 Mar
Jan
83
79
Jan
91)4 Feb
72 H Apr
94)4 Jan
92)4 Apr
60
Feb
91)4 Mar
Mar
71
Apr
81
95)4 Feb
90)4 Mar

2

15
263

2

15)4
71)4

10

10

165
103
114
95)4
108)4
38)4

165
105
114
96)4
111
39

60

60

20

22

58
5
41
98)4
140)4
118

58)4
5
41
99
145
118

55
140
51)4

54)4 55)4
13854 143)4
49)4 51)4
19)4 20)4
91)4 91)4

103
55)4
98

102

20

53)4
98

103
56
99

Range since Jan. 1.
Low.

High.

.Jan 265
10 250
Jan 119
1,545 87
200
84)4 Mar 90
Jan
Apr
Jan
2
Jan
14
520
1,405 47)4 Jan
Jan
8
4
Jan
23 165
Jan
519 103
76 107)4 Jan
50 94)4 Feb
Jan
82 102
Jan
105 30

1,356
10
110

100

553
25
110
12

118
457
15

18)4
80

53
19)4
57
5
40)4
95
139
117

Feb
Apr
Jan

26

Feb
Feb
2)4 Jan
18
Mar
71)4 Apr
15
Mar
Jan
175
108
Feb
114)4 Apr
97
Jan
Jan
112
44
Jan
86

Jan 67
Fob
Mar 28
Jan
Jan 65
Jan
Mar
6)4 Feb
Apr 55
Jan
Jan 100
Jan
Jan 157
Feb
Apr 120)4 Mar

Jan 58
190 47
Jan 146
7,033 124
2,696 47)4 Apr 54)4
715
14)4 Feb 20)4
100
91)4 Apr 96)4
60 102
285 46
73 95

B altim ore Sto ck E xch an ge.— Complete record of the
transactions at the Baltimore Stock Exchange from Apr. 13
to Apr. 19, 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.

High.

Low.
96.52 Jan
95
Feb
94.54 Feb
80)4 Apr
Mar
75
87)4 Apr
72)4 Apr
92
Mar
92)4 Apr
58)4 Apr
Jan1
88
67)4 Jan
Feb
79
92)4 Mar
87)4 Jan

C h icago Stock E xch an ge.— The complete record of
transactions at the Chicago Stock Exchange from A p r. 13
to Apr. 19, 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 cont
of par value.

Stocks—

Feb
Apr
Feb
Apr
Feb

Apr 110
Feb
Jan 59
Jan
Jan 99)4 Mar

Stocks—

55
52)4
52)4
90)4
91M
98.70
96
96
56)4
45
75)4
75)4
79
93)4

55
54)4
91 %
98.90
96.20
96.20
56 H
46
75)4
79
93)4

31,000

13,000
15.000
3,000
550
19,550
1,000

3,000
8,000
1,000

3,000

Jan
52
Jan
50
Mar
90
Jan
97
95.04 Mar
94.70 Feb
56)4 Jan
Apr
45
Mar
75
78)4 Jan
92 H Apr

Mar
59
59)4 Jan
94)4 Mar
98.90 Apr
97.5f Jan
97.52 Mar
58)4 Feb
Jan
55
Apr
80
Jan
81
95)4 Jan

* Ex-dlvidend.

P ittsb u rg h Sto ck E xch an ge.— The complete record of
transactions at the Pittsburgh Stock Exohange from _Apr. 13
to Apr. 19, both inolusivo, 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 cont
of par value.
Sales
Friday
Last Week’s Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

100
Amer Sewer Pipe__
Am Wind Glass Mach .100
Columbia Gas & Elec. .100
Cruciblo Steel, p r e f... .100
Indep Brewing, com .. -.5 0
Preferred................ ..5 0
La Belle Iron W orks.. .100
Lone Star Gas_______ .100
Mfrs Light & H e a t... -.5 0
Nat Fireproofing, pref..5 0
Ohio Fiipl Siinnlv .
25
Oklahoma Natural Gas.25
Pittsb Brewing, com .. -.5 0
Preferred_________ 50
Pittsb Coal, com __
100
Prfiffirred
mo
Pittsb Cons M . M & T ..1
Pittsb-Jerome Copper . . . 1
Pitts & M t Shasta Cop . . . i
■pittsh Oil * Gas
100
San Toy Mining____ . . . i
U S Steel Corp, com .. .100
West’house Air Brake ..5 0
West’house Elec & M fg.50
Preferred.............. - ..5 0

60)4

" iu H
103
_____
_____
24
_____

" 76 c '
380
95)4
94
40)4
59

14)4
50
33)4
89
1)4
7)4
108
102)4
50
8)4
41)4
23)4
2

14)4
50)4
33)4
89
1)4
7)4
111)4
103
50
8)4
41)4
24
2

8H
8)4
52 X 53)4
79)4 79)4
5o
So
700
64o
35o 40o
6)4
6)4
lie
He
90)4 95)4
94
94)4
39)4 40)4
59
59

12

150
20

35
120

Range since Jan. 1.
Low.
12)4
40
28)4
89
1)4
6)4
106
95
50

57
290
65
150
8
75
105 x41)4
319 23)4
100
1)4
30
8)4
45
210
10
79)4
40
100
8,900 400
6,800 21 o
200
5)4
100

100

525
126
209
18

87)4
94
39
59

High.

Jan 15)4
Jan 58
Mar 35
Mar 89)4
Jan
2
Mar
9)4
Mar 115
Jan 102)4
Apr 53
Mar
9)4
Mar 45
Apr 25
Mar
2)4
Apr 13
Jan 68)4
Apr 83)4
7o
Jan
1
Jan
Jan 48o
Jan
7)4
16o
Apr
Mar 98
Apr 96)4
Jan 43
Apr 63

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

Bonds.
r’ontral rilst. Tp1f»n Ra 1Q43
Pittsb Brewing 6 s___ 1949
Pittsb Coal deb 5s___ 1931
Union Natural Gas 6s. 1920




98)4 98)4
52
52
99
99
102

102

31,000
10,000

500
1,000

98)4 Apr 98)4 Apr
Jan 52
Apr
50
Mar
98)4 Mar 99
Mar 102
Apr
100

Friday
Sales
Last Week’s Range for
of Prices.
Week.
Sale
Par. Price. Low. IUgh. Shares,

Alabama C o__________ 100
2d preferred________ 100
Baltimore Tube pref__ 100
Commercial Credit pref. 25
Consol Gas E L & Pow 100
Consolidation Coal___ 100
Cosden & C o____ _____ .5
Preferred................... -.5
Davison Chemical-.no par
Elkhorn Coal Corp.........50
Houston Oil pref tr ctfs 100
Mer & Miners T ra n s..100
Mer & Min Trans V T.100
MtV-W ’by Mills pf v t r 100
Northern Central_____ 50
Pennsyl Wat & Power. 100
Public Service Bldg, pref..
United Ry & Electric__ 50
Wash Balt & Annap___ 50
Way land Oil & Gas.......... 5
Bonds—
Balt Traction 1st 5 s „ 1929
Charles & W Car 1st 5s.’46
Consolidated Gas 5s. .1939
General 4)4s______ 1954
Cons Gas E L & P 4 )4s.’35
5% notes___________
Consol Coal ref 5s___ 1950
Cosden & Co scr A 6s. 1932
Series B 6s________ 1932
Ga Car & Nor 1st 5 s.. 1929
Georgia & Florida 5s_. 1956
Georgia Pacific 1st 6s. 1922
Kirby Lumb Cont 6s. 1923
Md Elec R y 1st 5 s ...1931
Metropolitan St 5 s ...1925
Minn St & St P C ]t 5s 1928
Monon V Trac 5s___ 1942
Norf & Ports Trac 53.1936
Norf Ry & Lt 5s........ 1949
Northeast of S C 6S..1933
United R y & E 4s___ 1949
Income 4s............... .1949
Funding 5s............... 1936
S m all.......... ........ 1936
Va Mid 5th series 5 s.. 1926
Wash B a lt* An 5 s ...1941
Wll & Weldon 5s........ 1935

80)4 80)4

96

88 H

6 Vs
3X
33

91
86

79 )4
80

68

68

85)4
26
95
87
m
3)4
32
26 H
64
76
75
72
73
64
96
20
27
3

85)4
28
96
89)4
7
3)4
33
26 X
64
70
77
72)4
731$
64)4
96
2014
27
3

98)4
90
100
86)4
82
91
85)4
79)4
80
93)4

98 X
90
100
86)4
82
91)4

22

96)4
98)4

53)4

101)4
96
90
98) 4
92
84)4
79)4
90
101)4
73
53)4
76
75)4
98
82)4
99) 4

86

80
80
93)4
22

101)4
96)4
90
98)4
92
84)4
79)4
90
101)4
74
53)4
76
76
98
82)4
99H

100

10
4
9
39
259
409
65
355
100
20

10
37
56
20

245
27
1,430
70
20
81,000
1,000

1,000
1,000

5.000
7.000
3.000
3.000
3.000
1.000

3.000
2.000

5.000

1.000
6,000
1,000
1,000
1,000
1,000

1,000
5.000
1.000
2,000
1,100
2,000
2,000

1,000

Range since Jan. 1.
High.

Low.
50
56
85
26
94
87
6)4
3)4
30
22 X
64
56
75
68

70
60
95
20

24
3

Jan 87
Jan 70
Jan 85)4
Apr 28
Jan 102
Apr 106
8)4
Jan
4
Jan
Jan 38)4
Jan 29
Apr 74
Jan 92
Apr 90
Jan 74
Jan 73)4
Jan 65)4
Jan 96
Mar 24)4
Jan 29)4
Apr
3)4

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

99)4 Feb
98)4 Feb
Jan
90
Jan 92
Apr
98)4 Jan 100
86)4 Mar 88)4 Feb
Feb
Jan 84
Jan
Apr 95
Apr
Jan 86
78 X Mar 82) 4 Feb
79)4 Apr 83) 4 Jan
Feb
93)4 Feb 95
Apr
22
Apr 22
101
Jan 101)4 Apr
Feb
95 X Apr 98
Feb
87)4 Jan 92
98)4 Apr 98)4 Apr
Jan
92
Apr 95
Feb
81)4 Apr 85
Feb
79)4 Apr 80
Mar
90
Apr 92
101)4 Apr 101)4 Apr
73
Jan 77 'A Feb
53)4 Mar 58)4 Jan
76
Apr 80
Feb
75)4 Apr 82) 4 Feb
98
Apr 98
Apr
Jan 83) 4 Feb
80
Jan 99)4 Ap
99

P h iladelph ia Sto ck E xch an ge.— The complete record
of transactions at the Philadelphia Stock Exchange from
A pr. 13 to A pr. 19, both inclusive, compiled from the offi­
cial sales lists, is given below. Prices for stocks are all dol­
lars per share, not per cent. For bonds the quotations are
per cent of par value.

Bonds.
Qhic City & Con Rys 5s '27
Chicago Rys 4s.Series ” B’
Commonw-Edlson 5s. 1943
Liberty Loan 3^8-1932-47
Lib Loan 1st 4 s . .. 1932-47
Lib Loan 2d 4 s . . . 1927-42
Met W Side El 1st 4s. 1938
Extension gold 4s. .1938
Ogden Gas 5s________ 1945
South Side Elev 4)4s.l924
Swift & Co 1st gold 5s. 1944

Stocks—

[Vol. 106

THE CHRONICLE

1670

Stocks—

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

American Gas of N J..100
American Milling..........10
Baldwin Locom otive.. 100
Cambria Iron--------------50
Consol Trac of N J___ 100
Elec Storage Battery.. 100
General Asphalt, pref. .100
Insurance Co of N A ----- 10
Keystone Telep, p r e f...50
Lake Superior C o rp ... 100
Lehigh Navigation........ 50
Lehigh Valley_________ 50
Midvale Steel A Ord___ 50
Minehill & S H ...............50
Pennsylvania Salt M fg ..5 0
Pennsylvania____ _____ 50
Phila Co (Pitts), pref
(cumulative 6 % ).........50
Phila Electric of P enn ..25
Phila R T vot tr rects...50
Philadelphia T raction..50
Reading---------------------- 50
Ton-Belmont Devel........ 1
Tonopah Mining________1
Union Traction...............50
United Cos of N J........ 100
United Gas Impt---------50
U S Steel Corporation. 100
Warwick Iron & Steel..10
W Jersey & Sea Shore. .50
Westmoreland Coal___ 50'
Wm Cramp & Sons___ 100!
York Railways, pref___ 60

40
*48)4
'25)4
"15 "
'5 9 "
40)4
44)4

77
11
76)4
40
66

48
48)4
25 H
50
14 X
63)4
58
145)4
50
88) 4
44

78
11
76 %
40
66

48)4
48)4
25)4
50
15)4
64)4
59
47)4
50
88)4
44)4

29
29
24)4 25)4
25
25)4
67
67
78)4 81)4
81)4
3 3-16 3)4
3)4
3
3)4
3)4
39
39
39
189)4 189)4
65)4 66)4
66)4
94 H 8 9) 4 95)4
8)4
8)4
39)4 40
70
70
78
79
32
32
25
25)4

83
1,160
50
135
1
425
6
317
50
3,440
152
140
842
3
3
1,661

Range since Jan. 1.
Low.
77
9)4
58)4
40
64)4
48
47
24
50
12
01)4
55
43)4
50
82
44

High.

Apr 89
Jan
11
Jan 80)4
Apr ar43
Jan 67
Mar
51
Jan 51)4
Jan 26
Apr 57)4
Jan 17)4
Jan 65)4
Jan 03
Jan 47)4
Mar 51)4
Jan 90)4
Mar 47)4

5 29
Apr
469 24)4 Apr
707 23)4 Mar
11 66
Apr
370 71
Jan
2,473
3
Jan
1,146
3
Jan
56 38) 4 Apr
22 189)4 Apr
568 65)4 Apr
6,561
86)4 Mar
85
7)4 Apr
113 39) 4 Apr
3 69
Mnr
Jan
50 74
24 31
Feb

33
25)4
30
71) 4
85)4
3)4
4
42)4
195
72) 4
98 %
8)4
48
70
85
33

. Jan
Apr
Feb
Mar
Mnr
Feb
Feb
Apr
Jan
Feb
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Fob
Mar
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Jan
Feb
Jan

Bonds.
U S Llb'Loan 3)43.1932-47 98.60 98.50 98.96
95.80 96.10
1st Lib Loan 4S.1932-47
2d Lib Loan 4 s ..1927-4 2 " 96.3 0 96 96.50
78
78
Am G & El 5s sm all..2007
Beth Steel pur mon 5s.1936
79)4 80
70
70) 4
Elec & Peop tr ctfs 4 s.1945 70
70
71) 4
do
small........ 1945
89
89
Keystone Tel 1st 5s-.1935
50
61)4
Lake Superior Corp 5s 1924 61
92) 4 92) 4
Leh C & N cons 4 )4 s ..1954
Leh Val Coal 1st 5 s ...1933 100)4 100
100)4
39
39
Natl Properties 4-68..1946
Penn RR gen 4)4 s___ 1965
89)4 89)4
Philadelphia Co cons & coll
75
75
trust 5s stamped__ 1951
Phila Electrlo 1st 5 s ..1966 93) 4 93) 4 93) 4
95
94) 4 94
do
small____ 1968
81)4 81)4
Reading general 4 s . .. 1997 81)4
80
80
Registered 4s.......... 1997
100 100
Span-Amer Iron 6s__ 1927
95
95
Welsbach Co 5s small.1930
* Ex-dlvldend.

$9,950
2,000

80,000
300
3.000
14.000
800
1.000
10,500
1,000
3.000
1.000

3.000

97
Jan 99.04
95.70 Apr 97.90
94.50 Feb 97.60
77)4 Mar 82
79
Mar 80)4
70
Mar 73
70
Apr 74
89
Feb 90
47)4 Jan 52
92)4 Apr 95
99)4 Mar 100)4
39
Apr 40
89
Apr 92

73
93
94
81)4
2,000
80
5,000 100
400 91

1.000
27.000
1,700
21.000

Apr
Jan
Mnr
Jan
Fob
Jan
Jan
Jan
Fob
Jan
Jan
Jan
Jan

Apr 75
Apr
Mar 96
Jan
Jan 96)4 Mar
Jan
Apr 85
Apr 83)4 Feb
Jan 101
Feb
Mar 95
Apr

Apb . 20 1918.]

THE CHRONICLE

Volume of Business at Stock Exchanges

Last Week’s Rangt
for
Former Standard OH
Sale.
of Prices.
Week.
Subsidiaries (Continued) . Price. Low. High . Shares .

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
D AILY, WEEKLY AND YEARLY.
Railroad,
<kc..
Bonds.

Siocks.

Week ending
April 19 1918.

Par Value.

Shares.

Saturday................
Monday..................
T uesd ay................
Wednesday............
Thursday..............
Friday___________

118.900 811,514,000
310,700 29.428.500
357,400 33.487.500
333.900 31.042.500
522,100 49.252.500
533,595 50,235,000

T o ta l..................

2,182,595 $205,500,000

State, Mun.
& Foreign
Bonds.

$279,000
601,000
811,000
738.000
628.000
637,500

$316,000 $1,901,000
393.000 3.617.000
480.000 3.347.000
332.000 2.939.000
404.000 5.085.000
673,500 5.255.000

Jan. 1 to April 19.

1917.

1918.

U. S.
Bonds.

$3,754,500 $2,598,500 $22,144,000

Week ending April 19.

Sales at
New York Slock
Exchange.

1918.

1917.

3,033,603
2,182,595
Stocks—N o. shares__
37,892,887
59,257,501
Par value_________ $205,560,000 $279,052,750 $3,545,810,350 $5,339,211,180
$1,000
Bank shares, par____
$12,400
$18,400
' Bonds.
$18,500
$235,190,500
Government bonds.. . $22,144,000
$268,000
2.598.500
9,468,000
State, mun., &c., bonds
06.757.000
129.767.000
R R . and mlsc. bonds..
3.754.500 10,840,500
87.633.000
218.030.000
Total b on d s...........

$28,497,000 $20,327,000

$389,580,500

$348,065,000

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.

T o ta l.................
N

e w

t o

Y o r k

A p r i l

“

s h o u l d

O n

b o

N

b e r s

p e r m

i s ,

o f

p li e d

a d m

i t t e d

in s u r e
t h e

3,719

$66,500

u r b ”

M

t h e

a r k e t .—

o u t s id e

B e lo w

s e c u r it y

in c lu s iv e .

I t

w e
m

c o v e r s

g i v e

a r k e t

t h o

a

r e c o r d

o f

A p r i l

1 3

f r o m

w e e k

e n d i n g

F r i ­

w i t h
t o

li s t s

o f

t h e

t io n s

d e a l

li s t

a t

a y

b e

m

o u t

o f

a s

t h o

g i v e

i t

f o r

t h o

m

o r

w h a t

a t t a c h e s
r e g u la r ly

t h e

m

m

m

f o r

d a y ,

a y

b o
h a v e
t o

o n e
o f

S u b sidiaries.
Anglo-Am cr OH r .......... £1
Buckeye Pipe Line.r . . . 50 ______

......

Galena-Signal OH com rlOO




t o

r e p o r t e d

n o

a n d

r e s t r ic ­
a n y

i n c lu d e d
d a i ly

f i c t i t i o u s
in

t h e

k e p t
c i r c u m

f o r

t h o

in

o n e
t h e

r e c o r d s
t r a n s a c ­

s p u r io u s
b e

v o u c h

in

s e c u r i­
m

i n d ,

s t a n c e s ,
a b s o lu t e

t r a n s a c t io n s ,

a n d

w o r t h .

Friday
Sales
Last Week's Range for
Week ending April 19.
of Prices.
Sale.
Week.
Stocks—
Par. Price. Low. High. Shares.
Aetna E xn los.r...(n o par)
8X
Air R eduction.r.. (no par)
Amor Writ Paper cotn.100
2X
Brlt-Amer Tob ord’y __ £1 ______
Ordinary bearer____ £1
15X
Burns Bros Ice r.......... 100
27X
Second preferred.r.. 100 63
Car Ltg & Power, r____ 25 ______
9
Carwen Steel Tool........ 10
Chevrolet M otor.......... 100 124
Curtiss Aerop <fc M com (f)
31X
9-16
Elootrlc Gun r .................. 1
Emerson Phonograph----- 5 ______
Emplro Tire & Rubber.r ..
3X
Hall Switch & Signal.r.100
X
Inter Trad Corp, co m .r .-l
Keyst Tire & Rub, com. 10 18X
Preferred, r__________10 ______
Lake Torpedo Iioat.r.-lOO
Manhattan Translt.r__ 20 ______
351
Marconi Wlrcl Tel of Atn.6
9-16
Maxim Munitions.r___ 10
NJY Transportation___ 10 ______
254
North Am Pulp & Pap (t)
Poulsen Wireless r___ 100
St Joseph Lead.r.......... 10 ______
St L Rocky M t & P com 100
Security D r u g .r .......... 10
Smith Motor Truok .r . . . 10 2 11-16
fltandard Motor Constrr 10 12>4
14M
Submarine Boat v t o . . ( t )
Tblogen Co of Amer r . . .5
4 54
Triangle Film Corp v t 0.5
United Motors.r. .(no par)
2554
U 8 Light <fc Heat, comrlO
154
ft Preferred.r __
lo o
O S Steamship___
jo
5K
W rlght-M artln Alro.r . ( t )
8K
Form er S ta n d a rd Oil

b e in g

t a k e n

o r

a r e

fu r n is h

a lw a y s

t o

is

in

t h e m

“ C u r b ”

t h a t
h a v e

a u t h e n t i c .

d e a lt

I n

t h e y

t h e m

b e fo r e

t o o ,

t h e r e

t h a t

s h a r e s .

a n y

b e

e n t s

a r e

o n ly

a n d

li s t e d —

f o r

“ t a p e ,”

d e a lin g s

h e n c e ,

r e c o r d
a y

t h e

p o s s i b ili t y

i n i n g

r e g u la r ly

h a n d ,

a n d

t h a t

i n s t a n c e ,

b u s in e s s ,

r e q u i r e m

b u s in e s s

e v e n

t h is
i t

a

s h o u l d ,

q u e s t io n
o f

i t

T h o

i n ,

o f

o t h e r

p r ic e s

a k e

f o r

in

r e s p o n s ib le

o v e r

s e c u r it y

r e g a r d s

t r u s t w o r t h in e s s

o n

p r e c a u t i o n ,

i n g

e n d

a k e

i n c lu d e d ,

p a r t ic u la r ly

c o m

t h e

A n y

w h o

c r e e p

r e l ia b i lit y

t h o s e

s e c u r it ie s

p a n i e s

E v e r y

t r a n s a c t io n s .
a y

s u c h
t o

e n g a g e

s t r in g e n t

o n

a n d

in

c o m

t h e

“ C u r b ,”

t h e r e

n o
a s

E x c h a n g e ,

c a n

o n ly

t h e

q u o t a t io n s

t h o s e

m

m

S t o c k

E x c h a n g e

c e r t a in

e e t

m

t h a t

“ C u r b ”

d e a li n g s .

o f f i c i a l
t h e

t h e

e x c h a n g e s .

t o

c a n

w e

$188,700

Y o r k

w h a t e v e r .

is

20,418

o n

t io n s

i t

$179,750

w h o r e

t h a t

O n

t ie s

$9,000
11,400
10,000
6,100
14,000
16,000

u n d e r s t o o d

t h e

it t e d

c o m

o f

344
264
225
1,720
700
466

in

o w

s e c u r it ie s

in

C

s t o c k

t h e

e m

a r e

$30,600
44,400
32,300
24,300
23,850
33,250

b o t h

t r a n s a c t io n s

o r g a n i z e d

m

1,728
2,108
4,521
2,964
4,326
4,711

a f t e r n o o n .

I t
t o

1 9 ,

$34,050
4,793
45,900
8,400
34,700
8,343
25,000
7,300
7,773
39,500
IIOLI DAY
30,069

t r a n s a c t io n s

d a y

Baltimore.

Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.

Saturday___ __ .
Monday. _______
T uesday...............
Wednesday..........
T nursday_______
Friday _________

t h e

Philadelphia.

Boston.

Week ending
April 19 1918.

Range since Jan. 1.
Low.

High.

854
72
3
15
1554
2954
63
254
954
124
3154
54
*2 «
354
654
3-16
1854
1754
254
5-16
354
9-16
16
254
1154
1554
38
654
254
1254
1454
454
54
2654
154
254
554
854

13,000
654 Feb
954 Mar
400 70
Jan 77
Mar
1,500
2
Jan
354 Feb
100 1454 Apr 1654 Jan
2,500 1454 Apr 18
Feb
45,500
19
Apr 2954 Apr
40 50
Apr 63
Apr
300
2
Jan
354 Mar
800
854 Jan
954 '
2,600 100
Jan 135
Feb
700 25
Jan 4154 Feb
3,900
54 Mar
54 Apr
770
2
Apr
454 Jan
100
354 Apr
3 54 Apr
500
454 Jan
754 Jan
4,600
1-16 Apr
154 Feb
1,300
1254 Jan
1854 Apr
325
17
Apr 1754 Apr
20
254 Apr
354 Jan
500
5-16 Apr
54 Jan
2,150
354 Jan
354 Mar
45,000
X Feb
1
Jan
300 14
Feb
19
Feb
1,100
254 Jan
354 Jan
800 10
Apr
12
Mar
500 1454' Jan 1754 Feb
100 38
Apr 38
Apr
350
654 Mar
654 Mar
34,510
1
Jan
2 % Mar
500
854 Jan
1354 Mar
6,200
1154 Mar
14 54 Jan
0,600
4
Mar
5
Mar
500
% Apr
1
Jan
3,900
19J4 Jan 3054 Ffih
3,125
1 . Mar
154 Apr
100
154 Jan
254 Apr
6,700
454 Jan
554 Anr
24,600
654 Jan
854 Feb

1154 1254
96
95
135
135

3,850
1154 Feb
1754 Jan
20 93
Mar i o o n Fob
123 134
Mar 145
Jan

754
70
2 54
15
1554
2154
03
254
9
118
29
54
2
354
0
54
1754
17
254
5-16
354
54
1554
254
10
1554
38
054
254
12
1154
4 54
54
2554
1
254
554
754

1671
Range since Jan. 1.
Low.

High.

Illinois Pipe Llne.r___ 10( ) 187
186
187
3() 180
Mair 192
Jan
26(/) son
Torii aaa
Ohio Oil r ...................... 2£ 1 ______ 321 331
ouu
ooo
jion
au
Prairie Oil & Gas r ___ 10C1 488
485 489
71i 418
Jari 500
Feb
K
070
T
Prairie Pipe Line r ___ 10C1_____ 2G4 264
trot.> x
net
to
x',,V
eu»
Standard Oil (Calif) r _10Ci .......... 218 218
It) 212
Mair 237
Jan
Standard Oil of N J.r..l0 C > 555
550 555
4C1 510
Mair 579
Feb
Standard Oil of N Y r .100>______ 260 262
3£i 252
Jar> 285
Feb
Other Oil Stocks
10c
Amer Ventura OH.......... 1
8c
12c
8,9061
60
Jari l6o
Feb
Barnett Oil & Gas.r.........1
54
54 11-16i 25.50C1
34 A pi• 1 3-10 Jan
22c
20c 22c
Boston-WyomlngOIl.r__ 1
12,500l 200 Mat• 33c
Jan
Cosden & Co, com.r.........5i
7
654 754 4,40Gl
6 X Jani
8 X Feb
Crown Oll.r____________ 1
54 9-16
54 18,0001
% Apt• 1 5-16 Jan
Dixie G a s .r................... 1C1 1054
1054 1054 2,200> 10K Feb> 10X Mar
Elk Basin Petroleum_r__.fii
6001
654
654
654
7
Feb
6>4 Jani
Elkland Oil & Gas r____ 1 _____
54
54 16,2001
X Jan
34 Jani
Esmeralda OH C o r p .r ...l
10c
9c
10c 20,890i
9c Apr•
5-16 Jan
Federal O ll.r__________ ..fi,
3
254 354 5,8001
4
Feb
2X Jani
Glenrook O ll.r................ 1C1
354
354 354 12,2001
3M Jani
5
Jan
Hanover OH & R e f.r___ fi> 554
Jani
454 554 3,7501 3
7 X Jan
Houston OH com .r___ 100 l 4254
42
1,250I 39)4 Jani 53 X Jan
4354
Internat Petroleum.r__ £1 ______
14
1454 3,400' 12)4 Febi 14 X Mar
Island Oil & T ra n s.r...l() 1
354
354 454 16,500'
1)4 Jan> 5 X Mar
Kenova OH____________ i
5-32
54 5-32 18,150
3-32 Jani
X Feb
Kinney O ll.r___________
1
a nr
54 1
1,500
J4 Apt*
Merritt Oil & R e f.r___ 10 i 1954
1854 1954 4,600
17)4 Mar■ 24 X Jan
Metropolitan Petroleum .5 13-16
54
54 20,500
Vs Jan
X Feb
Midwest OH com .r.......... 1
95c
89c 96c 44,000 87c
Apr
1.24 Jan
Preferred r........ .....
i 1 3-32
1 1 3-32 3,300
1
Apr■
1X Jan
Midwest Refining.r___ 50 10754 102 108
4,860 97
Mar 114
Jan
Mineral Wells Pet__
l
254
254 254 3,300
I X Jan
2 X Apr
N Y Chino O ll.r___
1
40o
39c 42c
7,400 39c
Apr1 42c
Apr
N Y-Oklahoma O llcom .rl
54
54
54 3,000
X Jan
X Feb
Northwestern O llco m .r.l
64c
61c
65c
14,500 56c
Jan 89o
Feb
Oklahoma Oil com .r___ 1
4c
354c 4c 20,000
3o
Jan 8X o Mar
Preferred.r . .
l
854c
8c
9c
2,100
9 lA c Feb
16c Feb
Oklahoma Prod & Ref__ 5
654
654
654 4,600
6)4 Apr
7 X Jan
Okmulgee Prod & Ref__ 5
754
754
854 26,200
2)4 Jan
11X Mar
Omar Oil & Gas com___ 1
22c
21c
31c
17,000 21o
Apr 40o
Jan
Pan-Am Petrol com r ...5 0 __
48
50
170 40
Jan 53
Feb
Penn-Kentuoky O ll.r___ 6
554
554 554 4,660
5
Jan
5 X Feb
Queen O ll.r........ ......... i
22c
27c
30c
17,000
170 Feb
86o
Jan
Rice O ll.r___________ i
5-16
7-32 5-16 32,500
3-32 Feb
X Feb
Royal O ll.r_____
l 15-16
6,100
54 1
X A Dr
I X Mar
Sapulpa Refining.r___ 5
854
854 854 2,800
8
Mar 10
Jan
Sequoyah Oil A R ef____ l
1
54 13-16
24,000
H Jan
I X Mar
Sinclair Gulf C o r p .r ...(t )
16
17
1,000 15
Jan 23 X Feb
Stanton O ll.r___ __
1
2
154 2
11,900
1X Mar
2X Mar
Stockton O l l .r ............io ______
10
10
500
10
Mar
9)4 Mar
Texana Oil & R ef.r
1 86
78
87
82,200 78
Apr 87
Apr
6c
Tuxpam Star Oil r . . .
1
554c 754c 370,000
5c Apr 220 Mar
United Western Oil n ew .r. 1 7-16 15-16 2
5,300
X Apr
2 X Feb
United Western Oll.r___ 1
54 3-16 5-16 10,400
% Mar
X Jan
4
Victoria Oil r............ io
454
454 3,550
3)4 Jan
6 X Mar
Mining Stock*
Alaska-Brlt Col M etals.. 1
54 5-16 7-16 3,000
5-16 Apr
0-16 Jan
53c
53c 53c
America M ines.r............1
3,500 50c Mar
53c Apr
Atlanta M ines._______ 1 1054c 1054c 12c 18,000
Jan
8o
13c Feb
Aurora Silver M in e s .r ...5
454
554
554 4,500
2)4 Feb
5 X Apr
Big Ledge Copper_______6
24,200
54
54 1
I X Mar
X Jan
Booth _r..............
i
6c
6c
5c
2,000
3o
Jan
6c
Apr
Boston A Montana D e v ..6 52c
50c 53c 62,000 41o
Jan 96o Mar
Bradshaw Copper.r
1
54 7-16 *9-16 2,150
X Jan
I X Jan
Butte-Detrolt Cop A Zinc 1
54 5-16 7-16 16,000
X Jan
X Mar
Butte A N Y Copper
1
15-16 15-16
500 11-16 Jan
I X Mar
Caledonia Mining
l "4 2 c'
41c 43c
10,100 40o Mar 56o
Jan
Calumet A Jerome Cop r .l I 3-16 1 1-16 154 16,300 •1
Jan
I X Mar
Canada Copper Co Ltd 5
1,100 1 5-16 Jan
154 1 13-16 154
2 X Jan
Cash Boy........
i
10c
8c 1054c 16,950
3X 0 Jan 19o
Feb
Cerbat Silver M A M r . . l
54 ' 54
54 4,300 42o
Jan
I X Mar
Coco River Mining.r___ 1
2
1,300
254
254
I X Mar
2 X Jan
2
Consol Arizona Smelt.. 5
154 2
6,300
l»At Feb
2 X Jan
Consol Copper Mines___ 5
554
554 *554
1,350
Jan
5
7
Jan
Consol-IIomestead.r.. 1
54
54 9-32 4,600 22c
Feb
X Mar
Copper Valley M ining.r.l
154
154
154 3,575
Jan
X
2 X Mar
Cresson Cons Gold MAM 1
454
1,200
454 454
6X Jan
434 Mar
65c 68c
El Salvador Sliver, r
1 67c
11,700 550 Mar
68o
Apr
3-16
Emma Copper.r.......... 1 7-32
*54 30,050
At Apr
•At Feb
Eureka Croesus Min r _ . .l 1 7-16
154
154 8,944
I X Apr
X Feb
37c 38c
Fortuna Cons’d .r
1
2,000 35c
Jan 40c
Jan
9-16
Globe Dominion Copper. 1
54 2,000
X Mar
I X Jan
Golden Rule M ines.r___ 1
54 7-16
54 2,400
X Mar
'As Apr
54 11-32 5,780
Goldfield Consolidated. 10 9-32
A Mar 7-16 Jan
354c 354c 9,000
Goldfield Merger.r.......... 1
354c
3o
Jan
5c Feb
Great B cnd.r...... ......... l
654c
654c 7o
4,000
4 X c Feb
10c Feb
Green M onster.r........ 60c
54
54 13-16 3,600
1
Apr
X Apr
454
Hecla Mining...... ......... 25c
454
454 3,675
5
Jan
2)4 Jan
15c
13c
International M lnes.r__ 1
15c 54,400
Jan 20o
8o
Feb
Iron Blossom.r.......... 10c
5-16
5-16
5-16 Apr
54 1,500
11-16 Jan
Jerome Prescott r ______1
954
754 954 6,225
9
Apr
I X Jan
Jerome Verde Copper___ 1 11-16
Mar
54
54 3,200
X Jan
Jim Butler r...................... ) _____
66c
70c
7,425 55c
Jan 90o
Jan
5-16
Joscvlg-Kennccott C opp.l
3-16 Jan
7-16 Mar
54 4,000
Joscvlg-K S s tk .l............ l
5-16
5-16
54 12,800
5-16 Apr
X Apr
12c
12c
Jumbo Extension_____ i
13c
3,900
12c Apr 24o
Jan
f i K e Anr
9o
Pgiu
554c 6c
Kewanus r____
1
7,000
Lampazos Sliver________i
154
154 25,500
X Feb
I X Mar
La Rose Consol M in e s ...6 _____
54 9-16 3,100 25c
Jan
% Apr
31c 34c
Liberty Silver (prosp’t) r 1
7,100 2So
Feb 39c Feb
2J4c 254c 2,000
Lone Star Consol.r_____ 1 _____
2 X c Apr
5c
Feb
Louisiana Consol........ .1
Ys 7-16
54 4,200 7-16 Jan
X Jan
1/ Apr 7-16 Jan
Magma Chief.r.
i
54
55 11,300
Magma Conner
fi
35
35 V
100 35** Apr 42
Jan
Marsh Mining r________ 1
6
554
654 9,500
4o
Jan 8 X o Mar
Mason V alley.................. 5
454
454 454
250
4 X Apr
6 X Jan
Mogul Mining.r.............. 1
15c
11c
18c
5,700 10c Apr 35c
Jan
Monster Chief r............ l
10c
x9c
15c 50,300
5 X c Apr 5-16 Jan
Mother Lode r_________ )
40c
33c 40c 21,800 25o
Jan
4lo Mar
National Leasing r______1 ______
5c
554c 39,000
3o
Jan
8o Feb
1 24c
Nat Zlno A Lead r ___
24c
30c
8,600
15o
Jan 38o
Feb
Nevada Ophlr r___
lOc
18c
18c
500 13o Feb 2lo
Jan
Nevada Rand r ............ lOc
22c
20C 23c
5,400 13c
Feb
23c Mar
Now Cornelia r ___
fi 1654
400 15X Jan
1654 1654
18 X Mar
s « 8«/£
Ninlssing M ines..
fi
8
Jan
500
8 X Mar
Nixon Nevada.................. l 13-16
X 13-16 11,300
Apr
I X Mar
Ohio Copper r ........ ......... 1 15-16 13-16 15-16 14,500
% Apr
I X Mar
Onondago Mlnes.r_____ 1
2
254
254 3,000
Jan
254
4 X Mar
4
4
Ray Hercules Mining r. .6
4 54 2,300
4)4 Jan
3X Jan
9-16
Red Warrior Mining r._ _ l
7-16 9-16 6,200
X Mar
X Jan
954c 954o 11c 24,000
Rex Consolidated M g ... l
9o
JaD
15c Feb
Rochester Mines.............. l
37c
36c 37c
11,500 27o
45o
Mar
Jan
San Toy Mining............ l
1054c 1054c 1,000 10c
Apr 18c
Jan
Seneca Copper___ (no par)
10
750
1054
1054
7 X Jan
11X Mar
Senorlto Copper.........
l
54
54
54 3,400
X Jan
X Mar
Sliver Flssue Silver.r___ 1 13-16 13-16 13-16 8,300
Mar
X Mar
7-32
Silver King of A rizona... 1
7-32 Apr
54 5,800
7-16 Jan
70c 73c
73c
Silver Plume C o n s .r ... l
1,400 47o
Feb 76o Apr
Standard Silver-Lead___ 1 13-32 13-32 7-16
7,600
X Apr
X Jan
7-32 3-16 7-32
Stewart........................
l
7,200
3-16 Jan
X Jan
Success Mining................ i
854c 854c 12c 21,500
Jan
7o
16o Apr
Superior Cop (prosp’ t) (t)
254 254
254
800
2
Jan
2 X Apr
Tonopah Extension........ 1 1 11-16
154
154 4,550
I X Jan
I X Jan
Trl Bullion S A D ............ 5
3-16
3-16 Jan
54 1,500
X Jan
United Eastern................ 1 '" 4 5 4
454 454
1,350
3X Jan
5 X Feb
31c
29c
33c
U S Lead A Zinc <_r........ 1
7,900
9c
Feb 60c Mar
Unity Gold Mines_______5
554 654
5,000
654
3X Jan
6 X Apr
Washoo Copper.............. .1
54 154 2,800
X Apr
1X Feb
77c 80c
West End Consolidated..5 79c
6,050 65c
Jan 86o Feb
854c 854c 1,000
White Caps Extension 10c
8 X o Anr
18c Feb
White Caps M ining... 100 7-16 13-32 15-32 7,600 11-32 Jan
X Jan
Yukon Gold...................... 5
15-16 15-16
100
2
Jan
X Feb

•As

'A

___

H

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

Bonds—

Range since Jan. 1.
Low.

High.

Am T e l * Tel 1-yr 63------99 H 99 5-10 99 54 $75,000 9854 Mar 9954 Jan
93
Beth Steel 5% n otes..1919 98
98 54 72,000 9656 Jan 9854 Apr
Canada (Dom ol) 5S..1919 955-6 9554 9554 121,000 9456 Jan 9554 Mar
5,000 9754 Apr 9754 Apr
Canadian PaclIIc 6 s.. 1924 97 H
9754 97 5.;
Jan 10056 Apr
Gen’l Elec 6% notes.. 1919 100H 10056 10056 20,000 99
6% notes...... ......... 1920 100 H 10056 100 54 28,000 9856 Jan 10054 Apr
N Y Cent 2-yr notes w l .r .
9756 9754 11,000 9756 Apr 9754 Apr
9956 Apr
Phlla Elec 6 s ________1920
99 Vs 9954 9956 10,000 9754 Feb
Mar 10156 Apr
Procter & Gamble 7s r 1919
10054 10156 25,000 98
10054 10156 22,000 9956 Mar 10156 Apr
7s r........................ -1920
Mar 10156 Apr
7s r.......................... 1921
10056 10156 10,000 99
7s. r .......................... 1922 101H 10154 101 54 15,000 9856 Mar 10154 Apr
4,000 9851 Mar 10156 Apr
7S r .............. ........... 1923 101% 10154 10156
Jan
Mar 58
40
2,000 38
38
38
Russian Govt 6Hs r.1919
Apr
98
1,000 9756 Feb
98
98
Southern Ry 5% notc3 r'19 98
Westlnghouse Eleo & MIg
1-year 6% notes______
9956 9954 9956 59,000 98 56 Mar 9956 Apr
Winchester R Arms 7sr 1919
9954 9954 30,000 9954 Apr 9954 Apr
* Odd lota, t No par value. 1 Listed as a prospect. I Listed on the Stock Ex­
change this week, where additional transactions will be found, o New stock,
r Unlisted, u Ex-cash and stock dividends, to When Issued, x Ex-dlvldend.
V Ex-rlghts. z Ex-stock dividend.

F O R E IG N T R A D E OF N E W Y O R K — M O N T H L Y
S T A T E M E N T .— In addition to the other tables given in
this department, made up from weekly returns, wo give the
following figures for the full months, also issued by our
New York Custom House.
Customs Receipts
at New York.

Merchandise Movement at New York.
Month.

Exports.

Imports.
1917-18.

July.........
August-. September
October.
November
December
January..
February.

1910-17.

1917-18.

1910-17.

1017-18. | 1916-17.

s
!
s
$
$
S
S
95,713,123 95.614,439 210,181.903 243.808.029 11,100,794 11,314,250
122,231,660 107,920.942 178,014,309 273,027.773 10,584.750, 12,392,700
99.805.185 80,480.311 242.132,0.80 205,387,737 9,469,305- 11,579,290
91.319,486 85,883,225 219,908,712 233,474,910 9,548,029; 13,487,160
89,530,607 87,030,487 270,128.780 230.620,136 8,733,214| 12,878,595
01,511,471 102,935,533 209,407,302 228,173,541 7,142,265; 12,166,341
88,164,970 128,344,239 248,203,724 303.900,525 7,488,551 13,494,310
94,303,999 97,834,888 103,713,182 223,464,135 8,177,780- 10,800,297

T o ta l. . 772,580,501 780,059,004 1747350121 2007463380 72,334,74st 98,112,961

Imports and exports of gold and silver for tho 8 months:
Stiver— New York.

dold Movement at New York.
Month.

Total . .

Exports.

Imports.
1917-1S.

July.........
AUgU8t.-September
October. .
November
December
January..
February.

[Vol. 106

THE CHRONICLE

1672

1916-17.

1917-18.

1916-17.

Imports.

Exports.

1017-18.

1917-18.

J
$
<
$
$
813,489
904,838 17,881,388 19,179,282 8.090,907
1,245.038 1,432,140 12.337,552 5.759.159 1,734.701
925.958
930,609 11,773.501 11,331,810 2,651.454
880,834
1,225.028 1,514.663 7,484.407 1,311,114
1.090,730 1,197,737 3,422,712 11,244,658 1,077,189
910,205
008,575 1.258,973 1,187,600 18.318.717 '
657,940 10,494,074 1,409,524
1,070,279 1,930,781
994,103 1,085,806 3,170,387 14.129.717 1,444,351
8,419,200 38,075,848 58,771,706 72,005,800
C U R R E NT

S
1,240,404
1,544,134
1,200,701
1,278,579
1,195,181
1,110,789
2,716,717
2,186,324

9,802,251 12,502,889

N OTICE.

— Heyward B . B oyce will withdraw from tho firm o f C olston , B oyco & C o.
o f Baltim ore on or about M a y 1 to accept the position o f Vice-President
o f the Drovers & M echanics National Bank o f Baltim ore. T ho business
o f tho present firm will be maintained at tho same address b y tho two
remaining partners: Frederick M . C olston and George A . C olston, undor
th e firm name o f C olston & C om pany.
— Alfred I. du P on t o f W ilm ington, D el., has been elected a director
o f B onbright & C o ., Incorporated, o f this city.
— T he Central B ond & M ortgage C o. o f C hicago, it is announced, has
acquired tho Investment banking business o f Stecre & C o ., which will bo
continued as a departm ent o f tho m ortgage com p a n y’s business. Kenneth
D . Steero has been elected a Vice-President o f tho Central B ond & M ortgage
C o . in charge o f the investment departm ent, and J. A . Francoeur will be
associated with that department.
— J. O. G ood was elected a director o f W ilson & C o. to succeed J. A .
H ow ard, resigned.

New Yorif City Banks and Trust Companies
Banks-iV. Y Bid
Am erica*... 485
Aracr Exch. 210
Atlantlc___
170
Battery Park 200
B o w e ry * ... 400
Bronx Boro* 150
Bronx N a t.. 150
BryantPark* 148
Butch A Dr80
Chase_____ 340
Chat A Ptien 230
Chelsea Ex * 100
C hsm lcal... 380
CltUena___ 210
C ity............ 370
Coal A Iron. 205
Colonial*__ <400
Columbia*.. <150
Commerce.
168
Coram’ l Ex* 390
Common­
wealth ♦. _ 180
Continental* 135
Corn Exch’ . 310
Coamopol'n* 85
East R iver..
00
FIlthAveV. 3500
215
Fifth
F irst........... 860
Garfield----- 103
200
Gotham . .
Grsenwlch*. 335
Hanover----- 650
Harrlmau— 235
Im pA Trad. 480
I-vlng(trctfs )275
Liberty....... 1 390
Lincoln........ 280

Banks.
Manhattan *
Mark A Fult
Mecb A Met
Merchants..
Metropol'n *
Mutual*___
New Neth*.
155 New YorkCo
95 New Y ork..
350
Pacific *......
Park............
240
110 People's*__
Prod Exch*.
390
Public..........
220
3S0 Seaboard __
215 Second........
Sherman . . .
175 ' Slate*..........
172 23d Ward*.
405 Union Exch.
Unit States*
190 Wash H’ ts*.
Wcstch Ave* j
145
320 iWest Side*.
100 Yorkvllle*..
Brooklyn.
07
4000 Coney Isl'd*
First______
230
Flatbush . . .
880
180 Greenpolnt.
__
Hillside * . . .
350 Hmnret.ead *
060 Mechanics’ *
345 Montauk*..
500 Nassau------280 Natlon’ICIty
405 North Side*.
People’s ___
300
Ask
500
220
180
210
.. .
200

Bid
315
305
298
225
165
375
200

Trust Go’s.

B id

New York
Bankers T r. 363
303 CentralTrust 700
215 Columbia . . 255
175 Commercial. 100
Empire____ 200
220
Equitable Tr 337
Farm L & Tr 380
145
Fidelity___ 200
415
Fulton____ 210
270
Guaranty Tr 315
495
200
210 Hudson . . . . 135
___ Irving Trust 165
200
I.a« Tit A Tr
93
215
200
98
450
470 Lincoln T r ..
Meroautlln
400
425
Tr A Dcp. 190
135
135
_ . Metropolitan 300
115
125 Mut’l (West­
110
chester) . . 116
145
156
___ N Y Life Ins
500
___
A T ru st.. 875
360
175
200 N Y Trust.. 585
185 Soandlnavl’n 260
540 " 565 TltleOuATr 255
Trnnsatlan ’o 175
155 Union Trust 410
145
256
270 U S M tgA T r 400
130
145 UnltedStates 915
105 Westchester. 130
150
110
120
Brooklyn.
115
110
120 Brooklyn Tr 600
Franklin___ 230
95
Hamilton__ 265
105** 205
Kings C o__ 625
275
265
175
200 Manufact'rs.,tt25
Poople’a___ I 205
130
140
Queen# C o ..' 70

_

__

__
__

__

» Bank# marked with a (*) are State banks,
change tbla week. I New atook, r Ex-rlghts,




Ask
330

370
715
260
300
342
390
210

255
320
143

os”

105
315

125
900
600
270
265
415
410
930
140
530
240
275
650
275 ‘
85

t Sale at auotlon or at 8took Ex-

New York City Realty and Surety Companies
Bid
Alliance R ’lty 60
Amer Surety . 108
Bond & M G . 187
Casualty C o.
City Investing 15*
60
Preferred. .

Ask
70
115
195
100
20
66

Bid
Lawyers Mtge 87
Mtge B ond.. 82
Nat Surety. . 160
N Y Title A
Mtge..........
50

Bid
As*
92 Realty Assoc
(Brooklyn). 05
87
163 U S Casualty. 170
U ST ItloG & I
57 West A Bronx
Title A M C. 160

__

As*
75
190
60
176

Quotations for Sundry Securities
All bond prices are “ and Interest" except where marked “ f '
Standard Oil Stocks Pe rShare
Par Bid. Ask
12Vi
Anglo-American Oil new. £1 12
Atlantic Refining_______100 920 910
Boroe-Soryraeer Co
100 425 450
Buokeye Pipe Line Co__ 50 •94 96
Chcsebrough Mfg n e w ... 100 315 325
40
10
Colonial O i l .................... 100
Continental Oil........ ....... 100 440 460
33
Crescent Pipe Line Co__ 50 •31
Cumberland Pipe Llne.,100 140 145
Eureka Pipe Line C o___ 100 185 190
Galena-Signal Oil oom ..,100 132 137
Preferred____________ 100 124 129
Illinois Pipe Line_______100 183 188
Indiana
Lins Co___ 60 *96 98
14U
International Petroleum. £1 *14
National Transit C o ...12.50 *1312 1412
Now York Transit C o__ 100 195 205
Northern Pipe Lino C o .. 100 105 n o
Ohio OH Co
26 328 333
Ponn-Mex Fuel C o.......... 25 *38 42
Pierce Oil Corporation__ 25
•8*4 9U
Prairie Oil A G a s .......... 100 485 490
Prairie Plpo Lino______ 100 262 266
Solar R efining................ 100 290 300
Southern Pipe Line C o .. 100 185 190
South Penn O il.............. 100 275 280
97
Southwest Pa Plpo Lines .100 92
Standard Oil (California) 100 217 220
Standard Oil (Indiana)..100 630 040
Standard Oil (Kansas)... 100 430 450
Standard Oil (Kentuoky) 100 320 325
Standard Oil (Nebraska) 100 475 500
Standard OH of New Jer.100 550 555
Standard Oil of New Y ’ k 100 265 270
Standard OH (Ohio)........ 100 400 415
SwanA F lrob .............
100 95 100
95 97
Union Tank Line Co___ 100
Vaouum Oil____________ 100 340 345
*28 32
Washington OH................10
Bonds.
Per Cent.
Pierce Oil Corp oonv 6 s. 1924 73

76

Ordnance Stocks— Per S hare.
00
Aetna Explosives p ro f... 100 55
0
4
Amerloan A British Mfg. 100
15 20
Preferred------------------ 100
Atlas Powder oowmon__ 100 176 180
Prelerrod...................... 100 93i2 95
Baboock A Wilcox_____ 100 113 116
Bliss (E W) Co oommon. 60 *350 125
*70 80
Preferred.......... .......... 50
Canada Fdys A Forgings, loo 120 140
90 95
Carbon Steel oommon__ 100
85 05
1st preferred_________ 100
65 75
2d preferred__________ 100
Colt's Patent Fire Arms
70
M fg.............................. 25 *65
duPont (E I) de Nemours
A Co common..............100 267 272
05
93
Debenture stock_____ 100
93 90
Eastern Stool.................. 100
35
32
Empire 8 teel A Iron oom. 100
75 80
Preferred...................... 100
Heroules Powder oom...10C 232 235
Proforred...................... 100 112 114
Niles-Beraent-Pond com. 109 120 125
97 102
Preferred...................... 100
42
Penn Soaboard Steel (no pari *38
Phelps-Dodge Corp____ 100 265 280
470
450
SoovlU Manufacturing...100
Thomas Iron.................. 60 *25 35
Wlnohoster Repeat Arms 100 700 825
45
Woodward Iron_______ 100 n35
Public Utilities
Amer Gas A Eleo o o m ... 50
Preferred...................... 60
Amer Lt A Trac oom___ 100
Preferred......................100
Amer Power A Lt oom ...100
Preferred...................... 100
Amer Public Utilities oomlOO
Preferred____________ 100
Cities Service Co o o m ... 100
Preferred...................... 100
Com’w’lth Pow Ry A L.100
Preferred...................... 100
Elec Bond A Share prel. . 100
Federal Light A Traction. 100
Preferred...................... 100
Great Wost Pow 6s 1940 JAJ
Mississippi Rlv Pow com. 100
Preferred...................... 100
First Mtge 5s 1951 ...J A J
North’ n States Pow com. 100
Preferred...................... 100
North Texas Elec Co oom 100
Preferred...... ...............loo
Pacific Gaa A Eleo oom .. 100
lot preferred.............. 100
Puget Sd Tr L A P oom 100
Preferred.............. ....... 100
Republic Uy A Light___ 100
Preferred..................... 100
South Calif Edison co m .. 100
Preferred................... ..100
Standard Gas A El (Del). GO
Preferred. .................... 50
Tennessee Ry L A P oom 100
Preferred____________ 100
United Gas A Eleo Corp. 100
1st preferred_________loo
2d preferred.............. 100
United Lt A Rysoom ----- 100
1st preferred................100
Western Powor oommon. 100
Preferred...................... 100

R R . Equipments— PerCt. Basts
Bid. Ask.
0.00 5.50
6 00 5.00
6.00 5.60
0.50 6.00
0.75 6.00
6.40 5.50
6.40 5.50
7.25 0.50
7.00 6.00
7.00 6.00
6.25 6.00
6.00 5.50
5.75 5.40
7.00 6.00
6.50 0.00
0.50 0.00
0.50 6.00
6.50 6.00
6.25 6.00
6.25 0.00
6.12 5.60
0.12 5.00
0.25 6.00
5.85 5.40
6.25 6 .GO
6.00 5.50
7.00 6.00
7.00 6.00
0.50 0.00
0 50 0.00
0.50 6.00
0.50 6.00
0.25 6.00
5.80 5.35
5.80 5.35
5.75 5.40
5.75 5.40
0.75 0.00
6.75 6.00
7.00 0.50
7.00 6 50
6.12 5.70
0.50 5.50
0.25 5.75

Baltimore A Ohio 4H#____
Buff Roch A Pittsburgh 4H»
Equipment 4s___________
Canadian Pacific 4 Ha...........
Caro Clinchfleld A Ohio 5a..
Central of Georgia 6 s............
Equipment 4Ha_________
Chicago A Alton 4s_______
Chicago A Eastern III 5H*Equipment 4 H s --...........
Chlo Ind A Loulsv 4H a____
ChloSt Louis A N 0 68 ___
Chicago A N W 4H s..........
Chicago R I A Pao 4Ha____
Colorado A Southern 6 s----Erie 5s___________________
Equipment 4)<a..............
Equipment 4s....................
Hooking Valley 4s_________
Equipment 5s__________
Illinois Central 5s................
Equipment 4H s_________
Kanawha A Michigan 4,Ha..
Louisville A Nashville 5s___
Michigan Contral 5 s ............
Minn S t P A S S M 4Hs~ —
Missouri Kansas A Toxas 6 s.
Missouri Paolfio 5s............ ..
Mobile A Ohio 5s................
Equipment 4Ha............ .
Now York Central Lines 5s. .
Equipment 4 Ha................
N Y Ontario A Wost 4 H a Norfolk A Western 4 H h_.
Equipment 4s..................
Pennsylvania RR 4H *........
Equipment, 4s____ _____
St Louis Iron Mt A Sou 6 s ..
St Louis A San Franolaoo 5s
Soaboard Air Lino 5a..........
Equipment 4Ha............
Southern Paolfio Co 4 M s..
Southern Railway 4 Ha____
Toledo A Ohio Central 4 s ...

T ob a cco Stocks— Per Sha re
Par Bid
American Cigar common. 100 97
Preferred...................... 100
80
Amer Mnoldne A Fdry. .100 7(1
Brltlsh-Amer Tobao o rd ..£ l *15
Ordinary, bearer_____ £1 *15
Conley Foil...................... 100 180
Johnson Tin Foil A M et-100 75
MacAndrows A Forbes.. . 100 170
Preferred____________ 100 90
Reynolds (R J) Tobacco. 100 280
Preferred____________ 100 98
B s to ck .................... ......... 250
Young (J S) Co.............. 100 120
Preferred____________ 100 100

Ask.
101

90
80
10

151*
225
125
190
93
300
102

270
140
106

Short-Term Notes— Per Cent.
Amer Tel ATol Os 1919 ._ FA A 09*s 9912
Balto A Ohio 6 s 1918 ..JA J 99 s8 097*
9818 9812
5s 1919........ - ............. JAJ
Beth Steel 6s 1919.. FA A 16 9778 981*
Canadian Pao Os 1924.MAS 2 9714 97*4
Chlo A West Ind Os’ 18.MAS 9S»8 99
Del A Hudson 6S 1920 FA A 971.1 97*4
Eric RR 5h 1019---------- A-O 94*4 95
General Rubber 5a 1918.JAD 985s 987*
Gon Eleo 6s 1920.......... JAJ loot* 100*4
6 % notes (2-yr) ’ 19. JAD 10()i,s 100**
Great Nor 5s 1920____ MAS
97*i 98 U
Hocking Volley Os 1918 MAN 99 14 9912
89
*86
K C Uys 5Hs 1018........ JAJ 9814 99
*38
40 K OTerm Uy 4H s'18.M A N 08 99
193 196
4Hs J921...... ............. JAJ 02 I2 94
94
05 Laoledo Gas L 5s 1910 ..F A A 97
98
37
40 Mich Cent fis 1018..............
09*4 100
71 Morgan A Wright 5s Deo l ’ 18 98*2 . . . .
68
____ 20
N Y Central 4Hal918.MAN 99*4 100
- . . . 50
5s 1010.................. ......... .
07*2 97*4
201** 203
Penn Co 4Ha 1921..JA D 16 95*4 90U
74
75 Pub Her Corp N J 5s ’ 19.MAH 9512 961*
22
24 Rem Arms U .M.C Is’ lOFAA 86
90
40'2 4812 Southern Ry 6s 1919.-M-H 2 97*4 93
94 97 United Fruit 6s 1918...M -N 9978 ___0
7 Utah See Corp 6s ’22 M-S 16 84
85
28 31
Winches RepAnns7s'19.MAH 99*s 991*
73
71
lnriuitrlal
13
15
and Miscellaneous
37 40
American Brass........ ..... 100 230 235
to
70
71
38
American Chlolo ooin___ 100
45
42
63 67
Preferred...................... 100
79
8 H2 86 I2 Am Oraphophone oom. .1 0 0
75
83
55 60
78
Preferred..................... 100
70 75
Amerloan Hardware____ 100 127 131
40
301* 32
Amer Typefouuders oom 100 35
85
80 82
Preferred
. . . . . 100 80
10
13 BordoD's Cond Milk oom . 100 94
98
95
37
41
Preferred.................. .100 93
22
23 Celluloid Company
100 145 155
66
50
58 Columbia Graphoph M fg (t) *02
68
84
04
81
Preferred......................100
98 101
Havana Tobacco C o___ 100
*1 l ‘ l
3
6
0
*4
Preferred................ .. 106
48
♦24 25
1st ft 5s June I 1922.. J-D /44
812 91*
2
3
Intereontlnen Rtihb coni. 100
9
11
Internal Banking C o .. . 100 16(1 ___551*
no
1
3
International Salt______ 100
70
30 40
1st gold 6 s 1951 -------- A-O 08
81
2
5 International Silver prof.lOP 77
89
27 29
Lehigh Valley Coal Sales. 50 ♦so
58
60 Otis Elevator common__ loo
40 ____
72
69
13
15
Preferred................ — 100
50 53
Ileinlngtoo Typew riter131* 141*
Common. . ________10(1
091*
1st preferred_______ 100 07
49
48
2d preferred. ---------- 100
Rnvni Baking Pow enm.,100 125 135
94
Preferred................... . 100 91

•Per share. 6 Baals, d Purchaser also pays accrued dividend
< New stock.
I /F la t price, n Nominal, x Ex-dlvldend y Ex-rlghts (t) Without par value.

Ape . 20 1918.]

THE CHRONICLE

1673

Im r e s t r o m l a m i f f t a d f c o f t d
RAILROAD

GROSS

EARNINGS.

Tho following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns
oan be obtained. The first two oolumns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for tho period from Jan. 1 to and including tho latest week or month. We add a supplementary state­
ment to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.
It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first of

January instead of with the 1st of July. ^ This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year. In accordance
w ith this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year. Our own totals have accordingly also been altered to conform to the new
p ra ctice.
The returns of the electric railways are brought together separately on a subsequent page.
ROADS.

- Latest Gross Earnings.
Week or
Month.

Current
Year.

J a n . 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

s
3
%
$
Ala & V icksburg___M arch
194,648
166,416
545,655
498,796
Ann A rbor_________3d wk M ar
54,300
43,739
547,789
554,106
A tch T opoka A S Fe December 14541066 13133867 165529519 144290238
Atlanta Birin & Atl. 1st wk Apr
89,342
78,709, 1,151,175 1,028,178
Atlanta & W est P t . January
165,736
132,844
165.736
132,844
A tlantic C ity ______ 'February
130,973
127,052
315,565
268,727
A tlantic Coast Line February 4,357,022 3,790,315' 8,570,977 7,500,815
Chariest & W C ar February
209,921
165,862;
419,668
337,891
Lou Hend & St L February
209,721
170,497
376,475
331.380
a Baltimore & O h io, j December 10608050 10311 307 133613321 121793843
B & O Ch T er It U January
72,645
146,382
72.645
146,382
Bangor & A roostook February
292,853 349,919
614,893
761,146
Bolt R y o f C h ica go. February
257,282 244,390
418,716
534,724
Bessomer & L E rio. January
461,675 519,483
461,675
519,483
Birmingham S ou th . January
117,311
98,822
117,311
98,822
Boston & M aine___ February
3,937,316 4,001.884 8,047,965 8,520,163
B u ff R ocli & P itts. . 2d wk A pr 316.520 284,777 4,336,670 3,730,854
B uffalo & Susq It It. Fobruary
199,407
121.421
393,071
261,129
Canadian N or S yst. 2d wk A pr 932,600 881.600 10,688,800 10,082,200
.... __
Canadian P acific______
2d wk
A pr 2,935,000 2,833,000 38,548,119 36,597,584
Caro C linchf & Ohio February
“ '
366,671
289,396
684,579
643,176
Central o f G eorgia.1 February
1.644.265 1,133,566 3,1 8 7;i9 2 2,331,944
Cent o f N ow Jersey February
2,637,713 2,529,132 5,072,245 5,327,619
Gont New E ngland- January
372,258 446,132
372,258
446,132
Central V erm on t-. January
315,753 337,143
315,753
337,143
Chos & Ohio Lines. February
4,214.230 3.679,250 7,776,571 7,900,082
Chicago & A lton ___February
1,436,376 1,376,715 2,670,001 2,910,097
C hic Burl A Quincy February
8.910.265 8,592,705 18,018,970 18,183,545
6 Chicago & East 111 February
1,618,832
1,476,334 2,926,209 3,092,014
Apr
c/* nhlrt
C hic Groat T
W est. _ 1
1st _Iwk A
309,992 292,048 4,331,987 4,079,637
C hic Ind & L ou isv. 2d wk Apr
176,814
182,045 2,304,210 2,512,528
Chicago June R l t . . Fobruary
230,746 233,310!
424,685
499.539
C hic M ilw A St P - . February
7,322,765 6.514,625,14,815,284 14,865,738
dC hlc & Nortli West January
7,172,006;8,075,065| 7,172.00t 8,075,065
Chic Peoria & St L . February
157,245
161,536
282,342
337,915
C hic R ock Isl & Pac Fobruary
6,462,895 5,949.978 12,771.195 12,705,508
C hicago It I & G ulf Fobruary
334.061
692,664
612,397
293.997
<1 Chic St P M A Om January
1,690.007 1,662,436 1,690,007 1,662,436
Chic Terre II & S E February
297,985 265,585
515,271
552,653
Cine Ind & Western February
406,293
443,231
257,606 212,322
C olorado M id lan d . January
126,641
126.641
122.355
122,355
e C olorado & South. 1st wk Apr 291,929 291,262 5,050,260 4,653,703
C uba R ailroad____ February
1,164,564 395.631 6,947,914 4,331,926
Delaware & Hudson Fobruary
1,954.696 1.762.706 4,071,802 3,916,250
Del Lack & W e s t .. February
4,196,250 3,966,725 8,590,196 8.401,401
D cn v & R io Grande Fobruary
2,035,285 1,739.276 4,377,763 3,943,039
Denver A Salt Lake February
71.660
111,574
135,330
257,985
D etroit & M ackinac 1st wk A pr
24.658
25,442
317,009
306.380
105,919
182,336
D etroit T ol A Iront Fobruary
203,734
401,045
D et A T ol Shore L . February
144.408
140.587
255,377
298,061
D ul & Iron R a n g e .. February
102,858
103,135
205,094
207,395
D ul M issabo A Nor January
142.987
169,847
142.987
169,847
Dul Sou Shoro A Atl 1st wk Apr
74,215
93,352
926,775
994,866
D uluth Winn & Pac January
132,527
166.997
132.527
166,997
1,042,868 1,067,209 1,903,413 2,255,963
Elgin Joliet A E ast. February
1,219.615 1.237,182 1.219.615 1.237,182
E l Paso A So W est. January
Erlo________________ February
5,334,301 5,001,609 0,371,743 10.603,705
755.494 793,300
Florida East C oast. January
755.494
793,300
74,568
Fonda Johns & G lov Fobruary
75,021
154,843
157,104
431,997 294,751
Georgia R ailroad. . January
431,997
294,751
3d
wlc
M
ar
131.517
Grand Trunk P a c ..
84,789 1.258,667
899,184
Grand Trunk S yst. 1st wk Apr 1,359.291 1,215,768 14,243,313 14,748,399
Grand Trunk R y 3d wk M ar 975,081
859.871 8,811,983 9.363,309
Grand Trk W est. 3d wk M ar
164,425
137,504 1,726,209 1.783,425
65.079
D et G II A M ilw . 3d wk M ar
57,390
591,930
613,085
6,489,603 6,006,910 17,282,900 16,611,370
Groat N orth System M arch
187,309
G ulf M obilo A N o r . February
154,584
358,940
335,008
192.052
G u lf A Ship Island. Fobruary
145,218
379,728
322,602
732,1351 600.631 1,355,250 1,294,348
H ocking Valley____ February
7,210.449 6,229,685 13.543,527 13,024.070
Illinois Contral------ February
988,964 817,550 2,041,487 1.719,172
Intornat A Grt Nor Fobruary
1,257.074
Kansas C ity South February
994,095 2.443.423 2,067,053
126,836
Lehigh & Ilud River Fobruary
148.862
275,538
327,792
191.409 222,242
Lehigh A New E n g . Fobruary
388.626 „ 504,313
3,195.888 3,658,141 3,195,888 3,658,141
Lehigh V a lley......... Jauuary
1,013.989 891,141 1,013.989
Los Angelos A S L . . January
891,141
151.517
Louisiana A A rkan. February
107.201
289,608
232,056
207,839
Louisiana Ity A Nav January
199,714
207.839
199,714
/L o u isv ille & Nashv Fobruary
6,724,820 5,344,781 12,968,650 11,301,021
M aino C ontral_____ January
951.781 1,069.171
961,781 1.069,171
M aryland A Ponna. January
32,870
37,386
32,870
37,386
M idland V alley____ Fobruary
249,361
203.202
486,861
404,289
20.152
Mineral Itango____ 1st wk Apr
22,394
298,328
317,796
M lnneap A St Louis 2d wk Apr 232,307
237,036 3,055,932 2,861,007
M inn St I> & S S M . 1st wk Apr 552,580
636,521 7,060,711 7,434,343
112.256
61.008
Mississippi Central. December
974.749 , , 823.305
g M o Kan A T exas. 2d wk Apr
880,406 693,189 12,749,554 11,052,184
142,832
166,589
M o Okla A G u l f . . . January
142,832
166,589
5,870.844 6.306.936 5.870.844 6,306,936
h Missouri P a c ific .. January
182.852
151,215
M onongahola______ February
341,023
319,687

Latest Gross Earnings.
Week or
Month.

Current
Year.

J a n . 1 to Latest Date.

Previous
Year.

Current
Year.

Frevious
Year.

3
$
$
M onongahela C onn. February
125,609 150,309
256,692
322,273
N ashv C hatt & St L February
1,403,776 1,095,112 2,597,444 2,298,310
N ovada-Cal-O regon 4th wkM ar
4,215
10,066
49,628
61,788
N ow Orl Great N o r. January
148,130 152,708
148,130
152,708
N O T exA M ex Lines February
620,635 586,739 1,262,623 1,165.743
* N ew York Contral February
15378991 13633817 30,076,840 29,535.691
B oston A A lbany Fobruary
1.503,352 1.431,906 3,052,309 3,109,083
n Lake Erio & W . February
564,497 608,973 1,086.975 1,293.981
M ichigan Central Fobruary
4.038,759 3,450,210 7,550,597 7,511,265
C levo C O & St L February
4,098,856 3,320,920 7,631,878 7,322,722
Cincinnati N orth. February
169,188 158,424
309,231
351,706
Pitts & Lake Erie February
1,881,431 1,684,853 3,691,724 3,489.522
T ol A Ohio C e n t. February
529,391 430,173
992,854
943,942
Kanawha A M ich Fobruary
291,347 228,989
491,277
541.528
T o t all lines above Fobruary
28455814 24948267 54,933,937 54,049,189
N Y Chicago A St L Fobruary
1,119,982 1,158,279 2,107,793 2,498,152
N Y N II & H a rtf., January
5,898,364 6,712,001 5,989,364 6,712.001
N Y Ont & Western February
682,429 563,108 1,366,632 1,196,637
N Y Susq A W e s t .. January
336,511
306.698 336,511
306,698
N orfolk S ou th ern .. January
336,645 430.591
430,591
336,645
N orfolk & W estern . February
5,076,193 4,527,345 9,864,097 9,489,497
Northern P a cific__ February
6,031,436 5,430,116 12,196,266 11,719,591
N ortliw est’ n P acific January
347,384, 316,809
347,384
316,809
Pacific C oast C o . . . February
528,909 345,131 1,075,823
714,505
p Pennsylvania RR. February
18928900 18830132 38,396,009 40,071,254
Balt Chos A A t l . . February
32,210,
26,613
95,333
41,758
Cum berland Vail February
290,143! 323,877
634,560
592,186
L ong Island_____ February
----------- 2,219.600 1,981,510
1,095,1351 930,416
M a ry ’d Del & Va February
21,461
92,302
30,793
31,579
N Y Phil & N o r f. February
357.678 317,270
762,272
701,507
W Jorsoy & Seash February
480,805' 487,487
977,586
940,113
W est N Y & Pa__ February
815,179 880,751 1,710,035 1,937,015
Penn West Linos___February
4,026,354 4,456,140 8,783,254 9,794,426
Grand Rap A Ind February
432,077 427,539
916,721
800,642
l Pitts C C & St L February
4,905,695 4,920,574 9,384,726 10,417,001
Penn System—
Lines E ast______ February
21466 802 21227114 43,444,157 45,196.560
Lines W est______ February
10120843 9,947,659 19,265,806 21,429,329
Linas E A W ____February
31587645 31174 773 62,709,963 66,625,888
P pjo M a rq u e tte .. . February
1,542,526 1,518,990 2,804,552 3,278,799
I itts Shaw A N orth January
131,744
126,432
126,432
131,744
P ort Reading.............. )anuary
94,566
150,062
150,062
94,566
R eading C o—
Phlla & R ead ing. Fobruary
4,566,229 4,583,701 9,138,940 9,999,375
Coal & Iron C o . . February
4.150,876 3,185,199 7,946,520 7.318.930
T otal both co s __ Fobruary
8,717,105 7,768,900 17,085,460 17,318,305
Rich Fred A Potom January
412.349 372,771
412,349
372.771
R io Grande South. . February
47,443
45,110
92,244
105,055
R u tla n d ------------------- February
262,686 276,030
604,182
572,65.r
St Jos & Grand I s l. February
215,754
164,164
338,259
416,910
St L Brownsv & M . January
325.572 369,943
325,572
369,943
St Louis-San F ra n . January
4,045.100 4,683,943 4,645,100 4.683.943
St Louis Southw est. 1st wk A pr 412,000
296.000 5,178,334 4,282,960
Seaboard A ir L ine. . Fobruary
2.704,291 2.549,344 5,233,427 5,118,510
Southern P a cific___January
16076176 14184526 16.076,176 14,184,526
k Southern R y S yst. 1st wk Apr 2,539,516 2,173.307 32,802.802 27,897,157
Ala Great S outh. January
544,012
536.187
536.187
544,012
Cin N O & T ex P . Fobruary
825,222 855,042 1,675,977 1.937.931
New Orl A N or E February
443.887 360,250
901.103
763,350
M o b ile A O hio___4th w kM ar
354,469 377,351 2,981,883 3,127,924
Georgia Sou A Fla 1st wk A pr
61,736
766,544
49,355
831,114
Spok P ort & Seattle February
556,129 432,907 1,294,261
899,788
Tonn Ala A Georgia 1st wk Apr
2,091
31,548
29,360
2.475
Tennessee C entral. February
148,382
267,004
120,934
275,501
Term ItR Assn St L January
252,314 306.461
252,314
306,461
St L M B T e r m .. January
202.432 239,915
202,432
239,915
Texas & P a cific____2d wk Apr
412,312 385,504 6,567,080 5,969,923
T oled o Poor & West M arch
112,486
325,653
296.353
101.405
T oled o St L A W est 1st wk Apr
158,050
127,015 1,604,514 1.652.943
Trin A Brazos V ail. January
91,184
91,184
91,518
91,518
Union Pacific S yst. January
9,882.066 8.483,692 9,882,066 8,483,592
Union R R (B a lt ) .. January
155.892
155.892
156.778
156,778
Vicks Shrovo A P ac M arch
222,119
525,927
176,945
625,214
V irgin ia n .................. February
776.350 720,860 1,478,695 1,595,057
W a b a s h ___________ February
2,582,547 2,718,334 4,927,914 5.631,173
W ashington South’n January
230,414
230,414
187,876
187,876
Western M aryland. January
918.821 1,031.965
918.821 1.031,965
W estern P a cific____February
717,919 480,985 1,576,211 1,066.357
Western R y o f A la . January
182,440
182,440
125.076
125,076
W heel A Lake E rie. February
703,479 575,374 1,384,711 1,256,291
Y a zoo A M iss V ail. February
1.511,963 1.228,968 3,024,464 2,654,736
Various Fiscal Years.
Canadian N orthern____________
C uba Railroad_________________
P acific C oast.................................
St I,oul.s-San Francisco________

Current
Year.

Period.
July
July
July
July

1
1
1
1

to
to
to
to

April
Feb
Feb
D ec

14 32,545,600
28, 6,947,915
28! 4,177,483
31 32,049,790

A G G R E G A T E S OF G R O S S E A R N IN G S — W eak ly an d M o n th ly .
• Weekly Surnma>ie$.

Current
Yea'

$ ~~
(28 road s)____ 15.069.139
9.533,171
(27 roads)____
(27 roa d s)____ 10.686.701
(26 roads)____ 10.093,488
(20 roa d s)------ 11,651,809
(25 road s)____ 10,925.448 i
(24 roads)____ 11.274.910
(24 roa d s)____ 12.096.910
(22 road s)____ 17,157,972 ,
(23 road s)____ 11,748,501
Cleveland Lorain & Wheollug

Previous
Year.
-

Increase or f
Decrease.

‘ j
• Monthly Summaries

urrent
Year.

Previous
Year.

increase or
Decrease.

*
15,123.132
— 53.993! 0.36
8,991.103 | + 5 4 2 ,0 0 8 6.03
9,701.404
+ 982,300 10.12
9,728,415
+ 905,073 9.82
10.305,667 1 + 1 ,3 46 ,1 4 2 13.07
9.890.081 + 1,035.364:10.47
10,499.359
+ 775.55P 7.40
10,096.017 ; + 2.000,893 19.82
15,512,608 + 1,045,364 10.56
10,688,402 + 1,060,099 9.72
R y. and Cincinnati Hamilton A

M ilea g e
Cur. Yr. Frev. Yr.|
S
!
$
!
3
__ 241.5501351.001.045 301.304,803] +49,696,242 10 49
June___
242.111
J u l y ........... .245.699
2441,921
~
“353.219,982
------- ----------------------—
1 -------------------306.891.967,
+ 46.328.025 15.09
August ____247,099 246.190 373,326.711 333.555.136! +39.771.5756 11.92
S eptem b er.. 2 45 .148 243.027 364.880.036 330.978.148- -I 33,901.638 10.24
O c to b e r__ 247,048 245,967 3.99,017,309 315.079,977* + 43.937.332 12.73
N ovem ber. .242,107
211,621 360.062.052 326.757.147: +33,304.905 10.19
D ecem b er. .217,988 247.265 3(3,875.052 317.836.386 + 26.038.666 8.18
January____ 240,046 239,885 282,391,665 294,002,791 — 11.608,126 3.95
F o b r u a r y ... 00.381
66.0411 47.210.440 43,113,487 +4,006,953: 9 551
M a r c h -------65,813 ______________________________________________
65,515 58,466.439 52,459,298 +6.007,141|___j45
11.4
_____________
D ayton. * Include* Bvan«rl!!e A Perre Haute, e Include* M ason C ity A
F ort D o d g e and th e W i«con *ln M in n e so ta A P a c ific , d In clu de* n o t o n ly o p e r a tin g reven u e, b u t also all o th e r re ce ip t* , t Does* not Include earning* o f
C o lo r a d o S p r in g , A C r ip p le C ro o k D istrict ity . f In clu de* L o u is v ille A A tla n tic and the F ran k fort A C in cin n a ti, g In
ciu d
Include*
the Texas Contral and the
a
Ln V ? *
r /!
81'
t
u
no n Sol.It,llof1n • ) In clu d es the L a k e S horo A M ich ig a n S ou th ern R ».. C h ic a g o In d ia n a Sc
Soufehr,x*n R R . and D u n kirk AIJngheny V alley A I Ittsburgh RR. k In clu d e * th o A laba m a G ro a t S ou th ern , C in cin n a ti N ew O rlean s A T e x a s P a c if ic ,

4th
1st
2d
3d
4th
1st
2d
3d
4th
1st

week Jan
woek Feb
week Fob
wook Feb
week Fob
week M ar
weok M a r
week M ar
wook M ar
weok A pr
a Include*

.,7V

°p

Ntw & { £ * " * N orth ttw torn and the N o rth e rn A la b a m a .
an d P h lia d elh p la B a ltim ore A




W n h ln g t o o .

I In clu d e s v»rxJa!ta RR
n In clu de* N orth ern O h io RR .
* W o n o lon ger Inclu de M e x ica n r o a l s In an y o f o u r to ta ls .

p In clu d e * N o rth e r n C e n tra l,

L a t e s t
G r o s s
E a r n i n g s
b y
W e e k s . — In the table which
follows we sum up separately the earnings for the first week
o f
April. The table covers 23 roads and shows 9 .7 2 %
increase in the aggregate over the same week last year.

1918.

First Week of April.
A tlanta Birm & A tlantic
B uffalo Rochester & Pittsburgh
Canadian N orthern____
Canadian P acific______
Chicago Great Western
Chicago Indianapolis & L ou isv.
C olorado & Southern
D enver & Salt Lake.'
Duluth South Shore & Atlantic
Georgia Southern & Florida___
Grand Trunk o f Canada______
Grand Trunk W estern-------D etroit Grd Haven & M ilw .
Canada A tlantic___________
Mineral R ange________________
M inneapolis & St Louis---------Iow a Central_______________
M inneapolis St Paul & S S M .
M issouri Kansas & T exas-----St Louis Southwestern-----------Southern Railway System ____
Tennessee Ala & G eorgia_____
Texas & P acific----------------------T oled o St Louis & W estern------

Increase. Decrease.

1917.

$

10,633

89,342
260,890
913.600
2,984,000
309,992
191,186
291,929
24,658
74,215
61,736

78,709
284,777
736,200
2,830,000
292,048
201,256
291,262
25,442
93,3521
49,355

1,359,291

1,215,768

143,523

20,152
212,197

22,394
208,310

3,887

552,5S0
869,475
412,000
2,539,516
2,091
421,601
158,050

636,521
732,208
.296,000
2,173,307
2,475
392,003
127,015

23,887

177,400
154,000
17,944

10,070

667

784
19,137

12,381

2,242
83,941

137,267
116,000
366,209

" ‘ 384

29,598
31,035

Total (23 road s)....... ................. 11,748,501 10,688,402 1,200,544
N et increase (9 7 .2 % )---------------- -------------- -------------- 1,060,099

140,445

—In our “ Rail­
way Earnings” Section or Supplement, which accompanies
to-day's issue of the “Chroniclewe give the Jan. figures of
earnings of all steamrailroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supple­
mentforfull details regarding the Jan. resultsfor all the separate
companies.
N

e t

E a r n i n g s

M

o n t h l y

t o

L

a t e s t

D

a t e s .

In tho following we give all statements that liavo come
tho present week covering a later or a different period
from that to which the issue of the “ Railway Earnings”
Section is devoted.
in

------- Gross Earnings------ ------ Net Earnings-----Current
Previous
Curren
Previous
Year.
Year.
Year.
Year.

Roads.

$

C

T R

I C

R

A

I L

W

A

Y

A N

D

P U

B

L I C

Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

A tlantic Shore R y ___M arch

c Aur Elgin & Chic R y December

Bangor R y & E lectric February
B aton R ouge Elec C o January
Berkshire Street R y . December
Brazilian T rac, L & P February
B rock & Plym St R y . February
Bklyn R ap Tran Syst December
C apo Broton E lec C o February
C ent M iss V El Prop January
Chattanooga R y & L t February
Cities Service C o ____M arch
Cleve Palnesv & East January
g Colum bia Gas & E l..M a rch
Colum bus (Ga) El C o'February
C olum (O) R y P & Lt! February
C om ’w ’ th P, R y & Lt February
C onnecticut C o _____ December
Consum Pow (M ic h ). February
C um b C o (M e) P & L February
D ayton Pow & Light M arch
a D etroit E d ison____M arch
D etroit United Linos M arch —
Duluth-Superior Trac February
East St Louis & S u b . February
Eastern Texas E lec. . February
El Paso Electric C o . . February
0 Federal Lt & T ra c. . January
G alv-H ous Elec C o . . February
Grand Rapids R y C o February
Great W est Pow Syst February
Ilarrisburg R ailw ays.! February
H avana El R y , L & P,February
H onolulu R T & Land January
H oughton C o T rac C o February
b Hudson & M a n h at. February
Illinois T r a c tio n ____ February
Inter boro Rap T ra n . February
Jacksonville T rac C o February
K eokuk Electric C o . February
K ey W est Electric C o February
Lake Shoro E lec R y . January
Lowlst Aug & W aterv February
Long Island E lectric. December
Louisville R a ilw a y .. Decem ber




Current
Year.

Previous
Year.

$
$
25,740
13,036
186,095 176,571
67,485
68,776
20,446
21,530
87.478
58,916
/7 3 15000 /6872000
7,714
7,192
2422,455 2452,706
36,294
32,010
28,046
26,327
137,791 102,594
1975,212 1721,481
36,436
40,772
1035,308 1017.153
80,987
96,461
347,374 316,318
1619,202 1530,735
837,647 808.198
483,420 460,279
211,037 217.275
194,294 149,775
1140,245 1044,105

U

T

Jan. 1 to Latest Dale.

Latest Gross Earnings.
Name of Road
or Company.

Current
Year.

Week or
Month.

Previous
Year.

Current
Year.

Previous
Year.

S
M ilw El R y & L t C o . M arch
,231,327 1,971,476
732.370 649, 445
499,478
617,363
217,386 168, 291
M ilw L t, H t & T r C o M arch
407,462
403,449
Nashville R y & Light February
198,928 197, 593
85.222
130,207
N ew pN & H R y.G & E January
130,207
85, 222
413,986
470,197
N Y & Long Is la n d .. December
32, 577
32,785
160,216
167,906
11,265
12 , 115
N Y & N orth Shore. . Decem ber
,132,362 1,391,330
N Y & Queens C o ___ Decem ber
67,830 112 , 713
,695,736 1,911,152
N ew Y ork R ailw ays. February
830,359 914, 077
357,816
394,259
N Y A Stam ford R y . Decem ber
24,377
25, 296
564,654
555.414
N Y Westches & Bost Decem ber
49, 155
45,844
200,070
216,215
18,275
18, 117
N ortham pton T r a c .. December
982.011
,081,487
N orth Ohio E lec C orp February
533,095 483, 866
329,678
487,665
N orth Texas E lectric. February
237,353 158, 578
153,965
158,304
Ocean E lectric (L I ) . Decem ber
6,828
6 , 314
Paciflc Gas & E lec___ Decem ber 1770,392 1669, 126 19 ,813,381 18.615,498
54,338
52,416
a Paducah T r & Lt C o February
24,722
25, 550
53,956
72,371
35,228
26, 909
Pensacola E lectric C o February
,388,000 7,143,949
Phila R apid T ransit. M arch
2656,490 2510, 812
950,139
P ort(O re) R y.L & P C o. February
,167,368
577,581 459, 908
,879,379 1,508,048
g Puget Sd T r, L t & 1' February
919,289 720, 178
737.428
944,832
((Republic R y & Light February
460,246 357, ,646
,000.602 5.811,996
Rhode Island C o ____ December
498,252 481 ,6.39
406,738
447,538
Richm ond Lt & H R . Decem ber
30,416
31, ,945
373,630 1,235,944
St Jos R y , L . H & P . N ovem ber
132,033 125, 091
49,713
55,477
49, 713
Santiago El L t & T r . January
55,477
178,572 . 144,348
69, ,295
Savannah E lectric Co February
85,198
766,250
855,600
Second Avenuo (R cc) Decem ber
60,617
58, ,382
182,956
218,643
15,694
Southern B oulevard. Decem ber
15, ,160
,096,279 1,370,862
Southern Cal E dison. February
530,508 659 ,860
331.428
346,642
19,321
23 ,571
Staton Isl’d M idlan d. Decem bor
182,675
173,551
90 ,360
Tam pa E lectric C o . . February
87,102
,117,833 3,590,943
Third Avenue R y ___ Decem ber
336,419 318, ,420
421,808
455,616
D D E B & B R R_ Decem ber
32, ,932
37,254
,766,080 1.672,888
4 2 d S tM & S tN A v R y December
127,651 127 ,491
,910,070 2,544,253
209,282 222 ,716
Union R y C o (N Y C ) Decembor
564,967
824,866
Yonkers R a ilro a d .. December
65,555
41 ,154
632,805
733,081
54,718
58 ,660
N Y C ity Interb R y December
678.447
677,840
Belt Lino R y C o rp . . December
50,113
54 ,250
,442,317 1,596,677
Third Avenuo System February
693,966 767 ,252
.622,097 1,725,307
Twin C ity Rap T ra n . February
780,372 827 ,374
,872,136 1,519,714
Virginia Ry & P ow er. M arch
647,820 516 ,043
125.011
336.740
58 ,052
Wash Balt & A nnap. February
164,302
441,131
554,914
37 ,259
Westchester E loctrfc. December
43,616
225.734
246.023
W estchesterStreetRR Decem ber
17,564
14 ,763
,576,572 2,706,802
365,238 297, ,012
g W est Penn P o w e r .. N ovem ber
.984,869 5,705,741
672,612 568 ,381
q W est Penn R ys C o . N ovem ber
91.498
97,528
91 ,490
York Railways______ January
97,528
49,666
60,583
24 ,318
Youngstown & O liio. February
29,760
6 Represents Income from all sources
c These figures are for consoli­
dated com pany. /E a rn in g s now given In mllrols. g Includes constituent
companies.

$

S

S

Chicago Burl & Q u in cy .b .F e b 8,910,265 8,592,705 1,737,897 3,002,889
3,366,382 6,614,593
Jan 1 to Feb 28............18,018,970 18,183,545
Grand Trunk o f Canada—
691,773
Grand Trunk R y ______Jan 3,236,222 3,788,083 def817,572
def 8 ,030
667,440 defl90,523
Grand Trunk W e ste rn ..Jan
634,835
221,668 def72,997 def59,128
D ot Great N or & M ilw .Jan
212,179
177,101
226,662
Intem at’l Sc G t. N o r .b __ Feb
988,964
817,550
373,076
471,728
Jan 1 to Feb 29______ 2,041,487 1,719,172
Southern R y—
160,578
13,347
855,042
Cin N Orl & T ex P a c .a .F e b
825,222
502,070
12,893
Jan 1 to Feb 28----------- 1,675,977 1,937,931
87,359
189,717
480,985
W estern Pacific b ----------Feb
717,919
282,486
473,917
Jan 1 to Feb 28 ------------- 1,576,211 1,066,357
Balance,
Charges
Other
Total
Net
Gro s
Surpus,
<fe Taxes.
Income.
Income.
Earnings. Earnings.
$
$
S
Toledo Peoria & Western—
def9,622
8,417
def 1,205
13,000
Mar ’ 18
112,486 defl4,205
def 1,223
27,136
25,913
21,098
’ 17
101,405
4.815
25,274
def5,148
20,126
47,411
3 mos '18
325,653 do(27,315
82,055
2,707
84,822
61,666
'17
296,354
23,156
Balance,
Fixed
Gross
Other
Gross
Net after
Surplus.
Charges.
Income.
Income.
Earnings.
Taxes.
$
$
5
$
$
5
Chicago Milw A St Paul—
128,537 def898,S02 1,402,007dcf2300,809
Feb '18 7,322,765dcfl027,339
137,892 dell5,305 1,599,469def 1614,774
'17 6,514,625 deU53,197
206,359def1448,646 2,790,602def4,23924D
2 mos '18 14,815,28 Idof1655,005
306,990 1,810,124 3,077,101(lcfl261,03g
'17 14,805,738 1,509,128
E L E

[Vol. 106

THE CHRONICLE

1 6 74

I L

I T

Y

C O

S .

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

70,682
32 ,129
2,181 ,871 2,056.362
143,460
145 ,261
20.446
21 ,530
999.888
1.058 .729
/15152 ,000 /14138.000
16,730
14 ,751
30,563 ,718 29.304,948
70,591
77 ,722
26,327
28 ,046
209.643
270 ,793
5,856 ,285 5,257.798
36,436
40 ,772
3,468 ,293 3,188,645
205 ,439
170,594
715 ,036
653.889
3,319 ,672 3,148,452
10,023 .162 9.560.435
947,606
1,004 ,383
455,994
442 ,643
494,590
582 ,957
3,560 ,508 3.188.436
1,473 .572 1,370,447
272 201
246,214
131*230 1*17*240
610 .751
560,765
311,063 268,158
152.359
164 ,868
73,007
80,409
227,598
218 ,235
103,875 111,255
243,878
310 ,344
310,344 243,878
311.360
376 ,005
181,822 148,284
217,040
209 ,739
102,091 103,932
670,667
713 ,724
348,451 328,982
179,790
189 .661
87,120
89,857
617,071 504,325 1,262 ,081 1,051,813
58 ,356
57.984
57,984
58,356
54,002
56 ,068
25,249
26,645
538,938 497,800 1,114 ,865 1,039,095
1165,482 1065,019 2,397 ,553 2,217,519
3256,310 3240.154 6.825 ,331 6,870.847
113,093
131 ,561
53,932
66,004
39,927
41 .920
20,054! 19,030
21.985
26 ,924
10,682
13,149
129,505
141 ,555
141,555 129,505
116,496
89 ,374
54,793
42,254
215,164
251 ,122
17,153
15,871
291.955 270,131 3.281 ,505 3.078.297

E l e c t r i c

R

a i l w

a y

a n d

O

t h e r

P u b l i c

U

t i l i t y

N

e t

E a r n ­

— The following tablo gives tho returns of E L E C T R IC
railway and other public utility gross and not earnings with
charges and surplus reported tliis woek:
i n g s .

-------Ne Earnings------Gross EarninqsCurren
Previous
Curren
Previous
Year.
Year.
Year.
Year.
$
2,959
'3,169
25,740
13,036
Atlantic Shoro R y . b ___M ar
2,546
d ef 2,430
70,682
Jan 1 to M ar 31______
32,129
280,813
317,109
511,555
UtahSecCo(sub cos on ly)M a r 571,237
856,111
991,986
Jan 1 to M ar 31______ 1,772,726 1,547,414
24,035
W estern Pow C o o f C a n .F o b
34,270
328,178
M ar 1 to Feb 28_____ 449,767
5,223,917 1,438,272 1,619,710
W estern Union T oleg___Feb 6,261,501
3,097,320 3,480,789
Jan 1 to Feb 2 8 ............12,963,661 10,779,825
Companies.

b N et earnings hero given are before deducting taxes.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
S
s
*s
s
Amor T el & Tel C o (M ar 1918 est)-—
3 m os to M ar 31 '18 14,738,008 13,140,818 2,339,995 10,800,823
'17 013392249a! 1,897,602 o 2 ,143,885 o 9 ,753,717
16,836
x l 1,487
28,013
53,713
Arizona Power C o .- D e c '17
x ll,1 9 7
13,048
24,229
36,264
'16
X121.840
168,001
288,649
489,901
12 mos '17
X62.507
141,293
309,801
203,581
'16
def 3,950
15,992
19,942
67,485
Bangor R y & Elec Feb '18
9,322
18,933
28,255
68,776
'17
3,998
39,601
43,599
2 mos '18
145,261
22,369
37.658
60,027
'17
143,460
Bell T el Syst in U S (M arch 1918 est)—
3 mos to M ar 31 '18 76,300,000 16,800,000 6,505,000x12,765,000
'17 a66641252ol8,299, t97 05,943,814X014248874
48,490
12,362
60,852
159,453
C ad d o Oil & R cfg
Feb '18
31,189
43,689
12,500
159.864
'17
76,234
24,416
100,650
265,872
2 mos '18
25,000
57,556
82,556
351,776
'17
1,082
30,565
31,647
Chattanooga R y
Feb '18
137,791
32,062
1,879
33,941
102,594
& Lt
'17
61,263
dof7,419
270,793
53,844
2 mos '18
64,722
824
209,643
65,546
'17
192 1,938,252
Cities Servico C o — M ar '18 1,975,212 1,938,444
1,689,944
225
'17 1,721,481 1,690,168
611 5,754,414
3 m os '18 5,856,285 5,765,025
824 5,172,121
'17 5,257,798 5,172,944
25,396
32,254
96,461
57,650
Columbus (Ga)
Feb '18
21,829
28,414
50,243
80,987
E lec
’ 17
60,875
64,148
125,023
2 mas '18
205,439
49.735
56:935
170,594
106,670
'17
30,191
54,119
84,310
347,374
Colum bus (O) R y Feb '18
44,961
46,680
91,641
316,318
P & Lt
'17
106,863
43,160
150,023
715,036
2 m os '18
89,230
111,458
200,688
'17
653,889
99,327
93,999
193,326
Consumers Power
Feb '18
483.420
76,090
125,508
201,598
460,279
(M ich )
'17
194,868
192,072
386,940
2 mos '18 1,004,383
272,621
159,340
432,051
947,606
'17
70,702 dof48,489
22,213
211,037
Cum berland C o
Fob '18
66,304 d o fl4 ,0 1 5
52,289
217,275
(M e) P & L
'17
131,584 d ef 101,103
40,481
442,643
2 m os '18
def5,816
132,471
455,994
126,655
*17
97,094
231,144
328,238
D etroit Edison C o .M a r '18 1,140,245
84,947
257,871
342,818
'17 1,044,105
291,499
775,472
3 m os '18 3,560,508 1,066,971
254,942
899,369
'17 3,188,436 1,154,311
19,423
66,648
86,071
311,063
East St L & Subur Fob '18
31,896
63,969
95,865
268,158
'17
dcf9,628
132,378
122,750
2 mos '18
610,751
65,638
193,672
128,034
'17
560,765
6,122
25.392
19,270
102,091
Grand Rapids R y Feb '18
30,232
17,392
12,840
103,932
'17
14,171
39,714
53,885
209,739
2 m os '18
33,433
68,876
35,443
217,040
'17
X218.655
337,738
129,189
617.071
H a v a n a E lR y .L & P .F e b '18
169,591
X131.970
293,473
504,325
'17
257,207
X462.193
700,447
2 m os '17 1,262,081
1303,448
610,997
322,005
'17 1,051.813

Apr .

THE CHRONICLE

2 0 1 9 1 8 .1

Gross
Net after
Fixed
Balance
Earnings.
Taxes.
Charges.
Surplus
$
S
8
$
H untington D ov
82,276
Feb ’ 18
38,266
16,773
21,493
& Gas
51,822
'17
32,450
15,430
17,020
172,030
2 m os '18
80,037
33,373
46,664
107,005
'17
68,448
30,750
37,698
Lewiston A ug &
42,254 def20,831
Feb ’ 18
15,762 def36,593
64,793
& W atery
’ 17
3,443
15,444 dofl2,001
89,374 def46,715
2 m os '18
31,673 def78,388
116,496
'17
10,958
30,752 dofl9,794
M ilw El B y & L t
732,370
M a r '18
161.375
97,587
187,485
649,445
’ 17
153.958
69.074
290,110
3 mos '18 2,231,327
401,734
292,266
2141,275
’ 17 1,971,476
492,903
204,933
2308,329
217,386
M ilw L t H t & T rac M a r '18
39,802
43,715 2def3,830
168,291
'17
30,376
38,629 2def8,269
617,363
3 mos '18
76,161
130,244 2def54,281
499,478
'17
100.959
115,736 2defl4,769
336,374
M on on Vail T ra cf M a r ’ 18
124,525
49,397
75,128
202,560
(M ar 1918 cst)
'17
112,662
30.208
82,454
939,606
3 m os '18
343,354
145,840
197,514
565,274
'17
311,788
88,831
222,957
198,928
Nashville B y & L t Fob ’ 18
71,773
40,626
31,147
197,593
’ 17
78,963
40,970
37,993
2 mos ’ 18
403,449
144,732
81,063
63,069
407,462
’ 17
155,557
82.208
73.349
N N & II B , G & E .J a n ’ 18
130,207
37,363
20,351
217,396
’ 17
85,222
31,883
20,592
211,484
Phila R ap Trans
M a r ’ 18 2,656,490 1,013,782
814,811
198,971
’ 17 2,510,812 1,094,981
813,752
281,229
9 m os ’ 18 22,418,459 8,920,344 7,311,524 1,608,820
’ 17 21,001,095 9,221,770 7,328,468 1,893,302
Portland (Ore) R y Feb ’ 18
577,581
250,196
177,792
72,404
L t & Pow er
• ’ 17
459,908
. 216,807
181,016
35,791
2 m o s ’ 18 1,167,368
495,158
356,687
138,471
’ 17
950,139
446,849
363,354
83,495
Puget Sound T r
Feb ’ 18
919,289
350,923
206,220
144,703
L t & Power
’ 17
720,178
279,787
189,142
90,645
2 m o s ’ 18 1,879,379
723.008
410,711
312,297
’ 17 1,508,048
596,419
381,067
215,352
Tennesseo Power
Fob ’ 18
158,221
51,363
69,808
222,348
Co
’ 17
143,763
57,128
46,085
214,508
2 m os ’ 18
312,667
123,568
101,263
227,331
’ 17
290,052
110,268
90,018
233,350
W isc-M inn L t & P ow —
12 m os to Fob 2 8 ’ 18 1,730,864
873,559
294,879
578,680
’ 17 1,434,085
741,704
a C om parative figures are the average first quarter for 1916 and 1917.
Gross
Net
Fixed Chgs. Balance,
Earnings. Earnings.
& Taxes.
Surplus.
S
5
S
S
Phila & W estern___M ar ’ 18
49,267
23,299
14,080
9,219
’ 17
41,097
18,291
12,526
5,765
12 m os ’ 18
583,531
273,142
161,170
111,972
’ 17
526,762
272,290
150,489
121,801
Virginia R y & Pow M a r ’ 18
647,820
288,528
163,289
2137.570
’ 17
516,043
274,080
153,048
2128,105
9 m os ’ 18 5,456,466 2,495,708 1,435,225 21,147,310
’ 17 4.497,395 2,327,256 1.358,963 21,039,866
2 After allowing for other Income received.

ANNUAL

REPORTS

— A n index to annual reports of steam
railroads, streot railways and miscellaneous companies which
have been published during the preceding month will be given
on tho last Saturday of each month. This index will not
include reports in tho issue of the “ Chroniclo” in which it is
published. Tho latest index will bo found in the issue of
March 30 . Tho next will appear in that of April 27.
A

n n u a l

R

e p o r t s .

R

e a d i n g

C o m

p a n y .

(Annual Statements for Periods ending Dec. 31

1917.)

The report in dotail will bo cited another week.
READING C O M P A N Y — RESULTS FOR CALENDAR YEARS.
1917.
1910.
1917.
1916.
5
S
I n t . & d iv id en d
N o t ea rn in gs.......... 1 5,6 96 ,16 8 1 5,077,152
receip ts ............... 12,4 18 ,99 6 1 1,928,228
2 ,9 0 3 ,0 5 2
R e n t o f e q u lp t ___ 3,0 9 6,3 51
o n - - - 1-105’000
7»
2 9 8 ,S92
O th er re n t...............
347 ,97 8
F u n d ed d e b t . . . 3 ,7 5 9 ,9 3 0 3 ,7 5 9 .9 3 0
R e a d .C o . Jersey
T o t a l I n c o m e .. . 15,8 14 ,24 0 15,1 79 ,25 8
C e n t .c o ll.b d s .
9 2 0 ,0 0 0
9 20 ,00 0
C o n tln g . expensesi
118,072
102,106
O th er in te r e s t ..
130 ,99 5
133,710

C a l. Y ears —

s

s

JSS*

N e t e a r n i n g s ... 15,6 96 ,16 8 15,077,152

Tho net Income for tho 18 m onths ending D ec. 31 1917 was « i n oa< B/10
and after deducting S I,680,000 dividends on 1st prof., 82 520 000 on owt
prof, and $8,400,000 on com m on stock, tho surplus was $2,701,849. ”
PH ILADELPH IA & READING R Y — RESULTS FOR CALENDAR YRS.
1917.
1916.
1917.
1916.
C a l. Y ears —
S
8
S
O peratin g reven u e 6 6 ,8 3 1 ,3 9 8 0 0,4 52 ,86 9 G ross in com o . . . . 1 8 , 9 4 2 , 4 7 4 2 4 ,6 9 6 954
O peratin g expense 4 6,6 99 ,28 3 34,8 79 ,45 9 H ire, e q u lp t -------- 3 ,3 2 2 ,2 0 7 3 ,0 5 5 314
T a x e s, & o ________ 2 ,0 4 0 ,3 1 4
1,730,174 R e n ts fo r lease o f
’
’
roa d -------------- -- 3 ,2 9 9,4 31
3 ,2 9 3 ,2 7 9
O p era t. in c o m e .1 8,091,802 2 3,8 37 ,23 6 I n t .o n fu n d ed d e b t 1 ,9 6 7,7 53
1,9 7 4,3 15
O th er rents, & c . . . 1 ,8 5 2 ,4 3 4
1,717,131
F o r in v e s t. In p h y ­
O th er in c o m o ____
8 50,672
8 59 ,71 8
sical p r o p e r t y .. 3 ,7 8 5 ,3 8 1
1 ,3 9 9 ,4 9 5
G ross in com e ..1 8 ,9 4 2 ,4 7 4 2 4,6 96 ,95 1

S u r p lu s ________ 4 ,7 1 5 ,2 6 8 13,257 420

The net Incomo for tho 18 m onths to D ec. 31 1917 was S11 551 o n
aftor deducting $10,620,425 dividends paid the surplus was $931,486. U1U
P H ILA . & READ. COAL & IRON CO.— RESULTS FOR CALENDAR YRS.
C a l. Y ears —
1917.
S
T o t a l receip ts____ 4 9 ,8 9 6 908 4 2,701,061
E x p e n s e s__________4 3,3 03 ,94 2 3 9 ,6 0 1 ,3 0 6

Net profit......... 6,587,967
— V . 106, p . 500.

3,099,755

I l l i n o i s

C

1917.
F ix ed cha rges, ln t.
^
a n d ta x e s ---------- 1 ,1 5 1,3 34
S u r p lu s ------------------ 5 ,4 3 6 ,6 3 3

e n t r a l

R

1916.
6 35 ,96 5
2 ,4 6 3 ;7 0 0

a i l r o a d .

(68<A Annual Report—Year ending Dec. 31 1917.)
On subsequent pages will be found the remarks of President
C . H . M arkham , in addition to a comparative incomo ac­
count, balance sheet and general freight, passenger, &c.
statistics
’
INCOME ACCOUNT FOR CALENDAR YEARS
,
1917.
1916.
191K
4,766.04
4,766.79
4 767 42
Average miles operated.........................
Operating Revenues—
F reight.....................................................$63,126,728 $53,325,517 $45,992 467
Passenger............................... ................... 17,099,134 14,435,404 12,864.701
M a il, expross, & c................................... 6,918,924 5,979,345
4,946,911
T otal operating revenues.................. $87,144,786 $73,740,266 $63,804,079




Operating Expenses—
1917.
M aintenance o f way and structures— $11,289,315
M aintenance o f equipm ent----------------- 18,214,178
T raffic
............
.......................
1,332,010
T ransportation— rail Hno--------------------- 29.076,858
Miscellaneous operations-------- ----------559,450
G e n e r a l--------------------------------------------- 2.083 165
Transportation for investment— Cr__ C r:215:i43

1675
1916.
1915.
$9,921,656 $9,491,070
16.980.995 14,970,410
1,303,244
1,232,749
22,553,004 21,446,632
425,364
352.386
1 848 339
1 713 795
CrA87,101

T otal operating expenses__________ $62,339 834 $52,843,149 $49,019,942
N et e a rn in g s..-----------$24,804,952 $20,897,117 $14,784,137
T ax accruals________________________
6,186,365
4,116,065
3,268,938
U ncollectible revenues_______________ _________
12,370
21,813
22,966
Operating Incom e............................... $18,606,217 $16,759,239 $11,492,233
Other Income—
Separately operated properties— profit 1,739,924
2,026,545
1,602,868
D ividend Incom e_____________________ 1,601,298
6.933,895
3,371,784
2,054,039
Hire o f equipm ent___________________
1,254,641
21,058
2,614,104
Other incom e________________________
2,800,750
2,683,940
Gross incom e..........................................$26,615,582 $29,775,070 $19,171,883
Deductions—
Interest on funded d e b t . . ........................ $8,477,619 $5,546,266 $5,504,903
2,009,933
5,689,672 5,410,864
Rent for leased r o a d s ..................
Sinking, & c.. reserve funds...............
118.200
114,125
110.025
Other rents, & c-------- ------------993,637
958,595
1,008,926
D ividends--------------------------------------(7 M )7 ,923 ,96 0 (5)4 )6 0 1.28 0 (5)5.464,800
T otal deductions___________ ---------- $19,523,349 $18,319,938 $17,499,518
Balance, surplus_____________ ---------- $7,092,233 $11,455,132 $1,672,365
— V . 106, p . 1577, 1461.

New Y o rk N ew H aven & H artfo rd R ailroad .
(46 th Annual Report—Year ending Dec. 31 1917.)
Presidont Edward J. Pearson, April 9, wrote in substance:

Rcvenues .— The operating revenues were the largest in the history o f the'
com pany and $5,352,726. or 6.2 4 % m ore than a year ago.
Freight revenue increased $1,668,574, or 4 .1 3 % . T he number o f tons
o f revenuo freight carried one mile was 2,776,143,607, an increase o f
208,312,591 ton miles [the average revenue per ton per mile being 1.46 cts.
against 1.515 cts. in 1916.— E d.] Tho revenue freight tonnage per revenue
train milo averaged 397.40, increase 70.57 tons. Revenue freight miles
decreased 817,261 miles, duo to m ore efficient operation.
Passenger revenue increased $3,342,766, or 10.75% ; mail revenue Increascd $297,969, or 2 7 .6 3 % ; express revenue decreased $89,307, or 2 .1 5 % .
ln o total nu™>er or revenue passengers carried one mile was 1,814.460,722,
an increase o f 163,985,855 passenger miles; average revenue per passenger
per mile, $.01897, as com pared with $.01883 in 1916. Average number o f
passengers per revenuo train milo 121, increase 15. T h e miles run b v
passenger trains decreased b y 497,553 miles, or 3 .2 3 % .
T he expenses have been very heavy, due to increased business, severe
winter weather, freight congestion, higher wages and the increased cost
o f matorial and fuel.
Improvements, &c.— Six grade crossings were eliminated during the year.
Contract for the new passenger station at N ew H aven has been aw-arded.
Tho plan approved contem plates a four-story brick building with office
facilities for local operating forces. The building will be com pleted some
time during tho fall o f 1919. W ork is in active progress on the m odem
freight terminal at Cedar Hill, N ew H aven, C onn.
Tho total number o f Ues laid during tho year was 1,262,860. o f which
22,144 were creosoted and provided with tie plates and screw spikes.
Tho substructure for a new four-track bridge over the Tham es R iver was
com pleted during 1917. The approaches to the new bridgo aro nearing
£ °1,nR et ot} a,n d stee’ f ° r a tw o-track superstructure is being fabricated, and
it is hoped tho work will bo com pleted b y O ct. 1 1918.
I'Uio addition and betterm ent charges for year 1917 aggregated $6,377.­
674, o f which $5,297,147 was charged to cost o f road, $114,730 to cost o f
equipment and $965,798 for trust equipment to “ equipment suspense.”
I he principal expenditures as aforesaid other than for equipment were as
improved bridges, $1,071,632 (Tham es River bridge,
$660,168); buildings, $107,764; new and Improved signals, $388,843; new
a?<k,e- p a s s i n g sidings. $570,661: new and enlarged yard facilities.
.'4,017,086 (N ew H aven, Cedar Hill. $733,568); new and im proved engine
facilities, $626,310 (B oston, Southampton S t., $512,579); real estate pur­
chased for future developm ents,g$567,389.]
Deductions.— Interest charges increased $1,028,016, due to increase In
Collateral Gold notes for part o f the year from $25,000,000 to $45,000,000,
your com pany being obliged to borrow sufficient funds to assist the N ew
England Navigation C o. to pay its three-year Collateral G old notes which
matured M a y 1 1917, your com pany taking in paym ent certain securities
owned b y the N ow England N avigation C o.
Tho dividends payable b y tho Springfield Railway Companies wore not
earned in full during the year, and your com pany was obliged to advance
$127,758 under its guaranty, where no such advance had been necessary
in previous years.
Rents for join t facilities increased $120,785, but hire o f equipm ent d e­
creased $675,951, which reflects the increased efficiency in handling o f cars
b y your com pany and its patrons, resulting in less cars being under per
diem and demurrage. The net result o f these changes and some other minor
ones was an increase o f only $545,960 in the total charge for deductions.
_
com pany has spent for the protection o f its property in
1917 $8,906,279, and in 1916 $4,260,843, as follows:
^
.
,
.
1917.
1916.
........................................$7,060,521 $3,935,991
For road and equipment
For Grand Central terminal buildings_____________
411,765
50,842
F or additions and betterments on leased steam rail­
road p ro p e rtie s-----------------------------------------------------739,106
204.010
For advances to sub. cos. for additions and betterm ’ts
694,887
70.000
From April 1 to D ec. 31 1918 there will mature: G old notes, April 15
1918, $43,964,000; N ew Haven & D erby H R . Consols, M a y 1 1918. $575,­
000; N ew Haven Station Debenture “ A ,” N o v . 1 1918. $100,000. There
will also mature on July 1 1918, $2,170,000 bonds o f tho Boston & ProvIdonco K it., the refunding o f which will be arranged for b y that com pany.
T he debt in hands o f the public (inch the N ew England N avigation C o.)
has decreased during tho year $1,067,091. as follows:
(1) Securities Retired.— Torrington & W inchester St. R y . C o.
1st M . 5 % bonds, paid o ff D o c. 1. $150,000; W orcester &
C onn. Eastern R y . C o . 1st 4>£s, purchased for sinking fund.
$26,000; European Loan debentures o f 1907 (canceled), $36,­
091; Providence Securities C o. 4 % Gold debentures acquired
and hokl in treasury (V . 106. p. 1577), $2,422,000: to ta l____$2,634,091
(2) Securities Issued.— W orcester & C onn. Eastern R y . 1st M .
4J^s, sold b y N ow England N avigation C o ., $6,000: N ew
H aven Station debentures dated N o v . 1 1917, due $100,000
each year, $700,000; Columbus A ve. Trust, Boston, real estate
m ortgage at 4 % . duo Jan. 2 1920, $200,000; Collateral G old
notes, $601,000; to ta l_____ ________ ______________ _____________ 1,567,000
Liquidation under Special Act of Mass. Legislature.— T ho affairs o f the
N ew England N avigation C o. and the M illbrook C o . were liquidated, your
com pany taking over tho assets and assuming the obligations o f those
companies resulting in a loss o f $7,438,894, which your com pany as sole
stockholder assumed and charged to profit and loss.
T ho Investment in the N ew England Steamship C o . was also reduced
b y surrendering to that com pany S3,000,000 o f its 5 % bonds, and that
am ount was charged to profit and loss and the bonds canceled b y the steam­
ship com pany. Y our com pany’s investment was further reduced b y disth*° steamship com pany b y an exchange o f securities an additional
^820,000 o f steamship com pany bonds, reducing the investment from
S9,000,000 to $5,180,000.
Exchange of Worcester Consol. St. Ry. Co. First Prcf. Stock for Pref. Shares
of Neio England Invest. & Security Co.— This exchange releases your com ­
pany from its guaranty with respect to the shares so exchanged. The
number o f shares exchanged to D ec. 31 1917 was 38,454, reducing tho
am ount o f your com p a n y’s guaranty on prcf. shares o f the N ew England
Investm ent & Security C o . from 34,000.000 to $154,600 (V . 105. p . 1619).
Securities Sold, &c.— During the year the securities have been sold as
follows: .Tho C onnecticut C om pany 5 % debentures. $250,000; stock o f
Pennsylvania R R . C o ., $58,400 for $62,651; Park Square Theatre C o ..
In c., 2d M tgo. notos, $5,000; Eastern SS. C o .. In c., 1st & C onsol. M tge.
30-year non-convertiblo Incom o gold bonds, $1,500,000 for $1,125,000;
N ew England Navigation C o. gold notes, $220,000.
.

[Vol. 106

THE CHRONICLE
Other Income—
Miscellaneous operating incom e.
D lvidond incom o----------------- ...—

.
.
.
.
.
.

9,070
2,077,070
1,101,139
1,180.791
1,551,839
1,349,950

11,714
1,468,789
444,772
972,411
1,664,893
1.017,647

9,321
1,868,997
1,028.785
1,664,924
1,552,747
1,172,828

.$27,741,717 $30,346,639 $27,637,597

Gross corporate incom e----------Deductions—

. $6,156,544
. 2,670,533
. 3.0S7.003
.
384,633

$6,151,343
3,346,483
2,966,217
448,660

$6,166,059
1,183,123
2,843,327
407,193

124,567
864,000
127,758
9,282,634
2,639,950

120,391
864,000

122,726
864,000

9,354,991
1,539,576

9,357,393
2,034,635

)
.
.
.

Other intorrst........................

T otal deductions__________________ S25.337.622 524.791,662 522,978,457
RTlinrn mirnlns
S2.404,095
7
1,1)0 J*14U
B Noief— T he N ." Y . N\ T T H : R R accoiint does not Include interest
duo from subsidiaries unless earned and paid in cash.
R E S U L T S OF S U B S ID IA R IE S FOR C A L E N D A R Y E A R S .
(1 ) C e n t r a l N e w E n g l a n d R y . (N ew H aven owns 9 9 .8 % o f en tire stock).

C alen d ar
Y ears —

Cross
E a rn in g s .

N et ( after
T a x e s).

Ollier
In co m e.

D educlio n s .

D ividends

B alance,
S u r o r D e f.

1917

. . . $ 5,4 7 7 ,2 3 8 $1,6:57,893
$ 5 2 ,67 3 $1,452,75G
x $256,39S
(lel$ 1 8,e8 7
1910
5 ,2 0 8 ,1 9 8
2 ,0 7 6 ,2 3 2
197,066 1 ,3 5 8,6 48
x470,G 84
sur443,9G 6
( >) n . y . O u t . & W e s t . R y . ( N . I I . owns 5 0 .2 % o f en tire stock— See th at co's
1917,
U / S9°lVii 878 $ 2 ,2 2 7 ,6 7 6 $ 27 2,8 26 $ 1 ,5 2 3 ,0 3 5 y S l, 162,354
d cf$ 1 8 4 ,8 8 7
sur258,511
lo io l I III
8J94466
2 ,3 2 4 ,7 3 6
1.84,134 1 ,6 6 9,2 88
y 581,071
(3) N . Y . W e s t c h e s t e r & B o s t o n R y . ( N . I I . owns 99.5% of entire sto c k ).
-----------clw
} ’?5o’o?o
17
.
$565,414
loss$32,513
$10,733
$1,009,125
191
16 ........
664,654 loss20,739
40,950 1,563,460
---------defl,o43,249
1916
(4 ) B e r k s h ir e S t r e e t R y . (N . I I . owns en tire c a p ita l slock).*

361
1917-___ $1,053,729
$81,725
$1,821 *$317,908
..........
1916____
999,886
184,918
2,269
310,608
.......... ..
dcfl29, 481
(5) C onnecticut Company ( N. H. owns en tire c a p ita l sto c k ) .}
n1H
1917
$10,023,162 $1,607,648 $220,921 $1,20.3,720
SUw l l o i o o
9,566,435 2,589,449 271,5951 , 182,556 (1 H )$600,000 surl,078,488
19 16
(6) N. Y. & Stamford Ry. (<Y. I I . owns e n tire stock).*
elef$59,018
1917
$394,200 $36,118
$065 z$95,801
d cf3 3 ,0 8 2
1916
357,816
62,201
540
95,824
(7) Rhode Island Company ( N. I f . owns en tire c a p ita l slo ck )i
. . . . . . „ , 0
1917
$6,000,002 $826,350 $115,482 *$1,454,081 - - - .........
det$512,849
19 16 . _ . 5,811,996 1,585,764 118,965
1,401,410
sur303,319
' (8) W estchester Street RR. (<V. I f . owns the e n tire c a p ita l stock)*
1917. . - $246,023 losstv'0,051
$346
*$27,284
-----------1 f^ I?fj9g7o
1916.........
225,734 lossl6,659
313
22,032
der38,379
.

Housa tonic Power Co.— 'The investment in the H ousatonic Power C o .,
held through the N ew England N avigation C o., was disposed o f in 1 eb.
1917 paym ent being made in Providence Securities C o. debentures.^ .....
STEquipment Trusts.— Under lease and conditional sale agreements, one
with the Farmers’ Loan & Trust C o. dated April 1 1914, °n e with the
Philadelphia Trust & Safe D eposit & Insurance C o. dated N ov . 2 1914, and
three with tlie Commercial Trust C o. o f Philadelphia dated D ec. 1 1915,
Sent 1 1916 and A ug. 1 1917, respectively, equipment has been purchased
or contracted for at a total cost o f $10,281,898. as follows (m ostly de­
livered): 80 locom otives; 436 all steel cars for passenger service; 17 all steol
m ultiple unit m otor cars and 26 all steei trailer cars; 25 steel underframo
milk cars; 50 steel refrigerator cars; 500 steel self-clearing hopper coal cars,
4 steam locom otive cranes; 2 steam wrecking derricks and 1 steel business car.
U p to D ec. 31 $3,320,898 had been paid m initial payments and install­
ments .th e Im la n ct to be paid for at the rate o f $754 000 for the next seven
years, $657,000 the eighth year, $112,000 tho ninth year, $282,000 the
tenth year and $166,000 for the succeeding tw o years. (V. 105, P- 1708,
V . 103. p. 119, 1601; V. 99, p._1367, 1452, 1911, V. 98, p. 913.) ________
Financial Plans— PreY- Stock. Authorization.— 'The legislative obstacles to
tho adoption o f a com pleto system o f financing o f the c o ™ W ™
m oved during the year b y the action o f the Legislature o f Massachusetts
in passing tw o laws: (1) Authorizing the issue o f $45,000,000 prof, stock
with dividends payable out o f net earnings instead o f corporate surplus;
(2) rem oving any doubt as to the validity o f the com pany s holdings o f
stock in other companies other than thoso which were required to be sold
under tho decree in the so-called dissolution suit.
.
Under this legislation, which has been accepted by the com pany, divi­
dends on the com m on stock in excess o f 5% are prohibited until the com ­
pletion o f tho sales required by the decree in the dissolution suit and until
tho losses incurred in such sales, together with the net book losses resulting
from tho dissolution o f the New England Navigation C o. and o f tho M illbrook C o ., plus the reduction in tho book value o f the holdings or the
N ew Y ork Westchester & b oston R y. C o. have been made good from
earnings; but the prohibition is not to deprive tho com pany from any
rights or powers under any U. S. law. The com p a n y, therefore, should get
the benefit in its balance sheet o f any laws now or hcrealter in force In
connection with tho railroad valuation now in process.
, . _.
In Connecticut there was enacted an amendment to the com pany s charter
similarly authorizing the issue not exceeding $50,000,000 7 % Pijet•stock.
An issue o f $45,000,000 7 % cum . prof, stock was a ^ o r i z e d b y the
shareholders on O ct. 27 1917 to pay floating d e b ; and on Marchi 1 2 1918a
circular was issuod regarding a proposed sale o f $43,588,200 or such stocK
to shareholders. This offer was withdrawn following tho com pletion o fn e gotiations witii the Governm ent for financing tho com pany. (V . 106,

_

1616

_

_ _

IJ Government Operation.— On D ec. 28 1917 tho President o f tho United
States, b y proclam ation, took possession and assumed control o f the' com ­
p a n y’s transportation system . In the proclam ation ho stated that It was
expected that each transportation system would bo com pensated b y an
annual amount equal to the avorago annual railway operating incom e for
tho threo years ended Juno 30 1917. Early in January the Administration
Railroad Bill was introduced, and on M arch 21 1918 becamo a law, con­
firming tho intentions o f tho President, and empowering him to adjust the
com pensation b y including equipment and Joint fa cility .ren ts, also by
adding a reasonable rato upon tho cost o f additions and betterments mado
owns
(9) H a r t f o r d & N . Y . T r a n s p o r t a t i o n C o . ( N . II II .. ow
ns eenn tire
tlr c a p ita l stock).
during tho period o f Federal control. The President is further empowered 1917
sur$29,406
$ 1 ,4 7 1 ,4 1 4
$15 9,8 27
$48 ,11 5
$ 88 ,53 6 (4 h i)$ 9 0 ,0000
to increaso tho com pensation if it appears that recent expenditures for addi­
sur29,874
1 ,2 9 3,3 90
161,963
6 6 ,2 3 0
9 8 ,3 2 0 ( 5 % ) 100,0000
1916_____
tions, or improvem ents, or equipment d o not fully reflect tho incom e.
(
l
«
)
N
e
w
E
n
g
la
n
d
S
t
e
a
m
s
h
ip
C
o
.
(
N
.
I
I
.
owns
en
tire
c
a
p
ita
l
stock).
Tlieso provisions seem to assure the com pany o f an annual com pensation
$659,371
$ 2 5 ,25 7
$ 729,059
-------------W
J 3
from tho Governm ent o f $17,000,000 or more, and o f at least $3,000,000 1 9 11 77. - . . - - $ 5,9 7 0 ,4 2 4
16
6 ..........
5--------------------,8 4 7 ,1 0 5
7 7----------------5 ,66 4
4 3 .5 0------------4
8 4 7 ,03 9
- - - - ...
dof27 ,91 1
above all charges. [See also news item on a following page.]
1 91
Renewal of Notes— Tho following plan o f renewing tho com pany s notes
(11) N e w l l e d l o r d M a r t h a 's V i n e y a r d & N a n . S S . C o . ( N . I t. owns entire stock).
has been negotiated with the Director-General: T ho com pany will Issue 1 91 7 ..........
$ 2 4 7 , 7 7 3 loss$ 22 .550
$4,2 60
$2,5 07
-------------d e f$ 2 0 ,8 o7
and the Governm ent will purchaso, at par, one-year (>% notes aggregating
1 9 1 6 _____
2 6 4 ,7 4 8 p rof4 0 ,5 4 2
0 ,1 3 4
2 ,3 8 0
-------------aur44,295
$43,964,000 witii tho right o f renewal for another year at tho same rate
Includes in 1917 5 X % o n p rof, a n d 1 X % oil c o m m o n , again st 7 H % and 3 )1 %
These notes will be secured b y collateral now pledged to secure a like resp ectiv ely In 1916, all paid from Incom e, y In clu des y ea rly $210 on p ref. stock
am ount o f present outstanding notes and b y the other securities, tho cash a n d in 1917 2 % ($ 1 ,1 6 2 ,1 4 4 ) again st 1 % ($ 5 81 ,07 1) In 1910 o n co m m o n sto c k proceeds o f which when sold under court decree your com pany agreed to z D e d u c tio n s from gross in com e Include Interest a ccru in g to the N . Y . N .
apply to retire such outstanding notes, tho com pany during the year having H R , b u t n o t Included In the in com e a cco u n t o f th a t c o m p a n y , v ia .: (1) $ 2 0 U ,llo
retired $1,036,000 o f tho $45,000,000, issue o f April 16 1917. This atTange- B erkshire S treet R y ., (2) $39 ,41 2 N . Y . A S ta m ford R y . . (3) $ 21 1,4 28 R h o d e Island
m ont will take care o f tho com pany s present floating debt until April 15 C o a n d (4 ) $24,742 W estch ester S treet U R . ‘ U nder decree o f the h ed era l C o u r t
1920. [Theso new 6 % collateral gold notes are dated April 15 1918 and th e sto c k m ust b e sold b efore J u ly 1 1919. {T ills stock is In tho h a n ds o f F ederal
due April 15 1919, but subject to call b y tho ItR . com pany or the tnmtee trustees, w h o u n d er decree o f th o F ederal C o u r t shall excrciso their b est efforts
(the Central Trust C o. o f N . Y .) on 30 d ays’ notico at par and Int., if held t o co m p lete the sale o f shares b efore Ju ly 1 1919.
b y tho U. S. G o v t., or if hold b y another, at 102 and mt.J
B A L A N C E S H E E T D E C E M B E R 31.
Proaram for Improvements.— The heavier volum e o f traffic which lias been
handled with increasing difficulty and expense has further emphasized
L iab ilities—
1917.
1916.
Assets—
1917.
1910.
C a p ita l s to c k
$
$
the need for the improvements outlined in the statements or Juno 40 1915 R o a d & eq u ip $
$
1114 iQifi (V 103 d 1602’ V. 101, p. 1478). On account o f both shortage
w ith p u b lic . 157 ,11 7,9 00 157 ,11 7,9 00
m e n t_________ 2 0 4 ,78 0 ,3 2 3 199 ,36 8,4 47
and high prices for material and labor, together with tho financial condi­ I m p t s . o n leased
l ’ rcm . o n c a p .stk .
__
tion o f tho com pany, tho program for improvements has necessarily been
(s ln c c J u ly l’09) 19,2 82 ,88 7 1 9,2 82 ,88 7
5 .0 5 4 ,9 7 7
4 ,3 1 5,8 71
ilw ay p r o p .
limited. T he amount or tiro program under consideration b y representa­ Sinraking
a 8 ,7 3 0
7 ,5 6 0 G ra n ts In a id o f
fu n d s -.
tives o f tho Governm ent is $24,316,000. hrom such expenditures the
c o n s t r u c t io n ..
50,4 55
37,529
e ll. ph ysica l
com pany will benefit through better service, increased capacity for handling M isc
4 ,5 1 6 ,0 3 4
5 ,3 5 0.9 44 M t g c . b o n d s . . . 5 8 ,3 7 9 ,0 0 0 5 8 ,5 81 ,00 0
p r o p e r t y ____
traffic, decrease in car hire and decrease in operating oxpenses. \Vith tao In v e st. In b ld gs,
D e b e n tu r e s___b 1 53 ,04 2 ,792 155,525,883
bridge and passing track programs nearly com pleted, appreciable bcnefits
M isc e ll. o b llg ’ ns
4 2 2 ,0 0 0
222 ,00 0
a t G ra n d C en t.
will follow tho elimination o f features o f serious restriction b y the expected
5 ,1 3 4 ,7 0 0
4 ,723.001 L oan sA h llls p a y . 4 4 ,0 0 1 ,0 0 0 2 5,0 0 1 ,0 0 0
T e r m ., N . Y .
com pletion o f strengthening o f the Poughkeopsio Bridge in M a y , the first S to ck w ith trustees:
N o n -n e g o . d e b t
6 22 ,64 2
025,961
section o f the Cedar IIlll terminal in Soptomber and tho lham es River
t o a ffil. c o s . .
P le d g e d _____ 4 1 ,0 10 ,89 8
** More Time under Federal Decree.— The tim e in which,
iI?MKhn
tho trustees o f the Boston Railroad Holding C o. aro required to sell the
stock o f tho Boston & M aine U R . C o. has been extended until l °b . 1 1919,
and the timo for the sale o f tho securities o f tho Eastern SS. C orp. has
beR o / « t— During t h e ‘ymar 'increases in freight rates o f your com pany and
tho Central Now England ity. were m ade, aggregating an annual revenue
o f $2,500,000. Further increases In freight rates were m ade in 1918
which will take effect during April, aggregating $2,350,000. Applications
now on file with tho I.-S . C . Commission for ncreases in b oth freight and
passenger rates, if granted, will ylold approxim ately $ o,900,000 per ann
The grand total o f theso increases Is $10,750,000 per annum.
[M r. Pearson closes his report with an appreciation o f tho services ren
dered tho com pany b y ex-Chalrman Howard Elliott.]
REVENUE FREIGHT MOVED FOR CALENDAR YEARS.
Year. Aoricult: Animals.
Mines.
Foresls. Manufacl's. MUecllan s
1 91 7 .-2 ,0 6 9 ,5 2 0 773,308 9,419,518 1.446.787 5.901,468 10,610,208
1 9 1 6 .-1 ,9 5 0 ,7 5 6 703,838 8,457,479 1,294,443 6,522,606 10,449,917
E Q U IPM EN T I N SERVICE A S OF DECEMBER 31.
Locomotives. Pass. Service. Freight service.
Service. In Co’s Service
1017
1 957
2.526
34,246
1.721
i9 i6 ::::::::::::::i;3 ii
2 .4 2 5
3 4,3 72
1.439
GENERAL STATISTICS FOR CALENDAR Y E A R S .^

U n p lcd g e d . . .
B on d s pledged
w ith tru s tees.
S to ck p le d g e d -do
un p led ged
B on d s p le d g e d do
u n p led ged
N o te s u n p led ged
A d v . u n p led ged
M isc e ll. in v e s t.
C a sh ____________
S pecial dep osits
A g ts . A c o n d u c .
T r a ffic ,A c ., b a lM ls c . a cets. rec.
M a t ’ ls A su p p l’ a
I n t. A d iv s. r e c .
L oan s, A c ., r e c .
W o rk fund actv.
U n a d ju s t. d eb its

5 1 ,5 87 ,11 4
1 ,018,542
3 8,9 6 3 ,0 1 8
2 2,7 5 5 ,7 1 2
1 5,5 20 ,02 8
2 3 ,2 3 2 ,5 1 8
3 1 ,1 02 ,00 6
2 ,1 6 3 ,2 9 0
38,2 73
4 ,4 9 5 ,6 0 7
1,67 4,0 40
4 ,0 1 7 ,5 4 2
258 ,04 7
5 ,3 5 1 ,2 5 7
12,008,831
1 ,136,259
325 ,13 5
130,811
5 ,4 4 3,4 93

5 ,1 3 9 ,0 0 0
52,1 19 ,95 3 T r a ffic ,A c ., b a l4 ,6 2 0 ,3 7 0
A c cts. A w a g es.
57,501
M ls c . acct s. pay
3 1,4 4 4 ,1 9 6 M a tu red d lv s. A
in terest
1 ,546,394
7 0 ,4 03 ,10 7
12,513
1 4,2 70 ,02 8 M a t ’d fu n d , (l’ t
5 ,9 2 5,7 68 A ccru ed in terest 2 ,6 8 0 ,6 4 8
514,221
34,1 33 ,00 4 A ccru ed rents 1,44 5,4 04
1,783,718 O th . cu r’ t lla b llD eferred lla b ll.
2 49 ,59 3
5 ,1 0 7,1 05 A ccru ed t u x e s .. C r . 596,000
553,500
1 ,830,699 In ju ry r e s e r v e . .
177,801
5 ,7 5 1,0 59 O p er. r e s e r v e s ..
182,887 O th er u n a d ju st­
ed credits
..
4 ,007,041
5 ,8 9 3,2 02
8,73 8,1 61 A c c r ’d (lep (eq u ip ) 7 ,9 8 2 ,0 9 5
d o a c c t .T h am es
422,851
R iv e r brid g e
216 ,47 2
A N . I I . puss.
120,858
s t a t io n .......... ..
1,15 5,0 00
3 ,9 4 1,1 40
E q u ip m en t and
p r o p ’ ty leased 9 ,5 1 7 ,0 6 9
A d d ’ ns t o p r o p ’ ty
t h r o . In c.A su rp
125,977
P rofit and l o s s . .
3 ,4 2 8,9 41

T o t a l ________ 4 8 1 ,7 2 8 ,4 0 6 4 6 2 ,2 1 2 ,0 3 7

« ? a ’aK^ ’ 799 1.650,474,867
1 fi5n’ t7'l’867
Passengers
carriod---------------------------------------Passengers carriod
one m ile............................... 1,814,460,722
Average revenuo per passenger per m ile-----o3o sno
9 0 3 7 0 030
R evenuo tons carried------------------------------------- _ " 0 ’220’80J
23,3( j ,im .
Revenue tons carriod ono m ile .------------------- 2 ,77b, 143,607 2,567,831,016
1.515 cts
Average revenue per ton per m i l e --------------1-460 cts.
S10.323
Operating revenue per mile o f roa d--------------$1J,UUU
INCOME ACCOUNT FOR CALENDAR YEARS.
1915
1917.
1916. r
2,004
10,619,707

7,712,212

Total operating revenues....... S85.784.893

$80,432,167 * £ 2 4 9 § ’S?§
$8,977,656 $7,867,345
10.198,053
10.693,991
468,456
505,333
24,522,954
31,218,962
Transportation (rail lines)...................
1,640.134
1,975,363
General oxponses---------------------2,470.69o
694,336
1,054.326
Miscellaneous operation.......................
1.404,428
Cr. 19,063
Cr.53,001
Transportation for investm ent- Cr.18,420

1,71 2,5 69
7 ,0 1 3
2 .3 9 7 ,3 3 3
513,023
4 2 2 ,45 4
150,744
D r . 826 ,72 3
600,000
157,992
3 502,831
6 ,3 4 0 ,0 2 3

800,000
9,517,009
52,551
12,907,222

Total ............. 481,728.406 462,212,037

a A fte r d ed u ctin g in 1917 $19 4,0 00 co m p a n y ’s ow n issue. 1> A fter d ed u ctin g
in 1917 $ 4,4 9 4 ,3 5 0 held In trea su ry, c A fter a ddin g $ 148,342 p ro fit on sales o f
1 vnd and eq u ip m en t and sundries (n et) $43,741 and d ed u ctin g $ 0 ,2 7 5 ,8 1 0 loss in
liq u id ation o f th e N ew E n glan d N a v ig a tio n C o . and $ 1 ,1 03 ,08 4 o f th e M U lb rook
Co
$ 3,0 0 0 ,0 0 0 loss in surrender o f th e N e w E n g lan d SB. ( o . b o n d s, S. -3 ,3 hi
accrued taxes prior t o D e c . 31 1916 a d ju sted a cco u n t o f ch a n g e in fiscal y ear
8188 959 loss on sale o f securities, *1 00 ,00 0 paid to E . H . M c H e n r y (as recom m ended
b y th e b oa rd o f a rb itra tio n ), a m i $95 ,00 0 paid C . S . M e llo n und er co u r t a w a rd .
— V . 106, p . 1577, 1344.
B

M all, express, & c .. 10,961,093

3 ,8 6 1 ,5 2 6
3 ,0 3 4 ,2 4 4
50,0 00

o s t o n

&

M

a i n e

R

a i l r o a d .

(85 th Annual Report—Year ended Dec. 31 1917.)
Temporary Rocoivor J. II. Ilustis, Boston, March 26

Maintenance o f way and structures.. $9,019,344
Maintenance o f equipm ent------ 12,191,352
T raffic expenses.................
522,287

Total operating expenses___________$01,970,060 $54,372,029 §45,372,216
•NT«1. pamlnra
&
$23,814,833 $ 26 ,'6 0 ,1 38 $24,734,370
T ax T c c m T s : : : : : : : : : : : : : : : : ..........
s .s k o io
3 .0 0 5 .25 5
2 .6 68,098
U n collectibles________________________
5,996
5.846
8,301
Operating incom e_________________ $20,471,857 $23,049,037 $22,05i,371




Fcrfcrni V o n h o L -H ly proclam ation dated D ec. 26 1917 tho President o f
tho United States took possession and assumed control, as o f noon on D e c.28
o f all railroads within tho boundaries o f tho continental United States en­
gaged In genera! transportation. On M arch 21 1918 tho President ap­
proved the Federal Control A ct, b y tho provisions o f which the Boston &
Slaino is assured com pensation for tills use by tho G overnm ent, either la
the form o f a standard return based upon the average a n ™ * 1
ating Incomo for the tlireo years ended Juno 30 1917 or upon tho finding
o f tribunals established b y tho A ct.
.
.
Receivership and Reoraanitation.— Slnco tho report for the year ended
June 30 1917 there lias been no developm ent In regard to the receivership
nor in regard to reorganization. T ho Federal Control A ct contains tho

,

THE CHRONICLE

2.624
I __ I___________ _ _ ________
Operating incom e------ $10,125,398 $15,036,971 $12,419,251 $13 888 578
Other incom e..............
1,232,915
1,205,820
l l i e glssfi
L m C T
N ot incom o...................$11,358,313 $16,242,790 $13,585,106 $15,059 293
Deduct—
Rentals o f loasod roa d s. $5,695,962 $5,659,634 $5,653,960 *5 626 620
Hiro of equipm ent .......... 2,954,175
2,661.724
2 898 308
2 074 248
Other rents____________
519.429
501,941
524,750
4858 4
In t. on funded d e b t . . . .
1,764,980
1,754,980
1,754 980
1 754 980
Othor intcrost__________
799.014
896,864
823 076
076 407
Sinking fund p a y m e n t..
54,137
76.774
49,583
82 004
T otal deductions------ $11,777,697 $11,451,916 $11,704,657 $10 9Q3 662
Balanco, sur. or d e f i c i t .d e f $ 4 19,384sur.$4790,874sur$1880,449.sur$406'5!691
COMBINED INCOME ACCOUNT.
Including tho Boston A M aino R R ., Vermont Valley R R .. Sullivan cinim tv
H R .. Y ork H arbor & Beach R R .. M t. W ashington R y .; St J o h n s C rv &
Lake Champlain R R ., M ontpelier & Wells River R R ., Barro & Chelsea
R R . and C onw ay E lectric St. R y .. with inter-co. transactions eliminated
— Years ending Dec. 31--------Years ending June 30—
1917.
1916.
1917.
1916
T otal operating revenue $61,588,340 $57,407,310 $59,059,181 $54 062 035
Opor. exp ., taxas, A c . . . 51,120,923 41,811,276 46,183,943 39,642,696
Operating Incom o____$10,467,417 $15,566,034 $12,875,238 $14 419 339
Other in com e....... ........... 1,384,280
1,235.531
1,303!935
i;i4 8 !3 2 7
Gross Incom e.............$11,851,097 S16.801.566 $14,179,173 $15,567,666
Deductions—
Rentals on loased roa d s. $5,696,902 $5,660,634 $5,654,960 $5 627 029
Hiro or equipm ent.......... 3,034,093
2,611,716
2,969.343
2 128 187
599,939
561,632
601,020
548 353
Other rents------------------Int. on funded d e b t . . .
1,903,160
1,903,160
1,903.160
1 903 160
Othor interest--------------932,730
1,038,873
960,033
1 111 183
Sinking fu n d ----------------54.137
76,774
49.584
82|004
T otal deductions------ $12,221,022 $11,852,790 $12,138,100 $11,399 915
B alanco, sur. or doficit.dof$369,325sur$4948,776sur$2041,073sur$4l67;751




1677

.

RESULTS OF SU BSID IA R Y COMPANIES FOR CALENDAR YEARS.
(1) V e rm o n t V a lley R R .
Gross
Net aft.
Other
Interest,
Dividends Balance,
Earnings. . Taxes.
Income. Rents, <&c.
Paid.
Sur. or Def.
1 9 1 7 ............. $ 5 9 2 ,8 3 3 $ 1 3 3 ,7 3 2 S135.251 $234,025
------------ sur$34.958
1916
5 5 4 ,1 3 2 1 9 1 ,6 3 4
120,225
"
-----------------238,067 (5)$50,000
sur23,792

(2) S u lliv a n C o u n ty R R .

$ 6 8 2 ,0 3 6 $ 1 9 7 ,9 0 2
6 1 8 ,2 9 9
2 3 9 ,8 3 3

$ 3 0 ,6 5 8
1 9 ,1 3 6

-

.

1917
1916

(3) Y o rk Harbor & Beach R R .
.$ 6 9 ,5 8 9
4 9 ,7 3 6

.

1917
1916

$ 2 6 ,3 4 4
1 5 ,0 7 2

$ 1 ,9 0 8
1 ,6 6 9

$11,876
5.202

sur$16.377
s u r l1,539

$58
64

$744

sur$ 1,743
sur5,167

(4) Mount W ashington R y.
-$ 2 4 ,2 7 4
3 0 ,1 5 3

.

1917
1916

$40,237(10)$50,000 surl38.322
118,464 (10)50,000
sur90,505

$ 2 ,4 2 9
5 .1 0 3

..(5 ) S t. Jo h n sb u ry & Lake C h am p la in R R .
1 9 1 7 --------- $ 3 4 8 ,6 3 1 d e f $ 1 0 ,1.38
1 9 1 6 ............ 3 4 5 ,8 0 9 s u r 4 1 ,6 6 4

$ 2 1 ,3 4 4
2 1 ,9 0 7

$ 2 3 0 ,5 7 9

def219,373
d efl36 ,6 5 2

200,222

(6) M ontpelier & W ells R iver R R .
-

1917............$283,134 def$8,382
$4,013
$31,273
def$35,642
1916
289,816 sur26,595
3,615
23,211
sur6,999
(7) B arre & C h e lse a R R .
1917
$ 127,804
$717
$34,077
$4,183 (5)S20,000 sur$10,611
1916
124,937
7,624
28,883
8.266 (5)20,000
sur8,241
(8 ) C o n w a y E le c tr ic S tr e e t R y .
1917
$9,259 def$586
...
$6,668
def$7,254
1916...........
10,882 su rl,5 3 8
...
6,725
d ef 5,187
BALANCE SHEET DECEMBER 31.
Assets—
1917.
1916.
1917.
1916.
Road & equip$
S
Liabilities—
$
$
ment------------ 92,572,495 92,165,621 Common stock. 39,505,391 39,505,391
Improvem'ts on
Preferred stock. 3,149,800
3,149,800
leased ry. prop. 2,852,757
2,723,990 Prem. on com.
Sinking fu n d ... a l ,493,864
1,468,512
stock s o ld ... 6,501,620
6,501,620
Miscell. physical
Funded debt:
property___
235,131
239,120
Held by public 42,577,000 42,577,000
Inv. In nffil. cos. 2,032,947
1,964,478
doskg. f d ..
761,000
761,000
Other lnvestm’ts:
Non-nego. debt
Stocks ______ 7,223,815
7,223,815
to affil. c o s ..
661,001
505,732
Bonds---------108,000
108,000 LoansAbllls pay. 13,306,060 13,306,060
Notes............ 1,482,578
1,482,753 Traffic,&c., bal. 2,817,402
2,271,662
Advances___ 2,480,779
1,376,625 Accts. & wages. 3,420,215
4,501,191
Cash--------------- 2,468^009
3,839,941 Miscellaneous. . 2,206,280
1,731,863
Agts.’ remitt’ccs
492,599
602,218 Int. mat'd unp’d 3,227,889
773,858
Time drafts &
Mat'd divs., &c.
52,493
23,710
deposits------- 4,293,000
6,003,000 Accrued Interest
625,405
627,005
Special deposits
10,565
35,815 Accrued rents..
555,185
525,070
Trufflc.&c., bal.
855,278
320,122 Due to leased
Agts.&conduc’rs 3,345,900
3,060,250
roads at expi­
Mlsc. accts. rcc. 2,524,558
1,817,682
ration of leases 1,852,346
1,852,346
Mat’l & supplies 8,231,581
5,736,624 Accrued deprec. 7,678,345
6,852,293
Rents, A c., rec.
128,960
114,693 Oth.unadJ.cred. 1,076,111
1,433,652
Deferred assets.
87,905
192,659 Corp. surplus:
Unadjust, debits 1,229,750
1,048,425
Add'ns to prop.
through Inc.
191,341
191,341
8kg. fd. res've
for redemp.
oflrapt.bds. 1,493,864
1,468,512
Profit and loss. 2,491,722
2,965,238
- .

provisions that for the purpose o f providing funds requisite for reorganizing
railroads In receivership, such securities may be issued b y carriers during
the period o f Federal control as the President m ay first approve, and that
the President m ay out o f the revolving fund created by the A ct purchase
such securities at prices not exceeding par and sell them at prices not loss
than tho cost thereof. It is tho hope o f those who have been working for
the reorganization that under this and other provisions o f tho Federal C on­
trol A ct it m ay be possible to accom plish their purpose, and they will con­
tinue their efforts to this end.
New Fiscal Year.— The fiscal year has been changed to end D ec. 31
Results.— Another new record has been made in operating revenues
which, for 1917, amounted to §59.450,778, an increase o f $4,007,233 or
7 .3 % over the previous year. However, the operating expenses increased
$8,913,224, or $4,845,991. In other words, with' an increase o f 7 % in
rovenucs the expenses increased 2 3 % . The final net result for tho year
after deduction o f taxes, car hire, leased line rontals, interest and other
charges, was a deficit o f $419,384, as com pared with a surplus o f $4 790 873
fo r tho previous year.
As stated in the report last September, there have been extraordinary
1 ncreases in wages, cost o f fuel and material, as well as a higher rate for
use o f freight cars o f other railroads. Increased rates o f wages added over
$2,500,000 to the pay-roll, largely during the latter half o f tho year so
that the figures in this report d o not show tho full effect o f tho increases
T h e higher unit cost o f fuel alone increased expenses by abou t $4 000 oon’
T ho increase o f $392,452 in hiro o f freight cars is more than accounted for
b y the advance in the per diem rate for the use o f cars o f other railroads
Tho higher rate brought about an increase o f 15% in tho debit balanco for
freight car hire, notwithstanding a reduction o f nearly 9 % in tho dailv
average number o f freight cars on tho Iloston & M aine linos.
Capital Stock.— O t our 7,186 stockholders, 4,722 residing in Massachusetts
ow n 381,815 shares, 1,214 in Now Hampshire own 15,452 shares 546 in
M aino own 15,630 and 704 residing elsewhere own 13,652 shares ’
Floating Debt.— N otes outstanding D ec. 31 1917 aggregated $13 306 060
as follows: N otes extended to Aug 31 1916, $13,101,160; extended to
July 17 1916, $198,400; extended to Juno 2 1916. $5,500; extended to
M arch 2 1916, $1,000.
Cash on Hand.— Tho amount o f cash on hand D ec. 31 1917 including
agents’ remittances in transit and time deposits, was $7,253 609
This
sum , how ever, includes overduo interest, & c., amounting to $3 256 674
including interest duo Jan. 1 1918, which, had it been paid as i t ’matured
would havo left a cash balanco o f $3,996,934 required for a working balance
and to pay for improvements in process.
Additions and Betterments.— These aggregated gross $2,343,529; net
$1,805,498, distributed as follows: Charged to investment in road and
equipm ent, $406,873; charged to leased roads, $1,231,759; charged as
additional rental o f leased roads, $166,866. T ho leading items were grad­
ing, $217,587; bridges, trestles and culverts, $220,284; shops and enginohousos, $300,167; equipment, $514,962.
United States Cantonment at Ayer, Mass.— Tho W ar Departm ent selected
a location at A yer, M ass., at the junction o f tho Fitchburg & W . N . & P.
divisions for ono o f tho sixteen cantonm ent cam ps for tho training o f tho
solectod arm y, actual work on this cantonm ent being started late in Juno
1917. T o servo tho cam p the railroad constructed six tracks having a
total length o f 11,756 foot, and a now freight house with track approxim ately
1,200 foot long adjoining the storehouses built b y tho Govornm ont.
Equipment Owned and Acquired from Leased Roads.
— X&T2 ending Dec. 31--------Years ending June 30—
1917.
1916.
1917.
1916.
L o co m o tiv e s ___________
1,132
1,131
1,133
1,091
Passenger cars.............._
1,841
1.900
1,848
1,925
Freight cars____________
22,258
22,887
22,583
23,246
C om pany servico c a r s ..
1,336
1,322
1,338
1,346
E loctric St. R y . equip’t .
68
68
68
68
Floating equipm ent____
1
2
2
2
Commodities Carried for Calendar Years (Tons of 2,000 lbs.).
(Tons.) Agriculture. Animals. Mines.
Forests. M'faclures. Miscell.
}9 1 7 ......... -3,636,761 1,231,636 8.605,830 4,352,597 6,015,770 4,615,313
1916......... 4,101,928 1,321,656 6,680,247 4,087,797 6,639,179 4,964,289
OPERATIONS A N D FISCAL RESULTS.
— Years ending Dec. 31-------- Years ending June 30„ „
1917.
1910.
1917.
1916.
M iles operated_________
2,259
2,259
2,259
2,252
y Operations—
Passongers carried-------- 47,564,730 45,257,134 47,377,303 42,518,745
Pass, carried ono m il e ..926,966,413 849,858,643 891,259,032 798,694,644
R ato per pass, por m ile. 1.894 cts.
1.859 cts.
1.865 cts.
1.851 cts
Freight (tons) ca rrie d .. 28,457,813 27,795,096 28,188,985 26,497 039
F r’t (tons) carr. 1 m ilo.3341,898,595 3191615,905 3257060,140 2961598’986
R ato per ton per m ile—
1.050 cts.
1.054 cts.
1.041 cts.
1 079’cts
Gross earnings por m ilo$26,199
$24,399
$25,111
$22,939
y N o t including electric street railways and water linos.
INCOME ACCOUNT.
— Years ending Dec. 31--------Years ending June 30—
Earnings—
1917.
1916.
1917
iqi«
P a sse n g er......................... $35,080,737 $33,640,587 $16,878,757 $15 028 317
F r e i g h t ............................ 17,814.738 16,052,106 33 909 489 31 963 489
M ail, express, &c............ 4,650,067
4,038.622
41475 370
Transportation revenue
(water lino)................
13,040
15,173
15 172
14,406
In cid e n ta l_____________
1,892,197
1.637.047
1.7131252
1,462,447
T otal opor. r o v e n u o ..$59.450,779 $55,383,545 $56,992,040 $52,075,428
Expenses—
M a in t. o f w ay, & c..........$6,192,311
$6,132,015 $6,414,842 $5,986,603
M aint. o f equipm ent—
8,786,745
7,088,573
7,881,110
6,588,044
T ra ffic expenses..............
446,565
430,298
426,841
421,797
T ransportat’n expenses. 29,970,443 23,088,459 26,085.259 21,757,066
General expenses............ 1,473,770
1,263,188
1.363,339
1,238,292
M iscell. op or., & c______
295,107
249.154
276,686
206,157

-

A pr. 20 1918.]

T o ta l........ -.134,150,470 131,524,344
_______

T o ta l............ 134,150,470 131,624,344

a Sinking fund in 1917. B oston & M aine R R . bonds, par value $761,000,

and cost of other securities and cash, $732,864.

Note.— T he com pany guaranteed D ec. 31 1917: $1,328,000 St. Johnsbury
« U ■ 1st M . As due M arch 1 1944; $500,000 C oncord &
N - I - R k - 1st M . 5s due Jan. 1 1941; $100,000 Peterborough
& H illsborough R R 1st M . 4 ^ s due July 1 1917: $300,000 Portland Union
R y . Station C o. sinking fund 4 % bonds duo July 1 1927-29 guarantee
Jointly with tho M aine Central RR. , and $2,300,000 Verm ont Valley R R .
7}o t9s duo A ug. 31 1916, guaranteed b y C onnecticut R iver R R . and
tho B oston & M aine R R .— V . 106, p . 1576, 1125.
N

e w

Y o r k

O

n t a r i o

&

W

e s t e r n

R

a i l w

a y .

(Report for New Fiscal Year ended Dec. 31

1917.)
Pres. John B . Kerr, N . Y ., April 5, wrote in substance:
Results.— While the operating revenues increased 4 .2 2 % , the operating
expenses increased only 6 .7 7 % , notwithstanding the hoavy increases in
wages and In tho cost o f fuel and all supplies. In 1916 hire o f freight cars
account, showed a debit balance o f $157,978 and in 1917 a credit balance o f
Sb4,S08, which afforded a substantial increase in net incom o (namely
IB.4 2 % , or $137,886 to $977,467 after deducting ail fixed charges.] The
revenue tons por train mile increased from 465 to 520, or 11.83% .
Rates.— Tho increases in freight rates asked for b y all the railroads last
fail on othor traffic were in the main granted to the roads in the East b y
tho Comm ission, b y orders m ade in M arch 1918, and will not becom e
generally effective until some tim e in April. T he additional revonue now
authorized would have been very helpful if it had been made available
during tho last five m onths. T h o decrease in receipts from milk was duo
largely to decreases in rates which the I.-S . C . Commission ordered in
effect on Oct. 1 1917.
Coal Company Mortgages and Overdue Interest Received Thereon.— During
the year 1917 thoro was paid to your com pany, b y tho Scranton Coal C o.
and the Elk Hill Coal & Iron C o ., $637,500 on account o f Interest accrued
to June 30 1912, on mortgages held b y your com pany upon the properties
o f tho coal companies.
Theso mortgages were second liens on the properties, the first mortgages
aggregating $ 6 ,0 0 0 ,0 0 0 . having been made to secure issues o f notos o f your
com pany o f like amount, the proceeds o f which were loaned to the coal
companies and applied upon the purchase o f their properties. T ho first
mortgages wore payable in installments, maturing in date and am ount as
did tho notos. T h e coal companies paid the principal or tho first mort­
gages and notos with interest, the last installment falling duo in D oc. 1915
and the mortgages were then canceled; so that the m ortgagas held b y your
com pany, $1,163,000 and $2,400,000, respectively, are now first lions on
the properties.
Tho balanco o f interest [on the mortgages so held] accrued on the books
o f your com pany to June 30 1912 amounted to $837,500, upon which the
paym ents m ade in 1917 have been applied. It is confidently expected
that equal paym ents, if not m ore, will be m ade b y tho coal companies
during tho current year. The sums already received d o not appear In the
curront incom o account, as they apply upon an antecedent debt, and none
will appear until the interest debt as accrued upon the books is wiped out.
The interest on tho mortgages subsequent to July 1 1912 while not charged
in tho com p a n y’s accounts, has not been remitted and will be liquidated b y
tho payments that m ay be m ade after the book charge has been paid.
T he recoipts from this and any similar sources will not bo affected b y
the possession and operation or your property b y the U . S. Governm ent,
but will bo rovenuo o f the corporation additional to any annual rental or
com pensation paid b y the Governm ent.
Dividend.— The cash received from the coal com panies, with the surplus
on hand from operating, enabled your board to declare the dividend o f 2 %
on tho com m on stock, which was paid on Jan. 14 1918, leaving a safe
margin o f cash on hand to carry over to the current year.
Government Operation.— On D ec. 27 1917 tho U. S. Governm ent, b y
proclam ation o f tho President and Secretary o f W ar, took possession o f
o f your railroads and equipment.
GENERAL STATISTICS FOR CALENDAR YEARS.
1917.
1916.
1915.
Miles operated.
568
568
568
Operations—
- 1,804,150
1,852,592
1,850,463
- 76,447,853 76,055,653 69,311,720
. 2.277 cts.
2.310 cts.
2.310 cts.
- 5,729,517
5,421,102
5,722,012
.797.316,282 810,896,961 817,853,950
. 0.822 cts.
0.781 cts.
0.802 cts.
Earnings por freight train m ilo.
.
$3.86
$3.25
$3.05
Earnings per passenger train m
.
$1.56103
$1.49598
$1.41806
Gross earnings por m ile_______
$15,638
$15,115
$15,136

1678

THE CHRONICLE

[Vol .

loe.

Application of the Aforesaid $35,832,864 to Payment of Various Securities, &c1st M . bonds and int____ $12,875,000 Short-term loans and in­
R eceiver’s certificates_____ 5,582,000
terest thereon--------------- $4,139,795
2-year C oll. Trust n otes. 7,500,000 P urch. $2,049,000 C onsol.
In t. on gold d e b e n tu re s.. 1,958,400
Ind . Coal C o . bonds,& c. 3,777,170
T hrough the paym ent o f the a bove secured obligations and the redem p­
tion o f the $12,500,000 o f First M tge. G old B onds thero were released and
placed in tho treasury $44,691,000 bonds as follows: First and R ef. M tge .
gold bonds, $40,181,000: R ock Isl. A rk. & La. R R . 1st M . bonds, $1,965,­
000: St. Paul & K . C . Short Lino R R . 1st M . bonds, $2,545,000.
Capital Stock.— Through tho reorganization tho outstanding capital stock •
has been increased $54,422,160, as follows:
Common— Stock auth., $75,000,000— In tho hands o f pu b lic— $74,359,723
Remainder reserved for a like am ount o f—
$9,164,878 $8,794,166 $8,779,753
(а) Stock o f B .O .R . & N .R y . and R .I . & P e o .R y ..$122,800
Operating Expenses—
(б) Old com . stock capital held in tho treasury— 517,477
$1,124,601
$1,005,159
$1,013,043
M aintenance o f w ay, &<
1,430,208 7 % Preferred, auth., $30,000,000— In hands o f tho p u b lic------ 29,422,160
1,410,091
1,524,323
Unissued, being $40 per sharo on old stock in t r e a s ..$ 2 5 6 ,lll
97,001
96,415
113,189
T ra ffic expenses-------C a n c e le d ____________________________________________ 321,729
3,366,132
3,476,432
3,729,855
Transportation expens
195,348 6 % Preferred, auth., $35,000,000— In hands o f tho p u b lic------ 25,000,000
212,654
240,169
General expenses, & c.
Remainder reserved to bo issued in settlement o f
certain claim s__________________________________$10,000,000
$6,620,579 $6,200,753 $6,213,291
$2,544,299 $2,593,413 $2,566,462
Funded Debt.— During tho current year tho funded d eb t in tho hands o f
251,652
267,164
.
316,179
tho
public
decreased $44,096,967. R eceivers’ certificates also decreased
Taxcs
$6,588,000, making a com bined total net decrease in tho funded liabilities
$2,228,120 $2,326,249 $2,314,810 and receivers’ obligations during tho year o f $50,684,967. In addition to
.
64,808
this, $4,100,000 short-term loans were paid.
E ire o f equipm ent.
185,110
184,134
Road and Equipment.— During tho period under review tho not invest­
.
208,018
Other incom e______
ment in road and equipment increased $16,311,327.
Improvements.— During 1917 sums aggregating $1,100,933 wero expended
$2,510,383 $2,499,920
Gross corporate Incom e____________ $2,500,946
for the com pletion o f terminals and other facilities. A portion o f these
Disbursements—
_ „
$108,864 expenditures wore m ado necessary on account o f additional and enlarged
$105,120
Rentals paid, & c-------------------------------$107,867
1,145,200
1,145,200
facilities at cantonm ent cam ps at Lonoko, A rk ., F ort Sill. O kla., and D os
Interest on bonds____________________ 1,145,200
10,685 M oines, l a . Other sums have also been expended for additions and better­
11,769
A m ortization and bond discount-----19,083
61,127 ments to bridges, trestles and culverts, rails, other track m aterial, ballast.
61,502
Other interest-----------------------------------58,095
182,995 & c. [The entire am ount o f expenditures b y tho system for additions and
189,231
193,234
Rentals other roads_________________
169,088 betterm ents o f all kinds was $3,769,287. notably $334,206 for grading.
157,979
E ire o f equipm ent__________________
______
$616,525 for bridges, trestles and culverts, $313,125 for rails, $42,576 for
T o t a l ________________
$2,523,479 $1,670,801 $1,677,060 ties, $628,606 for other track material, $257,717 for ballast, &C., &C.1
$821,960
T he R ock Island M em phis Term inal R y . C o ., organized A ug. 18 1913,
$839,582
Balanco for dividends----------------------$977,467
$210 owns extensivo freight terminals at M em phis, T on n ., and has outstanding
$210
x Dividends on preferred s tock -------$210
capital stock $1,000, and First M tgo. bonds, $1,300,000, all owned b y your
(2 % ) 1,162,144 (1 % )5 8 1 ,071
x Dividends on com m on s to c k .
com pany. During tho year tho system investment in tho property account
He!
o f you r com pany increased $932,451, which am ount represented tho owner­
f ' B alance, surplus or deficit _______ dcf.8184,887sur.$258,301 sur.8821,750
~x D ividends are deducted b y com pany from profit and loss but shown ship and investment in tho securities o f tho Term inal C o.
Tho expenditures for track elevation in Chicago to D ec. 31 1917, south or
here for sim plicity.
76th S t., amounted to $2,578,511, o f which $531,463 was expanded in 1917.
BALANCE SHEET DEC. 31.
Keokuk
Des Moines Ry.— A t m idnight Juno 24 1917 this p roperty,
1917.
1910.
1916.
1917.
which had been separately operated b y authority o f the court since July 1
Liabilities—
$
S
$
Assets—
$
1915,
was
returned
to your com pany, which has sinco that dato been
85,155,080 85,200,707 Common stock__ 58,113,983 58,113,983
Road & eqn
operated in accordance with tho contract o f M a y 14 1878. Y ou r com pany
Preferred stock__
4,000
4,000 will
Improve'ts
recognize the binding effect o f the said contract during tho period
Mortgage
bond
s..28,630,000
28,030,000
65,804
77,754
within which that property was separately operated b y tho receiver and will
Equip, trust notes 1,195,000 1,397,000 m ako settlement with tho Keokuk & Des M oines R y . C o . accordingly.
106,494
2,312.13S 2,312,138 Traffic balances..
Stocks
Suspended Payments.— Tho amount o f tho suspended paym ents during the
603,351
413,585
6,205,135 6,170,000 Accts. & wages__
was $482,060, and to D ec. 31 1917 tho total am ount was $ 1,5 8 ,3 4 4 .
269,932 year
40,061 Insur., &e„ rcs’ves 280,392
257,011
This amount excludes interest on the 20-ycar debentures, as such interest
Mlsc.
accts.
p
a
y
..
39,413
64,627
242
was paid from reorganization funds. As to whether or not these suspended
1,777,888 1,070,592 Otner unadjusted
20,631 paym ents will bo m ade is under activo consideration.
accounts, &c__
130,959
. 650,000
Rental andf Income Charges Accrued and Charged Acainst Income But
26,430 Matured Interest,
15,680
Not Paid Owing to Disputes, etc. [Inserted b y E d.]
dividends and
18,188
108,470
1917.
1916.
30,549
rents unpaid__
33,269
160,900
s 229,881
C . B . & Q. trackage. Harlem, M o ., to Rushville, M o . . $77,723 $125,728
901,427 Unmatured divi­
Mat'ls & supplies 1,219,078
T rinity & Brazos Valley Railway C o .—
dends declared. 1,162,144
819,780
557,069
Miscellaneous___
414% int. on total cost o f Brazos Lino ($11,034,602) .$248,278 $248,278
865,910 Accrued Int., divi­
.
28,410
26,250
Prin. o f equip, notes, Sor. " A ” and int. thereon-----6,406
337,456
dends, &c........
325,234
334,574
353,050
Dlsc’ t on fund, dt .
49,770
G alv. T erm . R y . C o. int. on $1,051,000 1st M. 6 % b d s . 33,180
Acer. dcpr.,equlp’t 2,197,878 2,031,531
Other unadjusted
245,331 Profit and loss___ *6,659,706 6,937,178 xUnion Term . R y. C o ., St. Joseph, M o ., agreement to
I 363,041
46,875
purchase capital stock ------------------------------------------------- 31,250
187,500
C onsol. Ind. Coal C o. int. on 1st M . 5 % b on d s---------- 75,375
T o ta l_____ .. .9 9 ,292,057 93,375.612
.99,292,057 98,375,012
(?)
I
..............................
...............
9,848
Other
Item
s...................................
retired [road *’and equipment " an
*?A fter deducting $84,733 loss
x
O
f
tho
amount
accrued
during
1917,
$16,146,
covering
period
June
25
l?C o n m a roC“ A nnual°R eport" o f the N ow Y ork N ow Haven & H artford R R .
to D ec. 31 1917, has been paid.
a b o v e — V. 106, p . 1578. 10 3 5 . ________ _____
Industrial Department.— During tho year under rovlew, 109 establish­
ments have been located along tho lino, and it is estimated that such estab­
C h i c a g o ^ R o c k ~ I s l a n d " ^
P a c i f i c
R y ?
&
P r o p r i e t a r y
C o s .
lishments will em ploy approxim ately 1,471 m en, expend in construction
(38
31 1917.)
$2,891,100, and will creato an additional m ovem ent o f 30,824 carloads o f
rovenuo freight over our lines, materially increasing tho m ovem ent o f less
Pres. .T. E . Goi’man, April 17, wrote in substance:
than carload freight.
.,,
, ,
,
.
mTermination of Receivership.— Through the consum m ation o f tho plan
Rates.— Tho passenger rate litigation in Kansas, Atkansas. M issouri and
o f tho join t reorganization com m ittee tho com pany passed out o f tho hands Nebraska remains practically unchanged. In Arkansas and Nebraska we
o f tho receiver at m idnight o f June 24 1917, in con form ity with an order are operating under an injunction and collecting a faro o f 3 cents per m ile.
issued b v tho court dated Juno 12 1917, and on July 27 1917 tho receiver T ho final testimony in tho Arkansas caso has boon presented. In Kansas
was finally discharged (see plan, & c., V . 103, p . 1887, 1908; V . 104, p . 451. tho P. U. Commission denied tho potition o f tho carriers after a full hearing
for an increase in passenger rates, and tho carriers aro preparing (lata to
Judge Carpenter in ordering the discharge o f the receiver, said: "T h is is a bo presented to tho Federal Court with a view o f increasing tho passenger
reorganization w ithout a salo, tho property returning to tho original com ­ rato. Missouri, where tho original lncreaso was enjoined b y a taxpayer,
pany, and in this tho proceeding is historic am ong receiverships. I can t tho carriers have been granted a rato o f 2H cents por mile. A our com pany
say to o strongly how m uch credit is duo to Judge Dickinson and tlio fine has practically finished presenting its evidence beforo tho Special M astor in
co-operation ho has m ot with from the stockholders. T he R ock Island will Nobraska in connection with tho Federal suit in that State, &nd it is ex­
p ay its debts and it has plenty o f m oney with which to pay them . ’
pected that tho caso will bo closed early in 1918. On M arch 12 1918 tho
Results.— T he statem ent, statistics, & c., shown throughout this report court granted a permanent injunction against tho maximum two-cons
em braco the operations and affairs o f both tho receiver and com pany passenger faro established by tho constitution o f Oklahoma and also
throughout the entire y o ir , and contain adjustm ents, & c., affecting the against tho various freight rato orders promulgated b y tho Oklahoma
operations prior to and during tho receivership, presented in consolidated Commission; your com pany, accordingly, on M arch 17 1918 established a
form with a view o f preserving the historical and statistical records o f the maximum rate o f 3 cents por milo for intrastate passenger travel within
com pany, thus affording com parisons with in preceding annual reports.
Oklahoma, and on M arch 25 1918 increased all o f its freight rates.
Tho results for tho year com pare with 1916 as follows: Total operating
revenue increased $8,719,593, or 1 0 .8 % . but operating expenses increased STATISTICS— COMMODITIES CARRIED FOR CAL. YEARS (.TONS).
$10 954.387, or 1 9 .9 % , and taxes and uncollectiblo railway revenue in­ (In Tons)— Agricut. Animal.
Mines.
Forests.
Manuf.
Miscell.
creased $564,500, or 14.8 % , so that operating incom e shows a decreaso o f 1917 . . . . . . 6 , 2 4 8 . 5 2 0 1,878,577 9,839,806 2,422,554 5,836,185 1,663.720
$2,799,295, or 1 2.7 % . Miscellaneous incom e decreased $7,146, and In- 1916 ............6,940,400 1,706,327 8,250,665 2,134,438 5,188,545 1,575,556
' terest, rentals and other deductions decreased $2,255,397, or 14.7 % .
GENERAL STATISTICS— FOR CALENDAR YEARS.
T he balance o f incom e after providing for all charges was, therefore, $7.­
1916.
1915.
1917.
„
527 145, out o f which dividends wero paid on preferred capital stock (of M iles operated________________
8,131
8,139
8,297
on 7 % pref. and 3 % on 6 % p ref.). aggregating $1,779,773, leaving Passengers carried ( N o .)______
19,413,443
19,350,486
19,787,940
as balanco, surplus, carried to profit and loss, $5,747,372.
.
969,001,363
968,180,854
do
1 m il o ______________ 1,110,674,433
T ho unusually heavy incrcaso in the operating expenses (1 9 .9 % ) is Revenue
2.03 cts.
1.91 cts.
passenger m ile____
2.10 cts.
la rgely accounted for b y an approxim ate increase In cost o f material other R evenuo per
__________
25,795,937
22,784,031
tons carried (N o .)____
27,889,362
than fuel o f $2,825,000, increase in cost o f fuel $1,449,000, and increase in
7,076,007,235 6,427,424,220 5,348,139,929
do
1 m il o ______
rates o f p ay o f em ployees $4,206,000. A considerable portion o f tho increase
0.84 cts.
0.80 cts.
0.80 cts.
Revenue per ton mile
In wages consists o f increases granted to train, engine and yard scrvico em­ Operating
$ 8,666
rov. per mile roa d ___
$10,904
$10,001
ployees through tho operation o f tho so-called “ Adam son L a w ,” which
INCOME
ACCOUNT
FOR
CALENDAR
YEARS.
am ounted to approxim ately $1,275.000. Increases to shop crafts amounted
1915.
1917.
1910.
to $ 1 ,490,000. Tho prices o f material and supplies are still on the upward
8,228
8,218
8,088
trend. Railway taxes increased in 1917 $578,907, or 15.4% over 1916. Averago mileage operated____________
$
T ho tw o items o f increase in operating expenses and taxes am ounted to
F
r
®
™
—
..................$59,690,072
$55,141,008
$47,404,207
$11,533,295, and regardless o f the substantial increase in operating rovenues,
Passenger___________________________- 23,301,086
19,674,370 18,.>00,032
had tho effect o f reducing tho railway operating incom e $2,813,702.
M a il, express, & c____________________ 6,617,564
0,073,091
.>,39u,l20
Government Control.— On D ec. 28 1917 tho President o f tho United
States, under A ct o f Congress approved A ug. 29 1916, took possession o f
T
otal
operating
revenuo____________$89,008,722
$80,889,129
$71,299,359
tho railway lines o f tho cou ntry, including tho railway o f your com pany.
Operating Expenses—•
_____ __________ „ „
H ow ever, tho accounts under G overnm ent control becam e effective on
$9,883,148
Jan. 1 1918. As com pensation, tho A ct o f Congress guarantees. to tho M aintenance o f way and stru ctu res.-$10,863,551 510,097,73-4 12,298,662
railroads the average net railway operating incom e for tho three years M aintenance o f equipm ent---------------- 16,885,582 13,168,137
1,841,640
1,716,087
ended Juno 30 1917, such Incomo com prising the total operating revenues, T raffic - ............... . . . ............................ 1,795,112 27,769,887
27,191,120
less operating expenses, taxes, uncollectible railway rovenuo and tho net T ra n sp ortation ______________________ 33,884,030
558,085
525,528
Miscellaneous operations____________
573,724
balances o f equipm ent rents and join t facility rents.
1,860,665
1,968,289
T ho A ct contem plates a contract with each com pany covering tho p ay­ General.............. . ................................... 2,330,506
Cr.22,862
C
r.153.945
m ent o f its guaranteed com pensation; and further provides that where, b y
reason o f receivership or other exceptional circum stances, the said basis
$66,046,104 $55,091,717 $53,610,457
o f operating incom o is plainly inequitable as a fair measure o f just com ­
$23,562,618 $25,707,412 $17,688,902
pensation. tho President m ay m ako such an agreement for com pensation as
. 4,345,202 $3,766,294 $3,516,012
under the circum stances ho m ay find just. T ho exceptional circumstances T ax accruals..
32,681
38,775
.
24,368
o f tho com pany during tho three-year period will bo presented to tho Uncollectibles
G overnm ent for consideration in preparing such contract.
$19,193,048 $21,992,343 $14,140,209
Financial.— Pursuant to the reorganization, $29,422,160 o f 7 % pref.
capital stock was sold at par for cash to the original com m on stockholders R ent from equipment (other than
540,192
604,938
.
560,946
freight ca rs)_________________
(who received in exchange for their old shares $74,359,722 now c o m m o n ):
585,084
535,487
.
547,405
$5 000,000, 6 % pref. stock was sold to former directors at par for cash and Joint facilities, & c., rent______
16,298
7.612
48,911
Incom
o
lease
o
f
road__________
$20,000,000 6 % pref. stock was •xchanged for tho 20-year gold debentures.
187,893
.
313,232
247,006
T h e com m ltteo also received in settlement o f suit against form er directors Miscellaneous Incomo__________
$500,000; interest on deposits, $72,010; and cash from treasury funds,
T otal incom o........................................$20,622,243 $23,428,685 $15,469,670
8838,194, m aking tho total cash received $35,832,364.

Detailed Freight Traffic Receipts (incl. Milk on Passenger Trains)
1914.
Calendar Years—
1917.
1916.
1915.
$723,194
T hrough freight revenue
$831,719
$802,511
$743,709
1,005,221
1,023,373
Local freight rovenuo---- 1,211,283 1,144,865
800,234
M ilk revenue . . . _____ _
801,923
835,509
844,^57
4,422,448
C oal revenue____________
3,712,295 3,551,119
3,944,202
INCOME ACCOUNT FOR CALENDAR YEARS.
1915.
1916.
Earnings—
. 1917.
$1,756,995 $1,600,943
P a s s e n g e r................ ................................
5,711,284
6,498,495
F reigh t__________________
5,755,296
204,561
232,234
M ail and express-------------------------------295,083
1,262,965
1,306,442
M iscella n eou s_______________________
1,373,453

Ih Annual Report—Year ended Dec.




A pr. 20 1918.]

THE CHRONICLE
1917.

1916.

1915.

$

Illro o f freight cars__________________ Cr.$539,063 Cr.$241,453
937,212
Rent for equipment (other than freight
533,754
507,368
c a r s ) _ ._____ ______________________
542,740
Joint facility, & c., rents_____________
1,711,690
1,721,015
1,609,388
R ont for leased roads_________________
276,502
339,649
257,698
Interest charges_____________________ 10,648,475 12,386,207 12,165,212
Other incom e charges_________________
463,740
637,209
343,814
7 % preferred dividends_________ (3J4% )1,029,774
_______
6 % preferred dividends____________ (3% )750,000
_______
tiii

-------------------------

------------------- —

.

T otal deductions___________________ $14,874,872 $15,350,496 $15 856 064
Balanco, sur. or d e f------------------------ sr.$5,747,371 sr$8,078,189def.$386,388
PROFIT A N D LOSS ACCOUNT FOR CALENDAR YEAR 1917.
D ebit balanco D ec. 31 1916, brought forw ard__________________ 35 024 423
Sundry credit items—
Surplus for year ended D ec. 31 1917 as shown a bov o___________ $5 7 47 370
Additions and betterments m ade prior to M a r. 31 1902 and ’
'
charged to operating expenses-------------------------------------------------- 7 ,8 6 6 443
Chicago Terminal property sold and capital account credited
’
in excess o f chargo thereto------.------------------------------------------------6 87 9 45
Cash received in part paym ent o f settlement o f suit against for’
mer d ire cto rs ---------------------------------------------------------------------------S00 000
B ook value o f property increased to a conservative appraisal o f
its present value: Tim ber lands in M in n ., $1,685,520; real
estato in M inneapolis, $175,559, and coal lands In Colorado,
$101,599 ------------------------------------- ---------- -------------- -------------------- 1,962,678
P rofit on land and securities sold, $119,063; sundry adjustments,
& c., $32,052--------------------------------------------------------- -------------- 151,115
Total credits_______________________________________________ $16,915,554
$11,891,131
B a la n co --------------------Deductions—
Depreciation on tracks, structures and equipment sold, disman­
tled and destroyed_____________________________________________
341,120
Expenses incident to the reorganization, issuance o f securities, A c. 1,226,628
Exponso In connection with Issuance o f funded securities, $308,­
260; miscellaneous adjustments, $76,744---------------------------------385,004
Credit balanco D ec. 31 1917, as shown on balance sheet below. $9,938,379
BALANCE SHEET DEC. 31.
1917.
1917.
1916.
1916.
Liabilities—
<Asscts~~~
S
S
S
S
Road & equip ..342,042,874 325731,547 Capital stock (see
text)_______ xl28 904,683 74,482,522
Impts. on p ro p ...
280,920
221,824
Fund,
debt
(see
Mlscell. physical
” R y. & Ind.
property, A c__ 3,874,898 2,016,690
Section")___ y220 230,345 264327,311
Xnv. in affil. c o s ..10,059,869 16,658,293
Other Investments 2,258,884 2,258,833 Receivers’ ctfs__
........... 0,588,000
Cash...................... 4,104,442 6.904,593 Non-ncgot’le debt
to affil. cos___
63,000
147,375
Demand loans, A c.
52,500
95,841
--------- 4 , 100,000
Special deposits.. 3,721,980 2,292,851 Loans & bills pay.
22,257 Traffic, Ac., bals.
Loans & hills rec _
20.5S8
859,005
958,128
729,493
Ace’ts
A
wages
._
6.
Trafilc, Ac., bals.
870,519
,060,856 4 ,869,415
450,533
Agents & conduc’s 1,827,907 1,463,134 Miscellaneous___
396,693
Miscellaneous.. . 4,031,215 3,197,208 Dlvs. matured__ 1 ,779,989
227
Materials & supp. 0,792,282 7,428,000 Mat’d Int. unpaid 2 ,866,791 3 ,783,712
54,827
do dlvs., Ao__
Int., A c., recciv’lo
88,871
448,890
204,741
69,351
Accr’d
Int.,
&c
.
.
2
Deferred assets . .
154,178
,202,874 2 ,757,306
Unadjusted debits 3,509,403 2,441,595 Def’d, &c., liabil. 5 ,377,904 3 ,076,250
Tax liability........ 2 ,640,830 2 ,139,432
Reserves________3 583,912 3 , 120,220
Accr’d deprecla’n. 6, 597,628 5 ,013,745
Corporate surplus
64,367
04,368
Profit and loss__ sr9, 938,379df5 ,024,423
Total .............. 392,760,360 371553,495
T o ta l.............. 392,760,360 371553,495
x Includes $74,359,723 com m on stock, $29,422,160 7 % prof, and $25.­
000,000 6 % prof, stocks outstanding; also $122,800 com m on stock re­
served for exchange for $122,800 Burlington Cedar Rapids & N orthern
R y . and R ock Island & I’ coria R y . stock.
1 y A fter deducting In 1917 $44,904,181 held In treasury.
'N ote.— In stating tho assets and liabilities o f the com panies, form ing tho
R ock Island Lines, tho holdings o f tho Chicago R ock Island & Pacific R y .
in tho bonds and capital stock o f tho auxiliary linos, together with loans
between tho various com panies, have been eliminated from tho liabilities
and a liko reduction mado in tho assets pertaining thereto; tho figures
shown, theroforo, represent tho book value o f tho assets and liabilities with­
ou t duplication.— V . 106, p. 1461, 1036.
C

a n a d i a n

P

a c i f i c

R

a i l w

STATISTICS, REVENUES A N D EXPENSES FOR CALENDAR YEARS.
Freight, A c ., Traffic—
.1 9 1 7 . „ „ „
1916.
1915.
T ons carried-----------------------------31,198,685
30,168,798
24,895,106
T ons carried one m ile.............. ..14 8 8 2,99 1 ,2 2 4 14931,739,000 10602,237 949
Rovenuo por ton per m llo..........
0.70 cts.
0.65 cts.
0 .6 8 cts.
Passengers c a r r ie d --------------------15,576,721
15,577,652
13,073.333
Passongors carried ono m i l e . . . . 1,488,974,821 1,367,273,140 1,185,650,397
R e v e n u e p e r p a s s e n g e r p e r m ile
2 .0 3 c t s .
i . 96 c ts!
1.97 cts.
Earninos—
S
$
$
Passenger r e v e n u e ____________
30,238,986
26,849,282
23,309,847
96,454,896
Freight ............................................ 103,635,795
72,450,028
M a i l s _________________________
1,429,405
1,431,191
1,387,099
E x p ., tcleg., sleeping cars, & c._
17,085,149
14,994,317
12,250,274
T otal rev en u es______________
M aintenance o f w ay, & c_____ _
Maintenance o f equipm ent____
T ra n sp ortation ________________
T r a f f i c ________________________
Sleeping car, & c., expenses-----Lake. & c., steamers exp en ses..
General______________ . . . ----- —
Com m ercial telograph--------------

152,389,335
17,470,069
23,404,263
53,029,260
3,084,944
1,006,038
1,054,683
5,023,609
1,770,450

139,729,687
17,249,500
18,908.464
42,385,348
2,940,872
979,893
916,157
4,345,852
1,527,102

109,397,248
10,006,682
12,820,747
33,118,705
2,837.971
998,851
859,438
3,949,240
1,280,376

89,253,188
T otal exponsos----------------------65,872,010
N ot earnings__________________
46,546,018
50,476,499
43,525.238
INCOME ACCOUNT.
Year ending 6 M os. to
Years ending JuneHO—
Dec. 31 ’ 17. Dec. 31 ’ 16.
1916.
1915.
$
$
Gross earnings_________ 152,389,334 76,717,965 129,481,885 98,865,210
45,843,199 80,255,965 65,290,582
W orking expenses_____ 105,843,316
N ot earnings_________ 46,546,018 30,874,766 49,225,920 “ 33,574,628
Deduct—
5,132.551 10,306,196 10,446,510
Fixed charges__________ 10,229,143
200,000
125,000
Pension fund___________
500,000
125,000
1,144,071
1.923,289
x T o special accou nt___ 1,968,683
1,494,152
1,613,638
3.227,276
P rof. dlvs. (4 % p. a . ) . . 3,227,276
3,219.050
9 ,100,000 18,200,000 18,200,000
C om m on dlvs. (7 % p .a .) 18,200,000
T otal deductions____ 34,125,103 17,190,261 33,781,762 33.484,713
Balanco, surplus________ 12,420,915 13,684,505 15,444,158
89,915
Special Income Account.
Spocial incom o.................$10,713,299 $6,415,352 $9,940,955 $10,969,332
C om m on dlvs. (3 % p .a .) 7 ,800,000
3,900,000
7,800,000 _ 7,800,000
B a la n co ____________
$2,913,299 $2,615,352 $2,140,955 $3,169,332
8,407,099
Previous balanco______ 10,922,451
6,266,144
3,096,812
T otal 6urp. spocial I n c . . $13.835,750 $10,922,451 $8,407,099 $6,266,144
x N ot earnings o f coastal stoamors, com m ercial telegraph and nows de­
partment transferred to spocial incom o account.




BALANCE SHEET DECEMBER 31.
1916.
Assets—
19<*7 ‘
s
R ailw ay, rolling stock equip. & lake river steamers.538,510,5631 532,981,894
Ocean and coastal steamshiDS
•,<>« »rn s^7i
A cquired securities_______ ________! I ! I ! " ” I ” I m 126 926 114,231,203
A dvances to controlled prop. & insur. p re m iu m .! 6 ’747’2591 251,196,927
Investm ents and available resources____________!b 2 7 9 ’650 539
C a s h ---------------------------------------------------------------31424 57,076,019
8 94^
Miscellaneous accounts receiv a ble!. ! ! ! ! ! ! ! ! ! ! ! !
6 ’ 579’313
8,818.456
A ccounts due for transportation, & c______________c 4 ’3 44’300
Tem porary investm ents in war loans__________ '
’
’
5,979,275
’ 335 '4 4 0
N et traffic balances................................. ............... ....
210,829
Agents and con du ctors____________________________
2,642|247
2,676,545
M atorial and supplies on hand__________________ 17,902i955 13,597,396
T o t a l ................ - .......................................................... 1,038,074,983
Liabilities—
Ordinary stock
...................
260,000,000
4 % preference stock
---------------------80,681,921
4 % consolidated debenture stock -----------d216,284,882
A lgom a Branch first m tge. 5s--------------------------------- 3.650.000
E quipm ent obligations-----------------10,030,000
t0 certificates.
52.000,000
Prem ium on ordinary stock sold----------------------------- 45,000,000
A ccoun ts payable & c............................
19,268,131
A ccrued rentals, & c______________________________
5 35 025
22,659/909
Resorvo fo r contingencies and taxes....... ...........
Other reserves__
in
c m nno
N et proceeds lands and t o w n s i t e s . ! ! ! '! ........... 76 487 298
jw r a n e from operation........................... ...1 2 7 ,2 7 5 1 3 7 0
113,634,444
Suiplus in other assets-----------T o ta l ---------- -------------------------------------------

986,768,544
260.000,000
80,681,921
176,284,882
3,650,000
11.130,000
52,000,000
45,000,000
17,989,049
544 061
23,284i641
in c c . 040
71 999 872
116;804’,454
116,735,022

1,038,074,983 986,768,544

a Present estimated value, $65,000,000. b See V . 106, p . 1242. c Im ­
perial and D om inion Governm ents, accounts due for transportation, & c.
d Includes $40,000,000 o f 4% consolidated debenture stock loaned during
tho year to the British G overnm ent. See V . 106, p . 1241, 1229.
___
1

G

r i f f i n

W

h e e l

C

o .,

C h i c a g o .

{Report for Fiscal Year ending Dec.

31 1917.)

■ Calendar year—
19177"
Earns, from operation s. $1,374,470
M etal fluctuation a cc’ t .
______
Interest, discount, & c__
78,077

1916.
$1,213,996
477,395
72,635

1915.
$1,159,693
87,539

82,513

T otal earnings______ $1,452,547
D ep rec’n on bldg., & c ._
309,307
Other deductions______
__

$1,764,025
115,003

$i,2 47 ,2 3 2
150,801

$1,118,405
106.192
130.835

“1914T
$1,035,892

t.

-------- $1,143,240 $1,649,017 $1,096,431
$881,378
P ref. dividend ( 6 % ) ------ x$175,689
$351,411
$351,603
$356,049
x611,492(7 % )6 1 0 ,7 5 0 (6 % )5 2 5 .7 9 2 (6 % )5 2 6 ,5 7 8
C om m on dividend-------B al., sur. or dof___xsur.$356,059sur.$686,856sur.$219,036

d e f.$ l,2 4 9

x Note.— Tho com m on and pref. dividends paid in 1917 were from 1916
earnings and they were therefore deducted from the profit and loss surnfUl 9° T i q2oqq9 ’ 5 6 9 0 f
* ? 16‘ AIs0- before arriving at surplus
o f $2,239,939 as o f D oc. 31 1917 there was deducted a further $175,689
for dtvidends on pref. stock declared out o f 1917 earnings, reducing the
increase in total surplus for tho year to $180,370.

Assets—
Plants A prop.,Ac.
Good will,pats.,Ac.
Inventories______
Cash.......... ...........
Marketable securs.
Notes A accts. rec.
Notes sec’d by stk.
Prepaid insurance
Employees’ tr.stk.

BALAN CE SHEET DEC. 31.
1917.
1916.
1917.
S
$
Liabilities—
$
4,918,244 4,853,905 Preferred stock__ 5,849,300
6,950,000 6,950,000 Common stock__ 8,723,900
1,982,277 2,612,710 Accounts payable.
427,077
1,007,926
459,612 Accrued taxes___
51,289
1,589,451 1,434,993 Reserves, incl. in
1,773,192 1,143,017
1917 Fed.taxes.
996,730
57,208
63,780 Profit A loss surp. 2,239,939
10,537
21,109
37,000

T o ta l................ 18,288,835 17,576,120
- V . 106. p. 1464. a
___ _ m ;

a y .

(,Report for New Fiscal Year ending Dec. 31 1917.)
Tho remarks of R t. H on. Lord Shaughnessy, President
and Chairman of tho company, alonjj with tho income and
profit and loss accounts for year ending D ec. 31 1917, and
the balance shoot as of Deo. 31 1917, were published in full
in last week’s “ Chronicle” on page 1241.

1679

1916
$
i,856,300
!,735,600
422,188
80,256
i,

422,214
059,509

T o t a l . . . . .........18,288,835 17,576,126
1
jJ L A
e3a

U n ite d 'R a il w ay s£& Electric Co. o f B altim ore?
B

(19 tli

“

Annual Report— Yearjendedipec73 l "T 9 17.)

"'President T . ATCross, Baltimore" April 10, wr o te i nTubstT:
Results.— W hile tho increase in the gross revenues [of $646,786 or 6 5 2 % ]
was quito satisfactory, tho com pany has suffered, in com m on with other
public utilities, from a material increase in its operating expenses. Public
utilities havo been affected b y rising prices In practically every branch o f
their work. [The operating expenses o f this property increased in 1917
$699,445, or 1 5.3 1% , over 1916: depreciation charge increased $32,339, or
6 .5 2 % , and taxes, licenses, & c., increased $84,883, or 8.53%J.
F or m aintenance o f w ay, structures and equipm ent, there was charged
to operating expenses during the year 1917 $923,641, which with the
$528,042 credited to depreciation reserve and Included In operating ex­
penses, makes a total o f $1,451,683, an increase o f $121,864.
F our quarterly dividends o f 1% each on the com m on stock were de­
clared. On D ec. 31 1917 tho com pany had no floating d ebt and had cash
on hand from current revenues amounting to $671,191.
Taxes.— T h o total taxes and public charges in 1917, including park tax
cost o f paving streets, track changes necessitated b y regrading o f streets
and highways, widening o f streets, & c., were $1,260,713, or abou t 2 4% o f
the net receipts, after paying operating expenses. This represents an
increase o f $102,123 over 1916. T he park tax for the year was $671 712
as against $631,018 in 1916, an increase o f $40,693.
New Cars.— '’T he very large expansion In the industries and the number o f
men em ployed in and around Canton and Sparrows Point on the left o f the
harbor, and Curtis B ay and L ocust Point on the right o f the harbor have
strained tho capacity o f those lines. T he com pany received early in 1917
100 now cars and in M a y ordered 80 m ore to m eet tho conditions stated, but
not one car o f this last lo t was received during the year.
Note Issue— Exchange for Old Notes.— In order to make provision fo r the
purchase o f additional cars, fo r extensions and im provem ents, we issued
on A ug. 15 1917, $3,000,000 6 % 5-year C onvertible notes, part o f an
guthorized $5,750,000.
T ho remaining $2,750,000 o f notes bear interest at 5 % , and were issued
to bo exchanged par for par for the com p a n y’s 5 % 5-year gold notes, ma­
turing F eb. 1 1921, inasmuch as the latter did not contain the convertible
featuro, and It was deem ed proper that these noteholders should have a
similar privilege to that contained in the new issue. M ore than one-half
o f those 5 % notes were exchanged prior to D ec. 31 1917. Under the order
o f the P ublic Service Commission authorizing the issuance o f these notes,
thoy m ay bo converted into the com m on stock o f the com pany at $30 per
share, but only after A ug. 15 1919, and within one year o f A ug. 15 1919;
at $33 per share thereafter, but within tw o years o f A ug. 15 1919- and at
$36 per share thereafter until Feb. 15 1922. The charter was amended to
provide stock necessary to m eet tho convertible feature. (V 105 n
820. 910, 1105, 1523.)
’ P
O f tho proceeds o f tho note Issues, the com pany had on hand $2,241,­
408 at D oc. 31.
In addition, it has invested $500,000 o f the p'roceeds
in Second L iberty Loan 4 % bonds.
Bonds.— T ho com pany still holds in Its treasury $3,000,000 o f its own
First Consolidated 4 % bonds.
O f tho M aryland E lectric Railways C om p a n y’s bonds (authorized Issue
$8,000,000) covering property leased to you r com pany, there are now
$4,946,000 outstanding, o f which $629,000 are held in the general sink. fund.
Wages.— During 1917 tho rates o f p ay o f m otorm en and conductors and
em ployees in other departments were again Increased. Up to the date o f
this writing you r com pany has voluntarily increased the p ay o f its men six
times in tho past six years. It has also established a free pension system
fo r its aged and incapacitated employees and free life Insurance for the

[Vol. 106.

THE CHRONICLE

1680

benefit o f their families. It is taking care o f the families o f its men who
volunteered, prior to the draft, for arm v or navy service. Our food dis­
tribution depot distributed supplies practically at cost, saving the men
about 2 5% in their table expenses.
Extensions.— T h e Liberty Heights A vo. line was extended nearly tw o
miles, through a rapidly developing section. An extension was also built
to accom m odate tho rapidly expanding business o f the Bethlehem Steel C o.
at Sparrows Point, at which place nearly one mile o f track was relocated
and >3-miIc extension was built from the main line to the new tin plate mill.
A two-m ile extension into the Curtis Bay district is proposed.
T o equip the Sparrows Point division as a high-speed lino, an automatic
b lock signal system was installed and a new sub-station was built.
OPERATIONS A N D FISCAL RESULTS.
1915.
1914.
1916.
1917.
29.522,100 30,250.194
Car m ilcsT
N o t stated N o t stated 181,744,023 185,296,350
Rovonue passengers
75,807,256 77,102,879
Transfers
S
$
$
Revenue— ----------------S
9,083,555
9,751.374 „ 8,904,857
Revenue from transp’n . 10,424,786
120,284
123,287
162.677
136,051
R e v . other than transp.

:::)

10,560,836

9,914,051

9,028,144

9.203,839

403,254
407,870
22.992
680.619
7.577
2,282.774
762,864
495,703

354,613
362,131

399,716
408,211

T ra ffic expenses____ __ _
C onducting transport’n .
General A miscellaneous
D epreciation___________

436,531
462,082
25,027
850,989
19,231
2,633,840
839.694
528,042

7,498
2,701,046
717,411
410,548

12,563
2,727,442
764,507
469,395

T otal oper. oxpenses.
N et earnings___________
Other incom e__________

5.795,437
4,765,399
96,101

5.063,652
4,850.399
92,000

4,553,247
4,474,897
8,333

4,781,834
4,422,005
24,721

Gross Incom e_______
Deductions—■
Interest on funded d e b t.
Taxes, A c . -------- ----------R e n t a ls ________________
D iscount, A c ___________
In t. on car trust c o r t fs ..

4,861,500

4,942,399

4,483.230

4,446,726

1,853.770
1,079,723
438,515
54,826

1,822,393
994.840
410,089
47.874

2,063,468
924,534
6,901
4,594

2,045,179
909,744
7,266
1,325
1,312

T o t a l ________________
B a la n ce ------------------------M d . El. R ys. M . sk. f d .
E xting. disc, on s e cu rs ..
In t. on incom e bds. (4 % )
Preferred dlvs. C4% )___
C om m on divs. (4 % ) —

3,426.834
1,434,666

3,275.195
1,667.204

559,080
920
818,448

559,080
920
818,448

2,999,497
1,483,733
67,335
37,950
559,080
920
818,448

2,964,826
1,481,900
65,501
37,950
559,080
920
818,448

56,218

288.756

N one

N one

Expenses—
M aint. o f way A s t r u c ..
M aint. o f equipm ent___
M aintenance or p o w e r ..

Balance, surplus_____

T h e total surplus D ec. 31 1917, after deducting $50,000 contribution
to R od Cross war fund and $50,724 m isc. items (net), was $1,066,988,
BALANCE SHEET DEC. 31.
1917.
1916.
1917.
1916.
Liabilities—
S
$
Assets—
$
S
Road & cqulpm’t.7 3 ,493,111 71,952,178 Common stock...20,461,200 20,461,200
23,000
23,000
811.740 Preferred s to c k ...
Investments........ a l, 195,351
Bonds (see "Elec.
C o.’s bds. in treas.—
8,000 Ry. Section’ ) . . . 47,670,000 44,670,000
Cent. R y. cons. 5s
8,000
U.R.AE.cons.4s 3,000,000 3,000,000 2d M . income 4s .13,977,000 13.977,000
634.741 Accts.&wagespay. 226,896
344,053
Cash for construe. 1,700,000
602,113
537,750
115,824 Accrued Interest..
Cash for dlvs., A c. 120,365
326,206
921,593 Accrued taxes, Ac. 331,874
Cash in banks, Ac. 671,191
120,365
115,823
76,510 Miscellaneous___
Acets. receivablo.
140,439
516,144 Deferred llabil.. .d6,092,718 5,401,287
Mat'l & supplies..
890,451
727,330
757,352
Deferred a ssets...b5,750,814 5,524,452 Unadjusted llabil.
Unadjust, assets._c4,329,762 4,163,983 Surplus_________ 1,066,988 1,111,494
T o ta l................ 01,299,483 87,725,164

T o ta l.......... ...91,299,483 87,725,164

“ a Includes In 1917 stocks and bonds, $587,665; property rights, $99,309,
and notes, $508,377. b "D eferred assets” in 1917 embrace M aryland E lec.
R y s ., lessor account, proceeds o f $4,946,000 bonds, $4,477,300; payments
under 1 ^ % sinking fund, $617,105: under 7 H % s. f., $951,513; paym ents
o f 10% on account o f equipm ent purchased. $193,211. and improvements
to property, $4,332, less equipment released (90% o f co s t), $530,084, and
adding other deferred items. $37,436. c This item Includes M aryland
Trust C o ., trustee, incom e bond coupons under funding agreement dated
July 25 1906. $3,920,000. d "D eferred liabilities" in 1917 includo: Lia­
bility for M aryland Elec. R ys. bonds (auth., $8,000,000), $4,946,000; sur­
plus dependent upon acquisition o f leased property (M aryland E lec. R y s .),
$1,099,918. and m isc., $46,800.
..
.
Note.— T ho com pany has a contingent liability as guarantor o f tho prin­
cipal and Int. o f tho Balt. Sparrows Point A Ches. R y . 4 *S % 1st M . bonds
(auth. and issued, $2,000,000), due F ob. 1 1953.— V . 106, p. 1578, 1345.

United Light & Railways Company.
(Report for Year ending Dec. 3 1 1 9 1 7 . )
E a r n in g s o f —

R es u lts f o r C a len d a r Y e a r s

( 1 ) ______
S u b k d !ia
ia tr ie s —
1917.
Gross earnings__________ $7,705,269
Oper. exp. (incl. m aint. &
„
taxes)_________________ 5,046,908

1916.
$6,885,779

1915.
$6,308,776

1914.
$6,166,959

4,219,386

3,827.262

3,797,534

N et earnings__________ $2,658,361
a Interest and dividends. 1,494,688

$2,666,393
1,390.513

$2,481,514
1,387.155

$2,369,425
1,314,136

B a la n ce _______________ $1,163,673
(2) U n ite d L ig h t A R g s .—
Earns, available on stocks
o w n e d ________________ $1,150,369
D lvs. & int. rec. on in v ._
608,612
M iscellaneous ea rn in g s..
295,913

$1,275,880

$1,094,359

$1,055,289

$1,257,490
477,642
183.689

$1,079,565
424,116
122.511

$1,039,783
344,294
123,155

Gross earnings________$2,054,894
Exponses and taxes-------147,273

$1,918,821
146.908

$1,626,192
127,316

$1,507,232
114,615

N et earnings__________ $1,907,621
B ond, & c.. Interest_____ $703,050
First preferred dividends.
605,557
Second preferred dlvs—
----------

$1,771,913
$578,640
595,792

$1,498,876
$520,136
525.789
b31,630

$1,392,617
$455,833
462,801
b63,272

$597,480

$421,321

$410,711

Balance for com . d lvs.,
deprec’n, A c __________

$599,013

a Including interest to United Light & Railways C o.
b Second preferred stock has all been converted.
„
B onbrlght & C o ., In c., N . Y . C ity, is Interested.— V . 106, p . 711, 191.

New Orleans Railway & Light Co.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 7 . )
Pres. D . D . Curran, N ew Orleans, April 8, wrote in subst.:
V R e s u lts . — As

com pared with 1916 tho gross operationg rovenuo increased
$545,519, or 7 .5 7 % , net operating revenue decreased $22,633, or .6 3 % ,
and not incom e decreased $69,126, or 9 .6 0 % . Tho decrease In not Income
is duo m ainly to the Increaso in operating expenses. Tho principal items
being the increaso in tho price o f water, gas oil, coke and coal in tho gas
departm ent, and tho Increase in price o f oil and coal in the railway and
electric departments. N ot only did tho contract price o f coal increase,
duo to war conditions, but our contractor was unable to supply our re­
quirements, and we were com pelled to buy In tho open market. T h o cost
o f practically all other materials as well as wages also increased.
On July 11 tho rotating elements in our 15.000 k.w . turbine failed, and
for about three m onths it was necessray to operate our auxiliary stations
which increased our expenses.




Maintenance, &c.— The actual charges for maintenance during tho year
amounted to $883,756; m addition to this am ount, thero was oxponded
$346,695 for renewals and replacements, making a total chargo o f $1,230,­
451. Thero was reserved from incom e and surplus for renewals and re­
placements $409,641, resulting in a net credit to ronowal and replacem ent
reserve for tho year o f $62,947.
Capital Expenditures.— There was expended for construction, im prove­
m ents and betterments $1,070,538, principally railway, roadway and line,
$130,567; electric lino system and accessories, $583,394; gas distribution
system and accessories, $93,355; plant equipment, $193,909, A c.
In order to meet the demands o f load growth, wo have contracted for
and are now installing an additional 15,000 k .w . turbine at our central
power house.
D u e to the general paving work in progress b y the city , our tracks on
a number o f streets were reconstructed.
T h o new system o f lighting public highways, provided for In our contract
with tho city o f New Orleans, was well under w ay at the end o f the year
and is now nearing com pletion. •
. . . .
Bonds.— During the year your com pany sold $750,000 6 % gold deben­
ture notes and $300,000 Refunding and Goneral Lien 5 % gold m ortgage
bonds, the proceeds o f which wero used to reimburse tho treasury for con ­
__
,
struction, improvem ents, A c.
Dividends.— Divklonds on prof, stock aggregating $375,000 wero d e­
clared and paid during tho year. [The pref. dividend duo Jan. 1 1918 was
n ot paid. V . 106, p . 86.— Ed.]
STATISTICS.
1914.
1915.
1917.
1916.
Rovonue m ileage______ 20,087,540 19,933,702 $9,418,332 19,625,411
Pass, carried (revenuo)- 92.656.376 87,680,288 83,184,938 87,249,918
Transfers redeem ed(N o.) 25,383,561 25,173,015 23,260,717 22,979,988
COMBINED INCOME ACCOUNT FOR YEARS ENDIN G DEC. 31.
1914.
1915.
1916.
1917.
R ailway dept, revenues. $4,669,390 $4,422,777 $4,198,235 $4,398,507
1,427,295
1,489,015
1,433.814
E lectric dept, revenues- 1,618,553
1,186,322
1,264,337
1,344,149
1,458,317
Gas dept, rovenues____
T o t a l .................
$7,746,259 $7,200,740 $6,951,587 $7,012,124
$2,341,420
$2,342,411
$2,437,364
R ailw ay dept, expenses. $2,686,363
561,227
573.406
635,359
E lectric dept, expenses.
886,162
526,224
531,136
494,955
Gas dept, oxpenses-----599,486
$4,172,011 $3,603,859 $3,410,773 $3,428,871
$3,583,253
$3,540,814
$3,596,881
$3,574,248
761,223
765,827
775.341
T a x o s ....... .........................
810,901
9,000
10,250
6.500
6.000
U ncollected accounts___
$2,757,347 $2,815,040 $2,764,738 $2,813,030
8,012
7,595
Outside operations_____
6,717
5,773
45,551
47,648
61,675
M iscellaneous in co m e ..
58.413
$2,821,534 $2,883,431 $2,819,980 $2,866,593
$1,885,095 $1,828,764 $1,752,906 $1,709,451
22,652
15,628
Other Interest charges. .
25,794
23,255
4,101
4,084
4,056
D lvs. on m inority stocks
4,056
16,603
17,345
Im provem ents, A c _____
16,768
17.490
7,341
16,650
27,461
M iscellaneous..................
9.853
189,618
212,927
ltonowals A replacem ’tsi
255.883
226,308
D ivs. on stk. o f oth. affil.
4,012
4,352
5,075
cos. owned b y others.
4,251
(5)499,710 (5)499,670
(5)496.147
Preferred dividends___(I3 * 03 7 1 .4 3 0
% ) 50,000 (1)200,000
(2)400,000
C om m on dividends------ , _________i
. $2,541,738 $2,709,226 $2,730,625 $2,847,149
$89,355
$19,444
$174,205
, $279,796
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1917.
1916.
1916.
1917.
Liabilities—
$
$
Assets—
$
S
Preferred s to c k ... 10,000,000 10,000,000
a Property, plant,
franchises, A c ..70,173,408 69,112,804 Common s to c k ...20,000,000 20,000,000
205,550
206,050
261,093 Stocks of sub. cos.
261.241
Securities.
254,276 Gen. rntgo. 4J4s.. 17,544,000 17,544,000
Equip, under lease 254,276
509,696 Ref. A Gen. M . 5s 6,079,700 5,779,700
Materials A supp.
680,286
194,551 6% debentures... 4,000,000 3,250,000
Cash......................
110,388
160,000
749.282
715,030 Equip, obligations 141,000
Accts. recelvable173,942 Funded debt of
114,884
Speclal deposits..
subsidiary co s .. 11,520,500 11,580,000
7,413
Interest, A c., rec.
26,517
623,156 Int., dlv., Ac., duo 1,129,913 1,147,746
Coupon A dlv.dcp. 488,803
460,676
456,813
Sinking funds___
363,704
339,235 Accounts payable.
157,817
136,045
Prepaid Ins., A o ..
16,677 Acer.Int.,dlvs.,Ac.
Consum.,Ac.,dop.
306,118
290,879
Adv. to sub. cos.
95,193
98,953
357,618 Deferred Item s...
358.422
not in system..
908,127
63,239 Renew. A repairs. 071,074
30,096
Other def'd Items.
New equlp’t, Ac.,
Unamortized disc.
(lessor company) 313,453
313,453
A exp.with Issuo
77,284
100,501
462,764
525,062 Other reserves___
of securities___
Surplus................. b l ,077,793 1,181,520
T o ta l................ 74,080,071 73,153,793
T o ta l.................74.0S0.071 73,153,793
a P roperty and franchises used in operations and oxcess o f Investments
In stocks o f subsidiaries over their par value.
b T ho total surplus D ec. 31 1917 was $1,077,793 ($1,061,699 c o ’s interest
and $16,094 m inority stockholders’ interest), after deducting $183,333
special provision for repairs, m aint., renewals and replacements, $129,927
am ortization o f discount and exponso from Juno 1 1916 In connection with
tho issuo or R ef. A Gen. Lien 5 % M tgo. bonds and two-year 6 % deben­
tures, $60,000 turbine failure and $10,268 sundries.
Stocks ownod D ec. 31 1917 wero $21,282,250.— V . 106, p . 1577, 1037.

New York State Railways.
(Report for Fiscal Year ending Dec. 3 1

1 9 1 7 .)

[Compare m aps. A c., on page 112 o f "E lectric R y .” Section.]
P r e s i d e n t

H o r a c e

E

.

A n d r e w s

s a y s

in

s u b s t a n c e :

D uring the year 1917, under authority o f tho Public Service C om m ission,
tho lighting property o f tho Ontario Light A T raction C o . was sold to the
R ochester R y . A lig h t C o. in consideration o f tho assumption b y that
com pany o f all tho bonded and other indebtedness o f tho Ontario Light
A T raction C o . The Ontario Light A Traction C o . now owning only rail­
w ay property, which is leased to tho New York State Railways, Is in a
position to bo merged into the N . Y . State Railways, and plans are under
w ay to effect such merger. T he earnings, therefore, o f tho Ontario Light
A T raction C o ., since the salo o f its lighting property Sept. 30 1917 consist
sim ply o f the rental received from the N . Y . State Railways and are return­
able to tho latter com pany through its ownership o f tho ontire capital stock
Of the Ontario com pany.
S U M M A R Y O F O P E R A T I O N S F O R Y E A R S E N D I N G D E C . 31.
1917.
1916.
1915.
1914.
Gross earnings...................$8,460,002
$8,256,470 $7,264,675 $7,595,002
Expenses A d o p r e c 'n ... 5,758,999
5,153,199
4,487,270
4,600,573
N et earnings...................$2,701,003
$3,103,271 $2,777,405 $2,994,429
T a x e s ..................................
548.091
509,962
456,578 _ _ 496,660
N et (after tax es)..........$2,152,912
$2,593,309 $2,320,827 $2,497,769
N et non-oper. re v e n u o ..
110.664
146,214
166,904
165.467
Gross Incom e_________$2,263,576 $2,739,523 $2,487,731
In c. ded. (int. A r e n t ) .. 1,438.588
1,377,775 1.389.120
$1,361,748

$1,098,611

$1,307,770

17.035
35,705
8,089
1,515 ____________

def.15,163
7,091

18,993
2,453

T otal net incom o____
$862,208 $1,386,872
D iv s. on pref. stk. (5 % )
$193,125
$193,125
D iv s. on com . s to c k ._ (2 % )3 9 8 .9 4 0 (4 ^ )9 4 7 .482

$1,090,539
$193,125
(4)797,880

$1,329,216
$193,125
(6)997,350

N et in c o m e .................
Prop, to N . Y . S. R ys.
Schenectady R y ., 5 0 % .
O nt. L . A 'I t . C o ., 100%

Balance, surplus_____

$824,988’

$2,663,236
1.355,466

$270,144
S c h e n e c ta d y
Net. after Other
C a l.
G ro ss
Taxes.
Income.
Y ear.
E a r n in g s .
$372,721 $1,142
9 1 7 ..
$1,447,151
373,619
2,679
9 1 6 . . 1,329,583

$99,534
$138,741
$246,265
R a ilw a y .
D iv id e n d s
Income
B a la n c e ,
Paid.
S u r p lu s .
Deduce.
$148,703 ( 3 * 0 $153,750 $71,410
(5) 205,000
34,070
137,228

A pr. 20 1918.]

THE CHRONICLE

CONDENSED GENERAL BALANCE SHEET DEC. 31.
1916.
1917.
1917.
1916.
Assets—
Liabilities—
$
S
$
S
Road, equip., Ao.60 ,231,709 48,976.650 Preferred stock
3 ,862,500 3 ,862,500
Unamort. replace.
Common stock
19 ,952,400 19 ,952,400
& depr.suspense 4 ,750,000 4,850,000 Funded debt___ x21 ,693,000 24 ,693,000
305,294 Real estate mtges.
Material A supp. _ 528,753
36,000
30,000
Cash.................. __
264,959 Taxes accrued___
183,927
181,140
144,035
98,814 Interest accrued..
Bills,accts,Ac.,rec.
131,465
253,514
202,685
Stocks owned___ x2 ,454,224 2,456,307 Bills payable____ 1 ,585,000
975,000
185,215 Accounts payable.
Special deposits,.
207,743
451,799
329,131
91,209 Other unf'd d eb t..
128,875
Prepayments........
445,601
433,154
Ro-acquircd secur­
Mat'd coup.lnt.,*c. 205,435
185,474
6,400 Reserves ............ .
ities .............. .
9,900
202,149
101,410
Unaraorttzcd debt
Accrued amortiza­
tion of capital.. 1 407,910 1,112,634
discount, Ao__ 1, 577,519 1,612,700
Res’ve for accrued
replace. & depr. 5 000,000 5, 000,000
Surplus................ 1 ,937,071 1,,754,529
T o ta l_________60,204,119 58,847,553
T o t a l . . ........ ..60,204,119 58,847 553
x Sco pago 111 o f “ E lectric R ailw ay” Section.— V . 106, p . 1401, 607.’

U n io n T raction Co. o f In d ia n a , In d ia n a p o lis.
(Report for Fiscal Year ending Dec. 31 1917.)
President Arthur W . Brady says in substance:
Results.— Tho revonuo from operation for 1917 was $3,066 466 an
Increase o f $277,125, or 9 .9 3 % . Operating expenses increased $407 639
or 2 5 .2 2 % . Tho not income for 1917 was $42,142, com pared with $188 745
for 1916, a decrease o f $146,604. After deduction o f sinking funds a
doflcit is shown o f $17,649, to bo com pared with a surplus o f $132 227
for 1916, a decrease o f $149,877.
' '
T ho earnings and expenses o f tho M u n cio-Portland lino for tho first six
months o f 1916 aro not included in the figures stated for that year, operation
o f that lino by Union Traction C o. not having been begun until July 1 1916
T ho total sum charged for maintenance or tho property was $ 594 5 4 4 ’
or 19.40% o f tho gross earnings being equivalent to $1.406 per mile o f s’inglo
track operated, exclusive o f city tracks o f other companies at Indianapolis
Logansport and W abash. That the property has been well maintained
during tho year is apparent from these figures.
Additions and Belterments.— Tho not amount charged for additions and
bottorm ents for tho yoar was $169,098. O f this sum the lessor companies
contributed $47,000 for expenditure on or for tho leased properties. In
addition $59,791 was paid out for sinking funds, thereby reducing tho bond
dobt o f the com pany and its underlying com panies. The sum o f $20 846
was advanced to tho Traction Light A Power C o. for light and power equip­
m ent. A utom atic block signals were installed for a total distanco o f 26.35
milos. T ho total cast was $11,579, partly expended in previous years
A utom atic block signals aro now installed over 75.06 miles o f your lines
Army Tost Line.— Fort Benjamin Harrison, having bccom o an activo
training cam p, important track and power extensions wero mado and
tho intorurban rolling stock not absolutely required elsewhere was largely
Concentrated at tho Post. Tho cantonm ent buildings erected not being
adapted to winter uso, only ono regiment has been stationed at tho Fort
since N ovem ber. Tho plans o f tho Governm ent for uso o f tho Post in
1918 are not definitely known.
Shirley IHit Coal Aline. On account o f tho rapidly advancing prices
lf l

t,h n

RP.TPpIt.V

np

pnql

n n r li f

In

1017

.r /x .,,.

................... .

___1

.

..

C o . in tho organization o f tho Shirley Realty C o ., which purchased an
operating coal mine in Sullivan C ounty, Indiana. Tho purchaso was
financed through tho salo o f $265,000 preferred capital stock o f tho Shirley
R ealty C o .; tho entire com m on capital stock. $135,000, is held equally
b y tho four traction companies m entioned, which take tho output o f the
m ?,° , .equal proportions. This mine has been of substantial benefit.
i raetton Light & Power Co.— Tho business o f this subsidiary continues to
oxpand.
I h o s o rv ico was oxtonded to Linwood and W illow Branch during
tho year, and extensions wore mado to existing plants. Tho Union Trac­
tion C o . owns all o f tho $100,000 o f tho outstanding 1st m tge. 6 % bonds
and $49,500 o f tho $50,000 capital stock.
Passenger Fares and Freight Rates.— Tho necessity o f securing additional
rovonuos in order to moot tho rapidly increasing operating expenses com ­
pelled tho com pany to apply to the P. S. Commission o f Indiana for per­
mission to advanco certain passenger fares. After a full hearing tho
Comm ission authorized tho greater number o f the advances petitioned for.
Roarings upon tho application to increase freight rates wero not com pleted
until 1918, when an order was made granting tho increased rates. Tho
now rates authorized wero prom ptly put into effect, and it is hoped that
substantial increases in earnings will bo derived therefrom . (V . 106 p 87 )
A uthority to advanco tho base interurban rate o f 2 cents per mile has
not boon petitioned for. It is not believed that tho T w o-C cn t Faro Law
applios to intorurban com panies, and an increase in this base faro appears
to do Imperative if your com pany shall continue adoquato servico
Collateral Trust Notes.— Collateral trust notes for $150 000 duo Julv 1
1917, representing Andorson Electric Street R y . C o. bonds which matured
In 1912. wero renewed to July 1 1919.
n matured
INCOME ACCOUNT, &C., YEAR ENDIN G DEC. 31.
1917.
1916
1015

Passongors carried, intorurban lin e s .. 11,307,816

9 992 101

9 rn7 V,oi

Passongors carried, city lines................ 8,375.460
8,497 814
7 441 844
Freight handled (ton s)...........................
100.234
90 300 7 83,841
M ileage o f cars, intorurban linos_____
6,914,933
6 558'fliq
6,384,761
M iloago o f cars, city linew....................... 1,675,822
1 722 141
1.656,015
Powor generated (A .O .) (k. w . h .) _ ._ 50,397,180 47 6 52’790 43,975.980
Powor gonorated (D . O .) (k. w. h . ) ._ 28.591,247 28 1 9 l’304
27.043,667
Income Account—
’
Passongor earnings---------- ----------$2,588,176
$2,332 220$2,071,832
F reight........................................................
262,722
250 560 223,751
Express, m ilk, A c -------------140,932
139 247
127,260
67,315
Other than transportation__________ _____ 74,636
63,404
$2,789 342 $2,486,246
T otal operating rovonue____________ $3,066,467
$366,641
$310 067
W a y and structures_________________
$261,192
E q u ip m e n t _________________________
227.902
172 406
160,992
547,091
476 084
C onducting transportation__________
456,637
P o w o r .......................
496,421
279 578
229,344
M iscella n eou s_______________________
385.554
3 77’8'lfi
363,385
T a x o s .......................
142,589
1361460
118,020
Operating oxponsos and taxos_____ $2,166,199
$1,752 431 $1,589,570
N et earnings________________________
$900,268 $1,036,911
$896,676
Othor Incom e___________________
16,531
16|083
___17,895
Gross incom o______________________
$916,799
$1,053 894
$914,571
B ond, & c., in t., discount and rentals.
874,657
865 148
857,238
Sinking fun ds________________________
59,791
56,'518
Balanco, surplus or d eficit------------- dof.Sl 7 .6 19sur.$l32 228 sur
Note.— Tho Oct. 1 1914 first prof, dividend. $25,000. was om itted ami
bocam o cum ulative. N o dividends paid on second preferred stock
BALANCE SHEET, DEC. 31.
1017.
1916.
1917.
1910.
Assets—
$•
$
Liabilities—
Road A cquip’t . . .23,205,000 23,095,603 1st pref. s t o c k — 1 ,000,000 1 ,00*,000
Scourltles owned..
h271,500 276,500 2 nd pref. stock— 3,000,000 3,000 000
Trons. stock and
Common s to c k ... 5,000,000 5,000,000
bonds................
165,000
185,000 funded debt-------13,345,500 13 367 500
Liberty bonds___
30,250
.................
Collateral notes..
ISfLOOO
150 000
Cash on hand and
Collateral loan..
100,000
’
100,000
accts. receivable
190,863 171,481 Equip, repl. notes.
31,901
46,668
Materials A supp.
238,815 216,236 Bills payable, A c.
669,065
452,549
Sinking fund........
437,381
385,961 Bond lnt..tax.,Ac.
209,799
178,636
Motor cqulpmont
____
Miscellaneous___
51,064
58,582
replacement . . .
28,400
47,600 Profit and loss . . .
99(L272
960,191
MIscollanoous____
102,530
72,597 Employ, subscrip.
to Liberty bonds
Deprec'11, Ac., re­
serves-------------

30,250

151,889
139,918
T oata l................
24.735.740 24,454,044
Total
...
24,735,740 24,454,014
a Securities owned In 1917 Includo $38,000 Broad Ripplo Natatorium Cn
toaso and securities and $7,000 bonds; $100,000 6'Z, bonds and $49 500
T raction, Light & Power C o. stock; $75,000 coal property capital .sto ck s
and miscellaneous, $2,000.— V. 106, p . 1037. 87.
*
1 11 stoclts




1681

Th e

D u lu th -S u p e rio r T ra c tio n Co. o f C o n n e ctic u t,
D u lu th , M in n ., and Superior, W is.
(Report for Fiscal Year ending Dec. 31 1917.)
Pres. A . M . Robertson, New Haven, Jan. 23, wrote in sub.:

„ Results.— T he gross operating revenues for tho year show an increase o f
5219,958, or 15.44% over 1916. T he net incom e for tho year, however
shows an increase o f only $17,796. or 6 .6 4 % . T he operating expesnes
for the six m onths ended D ec. 31 1917 show a large increase due to the
increase in wages paid, taxes accrued and the prevailing high prices o f
material and supplies. These increased expenses will undoubtedly con­
tinue during the period of the war.
Business Conditions—-Outlook.—General business conditions in Dutulh
and Superior have continued good throughout the year. The M cD ougallDuluth C o. has established a shipbuilding plant on our M organ ParkN ew Duluth line at 90th A ve W est, em ploying abou t 1,000 men, and if
tho industrial plants at tho Head o f tho Lakes continue to give em ploy­
m ent to as m anv men as during the past year it is believed you r com pany's
gross revenue will be fully maintained during the year 1918
New Tracks.— During the year 14.69 miles o f track were built 11 09
miles in Duluth and 3.60 miles in Superior. Tho extension from M organ
Park to N ew Duluth was put in operation Jan. 1 1918.
Fares.—-P rior to Jan. 1 1918 the com pany charged a 10-cent fare on Its
M organ Park line between Duiuth proper and M organ Park. Beginning
on that date tho fare was reduced to 5 cents. This will operate to reduce
o u rg ro ss revenues, but it is hoped the operation o f this line in connection
With the extension to New Duluth will reduco tho heavy rush hour service
and increase the ail day travel on this line.
Acquisition.— On Sept. 1 we took over b y purchase tho property o f the
Park 1 Dint Traction C o ., consisting o f 314 miles o f track with cars and
pow er house located^ on M innesota Point.
Additions, A c.— E ight new standard, double truck cars and one m odern,
heavy snow plow wore purchased and put in service during the year.
Expenditures for additions aggregated $353,437 (principally $257,588 for
track and p aving). Depreciation has been charged o ff m onthly and in­
cluded in operating expenses There was expended for renewals $15 615
Wages.— I w o voluntary increases in the rate o f p ay o f the employees
were m ado, the first on June 1 being in tho form o f a war bonus- the second
on O ct. 1, when the war bonus was abolished as to the m otorm en and con­
ductors, and a new scale or wages adopted which gave them an advance
over and abov e the form er scale o f wages plus the war bonus.
Bonds.— $274,000 additional General M tge. bonds were authenticated
b y the trustee, o f which $116,000 were sold and $158,000 par value romaln
in tho treasury.
Dividends.— Rogular quarterly dividends o f 1 % upon the pref. stock
been declared and paid. Quarterly dividends o f 1% payable O ct. 1
1917 and Jan. 2 1918 were declared and paid upon the com m on stock.
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
. 32,196,521 28,081,851 23,185.970 25.912,155
Transfers redeem ed___ . 5,239.439
4,597,429
4,035,752
4,375,217
Revenues—
. $1,613,061 $1,398,711 $1,154,906 31.289.917
Other revenue.
.
8.891
8,800
9,539
7,526
$1,621,952 Sl.407,511 $1,164,445 $1,297,443
Expenses—
W ay and structures____.
$163,027
$166,197
$140,9541
224,067
E q u ip m e n t___________ .
119.106
91,571
90,5 87 /
T r a ffic ................ ................
1,747
814
254
901
Power__________________ .
191,625
171,473
155,617
170,268
C onducting transpor'n ..
431,219
348.939
308,481
304,531
General, m iscell., A c ___
155.546
135.580
145,115
160,226
$1,062,271
$914,573
$811,008
$859,992
$559,681
$492,938
3323,437
$437,451
Other Incom e.
22,435
16,918
15,515
16,121
. $582,116
$509,856
$338,952
3453,572
$119,708
$69,513
$69,831
$66,520
In t., A c ., charges______
176.611
172,342
172,698
177.372
P rof, dividends (4 % )_ _ .
60.000
60,000
60,000
60,000
C om m on dividends___ (2% )70 .0 0 0
(1 % )3 5 ,0 0 0 (4 % ) 140.000
$155,797
$208,001
$1,422
$9,680
BALANCE SHEET DECEMBER 31.
1917.
1916.
„
1917.
1916.
Assets—
s
$
Liabilities—
$
$
Road A equipment.9,506.4S9 9,153.053 Common stock........ 3,500.000 3,500,000
Res'vc lurnl (invest.)
273.493 2 , 3.493 Prcterred stock........ 1,500.000 1,500.000
58.256
35,388 First M . 5% bonds..2,500.000 2,500,000
Cash on hand..........
Miscell. accts. rec._
5,430
3,569 Generalmtge. bonds.1 ,000,000 910,000
Loans A notes rec..
71,400 71,460 Audited accounts.Ao. 73,963
54,451
Material A supplies.
136,426 100,660 Accrued lnt. A taxes 135,571
87,018
U. S. Liberty bonds.
13.S53
_________
Deprec., Ac., res'vo 737,507 612,238
Prepaid insur., A c ..
8.6S0
3,388 Miscellaneous........ ..
8,306
10,799
Interest, Ao., r e c ...
3,881
4,083 Approp. surplus----- x435,310
329,492
Unapprop. surplus.. yl87,310
141,096
Total

.10.077,969 9.645,094

T o ta l.................. 10,077,969 9.645,094

x Includes in 1917 additions to property through surplus, $319,718:
£lJUd,c^ „ d ebt 7 ?tlrpd throl|8h surplus, $98,395, and sinking fund reserve,
SW.IOS. y After deducting in 1917 $78,436 appropriation for additions
and betterm ents, $27,383 for retirement o f bonds for sinking fund and sun­
dries (net), $3,764.— V. 106. p. 499, 710.

Allis-Chalmers Manufacturing Co.f Milwaukee, Wis.

(Fifth Annual Report—Year ending Dec. 31 1917.)
Tho roport, including the remarks of President Otto H .
Falk, and the profit and loss account and balance sheet, is
givon on subsequent pages.
’<
I n c o m e a c c o u n t fo r y e a r s E n d i n g d E c . 3 1 .
M
1917.
1916.
1915.
1914
^
S a lo s T b lllo d ------ . . .
$26,129,317 $19,440,509 $11,666,413 $10,323,150
C ost (incl. d eprec’n, A c) 19.144.107 14.699.744
9,582,264
9 ,2 2 1 ,17 4
F actory p r o f it ............. $6,985,210 $4,740,765 $2,084,149 $1,101,976
Othor incom o__________
229,844
262.709
347,257 ___252,641
N ot p ro fit.......................$7,215,054 $5,003,474 $2,431,406 $1,354,617
Soiling, p ublicity, A c.,
oxponsos......... .............
1.906,264
1,838,454
1,353,054
1,379,685
Reserved for Federal in­
com o A war excess
profits taxes A conting 1,298,300
______
.
P ref. dividends------(10% ) 1.618.375 (9)1.426,455
(3)475,485
Balanco, sur. or d e f. .sr$2.392,115 sr$l ,738,565sur.$602,867 d e f.$25^068
1 : ’
BALANCE SHEET DEC. 31.
[For details see a subsequent page.)
g fg g
1917.
1916.
1917.
1916.
Assets—
s
s
Liabilities—
$
$
Real cat.,bldg.,A c.11,419.608 11,071.277 Preferred s to ck ...16,500.000 16.500,000
Pat’s, good-will,Ac 19.615.805 19,615.805 Common stock...26,000,000 26,000,000
Allls-Chalm .TreasNotes payable___ 1,849,610
sury stock........
102,515
406,136 Accounts payable.
745,774
518,108
Unpaid bal. of pref.
Reserve for erection
shares to lmpl__
222.586
and completion
1st M. 6% bonds,
of eontr'ts billed 805,656
432,333
B u ll.E l.M fg .C o .
878,851
873.951 Accrued payroll.. 229,594
212,432
Cash.......... ...........
917.767
500.990 Accr’d taxes (Incl.
Market,Ao.,securs.
In 1917 Federal
at cost------------ 1,600,282 2.140,171
taxes)_________
971,177
249,413
Notes A accts. rec.
Adv. collections on
less reserve____ 7.673,276 5.201.853
contracts._____
842,707
______
Inventories ........... 12,410.127 7.934.517 Pref. dlv. pay .Jan.
18.774
Unoxp. Insurance.
22.779
15......................
405,168
475,485
Reserves .............. 1,080,306
364,214
Profit and loss___ 5,463,604 3,071,489
T o t a l................ 54.803,590 47.S23.474
— V . 106, p. 1128, 1037.

T ota t................ 54,893,596 47,823,474

(Report

In g erso ll-R a n d C om pany.
for Fiscal Year ending Dec. 31 1917.)

INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31
1914.
1915.
1916.
1917
T otal incom e_____________$9,674,182 $7,925,156 $5,459,884 $1,967,723
$714,619
$647,807
$619,539
D epreciation--------------------- *$858,582
Reserve for Federal taxes 3,452,815
100,000
■"75",
— 80,666
Interest on bonds-----------50,000
50,000
Prem . on bonds redeem ed
-----151,510
151,518
‘ 151",518
D iv . on prof, stock (6 % ) 151,518
1,270,088
4,719,090
3,268,600
C om m on (cash) dividends
(x)
(1 5% )
y(56%)
(3
0%
)
C om m on’ dividend r a t e .(x)
28,000,
Special reserv es-------------- . zl23 ,0 0 0 _______________ _ __________ _ .__„
Balance, s u rp lu s .-r.sr.$5,038,266 sr$3,835,49Sdef.$183,531 def.S -90,494
* Includes in 1917 depreciation set up as reservo against capital assets,
$396,274, and depreciation applied directly to reduction o f capital assets,
308
x N o com m on dividend has yet been declared in 1018 out o f
the earnings o f 1917. This paym ent is usually m ade at the. endl o f Am i .
y Thoro was also paid a com m on stock dividend o f 20% (S 1,693,880) April
1916. z includes in 1917 special reserves in respect o f inventories, $50,000,
and o f patents and licenses, $73,000. r Denotes balance, surplus, before
deducting dividends on com m on stock. See footnote (x) a bove.
CONSOLIDATED BALANCE SHEET DECEMBER 31
1917.
1916.
1916.
1917.
Liabilities—
S
S
$
Assets—
$
219,036 Preferred s to c k ... 2,525,500 2,525,500
Real estate_____
252,605
Common
s
to
c
k
...10,900,035
10,900,035
163,191
Water supply___
166,238
1,000,000
Buildings........... - 3,140,141 2,750,473 First nitge. bonds. 1,000,000 2,613,412
Machinery_______ 5,460,371 4,626,788 Accounts payable- 2,506,260
25,000
Bond
int.
accrued25,000
676,569
Tools and jigs___
742,032
31S.837 Pref. stock divi­
Patterns and die3_ 342,298
75,759
dend Jan. 1___
75,759
179,S03
Drawings________
191,361
307,265 Taxes accrued___ 3,452,815
Furn. & fixtures..
404,892
683,000 Deprec’n reserve.. 3,922,008 3,456,886
Pats., licenses, &o. 756,000
683,000
Patent, <fcc., res’vo 756,000
Invest .in mfg.cos..
Inch treas. secur 1,275,430 1,879,630 Deprec. in foreign
150,000
exchange______
150,000
Materials, &c___ 11,823,847 7,317,941
Accounts recelv’lc. 6,230,120 4,634,754 Special Inventory
418,961
450,116
rcservo________
92,959
Bills receivable__
126,717
Marketable secur.al,650,480 a591,414 Premium on capi­
669,000
tal stock_______
669,000
48,02 4
Agents’ cash bal._
55,219
Cash at bank___ 1,423,832 3,889,543 Surplus b ............... 7,794,113 6,024,451
162,777
D cf. chges. to Inc.
181,368
T o ta l................ 34,226.611 28,542,004
T o ta l................ 34,226,611 28,542,004

665

a Includes treasury bonds at m arket values, b T he total surpluses as
abovo are tho amounts before deducting the dividends on the com m on
stock declared payable in April next following tho close o f tho respective
years— see abov o.— -V. 105, P* 2160, 2277.
I n t e r n a t i o n a l

P a p e r

C

o .,

N

e w

Y o r k .

(2C)thAnnual Report—Year ending Dec. 31 1917.)
President P . T . Dodge, Corinth, N . Y . , April 9, wrote:
Results.— T ho not gain for the year, after proper deduction for doprcciatfon for taxes and for interest and sinking fund, was #8,180,787 a fan
but m oderato return on the very largo capital involved in the conduct o f
tho business— a capital o f over 875,000,000 actually invested in properties
o f steadily enhancing value, which represents a lower capitalization per
t L per day o f producing capacity than almost any largo paper com pany
° nThe
been ono o f unprecedented difficulties, trials and interruptlnrm
w h ile nearly all Industries are passing through a difficult and
hazardous period, tho difficulties attending the con du ct o f the w ood paper
Industry are greater than in m ost others, owing to war necessities resulting
in curtailment or interruption o f proper transportation facilities by water
and rail Biel s h o m g o . both coal and fuel oil. division o f water power to
G o v t u s e ? , deficiency o f labor and increasing cost o f labor and supplies.
Refunding— Adjustment of Deferred Dividends. During tho year, thero
has been an extensive and favorable readjustm ent o f the bond obligations
and 3sinco tho date o f tho figures given herewith, bonds to tho am ount o f
$4 448 000 liavo beon retired. This, and tho necessity o f carrying an
abnormal investment in w ood and other inventories f a r o “
Ibated
bank borrowing to a reasonable am ount. (V . 104, p . 503, 1U1J, 1214,
V A n o th e r9 cain during tho year was tho adjustm ent o f the greater part
o f tho deferred dividends on the 6 % pref. stock, partly in cash a-nd partly
in stocks
It is expected that in tim e tho balanco o f the deferred dividends
f c S S ln ,« , a
Of d M d jn d , m tho < » ™
s t g k will bo in —
n l O ik foil— T ^ o total* p roduction or all gradiw o f paper was

S

e

[Voii. 106.

THE CHRONICLE

1682

t

f

f

S

S

f

W

;

The S S a n S c K

o f ^iiis V M W lu a n U ty of paper— nearly three times os great aa that or any
other organization in tho world— required tho consum ption o f 705.343
cords o f w ood in addition to great quantities o f other materials and supplies.
Npwsvrint ——Although under normal conditions, newsprint paper conRtlfntes^about two-thirds o f the com p a n y’s tonnage, tho profit por ton Ls
m uch less than on other papers, and o f tho profit o f tho past year sub­
stantially one-half was derived from paper other than
t ™ f
nrofit on newsprint paper, after tax deduction, was about S/ -<>0 per ton
a m oderate and really unsafe return, considering tho uncertainties which

RESULTS FOR CALENDAR YEARS.
1914.
1915.
1916.
1917.
N et earnings___________ $12,366,338 $7,002,793 $2,648,906 $2,601,099
487,798
472,775
463,034
Other incom e_________
565,835
T otal incom o_________ $12,932,173 $7,405,827 $3,121,681 $3,088,897
$867,649
$847,834
$826,983
B ond interest__________
$726,704
500,000
Contingency reserve—
— --1,054,332
1,083,539
1,518,117
D eprec. o f mill p la n ts .- 1,524,682
---------Reserved for taxes____ - 2,500,000---------- ---------B a la n ce _______________ $8,180,787 $4.620,727 $1,219,515 $1,137,709
(2)448,134
Preferred d ivid end s. (6 H ) 1 ,■461,100(3H )7 8 4 ,234 (2)448,134
$689,576
Surplus for tho y e a r .. $6,719,687 S3,836,493
$771,381
Previous surplus______ - 16,238,743
12,402,250 11,630,869 10,941,294
T o t a l ________________$22,958,430 $16,238,743 $12,402,250 $11,630,869
Stock & cash dlvs. paid&
reserved for p a ym ’t in
settlement o f def. cum .
-----------------------------------divs. on pref. s to c k -- 7,506,244
T otal p . & I. surplus.$15,452,186 $16,238,743 $12,402,250 $11,630,869
CONSOLIDATED RESULTS FOR YEAR ENDING DECEMBER 31 1917.
N et rovenuo from operations, $13,849,047; other rovenuo, $119,­
729; t o t a l . . .................. - --------------------------------------------- -----------..$1 3 ,9 6 8,7 76
Depreciation, $1,792,060; rcservo for taxes, $2,532,655; reservo .
for contingencies, $12,871; interest, bonded debt, $779,687-- 5,117,273
Regular d iv. on Internat’l Paper C o. pref. stock (6 ] 4 % )---------1,461,101
Surplus for year ending D ec. 31 1917------------------------------------ f n ’n on 'a o i
Surplus Jan. 1 1917 carried forw ard------------------------------------------ l b ,036,688
T oU i
................ .............................................................. $23,427,090
Stock and cash dividends paid and reserved for paym ent in
settlement o f deferred cum ulative divs. on I. P . C o . pref. stk . 7,,>06,244
T otal p. & 1. surplus D ec. 31 1917----------------------------------------- $15,920,846
IN TER NATIO NAL PAPER CO. BALANCE SHEET DEC. 31.
1917.
1916.
1916.
1917.
Liabilities—
S
$
Assets—
S
S
Common
s
to
c
k
...
19,750,940
17,442,800
Mill plants & water
24,709,430 22,406,700
powers______ 39,237,258 40,550,319 Preferred stock
2,904,340 3,000,452 Bonds.......... ......... 11,942,000 14,497,000
644,073
Accounts payable. 1,313,314
Secur. (inch U.S.
Gov.bds.in T7) 11,396,113 11,131,238 Accrued bond lnt.,
207,367
not
due............
81,950
168,981
68.8
Sinking fund........
336,101
2,426,428 2,608,521 Dividends payable 375,000
695,293
5,219,749 5,564,899 Deferred div. pay.
Rcservo
for
taxes.
2,500,000
7,499,255
.12,702,692
291,481
Insurance fund
340,634
500,000
Contlng. reservo..
500,000
1,983,030
purch.
226,797 Surplus................ 15,452,186 10,238,748
272,495
. 1,457,947 1,747,801
T o ta l................ 77,660,746 72,564,265
.77,660,740 72,504,265
CONSOLIDATED BALANCE SHEET DEC. 31 1917 (In c/. Subsidiaries).
Assets (Total $79,796,476)—
,
.
. . . on„
Properties owned and operated b y tho several com panies--------$45,803,9,>9
W oodlands hold directly and through subsidiary com panies for
benefit o f International Papor C o
---- - - ------------------------8,917,767
Securities (including U. S. Governm ent b on d s)............................. 4,112,391
C ash .

-

_______________________________________________

2 ,6 1 8 ,1 2 1

N otes"recelv” $835,812; accts. receiv., $4,885,182; t o t a l . . - . 5,720,994
Inventories— Raw material, supplies, finished product and
advances on logging operations--------------- ------------------------------- 12,271,772
Sinking fun ds___________ ___ ___ ____ ____________________ _____ _
1o
Deferred assets— A pplying to futuro operations o f the com pany
289,060
Liabilities (.Total $79,796,476)—
... . .
~nri son
Pref. stock, auth.. $ 2 5 ,0 0 0 ,0 0 0 ; held n treas., 5290.750; bal $24,709,430
C om m on stock, auth., $20,000,000; held in treas., $249,060, bal. 19,7o0,940
B onds o f I. P . C o .— 1st Consol. 6s, duo 1918, $3,272,000;
C onsol. 5s, duo 1935, $782,000; 1st & R of. M tgo. 5s, scr. ’A ,
duo 1947, $6,419,000; tota l- - - - - - - - - - - - - - - - - - - - - - - - 10,473,000
Prior lien bonds— Hudson River P . & P . C o ., due 1918, $1,­
015,000; R um ford Sulphite C o ., duo 1918, $287,000; 1 iscata. quis P . & P . C o ., duo 1918, $9.000; total - - - - - - - - - - - - - - - - 1,311,000
Sub. cos. bonds guar., duo 1918, $55,000; due 1919, $593,000;
917,000
not guar., due 1927-41, $ 2 6 9 ,0 0 0 -------- ------- - - ----------------Nuotes
mi wonoy
issued
b y sub. cos
d
i c t payable—
j j t h y c k v — Purchase
a IUV.HUOVJ u
u o j obligations —
--------- ------------------oai\ nnn
acquisition o f fixed p ro p e rty .---------- ------------------ ------------------ 340,ouu
I. P . C o . dividend payablo Jan. 15 1918-----------------------------------A ccrued bond interest (not d u e)----------------------------------------------I. P . C o . deferred dividend payablo-----------------------------------------

3nn’Sn2
a n co n o
b o o ’e r s

Reserves— Insurance fluid, $340,634; for con tin g., $ 80 3 ,3 5 0 -- 1,143,984
T otal profit and loss surplus D ec. 31 1917---------------------------- 15,920,846
— V . 106, p . 1348, 1234.
’ 1

Calumet & Hecla Mining Company (Mich.)7Boston.

(Report for Fiscal Year ending Dec. 31 191G.)
The income account was given last weolc, page 1580.
Pres. Rodolpho L . Agassiz, April 9, wroto in substance:

Y ou r directors have decided that a m oro conservative course w ould bo
to report the copper product not billed D ec. 31 1917 at Its cost value
instead o f its soiling value, and tho report for 1917 is on this basis.
T ho total copper product for tlio year 1917 from mine and reclam ation
was 77,495,283 lbs., o f which thero was delivered and billed In 1917 59.
527,902 lbs., leaving on hand D ec. 31 1917 not billed o f 1917 p rod u c
17,967,381 lbs. Thero was received for copper delivered (59,527,902 IDs
at an average o f 28.39 cts. per lb.) $16,900,576, and after adding othor
in com o" (dividends o f $3,200,576 on stocks ow ned, & c.), and deducting
all expenses, dividends paid (3 4 0 % ), $8,500,000, and Federal taxes aggre­
gating $979,475 (including $570,286 for excess profits tax es), thero remained
a surplus for tho year o f $3,652,918.
.
Stamp M i l l s . — Tho flotation experiments referred to last year havo been
entirely satisfactory; a 50-ton experimental unit has been operating con­
tinuously for six m onths. Ono stam p unit at a tim o will bo converted to
tho now system . In addition to this It Is proposed to build a 2 ,000-ton
plant for tho treatm ent or slimes from N os. 1 and 2 regrinding plants.
Leaching Plant.— Results for tho year havo boon wholly satisfactory.
T ho 2 ,000-ton addition, mentioned in last year’s report, Ls well under w ay.
O f tho 5,250,331 lbs. refined copper, 810,260 lbs. was from current mill
tailings and 4,440,071 lbs. from T orch Lake. ,
.
,
_
. „ ___ .
Cars.— In Sept, a contract was m ado with tho Am orican Car & F oundry
C o . for fifty 40-ton rock cars, similar to thoso now in uso; th iso should bo
received shortly and tho com pany will then havo a total o f 250 cars, an
in first-class condition.
,
. , „ „»
Stock Purchases— During tho past year tliLs com pany acquired all o f the
assets o f the Tam arack Alining C o . for tho sum o f $3,600,000 and the latter
com pany has been dissolved. T ho remaining shares o f Laurium M ining
C o . stock not owned b y this com pany D e c. 31 1916 were also acquired and
dissolution proceedings aro in process.
COMPARATIVE RESULTS FOR PAST FOUR CALENDAR YEARS.
(Calumet & Hecla Mining Co. Mines, Excluding Sand Bank at Torch Lake.)
1914.
1915.
1916.
1917.
2.592.462
3,188.583
3,166,274
R ock treated, ton s_____
3,159,570
$1.85
$1.71
$2.03
M ino cost por ton o f rock
$2.52
562
R ofincd co p . p ro d ., lbs_ 68,419,826 71,349,591 71,030,518 53,691,61
20.70
22.28
22.53
C o p . per ton o f rock, lbs.
21.65
Operations on Conglomerate Lode for Calendar Years
1914.
1917.
1916.
1915.
1,727,794
1,739,984
1,439,986
R ock treated, ton s_____
1,751,621
M ine cost per ton o f rock
$2.37
$2.13
$2.63
(excluding construc’n)
$3.26
Copper produced, lbs___ 50,415,860 51,785.016 51,738.588 37,996,045
26.38
29.174
29.97
Copper
per
ton
rock,
lbs.
28.78
mills oF this cou ntry are placed a t a great disadvantage.
...
10.42c.
8.69c.
10.75c.
> ' T he Canadian mills havo increased rapidly In number and sizo, while T otal cost copper por lb_ N ot stated
228.3 ft.
201.0 ft.
0 ft.
O ft .
developm ent In tho United States has been slight. Each year tho United Shaft sinking___________
4,339
ft.
5.522
ft.
5,142
ft.
D riftin g.............................. 2,942 ft.
tates produces a smaller proportion o f tho dom estic consum ption .

eXM oroCthan °400 ‘daily*p a p w l' are dependent for their paper supply on
on rn rodu ct
D u r l n g t h e p e r lo d o f depression and beforo the recent
a^nomnal dem and wo had accumulated vast stocks o f paper— at one tune
un OOn tons o f paper. In 1913, tho stock o f nowsprint alono am ounted to
57 000 tons and in 1915. 40,000 tons. W hen the demand for nowsprint
n ln c r Increased? wo retained for prospective uso o f tho American publishers,
and later sold them at regular prices, enormous quantities o f paper which
could havo been sent out o f tho United States and sold for m uch m oro.
Inrrensinn Costs.— T he cost o f m anufacturing all classes o f paper has
steadily increased throughout the year, duo to an increase cost o f overy
ntaSfont enterta" into production. Tho tw o chief items were tho advanced
price o f w ood and tho increased labor cost. W ood at tho mills ls costing
approxim ately twice the price prevailing f ^vo and six years W •■ w ai'es woro advanced on April 15 and O ct. 21 1917, in auaicion to a
hon us'Y f 1 0% . granted D ec. 1 1916, and continuing for tho time being,
tho total advance amounting to about 50% boyond tho agreed wago.
Government Action.— Early in 1917, tho dem and for papor exceeded any*
thin" known or anticipated. Federal authorities, becom ing interested,
cal loci paper manufacturers in conference. . . . In N ovem ber 1917, an
agreement was entored into botween tho A ttorn ey General o f the U nited
States acting as trustee for publishers, o f tho one part, and numerous
lar"o manufacturers o f newsprint paper, o f tho other part, nnder which the
Drlco o f nowsprint at tho mills was fixed at 3 cents per pound, mill, during
?he first quarter o f 1918, with tho understanding that the industry slmuld
{^ in v e s tig a te d b y the: Federal Trade O o m n ^ ^ ^ t It ^ I d
J u s t?fn d rc^ o n a b lo m aximum prleas for paper” thereafter, and the right
noal to a Board o f Arbitrators was also provided for. ( v •105, D* 2 lo o .)
I it
investigation ls now In progress, and for the first time tno C om ­
This
mission L-----------„
Ls boing .put. In. _
possession o f full and accurate figures and m form amission
tlon respecting tho industipr.
Tt L^hoped and believed that In the light o f this Information a.price, fair
tn the nroducer and the consum er, will bo fixed— a prico which will give
tho manufacturer a reasonable return on tho capital Invosteii and insure
Jo th“ public paper at a reasonable price. A nd «L b price must ini oqui y.
than the 3 rts fLxcd b y agreement for tho first quarter or 1J18.
Handicaps.__Federal legislation and Govornm ontal lndlfferonco still
subject tho U . 8. paper Industry to unfair and destructive ^influencra.
From all countrlos nowsprint paper and som o othors enter tho United
States freo from d u ty , although several coim tries b a v e a dutynKalmb the
United States product, and in som o cases a high
prohibitive d u ty.
M ore serious ls tho m atter o f pulpw ood from which papor lsmado. T ho
forests o f tho United States are in great measure exhausted,Lbut in Canada




A pr . 20 1918.1

THE CHRONICLE

Operations on Osceola Lode for Calendar Years.
1917.
1910.
1915.
1914.
R o ck treated, ton s_____
1,407,949
1,438,480
1,448,599
1,152,476
M ine cast per ton o f rock
$1.00
$1.32
$1.07
$1.19
C opper produced, lb s —
18,003,906 19,564,575 19,291,930 15,695,517
Copper per ton rock, lbs.
12.79
13.60
13.32
13.62
T otal cost copper per l b . N ot stated
11.84c.
9.71c.
10.20c.
Shaft sinking___________
338 ft.
139 ft.
O ft .
103 ft.
D riftin g.............................. 16,352 ft.
16,443 ft.
10,206 ft.
6,698 ft.
NUMBER OF SHARES OWNED I N OTHER COM PANIES.
Owned. Issued.
Owned. Issved
Ahmcek Mining C o___ 99,168 200,000 Superior Copper C o----- 50,100 100,000
Allouez Mining C o____ 41,000 100,000 Isle Royal Copper C o ... 33,187 150,000
Centennial Cop. M . C o. 41,500 90,000 Tamarack Mining C o ... 19,-100 60,000
Cliff Mining C o________ 28,785 60,000 White Pino Copper Co.,
Gratiot Mining C o____ 50,100 100,000
common------------------- 42,602 85,320
La Salle Copper C o____ 152,977 302,977
(lo
do
prof.. 10,000 34,759
Osceola Cons. Mng. C o. 33,560 96,150 Calumet Transp. C o___ 3,482 . .
Great Lake Trans. Corp. 2,000 ...........
‘ (For the details o f the operations o f these com panies, reference should bo
m ade to reports o f tho companies appended to the pam phlet.— Ed.J
D IV ID E N D S P A ID DURING CALENDAR YEARS.
1917.
1916.
1915.
1914
T otal divs. (per $25 sh.)
$85
$75
$50
$10
A m ounting t o _________t . $8,500,000 $7,500,000 $5,000,000 $1,000,000
Dividends Received from Other Mining Companies.
Ahmeek. Allouez. Cenlcn'l. Islelloy’l. Osceola. Superior. Total.
S

S

S

S

S

»S

S

Rec’d thro. 1915.1,743,112 41,000 --------- 32,300 2,112,782 . . . . . . 3,929,194
Rco’d In 1916____1,225,600 287,000 41,500
98,730 524,000 50,100 2,226,930
Rec’d In 1917____1,573,243 492,000 41,500 197,737 656,620 50,100 3,011,205
Total................ 4,541,960 820,000 83,000 328,767 3,293.402 100,200 9,167.329
CURRENT ASSETS A N D L IA B IL IT IE S DEC. 31
Assets—
1917.
1916.
1915.
C ash ....... .......... ............................ ............ x$2,l 30,273)
Accounts receivable_________________
4,139,257)$11,443,008 $6,552,166
C opper on hand______________________ 2,203,787j
Notes receivable____________________
338,292
______
___
L iberty Loan bon d s_________________
1,170,000
______
Sinking fu n d ................................. ..........
............
4,334,653
1,599,824
Supplios on hand_____________________ 3,219,814
1,720,203
1,391,293
T otal assets................................
$13,261,422 $17,497,865
Liabilities—
D rafts In transit_____________________
______
$505,195
A ccounts p ayable_____________________ $1,250,314
633,395
N otes payablo (4% notes called for
redem ption Feb. 1917)____________
______
4,134,000
Resorvos, incom o and excess profits
taxes and charges__________________ 1,384,622
1,466,674

$9,543,283
$29,541
828,391
___
428,905

T otal liabilities................................... $2,034,937 $6,739,263 $1,286,837
Balance o f assets.......................... .......... $10,626,485 $10,758,602 $8,256,446
x Includes In 1917 cash, $2,045,298, and cash at foreign banks, $84,976.
Capital stock Ls $2,500,000 in $25 shares, o f which $12 per share paid in
T otal dividends paid to D ec. 31 1917, $145,250,000.— V . 106, p. 1580.
( T h e )

B

a r r e t t

C o m

p a n y ,

N

e w

T ho subscriptions to the preferred and com m on capital stock offered
to tho stockholders In April 1917 havo all been paid in, and tho funds
received applied to tho paym ent for tho necessary addition to tho manu­
facturing plant equipment and to the increase o f its working capital.
(V. 101, p. 1047, 954.)
T ho costs o f materials and labor substantially increased during tho year
1917, and there also were unusual charges in tho way o f additional taxes.
A fter providing ample reserves to cover depreciation and for incom o and
excess profits taxes, tho not result shows $20 21 per share upon the com m on
capital stock outstanding on Jan. 1 1918, which result, under all circum ­
stances, is considered by your directors to bo very satisfactory.
Tho com pany and all o f its subsidiaries havo co-operated with tho
Fedoral Governm ent to tho fullest extent toward tho successful prosecution
o f tho war.
CONSOL. INCOME ACCOUNT FOR CAL. YEARS (INCL. SUB. COS.).
1917.
1916.
1915.
1914.
N et sales to cu stom ers.$34,297,371 $27,800,1851
($16,160 536
Cost o f goods sold______ 27,173,091 20,012,1021 Details not| 12,514,693
------------------ —- ----------------} stated—in 4---------------.—
N e tfro m s a le s _______ $7,124,280 $7,788,083
1 9 1 5 .___| $3,645,843
Other Incom o__________ 2,111,591
1,759,521)
760,273
$9,547,604
4,382,318

$6,652,639
3;531,455

$4 406 HO
2,682:095

C om m on (stock) d lv s ..
(7 % )79 0 .9 0 0
A djust, o f security v a l .. Cr268,055
______
R e s e rv e s ----------------------‘ 'x ”
750,000
I’rop .ap p .to m inority lnt.
1,142 ______8.772

(5)538:000
_____
420 000
7,728

22b"000
12,764

............

T otal deductions------$1,404,750 $4,068,003 .82,113 880 $1 369 414
Balance, surplus..............y$2,268,494 $1,097,283 $1,0071304
$354)607
x Represents depreciation treated this year as a m anufacturing expense
anti included In ‘ ‘cost o f goods sold.
y A fter providing for ncom o and
excess profits taxes.
CONSOLIDATED BALANCE SHEET DEC. 31 {INCL. SUB. COS.)
1916.
1917.
rt
1917.
1916.
/I""cts
«5
S
Liabilities—
$
§
Plants & equlp’t . - 16,864,028 14,029,476 Common s to c k ... 16,019,043 13,297,420
Furniture and fix­
do sub rcc'pts
206,953
tures__________
235,330
outstanding___
324,057
Contracts & good­
Preferred stock__ 7,475,078 4,961,100
will.......................3,416,014 3,416,014
do sub rec’pts
Cash & cash Items 1,647,033 1,064,496
outstanding___
335,722
818,039 Bonds of sub. cos. 2,625,000 2,640,000
Marketable securs. 1,150,992
Notes it accts. rec.11,959,363 10,171,910 Notes payable___
154,504
940,000
Inventories_____ 6,629,127 5,033,037 Accounts payable. 7,286,736 6,342,524
999,184 Accrued pref. divs. 389,202
Invest. In oth. cos. 2,895,101
283,805
122,620
Prepaid, &c., chgs.
179,398
Minority Interests.
9,370
71,908
Deferred Income..
26,384
Deprec’n, &c., rercservo............... 2,846,364 2,604,521
Other reserves___
689,633
194,252
Surplus.................. 6,794,691 4,526,197
T o t a l_________44,976.385 35,861,728
- V . 106, p. 1580, 1346.
O

t i s

E l e v a t o r

T o ta l................ 44,970,385 35,861,728
C J o .,

N

e w

Y o r k .

(Report for Fiscal Year ending Dec. 31

1917.
President W . D . Baldwin, March 27, wrote in substance:
T ho com p any’s business for 1917 was tho largest in Its history, as well
as tho m ost profitable. Both sales and earnings wero largely in excess
o f those o f 1910; tho former wero nearly double thoso o f 1915.
This work has necessitated tho carrying o f abnorm ally largo inventories
owing to tho high pricos o f labor and material and tho unusual difficu lty
In obtaining thorn. Thoso conditions aro reflected in our bills payablo
account. SInco N ovem ber last thero has been a substantial reduction in
this account and this liquidation will continue in 1918 as tho contracts in
hand aro being com pleted.




T h ° practical cessation o f normal building operations throughout the
country has naturally decreased the demand for elevators, but the require­
ments o f our Governm ent in its numerous building activities would seem
to insure us considerable elevator work in the future. Our various factories
aro at present largely occupied with work for tho Governm ent (exclusive
o f elevators).
Owing to conditions in E urope, it Is impossible to give any satisfactory
inform ation regarding our business there; wo havo charged o ff against
current (1917) earnings $380,000 on account o f European losses
Out o f the earnings o f 1917 we have declared tho usual dividends on the
pref. stock, and have declared a quarterly dividend o f 1 M % on the com ­
m on stock, payablo on April 15 1 9l8, and have reserved from the past earn­
ings a fund sufficient .o provide for the declaration o f subsequent 114%
quarterly dividends on the com m on stock during tho current year.
RESULTS FOR CALENDAR YEAR.
1917.
1916.
1915.
N et earns., after in t., ropairs, renew. & d e p r .* $ l,788,577 $1,036,589
$735,668
P ref. dividends ( 6 % ) . . .
$390,000
$390,000
$390,000
C om . dividends ( 5 % ) - 318,575
318,575
318,575
Reserved for Fed 1 taxes
150,000
R es.for pension,& c.,fund
100,000
50,000
Depreciation reserve
a380,0001
250,000
Contingency reserve
359,304/

1914.
$876,425
$390,000
318,765
25,000
120,000

S u rp lu s .............. ..........

$90,697
$28,014
$27,093
$22,660
* After deducting in 1917 $482,273 interest charges, the amounts not b e­
ing stated in previous years, a Depreciation account foreign com panies.
GENERAL BALANCE SHEET DEC. 31.
(Incl. assets and liabilities o f the Otis Elevator C o . o f III., M o . and Texas.)
1917.
1916.
1917.
1916.
Assets—
g
§
Liabilities—
s
$
xReal est., bldgs.,
Preferred stock__ 6,500,000
mach’y, A c----- 11,727,044 11,744,528 Common s to c k ... 6,371,587 6.500.000
6,371,587
Invest .In foreign &
2-year notes(1918)
______ 1.500.000
otherdom’le cos. 2,935,122 3,239,802 Acer. Int. on d e b ..
3S,750
40,000
Bonds, stocks, &c.,
Debentures--------- 3,100,000 3.200.000
held for sale----95,852
104,811 Notes payable___ 6,200,000
Deferred charges.
131,640
242,218 Accounts payable. 1,580,547 4,012,500
C a s h ..,. --------968,391
898,594 Liberty Loan col'al 218,500 1,265,886
Notes receivable..
201,791
84,872 Pref. dividends__
97,500
97,500
Accts. receivable- 4,207,195 3,172,962 Com. dividends..
398,219
398,219
Liberty bonds___
240,000
........... Res. for depree’n. _______ 1
Raw mat’ls, fin­
Res. for contin'es. 497,195/
250,000
ished parts, &c_ 6,425,219 5,931,508 Res. for Fed. taxes 150,000
Mat’l & labor ex­
Res’ve for pension,
pended on con­
&c.,
account__
„
- ------- ----------225,065
158,653
tracts In process
Surplus................y2,700,000 2,609,303
of comple’n out­
side of factories. 1,142,108
984,354
T o ta l................ 28,077,363 26,403,648

T o ta l................ 28,077,363 26,403,648

x Includes Investments In real estate, buildin gs,'m achin ery and equip­
ment, equities in Harrison, N ew Y ork and C hicago properties, and patents
ef)rec
o n ‘ y Denotes in 1917 surplus, reserve for working capital"

a t o m t S S l”& f A

S

.—

,,obl" ty ° ' S100-000 “ buri

J e r s e y .

(Report for Fiscal Year ending Dec. 31 1917.
Pros. William Hamlin Childs, N . Y . , April 1 wrote in sub.:

Grosslncom e(allsources) $9,235,871
A dm in., gon., & c., e x p . 5,562,627

1683

P h i l a d e l p h i a

( P a .)

E l e c t r i c

C o m

p a n y .

(Report for Fiscal Year ended Dec.

31 1917.)
Pres. Jos. B . M cC all, Phila., April 10, wrote in substance:
Summary of Consolidated Income.— The figures for the year 1917 (as shown
below) are in every res pert on a com parative basis, with the previous reP^rm* Of
I hiladelpliTa E lectric C o . (o f N ew Jersey),
o « £ h<V ncrea? e ,in ffh e/ atl? o f operating expenses during the year Ls over
Ind°in1:ax<SrrtCl?iak^ (is th® abnormal cost o f Iabor- co a l> other materials
T ho increase in fixed charges Is due to the increase in bon d ed debt
created b y the bond Issue o f Feb. 1 1917 (see V . 104, p. 565)
eDC
.
total com m ercial connected load as o f D ec. 31 1917 was equivalent
to 5,494,788 50-watt lamps, an increase o f 779,667; and the increase in the
number o f consumers during the year was 14,159. T he railway railroad
and other utilities connected amounted to 34.950 kilowatts D e c 31 1917
an increase over he preceding year o f 1,500 kilowatts.
‘
’
Additions.— During the past year we proceeded with the necessary con­
struction work to meet the demands upon the system for the year 1917
a n e w 20,000-kIIowatt turbine being installed in Station “ A - l , Christian
St. and Schuylkill R iver, replacing tw o 7,500-kilowatt turbines, thus giving
us additional capacity at that station.
6
b
Tho transmission line between Chester and Philadelphia has been com ­
pleted and is now in use; overhead and underground lines have been ex­
tended. l*or additional coal storage capacity, we purchased 58.8 acres
o f land on P e tty s Island, Delaware R iver, almost directly opposite Beach
and Palmer streets.
“
T he com pletion o f the new generating station at Chester was delaved
?tU0 to extraordinary conditions, but we expect to have the initial installa­
tion of 60,000 k . w. in operation on the system this sum m er. This station
will supply energy to m any o f the plants devoted to production o f war re­
quirements, such as the ship-building plant at H og Island, Baldwin L ocobldldTngACorkS<:cRe" c ngt0n A rm s’ Etidi'st'ono M unition Plant, Sun ShipA nticipating further needs, Philadelphia having becom e a great centre
for the production o f war materials, we also started the erection o f a large
station at Beach and Palmer streets, on the Delaware R iver
Contract*
for building and apparatus for 90,000 k. w. were m ade, our expectation
being to have 60,000 k. w. ready in N o v . and D e c ., respectively this v o ir
The closing o f the usual channels o f private financing because’o f the wap
conditions temporarily pa-tponed this work, and appeal was therefore
m ade to the W ar Industries Board with the expectation that the Federal
Governm ent would finance this new construction. F avorable action w a s
taken recom m ending the G overnm ent’s support.
acu on was
__Note Issue.— In the m eantim e, we finally sold (see V . 106 n 826 9 t d
$7,500,000 o f 2 -Year 6% Secured gold notes, part o f an autho'rized S
o f $12,000,000 maturing Feb. 1 1920, issued under a trust agreement with
tho Girard Trust C o ., trustee, dated Feb. 1 1918 the collateral hrlmr$2,500,000 1st M . 5 % gold bonds o f Philk. E l C o . dated O rt 1 9 ? 6 10 000,000 6 % M . gold bonds o f your D el. C o. El. C o ., dated Feb. l‘ 1018A !r,tbo $3,692,800 stock (excepting directors' shares) o f D el. C o El C o ’
T he proceeds will be used (1) $2,500,000 to retire the 1-Year gold notes
o f like amount maturing A ug. 1 1918; (2) S5.000.000 or that portion neces­
sary to com plete the Chester W aterside Station, installing at the present
tirno two units o f 30,000 kilowatts each, or 60,000 kilowatts.
Increase in Rates Charged.— T he extraordinary increase in the operating
expenses over the year 1916 m ade it necessary to petition the P . S. C om ­
mission o f 1 ennsylvania for an added charge to the net bills for all classes
o f business except residence and municipal lighting. Following a hearing
held in Harrisburg on Jan. 24 1918. the Commission granted us an increase
o f 1 0% , eifective midnight o f Feb. 8 1918 and continuing until Feb 5 1919
It is hoped that this allowance will cover the additional expenses for the
year 1918. If, as tho year progresses, we find it is necessary, we shall
again appeal to the Comm ission.
Merger.— 'T his com pany has received all o f the assets o f Philadelphia
C<V (oI New Jersey). now ln course o f dissolution, in accordance
with the plan for exchange o f stock dated Sept. 25 1917. All o f the se­
curities havo been transferred; see below (V .104, p.261; V 103 p 326 1416)
All o f the companies In Delaware C ou n ty, which embraces the entire
territory from the Philadelphia C ounty line to the State o f Delaware havo
also been merged into one com pany— the Delaware County Electric C o __tho
entire capdiil stock o f which is owned b y your com pany. All other form er
«Vbs d iu'y companies not included in said list are in process o f dissolution
( V . lUt), p. 1obJ).
T he plan to unify all the companies in Philadelphia has therefore been
consum m ated.
Proposed New Stock Issue.— Inability to secure any but a limited amount
o f new funds through the ordinary channels and the high cost o f such fi­
nancing make it necessary that we should now consider tho final sten in
our plan o f years for the unification o f these properties, to wit- a stock
allotm ent to tho stockholders. In view o f the scattered holdings o f tho
stock, owned b y nearly 7,500 stockholders, tho stockholders should

p rom ptly take such proportion o f stock as tliclr holdings entltlo them to re­
ceive. The saving in interest charges alone will contribute a largo amount
toward dividend reauiroments for the increase.
COMBINED RESULTS FOR CAL. YE A R S, (Inter-Co. Acc'ts Eliminated).
1914.
1915.
1916.
1917.
59,791
69,141
82,761
96,920
N o .o f consumers D e c .31
C o m m ’l con n ’d load D ec.
___
3,496,709
3,958,529
31 (50-watt e q u iv .)- - 5,494,788
4,715,121
$8,777,924 $8,160,025
Gross in com e, all c o s ___812,160,769 $10,260,072
Oper. exp ., taxes, rent­
5,484,976 x6,363,374 x6,181,046
7,705,216
als; &C-.............. 1____
$4,775,097 $2,414,550 $1,978,979
N et earnings_________84,455,553
1,981,046
Fixed chgs.,renew ’ls,& c. 2,437,359
1,574,308
1,574,311
1,574,313
D ividends ( 7 % )______ 1,749,189
S u r p lu s _______ ______
$269,005 $1,219,738
$840,239
$404,671
x Includes in 1915 and 1914 “ fixed charges, renowals, & c .,” separated
In later years.
CONSOL. BAL. SHEET DEC. 31 1917 ( Total Each Side $78,485,513).(
(Incl. Phila. E lec. C o ., Delaware C ounty E l. C o ., Bala & M erion E l. C o .’
Cheltenham E l. L t., l i t . & Pow . C o ., with all inter-co. items eliminated.)
Property and plant_________ $68,384,058 Capital stock_______________$24,987,750
251,500 Phila. Elec. Co. 1st Mtge.—
TJ. S. Liberty bonds........ ......
1,671,700
4% bonds_______________
Stocks & bonds ol other cos ,444,936
5% bonds_______________ 33,663,300
Cash______________________
1,915,906
300,000
Accounts receivable.-........... 1,873,646 Del. Co. El. Co. 1st M . Ss-Materials and supplies.......... 2,297,545 P. E. Co. 1-yr. 5% gold notes
due Aug. 1 1918__________ 2,500,000
164,377
Prepaid accounts..................
Unamort. debt dlsct. & ex p .. 2,707,567 Notes payable........ ............. - 2,900,000
Deferred charges.................. 46,599 Accounts payable__________ 2,838,078
925,863
Accrued Interest----------------3,394 Accrued liabilities (not due)Sinking f ind amort, account122,000 Reserve for renew’ls & replace. 5,167,665
Other reserve, mlsc. acc’ts-146,640
Sk. fd. Del. Co. El. Co. 1st
64,889
mtge. 5% gold bonds........
33,467 Deferred credits___________
Surplus
as
of
Dec.
31
1917—
3,319,628
Trustees’ deposit account for
trust certificates_________
240,518
Stocks and Bonds Held Dec. 31 1917.— (a) B y Philadelphia Electric C o .:
Penn Electric Light C o ., 823.472 shares; Delaware C ounty E l. C o ., 36,922 m

shares,0 a nd 'First* M tge! *s in king "fund account, $122,000; Keystone Telep.
Co
100 shares; Electrical Testing L abarotory, 3,090 shares; Borg Bros.
41 pref. and 2 0 'A com m on shares, and $52 scrip.
(6) B y Delaware C ounty Electric C o .: U . S. Liberty 4 % , $30,000; R id­
ley Park A uditorium , 20 shares, (c) Insurance Fund: Chester E l. Lt. &
Pow er C o ., 20 shares; Phila. E l. C o ., 12,200 shares; Delaware C ounty El.
C o . 1st M . 5 % goltl bonds, $145,000; Phila. E lec. G o. 1st M . sk. fd . gold
bonds 5 % , $114,200; Syracuse L t. & Pow . C o. coll, trust 5 % , $10,000;
cash, S9.790; other, $140.— V . 106, p . 1582. 933.
K

a u f m

[Vol. 106

THE CHRONICLE

1684

a n n

D

e p a r t m

e n t

S t o r e s ,

I n c .,

P

i t t s .

&

N

.

Y

.

(5 thAnnual Report—For Year ending Dec. 31 1917.)
N eta salesr ^ 1 7 . _____ $153)91461 $13,184?493 $10,959,717 $10.231472
x N et p r o f i t -------- 1 _____
$723 114 $1,021,670
$501,614
$389,450
L e fe rr o d dividend______
147,000
154,000
161,000
168,000
B a la n ce , surplus______
$576,114
$867,670
$340,614
$221,450
x After deducting yearly all depreciation and interest charges and also in
1917 all Federal taxes.
BALANCE SHEET DECEMBER 31.
1916.
1917.
1917.
1916.
S
Liabilities—
S
Assets—
S
S
2
,
100,000
2,025,000
Preferred
stock__
Plants &C............
975,686 1,005,130
Goodwill, &c........ 5,500,0001 7,500,000 Common stock— 7,500,000 7.500.000
Preferred stock re­
Leases.................. 1,960,000/
423,642
______
demption______
Investments____
231,210
159,314
669,847
601,128
Prepaid ins., &C-64,714
58,141 Accounts payableInventories______ 2,952,688 2,673,299 Notes payablo___ 1,900,000 1.400.000
Accts. & notes rec.a2,080,120 a l,743,004 Surplus_________ 2,421,930 1,422,174
Cash in banks,&C- 683,639
376,774
T o ta l................ 14,448,057 13,515,663

T o ta l................ 14,448,057 13,515,663

a Less reserve for bad and doubtful debts.
Note — The com pany guarantees $1,200,000 Investm ent Land C o. bonds
and $800,000 notes (the cost o f the new building and fixtures being $2,919,­
486)
T he rent payablo by tho com pany to the Investm ent Land C o. has
been fixed at an amount which will provide for tho paym ent o f tho bonds
in full and the contingent liability In connection with the bonds and notes
is, therefore, rem ote.— V . 106, p . 820, 611.
O

h i o

F u e l

S u p p l y

C

o .,

P

O

h i o

F u e l

O

i l

C

o .,

P

i t t s b u r g h .

(Report for Eight Months ending Dec. 31

1917.)

Years ending April 30
8 Mos. to
1915.
1916.
1917.
Dec. 31 ’ 17
Gross i n c o m e ___________ $1,349,749 $1,623,527 $1,398,278 $1,259,588
393,235
401,663
500,143
Exponses and losses_________________ 522,100
$827,649 $1,123,384
$996,615
N et earnings__________
D i v i d e n d s - .. ._____ (150% )480,000 (100)320,000 (150)480,000 (150)480,000
D epreciation_____________
278,181
283,994
399,604 --------$117,011
$386,353
$69,468
$519,390
BALANCE SHEET.
Dec.31’ 17 Apr.30’ 17
Dec.31’ 17 Apr.SO'II
Liabilities—
S
S
opcts
3
S
Investment________ 5,058,741 4,600,995 Capital s to c k ______ 320,000 320,000
35,000
68,000
Incomplete construe. 86,461
111,389 Bonds_____________
Accounts payable__ 122,440
113,145
Liberty bonds..........
30,000
184
184
186,701 Miscellaneous______
Material in stock__ 184,3S7
158,307 Deprcc., &c., res’ve.2,399,131 2,151,690
Cash______________
34,858
Accounts receivable. 212,277 256,128 Surplus.................. -.2,729,968 2,660,501
Balance, surplus______

Total - - - - - - - - -5,606,725 5,313,519
T o ta l___________ 5,606,725 5,313,519
T h e com pany has changed its fiscal year to end D ec. 31.— V . 106, p . lo o J .
R

o b e r t

G

a i r

C

o .,

B

r o o k l y n ,

N

.

Y

.

(Report for

9 Months ending Dec. 31 1917.)
Treas. Lawrence Beattie, March 1, says in substanco:
T lio directors have decided that hereafter our fiscal year shall be con ­
current with the calendar year.
,
.
_
Sales for the nine months ended D e c. 31 1917 show an increase o f over
26% and earnings are $915,493. These earnings are at the rato o f $ 1 ,220,­
658 per year, and show a proportionate increase over tho previous year
o f about 9 5 % , and are equal to $42 per share on the preferred stock; or,
after deducting tho preferred dividend, $20 per share upon tho com m on
stock. This very satisfactory condition is duo in largo measuro to the
com pletion o f improvem ents outlined in previous reports, tho curtailm ent
o f expenses and the conom ical administration o f affairs.
.
,
T ho reseVve for depreciation o f plant and buildings has been Increased
b y $258,173 from surplus earnings, from which has also been set up a
reserve for State and federal taxes, paym ent made o f the preferred dividends,
and tho balance applied to tho reduction o f outstanding liabilities and to
working capital.
_ , ----------.... ------ i Aa m o „t, M arch 31 1917 to
ckk'2
of. i jpr
n il'/ nas Deen iuuuwca m m io v f a further reduction
to S200f000 and at this date we have no other liabilities other than current
a °T1 io p as t '"yea r 'h as been the m ost prosperous one in our history, and present
indications point to a continuance o f this prosperity.
INCOME ACCOUNT.
Years ending Feb. 5—
9 Months.
14 Months.
1916.
1915.
1917.
1916-17.
$403,684
$321,722
$915,494
$727,335
N ot earnings....... .............
173,600
173,600
Pref. dividends, 7 % p . a.
151,072
193,3o4
$764,422
$533,981
$230,084
$148,122
BALANCE SHEET.
Liabilities—
Dec.
31’
17.
Mar.
31T7Assets—
Dec. 31’ 17. Mar. 31’ 17.
Real est.,land, &c.S3,425,941 S .333,140 7% cum. pf. stock 32,880,000 S2,880.000
Common stock__ 5,000,000 5,000,000
Plant, machinery,
2,594,705 Bills payablo and
(lies, * o ____ - 2,532,525
accrued Interest 553,055 1,146,192
Good-will, patent
rights, & c ___ 1,250,000 1,250,000 Acc’ts payablo and
591,115
532,375
accr'd pay-rolls .
Stock mfd. on con­
3,791
4,233
536,734 Employ.Ass’n dop.
tract__________
581,816
9,028
51,825
Accrued
taxes___
Goods In process of
471,928 Surplus x—
manufacture—
345,593
Approp.for retire­
Raw materials <&
77,644
107,919
ment of pf. stk.
supplies (at cost) 825,197 1,011,855
336,497
760,016
675,593 Unappropriated .
Acc’ts & bills r c c ..
592,213
126,400
Cash................. - - 257,985
Liberty bonds (4%)
38,447
43,912
Deferred charges& c 40,336
Balance, surplus--------

T o ta l................S9,890,053310,044,267

T o ta l................. $9,890,053310,044,267

x After deducting for tho period ending D e c. 31 1917 $258,173 deprecia­
tion on plant and buildings, and $51,825 reserve for State and Federal
L o o s e - W

i l e s

B

i s c u i t

C o .

o f

N

.

Y

.

a n d

S u b s i d i a r y

C o s .

(Report for Fiscal Year ending Dec. 31

i t t s b u r g h .

(Reportfor Eight Months ending Dec. 31 1917.)
The annual report, signed by President George W . Craw­
ford and Asst. Sec. J. B . W ikoff, dated April 9, said in subst.:
The fiscal year having been changed to end with the calendar year,
the following report is for the eight months ending D ec. 31, covering tho
neriod when earnings are low and expenses high.
_ _
T ho surplus account as shown below docs not include a charge for f e d ­
eral Income and excess profits tax, amounting approxim ately to $220,000.
r Anticipating a heavy dem and for gas, an unusual amount o f drilling was
d o n e throughout tho year, and during tho eight months covered b y this
report wo com pleted 155 gas wells, 5 oil wells and drilled 54 dry holes, a
total o f 214 welts, almost twice as m any as wo drilled during tho previous
vear which in a measuro accounts for the largo expenses, thero being a
m arked increaso in tho cost o f drilling, while taxes and wages and other
ilt0lT a d d h lo n Uto tho u sM U ra ou n t o f work in the gathering system , almost
$1,000,000 was expended in im proving tho trunk lines and compressor
stations.
INCOME A C C O U N T S MOS. TO DEC. 31 1917 A N D YEARS ENDING
APRIL 30.
8 Mos. to -------------- Years ending Apr. 30------------Dec 31 ’ 17.
1917.
1916.
1915.

S3S»S!T!:::::::::*sJ:ffiS *sg&?:lt

1917.)
President J. L . Loose, Feb. 23, wrote in substance:
T ho volum e o f sales and distribution for 1917 havo been greater than
during any previous liko period. The net profits after deducting deprorlatlon interest and all overhead expensas, and beforo providing for war
and excess profits taxes, amounted to $1,822,404, as com pared with $903,­
700 for 1916. A dequate provision has been made out oi tho earnings for
depreciation and renowals, tho amount set aside approxim ating $375,000.
T h e Federal taxes to bo assessed against profits for 917 are estimated
to bo 8300 000 which has been charged against earnings and deducted
beforo balance is carried to surplus. Regular dividends on first prof, stock
have been paid quarterly and after deducting these dividends and estimated
Federal taxes there was carried to surplus tho substantial sum o f $1,178,364.
W hilo the general market conditions respecting our principal raw ma­
terial and supply items continue in an adverse position, and notwithstand­
ing the upward tendency o f m anufacturing expenses we have been ablo to
effect a reasonable adjustm ent o f our trade pricos to partially offset the
l n T h e l a r n ^ L C w f e Cd d o not represent what is usually termed as “ war
profits " but are chiefly duo to tho substantial increase in volum e o f sales
without a proportionate increaso in ovorhoad exponscs.
1 ho com pany has
not yet Reached the volum e for which equipment and facilities havo been
hCTo°con°servo\vhteat flour wo have adopted measures for the use during
1918 o f a substantial percentage o f other flours milled from barley, rye.
These other flours, although costing m ore can we believe
bo™ ombined with wheat flour and produce crackers and biscuits that will

com and o lts

$2,022,705
$366,907
(8)978,420

m Thet h ig ^ p ro v ^ ln ^ C te ts ^ o f ^raw materials, supplios, & c.. and the great
Increase in our volum e o f sales reflect tho com p any’s need o f additional
working capital and while tho notes payablo account shows an increase
thte U m ore thak offset by a substantial gainin.quick asset items o fin v e n -

B alance, surplus_____ a$540,788 $1,969,159 $1,153,141
$67;,378
♦ Includes for period in 1917 $5,782,593 gross earnings from operations,
60,563 interest received and $1,159,480 dividends on stock owned.
CONSOLIDATED BALANCE SHEET.
Dec. 31'17. Apr. 30’ 17
Dec. 31’ 17. Apr. 30’ 17
Liabilities—
S
S
Assets—
S
S
Capital
stock___
19,813,000 19,813,000
Investment_____ 30,930,218 27,831,928
312
6,138
Material in stock.
917,714
656,972 Debenture bonds.
931,446
Cash......................
727.370 2,304,062 Accounts payablo. 1,134,597
-------12,521
Aco’ts receivable- 1,329,071
927,311 Invent, adjust.,&o.
Bonds____ ______
947,000
557,000 Deprec’n reserve. 1,860,004
Surplus............. _al2,054,912 11,514,169
Material adjust—
11,453
.................
T o ta l................ 34,862,826 32,277,274
T o ta l................ 34,862,826 32,277,274

t0 T ho d ir e c t o r d e lim it tho part o f wisdom and conservatism to continue
i no airecrcm ucui i
i
second pref. stock until tho accumulated
^ ^ T a i r b e ^ c i m f t o r e T e ^ l su& tantial part o f borrowed fun ds.

$2,498,469
,r N et earnings--------------$2,183,317 $3,473,484
$366,907
B ond interest..................
S1>o04,32of
D iv id e n d s ............- .......... (5)990,650/
l (8)978,420
D ep reciation----------------651,879
--------------

a Before deducting a charge for Federal incom o and excess profits taxes,
am ounting approxim ately to $220,000.
___
. „ e c,ie
T ho com pany has reduced Its outstanding debonturo bonds from $6,115,­
125 as o f Apr. 30 1916 to $312 as o f D ec. 31 1917. T he only charge
against tho incom e for period in 1917, excluding dividends, was for depre­
ciation , amounting to $651,879. . . .
.
. „
-r
T he com pany has changed its fiscal year to end D ec. 31. V . 106,
p . 1582, 928.




CONSOLIDATED IN COM E ACCOUNT FOR CALENDAR YEARS
1915.
1916.
$712,798
$386,271
$1,028,216
N et p r o f i t s * . - - - - - ------ ’
18,379
36,100
29,778
In t. & d iv. received-----19,152
$731,177
$422,371
$1,057,994
$2,062,361
XUIkU ihuiiw — ---- —
$68,625
$54,574
$54,541
$77,226
General expenses, & c-_ _
6,760
Int. real estate m tge—
132,153
137,786
161,449
Special expense, & c-----20,148
107,468
99,753
162,7 3f
Tnt. on borrowed m oney;
P rov. for war excess prof­
300,000
its and Income ta x e s-- *
350.000
344,050
344,050
344,050
1st pref. d iv. ( 7 % ) -------140.000
2d pref. d iv. (7 % )
Balance, sur. or d o f.s u r $ l,178,354 sur$408,202 dof$221,507 sur$13,501
buslnels^lncU idfng1r e g S a r 'o x p o n d R u r ^ fe ’r ^ ropai^^^d'rn atn tcn ance and
adequate allowanccs fer depreciation, bad debts. &C.

CONSOLIDATED BALANCE SHEET ( IN CL. SUB
1917.
1916.
Liabilities—
Assets—
S
S
1st prof., 7% cum.
Real est., bldgs.,
plant,g’dwill.Ao.13 075,562 13,060,464 2d pref., 7% cum.
Inventories (cost). 4 450,469 3,120,681 Comm on________
Notes payable___
Accounts recelv’Ic
(less reserve) — 2 837,107 2,062,294 Accounts payable.
196,892 Prov. for warexcess
104,893
Mlsccll.Invest.,Ac.
A Income taxes.
37.0S0
44,585
Advances________
387,762 Res. for redomp. of
720,005
Cash on hand, A c1st pref. stock..
120,613
135,209
Prepaid lnsur., Ac.
Surplus................
Total . . .

T o ta l................ 21,367,830 18,985,780
—-V . 106, p. 933, 927.
S w

a n

&

F i n c h

COS.) DEC. 31
1916.
1917.
S
S
4.915.000 4.915.000
2 , 0 0 0 ,0 0 0

S,000,000
3.875.000
603,969

2 , 000,000

8 , 000,000
2.950.000
625,279

85,000
1,588,SOI

85,000
410,507

o .,

N

e w

Y o r k .

Balance o f not profits for’ year ending D ec. 31 1917--------------------- $81,550
BALANCEISIIEET DEC. 31.
1917.
Liabilities1916.
1916.
1917.
*8177,090 $502,502 Capital stock___ S970.000 $970,000
450,0001
487,135
1.586,706 1,14.8,461 Notes payable___
170,031/
409,422 Acc’ts payable__
390,126
Acc'ts receivable
14,948
135,096 Est. Federal taxes
131,635
Deprec., Ac., res.
102,699
208,232
11,207
Prepaid expenses.
589,088
Surplus................
530,114

C

T o ta l.................$2,296,765 $2,195,481

o r p o r a t i o n

( o f

V

a .) ,

N

e w

Y

o r k .

(Fifth Annual Report—Year ended Dec.

31 1917.)
Treas. Gray Miller, N . Y . , M ar. 1 1918, wrote in subst.:
Herewith we submit tho consolidated profit and loss statement and co n ­
solidated balance sheet o f your com pany and its subsidiary com panies
for tho year 1917. \ our com pany lias been an operating com pany since
.Tan. 2 1917. All the earnings o f subsidiary companies have been included
in this statement, but or the affiliated com panies only such earnings as
havo been declared as di