Full text of Commercial and Financial Chronicle : April 21, 1917, Vol. 104, No. 2704

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financial

IV
ommfrria
IN C L U D IN G
Bank & Oiiotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

VOL. 104

SATURDAY, APRIL 21 1917

(Khvom

Term s o f Advertising— Per Inch S pace
T w o Months
Tlirco Montlis
Six Montlis

20
00
00
00
00

(8 tim es).

lX
Chicago
L ondon

office —3!) South La Sallo Street, Telephone M ajestic
o ffice —Edwards <fc Smith, 1 Drapers’ Gardens, E, o .

7396,

W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r s ,
____________ F ron t, l»lne and D cp e y ste r S ts., N ow Y o r k .
Published every Saturday morning by WILLIAM- B. DANA COMPANY
Jacob Seibert Jr., President and Treaa.; George S. Dana and Arnold Q. Dana.
Vice-Presidents; Arnold Q. Dana, Seo. Addresses of all, Office of the Company,

CLEARING HOUSE RETURNS.

The following table, made up by telegraph, &c., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
liavo been 35,923,060,585 against 35,855,010,400 last week and 34,457,259,979 tho
corresponding week last year. Good Friday fell In tho week last year.
Clearings— Returns by Telegraph.
Week ending April 21.

1917.

Per
Cent.

1910.

Now York___
Chicago..........
Philadelphia . .
Boston_______
Kansas City__
St. Louis........
San Francisco.
Pittsburgh___
Detroit_______
Baltimore___ :
Now Orleans..

$2,819,210,705
444,891,953
315,240,970
200,049,894
156,401,140
117,199,700
77,190,402
04,899,790
53,912,128
35,004,246
37,727,320

$2,441,033,507
+ 15.5
332,018,842
+ 34.0
173,820,922
+ 81.4
157,515,004
+ 27.0
72,440,970 + 115.9
83,590,242
+ 40.2
55,310,412
+ 39.0
45,520,045
+ 42.0
37,104,080
+ 45.3
27,910,355
+ 25.4
15,090,410 + 140.5

Eleven cities, 5 days................ .........
Other cities, 5 days...............................

S4,321,731,380
073,401,284

$3,441,979,395
408,647,920

+ 25.6
+ 04.8

Total all cities, 5 days.
All cities, ld a y ..................

$4,995,192,004
928,407,923

$3,850,027,321
600,032,658

+ 29.7
+ 53,1

Total all cities for week.

$5,923,000,585

$4,457,259,979

+ 32.9

Wo cannot furnish them to-day, clearings being made up by tho clearing houses
nt noon on Saturday, and henco in tho above tho last day of the week has to ho In
all cases cstlmatod, as wo go to press Friday night.
Detailed figures for tho week ending April 14 follow;
Week ending April 14.
Clearings at—

Now York........ . 3,381,509,509 2,590,227,179
344,405,905 233,477,458
Philadelphia___
70,804,770
78,329,787
Pittsburgh______
45,590,729
45,608,195
Baltimore..........
14,252,830
10,576,229
9,317,815
W ashington___
11 [245,321
4,823,918
Albany................
4,700,000
0,394,592
Rochester..........
0,812,594
Scranton . ..........
3,250,415
3,440,558
Syracuso............
3,215,705
4,297,471
H eading..-........
2,839,108
3,525,035
Wilmington........
3,247.154
3,589,030
Wilkes-Barre . . .
1,813,354
1,801,407
2,086,391
3,502,995
Wheeling............
2,385,074
Trenton............ 2,499,317
1,084,375
1.000,000
Y o r k ..................
2,222,144
2,810,149
Lancaster..........
1.985,170
1,535,763
1,085,000
939,700
Binghamton----600,000
571,808
Altoona . -------962,004
900,000
Grcensburg........
1,486,940
1,404,109
Chester..............
487,882
454,038
M ontclair..........
Total Middle. 3,923 ,077,284 3,009 ,565,095
227 ,048,842 219 ,284,696
Boston................
10 ,559,800 10 .141,100
Providence........
8 ,290,348
9 ,008,330
Hartford . . . ___
4 ,321,799
5 ,284,402
Now Ilavcn........
4 ,137,050
4 ,484,286
Springfield........
2 ,500,000
3 100,000
Portland............
3 ,811,002
3 ,545,160
Worcester..........
1,919,010
Fall River_____
2 ,189,011
1,093,487
1,680,130
Now Bedford__
1,087,727
Lowell_________
1,142,902
1,049,810
1, 000,000
Holyoko..............
701.824
703.799
B a n g or.............
Tot. Now Eng. 270,400.722 258,937,925

Inc. or
Dec.

1915.

%

$

+ 30.2 ,139,446
+ 47.5 159,154
+ 10.5
00,330
+ 0.2
35,056
+ 10.3
10,038
+ 20.7
8,385
—2.0
5,472
+ 0.5
5,024
+ 5.0
3,020
+ 33.0
3,138
+ 24.2
2,088
+ 10.5
1,840
—0.7
1,620
+ 33.7
2,080.
+ 4.8
1.794,
+ 47.0
1,105,
+ 20.7
1.874,
+ 29.4
1,019,
+ 15.5
094,
+ 4.9
538,
+ 0.9
800,
+ 1.5
085,
+ 7.3
430,
+ 30.3 ■440,250
+ 3.5 177,808
+ 5.1
8,080
+16.0 7,790
+ 22.3
4,086
+ 8.4
3,232
+ 24.0
2,035
— 7.0
3,009
+ 14.1
1,586
— 0.8
1,315
+ 5.1
898
—4.8
713
+ 8.8
390
+ 4.5 211.619,584
Note.— For Canadian clearings see "Commercial and Miscellaneous

,




1914.

$

,077,532 ,728
177,845 505
00,737 750
38,902 ,710
11,480 ,830
7.0 (8 ,785
5,616 850
5,010 530
3.124 233
3,149 873
2.000

000

2,070 ,330
1,410 ,929
2,529 ,498
2.195 154
1.195 021
2.124 582
1,207 724
813 ,000
621 410
829 710
919 209
500 501
,409,485 512
174,783 ,501
8,359 400
5,950 089
3,539 094
3,290 ,087
1,883, 490
3,034 877
1.330 477
1.331 815
809 007
074 ,209
417 831
205,422 543
News.”

Inc.
Dec.

1917.

1916.

Chicago..............
Cincinnati..........
Cleveland_____
D e tro it_______
Milwaukee........
Indianapolis___
Columbus_____
Toledo_________
P eoria_________
Grand R apids...
D a y to n _______
Evansville_____
Springfield, III..
Fort Wayne___
Lexington ..........
Rockford_______
Youngstown___
A k ro n ................
Bloomington___
Quincy........ .......
Decatur............ ..
C an ton ________
South Bend____
Springfield, O . ..
Jackson............ .
Danville ............
Mansfield_____
Jacksonville, 111.
L im a ____
.
Owensboro____
Ann Arbor__
Adrian............
Lansing........
Tot.Mld.Wcst.

S
510,284,055
40,581,195
74,233,994
56,406,19
24,535,278
13,302,000
11,475,900
11,984,524
4,750,000
4,970,365
3,773,19
3,195,528
1,932,189
1,290,357
725,00<
1,811,892
4,521,737
6,840,000
1,315,019
1,200,000
1,031,745
3,952,996
1,234,534
1,349,392
950,000
724,124
894,010
425,617
959,496
600,000
362,765
157,645
840,000
792,682,752

S
368,971,101
33,305,951
45,893.47C
42,877,952
19,001,284
11,441,144
10,657,000
9,204,834
3,500,000
4,602,810
3,226,88'
1,859,880
1,409,197
1,420,77'
868,551
1,250,179
5,026,772
4,033,00(
794,60C
934,541
071.05C
2,729,474
964,238
1,121,493
874,681
772,957
732,486
407,10S
732,24C
352,311
300,000
58,734
700,000
580,870,712

%
s
+ 38.C 327.5S3.95C
+ 21.
25,158.95C
+ 61.7
29,816,36C
+ 31.7
29,491,862
+ 29.1
15,900,814
+ 16.3
8,331.07S
+ 7.7
6,803,600
+ 29.4
6,697,147
+ 35.3
3,141,768
+ 8.:
3,676,487
+ 1 6 .E
2,074,525
+ 71.S
1,376,176
+ 31.5
1,304,268
— 8.7
1,341,965
— 16.5
714,806
+ 44.S
1,055,762
— 10.0
1,514,786
+ 69.r
1,959,000
+ 65.6
708,328
+ 28.5
839,370
+ 53.6
420,608
+ 44.8
2,200,000
+ 28.C
834,804
+ 20.3
739,437
+ 8.6
686,978
— 6.5
502,106
+ 22.1
613,402
284,512
+ 4.5
491,242
+ 31.0
+ 70.4
343,387
+ 21.2
244,495
54,441
+ 10.8
+ 20.0 1
550.000
+ 36.5 477,516,424

San Francisco__
Los Angeles........
Seattle_________
Portland_______
Salt Lake C ity ..
Spokane________
Tacoma..............
Oakland________
Sacramento____
San Diego_____
Pasadena______
Stockton ______
Fresno...... .........
San J o s e _______
North Yakima..
R e n o __ ____ __
Long Beach____
Total Pacific..

87,000,027
31,761,000
23,313,314
18,317,261
12,300,271
6,702,575
2,700,000
5,118,379
2,468,214
2,704,314
1,625,009
1,705,077
1,588,585
816,598
689,171
602,434
827,626
200,312.515

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
2,504,014
1,083,141
1,108,737
1,040,412
734,264
499,772
413,499
665,225
147,502,951

+ 39.5
+ 23.3
+ 41.1
+ 42.2
+ 60.1
+ 34.7
+ 7.4
+ 11.5
+ 17.5
+ 8.0
+ 50.0
+ 53.9
+ 51.8
+ 11.2
+ 38.0
+ 45.7
+ 24.4
+ 35.8

52,874,087
21,745,992
13,253,270
11,595,757
5,831,551
3,607,653
2,106,734
3,759,062
1,745,681
2,119,902
1,070,262
817,549
860,111
593,026
415,510
280,757
583,554
123,260,468

132,267,820

Kansas City___
Minneapolis___
Omaha...............
St. Paul_______
D en ver..............
St. Joseph..........
Des Moines........
Sioux City_____
Wichita________
Duluth................
Lincoln........ .....
D avenport........
T o p e k a ________
Cedar R apids...
Fargo..................
Colorado Springs
Pueblo................
Frem ont............
Waterloo............
Helena.............. .
Billings ..............
Aberdeen............
Hastings............
Tot. oth. West.

133,252,908
36,713,360
34,950,711
13,500,000
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
296,312,104

82,794,892
26,048,057
23.480,701
13,300,696
12,214,183
9,112,002
6,902,565
4,434,707
4,383,981
4,105,014
3,097,074
1,849,777
1,740,320
2,052,066
2,171,842
828,762
558,244
400,000
2,382,400
1,536,449
753,432
841,411
314.244
205,309,539

+ 60.9
+ 40.9
+ 48.8
+ 1.5
+ 27.4
+ 59.6
+ 15.8
+ 31.5
+ 37.2
+ 28.1
+ 34.6
+ 16.1
+ 40.0
+ 28.7
— 3.9
+ 33.9
+ 40.0
+ 55.7
+ 16.9
+ 5.9
+ 9.6
+ 10.9
+ 66.7
+ 44.3

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
1,319,216
1,694,421
1,463,658
687,471
389,646
334,859
1,610,659
1,048,232
510,545
547,075
217,923
168,147.405

54,354,740
25,236,688
10,530.167
11,782,318
9,467,320
6,928,935
5,902,961
3,310,498
3,019,343
3,217,548
2,155,551
2,045,643
1,680,985
1,650,000
1,351,379
655,017
690.953
303,699
1,489,202
1,050,246
406,506
450,000
165,269
153,979,968

St. Louts............
New Orleans___
Louisville..........
H ouston ............
Oalveston_____
Richmond_____
Fort Worth____
Atlanta..............
Memphis............
Savannah _____
Naslivlllo______
N orfolk_______
Birmingham___
Jacksonville___
Augusta............ .
Chattanooga___
K noxvlllo..........
M obile_________
Charleston . . .
Little Rock........
Oklahoma..........
Macon.................
Austin.......... .....
Vicksburg..........
Jackson ..............
Tulsa__________
Muskogee______
D a llas................

138,017,457
41,492,003
20,162,884
10,680,634
4,433,549
23,393,337
11,072,771
27,445,706
12,186,101
7,761,949
11,090,058
5,810,741
2,940,672
4,830,163
3,729,090
3,587.147
2,596.714
1,275,000
2,548,940
3,732,499
0,416,000,
1,595,673
3,000,0001
340,035i
497,107
8,409,561|
1,575,078
11,537,194

96,090,510 + 43.6
22,177.824 + 87.1
+ 3.1
19,552,948
9,815,783
+ 8.8
3,978,580 + 11.4
14,000,000 + 67.1
7,312,659 + 51.4
17,446,043 + 54.7
8,001,954 + 52.3
4,097,321 + 65.2
8.029,652 + 38.1
4,273,331 + 36.0
2,512,150 + 15.7
4,378,873 + 10.3
1,682,096 + 121.7
3,056,008 + 17.4
2,314,772 + 12.2
1,034,800 + 23.2
3,000,000 — 15.0
2.584,494 + 44.4
3,115,559 + 105.9
3,408,128 — 53.2
4,500,000 — 33.3
350,300 — 2.9
691,811 — 28.0
3,393,901 + 147.8
1.170,834 + 34.6
6,961,617, + 65.6

83,463,013
18,331,795
12,419,219
8,092,982
4,7SO,379
10,114,019
6,745,077
13,942,004
7,230,322
5,397,409
6,363,044
3,907,569
2,125,358
3,034,876
1,972,821
2,221,229
1,713,303
1,204,566
2,092,178
2,092,966
2,539,300
2,697,075
3,026,850
506,722
444,956
1,371,527
653,815
..................

86,135,489
19,658,811
13,982,878
7,400,000
3,127,000
8,717,753
7,729,349
17,120,975
8,035,225
4,050,930
7,639,054
4,076,370
3,329,270
4,031,113
2,102,311
2,287,737
2,108,423
1,329,287
1,981,303
2,456,557
2,223,216
3,837,879
1,944,770
293,258
341,109
1,945,819
863,280

Terms o f Subscription— Payable in Advance
jfal tln o Year .................................................................................................. $10 00
rot Six M o n th s ...... . . .................................................................................. 6 00
'(European Subscription (including postage)............................................. 13 00
European Subscription six months (including postago)...................... . 7 60
Annual Subscription in London (including postago).............................£ 2 14i
>7ix .Months Subscription in London (Including postage)...................... £ 1 H i
Canadian Subscription (including postage) .............................................$11 50
Subscription includes following Supplements—
B ank and Q uotation (monthly) I R ailw ay an d I ndustrial (3 tim es yearly)
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NO. 2704
Week ending April 14.

PUBLISHED W EEKLY .

Standing Business Cards

Electric Railway Section
State and City Section

Total all.......... 5,855,010.460 4,462,058.896
Outside N. Y . 2,473,440,891 17865,831717

1915.

1914.
$
339.S95.233
25,367,100
28,908,548
42,643,167
17,014,675
7,998,611
6,704,600
6,730,407
3,671,958
3,336,362
2,452,711
1,451,790
1,219,274
1,461,915
684,171
1,072,335
1,494,774
1,872,000
743,025
879,421
552,469
2,202,247
655,484
728,074
625,027
489,924
598,708
321,835
499.152
454,336
221,461
71,609
639.438
503.691,835
53,332,860
25,886,929
14,114,499
13,296,625
6,226,554
4,803,778
2,188,307
3,893,302
1,880,021
2,512,615
991,381
873,600
999,377
593,022
386,165
288,485

+31.2 3,0397280,106 3,023,597,544
+32.0 1,499,833,449 1,546,004,818

1534

THE CHRONICLE

[Vol. 104.

Mr. Harrison assumes that the annual income of
the United States amounts to $50,000,000,000 (this
r"
THE F IN A N C IA L” SIT U A TION.
being $500 per head of our population of 100,000,000);
The $7,000,000,000 War Loan bill has^thisTweek
the rest of course is easy. As a matter of fact there
received the support of the two branches of Congress
is not a shred of evidence to support any such esti­
and only some minor differences between the two
mate and we need hardly say that dealing with mythi­
houses stand in the way of its being already a law.
cal figures of this kind on such a subject is attended
Thus the first step has been taken in financing the
with great risks. There is authority of the United
needs of this country on its entry into the great war
States Census for an estimate of the national wealth
in Europe. It is worth noting that the vote in both
at $200,000,000,000. Or, to be precise, two years
houses of Congress on the final passage of the measure
ago the Census produced some figures undertaking
was absolutely unanimous, not a single vote having
to show that between 1900 and 1912 the national
been cast against the bill in either house. That is
wealth had increased from $88,517,000,000 to $187,­
an important fact as indicating the unanimity of sen­
739,000,000. Though these figures were based on
timent with which the financial part of the war is
inflated farm values, caused by the high level of
being undertaken and also the unanimity of purpose
agricultural products then ruling, the fact that the
that the Government should have funds in proportion
level of agricultural prices has latterly been raised
to the magnitude of the undertaking upon which the
still higher, with a corresponding further expansion
country has embarked and adequate to all possible
in farm values, would justify putting the present
needs. Congressman Kitchin last week, in present­
national wealth at $200,000,000,000, that being not
ing the bill in the House, appropriately described its
out of proportion to the estimate of $187,000,000,000
character when he said: “ This bill represents the
for 1912. As far as Great Britain and the European
most momentous project ever undertaken by the
countries are concerned, there are no authentic recent
United States. The bill contains authorization for
figures whatever of national wealth, and being pure
the largest amount of bonds ever provided for in any
conjecture, the amounts might, with just as much
legislative body in the history of the entire world.”
reason, be put at one figure as another. Mr. Har­
It is important that this view should be kept
rison takes the wealth of Great Britain to be $85,­
steadily in mind, namely that the Loan measure at
000,000,000, and the deductions already given follow,
either $5,000,000,000 or $7,000,000,000 is a gigantic
but any other comparison would have been equally
one, and that to issue such a tremendous aggregate
valid, since no trustworthy data exist on which to
of Government obligations is taking a step freighted
base a comparison.
*
with great responsibility. The financial position of
The fact that the Census made the wealth of this
the United States is, of course, one of superb strength,
country as recently as 1900 only $88,517,000,000,
and this first draft for funds can involve no undue
gives an idea what raising $75,000,000,000 for war
strain upon the country’s vast resources. The loan
purposes, as suggested, would mean. And the stupen­
is, nevertheless, a huge one and it should be recog­
dous nature of the aggregate is again revealed when
nized as such, instead of being treated as if it were a
we note that it compares with aggregate deposits
perfunctory affair, evidencing with what ease we can
(June 30 1916) for the entire 27,513 banks of all
provide large sums for the prosecution of the war.
kinds in the country— national, State, savings and
A very general disposition- exists to think that we
private banks and loans and trust companies— of no
have untold wealth at our command and that we can
more than $22,773,714,074. Mr. Harrison says
with perfect safety incur debts of prodigious amounts
“ our ability to pay is manifestly certain.” It ap­
without the least likelihood of overburdening our­
pears to us that with such a debt it would be far
selves. Everybody thinks in billions and talks in
from “ certain.” At all events it would be a stagger­
billions, and the most of us act as if, in view of the
ing load of debt and we doubt whether the United
load of debt which the nations of Europe have been
States— or, for that matter, any other country of the
assuming, we ought to be ashamed to express our­
world— could live under it. If the rate of interest
selves in anything but billions. That is the real
were no higher than 4 % — and it would most assured­
danger in the situation, that'we will in easy fashion run
ly have to be a great deal higher if such an amount
up a mountain of debt without fully reckoning the
of debt should be floated— the interest charge would
consequences, doing this on the notion that we are
be not less than $3,000,000,000 a year. New York
capable of anything in the financial line, thereby State is certainly a wealthy State, and it has savings
running the risk of sapping our financial strength,
deposits in excess of those of any other State of the
notwithstanding the undoubtedly preeminent advan­
Union, and yet, if all the savings deposits in all the
tage we now hold in that respect.
savings institutions in this State were drawn out the
As indicating what we have in mind there was an
amount would fall a full billion dollars short of
article in the “ New York Times Magazine” of last meeting the interest charge for a single year on the
Sunday contributed by the Secretary of the Savings assumed indebtedness, the Superintendent of Bank­
Bank Section of the American Bankers’ Associa­ ing at Albany having reported the savings deposits
tion suggesting that the United States may yet raise Jan. 1 1917 at $1,953,663,728. Furthermore, as in­
$75,000,000,000 for war. M r. Harrison reasons dicating the absolutely conjectural nature of the esti­
thus:
mate of a national income of $50,000,000;000, or, for
“ If Great Britain with a per capita income o c $309
can have a per capita debt of $452, most certainly
the United States with a per capita income of $500
and a per capita debt of $11 could raise an equal
proportion to that maintained by Great Britain.
This would allow a $75,000,000,000 war debt of
the United States. The comparison is valid when it
is considered that the positions of the two countries
respecting their financing of allies is similar.”




that matter, of an estimate of any kind, it deserves
to be noted that in a circular just to hand from a
leading investment house in Chicago the estimate of
tjie national income is put at $33,600,000,000.
* As a matter of fact, even the present war loan of
$7,000,000,000 runs far in excess of any figure of in­
debtedness in this country with which it is possible
to make comparison. This will appear when we say

A pr. 21 1917.]

THE CHRONICLE

that according to the United States Census the total
net indebtedness in 1913 of the United States Govern­
ment, together with all the States and all the munici­
palities, large and small, was no more than 84,8o0,460 713. Through the incessant talk of billions,
built upon the unfortunate experience of war-stricken
Europe, we are losing our sense of proportion, and it
is time that we again contemplated things in a ra­
tional way. There is only too much reason to fear
widespread bankruptcy in Europe after the close of
the war, and the United States must guard its own
financial strength with the utmost care so as to be
able to extend a helping hand at that time to these
suffering countries. Much is said of the inflation
that may result from the putting out of such great
masses of obligations and of many other elements of
danger, but not a word of warning is being addressed
anywhere against the mere going in debt on such a
huge scale, the gravest danger of all.
No matter how much debt the United States may
think it safe to incur, a certain portion of the war
expenditures will in any event have to be met out
of increased taxation, and Congress is now foiulu­
lating plans for the levying of these extra taxes.
Heavier taxes are never welcome, but on this oc­
casion will be cheerfully borne in view of the national
need and the exigency out of which it arises. Care,
however, must be taken that economic laws are not
violated; that trade processes are not interfered
with, and that no injustice is done to any interest
or any body of citizens. The “ excess profits” tax,
as was to be expected, finds much favor and we notice
that Secretary M cAdoo suggests not alone that the
rates be increased but that the tax be made to
apply to the past calendar year, time for payment,
however, to be extended from June (when the income
taxes arc now due) to next September. An objec­
tion to the retroactive feature would be that those
liable to pay the extra taxes, not having had any
intimation that they were to be applied to past
profits, may have spent these profits. At all events
if the excess profits tax is to be retained and is to be
enlarged (some suggest taking as much as 50% of the
excess, in certain cases) Congress should see to it
that the law provides for a real “ excess profits” tax.
The idea is borrowed from Great Britain. In that
country, “ excess” profits means excess above
the profits that were made before the out­
break of the war. In this country, under the
law passed by the late Congress, excess means
profits in excess of 8 /q on the cash capital
invested.
A company, or a partnership, may have earned
15 or 20% before the war, and have earned it in a
legitimate way on a very small margin of profit from
sales or from production, but now it is to be allowed
only 8 % , and penalized with a heavy tax on the
remainder. In figuring the 8 % , a concern will not
even be allowed 8 % on the outstanding capital, but
8% alone on “ the actual cash paid in and the actual
cash value, at the time of payment, of assets other
than cash paid in.” In that form, the excess tax
will work absolute injustice to many small partner­
ships or corporations in which goodwill constitutes
the principal asset in the business and very little
cash is employed or required.
Some of the daily papers have been printing com­
putations to show how small the excess tax on the
basis given would be in the case of certain fortunate



1535

corporations having assets largely in excess of their
outstanding capital stock, but no one has thought it
worth while to present the case of the small business
concern whose capitalization has been fixed on the
basis of assured income over a series of years, and
in which little cash is required in the conduct of the
business.
There are many partnerships where the yearly prof­
its amount to from 850,000 to 8100,000 per annum.
The partners put their energy and experience into
the business and at the end of the year divide the
profits ratably. We have in mind a small com­
mission house making on the average 860,000 a
year, divided among four partners, each therefore
getting 815,000. This is a record based on long ex­
perience. Only a nominal amount of capital being
employed in the business there would be only a
trifling deduction for the 8% allowed on the cash
employed, and, therefore, practically the whole
860.000 would be subject to the heavy penalty tax.
If, therefore, the penalty tax should now be fixed
as high as 50% this concern would have to pay
830.000 out of the 860,000 over to the Government;
and the four partners, instead of having an income
of $15,000 apiece as far many years past, would
now be reduced to an allowance of only 87,500
apiece.
.
.
Obviously such a result is virtual confiscation,
and would be rank injustice, constituting, besides,
intolerable discrimination in the levying of the tax
in favor of the concerns with larger cash capital
employed. Surely the lawmaker cannot intend
anything of the kind. We repeat therefore that
excess profit should be made to mean what it does
in Great Britain, where the idea originated, namely
excess over the profit made in the years immediately
preceding the war.
Gold production in the Transvaal and in all other
fields from which reports of output are available
monthly show a declining tendency in yield in 1917
as compared with 1916, but upon a strictly moderate
scale. For each month of the first quarter of the
current year the premier South African field has
reported a decrease in the amount of gold obtained
from the mines, and in the aggregate for the period
the falling off reaches 46,701 fine ounces. In the
contiguous workings— the Rhodesian field a de­
crease of some 20,000 fine ounces is indicated, there
has apparently been a small loss in West Africa, and
in India as well, while the decline in Australasia ap­
proximates 15,000 fine ounces. It is evident, there­
fore, that the fields mentioned have furnished to the
world a new supply of gold some 85,000 fine ounces
less than for the same three months of 1916, and if
the past is taken to be indicative of the future, a de­
cline, therefore, for the year 1917 of about 350,000 fine
ounces is forecasted. This outcome is not a matter
for surprise, taking into account the fact that the
mines in question are practically all under the British
flag and have consequently suffered more or less dis­
organization of the working force as a result of the
war.
It does not follow, however, that even though the
outcome prognosticated should be virtually confirmed
by the actual results, the world’s gold production in
1917 will fall below that of 1916. On the contrary,
there is a possibility of a recovery in yield in the
United States to the figures of 1915, which would
more than wipe out the above indicated decline, and

1526

THE CHRONICLE

it is among the probabilities that Canada will further
increase its output. Whether a revival in the gold­
mining industry in Mexico will occur this year is
problematical, but it is not to be conceived that pro­
duction will fall below most recent years. As re­
gards the Transvaal, we note that the March 1917
yield was 787,094 fine ounces and for the three months
reached 2,291,049 fine ounces, these contrasting with
796,689 fine ounces and 2,337,750 fine ounces in 1916
and 753,935 fine ounces and 2,145,140 fine ounces in
1915.
By a vote of 286 to 52 the British House of Com­
mons on Tuesday passed on second reading a bill
for the extension of the life of Parliament until
November. This action removes the possibility of
the country being disturbed meanwhile by a general
election. The opponents of the measure were chiefly
the Irish Nationalists, who contended that the
Government had broken faith, since no solution of
home rule for Ireland has been announced. Andrew
Bonar Law, member of the British War Council,
announced that the Premier, David Lloyd George,
hoped to make a statement early next week as to the
Government’s intentions with regard to home rule.
The British troops, he added, were engaged in the
greatest operation since the commencement of the
war, and were meeting with success which exceeded
his expectations. It would, therefore, be highly
disadvantageous if the country should be plunged
into the turmoil of an election, with a possibility of
division and the certainty that the energies of the
nation would be diverted from the prosecution of the
war. On Wednesday a resolution of formal expres­
sion of England’s appreciation and gratitude and
welcoming America to the ranks of the Allies fighting
for democracy, was passed by the House of Commons.
It had been framed by the Ministry. The vote was
unanimous and without division. “ I hope and
believe that the entrance of the United States is the
turning point of the war,” declared Bonar Law, in
moving the vote. Ex-Premier Asquith seconded the
motion. The House of Lords adopted the resolution
later in the afternoon.
Reciprocity in wheat between the United States
and Canada has become a fact this week, as a result
of the announcement by the Canadian Government
of an order placing wheat, wheat flour and other
wheat products on the free list. By doing this the
Dominion avails itself of the reciprocal privileges of
the United States tariff in regard to wheat. Our
own tariff provides a duty of 10 cents a bushel to be
levied on wheat, 45c. a barrel on flour, and 10% ad
valorem on wheat products of those countries which
maintain a tariff on the commodities against the
United States. The change in the matter of wheat
may, it is believed, be regarded the entering wedge
for a renewal of the agitation for reciprocity on the
lines that were rejected by the Canadian Govern­
ment in 1911.
Our own country in entering the war at the close of
its third year is endeavoring to take full advantage of
all the experience that has been gained by our allies
and is endeavoring, too, to seek counsel from our
allies with a view of avoiding the many blunders that
have been such a feature of the earlier stages of this
great struggle, just as. they have been in most of the
earlier conflicts between nations. The Administra­



[Vol. 104

tion, at any rate, is not disposed to underrate the
strength of its adversaries. Thus, financial prepara­
tions are on a stupendous scale. The Adminis­
tration’s program contemplates the utmost aid that
can be given in the form of credits, munitions and
food and all other necessary supplies that will aid
in bringing the conflict to a successful and decisive
close. Our navy, although general orders have gone
forth forbidding the publication of specific news as
regards the movement of warships, is known to be
already co-operating with the naval organizations of
England and France and is releasing to that extent
British and French warships that, until now, have
been utilized for patrol .of our own coasts. A
somewhat remarkable report was published early
in the week of an American destroyer having been
fired upon by an enemy submarine off the New Jersey
coast. The authenticity of the report is assumed by
the Navy Department, but the details as reported seem
to have been received with some skepticism in view
of the fact that the attack occurred at 3:30 in the
morning when there was no moonlight. Berlin has
issued a denial that there is any U-boat in American
waters. Whatever the value of this denial, the
report of the attack has certainly had one good
effect— it has put all our naval and merchant vessels
on their guard and has removed at one stroke the
dangerous sense of security that might easily be
responsible for the loss of a considerable number of
ships, when, as seems to be expected, German U-boats
begin their operations in the various sea-lanes tribu­
tary to our ports.
In addition to financial arrangements the Adminis­
tration has assumed responsibility for a movement to
extend to the utmost the food productive capacity of
our country. It is fortunate that the war crisis has
been reached in the spring season when there still
exists ample time to arrange for large increases in
farming operations. The winter wheat crop of both
wheat and rye promises to be well below the produc­
tion of recent bumper years; nevertheless these crops
are up to the average. If the present spirit of en­
terprise and of economy as regards food supplies is
kept up to anything like its present pitch, there seems
encouragement to believe that ample supplies will be
available not alone for our own needs, but for the
needs of our allies during the current year and the
early part of next year.
The Administration, too, is planning legislation
intended ,to prevent speculators taking advantage of
war conditions to force food prices up to excessive
figures. Control of the price level is already being
exercised in the case of Government contracts for
food for the army as well as for munitions and other
supplies. There seems to be some disposition to
think, too, that since we are undertaking to provide
such huge credits for friendly Governments, that
some attempt may be made to prevent unduly high
prices being charged on supply contracts entered
into by the Entente Governments with American
manufacturers and producers.
To this extent at
least our own entrance into the war as a practical
participant may not be regarded as quite as en­
couraging a feature to shareholders of the various
war industrial concerns as seems to have been quite
widely expected. Furthermore, the proposed large
increase in income taxation as well as the operation
of a proposed new law providing higher rates on ex­
cess profits is likely to prove an additional source of

A p r . 21 1917.]

THE CHRONICLE

discouragement. Secretary Houston, of the De­
partment of Agriculture, yesterday recommended
to the Senate that the Council of National Defense
be empowered to fix maximum and minimum food
prices.
The older participants in the war are showing
every disposition to place before representatives of
our own Government all possible data for our guid­
ance. As one London dispatch puts it, England will
place all her cards frankly on the table in discussing
through her Commissioners who have arrived here
the best means by which American efforts may be
directed in bringing the war to a successful close.
Commissioners have either arrived or are on their
way here from England, France, Italy and Russia
for the purpose of participating in a conference with
our own authorities on this subject. It would of
course be entirely unwise to publish definite infor­
mation of the movements of these representatives
until the conferences are inaugurated as such action
might readily place the lives of these representatives
in danger from enemy sources. At these conferences
all the various questions of supplies, of military co­
operation and of finance, &c., will be taken up and a
thoroughly concerted plan of campaign will, it is to
be expected, be agreed upon. The list of the British
High Commissioners who will be guests of the nation
and attend the various conferences has been an­
nounced by the State Department as follows: Right
Hon. Arthur James Balfour, M .P ., O .M .; the Hon.
Sir Eric Drummond, K .C ., M .G ., C .B .; Ian Mal­
colm, M .P .; C. F. Dormer, G. Butler, Rear Admiral
Sir Dudley R. S. De Chair, K .C .B ., M .V .O .; Fleet
Paymaster Lawford, D .S.O ., Admiralty; Major-Gen.
G. Bridges, C .M .G ., D .S.O .; Capt. II. H , SpenderClay, M .P .; Lord Cunliffe, Governor of the Bank of
England. Presumably the Commissioners from the
other countries will be announced as soon as con­
siderations of safety and caution will permit. The
British Commissioners are supposed to have arrived
at Washington by way of Halifax.
The spring offensive by the Entente armies on the
western front has continued and has been marked
this week by a series of smashing operations that have
been successful beyond general expectation. The
French have again taken the leadership in the oper­
ations. Press advices, by way of Paris, state that
the uniform failure of the Germans to resist the
steady and methodical pressure of the French is the
outstanding feature of the operation. It has per­
mitted movements by the French authorities that
might otherwise have been considered rash. Yester­
day Avas the fifth day of the French participation
of the great drive against von Ilindenberg’s forces
and was marked by the driving of new holes into the
new line from the Aisnc to the Champagne. To
meet this drive von Ilindenberg has brought up new
divisions into the battle, some of them having suf­
fered virtual annihilation. Thus far the Germans
however, have clung to St. Quentin and Lens.
Seventy-seven square miles of France have been
reclaimed from the invader by the five days continu­
ous smashing operations. General Nivelle’s men
have now progressed over a front of nearly 40 miles
to a depth of from three-quarters of a mile to four
full miles. A score of villages and towns have been
retaken. It is typical of the French operations that
General Nivelle does not seem to be seeking to pierce



1527

the German line at a given point. Instead, he pro­
poses an advance along the entire front by steady
stages. In this the new plan differs from the plan
of warfare of the previous Somme campaign. Vio­
lent artillery actions are in progress betAveen the
Somme and Oise in Champagne, near Le M ort
Homme, in the Verdun sector, and in Belgium around
Dixmude. Comparative quiet as measured by the
recent intense fighting, is reported to prevail on that
part of the line of France held by the British.
The latest official communication dealing with the
Arras-Lens sector reports slight gains for Field
Marshal Haig’s forces south of Monchy-le-Preux
and Fampoux and also to the north of the Loos sec­
tor. The German reports minimize the victories of
their enemies, but nevertheless acknowledge retire­
ments from positions that have become “ unsuitable,”
&c. The Petrograd War Office announces that ac­
tivity on the Eastern front has consisted merely of
rifle firing and scouting operations. Unofficial re­
ports, said to have been made public by the Russian
General Staff, are to the effect that the Germans
on the northern part of the Russian front, backed by
their fleet, are preparing for a great advance on the
Russian right Aving, probably AA7ith the intention of
attempting to isolate Petrograd from the main Rus­
sian armies. Quiet fierce fighting is reported in the
Macedonian theatre Avith the Teutonic Allies the
aggressors. Violent artillery duels are taking place
in the districts of Monastir and Tsrvena Stena
and on the right bank of the Vardar near Mayadag.
The Turks have sustained another defeat from
the British. An official announcement from Lon­
don states that the British have Avrecked the plan
of the Turks to halt the invading armies Avhich have
been SAveeping fonvard Avithout serious interruption
for several Aveeks. The complete rout of the Turkish
Eighteenth Army Corps and another advance in
Mesopotamia, north of Bagdad, Avere reported in an
official statement yesterday.
The official report of British shipping losses by
submarines and mines for the week ending April 15
s Iioavs that arrivals and sailings of merchant vessels
of all nationalities at United Kingdom ports Avere
2,379 arrivals and 2,331 sailings. These figures
include vessels of more than 100 tons. Of the total
British merchantmen that Avere sunk, 19 were
over 1,600 tons, including 4 not recorded in the pre­
vious Aveek. Under 1,600 tons, 9 Avere sunk. British
merchant vessels unsuccessfully attacked by sub­
marines, including 3 in the previous fortnight, num­
bered 15. British fishing vessels sunk, including
2 in the previous Aveek, numbered 12. It will be
observed that details are not available of the destruc­
tion of French, Italian or neutral shipping. During
the last seven Aveeks, the period in Avhich statements
of the losses of British merchant vessels have been
made in the present form, the record shoAvs that 168
such vessels have been lost, 116 being of more than
1,600 tons and 52 beloAv that figure.
Peace reports again have been given industrious
circulation this Aveek. The passage of Socialists
through Germany has, it is reported, been permitted
to aid attendance at a Socialist meeting in Scandi­
navia. The German authorities yesterday denied
officially any interest in these meetings Avhich Avould
seem to suggest that the meetings had failed to yield
definite results. The most specific of the Aveek’s

1528

THE CHRONICLE

reports have been several that have predicted nego­
tiations for separate peace in progress between Aus­
tria and Russia. However, in an address to the
representatives of British and French workingmen
who are now in Petrograd, Prof. Paul Milukoff, the
Russian Foreign Minister, took occasion to deny
that there was any fear that Russia would in any
way revoke its promise to refuse a separate peace.
“ We understood that at the moment of the revolu­
tion you might be afraid we would lose our strength
of resistance,” he said. “ I beg you to announce
to your countrymen that free Russia has become
doubly strong through democratization and that she
will overcome all sufferings this war entails; that
despite the revolution we stand firmly for the princi­
pal object which was imposed on us. Russia will
continue the crusade for the annihilation of German
militarism with the greatest intensity, for our ideal
is to prevent all possibility of war in the future.
Our present problem consists of organizing our forces
of defense shaken by the revolution. • We shall en­
counter the enemy with redoubled strength confident
of victory.” Advices of yesterday’s date from
Petrograd stated that although the subscription lists
to the “ Liberty Loan” only opened on Thursday, the
public is already contributing freely, according to the
Official News Bureau. In two hours after the lists
were open 2,500,000 rubles were received. The
Moscow municipality has subscribed 1,000,000 rubles,
and Director Nya of the Bank of Stockholm, sub­
scribed 2,000,000. The headquarters of the Bank
of Stockholm are in Moscow, and the Director was
influenced by the report of M . Braking, a Socialist,
who told him of the impressions he received during
a journey to Petrograd.
Reports are current of revolts organized by Ger­
man influence in Brazil, and there have been some
pro-German demonstrations in Mexico. As yet this
situation does not appear to have become especially
serious. Peru has announced the severance of diplo­
matic relations with Germany. A great anti-German
demonstration is scheduled to take place in Buenos
Aires to-night (Saturday).
The.continued success of the British and French
offensives on the Western front have produced a
more cheerful tone on the London Stock Exchange.
This, however, has not been accompanied by sub­
stantial increase in the demand for investments.
News from Petrograd that fear had subsided of
Russia concluding a separate peace with Austria was
especially liked. The British Treasury has an­
nounced for requisition another long list of securities,
all, however, having appeared in previous mobiliza­
tion lists. It is not probable, therefore, that import­
ant additions will be made to the volume of securities
already at the disposal of the Government. Notice
also has been promulgated of arrangements for ex­
changing the large amounts of Canadian Pacific
securities that the Government is to acquire for
collateral trust bonds of the same company in order,
itlislexplained, to provide security suitable for the
American market. The amount involved in this
transaction is declared by London correspondents to
be nearly $200,000,000. Keen interest is being dis­
played at the British centre in the plan for distribu­
ting the United States Government bonds in America
and also the form of bonds that the Entente Govern­
ments must provide in connection with the official
American credits. The more general understanding



[Vol. 104.

is that the English and French bonds, for instance,
will merely be instruments identical in form with
those that the American Government will sell to
American investors and the proceeds of which will be
utilized by our Government to purchase the bonds
of the Entente countries. It is not the general
opinion in London that the American Treasury will
require any deposits of collateral. But in view of the
large amount that is so soon to be available in the
American credit it seems to be puzzling London
operators to explain why the British Chancellor is so
actively continuing his requisition of securities and
especially his policy of securing those that are best
available for the American market.
The energy that has been displayed by our own
Government since the determination was reached
to become a participant in the world-wide struggle
is exciting the admiration of financial London.
This, however, is not altogether a surprising feature.
It must, indeed, be the source of direct comfort for
countries that have for nearly three years stood the
present strain of war to hear that what is admittedly
the richest in resources of any country throughout
the world, has joined their ranks and will utilize to
the full these resources in the common cause. The
London correspondent of the “ Evening Post” points
out that Lombard Street believes that our new loans
should undoubtedly be issued in separate install­
ments, and that the utmost deliberation should be
shown with our tax plans; otherwise too violent
a financial dislocation will be caused. Furthermore,
he continues, “ unless taxation is most judiciously
and scientifically apportioned, its tendency will be
to injure the ready floating of the loans on advan­
tageous terms.” In this as in other directions the
correspondent adds: “ Your Government should profit
by what Lloyd George in his speech of Thursday of
last week frankly referred to as our blunders.”
The money situation in London is showing some
greater degree of firmness. Floating supplies of
funds have been reduced by the payment of the
successive offerings of Treasury bills; also by prepa­
rations for the regular installment of the war loan.
Criticism is still being indulged of the policy of the
Treasury in issuing its bills by tender and especially
the requirement that each £50,000 block be paid on
one day. Tenders for another £50,000,000 of these
bonds were invited yesterday (Friday). No state­
ment as to the rates in this instance has as yet reached
us by cable. The loan of the Australian Common­
wealth, which was offered last week, was largely
oversubscribed. This was very natural in view of
the liberality of the conditions, as the offering was
one of £3,500,000 five to ten-year 53^s at 98. Last
Saturday’s Exchequer returns showed the revenue
of the United Kingdom for the week to have been
£11,912,000, or a shade more than 26% of the ex­
penditure, which figured at £44,520,000. Other re­
ceipts included £2,609,000 from the new Exchequer
bonds. The outstanding Treasury bills were given
at £454,478,000, and the Treasury balance showed
a reduction of £3,700,000 to £22,082,000. Little of
financial news of importance developed during the
week. The annual report of the Cunard Steamship
Co. registered an increase of 36% in the fleet’s ton­
nage and of 48% in the capital as the result of the
acquisition of the Commonwealth and Dominion
Line interests; earnings increased 33% . A dividend
of 10% was declared on the company’s ordinary

A pr. 21 1917.]

THE CHRONICLE

shares at the annual meeting on Monday, as was also
a bonus of equal amount in the new 5 % war loan,
the income tax being deducted from the dividend
but not from the bonus. The dividend and bonus
for 1916 are the same as paid by the Cunard Line
for the preceding year, when the option was given
the stockholders of taking the bonus either in cash
or in the ordinary shares of the company. Towards
the close of the week a broadening of speculative
activity which was described by one correspondent
as “ undoubtedly representing peace buying,” devel­
oped, though, it was added, “ this does not necessarily
indicate that there are anticipations of an immediate
development in this direction. Cautious business
men, however, are refusing to commit themselves to
the opinion that the war will be over this year, while
agreeing that such a contingency is possible.”
In Paris there also has been improvement in finan­
cial sentiment as a reflection of the military situation.
The war loans as well as rentes and railroads, ship­
ping and other stock all show improvement in the
price levels, although “ rubbers” and shipping have
been subjected to some degree of profit-taking as a
result of their recent advances. One meatless day a
week has been declared by the Government beginning
April 25, and the sale of pastry is to be suppressed.
Many of the recent import restrictions have been
found unworkable and temporarily they have been
suspended. The French revenue for March was the
highest that has been recorded since the war began.
A Berlin dispatch gives the amount of subscrip­
tions to the sixth war loan according to reports thus
far received as 12,770,000,000 marks (nominally
$3,039,260,000) exclusive of conversions of older war
loans. Some subscriptions, the dispatch says are
still to come from small subscribers and from troops
at the front. The total for all war loans exceeds
60,000,000,000 marks (nominally $15,000,000,000).
The amount of the preceding German loan was given
unofficially as 10,698,994,990 marks. The success
of the new loan exceeds general expectation. There
are, of com so, no data available indicating the
degree of compulsion that is represented in the sub­
scriptions. Emperor William has sent the following
telegram to Count von Itoedcrn, Secretary of the
Imperial Treasury: “ Your report of the brilliant
results of the subscriptions to the sixth war loan has
highly gratified me. Accept my heartiest congratu­
lations for this gigantic success, which is new and
powerful testimony before the entire world of the
German people’s resolute will for victory and its un­
shakable confidence in the future of the Fatherland.”
The text of the advertisement used frequently in
the German newspapers in aid of the Imperial war
loan states that “ we have now to prove to our foes
through the result of the loan that Germany’s eco­
nomic strength is unweakened,” and calls on the
people to “ convert your money into U-boats, into
barbed wire, guns and shells and preserve the lives
of our heroes at the front.” The German Reichstag
is to meet on April 24 and continue until the end of
May. The Chancellor, Dr. von Bethmann-Hollweg
is expected during the session to make another state­
ment with regard to Russia.

1529

tion of food. Many strikes have taken place, though
latest reports suggest that a settlement has been
reached whereby the chief demands of the men have
been granted. The number of strikers in Berlin is
placed in a semi-official report at 125,000, distributed
among machine works, some electrical establishments
and parts of the munitions plants. The great muni­
tion industry at Spandau, however, has not been in­
volved. Food rations have been increased and as­
surances have been given the strikers of a more
liberal and popular government after peace has been
secured. The Government has agreed to comply
with the demands of the labor leaders for the estab­
lishment of a standing commission of labor represen­
tatives that shall have a voice in the food distribution
in greater Berlin. A promise also has been given
that strikers will not be punished by being sent to the
front, and explicit assurances have been given of ade­
quate food rations and effective measures against
evasion of the food regulation by the rich. Later
dispatches state that the strikes have been renewed
and that thousands employed in the famous Krupp
works have joined.
There has been no change in official rates from 5%
in London, Paris, Berlin, Vienna and Copenhagen;
5A % in Italy, Portugal and Norway; 6% in Petrograd, and 4y 2% in Switzerland, Holland and Spainf
In London the private bank rate has been advanced
to 4 ^ $ @ 4 % % for sixty, and 4 % @ ,4 % % for ninety-­
day bills, against 4 )^ @ 4 y%% indiscriminately for
both maturities a week ago. No reports have been
received by cable of open-market rates at other Euro­
pean centres, so far as we have been able to ascer­
tain. Money on call in London moved up to 4 }4 % ,
an advance of
Rom the previous rate of 3 % % a
week ago.

The Imperial Bank of Germany in its weekly state­
ment, as of April 14th, shows the following changes:
Total coin and bullion increased 610,000 marks; gold
increased 345,000 marks; Treasury notes showed an
expansion of 93,926,000 marks; notes of other banks
increased 1,135,000 marks. Bills discounted again
declined heavily, the amount for the week being
389.331.000 marks; advances were increased 1,629,­
000 marks; investments gained 1,356,000 marks;
other securities expanded 21,376,000 marks; notes in
circulation registered the large decline of 199,312,000
marks; deposits were reduced 128,117,000 marks,
while other liabilities showed an expansion of
58.030.000 marks. The German Bank’s holdings of
gold now stand at 2,532,289,000 marks, as compared
with 2,461,000,000 marks in 1916 and 2,355,440,000
marks last year. Loans and discounts aggregate
9.078.673.000 marks, against 5,226,000,000 marks in
1916 and 3,575,400,000 marks the preceding year.
Circulation is 8,359,560,000 marks. A year ago the
total was 6,534,000,000 marks and in 1915 5,125,­
620,000
marks. The changes for the week of
April 7 (the statement having been published on
Saturday last) were as follows: Total coin and bullion
increased 1,359,000 marks; gold increased 1,178,000
marks; Treasury notes registered a decrease of
30.413.000 marks; notes of other banks gained
2.745.000 marks. Bills discounted, in sharp con­
trast with the stupendous increase of the week before,
There have been serious riots in Germany during recorded an equally startling decrease, viz.: 3,655,­
the last fortnight, due chiefly to weariness over the 103,000 marks. Advances decreased 485,000 marks;
war but especially to dissatisfaction with the distribu­ investments decreased 1,884,000 marks; [other se-




1530

THE CHRONICLE

[Vol. 104.

In local money circles there is no quotable change
curities were reduced 45,587,000 marks; notes in cir­
culation decreased 57,149,000 marks, while deposits in the general situation. Slight, if any, improvement
showed the enormous reduction of 3,585,549,000 in the routine demand is apparent; nevertheless, the
marks. Other liabilities decreased 86,670,000 marks. attitude of lenders is firm and indifferent, many
being out of the market entirely, except for supplying
to needs of regular customers. All interests appear
The Bank of England’s return indicates a further to be awaiting some definite indication of the methods
slight expansion in its gold holdings, the increase for to be employed in distributing the new war loan.
the week being £133,700, while the total reserve was There is no doubt whatever that subscriptions will
increased £653,000, there having been a decline in be sufficient to meet any requirements that the
notes in circulation of £519,000. The proportion Treasury may feel disposed to invite. On the other
of reserves to liabilities was advanced to 19.74%, hand, the transaction is one of a concededly delicate
as compared with 19.49% last week and 29.10% a character and no little harm can readily result if
year ago. Public deposits this week were increased proper caution is not exercised. There is no real
£5,376,000, although other deposits decreased £4,­ necessity for making large drafts at the outset upon
324,000. Government securities showed a nominal the public purse. The immediate difficulty will
reduction of £22,000. Loans (other securities) were not be so much of raising funds as of spending them
expanded £420,000. Threadneedle Street’s holdings as the proceeds of the loan are to be devoted for pur­
of gold aggregate £55,064,693, which compares with chases of supplies that cannot in the very nature of
£57,964,779 a year ago, and £55,640,385 in 1915. things, become available for delivery for months to
Reserves now stand at £35,402,000, against £42,­ come. One amendment that was offered to the
384,000 in 1916 and £39,758,015 the year previous. House bill was a provision permitting the Govern­
Loans total £124,043,000. A year ago the amount ment to deposit the proceeds of the offering in banks
was £87,905,000 and £144,322,534 in 1915. The and trust companies that are not members of the
Bank reports as of April 14, the amount of currency Reserve system. This is a wise provision since
notes outstanding as £137,132,513, against £135,­ every effort should be made to prevent funds being
699,350 a week ago. The amount of gold held for taken out of ordinary business channels to a greater
the redemption of such notes remains at £28,500,000. extent than is really necessary. Secretary M cAdoo,
Our special correspondent is no longer able to give we notice, was opposed to this feature. The opposi­
details by cable of the gold movement into and out tion that has developed to the Secretary’s desire to
of the Bank for the Bank week, inasmuch as the concentrate the funds exclusively in member banks is
Bank has discontinued such reports. We append based upon the fear that advantage will be taken of
a tabular statement of comparisons:
such a situation to force into the Federal Reserve
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
system banks and trust companies who have not al­
1913’
1914.
1915.
1910.
1917.
April 23.
April 22.
April 21.
April 19.
ready joined and who have no desire to join. The
April 18.
£
£
£
£
£
War Finance Bill is now in the hands of the conference
Circulation............ . 38,111,000 34,030,000 34,332,370 28,032,210 28,434,905
Publlo deposits--- . 54,708,000 59,178,000 125,413,072 18,803,572 15,005,310 committee, who have agreed upon their report, which
Other deposits----- .124,538,000 80,040,000 88,749,742 42,418,275 41,179,335
Gov’ t securities— . 37,574,000 33,187,000 47,810,181 11,040,570 12,879,827 insists upon the Senate’s amendment permitting de­
Other securities— .124,043,000 87,905,000 144,322,534 41,100,415 33,559,254 posits of proceeds of the loans in institutions that are
Reserve notes & coin 35,402,000 42,384,000 39,758,015 20,711,088 28,218,387
Coin and bullion.. . 55,004,093 57,904,779 55,040,385 30,893,898 28,203,292 not members of the Federal Reserve system as well
Proportion of reserve
as in member banks. But the amount so deposited,
49.03%
43.02%
18.50%
29.10%
19.74%
to liabilities........
3%
i 'A %
5%
5%
5%
Bank rate.............. .
it is provided, must not exceed the amount withdrawn
for the purchase of the Government obligations.
An additional gain is announced by the Bank of As the House of Representatives has recessed until
France in its stock of gold on hand of 10,142,025 Monday, the bill as amended cannot be approved or
francs, bringing the total (including 1,947,671,850 signed by the President until that day. The most
francs held abroad) to 5,232,488,575 francs, as against general expectation in banking circles appears to be
4,899,441,920 francs (all in vault) in 1916 and 4,191,­ that so far as our own national war expenditures are
884,514 francs the preceding year. Silver holdings concerned, the Treasury Department will at first
registered a reduction of 1,693,000 francs. Note have recourse to the distribution of the $2,000,000,000
circulation was expanded by the large sum of 157,­ one-year certificates of indebtedness that the Treas­
591,000 francs, while general deposits decreased ury will be authorized to issue as soon as the bill is
67.920.000 francs. The Bank’s advances declined finally enacted. The first issue of the new bonds will,
12.571.000 francs. Other changes were without it is believed, be for the account of our allies. As our
significance. Notes in circulation now aggregate banks and trust companies are expected to take the
19.001.718.000 francs, which compares with 15,­ certificates of indebtedness on which, under the new
239,423,165 francs at this date a year ago and 11,­ Act, the Treasury will be authorized to pay as high
539,904,880 francs in 1915. Comparisons of the as 3y 2% . This high rate will not be paid unless
various items with the statement for the week pre­ necessary. A program of temporary financing to
vious and the corresponding dates in 1916 and 1915 meet the Government’s running expenses up to the
are here given:
close of the fiscal year June 30 was taken up for
BANK OF FRANCE’S COMPARATIVE STATEMENT.
formal consideration on Thursday by Secretary
Changes
------------------------ Status as of---------------------—
for Week.
Apr. 19 1917. Apr. 20 1910. Apr. 22 1915. M cAdoo, with the co-operation of the Federal Re­
Gold Holdings— .
Francs.
Francs.
Francs.
Francs.
A semi-official statement made in
In Bank.................Inc.
10,142,025 3,284,810,725 4,899,441,920 4,191,884,514 serve Board.
Abroad-................
No chango
1,947,071,850 ............ - .................................
connection with the conference declares that con­
T o t a l.................Inc.
10,142,025 5,232,488,575 4,899,441,920 4.191,884,514
templated measures are the issuance of from $150,­
Silver.....................Dec.
1,093,000 257,913,000
359,700,578
370,325,G54
Discounts.......... -Inc.
2,098,000 495,100,000
418,905,050
222,002,418 000,000 to $200,000,000 in temporary certificates of
Advances-.............Dec.
12,571,000 1,182,302,000 1,223,707,741
002,792,311
Note circu la tion .. Inc. 157,591,000 19,001,718,000 15,239,423,105 11,539,904,880 indebtedness to be redeemed July 1, when the great
Treasury doposlts.lnc.
0,189,000
97,237,000
77,854,034
53,909,450 bulk of the income tax and other revenues for the
G oneral deposits--Dec. 07,920,000 2,442,450.000 2,030,013,910 2,329,309,040
current fiscal year^will be in hand. There will, it is




A pr. 21 1917.]

THE CHRONICLE

1 5 31

proposed, be attached to these temporary certificates require 434@ 4^4% , compared with 434% last week.
the conversion privilege permitting the holders to Trading continued exceptionally quiet, there having
convert the certificates into the bonds, or into later been no increase in the volume of notes offered.
certificates bearing a higher interest rate and author­ Banks’ and bankers’ acceptances were not active and
ized under the $7,000,000,000 war finance measure. the prevailing opinion among brokers is that dealings
Federal Reserve banks will handle these temporary will be restricted until the Government financing
certificates, but will not subscribe to them as they has been taken care of. Quotations were without
already hold $50,000,000 of certificates issued important change. Detailed rates follow:
April 1, which mature July 1, and bear interest at
-------------- Spot Delivery------------Delivery
Ninety
Sixty
Thirty
the rate of 2% per year. The issue now planned
within
Days.
Days.
Days.
30 Days.
probably will bear interest at the rate of 3 % and Eligible bills of member banks____
3tf«@3
31
A ,© 3
3@2X
3 X bid
Eligible bills of non-member banks.
3 ^ ,@ 3
3*At@3
3X@ 3
3 V» bid
will undoubtedly be taken wholly by financial insti­ Ineligible bills...................................
-4 @ 3 X 3 M @ 3 X 3 X @ 3 X
4 X bid
tutions. Federal Reserve banks have been requested
The Federal Reserve Bank at Cleveland has this
to ascertain the amount of certificates each can dis­
pose of quickly and to forward a report of the total week reduced its rate for commercial paper running
to the Board at Washington. How effectively the 31 to 60 days from 434% to 4 % , and increased its
Government’s demand for funds will check applica­ rate for trade acceptances running 1 to 30 days from
tions on the capital market by our railroads and other 3% to 334%. It has also put in effect a rate of 4 %
corporations is suggested by the decision of the New for commodity paper running 1 to 90 days. Prevail­
York Central to issue $10,000,000 in one-year notes ing rates for various classes of paper at the different
Reserve banks are shown in the following:
instead of attempting any formal financing.
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
The weekly statement of New York Associated
Banks and Trust Companies, issued last Saturday,
o’
showed a considerable falling off in both aggregate
«
CLASSES
-3
R.
42
OF
©
3
and surplus reserves, which was due almost entirely
o
-3
©
s
o
I s
^3
?
to Reserve bank operations. The loan item was
£
£
£
G
6
—
—
—
—
—
increased $0,333,000. Net demand deposits were
Commercial Paper—
1 to ISdays maturity
3
3X 3X 4
3X 3X 3X
3X
reduced $37,138,000, and net time deposits $2,456,­ 16 to 30 "
“
4
4
4
4
4
4
4
4
4
31 to 60
*•
4
4
4
4
4
4
4
4
4
"
000. Reserves in “ own vaults” registered a decline 61 to 90 "
4
4
4
4
4X
4
4X
4X
4
X
Agricultural and
Live-Stock Paper—
of $21,240,000, to $481,005,000, of which $426,950,­
91 days to 6 months maturity 5
5
4X 5
4X S
5
5
5X
Notes of Member
000 is specie. At this date a year ago the total of Promissory
Banks—
reserve in own vaults was $455,884,000, including 1 to 15 days maturity____ 3X 3 3X 3X 3X 3X 3X 3 H
3X
Acceptances—
$385,772,000 in specie. Reserves in Federal Reserve 1Trade
to 30 days maturity.
3X 3X 3X 3 X 3X 3 X 3X 3X
3X
to 60 "
••
3X 3 X 3X 3X 3X 3X 3X 3 X
vaults were also reduced, namely, $22,511,000 to 31
3X
61 to 90 "
"
3X 3X 3X 4
3X 3X 3X 3X
3X
$228,437,000, against $170,522,000 last year. The
Commodity Paper—
1 to 30 days maturity........ 4
3X 4
3X 3X
3X 4
reserve in other depositories, however, registered an 31 to 60 "
4 J3X 3 X
“
4
. . .
3X 4
3 X 3X
3X 4
4 j3 X 3 X
“
4
. . . 3X 4
3X 3X . . . 3 X 4 <4 I 3X 3X
increase of $1,719,000 to $61,000,000, and comparing 61 to 90 “
with $60,382,000 in 1916. Circulation is now $28,­ OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
RESERVE BANKS.
701,000, an increase of $611,000. The aggregate re­
Bankers' Acceptances.—Authorized discount rate for all Federal Reserve banks
serve was reduced $42,038,000 and now stands at minimum, 2 X % ; maximum, 4% .
Trade Acceptances.— Bills with maturities of 90 days or less, purchased In open
$770,502,000, as against $686,788,000 the previous
market without member bank endorsement, by New Orleans branch of Atlanta
year. Reserve requirements decreased $7,278,640, Federal Reserve Bank; 3 X to 4% .
Commercial Paper.— Bills purchased In open market by Dallas Federal Reserve
as a result surplus reserves suffered a loss of $34,­
Bank: 3 to 5% .
759,360, which brought the total of excess reserves
Bills of Exchange.— Bills purchased in open market by Atlanta Federal Reserve
to $128,819,600. This compares with $102,744,690, Bank; 3X to 5 X % .
With or IVUhout Member Bank Endorsement.— Bills with maturities of 90 days
the amount held at this time a year ago. The bank or Bills
less purchased In open market by St. Louis Federal Reserve Bank; 2 to 4% .
statement in fullei detail is given m a subsequent
section of this issue.
Sterling exchange remains firm and under full con­
Referring to specific rates for money, loans on call j
trol. An interesting feature of the week has been
covered a range this week of 2 @ 3 % , against 2 @ 2 y 2%
the formation of a committee which includes repre­
a week ago. On Monday and Tuesday 3 % was the
sentatives of some of the largest dealers in foreign
maximum with 2j/£% the low and ruling figure. exchange to adjust various problems as they arise
Wednesday the high receded to 2y 2% and the low to
from the state of war existing between this country
2% , although renewals were still at 2 % % . Thurs­
and Germany. A meeting was held on Monday last
day’s range was 2 ^ @ 3 % and 2y2% the renewal
at which representatives were present from the
basis. On Friday 2 % % was the high and 234%
Guaranty Trust Company, the Equitable Trust
low, while renewals continued at 234% . Time
Company, the National City Bank and the National
money has ruled firm during the week at levels
Bank of Commerce. A more or less permanent or­
previously current. As was the case a week ago,
ganization was formed consisting of a committee
trading was again very light, with most of the prin­
composed of Max May of the Guaranty Trust Com­
cipal firms out of the market. Sixty days was not
pany, George Leblanc of the Equitable Trust Com­
changed from 3 3 4@ 4% ; ninety days, 3 % @ 4 % , and
pany, J . E. Rovensky of the National Bank of Com­
four, five and six months’ money at 4 @ 4 3 4 % . A
merce, and J. H. Carter, of the National City Bank.
year ago sixty-day funds were quoted at 2 j4 @ 3 % ,
This committee, it is understood, will meet from time
ninety days at 2 % @ 3 % , four months at 3 % and
to time, as occasion may require, to bring about the
five and six months at 3@ 3 3 4 % . Commercial
adjustment of various problems that may arise in
paper rates were firmer and sixty and ninety days’
their foreign exchange operations. One of the chief
endorsed bills receivable and six months’ names of
purposes of the committee is to provide a body of
choice character have been advanced to 4 3 4 @ 434% ,
experts to act in an advisory or investigating capacity
against 4@434 % , while names less well known now
for the Government in order to prevent transactions




15 33

THE CHRONICLE

in foreign exchange or the transfer of funds abroad
which would be of benefit to the enemy. Corres­
ponding committees exist abroad, especially in Lon­
don, which pass upon doubtful exchanges. Permis­
sion for the transfer of gold from Norway to Spain,
for instance, is granted only after the British commit­
tee has investigated the proposition and pronounced
it satisfactory. It is considered likely that the new
committee will be called upon first to deal with local
technical matters. For instance, holders of future
contracts calling for the delivery by trust companies
of reichsmark exchange already have applied for a
ruling on the status of the contracts. Part payment
was made for the exchange before the United States
entered the war and in some instances the persons
who made these part payments are asking that their
money be returned. The question at issue is
whether this money may be returned at once or not
until after the war. The differences between the
buyers and sellers in these instances will be settled
by arbitration, but in case agreements cannot be
arranged by the committee the fact will be forwarded
to Washington for a ruling.
There are not likely to be additional importations
of gold for account of what are now our formal allies,
in view of the large credits that are so clearly in sight.
The import and export conditions will, naturally,
come under arbitrary control as the war advances,
but as sterling exchange is so completely a nominal
market, there is not likely to be any important change
in ruling rates. There have been no gold importa­
tions reported this week. The exports have aggre­
gated $4,920,000, comprising $4,200,000 to Japan,
$625,000 to Spain and $100,000 to Cuba.
Referring to rates in greater detail, sterling ex­
change on Saturday, comparing with Friday of the
previous week, was steady and unchanged, with
demand still quoted at 4 7570@4 75% , cable trans­
fers at 4 7645@4 76% , and sixty days 4 72% . On
M onday trading was inactive, and a disposition was
shown among operators generally to hold off until
some official announcement is made of the details of
the Government’s forthcoming war loan; demand bills
did not get above 4 7570, which was also the low,
although cable transfers and sixty days remained at
4 7645@4 75% and 4 72% , respectively. The tone
was firm on Tuesday and demand was a shade higher,
at 4 7570@4 75% ; cable transfers continued pegged
at 4 7645@4 76% , and sixty days at 4 72% ; transac­
tions were light. Wednesday’s market was quiet,
but well maintained, with quotations unchanged from
the levels of the preceding day. Dealings were of
almost negligible proportions on Thursday, the
market at times being practically at a standstill, and
quotations were not changed from 4 7570@4 75%
for demand, 4 7645@4 76% for cable transfers and
4 72% for sixty days. On Friday the tone was
rather softer. Closing quotations were 4 76 7-16 for
cable transfers, 4 75% for demand and 4 72% for
sixty days. Commercial sight finished at 4 75%,
sixty days at 4 71% , ninety days at 4 69% , docu­
ments for payment (sixty days) at 4 71% , and seven
day grain bills at 4 74% . Cotton and grain for
payment closed at 4 7 5 % @ 4 75% .
In the continental exchanges a dull and relatively
uneventful week has been experienced. The most
noteworthy features have been a renewal of the
strength in lire, which moved up to 6 89 for sight




[Vol. 104.

bills— a new high record on the present movement—
on active buying in anticipation of liberal credits
soon to be granted under the new financial arrange­
ments now under way, and the fluctuations in ex­
change on Petrograd. Later there was a reaction to
6 94% . Rubles ruled firm and higher during
the earlier part of the week, but later broke
moderately on rumors that Russia was about to
conclude a separate peace with Austria. These re­
ports, while discredited in responsible quarters,
exercised considerable influence upon that market.
Generally speaking, operators continue to pursue a
conservative policy in the matter of entering into
new or extensive commitments pending some definite
information as to details of the terms and conditions
of the United States $7,000,000,000 war obligations,
$3,000,000,000 of which is to be placed at the dis­
posal of America’s European allies. Francs were
strong (though without quotable change), being
sentimentally influenced as a result of the successes
attained by French and British arms in the great
drive on the Western front, and also on the improve­
ment in the monetary outlook. Dealings in German
and Austrian exchange are still suspended. The
sterling check rate on Paris finished at 27.18%,
comparing with 27.21% last week. In New York
sight bills on the French centre closed at 5 71% ,
against 5 71; cables at 5 70% , against 5 70; com­
mercial sight at 5 72% , against 5 71% , and com­
mercial sixty days at 5 76% , against 5 75% on
Friday of a week ago. Reichsmarks no quotations.
Kronen no quotations. Lire finished at 6 94% for
bankers’ sight and 6 93% for cables, against
7 15 and 7 14 the week previous.
Rubles closed
at 28.60. This compares with 28.70 the previous
close.
With regard to the neutral exchanges, movements
pro and con have been unimportant. Guilders,
following the recent strength and activity, have shown
a more or less natural reaction and declined fraction­
ally. Pesetas were easier. Swiss exchange ruled
about steady, while Scandinavian rates were a shade
lower. Bankers’ sight on Amsterdam closed at
40 13-16, against 41% ; cables at 40% , against 41% ;
commercial sight at 40 5-16, against 41% , and com­
mercial sixty days at 40% , against 40 15-16 a week
ago. Swiss exchange finished at 5 12 for bankers’
sight and 5 11% for cables, as compared with
5 09 and 5 08 the preceding week. Greek ex­
change (which is still classed among the neutrals)
has remained at 5 00 for sight bills. Copen­
hagen checks finished at 29.70, against 30.30.
Checks on Sweden closed at 29.40, in comparison
with 29.60, and checks on Norway finished at 28.30,
comparing with 28.65 last week. Spanish pesetas
closed at 21.60, as against 21.60 on Friday of the
week preceding.
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost $2,166,000 net in cash as a result of theTcurrency
movements for the week ending April 20. Their
receipts from the interior have aggregatedl$8,576,000, while the shipments have reached $10,742,000.
Adding the Sub-Treasury and Federal Reserve'operations and the gold exports, which togetherjoccasioned
a loss of $68,758,000, the combined result of the^flow
of money into and out of the New York bankslfor
the week appears to have been a loss of{$70,924,000,
as follows:

THE CHRONICLE

APR. 21 1917.]
Out of
Banks.

Into
Banks.

Week ending April 20.

Net Change in
Bank Holdings.

Banks' Interior movement................
Sub-Trcas. and Fed. Reserve opera­
tions and gold exports....................

88.578.000
13.935.000

810,742,000 Loss 32,166.000
1
82,693,000 Loss 68,758,000

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

$22,511,000

893,435,000 Loss $70,924,000

The following table indicates the amount of bullion
in the principal European banks:
April 20 1910.

April 19 1917
Banks of

Gold.
£

England..
Francea..
Gcrmany.
Russia * ..
Aus-Hun.c
Spain___
Italy........
Netherl ’ds
Nat.Uel.h
Swltz’land
Sweden . .
Denmark.
N orw ay..

084.693
,392,689
,619.200
,705,000
,578,000
,776,000
,501,000
, 211,000
,380,000
,721,000
,731,000
. 121,000
,063,000

Silver.

|

Total.

Gold.

Silver.

£
£
,084,6931 57.964
,709,1891195,977
',433,250123,053
,469,000162,586
,718,000 51,578
,653,000 38,323
,238,000 41,304
,767.700 43,354
1.930.000 15,330
,721,000 10,318,
1.731,000: 8,931
1.253.000 6,659,
,063,000] 4,083

Tot. week. 706,866,562 68,932 ,270 775 ,798,832|759,515 ,859 70,160,440 829,676,299
Prev.week 705,803,031 69,235 ,150 775 ,033,1811758.164 ,3381 70.539,050!828,703,388
a Gold holdings of the Bank of France this year are exclusive of £77,906,874
hold abroad.
* The gold holdings of the Bank of Russia for both years In the above statemen
havo been revised by eliminating the so-called gold balance held abroad on the
latest reported date, the amount so held £214,102,000.
c July 30 1914 In both years, h Aug. 6 1914 In both years.

THE RETREAT OF GERMANY.
In the great panorama of the war, this week’s
French victories on the Western front manifestly
hold the foremost place. It was known, to everyone
familiar with French army conditions, that the re­
placing of Joffre some months ago by Nivelle as
active commander in the field was primarily recog­
nition of the fact that Nivelle was a “ fighting
general,” who, it was believed, could be depended
on to deliver and follow up unsparing blows when
the strategical situation warranted it. This repu­
tation the General has abundantly justified.
Supported vigorously on the northern wing by
General Haig and his English troops, Nivelle launched
his great offensive along the River Aisne on Satur­
day and Sunday, with momentous results. Under
cover of almost the heaviest artillery fire of the war,
the French infantry attacked on the line from
Soissons to Rheims, and in three days drove back
the Germans two to five miles, capturing a number
of positions highly important for the further offensive,
taking 17,000 prisoners, 75 guns and great masses
of war material. For the first time the daily war
bulletin of the German General Staff admitted defeat,
though in this somewhat curious language— that
the object of the German commanders was, “ even
if war material were lost, to spare the lives of our
forces and inflict sanguinary losses upon the enemy.”
Of Wednesday’s further retreat the Berlin statement
similarly remarked that the position previously held
“ became unsuitable to us, and we established our­
selves in a rearward line.”
What the result of this victory will be in the further
spring and summer campaign, depends on numerous
considerations the ability of the Germans to bring
up reinforcements, the power of the French to pro­
vide men for successive assaults of this magnitude,
their arrangements for keeping up the supply of
ammunition at the front, and by no means least, the
effect of this week’s French achievements on the
morale of the German army. The advance of the
Allies, even though measured by miles, instead of
yards as in last year’s campaign, has not yet forced
the invaders back over a very large proportion of
the occupied territory. The critical hour for Ger­
many would naturally come when her armies were
driven back to the Rhine; which, under thelbestjof




1533

circumstances, is still a far-off achievement. On
the other hand, the results of this week’s action
strongly confirm all previous suspicions as to the
overwhelming superiority of the Allies in artillery
power.
But the war has been fought this week in other
places than on the active battlefront. Diplomacy
and finance have played their part. All eyes were
anxiously directed at last week’s close toward Russia,
in connection with the overtures of the German
Socialists for conference with the Russian workmen,
the apparent object being to obtain a separate peace
with Russia. The German Government seemed to
pin special hopes to this Socialist conference. The
present week’s developments have on the whole,
however, indicated that the incident involved much
misunderstanding of the Russian state of mind and
that the conference would fail of its main purpose—
a conclusion for which most previous experience with
the German Foreign Office’s judgment regarding
public opinion in foreign countries would give plaussible warrant. Milukoff, Minister of Foreign
Affairs in the Revolutionary Russian Government,
has officially informed our Government that the
Russian Socialists asked, not for a separate peace,
but for a general peace based on surrender of German
autocracy, and that the entry of the American R e­
public into the war had put an end to any possible
negotiation for a peace by Russia on her own account.
That this is felt by thinking men in Germany itself
has this week been illustrated by two public utter­
ances of two German authorities, directly opposite
to one another in their ideals and affiliations* Count
Reventlow, the Junker oracle, writing in the face
of Sunday’s great defeat on the Aisne, declared that
“ without a German victory the German monarchy
will soon cease to exist.” Maximilian Harden, the
Radical and Socialist leader, said to the German
people that it was time to “ lift the conscience of
mankind and light up the German house also,” and
that “ what the enemy demands too loudly, but
what we secretly feel to be a necessity, will come to
pass.”
It is assumed at Washington, and no doubt cor­
rectly, that the vote of Congress with absolute
unanimity for the $5,000,000,000 bonds and the
$2,000,000,000 Treasury bills, with $3,000,000,000
of the proceeds marked for advances to our allies, is
bound to have great moral effect in Germany. It
will do so even in the face of the unexpected success
of* Germany’s sixth war loan; concerning which, the
report of last Wednesday from Berlin stated the
total subscription to have been 12,770,000,000
marks, as against a previous maximum of 12,100,­
000,000 in the loan of September 1915, and onlj10,700,000,000 in last October’s loan. By whatever
means this extraordinary response was obtained, in
the face of the period’s events outside of Germany—
whether by increased use of credit expedients, or by
particular pressure on large capitalists and institu­
tions, or merely by increased voluntary response
from the people at large— such a result will un­
doubtedly be of high encouragement at Berlin.
But the encouragement derived from it must be
greatly counterbalanced by knowledge of the huge
make-weight which America is about to throw into
the scale.
As to how our own financial assistance will be
extended, that is no doubt to be determined when
the commission of eminent French and English

15 34

THE CHRONICLE

statesmen and financiers shall have arrived at
Washington to confer with our Government author­
ities. Discretionary powers for applying this threebillion-dollar fund, as lodged in the Administration’s
hands by the bond bill, are very wide. The confer­
ence will undoubtedly also review the whole question
of American -naval and military aid— on the scope
of which, we should suppose, our Government’s
budget of expenditures for the coming fiscal year
ought largely to depend, and also, therefore, its
schedules of taxation.
At the moment it seems that the best European
opinion, while looking for active co-operation by our
navy, does not favor the idea of an immediate
expeditionary force to the European military front—
this not alone because of the necessary delay in our
military organization, but because of the paramount
need that all shipping facilities be employed in carry­
ing munitions and food to our allies. M r. Roose­
velt’s plan for raising a volunteer expeditionary force
of men, to send to the French front, will undoubtedly
be judged in the light of these considerations, as also
in the light of our Government’s general military
policy. Plans of the War Department seem to be
very positively based on a general organizing pro­
gram rather than on the recruiting of “ distinct
military units.” In this decision, the Government
has undoubtedly taken counsel from the experience
of our Civil War, when some of the army’s worst
disasters were directly attributable to the placing
of popular public men in high command, not be­
cause of their military prestige, but because of their
political repute or their influence on enlistments.

SOBRIETY A N D SELF CONTROL NEEDED IN
THIS WAR PERIOD.
This is a time when even the least impressible
among us are deeply stirred and a nerve tension is in
the air. Whether parades and such episodes as toll­
ing bells at midnight and exhibiting a reminder of
Paul Revere’s ride on the anniversary of its occur­
rence arc useful is open to question. The country
seems already quite aroused, and we need to hold
ourselves against getting into a state of mind which
may slip over into hysteria. One of Tuesday’s
morning journals had a news item that forty-one ten­
ants in an uptown office building had signed a memor­
ial (not yet reported to have been presented, however)
to the owner, asking him to oust five pacifist organ­
izations that are housed there. The state of mind
which prompts this request is intelligible, but it sug­
gests the absence of self-restraint; pacifists are under
a cloud and may be left to events, without need of
any organized proscribing. Let us all try to keep
cool heads.
There is a bill in the Senate (and in the House a
similar one), empowering the President, in time of
war and in the interest of the public welfare, to pro­
claim an embargo upon exports of any article, except
under such limitations and exceptions as he may de­
clare. The purpose is to keep in the country what­
ever we need so keenly as to be unable to spare it,
and to estop supplies from reaching Germany through
neutral ports abroad. The Senate has called for a
statement of American exports to five neutrals of
Europe, and to several of these there has been an in­
crease in food and total shipments in 1916 over 1914
which is accountable only by assuming that the great
increase found its way to Germany, thereby augment­



[Vol. 104.

ing the difficulties of the blockade and prolonging
the struggle. But if we arc to export nothing which
we could use and therefore might claim to “ need” for
ourselves, we are to draw back from extending the
aid to our allies and from taking the share in the
heroic sacrifices required to which we have pledged
ourselves. To lay restrictions on exports to certain
neutral countries, on the other hand, is clearly in the
line of military necessity, and is a part of our national
duty in making our pledged aid effective; therefore
there is a distinction and an inconsistency between a
general and a selective embargo and between the pur­
poses of the two. This distinction should be kept in
mind and obeyed.
All this is to be left in the discretion of the Presi­
dent, it will be said, and since we are compelled to
put large trust in that we must hope it will prove equal
to all needs; yet one mind has its limitations, and the
bills already enacted or proposed certainly lodge with
Mr. Wilson such powers as none of his predecessors
ever held. “ For four years,” said Representative
Gardner of Massachusetts a few days ago, “ this has
been a rubber-stamp Congress when there was no
need of it,” and he added:
“ Now the time has come when there is imperative
need of it, and yet we start to boggle over the Army
bill. Well I, for one, here and now announce that
so far as these war measures are concerned, I propose
to be a rubber-stamp Congressman, and I believe
that the large majority of the Republicans in this
House have exactly the same intention. I appeal to
my Republican colleagues in this House to join with
me in voting for what the President wants without a
day’s delay. We have been talking a lot about
rising above partisanship; now let’s quit talking about
it and proceed to do it. What the President says
he needs, that I shall vote to give him; not because I
want to shove off my responsibility on him, but be­
cause he knows what is going on and I dont.”
Such a deliverance as this should need but little
comment. Is it the truth that an “ imperative need”
of such an abandonment of delegated duty has come ?
Is not a Congressman who takes such a stand shoving
off his responsibility? Can any emergency justify
a “ rubber-stamp Congress” under a republican form
of government, the goal to which the world is tend­
ing? And why not escape the expense, the differ­
ences of views, and the natural delays of having a
legislative body by leaving everything to executive
order from the other end of the Avenue? Why not
have the military dictatorship of ancient Rome, to
which Paul M . Warburg referred approvingly in his
speech before the Commercial Club of Chicago on
April 7?
The “ espionage” bill is another example of ex­
citement and haste which may bo justly called hys­
terical. It would authorize the President, in war
time, to promulgate regulations, and would heavily
penalize any attempt, contrary to such regulations,
to publish, communicate, “ or attempt to elicit,” any
information concerning any military movements or
matters, “ or any other information relating to the
public defense which is calculated to be or which
might be useful to the enemy.” This does not relate
to making spies harmless by sequestering them; it re­
lates to collecting and publishing news, and the literal
terms would cover punishing anybody who asked
questions for information. A qualifying proviso has
been added to exempt from restraint or penalty “ any
discussion, comment or criticism of the acts or poli­
cies of the Government or its representatives, or the

A pr. 21 1917.]

THE CHRONICLE

publication of the sa m e/’ unless such discussion or
comment “ shall convey prohibited information.”
There is also a provision which need not be considered
particularly, for establishing a censorship over mail
matter, including first-class sealed packages.
The objections to all this are that, in the first place,
the suitable way to keep advance information from
reaching the enemy is to hold it secret at the source.
Next, there is an old constitutional inhibition of any
law abridging the freedom of the press, and any in­
terference with publishing of news (much more, with
obtaining information) would be an abridgment of
the most essential function of the press. Next, any
censorship beyond a very careful and very discrimi­
native one is worse than useless. The newspapers of
this country may be trusted implicitly in respect to
loyalty to it, for if principle and duty did not control
them considerations of business policy would quite
suffice to do it. They have refrained, upon request,
from publishing any data of outgoing or arriving
ships, although it is certain that any person who
wanted information of the movement of ships in or
out of harbor can get it by keeping on the watch.
The truth is that an energetic newspaper press, spar­
ing no outlay and conducted with an intelligence
quite up to that of the average public official in
civilian departments, is not only an indispensable aid
to a rational government in ordinary times but a
specially valuable aid in time of war.
The censorship which seeks to conceal everything
is stupid and capable of mischief only. Newspaper
comment will neither be unanimous always nor al­
ways sound, yet its value was shown in the last war
in which this country was engaged, and has been shown
again in this war. Further, let it be observed that
the newspaper is not the channel through which in­
formation useful to the enemy reaches him; if such
information were published it requires too much time
in transmission, and the modern swifter means are
those which need restriction. This has been shown
by the too large liberty accorded to the cable and
the wireless station.
.
No, it is better in appearances before the world,
better in the moral influence our entry into the con­
flict will have upon it, and better in the results of
the positive action we shall take, that wo should keep
very steady and consider very carefully rather than
rush off on the assumption that we must do something
very drastic and be quick about it.
PERSONAL FORTUNES OF THE CITIZEN.
Life in the United States has assumed a new out­
look. Never before has the Government undertaken
so vast an enterprise as the present one. Not only
is there an abrupt change from peace to war, but a
new ideal has been set in the sky of national en­
deavor. Our declared object is to aid in bringing
about a world-democracy. Liberty, equality and
fraternity, for, and among, all peoples, is the aim.
Under this far-flung banner the citizen widens his
scope, becomes cosmopolitan, enters into active
association with interests over seas, wages war that
war may cease forever on the earth. The words of
the President’s last Proclamation arc: “ We are
fighting for what we believe and wish to be the
rights of mankind and for the future peace and se­
curity of the world.”
We are nevertheless conscious that our domestic
duties as citizens continue, even under the new
perspective; the daily life for the majority must go



1 5 35

on in the same environment]and fwith the same
vocations as before; the personal fortunes of the
individual are released from none of their obligations
and none of their exactions. We will not be misderstood, nor will we be controverted, \ve believe,
in maintaining that those who are not in the soldier
class in actual service may best support and serve
their country by continuing that individualistic
mode of life, which has built up a great, prosperous
and powerful nation, by producing and preserving
the personal wealth which, aggregated, constitutes
the mighty whole.
What we wish to stress is that under our form of
Government, which we have not relinquished, the
duties of the civilian population in the industrial
life have not changed, save to become sobered and
magnified. There is much loose thinking and much
irresponsible talking about the obligations of citizen­
ship at this time. We hold that in large degree these
must be left to the individual judgment. As has
been so clearly announced, a man may serve his
country in more ways than one. If all men were
to enlist there would be none to feed the army. If
all women were to become nurses the home would
cease to exist. If all thought be upon campaigns,
knowledge itself must perish. If all industries were
turned over to the Government they would still
have to be operated in the old way. Men can pay
no taxes who do not earn them. Bonds cannot be
bought except from profits and savings, and the con­
version of fixed property. Neglect of a hundredyear-old interlacing domestic business weakens the
power to military success. And just as the citizen
must “ buckle down to work,” in whatever vocation
engaged, that the nation be sustained, so there rests
upon authoritative Government the necessity and
duty of leaving him free to pursue his life calling,
as free as may be consistent with the general welfare,
a welfare hitherto attained only bv his infinite
iniative and varied industry.
We speak of these things in seriousness for several
reasons. First, unity of spirit is not attained by
harsh criticism of personal views of duty, nor is
citizenship exalted by denying a choice in the con­
tinuance of life-work based upon a conscientious
consideration of individual effort in its relation to
government.
Second, amid countless “ plans” pro­
posed for furthering the Cause in which the country
is engaged, we believe that the highest degree of
production depends upon keeping our interlocking
industries to their highest efficiency by separate
ownership and conduct. Third, the reasonable
augmentation of personal wealth not only induces
saving and thrift, but, since it is always subject to
all the general laws of the land, it becomes the citi­
zen’s contribution to the strength of the Government
constantly weakened by its own exertions under the
new and colossal task to which it has set itself. And
last, as individuals, and as a people, we must live
after the war, and engage in a trade or commerce
that will have wider emulation and stronger com­
petition in the era of world-peace which is to come.
Personal patriotism justifies itself, therefore, more
by work than talk. Loyalty lies more in service
than in shouting. Prices can never rise upon plenty.
Starvation waits upon idleness, carelessness and
despair. And a hungry people clamoring at the
gates of governmental power can never be appeased
by taking from them the agencies and industries of
self-help.

1536

THE CHRONICLE

THE FOOD PROBLEM A N D THE F A R M E R NORMAL METHODS BEST.
It is one of the unfortunate attendants of a state of
war that efforts to co-ordinate our industries carry
with them a certain amount of disorganization,
which, though seemingly necessary, are disastrous to
the individual. He may be willing to submit to the
new order with gladness and equanimity, but the
ever-present problem he is called upon to solve is
their real effectiveness when adopted. Sacrifice
should not be blindly made. And no man can escape
his personal view, though willing to lay his interests
and his efforts on the altar of his country.
Consider the food problem and the farmer. Count­
less suggestions are being offered. The Government
is to send out seed, it is to offer immediate instruc­
tion in intensive methods, it is to prevent accumu­
lation and cornering, it is to establish fast days, it is
to organize distribution and to district supplies, and
it is to encourage by every means, possible and im­
possible, even to the offering of quasi-subsidies, an
increase in production of foodstuffs.
Now, however,
necessary and worthy these projects may be, they
cannot be effectively applied without consideration
of conditions on the individual farm.
The farm is a small factory in the larger workshop
of nature. The farmer is the manager in charge.
And it is just as essential that he make his business
pay as in any other industry. It is incumbent that
he employ “ system” in the light of his own plant and
equipment. And in order that, in kind and con­
stancy, returns on the whole investment may be
reached, each department, as far as possible, must
be made to contribute a fixed proportion to this
demand. Thus, taking into account his buildings,
farm animals, machinery and acreage, the acces­
sibility to labor, the distance from general and
special markets, the nature and variety of his soils,
together with past crops he has grown, he has
planned his enterprise on certain definite lines.
And if he cannot, in the main, adhere to this
plan, his experience goes for nothing, his factory
is thrown into confusion, the volume of his produc­
tion is decreased, and he may be threatened with
disaster.
It follows that he cannot make his farm over in a
year, he cannot respond to peremptory and un­
natural demands, and very little help can come to
him from any outside source. It is a mistake to
suppose that the Middle West farmer, and we take
him as a type because of the variety of his products
and the conditions of his environment, is, at this day,
uneducated in his business.
He has, increasingly
for more than a quarter of a century, had access to
a body of literature devoted especially to his inter­
ests, to the results of governmental experimentation
by means of State and nation in both school and field
work, and often to the advice and supervision of
special commissioners paid by State, county, and
private funds. And he has availed himself of these
advantages. The wonderful State agricultural fairs
of this vast interior region of our continent are wit­
ness to the benefits of these educational forces. But
they do not subvert the primal traditional knowledge
literally dug out of the wilderness. Nor can they
override present conditions. So that these remark­
able changes which are to be wrought by outside
advice and manipulation under the spur of special
need and in a single year, are oftentimes merely the




[Vol. 104.

froth-talk of those who need an agricultural educa­
tion more than does the farmer.
Take gardening as a branch of agriculture. Here
intensive methods are applicable, for the labor is
personal and directly applied to small’ areas. The
added labor comes largely out of waste time; and the
waste places are utilized. But increase will be of no
special avail unless crops are chosen which by pro­
cesses of preservation may be carried into the winter.
The growth of mere “ appetizers,” while not objec­
tionable, is not real conservation. Publicity may
arouse interest, but so-called “ organization” is diffi­
cult of application.
Diversified farming is an old and a mooted ques­
tion. The main crop is determined outside the will
of the farmer and he is but fighting nature when he
does not recognize that his chief reliance must be
upon this. The doctrine has long been preached in
the South in its own interest. The one-crop farmer
is subject to disastrous failure, owing to an unfavor­
able season. The most successful farmers we have
known, with unmortgaged farms and money to loan,
farmers of the old style, who had worked out their
own problems by intelligent and self-directed experi­
ment, who in half-humorous vein, were wont to refer
to their coupon-clipping as “ shearing-time,” had so
organized their farms that they had something to
market, stock or products, about four times a year.
They had discounted the future as far as possible in
their own locality, which was the Middle West. Let
the winds blow and the rains fall, the house of their
prosperity did not fall, for they always had something
which came to maturity and could be sold. Now
the point this has in the present popular discussion
is that no amount of price-fixing, control of dis­
tribution, money loaned at cheap rates, attempted
labor supply, will change the conditions upon which
a successful farming enterprise has been based.
Let all these aids be extended for what they are
worth, but the hope of the world in this grave juncture
still lies in the “ horse-sense” of the farmer, who has
“ made good.” And he remains the model for all
others. He it is who has fought the battle with
weeds and insects— and won. He it is who knows
the heat of an August sun and the cold of a prairie
blizzard, and out of experience has learned the lore
of the seasons. Perhaps his reported antipathy to
war was the knowledge that in the end he would be
called upon to finance it with foodstuffs. And if he
is to do so, now that war is on, “ let him alone;” and
do not environ him with too many artificial laws
affecting industrial interests not directly his own,
or he is destroyed in his powers, profits and, it may
be, patriotism as well. The laws he obeys are the
laws of nature, a nature whose benign rule he has
discovered, and to which he bows. Has the scientist
helped him? Undoubtedly. But by his individual
judgment alone is science applied. Take the now
traditional locust invasion of the Missouri Valley as
an example! When the very earth was eaten bare,
and despair darkest, a professional school faculty
gave a dinner, at which, in a number of more or less
appetizing ways, grasshoppers were served, a la
John the Baptist. But, while they were considering
this new form of foodstuff an entomologist from
Washington foretold that when the larvae of the
invaders hatched the next year the young would be
attacked by a parasite and destroyed. And it came
to pass. Then the farmer knew what to plant and
when to plant it, and he was no longer haunted with

A m 21 1917.]

THE CHRONICLE

the vision of locusts and wild honey, no longer re­
duced to the extremity of eating the enemy, either
for food or to get rid of him. There is much in the
way in which science is applied.
We deprecate none of the well intentioned efforts
now being made to increase and conserve the nation’s
food supply, but we insist that in what may be
termed the status quo of all our activities, including
agriculture, lies our surest way of attaining the
desired result. The equilibrium of effort destroyed
by war cannot be righted by another war upon
vested conditions and established methods. The
farmer cannot cat less and thereby grow more; nor
can the workman produce more by being underfed.
What we certainly most want is results, and we can­
not get them by a lot of half-baked regulations con­
cerning the middleman and the consumer. Thrift
is as much a duty as frugality, and thrift includes
the personal equation, and no man can “ get on” in
the world without pouring a larger product into the
general fund. The difficulties of the farm-labor
problem are almost inestimable and partially in­
curable. Time and locality are main factors, and
these cannot be changed. Cotton-picking in Ala­
bama, beet-thinning in Colorado, hop-gathering in
California, and wheat-harvesting in Kansas, in
addition to regular resident labor, utilize, as best
they may, for short periods, floating labor, that at
other times hibernates in cities. If this is with­
drawn by present exigencies the problem is to supply
a substitute. But it may be asked where lies the
best solution, in employment agencies now consti­
tuted that have studied the matter, or in independent
organizations which must rely for effectiveness on
the call to patriotism? Let us not forget that there
are vocations already in existence capable of supply­
ing almost every need.
There is a marginal increase in production always
possible through increased effort. But no dreamer
of bursting granaries, and cheap bread for the
masses, can transpose the corn belt and the cotton
belt, or convert by the magic of his hope one into the
other. Nor will it avail to tell the individual farmer
to grow more of this or that, regardless of adaptibility. This farm-factory can be converted to new
uses, there is no doubt of that, and it is being done,
and will be done, under the law of profits and of
getting the most out of the individual plant, but it
takes time, and must be done under personal direc­
tion, according to individual conditions, needs and
possibilities.
What we maintain is that the Government, in this
crisis, admitting that it has a ministerial power to
aid, will gain more by recognizing the individuality
of the farmer and the farm, than it will by wholesale
methods through so-called fostering laws which
interfere with both man and nature, and thus tend
to disorganize the enterprise, and to depress pro­
duction, if they do not invite failure. Taking the
history of the earning rate of farming for thirty
years past, what incentive to production, pray, could
be greater than two dollar wheat and twenty cent
cotton ? And it his farm can be made to get more
of these prices by more bushels and pounds the
farmer may be depended upon to get them. And if
it be imagined that he has not the outlook, the vision,
that the world-news brings to the city-dwellers, as
a straw indicating which way knowledge blows, it
may be mentioned that a notable daily in the West
prints a sizable weekly at fifty cents a year (until



1 5 37

quite recently the priceTwas’ but twenty-five cents a
year) that goes into more than two hundred and fifty
thousand rural homes.
A suggestion, which comes as a sort of climax to a
thousand and one “ ideas,” is that the people of the
country eat corn bread that wheat may be shipped
to England where they do not “ know how to bake”
cornbread. Well, no gentleman objects to “ cornpone,” and it has been shown that corn can be made
into more than one hundred varieties of palatable
and wholesome food. But taking Germany’s sad
experience with food and fodder, if we eat the corn,
what will we feed the hogs, and if we slaughter the
swine where will we get the bacon ? The illustration
suffices to show that there has grown up a certain
balancing, throughout all agricultural production,
of demand and supply. And it cannot be overborne
in a year, or, for that matter, in ten, without distinct
loss to the nation and people as a whole. We do
need enlarged production, and, we may add, closer
conservation of what we have, but we will get it, in
our opinion, in normal ways, and by natural and
operative incentives, rather- than by hot-house
methods grown in fevered minds. Two things are
certain: we will go on suggesting fantastic ways and
means, while the farmers and nature will go on pro­
ducing in the same old way. Let us get the best and
the most, but let us not “ spoil everything” getting
them.
THE CASE FOR HIGHER RAILROAD RATES.
First upon bituminous coal and then upon all
goods, the Eastern railways have asked a percentage
increase in rates, and the request may become general
throughout the country. Such requests do not fall
pleasantly on the ears of anybody. That they could
be avoided is the universal desire, beset as all of
us are by increasing costs of living; but that what­
ever an inexorable necessity demands must be ac­
cepted is the only conclusion to which a serious con­
sideration must come.
The case for the petitioners is not new, except
in the cogency of the situation; it is that while gross
earnings increase net earnings do not increase in
like or in living proportion. The principal articles
used in operating the Pennsylvania lines east of
Pittsburgh, says Mr. Rea, have risen an average of
78% in the last two years; axles have risen 173%;
steel bridge material has risen 148%; steel plates
have risen 244%. On five important and somewhat
grouped items of outlay for those lines, the increased
expenses to be met in 1917 are a little over 29)^ mil­
lions, including the Federal tax on capital stock and
nearly 14 millions in additional wages under the
Adamson Law and “ adjustments.”
But it would be duplication to go farther into de­
tails. A railroad is the largest and the most varied
of consumers; hardly any purchasable article (includ­
ing, of course, personal services on a great relative
as well as absolute scale) can be named of which a
railroad is not a continual and heavy buyer, nor has
it the advantage of being able to buy very largely in
advance of its visible current needs. We merely
state once more a fact which nobody will venture to
question when we say that a railroad is never, in a
friendly sense, a “ preferred” dealer. Nobody con­
cedes a penny to its good when bargaining to sell
materials to it, or in buying services from it; the ut­
most it can ever get is from being a buyer in large
quantities; as a corporation, it is held entitled to no

1 5 38

THE CHRONICLE

[Vol. 104.

favor, and in buying services it has been for a term the'employees'! who make their organized demands
of years subjected to a regular series of organized in apparent obliviousness to the fact that they, along
exactions, of which we now have a climax in the with all other persons in the great public, are owners
Adamson Law, with no reason to expect that of railway properties. Not more immovably true
to be the last, unless a change in public opinion is it that the roads are the servants of all the people
intervenes.
than that they are really the property and should be
The Pennsylvania reports that in 1910 it earned the concern of all the people. And now the country
10% on its shares but only 5% on its investment, is in a situation concerning which the utmost of our
and that "“ if it had not heretofore consistently pur­ positive certainty is that it will test the fibre, the
sued the policy of investing its surplus above reason­ manhood, the courage, the coolness, the patience of
able dividends in the betterment of your railroad and the people. As always, production is the supremequipment, instead of providing therefor through the est need, but next to that and closely linked with it
issue of additional bonds and stock, the present divi­ is transportation, and it is a truism to say that ade­
dends could not be maintained under the existing quate carrying service is now of vastly enhanced im­
traffic rates.” Are rates high? To some they may portance.
seem so, but the test is always to be made upon the
The roads are girding themselves to meet the extra
relative figures, not upon the absolute. In an ad­ task before them. The leading executives are in
dress some two months ago, Vice-President County close touch with the Government officials, and will
of the Pennsylvania declared that if that road were give preferential use of the lines for the purpose of
given the average freight rates charged by the G ov­ national defense; they have had difficulty in meeting
ernment-owned German and French lines, it “ could service needs and have not been able to fully meet
pay American wages to its employees, war prices for them, and now, faced with additional needs which
all its materials, and .40% a year dividends to its nobody can measure with certainty, they will do their
stockholders.” Taking these statements as precisely best. When we inquire how the country is moving to
true, it follows that the rates which seem to object­ hold up their hands in the struggle to serve, we find
ing shippers to be high are relatively low, and also that there is a proposition to seize the roads, as a
that the road (and this may be said pretty generally military necessity, and Mr. Burleson, still adhering
of all important American roads) is lightly rather to his old notions, made an application, about six
than excessively capitalized.
weeks ago, for a reduction in the pay of the roads for
Some shippers object, as will always be the case mails-carrying, this being his proposition for aiding
in any conceivable circumstances. In a recent ad­ them.
dress another Vice-President of the Pennsylvania
Washington seems to be thinking of how to put
declared that the public need is an increased and in­ more load upon these public servitors and very little
creasing service. He asked whether there is any of how to increase their ability to carry load. The
large shipper in the Pittsburgh district who would railway executives are said to be in hope of obtaining
not more than once in the past year have gladly paid the rate increase asked for, but no clear response to
more in rates in order to get larger facilities and speed­ them seems to come yet from the people.
ier service. However paradoxical it may seem, he
The Commission, however, has given leave to file
added, an advance in rates would lower rather than tariffs for a general 15% increase, effective June 1;
raise the cost of living; the rates play so small a rela­ but this is tentative only, being introductory to a
tive part in those costs that any advance (if apparent hearing, at which will be determined whether the
at all) would be offset by normal supply and the ulti­ increase shall stand. The subject thus remains
mate effect of increased carrying service might well undetermined at this date.
be a general lowering of prices by improvement in
distribution and exchange.
The carriers ask a general advance because of in­
creased operating expenses and capital charges, but BUILDING OPERATIONS FIRST QUARTER
OF 1917.
they are modest and reasonable about it. If condi­
The dual effect of high prices for materials and
tions are subsequently found by the Commission not
to be permanent, a general reduction in whatever ad­ labor and the difficulty in many instances of obtain­
vance is now allowed may then be made and the roads ing prompt delivery of supplies required in construc­
will promptly put such reduction order into effect tion work continues to be reflected in the volume of
and will not allege against it that the reasonableness building operations in the United States, if not in
of specific rates had not been investigated. They the estimated cost. Judged by the aggregate of
ask prompt action, not later than June 1, declaring contemplated outlay reported, the most recent
that the present need is imperative and the situa­ monthly statements of operations would seem to
tion presented grows more serious with each day’s indicate about the same degree of activity, and that
considerable, that has been a feature of our affairs
delay.
To supplement this, we have the rather tardy yet for some time past and for which the well defined
gradually increasing disposition among holders of prosperity of the country furnishes warrant. But
railway securities to combine their influence and make when price is taken as a factor it soon becomes ap­
themselves effectively heard. They have to over­ parent that less work is being carried on. Not that
come the old delusion of the senses to which we have there is inactivity; on the contrary the present price
called attention in past years: that because a railroad situation would seem to tend to hold in check specu­
is physically large it can grow and thrive under de­ lative, or what might be termed anticipatory,
privation of new money and a constant bleeding by building, and that is not a matter to be greatly
increased expenses. There is the other delusion, still deplored.
As regards building materials, prices arc high
more mischievous: that railroads belong to some in­
definite third party, some outsider, somebody dis­ almost universally, with the trend in many cases
tinct from the “ people,” and especially distinct from continuing upward. Common red brick are now



A pr . 21 1917.]

THE CHRONICLE

quoted above $10 per thousand, or about $1 50
more than last fall's level, with deliveries not at all
certain and made at the convenience of. the seller.
Cement has advanced materially and the product
of the mills has been largely contracted for for some
time ahead. Linseed oil, formerly selling at about
50c. per gallon is now well above $1 00 and still
tends upward. Plaster has risen $1 00 recently,
and lumber, glass, nails and the vast majority of
other materials entering into construction work
are distinctly above normal in value. In fact, it
is stated in effect by the Dow Service that every
commodity in the building material line, except
sand, has either stiffened in price recently or is ad­
vancing to a higher level. Some builders, it also
intimates, who have been inclined to await a possible
downward readjustment in prices before beginning
operations, have been advised to cover themselves
as far as possible and proceed with construction
work to the limit procurable materials will allow,
instead of delayinglfor a drop that seems unlikely to
come in the near future.
For the first quarter of 1917 our compilation of
building operations furnishes a total of intended
outlay for construction work in the United States
heavier than for the like period of any year since
1910, and but little under the aggregate then re­
corded. Our statement for March covers 169
cities, of which 100 show increases, and the estimated
cost of buildings to be constructed reaches $87,­
134,797 or a lossTof only 0.6% , and there is an in­
crease of 9.7% over 1915. For Greater New York
the contrast is between $14,170,980 this year,
$17,069,008 last year and $14,389,479 in 1915, with
all the boroughs except Richmond sharing in the
decline from 1916. The cities outside of New York
(168 in number) give for the month an aggregate
of $72,963,817, against $70,580,139, and $65,­
016,272 respectively.
For the first quarter of|the current year the New
England section, represented in our compilation by
25 cities, makes a slightly more favorable showing as
regards volume of outlay than for 1916, the total
estimated cost of construction work being $20,­
860,906, against $20,558,017. Boston, Hartford,
Lowell, Lynn and Newton are prominent in the
matter of gain, and the only noteworthy losses are at
New Haven, New Bedford and Bridgeport, where
operations for some little time previously had been
conspicuously heavy. The Middle Division (Greater
New York excluded) covers 42 municipalities, and
at half of them (Philadelphia, Albany, Newark,
Wilmington, Syracuse, Erie and Trenton among
them) a greater outlay than a year ago is recorded.
On the other hand, however, Pittsburgh, Baltimore,
Buffalo and Rochester report large decreases, so that
the total of all is nearly 1)^ million dollars less than
for 1916, the comparison being between $33,338,314
and $34,744,641.
The Middle West outlay fell not veiy much below
the high record of the threejnonths of 1916, the re­
sults at Detroit, Cincinnati, Cleveland, Dayton,
Akron, Toledo and Youngstown, serving largely
to offset important declines at Chicago, Milwaukee,
Louisville, Columbus and a number of points of
lesser prominence. The aggregate for the 29 cities
composing the group is $58,110,425, against $59,­
594,920 in 1916 and only $42,048,490 in 1915. The
exhibit made by the South is very satisfactory, es­
pecially considering the fact that for two years in




1539

succession the cotton crop has been short. It is to
be explained, however, that the high prices ruling
for the current crop have more than counterbalanced
the contraction in yield, leaving the territory in
excellent financial condition. The proposed ex­
penditure at 33 cities for the quarter of 1917 is
$15,491,153, against $14,211,172 in 1916, all
but 9 municipalities displaying gains, with At­
lanta, Richmond, New Orleans, Dallas, Shreveport,
Oklahoma and Miami most conspicuous among
them.
A much more favorable building situation on the
Pacific Coast this year than in either 1916 or 1915
is indicated by the reports that have come to hand.
We have returns from 15 municipalities, at 7 of which
losses are shown, but at only two points— Portland
and San Diego— is the falling off worthy of mention.
Quite satisfactory gains, on the other hand, are to
be noted at San Francisco, Los Angeles, Seattle and
Fresno. The aggregate of all at $19,466,380 con­
trasts with $15,742,206 in 1916 and $13,285,784 in
1915. In the “ Other Western” group, represented
by 24 cities, construction work on the whole has
been characterized by marked activity. The grand
total of estimated expenditure for the three minths,
in fact, reaches $20,178,080, against $17,713,057 in
1916 and $14,215,889 in 1915. Operations at St.
Louis, Kansas City, Des Moines, Duluth and
Wichita have been comparatively heavy, but a
marked contraction from last year is apparent at
Minneapolis, St. Paul and Sioux City. Combining
the various groups we have an aggregate intended
outlay for the 168 cities outside of New York of
$167,447,257 for the three months of 1917, this con­
trasting with $161,964,013 in 1916 and 137 millions
in 1915. Greater New York’s results are $36,529,837
and $40,574,182 and $39,040,203 and, finally, for
the whole country (169 cities) the contracts entered
into for the three months call for an approximate
expenditure of $203,977,094, against $202,538,195
in 1916 and $175,897,934 in 1915.
Some revival of building operations in Canada
the current year is to be noted, but in the main the
volume of work being done is decidedly limited as
compared with several years prior to 1915, when
not only was a decided boom in construction work
witnessed in the Western Provinces, but much ac­
tivity was in evidence in the East. Contemplated
outlay for the three months this year at Toronto, for
instance, is* only $1,383,105, against $4,598,605 in
1914; at Winnipeg, $238,350, against $2,829,550;
at Edmonton, $8,600, against $599,375; and at
Vancouver, $159,540, against $1,039,438. Of course,
it is hardly to be expected that any important re­
vival in this industry will occur until the war is
brought to a close. As regards the exhibit for
March, reports from 30 cities in the eastern portion
of the Dominion furnish in the aggregate a prospec­
tive outlay about three-quarters of a million dollars
greater than for the month last year, but some
millions less than in 1914. For 17 Western
cities there is a loss of about
million from 1916
and over 2 millions from 1914, while the general
result for the month is $2,205,750, against $1,580,286
and $8,566,880. For the three months of 1917 the
Eastern total is $4,565,905, against $3,391,402 and
11 millions, the Western $619,756, against $570,639
and 6 millions, and the aggregate of all (47 cities)
$5,185,661, against $3,088,141 in 1916 and 17 mil­
lions in 1914.

1540

THE CHRONICLE

[Vol. 104.

had the advantage of an extra day in the month (it
being leap year), and accordingly the gain in gross
was large, reaching $20,752,155, but such was the
increase in expenses that only $8,275,149 of this gain
in gross was carried forward as a gain in the net. In
February 1911 the roads sustained a loss in both gross
and net— $3,456,863 in gross and $7,032,202 in net.
In February 1910 the showing was satisfactory, as
far as gross was concerned, but rising expenditures
were even then a feature, and accordingly an expan­
sion of $28,250,418 in gross receipts produced a gain
in net of only $7,734,299. In February 1909, when
the carriers were retrenching in vigorous fashion
(owing to the policy inaugurated after the panic of
1907), a gain of $13,338,338 in gross was attended by
an augmentation of $11,883,173 in net. The year
before (1908) there were losses of tremendous magni­
tude. Our compilation for February 1908 recorded
a decrease in gross of $17,713,009, or 12.55%, and a
decrease in net of $8,764,602, or 25.10%. Even
this was merely the falling off as registered by the
roads contributing returns to our tables. On account
of the generally poor character of the exhibits, some
quite important roads withheld their figures at that
time, and our tables covered only 151,580 miles of
road, whereas the total railroad mileage was in the
neighborhood of 230,000 miles. We estimated at
the time that for the whole railroad system of the
country the loss in gross as compared with the year
preceding must have reached $26,000,000 and the loss
in net $13,000,000. In the following we give the
February totals back to 1896. We use for 1911, for
Inc. ( + ) or Dec. (— )
February (481 Roads)—
1917.
1916.
Amount.
%
1910 and for 1909 the Inter-State Commerce totals,
Miles of road_________________
249,795
248,738
+1,057 0.43
Gross earnings............................. $271,928,066 $269,272,382
+$2,655,684 0.99 but for the preceding years we give the results just
188,940,721
+24,023,046 12.71
Operating expenses___________ 212,963,767
as registered by our own tables each year— a portion
Net earnings..........................$58,964,299
$80,331,661 — $21,367,362 26.59
of the railroad mileage of the country being always
As already stated, comparison is with earnings in unrepresented in these earlier years, owing to the
1916 which had shown noteworthy improvement in refusal of some of the roads in those days to give out
both gross and net. In the gross the gain then was monthly figures for publicaton.
no less than $58,005,851, and in the net $28,886,343.
Net Earnings.
Gross Earnings.
It will be observed that this year’s loss in the net Year.
Increase or
Year
Year
Year
Increase
or
Year
goes far towards wiping out the gain in the net estab­
Preceding. Decrease.
Given.
Preceding.
Decrease.
Given.
lished in 1916. It deserves to be pointed out, how­
$
$
$
$
Feb.
S
S
45,989,629 41,003,813 + 4,385.816 13,003,324 10,827,770 + 2,175,554
ever, that in 1915, too, there had been improvement in 1896.-— 318,014 15,311,914 14,095,623 + 1,210,291
1897.. . 51,338.343 51,656,357
1898.. . 59,070,798 51,904.081 + 7,166.117 18,163,731 15,390,058 + 2,767,673
the net, notwithstanding some falling off then in the 1899..
. 58,557,395 59,965,541 — 1,408,140 15,538,962 18,026,170 — 3,087,208
. 72,738,157 59,566,162 + 13,171,995 21,637,135 15,650,437 + 5,980,698
gross. In that year the roads were practicing the 1900..
1901. . . 86,357,583 78,722,604 + 7,034,979 26,537,607 2.3,485,478 + 3,052,129
+ 555,168
1902.. . 89,028,687 84,859,745 + 4,168,942 20,478,954 25,923,780
most rigid economy, forced thereto by the unfortu­ 1903.. . 91,360,580 80,898,616 + 10,46: ,964 24,115,381 23,153,394 + 961,987
1904.. . 99,543,300 96,130,791 + 3,412,515 23,045,307 25,382,875 — 2,337,568
3,545,907
nate conditions prevailing at that time in the railway 1905-.- 95,184,2S3 98,487,848 — 3,303,505 20,072,964 23,018,871 +—13,549,271
1900-.. 120,728,671 95,625,938 + 25,102,733 33,486,034 19,937,363
32,319,083 — 1,050,601
world, and the saving in expenses thus effected was 1907-.. 123,920,810 115,123,600 + 8,797,150 30.669,082 34,919.215
— 8,704,002
1908-.- 123,389,288 141,102.297 — 17,713,009 26,154,013
37,311,587 + 11,883,173
then more than'sufficient to overcome the loss in gross 1909.-- 174,423,831 101,085,493 + 13,338,338 49,194,760
1910.-. 202.825.3S0 174,574,962 + 28,250,418 50,970,253 49,241,954 + 7,734,299
1911-.- 199,035,257 202,492,120 — 3,456,803 49,888,584 50,920,786 — 7,032,202
earnings, with the result that net earnings in February 191
2 ... 218,031,094 197,278,939 + 20,752,155 57,411,107 49,135,958 + 8,275,149
. 232,726,241 218,330,929 + 14.3S9.312 59,401,341 57,458,572 + 2,002,769
1915 actually registered a gain. As a matter of fact, 11913..
914... 209,233,005 233,056,143 — 23,823,138 39,057,905 59,553,012 — 19,895,047
_ 210,S60,6S1 212,163.907 — 1,303,2,SO 51,257,053 39,274,776 + 11,982,277
even the loss in gross in February 1915 was not large, 1915_
1916--. 207,579,814 209.573,903 + 58,005,851 79,929,403 51,043,120 + 28,880,343
it amounting to only $1,303,286; and as expenses were 191 7 ... 271,928,066 269,272,382 + 2,655,684 58.904,299 80,331,061 — 21,307,362
reduced $13,285,563, this gave a gain in net at that
Note.— Includes for February, 130 roads In 1896, 124 In 1897, 136 In 1898, 125 In
123 in 1900, 131 In 1901, 117 In 1902, 106 In 1903, 104 In 1904, 98 In 1905,
time of $11,982,277. In February 1914, on the other 1899,
101 In 1906, 94 In 1907; In 1908 the returns were based on 151,580 miles ol road; In
hand, there were heavy losses in both gross and net. 1909; 232,007; In 1910, 239,725; In 1911,242,640; In 1912, 237,082; In 1913, 240,986;
In 1914, 244,925; In 1915, 246,186; In 1916, 245,541; In 1917, 249.795. Neither the
The gross fell off in amount of fully $23,823,138, Mexican roads nor the coal-mining operations of the anthracite coal roads are In­
cluded In any of these totals.
while expenses were reduced no more than $3,928,­
In the case of the separate roads, as would be ex­
091, leaving, hence, a loss in net in the large sum of
pected from the conditions outlined at the beginning
$19,895,047.
The ftruth is, that prior to 1915, the February of this article, we have a considerable body of de­
showing'1hadj not] been a good one for quite a con­ creases in the gross, while in the net, because of the
siderable time past; rising expenses were an unfavora­ rise in operating expenses, the decreases far outnum­
ble feature, and these rising expenses had kept the ber the increases. The roads in the Eastern half of
growth in net within a fv ery moderate compass. the country pretty generally show decreases in both
Thus, in February 1913, there was a gain of $14,389,­ gross and net, and some of the Western roads are
312 in gross, but as this was attended by an augmenta­ distinguished in the same way. Thus the New York
tion of $12,386,543 in expenses, the addition to net Central reports a loss of $1,729,033 in gross and of
was only $2,002,769. In February 1912 the roads $3,602,300 in net. This is on the Central itself, as

RAILROAD GROSS A N D NET EARNINGS FOR
FEBRUARY.
It was a foregone conclusion that the showing of
earnings of the railroads of the United States for the
month of February would not be altogether satisfac­
tory. In the first place, we are now comparing with
very heavy totals of earnings in the year preceding;
in the second place, the month this year contained
one less day than last year, this latter having been
leap year, when February had 29 days; in the third
place, the grain movement in the West underwent
large contraction, the late season’s crops having been
short, and floating supplies having been reduced to
small proportions, owing to the great export demand
which for so many months back had been a continu­
ous feature; finally, the freight congestion and car
shortage, which reached such pronounced propor­
tions during February, nearly all over the country,
in part as a result of Germany’s new submarine policy,
interfered very seriously with the traffic movements
and reduced the volume of business transported in
many different directions.
Stated in brief, while there is some improvement
in the gross earnings, it is very small, being only
$2,655,684, or barely 1% , and this has been attended
by an augmentation in expenses of $24,023,046, leav­
ing, therefore, a loss in net of no less than $21,367,­
362, or 26.59%. Thus we see reflected in a marked
way the presence of rising operating costs. In tabular
form the totals for the two years are as follows:




A pe . 21 1917.]

THE CHRONICLE

enlarged by the recent absorption of the Lake Shore
and some other lines. Adding the other auxiliary
and controlled roads, the whole going to form the
New York Central System, the result is a loss of
$2,097,742 in gross and of no less than $6,055,095
in net.
The Pennsylvania R R . on the lines directly oper­
ated east and west of Pittsburgh has $710,806 decrease
in gross and $4,465,854 decrease in net. Including
all lines owned and controlled which make monthly
returns to the Inter-State Commerce Commission,
the result for the Pennsylvania System is a loss of
$454,017 in gross and of $5,039,121 in net. The Erie
has $758,446 decrease in gross and $1,559,880 in net.
The Boston & Maine, while falling behind $21,135 in
gross, has lost $630,388 in the net. The New Haven
has $77,613 decrease in gross and $154,888 decrease
in net. The Chicago & North Western loses $335,545
in gross and $1,046,710 in net; the Milwaukee &
St. Paul $1,184,604 in gross and $1,573,252 in net,
and the Union Pacific $425,815 in gross and $1,092,­
974 in net. On the other hand, the Southern Pa­
cific has $2,267,416 gain in gross and $1,335,692 gain
in net, and the Atchison $947,466 gain in gross and
$242,048 in net. The Northern Pacific has $466,604
increase in gross and $84,351 increase in net, and the
Great Northern $644,016 addition to gross and
$182,807 to net. Contrariwise, the Burlington &
Quincy with $343,391 improvement in gross falls
$301,279 behind in the net, while the Rock Island,
with $249,473 gain in gross falls $646,538 behind in
net. Among the Southern roads the Atlantic Coast
Line has added $442,007 to gross and $238,762 to
net, and the Louisville & Nashville $347,067 to gross
and $85,706 to net, but the Southern Railway, with
$276,371 gain in gross, has $241,459 loss in net, and
the Seaboard Air Line, with $259,616 increase in
gross, has $14,197 decrease in net. In the South­
west, the Missouri Pacific has enlarged gross by
$636,185 and net by $534,399, and the Missouri
Kansas & Texas and St. Louis Southwestern have
also done well. 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.
PRINCIPAL CHANGES IN GROSS EARNINGS IN FEBRIL
Tnr.rpn.*p.<t

Southern Pacific.............$2.267.416
Atch Topeka A Santa Fe_ 947,466
Great Northern............... 644,016
Missouri Pacific________ *>36,185
Northern Pacific_______ 466,604
Atlantic Coast Lino____ 442,007
Missouri Kansas A Texas. 425,294
St Louis—San Francisco - 399,706
Illinois Contra!............... 358,140
Loulsvlllo A Nashville__ 347,067
Chicago Hurl A Quincy.. 343,391
Baltimore & Ohio______ 340,479
St. Louis Southwest____ 300,260
El Paso A Southwestern. 289,416
Southern Railway______
276,371
Seaboard Air Lino. . . .
259,616
Phila Balt A Washington. 255,704
Chic Rock Isl A Pac Lines 249,473
Yazoo & Miss Valloy. . . 234,796
Now Orl Tex A Mexico__
187,218
Kansas City Southern—
184.513
Western Maryland.........
174,946
Central of G eorgia ..........
126.602
Michigan Central--------100,143
Representing 24 roads
In our compilation..$10,256,889
N o te .—All

PRINCIPAL CHANGES IN NET EARNINGS IN FEBRUARY.
Uprrpn

T iir r p n < ip s

Southern Pacific_______ $1,335.692 Minneap S t P & S S M ... $476.967
Missouri Pacific________ 531,399 Pere Marquette_______ 466,366
Atch Topeka & Santa Fe. 242,048 Chicago Burl & Quincy.. 301,279
____ _
Atlantic Coast Line_____
238,762 Norfolk & Western......... 266,005
St Louis Southwestern__
206,941 Chic St Paul Minn & O .. 244,642
New Orl Tex A Mexico.. 199,943 Southern Railway______
241,459
El Paso Southwestern..
190,853 Denver & Rio Grande__
213,566
Illinois Central_______
184,957 Elgin Joliet & Eastern... 207,574
Groat Northern______
182,807 Chesapeake & Ohio_____
205,109
Yazoo & Miss Valley..
121,913 Chicago Great Western.. 192,54
Kansas City Southern.
100,886 Phila Balt & Washlngton.
173,332
St Louis—San Francisco
100,072 Wabash______________
173,293
N Y N II & Hartford___
154,888
Representing 12 roads
_ Y
______
_____
__Louis. . 140,644
N
Chicago
& St
in our compilation...$3,639,273 Grand Trunk WesternIII 123,874
,
D ecreases. Delaware Lack & Western
__ ,
123,122
Pennsylvania................ a$4,465,854 Virginian_______ _____
121,749
New York Central--------- 63,602,300 Central New England__
118,285
Chicago Mllw & St Paul.. 1,573,252 Maine Central________
113.625
Erie - - - - - - - .................... 1,559,880 Buffalo Roch A Plttsb. . . 113.165
112,448
Union Pacific--------------- 1,092,974 Baltimore & Ohio_____
Chicago & North Western 1,040,710 Central of New Jersey... 110,737
. .
110.075
Clove Cine Chic~ & St L._ 826,081 .Long .Island...................
Michigan Central..
. . 794,437 Cine New Orl A Tex Pac. 108.785
Chlc Rock Isl A Pac Lines 646,538 Minneapolis & St Louis.. 102,109
Lehigh Valley644,311
West Jersey A Seashore. . 101,984
Boston & Malno............ 630,388 Toledo A Ohio Central...
100,372
Pitts & Lake Erie_ 551,207
Philadelphia A Reading.. 524,822 Representing 41 roads
Delaware A Hudson____
519,346
in our compilation..$23,396,101
a This is the rosult for the Pennsylvania RR., together with the Pennsyl­
vania C om pa n y, and the Pittsburgh Cincinnati Chicago A St. Louis, the
1ennsyivania RR. reporting $2,369,938 decrease, the Pennsylvania C om ­
p an y $1,541,404 loss and the P. C. C. A St. L. $554,512 loss.
Including all
lines owned and controlled which make monthly returns to the Inter-State
Commerco Commission, the result is a loss of $5,039,121.
6 Theso figures cover moroly the operations of tiie New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the “ Big Four,” Ac., the wliolo going to form the
Now York Central S ystem , the rosult is a loss of $6,055,095.

Arranging the roads in groups or geographical
divisions, according to their location, we find that
four of the seven divisions register a falling off in
gross and five a falling off in net. Our summary by
groups is as follows:
SUMMARY BY GROUPS.
-Gross EarnlngsInc.( + )orDec.(,— ).
1917.
1916.
S
8
5
%
12,235,421 12,348,928
— 113,507 0.92
71,128,339 74,228,633 — 3,100.294 4.1S
—
1,3.83,416
31,880,935 33,264,351
4.16
38,277,437 36,433,404 + 1,844,033 5.06
55,227,261 56,359,756 — 1,132,495 2.01
45,726,494 41,131,296 + 4,595,198 11.17
17,452,179 15,506,014 + 1,946,165 12.55

Section or Group.
February—
Group 1 (18 roads), New England__ .
Group 2 (83 roads), East & M iddle.. Group 3 (60 roads). Middle West___ .
Groups 4 A 5 (96 roads), Southern. _. .
Groups 6 A 7 (78 roads), Northwest.. .
Groups 8 A 9 (96 roads), Southwest.. .
Group 10 (50 roads), Pacific C oast... .

-271,928,066 269,272,382
r,__
1917.
1916.
S
S
7,831
2,056,068
3,213,653
29,448 10,433,048 20,991,182
23,428
3.393,811
9,740,792
42,797 12,145,757 12,654,706
68,685 12,401,409 17,623,4.33
57,713 12,828,265 11,495,204
18,836
5.692,911
4,612,691

------ Mileage-----1917.
1916.
Group No. 1--------Group No. 2 ______
Group No. 3--------Groups Nos. 4 A 5 .
Groups Nos. 6 A 7 ..
Groups Nos. 8 A 9 ..
Group No. 10-------

7,818
29,481
23,507
43,145
68,866
57,917
19,061

T o ta l.................... 249.795 248.738

58,964,299

+ 2,655,684

t__

0.99

Inc.( + )orDecX— )
S
%
— 1,147,585 35.71
— 10,558,134 50.30
— 6,316,951 65.16
— 508.949 4.02
— 5,219,024 29.61
+ 1,333,061 11.59
+ 1.0S0.220 23.42

80,331,661 — 21,367,362 26.59

NOTE.— Group I. includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and 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
cast of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all o f
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 State line
passing through Denver.
Groups VIII. and IX. combined Include all of Kansas. Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City: Colorado south
of Denver, the whole of Texas and the bulk of Louisiana: and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X . Includes all of Washington, Oregon. Idaho, California, Nevada. Utah
and Arizona and the western part of New Mexico.

Now York Central___ MlAfSlB1033
Chicago Mllw A St Pauli, b i l l 604
Erie— ------ ---------------- 758 446
Pennsylvania______
a7in ’«n«
Minneap St P A S S M ..I 4 7 0 017
Union Pacific.................. 425 815
Delaware A Hudson____ 362 ^ 0
Chicago A North Western 3 3 .5 ’ k4 5
Clove Cine Chic & St L._ ,3lQS.!'r>
Philadelphia & Reading.
254 9S6
Chic St P Minn & 0__.__ o?5 6K7
A FAVORABLE TRADE BALANCE THE KEY TO
Minneap A St Louis__
211’l40
Lehigh Valley..................
175 095
FUTURE PROSPERITY.
Chesapoako & Ohio_____
169 ,327
Chicago Groat Western.. 156 459
(By John Clausen, Vice-President The Crocker National Bank of San
Pero Marquette-----------1.50'ooi
Francisco].
Pitts & Lako Erie...........
136 900
Wabash...................... .
Iir,’fi60
Just now wo are living in an epoch of great prosperity, in
N Y Ontario & Western.. ll>’o3">
Pitts Shawmut & North’ 11 108 691 a way artificially stimulated by the demand for materials
Wheeling A Lako Erie___
107 459

Representing 21 roads
In our com pilation___$8,213,160

the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we havo combined the
separato roads so as to make the results conform as noarly as possible to
thoserglven'lnltho,statements furnished by the companies themselves.
« This is the rosult for the Pennsylvania I1R., together with the Penn­
sylvania! Company, and the Pittsburgh Cincinnati Chicago & st. Louis,
the Pennsylvania RR. reporting $237,880 decrease, the Pennsylvania
C om pa n y $533,147 loss and the P. C. C. & St. L. $60,221 gain.
Including
all lines owned and controlled which make monthly returns to the InterStato.Cominerce Commission, the result is a loss of $454,017.
*i 5jTheso figures cover merely the operations of the Now York Central
itself. * Including the various auxiliary and controlled roads, like the MichIganiCcntral, the ‘‘ Big Four,” Ac., the whole going to form the New
York Central S ystem , the result is a loss of $2,097,742.




1541

from the nations at war. Whether the advantage thus
gained will be upheld depends largely on the skill and acumen
of our bankers to wisely use their money power, and in the
farsightedness of our merchants to strive for greater diversi­
fication of exports and imports.
If to preserve our progress we do not accept the present
unexampled opportunities and assidiouslv apply ourselves
to the new order of things that loom beyond the day of peace,
we shall be guilty of a great neglect. W e are particularly
liable to suffer unless our capital and commercial interests
are brought to a realization of the economic difficulties—
necessitating firm and original methods of treatment— which
aro now confronting us and may later become even more
pressing.
Our bankers must be determined to modernize their
methods in good time as the lack of interest in this direction

1542

may seriously check the work of trade expansion. There
are many reasons why the country banker particularly
should enter upon a broader field of operation, as time alone
will prove with what vigorous efforts the larger banks
throughout the United States will enter— even locally—
into competition by means of the added facilities afforded
by the Federal Reserve Act for establishing domestic and
foreign branches. The consequent absenco therefore of
restraint in rivalry for business, as affecting the smaller
institutions, may in a measure no longer figure as a barrier
to the larger banks who in their keen pursuit for expansion
in business are less likely to respect formor restricted terri­
torial rights. Whilo this feature mainly affects homo con­
ditions, there are likewise to be considered tho problems
which confront us in our foreign banking relations.
It would be well to study tho objects of the new “ British
Trade Bank” now in process of formation for tho purpose—
as its name implies— of furthering the commerce of Groat
Britain. That institution when organized and operated
under efficient management, with the power to base on its
capital a forceful system of credit in tho shape of acceptances,
will no doubt soon gather the nucleus of a largo foreign busi­
ness.
As a striking example of tho great activities for the ad­
vancement of their international trade relations, it is of the
greatest importance to recognize that British oversea banks
alone havo capital exceeding 500 million dollars, as against
but 5 or 6 million dollars so invested by North Amorican
interests. Our bankers must bo determined to modernize
their methods in this direction particularly, as the lack of
farsighted interest to further the system of our branch
banking in foreign countries, may seriously check tho work
of trade expansion.
In the economic life of a nation commerce and banking
are so closely intorwoven that it becomes essential for every
person engaged in business to have some knowledge of the
parts played by these factors. Tho nature and use of money,
the mechanism of exchange and the development of banking
in various parts of the world are features of vital concern to
the commercial interests of our country.
It is apparent that it will take something more than the
offering of goods to build up and hold tho trade which wo are
now in position to control. W e should look ahead to future
conditions— be prepared to meet aggressive European trade
combinations and keep pace with the world’s industrial
advancement.
Co-operative combinations such as may bo deemed
expedient to develop our foreign relations in normal
times, are essential and should in no sense bo considered a
contractional restraint of free trading. A recognition of
this principle in oversea trade development is in my opinion
most necessary to our economic progress. Such privileges
very naturally should only be accorded American-owned
concerns, and co-operative ownership of stock in competi­
tive organizations must obviously bo prescribed.
If the claims for superiority of American goods are made
aggressive realities— and careful, direct and persistent
efforts exercised by American manufacturers in their intro­
duction and exploitation, it should not bo difficult to make
permanent our present pre-eminent position in world com­
merce.
It appears that to advantageously maintain our place in
the international relations, we need not only an efficient
banking system and a well-equipped merchant marine, but
more especially scientific commercial education. It cannot
be too strongly emphasized that these problems must bo
seriously taken under advisement, as a plain matter of mod­
ern development, requiring attention along feasiblo and in­
telligent linos.
Viewing the subject of business education from the stand­
point of clear judgment, it becomes apparent that a necessity
exists for training our young element in tho early stages of
their development for business and labors which will devolve
upon them when at manhood they enter upon their active
career.
The business world to-day is vitally interested in this
problem for no organization can succeed in a material degree
whoso workers are not efficient. The foundation of national
prosperity clearly rests upon that result accomplished by
its people to servo real purposes in sympathy with current
industry, science and Government. If wo can encourage
early, direct business training, the usefulness of tho popu­
lace of our country will assure both trading power and
wealth.




[Vol. 104.

THE CHRONICLE

Tho measure of success to which we are entitled will
largely depend upon our ability to meet in organized and
scientific strength the competition of foreign contemporaries.
If we aro to become the financial centre of the world and
gain supremacy in international trade, wo must make ade­
quate preparation for retaining these advantages as well as
assuming all their responsibilities and obligations.

FRENCH WAR FINANCE.
[Communicatod .1
“ No people has ever repaired as quickly as tho French tho consequences
of a national catastropho, nono has ever recovered with tho samo oaso tho
elasticity, tho confidence in itself and tho spirit of enterprise. Moro than
once Europe believed that Franco had coasod to bo potential, but each
time tho French nation stood up erect before Europo after a short dolay
with hor vigor of old or an increase of force.” —Princo von Bulow.
A few years after the war of 1870 this tributo was rondered to tho perennial
resourcefulness of France by the most intellectual of her German enemies.
That economic vitality has again been illustrated during tho present war.
A leading French economist has likened his country to a groat industrial
enterprise in which every citizen is practically a shareholder. Intense
productiveness and incessant accumulation are tho characteristics of this
huge organization of labor and property. Certain phases of its institu­
tions are peculiarly adapted to contribute to tho national opulouco.
E con om ic Foundations.

France is uniquely tho nation of small landowners. In a population of
forty millions nearly nino millions of adult males aro proprietors of tho soil.
In contrast with the largo expanse of territory held in a fow hands in other
European countries, wo can better appreciate tho bearing of this “ Infinitely
disseminated” ownership of real property. Tho fabric of French life and
prosperity since tho Revolution has been largely shaped by these conditions.
As tho peasant proprietor is tho typical embodiment of economy, his
influential presence in tho constituency organizes a land of thrift.
Reside this army of frugal laborers an array of consummate artisans has
since tho days of the monarchy advanced tho enrichment of Franco—
multiplying a thousand fold the values of crude material through tho
application of skill and ingenuity. From the physical advantages of her
territory, from her virilo institutions, and from tho acquisitive character
of her inhabitants Franco has derived an unsurpassed amount and diversity
of woalth. She does not figure upon the adventurous sido of commerce;
her excellence lies in tho moro conservative direction of utilizing tho resources
and enhancing tho traditions of French industry.
This application of toil and intelligence Is personified by ton millions
of taxpayers, and twelvo millions of bank depositors. Thoy represent tho
colossal accumulation of thirty-one billions of dollars of domestic and
foreign security holdings.
Those prosperous conditions prevailed throughout tho French Empiro
at tho outbreak of the war. Largo portions of hor overseas colonies had
become established as productive units. In all foreign countries France
was a creditor. Nowhere was she a debtor except to her own pooplo, and
thero had been no increaso of public debt between tho years 1900 and 1910.
Her capital was mounting at tho rate of eight hundred millions of dollars
per annum, derived from returns on investments and from annual savings.
Tho balance of her imports in excess of oxports was offset by receipts from
abroad on account of interest and from expenditure by foreigners sojourning
in Franco. Even tho first seven months of 1914 witnessed an lucroaso in
her foreign commerce amounting to thirty-five millions of dollars.
D em an ds For Cash— The Bank o f France.

With this raster of resources Franco was called upon to adapt her finances
to a militant regime. Tho immediate requirements for military purposes
had first to be met and for these purposes tho processes of taxation were
altogether too tardy. Though tho State monopolies of tobacco and other
articles furnish ready and continuous resources to tho Treasury acting as
a dealer, thoy wero entirely inadequate providers of cash for tho immense
demands of this exigency.
The real exponent of tho liquid capital of tho country, furnishing tho
most available machinery for tho urgont financing of tho Government, is
the Bank of France. The Bank is a share corporation deriving its im­
portance from contracts with Government, originating in tho time of
Napoleon. In return for tho exclusive right to issue paper currency with
legal tonder quality and in specified amounts, it is bound to inako agreed
advances to tho Stato. Its discounts usually exceed tho sum total of those
made by the Bank of England. Its operations aro fortified by oxtonslvo
accumulations of gold reaching aggregates of ono billion dollars. Even
abroad its notes aro at a premium. Finally it provides throughout Franco
tho powerful apparatus which focuses tho monoyod assets of tho country.
With this mechanism at hand tho Government could presently obtain tho
cash required for the military purposes of tho nation.
Tho utility of tho Bank has been exercised in several forms. There wero
transactions directly with the Government, evidenced by advances to the
Troasury in return for additional franchises accorded by tho Government
to tho Bank. These advances exceeded at various timos tho sum of sixteen
hundred millions of dollars, and they wero mado upon terms peculiarly
favorablo to tho debtor. Having regard to tho authority for now emissions
of notes, only 1% was charged for tho immense and frequent credits gi ven
to tho State. Though the rate was afterwards nominally raised to 3%
upon more recent advances to tho Government, tho additional 2% was
constituted into a sinking fund to extinguish the account.
Another form of tho Bank’s bonoficial action consisted in facilitating
subscriptions to public loans by advances to individual subscribers. In
this way time was afforded to realizo upon privato assets in order that the
proceeds might bo reinvested in evidences of debt from tho public 1rcasury.
In strum en ts o f W a r Credit.

At this stago of tho war financing, wo aro brought to a presentation of
tho forms of credit whereby Franco has secured tho great mass of her
financial constituents. With a pre-war dobt of six and a halt billions of
dollars, Franco could still confidently invoke the lending power of her
peoplo. The initial step consisted in Issues of Treasury notes running from
three to twelvo months, and sold at prices which allowed for deduction of
tho ipterest to accruo during tho life of theso certificates of national de­
fense.
.
Tho next step looked to provision during tho war, and at tho samo time
it illustrated tho sound and careful administration of Finance Minister
Ribot. As tho interest on tho Treasury notes was retained by tho sub­
scriber out of tho purchase prico, that issue was payablo at its face, and
approached tho character of currency, thus betokening inflation. To
obviate such a result France has carried out a species of funding arrange­
ment—a remarkable operation to bo effected ponding a war. The ma­
chinery devised consisted in the flotation of an issue of 10-ycar 5 % bonds.

A pr . 21 1917.]

THE CHRONICLE

known as tho obligations of national defense, and to assuro tho conversion
of peaco as well as war obligations. This comprehensive loan was made
disposable at 963^. Eight and a half millions of separate documents
emanating in tho courso of this transaction indicate tho breadth of Franco’s
financial constituency. Even this largo numerical factor is merely commensurato with a country whoso moneyed institutions hold tlirco billions
of dollars deposits.
Reserve Resources.

Taking the basis of sixteen billions of dollars as tho maximum level of
debt included in tho war budgots, the principal credits aro to bo appraised.
On this sido of tho ledger the roceipts from normal taxes during two years
of tho war figuro moro than one and a half billions of dollars. With tho
supplementary taxes and tho revenues from monopolies, between nine and
ton millions of francs, or nearly two billions of dollars, Iiavo been paid from
that sourco into tho war exchequer, down to Doc. 1 1916.
Meanwhile tho foreign commerce of tho country which amounted to three
and a half billions of dollars has been "a going concern” during tho war.
This activity proceeds concurrently with tho agricultural employment of
40% of tho nation’s labor. And tho economy of French production,
manufactures and transportation is subserved by tho great maclUno of
420,000 miles of roadway. Tho combination of these elements lias mado
Franco practically a self-feeding and almost a self-sufficing nation.
Tho railroads, canals and other utilities wero at their inception placed
within tho circle of public concessions for limited period. As those periods
. iiavo partly elapsed, substantial proceeds could be realized from their
extension, estimated in tho caso of certain railroads at four billions of
dollars. In viow of tho profits accruing to specified monetary corpora­
tions, somo of their franchises could be enlargod on adequate compensation
to tho State.
Tho colonial territories aro bearing a substantial part in tho vitalities
of Franco. From Morocco to Indo-Chfna laborers have flocked to tho
fields and vineyards of Continental France. Tho Bank of Algiers, and tho
individual resources of industry and taxation in all tho colonies, have borno
their full share in tho financial output, their annual commerce approximat­
ing two hundred and sixty-fivo millions of dollars. Cultivators from Spain,
Switzerland and even Italy are participants in maintaining Gallic produc­
tion. Concurrently tho women of Franco aro again illustrating thoir
achiovemont on tho farm and in tho work shop, as well as their power of
montal direction.
Tho national financing of Franco must be considered in connection with
tho division of burdens botweon tho nation and tho provinces. Much of
tho incidenco of taxation which in other countries is borno entirely by tho
local subdivisions, falls upon tho central government. Tho nation as a
unit maintains roads, canals, prisons, schools and various other public
utilities, rolioving tho local administration from thoso burdens. Ilcnco,
tho magnitude of tho demands upon tho nation as a wholo must bo adjusted
to its truo porportlon, economically speaking, by tho fact that tho entire
country is administered without the imposition of many provincial lovies,
which would substract from its enriclimont.
Increm ents Resulting F rom The W a r.

Tho impotus given to production during a national war has never been
moro strikingly evidenced. This familiar phonomonon pivots on tho fact
that tho groatest corporation in tho land, the Stato Itself, enters extonsivcly
into tho field of business. At one moment it gathers tho maximum of
capital: at tho next it distributes these vast collections in tho processes
of industrial activity. This transfer of resources from tho people as tax­
payers and lenders to tho people as an administrative unit has proceeded
with a rapidity equalled only by the patriotic outgiving during tho French
Revolution. While tho first year of tho war records a reduction of 48%
in tho normal tax revenue, tho receipts at tho end of two years reached
78% of tho ante-bellum maximum. Meanwhile, tho voluntary relation
of (lot)tor and croditor botweon Franco and Frenchmen is exemplified in
tho billions of dollars delivered by millions of subscribers to public loans.
On tho disbursing sido tho stimulation of exchanges in France has been
superlative, owing to tho fact that four fifths of the outlays from tho
Treasury havo taken placo within tho boundaries of tho country itsolf.
This concentration of war capital and labor in an immensity of factories
entails a continuous distribution of wages and cost of management. As
the short loans aro repaid, the proceods pass into individual hands and
again bocomo tho subjects of taxation and the providers of new loans. In
this account tho superadded expenditures of the British armios in Franco
havo fed tho receipts of tho country.
Lost there should lie a lack of appreciation or tho pecuniary vigor of
Franco during tho war, her position in handling tho moratorium should be
recalled. To cancel the running account of interest which accompanied tho
delay for paymont of private debts, the moratorial period was anticipated
in respect to ono hundred and twenty millions of dollars. Of a similar
nature was tho anticipation during a sixty-day period of tho maturity of
firty millions of dollars of discounted paper in bank.
Judged l>y tho habits of other nations, economy and oven parsimony was
a French characteristic. Nevertheless tho prohibition of somo luxuries,
and tho limitation on tho sale of others, has been adopted in tho social
interest and tho consequent reduction of revenue on thoso linos has been
accepted as a dcsirablo sacrifice.
Consolidation o f N a tiona l Debt.

In Novombor 191.5 tho great national loan placed tho finances of Franco
upon a broad and stablo basis. It belongs to the classic type of perpetual
routes, which through many years have formed the historic bedrock of
Fronch investment. It may seem anomalous that the holders of this class
of security apprehend tho day of payment as the most objectionable period
in its career. But rentes originate in appeals to tho nation and tho character
of tho small investor determines its factors. Ills entire theory of finance
is embodied in tho certain and continued receipt of a certain income.
When ids namo is inscribed In the great book of tho Treasury his part is
dono, and tho part of tho Ropubllc is to pay him his revonuo and not to
bother him any moro.
Ilowovor, perpetual rentes are perpetual only in the sonso that tliero is
no fixed day of obligated paymont of tho principal. But conditions iiavo
arisen when it was quite profitable to tho Stato to pay tho rcntoholder, and
this is tho event which tho French rentier desires to guard against. It will
appear that tho terms of this great national loan aro arranged to accommo­
date tills business psychology. As the French investor is tenacious of
obtaining a discount from tho par of his purchase, this rento was mado
salcablo for 15% loss than its denomination. Bearing 5%, tho return to
tho investor is about 6%. But the cardinal feature consists in preventing
amortization for 15 years. For that timo no sinking fund installments
aro receivable, tlioy boing regarded as appropriations by tho debtor towards
paymont. By theso arrangements against any changes in tho security
beforo 1931, tho situation which arose after tho war of 1870 is avoided.
The rento issued at tho conclusion of that war advanced in two years from
80 to 100, and in four years to 120. As no restriction was provided in
respect to tho timo of payment, tho Government offered tho holders tho
face of their holdings, or a now security at a lower rate of interest. It was
a caso of cash or conversion, with tho result that conversions rapidly




1 5 43

eliminated two-fifths of the interest, again placing the credit of France upon
a 3% level. As the provisions of the present great loan prevent conversions
for somo years, these rentes should during that time command a consider­
able premium, enabling tho tenacious investor to retain high interest
and high prices.
Upon this foundation the national loan was launched. It is freo of all
taxes and was issuable for revenue as low as 5 francs. Outstanding Stato
obligations wero receivable in payment and preference. Every facility
was afforded for unifying all the Government debt into this single security.
All restrictions upon tho withdrawal of funds from savings banks were sus­
pended for tho purpose of tho loan. Railroad and industrial companies
advanced their coupon payments in order that recipients could pay into the
loan. Insurance companies attached tho benefits of subscription to their
policies.
Tho resulting financial enlistment of an army of French savers was
productive of more than three billions, and one and a quarter billions of
fresli money. Tho amount of the national loan is unlimited, but after
Dec. 15 1915 no additional subscriptions wore receivable. More than three
millions of individuals had contributed to this outcome, and in evidence of
tho general confidence nearly every other country in Europe offered its
quota, totaling about two hundred millions of dollars.
Tho financial situation was likewise strengthened by the condition of
the Bank of Franco. It had been authorized to increase its note issues by
tho amount of three and a half billions of dollars, making an aggregate of
twenty-eight billions of potential Issues, but limited by the amount of
loans to the Government and the portfolio of commercial paper. By the
conversions it was bound to lend to the Government upon agreed terms
seven hundred and forty millions of dollars additional to previous advances.
Betweon May and November of that year it had received two hundred and
forty millions of dollars of gold in exchange for the same amount of its own
notes. In illustration of tho general conditions surrounding this great
financial renovation, tho moratoria had been furtlior roduced to the extent
of two hundred and thirty millions of dollars.
Moreover, tho war increase of capital in France has been proceeding
apaco. Consequently the funds that are available for tho payment of
taxes have likewise increased, through the very activities produced by the
war. Tho much discussod income tax took effect from Jan. 1916, and the
excess profits tax upon munitions manufacture yielded its great productive­
ness. The numerous items of the elaborate system of direct and sumptuary
taxation wero united in producing receipts of six hundred millions of dollars
for 1915, and eight hundred and forty millions of dollars in 1916.
The Continued M a in ten a n ce o f Resources and Credit.

It is abundantly evident that in all major respects France is financing
horsolf. She has needed dollars in New York to pay for her purchases in
America. Sometimes she has procured them through England by lodging
gold in London as tho basis of banking credit, and sometimes by tho familiar
loans in this country. Moreover, her short obligations, certificates of
national defense, amounting at times to four and a half billions of francs,
havo been taken up as presented, whereupon new issues were sold. As
theso certificates consume money not yet prepared for long investment, it
is utilized over and over again in theso certificates. As for prolonged
credits, they aro now represented mainly by tho two issues of rentos of the
nation'al loan—which are secured by the double panoply of taxation, and the
resources provided under the statutes by tho Bank of France.
In any ovent the monetary availabilities are on the ascending scale. As
Franco’s sixteen billions of foreign investments become utilizable, the
burden of hor debt becomes proportionately minimized.
EDWARD L. ANDREWS.

WAR MEASURES—LET US TRY TO BE SANE.
[From "The Evening Sun” of New York, April 14 1917.]

There is some reason, it would seem, to fear that the country or a large
part of it, official and popular, may lose its head over the war—not in the
way of a mad stampede to tho front, but in making the situation the excuse
for all sorts of plans and activities ranging from mere freakiness to absolute
mischief. Nobody can read somo of the outgivings of statesmen on war
finance without disquiet, while the lucubrations regarding food control
would lie panic inspiring if they were to bo taken seriously.
Tho objective of sound war administration should bo to carry on the
fight with as little disturbance to the ordinary life of the community as possiblo.^ It is true that desperate situations demand desperate remedies.
Germany has no doubt been driven to meat ticketing and soup ticketing by
disastrous conditions. Apparently England is only a degree or two
better off. France makes tho impression of riding easiest in the gale and
keeping her splendid sanity undisturbed.
,^
Wo are not unconscious of a certain scarcity in this country which, along
with an unprecedented glut of money both in the country as a whole and in
individual hands, has raisod prices sensationally. Wo arc not unmindful
either of our obligation to our Allies to give them the utmost help in solv­
ing their feeding problem. We fully rocognizo tho need for concentrated
national effort as regards the production and conservation of food products
and wo heartily approve the policy of being forehanded in mooting the ex­
igency. But we can see no reason whatever for using tho occasion as an
opportunity for Governmental imposition upon tho United States of whole­
sale schemes of socialism.
Tho country is not starving, nor is it likely to starve at any timo within
human foresight. The real emergency is to increase largely our surplus
crops, so that wo may have plenty to sell or givo to England, France, Bel­
gium and Italy. It is only necessary, in fact, to indicate the need in order
to stimulate the intelligence and enterprise of the country to meet it. The
surest way to check expansion is to set the grip of Government regulation
upon all, with schemes of labor conscription and price fixing such as some
"statesmen” aro wildly exploiting.
There are two great dangers looming up in the immediate situation.
One Is tho band of calamity howlers: tho other is the herd of triflers who
aro getting their names into print with teaspoon suggestions for keeping
up high water mark in the ocean. Let us be sane, like France. Let us
havo moro enlistment, quicker approach to actual participancy in the war
and less blind thrashing around with bombastic words. Let us keep cool
and keep our hoads clear.

GERMAN AND AUSTRIAN

WAR LOANS.

A dispatch from Amsterdam via London on April 18 stated
that a Berlin dispatch gives the amount of subscriptions to
tho sixth war loan, according to reports received up to the
18th inst., as 12,770,000,000 marks, exclusive of conversions
of older war loans. Somo subscriptions are still to come from
small subscribers, it said, and from troops at the front. The
total for all war loans, said the dispatch, exceeds 60,000,0 )0,000 marks. In a dispatch from Amsterdam to London on

(Vol. 104,

THE CHRONICLE

1544

When Napoleon I overran Europe, a little over one hundred years ago,
England was tho only industrial or manufacturing country. Germany was
then a multitude of small, separate, agrarian States, a country of "poets
and thinkers.” When Napoleon closed the Continent against England
Your report of the brilliant results of the subscriptions to the sixth war ho cut off the latter’s trade in such articles as cotton and woolen goods,
steel,
coal and glass, just as Germany has been deprived to-day of her
loan has highly gratified me. Accept my heartiest congratulations for this
gigantic success, which is now and powerful testimony before tho entire foreign trade. But ho could never have thought that, in so doing, he might
world of the German people's resolute will for victory and its unshakable bo subjecting to famine a large Continent which at that time was essentially
agrarian and entirely self-supporting with respect to foodstuffs.
confidence in tho future of the Fatherland.
Prussia’s defeat at tho hands of Napoleon brought forth in that country
A dispatch from Amsterdam via London on April 7 quoted tho theory of “a people in arms.” Since then, universal service lias grad­
Vienna dispatches as stating that it had been officially an­ ually been adopted by all the leading nations on the European Continent,
and at the same time most of them have become, to a greater or less de­
nounced that 0,234,610,000 kronen (about §1,250,000,000) gree, industrial countries. These two evolutions have been most impor­
had been raised as the result of the fifth Austrian war loan. tant factors in tho making of modern history.

April 19 Reuter’s correspondent says Emperor William lias
sent the following telegram to Count von Roedern, Secretary
of the Imperial Treasury:

Tho new money was said to be 4,464,610,000 kronen.

FRENCH MUNICIPAL TEMPORARY CERTIFICATES
ADMITTED TO STOCK EXCHANGE.
The New York Stock Exchange has admitted to its list
the §12,000,000 City of Bordeaux, $12,000,000 City of Lyons
and $12,000,000 City of Marseilles temporary 6 % 3-year
certificates (see reference in our issue of Feb. 10, page 513),
due N o v . 1 1919, and which were placed in this country
during November last by a syndicate of which Kuhn, Loeb
& C o. were managers.

INCREASED BANK NOTE ISSUES IN SPAIN.
Consul General Carl Bailey Hurst at Barcelona calls
attention to a royal decree, published March 12, increasing
tho authorized paper currency of Spain from $450,000,000
to $540,000,000. lie says (according to “ Commerce Re­
ports” for April 9):

The Issue of paper money by the Bank of Spain was limited by a royal
decree of Aug. 5 1914 to $450,000,000, and although this amount has not
at present been reached, the margin has been appreciably reduced by fur­
ther issues since then. The rapid economical development of the country
necessitates an abundance of ready money, and the motallic reservo now
in tho Bank of Spain is sufficient to guarantee a considerably greater num­
ber of notes than now available. Accordingly, a royal decree published
March 12, authorizes tho Bank of Spain to augment its paper currency, the
total value of new notes, with those now in circulation, not to exceed
$540,000,000.
__________________________

NO SATISFACTORY PROPOSALS FOR THIRTY-YEAR
3 % BONDS HELD BY FEDERAL RESERVE BANKS.
Tho committee in charge of sales of United States thirtyyear Conversion 3 % bonds for Federal Reserve banks con­
sidered on April 17 replies received to its recent invitations
for proposals to purchase bonds of this issue. Tho com­
mittee announced that no satisfactory proposals were re­
ceived and consequently no award was made.
The chairman of the committee indicated that this result
was more or less expected because of the changed conditions
which have arisen since the proposals were invited following
the introduction in Congress of the bill which authorizes the
issue of $7,000,000,000 of Government securities bearing a
higher rate of interest than the bonds offered by the com­
mittee.

MR.

WARBURG'S APOTHEOSIS OF GOVERNMENT
REGULA TION.

Wo gave last week that part of the address of Paul M .
Warburg before tho Commercial Club of Chicago on April
7 that deals with the financial problems confronting tho
United States. B y far the greater portion, however, of
the address, which was entitled “ Government and Business,”
was an argument in favor of Government regulation of
affairs, and this portion we quote to-day:
Government

and

B usin ess.

When many months ago I accepted your flattering invitation and se­
lected "Government and Business” as the topic for my address, I did not
anticipate that between then and now conditions would tako so serious a
turn that tho relation of Government and Business in times of peace would
hardly bo of interest to my audience. But just because at this present
juncture we seo so plainly to how great an extent a country’s fate depends
upon its railroads, its shipping, its industries, and its finances, and just
because we perceive so clearly how essential it is to secure consistent de­
velopment and preparation in times of peace, it may bo worth while to stop
and analyzo tho gradual growth in importance of the interrelation of Gov­
ernment and Business. We may well ask ourselves: "Has Government
activity in business—generally called regulation—come to stay?” “ Is
Its future scope going to increase or decrease?” “ Can modern business
succeed without it?” “ What is tho attitude of business toward Government
and Government toward business, and what should it bo?” These are
largo questions which it would be interesting to discuss in tho light of tho
past, present and future, but we cannot do moro than dwell to-night upon
tho most essential phases of tho problem.
Some of tho chief economic changes brought about in Europe during tho
past century have been: Tho transformation of nations from political
entities into political and economic units; the evolution from mainly agrarian
into industrial States; from decentralized, self-contained, and solf-supporting individual activity, to strictly specialized vocation. This dovelopmont
has brought about wholesale production on the part of the individual and
community, depending upon broad national and international markets
both for tho saio of excess products and for the purchase of many articles
of necessity and luxury. It lias resulted in making every country depen­
dent upon tho goods of others.




What

Industrial E xpa n sion

M e a n s.

Industrial development enables a nation to sustain within its boundaries
a larger population than it can support by its own agricultural products,
provided it can trade with countries that have a surplus of such foodstuffs.
Larger population and taxing power means, in turn, tho possibility ot
creating greater armies. But industrial countries are vulnerable if they
can bo cut off from other nations which supply them with raw materials
essential for their daily life.
Hero we have in a nutshell the European problem, as it lay at tho root
of tho present world catastrophe, and wo seo the importance of tho part
played by business in this connection. Given the wicked division of
Europe into two armed camps, of fairly equal power, it is obvious that
each side must have watched with tho greatest concern any change in any
of these threo important items; population, wealth and ocean control.
Wealtli is all tho moro important because the efficiency of modern armies
and navies is dependent upon the most modern and ample equipment, a
dependence which in turn resolves into a question of financial endurance.
Modern warfare has sinco developed tho fact that defeat or victory de­
pend upon tho degree of speed and efficiency witli which unheard-of quan­
tities of ammunition and instruments of war can be suppllod. And a coun­
try's ability quickly to organize and mobilize its industries lias become a
most essential factor in tho strugglo of tho nations.
Government's Interest in B usin ess.

This explains why European Governments, in questions of commerce
and production, have long ceased to be simply regulators of business, and
havo become active promoters of business, and at times liavo even become
partners in it, or thomselves producers.
Not on account of tho welfare of the individuals concerned, but on ac­
count of tho national importance of these subjects, governments are vitally
interested in proper tariffs and commercial treaties. Railroading and
shipping are likewise objects of tho care of Government—not merely be­
cause of their strategic importance, but becauso of the bearing that efficient
transportation has upon a country’s development and its ability to com­
pote with other nations.
In railroading and shipping wo find in the world to-day all kinds of
Government influence, from Stato subventions and control of tariffs, to
joint partnership between private capital and Government, and comploto
Government ownership and operation.
In a similar manner, we see Governments actively promoting agriculture
and new industries, wo seo them organizing their industries Into aggressive
syndicates (and cartels), and wo seo a growing tendency on tho part of al­
most all countries to control and develop their own natural resources. At
present we seo in Europo Governments operating factories and regulating
almost every phase of demand and supply to a degree never before known.
Wo havo seen somo Governments at work to develop new markets by ac­
quiring and operating new colonies.
We have seen in Europo during tho last twenty years a growth of control
by Governments of tho national power to save and invest in foreign coun­
tries. Foreign loans were directed by Governments to points where they
wore to produce business for the lending nation, or where they were to
assist politically allied countries, or whore—through financial aid ren­
dered—other countries were to bo drawn into closer commercial and po­
litical relations. Loans granted to China, Russia, Turkey and tho Balkan
States, are illustrations of such a policy.
Wo all fervently hope that tho end of tho war will bring about conditions
enabling all powers to reduce armaments, thus lessening the urgent necessity
for Governments to secure increased revenues for the sake of maintaining
largo armies and navies. On tho other hand, the debts of tho leading
powers of Europo havo increased at such an unparalleled rato that what
seemed an unbearable military burden in tho past will appear small as com­
pared with tho financial burden of tho future.
If wo tako the average for tho threo years preceding tho war, wo find that
England, France and Germany together spoilt annually for tlielr armies
and navies about $1,000,000,000. Their combined debt service for 1914
amounted to about $430,000,000. Their annual interest charge, without
amortization, on tho basis of their present funded indebtedness, amounts
to about $2,180,000,000 per annum, or more than twice the amount for­
merly spent for armies and navies.
Increased

Government

Interest.

The consequence will bo that tho future business activities of Govern­
ments, in scopo and intensity, will not be decreased, but will bo increased.
It will have to bo their concern to rebuild their country’s trade, to bring
it back into conformity with tho normal requirements of nations at peaco.
to secure larger revenue from a weakonod people, to reduce to a minimum
imports for tho purpose of unproductive consumption, and to increase to
tho maximum the exporting power of tho nation. Every country in the
world has learned during tho last three years tho necessity of developing
its own resources and of becoming less dependent upon other countries for
its normal requirements. There will bo a tendency, I beliovo, on tho part
of most of the leading nations, even after tho establishment of peace, to
keep their trado balances under Government control by restricting impor­
tations, particularly of luxuries, by regulating homo consumption and by
bringing about the lowest possiblo cost of production on the broadest pos­
sible basis of organized co-operation. I havo no doubt that Government
monopolies will be established for tho production of many important ar­
ticles. Exchango of goods between countries, once tho shortages of raw
materials and finished products have been met, will, to my mind, bo de­
creased in volume, rathor than increased, as compared with pre-war times.
And wherever purchasing power exists there will bo tho keenest kind of
organized competition to secure tho contracts for tiio goods required.
I havo outlined those conditins at such length in order to ask tho ques­
tion: “ In tho face of tho ultra-organization to bo expected of other coun­
tries, can wo afford to believe that when peace is restored wo can meet this
competition, or hold our own, unless we likewise systemotize or organize
our Individual efforts?”
Furthermore, if in Europo it is necessary to havo Governm ents take an
active part in organizing industries and banking, m ay we assume that k
can bo done without G overnm ent regulation in a country which by law and

A p r . 21 1917.]

THE CHRONICLE

sentiment much more than Europe is opposed to extensive combinations
in dustries and banking?
Regulation in the

United Stales.

1 5 45

States can no longer succeed without it. For us it is no more the question
of whether we shall or shall not have Government regulation, or promo­
tion, in certain branches of our business life. The problem is to find its
most efficacious form. Unless we do, we shall fail to hold our own. For
us, the question is only shall it be a non-partisan, expert regulation or one
changing with changes in party Government.
That democracy is the Ideal form of Government, I do not doubt. But
Europe’s recent history has borne out the experiences of 2,000 years ago;
that, in the hours of greatest need, democracy is often not the most efficient
form of Government. Thatis why in the old Republic of Rome, in times
of war, recourse was invariably taken to temporary dictatorships, and
that is why, for certain branches of Government, we now see this form of
administration again adopted in Europe. Democracy is Government by
tho people. It is the most self-respecting form of Government. But,
being the expression of the ever changing will of the masses, it Is lacking
in stability of policy, and continuity in office of trained men. It further­
more abhors autocratic power vested in single individuals. It believes in
checking one power by another, and each man by other men, and, there­
fore, vests authority in groups rather than on individuals. These are con­
ditions which cannot be avoided. But whether democracy will prove it­
self capable, however, of dealing effectively, fairly and promptly with the
intricate economic problems of the modern State will largely depend upon
our ability to develop to their proper degree permanent and capable expert
boards and commissions, assuring that measure of stability and reasonable
promptness in action without which healthy progress cannot be made.
But, gentlemen, in order to achieve that result, such boards must find
an attitude of sympathy and support on the part of the country.

We are all in accord, I believe, in thinking that, if at all possible, the
operation of industries by party Governments on the United States should
be avoided. Where regulation is required and whore regulation borders
on the field of operation, it is best exorcised through non-partisan Govern­
ment bodies. Leaving aside the councils and commissions organized for
the purposo of dealing with emergency situations,wo havo bodies of that
kind in tho Inter-State Commerco Commission, tho Foderal Roscrvo Board,
the Federal Trade Commission, tho United States Shipping Board, and tho
Tariff Board. Tho task of Government regulation is as complex as it is
ungrateful. It is largely a judicial function. Thoso charged with it must
hear tho producer and the consumer, the shipper and tho carrier, tho bor­
rower and tho lender, and find a course that is fair to all, at tho same time
taking into consideration the larger question of the Interests of tho entire
country in its national and international aspects. In addition, tho problem
of the producer and the shipper must bo dealt with from tho two-fold point
of view of capital and of labor.
Foreign Governments which own and operate coal mines, and thereby
regulate the price of fuel, arc interested in securing largo rovonuo resulting
from a combination of high prices for coal and low cost of production. At
the same time, however, they have to consider tho millions of individual
consumers, tho manufacturer, who must bo ablo to compote in tho world
market, and finally tho miner, who is ontitlod to reasonable wages. Effi­
cient Government regulation must conscientiously weigh all thoso aspects
with fairness towards all, with malice towards none. It cannot please
all sides; it probably will invariably displease somo party involved in tho
"S u p r e m e Courts” o f B u sin ess.
question, or oven all. But tho test of its work does not lie in praiso or
Business men must feel toward these boards as lawyers do toward the
blame. There is only one standard to bo applied, and that is: “ Has its Supreme Court. Just as any lawyer might be expected to give up a highly
work been fair, and, first of all, has it boon constructive?”
remunerative practice in order to accept a call to the Supreme Bench, so
The A ttitu de o f B usin ess.
tho Government must feel that it is entitled to ask the best business minds
When by reduction of rates and improvement of service, oxcosslvo to serve on a supreme bench, if you please, of transportation, banking or
dividends on watered railroad stock aro cut, no harm is done; provided trade. It is true that being a member of these boards entails sacrifices
tho country at large profits from such action. If, however, by going of a material and, what is more, of a personal nature; but, if in England,
to an extreme in this direction the corporation’s credit is impaired, and its France and Germany the flower of the nation always stands ready to serve
ability to grow and expand is thereby destroyed, regulation proves a failure. Its Government, why should our country find its citizens less ready to follow
The carrier, by exacting extortionate rates, may hurt its own interests be­ its call? Men are willing to serve their country if they feel that the sacri­
cause it is bound to weaken or oven destroy the shipper, or drive him away fice involved is commensurate with the result to be achieved and if they can
to other lines. Conversely, tho shipper, by securing excessively low rates, count upon the confidence, the sympathy and the support of the people.
may destroy tho railroad’s ability to servo him well, or to servo him at all. IIow much havo business, railroad and banking done in this respect to en­
But these two conflicting interests, themselves often engaged in a lifo and hance tho attractiveness of these Government positions? Have they
death struggle with their own competitors, cannot take any but a strictly tried to do everything in their power to help in the public work and to
selfish view, and there must bo a power to intervene botwoon them, pro­ promote a sympathetic understanding? Or have many done the best they
tecting them from each other, and safeguarding tho public interest. With­ could to belittle it; to lament unnecessary Government interference and to
out Governmental bodies of this naturo, which tako a judicial and at tho discourage those charged with the duty of carrying into effect the people’s
same time constructive point of view, tho only remaining solution would will?
be Government ownership and operation.
Personally, I have no reason to complain, but speaking by and large
All this is so obvious that I feel liko apologizing for taking your timo in about tho general attitude of the public, I am certain that you will bear
stating it: but if it is obvious that thoso bodies perform functions of tho mo out when I say that it has not been what it should be for the best in­
very highest Importance in regulating transportation and finance, in de­ terests of the country. It ought to be clear beyond a doubt—particularly
veloping equitable tariffs, and In socking to develop ways and means by
you business men—that the more capable the men serving on these
which our industries may organize for joint and effective competition in for
boards, the better for all concerned; that the higher the estimation the
foreign fields, why, then, if this is so obvious, does business look upon tho country
places on the work of these boards, the more the country realizes
work of these bodies, generally with apathy, and frequently with ill-dis­ tho importance
of having the ablest men serve it, the greater will be the
guised animosity ?
chance of securing and retaining for these boards the services of leaders
I believe there are four main reasons:
in
their
respective
callings; that the more capable tho various interests show
First: We aro a highly individualistic people; we cherish our personal
of taking a large and co-operative point of view, the greater
liberty and naturally resent any kind of compulsory regulation as bother­ themselves
will bo the justification for the Government to fill these boards in a larger
some and unnecessary interference;
from their own ranks instead of seeking them elsewhere. Men
Second: There is^a strong belief amongst American business men that measure
who
join such commissions or boards do not want empty compliments or
they "know better,” and that any Government requirement or regulation praise.
There is but one possible compensation to which they aspire, and
is bound to bo theoretical rather than peractical; extromo and destructive that is success
in their efforts. If the public is interested in their efforts;
rather than helpful;
if
it
trusts
them and wishes them to prevail, their battle is half won. In­
Third: It is natural that those should bo dissatisfied who in tho past had
telligent
understanding
and a sympathetic and co-operative attitude is all
a largor picco of pie than was duo them, which had consequently to bo cut
that they require.
b y Government interference;
May I tax your patience by illustrating these conditions in speaking to
And, finally, it is equally natural that thoso should bo dissatisfied whoso
slice, small in the past, has been increased by tho Government, but who now you of some problems of the Federal Reserve Board?
Apa th etic B usin ess M e n .
feel rosontmont that they cannot havo the whole plo to themsolvos.
W o need not lose much tim o over tho last tw o classos, but wo m ay doI
havo mentioned to you the important amendments we are trying to
voto some thought to tho first and second.
secure; amendments in the adoption of which every American citizen is in­
terested and nobody more than the business man. For almost three years
D em ocracy and Personal Liberty.
True democracy cannot resent self-imposed regulation as an infringe­ tho Board has been striving towards the perfection of this greater financial
ment on personal liberty, it would bo that only if it were imposed by others. mobilization. How many business men have followed the work of the
Wo willingly accept police regulations as moasuros adopted by ourselves Board; ,how many have raised a hand in its support? How many realize
for our own personal safety. Why, then, should wo rovolt against regu­ that what really caused the fatal delay in acting upon this legislation was,
as wo havo reasons to believe, a side issue bearing no relation to the pro­
lation that doals with tho much larger question of national protection?
Putting tho question in this way is to answer it: “ Bccauso, in our dally posed amendments ? It was the question of whether there should be added
to tho amendments the right to make certain exchange charges, abolished by
lifo, wo valuo our personal interest higher than that of tho country.”
These last months havo brought us faco to face with problems of extromo tho Federal Reserve Act, but which a largo number of small country banks
gravity. Thoir redeeming feature has been that they havo awakened in want to see restored. Time does not permit me to go into the merits of the
us tho willingness to consider our country first, and to placo our personal caso, oven'though it offers a characteristic illustration of problems requir­
comfort and interest where thoy belong—in tho second row. But our ing Governmental regulation.
Whether or not those charges should be permitted or refused is a matter
lesson would bo only half learned if wo did not begin to apply it in peace as
for Congress to decide, but it does not seem reasonable that vital legislation
woll as in times of stress or war.
As to tho second charge that these boards are largely filled by mon should be withheld or delayed at this time on account of an issue which
stronger in theory than in practice, I beliovo that in thinking of them many ought to bo settled Independently upon its own merits.
I
have mentioned this incident because I have been wondering at the
of you havo in mind Bernard Shaw’s sarcastic remark, "Ho who can, docs,
lie who cannot, toaches.”
apathy of business men and. In a similar manner, it has been a source of
But, gentlemen, when you consider tho tromondous scopo of influence surprise to me that, apparently, they have not yet fully realized that the
tho Government is bound to exorcise in tho futuro businoss lifo and growth entrance of the State banks and trust companies into the Federal Reserve
of nations, when you bear in mind that with tho rapid changes of heads of System is their concern. . . .
departments and in our legislative bodies, thoso non-partisan boards and
C onclusion.
commissions may becomo tho strongest elements of economic stability and
Tho modern State is as much an economic as it is a political unit. There
expert knowledge, you will agree that these Government boards will not bo aro millions of individual enterprises apparently self-centered and indepen­
positions for "teachers,” but, indeed, for real "doers."
dent, but, as a matter of fact, all dependent upon each other. There la
Expert Talent N ecessa ry.
not one in the conduct of which, directly or indirectly, the State is not
Do not overlook, gontlomen, that these boards will havo to act as buffers interested. There is not one which, by exaggerating the single and selfish
and balance wheels, not only between tho various businoss interests in­ point of view, might not do harm to others and affect the well being of the
volved, but also between emotional and changing factional Government whole. Whenever, the fair middle course, essential for the greatest pros­
influence on tho one side and tho needs of quiet and steady economic evo­ perity and comfort of all, cannot be established and adhered to by com­
lution on tho other. Capital and labor, farmer and manufacturer, shipper mon understanding between contending parties, Government has to step
and carrier, all havo thoir spokesmen in Congress, often roprosonting as one in as a regulating factor. If this regulation is to bring about the best re­
sided a class viow as tho classos themsolvcs. To understand all parties to sults, It must not be exclusively preventive of abuses or destructive of old
tho controversy, to combine tho business man’s point of viow, as well as tho business practices, but it must be, at the same time, constructive. Gov­
farmer’s with tho more detached conception of a non-partisan, oxport Gov­ ernment must not regulate only. It must also promote.
ernment body; to arrivo at tho judicial and national point of view; to dis­
In the state of the future, particularly in Europe after the war, the most
cover tho proper middle course conducive to tho best interests of tho ontiro efficient Government promotion of industries in many lines will be held
country; to prevent harmful over-regulation in cither direction; to over­ to exist In actual Government ownership and operation. More than ever
come mutual distrust, prejudice and suspicion of all parties concerned, is a beforo will States become solid industrial and financial unions effectively
task deserving of the best talents and tho strongest characters of tho nation. organized for world competition driven by the necessity of perfecting a
The scopo of Government regulation in business matters all over tho system of the greatest efficiency, economy and thrift in order to be able
world will not decrease but rather Increase in tho next 25 years. Modern to meet the incredible burdens created by the war.




1546

[VOL. 104.

THE CHRONICLE

Such is the future of the world in which wo shall have to maintain our
own position, and it requires, on our part, thorough organization and
steady leadership. Under our democratic system this cannot bo furnished
by changing party Governments, but can only be provided by fairly per­
manent, non-partisan and expert bodies. These bodies must combine the
judicial point of view with that of active and constructive business minds.
They must bo able to act as expert advisers alike to Congress and the in­
dustries concerned. They must break down suspicion and prejudice of
Government against business and of business against Government. They
must stand for the interest of all against the exaction or aggression of any
single individual or group, be it called capital or labor, carrier or shipper,
lender or borrower. Republican or Democrat.
Our ability to handle effectually the great economic problems of the
future will depend largely upon developing boards and commissions of
sufficient expert knowledge and independence of character. This will
be possible only if both Government and the people fully appreciate the
importance of such bodies, so that tho country may find its ablest sons
willing to render public service worthy of the personal sacrifices it entails.
I beliove that the dark clouds of sorrow and suffering which for three
long years have shrouded tho world will before long show us their “silver
lining.” Wo shall see it in the greater political liberty and safety coming
to millions in Kurope. We shall perceive it in the chastening that will
come to some and tho awakening in others to the deeper realization of the
things most essential in life. To us it will bring, I believe, a keener appre­
ciation of tho individual’s duty towards his country, not alone to his coun­
try in stress, but also to his country in its peaceful endeavors. It will
develop a better understanding of our common problems, and with a proper
estimation of their importance there will come a greater willingness on tho
part of all to servo the country either by taking a more active sharo in its
Government or by readier and more intelligent subordination of our own
work or comfort to tho larger public interest.
This broader conception of genuine citizenship will perceive in Govern­
ment regulation not unwelcome and arbitrary restraint to bo resonted by
liberty-loving men, but self-imposed rules established for mutual advan­
tage and protection.
Aristotle, in defining the essential characteristics of liberty, said: it
is to govern and in turn to bo governed,” and this thought has lost nothing
of its force even though 2,000 years have passed since it was expressed.
Liberty without Government is anarchy.
Government without co-operation of the governed is autocracy.
To govern and in turn to be governed is the only form of truo liberty.
In this conception thero is nobody governing and nobody goverened.
We all govern and serve alike and together. Wo all serve one master; the
only master that no liberty-loving man need be ashamed to serve—we servo
our country.

The effect of the proposed amendment is to permit the Federal Rosorve
banks, if the occasion should ever arise, to issue to tho limited extent that it
has received gold in lieu of Federal Reserve notes—to that extent and to that
extent only—Federal Reserve notes against 100% of qualified commercial
bills of short maturities, underwritten by member banks, as required by
statute.
Your Committee regards this as an important improvement In the

i The further change in the bill, however, which has now been
inserted, would make Section 9 of the law, relating to the
admission of State banks, read as follows:
Section 9. Any bank incorporated by special law of any State, or organ­
ized under tho general laws of any State or of the United States, desiring
to become a member of the Federal Reserve system, may make application
to the Federal Reservo Board for the right to subscribe to tho stock of the
Federal Reserve bank organized within the district in which tho applying
bank is located. Such application shall bo for tho samo amount of stock
that tho applying bank would be required to subscribe to as a national bank.
Tho Federal Reserve Board, acting under such rules and regulations as it
may prescribe, subject to tho provision of this Act, may permit the applying
bank to becomo a stockholder of such Federal Reserve bank.
In acting upon such applications, tho Federal Reservo Board shall con­
sider tho financial condition of the applying bank, the general charcator
of its management and whether or not tho corporate powers exercised are
consistent with the purposes of tho Federal Reserve Act.
Whonover the Federal Reserve Board shall pormit tho applying bank to
becomo a stockholder in the Federal Reserve Bank of the district its stock
subscription shall bo payable on call of the Federal Reserve Board, and stock
issued to it shall bo held subject to tho provisions of this Act.
All banks admitted to membership under authority of this section shall
be required to comply with tho reservo and capital requirements of this
Act and to conform to those provisions of law imposod on national banks
which prohibit such banks from lending on or purchasing their own stock,
which relate to tho withdrawal or impairment of their capital stock, and
which relato to the payment of unearned dividends. Such banks and the
officers, agonts and employees theroof shall also bo subjoct to tho provisions
of and to tho penalties prescribed by Section 209 of tho Rovisod Statutes,
and shall be required to make report on condition and of the payment of
dividends to tho Federal Reserve bank of which they becomo a member.
Not less than three of such reports shall be mado on call of tho Foderal
Reservo bank of dates to be fixed by tho Federal Roscrvo Board. Failure
to mako such reports within ton days aftor tho dato thoy aro called for
shall subject tho offending bank to a penalty of $100 a day for each day
that it fails to transmit such report: such penalty to bo collected by the
Federal Reserve bank by suit, or otherwise.
T o Be Subject to Exam inations.

FEDERAL RESERVE AMENDMENTS AGAIN
PORTED BY SENATE COMMITTEE.

RE­

A favorable report on tho bill to amend the Federal Re­
serve Act so as to mobilize the gold reserves for war purposes
was filed on M onday with the Senate by Senator Owen from
the Banking and Currency Committee. This is the same
bill, it is pointed out by the Washington correspondent of
the N ew York “ Journal of Commerce,” which was favorably
reported to both houses at the last Congress, but failed of
passage. The Senate Committee reported the bill again
in the same form in which it was reported at the last session,
but in addition it amended Section 2 of the bill so as to
liberalize the provisions regarding the admission of State
banks to membership in the Federal Reserve system. This
change was especially urged by the Federal Reserve Board
since the United States joined in tho war. The important
section of the bill would amend the reserve section of the law.
The Committee reported:

This section provides for a readjustment and decrease in tho reserves
required of tho member banks. Tho object of tho amendment is two-fold.
First, to increase tho gold holdings of tho Federal Reserve system, and thus
strengthen tho system against any exigency that may result from the
European war, and, secondly, to decreaso tho amount of reserves required
of member banks. The amendment would add approximately $200,­
000,000 of gold to the present holdings of the Federal Iieservo banks. The
amendment also proposes to requiro the member banks to maintain in
their own vaults, for till money ,£an amount equal at least to 4% of Its
demand deposits.
The bill would also permit the holding of gold and gold
certificates as collateral security tor the issuance of Federal
Reserve notes. Concerning this amendment, the com­
mittee

said:

The amendment to section 16 will permit the Federal Reservo banks to
receive gold coin and gold certificates in exchange for Federal Reserve notes,
which is now done by indirection.
It Is of great importance to tho Federal Reserve system to attract to the
Federal Reserve banks a largo amount of gold which now serves no very
useful purpose in the pockets of the people or as till money in the member
banks.
The adoption of this proposal would result in causing the gravitation into
Federal Reserve banks of probably $200,000,000 of gold. It would
strengthen tho potentiality of the bank in accommodating our national
commerce by giving to these banks tho power. In case tho exigency should
ever arise, and to the extent that this gold should be attracted into the
custody of the Federal Reserve banks, to Issuo Federal Reserve notes against
qualified commercial paper at par, and would have the effect of magnifying
the power of the banks and strengthening public confidence in the Federal
Reserve system.
„
,
_ ,
f The Imperial Bank of Germany.has demonstrated tho value of tho system
of issuing legal tender notes against commercial bills of a qualified class.
It has had a very great stabillzing'offect upon Germany’s finance, industry
and commerce.
.
The Bank of England has on occasion, by a ministerial permit, authorized
tho issuance of legal tender notes against commercial bills.
The Federal Reserve system has been very much more conservative
then either of these plans, requiring as security for Federal Reservo notes
100% in qualified commercial bills plus 40% gold, besides tho security of
the entire banking system of the United States, which is, of course, behind
these notes, with its capital, surplus and double liability of stockholders.




As a condition of membership such banks shall likewise bo subject to
examinations mado by direction of tho Federal Roscrvo Board or of the
Federal Reserve bank by examiners selected or appointed and approved
by the Foderal Reserve Board.
Whenever the directors of tho Federal Reserve bank shall approvo tho
examinations mado by the Stato authorities, such examinations and the
reports thereof may bo accepted in lieu of examinations mado by examiners
selected or approved by the Federal Reserve Board. Provided, however,
that when it deems it necessary the Board may order special examinations
by examiners of its own selection and shall in all cases approvo tho form of
the report. Tho expenses of all examinations, other than those mado by
State authorities, shall be assessed against and paid by tho banks oxamined
in the samo manner and at the same rate that national banks are assessed
for such expenses.
„
,
If at any time it shall appear to the Federal Rcservo Board that a momber
bank has failed to comply with tho provisions of this section or tho regula­
tions of tho Federal Reservo Board made pursuant theroto, it shall be
within tho power of the Board, after hearing, to require such bank to sur­
render its stock in the Federal Reservo bank, and to forfoit all rights and
privileges of membership. The Federal Reserve Board may restoro mem­
bership upon due proof of compliance with tho conditions Imposed by this
' Any State bank or trust company desiring to withdraw from membership
In a Federal Reservo bank may do so, after she months’ written notico shall
havo beon filed with tho Federal Reserve Board upon the surrender and
cancellation of all of its holdings of capital stock in tho Federal Reserve
bank- Providod, however, that no Federal Reservo bank shall, except under
express authority of the Federal Reservo Board, cancel within tho samo
calendar year, moro than ten per centum of its capital stock for tho purpose
of effecting voluntary withdrawals during that year. All such applications
shall be dealt with in the order in which thoy aro filed with the Board
Whenever a member bank shall surrender its stock holdings in a Federal
Reserve bank, or shall bo ordered to do so by tho Federal Reserve Board,
under authority of law, all of its rights and privileges as a member bank
shall thereupon cease and determine, and after due provision has been made
for any indebtedness due or to become duo to tho Federal Reserve bank, it
shall be entitled to a refund of its cash paid subscription with interest at
tho rate of one-half of one per centum per month from dato of last dividond,
if earned, the amount refunded in no event to exceed tho book valuo of
the stock at that time, and shall likewise be entitled to re-payment of de­
posits and of any other balance due from the Federal Resorvo bank.
No applying bank shall be admitted to membership in a Federal Reserve
bank unless it possesses a paid-up unimpaired capital sufficient to entitle
it to become a national banking association in tho place where it is situated
under tho provisions of the National Bank Act.
.
Banks becoming members of the Federal Reserve system under authority
of this section shall be subject to tho provisions of this section and to those
of this Act which relate specifically to momber banks. Subject to these
provisions and to tho regulations of tho Board made pursuant thereto; any
bank becoming a member of the Federal Reserve system shall retain its
full charter and statutory rights as a State bank or trust company and
may continue to exercise all corporate powers granted it by the State in
which It was created, and shall be entitled to all privileges of member
banks, provided, however, that no Federal Reserve bank shall be permitted
to discount for any Stato bank or trust company notes, drafts or bills of
exchange of any one borrower who is liable for borrowed money to such
State bank or trust company in an amount greater than ten per centum of
the capital and surplus of such Stato bank or trust company, but the dacount of bills of exchange drawn against actually existing value shall not be
considered as borrowed money within tho meaning of this Act. lho
Federal Reserve banks, as a condition of tho discount of not^ ’
bills of exchange for such Stato bank or trust company, shallreq^re a
certificate or guarantee to tho effect that tho borrower is not able tosuch
bank in excess of the amount provided by this section and will not bo per­
mitted to become liablo in excess of this amount while such notes, drafts
or bills of exchange are under discount with the lederal Reserve bank.
It shall be unlawful for any officer, clerk or agent of any bank admitted to
membership under authority of this section to certify any check drawn upon

A pr . 21 1917.]

THE CHRONICLE

1547

such bank unless the person or company drawing tho check has on deposit of investment on tho part of banks who may wish to find an outlet for
therewith at tho time such check is certified an amount of money equal to surplus funds.
.
tho amount specified in sucli chock. Any check so certified by duly
Bank and Trado Acceptances may bo said to be almost as liquid as a
authorized officers shall bo a good and valid obligation against such bank, reserve account itself, for the reason that the Federal Reserve Act provides
but tho act of any such officer, clerk or agent in violation of this section may for their ready discount at tho Federal Reserve banks and at preferential
subject such bank to a forefeituro of its membership in tho Federal Reserve rates. Wo can then, with considerable confidence, urge that a large part
system upon hearing by the Federal Reserve Board.
of a bank’s idle funds bo invested in short-time Acceptances eligible for
rediscount at the Federal Reserve banks.
The case of savings banks may bo said to be a little different than other
SHOULD BANKS INVEST SURPLUS FUNDS AT THIS banks, for tho reasons that large deposits have been freely offered to them,
indicating that savings banks aro being used temporarily as warehouses
TIME?—ACCEPTANCES AND FOREIGN
to store idle funds awaiting investment. In some instances theso large
SECURITIES SUGGESTED.
deposits have been accepted. When there is a better opportunity for in­
on tho part of tho owner of such funds we may see the larger
Before Group I of the California Bankers Association at vestment
deposits withdrawn.
Sacramento last Saturday Frank C . Mortimer, Pacific
In many instances conservative savings banks have declined large de­
Coast Representative of tho National City Bank of New posits, and in other instances they have been accepted for no other reason
than that tho banker fears that the totals of his competitors may exceed
York, delivered an address on the subject, “ Should Banks his through his refusal of such business.
Invest Surplus Funds at This T im e?” and suggested pur­
In California, savings banks are not permitted, at this time, to invest
chases of bankers and trado acceptances and of foreign in Acceptances or commercial paper. Tho nature of their business permits
them to make investments which may bo said to be in a less liquid form
Government securities. W e quote as follows:
than those made by commercial banks.
The present situation is this, that, while our banks in accumulated funds
In view of tho different conditions surrounding the business of a com­
never were richer, tho banking interests on tho wholo aro wondering how mercial bank and a savings bank it is considered prudent on the part of the
they may employ, if at all, any considerable part of tho largo accumula­ savings banker to carry a fairly healthful reserve, at least until such time
tions of capital placed in their keeping. Rendered cautious by experience, as conditions are more normal, because he faces the possible withdrawal
bankers aro not inclined to bo too free in investing their surplus funds; of some largo deposits.
first, because they may bo called on to repay them at any time, and second,
Tho favorable yield attached to foreign Government securities has en­
becauso they cannot find short-time, liquid investments in sufficient quan­ listed the attention of bankers and many private investors and while there
tity and at rates that appear to them to bo commensurato with tho risk is much to be said in favor of American capital being invested in American
involved.
enterprises, at tho same time, there are many good reasons, aside from the
It is recognized as tho clear duty of every banker to keep his institution profitable interest yield, which call for serious consideration of investment
in as liquid a condition as possible and a solution of the question, “ Should in foreign Government bonds. Not that a largo individual investment of
Banks Invest Surplus Funds at This Time?” is not to bo offered lightly.
this kind is suggested to a bank; but in order that tho redistribution of gold
In view of tho safo position in which a banker finds himself, because holdings may be mado as easy as possible on us after the trade balances are
of his right to call on the Federal Reserve Bank of which ho may bo a mem­ readjusted, it would put us in an easier position to have some maturing
ber; or in case of a non-member bank, to lean on his money-centre corre­ bonds to offset, in part, at least, tho outflow of gold that may take place.
spondent for reasonable co-operation, let us assume that ho is in a frame No bank can bo justly criticised for investing a nominal amount in foreign
of mind to put a part of his surplus funds at work. Tho question then bonds and surely no criticism may attach to them in suggesting to their
arises: what forms of investment should bo made?
investing clients that a few well distributed holdings of foreign securities
With regard to domestic municipal, railroad and utility bond offerings, will fortify us as a nation in our efforts to develop closer trade relations
wo find that there are many safo and conservative issues from which to with foreign countries.
make selections; but desirablo offerings have been to some extent limited.
In a conservative way, tho banking concerns of this country may awaken
Our local banks, particularly savings banks, aro largo holders and buyers the investors mind to this broader opportunity. Too long has American
of theso classes of bonds and they aro watching tho market with interest. enterprise been hindered by the cloak of insularity. Too long have we
Changes in the past few days may influence prices in a way to enlist tho failed to cultivate a broader world attitude, to develop tho international
careful attention of bankers to bonds of this character.
mind. Tho timo has now come for American bankers, acting as coun­
The abnormal volume of cash awaiting investment in tho hands of pri­ sellors of American investors, to see that the investment resources of the
vate holders and that which is accruing from largo curront earnings, will United States are properly and safely employed and to turn from merely
bo in tho markot for investment in this typo of security and tho indications local interests to a broader field. More and more is it necessary to-day,
aro that tho demand for well secured issues will bo groat. The normal sup­ when, as never beforo, this nation is assuming responsibilities and a position
ply of railroad, public utility, industrial and municipal issues Is largo enough in the affairs of the world, not local and aloof, but broadly international,
to meet only a portion of this demand. And so we find that this outlet for for us to assume a receptive attitude toward sound bonds of foreign coun­
accumulated funds, usually open to tho banker, is crowded with buyers tries as an essential factor in the development of our own commercial re­
from many sources. We cannot look to domestic bond offerings, there­ sources, and we should encourage our clients to include foreign bonds in
fore, to provide a very largo opportunity for investment at much higher their investment selections. Foreign enterprises, properly investigated,
rates than now prevail, although somo offerings may present themselves constitute fully as safe a field for investment as enterprises at home. They
from time to time.
constitute often-times a more profitable field for investment. For years
Turning to Government securities, wo find an opportunity to subscribe American securities of the higher type have been sought and held in Europe
to United States securities as generously as our patriotism and our financial and we, in our present possession of a large part of tho world’s gold supply,
condition may dictate. To what extent United States financing will meet must at least ourselves consider foreign investments on their merits and not
or more than meet tho demand of private capital for employment and to reject them merely becauso they are foreign. A reasonable amount in­
what extent tho interest rates on Government securities will affect tho vested in the bonds of foreign Governments furnishes a new field for in­
Interest yields or market prices of domestic issues cannot bo gauged with vestment. So do tho other first-rate foreign securities. Government
any accuracy at this time.
loans cannot be negotiated in Europe on as favorable a basis as in the
Tho opinion is expressed by experts that tho prico levels now prevailing United States, and particularly now there is an unparalleled opportunity
on Government securities will not bo materially changed, for in a time like open to the American investor. At present thero are large offerings in
this the prevailing rates, no doubt, aro determined by patriotic willingnes tliis country of securities from Europe, as is only natural because of our
on tho part of tho purchasers to tako Government bonds at low rates and unprecedented gold surplus. Thus, whilo European securities now can be
in generous amounts. Thus on any investment of surplus funds which obtained at favorable rates, on tho termination of the war, which existing
may bo contemplated wo cannot look to United States securities for high conditions seem to indicate is not a possibility extremely remote, there
returns.
probably will be an appreciation in the values of theso foreign securities.
Thero are two fields, however, which aro more or less new to bankers The very desperation with which tho war is now being waged and our own
and private investors that may not bo fully appreciated, wherein the banker influences thrown into it, are symptoms of its final stage.
and his client may, by investing moderately and with wisdom, secure an
And yet the question of a moderate investment in foreign securities on
outlet for that part of his loanable funds which ho may term his secondary tho part of banks and their clients is a broader ono than merely that of
reserve.
• present profit. It Is political and international and only in the broadest
The first relief for surplus funds, It appears to mo, is through invest­ sense financial. An attitude of mind which brushes aside both prejudice
ment in short-tlmo Trado Acceptances that aro oligiblo for rediscount with and undue caution; a broader outlook; a vision of world activity in foreign
tho Federal Reserve banks. Trade Acceptances, as you know, aro a new trade and world cooperation, a sense of international development—these
instrument and now arise, not alone from foroign commercial transactions, aro the elements of tho now attitude which can bo engendered through the
but they ariso also from domestic operations, having to do with tho move­ judicious and moderate investment of surplus funds in investigated foreign
ment of commodities.
securities.
Trado Acceptances constitute a m ost desirablo form o f liquid asset and
in view o f tho international situation a good part o f a bank’s funds ought
to bo invested in sliort-timo pajjer o f this character. In tho case o f Bank
Acceptances there is no doubt that they are as good as cash at tho end o f
tho specified t ime, and they m ay be disposed o f readily in the open market
should cash bo required beforo m aturity.

A Trado Acceptance is a substitution of a time draft, drawn by thosoller
on tho buyer of merchandise at tho timo tho salo is made, having a definito
dato of maturity, specifying a fixed sum, and representing tho purchase
prico of goods. It is payable to order and has stamped on its face tho un­
qualified and unconditional acceptance of tho buyer. This now Instrument
may bo discounted by tho seller at ills bank and when arising from a legiti­
mate commercial traasaction, ought to constitute a high-typo liquid credit
instrument.
Tlion there is tho Bank Acceptance which usually arises from tho use of
a bank Letter of Crodit. This is ono of tho most essential instruments of
commorco and under tho Federal Reserve Act, national banks aro now
permitted to accept bills maturing at a future dato, when they ariso from
transactions involving tho purchase and salo of commodities. This ac­
ceptance privilege now extends to both domestic and foroign bills.
A discount market has been established in New York which Is becoming
more active as tho volume of acceptances increases. Therefore, tho holder
of prime acceptances should experience no difficulty in disposing of them
at fair rates. To-day there aro discount houses offorlng their services to
those who may bo in tho markot for investments of this character and
quotations are made for “spot” acceptances or for acceptances to arrive.
When a Bill of Exchange is accepted by a bank, It becomes primarily
tho obligation of tho bank and It is available for rediscount with a Federal
Reserve Bank or for salo in tho open markot at a rato depending on the
strength and standing of tho accepting bank. Thero is no question about
tholr ultimate paymont and thoy constitute a safo and conservative form




CREDIT MEN ORGANIZE A TRADE ACCEPTANCE
BUREAU.
As interest in the “ trade acceptance” in substitution for
tho open account is broadening, tho National Association of
Credit M en has decided to establish a “ Trade Acceptance
Bureau” in the Association’s offices. The Bureau will pre­
pare and issue a series of leaflets covering such subjects as:

"What is the trade acceptance and why has discussion as to its adoption
arisen at this time?
What forms of acceptance are approved by the Federal Reserve Board
and what technical points in form and manner of use are to be observed?
What are the advantages to the seller, and what to the buyer of merchan­
dise presented by the trade acceptance system?
Establishing the acceptance policy in a concern and tho preparation of
forms and invoices and introductory matter for the presentation of the
system to customers.
Experience of concerns using tho acceptance, with illustrations showing
methods used to increase the number of accepting customers.
The Bureau will bo glad to send, upon application, forms
of .acceptances in general use, copies of addresses which have
been made by business men and bankers on the subject and
leaflets which havo been issued by various Federal Reserve
banks.

15 48

[Vol. 104.

THE CHRONICLE

A.B. A. MOVES FOR UNIFORM WAREHOUSE RECEIPTS
AND CREDIT STATEMENTS.
The American Bankers Association informs us that in­
asmuch as warehouse receipts are widely used as collateral
for loans, and some standardization of forms appears to be
desirable, the association has taken up the matter by ap­
pointing a committee to study the subject. This committee,
which was named recently by the Administrative Committee,
consists of W . H . Burks, Cashier Security State Bank of
Wellington, K a n ., Chairman; A . S. Beymer, Vice-President
and Cashier Keystone National Bank, Pittsburgh, P a ., and
Gordon L . Groover, Vice-President Citizens and Southern
Bank, Savannah, G a.
Uniformity of credit statements we are told, has also been
engaging the attention of the association for some time past,
and the Committee on Credit Forms, which has this work
in charge, is expected to submit a report at the Spring meet­
ing of the Executive Council M a y 7-9 1917.

CHARTERS ASKED FOR AND CHARTERS GRANTED
FIRST QUARTER OF 1917.
The Comptroller of the Currency, under date of April 19,
issued a statement pointing out that tho number of new
national banks chartered, plus tho number of national banks
increasing their capital in January, February and M arch,
1917, was 106; the new and increased capital was $8,414,990.
Same period last year: number of new banks and banks in­
creasing capital was 60; the new and increased capital was
$4,265 ,00 0. Increase first quarter of 1917 over correspond­
ing period in 1916: in number 7 6 % ; in capital 9 7 % .
In the first three months of 1917 the Comptroller of the
Currency received 106 applications for charters for new
national banks, with capital of $6,595,000, as compared with
49 applications received during the corresponding period in
1916, with capital of $2,160,000.
In these three months of 1917, charters were granted to 38
banks with capital of $2,580,000, as compared with 26
charters granted during the corresponding period in 1916,
with capital of $1,810,000.
In the three months to April 1 1917 the capital stock of
68 national banks tvas increased in the sum of $5,834,990;
while 34 banks increased their capital $2,455,000 during the
same period in 1916.
Five banks reduced their capital during the first three
months of 1917 $313,000. During the same period last year
four banks reduced their capital $100,000.
Twenty-four national banks went into voluntary liquida­
tion (exclusive of those consolidating with other nationa
banks) during tho first three months of 1917, their aggregate
capital being $2 ,657,500, as compared with 24 such banks
liquidating during the same period in 1916, with an aggregate
capital of $2,898,000.

FURTHER REDUCTION IN EUROPEAN HOLDINGS OF
U. S. STEEL CORP. STOCK.

Excepting in the cases of England and Franco tho diminu­
tion in the holdings of preferred shares has not been so strik­
ing as in that of the common shares. England held 181,045
shares of preferred in March 1914, whereas it now holds
only 46,467 shares. France then held 35,643 preferred
shares, as against 26,963, its present holdings. The other
European countries that were large owners of preferred stock
in March 1914 show no very great reduction sinco then.
Below we furnish a detailed statement of tho foroign holdings
at various dates during the last two years:

FOREIGN HOLDINGS OF SHARES OF U. S. STEEL CORPORATION.
31
1917.
23

M ar.
C om m on Stock —

Africa_____________
Algeria____________
Argentina__________
34
Australia___________
23
Austria-Hungary____
472
Belgium___________
2,625
Bermuda___________
95
Brazil_______ ___ _
7
British India___ —
29
Canada____________
39,777
Central America____
78
24
Chile.........................
China_____________
63
England___________ 188,146
France_____________ 30,420
Germany__________
628
Gibraltar__________ _____
Holland_______ ____ 231,745
Ireland......... - ____
484
Italy —....................279

31
1916.
15

34
23
472
2,625
95
7
24
31,662
78
18
10
192,250
34,328
628

31
1915.
5
150
23
38
532
2,639
95
7
24
38,011
235
11
13
355,088
50,193
1,178

234,365
914
279

238,617
1,730
280

D ec.

D ec.

31
1914.
2
340
8
3
690
3,509
46
18
17
54,259
382
8
13
710,621
64,537
2,664
100
342,645
2,991
146
5
75
300
70
D ec.

31
1914.
1
290
9
23
648
1,339
40
17
15
42,390
273
7
9
801,497
68,269
2,151
100
357,293
2,491
156
5
75
25
60

M a r.

Malta_____________
Mexico____________
Norway____________

75
140
32
1

75
140
20
1

75
250
20
3

Scotland______ ____
Spain______________
Sweden____ ______ .
Switzerland________
Turkey ____________

403
510
64
1,512

482
510
68
1,512

10
35
2,604

3,435
800
13
1,267
16

190
10
4,208
1,225
1
1,470
16

190
10
3,708
1,325
36
535
16

45
1,952

315
1,568

623
1,872

593
1,800

Total____________ 494,338

502,632

Wales ......................
West Indies________

Preferred Stock —
Africa___ _________
Algeria____________
Argentina__________
Australia___________
Austria-Hungary____

Belgium_______ ___
Bermuda___________
Brazil_____________
British India_______
Canada____________
Central America____
Chile.........................
China
__________
Denmark__________
Egypt.......................
England___________
France_____________
Germany__________
Greece_____________
Holland.....................
Ireland____________
Italy______________
Japan _____________

44
105
24
379
3,683
120
339
25
84
354
35.962
53
23
50
30
140

44
105
24
379
3,683
120
339
25
82
354
35,876
33
23
50
30
140

46,467
26,963
935
38
25,284
786
2,098
61

50.429
27,863
935
38
25,384
826
2,185
61
15
405
16

696,631 1,193,064 1,285,636
55
75
18
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

58
75
11
484
2,086

37
75
17
484
316

697
21
31
81
34,673
146
12
42

689
4
22
80
35,548
149
3
43

40
140
174,906
36,749
3,252
38
29,000
4,119
1,678
81

40
140
181,045
35,643
3,541
38
28,860
3,954
1,718
81

The foreign holdings of tho shares of tho United States
Steel Corporation have continued to diminish sinco Sept.
30 1916, the date on which tho last record of theso holdings
405
was referred to in these columns (V . 103, p. 1469). Tho Malta................ .......
405
405
16
235
269
corporation’s records, as of March 31 1917, which wo give Mexico____________
7
7
below, show that 43,471 shares of common stock, and Norway____________
31
31
27
17
27
6
6
6
5
5
19,339 shares of preferred stock have been returned to this Peru_____________
120
120
country since Sept. 30 1916. Tho greater portion of the
7
33
40
Russia_____________
7
43
decrease occured between Sept. 30 1916 and D ec. 31 1916, Scotland___________
12,256
13,253
674
734
13,747
220
220
220
220
220
when 35,177 sharos of common and 14,684 shares of pre­ Serbia_____________
421
622
Spain_____________
720
710
432
ferred were returned as against only 8,284 shares of common Sweden____________
1,130
1,137
1,136
1,136
1,137
and 4,665 shares of preferred returned in the three months Switzerland________
2,556
3,043
2,695
2,963
2,617
100
100
100
100
Turkoy______ _____
100
ending March 31 1917.
532
45
788
Wales.......................
29
1,068
Aggregate foreign holdings on March 31 1914— tho period West Indies.... ..........
501
1,952
863
874
1,388
just preceding the outbreak of the war— of both common
Total...................... 151,757 156,412 274,588 309,457 312,311
and preferred were 1,597,947 shares, as against only 646,095
PREFERRED.
COMMON.
shares now, showing a reduction of approximately 6 0 % in
Shares.
Per Cent.
D a te —
Per Cent.
Shares.
Date —
the foreign holdings of both classes of stock in the three
25.29 Mar. 31 1914— 312,311
Mar. 31 1914. —1,285,636
8.67
years. In other words in these throe years stock to the par June 30 1914. —1,274,247
25.07 Juno 30 1914— 312,832
8.68
23.47 Dec. 31 1914— 309,457
8.59
value of $95,188,200 has been resold to tho United States. Doc. 31 1914. „ 1,193,064
13.70 Dec. 31 1915— 274,588
7.62
The most notable declines in the common sharo holdings Dec. 31 1915. „ 696,631
12.48 Mar. 31 1916— 262,091
Mar. 31 1916- . . 634,469
7.27
occurred in those of owners residing in England, Franco and Sept. 30 1916- . . 537,809
10.58 Sopt. 30 1916— 171,096
4.75
4.34
9.S9 Dec. 31 1916__ 156,412
Holland. In March 1914 England held 801,497 shares, as Dec. 31 1916- -. 502,632
4.21
9.72 Mar. 31 1917— 151,757
compared with 188,146 shares now, France 68,269 shares as Mar. 31 1917- - 494,338
against present holdings of 30,420 and Holland 357,293
Figures for period ending March 31 1916 woro given in
shares comparing with 231,745 shares at present.
V . 102, p. 1498 and those for Sept. 30 1916 in V . 103, p. 1469.




A pr . 21 1917.]

THE CHRONICLE

PRESIDENT APPEALS TO NATION TO STAND
TOGETHER IN PRESENT CRISIS.
President Wilson on April 15 in a porsonal appeal ad­
dressed to “ M y Fellow Countrymen,” urges all American
citizens to join in making the United States a unit for the
preservation of its ideals, for tho triumph of democracy in
the world war, and to bring to a speedy and successful con­
clusion tho great task to which the nation has set its hand
in ontering upon tho conflict. “ The supremo test of the
nation has com e,” ho declared. “ W e must all speak, act
and servo together.” In his appeal ho counsels tho farmers
of tho country to realize the importance of an adequate
food supply, for without their utmost co-operation in pro­
ducing an abundance of supplies, especially foodstuffs, “ the
whole great enterprise upon which wo have embarked,” he
said, “ will break down and fall.” He urges tho farmers
of the South to plant foodstuffs as well as cotton, for they
can show their patriotism in no better or more convincing
way, ho declares, “ than by resisting the great temptation
of tho present price of cotton,” and “ helping to feed tho
nation and the peoples overywhero who are fighting for their
liberties and for our own.” Ho warns tho middlemen that
“ tho oyes of tho country will be especially upon y o u ,” and
to tho merchant ho suggests tho m otto, “ small profits and
quick sorvico.” Ho counsels the shipbuilders to bear in
mind that “ tho food and tho war supplies must bo carried
across the seas, submarines or no submarines.” Ho reminds
“ tho men who run tho railways of tho country,” that upon
them rests “ the immense responsibility of seeing to it that
thoso arteries of the nation’s lifo suffer no obstruction of any
kind, no inefficiency or slackened power.” T o tho minors
ho says that thoy stand wliero tho farmer does; tho work
of tho world waits on them. To the womanhood of the
country ho asserts “ that every housewife who practices
strict economy puts herself in tho ranks of thoso who serve
tho nation.” “ Lot overy man and overy wom an,” ho says,
“ assume tho duty of careful, provident use and expenditure
as a public duty, as a dictate of patriotism which no one
can now expect over to bo excused or forgiven for ignoring.”
His appeal in full was as follows:
Mu

F ellow -C ou ntrym en :

Tho entrance of our own beloved country Into tho grim and terrible war
for democracy and human rights which has shaken tho world creates so
many problems of national lifo and action which call for immediate con­
sideration and settlement that I hope you will permit mo to address to you
a few words of earnest counsel and appeal with regard to them.
Wo aro rapidly putting our Navy upon an effective war footing and are
about to create and equip a great Army, but these aro tho simplest parts
of tho great task to which wo have addressed ourselves. Thoro Is not a
single solflsh elemont, so far as I can see, in tho cause we aro fighting for.
Wo aro fighting for what wo bellovo and wish to bo tho rights of mankind
and for tho futuro peace and security of tho world. To do this groait thing
worthily and successfully wo must dovoto ourselves to the service without
regard to profit or material advantage and with an energy and intelligence
that will riso to tho level of tho onterpriso itself. Wo must rcallzo to tho
full how great tho task is and how many things, how many kinds and olomonts of capacity and self-sacrifico it involves.
Thoso, thon, aro tho things wo must do, and do well, besides fighting—
tho things without which moro fighting would bo fruitless:
Wo must supply abundant food for ourselves and for our armies and our
seamen, not only, but also for a largo part of tho nations with whom wo
liavo now mado common cause. In whoso support and by whose sides we
shall bo fighting.
Wo must supply ships by tho hundreds out of our shipyards to carry to
tho other sido of tho sea, submarines or no submarines, what will overy day
bo needed there, and abundant materials out of our fiolds and our mines
and our factories with which not only to clothe and equip our own forces
on land and sea, but also to clotho and support our people, for whom the
gallant fellows under arms can no longer work; to help clotho and equip
tho armlos with which wo aro co-oporating In Europo, and to keep tho looms
and manufactories there in raw material; coal to keep tho fires going in
ships at sea and In tho furnaces of hundreds of factories across tho sea; steel
out of which to inako arms and ammunition both hero and there; rails for
wornout railways back of tho fighting fronts; locomotives and rolling stock
to tako tho ptaeo of thoso overy day going to piecos; mules, horses, cattle
for labor and for military service; everything with which tho people of Eng­
land and Franco and Italy and Russia have usually supplied thomselves,
but cannot now afford tho men, tho materials, or tho machinery to make.
It is evident to overy thinking man that our Industries, on tho farms, in
tho shipyards, in tho mines, in tho factories, must bo mado moro prolific
and moro officiont than ever, and that thoy must bo moro economically
managed and better adapted to tho particular requirements of our task than
thoy havo been; and what I want to say Is that tho men and tho womon
who dovoto their thought and their energy to these things will bo serving
tho country and conducting tho fight for peace and freedom just as truly
and Just as effectively as tho men on tho battlefield or in tho trenches.
Tho industrial forces of tho country, men and womon alike, will bo a great
national, a great international service army—a notable and honored host
engaged In tho sorvico of tho nation and tho world, tho efficient frionds and
saviors of froo men evorywhoro. Thousands, nay, hundreds of thousands,
of men othorwiso liable to military sorvico will of right and of necessity bo
excused from that service and assigned to tho fundamental, sustaining
work of tho fields and factories and mines, and thoy will bo as much part
of tho groat patriotic forces of tho nation as tho mon under firo.
I tako tho liberty, therefore, of addrossing this word to tho farmers of
tho country and to all who work on tho farms: Tho supromo need of our
own nation ami of tho nations with which wo aro co-operating is an abundanco of supplies, and especially of foodstuffs. Tho importance of an
adequate food supply, especially for tho present year, is superlative. With­
out abundant food, alike for tho armlos and tho peoples now at war, the




1549

wholo great enterprise upon which wo havo embarked will break down
and fail. Tho world’s food reserves aro low. Not only during the present
emergency, but for some time after peace shall havo como, both our own
people and a largo proportion of the people of Europo must rely upon the
harvests in America.
Upon the farmers of this country, therefore, in large measure rests tho
fate of tho war and tho fate of the nations. May tho nation not count upon
them to omit no step that will increase the production of their land or that
will bring about the most effectual co-operation in tho sale and distribution
of their products? Tho time is short. It is of tho most imperative im­
portance that everything possible bo done, and done immediately, to make
sure of largo harvests. I call upon young men and old alike and upon the
ablebodiod boys of the land to accept and act upon this duty—to turn in
hosts to the farms and make certain that no pains and no labor is lacking
in this great matter.
I particularly appeal to the farmers of the South to plant abundant
foodstuffs, as well as cotton. They can show their patriotism in no better
or more convincing way than by resisting tho great temptation of the
present price of cotton and helping, helping upon a great scale, to feed the
nation and tho peoples everywhere who are fighting for their liberties and
for our own. Tho variety of their crops will bo tho visible measure of their
comprehension of their national duty.
Tho Government of the United States and tho Governments of the sev­
eral States stand ready to co-operate. They will do everything possible to
assist farmers in securing an adequate supply of seed, an adequate force
of laborers when they are most needed, at harvest time, and tho means of
expediting shipments of fertilizers and farm machinery, as well as of the
crops themselves when harvested. The course of trade shall bo as un­
hampered as it is possible to make it, and there shall bo no unwarranted
manipulation of tho nation’s food supply by thoso who handle it on its
way to tho consumer. This is our opportunity to demonstrate the effi­
ciency of a great democracy, and wo shall not fall short of it I
This let mo say to tho middlemen of every sort, whether they are handling
our foodstuffs or our raw material of manufacture or the products of our
mills and factories: The eyes of tho country will bo especially upon you.
This is your opportunity for signal service, efficient and disinterested.
Tho country expocts you, as it expects all others, to forego unusual profits,
to organizo and expedite shipments of supplies of overy kind, but especially
of food, with an eyo to tho service you aro rendering and in the spirit of
thoso who enlist in the ranks, for their people, not for themselves. I shall
confidently expect you to deserve and win the confidence of people of every
sort and station.
To tho men who run the railways of tho country, whether they bo mana­
gers or operative employees, let mo say that tho railways aro tho arteries
of tho nation’s life and that upon them rests tho immense responsibility
of seeing to it that thoso arteries suffer no obstruction of any kind, no in­
efficiency or slackened power. To tho merchant let me suggest the motto,
“ Small profits and quick sorvico,” and to the shipbuilder tho thought that
tho lifo of tho war depends upon him. Tho food and tho war supplies must
bo carried across tho seas, no matter how many ships are sent to tho bot­
tom. Tho places of thoso that go down must be supplied at once.
To tho miner let mo say that ho stands whero tho farmer does;
tho work of tho world waits on him. If ho slackens or fails, armies and
statesmen aro helpless. lie also is enlisted in tho great Service Army.
Tho manufacturer does not need to bo told, I hope, that the nation looks
to him to speed and perfect every process; and I want only to remind his
employees that their service is absolutely indispensable and is counted on
by overy man who loves the country and its liberties.
Lot mo suggest, also, that every ono who creates or cultivates a garden
helps, and helps greatly, to solve the problem of the feeding of the nations;
and that every housewife who practices strict economy puts herself in the
ranks of thoso who serve the nation. This is the timo for America to
correct her unpardonable fault of wastefulness and extravagance. Lot
every man and every woman assume tho duty of careful, provident use and
expenditure as a public duty, as a dictate of patriotism which no ono can
now expect over to be excused or forgiven for ignoring.
In tho hope that this statement of tho needs of tho nation and of the
world In this hour of supremo crisis may stimulate thoso to whom it comes
and remind all who need reminder of the solemn duties of a time such as the
world has never seen before, I beg that all editors and publishers every­
where will glvo as prominent publication and as wido circulation as possible
to this appeal. I venture to suggest, also, to all advertising agencies that
they would perhaps render a very substantial and timely service to tho
country if they would give it widespread repetition. And I hope that
clorgymen will not think the theme of it an unworthy or inappropriate sub­
ject of comment and homily from their pulpits.
Thb supremo test of tho nation has como. Wo must all speak, act, and
sorvo together1
WOODROW WILSON.
W h ite H o u se , W a sh ington , A p r i l 15 1917.

PRESIDENT WARNS CITIZENS AND ALIENS
AGAINST TREASONABLE ACTS.
B y a proclamation issued on April 1G President Wilson
has given warning to all persons in the United States, citizens
and aliens, that treasonable acts or attempts to shield those
committing such acts, will be vigorously prosecuted by the
Federal Government. Tho proclamation declares that the
acts described will bo regarded as treasonable whether com­
mitted within the borders of the United States or elsewhere.
It quotes what the American Constitution says regarding
treason, what the Criminal Code of the United States con­
tains by way of Federal laws against treason, and sum­
marizes tho acts which the Federal courts have held to be
treasonable. The President warns that “ resident aliens
as well as citizens owe allegiance to the United States,”
and therefore aro equally subject to tho laws against treason
and like crimes. N ot only aro conspirators themselves
subject to heavy penalties, but any one, even a German
resident, who has knowledge of treasonable acts and fails
to make known the facts to tho authorities may bo sent to
prison for seven years and fined $1,000 for misprision of
treason. The proclamation reads as follows:
W h ereas, All persons In the United States, citizens as well as aliens,
should be informed of the penalties which they will incur for any failure
to boar true allegiance to the United States;

1550

THE CHRONICLE

Now, therefore, I, Woodrow Wilson, President of the United States,
hereby issue this proclamation to call especial attention to tho following
provisions of the Constitution and the laws of the United States:
Section 3 of Articlo III of tho Constitution provides in part:
Treason against the United States shall consist only in levying war
against them, or in adhering to their enemies, giving them aid and com­
fort.
The Criminal Code of the United States provides:
Section 1. Whoever, owing allegiance to the United States, levies war
against them or adheres to their enemies, giving them aid and comfort
within the United States or elsewhere, is guilty of treason.
Sec. 2. Whoever is convicted of treason shall suffer death; or, at the
discretion of the court, shall be imprisoned not less than five years and
fined not less than $10,000, to be levied on and collected out of any or
all of his property, real and personal, of which ho was the owner at the time
of committing such treason, any sale or conveyance to tho contrary not­
withstanding; and every person so convicted of treason shall, however, be
incapable of holding any office under the United States.
Sec. 3. Whoever, owing allegiance to tho United States and having
knowledge of the commission of any treason against them, conceals and
does not, as soon as may be, disclose and make known the same to the
President or to some Judgo or Justice of a. particular State, is guilty of mis­
prision of treason and shall bo imprisoned not more than seven years and
fined not moro than $1,000.
Sec. 6. If two or moro persons in any State or territory or in any place
subject to the jurisdiction of the United States, conspire to overthrow,
put down, or to destroy by force tho Government of the United States,
or to levy war against them, or to oppose by force the authority thereof
or by force to prevent, hinder, or delay tho execution of any law of tho
United States, or by forco to seize,take,or possess any property of the United
States, contrary to tho authority thereof, they shall each bo fined not moro
than $5,000 or Imprisoned not moro than six years, or both.
The courts of the United States have stated the following acts to be
treasonable:
The uso or attempted use of any forco or violence against the Govern­
ment of the United States, or its military or naval forces.
The acquisition, uso, or disposal of any property with knowledge that
it is to bo, or with intent that it shall bo, of assistance to the enemy in their
hostilities against tho United States.
The performance of any act or the publication of statements or infor­
mation which will give or supply in any way aid and comfort to the enemies
of tho United States.
Tho direction, aiding, counseling, or countenancing of any of the fore­
going acts.
Such acts are held to bo treasonable, whether committed within the
United States or elsewhere; whether committed by a citizen of the United
States or by an alien domiciled, or residing in tho United States, inasmuch
as resident aliens, as well as citizens, owe allegiance to the United States
and its laws.
Any such citizen or alien who has knowledgo of the commission of such
acts and conceals and does not mako known tho facts to the officials, named
In Section 3 of tho Penal Code is guilty of misprision of treason.
And I hereby proclaim and warn all citizens of tho United States and all
aliens, owing allegiance to the Government of tho United States, to ab­
stain from committing any and all acts which would constitute a violation
of any of the laws herein set forth; and I futher proclaim and warn all per­
sons who may commit such acts that they will bo vigorously prosecuted
therefore.
In witness whereof I have hereunto set my hand and caused tho seal of
the United States to bo affixed.
Done at the City of Washington, this sixteenth day of April, in tho year
of our Lord ono thousand nine hundred and seventeen, and of the inde­
pendence of tho United States of America the one hundred and forty-first.
WOODROW WILSON,
B y the President,

ROBERT LANSING,

Secretary o f State.

COMMITTEE TO CONTROL WAR NEWS APPOINTED
BY PRESIDENT.
The question of control of publicity in connection with the
Government’s war activities was settled by President Wilson
on April 14, when by an executive order he created a Commit­
tee on Public Information to combine the two functions of
censorship and publicity, and named George Creel, a maga­
zine writer and former newspaper man, Civilian Chairman.
Tho other members of tho committee are Secretaries of State,
of W ar and of tho N a v y , who are authorized to delegate
assistants to aid in carrying out the active work of the com­
mittee. Tho executive order creating the Committee on
Public Information reads:

I hereby create a Committee on Public Information, to be composed of
the Secretary of State, tho Secretary of War, tho Secretary of the Navy
and a civilian who shall be charged with the executive direction of the
committee.
As Civilian Chairman of tho committee, I appoint Mr, George Creel.
The Secretary of State, the Secretary of War and the Secretary of tho
Navy are authorized each to detail an officer or officers to tho work of the
committee.
In a letter sent to the President recommending the creation
of the committee, which was made public at tho W hite House
on the 14th inst., Secretaries Lansing, Baker and Daniels
state that America’s greatest needs are “ confidence, enthusi­
asm and service,” and that these needs will not bo met with­
out the fullest publicity on all tho vital facts of national
defense. Their letter was as follows:
D ea r M r . President :—Even though the co-operation of the press has been
generous and patriotic, there Is a steadily developing need for some authori­
tative agency to assure tho publication of all the vital facts of national de­
fense. Prematuro or ill-advised announcements of policies, plans and
specific activities, whether innocent or otherwise, would constitute a source
of danger.
While there is much that is properly secret in connection with the de­
partments of the Government, the total is small compared to tho vast
amount of information that it is right and proper for tho people to have.
America’s great present needs are confidence, enthusiasm and service,
and these needs will not be met completely unless every citizen is given tho




[Vol. 104.

feeling of partnership that comes with full, frank statements concerning
tho conduct of tho public business.
It is our opinion that the two functions—censorship and publicity—can
be joined in honesty and with profit, and wo recommend tho creation of a
committee on public information. The Chairman should be a civilian,
preferably some writer of proved courage, ability and vision, ablo to gain
the understanding co-operation of the press and at the same time rally the
authors of the country to a work of service. Other members should bo the
Secretary of State, tho Secretary of War and tho Secretary of the Navy,
or an officer or officers detailed to the work by them.
We believe you have the undoubted authority to create this committee
on public information without waiting for further legislation, and, because
of the importance of the task and its pressing necessity, we trust that you
will see fit to do so.
The committee, upon appointment, can proceed to the framing of regu­
lations and the creation of machinery that will safeguard all information
of value to an enemy, and at the same time open every department of
Government to tho inspection of tho people as far as possible. Such regu­
lations and such machinery will, of course, be submitted for your approval
before becoming effective.
M r . Creel bas accepted tho Chairmanship of the commit­
tee. Ho is known as a writer of magazine articles on political
and sociological subjects, and has had wide newspaper ex­
perience. Ho was at ono time Director of Public Safety in
Denver, C olo., and was a strong supporter of President
Wilson during tho last campaign, having been prominent in
the publicity organization of the Democratic National Com ­
mittee. His wife is Blanche Bates, the actress.

FRANK A. SCOTT HEADS NEWLY FORMED GENERAL
MUNITIONS BOARD.
The creation of a General Munitions Board to tako imme­
diate charge of the arming and equipping of both the land
and naval forces of the country, and the appointment of
Frank A . Scott, Vice-President and .Treasurer of tho Warner
Swasey Company, of Cleveland, to be its Chairman, was
announced by the Council of National Defense on the 9th
inst. M r . Scott, who is a well known manufacturer and one
of the country’s leading experts in tho quantity production
of munitions, will have with him on the board representa­
tives from the following committees of the advisory com­
mission of tho Council of National Defenso: Raw ma­
terials, Bernard M . Baruch, Chairman; Industrial, Howard
E . Coffin, Chairman; Supplies, Julius Rosenwald, Chair­
man; Medicine, D r. Franldin M artin, Chairman.
Representing the Arm y and the board will be the follow­
ing: General Thomas Cruse, Colonel F . G . Hodgson,
Colonel H . Fisher, Lieut. Col. J. E . Hoffor, M ajor P . E .
Pierce, M ajor Charles Wallace and Captain A . B . Barker.
The following naval officers will also be members of the
board: Admiral H . H . Rousseau, Admiral W . S. Capps,
Commander R . H . Leigh, Commander T . A . Kearney, D r.
It. C . Holcomb, Paymaster J. II. Hancock, Lieut. Col.
W . B . Lemly and L . M c II. Howe.
The purpose of the new board will be, as above stated,
to assume the prompt equipping and arming with the least
possible dislocation of normal industrial conditions, of what­
soever forces may be called into the service of tho country.
The board’s duties, it is stated, will bo somowhat like those
performed by the British Minister of Munitions. Its im­
mediate efforts will be directed on lines calculated to co­
ordinate tho making of purchases by tho Army and the N av y,
to assist in the acquirements of raw materials and of manu­
facturing facilities, and to establish the precedence of or­
ders between the Departments of W ar and of the N avy
and between the military and industrial needs of tho coun­
try. “ It is not intended,” said the Defense Council’s an­
nouncement, “ that the new board shall have tho power to
issue purchase orders or to bind the Government in con­
tracts for purchases. These things will continuo to bo done
by the respective Federal Departments.” Chairman Scott
made the following announcement on the 9 th regarding the
new munitions board:

Notwithstanding tho great efficiency of tho Army and Navy and the
tremendous efforts of the officers and personnel of both branches to meet
tho vast demands of the existing situation, the difficulties that tho board
will have to encounter are very great. These difficulties are, however, such
as are naturally inherent in our position as a non-military nation forced
into war. That the difficulties will be overcome is not doubted by any
who have witnessed the spontaneous outpouring of patriotic enthusiasm
of all classes, or who have observed that in the case of manufacturers and
business men generally, this feeling Is already making itself ovident in prac­
tical was In support of the Government.
Chester C . Bolton will be Secretary of the now board.

HOBOKEN WATERFRONT UNDER MARTIAL LAW.
Abodt a quarter of a mile of waterfront of Hoboken, N . J .,
has been placed under the guard of three companies of the
22nd Infan try[of thejregular army, and the Occupied section
is now technically under martial law. The section taken
over by the Government included that part of the waterfront

A pr . 21 1917.]

THE CHRONICLE

occupied by the North German Lloyd and Hamburg Ameri­
can Lino piers, and will be used, it is said, as a terminal for
the shipment of supplies to tho Allies. Track connections
with the various railroads entering Now Jersey are to bo laid
to tho piers. W ith their seizuro tho piers come technically
under tho definition of Government “ reservations, bases of
supplies and land used for war purposes,” and therefore aro
subject to President W ilson’s proclamation that no enemy
alien shall reside or remain within a half mile of such territory.
Tho possibility that this part of Hoboken might bo nearly
depopulated by tho order caused considerable alarm until
M ayor Griffin issued a proclamation to the peoplo of tho
oity in which ho said that tho military authorities had decided
to make an exception to tho order in this instance, “ providing
that tho people of the city themselves assist in tho preserva­
tion of law and order during tho course of tho war.” M ayor
Griffin in his proclamation advised the peoplo not to go near
tho property taken over by the Government unless they are
called on to do so by urgent businoss, and “ that in the event
of their boing challenged by any sentry or guard on duty at
tho piors that they take immediate notice of tho challenge,
halt and givo all tho information asked for immediately,
fully and respectfully.”

LOWER HOUSE OF WISCONSIN LEGISLATURE
AGAINST COMPULSORY MILITARY SERVICE.
Tho lower IIouso of tho Wisconsin Legislature on April 18
defoated by a voto of 81 to 9, a momorial to Congress in favor
of compulsory military service.

EMPLOYERS URGED TO GO SLOW ADJUSTING WAR
SALARY ARRANGEMENTS.
Secretary of W ar Baker, as Chairman of tho Council
of National Dcfonse, on April 16th asked the Chamber
of Commorco of tho United States, through its Prosidont, R . Goodwyn Rliott, to ascertain tho sontiment of
tho business men of tho country in the mattor of voluntary
civilian assistance in tho caro of dependent families of men
onlisting in tho military and naval torces. “ In tho mean­
tim e,” Secrotary Baker declaros in his letter to M r. Rliett,
“ wo would urge that employers of labor mako only temporary
arrangements with their employees until such timo when it is
hoped somo uniform system can bo suggested which will
adequately tako caro of tho situation.”
Tho Council of National Defense has not as yet had oppor­
tunity to givo consideration to this matter, but Secrotary
Baker says it is of very great importance that the question
should bo thoroughly investigated as promptly as possiblo.
For somo timo, it is stated, inquiries havo been coming to
tho Chambor of Commerco of tho United States from em­
ployers all over tho country who desired to do the proper
thing in the way of compensation to those of their employees
who had enlisted or intended to join somo branch of tho ser­
vice. They were meeting tho situation in different ways.
Somo, as thoy had dono during tho Moxican crisis, woro pay­
ing full wages in addition to tho army compensation. An­
other solution was paying tho difference between tho army
wago and that previously received by tho omployee. In
fact, all sorts of measures woro boing devised to moot tho
emergency.
As a rosult, tho following lotter was sent by President Ithott
to tho Council of National Dofonso:

Wo havo a number of lnquirios from employers of labor who aro mombers
of our organization whether or not thero is In contemplation tho adoption
or suggestion of any uniform system of taking caro of tho dependent families
of employees enlisting in tho military and naval service of tho country, and
wo should like to know whether tho Council of National Dofonso has given
consideration to this question.
Tho experience of those in England and Canada would seem to point to
tho desirability of a more or less systematic method of dealing with tho
quostion in order that tlioso who enlist may fool assured that those de­
pendent on thorn will bo properly taken caro of, while at tho samo time
tho industries of the country may not bo crippled.
If tho Council has given thought to this subject wo should be glad if you
would lot us havo tho benefit of it for tho purposo of advising our member­
ship and employers of labor generally. If you havo not dono so, wo should
bo glad to know if you do not tliink that an investigation of this subject,
in all its bearings, should bo undertaken at once. If you would caro to havo
our organization assist In this matter in any way, wo beg to tender you our
services In this respect as in all others where you may think wo may bo of
service.
Secretary Baker replied as follows:

Wo havo not as yet had opportunity to givo consideration to tho matter
of voluntary civilian assistance in tho caso of dependent families of men
enlisting in the military and naval forces, but doom it of very great im­
portance that the question should bo thoroughly investigated as promptly
as possible. Its proper solution will havo a material bearing upon the
moralo of those who enlist besides giving a very necessary protection for
thoso whom tho nation must take caro of in tho present crisis.
We would bo exceedingly obliged to your organization if you would
undertake this investigation for us, reporting tho result of it togothor with
such advice thereon as you may feel authorized to givo, at_the earliest




15 51

practicable moment. In tho mcantimo wo would urge that employers of
labor mako only temporary arrangements with their employees until such
timo when it is hoped somo uniform system can be suggested which will
adequately take caro of the situation.
Secretary Goodwin said the National Chamber would im ­
mediately organize a special committee to act in this emer­
gency. It is expected the Chairman will bo F . A . Seiberling
of Akron, Ohio. M r . Seiberling is a director of the National
Chamber and President of the Goodyear Tire & Rubber C o .

BILL FOR

$7,000,000,000 U. S. OBLIGATIONS PASSED
BY BOTH HOUSES OF CONGRESS.

N ot a solitary voto was cast in either House against the
bill authorizing an issue of $5,000,000,000 of long-term bonds
of the United States and $2,000,000,000 of one-year certifi­
cates of indebtedness, tho latter to bo redeemed at the oxpiration of one year. Three-fifths of the amount provided
by tho $5,000,000,000 bond issue is to be loaned to the
Allies, while the remainder is to be used for national security
and defense. The House passed tho bill without a dissenting
voto on April 14. Tho bill was favorably reported to the
IIouso by its W ays and Means Committee on April 11 and
was printed in full in our issue of last week. The House vote
on tho bill was 389 to 0. Moyer London, Socialist of New
York, answered “ present.” Owing to general pairs and
absentees, 41 Representatives did not vote, but both Dem o­
cratic Leader Kitchin and Republican Leader Mann an­
nounced that all of tho members would have voted affirma­
tively if they had been present. Tho formality of a roll call,
it is stated, would have been dispensed with if several mem­
bers who voted against the war resolution had not insisted
upon having tho opportunity of recording themselves in
favor of providing money to carry on hostilities now that the
country is at war. The bill on consideration by the House
was not materially amended, except for the inclusion of
language specifically directing that the loans to foreign G ov­
ernments shall bo made during, and not after, the war, and
that tho securities bought by this Government with the pro­
ceeds of the loan shall bo securities of nations making com­
mon causo with the United States. Other amendments
adopted prohibit the salo of the bonds at less than par and
permit the purchase of foreign bonds “ at par.” A n amend­
ment offered by Representative Towner of Iowa to eliminate
tho three billion dollar loan to the Allies received only three
votes. M r . Towner said ho did not oppose the loan of 8 3 ,­
000,000,000 to the Allies, but he insisted that Congress
should provide for it by special legislation which would desig­
nate specifically tho securities to be acquired by tho United
States, and designate tho nation or nations that aro to re­
ceive tho loan. Congressmen Sloan of Nobraska and Green
of Iowa each offered amendments providing for tho appoint­
ment of a joint committee of tho Senate and Houso to co­
operate with the President and tho Secretary of the Treasury
in making the loan. These were defeated. Congressman
Howard of Georgia offered an amendment to provide that
somo of the bonds should bo as low in denomination as $25.
His amendment was also defeated. Representative Keating
of Colorado presented a letter which he had received from
Samuel Gompers of tho American Federation of Labor,
saying that tho Federation was in favor of raising as much
of tho war revenue from taxes as possible. Increases in
incomo and inheritance taxes and a tax on land wero pro­
posed by M r. Gompers. His letter appeared in the “ Con­
gressional Record” of tho 14th inst. and reads as follows:
A m erica n Federation o f Labor,
W a sh ington , D . C ., A p r i l 13 1917.
l i o n Edward K ea tin g ,
H o u se o f Representatives, W ashington, D . C .:
M g D ea r M r . K e a tin g . —To-day at a conference of representatives of the

American Federation of Labor wo had under advisement a number of
matters affecting the vital interests of our country, as well as thoso of our
fellow-workers, and during that conference we discussod the subject of the
bill II. R. 2762, reported by the Committee on Ways and Means, it boing
“A bill to authorize an issue of bonds to meet expenditures for the national
security and defense, and to extend credit to foreign |governments, and
for other purposes.”
It was our opinion and I was directed to respectfully submit that there
aro other available means to supply tho financial needs of the Government
to carry on and meet the expenses of tho present war other than is proposed
in tho $5,000,000,000 bond issue, and that the distant future should not bo
mortgaged while other available means are at tho command of our Govern­
ment.
Tho following suggestions are respectfully submitted:
1. Tho Postal Savings Bank System should be at once made tho avenue
for tho deposit by the peoplo of the United States of immense sums of money.
2. Tho limitation of the deposits to $1,000 per person should bo suspended
for a specified period, or, if necessary, for the duration of the war.
3. The rato of interest on postal savings bank deposits should be in­
creased from 2% to 3% per annum.
4. The Income tax should be substantially increased and graduated.
5. Tho inheritance tax should be materially increased, and these two
lattor suggestions should be made to bear the large proportion of tho finan­
cial needs of tho Government.

1553

THE CHRONICLE

[Vol. 104,

6.
A tax on land values should bo laid, not only as a war emergencyvision was also added to tho bill to tho effect that tho banks
measure, but also for a permanent means of raising revenue.
will not have to increase their reserves on account of those
It is not our purpose to burden the suggestions with arguments or ex­
tensive explanations to those who have given the subjects studious thoughts. particular deposits, because tho deposits aro all secured.
President Wilson will not bo able to sign tho bill until M o n d a y ,
They are obvious and effective.
In addition to the abovo, I beg to accompany this with a letter which I and possibly not until Tuesday, as tho Houso has adjourned
recently received from Mr. George B. Hoit, of Geneseo, 111. It is suggested
that the above and tho accompanying letter should bo brought to the until then and Representative Kitchin cannot make tho con­
attention of the members of tho House of Representatives and published in ference report before that day. Tho Senate will havo to wait
the “ Congressional Record.”
until tho House acts.
It should not be necessary to givo the assurance that it is the aim and
In our issue of last Saturday (page 1441) wo gave tho bill
purpose of the men and women in the American labor movement to do their
full duty in the present crisis and to givo tho service so essential to safeguard in the form in which it was favorably reported to tho House
tho principles and ideals of freedom for which tho republic of tho United on April 11 by its W ays and Means Committeo. W o now
States stands.
With assurances of high regard, and thanking you in advance for what you give the body of tho measure in the form in which it was
may do in tho matter, I have the honor to remain,
unanimously passed by the Sonato on April 17:
Yours respectfully,
That tho Secretary of tho Treasury, with tho approval of tho President,
SAMUEL GOMPERS,
is hereby authorized to borrow, from time to time, on tho credit of tho
President A m eric a n Federation o f La bor.
United States for tho purposes of this Act, and to meet expenditures
Tho bill was favorably reported to the Senate by its Fi­ authorized for tho national security and defense and other public purposes
nance Committee on April 16. Tho Finance Committee in authorized by law not exceeding in the aggregate $5,000,000,000, oxclusivo
reporting the bill changed it only slightly from the form in of tho sums authorized by section 4 of this Act, and to issuo therefor bonds
of tho United States.
which it was passed by the House. Tho Committee amended
Tho bonds herein authorized shall bo in sucli form and subject to such
tho bill’s titlo so that it declares the loan to bo “ for tho pur­ terms and conditions of issuo, conversion, redemption, maturities, payment
pose of assisting tho prosecution of tho war.” On the recom­ and rato and timo of payment of interest, not exceeding threo and ono-haif
per centum per annum, as the Secretary of tho Treasury may prescribe.
mendation of Secretary M cA d oo, tho Committee also report­ Tho principal and interest thereof shall bo payablo in United States gold
ed an amendment authorizing the Secrotary of tho Treasury to coin of tho present standard of value and shall bo exempt, both as to prin­
and interest, from all taxation imposed by authority of tho United
deposit in his discretion in non-member banks as well as in cipal
States, or its possessions, or by authority of any Stato, except estate or
member banks of tho Federal Reserve system and in trust inheritance taxes, but such bonds shall not bear tho circulation privilego.
Tho bonds herein authorized shall first bo offered at not loss than par
companies tho receipts from tho sale of tho bonds and certifi­
as a popular loan, under such regulations proscribed by tho Secretary of
cates. Tho purpose of this amendment, it is said, is to dis­ tho Treasury as will give all citizens of tho United States an equal oppor­
turb as little as possible tho financial fabric of the country by tunity to participate therein, and any portion of tho bonds so offered and
tho sudden withdrawal of huge funds in payments for tho not subscribed for may bo otherwise disposed of at not less than par by tho
Secretary of tho Treasury, but no commissions shall bo allowed or paid on
bonds from banking institutions. Another amendment adopt­ any bonds issued under authority of this Act.
ed by tho Committee exempts tho certificates of indebtedness
Section 2. That for tho purposo of moro effectually providing for tho
from all taxation, except estate or inheritance taxes, thus national security and defenso and prosecuting tho war by establishing cred­
its in tho United States for foreign Governments, tho Secretary of tho Treas­
putting them on the same fiscal footing as tho bonds.
ury, with tho approval of tho President, is hereby authorized, on behalf
of tho United States, to purchase at par from such foreign Governments
Following the example of tho House, tho Senate on April then engaged in war with tho enemies of tho United States their obligations
17 passed tho war credit bill without a dissenting v o te - hereafter issued, bearing tho same rato of interest and containing in their
essentials tho samo terms and conditions as those of tho United States
by a vote of 84 to 0. Tho Sonato adopted without division issued under authority of this Act; to enter into such arrangements as may
all tho amendments recommended by its Finance Committeo, bo necessary or desirable for establishing such credits and for purchasing
as well as other changes of a verbal sort. The substantive such obligations of foreign Governments and for tho subsequent payment
thereof before maturity, but such arrangements shall provide that if any
changes adopted wero accepted for tho Financo Committee of tho bonds of tho United States issued and used for tho purchase of such
by its Chairman, M r . Simmons, so that they caused no foreign obligations shall thereafter bo converted into other bonds of tho
division. One of-these, proposed by M r . Weeks of M assa­ United States bearing a higher rato of interest than threo and ono-haif per
centum per annum under tho provisions of section fivo of tills Act, then and
chusetts, gave tho duration of tho war as tho time limit in that event the obligations of such foreign Governments hold by tho
within which the authorized bonds might bo converted if United States shall be, by such foreign Governments, converted in like
and extent into obligations bearing tho samo rato of interest as tho
subsequent issues carried a higher rate of interest. The manner
bonds of tho United States issued under tho provisions of section fivo of
bill had limited this conversion privilege to D ec. 31 1918. this Act. For tho purposes of this section, thero is appropriated, out of
Another amendment proposed by M r . Weeks and accepted any money in tho Treasury not otherwise appropriated, tho sum of $3,000,­
000,000 or so much thereof as may bo necessary—provided, that tho
by M r . Simmons limited tho amount of receipts from tho authority granted by this section to tho Secretary of tho Treasury to pur­
bonds to be deposited in banks and trust companies not chase bonds from foreign Governments, as aforesaid, shall ceaso upon tho
affiliated with the Federal Reservo System to the amount termination of tho war between tho United States and tho Imperial German
Government.
withdrawn from each of these banks for subscription to tho
Sec. 3. That the Secretary of tho Treasury, under such torms and condi­
loan. M r . W eeks explained that tho proposal to deposit tions as ho may prescribe, is hereby authorized to receive on or before
with non-member banks was intended to encourago thoir maturity payment for any obligations of such foreign governments pur­
chased on behalf of tho United States, and to soli at not less than tho pur­
participation in tho loan and that his amendment would chase price any of such obligations and to apply tho proceeds thereof, and
present financial dislocation. Tho Financo Committeo also any payments made by foreign governments on account of their said obliga­
accepted an amendment proposed by M r . Pomereno exempt­ tions to tho redemption or purchaso at not moro than par and accrued
interest of any bonds of tho United States issued under authority of this
ing tho proposed bond issues from taxation by municipali­ Act, and if such bonds aro not availablo for this purposo tho Secretary of
ties as well as by Stato and Federal Governments. M uch tho Treasury shall redeem or purchaso any other outstanding interest­
opposition was manifested against two amendments pro­ bearing obligations of tho United States which may at such timo bo subject
to call or which may bo purchased at not moro than par and accrued interest.
posed by M r . Weeks with the samo idea, ono providing for
Sec. 4. That tho Secretary of tho Treasury, in his discretion, is hereby
tho termination of tho bonded debt in twenty years and tho authorized to issue tho bonds not already issued heretofore authorized by
Section 39 of tho Act approved August 5 1909, entitled “ An Act to provide
other in thirty years. Tho first amendment was defeated revenue, equalize duties and oncourago tho industries of tho United States
by a vote of 40 to 40 , and tho second by a vote of 37 to 42. and for other purposes;” Section 124 of tho Act approved Juno 3 1916,
entitled “An Act for making further and moro effectual provision for tho
W hen tho tie vote was announced, tho Vic-President said:
defenso and for other purposes;” Section 13 of tho Act of Soptomber
On tho amendment of tho Senator from Massachusetts (Mr. Weeks) national
7 1916, entitled "An Act to establish a United States Shipping Board for
tho yeas aro 40 and tho nays aro 40. Without tho vote of tho Vice-President tho
purposo
of encouraging, developing and creating a naval auxiliary and
tho amendment is lost. As tho Vico-President knows nothing about it, tho a naval reserve
and a merchant marl no to meet tho requirements of tho
refuses to voto.
commcrco of tho United States with its territories and possessions and with
Because of tho minor changes made in tho Senate the bill foreign countries, to regulato carriers by water engaged in tho foreign and
had to go to conference. Tho Vice-President named Messrs. Intcr-Stato commerco of tho United States and for other purposes;" Section
400 of tho Act approved March 3 1917, entitled “An Act to provido Increased
Simmons, Stone, W illiam s, Penroso and Lodge as con­ revenue to defray tho expenses of tho increased appropriations for the army
ferees on the part of the Senate. Tho conferees on the part and navy, and tho extensions of fortifications, and for other purposes,” and
of the House aro Messrs. Kitchin, Rainey, Dixon, Fordnoy tho public resolution approved Marcli 4 1917, entitled “Joint resolution
to expedite tho delivery of materials, equipment and munitions and to
and Gardiner.
secure moro expeditious construction of ships" in tho manner and under tho
terms and conditions prescribed in Section 1 of this Act.
That tho Secretary of tho Treasury is hereby authorized to borrow on tho
After more than two days’ discussion, the House and Son­
credit of tho United States from timo to timo, in addition to tho sum author­
ato conferees finally settled their differences yesterday. Only ized in Section 1 of this Act, such additional amount, not exceeding $63,­
two changes, beyond a few minor amendments for tho sake 945,460, as may bo necessary to redeem tho 3 per cent loan of 1908 to 1918,
of phraseology, were made in tho bill by the conforees. The maturing August 1 1918, .and to Issuo therofor bonds of tho United States
in the manner and under tho terms and conditions prescribed In Soction 1
Senate conferees accepted a compromise which provides that of this Act.
Sec. 5. That any series of bonds issued under authority of Sections 1 and
in no case shall tho proceeds of or any part thereof, of bonds
and certificates of indebtedness deposited in banks of tho 4 of this Act may, under such terms and conditions as tho Secretary of tho
Treasury may prescribe, bo convertible Into bonds boaring a higher rato of
Federal Roserve system, Stato banks and trust companies Interest than tho rate at which tho samo were issued if any subsequent serios
exceed the amount withdrawn from such bank or trust com­ of bonds shall be Issued at a higher rato of Interest on or boforo December
pany, plus tho amount subscribed by tho bank or trust com­ thirty-first, nineteen hundred and oiglitcon.
Sec. 6. That In addition to tho bonds authorized by Sections 1 and 4
pany itself for investment in bonds or certificates. A pro­ of this Act, tho Secretary of tho Treasury Is authorized to borrow from timo




A pb . 21 1917.)

THE CHRONICLE

to timo, on the credit of the United States for the purposes of this Act and
to meet public expenditures authorized by law, such sum or sums as, in his
Judgment, may bo necessary, and to issue therefore certificates of indebted­
ness at not loss than par in such form and subject to such terms and condi­
tions and at such rate of interest, not exceeding three and one-half per
contum per annum, as ho may prescribe; and each certificate so issued shall
be payable, with tho interest accrued thereon at such time not exceeding
one year from tho date of its issue, as tho Secretary of the Treasury may
prescribe. Certificates of indebtedness herein authorized shall not bear
the circulation privilege and tho sum of such certificates outstanding shall
at no timo exceed in the aggregate $2,000,000,000, and such certificates
shall be exempt, both as to principal and interest, from all taxation imposed
by authority of the United States, or its possessions, or by authority of any
Stato, except estate or inheritance taxes.
Sec. 7. That the Secretary of the Treasury, in his discretion, is hereby
authorized to deposit in non-member as well as in member banks of tho
Federal Reserve system and in trust companies, tho proceeds or any part
thereof arising from the sale of tho bonds and certificates of indebtedness
authorized by this Act, and such deposits may bear such rate of interest
and bo subject to such terms and conditions as tho Secretary of the Treasury
may prescribe.
Sec. 8. That in order to pay all necessary expenses, including rent, con­
nected with any operations under tills Act, a sum not exceeding one-tenth
of one per centum of tho amount of bonds and one-tenth of one per contum
of the amount of certificates of indebtedness herein authorized is hcroby
appropriated, or as much thereof as may bo necessary, out of any money in
tho Treasury not otherwiso appropriated, to be expended as tho Secretary
of tho Treasury may direct.

15 5 3

100 lb s., for which it had been offered as high as $10.
quote what he said below:

We

I have mado an estimate that by reason of the laws Increasing taxes the
Corporation will bo obliged to pay during tho present year about $43,­
000,000 additional In taxes. That other laws will bo passed no one at
tho present time can doubt, and the burdens which will be imposed by the
Government upon corporations and upon individuals no doubt will be
very large.
I am sure that no loyal citizen can object, provided there is a fair and
equitable distribution of the burdens. These, I believe, are the questions
which are in the minds of all good citizens.
Not knowing what these laws will be or how large the burden may bo
increased, of course it is impossible to state what will be the net result. If
the disposition of the lawmakers shall be to secure as much money as can
possibly bo expended for all the purposes which have been suggested then
it seems evident that all the profits or earnings of all the corporations and
all tho individuals may be taken away from those who possess them. I
do not believe that is going to be the attitude of tho lawmakers, however.
If tho disposition will be only to secure such moneys as are absolutely
needed for Government purposes and distribution of the burden is fair and
equitable, it seems at the present time as though the earnings of the Steel
Corporation would be very large for this year.
The Corporation has never before the last eighteen months had a full
opportunity of demonstrating how much value there really is in its prop­
erty or how much earning capacity it has or the total amount of earnings
that can be obtained. Our mills during the last year and more have been
running to their full capacity, and that has been increased since the Cor­
poration started more than 100%.
In matter of efficiency our works are in better condition than ever be­
fore. Wo havo more property, greater capacity, better organization, more
harmony and better opportunity for success than wo havo ever had before.
SECRETARY OF THE TREASURY TO ISSUE
If the Corporation were disposed to take advantage of every opportunity
CERTIFICATES OF INDEBTEDNESS AT ONCE.
that has offered, the earnings could be much larger than they are at the
present
time.
Secretary of the Treasury M cAdoo announced yesterday
It has never been our intention or effort to secure the highest prices for
that Treasury certificates of indebtedness, authorized up to our commodities. When prices naturally advanced and when producers
$2,000,000,000 in the $7,000,000,000 W ar Finance measure, and sellers generally are taking advantage of the great demand which may
now before Congress, will be issued “ as m ay be necessary to come from timo to time, it has been our effort to steady prices and keep
them down within what would be considered reasonable and fair limits.
meet the requirements of the Treasury, as soon as the bill
When business is demoralized and there is a rush on tho part of pro­
becomes a law. Tho bonds authorized by the bill probably ducers and sellers to get out of their commodities at almost any price, it
has
been our effort, so far as our influence goes, to steady prices and to
will not be offered [before sixty days. Meanwhile certifi­
keep them from going to a point that is unreasonable and below what would
cates of indebtedness maturing June 30 and bearing accrued bring a fair return on our investment.
Wo do that, first, because we believe in protecting our employees; we
intorost in payment of subscriptions for bonds will be sold.
beliovo we should bo entitled to roceivo a fair profit so as to enable as
A n official statement says:
to take care of our employees; and, secondly, so as to be able to keep up
The Secretary appreciates the desirability of avoiding any derangement our property in the very best condition; and, thirdly, because we bolieve
of the money market, and in tho financial operations in which tho Govern­ it is bettor for overy one interested in our work that prices and conditions
ment Is about to engage it will be his purpose to adjust receipts and disburse­ be kept stable.
ments in such a way that as far as possible money paid in will be promptly
At the present time we are selling plate at $3 50 to $4 a 100 pounds to
returned to tho market.
tho Government for governmental purposes, or at a price something less
The contemplated sale of Treasury certificates is in line with this policy. than that, whilo wo could go out in the open market if we desired to sell that
Should tho banks during tho next few weeks absorb several hundred million same plate at $8 or $9 or $10 per 100 pounds.
dollars of thoso certificates tho proceeds being paid out in tho course of
We have been offered as high as $10 for plate which we were selling
business, tho banks will possess ready means with which to meet with­ and delivering to the Government at $2 90 and to outsiders at about $4.
drawals mado later by depositors in paying for bond subscriptions. Tho Our effort has been to steady the market so far as we legitimately could, and
result of this mothod will bo a gradual anticipation of payment on account to keep as many of our men employed as possible; to give them fair wages
of bonds with a steady and continuous return to the banks of tho moneys and fair treatment, and we havo tried to treat the general public fairly in
paid in.
every way by keeping it informed as to what we are doing and by conduct­
Tho Secretary sounded the market yesterday with respect to temporary ing our affairs in every way as to do no injury, but rather so as to be of
borrowings, and met with a very satisfactory response on tho part of Im­ benefit to the general community.
.
portant banks and bankers in financial contros, especially in New York
At the present time our books are well filled. We have more unfilled
City. Tho Secretary was assured that reasonable immediate requirements orders on tho books than ever before. We have enough on our books to
could bo met by a sale of certificates bearing as low a rate as 2 'A % interest, keep us busy for a whole year on the averago and we have sold a good deal
but that thoro would bo no doubt about tho salo of tho largest amount of in 1918.
_____
such debt certificates, and that a wide market for the same could be created
if thoy were offored at 3% interest.
Tho Secretary feels that in order to carry out tho policy abovo outlined ' SECRETARY McADOO’S SUGGESTIONS FOR NEW
temporary borrowing ought to bo done on a basis tiiat will onablo banks
TAXES.
generally throughout tho country—Stato banks and trust companies, as
Suggestions as to possible new sources of taxation through
well as member banks of tho Federal Reserve systom—to havo a thoroughly
liquid asset in their vaults, and at tho samo timo to be ablo to avail thom- which to raise approximately one-half of the estimated cost
selvos of tho opportunity of preparing for tho largo bond issuo.
Thorcforo, as soon as tho war loan bill becomes a law tho Secretary pur­ of the first year of the war, or $1 ,807,250,000, were sub­
poses to authorize Federal Reserve banks to receive applications for Treas­ mitted by Secretary M cAdoo last Sunday night to the Senate
ury certificates of indebtedness payable Juno 30 next, and bearing interest Finance Committee and the House W a ys and Means Com ­
at the rato of 3% per annum. The first offering of such certificates will
mittees. The other half of the cost is to be provided by the
probably be $2 0 0 ,0 0 0 ,0 0 0 .
_______
An announcement from Philadelphia yesterday said that
tho Government would increase tho rato of interest on the
$200,000,000 certificates of indebtedness from 2}4% to 3 % .
Governor Rhodos of tho Federal Reservo Bank of Philadel­
phia to-day mado tho following statement:

Tho Federal Reserve Bank of Philadelphia has been advised by tho Fed
oral Reserve Board that owing to delay in tho conference report from Con­
gress on tho war bond bill tho Treasury certificates cannot be dated or issued
boforo about next Tuesday or Wednesday. While tho responses from tho
larger cities havo boon entirely satisfactory, tho Secretary of tho Treasury
has docidod, in order to create a wider market and to give country banks
an opportunity of subscribing, to place tho Treasury certificates at 3%
interest instead of 2 lA % . Tho Federal Rcsorvo Bank of Philadelphia is
therefore, authorized to notify banks of this chango in tho rato of interest
and to receive subscriptions on this basis, with a further modification that
the certificates will mature June 30 iustoad of July 1 1917.

U S STEEL CORPORATION EXPECTS TO HAVE TO
'
PAY EXTRA TAXES OF $43,000,000.
A t tho annual meeting of the Unitod States Steel Corpor­
ation on M onday, Chairman Gary mado some interesting
romarks. One thing he said was that by reason of tho laws
increasing taxes, tho Steel Corporation would bo obliged to
pay about $ 43 ,000,000 additional in taxes, making tho
Corporation’s total tax bill in tho neighborhood of $60,000,000
to $05,000,000. Another statement was that tho Corpor­
ation was delivering plato to the Government at $2 90 per




issuo of $2,000,000,000 of Government obligations, increased
income and excess profit tax rates, tho taxing of many
imported articles now admitted free and stamp, liquor,
amusemont, sugar, coffee, tobacco and automobile taxes
aro foremost among the proposals. Tho suggestions were
sent to Congress for its information and without recommenda­
tion from tho Treasury. Tho Secretary estimates that a
5 0 % increase of tho imposts on both individuals and corpora­
tions for 1916, collectiblo next June, would yeild $165,000,­
000 additional. For 1917, Secretary M cAdoo points out
that to lower the income tax exemption from $3,000 to
$1,500 for unmarried persons, from $4,000 to $2,000 for
married persons, to leave the normal tax at 2 % , but to raise
the supor-taxes materially, would produce $340,000,000
additional in June 1918, without changing the corporation
tax. Tho highest rato on supertaxes under the plan out­
lined would be 4 0 % of all incomes over $1,000,000.
Increases in the excess profits tax, both by making the
present law applicable to the calendar year of 1916 and apply­
ing new increases next year, the Secretary believes would
raise $226,000,000 this year and $200,000,000 additional
next year. Other sources, Secretary M cAdoo estimated,
could be mado to yield additional income as follows: Taxes
on articles now admitted free, $206,000,000; freight trans­
portation receipts, $100,000,000; exciso tax on sugar, $9 2 ,­
000,000; refined petroleum, $75,000,000; stamp taxes on

1551

THE CHRONICLE

theatro, baseball and other amusement tickets, $75,000,000;
distilled spirits, $73,000,000; stamp taxes, miscellaneous,
$51,000,000; transportation receipts, passenger, $35,000,000;
fermented liquors, $30,000,000; smoking and chewing
tobacco, $25,000,000; automobiles, trucks, motor cycles,
$19,800,000; soft drinks, $19,200,000; cigarettes, $17,000,000
rectified liquor, $12,500,000; cigars, $11,600,000; excise tax
on musical instruments, graphopliones, & c., $7,000,000;
wines, & c., $6,750,000; oxcise tax on glucose, $8,000,000;
denatured alcohol, $5,000,000; retail dealers in cigars,
cigarettes, & c., $4,800,000; wholesale dealers and jobbers in
tobacco, $2,500 ,00 0, and snuff, $1 ,500,000. The revised
arrangement of supertaxes on incomes, as outlined, would be:
Incomes of $3,000 to $4,000 1 % ; $4 ,000 -$ 5,0 00, 2 % ; $5,000$10,000, 5 % ; $1 0,000-$20,000, 7 % ; $20,000-$40,000, 8 % ;
$ 4 0 ,000-$60,000, 1 0 % ; $6 0,000-$80,000, 1 2 % ; $80,000-$ 100,­
000, 1 5 % ; $100,000-$150,000, 2 0 % ; $150,000-$200,000, 2 5 % ;
$2 00 ,0 00-$1,000,000, 3 3 > 6 % ; $1,000,000 and over, 4 0 % .
This revenue, M r . M cAdoo thought, would bo further in­
creased if the income from State and municipal securities
and State and municipal salaries were made subject to the
income tax.
If the present excess profits tax of 8 % on corporation and
partnership profits of moro than $5,000 and 8 % of invested
capital wore made applicable to the calendar year 1916, the
Secretary estimates it would yield $226,000,000. Corpora­
tions and partnerhsips would be given until September to
pay the tax. A s to the excess profits tax for 1917, collectible
in June 1918, the existing law allows an exemption of $5,000
and 8 % on invested capital, and lovies 8 % tax on the remain­
der of the profits of corporations and partnerships. If this
tax, allowing the same exemptions, were increased to 1 0 % on
profits in excess of 8 % and not over 1 5 % of capital invested,
to 1 5 % on profits in oxcess of 1 5 % and not over 2 5 % on
capital invested, to 2 0 % on profits in excess of 2 5 % and not
over 5 0 % on capital invested, and to 2 5 % on profits in excess
of 5 0 % on capital invested, the law, according to the Secre­
tary, would yield $425,000,000. Some of the other proposed
taxes are given by the Now York “ Tim es” as follows:

Proposed revenue from passenger transportation receipts is estimated on
the basis of “ 1% on each 25-cont faro or fraction thereof, within the United
States,” but "no tax on faro not in oxcess of 25 cents.” Freight transporta­
tion, it is estimated, would yield 5100,000,000 at 1 % on each 25 cents or
fraction thereof of each freight bill. An increase of $2 a gallon on distilled
spirits, now taxed 51 10, the Secretary says, would raise $73,000,000.
Rectified spirits aro not taxed now, and it is suggested that they bo taxed
25 cents per gallon. Instead of tho rato of $1 50 per barrel on fermented
liquors, $2 50 per barrel is suggested.
Tho Secretary’s schedulo would double rates on cigars weighing over 3
pounds per thousand, cigarettes weighing less than 3 pounds per thousand,
snuff, and chewing and smoking tobacco. Wholesale dealers, including
jobbors, and retailers, who aro not now taxed , would bo taxed $25 and $6
a year, respectively. Rates on still and sparkling wines, liquors, cordials,
or similar compounds would bo doubled. That on brandy used in fortifying
pure sweet wines would bo increase from 10 to 25 cents. A flat tax of 25
cents a gallon is named for denatured alcohol, now untaxed. "Near beer”
would pay $1 75 a barrel, and carbonated sof t drinks and bottled waters and
natural mineral waters, 2 cents a gallon, instead of going untaxod as at
present.
Refined sugar would pay an exciso tax of 1 cent a pound. Nono is
imported now, but it is recommended that any tax on it bo made applicable
to imports.
Suggested annual assessments on automobiles, auto trucks and motor
cycles would bo based on their soiling prices as follows: Not moro than
$500, $1; between $500 and 750, $2; $750 and $1,000, S3; $1,000 and $1,500,
$5; $1,500 and $2,000, $7. and moro than $2,000, $10.
A stamp tax of 1 cent for each 10 cents, or fraction thereof, on admission
tickets to theatres, baseball games and other places of amusement, and a tax
of 5% on tho wholesale cost of all musical instruments, or parts, are sug­
gested.
Possible taxes on articles now admitted free to raise $199,093,184 follow:
Crudo rubber, 20%; hides and skins, 10%; raw wool, 10%; raw silk, 20%;
coffee, 3 cents a pound; fibers (and manufacturers of) now freo, 10%;
lumber and manufacturers of wood, not including wood pulp, 10%; tin,
unmanufactured, 10 cents a pound; cotton, unmanufactured, 2 cents a
pound; cocoa, crude, 20%; oils, now free, 10%; fruits and nuts, 10%; toa,
15 cents a pound; works of art, 20%; furs, 20%; tanned leather (and manu­
facturers of), including boots and shoes, 10%; manufactures of iron and
steel, not including ores, 10%, and antiques, 50%.
Tho Secretary estimated that $6,311,825 could bo raised by tho indicated
rates, in addition to tho present rates on manufactured articles; Manu­
factured rubber, 10%; manufactures of leather, 5%; manufactures of wool,
5%; manufactures of silk, manufactures of vegetable fibers, 5%; manufac­
tures of wood and dutiablo lumber, 5%, and cocoa and chocolate, pre­
pared, 10%.

STEELMAKERS TO SUPPLY GOVERNMENT AT
REDUCED PRICES.
Secretary of tho N avy Daniels and Bernard M . Baruch,
of tho Advisory Commission of the Council of National
Defense, have completed negotiations with the steel men of
tho country under which, it is estimated, a saving to tho
United States Government of approximately $18,000,000,
will result in its purchase of steal to meet tho requirements
of naval construction this year. These negotiations were
tho subject of conferences conduct d under the leadership




[VOL. 104.

of E . II. Gary, President of the Iron and Steel Institute,
and Chairman of the United States Steel Corporation. The
schedule of prices for tho year’s supply of steel, agreed upon
in a conference on the 6th between Secretary Daniels and
James A . Farrell, President of the United States Steel, it is
said, is the same paid by the N avy Department for its 1916
consignment, and is much below current market prices.
Two conferences between Secretary Daniels and M r . Farrell
were held on tho 6tli. As the result of the morning con­
ference it appeared, it is stated, that the best price that the
steel makers were willing to offer in the form of plates, or
of steel of a structural character, was three cents a pound
for steel plate. Secretary Daniels, it is said, rofused to
accept this figure, and at the afternoon conference M r.
Fax-rell, speaking for the steelmakers in the Steel Institute,
agreed to furnish steel plates and structural steel to the
N avy Department at a basic price of 2.9 cents a pound. He
also agreed, it is stated, to let tho Arm y have steel plate at
this price, the arrangement to continue for a year. M r.
Farrell acted in tho steel price negotiations as chairman of
tho special committee of the Iron and Steel Institute, ap­
pointed by tho Council of National Defonso, to facilitate
the procuring of necessary materials. After his conforoncos
with M r . Farrell Secretary Daniels issued tho following
statement:

An agreemont was reached with respect to prices for matorial for the
shipbuilding program of tho Navy and additions to tho naval stations.
This agreemont provides that there is to bo no increase in prices over those
paid for matorial used in the 1916 Navy program. These prices aro sub­
stantially lower than current market prices, and it is estimated that thoy
involvo a saving of approximately $18,000,000 on tho tonnago required
for 1917 over tho prevailing prices.
The agreement with the’ steelmakers is tho second achieve­
ment in securing reduced prices for tho W ar and N avy D e­
partments. As noted in our issue of March 24 M r. Baruch
as Chairman of tho M etal Supply Committoo of tho Council
of National Defense, was instrumental in bringing to a
successful conclusion negotiations with copper producers,
under which they agreed to supply the Arm y and N avy
with all the copper they would need for a yoar at a figure
which will result in a not saving to the Government of about
$ 10,000 ,000 .

SECRETARY OF THE NAVY REDUCES TORPEDO
PRICES OF E. W. BLISS CO.
Secretary Daniels on April 6th also announced that on the
4th inst. tho first application had boon mado of tho pro­
vision in tho N aval Appropriation Bill empowering the
President to give orders for war matorial at a “ reasonable
price” to bo fixed by him and requiring tho manufacturer
to furnish tho munitions so ordered. After tho passage of
tho naval bill authorizing tho manufacture of additional
torpedoes the E . W . Bliss Co. of Brooklyn, which, it is said,
has tho only plant in the country, outside of tho Govern­
ment torpedo works, that can mako torpedoes of tho longest
rango, made a price to tho Government for torpedoes which
Secretary Daniols deemed too high. The N avy Depart­
ment first asked, it is said, that tho Bliss Company roduco
its bids, and when it was found that a reduction of $300 per
torpedo was tho best that could be secured, Socrotary D an­
iels ordored tho Ordnance Bureau to determine tho cost of
production and add a reasonable profit, thus fixing a fair
price. Tho Chief of the Bureau of Ordnanco roported that
a “ reasonable price” was about $1,500 less than tho original
bid mado by tho Bliss Company, and on April 4 the fol­
lowing letter was written to tho company:
A p ril
The E . IF. B liss C om pa n y, Borough o f Brooklyn, N e w York C ity:
Gentlem en: The Secrotary of tho Navy directs mo to say,

4 1917.

in vlow of
developments since tho conference at which their cost was agrood upon,
ho expects that tho price for torpedoes on your contract with tho Navy
Department will bo changed as follows: Mark VIII., from $9,164 to $7,922,
and Mark X., from $7,816 to $6,140.
Those prices liavo been determined upon in consultation with this buroau,
aro reasonable, and undoubtedly will result in an eminently fair and equit­
able profit to tho company.
You will therefore proceed with tho manufacture of those torpodoos,
giving them priority ovor all other work, and will do your utmost to dolivor them within tho timo specified in tho contracts under consideration.
Tho department feels that it can expect from your company nothing loss
in the way of co-oporation with it in tho preparation for war, and boliovos
that you will immediately act in tho manner indicated abovo. Very truly
yours,
RALPH EARLE,
C h ief o f B ureau.

Representatives of the Bliss Company callod on Socrotary
Daniels on tho 6th inst. and said thoy would accopt the
order at tho price named and uso every effort to oxpedite
tho construction of tho torpedoes, and in ovory way co­
operate with the N avy Department.

A pr . 21 1917.J

THE CHRONICLE

Charles M . Schwab, Chairman of the Board of the Bethle­
hem Steel Corporation at tho annual dinner of the Society
of tlio Alumni of Bollovuo Hospital at tho Hotel Astor on
April 11, in discussing tho munitions industry declared that
tho Bethlehem Steel Corporation was ready to make any
sacrifice for tho country. “ I speak,” ho said, ‘ ‘for every
man connected with tho concern.” His remarks were in part
as

follows:

In my opinion tho great plant at Bethlehem Is a national asset of such
great Importance that thero is no other asset in tho nation that can equal it
at this moment. I know tho men who own that plant, and I am in a posi­
tion to tell you that gladly and willingly thoy stand ready to place it at tho
disposal of our Government and for the protection of this groat country of
ours which means so much to all of us.
As I informed Secretary Baker recently, thero is no question of tho coun­
try's ability to supply all the ammunition, of every possible kind, that will
bo needed in tills war. I recall at this moment my last talk with Lord
Kitchener. Ho was a friend of many years, and shortly after tho war in
Europe started ho cabled mo to come to London. I wont to London, and
I never expect to sco again, as long as I livo, so much responsibility and
care on one man’s face as I did when I saw Kitchener.
"This to lie a war of years," Lord Kitchener said to mo, “ and I have
sent for you to find out what you can do for us. I want to know if you
can make 1,000,000 shells for mo in tho next twelve months.”
It was a tremendous job, but wo did it in ten months, instead of twelve.
In other words, wo turned out 1,000,000 shells in ten months and after
that 1,000,000 more every month. So I have informed Secretary Baker
that we can supply all tho shells that are wanted and as fast as thoy aro
needed.

1555

The object of providing a Government armor plant is to produce armor
at a less cost than has heretofore been obtained from private contractors,
while the Navy Department may have at the same time a more complete
control over the improvement and development of armor through experi­
mental work and competition with privato manufacturers. The plant
should, therefore, be so located that armor may be manufactured at the
lowest total cost, be not subject to interruption of interference either in time
of peace or war and in a community whero local conditions are favorable.
Tho board having determined that tho Pittsburgh district is the best
location for the armor plant, has also carefully weighed the relative ad­
vantages of the soveral districts within the limits of safety, as outlined by
tho general board, and finds that tho West Virginia district, from Cumber­
land, Md., to Ironton, Ohio, possesses more advantages than any of the
others. Within this district Charleston, W. Va., and Cumberland, Md.,
are the most favorably located, in the order named. The first possesses
the advantage of the low cost of assembled materials and favorable local
conditions of the sito, while the second possesses the advantage of being in
closer proximity to tho best labor and supply market in Pennsylvania and
tho distribution of the finished products of tho plant.
The board recognizes tho value of the claims set forth in the briefs of
various cities within tho safety area, but considering all conditions, it is
believed that none are more favorably located within this area than those
of Charleston. W. Va., and Cumberland, Md.
Aside from tho location of tho plant in a district like Pittsburgh, based
upon purely industrial and economic grounds, the board recognizes the
many advantages that would accrue from tho plant located in close prox­
imity to tho present gun factory and proving ground on tho Potomac River
in the vicinity of Washington.
Tho output of the armor plant, particularly if it is combined with a pro­
jectile and gun-forging plant, will bo so closely associated with the work
of the gun factory and proving ground that the advantages in administra­
tion, in experimental work and development and in avoiding costly delays
would offset the increased cost of raw materials.

GOVERNMENT ARMOR PLATE AND PROJECTILE
HERBERT C. HOOVER TO HANDLE NATION'S FOOD
PLANTS TO BE ERECTED AT
PROBLEMS.
CHARLESTON, IF. V.
Herbert C . Hoover, head of the American Commission
Secretary of the N avy Daniels on April 11 announced
for Relief in Belgium, has accepted the chairmanship of a
the selection of Charleston, W . V a ., as tho sito for tho erec­
committee on food supply and prices, created by the Council
tion of tho SI 1,000,000 Government armor plato plant and
of National Defense on the 7th inst., to investigate the food
tho $1,700,000 projectile factory, tho cost of which was
problems of tho United States during the war with Germany.
provided for in tho N aval Appropriation Bill of last year.
Tho other members of tho committee are to be chosen
In announcing tho selection Secretary Daniels stated that
shortly, and on the arrival of M r . Hoover from Europe
construction would begin at once, and would bo hurried to
will start work. Through tho new committee it is expected
completion. It is said that a largo additional sum may be
to co-ordinate the various food distributing agencies of the
asked of Congress before tho plants aro finished. Secretary
nation and prevent, as far as possiblo, speculation and other
Daniels also made public tho report of tho Armor Plate
evils which would increaso food prices to exorbitant levels.
Board, which, headed by Admiral W . S. Benson, personally
Economy in distribution, increased production and all other
inspected facilities of twenty-nino cities chosen for con­
phases of the food problem will be covered in the work of
sideration out of more than ono hundred offered sites. Tho
tho committee, which will seek to obtain the active co-opera­
decision of Secretary Daniels in selecting Charleston as the
tion of the food dealers. The Administration, it is said,
sito for tho new plants has, in turn, been approved by tho
has long been considering the possibility that the United
Gonoral Board of tho N a v y , which body, under tho law, was
States might have to come to the adoption of some sort of
authorized to review the findings of tho Secretary. Cum ­
food control to insure a satisfactory conclusion of the war
berland, M d ., was tho second choice of tho board, missing
with Germany. M r . Hoover by tho record he has made
tho prize only by a very slight margin. Philadelphia and
in feeding desolated Belgium through tho Belgium Relief
all Pennsylvania cities wore eliminated from tho contest by
Commission, has attained a commanding position among
reason of a military principle laid down by the general board
tho Americans qualified to undertake the task of solving
that tho plant should not bo east of tho Appalachian M oun­
America’s food problem. Attention is to be paid, it is
tains or within 200 miles of tho Canadian and Mexican
stated, to tho experience of European Governments in
borders, in order that it could bo safeguarded against for­
handling the food question, and it is for this reason that M r .
eign attack. Secretary Daniels mado tho following statoHoover’s services will bo of especial value.
The Council
mont when ho announced tho selection of tho sito for tho
.of National Defense on the 7th inst. adopted the following
Government plants.
resolution calling upon M r . Hoover to take the chairman­
Tho report of tho Armor Plant Board tolls its own story of painstaking
investigation and unbiased decision. Twenty-nino cities were visited per­ ship of the food committee:

sonally, and tho claims of seventy-four other cities wore heard and con­
sidered. Tho selection of Charleston, W. Va., keeps faith with tho people
by meeting overy need. Its location in tho heart of tho Appalachians
gives tho necessary protection from invaslvo attack. Economy and effi­
ciency aro guaranteed by tho accessibility of raw materials.
Charleston is tho ccntro of coal fields, having an annual output of 30,­
000,000 tons, and at hand oxtensivo natural gas fields and crudo petroleum
areas. Basic pig Iron is only 172 miles away and Bessemer about sixty.
Limostono and dolomites aro available locally, and tho freight cost is low
on ferrochromo, ferro-manganeso and nickel. Tho Great Kanawha River
offers amplo water, and it is also possible for tho Government to dovelop
Its own water power.
Tho trunk lines to the West and threo trunk lines to tho East furnish
quick movement of raw materials and finished product, and water trans­
portation to tho Gulf is also possible, all at lower rates than those for com­
peting cities.
Charleston offers to tho Government without cost, tho choice of various
eligiblo sites, and in addition to this plant location, extends tho pick of
soveral protected gorges admirably adaptod for uso as proving grounds.
Tills in itself means a tremendous saving in both money and time. As It is
now, all armor plato, when finished, must bo shipped for tasting to Indian
Hoad, near Washington, a slow process and expensive. This combination
of plant and proving ground is not by any means tho loast of Charleston's
peculiar and superior advantages.
Work will be commenced at onco and driven to quick completion. Com­
petition with privato manufacturers is not tho controlling idea. It is al­
ways well, as a matter of course, for tho Government to mako tills first­
hand proof of producing cost, but it is oven moro imporatlvo that tho Navy
shall havo Its own practical laboratory in which tho inventories of its own
exports may bo tested and developed.
Tho Armor Plant Board besides Admiral Benson, its
Chairman, was comprised of Admiral Frank F . Fletcher,
Commander Frank II. Clark and Civil Fmgineer Reuben E .
Bakonhus. Their report to Secretary Daniels was in part
as^follows:




Resolved, That Herbert C. Hoover be requested to take the Chairmanship
of a committee on food supply and prices, which shall report to the council
such experiences as European Governments havo had, and advise as to
proper methods of preventing recurrence, so far as practicable, of the evils
arising out of speculative prices, and to stimulate increased production
of all food supplies.

Tho fact that M r. Hoover had decided to accept the chair­
manship of the food committee became known on the 11th
inst. M r . Hoover is now in London, but expects to leave
shortly for this country. Meanwhile ho has begun a wide
inquiry in France, England and Italy regarding the existing
food situation, having tho co-operation of the various
Governments in this work. His inquiry embraces examina­
tion of the prospects of the coming harvests, import neces­
sities, methods of food regulation and control now in opera­
tion in tho Allied countries,and the results achieved through
these methods. After accepting the chairmanship of the
new food committee, M r . Hoover mado the following state­
ment, regarding his plans for the future:

I
will at present continue as Chairman of the Bcgian Relief Commission,
but will return to the United States shortly. Tho Dutch have taken over
control of relief inside Belgium and Northern France and opened relations
with the German Government, the activities of tho Belgian Relief Commis­
sion now being confined to financing the purchase and delivery of supplies
at tho Belgian frontier. My very able and long experienced colleagues,
Messrs. Ilonnoid, Poland, Brown, Grey and Kellogg, are entirely able,
any ono of them, to carry on tho direction of the relief work. I shall, how­
ever, give them such assistance on tho financial side as may be necessary.
Beginning to-day I am initiating a wide inquiry in France, England and
Italy in co-operation with Government departments, into the existing food
situation, the prospects of the coming harvest, import necessities and the
methods of regulating food control as at present in operation, and their

1556

[Vol. 104

THE CHRONICLE

working results In Allied countries. Ono Important featuroof this inquiry
will be the methods used to control prices and for the elimination of specu­
lation, for Europo has been a vast experimental laboratory in this particular.
The staff of the Relief Commission which recently evacuated Belgium
have volunteered to undertake the dotails of this investigation. They
already have arrived in England and Franco for the work, which starts
immediately, and by virtue of the completo data in the hands of the various
Governments it should requlro but a short timo for tho correlation of all
essential matters.
The foremost duty of America toward her allies in this war is to see that
they are supplied with food. Franco, England and Italy, in ordinary times,
depended largely on Russia, Rumania and Bulgaria for a largo portion of
their breadstuffs. With the isolation of these areas they were thrown
wholly upon the Western Hemisphere. Tho bumper Western harvest
of 1915 was able to carry tho load without a strain, but tho more normal,
or, in places, short harvest of 1916, coupled with tho fact that our allies
are to-day giving whole and able-bodied manhood to arms and the manu­
facture of munitions, has brought tho wholo Allied world face to face with
a shortago of breadstuffs.
Their women are in the fields, but production in their territories is bound
to bo much below normal. If they aro to continue to fight, a much larger
burden of the food supply must rest upon America. From tho necessities
of tho case wo can put but few soldiers In tho field, but every spadeful of
earth turned by our farmers, every seed wo plant, every ounco of wasto
wo eliminate, is just as much a contribution to tho joint causo as that of a
man in tho trenches.
Wo must increase our production by overy device of our ablo farming
community, with the stimulating advico and guidance our agricultural
institutions can invent, but beyond this we must stop wasto in overy scrap
of foodstuffs. Wo must even be prepared to doprivo ourselves, if necessary,
In order that our allies may bo supported. They have eliminated wasto
and aro depriving themselves to-day, and it is not less our duty than theirs.
If America will only eliminate wasto and extravagance in food, it will go
far to help tho whole problem. Now that wo aro in the serious and terriblo
conflict, tho very existence of our national ideas of wasto and extravaganco
in public places and among certain classes in America is a public scandal.
Beyond public places 85% of the American food is consumed in tho house­
hold. Tho women of America thus really control America’s food con­
sumption.
•
Among our allies the women aro working as hard as tho men. There is
no body of women in tho world so capablo of rising to an emergency as
American women. Nor is thcro any problem so peculiarly capablo of
solution by them as tho elimination of wasto and extravaganco. Much
can bo done by the substitution of tho more abundant commodities for those
that our allies need most. For instance, every person in America who eats
corn bread instead of wheat bread helps in tho present wheat shortage, for
tho English peoplo have never learned how, and havo not tho equipment
to mako corn bread, because they do not bako in tho household at all, and
corn bread cannot bo served from tho baker.
It is obvious that our allies must havo first call on our food surplus. If
wo aro to divert our man and woman power to furnish foodstuffs to neutrals,
they must be compelled to give some equivalent servico to our allies. They
can furnish shipping or commodities or manufactures which our allies need
in return for food from us.
Moreover, in this war against Germany wo should allow no products of
our labor or soil to go to any country or any peoples who assist Germany
directly or indirectly. Tho supply of American corn to States bordering
on Germany, which is converted into meal for German uso, is depriving
our allies of just that much food and benefiting our enemies.
The war probably will last another year, and from tho present outlook
of tho world’s food supply we shall havo all wo can do, by tho utmost elimi­
nation of wasto and tho utmost stimulation of production, to carry our allies
through with their full fighting stamina.
Nor can wo allow speculation or profiteering to burden our own peoplo
with high prices. Wo must devise and enforce methods to roduco and
maintain moro reasonable prices, both for our own peoplo and tho Allies.
All these aro problems which the capacity and high ideals of solf-scarifico
of tho American peoplo can solve smoothly and efficiently. Legislation
and sumptuary regulations can accomplish far less than tho voluntary
self-denial and devotion of our peoplo.

SECRETARY HOUSTON WOULD FI X FOOD PRICES.
Secretary Houston of the Department of Agriculture yes­
terday recommended to the Senate that the Council of N a ­
tional Defonso bo empowered to fix minimum and maximum
food prices. To meot the food situation, Secretary Houston
told tho Senate, tho Department of Agriculture needs tho
following authority and power:

and cnablo them to consign unsold products to points where there is tho
greatest need for them.
W ou ld H a ve Government B u y and Store F ood .

In case of extreme emergency, tho Government should havo power to
purchase, store, and subsequently disposo of food products to groups of
peoplo or communities organized in somo form, and to fix maximum or
minimum prices. Perhaps tho exercise of this power should bo lodged in
tho Council of National Defense, to bo used only when directed by tho
President. It is possiblo that tho moro existence of the power would make
action unnecessary. Tho Government should havo full discretion in tho
matter. It might bo wise to fix a minimum price to producers for only ono
important commodity, just as it might bo wiso to fix a maximum prico
which consumors might bo expected to pay for only ono or sovoral products.
It is estimated that approximately $25,000,000 will bo required to carry
out tho plans outlined herein. In order that prompt steps may bo taken
to put them into effect it is urged that immediate action bo takon to give the
Department tho requisite authority and to mako available tho necessary
funds.
Secretary Houston also informed tho Senate, according
to the “ Evening Post” of this city, that tho Department had
arranged to keep in touch with local agoncios and tho great
agricultural organizations in tho courso of its work, which
for tho purpose of stimulating production, and encouraging
conservation, would take from along tlioso lines:

Enlargement of tho co-operativo demonstration forces of tho Govern­
ment and tho States.
Enlargement of tho force of experts in homo economics.
“Somo of tho greatest preventable wastes aro in tho homo," wrote the
Secretary.
Prompt enlargement of tho forces to aid farmers in combating destructive
posts, which is expected to savo many tons of food now lost.
Safeguarding of seeds for tho 1918 planting.
Enlargement of tho forces to encourage preservation of porishablo pro­
ducts on tho farms by canning and preserving.
“ It is estimated that the flour supply.” said Secretary Houston, “on the
basis of a normal crop, could bo increased 18,000,000 barrels a year through
tho milling of wheat so as to mako 81% of tho kernel into flour Instoad of
73%, as at present. Tho problem, however, has many sides, and various
important issues aro involved. How far tho increased milling should be
pressed and how rapidly aro important questions to bo considered. Such
action as tho results of further inquiry may determine should bo promptly
taken.
U se o f Grain in Alcoh ol.

Some of tho European nations havo secured a considerable addition to the
food supply, cither by reducing tho production of malt liquors or by re­
ducing or prohibiting tho production of distilled liquors. It has been
roughly estimated that the value of food materials entering into tho manu­
facture of alcoholic beverages in this country in ono year, on tho basis of
prices lower than thoso now prevailing, is approximately $145,000,000.
Tho increase of food production this year must como about largoly through
increased efficiency on tho farms and rangas alroady in operation. This is
not a timo for experiment in now areas and with new or untried crops and
processes. Concentration of effort should bo made in areas alroady de­
veloped and on enterprises already under way. The problem is not that
of securing moro land to cultivate. Tho difficulty confronting tho farmer
is rather that of securing an amplo supply of labor. In fact, ono of tho
principal limiting factors in food-production this year may bo a restricted
labor supply.
I am not yet prepared to submit a dofinite or satisfactory suggestion, but
tho problem is receiving the earnest consideration not only of tho Depart­
ment of Agriculture and tho Department of Labor, but also of Stato and
local agencies throughout tho country.
It is stated that there aro more than two million boys between tho ages of
fifteen and nineteen years in cities and towns not now engaged in productive
work vital to tho nation in tho present emergency. Many of theso boys
havo had contact with rural lifo and know something about farming. It
has been suggested also that high schools and colleges in rural communities
might suspend operations boforo tho end of tho regular terms and might
resumo thoir activities later in the fall. This would bo a possible moans
of addition.
Staple

C rop s

M u st

be

Increased.

It is especially important that emphasis bo laid on tho increased produc­
tion of tho staplo crops, particularly in tho region wliero they aro usually
grown. Thcro is yet timo to increaso tho acreage not only of corn, oats,
barloy, rice and tho sorghums, but also of spring whoat in certain areas, as
well as to extend tho acreago of peas, beans, cowpoas and soy beans. The
livestock and poultry resources of tho country need to bo carefully consid­
ered and encouragement given to permit recovery from tho unusual drafts
upon them during the past year, with particular reference to tho production
To make a complete survey of tho food supply of tho nation, with a view of meat, dairy products and eggs. Tho marked .activity in homo gardening
to securo full information as to its location, ownership and where it is needed, will result in a considerable additional production of perishablo crops for
and complete knowledge as to tho instrumentalities and agencies that own, local uso.
control, manufacture and distribute food products.
After investigation, and in co-operation with tho trade, interests involved
to establish market grades and classes of farm products, including seeds, CANADIAN GOVERNMENT PLACES WHEAT ON
and standards for receptacles for such products, together with authority
FREE LIST.
to effect a suitable degreo of supervision of their application through such
Sir Thomas White, Canadian Minister of Finance, on
Inspection servico as may bo necessary.
To Iicenso and supervise tho operation of all plants, mills, packing houses, April 1G announced that tho Dominion Government had
canneries, slaughter houses, breweries, distilleries, storago houses or other passed an Order-in-Council under tho authority of tho W ar
establishments or factories In which food or feeds, agricultural implements,
and machinery and materials therefor, fertilizers, insecticides, fungicides, Measures A ct, providing that wheat, whoat flour and
serums, toxins, viruses, and any other articles required for agricultural semolina shall be “ transferred to tho list of goods which may
purposes, are prepared, manufactured, or kept for salo or distribution. bo imported into Canada free of d u ty.” By its action
This power should include authority to mako rules and regulations govern­
ing tho uso and operation of such enterprises, including the taking over and Canada automatically secures the free admission of Canadian
operation of them whenever such course may bo necessary in tho public wheat, wheat flour and somolina and other whoat products
Interest.
into tho United States, under tho reciprocal clausos of tho
To requiro tho preference movement by tho common carriers of tho United
States of seeds, fertilizers, insecticides, fungicides and farm implements or Wilson-Underwood tariff of 1913. That section providos
machinery, or tho materials required in their manufacture.
that “ wheat shall bo subject to a duty of 10 cents a bushel,
To enlargo tho existing telegraphic market news servico of tho Depart­
ment, which now covers live stock and meats and certain foods, vegetables wheat flour shall be subject to a duty of 45 conts a barrel of
and other perishables, in order to assist, by securing comprehensive infor­ 190 pounds, and semolina and other products of wheat not
mation from all shipping areas, in tho distribution of products, according especially provided for in this section 1 0 % ad valorem,
to tho proportionate requirements of tho consuming centres.
Enlargement of this servico would also tend to prevent unduo shortago in when imported directly or indirectly from any country,
any consuming centro and provido against wastes duo to temporary over­ dependency or other subdivision of [government which im­
supply of perishables in particular communities. Tho servico would further poses a duty on wheat, wheat flour or semolina imported
assist in securing direct routings, and thereby relievo, to somo oxtont at
least, congestion of transportation lines. It would also directly aid farmers from the United States.” Tho decision of tho Dominion
by furnishing information which would put them on an equality with buyers Government in placing wheat and tho whoat products mon-




A pr . 21 1917.]

THE CHRONICLE

tioncd upon the free list was readied, it is said, after an in­
vestigation by Sir Thomas W hite and H on. Arthur Meiglier,
and was concurred in by Sir Robert Borden and his two
colleagues, lio n . Robert Rogers and H on. J. D . llazon, who
are with him in England. The German submarino warfare
has created a shortage of ocean shipping and all of tho tonnage
which has boon available has been required for the transpor­
tation of grain of tho higher grados and flour made therefrom
purchased in Canada, and the United States by tho British
and Allied Governments’ representatives. Tho result has
been that Canadian farmers have not been ablo to find a
market abroad for their grain of the lower grados. Largo
quantities of tho lower grades of last year’s crops are roported
to bo still unsold. “ A recent estimate,” says tho “ Montreal
Gazette,” “ placed the visible supply in tho country at more
than ono hundred million bushels as compared with some
thirty-five million bushels required for seed, feed and
country mills. Of tho quantity 29,087,800 bushels were
stored in interior, terminal and port elevators. Inquiries
mado from tho Grain Commissioners of Canada and other
sources have satisfied the Finance Minister that prices now
prevailing in Canada for gi'ain of tho lowei* grades are much
lower than those obtaining iix tho United States. In fact,
an investigation showed grounds for a belief that advantage
was being taken of tho situation to keep thoso prices below
tho figuro which market prices warranted. It further dis­
closed that Canadians were selling their wheat in tho United
States, notwithstanding the duties imposed on it by tho
United States tariff. For these reasons tho Government has
concluded that at a time when an appeal is being made for
increased agricultural production to provido foodstuffs for
Great Britain and her allies, tho Canadian farmers should
bo given access to tho markets of tho United States in lieu
of tho markets in Great Britain and on tho European con­
tinent which wero formerly open to them .”
Tho Order-in-Council was signed by tho Governor-General
on April 10, and it went into operation tho next day, tho
17th inst. Tho Canadian duty on wheat imported from tho
United States has been 12 cents a bushel, and tho duty on
flour has been GO cents a barrel. In addition, there has been
an additional duty imposed by the W ar Tariff Act of 1914 of
iyz% ad valorem, all of which have been abrogated by tho
now ruling. Tho Order-in-Council as published in tho
“ Canada Gazette” of April 17 reads as follows:
A t the Government H o u se at Ottawa.
M o n d a y , A p r i l 16 1917.
Present: H i s Excellency The Governor General I n Council.
W h erea s, Tho Minister of Finance reports that certain conditions arising

out of the war seriously affect prices obtainable in Canada for wheat,
especially of the lower grades; and
W h ereas, In normal times there exists a good commercial export demand
for milling purposes from Great Britain and tho Continent for wheat of
all grades; and
.
W h ereas, This demand has for some timo past almost entirely ceased on
account of'sliortago of ocean shipping (duo to submarine warfare), prac­
tically all available tonnage being required to transport grain of tho higher
grades and flour made therefrom, purchased in Canada and tho United
States by tho British and Allied Governments for their respective needs; and
W h ereas, In consequence of this condition much Canadian wheat is being
exported to tho United States market for salo there, notwithstanding tho
customs duty payablo thereon under the provisions of the United States
tariff; and
W h ereas, From inquiries recently made from the Board of Grain Com­
missioners for Canada and other authentic sources tho Minister of Finance
is satisfied that tho prices now prevailing in Canada for wheat, particularly
of tho lower grades, are, owing to tho cause above mentioned, much lower
than the prices obtaining therefor In tho United States; in fact there aro
strong grounds for tho belief that advantage is being taken of tho situation
to maintain prices of tho said grades at figures lower than aro warranted by
general market conditions, and from Information at hand it appears that
there still remains a largo amount of last year’s Canadian crop unmarketed;
and
.
W hereas, It is desirable at a time When a special appeal is being mado for
Increased agricultural production to supply grain and foodstuffs to Great
Britain and her allies, which now include tho United States of America,
that tho Canadian farmer should feel that ho will obtain tho best market
prices obtainable for the product of his industry; and
W h ereas, The Minister of Finance is of opinion that It is in tho circum­
stances advisable that such action should bo taken which will give to
Canadian wheat freo access to tho markets of tho United States in lieu of
tho commercial markets in Great Britain and on tho European Continent
formerly available under tho conditions then existing, and, with this object
in view, ho directs tho attention of his Excellency to certain provisions of
tho customs tariff of tho United States. By Item GUI tlieroof, wheat,
wheat-flour, semolina and other wheat products, shall bo entered free of
duty from countries which do not impose a duty on wheat or wheat-flour
or semolina imported from tho United States; otherwise tho duty upon wheat
is fixed at ten cents per bushel and upon wheat-flour at forty-five cents
per barrel and upon semolina and other products of wheat ten per centum
ad valorem; anti
W h erea s, If Canada should placo wheat, wheat-flour and somolina upon
tho freo list our wheat and wheat products would gain freo entry to tho
markets of tho United States; and
W h ereas, It Is desirablo In the national interest that, for tho reasons stated
above, freo access should bo obtained to tho markets of tho United States
for Canada’s wheat—■
t vTherefore, Ills Excellency tho Governor Goneral In Council, under tho
authority of tho War Measures Act, 1914, Section 6, is pleased to order and
It Is hereby ordered that wheat, wheat-flour and semolina bo transferred




1557

to the list of goods which may be imported into Canada free of duty of
customs.
RODOLPHE BOUDREAU, Clerk o f the Privy C ou ncil.
Commenting upon tho announcement that the Dominion
Government had placed wheat, wheat flour and semolina
on tho free list, Roderick Mackenzie, Secretary of the Ca­
nadian Council of Agriculture, on April 1G said;

It will greatly stimulate all lines of business throughout the West, be­
cause the wealth of tho West is taken out of tho land. Farmers will be In­
spired with confidence, and It will encourago them to increase production
of wheat as much as possible. It means a great deal for tho farmers,
and as a consequence to free wheat sample markets aro bound to come.
\ f o favor tho establishment of a samplo market at Winnipeg.
Of course,
wo have still got to press for freo access to the United States markets for
oats, barley, flax, potatoes, and so forth. Our principal object is achieved,
but wo have still some demands which wo must continue to press upon the
authorities.
Wo have been fighting for freo wheat since 1908. It was drawn espe­
cially to the attention of tho Laurier Government in 1910, when a large dele­
gation went to Ottawa. As a result of that delegation’s visit the Laurier
Government negotiated tho reciprocity treaty which included free wheat.
Since that time we have continually pressed for it. All farmers’ organiza­
tions in the West have used every means in their endeavor to influence
tho Government. In 1913 wo sent a special delegation to Ottawa to press
upon the present Government to give us better facilities for handling our
wheat crop, and wo asked for freo entry into tho United States.
I marvel that the Government refused our request so long as tho grant­
ing of it will not affect the revenue to any great degree. There was nothing
so easy to grant as free wheat.
Under the new conditions shipments to Fort William and Port Arthur
will hardly be affected, as tho larger portion of our wheat which will go
into tho United States for consumption will go to tho Eastern States, and
tlicso States will receive their supply from Fort William via Buffalo, Cleve­
land and Detroit.
In a statement issued at Regina on the 16th inst., J. A .
Maliarg, President of tlio Saskatchewan Grain Growers’ A s­
sociation, stated that tho free interchange of wheat and wheat
flour has numerous advantages and will help Saskatchewan
maintain her position as tho “ breadbasket of the Em pire.’
He also said that the new regulations would open up a larger
field to tho milling industry, and that in consequence milling
would be developed in the W est to a very great extent
His views were as follows:

'

When I hark back to Nov. 1G 1910, tho date on which the grain growers
of tho West besieged Ottawa, then on through the years to to-day, and
realize that our great aim—freo wheat—has been attained, I can only say,
as I have said time and again, it is right; it is just.
I need not enumerate tho numerous advantages to bo gained by tho free
interchange of wheat and wheat flour; they can bo seen without any prompt­
ings; they are on the surface.
Our organized fight for free wheat has been successful, it brought about
what we "desired, it gave to us a competitive market, a reasonable assur­
ance that we shall get for tho products of our farms a just return. Now
that wo havo what wo have asked for for so many years, it may, perhaps,
not bo amiss to look at the future of tho grain growers of this country.
With an assurance of good prices, in competitive markets, wo can be
certain that our labors will bo repaid justly. Free wheat will help to bring
back to the land that population which has gono clsewhcro.
Our wheat lands will soon be dotted with comfortable homes—men will
turn to agriculture—and Saskatchewan will maintain her position as the
breadbasket of the Empire, giving full expression to tho idea contained in
tho presentation of the gold and silver basket, made by the Saskatchewan
grain growers, through our late Secretary, P. W. Green, to Ilis Majesty
King George at his coronation.
Tho farmers of Saskatchewan are now guaranteed ono more strong com­
petitive market for our hard wheat, which as timo goes on will bo mor©
and inoro in demand by neighbors to tho south, consequent on the hard
wheat belt moving northwards.
Tho next logical step is to give the farmer tho same opportunity to pur­
chase the necessary supplies required in tho production of farm produce
this done, and the Saskatchewan farmer will bo able to compete against
the world, despite cheap labor In other wheat-producing countries. It
will make certain for our farmers the doing of their share in cleaning up the
war debt when this terrible conflict is over, as no doubt tho cleaning up of
tho debt will bo based on our basic national industry—agriculture.
This step, the granting of free wheat, will further have a farreaching
effect in strengthening the bond of union and the relations between our
American neighbors and ourselves, altogether apart from financial consid­
erations, and coming as it does at this particular time, when they have de­
cided to throw in their lot with us, in this world-wide strugglo for freedom,
it may yet show the fallacy of placing any obstacle to trade between peo­
ples so similar in nationality, occupation and ideals.
Tho action of tho Canadian Government in gaining free
entry into tho markets of tho United States for Canadian
wheat had tho effect of causing a sharp break in prices in our
markets on Tuesday (April 17), but tho effect was only tem­
porary, and since then prices have gono higher than before,
making new records in that respect. It appears that the
British and Allied Governments havo been taking advantage
of tho rise to market at a profit somo of the wheat purchased
earlier in tho season at much lower figures, but even tho wheat
thus thrown over has not sufficed to relievo tho situation.
On that point a dispatch to the “ Evening Post” of this city
from Chicago on Thursday had the following to say:

Tho Allied Governments havo control of tho wheat market, as
well as that of corn. Their operations in wheat havo boon heavy.
Recontly they turned over 5,000,000 bushels May wheat at above 32 a
bushel, with a profit of 60 cents per bushel. While selling out their May
holdings they bought July at $1 55 to SI 75. To-day they have sold 8,000,­
000 bushels of tho July delivery at $1 96J4 to $2 07Yx, the highest price at
which tho July option ever sold, and have an average profit of over 30 cents,
making 90 cents profit on the two turns, or an aggregate profit of nearly
313,000.000.

1558

THE CHRONICLE

[Vol. 104.

Tho selling made a break of 6 cents, which was quickly recovered after the
selling ceased, tho price advancing to S2 07%. September was bought to
replace the July at 26 to 32 cents under the May.
May wheat made a new high record, touching $ 2 4 2 % , an advance of
10 cents from the low point, and 40 cents over the insido of last week.
Fluctuations of ten cents a day are to bo expected in wheat for tho May
dolivery, as the market Is congested and there are no stocks pressing on
the market. September touched $1 80K as the highest. Sales of No. 2
red at St. Louis were made at $2 98, an advance of 18 cents over yesterday.
May corn made a new record, advancing to $1 47%, or 6 cents for the
____________________
day.

of $500,000 to be used to stimulate and increase tho produc­
tion of foodstuffs in the State. Immediately after tho mes­
sage had been read Senator Henry M . Sage introduced a bill
carrying out the Governor’s recommendation. This bill
was put on final passage at once and was rushod through
under a suspension of the rules. Governot W hitm an signed
the bill on April 18.

EFFORTS TO INCREASE FARM PRODUCTION IN
■
NEW YORK STATE.

In a proclamation issued on April 15 Governor Whitman
selected to-day (the 21st) as “ Agricultural Mobilization D a y ”
and asked the farmers of the Stato to assemble in the various
communities and hear reports on the pi’esent situation and
make definite plans for meeting, locally, “ the greatest food
production problems that they have ever been called upon
to solve.” His proclamation reads as follows:

Announ cement was made on April 13 at a special meeting
of tho N ew York State Agricultural Society at Albany that
certain public spirited men in New York City were prepared
to lend tho farmers of this and neighboring States an un­
limited amount of money to enable them to buy seed and
fertilizers and to pay for the labor and other expenses neces­
sary to place every acre in their possession under cultivation.
In the Chaso National Bank of N ew York, it was announced,
there has been placed $500,000 in cash to guarantee $10,­
000,000 for the loan. Two and threo times $10,000,000
has been promised, it is said, if it is needed. Loans from the
fund will be made to farmers at 4 J ^ % . Tho money is to be
loaned through local committees composed of two members
of tho Grange, or other agricultural organizations, and, if
possible, a banker. The farmer who wants money will
simply have his application approved by the committee
and put up his note. The loans are moral risks only, and
no mortgages will be asked on farms, tools or crops. Member­
ship in a farm organization is not necessary to secure a loan.
Any farmer in tho State or renter of a farm who is of good
moral character will bo accommodated.
Notes aro to be
payable by December 1 but renewals will be granted to en­
able farmers needing the money to market their crops profit­
ably. Efforts will be made, it is said, to see that the food
roaches tho consumer from the farmer, so that tho specu­
lator may be eliminated and the farmer receive a fair price
for his labor. The co-oporation of tho State Department of
Food and Markets will be sought for the marketing and
distribution of the food products. The fund has the in­
dorsement of the New York State Agricultural Society, the
State Grange officials, and other agricultural interests.
Immediate loans will be granted for buying seed and
fertilizer. Later, it is stated, whon the crops are in the
ground, farmers will be further assisted, if necessary, with
loans to pay their labor, caring for and harvesting their crop.
Headquarters of the fund will bo at the Chase National Bank
of New York , and M arc W . Cole of Albion, N . Y . , will be
Executive Secretary. A t the meeting on the 13th inst. the
problem of labor which the farmer faces evon though money
be plentiful, was also takon up, and a plan was adopted
liyhich will be submitted to tho Governor for his consider­
ation. It proposes that all tho students in colleges, agri­
cultural, normal and high schools in the State who can be
induced to enlist in an unorganized force of farm cadets to
do actual work for tho increasing farm production, be re­
leased from their studies M a y 1; that Regents examinations
hold in Juno bo deferred until the late fall; that class credits
for meritorious farm work service be awarded; that the
acceptance and recognition of such enlistments and service
receive military or semi-military recognition, and that suit­
able badges be given at the end of service for meritorious
conduct.
A Patriotic Agricultural Servico Committeo was appointed
by Governor Whitman on the 13th inst. to formulate plans
for increasing production on the farms. This committee
is composed of the following members:

Charles S. Wilson, Stato Commissioner of Agriculture, Chairman;
John II. Finley, Stato Commissioner of Education; A. R. Mann of Ithaca,
dean of tho Stato Agricultural College; M. C. Burrltt of Ithaca, Stato
Director of Farm Bureaus; John J. Dillon of New York, State Commissioner
of Foods and Markets; Seth J. T. Bush of Morton, President of tho Western
Now York Horticultural Society; S. J. Lowell of Fredonia, Master of tho
Stato Grange; F. W. Sessions of Utica, President of tho Stato Agricultural
Society, and Roswell D. Cooper of Littlo Falls, President of the Dairymen’s
League.
Governor Whitman also announced that he would send
to the Legislature an emergency measure asking for an ap­
propriation to be placed at the disposal of the Agricultural
Service Committeo to carry out plans for increasing farm
production. Another step announced by Commissioner
Wilson for better farming methods was that a census of seed
would be takon, and farmers desiring seed will be informed
where it can be obtained and the prices.
Governor Whitman on April 1G sent an emergency mes­
sage to the Legislature urging the immediate appropriation




T o the People o f the State o f N eto Y o rk :
W h erea s, Tho maintenance of an adequate food supply is absolutely
essential to national preparedness, and,
W h erea s, Tho people of this Stato and of the United States have cause
for grave concern owing to tho serious depletion of the food reserves of the
world through the last year’s shortage of crops, Increasing demands from
warring countries, and the fact that there is littlo promiso of abundant
winter grain crops; and.
W hereas, It is clearly recognized that the man who tills the soil and pro­
duces tho food for the soldier in the field and ills family at homo is rendering
a patriotic service, as truly as is tho man who bears tho brunt of battlo,
and that, therefore, in tho present crisis a peculiar responsibility rests
upon tho American farmer; and.
W h ereas, Thero is imperative need that the farmers of Now York State
shall fully realize tho necessity for tho largest possible production of farm
products during tho present year;
N o w , therefore, I, Charles S. Wliitman, Governor of the Stato of New
York, do hereby set aside Saturday, April 21, In all tho farming communi­
ties of tho State as "Agricultural Mobilization Day.”
On this day farmers aro urged to assemblo in their respective communities
through their organizations, to hear reports on the present situation and
to mako definite plans for mooting, locally, tho greatest food production
problems that they have over been called upon to solve: And I do hereby
appeal to tho farmers of New York Stato to recognizo their responsibility
and their duty to safeguard tho welfare of tho nation in this crisis, and I
urgo all agricultural organizations, societies and Institutions to lend their
aid in assembling farmers for these purposes on tho above designated day.
CHARLES S. WHITMAN.

PHILADELPHIA BOURSE AND ALLIED EXCHANGES
FOR GREATER FOOD PRODUCTION.
The Philadelphia Bourse and its allied exchanges are
taking steps to assist the Federal and Pennsylvania State
Governments in increasing the production of food products
and conserving present supplies. Tho concentration of
most of tho exchanges dealing with food on tho Bourse
floor is enabling co-operative action by virtually all tho deal­
ers in food supplies of Philadelphia and vicinity.
The Retail Grocers’ Association, representing the retailers
of this city and section, has declared for the stricest kind
of Federal and State food control in order that every oppor­
tunity for unearned profit may bo destroyed. The Asso­
ciation to-day sent to President Wilson resolutions urging
Federal food control, “ since tho many proposed attempts
to adduce increased production m ay, through inexperience
and apparent insignificance, result in irreparable waste.”
It also asked that “ the service in natural and mechanical
production be made a Governmental service, and those
who serve therein, either as volunteers or through con­
scription, to be rated and ranked comparably with those
serving under arm s.”
In addition to this appeal to tho President, tho retail
grocers’ organization has had introduced into tho Pennsyl­
vania Stato Legislature a bill creating a State Board of Food
Control, consisting of tho Secretary of Agriculture, the
Food and Dairy Commissioner and tho Auditor General,
and with power to confiscate and resell the stocks of any
manufacturer or dealer who shall ask a price more than twice
the approximate customary profit or who shall refuso to
sell at all. Properly-held cold storage products aro ex­
cepted.
The Commercial (grain) Exchange is seeking tho enlist­
ment of the students of the colleges and universities of the
country for the planting of Spring wheat and rye, transpor­
tation to the wheat fields of the Northwest to bo supplied
by the Government. Tho following resolutions, adopted
by tho directorate of tho oxcliango, wore sent to-day to
Secretary Redfiold, of the Department of Commerce; Sec­
retary Wilson, of tho Department of Labor, and Secrotary
Houston, of tho Department of Agriculture
W h ereas,

Allies,
and
-

This country is in a state of war, and we must help feed its

Tho crop report on winter wheat by the United States Depart­
ment of Agriculture indicates a very serious shortage, and
W hereas, It is doubtful If wo can supply both tho foreign and domestic
demands;
Resolved, That tho Commercial Exchange of Philadelphia respectfully
recommends the Departments of Agriculture, Commorce and Labor to
W h ereas,

APR. 21 1917.]

THE CHRONICLE

1559

Immediately call for men to assist In seeding Spring crops, especially In acreage urged to be planted is 8,000,000 acres more than was
the Northwest, with wheat and ryo to overcome, If possible, the Winter­ seeded in 1916 and would represent the greatest acreage ever
killed grain in the Middlo and Southwost;
And we furthermore respectfully suggest an appeal bo made to the presi­ planted in this country.
dents of all colleges to address their studonts, requesting them to offer their
On the opening day a representative of a 20,000-acre wheat
services in helping farmers at once in seeding, and later at harvest time to farm in South Dakota appeared and offered to place as many
secure tho crops: that farmers in tho Northwest bo immediately notified
whero to apply for men and that tho Government transport such men to men as could bo obtained on his farm. The shortage in the
tho grain fields without cost.
Northwest, ho said, was most serious and the full amount of
In a statement, issued through the Bourso by L . G . Graff,
President of tho Commercial Exchange, it is estimated that
there are at least 50,000 college students available for this
purposo in tho chief grain-growing States alone. “ Let the
college men of tho country understand,” ho continues, “ that
to use agricultural tools during tho next few weeks to plant
grain will bo as great and patriotic service to tho flag as to
carry guns.”
To increaso tho crop and dairy yield in Pennsylvania and
tho acreage planted this Spring, tho Philadelphia Bourse is
urging upon tho State Legislature tho granting of a liberal
appropriation to tho Agricultural Department and educa­
tional activities of Pennsylvania State College. “ One of
the most practical and far-reaching steps which tho Penn­
sylvania Legislature could take for tho national defense
and tho success of the United States and the Allies against
Germany,” says a statement, issued by the Bourse, “ would
bo tho granting of a liberal appropriation t-o tho Agricultural
Department of Pennsylvania State College. Such an ap­
propriation would bo more for tho national dofenso than for
education, for this State, as well as all others, must do every­
thing possiblo within tho coming months to increase the
agricultural acreage and yield to tho m aximum .”

FIRST FARM LABOR RECRUITING STATION IN TIIE
COUNTRY OPENED IN PHILADELPHIA.
Tho first recruiting station for workers to assist the farmers
of tho Northwest to plant a maximum acreage of spring wheat
and ryo to ovorcomo tho winter-wheat shortage and to
successfully foed tho United States and the Allies, was
opened in Philadelphia on Wednesday, April 18. It was
established and is jointly conducted by tho Philadelphia
Bourse and tho Commercial (grain) Exchange, and is located
on tho Bourso “ floor.” Nearly 50 volunteers appeared on
tho opening day, and it is expected that within the next ten
days several hundred men will have boon enrolled for im­
mediate service.
Only those are accepted who havo been rejected by the
recruiting officers for tho arm y, navy or tho coast defense
reserve, or men who aro unable, because of dependents, to
enlist in tho armed forcos of the country. Particular appeal
is mado by tho Bourso and the Commercial Exchange to the
high school and collcgo studonts of Philadelphia and vicinity.
Farm work is held out to thorn as a means of performing
patriotic service, earning monoy for tho next acadomic year
and securing the benefits of several weeks or months in
tho open air and in all-round physical exercise. The
Bourso and Commercial Exchange Farm W ork Recruiting
Station, as it is called, is in chargo of A . B . Clemmcr, Secre­
tary of tho grain exchange, and A . D . Chiquoino Jr., Assist­
ant Secretary of tho Bourso. Tho slogan used by the
station is “ Twonty-Fivo Million Acres of W heat and Ryo
Planted by M a y 15 .”
Tho necessity for immediately supplying tho Northwestern
grain farmors with help within tho noxt two weeks, tho lack
of Governmental distributing and farm labor exchange
facilities and the number of men who early in tho week had
appeared at tho Bourse and made application for farm
service, lead tho officers of these two commercial organiza­
tions to open a recruiting station. Tho volunteers will be
placed on tho farms through tho Federal Department of
Agriculture, or through tho Agricultural Departments of the
Stato Governments in the wheat bolt, according to tho plans
of those in chargo. To this end tho President of tho Com­
mercial Exchange, L . G . Graff, is urging tho Federal author­
ities to open a distributing bureau at Washington by the
first of next week, through which the volunteers of Phila­
delphia and those elsewhero who wish this servico may be
placed with the farmers and through which farmers may apply
for aid.
A statement issued by tho Bourse and tho Commercial
Exchango on Wednesday, declares that 25,000,000 acres in
spring wheat and rye must bo planted by tho 15th of M ay
at the latest. To wait until after that dato, it says, will bo
to increaso tho chances of a reduced crop, becauso tho grain
must havo sufficient growth boforo tho drought of summer
and tho possiblo early frosts preceding harvesting. Tho




seeding necessary could not be done without aid.
Owners of two large Dakota grain farms are co-operating
with tho Bourso Farm W ork Enrolling Station in their efforts
to place Philadelphia volunteers on Northwestern farms.
Regardless whether tho Federal Government in time provides
facilities for tho meeting of employers and volunteers, the
Bourse and tho Commercial Exchange will try to place men
within the next few days through the assistance of the county
authorities of the grain States and associations of graingrowers. Western farmers are praising the idea of enrolling
stations for farm labor in the East which has been introduced
in Philadelphia, and it is expected that other cities will open
similar stations. Tho Philadelphia organizations aro urging
the Federal Government to at once supply the transportation
requisitioning trains, if necessary.

COMMERCE COMMISSION ALLOWS TENTATIVE FIL­
ING OF HIGHER FREIGHT SCHEDULES.
The Inter-State Commerce Commission on Thursday
(April 19) granted all railroads tentative permission to file
supplemental tariffs, increasing freight rates generally 1 5 % ,
effective June 1 next. In this manner the Commission dis­
posed of the question of procedure in dealing with the appli­
cation of the roads for general increases. Two courses, it is
pointed out in the daily papors, had been open: To permit
the filing of such tariffs and investigate their reasonableness
prior to the date they should go into effect, or to permit the
filing of tariffs effective immediately and suspend them
during tho period of the investigation. The Commission’s
order is tentative, subject to recall or change prior to the
effective date of the rates.
In this way tho Commission brings the issue squarely
before tho railroads and the shippers in a definite form.
Hearings were begun yesterday at which each side will have
an opportunity to express its views, and a full investigation
of the proposed increases is certain before the Commission
issues its final finding. A t yesterday’s hearings shippers
generally opposed the proposed increase, but the order of the
Commerce Commission was received with great satisfaction
nevertheless by tho local railroad officials. The view was
expressed that although the order was not final, it indicated
the attitude of the Commission in respect to rate increases
and forecast a formal granting of thoir demands.
It is estimated that an increase of 1 5 % will amount ap­
proximately to 8400,000,000 a year for tho railroads of the
United States. While this is a sunstantial sum, it was
pointed out that careful calculations made by the roads in­
dicated that tho increased cost of operation amounted to
8447,000,000, approximately, and that in the long run even
with the increase in rate the roads would be worse off in 1917
than they were in 1916.
Frank Trumbull, Chairman of the Railway Executives’
Advisory Committee, and Chairman of the Chesapeake &
Ohio Railway Company, when asked to comment upon the
action of the Inter-State Commerce Commission, said, ac­
cording to the “ Journal of Commerce” of this city that it
facilitated and simplified tho final determination by doing
away with the necessity for filing immediately specific tariffs
and permitting the matter to be presented in a genreal way.
“ It is, of course,” said M r. Trumbull, “ a relief to the car­
riers to know that in the ovent of their demands appearing
to bo justified in tho minds of the Commission, they will be
put into effect without further suspension. ‘ He who gives
quickly gives doubly.’ There can bo no question of the
necessity for greater revenues to the carriors,and I am con­
fident that any investigation conducted by the Commission
can lead to but one conclusion— the absolute necessity for
providing additional funds to meet increased expenses and
to protect railroad credit.”

NICARAGUA SYMPATHIZES WITH ACTION OF
UNITED STATES AGAINST GERMANY.
The State Department at Washington was notified on
April 19 by the Foreign Office at Managua, Nicaragua, that
the Nicaraguan Government sympathizes with the United
States in its action against Germany, but the cablegram
contained no other information.

1560

THE CHRONICLE

PERU ENDORSES ACTION OF BRAZIL IN BREAKING
OFF RELATIONS WITH GERMANY.
Foreign Minister Enrique de la R iva Guero, of Peru, on
April 19 handed to the Brazilian Minister at Lima tho reply
of the Peruvian Government to tho Brazilian note announcing
the severance of diplomatic relations with Germany. The
note stated that Peru censured tho submarine war made
by Germany and reiterates sentiments of traditional friend­
ship between Peru and Brazil and expresses deep sympathy
with -the action taken.

CHILEAN

GOVERNMENT DECIDES
NEUTRAL.

TO REMAIN

Tho Chilean Government, according to dispatches from
Santiago on April 10, in reply to notes from the United
States and Cuba regarding tho existence of a stato of war
with Germany, has replied that it will observe strict neu­
trality. Tho Chilean D eputy, Carlos Larrianclaro, former
Minister of W a r, upon his arrival at Buenos Aires, Argen­
tina, on April 19, said that Chile had determined upon
neutrality in tho war, but that 7 0 % of tho Chileans wero in
favor of tho Allies, although two Chilean provinces wero
pro-German. Ho added that Chile will adhere to Argentina
with respect to present questions of international policy.

CUBA DECLARES WAR AGAINST GERMANY.
President Menocal of Cuba on April 7 signed a joint reso­
lution unanimously passed on that day by both tho Senate
and House declaring that a state of war oxists between Cuba
and Germany. Tho war resolution was passed in both
branches of the Cuban Congress without a single dissenting
vote. President Menocal on tho 6th inst. sent a message
to Congress asking permission to declare Avar, stating, that
tho debt Cuba owes to the United States as Avell as tho prin­
ciples of justico and humanity, demanded that such action
bo taken. Tho Senate, after tho reading of tho message,
appointed a committee of fivo Senators to meet a like com­
mittee from tho Houso of Representatives, to consider tho
message and report. President M cnocal’s message to Con­
gress read as follows:
T o the C on gress .—Profoundly conscious of tho gravity of tho inter­
national crisis which obliges mo to direct myself to tho honorablo Congress
to recommend to its adoption of tho very important resolutions in which
tho honor and future of tho republic aro at stako, I hold it my duty to outlino before all the antecedents which detormino in my judgment, in a
manner not to bo evaded, the resolutions which I ask from your high
foresight and your unquestioned patriotism.
Tho Imperial German Government on tho 31st of January last resolved
to address all of the nations noutral in tho bloody European war, to acquaint
them of its proposals, and on the 6th day of February its notification reached
our republic, making it known that from tho first of said month onward
all commcrco in tho sea would bo fought with all arms without previous
warnings, and that neutral ships would navigate in tho prohibited zono at
their peril; that is to say, to carry out a blockade of Great Britain and her
Lsles, the coasts of France, Italy and tho Eastern Mediterranean by means
of war submarines. Tlieso would prevent from tho first of February all
navigation and traffic in tho aforesaid zones and would attack and sink in
the sea, with crow and passengors, any vessel infringing this prohibition,
whatever bo its flag, class or destination.
This unexpected and threatening warning, but ovident contempt for tho
rights of neutrals and for tho obligations contracted by the very Imperial
German Government with all tho civilized world In Tho Hague treaties and
other solemn stipulations, caused tho unanimous protest of all noutral
nations, and my Government was compelled to express this serenely but
firmly in tho note which the Stato Department sent to his Excellency the
Gorman Minister on Fob. 7. In this noto it was stated that tho Government
of Cuba had experienced deep regret on learning of tho now plan of maritime
war, which so deeply and injuriously, oven by tho warning Itself, must
affect all neutral commerco, and consequently that of Cuba, for which
reason it was ovident that this Government could not express conformity
with it, since it was not only contrary to our interests, but also to tho prin­
ciples of tho freedom of tho seas and tho rights of noulrals which inter­
national law has mado sacred—tho principles of right— from which tho
Cuban nation has always wished to draw inspiration.
On the Stato Department’s roplying in theso terms to such an alarming
notico it clearly signified tho imminence of a definite break between tho two
nations If tho Imperial German Government persisted in its now submarine
campaign, accentuating it until It becomes necessary to signify tho lack of
conformity which tho Cuban Government, in accord with all civilizod na­
tions, must feel. The Government of tho United States, to which wo aro
bound by such intimate and cordial bonds, has continued Incessantly for tho
space of two years Its energetic protests and reclamations with unexampled
decision and nobility, inspired by tho most elemental principles of justice
and in defense of its citizens, victims in numerous cases, of tho aggressions
of German submarines, in dofenso of tho freedom of tho seas and of respect
for tho lives and properties of neutral nations, vindicating their right to
navigate and trado fx-eely without other restrictions than thoso admitted
by International law and sanctioned by treaties and by practices, universal
and constant, of civilized nations.
Tho aforesaid declaration of tho 31st of January showed that tho hopes
based on tho various offers mado by tho Imperial German Government to
tho United States had been canceled and lacked all worth and efficiency,
and beforo a fact so grave tho President of tho United States declared a
rupturo of diplomatic relations between tho two nations, announcing with
all solemnity that any acts of unjustifiablo aggression carried out by German
submarines In virtue of tho inconceivable threat contained in tho agreement
of Jan. 31 would bo considered as acts of war and would result in tho United
States Government taking measures to carry such out. It might bo thought




[Vol. 104

that this definito declaration would bo sufficient to dofend tho rights of
neutrals, aided as it was by the clearly expressed sontiment of all nations
and to which all governments havo given a moro or less energetic form, but
this has not happened, to tho groat misfortune of humanity and civilization.
Tho intolerable threat which the notification of tho Imperial German
Government contained in such absolute terms, has been carried out with
implacable rigor from tho first day of February, as tho warning said. Gor­
man submarines havo attacked and sunk without mercy on tho high seas
and almost always without previous warning numerous merchant ships with
deliberate disregard for tho universally accepted decrees of international
law, for tho protests of all and each of tho neutral nations, for tho most
simple principles of humanity and justico and causing tho death or mis­
fortune of many innocent victims. Such acts of war without quarter
against all nations whoso ships or subjects navigated or could navigate in
the seas which tiio Imperial German Government attompted without right
to close to tho commerce of the world under terrible penalties, could not be
tolerated nor can they be accepted ipso facto as legal to-day or at any time.
Tho Republic of Cuba must not remain indifferent to such great violations
of tho rights of peoples, violations which at any time may bo realized at tho
cost cf lives or of tho interests, as has already happened, of its own citizens;
nor can it in any manner worthily or decorously hold itself aloof or apart
from tho noble and valiant attitude assumed by tho United States, to which
nation wo are united by tho sacred bonds of gratitudo and brotherhood,
together with tho explicit and implicit obligations of tho treaty of political
relations of May 22 of 1903, stipulated in conformity with tho appendix of
our Constitution, according to tho treaties of Feb. 16 and July 2 of the
same year, and of Dec. 27 of 1902, which has created and sustained botwcon
tho two nations by its clear statements and natural and necessary effects
an intelligence so intimate that it practically amounts to an alliance that
shall at any time demand from Cuba decided aid, but which demands it
with greater force on an occasion like tho present, in which tho United States
Is defending tho principles of human liberty, of international justico and of
honor, and tho security of l'reo and independent nations which see their
rights and most vital interests threatened.
Cuba cannot remain neutral iu tills supremo conflict because tho declara­
tion of neutrality woidd obligo her to treat all of tho belligerents equally,
refusing them with equal rigor any access to her ports and imposing on them
tho same restrictions and proliibitions which would bo in tho present caso
contrary to public sentiment, to the cssenco of tho pacts and moral obliga­
tions, moral rather than legal, which bind us to tho United States; and
would result lastly, because of our geographical locations, in being tho
causo of innumerable conflicts, tho consequences of which it is easy to pre­
dict for a friendly and allied nation, and which would provo an inexcusable
weakness and condescension for tho attitude of implacablo aggression un­
conditionally proclaimed by tho Imperial German Government against tho
rights of all neutral peoples and against tho principles of humanity and
justico, which constitute tho highest noto of modern civilization.
For such causes, with full and firm conscionco of complying with ono of
my most sacred duties, although with profound regret becauso I must pro­
pose a resolution which will throw our country into tho whirl and peril of tho
greatest military and political conflagration which history has registered,
without hatred nor aversion for the German nation, with which Cuba has
over maintained cordial relations and tho mutual consideration of advantage,
but vrith tho conviction that It is demanded of us by our international obli­
gations and our principles and ideals of justico and liberty, I apply to tho
honorablo Congress that in tho uso of tho power exclusively conceded to it
in Articlo 59, Chapter 1, of the Constitution, with knowlodgo of tho ante­
cedents of tho case, and with maturo deliberation which its Importance
demands, to declare that there has been determined, as a result of tho acts
of unjustifiablo aggression repeatedly realized by tho war submarines of the
Imperial German Government on tho high seas against noutral merchant
ships, notwithstanding the protests of all neutral nations, including that of
Cuba, created and now exists a stato cf war between the Republic of Cuba
and tho Imperial German Government, declaring it formally and adopt all
measures which may bo necessary and which I rosorvo for proposal and
recommendation at an opportune time, for the maintenance of our rights,
the defenso of our territory, tho providing of our security, preventing any
acts which could bo attempted or carried out to our damage, and to co­
operate decidedly for all theso ends with tho Government of tho United
States, lending it ail tho assistance within our power for tho defenso of the
freedom of tho seas, tho right of neutrals and international justice.
Palaco of the President, Havana, April 6 1917.
M. G. MENOCAL.
In response to President Menocal’s messago, a joint com­
mittee of tho Senato and House Avas immediately selected,
and on tho next day, tlio 7th inst., it presented its report,
AA’hicli recommended approval of tho President’s request that
Congress should declare that a stato of Avar oxistod botAveon
Cuba and Germany. Tho committeo also droAV up the
folloAving resolution calling for tho oxistonco of a stato of Avar,
Avhicli Avas signed by President Monocal following tho vote
in both houses of Congress:

Articlo Ono: Itesolved, that from to-day a stato of war i3 formally doclarcd between the Republic of Cuba and tho Imperial Government of Ger­
many, and tho President of tho Republic is authorized and directed by this
resolution to employ all tho forces of tho nation and tho resources of our
Government to make war against tho Imperial Gorman Government with
tho object of maintaining our rights, guarding our territory, and providing
for our security, prevent any acts which may bo attompted against us, and
defend tho navigation of tho seas, tho liberty of commorce and tho rights
of neutrals and international justice.
Articlo 2. Tho President of tho Republic is hereby authorized to uso all
the land and naval forces in tho form ho may deem necessary, using existing
forces, reorganizing them, or creating now ones, and to dlsposo of tho
economic forces of the nation in any way ho may deem necessary.
Articlo 3. Tho President will givo account to Congress of tho measures
adopted in fulfillment of this law, which will bo in operation from tho
moment of its publication in tho official gazette.
The Cuban authorities, folloAving tho formal declaration
of a state of Avar, seized tho fivo German vessols in Cuban
ports. They Avero tho Bavaria, of 3,898 tons; tho Adolheid,
of 2,476 tons; tho Kydonia, of 2,390 tons; tho Olivant, of
3,841 tons; and tho Constantia, of 3,026 tons. Tho Re­
public of Cuba N oavs Bureau in this city lias announced that
preparations are actively under Avay to placo at tho disposal
of tho United States a volunteer army of 10,000 men. Count
von Verdy du Vernois, tho Gorman Minister to Cuba, on

APR. 21 1917.]

THE CHRONICLE

April 8 recoivod liis passports from tho Cuban Government;
they were handed to him by sub-Secretary of Stato Patterson.
Tho German interests in Cuba have been taken over by tho
Spanish Ministor. A safe passage is being arranged for tho
departing German representative, and other attaches and
German consuls in Cuba, who will leavo with him.

ARGENTINE'S STAND REGARDING ACTION OF U.
S. AGAINST GERMANY.
D r. Romulo S. N aon, Ambassador from Argentina on
April 11 delivered to Secretary of Stato Lansing tho following
note defining tho position of Argentina in tho crisis with
Germany:

1561

BOLIVIA SEVERS DIPLOMATIC RELATIONS WITH
GERMANY.
Tho Bolivian Government on April 13 handed the German
Ministor a noto declaring that diplomatic relations between
Bolivia and Germany had been severed. The note de­
nounced tho attacks of German submarines on neutral ves­
sels as violations of international law and of the Hague con­
vention, and adverted to tho fact that the Bolivian M inis­
ter to Berlin was on board the Holland-Lloyd liner Tubantia
when that vessel was sunk in neutral waters in March 1916.
Tho noto concluded:

Your Excellency will understand that although wo regret the breach of
diplomatic relations between Bolivia and the German Empire such rela­
Tho Government of tho Argentine Republic, “ in view of tho causes that tions havo become insupportablo under existing circumstances. In con­
havo prompted tho United States of America to doclaro war against tho sequence your Excellency will find herewith passports for yourself and the
Government of the German Empire,” recognizes tho justice of that decision, mombers of your legation.
founded, as it is, upon tho violation of tho principles of neutrality established
by tho rules of international law which havo been considered definito
PARAGUAY IN SYMPATHY WITH ACTION OF U. S.
accomplishment of civilization.
Tho Argentine communication is regarded in diplomatic
circles, it is said, as little short of severing relations with
Germany. It is said that •Argentine could hardly take a
moro dccisivo stand at this time, as her position is different
from tho other nations who havo suffered directly from
Germany’s unrestricted submarine warfare. “ La Razon”
of Buenos Aires on April 11 published interviews with
national loaders on the question of Argentine neutrality.
Luis Mario Brago, ex-Minister of Foreign Affairs, urged that
Argentine join tho Allies against Germany. Ho said:

As I advised our Government, wo should havo followed tho United States
when it broko relations with Germany. Such action was justified by tho
Gorman notification that it prohibited all ships from crossing a war zono,
arbitrarily established on a freo sea, against all conception of international
law. The situation is aggravated to-day. Tho war botween Germany and
America is a strugglo of democracy against absolutism, and no American
nation can remain neutral without denying its past and compromising
Its future.
IIow can Argentina break tho bonds of solidarity with its Latin brothers
and abandon its traditional policy to remain in an isolation which nothing
would justify? Wo ought, thou, to preparo to range ourselves as soon as
possiblo witli thoso who aro opposing tho oppression of an absoluto Govern­
ment. Wo should constituto tho material and moral union of this Continent
for tho defence of law and democratic principles in international relations.
Estanislao Zobalos, also a former Minister of Foreign
Affairs, bcliovcs, it is said, that Argentine should maintain
its neutrality and thinks that a loyal adherence to this policy
during tho war would assuro it the respect of the world. Ho
advised the expropriation of all cereals in Argentina so as to
ascertain tho exact amount available for oxport. This
amount, ho thinks, should bo divided pro rata between
Brazil, Chili, Uruguay and Europe.
A dispatch from Buenos Aires on the 12th inst. said that the
German Minister to Argentina had demanded an audience
of the President and would ask an explanation of tho terms
of tho Argentine noto to tho United States. In a note to
Brazil on tho 14th inst, in reply to the notification by that
Government of tho sovering of diplomatic relations with
Germany, tho Argentine Ministor of Foroign Affairs said
tho Argentine Government had already given its opinion in
dcfonco of tho principles of universal rights. Ho also stated
that Argentine duly appreciated Brazil’s attitude, which was
in accordance with its principles, and that the Argentine
Government expressed to Brazil its sincere sontiments of
fraternity. According to reports from Buonos Aires on the
14tli, the Argentine Government has ordered tho concentra­
tion in the inner haibor of that city of all tho Gorman vessels
in Argentine waters. A special guard, it is said, will bo
placed over them. Tho German vessels affected by the order
it is stated, wero tho Soydlitz, Patagonia, Ilolger, Granda
Bahronfold, Jenfold, Nauplia, Bahia Blanca, Lowenburg!
Santa Clara, Sovilla and M uansa. Tho Exchange Tolegraph’s Buonos Aires correspondent on April 15 sent tho
following dispatch to tho homo offico in London regarding
public demonstrations against Germany in Buenos Aires’

An excited mob of hugo dimensions, parading tho streets and demanding
war with Germany, attacked a German owned newspaper offico but was
dispersed by gendarmes. Tho mob proceeded to firo on tho’ German
Legation and Consulate. Tho outbreaks woro soon overcomo
Tho chiof of polico wiiilo trying to conciliate tho mob was stoned and
injured. In a chargo on tho crowd by tho polico soveral persons woro
hurt.
A dispatch from Buenos Aires on April 17 said that tho
Argentine Government was about to demand an explanation
of Germany for tho sinking by a German submarine of tho
Argentine sailing vessel M onte Protegido.

URUGUAY TO REMAIN NEUTRAL.
Tho Uruguayan Government, according to a dispatch
from Montevideo on April 11, has issued a decreo of neu­
trality in tho war botween tho United States and Gormany
nd botween Cuba and Gormany.




AGAINST GERMANY.

The Paraguayan Government, according to a dispatch
from Asuncion on April 14, in reply to the recent note of
tho United States Government says that it recognizes pro­
foundly that Germany’s military actions, which aro opposed
to tho principles of tho rights of neutrals, forced the United
States to resort to arms to re-establish order and rehabilitate
thoso rights. Tho Paraguayan Government also expresses
in its reply its most sincere sympathies with tho G overnment
and people of tho United States.

COSTA RICA INDORSES ACTION OF UNITED STATES
AGAINST GERMANY.
The Costa Rican Government on April 11 sent word to its
representative at Washington advising that it indorsed the
course of President Wilson in dealing with Germany, and
was “ ready to prove it if necessary.” Costa Rica’s an­
nouncement, it is said, was unexpected at Washington, for
the new Government set up there by Federico Tinoco and
perfected on the 11th inst. by a legislative declaration of his
election as President, has not been recognized by tho United
States, and the Stato Department gavo notice, it is stated
by tho daily papers, when Tinoco overthrew tho Gonzales
administration several weeks ago that it would not recognize
Tinoco oven if ho were elected later. The message to Ferandez Guardia, General Tinoco’s representative at W ash­
ington, said: “ Tho Government and people of Costa Rica
indorse the stand of the United States and are ready to prove
it if necessary.”

REPUBLIC OF PANAMA TO HELP DEFEND THE
CANAL.
D r. Ramon Valdez, President of the Republic of Panama,
on April 7 signed a proclamation committing Panama un­
reservedly to tho assistance of tho United States in the de­
fense of tho Panama Canal. Tho proclamation was issued
by President Valdez shortly after ho had sent a message to
President Wilson endorsing tho American action in declaring
a stato of war with Germany “ after tho United States had
given unequivocal proofs of its love of peace and had made
efforts to savo Western civilization from the horrors of war,
and had borne with patience a long series of provocations
as irritating as they had been unjustifiable.” Tho President
has also canceled the exequaturs of all the German Consuls
in Panama. His proclamation said:

Our indisputable duty in this tremendous hour of history is of a common
ally, whoso interests and existence as well aro linked indissolubly with the
United States. As the situation creates dangers for our country, it is the
duty of the Panaman people to co-operate with all the energies and resources
they can command for tho protection of the canal and to safeguard national
territory.
The attitude of tho people was foreseen and interpreted faithfully in a
resolution unanimously approved by the National Assembly on Feb. 24.
and confirmed by later laws, and the moment has arrived for tho Executive
to act in accordance with the declarations of tho supremo body. I there­
fore declare that tho Panaman Nation will lend emphatic co-operation to
tho United States against enemies who execute or attempt to execute hostile
acts against tho territory of the canal, or in any manner affect or tend to
affect the common interests.
Tho Government will adopt adequate measures In accordance with the
circumstances. I consider it the patriotic duty of all Panaman citizens to
facilitate tho military operations which tho forces of the United States
undertake within the limits of our country. Foreigners residont or transient
will bo obliged to submit to the conditions of this declaration.

BRAZIL BREAKS WITH GERMANY.
Following a Cabinet meeting on April 11 tho Brazilian
Government officially announced that it had severed diplo­
matic relations with Germany. A combination of reasons
is given for this action in an official announcement reading
as follows:

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THE CHRONICLE

Considering that the inquiry and the conclusions cabled by the legation
at Paris on tho subject of the torpedoing of the steamer Parana established
tho fact that the Parana was proceeding under reduced speed, was illumi­
nated outsido and inside, including tho shield with the namo "Brazil,” and
considering that tho steamer received no warning to stop, according to tho
unalmous deposition of tho crew, and further, that the steamer was tor­
pedoed and was shelled fivo times, and that the submarine made no at­
tempt to save lifo, then, in tho presence of such aggravating circumstances,
and in accord with tho noto of Feb. 9 and the telegram of Feb. 13, sent by
tho Brazilian Government to tho legation at Berlin, tho Brazilian Govern­
ment severs relations with Germany.

T?

Renter’^ Iiio de Janeiro correspondent announced that
Brazilian interests in Germany would be taken over by
Switzerland. Agitation against Germany in Brazil had been
very strong ever since the sinking on tho 4th inst. off Cher­
bourg, France, of the Brazilian steamor Parana, with tho
loss of three of her crew. Tho Parana was tho first Brazilian
ship sunk by Germany sinco tho inauguration of its unre­
stricted submarine warfare policy. The President of the
republic, D r. Wenceslau Braz, and D r. Lauro Muller, the
Foroign Minister, callod a council of tho ministers on April
8, at which tho situation was reviewed and discussed. A t
the end of tho meeting tho following statement was issued:

At tho meeting of the Cabinet tho President, after having explained tho
situation created by tho torpedoing of tho steamship Parana and presented
tho facts relative to this action which have come to tho knowledge of tho
Government, declared himself dotorminod to act with the spirit demanded
by national dignity. Ho added that ho awaited only tho result of tho offi­
cial inquiry establishing tho facts and tho circumstances under which tho
steamer was sunk.
Tho Government has instructed tho Brazilian Mnlstor to Franco to
proceed urgently with this inquiry, which will bo carried on by our con­
sulate at Cherbourg.
Dispatches on tho 9th inst. stated that tho situation had
been mado more tense as a rosult of the receipt of a cablo
from the Brazilian Consul at Paris, who notified his Gov­
ernment that a German submarine three times attempted
to sink another Brazilian ship which had just docked at
Vigo. Tho dispatches also said that tho Brazilian Govern­
ment had requisitioned the Lloyd-Braziloro steamship Rio
do Janeiro, to bo used “ for an immediate, urgent mission.”
The official roport regarding tho sinking of the Parana was
received by tho Government from its legation in Paris on
April 10. A conference of the Cabinet was immediately
held, and it was decided to sover diplomatic relations with
Germany. Tho next day, April 11, Ilorr Pauli, tho Ger­
man Minister to Brazil, was handed a noto to his Govern­
ment, along with his passports. It was said that ho would
accept tho offer of tho Government to leave Brazil on tho
Brazilian steamship Rio do Janeiro. Tho Spanish Govern­
ment will take chargo of Gorman interests in Brazil. A dis­
patch from Cologne, forwarded to London on April 11 by
tho Exchango Telegraph correspondent at Amsterdam stated
that tho Brazilian Minister to Germany would demand his
passports, and leave Germany by way of Switzerland,
France and Spain. D r. Lauro M uller, Brazilian Foreign
Ministor on April 13 cabled the Brazilian Ministor in Borlin
asking him to urgo all Brazilians in Germany to leave tho
country within twenty-four hours. A decree was issued on
that day withdrawing the exequaturs.of German consuls in
Brazil. A dispatch from Rio de Janeiro on the 13th inst.
stated that an official inspection of the German ships seized
in Brazilian ports showed that important parts of tho en­
gines woro missing, rendering tho vessels practically useless.

In a statomont, issued on April 9, tho National Geographic
Society at Washington presents somo interesting facts re­
garding the military and naval strength of Brazil. Tho
southern republic reserves and regular army constitute,
according to tho statement, a fighting force half as largo as
tho total war strength of all the other countries of South
America combined. Tho National Geographic Society’s
statement said in part:

| Vol. 104.

Of tho South American republics only three A B C Powers havo navies
of appreciable strength. Tho personnel, officors and men of Brazil is
equal to tho combined strength of Chili and Argentina. Tho pride of tho
Brazilian navy aro her two modern Dreadnaughts of 19,000 tons displace­
ment and with an armament of twelvo 12-inch guns each. Contracts
were under consideration for tho building of a supcr-Dreadnouglit with
15-inch guns at tho timo the European war began and tho naval construc­
tion yards of all tho belligerent Powers found their hands full supplying the
needs of their own Governments.
Two old battleships, laid down in 1898, and two protected cruisers, of
3,500 tons displacement each, compriso tho remainder of Brazil’s major
fighting ships, supplemented by fivo torpodo gunboats, ton Yarrow de­
stroyers, four first-class torpedo boats, four destroyors, a mino ship, and
three submarines. Tho country lias three naval arsenals—at Rio do
Janeiro, Para, and Ladario do Matto Grosso, the last named a river ar­
senal, Tho infantry is equipped with Mauser rifles, whilo the field and
horse artillery uso a Krupp gun. Tho military budget for 1915 amounted
to 836,000,000.
____________ ;_____________

MARTIAL LAW IN GUAT AM ALA.
According to reports received at Washington on April 9
martial law lias been declared in Guatemala, as a rosult of
the receipt of information of disturbances along tho Moxican
and Salvadorean frontiers, said to havo been created with
Gorman assistance.

PROVISIONAL AUSTRALIAN TARIFF VALIDATED.
Commercial Attache Konnody, located at Melbourne,
has notified the Department of Commerce that the now
Australian Customs Tariff, which wont into effect provision­
ally D ec. 3 1914, has now been validated by Act passed by
the Australian Parliament March 5 last. Attem pts to romovo several anomalies in the schedules woro frustrated by
the Primo Minister, who discouraged tariff discussions by
Parliament at tho present time. The Attacho ventures tho
opinion that it is hardly probable that any changes will bo
made in tho existing tariff law until tho conclusion of tho
war. To those interested tho Department of Commorco
announces that whilo no copies of this tariff aro available for
distribution hore, information regarding duties on specified
articles may be obtained by applying to tho Bureau of
Foreign and Domestic Commerce.

FRANCE RENEWS EMBARGO ON CERTAIN PRODUCTS.
Tho following facts regarding a Fronch ministerial decroo
which appeared in tho “ Journal Officiol” of March 20, re­
newing an embargo on tho exportation of certain products
to allied countries and countries of America, was published
by tho Department of Commerco, in its “ Commorco Re­
ports” of April 14:

A Ministerial decree of March 19 withdraws tho permission granted by
several earlier decrees for the exportation of a number of articles to allied
countries and countries of America. Tho articles again under embargo aro
tho following:
Storage batteries and plates: acetono; stearic acid: fatty acids of ail kinds;
agar-agar; manufactures of aluminum; manufactures of asbestos; starch; tin
cans for packing food products; silica bricks; cadmium in all forms: calcium
carbide; coment; cobalt in all forms; cordage, nets, and other cordage wares,
except those of hemp; copper oro and pure or alloyed copper in all forms;
wastes of cotton yarns; dextrin and soluble starches; cinchona bark; elec­
trodes, batteries, and their elements; chemical fertilizers; other fertilizers;
tin ore and tin puro or alloyed in any form; millet, chestnuts, and flours
thereof; oleaginous fruits and seeds; animal fats (tallow, lard, lanolin,
margarine, oleomargarine and similar substances); fish oils, alimentary vege­
table fats; whale oil; condensed milk, with or without added sugar; dynamo
electric machines; refrigerating machines and apparatus: manganese (metal)
In any form; mercury (ore, metal, compounds, and preparations); antifric­
tion metal; mica in leaves or sheets, worked mica and micanito; ores of man­
ganese, molybdonum, titanium and vanadium; monazito (oro of cerium,
lanthanum and thorium); nickel (metal pure or alloyed In any form); lead
(metal), pure or alloyed, pipas, and other manufactures of all kinds; radium
and its salts; saccharine and products assimilated thereto; dried blood; salts
of chromium, copper, tin, mercury, and molybdonum; silicon; sodium; hemp
‘ abrlcs, not including armure fabrics, bleached or unbleached, weighing
more than 27H kilos per 100 squaro meters; tungsten (metal) in any form:
manufactures of zinc.
While tho general authorization of exportation without licenses is with­
drawn, applications may still bo made to tho Fronch authorities for indi­
vidual permits to export tho above-named goods.

SEVERANCE OF DIPLOMATIC RELATIONS BETWEEN

Should Brazil, liko the United States, be forced Into war with Germany
AUSTRIA-IIUNGARY AND UNITED STATES.
her peace-times nucleus of an army (25,000 men), will bo supplemented by
Austria-Hungary officially severed relations with tho
a well-organized and thoroughly trained polico forco of 20,000 men, equipped
for military servico.
“The strength of the South American republic’s United States on April 9, when Baron Zwiedinok, who has
reserve army Is in excess of half a million men, whilo tho total available
unorganized strength of tho nation is 4,300,000 from a population slightly been Chargo d’Affaires of the Austrian Embassy at W ash­
ington over since the recall of D r. D um ba, callod at tho Stato
ess than one-fourth as largo as that of the United States.
For nine years Brazil has had in forco a universal military sorvlce law, Department and demanded passports for himself, all his
every Brazilian between the ages of twenty-ono and forty-five being ef­
fected. Tho terms of servico under this law require two years in tho ranks, Embassy staff, including Ambassador-Dosignato Tarnowski,
followod by seven years In tho army reserve, seven years In tho territorial and all Austrian Consular officors in tho United States and
army and oight years In the national guard.
Reservists are called up its possessions. Baron Zwiedinok also delivered to tho State
for four weeks’ training annually and aro given rlflo practico once a month.
Department a brief noto which was not mado public, but
Tho territorial army’s training varios from two to four weeks a year.
Tho total available unorganized military strength of Brazil oxcoeds by which, it is understood, made it clear that Austria-Hungary
half a million men tho total organized military strength of Italy at tho timo was breaking relations with the Uni tod States because the
tho latter country entered tho world war. The war strength of tho country
Is twice as great as that of Portugal, five times greater than that of Nor­ latter Government had declared the existence of a stato of
way, exceeds that of Greece, of Serbia, and of Bulgaria. Its reserves and war with the German Government, to which tho Vienna
regular army constitute a fighting force half as large as the total war strength Government is joined by a war alliance. The Amorioan E m .
of all tho othor countries of South America combined.




A pr . 21 1917.]

THE CHRONICLE

bassy at Vienna was notified of tho intention of the Vienna
authorities to break off relations with the United States on
April 8, the day before Baron Zwiedinek asked for his pass­
ports at Washington. The notice of the Austrian Govern­
ment was served upon Charge d’Affaires Joseph Grew, who
was in charge at the time, Ambassador Penfield having al­
ready started for home on a leave of absence. The Spanish
Government has taken over the interests of the United States
in Austria-Hungary, while Sweden will look after Austrian
interests in this country. Charge Grew has turned over to
Spain the British and Japanese interests which the United
States has looked after since tho beginning of tho war. Ital­
ian, French and Rumanian interests in Austria-Hungary,
previously looked after by the United States, have been
turned over to the Swiss Government. The breaking off of
diplomatic relations by Austria-Hungary caused little sur­
prise in diplomatic circles, it is said, as it was expected and
was looked upon as a move decided upon in Berlin to counter­
act internal and external effects of any dissension among the
Central Powers.
Immediately after Baron Zwiedinek called at the State
Department, the Treasury Department ordered the seizure
of all Austrian merchant ships in American harbors. The
Austrian crews wore taken off the vessels and sent to immi­
gration stations, and American guards were placed upon
them. The measure was explained as purely one of police
protection, but it is said that it may be interpreted by Aus­
tria as an act of war, because of the fact that no German ships
wore seized by this country until a state of war actually had
been declared. Tlio Treasury Department issued the fol­
lowing statement regarding the seizure of tho vessels:

Secretary McAdoo announced to-day that for the purpose of protecting
tho vessels from further injury and until a decision can bo reached as to their
proper disposition, customs guards havo been placed on board all Austrian
merchant vessels anchored in tho ports of tho United States. Tho officers
and crows have been taken into custody by tho Department of Labor pend­
ing a determination of their status.
The vessels which were seized by tho Treasury Department
were:

1563

itself was fully appreciated, but public opinion in the United States would
not approve the reception at this moment of an Austro-Hungarian Am­
bassador in view of the fact that tho Austro-Hungarian Government has
declared its adherence to a method of warfare prejudicing the vital interests
of the United States and which had already caused the death of more than
200 American citizens; that all possible consideration had been shown
Count Tarnowskl since his arrival; and that officials of the Department
had received him informally and frankly discussed with him on several
occasions the question of his reception.
Ambassador Penfield was instructed to say to the Minister of Foreign
Affairs that this Government lamented the existing situation and hoped
that a way might be found to eliminate the differences, but that we should
be glad to receive any suggestions which the Minister of Foreign Affairs
might have concerning tho matter if the Austro-Hungarian Government
considered the situation impossible of continuance.
Ambassador Penfield’s reply is dated March 22. In it he informs the
Department that he has endeavored to make the Minister of Foreign
Affairs understand the differences of tho situation in Washington, which
the Minister generally admitted. At tho samo time the Minister said that
the Austro-Hungarian Government was confronted by increasing difficul­
ties. The Minister of Foreign Affairs expressed the hope that his last
noto, transmitted by the Embassy to the Department on March 2, might
make it possible for this Government to receive Count Tarnowski.
On March 28 the Department informed Ambassador Penfield that it
desired to consult with him on various matters in connection with the
present situation, and he was instructed to report in Washington entrusting
in his absence tho affairs of the Embassy to Mr. Grew in tho capacity of
Charge d‘Affaires ad interim. Mr. Penfield was further instructed to say
to the Austro-Hungarian Minister of Foreign Affairs that in view of the
express acceptance and avowal by the Government of Austria-Hungary of
a policy which has led to the breach of relations with Germany, the Presi­
dent is unable, to his sincere regret, to receive Count Tarnowski as Ambas­
sador.
Mr. Penfield was asked again to express to the Austro-Hungarian
Minister of Foreign Affairs this Government's deep regret that the Govern­
ment of Austria-Hungary should have felt itself obliged to join Germany in
her submarine policy, thus interrupting relations which we had hoped
might remain friendly in form as well as in fact, adding that we appreciated
that the adherence was merely verbal and not physical co-operation; and
to say that tho President in not receiving Count Tarnowski was acting
without feeling against Austria and merely on principle. Mr. Penfield was
also directed to offer tho facilities of his Embassy in transmitting instruc­
tions from the Austro-Hungarian Government to Count Tarnowski, and
that if it was desired that Count Tarnowski should return to Vienna, this
Government would make all necessary arrangements regarding safe conduct.
On April 1 Ambassador Penfield replied to this instruction Informing
the Department that tho Minister of Foreign Affairs had that morning
advised him that If tho United States declared war against Germany,
Austria-Hungary would immediately sever her relations with the United
States.
Tho Austrian Charge d’Affaircs called at the Department Monday
morning, April 9, at 11 o'clock, and stated that he had received instructions
to the effect that his Government had severed relations with the United
States.

N e w Y o rk . —Dora, 7,037 tons, owners Unione Austrlaca di Navigaziono.
IUmalaia, 4,948 tons, owner D. Tripcovich. Ida, 4,730 tons, owners
Union Austriaca di Navigazione. Martha Washington, 8,312 tons, owners
Union Austriaca di Navigazione.
In an official statement the State Department on April 10
B oston. —Ermy, 0,515 tons, owners Unione Austriaca di Navigazione.
Philadelphia. —Franconia, 4,637 tons, owner D. Tripcovich.
made public a dispatch received from Charge Grew at
N ew p ort N e w s . —Budapest, 3,651 tons, owners "Atlantica” Soa Naviga­
Vienna, which contained a translation of the note delivered to
tion Co., Ltd.
the American Embassy at Vienna on April 8 , giving notice
T a m p a . —Borneo, 3,621 tons, owners Societa Anonlma Unghorese di
Armaments Marittimo, “ Oriente.”
that relations had been broken. The State Department’s
Pensacola. —Lucia, 6,744 tons, owners Union Austriaca di Navigazione.
statement read as follows:
N e w Orleans. —Anna, 1,575 tons, owners Uniono Austriaca di Naviga­
zione. Clara, 3,932 tons, owners Unione Austriaca di Navigazione.
The following dispatch, dated April 8, from American Charge d’Affaires.
Teresa, 3,769 tons, owners Unione Austriaca di Navigaziono.
Vienna, has been received by tho Department of State:
Galveston. —Campania, 3,551 tons, owner D. Tripcovich. Morawitz,
“ Minister for Foreign Affairs has just informed me that the diplomatic
4,795 tons, owners “Atlantica” Sea Navigation Co., Ltd.
relations between tho United States and Austria-Hungary are broken and
has handed mo passports for myself and the members of the Embassy. He
The State Department on April 9 issued a statement re­ states that we may leave the monarchy at our convenience, and that every
courtesy will be extendod. Am telegraphing consuls to arrange
viewing the negotiations leading up to tho breaking of rela­ possible
their affairs and proceed to Vienna, with a view to leaving for Switzerland if
tions by Austria-Hungary. Tho statement reveals the fact possible at end of week.
that on April 1 before President Wilson went before Congress
Following is a translation of noto handed me by Minister:
“ Since tho United States of America has declared a state of war exists
to ask for a declaration of a state of war with Germany,
botween it and tho Imperial German Government, Austria-Hungary, as
Austria served notico that such a declaration would mean a allies of the German Empire, havo decided to break off tho diplomatic
relations with the United States, and tho Imperial and Boyal Embassy at
break botween tho Washington and Vienna Governments. Washington has been instructed to inform the Department of State to that
effect.
The State Department’s statement follows:
“ While regretting under those circumstances to see a termination of the
On March 18 the Department informed tho American Ambassador In personal relations which ho has had the honor to hold with the Charge
d’Affaires
the United States or America, the undersigned does not fail
Vienna that this Government was sincerely desirous of maintaining friendly to place atoftho
former's disposal herewith the passport for the departure
relations with Austria-Hungary, and in order to accomplish this would be from
Austria-Hungary of himself and the other members of the Embassy.
willing to go as far as it properly could.
"At the same time the undersigned avails himself of the opportunity to
In recapitulating tho wholo question for Ambassador Ponfield’s guidance renew to the Charge d’Affaires tho expression of his most perfect con­
(Signed). CZERNIN.”
in his discussion of tho matter with the Austrian Foreign Offico, tho De­ sideration.
partment pointed out that tho Austrian noto of Jan. 31, declaring almost
The break in relations between Austria and the United
tho same submarine danger zone as was declared by Germany, was received
on tho same day that Count Tarnowskl arrived in Washington; that it had States, it is pointed out, was characterized by a diplomatic
been explained to Count Tarnowskl that this Government could not exchange of courtesies which were entirely lacking in the
possibly receive an ambassador from Austria and at tho samo tlmo dismiss case of Germany. Charge Grew at jVienna has reported the
tho Gorman Ambassador unless tho Austro-IIungarian Government could
recodo from the position taken in its submarine noto; that County Tar­ most courteous treatment on the part of tho Austrian Foreign
nowskl had agreed, and suggested the opening of conversations in tho hope Office, and Baron Zwiedinek, after receiving his passports
that some solution might bo found; that tho Department had thereupon on the 9th inst., called at the State Department the next day
instructed Mr. l’onficld to ask tho Austro-Hungarian Government for a
re-statement of its position; that tho Austrian reply, received from Vionna to pay his final respects and say good-by. Arrangements
in a telegram dated March 2, contained the following statement: “ The for the departure of the Austrian Embassy officials are being
ontiro declaration is essentially nothing less than a notification to the
effect that no merchant ship may navigato tho sea zone accurately defined made by the State Department, and it is said that nego­
In tho declaration"; * * * and “that tho Imperial and Boyal Govern­ tiations have been put under way for the Austrian consular
ment is, howover, unable to accept any responsibility for tho possible loss officials to join with the party of German officials dismissed
of human life which may, nevertheless, result from tho destruction of
armed ships encountered in tho enclosed zones. Moreover, it may be from China, who are enroute to Germany by way of this
remarked that Austro-Hungarian submarines are operating only in tho country. The two parties, it is said, will take the same
Adriatic and in tho Mediterranean, and that therefore a prejudicing of route home as was taken by Count von Bem storff, stopping
American interests by Austro-nungarian mon-of-war is hardly to be
foared” ; that tho kernel of tho Austro-Hungarian ro-statomont was in for examination at Halifax, and landing in Denmark. The
thoso quotations because tho Austro-Hungarian Government upheld the State Department, on April 13, received a dispatch from
principle sot forth in Its noto of Jan. 31, at tho samo tlmo stating that tho Charge Grew at Vienna, stating that he, together with the
prejudicing or American interests by Austria-nungary was “hardly to be
feared” ; that tho Austrian reply was apparently glvon out officially in members of the Embassy staff, and American consular
Vionna and thereby assumed a definite character; that In view of this officers in Austria-Hungary, with their families, would leave
positive declaration this Government could not rocolvo Count Tarnowskl Vienna on April 14 for Switzerland.
without oxciting still further a public opinion already highly aroused; that
tho dolicato position in which the Austro-Hungarian Government- found




1564

THE CHRONICLE

An Amsterdam dispatch to the Central Nows Agency
of London on April 18 stated that tho Budapest Socialist
•paper, “ Noweszark,” announces tho resignation of Count
Tisza, tho Hungarian Premier. The Vienna newspapers,
said tho dispatch, print tho statement that D r. Urban, M in ­
ister of Commerce, and D r. Baernreither, Minister without
portfolio in the Austrian Cabinet, have also resigned. Dis­
patches from Germany, it is stated, connect these resigna­
tions with the convocation of tho Austrian Parliament next
month, which they say is considered in German circles as
inopportune in view of political events abroad.
Tho cables from Amsterdam on April 19 stated that at a
peace service held at St. Stephen’s in Vienna on April 15,
at which tho Austrian Emperor and Empress attended,
Emperor Charles read tho following prayer for peaco:

Almighty God, who hast promised us that tho pationt shall tasto abundant
peaco, Thou knowest what patlenco wo observed toward our enemies until
righteous self-defense compelled us to draw tho sword. In tho midst of
this war, thus forced upon us, wo recognize tho blessings of poaco. We
beseech Thee, knowing our impotence, yet trusting Thee, although wo have
often spurned Thy grace, Lord God give peaco to our land. * * * Tho
ruler and people of Austria, kneeling tills day beforo Thy holy throne,
promiso to build a church dedicated to our Lady, the queen of peaco,
where a solemn servico will bo hold every year to commemorate poaco day
and a requiem mass on All Souls’ Day for Austria’s fallon warriors. O,
Lord, bless this undertaking and grant us peace in our days.
•

BITUMINOUS COAL MINERS GRANTED INCREASE
IN WAGES—ANTHRACITE MINERS ASK FOR
MORE PAY.
Tho conference of tho United M ine Workers of America
and the bituminous coal mine operators of the central com­
petitive field, comprising Illinois, Ohio, Indiana and tho
western part of Pennsylvania, reached an agreement on
April 17 whereby the 225,000 miners in tho district will
receivo a wage increase of 2 0 % , adding from 60 to 70 cents
a day to tho wages of every miner and increasing the payrolls
of tho companies about 835,000,000 a year. The conference,
as stated in these columns last week, was begun at tho Hotel
M cAlpin in this city on the 12th inst. Tho advance was
granted in response to the mine workers’ complaint that tho
former wago scale was not sufficient to meet tho war-time
cost of living. Tho recommendation adopted at tho con­
ference reads:

[Vol. 104.

weeks to ask for moro pay to moot tho increased cost of living
have begun preparations for united action. A request for
a conferonco has been sent to the operators, and following
a meeting in Philadelphia on April 19, notico was sent to
John P . W hite, International President of the United Mine
Workers of America, that a committeo of tho operators would
meet in New York to-day. President W hite, it is said, has
not mado any domand on the operators for an increased
wago, but that ho has appealed to their patriotic spirit to
give tho anthracite men a wago that will onablo thorn to meet
tho advanced cost of living brought on by war prices.
The agreement of tho anthracito men has two years to
run, but tho complaint of the 175,000 workers in tho hard
coal fields is that their earnings will not enable them to pro­
vide a decent living for themselves and families with tho
prices of all the necessaries of life soaring higher and higher.
When tho last agreement was negotiated tho miners de­
clared themselves opposed to any system of payment that
provided for bonuses, alleging that this method caused dis­
cord. Tho men at that time demanded a flat wago rato,
so that workmen would always know what their earnings
would bo. A t the present time tho miners aro not asking
for and do not want any bonus system. Thoy aro asking for a
flat inefeaso of 2 0 % , and, while thoy admit that with their
agreement still in forco tho operators could hold them to
the contract, still thoy believe in tho willingness of the opera­
tors to adjudicato such unforeseen labor difficulties as have
arisen sinco tho agreement was signed.
Roger Dovers, general counsel of tho mino workors, has
pointed out that tho increased cost of living and tho low
wage rato in the anthracito fields has been responsible to a
large extent for tho shortago of labor. Tho big wages of
the munition plants have taken hundreds of young men from
the anthracite fields in the last two years.
Unless an increase in wages can be gained for tho anthra­
cito workers it is claimed that thero will bo a still greater
exodus of workmen and now that it is absolutely necessary
in war timo to keep tho mines in full operation it is tho claim
of tho miners and their officers that tho operators will no
doubt look upon the situation from a patriotic standpoint,
and irrespective of the agreement givo tho men an advance
of 2 0 % , sufficient to help them meet the advanced cost of
living and also keep them in tho anthracito fiold while tho
war is on.

F irst —That pick and machlno mining bo advanced 10 cents a ton In tho
States and districts comprising tho central competitive field, and that
screen coal mining prices in the block coal field of Indiana bo advanced in
proportion to tho mine run prices thorein agreed to.
PRESIDENT WILSON DESIGNATES DEFENSIVE SEA
Second —That all day labor now receiving $ 2 90 a day be advanced
AREAS ALONG U. S. COAST.
to $3 60.
Third —That monthly all men and all other classes of labor employed In
President Wilson on April 13 mado known an executive
and around tho mine bo advanced 60 cents a day except as follows: Trappers
shall receivo $1 90 a day, and all boys now receiving $1 57 a day or less shall order designed to increaso tho protection of tho Amorican
bo advanced to SI 90 a day. No advance shall be paid on dead work or coast lino against Gorman submarino or raidors. The order
yardago.
creates “ defensive sea areas” on tho coasts of the United

Immediately aftor tho agreement had been reached, tho
conference unanimously adopted resolutions pledging to tho
Council of National Defense for tho benefit of tho Govern­
ment during the war with Germany the entire co-operation
of capital and labor in the bituminous coal mining district.
T o assuro this co-operation and to provont any curtailment
of coal production, tho operators and tho United Mino W ork­
ers of America each will appoint fivo members to form a com­
mittee of ten, which will offer its services to tho Government
and agreo to guarantee the continued and maximum produc­
tion of coal. The resolutions adopted read as follows:

States and its insular possessions, and any vossel ontering
them without permission may bo firod upon. Entranco at
night is specifically forbidden. Tho areas will bo minod and
otherwise protected by submarino nets and will bo under
constant supervision of submarino chasers and patrol boats.
N o suspicious craft of any kind, it is said, is to bo permitted
in any circumstances to enter within tho confines of tho sea
areas. Tho full text of tho President’s order, according to
tho daily papers, was as follows:

Exccutivo Order Establishing Dofenslvo Sea Aroas.
In accordance with tho authority vested in mo by Section 44 of tho act
entitled
“An act to codify, rovlso and amend tho ponal laws of tho Unitod
Tho welfare of tho nation demands that thero bo no curtailment of coal
Statos,”
approved March 4 1909, as amonded by tho act "Making appro­
production during the war, and inasmuch as this conferonco of operators
and miners is representative in largo measuro of tho coal Industry of tho na­ priations for tho naval service for tho fiscal year ending Juno 30 1918, and
tion and is familiar with tho labor problems that aro peculiar to that indus­ for other purposes," approvod March 4 1917,1, Woodrow Wilson, President
try, and because of tho experience gained as a result of closo association of the United States of America, do order that dofensivo sea aroas aro
during many years of conducting business under tho joint wago agreement hereby established, to bo maintained until further notification, at tho places
within tho limits prescribed as follows, that is to say:
system, it is eminently fitted, in our judgment, to lend such assistance to and
M o u th o f K en n ebec River .—Outer limit: Arc of clrclo, with Pond Island
tho Council of National Defense as will assuro it of tho patriotic co-operation
Light
as centre, radius two (2) nautical miles. Inner limit: A lino east and
of both capital and labor in tho coal mining industry, to tho end that indus­
(truo) through Perkins Island Light.
trial harmony and unhampered production may prevail during tho critical west
Portland .—Outer limit: Arc of clrclo contro Portland Head Light, radius
porlod while our country Is at war.
For these reasons it is resolved by tho coal operators and mlno workers two (2) nautical miles. Inner limit: Lino Portland Breakwater Light to
West
Bastion Fort Gorges.
represented in tho joint Inter-State conference of tho central competitive
Portsm outh .—Outer limit: Arc of clrclo, with Whaloback Reef Light as
field that wo offer to tho Council of National Defense our support and co­ centre,
radius two and one-half ( 2 'A ) nautical miles. Inner limit: A lino
operation; that a committee bo appointed consisting of fivo operators to south (true)
from southwest point of Clark’s Island.
bo selected by coal operators represented in this conference and fivo mino
B oston .—Outer limit: A lino from Strawborry Point to Spouting Horn.
workers to bo selected by tho United Mino Workers of America. This Inner limit: A lino west tangont Sheep Island to wharf on east sido of Long
committee will bo empowered to onlargo its membership or tako such other Island. Lino from wharf west sldo Long Island to largo wharf west sido
action to extend its scopo beyond tho confines of tho central competitive
of Beer Island.
flold as expediency and exigencies may demand.
N e w B edford .—Outer limit: Arc of clrclo contro tho east point of reef off
Tho committee when selected will meet and organizo and will offer its Clark Point, radius distanco to Dumping Rocks Lighthouse. Inner limit:
services to tho Council of National Defenso and if such offer is accopfod A lino between Butler Flats Light and Egg Island Beacon.
will endeavor to render such scrvico to tho nation in maintaining tho pro­
N e w p o r t .—Outer limit: Arc of clrclo with Boaver Tail Light as contro and
duction of coal and In enlisting tho maximum co-operation of employers radius
two (2) nautical miles. Inner limit: Fort Adams fog boll to north
and employees represented in tho coal mining Industry, so as to meet tho tangentof of
North Dumping. East and west lino through Plum Beach
requirements and needs of tho national Government as sot forth by tho
Light.
labor committee of tho Council of National Defense.
Long Isla n d E a st .—Outer limit: A lino joining Watch Ilill and Montauk
Following the success of the move of tho bituminous miners, Point Lights. Inner limit: Lino johiing Plum Island Light and Mumford
the anthracite workers, who had been planning for somo Point.




A pr . 21 1917.]

THE CHRONICLE

N e w Y ork, E a st. —Outer limit: Lino joining Execution Rocks Light and
east tangent of Ilucldcbcrry Island. Inner limit: A lino north (true)
through AVhitestone Point Light.
N e w Y ork , M a i n E ntrance. —Outer limit: Arc of circlo centre Romcr
Shoal Light, radius six (0) nautical miles. Inner limit: Lino west (truo)
from flagpole on wharf at Fort Hamilton.
D elaware R iver. —Outer limit: East and west lino through north end of
Reedy Island. Inner limit: East and west lino through Finn’s Noels Rear
Range Light.
Chesapeake Entrance. —Outer limit: Lino parallel to that joining Capo
Ilonry Light and Capo Charles Light and four (4) nautical miles to eastwarti thereof, and the lines from Capo Charles Light and from Capo Henry
Light perpendicular to this lino. Inner lijnit: Lino parallel to lino joining
Capo Henry Light and Capo Charles Light and threo (3) nautical miles to
westward thereof.
Baltim ore. —Outer limit: Lino from Persimmon Point to Lovo Point.
Inner limit: Lino joining Leading Point Rango Light (rear) and Sollers
Point.
Potom ac. —Outer limit: Lino from Marshall nail Wharf to south extremity
or Ferry Point. Inner limit: Lino from Riverview Wharf drawn west
(true).
H a m p ton Roads. —Outer limit: Lino from Hack River Light to point ono
(1) nautical mile cast (truo) of Thimble Shoal Light, then south (truo)
to shore. Inner limit: Line tangent to end of wiiarf on west sido of Old
Point Comfort and Fort AVool.
W ilm ington (Cape F ea r). —Outer limit: Oak Island Lifo Saving Station as
centre of arc, radius five (5) nautical miles. Inner limit: Lino joining south
ond of Fort Caswell and Smith Island Rango Rcacon (rear).
Charleston. —Outer limit: Arc of circlo with Fort Sumter as centro, radius
six (6) nautical miles. Inner liniit: Lino joining Charleston Light and Fort
Sumter Light.
Savannah. —Outer limit: Arc of circlo with Tybeo Island Light as ccntro,
radius ten (10) nautical miles. Inner limit: Lino across channel through
southeast end of Cockspur Island.
,
K e y W est. —Outer limit: Arc of circlo with Key West Light as contro,
radius seven (7) nautical miles. Inner limit: Lino joining south tangent
East Crawfish Key and south tangent of Fort Taylor.
T a m p a . —Outer limit: Arc of circlo with Kgmont Ivey Light as centro,
radius six (0) nautical miles. Inner limit: Lino tangent to southwest point
of Mullet Key and east tangent of Passage Key.
P en sa cola — O liter limit: Arc of circlo contro cut (front) rango light,
radius six (C) nautical miles. Inner limit: South (truo) from east corner
of dock at navy yard old dry dock slip.
M o b ile . —Outer limit: Arc of circlo with Fort Morgan Light as centro,
radius six (6) nautical miles. Inner limit: Fort Gaines to Fort Morgan.
M i s s i s s i p p i . —Outer liniit: Lucas Canal. Inner limit: Bolivar Point.
G a lveston — Outer limit: Arc of circlo with Fort Point Light as centro.
radius fivo (5) nautical miles. Inner limit: Lino joining Bolivar Point and
Fort Point Lights.
San D ieg o . —Outer limit: Arc of circlo with Point Loma Light as contro,
radius two (2) nautical miles. Inner limit: Lino joining Beacons 3 and 4.
San Francisco. —Outer limit: Arc of circlo witli centro at middle point
of lino joining Point Bonita Light and Rock at Cliff Houso, radius four (4)
nautical miles. Inner limit: Lino from Bluff Point to Point Campbell on
Angel Island, and lino from Quarry Point on Angel Island to oxtromo
western point on Goat Island; also lino from oxtromo western point on Goat
Island to North Point San Francisco.
Columbia R iver. —Outer limit: Arc of circlo with contro threo (3) nautical
miles south (truo) from North Head Light, radius threo (3) nautical miles.
Inner limit: Lino from wharf at Flavol Tansy Point at right angles to axis
of channel.
Port Orchard.—Outer limit: Arc of circlo centro Orchard Rock Spindlo,
radius two (2) nautical miles. Inner limit: Lino from Point White at right
angles to axis to channel to opposite bank.
H on olu lu . —Outer limit: Arcs of circlos centres Diamond noad Light and
Honolulu Harbor Light, radius nino (9) nautical miles. Inner limit: Lino
across channel at No. 7 fixed light.
' M a n ila .—Outer limit: Lino through Luzon Point and Fucgo Point.
Inner limit: Lino through San Nicolas Shoal Light and Mount Suugay.
The responsibility of tlio United States of America for any damage
inflicted by force of arms with tho object of detaining any person or vessel
proceeding In contravention to regulations duly promulgated In accordance
with this Executivo order shall ceaso from this dato.
WOODROW WILSON.
The W h ite H o u se , A p r il 5 1917.

The regulations for carrying into effect the oxccutivo order
of tho President establishing “ defensive sea areas,” aro as
follows:
W h erea s, In accordance with Section 44 of tho act, entitled “An act to
codify, roviso and amend tho poual laws of tho United States,” approved
March 4 1909, as amended by “an act making appropriations for tho naval
sorvlco for tho fiscal year ending Juno 30 1918, and for other purposes,” ap­
proved March 4 1917 defonsivo sea areas have been established by my
ordor of April 5 1917.
Now, therefore, I, AVoodrow AVilson, President of tho Unitod States of
America, do horeby autliorizo and promulgate tho following ordors and reg­
ulations for tho Government of persons and vessels within tho limits of de­
fensive sea areas; which orders and regulations aro nccessasry for purposes
of national defense.
I. In tho neighborhood of each dofonsivo sea area entrances havo been
designated for Incoming and outgoing vessels. Including, in tho caso of aroas
across which moro than ono channel exists, an ontranco for each channel.
Those entrances aro described in Articlo X of tlioso regulations in conjunc­
tion with tho aroas to which they respectively pertain.
II. A vessel desiring to cross a dofonsivo soa area shall proceed to tho
vicinity of tho ontranco to tho proper channel, flying her national colors, to­
gether with International Codo number and pilot signal, and thero await
communication with tho Harbor Entrance Patrol. It Is exprossly pro­
hibited for any vcssol to outer tho limits of a defensive sea area otherwise
than at a designated ontranco and aftor authorization by tho Harbor En­
trance Patrol.
III. Boats and other craft employed In tho Harbor Entranco Patrol will
bo distinguished by tho Union Jack, which will bo shown from a position
forward; thoy will also fly tho usual naval ponnant. At night thoy may
show a vortical hoist of three lights—whito, red and white, in tho ordor
namod.
IV. On rocolvlng permission from tho Harbor Entranco Patrol to cuter
a dofonsivo soa area, a vessel must comply with all instructions as to pilotago
and other matters that sho may recoivo from proper authority, cither bo
oro or during her passago across tho area. It is understood that only upocondltlon of such compliance is tho said permission granted.




1565

ALL BARRED AT NIGHT.
V. No permission will bo granted to other than a public vessel of the
United States to cross a defensive sea area between sunset and sunrise, nor
during the prcvalenco of weather conditions that render navigation diffi­
cult or dangerous. A vessel arriving off a defensive sea area after sunset
shall anchor or lie to at a distance of at least a mile outside its limits until
tho following sunrise; vessols discovered near tho limits of the areas at night
may be fired upon.
VI. No vessel shall be permitted to proceed within tho limits of a defen­
sive soa area at a greater speed than fivo (5) knots per hour.
VII. All matters pertaining to fishery and tho passage of small craft
within a defensivo sea area shall bo regulated by tho senior officer of the
Harbor Entranco Patrol.
VIII. Those regulations are subject to modification by tho senior officer
of tho Harbor Entrance Patrol when tho public interest may require; and
such notification as circumstances may permit will bo issued regarding
modifications thus made.
IX. Any master of a vessel or other person within tho vicinity of a de­
fensivo sea area who shall violate these regulations, or shall fail to obey an
order to stop or heave to or shall perform any act threatening the efficiency
of mine or other defenses or the safety of navigation, or shall take any ac­
tion inimical to the interests of the United States in its prosecution of war,
may bo detained therein by forco of arms and renders himself liable to
prosecution as provided for in thaAct to codify, roviso and amend tho penal
laws of tho United States, approved March 4 1909, as amended by “the
act making appropriations for tho naval service, for tho fiscal year ending
Juno 30 1918, and for other purposes” approved March 4 1917.
LEGAL ENTRANCES TO HARBORS.
X . The designated entrances to defensivo sea areas referred to in Article
1 o f theso regulations shall be as follows:
K en n ebec River, M e .—Incoming: Seguin Island Light, bearing west
(truo) distant (1) nautical mile. Outgoing: In the channel between Per­
kins Island and Bald Head.
Portland, M e .—Incoming: Portland nead Light, bearing northwest
(true) distant two and one-half (2Y) nautical miles. Outgoing: In harbor
north of Portland Breakwater Light.
Portsm outh, N . H . —Incoming: At a point one-half ( Y ) nautical mile
south (true) of Gunboat Shoal Buoy. Outgoing: In the channel to the
Westward of Clark Island.
1 lloston . M a s s . —Incoming: Boston-Light vessel. Outgoing: In President
Roads west of a lino drawn north and south (truo) ono-half ( Y ) nautical
mile west of Deer Island Light.
N e w Bedford, M a s s . —Incoming: Dumping Rocks Light bearing north­
west (truo) distant one and one-half ( l Y ) nautical miles. Outgoing: In the
channel west of Egg Island Beacon.
N eicp orl, R . I .—Incoming: Beaver Tail Light, bearing north (true) dis­
tant two and one-half ( 2 Y ) nautical miles. Outgoing: In tho channel west
of Goat Island. In the channel northeast (true) of Plum Beach Light.
Long Isla n d Sound, Eastern En tra nce. —Incoming: AVatch Hill Light
bearing northwest (truo) distant fivo (5) nautical miles. Outgoing: Bart­
lett Reef Light vessel.
Long Isla n d Sound, W est E n d . —Incoming: Execution Rocks Light bear­
ing southwest (truo) distant ono (1) nautical milo. Outgoing: In channel
west of a line drawn north (truo) from AVhitestone Light.
N e w Y o rk , Southern E ntrance. —Incoming: Sandy Hook Light bearing
west (truo) distant ten (10) nautical miles. Outgoing: In Narrows north
of a lino drawn west (truo) from flagpole on Fort Hamilton wharf.
D elaware R iver. —Incoming: In tho channel below Reedy Island. Out­
going: In the channel off New Castle, Penn.
Chesapeake B ay En trance.— Incoming: Chosapoako Bay main ship chan­
nel ontranco buoy. Outgoing: In the channel between Buoy No. 2 and No.
3 gas buoy.
Baltim ore, M d . —Incoming: At Buoy N2C, entrance to Cralgliill Channel.
Outgoing: In channel on lino between Loading Point and Sollers Point.
Potomac River. —Incoming: In channel off Dague Creek. Outgoing: In
channel off River View.
H a m p ton R oads. —Incoming: In channel two (2) nautical miles to east­
ward and southward of Thimble Shoal Light. Outgoing: In channel to
northwestward of entrance buoy of dredged channel, Elizabeth River.
C ape Fea r, N . C . —Incoming: At a point four (4) nautical miles southsouthwest (true) from bell buoy at entrance channel. Outgoing: In chan­
nel near Beacon No. 2A, off Battery Island.
Charleston, S. C.—Incoming: Charleston Lightship. Outgoing: Lower
anchorage to westward of north and south line (truo) through Fort Sumter
Light.
Tybee R oads, Savannah, G a . —Incoming: Four (4) nautical miles east of
whistling buoy. Outgoing: Quarantine anchorage.
K e y W e st, F la . —Incoming: Sand Key Light, bearing west-northwest
(truo) distant fivo (5) nautical miles. Outgoing. In channel off fixed red
beacon to north-northwestward of Fort Taylor.
T a m p a . F la . —Incoming: AVhlstllng buoy at entrance to dredged channel.
Outgoing: Off Quarantine station.
Pensacola, F la . —Incoming: Pensacola Light, bearing north-northwest
(true) distant eight (8) nautical miles. Outgoing: East corner of dock at
navy yard, bearing northwest (truo) distant one-half (Y) nautical mile.
M o b ile , A l a . —Incoming: AVhistling buoy at entrance, bearing north
(truo) distant two (2) nautical milcs.Outgoing: Near Buoy C5.
M is s i s s i p p i R iver. —Incoming: South Pass gas and whistling buoy.
Out­
going: Buras Church.
Galveston, T exas. —Lighted Buoy C No. 1 off south jetty, bearing west
(truo) distant two (2) nautical miles. Outgoing: United States Quaran­
tine Station.
San D ie g o , C a l. —Incoming: Entance whistling buoy. Outgoing: Be­
tween Beacons 5 and 6.
San Fra n cisco. —Incoming: San Francisco Lightship. Outgoing: Off
Quarry Point, Angel Island, and off Light Goat Island.
Colum bia R iver. —Incoming: North Head Light, bearing northeast (true)
distant six (6) nautical miles. Outgoing: In channel to eastward of Tansy
Point.
Port Orchard, W a sh . —Incoming: In sound to eastward of line joining
Restoration Point and east end of Blake Island and one (1) nautical mile
south (true) of Restoration Point. Outgoing: To westward of Point
AVlilto.
H on olu la. —Incoming: Honolulu Harbor Light, bearing north-northeast
(true) distant ten (10) nautical miles. Outgoing: In harbor north of
Honolulu Harbor Lighthouse.
M a n i la . —Incoming: Peak O Corrcgidor Island, bearing north-northeast
(truo) distant twelve (12) nautical miles. Incoming: San Nicolas Shoal
Light, bearing south (true) distant one (1) nautical milo.
Tho Secretary of the Navy will be charged with the publication and en­
forcement of theso regulations.
AVOODROAV AVILSON.
The W h ite H o u se , A p r il 5 1917.

1566

THE CHRONICLE

[Vol. 104

Albert H. Asnby has been elected an Assistant Cashier of the Central
BANKING AND FINANCIAL NEWS.
National Bank, of Philadelphia, Pa.
Only ten shares of bank stock were sold at the Stock Exchange this week
Herbert A . Wagner, President of the Gas & Electric Company of Balti­
and no sales of either bank or trust company stocks were made at auction.
more, Md., has been elected a director of the Maryland Trust Company,
Shares. BANK— N e w Yo rk .
Low.
H ig h . Close. Last previous sale.
of Baltimore.
10 National Bank of Commerce.. 179 179 179 April 1917— 179
The directors and stockholders of the Bankers Trust Co. and of the Astor
Trust Co. of this city have approved the merger of the two companies and it
will become effective on April 23 next. The combined company will have
a capital of $11,250,000, surplus and undivided profits of $16,750,000, and
deposits exceeding $325,000,000. The Bankers Trust Co. will, by the
merger, acquire an important uptown location for which it has for some
time felt a need. For the convenience of depositors their checks will be
honored, or deposits may be made, at either office. The officers will
welcome the business of depositors either at 16 Wall Street or at 389 Fifth
Avenue, where the Astor Trust office will continue for a few weeks, until
the completion of the new Astor Trust Building at the southeast comer of
Fifth Avenue and 42d Street.
Special dividends are announced for the shareholders of both companies.
The Bankers Trust will pay 23% special April 20, and the Astor Trust
2
April 21, both to shareholders of record April 20.
The Atlantic National Bank of this city announces the appointment of
A. C. Montell, Jr., to its new business department. Mr. Montell was
formerly connected with the North East Branch of the Baltimore (Md.)
Commercial Bank, and previous to that was with the First National Bank
of Baltimore.
At the meeting of the Board of Trustees of the Equitable Trust Co. of
New York this week the following additional officers were elected: Assistant
Secretaries, A. E. Bates, Harry M. Noble, Alfred D. Snyder; Assistant
Treasurer, W. F. Cassin.

The First National Bank of Cleveland has announced the election as
Assistant Cashiers of John G. Armstrong and Thomas J. Champion. Mr.
Armstrong began his banking career twenty-one years ago as messenger
for the Park National Bank of Cleveland, and during the past few years he
has filled the position of auditor for the First National Bank. Mr. Cham­
pion has been with this institution for twenty years, for some time serving
as chief clerk.
The April issue of “You,” the monthly magazine published by the Cleve­
land (O.), Trust Co., has recently come to hand. The magazine is in­
tended as a source of suggestion for the company’s employees and is edited
by George E. Lees.
Stockholders of the Bank of Commerce, N. A., and the Union National
Bank, of Cleveland, Ohio, are depositing their stock under the agreement
for acquisition of the stock of both institutions by the Citizens’ Savings
& Trust Co., of Cleveland. “The stocks of the three banks,” says the
Cleveland Plain Dealer, “have been appraised and as a result the holder
of two shares of Bank of Commerce will receive for his two shares, one
share of Citizens’ Savings & Trust and $40 cash. The holder of two shares
of Union National will receive one share of Citizens’ Savings ic Trust and
$110 cash. With Citizens figured at $330 a share, Bank of Commerce
stockholders will receive $330 in Citizens stock plus $40 cash, a total of
$370 for two shares of stock, or $185 a share. Union National stockholders
receive $330 in Citizens stock and $110 cash, a total of $440, or $220 a
share.” Further details regarding the agreement for the acquisition of the
stock were given in these columns on Feb. 10.

The Comptroller of the Currency has approved an Increase of $500,000
The Broadway Trust Co. of this city has Increased its quarterly dividend
to 2%, the same being payable May 1 to holders of record April 23. One in the capital of the Merchants National Bank, of Omaha, Nebraska, rais­
and one-half per cent was the quarterly distribution previously and back to ing it from $500,000 to $1,000,000.
November 1909.
Edward N. Pearson, Jr., who has been conducting an investment business
of his own at San Francisco for the past two years, has arranged to join
The new Central Mercantile Bank, 14th St. and Fifth Ave., this city, the investment department of the Anglo & London Paris National Bank
opened for business last Monday. These are the quarters formerly occu­ at San Francisco the last of April.
pied by the old Security Bank and prior to that by the Fourteenth Street
Bank.
The Bank of Italy of San Francisco, Cal., has been authorized by the
State Banking Department to transact a general trust company business,
The National Bank of Commerce In New York has just Issued two In­ and has placed on deposit with the State Treasurer $200,000 to guarantee
teresting and instructive booklets, one, entitled “ Gold,” dealing with the faithful performance of duty.
problem created by the accumulation of surplus gold reserves in the United
States, and the other, entitled "The Principles Involved in War Financing,”
THE ENGLISH GOLD AND SILVER MARKETS.
by its President, James S. Alexander, suggesting practical methods for
financing the country’s war operations. These booklets can be had on
W o reprint the following from tlie weekly circular of
request by addressing the bank’s Service Department.
"America must enlist its wealth as well as Its manhood” Is the opinion
of the Guaranty Trust Company of New York, expressed In a booklet,
“ Mobilizing Money for War,” which it has just issued. The necessity
of recruiting the nation’s resources for the $7,000,000,000 Government
War Loan is emphasized as the duty of every citizen. Thousands of per­
sons who never have purchased bonds, who never have been in touch with
financial houses, must become investors In this issue. The whole nation
must be quickened to a complete understanding of the spirit and meaning
of this investment.
The Unien Bank of Canada, head office Winnipeg, has established an
agency at 49 Wall Street, which opened Its doors for business last Monday.
George Wilson and F. T. Short are the agents. A unique feature in con­
nection with this Canadian agency is that it will have an advisory committee
of prominent New York bankers, consisting of Richard Delafield, Cor­
nelius Vanderbilt and Stuyvesant Fish. The Union Bank of Canada has
310 branches throughout the Dominion and abroad. Its agency here will
give special attention to foreign exchange operations, for which it comes
well equipped, together with a statistical department for the purpose of
disseminating useful information relative to Canadian and financial con­
ditions. The Union Bank of Canada was founded in 1865 and has a capital
and reserve of $8,500,000, with total assets of $109,000,000.
Percy 15. Young, Vice-President of the Public Service Corporation of
New Jersey, has been elected a director of the Fidelity Trust Co. of Newark,
N. J., to succeed the late Edgar B. Ward.
An important event in Herkimer County, N. Y., will occur on April 28,
when tho National Herkimer County Bank of Little Falls goes Into liquidartion, to be succeeded by the Herkimer County Trust Co. The National
Herkimer County Bank was founded in 1833 and operated as a State in­
stitution under the name of the Herkimer County Bank until the passage
of the National Bank Act. In 1865 the Herkimer County Bank was liqui­
dated, being succeeded by the Herkimer County National Bank. In 1878
the bank again liquidated, the title being changed to the National Herkimer
County Bank. The new institution will open for business in new quarters
and with complete new equipment, designed to care more efficiently for its
rapidly increasing business. The new company’s statement will show
capital, $350,000; surplus, $350,000, and deposits of over $2,000,000. Tho
officers are as follows: President, J. J. Gilbert; Vice-Presidents, R. S.
Whitman and Tom J. Zoller; Secretary, H. C. Miller; Treasurer, L. M.
Graves; Assistant Secretary, J. W. Sherman.
Robert B. Newell, heretofore connected with the State Savings Bank, of
Hartford, Conn., has been elected a Vice-President of the Fidelity Trust
Company, of that city, to succeed Charles P. Cooley. John C. Wilson,
President and Treasurer of the Smyth Manufacturing Company, and J.
McAlpin Johnson, head of the Kinsler Bennett Co., have been elected
trustees of the Fidelity Trust Co.

Samuel M ontagu & C o. of London, written under date of
March 22 1917:

GOLD.
The Bank of England gold reserve against Its note issuo shows a slight
increase of £82,335, as compared with last week’s return. The movements
of gold reported from New York have not been of much importance. A
total of about £600,000 has been shipped, or engaged for shipment, from
there, chiefly to South America.
SILVER.
The condition of the market during the week has been apathetic. Ar­
rivals have been small until to-day, when a large consignment from America
was delivered.
There has been a certain amount of general demand, and some bear
covering on the part of the Indian bazaars, not sufficient to raise tho price
substantially, except on tho 19th instant, when a rise of >£d. was recorded.
This was promptly lost on the 20th idem, since when there lias been scarcely
any movement. The bear position of tho Indian bazaars in this market,
which had been increased considerably of lato, has been reduced to some
extent, possibly owing to tho steadier tone of the Shanghai exchange, to
which wo refer below. The possibility of further covering at lower prices
suggests a steady undertone. The Shanghai exchango has shown a moder­
ate recovery—this is not in favor of fresh sales of importance from China.
As will be seen below, a reduction of 24 lacs has taken placo in tho silver
holding of the Indian treasuries. Although this is not in itself largo,
it is the first timo since Feb. 7 that the demand for coin has exceeded tho
addition from new purchases of silver combined with tho recoipts from the
influx of taxes. Tho last three Indian currency returns received by cable
give details in lacs of rupees as follows:
F e b . 28. M a r . 7 . M a r . 15.
87.15
86,23
Notes In circulation............................86,62
Reserve in silver coin and bullion.............18,21
19,41
19,17
Gold coin and bullion In India____ _____12,16
12,23
12.31
Gold in England_______________
8,928,18
7.43
The stock in Shangbai on Mar. 17 consisted of about 31,500,000 ounces
in sycco, and 17,600,000 dollars, as compared with about 31,000,000
ounces in sycce, and 16,500,000 dollars on Mar. 10 1917. Just a year ago
it was 1,302 bars, and about 41,000,000 ounces in sycee.
Quotation for bar silver per ounce standard:
No
Bank rate________________ 5JS%
Mar. 16—35 Vs
Cash
quotation Bar gold per oz. standard..77s. 9d.
“ 17—35 15-16 “
fixed
" 19—36 3-16 ’’
for
" 20—35 15-16 "
forward
“ 21—36 J-6
"
delivery.
“ 22—35 ^
“
Average, 35.948 cash.
Tho quotation to-day for cash delivery Is tho same as that fixed a week
ago.
__________________________

ENGLISH FINANCIAL MARKET—PER CABLE.
The daily closing quotations for securities, & o., at London,
as reported by cable, have been as follows the past week:

London,
A p r. 14. A p r. 16. A p r. 17. A p r .lS . A pr. 19. A p r . 20.
Week ending April 20—
Sat.
M on.
Tues.
W ed.
Thurs.
Frt.
37 1-16 37 3-16
Sliver, per oz................. . 36 9-16 36 9-16 36 9-16 36H
55
55H
55
55K
55H
2y i per cents____ 55
Ernest M. Whitcomb, heretofore Vice-President of the First National Consols,
95X 95K
95H 95H
95H
5 per cents.............95H
Bank of Amherst, Mass., has been elected President of the institution, British
92
92
92
92H
92H
British 4H percents..........91Ji
61.76
succeeding the late L. Dwight Hills whose death was referred to in our issue French Rentes (in Paris) , fr. 61.85 61.85 61.85 61.75 61.75
of April 7. Herbert T. Cowles has been elected Vice-President and Cashier, French War Loan, 5% (in
88.55
88.55
88.55:
88.55
88.55
Paris),
fr
and Edmund W. Elwell, Assistant Cashier. Mr. Cowles was formerly
The price of silver inN ew York on the same days has been:
Cashier.
SUverlnN.Y.,peroz— cts. 73H 73H
73H
74
74K
74H




API?, 21 1917.]

THE CHRONICLE

^ a m m e rc ia i am lp& ts ceXIaixeaus ^Jjexo£
N a tio n a l B a n k s.— Tho following information regarding
national banks is from tko office of tko Comptroller of tko
Currency, Treasury Department:

15 67

B y Messrs. Barnes & Lofland, Philadelphia:

$ per sh.
Shares. Stocks.
$ per sh. Shares. Slocks.
43 1-3 Ninth Nat. Bank, rights to
10 Germantown Pass. Ry_ .108K-108K
5 American Academy of Music..205
subscribe at $200.......... 120-121
2 Empire Title * Trust, $25 paid 15
2 II. K. Mulford Co., $50 each.. 63
303 Fidelity Trust Co. rights to
4 Logan Trust Co____________ 150H
subscribe at S500_____ 82-101
4 Philadelphia Bourse, pref___ 234
6 Franklin Trust Co., S50 eacn.. 71X
Bonds.
Percent.
13 Girard Trust Co___________809
2 Pa. Co. for Insurances, &c., &c.727 $1,100 Berwyn Wat. Co. 1st 0s, ’20 1004
10 People’s Trust Co., S50 each.. 364 1,000 R. E. Title Ins. ft Tr. mtge.
trust 43, series P, 1918
98H
2 Fire Assn, of Phlla., $50 each. .310
100 Pittsburgh (City) public5 Fire Assn, of Phlla., S83.34 pd.133
50 Girard Life Ins., $10 each___ OH
Impt. 4s, 1923________ 100

APPLICATIONS FOR CHARTER.
For organization of national banks:
The First National Bank of Farmorsburg, Ind. Capital____ $25,000
Tko Exchange National Bank of Dexter, Kan. Capital____
25,000
The Security National Bank of Baxter Springs, Kan. Capital 25,000
Tko Farmers National Bank of Ilarlowtou, Mont. Capital..
25,000
25,000
The First National Bank of Brady, Mont. Capital________
The American National Bank of Ardmore, Okla. Capital__
100,000
DIVIDENDS.
Tho First National Bank of Irvona, Pa. Capital__________
25,000
The following shows all the dividends announced for the
Total capital_______________________________________ $250,000
future by large or important corporations:
CHARTERS ISSUED.
Dividends announced this week are printed in italics.
Original organizations:
The First National Bank of Newdale, Idaho. Capital--.-.- $25,000
Tho Holston National Bank of Ellzabethton, Tenn. Capital.
25,000
Per
When
Books Closed.
Tho First National Bank of Fairfax, S. C. Capital-----------25,000
Name of Company.
Cent. Payable.
Days Inclusive.
Succeeds tho Bank of Fairfax, S. C.
.. . ..
Tho First National Bank of Ukiah, Cal. Capital..................
50,000
Railroads (Steam).
Succeeds tho Bank of Ukiah, Cal.
_ .
_ .. ,
. . . Atch. Topeka & Santa Fe, com. (quar.)_. I X Juno
Holders of reo. April 30a
Tho Farmers ft Drovers National Bank of Marlon, Kan. Capital 2o,000 Central
2
RR. of N. J. (guar.)____________
May
Holders of roc. Apr. 27
Conversion ot Stato banks:
, _
...
Northern (quar.).............. .............
Holders of rec. April 7a
IK May
Tho First National Bank of Chowchilla, Cal. Capital.........
25,000 Great
Juno Holders of reo. May 4a
Illinois Central (quar.) (No. 126)_______
IX
Conversion of the Bank of Chowchilla, Cal.
^ __
New York Central R R. (quar.)........ .....
1H May Holders of rec. April 6a
1
May
Norfolk & Western, adj. pref. (quar.)__
Holders of reo. April 30a
Total capital_____________________________________ $175,000 Northern
Pacific (quar.)______________
Holders of rec. April 9a
IK May
INCREASE OF CAPITAL.
Reading Company, common (quar.)___
Holders of rec. April 23a
$1 May
50c. June Holders of roc. May 29a
Reading Co., 1st pref. (quar.)_____ _____
Tho First National Bank of Boston. Mass. Increased from
$5,000,000 to $7,500,000. I n c r e a s o .------- --------$2,500,000 Wabash Ry., preferred A (quar.)_______ 1 April Holders of rec. April 10a
Tho Glasgow National Bank, Glasgow, Mont. Increased from
Street and Electric Railways.
$2 5 ,0 0 0 to $75,000. Increase.................. ............................
50,000 Cape Breton Elec. Co., com. (No. 15)____
I X May 1 Holders of rec. April 20a
Tho Longmont National Bank, Longmont, Colo. Increased
3 May 1 Holders of reo. April 20a
Preferred (No. 22)........ ........................
from $50,000 to $75,000. Increase-------------25,000 Carolina P ow er* Light, common_______
X May 1 Holders of rec. April 16
Holders of rec. April 15
Tho First National Bank of Columbia, Pa. Increased from
Cities Service, com. & pref. (monthly)..
X May
Holders of rec. April 15
$200,000 to $450,000. Increaso.............................
250,000
Common (payable In common stock)..
X May
Holders of rec. May 15
Cities Service, com. and pref. (monthly)__
X June
Juno 1 Holders of rec. May 15
Total Increase______________________________________ $2,825,000
Common (payable in common stock)____
fX
Holders of roc. April 14
Columbus Ry., Pow. A L., com. (quar.)__
IK May
REDUCTION OF CAPITAL.
Holders of rec. April 14
Preferred Series B (quar.)____________
IK May
Tho Cltlzons’ National Bank of Monticello, Ky. Reduced
Holders of rec. April 19a
1
Co-mmonwealth Poto., Ry. A L., com. (qu.).
May
from $50,000 to $25,000. Reduction____________________
$25,000
Preferred (quar.).....................................
I X May 1 Holders of reo. April 19a
2
Detroit United Ry. (quar.)____________
June 1 Holders of rec. May 16a
CHANGE OP TITLE.
Duqucsne Light, pref. (quar.) (No. 9 ) . . .
IK May 1 Holders of rec. April 1
The First National Bank of Columbia, Pa. Titlo changed to tho
East St. Louis A Sub. Co., pref. (quar.)...
K May 1 Holders of rec. April 19
Flrst-Columbla National Bank, Columbia, Pa.
Grand Rapltls Ry., pref. (quar.)__________
IK May 1 Holders of rec. April 20
3 May 15 April 26 to May 17
Havana Elec. R y., L. ft Pow., common..
3 May 15 April 20 to May 17
Preferred___________________________
Canadian Bank Clearings.— Tho clearings for tho weok Lehigh
Valley Transit, pref. (quar.)............ 62 Xe. May 15 Holders of rec. April 30
ending Apr. 12 at Canadian cities, in comparison with tho Lewiston Aug. A Waters., pref. (quar.)__
IX May 1 Holders of rec. April 14
Milwaukee Elee. Ry. & Lt., pref. (quar.)
IX April 30 Holders of reo. April 20a
same weok in 1916, show an increaso in tho aggrcgato of Monongahela
Valley Trac., pref. (quar.)__
IK May Holders of reo. April 26a
Montreal Tramways (quar.)_____________
8.8 %.
24 May Holders of rec. April 17
5 May Holders of rec. May 1
Ncwp. N ew s* Ilamp. R y., G. ft E.,com.
Holders of rec. April 14a
Philadelphia Co., com. (qu.) (No. 142).. 874c. May
Week ending April 12.
Philadelphia Co. 0% preferred (No. 9 ) .. $1.50 May 1 Holders of rcc. April la
Clearings at—
May
1
Holders of rec. April 16a
Public
Service
Invest.,
pref.
(qu.)
(No.32)
14
Inc. or
Tampa Electric Co. (quar.) (No. 50)........
24 May 15 Holders of rcc. May la
Dec.
1017.
1915.
West Penn Power, prel. (quar.) (No. 5) . .
IK May 1 Holders of reo. April 21
West Penn Rys., prof, (quar.) (No. 4 6 )..
IK May 1 April 22 to May 1
$
Canada—
%
$
$
preferred (quar.)______ 6 2 ,4 0 . April 30 Holders of rec. April 20a
,001,023 05,902,530 — 11.2 49,034,959 42,301,393 York (Pa.) Rys., Banks.
Montreal---------------,030,470 43,010,392 + 2.3 30,500,112 40,574,350 Com Exchange (quar.)________________
Toronto___________
May 1 Holders of rec. April 30a
,941,249 28.G14.087 + 64.0 22,777,540 19,177,338
Winnipeg---------------- Trust Companies.
,030,410 5,324,029 —5.4 5,504,009 7,298,054 Astor (special)________________
Vancouver__________
April
21 Holders of rec. April 20
.
.
.
.
.
.
.
.
2K
300,597 3,879,403 + 10.8 3,720,118 3,707,670 Bankers' (special)_____________________ 23 April 20
Ottawa_______ ____
Holders of reo. April 20
012,771 3,201,203 + 10.8 3,400,977 2,459,001 Broadway (quar.).......... ............................ 2
Quebec------------------May
1 Holders of rec. April 23
,055,245
2,329,813
—
11.8
1,910,101 1,752,789
Halifax......................
Miscellaneous
,390,807 3,711,721 + 12.9 3,031,380
Hamilton--------------- i
75o. May 15 Holders of reo. May la
Bank Note (quar.)___________
,080,437 1,488.831 + 12.9 1,659,154 3,038,712
St. John....................■ ,703,325
1,216,705 American Beet
April 30 Holders of reo. April 14a
Sugar, com. (quar.)______ <2
1,818,646 —3.0 1,755,701 1 , 001,101 American
London____________
May 1 Holders of rec. April 15
American
Cigar,
common
(quar.)---------14
1,750,758 4,543,771 + 20.7 3,234,447 3,270,223
Calgary......................
May 1 Holders of rec. April 18
Amer. Gas & El., pref. (quar.) (No. 41)
14
.350,457
1,404,550
—7.8
1,643,524
Victoria------------------3 May 1 April 22 to May 2
American Glue, common______________
,392.400 2,347,459 + 1.9 2,103,907 2,309,467
Edmonto*-------- -----2
May 1 April 22 to May 2
Common (extra)_______,____________
,300,031 1,829,255 + 26.1 1,339,297 2,849,183
Regina____________ _
1,370,590
Arne, . Graphophonc, pref. (quar.) (No.70).
IK May 15 Holders of rec. May la
492,731
483,017 + 2.0
Brandon..... .............. 470,071
411,000 American Ice, preferred (quar.).............. . IK April 25 Holders of rec. April 15
715,303
401,143 + 55.1
Lethbridge--------------328,854
300,104 Amer. Laundry Machinery .com.(quar.). 1 May 15 May 6 to May 15
Saskatoon.............
1 ,497,400 1,094,433 + 30.8
742,947 1,093,095 American Light & Trac., common (quar.) 24 May 1 April 15 to April 30
700,000
550,020 + 27.3
Brantford---------------431,121
509,203.
April 30
Common (payable In common stock).. /24 May 1 April 15 to
980,340
Mooso Jaw--------------850,400 + 15.3
791,113
789,927
April 30
Preferred (q u a r.).._________________
1 4 May 1 April 15 to
385,409
Fort William.............484,202 —20.5
351,324
586,783 Amer. Locomotive, preferred (quar.)___
Holders
of
rec.
April
21
April
5a,
IK
Now Westminster------200,498
254,037 — 21.1
310,379
371,449 American Malt, 1st and 2d preferred___
1 May 1 Holders of reo. April 18a
517,015
Medicine Hat............. .
394,800 + 31.0
210,295
343,910 American Navigation (quar.)__________
April
20
30c.
Holders
of
rec.
April
5
Peterborough............. .
448,419
450,941 — 0.0
447,049
Sec note (D
American Sewer Pipe (q u a r.)..___ _____ *500. June 20
600,230
Sherbrooke---------------521,842
American Shipbuilding, common_______
14 May 1 Holders of rec. April 16
Kitchener__________
481,100
400,019 + 3+
April 27 Holders of rec. April 20
Amer. Window Glass Mach., preferred.. 12
May 1 Holders of reo. April 24a
Zinc, Lead ft Smelt., com (quar.).
$1
Total Canada........... 191,737,892 170,203,942 + 8.8 141,891,045 137,405,319 Amer.
Preferred (quar.)........ .......................... $1.50 May 1 Holders of reo. April 24a
May 28 April 22 to May 16
Anaconda Copper Mining (quar.).......... . $2
Associated Dry Goods, 1st pref. (No. 1 )..
14 Deo. 1 Holders of rec. Nov. 15
A u c tio n Sales.— Am ong other securities, tho following, Atlas Powder, preferred (quar.)..............
April 21 to April 30
14 May
Barnhart Bros .ASplnd., 1st & 2d pf.(qu.)
IK May Holders of rec. April 27a
n o t u s u a l l y d e a l t i n a t t h e S l o c k E x c h a n g e , wore recontly sold
4 May April 22 to May 1
Bcrgner * Engle Brewing, pref.................
at auction in Now York, Boston and Philadelphia:
Holders of rcc. June 20
Brier Hill Steel, common (quar.)-------------14 July
5 July
Holders of rec. June 20
B y Messrs. Adrian H . Muller & Sons, New York:
Common (extra)_____________________
July
Holders of reo. June 20
Preferred
(quar.).....................................
IK
Shares. Stocks.
,>eT cent. Shares, stocks.
Percent.
1 May
April 24 to April 30
Brill (J. G.) Co., pref. (quar.)__________
20 Santa Fo Gold & C. Mg.,
12 Ohio Oil Co., *25
Holders of reo. April 21a
Brown Shoe, Inc., preferred (quar.)........
IK May
*10 each............ $1 Per share
m a
............ 5360H per sh.
Brunswick, Balke, Collcndcr, com. (qu.)
14 May 15 Holders of reo. April 20
10,000 Sun & Moon Mg. & Mill.,
??uth Pc“n Oil Co........... 3054 Burns Bros., common (stock dividend).. / 25
May 12 Holders of ree. April 30a
$1 each..... .................$8 lot
30 Motor Products Corp.,
Bros., Inc., com. (quar.) (No. 15).
14 May 31 Holders of reo. May 21a
10 Empire City Safe Dcp. Co.585 lot
. Class A.............. $45 per sh. Burns
May
31 Holders of reo. May 21a
Common
(payable
In
common
stock)..
n
22 13-10 New Mex.-Colo. Coal
rnn “ *um,num Co. of Amer___6244
Preferred (quar.) (No. 17)___________
IK May 1 Holders of rec. April 20a
ft M. v. t. c............... $25 lot
500 Emerson Phono. Co., Inc.,
1 May 15 Holders of reo. April 30
Canadian Conterters, Ltd. (quar.)________
1 Co-operative Garago Co__$0
55 each...............$84 per sh. Carbon Steel, common (extra)__________ 2
May 22 Holders of rec. May 15
100 The llavallte Corp., pref-.$5 lot
20c. May 10 Holders of rec. May 1
Caruen Steel Tool (quar.)_______________
60 Lehigh Vail. Coal Sales, $50
Per cent.
5c. May 10 Holders of roc. May 1
E xtra____ _____ ____________________
each..................$854 per sh. 51loonP 0gre83 CIub of N. Y. 4S
,
Central Leather, common (quar.)______
IK May 1 Holders of reo. April 10a
10 Federal Co., Ino., pref., $1
i S ' n V — ; ............. ......48 & lnt. Central Sugar Corp., pref. (No. 1)______ $2 1-3 May 1 Holders of rec. April 14
each.................
SIper sh. .$4,000
Drlggs-Seabury Ordnanco
3 May 1 Holders of rec. April 20
Chevrolet Motor (No. 1)______________
999 Van Brunt St. ft Erlo Basin
nnn^t03’
1918-........
1 April 25 April 15 to April 25
Chicago Pneumatic Tool (quar.)_______
RR. (trustee ccrtf.) v.t.o.
$4,000
Govt, 8crlcsC'
of Argentine
Nation00
May 1 April 11 to May 1
Citizens’ Gas of Indianapolis, special___ 10
$10 cacn.........._S4K per sh. «inn dx?0tes fi8’ 8crlc3 c, 1917__ 100
ClovcIand-CUffs
Iron
(quar.)__________
24 April 25 April 16 to April 25
10 E. I. du Pont do Nemours
$100 New Orleans (City) public
May 1 Holders of rec. April 19a
14
Cluett,
Peabody*
Co.,
Inc.,
com.
(quar.)
Powder, common........ 994
1 May 15 Holders of reo. April 30
nnntV?S’, S
,Crlcs G- 1934..............
Gas AEleclric (No. 1 ) . . ............
10 Singer Manufacturing----- 233 $0,000
N. Mcx.-Colo.
Coal & M., 99K Columbia
2
May 1 Holders of rec. April 16
20 Amer. Graphophonc, pref-.llGH series A_ ____
qqq inf Commonwealth Edison (quar.)................
Consolidation Coal (quar.)................ .........
14 April 30 Holders of reo. April 25a
20 Buckeye Pipe Lino, $50
Susquehanna ’coal 'ft Co'kc
May 19 Holders of rec. May 5
Crucible Steel, pref. (quar.) (No. 55).......... *3
each....................$105 per sh. S4;°99
1st 0s, 1940. May 1914 coup. on.$55 lot Crucible Stoel, pref. (acct. accum.dlvs). A2 April 28 Holders of rec. April 16a
B y Messrs. R . L . D ay & C o ., Boston:
IK May 1 Holders of rec. April 21
Cudahy Packing, preferred (quar.)____
2
May 1 Holders of rec. April 23
Long Hook A Eye (quar.) (No. 67)........
‘
"
‘
Shares.
Stocks.
$ per sh De
Shares. Stocks.
May 15 Holders of rec. April 30
Dominion
Bridge,
Ltd.
(quar.)..................
24
0 Webster * Atlas Nat. Bank.212-213 10 Michigan State Tclcph., prof.. 87X Dominion Steel Corp., pref. (quar.)----May 1 Holders of rec. April 15
14
3 Salem Safe Dep. * Trust-------75
89 Mcrrlmao Chemical, $50 ea..90-90X du Pont (E.I.)de Nem. Pow., com. (qu.) 14 May
1 Holders of reo. April 21
30 Metacomet Nat. Bk., Fall Rlverll94 0 * ’ E ’, InvC8t- * Sco., pref...... 654
Preferred (quar.)...................................
IK May 1 Holders of reo. April 21
2 Acushnct Mills.............
122
2 American Glue, common_____109 B duPont(E.I.)de Nem * Co.. deb.stk.(qu.)
April
25
Holders of reo. April 10
14
5 Ludlow Mfg. Associates.......... 143
3 Essex Co., *50 each.................200
5 June Holders of rec. April 30a
Eastman Kodak, common (extra)___
2 Nashua ft Lowell RR., cx-dlv—168
1 Plymouth Cordage_________ 201
3 May 1 Holders of rec. Mar. 30
Edison Elec. 111., Boston (qu.) (No. 112).
6 Saoo-Lowcll Shops, preierrcd--101
May 1 Holders of reo. April 16a
2
Edison El. III. of Brockton (qu.) (No. 62)
Electrical Securities, preferred (quar.)..
B y Messrs. Francis Henshaw & C o ., Boston.
IK May 1 Holders of rec. April 2a
14 May 1 Holders of rec. April 18
Electric Bond & Share. pref.(qu.)(No.48)
Shares. Slocks.
S per sh. Shares. Stocks.
% p ersh.
6 May 1 Holders of rec. April 16
Eureka Pipe Lino (quar.)----------------11 First Nat. Bank..................... 425 10 Manomot Mills______ 1204-122
Mills, common-----------------14 May 15 Holders of rec. May 5
60 Commonwealth Tru3t........... 176 25 Nashawena Mills.
110K Falrhazen
14 May 15 Holders of reo. May 5
Preferred-----------------------------------1 Merrimack Nat. Bk., Haverhill.165 15 Pcppercll Mfg........... ......... 19 5
May 1 Holders of reo. April 23
Fajardo
Sugar
(quar.)---------------------24
1 Nat. Grand Bank, Marblehead. 1224 2 Boat. Rev. Bch. & Lynn RR. 130-132H Federal Sugar Refining, pref. (quar.).
14 April 30 Holders of rec. April 2ja
5 Lanett Cotton Mills, ex-div---- 155 10 Am. Pnou. Serv. 1st pf„ $50 ea. 42
Fisher
Body
Corp.,
pref.
(quar.)............
May 1 Holders of reo. April 20a
IK
1 Naumkeag Steam Cotton...— 1904 24 Wamsutta Milts..................... 110H




1568

THE CHRONICLE
Per
Cent.

Name o f Company.

Miscellaneous (C ontinued).
FortWorthPower&Lt.pref.(quar.)(No.23)
General Chemical, common (quar.)_______
General Cigar, common (quar.)________
Preferred (quar.)............ .......................
General Motors Corp., preferred (quar.).
Preferred (quar ) . __________________
General Motors Co. of N. J., com. (quar.)
Preferred________________ _____ _____
Goodrich (B. F.) Co., common (quar.),.
Preferred (quar.)______ ________ ____
Granby Cons.Mln„8melt.& Pow.,Ltd.(qu)
Great Northern Paper............ ........... .........
Guantanamo Sugar (quar.)____________
Hart, Schaffner & Marx, Inc., com. (qu.)
Holly Sugar Corporation, pref. (quar.)..
Ilomcstake Mining (monthly) (No. 512).
IUlnols Northern Utilities, pref. (quar.)..
III. & Power Securities, pref.(qu.) (No. 19)
Indiana Pipe Line (quar.)_____________
Indian Refg., pref. (acct. accum. d lv s.)..
Innersoll-Rand, common________________
Inspiration Cons. Copper (quar.)______
International Nickel, preferred (quar.)..
Isle Royal Copper Co. (quar.) (No. 5)._
Jewell Tea, Ino., preferred (quar.)........ .
Kayser (Julius) & Co., lst& 2d pref. (qu.)
Kellogg Switchboard <fe Supply (quar.)___
Kelly-Springfleld Tire, common (quar.)..
Kelsey Wheel, Inc., pref. (qu.) (No. 3 )..
Kerr Lake Mining (quar.) (No. 47)___
Keystone Telephone, preferred................
Keystone Watchcase (quar.)_____________
Loft, Ino. (quar.)........ .......... .............. .
Massachusetts Gas Cos., common (quar.)
Miami Copper (quar.) (No. 19)..............
Extra......................................................
Mld-Cont. Cons. O. & Util. Corp., A stk.
Midvale Steel & Ord. (quar.) (No. 2)___
Midwest Refining (quar.)______________
Nash Motors, preferred (quar.)-------------National Carbon of N. J., common (qu.)
Common (extra).............. ....................
•Preferred (quar.)___________________
National Carbon, Ino., of N.Y.,com.(qu.)
Preferred (quar.)...................................
National Enamel & Stamping, common..
National Zinc & Lead (quar.)....................
Nevada-Calif. Elec. Corp., pref. (quar.).
Neto Central Coal.....................................
New Jersey Z in c........................................
New River Co., unstamped pref. (No. 11)
North American Co. (quar.) (No. 53)____
North Butte Mining (quar.) (No. 42)___
Osceola Cons’d Mining (quar.) (No. 86).
Pacific Coast Co., common (quar.)..........
First preferred (quar.).............. .......... .
Second preferred (quar.)____ _______
Pacific Mail S. S., pref. (quar.)............ .
Pacific Power A: Light, pref. (qu.) (No. 27)
Packard Motor Car, common (quar.)___
Penmans. Limited, common (quar.)........
Preferred (quar.).................................
People’s Gas Light & Coke (quar.)________
Peoples Natural Gas & Pipeage (quar.)___
Pittsburgh Coal. pref. (quar.)--------------PlUsford Power Co., pref. (quar.)-----------Plant (Thos. G.) Co., pref. (qu.) (No.63)
Portland(Or.)Gas&Coko,pf.(qu.)(No.29)

When
Payable.

Books Closed.
Days Inclusive.

Per
Cent.

Name o f Company.

May 1 Holders of rec. April 20
Juno 1 Holders of rec. May 22
May 1 Holders of rcc. April 24a
Juno 1 Holders of rcc. May 24a
May 1 Holders of rco. April 12a
May 1 Holders of reo. April 12a
May 1 Holders of rec. April 12
May 1 Holders of rco. April 12
May 15 Holders of reo. May 4a
July 2 Holders of reo. June 22a
May
Holders of reo. April 1 la
l
May i Holders-of rec. April 20a
SI.25 May i Holders of rco. April 21a
1
June i Holders of rco. May 19a
154 May i Holders of rco. April 14
05c. April 25 Holders of roc. April 20a
1K May i Holders of roc. April 20
154 May 15 Holders of roc. April 30
S2
May 15 Holders of rcc. April 24
ho'A April 20 Holders of reo. April 10
20
April 30 Holders of rco. April 23a
S3 April 30 April 0 to April 23
May 1 Holders of rec. April 14a
$ l .50 April 30 Holders of rcc. April 11
154 July l Holders of roc. June 20
154 May l Holders of reo. April 20a
12
April 30 Holders of roo. April 25
i
May 1 Holders of roe. April 10
154 May l Holders of rcc. April 16
25c. Juno 15 Holders of roo. Juno ia
SI.50 May 1 Holders of rec. April 20
U5 Feb. 1 Holders of rco. Jan. 25
154 May I Holders of roc. April 15
SI.25 May 1 Holders of rco. April 14
SI.50 May 15 Holders of rec. May la
May 15 Holders of rco. May la
SI
10c. April 30 Holders of reo. April 10
31.50 May I Holders of rcc. April 20a
•SI May 1 Holders of roe. April 14a
154 May 1 Holders of rcc. April 20
2
May 1 Holders of rcc. April 20
2
May 1 Holders of rco. April 20
154 May 1 Holders of reo. April 20
1
May 1 Holders of rcc. April 20
2
May 1 Holders of rcc. April 20
12
May 15 Holders of roo. April 20a
2
May 15 May 9 to May 15
154 April 30 Holders of reo. Mar. 30a
2
May 1 Holders of rcc. April 27
4
May to Holders of rcc. April 30
SI.50 April 25 Holders of reo. April 2
154 July 2 Holders of rec. Juno 15
April 30 Holders of rco. April 17a
SI
SO April 30 Holders of rcc. Mar. 31a
l
May 1 Holders of rcc. April 21a
154 May I Holders of rec. April 21a
1
May 1 Holders of rec. April 21a
154 Juno 1 Holders of roo. May 17
154 May 1 Holders of rcc. April 20
2
April 30 Holders of rcc. April 10a
l
May 15 Holders of reo. May 5
154 May 1 Holders of reo. April 21a
l
May 25 Holders of reo. May 1
50c. April 25 Holders of rcc. April 20
D4 April 25 Holders of rcc. April 12a
154 May 1 Holders of rcc. April 23
154 April 30 Holders of rco. April 17
154 May 1 Holders of rco. April 20
1)4
2
1
154
3
US
15
3M
l
154

[V o l .

Miscellaneous (Concluded).
Prairlo OH & Gas (quar.)______________
Extra _________ ______ _____________
Prairie Pipe Lino (quar.)______________
Extra______________________________
Public Service of Nor. Ills., com. (quar.).
Preferred (quar.)...................................
Pullman Company (quar.) (No. 201)____
Pyrene Mfg., (No. 18).................... ..........
Quaker Oats, pref. (quar.).............. .........
Republic Iron <fe Steel, com. (qu.) (No. 2)
Sapulpa Refining, common (quar.)_____
Sears, Roebuck & Co., common (quar.)..
Sierra Pacific Elec. Co., pf.(qtt.)(No.31).
Sinclair Oil & Refining (quar.)................
Smith Motor Truck, pref. (quar.)________
Standard Motor Construction__________
Standard Oil (Kentucky), special............
Steel Co. of Can., Ltd., com. (qu.) (No.l)
Common (bonus)___________________
Preferred (quar.) (No. 23)____ ______
Slewart-Warner Speedometer (quar.)_____
Superior Copper (No. 2 )_______________
Taylor-Whartnn Iron ifc Steel, pref. (qu.)..
Texas Power & Light, pref. (qu.) (No. 20).
'I’onopah Mining of Nevada (quar.)___
United Alloys Steel Corporation (quar.).
United Cigar Stores of Amor., com. (qu.)
United Coal Corp., preferred (quar.)___
United Drug, 1st preferred (quar.)(No.5)
U. S. Bobbin & Shuttle, common______
Preferred (quar.)___________________
U. S. Rubber, first preferred (quar.)___
United Verde Extension (quar.) (No. 4 ).
Extra.................................... ...................
Vacuum Oil___________________________
Extra.................... ............ ................. .
Vlrglnia-Caro. Chcm.,com.(qu.) (No.38)
Warncr(C(ias.)Co.of Del.,lst&2d pL(qu.)
Wayland Oil & Ga3, common____ ______
Preferred __________________________
Westlnghouse Air Brake (quar.)________
Westlnghouse Air Brake (stock dividend)
Westlnghouse Klee. <fc Mfg., com. (quar.)
Wheeling Mould & Foundry (quar.)____
Extra_________________ _____ _______
Wlilys-Overland, common (quar.)..........
Wool worth (F. W .), com. (quar.) (No.20)

When
Payable.

104.

Books Closed.
Days Inclusive.

3
2
5
6
1.54
154
2
25c.
154
154
300.
2
154
$1.25
2
m30o.
100
1
54
154
154
SI
134
1)4
15o.
SI
2
154
1)1
1
154
2
50o.
250.
3
2
75c.
154
lOo.
15c.
31 75

April 30 Holders of rco. Mar. 31
April 30 Holders of rco. Mar. 31
April 30 Holders of rec. Mar. 31a
April 30 Holders Sf rco. Mar. 31a
May 1 Holders of rco. April 14
May 1 Holders of reo. April 14
May 15 Holders of reo. April 30
May 1 April 24 to
April 30
May 31 Holders of reo. May la
May 1 Holders of rco. April 20a
May 1 April 21 to May 1
May 16 Holders of roo. April 30a
May 1 Holders of rco. April 18a
May 19 Holders of reo. May la
April 15 April 1 to April 15
May 15 April 17 to April 30
May l April 17 to May 2
May 1 Holders of rco. April 10
May 1 Holders of reo. April 10
May 1 Holders of reo. April 10
May 15 Holders of rec. April 30
April 30 Holders of rec. April 10
May I April 25 tp April 30
May l Holders of ree. April 21
April 21 April 1 to April 8
April 21 Holders of roe. April 10a
May 15 Holders of rec. April 27a
April 25 Holders of rco. April 15a
May 1 Holders of rec. April 16a
April 30
May 1 April 12 to
April 30
May 1 April 12 to
April 30 Holders of rec. April 16a
May 1 Holders of reo. April 10
May 1 Holders of rco. April 10
May 15 Holders of rco. May 1
May 15 Holders of rco. May l
May 1 Holders of reo. April 14a
April 26 Holders of rco. Mar. 31a
Juno 11 Holders of reo. Juno la
May 10 Holders of r«o. May la
April 21 Holders of rco. Mar. 31
April 21 Mar. 25 to April 1
e20
87540. April 30 Holders of rec. April 5a
1
May 1 Apr. 19
to
Apr. 30
1
May 1 Apr.19
to
Apr. 30
18a
75 c. May 1 Holders of rco.April
2
May 10
Juno 1 May 2 to

a Transfer books not closed for this dividend. 6 Less British Income tax. <1 Cor­
rection. e Payable In stock, f Payablo In common stock, a Payable In scrip.
h On account of accumulated dividends. 1 Declared 8% payablo 2% quarterly as
abovo and 2% July 31 to holders of record July 14: 2% Oct. 31 to holders of record
Oct. 13 and 2% Jan. 31 1918 to holders of record Jan. 12. k Declared 31 50, pay­
able 50c. each June 20, Sept. 20 and Dec. 20: transfer books closed ton days beforo
payment of dividend. 1 Declared 4% on com. stock, payablo 2% as above and 2%
Nov. 15 to holders of record Oct. 27. m Declared 00c., payable 30o. as abovo and
30c. Nov. 15 to holders of record Oct. 10.

Im ports a n d Exports for th e W e e k .— Under instruc­
tions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie by
the Now York Custom House have boon suspended in­
definitely. Under tho circumstance our usual compilation
is omitted until such time as tho figuros may again bo given
out.

T h e Federal Reserve B a n k s.— Following is the weekly statement issued by the Federal Reserve Board on April 14:

Largo Issues of Federal reserve notes and corresponding transfers of gold to Federal reserve agents are Indicated by tho weekly statement as at eloso
of business on April 13 1917. Aggregate gold reserves of tho banks show adccreasoforthe week of about 28 millions, while total cash reserves declined
about 24 millions. Tho gold resources of the system, Including amounts of gold held by both tho Federal reservo banks and agents stand now at
$949,870,000, having Increased by $6,318,000 during tho week.
Now York reports largo not withdrawals of gold and reserve deposits and a considerable Increase In tho total net balanco duo to other Federal
reserve banks. About 11.4 millions of notes were issued by tho Federal reserve agent and over 10 millions put into circulation by tho bank. A loss
of about 3 millions in reserve shown for tho St. Louis bank is accompanied by a change of an adverso to a favorablo balanco in account with othor
Federal reserve banks and by considerable withdrawals of Government deposits. In tho caso of the Minneapolis bank a decrease of 2.0 millions in
reserve is caused primarily by Investments in commercial and bankers’ bills, whilo In tho caso of tho San Francisco bank a like decrease of 2.4 millions Is
nearly offset by an increase in tho bank's balance duo from other Federal reservo banks.
Discounted paper on hand increased about 4.1 millions, all tho banks except New York and Kansas City reporting larger figures than tho week
beforo. Of tho total discounts held, $5,546,000, as against $2,541,000 is represented by member banks collateral notes reported by 11 reservo banks.
Nearly 75% of these notes are held by the Cleveland, Richmond and St. Louis banks. A decrease of about 2.1 millions is shown for tho total of accep­
tances held, notwithstanding an increase in holdlugs of about $700,000 reported by tho New York bank. Transactions in Government securities
are reported by 2 banks, resulting in a decrease of $411,000 in tho amount of U. S. bonds, and an increase of $328,000 in tho amount of ono-yoar Treas­
ury notes held. There has been practically no change in the amount of municipal warrants on hand.
Aggregate investments, including tho 50 millions of 90-day U. S. certificates of indebtedness, are now $227,413,000, or 403% of tho hanks’
paid-in capital, as against 400% tho week beforo. Of tho total Investments, 35.4% Is represented by acceptancas; 22.0% by United States certificates
of indebtedness: 15.9% by U. 8 . bonds; 10.3% by Treasury notes; 9.7% by discounts, and 6.7% by warrants.
An inereaso of over $300,000 In the aggregate amount of tho banks’ paid-in capital results chtofly from admission to membership of tho St.
Louis Union Bank and the Cleveland Trust Company. Government deposits show a decreaso of 4.2 millions for tho week, tho decreases reported
by somo of tho banks being due, however, chiefly to transfers of funds to tho Now York bank. Member bank reserve doposits show a net decreaso of
16.7 millions, the larger decreaso reported by the Now York bank being offset in part bynctgains lu doposits at tho Boston, Olovetand, Richmond,
St. Louis and Chicago banks. Itesorvo deposits of the Cleveland and St. Louis banks include tho initial doposits of tho newly admitted members.
Federal reservo agents roport a total of $431,788,000 of notes issued, an Inereaso during tho week of $31,090,000. Against the total Issued tho agents
hold $410,796,000 of gold and $22,594,000 of paper. Tho banks show a total F. R. noto circulation of $401,809,000, or $25,299,000 In oxcass of tho
total reported tho week boforo. All tho banks except Atlanta and Dallas roport Increases In their noto circulation, though nearly two-thirds of tho
Increase Is credited to tho New York and Chicago banks. Aggregato net liabilities of tho banks on Federal reserve notes In circulation aro given as
$13,014,000 or $1,281,000 less than tho week beforo.
The figures of tho consolidated statoment for tho system as a whole are given in tho following tablo, and in addition
wo present the results for each of the oight preceding weeks, thus furnishing a useful comparison. In the second tablo we
show tho resources aud liabilities separately for each of the twelve Federal Resorvo banks. The statement of Fodoral Reserve
Agents’ Aocounts (the third tablo following) gives details regarding the transactions in Federal Roservo notes botweon tho
Comptroller and the Reservo Agents and between the latter and the Federal Reservo banks.
C ombined R esources

and

L iabilities
Apr.

RESOURCES.

Gold ooln and certificates In vault_________
Gold settlement fund___________________
Gold redemption fund with U. 8. Treasurer...
Total gold reserve-------------------------Legal tender notes, silver, &o____________
Total reserve..---- ----------- ---------- --6 % redemption fund ag’st F. R. bank notes___
Bills discounted—Members______________
Acceptances bought____________________
United States bonds___________________
One-year U. 8. Treasury notes______ _____
U. 3. certificates of Indebtedness ................
Municipal warrants____________________
Total earning assets________________
Federal Reserve notes—Net_____________
Due from other Federal Reserve banks—Net..
Uncolleoted Items_________ ____________
AH other reaourocs_____________________
Total resources____________________




of the

F ederal R eserve B anks

13 1917 A pr. 5-6 ’17.

M a r.

at the

C lose

301917 M ar.23 1917. Mar.101917.

M a r.

of

B usiness A pril 13 1917.

9 1917.

M a r.

2 1917. Feb. 23 1917.

Feb.

16 1917.

$338,309,000 *362,472,000 3374,903,000 $350,736.000 5355.318,000 5330.184.000 $304,163,000 5281,355,000 5274,307,000
198,271,000 200,125,000 200.001,000 209,281,000 201.061.000 205,561.000 212,031,000 213,801,000 210,221,000
2.431,000
2.505,000
2,347,000
1,922.000
1,804,000
2,325,000
2,414,000 2,519.000 2.339,000
$539,074,000 $505,102,000 $577,378,000 5502,530,000 5559,318,000 5538.070,000 $518,541,000 5497,138,000 $492,302,000
21,130,000 19.110.000 0,282,000 10.605,000 16,170,000 10,113,000 9,971,000 15,249,000
7,009,000
$500,210,000 $584,212,000 3580,600,000 5573,201.000 5575,494,000 5557,183,000 5528,512,000 5512,387,000 $500,001,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
322,009,000 $17,928,000 520,100,000 518,473.000 517.234.000 $18,500,000 $18,840,000 520,200,000 $19,553,000
80.604.000 82.735.000 84,473,000; 87,798,000 97.002.000 11)8,800,000 114,058,000 123,000,000 120,054,000
30.218.000 30.029.000 29,275 QC0 29,275,000 29.155.000 29.120.000 28.650.000 29.471.000 29.471.000
23.370.000 23.042.000 18,425,000, 18,818,000 19.368.000 19.468.000 19.408.000 18.047.000 18.047.000
50.000,000 50,000,000
15.212.000 15.207.000 15,715,0001 15,701,666 16,029,000 10,932,000 10,708,000 17.124.000 10,678,000
$227,413,000 $225,541,000 $167,994,000 5170,125,000 5178,788,000 5192,880,000 $197,814,000 5209,474,000 $210,403,000
$22,001,000 *16,235.000 tS18,999,000 519,440,000 521.991.000 $20,008,000 $23,095,000 *22,070,000 *22,520,000
7.840.000
1.071.000 3.412.000
732,000
2,275,000 3,298,000 3.379.000 3,143,000 4.023.000
109.184,000 140,422,000 132,759,000 145.757,000 155.976.000 130,411,000 151,020,000 130,940,000 144,249,000
4.010.000
4.909.000 t5,393,C00j 5,080,000
0,401,000 7.821.000 8,271,000 8.019.000
6.198.000
$984,889,000 $981,131,000 5914,480,000 5917,901,000 5912,220,000 $911,032,000 $915,091,000 $890,280,000 5894,032,000

THE CHRONICLE

A pk . 21 1917-j

1569

Apr. 13 1017 Apr. 5-0 '17. Mar. 30 1917 Afar.23 1917. Afar.161917. Afar. 9 1917. Afar. 2 1917. Feb. 23 1917. Feb. 16 1917.
S50.40S.000 350.100.000 550.075.000 556.057.000 $56,054,000 $56,028,000 $56,045,000 555.989.000 $55,773,000
42,247,000 40,401,000 20,507,000
18,594.000
12,401,000
19,702,000
14,162,000 13,407,000
741,512,000 758.219.000 720.411.000 711.117.000 720.104,000 720,488,000 708,893,000 692.475.000 688,591,000
Federal Reserve notes— Net-------------------------

131,004,000 105,430,000 100,901,000 113,784,000 121,550,000 102,824,000 116,330,000 108,826,000 121,218,000
13,014,000
14,295,000 15,941,000 10,725,000
18,787,000 19,772,000 19,001,000 17,089,000
19,444,000
014,000

020,000

625,000

510,000

480,000

504,000

Total liabilities_______________ _________ S984,889,000 3981,131,000 3914,480,000 $917,901,000 $942,226,000 $911,032,000 $915,691,000 $800,280,000 $894,032,000
Gold reeorvo ag’et net dop. <fc note liabilities.Cash reserve ag'st net dop. <ft note liabilities..
Cash reserve against net deposit liabilities after
pelting aside 40% gold reserve against ag­
gregate net liabilities on F. R . notes in
Distribution by Maturities—
1-16 days bills discounted and bought__
16-30 days bills discounted and b ou gh t...
31-80 days bills discounted and b ou gh t...
31-00 days municipal warrants--------------61-90 days bills discounted and b ou gh t...
61-00 days municipal warrants--------------Over 00 days bills discounted and bought.
Over 90 days municipal warrants------------

71.2%
73.9%

73.0%
75.4%

79.9%
81.2%

79.0%
80.5%

77.0%
79.2%

74.6%
77.3%

74.0%
75.4%

71.4%
73.6%

71.8%
72.9%

74.5%

76.1%

82.1%

81.4%

80.3%

78.3%

76.4%

74.6%

73.8%

$40,745,000 334,433,000 331,001,000 $30,245,000 536,502,000 $40,336,000 $36,578,000 $36,912,000 $33,356,000
345.000
52,000
744.000
794.000
1.227.000
319.000
1.173.000
1.754.000
1.242.000
21.543.000 22.031.000 30.320.000 28.410.000 22.510.000 23.707.000 29.189.000 32.925.000 28,602,000
292.000
519.000
345.000
52,000
765.000
921.000
794.000
1.148.000
362.000
20.033.000 29.744.000 30.036.000 36.260.000 42,950,090 45.205.000 46.156.000 49.017.000 50.578.000
12.232.000
7.720.000
437.000
582.000
612.000
571.000
1.100.000
1.103.000
911.000
13.307.000
13.073.000 11.735.000 10.505.000
11.480.000
17.279.000 20.096.000 23.915.000 26.149.000
11.977.000
2,000
4.574.000
12.122.000
12.123.000
8.122.000
CS2.000
495.000
517.000
782.000
920.000
827.000
851.000
770,000
830.000
922.000
879.000
803.000
2,341,000
2.342.000
2,212.000
2,211,000
2,210,000
6,272,000 13.084.000 13.300.000 12.848.000

Federal Resent Notes —
Issued to the banks------------ ------- ---------- S431,7S9,000 $400,093,000 3382,504,000 5372,244,000 5303.278.000 $355,203,000 $343,847,000 3331,409,000 *321,453,000
29,979,000 24,188,000 24,799,000 25,440,000 27,217,000 28,051,000
In circulation---------- ----------------------------- 5401,809,000 3370,510,000 S357,765,000 5316,804,000 $336,061,000 $326,612,000 $314,258,000 5303,171,000 $291,839,000
Gold and lawful money with Agent__________ 3410,790,000 3378,450,000 5300,008,000 $319,519,000 #338,COS,000 $328,433,000 $317,5S1,000 $300,ISO,000 $297,270,000
Federal Reserve Notes (Agents Accounts)—
Recolved from The Comptroller__________ $096,510,000 3007,000,000 3047,700,000 3025,320,000 5593,480,000 $583,500,000 3570,400,000 S502,040,000 $539,500,000
Returned to the Comptroller...................... 132,292,000 130,248,000 127,917,000 121,SG7,000 110,858,000 114.477,000 113,184,000 112,101,000 109,827,000
Amount chargeable to Agent________ 3504,248,000 5530,812,000 3519,783,000 5503,453,000 $481,022,000 $409,083,000 5463,210,000 $449,939,000 $429,673,000
In hands of Agent______________________ 132,459,000 130,114,000 137,219,000 131,209,000 118.341,000
Issued to Federal Reserve banks___ 3431,788,000 5100,098,000 3382,564,000 5372,244,000 3303,278,000 S355.203.000 S343.S47.000 $331,409,000 $321,453,000
Now Secured—
By gold coin and certificates____________ S248,313,000 3234,573,000 3222,377,000 3219,830,000 S218,009,000 $212,094,000 $204,194,000 $194,904,000 $188,144,000
By lawful money_______________________
By commercial paper__________ ________
20.998.000 22.253.000 21.898.000 22.725.000 21.070.000 20.830.000 20,200,000 25.253.000 24.183.000
18.583.000
17.097.000
17.031.000
Credit balances In gold redemption fund..
14.353.000
14.959.000
15.379.000
15.587.000 14.722.000
15.006.000
Credit balances with Federal Reserve B 'd. 143,900,000 120,180,000 120,000,000 115,330,000 104,020,000 101,380,000 97.800.000 96.500.000 94.120.000
T ota l..................................................... S431,794,000 5400,703,000 3382,560,000 5372,214,000 3303,27S,000 3355,203,000 S343.847.000 $331,409,000 $321,453,000
Oommtrolal paper delivered to F. R . Agent..

322,594,000 323,554,000 523,050,000 524,386,000 520.189.000 $29,686,000 $28,700.000 $28,618,000 $26,746,000

o A m ount due to other Federal Reserve banks.

tAmended figures.

W E E K L Y S T A T E M E N T o f R E S O U R C E S a n d L I A B I L I T I E S o f B A C H o f t h e 12 F E D E R A L R E S E R V E B A N K S a t C L O S E o f B U S I N E S S A P R . 13 '1 7

Boston. |New York. PhUadel'a. Cleveland. Richmond. Atlanta.

Chicago.

St. Louts. \finneap. /Can. City

Dallas,

San Fran

Total.

RESOURCES.
$
*
*
S
$
$
$
S
S
$
S
$
$
Gold coin & ctfs. In vault 13,495,000189,519,000 24,072,000 18.398.000 5,792,000 0,171,000 27.361.000 12,520,000 11,913,000 7,809,000 7.811.000 13,502,000 338.369.000
Gold oottlemcnt fund__ 19,814,000] 27,092,000 17,457,000 25.017.000 15,810,000 3,1G3,000 30.979.000 2,394,000 8,817,000 20,487,000 6.732.000 7,895,000 198.271.000
Gold redemption fund..
50,000
250,000
250,000
14,000
377,000
052,000
200,000
130,000
255,000:
1G7.000
74,000
15,000 2,434,000
Total gold reserve...... 33,359,000217,401,000 41,779,000 43,429,00021,988,000 9,991,00004,510,000 15,050,000!20,985,000 31,403,000 14,617,000 21,412,000 539,074,000
Legal-ton.notes,s!lv.,Ao
503,000, 14,947,000
236,000
04,000
85,000
994,000 1,150,000 1,591,000
298,000t
37,000 1,127,000
74,000 21,130,000
Total reserve.............. 33,802,000 232,408,000 12,015,000 43,523,000 22,073,000 10,985,00(405,690,000 10,041,000 21,283,000 34,500,000 15,744,000 21,486,000 560,210,000
6% redemp.'fund—F.R
300,000
100,000
400,000
Bills:
740,000 1,323,000 2.719.000 4,003,000 2.290.000 1,220,000 1,000,000 1,770,000! 672,000 1,852,000
Discounted—Members 2,703,000
385,000 22.009.000
Bought In open inkt.. 10,597,000] 18,993,000 11,220,000 5.300.000 0,535,000 2.829.000 0.S24.000 3,587,000 5,301,000 1,568,000
920,000 6,861,000 80.004.000
Tota! bills on hand. . . 13,300,000 19,733,000 12,549,000 8.079,00011,198,000 •5,125,000 8,014,000 5,253,000] 7,074.000 2,240,000 2,772,000 7,246,000 102,013,000
United States bond*___
530,000 1,308,000
519,000 5.844.000 1,152,000
075,000 7,007,000! 2,233,000 1,735,000^ 8,792,000 3,966,000 2.429.000 30.218.000
Ono-ycar Treasury notes 2,194,000 2,788,000' 2,548,000 1.775.000 1,009,000 1.491.000 2.995.000 1,444,000 1,452,000 1,784,000 1,430,000 1.500.000 23.370.000
US ccrtfs.of Indebtedness 3,000,000 20,000,000 3,500,000 3.500.000 2,000,000 1.500.000 5,000,000; 2,500,000, 2,000,000 2,500,000, 2,000,000 2.500.000
50,000,000
Munlolpal wnrrantu___
178,000, 5,174,000] 1,501,000 2.990.000
15,000
12,000 2.207.000 1,008,000
177,090
450,000[ 500,000
811,000 15.212.000
Total earning assets.. 19,202,000 49,001.000,20,650.000 22,188,000 10,334,000 8,803,000 25,313,000 12,498,000 12,438,000 15,772,000 10,728,000 14,486,000 227,413,000
Fod. Res'vo notee—Net 2,103,000! 11,557,000]
..........
900.000
..........
5.878.000
Due from other Federal
343,000
...........
..
Reserve Hanks—-Net.
4.780.000
-------900,000
..........
2.987.000 5.030.000 2,327,000
Uncollected ltoina.......... 15,448,000 37,995,000 22,917,666 12.531.000 10,113’,666 9.280.000 23,000,000 9,600,000 4,271,000 9,308,000 5,421,000
79,000]
545,000
1G2.000
All other resources........
203.000
731,000] 301,000
77,000
856,000
166,000!
139,000; 1,006,000
Total resources.......... 72,037,000 331,500,000,85,774,000 84,107,000 18,597,000 32,917,000 125705 00041,373,000 38,153,00060,925,000 32,999,000
LIABILITIES.
Capital paid In_______ 5.0. 59.000 11,882,000 5.200.000 0,210,000 3.431.000
000] 4,402,000
4.819.000 4,288,000 3.169.000
Government deposits.... 3.000.
1
^
Due to members—Re­
49,098,000208,483,000
19.877.000 00,832,000 20,744,000
serve account_______
Collection Items______ 13,557,000, 29,323,000 23.182.000 12,837,000 8.502.000
2,075,000
Fed. Rea've notes—Net..
0,478,000
" I I I I 17,2501666
380.000
Due to F .R .hanks— Nei
213,000
123,000j
166,000
175.000
All other liabilities____

1.497.000 22,001,000
3.271.000 a l,071,000
8.198.000 169,184,000
312,000 4,610,000
19,280,000981,889,000

2.418.000 7.002.000 2.945.000 2,119,000 3,088,000 2,722,000 3.942.000 56,408,000
3.544.000 5.013.000
GS8.000 3,310.000 3.050,000 2,731,000 3,027,000| 42,247.000
19,275,000 100203000 28,000,00029,025,000 47,529,000 23,253,000 38,623,000 741,542,000
5.050.000 12,887,000 8.005.000 2,803,000! 0,981,000 3,094,000 3.583.000131.004.000
2.030.000
1.123.000
459,000
277,000
572,000
.......... | 13,014,000
_____
103,000
______( 027,000
12,000,
33,000,
..........
..........
105,000]
614,666

Total liabilities_____ 72,037,000]331,506,000 85,774,000 84,197,000 18,597,000 32,917,000 125705000 11,373.000 38,158,000 60,925,00032,999,000 19,280,000 984.8S9.000
Federal Reserve Notes- •
Issued to banks___ __ 19,070,000188,239,000 10.307.000 19.182,000 10,812,000 20,017,000 30,081,00015,877,00022,229,000 24,437,00020,662,000 18,179,000431,789,000
Held by banks______ 2,103,000, 11,557,000 2.075.000
900,000
087,000
001,000 0,918,000 1,224,000: 1,051,000
932,000
374,000 1,491,000! 29,979,000
F.R. notos In circulation 10,973,000170,082,000 28,292,000 18,210,000 10,125,000 19,440,000 29,703,000 14,653,000 21,178,000 23,505.00020,288,000
10,688,000 401.809,000
Gold and lawful money
with ageut____ _____ 19,070,000188,239,000 20,217,00019,182,000 9,047,00017,416,000 35,011,060'l3,530,00020,719,000 23,228,000 19,716,000 18,185,000410,790,000
a Difference between net amounts due from and net amounts due to other Federal Reserve banks,

x Overdraft.

________________________________ S T A T E M E N T O P F E D E R A L R E S E R V E A Q E N T S * A C C O U N T S A P R I L 13 1 917.
Boston.

New York. Philadel’a. Cleveland. Richmond. Atlanta.
Chicago. St. Louis. M inneap. Kan. City. Dallas.
8an Fran.
Total.
s
$
Federal Reserve Notes—
$
$
$
$
S
$
$
$
$
$
S
Itee’d from Comptrolr 30,880,000 320,010,000 12,520,000 29,000,000 29,500,000 36,380,000 44,120,000 24,140,000 32,000,000 37,720,000 30,520,000 21,000,000 096.510.000
Roturned to Comptrol 9,504,000 09,641,000 7,753,000 5,278,000 9,488,000 5,378,000 1,899,000 4,123,000 4,721,000 4,265,000 7,032,000 2,881.000 132.292.000
Chargeable to A gent... 27.37G.000 250,999,000 34,707,000 23,782,000 20,012,000 31.002.000 12,221,000 20,017,000 27,279,000 33,455,000 29,158,000 18,179,000 564.248.000
In hands of F.R.Agont 8,300,000 08,700,000 4,400,000 4,000,000 3,200,000 10.955.000 5,540,000 4,140,000 5,050,000 9,018,000 8,496,000
132.459.000

’ Issued to F. R. bank. 19,070,000 188,239,000 30,307,000 19,182,000 16,812,000 20,047,000 30,081,000 15,877,000 22,229,000 24,437,000 20,662,000 18,179,000 431,788,000
Held by F, R. Agent—
Gold coin Ac oertfs___ 17,910,000 181,001,000 3.730.000 10,213,000
2.890.000
0,105,000 13,918,000 2.370.000 10,110,000
248.313.000
Credit balances:
In gold redemption f’ri 1,106,000 7,238,000 1.597.000
909,000
547,000 1.550.000
071,000
015,000 1,081,000 1.098.000 1.140.000
905,000 18.583.000
With F. R. Board......
20,890,000 8,000,000 9.100.000 12,970,000 31,970,000 0,750,000 5.720.000 19,700.000 8.400.000 17,280,000 143.900.000
Notes secured by 00mmerolal paper............
4.150.000
7.105.000 2.031.000 1,010,000 2,317,000 1.510.000 1.209.000
940,000
20.998.000
T o t a l____________ 19,070,000 188,239,000 30,367,000 19,182,000 10,812,000 20,017,000 36,681,000 15,877,000 22,229,000 24,437.000 20,062,000 18,185,000 431,794.000
Amount of oomm'i paper
delivered to F.R.Ag’t
4,180.000
7,712,000 2,614,000 1,050,000 2,352.000 1,510,000 1,210,000 1,918,000
22,594,000




[VOL. 104

THE CHRONICLE

1570

Statement of New York C ity Clearing House Banks and Trust C om p an ies.— The following detailed statement
shows the oondition of the New York City Clearing House members for the week endiug April 14. The figures for the
separate banks are the averages of the daily results. In the ease of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the three preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N .
______ _
CLEARING HOUSE
MEMBERS.

Loam.
Discount!,
Investm'is,
<Scc.
Nat. B’ks Mar. 51
StateB'ks Fcb.28j

Capital.

Week Ending
A p ril 14 1917.
(00* omitted.)

Net
Profit!.

Average.
Members o f Federal
X
X
X
Reserve Bank.
38.650.0
2 000,0 5,000,1
Bank ol N. Y ., N.B.A
19.366.0
2.391.3
Merchants’ Nat. Bank 2 ,000,0
Mech. A Metala N a t.. 6,000,0 9,940,9 124.473.0
441.708.0
0
National City B an k... 25.000. a46,035,8
38,401',0
8,455,8
3.000.
0
Chemical Nat. B an k ...
14.591.0
822,1
0
Atlantic National Bank 1 .000 .
2.436.0
77.8
300.0
Nat. Butchers' A Drov
92.808.0
5.606.0
0
Amor. Exoh. Nat. Bank 5.000.
272.695.0
0
National Bank of Com. 25.000. 19,463,9
69.122.0
3.500.0 2,202,(
Chatham A Phenlx Nat
142.841.0
0
Hanover National Bank 3.000. 16,446,1
2.550.0 2.547.6 29.576.0
Gltliens’ Nat..........
11.409.0
2.083.3
0
Market A Fulton N at— 1 .000 .
92.382.0
Corn Exchange Bank.. 3.500.0 7.294.2
35.029.0
Importers' A Traders’ — 1.500.0 7.705.0
155.278.0
5.000. 16,293.4
0
National Park B ank..
2.243.0
68,4
250.0
East River Nat. Bank..
19.093.0
3.544.3
0
Seoond National Bonk. 1.000.
188,G26,0
0
First National B an k ... 10. 000. 25,753,3
86.125.0
0
4,102,5
Irving National B an s.. 4.000.
11.473.0
500.0 1.209.3
N. Y. County Nat. Bk.
Chase National Bank.. 10,000,0 12,519,6 237.048.0
17.428.0
1.000.0 1.999.0
Lincoln National Bank,
10.746.0
1.334.7
darfleld National Bank 1,000,0
5.849.0
428.0
250.0
Fifth National B ank...
40.895.0
1, 000,0 3.078.4
Seaboard Nat. B an k...
1,000,0 3.616.8 66.185.0
Liberty National Bank.
11.065.0
808.1
1,000,0
Coal A Iron Nat. Bank
11.944.0
Union Exchange Nat— 1,000,0 1.137.8
10.905.0
1,000,0 1.134.5
Nassau Nat. Bank___
23.694.0
1.050.6
1.500.0
Broadway Trust Co__

,

Cold.

Nat .Bank Nat .Bank
Federal
Notes
Note!
Reserve
[Reserve
[Not
Notes
for State Counted
INot
as
Institu­
Reserve]. ReserveJ.
tions],

Legal
Tender!.

Average. Average. Average. Average. Average. Average.
$
3
$
X
X
X
2,0
5.0
200,0
830.0
2.595.0
28,0
9,0
485.0
208.0
740.0
80,0
127,0
827.0 3.556.0
26,210,0
114,0 1,133,0
2.071.0
60.165.0 7.232.0
26,0
33,0
680.0
642.0
778.0
20,0
282,0
194.0
1.632.0
5,0
4,0
38,0
63.0
74.0
78,0
103,0
904.0
950.0
7.639.0
547,0
1.524.0
25.092.0 2.769.0
341,0
"382",6
1.109.0
5.303.0
1.158.0
28,0
200,0
1.454.0
27.274.0
1.786.0
20,0
22,0
1.042.0
1.289.0
110.0
29,0
120,0
255.0
324.0
1.022.0
627,0 4 151 0
8.401.0
10.0 2.915.0
13,0
8,0
160.0
2.108.0
1 .211.0
229,0
50,0
1.746.0
12.603.0 2.870.0
1.0
23,0
142.0
83.0
33.0
32,0
67,0
483.0
1.214.0
286.0
19,0
60,0
1.205.0
34.045.0 1.828.0
448,0
131,0
9.554.0
941.0 2.676.0
28,0
151,0
218.0
448.0
023.0
485,0
26,0
24.908.0 5.422.0 2.989.0
94,0
126,0
180,0
452.0
2.141.0
152,0
22,0
453.0
149.0
625.0
8,0
14,0
380.0
132.0
168.0
72,0
16,0
1.230.0
2.551.0
1.026.0
166,0
5,0
178.0
245.0
1 .021.0
39,0
22,0
193.0
206.0
629.0
30,0
38,0
623.0
302.0
373.0
27,0
10,0
391.0
85.0
255.0
60,0
131,0
593.0
1,683,0
293.0

Totals, avge. for week 123,850,0 214,151,2 2,324,082,0 261,675,0 34,875,0 30,415,0
Totals,
Totals,
Totals,
Totals,

aotual
actual
actual
actual

250.040.0
275.324.0
252.396.0
208.367.0

37.143.0
33.121.0
44.084.0
41.901.0

30.719.0
28.748.0
32.379.0
35.241.0

47.987.0 14,984,0
35.831.0 4.676.0
1.166.0
12.703.0
602,0
8 ,122,0
202,0
3.227.0
1.391.0
16.186.0
349.0
4.305.0
833.0
6.406.0
18.783.0 2.142.0
510,
5.286.0
666.0
6.319.0
1.027.0
14.625.0
2 0 1 ,0
4.636.0
1.286.0
15.702.0
23.525.0 2,752,0

3.771.0
2.095.0
270.0
435.0
76.0
1.091.0
61.0
111.0
391.0
80,0
53,0
455.0
259.0
437.0
840.0

1 , 0 0 1 ,0

oondition
condition
oondition
condition

State Banks.
iVot Membert of
Federal Reserve Bank.
Bank of Manhattan Co.
Bank of America_____
Greenwich Bank__
Pacific Bank_______
People's Bank.........
Metropolitan Bank___
Bowery Bank_____
German-Amerlean Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank___
Bank of Metropolis___
West Side Bank..........
N. Y. Produoe Ex. Bk
State B a n k .................

Addil'al
Reserve Depositt
Net
tcitb
mtth
Demand
Legal
Legal
Deposi­ Deposi­ Deposit!.
taries.
taries.

National
Bank
Net
Circula­
Time
Deposit!. tion.

Average. Average.
$
S
3,518,0
1,473,0 _____
10,327,0 _____
40,194,0 ______
8,201,0 ______
1,348,0 ______
243,0 ______
10,457,0 _____
21,900,0 _____
___
5,600,0
12,495,0
2,833,0
1,252,0
14 963,0
2,445,0
12,350,0
396,0 _____
1,184,0 _____
14,845,0 _____
10,259,0 _____
868,0
17,873,0
1,383,0 ___ _
996,0
433,0 ______
8,093,0 _____
16,244,0
1,217,0 _____
1,003,0 _____
1,259,0
2,304,0 ..........

Average. Azerags. Average
$
$
$
789,0
35,910,0 1,793,0
1,864,0
15,804,0
275,0
141,567,0 4,447,0 3,774,0
1,782,0
490,408,0 8,551,0
450,0
_____
36,823,0
150,0
15,195,0
971,0
48,0
_____
2,171,0
91.154,0 6,452,0 4,873,0
155,0
273,033,0 7,184,0
1,777,0
69,905,0 6,721,0
130,0
166,457,0
27,592,0
1,092,0 1,017,0
167,0
11,199,0
112,797,0
51,0
31,689,0
158,568,0 1,030.6 3,562,0
50,0
2,610,0
760,0
16,449,0
896,0 3,015,0
201,264,0
640,0
97,498,0 3,398,0
197,0
11,914,0
450,0
249,846,0 15,863,0
892,0
39,0
18,026,0
399,0
200,0
10,472,0
249,0
281,0
6,026,0
70,0
49,825,0
499,0
1,602,0
77,181,0
413,0
215,0
11,292,0
398,0
40,0
11,960,0
50,0
25,0
10,743,0
363,0
25,013,0

...

2,480,991,0 61,404,0 28,601,0

__

_

___

___

___

2,505,0

8,532,0 227,962,0

...........

2,657,0
1,837,0
2,204,0
2,024,0

8,999,0
8,014,0
7,884,0
7,343,0

228,437,0
250,948,0
212,958,0
200,810,0

213,0
50,0
32,0

3.964,0
___ _
739,0
506,0
196,0

302,0
______

‘ 239,6
335,0

io",6

___
___

___

2,455,206,0
2,517,474,0
_____ _ 2,431,858,0
........... 2,438,023,0

63,050,0
62,257,0
51,043,0
51,174,0

65,773,0
______
35,232,0
29,0
13,968,0
8,370,0
“ Y,6
3,264,0
15,352,0
_____
3,976,0
_____
0,539,0
_____
20,363,0
_____
5,440,0
6,431,0
_____
14,552,0
4,745,0 ' _____
_____
17,326,0
32,0
27,178,0

28,701,0
28,090,0
28,161,0
28,644,0

i
i
i
i
1
1
1
1
1
1
1

52,0
11,0
0*40,17
177,0
^,\nJ
O
40,0
56,0
5,0
52,0
235,0
100,0
130,0
31,0
54,0
211,0

223,643,0 32,837,0 10,431,0

6.853,01

1,513,0

20.174.0
28.518.0
24.639.0
27.521.0

7.178.0
8.727.0
6.489.0
6.287.0

i
l
1
1

t qn n
1.467,0
1,301,0
1,185,0

35.299.0 2.050.0
245.237.0 22.403.0
65.788.0 4.912.0
34.492.0 2.434.0
42.607.0 2.258.0
373.090.0 48.183.0
720.0
10.667.0
1.528.0
27.924.0
91.792.0 6.355.0
1.872.0
24.069.0
74.457.0 6.082.0
1.502.0
22.193.0
14.820.0
866.0
63.931.0 5.118.0

347.0
518.0
14.0
186.0
1,398,0
51.0
440.0
277.0
95.0
96.0
763.0
169.0
572.0

1
)
1
i1
)
)
)
)
)
)
)
)
)
)

256,0
19,0
159,0
inn
1J,W
145,0
421,0
10,0
28,0
192,0
113,0
9,0
92^0
87i0
412,0

Totals, avge. for week. 57,750,0 104,776,1 1,126,366,0 106,283,0

4,992.0

4,508,0)

1,962,0

)
1
)
)

1,838,0
2,091.0
1,887,0
2,103,0

_____

Grand Aggregate, avge. 193,550,0 345,729,5
Comparlson prev. week

)
3

3,475,0i
+78,0i

2,505,0
+437,0

April 14

3
3

3,357^0l
— 201,01

2,657,0 10,482,0i 289,437,0 51,454,013,717,864,011947245,0 ’287701.0
+820,01 +964,01— 207920 — 177301 — 37,138,01— 2,450,0 + 011,0

0
0
0

3,558,01
3,188,01
3,288.01

1,837,01 9,518,01310,229,0 53,227,013j7.Y0C2Tf1 196,701,01 28,090,0
2,204.01 9,104,01270.906,0 54,465,0 3,658,009,01 181.951,01 28,151.0
2,024.01 8.545.0 264,393.0 74,557.0 3.659,260,01 179,934,01 28.044,

2.050.0
1.500.0
500.0
500.0
200.0

2 ,000,0

250.0
750.0
100.0

200,0
200,0
1,000,0
200,0

1, 000,0
1.500.0

5.180.2
6,598,9
1.280.4
985.3
468.7
2 . 120.2
803.4
824.8
2,303,6
860,0
1.072.0
2.214.1
301,0
1.062.4
726,6

Totals, avge. for week. 11,950,0 26,802.2
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
aotual

oondltloD
condition
condition
oondition

226.199.0
219.197.0
217.121.0
218.412.0

Apr . 14
April 7
Mar. 31
Mar. 24

Trust Companies.
Not Memberi of
Federal Reserve Bank.
1.500.0 3.799.5
Brooklyn Trust Co___
Bankers’ TruBt Co........ 10,000,0 17,064,9
2 ,000,0 4.507.1
U. S. Mtge. A Trust Co
Astor Trust C o_______ 1.250.0 1.869.1
Title Guar. A Trust C o. 5.000. 0 12,404,5
Guaranty Trust C o----- 20 ,000,0 31.436.3
1.239.3
1. 000.
0
Fidelity Trust Co____
5.511.6
0
Lawyers* Title A Trust. 4.000.
5.000.
0
6,442,9
Columbia Trust C o___
1.751.4
1 . 000 .
0
People’s Trust C o____
3.000. 11.632.4
0
New York Trust C o ...
1.000.0 1.334.4
Franklin Trust Co____
533,4
1 , 000,0
Lincoln Trust Co____
Metropolitan Trust Co. 2 , 000,0 5,249,3

Totals,
Totals,
Totals,
Totals,

actual
aotual
actual
aotual

586,0

66,0

condition
oondition
condition
oondition

Grand Aggregate,aotual
Comparison prev. week

7 3,662,206,0 408,971,0 48.395,0
Grand Aggregate aotual condition Apr.
Grand Aggregate aotual condition Mar. 31 3,612.223.0 373,982,0 55,034.0
Grand Aggregate aotual condition Mar 24 3,582,286,0'403,049,0 56.772,0

..........
_____
_____
_____
..........

” " 39,0
73’,0

105,0

_____
320,6
168,0
346,0
873,0 2,172,0
40,0
285,0
1,220.0 3,012,0
1,630,0
580,0

“ 47,6
_____
“ 75,6
85,0
..........

—
______
...........
......
__ ___
______
______
__ ___
______

___
___

...

614,0 10,659,0 6,389,0

248,509,0

62,0

...........

------—

555 0
383 io
307,0
323,0

9,848 0
9,212,0
8,880,0
9,190,0

6,239,0
6,935,0
7,197,0
6,364,0

239,804,0
235,789,0
227,087.0
230,845.0

69,0
59,0
61,0
554,0

...........

1,434,0 3,876,0
24,0
43,0 11,636,0 17,358,0
45,0 2,687,0 5,303,0
1,325,6 2 044,0
34,0
51’,0 1,364,0 2’,812,0
438,0 17,894.0 9,952,0
482,0
432,0
17,0
215,0
45 0 1,039,0
108,0 3,760,0 2,726,0
1,169,0 1,088,0
94,0
64,0 3,086,0
122,0
65 0
1 033 0
963,0
43,0
728,0
444^0
29,0 3,106,0 1,044,0

28.687,0
232,723,0
53,740,0
26,502,0
27,278,0
357,894,0
8,661,0
20,770,0
75,195,0
23,173,0
61,455,0
20 660 0
14,506,0
02,110,0

5,480,0
25,620,0
12,999,0
8,365,0
1,567,0
39,918,0
994,0
888,0
18,520,0
1,593,0
7,868,0
3,038,0
942,0
3,804,0

—

______

___

______
______
______

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

1,100,0 50,683,0 48,429,0 1,013,414,0 131,611,0

...........
...........
......
______
...........
10,246,0 289,304.0 54,818,0 3,742,914,0 193,077,0 28,010,0
+ 856,0i — 3,244,0 + 29980 + 19,302,01+3,173,0 + 543,0
928,0
1,121,0
973.0
879,0

51,152,0
50.009,0
49,068,0
48,393,0

45,215,0 1,022,854,0 131,126,0
46,292,0 1,001,739,0 134,385,0
47,268,0 999,004,0 130,847.0
68,193,0 990,398,0 128,206,0

a Includes capital sot aside for foreign branches. X5.000.000.
STATEMENTS OF RESERVE POSITION.
Actual Figures.

Averages.
Cask Revert, Reserve Is
In Vault. OeposUarU>

Total
Reserve.

a Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
Cash Reserve Reserve <n
from
PretlousWeek in Vault. Depositaries

Total
Reserve.

b Reserve
Required.

Surplus
Reserve.

fas. or Dee
from
PreviousiVisi

»
X
X
X
X
X
X
S
%
X
%
X
Members Federal
101,249,420 —30,633,410
Reserve Bank___ 326.965.000 227,962,000 554.927.000 449,648,580. 105,278,420 — 18,722,190 317.902.000 .228,437,000 546.639.000 445,080,580 7,865,280 — 4,187,700
State Banks*............ 51,634,000 10.659.000 62,293,000 44,731,620 17,501,380 + 7,942,000 41,182,000 9,848,000 51,030,000 43,164,720 19,704,000
+ 61,750
Trust Companies*.. 117.745.000 50.683.000 168.428.000 152,012,100 16,415,900 + 1,503,150 121.981.000 51,152,000 173.133.000 153,428,100
,000289 ,437,000 770,502,000641,682.400128,819,600
Total Apr. 1 4 ... 496.344.000.289 ,301,000785 ,648,000646,392 ,300139,255
+ 49,771,810
498,884,000(292 ,548,000791. 432.000,642,899 ,260148,532 740 + 23,785,050 502,311 ,000310 229,0001812,540,000618,961,010103,578,000
Total April 7 .
9O6,OOO|744,829.OOO’031.O21,86O;il3,807,1501—
.829.000 031.021,850,113.807,150 28.058,210
Total Mar. 31__ 1484.274.000. 270,465,000 754. ,739,000 629.991 ,310124,747 690— 27,095.100 473,933 ,000270
393.0001774,280,000631.514.04ffl42.765.3C0—
21,073,610
,000
26
I
790
+7.004,860'
509.887
,210161.842
Total Mar. 24
507.663.000273 ,719,000781, ,382,000629,539
* Not members of Federal Reserve Bank.
,
, .
. . . .
,
r>
n . nv
a This Is the reserve required on Net DemandDeposIts In the case of Stato Banks and Trust Compantra but In the case of Membersi of the Federal Reserve Hank
includes also the amount of reserve required on Net Time Deposits, which was as follows: Apr. 14. 83,0.0,200; Apr.7. $2,938,760: Mar.31, $2,550,400. Mar.,M, 8^538,550
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of 1tho Federal Reserve 1Ban*
Includes also the amount of reserve required on Net Time Deposits, which was as follows: Apr. 14, S3.152,500; Apr. 7, $3, IJ 2.850; Mar. 31, $2,552,150, Mar. *.*», $j ,ooo,7UU.




A pr . 21 1917.]

THE CHRONICLE

T h e S ta te B a nking D ep a rtm en t reports w eekly figures,
show ing the con d ition o f State banks an d trust com panies
In N e w Y o r k C ity not in the Clearing House, an d these are
show n in the follow in g table:

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)

Differences from

April 14.
precious week.
Loans and Investments....................
$799,358,000 Inc. *9,602,800
Gold.......-..................................................
69,022,400 Inc.
626,300
Currency and bank notes...................................
11,773,000 Inc.
846,400
Total deposits.................................................... 1042,521,600 Inc. 8,352,900
Deposits, eliminating amounts, duo from reserve
depositaries and from other banks and trust com­
panies In New York City, and exchanges............. 853,089,400 Inc. 9,588,600
Reserve on deposits............
254,857,500 Dec. 2,546,900
Percentage of reserve, 32.0%.
RESERVE.
------ State Banks------ ----Trust Companies—
Cash In vaults........ .................... $16,759,600 12.76% $64,035,800 9.93%
Deposits In banks and trust cos__ 22,274,500 16.95% 151,787,600 23.53%
Total....................................... $39,034,100 29.71% $215,823,400 33.46%

'

T h e averages o f the N ew Y o rk C ity C learing H ou se banks
and trust com p a n ies, combined w ith those for the State banks
and trust com p a n ies in G reater N ew Y o rk C ity ou tside o f tho
C learing H o u se , com p a re as follow s for a series o f w eeks past:

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e omU two ciphers in all these figures.

Week
Ended—

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

20...
27...
3...
10...
17...
24...
3...
10...
17-.24...
31...
7...
14...

Loans
and
Investments

Demand
Deposits.

Specie.

*
4,172,608,3
4,216,025,9
4,254,745,3
4,222,813,7
4,200,191,9
4,230,371,9
4,262,506,1
4,309,612,6
4,330,588,8
4,338,308,0
4,373,513,4
4,428,959,8
4,473,449,6

S
4,333,415,0
4,389.954,3
4,403,318,2
4,338.722,5
4,311,725,2
4,539,468,4
4,386.187,0
4,396,027,8
4,438,468,5
4,464,708,0
4,478,501,9
4,567,052,8
4,598,003,4

636.438.5
551,060,3
530.189.2
523.975.1
520.022.8
538.044.3
538.553.5
513.952.9
516.425.5
517.268.4
492.947.2
512,177,1
511.593.4

Other
Money.
$

83.323.8
76.059.0
74,353,7
73.943.6
73.705.7
71,511,5
73.535.3
68.656.4
60.368.5
68.877.9
70.214.9
66.029.6
65.546.0

Total
Money
Holdings.

Entire
Reserve on
Deposits.

619.760.3
627.119.3
604,542,9
597.918.7
593,728,5
609.555.8
612.083.8
582.609.3
585.794.0
586.146.3
563.162.1
578,206,7
577.139.4

1,031,316.7
1.057.394.0
1.046.031.4
1.019.827.0
1.004.960.0
1.038.788.2
1.043.203.4
1.031.061.1
1.042.356.3
1.051.036.4
1.009.960.2
1.048.836.4
1.040.505.5

1571

In a d d ition to the returns o f “ S tate banks an d tru st c o m ­
panies in N ew Y o rk C ity not in the Clearing House” fu rn ish ed
b y the S tate B anking D e p a rtm en t, the D ep a rtm en t a lso
presents a statem en t coverin g all the in stitu tions o f this class
In th e w hole S ta te. T h e figures are com p iled so as to d is tin ­
guish betw een the results for N ew Y o rk C ity (G rea ter N e w
Y o rk ) an d those for the rest o f the S ta te, as per the fo llo w in g :
F o r defin itions an d rules under w hich the variou s item s
are m a de u p , see “ C h ro n icle ,” V . 98 , p . 1661.
T h e provision s o f the law govern in g the reserve req u ire ­
m en ts o f State banking in stitu tions w ere p u blish ed in th e
“ C h ron iole” M a rch 28 1914 (V . 9 8 , p . 9 6 8 ). T h e regu la ­
tions relating to calcu latin g the am ou n t o f deposits an d w h a t
d ed u ction s are perm itted in the com p u ta tion o f the reserves
w ere g iv en in th e “ C h ron iole” A p ril 4 1914 (V . 9 8 , p . 1 0 4 5 ).

STATE BANKS AND TRUST COMPANIES.
W eek ended April

14.

State Banks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N . Y. Greater N . Y. Greater N . Y. Greater N . T.

S

S

s

Capital as of Nov. 29___
23,850.000 77,550,000 11,931,300
Surplus as of Nov. 29___
42,974,800 180,928,600 15,411,400
Loans and Investments.. 421,400,100 1,814,165,900 171,811,900
Change from last week. + 6,596,300 + 12,029,600
—358,400
Gold...........................
60,471,500 168,142,100
Change from last week. + 8,218,000 + 1,405,200 .....
Currency and bank notes. 24,726,600 16,460,600
Change from last week. + 2,533,400
+ 255,700 .....
Deposits_______ _____ 597,114,700 2,264,862,500 187,987,400
Change from last week. + 25,119,400 —7,856,800 + 2,234,300
Reserve on deposits....... 148,041,300 451.869,600 33,577,800
Change from last week. + 13,647,900 —3,605,200 + 1,172,600
P. O. reserve to deposlts.
30.6%
25.8%
20.8%
Porcentago last week..
29.2%
26.0%
20.8%
+ Increase over last week. — Decrease from last week.

S

17,050,000
17,936,600
289,576,500
+2,230,600

.....
.....
306,589,600
+2,856,400
43,243,600
+ 1,675,500
18.0%
17.2%

N o n -M e m b e r B a n k s a n d T r u s t C o m p a n ie s .— F ollow in g Is the rep ort m a de to the C learing H ou se b y olearlDg
n on -m em ber Institutions w hioh are n o t in cluded In the “ C learing H ou se retu rn ” on the p receding page:
______

RETURN

CLEARING
SON-MEMBERS.
Week Ending
April 14 1917
Members of
Fed’l Reservo Bank
Battery Park Nat
First Nat., Brooklyn
tfat. City, Brooklyn
First Nat., Jers. City
Hudson Co N..J.C.
First Nat., Hoboken
Seoond Nat., Hobok
Total................
State Banks.

Capital.

/Nat. bks.
IState bks.

O F N O N -M E M B E R
Net
Profits.

Loans,
Discounts.
Mar. 61 InvestFeb.28/ ments, Ac.
Average.

IN S T IT U T IO N S O F N E W
Legal
Tenders.

Silver.

Average. Average.

Bank of Wash. H’ta. 100,000 443.300 2,245,000 144.000
400.000 949.800 8,986,000 914.000
Colonial Bank
Columbia Bank---- 300.000 674.100 9,692,000 .839,000
191.300 1 478.000 117.000
200.000
Fidelity Bank
International Bank. 600,000 113,500, 4 516.000 569.000
470.100 7 658.000 991.000
200,000
Mutual Bank-----219,000! 4,303,000 192.000
200.000
New Netberiand__
WR GraoeACo’sBk. 500.000 551,000! 3 ,784,000 40,000
593,900 0 ,777,000 521.000
100.000
Yorkvllie Bank
Mechanics’. Bklyn.. 1,600,000 810.800 19 013.000 2,003,000
184.800, 4 398.000 292.000
North Side, Bklyn ... 200,000
Total. . . . . . . ---- 4,300,000 5,231,600 73,450,000 6,682,000

$

H O U SE.

Average.

Average.

Nil
Time
Deposits.

National
Bank
Circu­
lation.

Average.

Average.

Average.

$
$
*
8
$
8
520.000
4.418.000 179.000 188,000
26,000 620.000 460*666 5.304.000 204.000 296.000
10,000
722.000 259.000 6.199.000
120.000
24.000 1,576,000 6,190,000 5.222.000
395.000
121,000
3.000 544.000 611.000 4.530.000
196.000
21.000
35.000 461.000 332.000 2.949.000 3.210.000 218.000
2.000
9.000 500.000 357.000 2.493.000 2.270.000 101,000
187,000 115,000 4.843,000 8.209,000 31,115,000 5.863,000 1,514,000
$

4.000
16,000
9.000
14.000

57.000
590.000
284.000
43.000
19.000
249.000
119.000
285",666
,064,000
134.000
934,000 2,844,000

457.000
30.000
8/5.000

45.000 25,000
49.000 113,000
94.000 138,000

45,000
46,000
91,000

5,000
5,000

830.000
843.000
926.000
916.000
918.000

148.000
149.000
160.000
176.000
177.000

12,000

236.000
9.000
12,000
7.000
75.000
149.000
1.000
85.000
271.000
77.000

C L E A R IN G

NatJBank
Reserve Additional
NoteslNot Federal
with
Deposits
Legal with Legal
Counted Reserve
Nil
as
NoteslNot Depos­
Depos­
Demand
Reserve.) Reserve)
itaries.
Deposits.
itaries.

Average. Average. Average. Average.

%
t
%
!
$
$
$
400.000 374,900 4,871.000 380.000 85.000 90.000
300.000 686.700 5,889,000 155.000 39.000 132.000
300.000 610.800 6,085,000 185.000 71.000 137.000
400.000 1,202,000, 4,847,000 286.000 602,000 88.000
250.000 763.800 5,453,000 150.000 14.000 101.000
624.800 6,197,000 201.000
220.000
10.000
41,000
125,000 306.700 5,033,000 38,000 47,000 128.000
1,995.000 4,659.700 38,375,000 1,404,000 768,000 717,000

Not Members of the
Federal Reserve Bank

Nat .Bank
Notes [Re­
serve for
State In­
stitutions)

YORK

24.000
28.000
131.000
13.000
40.000
41.000

8,000

103.000 260,000 1.819.000
28,000 614.000 446.000 10.233.000
590.000 514.000 9.828.000
85,000 230.000 1.416.000
25.000 276.000 162.000 4.464.000 309.000
50.000 563.000 1.031.000 8.601.000 303.000
11.000 268.000 114.000 4.474.000 291.000
1.154.000 1.066.000 !,978.000
1,000
448",666 338.000 7.465.000
1,339,000 2.517.000 22,325,000
62*666
39,000 258,000 656.000 4.429.000 400.000
154,000 4.542,000 7.322.000 76,120,000 4,343,000

lbs'ooo

Trust Companies.

Not Members of the
Federal Reserve Bank.

HamlltonTrust, Bkln 500.000 1,150,100 8.464.000 575.000
Mechanics’, Bayonne 200.000 309,000 5.944.000 110.000
Total................ 700,000 1,459,100 14,408,000 085,000
Grand aggregate___ 6.905.000 11.350.400 126233000 8.771,000
+ 1664000 + 563000
Comparlson.prev.wk.
1,008,040 Increaso
Excess reserve
Grand aggr’to Apr 7 6.995.000 11.350.400 124569000
11.520.200
123562000
Grand aggr’teMar.31 6.995.000
Grand aggr’te Mar24 6.995.000 11.520.200 123569000
Grand aggr’to Marl7 6.995.000 11.520.200 123285000
Grand aggr’tc Mario 6.995.000 11.520.200 121449000

P h ila d e lp h ia B a n k s .— Su m m ary o f w eekly totals o f
C learing H ou se banks and trust com pa n ies o f P h ila delph ia:
We omit two ciphers (00) in all these figures.
Loans,
Due
Deposits.
Disc'ts A
from
Reserve
Invest' It. Banks.
Bank. Indlcid'l. Total.
Held.

'
Etcese
Reserve.

*
S
$
S
A p ril
14.
S
$
$
Nat. bank. 391.868.0 90,271,0 188,528,0 347.809.0 536.337.0 93.105.0 30,267,0
Trust cos.. 158.840.0 4,902,0 4,032,0 147.844.0 151.876.0 28.490.0 6,794,0
Total ... 550.714.0 101,173,0 192.560.0 495.653.0 688.213.0 121.595.0
Apr. 7... 549.749.0 96.682.0 190.440.0 492.404.0 682.844.0 119.898.0 37.061.0
Mar. 3 1 - 549.020.0 89.678.0 185.230.0 476.485.0 661.715.0 112.033.0 35.850.0
Mar. 24__ 550.350.0 89.535.0 186.939.0 477.014.0 663.953.0 113.227.0 29.560.0
Mar. 17... 553.267.0 88.024.0 191.055.0 473.202.0 604.257.0 112.830.0 30.404.0
Mar. 10... 552.595.0 81.301.0 185.354.0 471.974.0 657.328.0 112.669.0 29.572.0
29.535.0
Mar. 3... 546.751.0 88.760.0 189.766.0 476.305.0 666.071.0 112.050.0 29.488.0
Feb. 24... 547.861.0 80.498.0 185.392.0 473.019.0 658.411.0 110.405.0
Feb. 17... 646.740.0 89.345.0 183.737.0 477.100.0 600.837.0 112.250.0 27.953.0
29.910.0
Feb.
10... 645.652.0 83.264.0 181.588.0 480.266.0 661.854.0 117.408.0 34,347.0
______________________________________________
Note.—National bank note circulation April 14, *8,225,000; exchanges for Clear­
ing House (Included In ’’Bank Deposits”), banks, $21,146,000; trust companies
*2,333.000; total, *23,479,000. Capital and surplus at latest dates: Banks $64 175,600; trust companies, $41,295,200, total, *105,470,800.




337.000 2,012,000 6.734.000 1, 100,000
29,000 154.000 611,000 3.078.000 3,016,000
41,000 491,000 2,623,000 9,812,000 4,116.000
9,876,000 18,154,000 117047000 14,322,000 ,614,000
+465000 —158,000 + 2332000 + 46,000 —4,000
256.000 9.411.000 18.312.000 114715000 14.276.000 .518,000
234.000 9.672.000 18.237.000 113858000 14.273.000 ,517,000
216.000 9.772.000 18.262.000 113578000 14.216.000 ,520.000
284,COO9.671.000 17.886.000 114226000 14.333.000 .511,000
263,000 9.668.000 17.759.000 112471000 14,281.00011 ,512,000
12,000

B o s t o n C le a r in g H o u s e B a n k s .— W e give b elo w a
su m m ary show ing the totals for all the item s In the B o s to n
C learing H ou se w eekly statem en t for a series o f w eeks:

BOSTON CLEARING HOUSE MEMBERS.
14 Change from
April 7
Mar. 31
previous week.
1917.
1917.
1917.
Circulation_____________ *5,666,000 Inc.
$11,000 $5,655,000 *6,331,000
Loans, disc’ts A Investments 463.184.000 Dec. 3,446,000 466.630.000 465.827.000
Individual deposits, incl.U.S. 364.406.000 Dec. 6,413,000 370.819.000 369.278.000
Due to banks____ ______ 147.630.000 Dec. 3,473 000 151.103.000 144.671.000
Time deposits........ .......... 33.698.000 Dec. 526,000 34.224.000 34.866.000
Exchanges for Clear. House. 17.036.000 Dec. 4,252,000 21.288.000 17.339.000
Due from other banks........ 47.400.000 Inc. 2,879,000 44.521.000 43.676.000
Cush reserve..................... 24.923.000 Inc.
511,000 24.412.000 25.064.000
Reserve In Fed. Rea’vc Bank 32.843.000 Inc. 1,930,000 30.913.000 32.357.000
Reserve with other banks__ 46.434.000 Dec. 3,792,000 50.226.000 47.399.000
Reserve excess In bank and
Federal Reserve Bank___ 6.748,000 Inc. 3,047,000 3,701,000 5,813,000
Excess with Reserve Agents. 1 33,680,000 Dec. 3,640,000 37.320.000 34.497.000
April

I m p o r t s a n d E x p o r t s f o r t h e W e e k .- -See th ird page
p reced in g .

[Vol. 104,

THE CHRONICLE

1512
| p a tx k t x s 7

Wall Street, Friday Night, April 20

1917.

The Money Market and Financial Situation.— Stocks
declined early in tho week, as noted below, under the in­
fluence of the unusual measures for taxation under discussion
in Congress. Tho market has recovered somewhat but not
back to last week’s level of prices. The limited business
reported has been largely professional, as neither W all Street
interests nor the outside public has been interested. The
movement of prices has, therefore, little or no significance.
Tho remarkable results of the British and French offensive
drive in Franco lias attracted a good deal of attention.
They aro doubtless discouraging to tho German army and
together with the discontent, food shortage, strikes and
other demonstrations in various parts of tho Empiro suggest
tho seriousness of tho situation from tho German standpoint.
Notwithstanding this tho new Gei-man war loan, just an­
nounced, amounting to S3,192,000,000, exceeded all previous
loans sinco the war began and it is reported that tho General
Staff is preparing for a now offensive movement on tho
Russian border with tho hope of reaching Petrograd.
_
A s ovidenco that the limit of high prices had not in all
cases been previously reached wheat sold this week in Chi­
cago above $2 40 per bushel, the highest of which there is
any record, and iron and steel prices continue to soar.

Foreign Exchange.— Sterling exchange has ruled firm
during tho week, though rates have not changed materially,
continuing under control of the British Treasury. The Con­
tinental exchanges also havo ruled firm.
To-day’s (Friday’s) actual rates for sterling exchange wore 4 72 %@
4 72% for sixty days, 4 75% ©4 75% for chocks and 4 70 7-16 for cable,s.
Commercial on banks, sight 4 75%@4 75%, sixty days 4 il% @ 4 71%,
ninety days 4 69%@4 69% and documents for payment (sixty days)
4 71%@4 71%. Cotton for payment 4 75%®4 75% and gram for pay­
ment 4 75% fee4 75%.
. . .
,.
To-day’s (Friday’s) actual rates for Paris bankers francs were 5 <0%®
5 76% for long and 5 72%@5 72% for short. Ciormanv bankers’ marks
were not quoted for sight, nominal for long and nominal for short. Am­
sterdam bankers’ guilders wero 40 5-16. for short.
„ , .,
Exchange at Paris on London, 27.18% fr.; weeks range, 27.18% tr.;
high and 27.21% fr. low.
,
Exchange at Berlin on London, not quotable.
.
Tho range for foreign exchange for tho week follows:
Sterling A ctu a l —
Sixty D a y s .
Checks.
,„„,V a0*es'
High for the week__ 4 72%
4 75%
4 76%
Low for the week___ 4 72%
4 75%
4 76 7-16
Pa ris Bankers’ F ra n cs —
_
High for tho week__ 5 76
5 71 _
5 70
Low for the week___ 5 76 %
5 71 %
o 70 %
Germ any Bankers' M a r k s —
High for the week--- ---------------------Low for tho week----- ---------------------A m sterd a m Bankers’ Guilders —
High for the week__ 41 1-16
41 15-16
42
Low for the weok___
40%
40 13-16
40%
Domestic Exchange.—Chicago, 10c. per 81,000 discount. Boston,
par. St. Louis, 20c. per 81,000 discount bid and 10c. discount asked.
San Francisco, 10c. per 81,000 premium. Montreal, $4 6875 to 8o 00
S1.000 premium. Minneapolis, 15c. per 81,000 premium Cincinnati,
10c. per 81,000 discount. New Orleans, sight 50c. per 1,000 discount,
and brokers 50c. premium.

Stat8 a n d R ailroad B o n d s.— Sales of State bonds at tho
Board include $10,000 New York Stato 4 % s at 113 and
$2,000 New York State 4s, 1961, at 1 0 3 % .
Sales of railroad and industrial bonds havo fallen away con­
siderably in comparison with thoso of last week, and prices,
following the movement noted horo last week, have declined.
Baltimore & Ohio conv. 4 % s lost a point, while Consolidated
Gas conv. 6s and Interborough Metropolitan 4 % s fell from
113 and 67 to 1 1 0 % and 6 5 % , respectively. Now York Rail­
ways adj. 5s lost 4 points for the week, and United States
Rubber 5s trust company certificates declined from 91 to 89.
The announcement that tho Federal Reservo Bank has
boon authorized to sell $200,000,000 short-term Government
notes bearing interest at 2 % % , in anticipation of an issue of
long-term bonds, caused considerable comment in banking
circles this week; in fact tho main topic of discussion in
banking and bond market centres has been Government finan­
cing and tho best terms under which tho big Avar issue can
be floated.
Sales of bonds of tho various Allied nations havo been, as
usual, large, whilo prices in these issues havo held strong.
Anglo-French 5s, American Foreign Securities 5s, tho several
Great Britain and Ireland securities and Dominion of Canada
bonds have been the most in evidence.
Bonds selling on a s-20-f basis indicating, presumably,
sales on foreign account, have decreased this week, being
$19,000 as against $30,000 a week ago.
U n ited States B o n d s.— Sales of Government bonds at
the Board include $5,000 Panama 2s reg. at 98, $500 3s coup,
at 1 0 0 % , $2,000 4s coup, at 1 0 8 % , and $2,000 2s reg at 9 8 % .

Great Northern pf. and New York Central lost over a point
each for the week. New Haven fell from 45 to 3934. closing
at 4.0%, whilo N orf. & W est, and Reading registered declines
of 3% and 1 % points respectively.
Among tho industrial
shares the stocks of shipping companies wore exceptionally
weak. International Mercantile Marino com. and p f.,
following tho report that tho British Government had, as has
been expected, exercised its prerogative of taking over all
merchant ships on its registry, fell away sharply, losing 5%
and 834 points respectively. A tl. Gulf & W est Indies SB. fell
away in sympathy, possibly caused by the expectation that
the United States would emulate foreign oxamplo. _ Steel
shares were weak, United States Steel falling from 11554 to
108 tho final figure, howovor, being 1113d- Tho shares of
tho several copper companies showed marked declines.
For daily volume of business see page 1581.
The following sales have occured this week of shares not
represented in our detailed list on tho pages which follow:
STOCKS.
Week ending April 20.

Sales

Range for Week.

for

W eek

Lowest.

H ighest.

Range since Jan. 1.
Lowest.

Highest

share. S per share. 5 per share -i per share.
Apr 00% Jan
Apr 14 94
Apr 14 94
Acme Tea 1st prof__ 100
Apr 43% Jan
Apr 17 40
Apr 17 40
Amer Bank Note___ 50
Fob 53% Jan
Apr 17 49% Apr 18 49
Preferred_________50
Apr 128% Jan
Apr 20 110
Apr 20 110
American Express__ 100
Apr 14 94% Mar 97% Mar
Apr 14 95
Am Sm Sec pf ser B tr rec
Mar
Jen 60
Apr 19 63
Apr 19 02
Amer Teles & Cable, 100
Apr 00% Apr
Apr 10 52
Apr 18 50
Assoc Dry G’ds 1st pflOO
Apr 18 00% Apr 78% Jan
Apr IS 07
Associated Oil____ ,100
Apr 14 17% Apr 18 13% Feb 1 0 % Jan
At anta Blrm & AU--100
Feb
Mar 117
Apr 14 112
Apr I I 112
Barrett preferred__ 100
Apr 18 108% Apr 16 108% Apr 108% Apr
Barrett rects fu llpald
Apr 20 108% Apr 18 107% Apr 110 % Apr
Prcf rects full p a id ...
Jan
Apr 10 1% Apr 18
1 % Apr 2
Batopilas Mining___ 20
Jan
Apr 17 117% Apr 14 110% Apr 129
Brooklyn Union Gas, 100
Apr
Apr 115
Apr 18 115
Apr 18 115
Buff llocli & P, pref, 100
Jan 125% Apr
Apr 10 125% Apr 19 89
BurnsBros_________100
Jan
Apr 16 109% Jan 117
Apr 10 116
Preferred_______ 100
Apr 20 17% Apr 20 17% Apr 19% Jan
Butterick__________ 100
Mar
Apr 83
Apr 19 77 % Apr 10 70
Calumet & Arizona__ 10
Apr 14 25% Feb 34% Jan
Apr 14 27
Chic U I & P ctfs deposit
Apr
Apr 50
Apr 20 50
Apr 20 50
10 50
Clove & Pitts special___
Jan
Feb 75
Apr 10 08
200 69 Apr 20 70
Cluett,Peabody & ColOO
Apr 120% Jan
Apr 14 114
Apr 20 120
Cons G,EL&P(Balt) .100 1,700 114
I-’cb 59% Jan
Apr 14
Apr 14 55
200 55
Continental Insurance25
Jan
150 98% Apr 20 98% Apr 20 90% Feb 100
Deere & Co, pref----- 100
Jan
Apr 145
Apr 18 128
102 128
Apr 18 128
Detroit Edison____ 100
Jan
Jan 130
Apr 14 129
Apr 14 128
50 128
Diamond Match----- 100
Apr 14 39% Feb 87% Apr
Driggs-Seabury Ord----- 1,400 77% Apr 18 80
100 4% Apr 17 4% Apr 17 4% Apr 5% Jan
Duluth SS& Atl----- 100
Feb 11% Mar
Apr 20 9
Apr 20 9
100 9
Preferred________ 100
Mar
Feb 07
Apr 20 62% Apr 18 02
200 02
Electric Stor Battery 100
Ap 95 Mar
Apr I t 92
Apr IS 93
454 92
Fisher Body Corp pf 100
Jan
Feb 40
Apr 10 28
500 30% Apr 18 33
G as ton,W&W, Inc nopar
Feb 1 1 2 % Feb
Apr 19 10.8
Apr 10 112
100 112
General Chem pref.,100
Apr 17 127% Jan 131% Jan
A p r! 115
5 115
Homestake M ining.. 100
Apr
Apr 200
Apr 17 2G0
Apr IS 251
00 >48
Ingersoll-Rand------- 100
Jan
Apr 121
Apr 19 115% Apr 14 114
Int Harv N J pref— 100 1,300 114
Jan
200 79% Apr 10 79% Apr 17 75% Mar 83
Int Harvest Corp— 100
Jan
200 111% Apr 17 111% Apr 17 110% Mar 111
Preferred________ 100
Mar
Apr 20 97% Apr 19 94% Mar 102
Tnt Paper prof ctfs d ep ..
400 97
Jan
Apr 78
Apr 14 57
Jewel Tea, Inc_____ 100
400 57% Apr 18 59
Feb
Jan 135
Apr 10 125% Apr 10 115
Kavser (Julius) & Co 100 "300 125
Mar
Apr 93
Apr 20 88
Kelly-Springf p r e f...100
100 88 Apr 20 83
Fob 103% Jan
Apr 20 100 Apr 14 98
Laclede Gas________ 100
500 99
Jan
A pr1
281
Apr 19 225
Apr 19 225
Liggett <&Myers___ 100
100 >25
Apr 18 118% Apr 125% Jan
300 118% Apr 16 120
Preferred________100
Jan 47% Jan
Apr 14 34
Long Island_________ 50 1,400 42% Apr 17 44
Feb 27% Jan
Apr 16 20
Apr 20 21
Loose-Wiles Biscuit. 100
400 20
Apr 14 1 2 2 % Feb 133% Jan
Apr 14 123
Manhattan(Elov)Ry 100
500 123
Mar
Apr 81
Apr 20 70
Apr 17 75
Manhattan Shirt___ 100
200 70
May Dept Stores__ 100
100 59% Apr 14 59% Apr 14 58% Feb 06% Mar
Apr 17 100
Feb 107% Jan
Apr 17 105
Preferred...............100
30 105
Mar
21 113% Apr 17 110 Apr 17 113% Apr 120
Michigan Central__ 100
Apr 16 % Jan
Apr 20 11) Apr 18 9
Missouri Pacific___ 100
800 9
Apr 1 0 % Jan
Apr 20 12 Apr 17 10
do trust receipts___ 1,800 0
Jan
Feb 84
Apr 18 80 Apr 18 79
Natl Cloak & Suit...100
100 0
Jan
Mar 22
Apr 14 17
Apr 14 17
N O Tex & Mcx v t c __
200 7
Fob
Mar 57
Apr 18 49
Apr 18 54
N Y C & St L 2d pf.100
100 4
Jan
Feb 125
Apr 10 90
Apr 20 96
Nova Scotia S & C.100
200 4
Apr
Apr 0
Ohio Cities Gas rights.. 18,185 4% Apr 10 0 Apr 19 4
Jan
Apr
100
94
Apr
10
95
94
Apr
19
Owens Bottle-Mach.-25
300
Apr 14 29% Mar 34% Jan
Apr 14 33
Pacific Tel & Tel___ 100
15 33
Jan
Feb 102
Apr 17 100% Apr 17 99
200 100
Pitts Steel pref........ 100
Feb
Quicksilver Mining.. 100 1,200 1% Apr 20 2% Apr 10 1% Apr 3
2
Apr 4% Feb
Preferred________ 100 1,100 2
63% Apr 20.1 00 Mill 06% Mar
Roval Dutch ctfs of dep 4,100 01 %
Jan
31% Apr 18|| 31 % Apr 42
St L & San F pref A . 100
100 34%
127% Jan
120 Apr IOil 25% Mar
Sears, Roebuck pref. 100
200 120
Fob
Jan
80
09%
Apr
1
4
(|
75%
United Drug.............100
300 75
Jan
Mar 54
Apr lfl|| 52
E53
1st preferred_____ 50
200 52
Jan 22% Jan
12 Apr 20. 10
U S Realty A lm p t .. 100
100 12
Mar
Apr 7
Apr 18j 0
7
Vulcan Detlnnlng— 100
300 0
Jan
98% Apr 20 98% Apr 144
Wells, Fargo Express 100
242 98%
Apr 15% Apr
15% Apr 14] 14
Western Pacific____ 100
200 14
Apr
Apr 44
Apr 20 41
44
Preferred________ 100
150 44
Mar
Feb 107
Apr 193 97
105
Wilson Sc Co pref— 100
200 105
S per
100 94
100 40
200 49
100 110
400 95
10 62
270 52
100 07
2,000 16)
12 112
200 108%
200 107%
500 1%
200 110%
20 115
5,000ll23
100 110
100 17%
300 77%
200 27

Par. Shares

Outside Securities.— As was tho case in tho other securi­
ties markets, values of shares at tho Broad Stroot “ curb”
fell away. Chevrolet M otors, tho most spectacular, dropped
from 117 to 92, tho last figure being 93. Aetna Explosivos
and American Sumatra Tobacco fluctuated botwecn2-3%
and 23-24, respectively, whilo Central Foundry lost 4 points
for tho week. Curtiss Acroplano moved between 17 and 20;
the high, low and last prices of Lake Torpedo B oat, M axim
Munitions, Submarine Boat, United Motors and W rightFor to-day’s prices of all the different issues and for the week s Martin Aircraft wero 9-8-8, 2 % -2 -2 , 23-21-21 % , 35 % -3 0-30 %
range see third page following•
a n d 7 % -5 -5 % .
,
.
T11. . n .
Standard Oil subsidiaries wero fairly active. Illinois I ipe
Railroad and Miscellaneous Stocks.— Tho announce­
Line
moved
botweon
232
and
226.
Ohio
Oil
fell
from 370 to
ment by the Secretary of tho Treasury of a plan to raise more
than a billion and a half of dollars by direct taxation during 361, and Standard Oil of Now Jorsoy fluctuated between 659
the ensuing year, to cover part of this country’s war expenses, and 65 0. Standard Oil of New York moved up from 293 to
was followed by considorablo reaction in the stock market on 306, but closed to-night at 290. Shares of Vaouum Oil and
M onday. Tho tax proposals were, perhaps, not more drastic Prairie Pipe Lino were also dealt in.
Among tho bonds tradod in at tho “ curb” wero $45,000
than might bo expected in viow of possiblo needs, but tho
subject of making tho new income tax rates retroactive, for Cosden Oil 6s at 104% to 1 0 3 % , $42,000 French rnumcipal
the year 1916 was not woll received.
During tho latter part 6s at 9 6 % to 9 6 % , $50,000 Long Island R R . dob. 5s at 8 4 %
of the week, reports of tho favorablo attitudo taken by tho to 87, $114,000 Russian Government 5 % s at 85 to 87, and
Inter-Stato Commerco Commission toward a 1 5 % increase $161,000 Russian Government 6 % s at 93 to 9 4 % . A com­
in freight rates failed to causo any marked advanco in rail­ plete list of “ curb” market transactions for tho week will bo
road shares. Canadian Pacific fell from 1 6 2 % to 161, and found on pago 1581.




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

For record of salas during tha week of itociu usually laactha. «•« o receding
iSlOH AND LOW SALK PRICES— PER SHARE, NOT PER CENT.
Saturday
April 14

Monday
April 10

Tuesday
April 17

Wednesday
April 18

Thursday
April 19.

Friday
April 20.

Sales/or

STOCKS

th*
Week
Shares.

EXCHANGE

3573

page.

PER SHARE
Range Since Jan. 1
Lowest

Highest

PER SHARE
Range for Previous
Lowest

Highest

t per share % per share $ per share S per share $ per share S per share
$ per share $ per share
Railroads
Par 3 per share
102% 1023. 102 1023* 10 2 102*4 10 2 10 2 % 102*8 10 2 % 10 2 % 1027* 10,225 Atoll Topeka A Santa Fe.-100 100%Feb 3 107i2Jan S 100%Apr 1087* Oct
98*2 0 S12 98*2 98*2 98*4 98*4 98 98% 98 98
98% 98% 1,300 Do pref-..................10C 98 Apr 1C 100*2 Feb 1
102 Feb
*112 114 * 1 1 2 114 *112 114 * 1 1 2 114 * 1 1 2 114 113% 113%
300 Atlantic Coast Line RR...100 110%Feb S 119 Jan 4 106% Apr 126 Nov
76*4 707» 76 77
70*4 76*2 76*4 76% 70 76% 70 763. 6,600 Baltimore & Ohio______ 100 74 Feb 1 85 Jan 18 81% Dee 98 Jan
71 71
71U 71^ 71 71*8 71 71
71 71
71 71
1.85C Do pref..... ............ _100 71 Apr 16 76%Jan 17 72% Aug 80 Jan
0678 675a 65 66*4 66 66*8 65*2 6534 64% 65% 64 65*.i 11,225 Brooklyn Rapid Transit..100 64 Apr 2( 82 Jan 4 81 Dec
161*2 162% 160U 162*4 160*8 1623* 161*2 16234 161 162 100*2 161*2 8,400 Canadian Pacific______ 100 148%Feb 7 167% Mar23 1162% Mar 183%Jan
60’s 60% 59*2 607* 59*4 593. 59*2 60*2 5934 60% 60 0 1
5.40C Chesapeake & Ohio____ 100 56%Feb f 65%Jan 3 58 Apr 71 Oct
*11*4 12
11*2 11*2 *11*4 1 2
113* 1 1 % *1 1 % 12
*11*2 1 2
10%Feb £ 14%Jan 10 11%Apr 16%Deo
20 ( Chicago Great Western__100
343.1 343 *34 35 *34 34% *34 35
34 35
35 35
400 Do pref................... 10 c 32%Feb 3 41%Jan 2 33 Apr 47*2Oot
79% 80
*8034 81
797S 80*? 79% 81
79*2 8034 79*8 80
7,200 Chicago Mllw A St Paul.. 100 78%Feb 9 92 Jan 4 89 Deo 102%Jan
*118 118*1 *118 118*2 118*8 1180 118 118*8 *118 118*? 118 118%
50( Do pref................... 100 117 Mar 1 125%Jan 29 123 Deo 136%Jan
114lg 1143, 114 1145* 1143* 114*2 114*2 1147* 113*4 114% 113% 114*2 3,800 Chicago A Northwestern.. 10C 113 Marl3 124%Jan 19 123 Dee 1347*Jan
*160 170 *100 170 *100 170 *100 170 *155 165
Do pref__________ 10C 160 Apr 16
1165 Apr 178 Deo
30 363S 36 361? *30 37 *36 37
367* 37 *30 37
1,950 Chic Rock Xsl & Pac (new) w 36 Apr 17 37 Apr 13
84 84*4 *82 8412 83 83
83 83 *82 831? 82 82
so: 7% preferred when Issued.. 82 Apr 20 84%Apr 14
71 71
70*8 70*8 70 70*4 09*4 70*2 09*2 69*7 69 693 1,700 6% preferred when Issued.. 69 Apr 20 71 Apr 14
47*2 48** 47*2 48** 47 47*2 47*4 47*, 46% 47*2 46*2 47*2 5.50C Ch R 1A Pac ctfs of dep 2d pd. 525%Feb ( 49 Apr 3 631 Dec
___ ___ *40 48 *40 47 *40 48 *40 48 *40 48
CIov CIn Chlo A St Louis.-IOC 40 Feb £ 51 Jan 16
025aOot
Do pref_________ 10 c 70 Feb 1
*70 70 *70 70 *70 70 *70 76 *70 76
}27*l 27*2 *26*2 27*2 25*4 26 ♦26 27 *26 27
325 Colorado A Southern___ 100 20 Feb 10 30 Jan 4
27 27
37
Oot
*54 57 *54 67
55 55 *54 57 *54 57 *53 57
20C Do 1st prof____ ___ 10 c 54*8Apr 13 57*2Jan 0
62%Oot
Do 2d prof............ 100 42 Marl2
*43 48 *43 47 *43 47 *42 48 *42 48 *48 48
1213, 1 2 2 % 4,900 Delaware A Hudson
100 118%Apr 12 151%Jan 19 1487bDee
121*2 122*2 120 12 2
121 1217* 121*4 12 2
1217* 12 2
Delaware Lack A Western..50 227%Feb 15 238 Mar24 216
*22334 233 *22334 230 *2233.1 230*5 *2233.1 237 *223% 230'?
Mar
*13 14*2 *13 15
20C Denver A Rio Grande___100 11%Feb 8 17 Jan 6
13 13 *12*2 14*4 *13 1334 13% 13%
8%Mar
32*2 33
*33 35
32 32
33 33
32 32 *30 33
SOC Do pref__________ 100 22 Feb 3 41 Jan 2
27*4 28% 26,700 Erie.............................. 10 c 25 Feb 2 34%Jan 3 32 Apr 435$Jan
27*4 23
28*4 28*2 273a 28'a 27*4 2/7* 273s 28
42*2 42*2 41 41*? 413* 413* 40*2 40*2 41*4 41% 41% 423* 2,400 Do 1st pref________ 100 37%Feb 3 49*4Jan 2
32% 33% 1,200 Do 2d pref________ 100 30 Feb 9 39%Jan 3 40 Dee 54is Jan
34*2 34*2 33*2 3334 32*4 325* *32% 34 *32*4 34
1107S 111*4 111 111*8 *110*2 111 110*4 111 110*8 110% 10978 110*2 4,900 Great Northern pref........ 100 109%Apr 2C 11S%Jan 4 115 Deo 127%Jan
317j 32** 31*4 317* 3038 31
30*4 311? 30% 31*8 30 30% 8,500 Iron Ore properties..No par 27%Feb 3 38% Mar 4 32 Deo
104 104 104 101 101 104 104 101 104 101 101 101% 1,500 Illinois Central...............100 100 Feb 3 100%Jan 2 99% Apr 1097*Oot
12** 121* 12 12
12 12*8 12 12*s 11*4 12*8 10% 11% 8,750 Intcrhor Con Corp, vtc No par 10%Apr 2( 17%Jan 2 15%Dec 21%Jan
*64 651* 035* 0334 635s 635* 63*2 04*, 59 63*2 5S% 00% 9,200 Do prof..................100 58%Apr 2( 72*4Jan 2 09 Deo 77%Jan
23 23
21*2 2H2 2 H2 21*2 *21% 22% 22 22
22% 22%
800 Kansas City Southern___100 20%Apr 1C 25%Jan 2 23% Apr 32%Jan
*54 50 *5512 68 *54 68 *5438 58
54*8 54') *54 58
10C Do pref...................10C 63*2 Feb 28 58%Jan 30
847SJan
*17 20 *17 20
17*4 17*4 *17 20 *17 20 *17 19
100 Lako Erie A Western.......100 17 Feb 3 25%Jan 3 10 May 30 Dec
*36 41 ♦30 41 *36 41
36 37 *35 40 *35 40
200 Do pref................... 100 30 Apr 18
32 Apr 55%Nov
0
5
3
4
65*2 60
60
65*8 65*8 65*4 05% 65% GO 65% 06*2 10,400 Lehigh Valley............... .50 63%Apr 10 79%Jan 2 74%Jan 87%Oot
43*4 433* 4212 43*2 42 42*8 42 42
41% 413 4,400 Long Island certfs of deposit. . 40%Apr 11 43%Apr 14
*129 131 130 130 *129 131 *130*2 131 *130% 131 131 131%
500 Louisville A Nashville___100 122%Feb 6 133%Jan 4 121%Mar 140 Oot
20*2 207* *19 23 *17 21 *18 21 *17 21 *19*2 203
200 Mlnneap A St L (.new)__10C 20 Apr 13 32%Jan 29 26 Oct
38 Oct
*100 111 *100 111) 1077* 10778 *106 no
10778 1077* *108 no
200 Minn St Paul A S S M___ICO 105 Feb 7 119 Jan 3 116 Deo 130 Oct
*125 130 *120 130 *120 130 *120 130 *120 130 *120 125
127 Apr 13
*734 8
734 734 ♦7*4 73l
7% 7%
1,700 Missouri Kansas A Texas. 100 6%Apr 9 11 Jan 2
7*4 7 1 ? 7*2 8
13UDec
*14U 18 *14*4 16 *14 15 *14 17 *14 15
14% 14*,
10C Do pref................ ..100 14 Feb 19 20%Jan 4 10 Apr
295* 30*4 29 30
29*2 29*2 29 29*? 28% 29% 2834 29% 9,10C Missouri Pacific (new) when las. 27 Feb 3 34 Jan 2 22% Sept
68*4 59
59 59
59 59
59 59*4 59 59% 59 59
2,800 Do pref (or Inc bonds) do. . 51 Mar 7 61 Jan 3
C4?$Dec
95 955* 941* 9434 9334 95
100
9414 95*4 94 943.1 93*2 95% 8,065 New York Central__
91 Feb 2 103%Jan 4 1C0% Apr 114UOct
*45 40
44 44
43*2 45
43*2 43% 39*4 43% 39% 41 23.90C N Y N H A Hartford.......100 36%Feb 16 52%Jan 2
777*
Jan
*235* 247* 235* 2353 23*8 23*2 *23% 24% 23*2 237* *23*2 2434
son N Y Ontario A Western... 100 22 Mar 1 29%Jan 2 26 May 343 $Dec
3,700 Norfolk A Western_____ 106 126% Mar 1 138%Jan 24 114 Mar 147%Oot
131*4 131*2 128*4 129*4 123 129 128 1287* 128*4 12834 1233* 129
*85 87 *85 80
300 Do adjustment pref...loc 85 Mar13 89*2Feb 3
85 85 *85 89 *85 90 *85 89
89{$May
5,300 Northern Pacific............. 100 101 Feb 3 110%Jan 3 108 Dec 1187*Jan
103*2 103’4 103*2 10334 103*4 103*2 103*4 103% 103*4 103*2 103% 101
53 53
527* 53
53*s 533{ 7.10C Pennsylvania................... 60 52%Apr 9
53 53
527* 53
53 53
56
Sept
60 Oot
24% 24% 1,025 Pcro Marquette v t c_____
25 20's *247* 20*2 *23*8 25 *24 25% 24*4 25
24 Apr 7 30%Jan 2 36%Dec 3S's Deo
70 *60 70 **00 70
*___ 70
70 *___ 70 **
07%
Feb
28
73i2*Jan
17
72
Dee
73%
Deo
*
59
59 *__
59
50 *___ 59
*__ 59
Do pref v t c___ ____
65 Jan 17 57 Jan 8
21*4 22*4 203.i 2134 203| 22*8 22*2 23% 23 2 1 % 23% 243* 29,400
20%Apr 16 21%Apr 19
577* 69*? 59% 62% 007* 02 12,800 Preferred Interimctfs........ 53%Apr 17 62%Apr 19
54^ 55
64 553* 535* 57
95 96% 947* 96% 947* 96*2 01,500 Reading........... ............. 50 88*2 Feb 3 104%Jan 3 75%Jan 115*] Sept
905* 97*2 94** 9034 94*4 96
*42 43 *42 43 *11*2 43 *41*2 43 *41*2 43 *41% 43
1st preferred.............. 60 41%Apr 10 45 Jan 29 4178Feb 46 Feb
*42 43*2 *42 43*2 42*i 42*4 42 42 ♦413, 42*2 *41% 421?
41*2 Mar 8 45*2Jan 10 41%Feb 52 May
200 2d preferred........ .......60
19 19*4 1834 19
19 19
187S 19
20 20
18*2 19*- 5,200 St Louis A San Fran new (trli. 18%Apr 20 20%Jan 2 15%May
313* 31*2 30*4 3034 29*4 29*4 *29 31% 2934 29% *30 32
1,000 St Louis Southwestern___IOC 25 Feb 3 31%Apr 14 18 May
*50 52*| *50 62 *40 52 *48*2 52 *40 52 *40 56
Do pref__________ 100 47%Apr 10 53 Jan 4
14% 14% 1,100 Seaboard Air Lino........... 100 13% Marie
*14 15*4 141* 141* 14 14 *14 15 *14 15
19UDec
*32 36 *31 331? *31 33*2 32 32 *31 34*2 32 32
200 Do pref................... 100 31% Mar 14 39*2Jan 3 34%Apr 42^8Oct
94% 94% 94*8 95*2 10,000 Southern Pacific Co........ 100 90 Feb 3 9S% Mar24 94% Apr 104%Jan
947* 95*8 933* 94*2 93*4 9378 937* 94
28*3 2S34 2784 283* 27*4 28*4 277* 28% 28*4 237* 28% 29% 31,700 Southern Railway.......... 100 20% Mar 1 33%Jan 3 18 Apr 36*4Deo
5834 583j 58 58 *57 68% 57*2 59
58 59
58 58
3,000 Do pref..... ..............100 55%Apr 10 70%Jan 30 60 Apr 73%Deo
1634 17 *15 16*4 16*2 16*2 *15 16*2 *15 10%
17 17
400 Texas A Pacific.............. 100
14%Feb 28 19%Jan 4
0%Feb 21*4 Dec
•37 38 *37*2 38*2 *37 38
36% 37
30% 36*2 36 30
400 Third Avenue (New York) 100 30 Feb 9 48%Jan 2 43 Nov
___ __ 901* 905* *90 92 *90 92 *90 92 *90 91*2
300 Twin City Rapid Transit.. 100 90%Apr 16 95 Jan 20 94 Mar
137*2 138*4 1357* 13734 130 137*8 1303,1 1377. 137 138% 136% 138*2 55,450 Unlnp Pacific_________ 100 131 Feb 3 149i$Jan 2 129*4 Apr
81 81
81 81
*81 81*2 *80*4 81
81 81 *80 ' 81
400 Do' pref__________ 100 81 Marl3 85 Jan 24 *80 Sept
9
*8
9
9
9
*8
9
200 United Uullways Invest... 100 6%Feb 1 11%Jan 2
8'* 81« *8*4 9*2 *8
7%May 21*4 Jan
(1 *17 19 *17 19 *18 20 *18 20
•18 20 *18
Do prof_________ 100 18 Feb 5 23*i Jan 2 17 Sept
117* 117* 115* 12
11% 117* 1,761 Wabash____ _
inn 11%Apr 17 15%Jan 5 13*8 Sept 17 Jan
11*2 1lS8 §11*2 11*2 12 12
493* 50
49U 49% 48*2 49*8 48% 49*, 487* 49% 49% 50-% 6,400 Do pref A.......... ..... 100
46%Feb 2 58 Jan 2 41%Mar 80%Deo
25*4 25% 25*4 20
25 25*t 25 25*2 25 25
*25*2 20
Do pref B do.......... 10C 24 Apr 3 30%Jan 2 25 Apr
21 21% 2134 213, 3,500 Weetorn Maryland (new).loo 21 Apr 7 23 Apr 3
21 21*2 21 21*2 215* 21*8 *21*4 22
_
*37 40 *30 40 *30 40
300 Do 2d pref________ICO 35 Apr 9 41 Mar27
38*4 38% *37 40 —16 —
103, 5,700 Wheeling A Lake E Ry w 1.. 13% Mar 1 22%Jan 2
167* 17
10*2 173* 10 16*2 10 10% 16*4 17
Dee 27% Deo
37 37*2 3634 30% 2,300 Do preferred when Issued. 31%Apr 10 60%Jan 22 21
377* 377* 36 30*2 30*8 36'* 30 37
46
Dec
*50 51 *49 51 *48 51 *48 52 *18 51
45%Feb 14 54%Jan 2 83 Apr 56%July
Industrial & Miscellaneous
17*4 17*2 *10 17*2 *15 17*2 *15*2 17*2 *15 17*2 *15*2 17%
300 Advance Rumely...-*___100 14%Apr 10 18*2Jan 9 14 Aug 21%Deo
*29 33% *29 33% *20 33
31 31
225
*08
72
72
*67*2
72
*68
78 70
68*2 08%
500 Ajax Rubber Ino________ 50 66 Feb 3 80 Jan 25 63 July
*7*8 8
1H
8
8
*7*4 8
8
7% 7%
*734
s'
700 Alaska Gold Mines..........10
6%Feb 8 11%Jan 4 10% Dec 26%Jan
7
6*2 658 612
*0% 7
*6»t 7
*0*2 7
500 Alaska Juneau Gold Mln'g.10
0%Apr 17 8*s Mar26 ' 6%Oct
10%Jan
2
5
I
4
26
25 25
25%
25*2 253.1 253* 253* 25*8 253*
3,800
Allls-Chalm
ers
Mfg
v
t
0..100
20%
Feb 3 30% Mar21 19 July 38 Nov
l 81
81 81 *78 81 *80 81
400 Do preferred v t 0___100 79%Feb 3 86% MarlO 70%July
9
1
3
4
O
u
*89
93
92
90
93 937* 91
1,700 Amer Agricultural Chem..l00 83 Feb 3 93%Apr 14
102 Nov
101%
iui‘2 *99*8 100*2
100*4 101*2 100*4 100*4 100 100 *99
200 Do pref__________ 100 98%Feb 10 103*2Jan 24
Mar 103%Deo
92*2 94*4 92% 94
90*2 92 19,900 American Beet Sugar.......100 81 Feb 1 102%Feb 15 96
94 957* 94 90
61%Feb 108%Nov
97
*92*2
or
*92%
97
*___ 97 *90 97 *9212 97
Do pref__________ 100 95 Feb 7 98 Jan 24 93 Apr
44% 45*4 45 45^ 437* 45 10,370 American Can.......... ......100 30
461* 465s 443* 4034 44*s 45
Feb 3 51% Mar29 44 Dec
IO504
— ___
100 100 *100 107 100*4 100*4 105*8
400 Do pref................... 100 105%Apr 18 110%Jan 25 107%Dec 116 * 3 Sept
0.504
M
)I*
64*2
06% 5,300 American Car A Foundry. 100 57 Feb 3 71*2 Mar27 62 July 78*2Deo
07*4 07*2 05 67*2 65*4 00
116^ *114*4 110%
*114*4 115*2 *114*4 110*8 115*2 115*2 *114 14 110*2
125 Do pref................... 100 115%Apr IS 118*2Jan 23 115%Aug 119%Mar
42 42
41 41*2 40*2 40l2 397* 40*4
39*2 40
1,600 American Cotton Oil.......100 39%Apr 20 50%Jan 6 48*8 Deo 68%Oot
99*2
*92 9934 *95 100 *95 993.1 *92 993.1 *13%
98 Apr 9 1011*» Jin 0
14% 13*2 It
14 14
1334 14
133* 14
1,810 American Hide A Leather. 100 10 Feb 2 17% Mar29
8%June 20*2Oot
61 62
02 62
04 (M’s 01 035* 01*4 62
3,700 Do pref................... 100 58 Feb 3 75 Jan 4| * 5 Mar
26
25% 25%
_ __ *20 27 *25 27 25% 25%
700 American Ice Securities... 100 24 Feb 2 32%Jan 2 25 Jan 32%Deo
19% 20% 7,300 American Linseed______ 100 15%Feb 3 21% MarlO; 17 Dec 277* NOV
20** 203* 19»4 20*s 20*8 203* 20 203,
55 55% 7,000 Do prof__________ 100 48
55*2 55*2 65** 557* 55*2 557* 55% 56
Feb 3 56%Apr 12 38%Mar 62%NOV
66 07
66% 6712
69 70
07*2 0912 66% 63
7,600 American Locomotlvo___ 100 02%Feb 2 82%Jan 4 58 July 98%N ov
103 103
*103 100 103*2 103*2 *103 105 ♦102*2 105
200 Do pref.._________100 103 Feb 15 106%Jan 20 99%July 109 N ov
id
1
4
7
*
1
0
'%
14%
1
1
7
*
1
2
3
,1
12I2
13
14% 15*4
12
5,600 Amer Mailing...........
10 0
19% Mar30
62 02*2 59 60
03*2 61*2 01*2 63*4 607* 6212 102 64
15,400 Do pref................... 100 59 Apr 20 68 Mar30
—
— *91 95
94 91*2 94 94
95*2 95*2 —
700 Amer Smoltora Seo pref B.100 93%Jan 2 99%Jan 31 84%July 97% Nov
*99 100
*100 101*2 100 100*8 *99*2 100*2 *99 100
Do pref Ser A 'stamped.. 9S%Feb 13 102*4 MarlO 91%July 102 Nov
9978 98% 99*8 20.S260
1013* 101»4 99 101*2 977* 9938 98% 99
OO Amor Smelting A Refining. 100 94%Feb 2 110%Jan 19 8312Apr 1227* Nov
*113 114
*112 114 113*8 113*8 *11212 114 *113 114
100
Do prof__________ 100 111 Feb 23 117** Jan 19 109%Apr 118%Oot
60
597* 597* *50 59 *57 59
56*2 57%
*59 61
000 Am Steel Foundry_____ 100 52 Feb 3 65% Mar21 44 Apr 73 Deo
11*2 in 111% 5,200
7* 111*4 112*2 112 113%
American Sugar Refining.. 100 104%Feb 3 115%Feb 21 104 Dee 125%Oct
112*4 1133s 11134 113
*110
r.pjj
*119
120
120
11934
119%
1187* 119 119
GOO Do pref................... 100 117- Feb 2 121%Jan 25 115%May 123%Oct
1 2 3 % 123% 2,100 Amor Telephone A Tcleg-.lOO 122%Feb 1 128%Jan 24 *123% Dec £134% Sept
1233* 123*2 123 123*2 1227* 1233* 12313 12512
l •> 180
O
American Tobacco.......... 100 185 Apr 20 220 Mar 12 188 Feb 2297* N ov
5,900
197 200*2 190's 19734 *105 107 ♦103 IU
100
108
lot 101
•100 108 107 107
300 Do pref (new)______ 100 104 Apr 20j
18 105*i Apr 113 Sept
48*2 48% 6,200 Am Woolen of Maos........100 37*8 Feb 3! 109%Jan
495* 50*2 48*4 49*2 48% 49
50*2 51
54%Apr 3 37 Deo 687*N ov
9
734
9734
98*2
*97
99
—
—
99
300
Do
pref...................
100
92 Jan 102 Mar
99%
Marl4
97*4 98 ♦97
94
Feb
31
44*8 42% 43
44*8 44*s
4534 47 *44*s 40
•40 51
2,200 Am Writing Paper pref.. 100 37 Feb 3j 54*2 MarlO 11 Jan
N ov
33 33
33 33
30*., 32% 3,900 Am Zinc Lead A S .......... 25 30*4 Apr 20; 41%Jan 20 29%July 76%
33 333.1 327* 33
34 34
977* Apr
607
8
667*
*60
07
66
60
25
72%
Jan
20
66% 07*2 *06 67
500
Do
prel___________
69%
July
64*2
Feb
1
87
80% 757* 77% 57,710 Anaconda Copper_______ 60 70 Feb 1 80% Mar20 77 Apr 105% Nov
80'* 807* 787* 80*2 77*1 79's 78% 7912
ov
90% 99*2 40,500 Atl Gulf A W I S3 Line ctfs 100 89%Feb 3 121%Jan 22 56 July 147%N
1075* 1093* 101*2 08% 98*2 103*8 101*4 103*2
Deo
uu
ou
60 00
*01 02 ♦00 02 *00 62 *60 62
200
54
Feb
8
60
Jan
4
Do
pref
certfs______
100
eo*s Dee
73%
Nov
547* 56** 5312 55*4 527* 53*2 53 5 3 % 54 5434 5178 53% 10,800 Baldwin Locomotive___ 100 43 Feb 3 63*2 Mar26 62 Dec 118%Jan
200 Do pref................... 100 100 Feb 2 102%Jan 15 98%Deo
*___ 100*8 *___ 00*8 100*8 100*8 *99*8 100*8 110 00*8 *99 100*2
May
no
109 109% 1,400 Barrett Co (The)........... 100 109 Mar23 130 Jan 2 al27%Dec 110
•110 112 1093.1 1107* U07g 1107g 109*4 10978 132
167*2 Deo
900 Bethlehem Steel........ ...100 all9 Mar 1 515 Jan 4 415 Jan 700 Nov
135 135 134 31 130 130 132 132*2 12 2 132 128 128
125% 115% 123*2 112,100 Do class B common . . . 100 103 Mar 1 143% Mar21
127*4 128*4 124'a 28 122*4 1257* 122*2 1257*
Bid nud assod prlooa; on j i 'hs ou ttiU (lay.




: Ex-rlgnts.

I Lais than 100 snares.

a Bx-dlv. nod riguts

x iSi-divideu-l

a Before payment of 1st Installment

New York Stock Record— Concluded— Page 2

1574

For record of sale* during ttta week of stock* usually Inactlre, tee second
HIGH AND LOW SALM PRICES— PBJt SHAKE. NOT PER CENT.
Saturday
April 14

K on day
April 16

Tuesday
April 17

Wednesday
April 18

Thursday
April 19

Friday
April 20

Saltifor
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

page

preceding*

PER S H AR E
Range Since Jan. 1
On basis of 100-sAarc lots
Lowest

Highest

PER S H A R E .
Range for Previous
Year 1910
Lowest

Highest

$ per share
$ per share $ per share
Industrln!&M Isc.(Con.) Par $ per share
J per share S per share $ per share $ per share $ per share
135 Jan 5 120 July 186 NOV
200 Bethlehem Steel pref_____100 1 17 1 3 Mar
*121 130 *121 130 121 121 120 120 *120 126 *120 120
521* Jan 26 4178 Deo 105*4Mar
Feb
42*4 43
43 43% 42% 43
44% 44U 43*2 44
41*8 42% 3,200 Butte * Superior Copper__ 10 38%
42*8Jan
20% 20% 20% 20% 20 203.1 2,900 California Potroleum. vto.100 20 Apr 20 30*2Jan 25 15 Juno 80»s
21 21*4 20*4 21
21% 22
Jan
50*2 50*2 51 51 *50% 53
50% 50% 1,100 Do p re f____________ 100 47 Feb 3 62%Jan 25 40 June
5312 53*2 51*2 52
Nov
83% 85% 82% 84% 39,965 Central Leather_________ 100 70 Feb 1 977* Jan 4 49 Apr 123
82 84*4 8334 35
80*8 87*i 84*2 87
117*2
Nov
1087*
Jan
1157*
Jan
25
1117*
Apr
19
*
Do
pref_____________
100
300
112
114 114 *112 115 *112 115 *112 115 111% 112%
34% 35
1,900 Cerro de Pa3co Cop__ No par 347* Aprl9 41 Feb 20 88*2 Apr 131 June
*35 3612 35 35*8 35% 35% 34% 35
800 Chandler Motor Car____ 100 90i* Feb 3 104*4 Mar20
98*2 98*2 98 98 *96% 97*2 93 95
97 07 *95 101
22 227* 22% 22% 22% 22% 10,000 Chile Copper_____________ 25 20 Fob 3 275* Marl2 19*8July 39*4N ov
23 23
23 23*s 22% 23
Feb 3 63*4 Mar 7 46*8July 74 Nov
54*4 55*4 53% 54*2 52% 53*2 53% 53% 53% 54*4 52% 53% 8,500 Chino Copper____________ 5 481*
Sept
47% 47 47*2 46% 47% 3,000 Colorado Fuel * Iron_____100 3812Feb 2 54i2 Mar21 38*8 Apr 63*4
47
48 48*2 47 47*2 46*2 47
341* Feb 3 477* Apr 4 30*4 Sept 637* Deo
44*j 44*4 43*3* 44*8 43% 4334 44 45% 44% 45% 43% 45% 19,000 Columbia Gas * E le c ___ 100 401*
Apr 18 40 Jan ‘ 40 % July 62*8 Jan
200 Computing-Tab-Record ..100
*4# 42*4 *40 41*4 40% 40*8 41 41 *40*8 47%
Apr 20 1345* Jan 18 129*4 Deo 144*4Jan
112*2 115*4 111 113 111*4 112 112% 112% 110% 112*2 110 111 14,900 Consolidated Gas (N Y )..1 0 0 110
82%Feb . 94*4 Mar29 75*4Jan zlll Sept
92*8 92*8 *915* 94*4 92*3* 923S 92% 93
93% 94% 92% 94% 2,200 Continental Can_________ 100 110
Feb 8 112i2Feb 7 106 Feb 114 Nov
Do
pref____ _____
100
*109 110 *109 110 *109 110 *109 n o *109 110 *109 110
Mar23 13*4 Aug 29*4 D00
24 245s 23*2 24*2 23*8 237* 23% 2 3 % 23*4 23*3.1 23 23*2 19,800 Corn Products Refining__ 100 18 Feb 2 1 1271*
Apr 11 2 .**Jan 2 85 June 113*2 Dec
*90% 99
98*4 9S78 98*4 98*3) 9S% 98% 98 98*2 97% 98% 2,100 Do pref_____________ 100 96%
50l2Feb 2 73*4 Mar21 50*4Deo 99*2 Mar
61 62% 01% 03
00*2 62
59*4 02*4 53,100 Crucible Steel of America. 100 107
63**4 61*8 Cl 64
Feb 3 117*4Jan * 108*4Jan 1247* Deo
300 Do pref_____________ 100
*108 108*2 108*2 108*2 *107% 108% *108% 108% 107*4 107%
43 Deo 70*8 Oct
46% 47% 45% 47% 44% 40 35,960 Cuba Cane Sugar____ No par 35** Feb 3 55*4 Jan
40 47*8 45*2 47*s 45*2 47
91*4 Deo 100*2 Oct
90*34 91*2 9034 91% *91 92
91% 91*2 2,000 Do pref_____________ 100 8513 Feb 14 94i2 Jan
0112 91*a *90*2 92
Sept
2,500 Cuban-Amerlcan Sugar__ 100 59 Feb 14 205 Apr 16 152 Jan 2697*
195 201 197 205 19978 200 200 200 200 200 *195 200
100*8 Doc 110 June
200 Do pref_____________ 100 101 Apr 17 105 Mar
*102 105 *102 105 101 102 *100 103 *93% 102 *100 103
54*2
Apr
24
Deo
32
Jan
11*4
Apr
20
Distillers’
Securities
Corp.100
12%
14
13
1
4
3
4
13%
11%
10,900
14%
*16 17
143* 16
13%
18 Deo 29*2Fob
14 14% 14% 14% 14% 15
7,700 Dome Mines, Ltd_________ 10 14 Apr 18 21*4 Jan
15*2 15*2 15 15*s 14*2 15
Jan 26 159 Apr 187UOct
166 166*5* 165 105 164*34 164*4 161 101% 164 104% 102*8 163*2 2,300 General Electric_________ 100 161 Feb 3 171*4
120
Deo 135 Dc«
125
Marie
98%
Apr
20
General
Motors
tem
otfs-.lOO
99 103*2 98% 101*2 60,800
111 111*2 185 111*8 105*2 108% 101% 105
85'2 Apr 19 93 Jan 4 88 **Deo 93 Dec
tem ctfs.-lOO
606 Do pref
§85*2 85*2 86 86 *85% 80*3 *85% 86*2 85*2 85% 86*2 86*2
80 Apr
47*4 Apr 20 Cl^Jan 19
49*2 Deo
49% 49% 47% 49% 9,000 Goodrich Co (B F )_______ 100 107
51 517* 503* 51*. 49*34 50*8 49% 50
Apr 18 112 Jan 4 1 10 12 Deo 110*4 Mar
300 Do pref_____________ 100
10S*>4 10334 *167 109 *107 110 107 107*8 *107 109 *107 109
400 Granby Cons M S A P ___ 100 751* Feb 3 92S*Jan 17 80 July 120 N ov
82 82 *80% 84
80*2 80*2 80*8 80%
*80*3 84 *80*2 84
40%Apr 20 47 Jan 26 34 June 56*2 Nov
000 Greene Cananea Copper.. 100
40% 40*2
*41 43 *41 42
41 41*4 407* 41 *40*2 41
991*Feb 3 137 Jan 3 71 May 193 Nov
2,000 Gulf States Steel tr ctfs__ 100
127 123 125 128 124 124 125 126% 123% 126 121 122
87 May 115 Nov
100 Do 1st pref tr ctfs_____ 100 102 Feb 3 108 Apr 17
*107 108*2 108 108 __ __ *108 110 __ __
117
Feb 10 1 1 7 %Feb 2 72 May 190 Nov
Do
2d
pref
tr
ctfs_____
100
*120
Apr 74*4 Nov
57*8 573* 55U 57*4 547* 55*2 55U 55% 55% 56% 54*2 55% 23,100 Inspiration Cons Copper__ 20 48 Feb 1 63*2 Mar20 42%
Jan
600 Intcrnat Agrlcul Corp____ 100 13i4Fcb 5 19*8 MarlO 11 Ailg 297*
18*4 18**8 18*. 19 ♦17 18*2 *17 19 *17*2 19 *17 19
35UFeb 5 487* MarlO 37 Deo 74 Jan
47 48 *46 48ta 46*4 46*i 4*1% 40
46% 40% 40*2 47*8 1,800 Do pref_____________ 100 112
Apr 20 123 Jan 2 108*2 Jan 1207 * Nov
112
2,900 Intern Harvester of N J__ 100
116*34 11734 113*34 1 1 7 1 , 114*4 114% 113% 114*2 113 113% 112
32*3* 33
257, 3234 25*8 27
20% 27*2 26% 27% 25*2 27 144,000 Int Mercantile Marine____ 100 19*4 Feb 1 307* Mar23 *13*3 Feb *50% Sept
Feb 8 95*2 Mar24 *61% Mar *125*8 Sept
75*4 79% 78*2 80>i 76% 80*« 70 78% 250,500 Do p re f.........................100 625*
86*2 8734 77*2 87
Mar21 38% Deo 66 % Jan
41% 41% 41% 41% 40*2 41*2 19,760 Intern Nickel (The) v t o___25 3712 Feb 3 47**
41*. 43*j 415. 4173 41*4 42
75*2 Nov
9*2 Mar
33
Mar 2 495* Jan 4
International
Paper______100
36 33
38*34 40% 38*34 40*2 38*2 38*2 * 33% 39% 37% 38 13,300
42*2 Feb 109*2 Deo
pref_____________ 100 04 MarlO 105 Mar20
__ __
102
200 Do
102
*100 102 *100 102 *___ 102% *
85*4Sept
52 52% 1,100 Kelly-Sprlngfleld Tire____ 23 49 Feb 3 04>2Jan 4 50 Deo 04*4
54 55*34 53 53*i 53 53
*5412 5« *53*2 56
Nov
40 Deo
42% 43*2 43*8 43% 42% 43% 2 2 .SOOKennecott Copper__ No par 40 Feb 1 47*4 Mar 7 64
44 44*g 425, 43*4 42*8 *13
May 107 Nov
6,700 Lackawanna 8toel________ 100 701* Feb 3 8914 Jan 4
82*8 83
82*4 83*2 83% 84
85 85*38 83*2 85*4 81% 83
50*2
June
17*a
Feb
28
25*8
Deo
30
Jan
2
_
No
par
Leo
Rubber
A
Tire_
19 20% *19% 20*2 20 20*2 1,000
*2 p*2 31*4 *20*34 21*2 ♦20*34 21*2
Lorlllard Co (P )................. 100 200 Mar 2 232 Jan 19 17914 Jan 2397* Aug
*181 210 *181 200 *181 200 *181 200 •ISO 200
83 Jan 5 89*4 Feb 17 78 Apr 91 Feb
84% 81*2 *8412 85*2 *84 80
166 Mackay Companies______100
*85 86 *81*2 86 *84*2 86
647* Deo 68*1 June
200 Do p ref_____________ 100 64 Mar 14 67*2 Jan 15
64% 64% §65 65 *84*2 65 *04 65
*64*2 66 *64 65
Apr 20 61*4 Jan I7
44 Deo 90 Sept
51*i 521* 4934 : 51
46% 49*4 45*2 47*2 44% 40% 43*2 45% 22,200 Maxwell Motor Inc tr otfs.100 4312
3>2Apr 18 74*8 Jan 18 05 Deo 03 Jan
04 64
900 Do 1st pref stk tr ctfs.100 6
*66
6S
64 66
63*2 64 *63 03*2 *03*2 04^2
20’*
Apr
20
32 Deo 607*June
40
Jan
20
Do
2d
pref
stk
tr
ctfs.100
2,300
30*4 3078 29*4 31
31*2 32
*31*2 33
30% 30% 29% 30
1 106*2 Jan 10 88*3 June 129*8 Jan
89*2 91
S7% 91*8 86*4 88 % 85% 88% 86*3.1 87% 85*8 87% 01,200 Mexican Petroleum______100 801D3 Mar
Mar 1 96 Jan 24 89*2June 105*8Jan
Do pref_____________ 100
*90 94%
*90 91% *90 94% *90 94*2
41*4 4134 41% 41% 41% 41% 41*8 41% 9,000 Miami Copper____ ________ 5 34 Feb 1 425*Apr 3 33 Aug 49*8No*
4134 42*4 41*3 42
Apr 20 62*8 Apr 2
58 58% Z55% 57% 20,600 Midvale Steel* Ordnanco ..5 0 255*8
59*s 593* 5734 59*3, 56% 577* 57*2 58
68*4Mar 11478 Deo
98 98*2 1,0 0 0 Montana Power______...1 0 0 95 Feb 2 109*4 Jan 25 109
993i
100 100
98*2 98*2 *98 103 *98 102
99*2
Jan 117U Nov
Do pref_____________ 100 114 Jan 20 1 17i2 Mar28
*115 118 *115 118 *115 118 *115 118 *115 119 *115 119
118 Sept 131*2Oot
500 National Biscuit_________ 100 110 *2 Apr 10 1 2 2 i2 Jan 5 124
113% 113% ♦ 1 1 1 114
114*. 114*2 114 114
129*8May
June
122
Jan
20
127
Jan
5
Do
pref_____________
100
*123
*123%
125
*123
125
125
*123 125
Feb 3 36 Mar 9 19*4 Apr 3012 Deo
34*3* 341* 33*4 34*3* 33*2 33*1 *33*2 34% 33*2 34
33*2 33% 1,600 Nat Enam’g A Stamp’s . ..100 24
Deo 100 Nov
97% 97%
300 Do pref_____________ 100 951* Feb 8 98 Jan 19 90*8
90 90
96 90 *96 99
*85 99
63*4 Mar23 57 Deo 74*8 Sept
55 55%
800 National Lead___________ 100 52 Feb 3 114
55% 50
*56 57*2 56 50 *55 57 *55 57
Jan 6 111*4 Doo 117*8 Oot
330 Do pref_____________ 100 10SU Marl5
♦108*2 1 1 2 i 1 1 0 1 1 0 *108% 1 1 1 *108*2 1 1 1 *108*2 no 109% 109*4
34*8NOV
15 Jan
207* Feb 3 20*4 Mar 6
22*3* 22*3* 22 2 2 % 2 2 % 2 2 % 22*38 2 2 % 2 2 % 22 % 9,400 Nevada Consol Copper_____ 5 128
22*4 2 2 1 .
Feb
3
156
Mar21 118 July 180 Nov
New
York
Air
Brake____
100
1,900
*135 145 MO 140 *135 145 *135 145 *135 145 134 140
757g Dec
900 North American Co_____ 100 60 Feb 3 72*8 Mar21 65** Apr 121*4
66*3.i 60*3t or 68 *00 68
07 68 *00 08 *66 68
Doc
87 Feb 3 1137* Apr 19 75 Oot
132*3* 134 131*. 134U 133*2 135*4 135% 11078 140% 143% 138 142% 10G.800 Ohio Cities Gas (The)___ 25
48i2Apr 19 54 Feb 19
700 Ohio Fuel Supply________
*4934 50
48*2 48*2 48*2 48*2
49*14 4973 4U»4 49*% *49% 50
5*4 Nov 11*8Jan
5 Feb 3 7l8 Feb 14
5*54 534
*5% 0 % 5% 6 % 2,800 Ontario Sliver Mining___ 100
5% 6
G
6 3s
18 Feb 3 20*8 Mar23 11*4Jan 31 Aug
*22*34 2334 22*4 23
2 1 % 22
2 1 % 2 1 % 2 1 % 2 1 % 3,900 Pacific Mall............................5
2 1 % 2 D!
May 118 Oct
80 81 10,400 People’s G L A C (C hic)..100 77%Apr 16 106*4 Jan 18 100*8
773, 80
78 80
81 85
79*2 80*2 80 81
June 48 Dec
700 Philadelphia Co (PIttsb)...50 34%Apr 16 42 Jan 4 38
*35 35*2 34*2 34^3 347* 347* *34% 35*2 34% 34% 34% 34%
26*4
July 58*4 Deo
62*8
Jan
19
35
Feb
1
Pittsburgh
Coal
ctfs
dep.100
9,100
43 4333 427, 43*2 42% 43*2 43 44
43*2 43% 42% 44
Do pref otfs deposit.. 100 107'* Jan 15 118*8 Mar20 100*4 Aug 115*4 Deo
10 0
*110 115 1147, 1147, *110 115 * 1 1 0 115 * 1 1 0 115 *113 115
88*4 NOV
4212
July
83*4
Jan
20
72i*
Jan
n
Pressed
Steel
C
a
r
_______
100
1,2
0
0
74%
74%
74% 73%
75*2 75*2 74 74I2 *73% 75*2 74*2 74%
97 Jul 108 NOV
Do p ro f...............
100 101 Mar 7 zl07- Jan 31
100
10 2
10 2
5997, 997* *102 105 ♦ 102 106 * 10 2 100 * 10 2 106
114 an 137 Sept
500 Public Serv Corp of N J__ 100 121 Apr 14 131 Jan 6 159%
121 123 *
127*2 *122 127% 1 2 1 1 2 1 * 1 2 1 127*2 *120 127%
Ma* 177 Sopt
Apr 16 167UJan 26
*158 159*2 156*4 158 157 157 157 157 157 157% 157 157*2 3,000 Pullman Company_______ 100 156'4
32 Apr
01*4 Nov
900 Railway Steel Spring____ 100 43 Feb 2 55*8 Mar21 95*4
49 ■19*2 48% 48% *48*2 49*2 49*2 49*2 48 49
*48*2 50
Mar 103*4 Nov
Do prof_____________ 100 9 7 >2 Apr 11 101 Jan 22
200
97% 97% 97*2 97*2 *95 98
*97 99 *97% 99 *97 99
20
June
37 Nov
23
32*4
Apr
3
Feb
Consolidated Copper.. 10
30 30*4 29*. 30*i 29 29*2 29*8 295, 29% 29% 28% 29% 19,925 Ray
60 Feb
SO** Mar21 42 Juno 93 Nov
Iron A Steel_____100
78*4 79*2 79% 80% z77% 79 23,700 Republic
80*2 807* 78*2 80*2 77% 79
101
Deo
1
17 Nov
90
105*4
Jan
2
Feb
Do
prof_____________
100
500
1
0
2
%
102*2
102
102*4
*101*58 103 101*5, IOI53 *1 0 1 % 102*2 * 10 2 10 2 %
700 Saxon Motor Car Corp__ 100 46 Feb 10 68 Jan 4 037* Dee 84*4Sopt
52 52 *51 53 *50 53
49*2 51
*52 54 *52 54
. Apr 20 238*4Jan 22 168*4 Ma 333 Nov
Roebuck A Co____ 100 175
183*s 184*8 ISO 1817S 177% 178% *175 135 *175 183 175 177% 3,100 3ears.
22'8 Feb 2 29*4 Mar 9 22 Deo 40*4 Fob
Shattuck Aria Copper____ 10
25*2 253i 25*. 257, 25% 25*2 25 25*2 24% 25% 24% 24% 2,20 0 Sinclair
54 Apr 10 59*4 Mar29
Oil A R e f'g __ No par
56*3, 58
57*2 58
55®8 56U 55% 56% 55% 55% 55 55% 9,700 Sloss-Shoffleld
44 Apr 20 74*4 Mar30 37 July 93*4 Nov
Steel A Ir..l0 0
44 50*2 13,300
53
54
51 51
55 56
50 52
54 55
165
Feb 6 195 Mar 9 146 Jan 240 June
South
Porto
Rico
S
ugar...
100
*185 195 *10 0 195 *190 200 *190 200 *185 200 *185 200
83** Apr 18 110*2 Jan 17 100*8Deo 167 Jan
Corp (The)__ 100
91*4 93*2 89*. 91*4 875* 90% 83% 88 % 84*2 86*2 84% 86 84,665 Studobaker
Do p r e f ................
100 102*2 Mar 7 103*8Jan 20 108*4 Sept 14 Mar
106 *104 106 * 1 0 1 106 * 1 0 1 106
* 10 1
100 *10t 106 ♦ 1 0 1
Apr 17 53*4 Jan 26 48*2Deo 79*2Sept
433, 43*4 42*2 43% 42*2 42*2 42% 42% 42*2 42*2 1,20 0 Stutz Motor of Am Ino.No par 42*2
13 Feb 2 17*4 MarlO 15*4 Doo 10*2Deo
167S 17*2 16*2 17
10*2 10 % 16
16*2 163* 17% 16% 16% 5,000 Tennessee Copper A Chem w 1 200
Feb 3 243 Jan 10 177*4Juno 241*2 Nov
Texas
Company
(The)___
100
14,975
214*2
200
2
10
2
10
210%
213
2
1
0
%214*2
215*4 216*2 214 215*4
481* Feb 3 59 Mar2t 48*4 Sept 59*8 Deo
Products C o rp _100
53 54*2 52*2 53% 51 52% 8,000 Tobacco
54^2 5434 5334 64*4 53 54
99 July 109*2 Mar
Do
pref_____________ 100 99 Feb 23 105 Mar 12
200
9934 99*4 997* 997* *90 102
*98 103 *98 100
2,700 Transue A Williams Steel.Vo par 40 Feb 3 46*4Jan 25 86 Jan 110 Oct
41% 42*2 *41 43
*41 4512 *41 45*2 41 41% *41 43
109*2
Mar
1
2
99>4
Apr
20
300 Underwood Typewriter__ 100
99% 99%
* 10 0
102
*99*2 102 *99*2 100*2 *96 100
100
100
4*4May 18*2Oot
11>2 Feb 2 15*4 Mar22
Union Bag A Paper.......... 100
*1134 12*2 *1 1 *31 12*2 *1 1 % 1 2 % *1 1 *4 1 2 % *1 1 % 12 *1 1 % 1 1 %
90 Apr 18 112 Jan 22 87*2 Oot 129 Nov
1,000 Union Bag A Paper (now ).100
90 90
90 90% *90 94
93*. 93*2 92 92
*93*2 95
42*4
Apr
1
1
48*2
Mar
6
42*>* 42% 1,20 0 United Alloy Steel___ no par
42% 42*3, 43 44
427, 427* 42% 43
43 43
69 Fob 106*4 Aug
Cigar Stores______ 100 91*2 Feb 3 103*2Jan 5
101*4 101*4 100 100*4 99% 1CO*i *99% 101 100 100*8 99% 99% 2,900 United
Do pref_____________ 100 119 Jan 2 120*4 Mar 14 611*2Feb 120 Aug
*119 12 0 *119 120 *119 12 0 *119 120 *119 12 0
Apr 20 164*8Jan 22 136*8Jan 169*2 June
*138 140 135 138*4 13-1*4 130% 137 137 132% 130 131% 133% 8,800 United Fruit____________ 100 131*2
28*8 Nov
17 Feb 2 23t2Jan 25 15*8Jan
200 U S Cast I Pipe A Fdy___ 100
19 19 *18*2 20 *18*2 20
*18 20 *13 20
18 18
48*21-’cb 67*2 Nov
Do pref______________ 100 55 Feb 1 03 Jan 29
*5334 56 *53*4 GO *53% 60 *53% 60 *53% 00 *53% 60
Apr 20 132*2 Feb 23 94*2 Deo 170*2 Apr
115*2 11634 112*2 115*2 107 112*2 107 1103( 107*2 109*4 102*2 109 119,450 U S Industrial Alcohol___ 100 102*2
99*2July 114 Jan
Do pref______________ 100 98 Jan 8 104*2Jan 8
*1)5 103
47*4Mar 70*4 Deo
50*4Feb 9 65 Jan
56*2 59 16,800 United States Rubber___ 100 1057
57*2 58
57 58% 56% 59
57*2 59
58 60
106*8 Feb 115*4 Deo
8Feb 2 1 11* 4 Jan
GOO Do 1st preferred______ 100
109*34 109*3t Zl00% 100*4 100% 107 108 103 *106% 107% 106% 10 0 %
57 Deo 81*2 Nov
52*4
Feb
3
07*4
Jan
U
S
Smelting
Ref
A
M
.
...
.5
0
58 58*4 57*, 57*8 5678 5678 50% 56% 55% 55 % 55% 55% 1 ,1 0 0 Do pref_______________ 50 49*4 Apr 7 52*4Jan
60 Juno 63*2June
300
50*2 51*8 *50 51*2 *4934 51*2 *49% 50*2 *49% 50 *49*8 50%
z70*4 Mar 129*4 Nov
99 Feb 1 118*4 Apr
1 1 1 % 1 1 2 % 1 1 0 % 1 1 2 % 6 88 ,0 10 United States Steel_______ 100
112*3* 113*3* 1 1 0 *’, 1 13 3 , 109% HO7, 1 1 0 % 1 1 2
115
May 123 Nov
121*4
Jan
19
116*4
Mar
2
118 118 118 118*38 117% U778 117% 117% 117% 117% 118 118% 2,469 Do pref______________ 100 97 Feb 1 117*2 Mar 7 74*4July
130 Nov
109% 1 1 1 % 61,600 Utah Copper_____________ 10
108% 110*2 1 1 0 % 1 1 2
1 1033 1 1 1 ** 108*4 110*3.1 107 110
1
6
*4
June
27*8 Deo
24*4Jan
22
19's
Feb
3
Utah
Securities
v
t
o_
_
...1
0
0
1,075
19%
1
9
*2
20
20
20
20*8 20 % 20
*20*4 22 §20 20
61 JaD
30
Apr
45
Jan
26
34*4
Feb
3
4,000 Vlrglnla-Carollna Chem__ 100
41% 41*% 42% 42% 41 42
42 42
42*2 42*3 42 43
1
12*4 Jan 20 108 Apr 114*2 Deo
107*4
Mar
1
.
Do
pref______________
100
100
1
1
2
*107
103*2
108*2
1
1
2
*107
114
*107
112
*108*2 114 *108*2
41
July
72*4
Nov
77
Mar30
46
Feb
3
'Virginia
Iron
C
A
C
..........
100
400
00*2 66*2
70 70
70 70 *67 70 *67 70 *68 70
Jan 19 87 Mar 106*2Oct
1,900 Western Union Telegraph. 100 92 Mar 2 99*4
95% 95% 90% 90% 90*2 97
9773 977* 96*2 97*2 9558 90
51*«
Deo
71*8
Mar
55*8
Jan
2
46
Feb
3
Wostlnghouse
Elec
A
M
fg..6
0
10,800
49
48%
4
9
*
*
1
49%
48% 49
497S 50*4 49 50*4 48 49
Jan 4 70 Apr 79 Mar
500 Do 1st preferred________50 68 Apr 17 70*8
09
68 % 63*2 *63
*63 69
*63 69 *63 69
68
68
8Apr 20 52*2Jau 18 45 Deo 59*8Oct
46% 46*2 45% 46% 1 ,1 0 0 White M otor_____________ 50 457
47 47 *46 47
*47 48
Apr 20 38*3Jan 18 34 Doo *325 June
31*5* 32
31*3 32*8 31% 31% z29% 30% 29*2 30*2 29% 29% 28,800 Wlllys-Overland (The)___ 25 29**
800 Do pref Sub rects full pd 100 95 Jan 2 100 MarlO 94 Deo 117 June
96*2 90*2 96*2 96*2 90*2 96*2
96*2 96*2 *96*2 97
58 Feb 1 84*4 Mar30
70% 78% 76% 77% 74*2 70*3 32,450 Wilson A Co. Ino n o __ 100 132*4
77 80*34 77*i 80*2 76% 78
Apr 20 151 Jan 22 118 Jan 141*4Oot
33*2 2 ,10 0 Wool worth (F W )............... 100 124*i Apr
135*4 135*2 *135 137 *135 138 *135 137 132% 135 132% 1
18 120*8Jan 17 123 June 126 Nov
............100
Do pref.
100
*123 125 *123 121 124% 1243. *124% 125% * 1 2 1 126
23i*
Feb 9 28 Jan 4 25 July 36*8 Sept
25%
300
27
25%
*24%
25 25 *24*2 27 *23 27
24*2 24*2
95 Jan 20 95 July 100 Sept
91
Apr
10
.100
Do pref A v t 0 .
100
*91 95
91 91 *85 95 *85 95 *85 95 *85 95
100 50*4 Apr 11* 57-VTnn 99
53 53
300 Do pref Uv t 0 .
51% 51% ♦51 50 *51 50
53*8 53*8 *51 56
t Ex-rlgati. a Ex-dlv. and rignea. ■ Far *iU0 per snare, » oertilioaoei of depoal
• Bid and asked prices, no sales on tbll day i Less Chan 100 shares
• Ex-divldend
S per share




New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
/»

Jan,

1909 the Exchange method of turning

Price
BONDS
Week’s
Range
Friday
Range or
STOCK EXCHANGE
Since
"ft. April 20
Last Sale
Week ending April 20.
Jan. 1
Low
High N o. Low High
U, S. Government.
J
93% Salo 98% 98% 10 98% 99%
V 8 2s consol registered__ (11930
9934
J 98 ___ 99% Jan '17
O 8 2s consol coupon....... dl030
F 99%___ 99% 99%
O S 3s registered_______ *1918
99% 99%
F 10 0 %___ 100% Apr ’ 14
O S 3s ooupon ................ *1918
100% 1017*
F 106 ___ 107% Apr T7
0 S 4s registered________ 1925
107% 110
r- 108% Salo 108% 108%
107 111%
O 0 4a coupon................1925
0 S Pan Canal 10-30-jt 2a.*1936 ■F 98 ___ 98% Oct ’15
N 98 ___ 97 July’15
U 8 Pan Canal 10-30-yr 2a.. 1938
M 95 ___ 102% Jan '17
10234 102%
O 0 Panama Canal 3a g___1961
F * 10 0 ___ 100 Fob ’15
0 3 Philippine Island 4a. 1914-34
Foreign Government.
A 96% Sale 96% 9734 272 953* 98%
amor Foreign Secur 5*___1919
O 94% Sale 94% 95 2422 90 95
Anglo-French 6-yr 5a Extcr loan.
S 83 90 88 Mar'17
Argentine—Internal 5s of 1909..
88 93
96% Salo 90% 96*4
N
Bordeaux (City of) S-yr cs.1919
96% 96%
D t 71% 73 71% 71%
Chinese (Hukuang By)—6a of ’ll
70 72%
98% 99% 98% Apr '17
8
Cuba—External debt 6s of 1904.
97 100
A ----- 93 95 Apr ’ 17
Exter dt fia of '14 scr A__1949
93 965*
A ----- 96
External loan 4Ms._.......1949
86% Jan '17
80% 86%
O 99 Salo 99
Dominion of Canada g 5s...1921
99%
97% 1005*
O 97% Salo 973i 98% 23 96% 100
Do
do
1926
O 98% Sale 98% 99% 79 97 100%
Do
do
1931
.. 100% Sale 100% 100% 2061 99% 100%
Fronch Repub 5Ms seeured loan,
A .t 815* 84 81% 81% 13 81 88%
fepanese Govt—£ loan 4M*-1925
J t 81% 82
Second series 4 Hu -------- 1925
8034 8034
80% 885*
.. 79 Sale 79
Do do “German stamp".
79%
78 82
Sterling loan 4a_______ 1931
J $ 75% 80'* 76 Mar’17
73% 76%
N 90% Salo 96% 96%
Lyons (City of) 3-yr 0s___ 1919
96% 96%
N 96% Sale 96% 98%
Marseilles (City of) 3-yr 6s. 1919
96% 9034
Mexico—Exter loan £ 5s of 1899
J t 42-% 44 % 42% Apr '17
40% 45
Gold debt 4s of 1904.......1954
D ----- 397* 39% Apr '17
397* 397*
Parle, City of, 5-year 6s.. 1921 -O 957* Salo 95% 96% 316 92 97
Tokyo GIty—5s loan of 1912___ M- S 1*77 78% 77% Apr '17
75»* 787*
0 K of Gt Brit A 12-yr6s..l9i8 M - S 97% Sale 97% 98 ’ 340 957* 98%
n-year 5M temp notes__ 19 19 M- N 97^8 Sale 97-% 97% 689 95 987*
5-year 5M temp notes__1921 M- N 90^8 Sale 96% 97
662 93% 98%
Temporary notea 6 H e __1918
100's Sale 100 100Mi 784 98 100%
Temporary notes 5Ms__1919
101% Salo 100% 101% 1187 98% 101%
If. Y .

tThete are prices on the Basis of m o t

1575

hondt teas changed, and prices are note all— "and interest"— except for income and defaulted Bonds.

„ •J*},* an<1 City Securities.
101 %
N YClty—4Ms Corp stock.1960 »i- s 100% 100*8 101
101 104%
4hs Corporate stock___ i ‘;64 fil- 8 100?8 Sale 100% 101%
100% 105%
Corporate stock._” i966 A- O 100% 101 101 % 101 %
101% 106
*Ms Corporate stock.......1905 J - D 105 105% 106% Apr '17
100% 111
105% 100% 106%
4Ms Corporate stock___ 1963 M - S 105
100% 110%
4% Corporate stock___ 1959 M - N 997g Sale 99% 100%
99% 102%
100
4% Corporate stock.......1958 M- N 100 Sale 100
9934 102%
100%
Apr
'17
99%
100
4% Corporate stock....... 1957 M - N
097* 1 0 2 %
99 l()0l2 97% Jan '16
4% Corporate stock.......1956 M-N 105
105% 105
105
New 4Ms.....................1957 M- N 100 ___
105 1107*
100%
Nov’10
New 4M*.................... 1917 M- N 105 Sale
105
105%
4M% Corporate stock... 1957 r , i - N *100
105 110%
10 0 % Juno'1 0
4X% Assessment bonds..1017 R 1 - N -- __
88
88 Apr '17
3M% Corporate stock__1954 MM- N *103% 101
88 90
103% 103%
N Y State—4s.................. 1961
103% 105
Canal Improvement 4s__1961 J - J 105 ___ 10434 Apr '17
103%
106%
96%___ 105 Deo '16
Canal Improvement 4s__1902 J - J 66%
105 104% Apr ' 17
Canal Improvement 4s__1960 J
104% 10 3 %
109%
U3%
J
114 Mar'17
Canal Improvement 4Ms. 1964
114 117%
Canal Improvement 4MS.1965 J - J 105 . . . 109% Sept'16
113 110 113
113
Highway Improv’t 4MS-.1963 M ­
113 117%
M
Highway Improv’t 4Ms.. 1965
108% Mar’17
108% 110
Virginia funded debt 2-3s__1991 J 85 Aug'16
52% "567s 56 Apr '17
fls deferred Brown Bros ctfs__-­
50 01%
Railroad
64 65% 64% 05
Ann Arbor 1st g 4s............41995 <J8
73%
Atoll Top 4 8 Fe gen g 4s... 1995 A - O 61% Salo 90% 92 232 03%
90% 97
Registered______
1995 A - O ----- 93 92 Apr '17 __ 91%
93
Adjustment gold 4s.......51995 Nov 81 83% 81% 81%
1 81% 88%
Registered...............51995 Nov
85l2 Nov'1(
Stamped..................51995 M-N 81 Salo 81
81
16 81 89
Oonv gold 4s..................1955 J -p 101 % 102% 101% 101% 5 101%
106%
Oonv 4s Issue of 1910....... 1960 J -D 101% 102% 102
102 100 101% 107
10-year 5e..................... 1917 ■>-D 100 % 100% 100% Apr '17
100% 1007*
East Okln Dlv 1st g 4s__ 1928
S 93% 98% 96i.| Mar’ 17
95 99
Rocky Mtn Dlv 1st 4s___1965 J * J 84 86 85% Apr '17
85% S6
Trans Con Short L let 4s. 1958 1
----- 89
89 Apr'17
89 93%
Cal-Ari. 1st A ref 4Ms"A’T962 M- 8 ----- 98% 9834 Mar’ 17
97% 100
8 Fe l’res A Ph 1st g 5s... 1942 M- S 102% 104% 1045* Feb '17
104 1045*
Atl Coast L 1st gold 4a___51952 M- 8 88% 92% 90 Apr'17
88% 963*
Gen unified 4Ms............1904 ■» -D 89 91 93% Feb '17
93% 95%
AlsMldlStgUgold5s__ 1928 M-N 103% 100% 106 Mar’17
106 107%
Bruns A W 1st gu gold 43.1938 J - J 89
93% Jan '17
93% 93%
Charles A Sav let gold 78.1936 i - J 120 " " 129% Aug ’15
LAN coll gold 4a.......... ol952 M- N 82% Salo 82% 83%
82% 89
8av F A W let gold 6s___1934 A - O 113
119% July’10
1st gold 5s............. 1934 A - O 103% I I " 105
July 15
*97% __
SllSpOca AGgug4s... 1918 J
993* Deo ’16
felt A Ohio prior 3Ms.......1925 I
91% Salo
90% 963*
Registered ...............51925 Q- J 88 % 90 90% Apr91%
’17
92 95%
lit 50-year gold 4s........ 51948 A - O 87?8 Sale 92
87
88
97
87 943*
Registered...............51948 Q- J ----- 92% 92% Mar'17
91 92%
39-yr conv 4Ms.......... 1933
91% Salo 91%
92%
91% 97%
Refund A gen 6s .’erles A. 1995 J -D 97 Salo 96%
98%
96% 101%
Pitts Juno 1st gold 6s.. 1922 J - J
Jan '12
PJuno A M Dlv Istg3Ms 1635 M- N . . . I 91% 112
Mar'17
'88% *94%
fLEAW Va Sys ref 4s..1911 M- N - - - - 81 92
83
83
83 00
Southw Dlv 1st gold 3Ms 1925 J - J 88% Sale 88%
885* 50 88% 94%
Cent Ohio U 1st o g 4Ms. 1930 M- S 98 .
100
Apr'17
100
100
Cl I-orA W con 1st g 5a.. 1933 A - O * 102 %
106% Oot '16
Monon River 1st gu g 5s..1919 F - A *98
'* 101% Nov’ 10
Ohio Rlvor RR 1st g 5s. 1936 J - D 105
Feb '17
107% 107%
General gold 6s........ 1937 A - o 104 107% 107%
107% Nov’16
1 107 Feb '17
Pitts Clev A Tol 1st g 6s 1922 A - O '101
107 107
Pitts 4 West 1st g 4s___ 1917 J - J 99%
99% Sopt'16
Buffalo RAP gen g 5s.......1937 M- S 103 103% 111%
'17
110% 111%
Consol 4X8..................1957 M-N ' --- 101% 10134Jan
Mar'17
101% 102%
All A West let g 4s gu__ 1998 A - O *92% . . . 97 Nov'10
Clear A Mah 1st gu g 5s.. 1943 J - J 100% . . . 103% Feb '16
Roch A Pitts 1st gold 6s.. 1921 F - A 106% 108 ’ 106% Deo '16
Consol 1st g 8s........... 1922 J - D 105 109%
Jan '17
109% 109%
Canada Sou cons gu A 5s... 1962 A - O -----101 " 109%
Mar’ 17
102% 105%
Car Clinch A Ohio 1st 30-yr 5s ’38 J -D ----- 01 102%
91
Mar'17
007* 02
Central of Ga lstgold6s...pl945 F- A 108% 109 108% 108%
108% 110
Consol gold 5e-------------1945 M-N 98% Salo 98% 98%
98% 103
Chatt Dlv pur money g 4s 1951 J - D -- 86 84% May’16
Mac A Nor Dlv 1st g 6s.. 1948 J - J 100 . .
103 Mar’17
103 103
Mid Ga A Atl Dlv 5s.......1947 J - J 103%___ 100% Mar '15
Mobile Dlv 1st g 6s........ 1948 J - J --- 101% 104% Apr '17
1
043* 104%
Cen Rll A B of Ga col g 5s.. 1937 M-N 95 95% 94% 94%
91% 97%
Csnt of N J gon’l gold 6s---- 1987 J - J 111% 116 116% Aor '17
116%
120%
Registered ________ *1987 Q- J -----116 116% Apr '17
116% 118
Am Dock A Imp gu 5s---- 1921 J - J 101 104 102 Apr '17
102 104%
LehAHudRlvgoagu g 5s. 1920 J - J 98% 101% 100 June’13
N Y A Long Br gen g 4 s.. 1941 M- S 93% ... 100% Jan '13
Cent Vermont 1st gu « 4s..«1920 Q- F ----- 80 78 Fob '17
78 79%
Chesa A O fund A lmpt 6s..1929 J - J ----- 90% 967* Mar’ 17
94% 94%
1st consol gold Be______ 1939 M-N 101 100% 105
105
104% 108%
Registered_________ 1939 M-N -----106 101% Jan '17
101% 104%
General gold 4Ms-.___ 1662 M- 8 81 85 84% 84%
84% 94
Registered_________ 1962 M - 8
80% Mar’ 17
86% 92
20-year convertible 4MS--1930 F - A 81>4 Sale 80% 84
807* 86%
80-ycar conv secured 6s..1940 A-O 90% Sale 90
90%
90 94%
Big Sandy 1st 4s______ 1944 J - D 78 82 84 Apr '17
84 87
Coal River lly 1st gu 4s.. 1645 J -D . . . . 82% 85% Nov’16
Craig Valley 1st g 6 s.....1940 J - J
9634 Fob '16
Potts Creek Br 1st 4s__.1948 J - J 70 70% 84% Jan '13
K A A Dlv 1st con g 4S-.-1989 J - J 81% Sale 81% 83
81% 88%
2d consol gold 4s____ 1939 J - J ---- 80 81% Apr '17
81% 81%

Co
BONDS
Price
Week’s
Range
Y. STOCK EXCHANGE
Friday
Range or
Since
Week ending April 20.
"ft. April 20 Last Sale
Jan. 1
Ches & Ohio (Con)—
Low
High
boa High
Greenbrier Ry 1st gu g 4s. 1940 M-N
88% Sept’16
Warm Springs V 1st g 5s..1941 M - 8
Feb '15
Oblo ft Alton RR ref g 3s__ 1949 A - O ___ 62 113%
62 Apr '17
597* 62*4
1st lien 3Ms.......1950 - J 45% 49% 50
Apr '17
49% 53%
Ohio B4Q Denver Dlv 4s 1922 J
F - A ____ 101
997* Mar’17
997* 100
Illinois Dlv 3Ms__
loan J 82%
83
81%
81%
81%
89
Illinois Dlv 4s.........." I I 1949 J 91 94 93% 94
93% 98
Iowa Dlv sink fund 5s
1919 A - O ’102
. . . 102
102
102 102%
Sinking fund 4s.......II 19 19 A-O
----- 99% 997*
997*
997* 997*
Joint bonds. See Great North
Nebraska Extension 4s 19 2 7 IW-N 97 977* 97% Apr '17
97% 99
Registered_______ 19 2 7 M - N *95 ___ 98 July’16
Southwestern Dlv 4sIIH' 1921 M- S 997*___ 99% June'15
General 4s..... ....... IIIIIl958 M- 8 887* 89% S9
89 97%
Ohio A E 111ref * imp 4s g. 19 55 J - J ----- 33% 30% 90%
30%
30% 33
U 8 Mtg <Sc T r Co ctfs of dep._
32% 30% Apr '17
27% 33%
1st consol gold es______ 1934 A - O ----100
105
106
Mar’
17
105%
107%
General consol 1st Be___ 19 37 M- N ---- 88
80% Jan T7
80% 90
U S Mtg ft Tr Co ctfs of dep
----87%
87% Mar’17
87 90
Guar Tr Co ctfs of dep.......
----- 85
Feb ’17
85 90
Fur money 1st coal 5s___1942 F-A 41 . . _ 85
97% Feb '13
Chic A Xnd C Ry 1st 5s...1936 J - J 28 . .
32
Mar’17
32 41
Chic Great West 1st 4s.......1959 M - S 68 68 % 69
69
69 73%
Chic Ind ft Loulsv—Ref es.1947 J - J -----115 112% Mar’17
112% 115%
Refunding gold 5a..........1947 J - J 100%. . . 100% 100%
100
% 100%
Refunding 4s Series C___1917 J - J *83%___ 84% Apr ’ 17
84% 85%
lud * Loulsv 1st gu 4s...1956 J - J 71 75 70 Nov’16
Chic Ind ft Sou 50-yr 4s___1956 J - i
96% Jan ’17
90 96%
Chic L 8 * East 1st 4Ms___I960 J -D 92 ___ 97% Deo ’16
Chicago Milwaukee ft St Paul—
Gen'I gold 4s Series A...«1989 J - J 88 Sale 87
89
Registered..... .........«1989
92% Feb ’16
J
Permanent 4s_________ 19 25 Q*92 "9 3 % 93
93
J -D
93 96%
Gen 4 ref Ser A 4Ms__ a2014 A-O ----- 94 927* 04
927* 98%
Gen 4 ref 4Ms(temporary form)
92% Sale 92% 94
92% 96%
Gen ref conv ser B 6s___a2014 F-A 1007* sale 1007* 102%
1007* 1075*
Gcn'l gold 3Mo Ser B___*1989 J - J 75% 79 79 Apr '17
79 825*
General 4Ms Ser C____ el9S9 J - J 97% 98 98
98
98 105%
25-year deben 4s...... . 1934 J - J ----- 87% 90
Apr T7
89% 945*
Convertible 4Ms______ 10 3 2 J -D 94 Sale 94
95%
94 102%
Chic 4 L Sup Dlv g 5s__ 1921 J - J 100-%___ 103% Jan T7
103%
103%
Chic 4 Mo Rlv Dlv 5s...1926 J - J 101% ____ 106% Jan T7
106%
106%
Chic 4 P W 1st g 5s___ 1921 J - J 101% 103 101% 101%
100 % 104%
O M 4 Puget Sd 1st gu 4s. 1949 J - J ----- 91% 90% Apr '17
90% 95%
Dubuque Dlv 1st 8 f 6s... 1920 J - J 104% 106% 105 Feb ’17
105 105
Fargo 4 Sou assum g 6s.. 1924 J - J 107%___ 110 June’13
100%
.
.
.
La Crosse * D 1st 5s.......1919 J - J
100%
100%
100% 101%
Wls 4 Minn Dlv g 5s___ 1921 J - J 102 sale 102
102
102 104%
WIs Vail Dlv 1st 6s........ 1920 J - J 102% . . . 107 Deo '16
Mil 4 No 1st ext 4Ms___1934 J -D 99% . . . 99 Apr ’17
99 101%
Cons oxtended 4Ms___1934 J -D 98 . . . 102% Deo '16
Ohio 4 Nor WestExt 431888-1926 F - A
95 97 97 Apr '17
97
98%
Registered ........ 1886-1926 F - A *----- 95 97% Jan '17
97% 97%
General gold 3M»..........1987 M- N 78 807* 81
81
81
86%
Registered...............pl987 Q - F ----- 82% 81% Oot T6
General 4s___________ 1987 M- N ----- 93% 94% 94%
92 98%
Stamped 4s................ 1987 M- N ----- 96% 94% Mar’17
94% 95%
General 5s stamped........ 19S7 M- N -----116% 117% Jan ’17
116 118
Sinking fund 6s.......1879-1929 A-O 105
111 Jan ’17
111 111
Registered........ 1879-1929 A-O
109% Apr ’16
Sinking fund 5s.......1879-1929 A - O 105 105% 105 Apr ’17
105 105%
Registered ........ 1879-1929 A-O 102% ____ 103% Apr '16
Debenture 5s________ 1 9 2 1 A - O 100 103 100% Feb ’17
100% 102%
Registered................ 19 2 1 A - O ----101 % 102% Oot ’16
Sinking fund deb 5s____ 1933 M - N 102 103 103% Mar’17
103% 1037*
Registered................ 19 33 M - N -----103 104% June’16
Des PlalnesVal lstgu 4Ms 1947 M - S 94% .
101% Oct ’16
Frem Elk 4 Mo V 1st 6s.. 1933 A - O 115% . . . 117 Apr ’17
117 118%
Man G B 4 N W 1st 3Me.l941 J - J ----- 87 88 Jan ’17
88
88
Mltw 4 S L 1st gu 3Ms__1911 J - J
Mil L S 4 West 1st g6s...1921 M - S 1 0 4 ___ 107% Jan ’17
107%
107%
Ext 4 imp s f gold 5s... 1929 F - A 104%___ 104% 104%
104% 104%
Ashland Dlv 1st g 6s...1925 M - S 108 ___ 111?* Deo ’15
Mich Dlv 1st gold 63...1924 - J 107 109% 111% Nov’16
Mil Spar 4 N W 1st gu 4s. 1947 M - S 86% Sale 8 6 %
88%
84 04%
St L Pco 4 N W 1st gu os.1948 J - J ----- 105 105 Apr ’17
105 108%
Chicago Rock Is! 4 Pac 6s.. 1917 J - J 100% 100% 997* Feb '17
997* 1007*
Registered................ 1 9 1 7 J - J ----- 1007* 100% Apr '17
100% 100%
Ry general gold 4s..........1988 J - J 82% Sale
82% 83%
82 90
Registered............... 1958 J - J ----- 90% 87 Mar’ 17
85% 85%
72% Sale 72% 73% 57 72% 78%
Refunding gold 4s..........1934 A - O
20-year debenture 5s__ 1932 J - J 74 79 74% 74%
70 75
Coll trust Series P 4s.......1918 M - N 98 ___ 9S% Feb ’17
98% 987*
70
R I Ark 4 Louis 1st 4Ms. 1934 M - S 70 71 70
70 74%
96% 103 99% 99%
Bur C R 4 N—1st g 58...1934 A - O
99% 1027*
C R I F4 N W lstgu 5s..1921 A-O 97%___ 10 0 % Mar’14
ChocOkla 4 G gen g 5s..01919 J - J
99% Oct ’16
Consol gold 5s.......... 1952 M - N
97% July’15
Keok 4 Des Moines 1st 5s 1923 A-O ----- 61% 59% Apr ’17
59% 62
69
72%
St Paul 4 K C Sb L 1st 4Ma '41 F-A
73 Mar’17
72 75
Chic St P M 4 O con 6s... 1930 J -D 112% 114% 114% Apr '17
114% 118%
Cons 6s reduced to 3Me.-1930 J -D 88% . . . 91 Apr’ 17
91 91%
Debrtjture 5s_________ 1930 M - S --- 100 101 Apr ’ 17
101 103
Ch St P 4 Minn 1st g 6s..1918 M - N 112% 114% 115% Mar!17
115% 118%
North Wisconsin 1st 6s...1930 J - J 112% .
118 Nov’16
St P 4 S City 1st g 6s__ 1919 A - O 1017* 1057* 102
102
102'' 104”
Superior Short L 1st 5s g.?1930 ?.t- S '10 0 . . . 105% Nov’16
Chic T II 4 So-east 1st 5s... 1960 J -D ----- 80 82 Jan ’17
82 82
Chic 4 West Ind gen g 6s.(1932 Q -M 105 108 106 Apr ’ 17
100 108
Consol 50-year 4s.......... 1952 J - J 727* 75 737*
737*
72% 77
Oln H * D 2d gold 4M*__ 1937 J - J 90 967* 96% Jan ’17
96% 96%
1st 4 refunding 4s......... 1959 J - J
90
90
1st guaranteed 4s___ _ 1959 J - J 90
70 90
27
CIn D 4 I 1st gu g 5s___1941 M - N
25 July’16
88 Mar’ll
C Find 4 Ft W 1st gu 46 g 1923 M- N
65
July’14
CIn I 4 W 1st gu g 4s___1953 J - J
96 Jan ’ 17
Day 4 Mich 1st cons 4Ms. 1931 J - J 91 ..
96 96
Clove CIn C 4 st L gen 4s 1993 J -D ----- 78% 75% 75%
75% 81%
20-yr deb 4Ms............... 1931 J - J 84% 847* 85% Apr ’ 17
85% 87
Gen 5s Series B___ . 1993 J -D ----- 98% 101 Feb '17
100% 101
Cairo Dlv 1st gold 4s.......1939 J - J ----- 81% 837* Mar’17
837* 87
CIn W 4 M Dlv 1st g 4s. 1991 J - J ----- 75 79 Feb ’17
79 81
St L Dlv 1st coll trg 4s... 1990 M-N ----- 80% 80% Apr '17
80% 83%
Spr ft Col Dlv 1st g 4s___1940 M - S ----- 83 83 Sept'16
84 Nov 18
W W Val Dlv 1st g 4s___1940 J - J
C I St L 4 C consol 68___ 1920 M - N 103% 105% 105 June’16
1st gold 4s.................*1936 Q- F 85% 88 92% Oot ’16
Registered.......... .*1936 Q - F 84%___ 88% May’16
102% Jan ’ 17
102% 1025*
CIn S 4 Cl con 1st g 5s...1923 J - J
C C C 4 I gen con g 6s__1934 J - J 114 ___ 114% Mar’ 17
114% 116%
Ind B 4 W 1st prof 4s___1940 A - O *83%___ 94 July'O
O Ind 4 W 1st pref 5s...41938 y - j
66% 75
Peo 4 East 1st con 4s__ 1940 A - O ----- 697* 667* Apr '17
Income 4s............... ..1990 Apr 237* 24 24 Mar’ 17
24 30%
97% 98 97% 98%
Cleve Short L 1st gu 4M®__ 1961 A - O
97% 102%
3% 5
3%
2%
Col Midland 1st g 4s.......... 1947 J - J
2% 17%
35*
3% Sale 2
Trust Co certfs of deposit___
2
11%
88% 91 90
90
Colorado 4 Sou 1st g 4s___1929 F
90 96
81% Sale 81% 82%
Refund 4 Ext 4Ms........ 1935 M - N
81% 87%
101 %
Ft W 4 Den C 1st g 6s__1921 J - D 101% Sale 101
101 105%
Conn 4 Pas Rlvs 1st g 4s__1943 A-O 85%___
Cuba RR 1st 50-yr 5s g___1952 J - J ----- 93% 94 Feb ’16
Del Lack 4 Western—
D
___ 85 85
85
Morris 4 Es 1st gu 3MS-.2000
85 88%
J 104% 105 104% 104%
104% 107%
N Y Lack 4 W 1st 6s___1921
1025* 102%
Construction 6s______1923 F - A 99%___ 1025* Feb ’17
Term 4 Improve 4s___1923 M-N 94 97 97% Apr ’ 17
97% 99%
Warren 1st ref gu g 3MS--2000 F - A 84 ___ 102% Feb ’03

• No prloo Friday; latest this week, a Due Jan. d Due April. 0 Due May. g Due June, a Due July, k Due Aug. 0 Dus Oot. 9 Dae Nov. t Due Dee. 0 Option sale




1576

New York Bond Record—Continued— Page 2

BONDS
Y. STOCK EXCHANGE
Week ending April 20

Price
Friday
April 20
Bid

Week’i
Range or
Lent Sale

Aik Low

High

Range
Since
Jan. 1
N o. Low High

BONDS
N. Y. STOCK EXCHANGE
Week ending April 20

I
u.

[Vol. 104.

Price
Friday
April 20
Bid

iVeek'i
Range or
Lan Sale

Aik Low

High

§3

Range
Since
Jan. 1

N o . Low

High

O 100 1 1 2 114 Feb T7 ___ 113*2 114
1 0 1 IOU2 LehV Term Uy 1st gu g 5a.. 1941
Del * Hud 1st Pa Dlv 78— 1917 M- S lOOU___ 101 Apr T7
O ___ U234 113 Mar’ 17 ___ 113 113
lOD* Mar'17
Reglatored____________1911
10U* 1011*
Registered.................1917 M- S
J 1 0 2 * 2 ----- 1031* Apr ’ 17 ___ 103*2 1061j
1001* lOlU Leb Val Coal Co lat gu g 5a.1933
1st lien equip g 4Ha____ 1922 J - J ___ 99?g 100U Apr ’ 17
J
105 Oot ’ 13
92
95
Registered____________1933
95
99i
2
95
95
1st * ref 4s....................1913 M-N
9912 107
lat Int reduced to 4a___ 1933 J ,) ___ 98
20 year eonv 5a............. 1935 A - 0 100 10012 9912 1003*
1 87
87
90
80 893* Leh A N Y 1st guar g 4a___1945 M- S 87 ___ 87
807*
Alb & Suaq conv 3Ha___1946 A - O 80 82 ' 80
1127* Deo ’ 10
Reglatered............
1945
s
Renaa <feSaratoga 1st 7a..1921 M-N 107
79i* 80 Long laid 1st cona gold os. .7)1931
J 100 105 lOlU Apr T7 ___ 104U 106
Denv & R Gr 1st eon g 48_1936 J - J 79<4 Sale 79t4 79U
877* 9 1
90 ___ 94U June’ 10
lat couaol gold 4a_____ S1931
Congo! gold 4><a______ 1936 J - J 84 85 88 Feb ’17
84 90
General gold 4a________ 1938 J D 83 85*4 85U Feb T7 ___ 85 89
Improvement gold 5a___1928 J -D __ 83 85 Apr T7
633* 68
Ferry gold 4Ha_______ 1922 M- s ___ 953* 9834 Deo TO
1st 4 refunding 5a______1955 F - A 65*2 Sale 64>2 65*2
99U Oot '06
Qold 4a.........................1932
95 87 Nov’ 10
Rio dr June lot su g 5a.. 1939 J - O
85 89 861* Feb T7 ___ 85'* 871*
8
Unified gold 4a________ 1919
Rio Gr Sou 1st gold 4a__1940 J - J 35 50 6 B4 Apr ’ll
D ___ 9.8i2 957* Feb T7 ___ 957* 981*
3512 June’16
Debenture gold 5a_____ 1931
Guaranteed________ 1940 J - J
7513 84i2
S 80*4 87*2 80*2 86 ij 10 8 GI2 001*
Guar refunding gold 4a__1949
7512
Bio Gr West 1st g 4a___ 1939 J - J 75 73 75i2
s 873*___ 95 Jan ’ ll
66
74l2
Registered__________ 1919
Mtge <t co'.l trust 48 A..1949 A-O 57 63 66 Mar’ 17
103 103U
0
10314 Apr T7
N
Y
B
A
M
B
1st
con
g
53.1935
..
98‘2
Mar’17
9812
9
8
1
2
Des Molnea Un Ry lat g 5 8 .1 9 1 7 M- N
N Y A R B 1st gold 5s.-.1927 M- s ___ 1041* 103 Feb T7 ___ 103 103
Dot 4 Mack—lat lien g 49..1995 J -D __ 82i2 82 Deo ’16
100 Aug’ 16
Nor Sb B 1st con g gu 5a.ol932
81 75>2 July’16
Gold 4a_______
1995 J -D
91 93
s ___ 92>2 943* Jan T7 ___ 943* 9413
91 91U Mar’17
Louisiana A Ark 1st g 5a___1927
Det Rlv Tun—Ter Tun
ft,' N
D 112 3 4 Sale 11234 1123.1 3 1 1 2 l2 113U
lOlU 1051* Lotilsv A Nasbv gen 8 a___ 1930
Dul Mlaaabe & Nor gen 5 a_1941 J - J 10312 105 1051* Feb ’ 17
N 1041* 10934 107 Apr T7 ___ 107 107
Gold 5a.........................1937
10012 104
Dul 4 Iron Range lat 5a___1937 A-O 10 0 1 0 1 10034 1003.1
9134 12 91*4 9734
100 106** Mar’03
J 9D4 Sale 9Bi
Unified gold 43 ________ 1940
Registered............... 1937 A-O
91 94
J 92 . . . 963* Jan T7 ___ 901* 963*
Registered__________ 1910
Dul So Shore 4 Atl g 5a___1937 J - J 81 94 94 Jan ’17
101 lo t
N 10214 10634 1007* Fob T7 ___ 10012 10G34
104 Jan ’17
Collateral trust gold 5s__1931
Elgin Joliet 4 East lat g 58.1941 M-N 1023*
100i2 10912
E H A Nash 1st g Oa___ 1919
1 0 U2 ___ 10734 Doe T6
Erie lat consol geld 7a___ 1920 M- S 1 0 B* 106 107 Mar’ 17
4 100 103
100
N 933* 100 100
9812 9912
L Cln A Lex gold 4Ha__1931
N Y it Erie lat ext g 4 s ...1947 M-N 97 9812 9812 Mar’17
IOF4 Juno’ 18
J ___ 115 112<4 Mar’17 ___ 11214 1141*
NOAM 1st gold 6 a.......1930
2d ext gold 5a_______ 1919 M- S
1003* 10012
1003 * Mar’17
2d gold 6s..................1930
J ___ 108 1041* Feb *17 ___ 104's 104's
3d ext gold 4}<Ja.......... 1923 M- S
1013* 102l2
A *89 ___ 90*2 Apr ’ 17 ___ 891* 90*2
Paducah A Mem Dlv 4S..I946
4th ext gold 6g............ 1920 A - O ___ 1013.1 1013* Apr ’ 17
9434 Nov’15
8 ___ 1055* 100 Mar’ 17 ___ 106 106
St Loula Dlv 1st gold 6 a_1921
5th ext gold 4s______ 1928 -1 -D
60 Apr ’ 17 ___ 60 73l|
8 ___ 02
2d gold 3s__________ 1980
N Y L E 4 W 1st g fd 7a.. 1920 M- S IOOI4 1093* 10712 Deo ’16
3 83 9H*
83
807* 8714
823*
Atl Knox A Cln Dlv 43...1955
N 81 85 83
Brie 1st con g 4a prior___1996 J - J 807* 8 ll2 81
1083
4 Jan T7 —
108’4 10854
D
At!
Knox
A
Nor
1st
g
5a..
1948
84
Deo
’16
*
105*2___
Registered........ ........1996 ■> - J
IOOI4 Juno’ 16
637* 73l2
S
Hender Bdge 1st af g 6 a.. 1931
1st consol gen lien g 4a. 1996 J - J 64 6412 637* 6412
J ___ 8434 85*4 Apr ’ 17 ___ 851* 851*
Kentucky Central gold 43.1987
Registered_______ 1996 J - J ___ 73 73 June’ 16
99l2 103s4
90 90
90
Lex A East 1st 50-yr 5a gu.1905 .. O 99i2 9934 99l2 Apr ’ 17 —
Penn coll trust gold 4 s.. 1951 F - A 8913 90 90
60 68 I4
L A N A M A M lat g 4Ha 1945 M­ 5 9934 10 0 101 Oot '16
50-year oonv 4a Series A1953 A-O 60 007* GO Apr’ 17
3 80l2 813*
59'* 687*
OOI2
L A N-South M Joint 4a.. 1962 J J 813* 82 813* 813*
do
Series B___1953 A-O 59>2 Sale 591*
95 Fob ’05
72 84
Registered...............51952 Q
72i2
Gen conv 4a Serie3 D ...1952 A-O 72 75 72
1031* 10544 1053.1 Sept' 16
1071* 109
Ohio & Erie 1 at gold 5a... 1982 M-N 103i2 108 108 Mar’17
973*
<
j«jl
2
973* May’ 16
1067*
1
087*
1007*
Jan
’
17
10414___
Olev A Mahon Vail g Ss._193S i - J
100 108 10834 Nov’ lO
107 109
Erlo & Jersoy lat a f 6a 1955 J - J 100i2 107 107 Apr ’ 17
A ___ 106 1063* Mar’ 17 ___ 10612 109
1071.4 10712
SAN Ala cona gu g 5a__1
Genesaeo Rlv 1st s f 6s.. 1957 J - J 10Gi.t 1081* 107i2Apr T7
O 991.1 10214 102 Mar’ 17 ___ 102 1031*
12234 oat ’16
Long Dock conaol g 6 a__1935 A-O 1201.1 _.
1 79
79
8 U2
——'*WIa
a *0--3 *___ 79 79
Coal 4 RR 1st cur gu 6a 1922 M-N
Dock 4 Imp Ut. ext 5a...1943 J - J 10 2 U 106 ~ 106U Jan ’17 __ 10 GU lOOU Manila RIt—Sou lines la__1938
77 Mar’10
10212 Mar’ 17 ___ 10 1 10212 Mex Internat 1st cona g 4a.. 1977
N Y it Green L gu g 5a__1946 M-N 100
79 Nov’lO
93 IOOI2 Jan T7
10012 IOOI3
Stamped guaranteed.......1977
Jf Y 8 usq 4 W lat ref 5s..1937 J - J
101 Oot '09
Midland Term—1st a f g 53.1925
100U Deo ’08
2d gold 4Hs...............1937 F - A
Minu A St L 1st gold 7a__ 192/
D 10 0 ___ 1131* Deo TO
69 74 Nov’16
General gold 6a..
1940 F A * _
Paclflo Ext lat gold 6a___1921
O 98 ___ 1033* Oot '16
103 103 Jan T7 ___ 106'* 108
Terminal let gold 5 a..11943 M-N
! 107 108
1st consol gold 5a............1934
N 88*2 92 891* Apr ’ 17 ___ 88 U 9Ua
Mid of N J lat ext 53 ___ 1940 A-O 10H2 105 108 Jan T7 ___
3 55 64
55
5513
1st A refunding gold 4a__1919
8 ___ 55
70 81
WUk 4 Eas lat gu g 6 a... 1942 J -D 66l2 70 70 Mar'17 ___
617* 017*
Ref A ext 50-yr 5a Ser A.. 1962
F . . . 59 617* Jan >i7
2312 Jan ’17 ___ 28'2 2812
Ev & lad 1st con gu g 6 a. 1920 J - J *25
60 Feb '15
Dea M & Ft D lat gu 4 a._ 1935
Evansv 4 T H lat cona 6 a. 1921 J - J 100 101 102 Jan ’17 — 100 102
931* 19 .897* 95
D 90 Sale 90
Iowa Central 1st gold 5a.. 1938
63 May’16
1st general gold 5s........ 1942 A - O *75
543* 03
Refunding gold la___ 1951
s 50 537* 543* Apr ’ 17
103 Nov’ ll
Mt Vernon lat gold 6 a___1923 A-O *75
89*2 9 89 97
M StPASSM con g 4a Int gu_1938
J 88*4 893.1 89
Bull Co Branch lat g 5a__1930 A-O *75 90 95 June'12
N 93 ___ 92 Jan T7 - - . _ 92 92
1st Chic Term a f la__ -.1941
9512 9Ha Apr ’ 17 . . . .
9412 96
Florida E Coact 1st 4Ha I960 i ' D
J 941.1 903.1 951* 951* 10 9512 OS’*
M S S M A A lat g 4s Int gu'20
92 Aug ’10 __
Fort St U D Co 1st a 4HS..1941 i - J 8334
___ 94 95 Deo TO
691.1 Feb ’17
6914 69l4 Mlasiaslppl Central 1st 5a...1949
Ft W 4 Rio Gr 1st g 4a_ 1928 J - J *65
H 72 781*
74
Mo Kan A Tox 1st gold 4a.. 1990 - D 70 717* 72
Gal Hous it Hen 1st oa
1933 A-O 8 II4 88 85i2 June’lG
965* 537 901* 9934
2d gold 4s____ ______g!990 F A 43 47 45 Apr ’ 17 ---- 45 54U
Great North " P. &Qcoll 4 a 1921 J - J 96>4 Hale 96i*
1 28
38
31
14 98 99
90
N ___ 28 28
Registered a______ 1921 Q- J 90 Sale 96
S 557* 59 5038 Apr ’ 17 ___ 5012 691*
943., 20 94 10134
1 3 * ailituiiiiuujK la_____ isuu*
1st 4 ref 4H i fieri «
1931 J - J 94 Sale 94
Gen sinking fund 4H3...1036 J J 35 373.1 37*2 Apr T7 ___ 30*4 45
98 June’ 16
Registered................ 1961 J - J
40 Nov’lO .« ..
; 0 ...... 37
953.1 28 9 U4 99
St Paul M & Man 4a.......1933 J - J 93 94 91'4
1 6912 69'a
2 115 121
N 691.1 80 09*2 691*
115
II.5 I2
1st consol gold 8a____ 1933 J - J 1141*
y-iicy cz -rau isr g 4S-.J»uo 0 A ___ 701.1 701.1 Mar’17 ___
70'4 71
118 Apr T7
118 118
Registered ________1933 J - J
1 99 105l2
99
Mo K A E 1st gu g 5a__ 1942 A O 68 '* 683.1 68*2 Apr ’ 17 ___ 671* 70
Reduced to geld 4HB.1933 J - J * 93>2 101»4 99
M K A Okla 1st guar 5s.. 1912 M N 72*2 80 79*2 Mar’ 17 ___ 82 85
103 10213 May’16
Registered___ 1933 J - J
___
78*2 80
M K A T of T 1st gu g 5a. 1942 M S ___ 737* 79 Jan T7
Mont ext tat gold 4s...1937 J -D 94 9534 943.1 Mar’17
9434 931*
___ 60 51 Deo TO
Sher 8 I1 A So 1st gu g 5a..1942 J
93-->s 95>2 Mar’ 16
Registered_______ 1937 J -D
451.1 49
Texas A Okla 1st gu g 63 . .1943 M s ___ 437* 45'4 Feb T7 —
85*2 Nov’15
Pacific oxt guar 4 a £__ 1940 J - J
_____
Missouri Paclflo (rcorg Co)
E Minn Nor Dlv 1st g 4a 1948 A-O 9213 9812 98 Jan '17
94‘w 98
31 98 9934
93
98 Sale 98
1083* Jan '17 _____ 1083* 1033*
1st A refunding 5s wh las 1923
Minn Union lat g 6 s.......1922 J - J 105
15 93 981*
95
93 95 93
lat A refunding 5s wh las 1920
Mont C lat gu g 03_____1937 J - J 116 «... _ 12312 Feb '17 _____ 12312 1247*
90 95 95 Feb T7 ___ 95 95
I38‘« May’06
1st A refunding 5s wh I3.3 1965
Reglaterad_______ 1937 J - J
04 200 023* 68*4
623.1 Sale 62-3*
General 4a when Issued____
11012 Jan T7 __ U01211512
1st guar gold 6 s.. .1.1937 J - I 103
1 102 10 0 U
102
___ Missouri Pao 1st eons g 6a. ..1920
fll ___ 1 0 1 1 * 10 2
Will &S F 1st gold 6 a.. 1938 J -D 10712 ___ 10934 Aug TO ___
80 793.1 Dec TO -- -IOOI4 Jan T7
s
100 U 100*3
Trust gold 5s stamped...ol917
Green Bay &W deb ctfs "A"___ Feb
___
82
Oot
T5
12
Apr
’
1
7
8
12
'a
12
Registered_________<jl9!7
1
2
3
4
1512
Debenture otfa "B”
___ Feb
851? 823* Apr ’ 17 ___ 823* S0i2
A .............. 103 Jan T7 — 1013* 103
i3t collateral gold oa____1920
Gulf 4 S I 1st ref A t g os. .5 19 5 2 J - J
19 87 9334
89
Registered__________ 1920
Hooking Val 1 st conag 4 Ws. 1999 J - i 87 Sale 87
551* 59
973.1 Jan T4
a 5934 65 58 Apr ’ 17
40-year gold loan 4s........ 1945
Registered______
1999 J - i
88 Feb T7
5
1st A ref couv 5a............ 1959
60's 65 01 Jan '17 ___ 60 61
88’ 8814
Col A H V 1st ext g 4a 1918 A - O 873* —
3d 7a extended at 4%___ 1938 _ N ___ 8212 82 Apr ’ 17 ___ 80 82
88 Nov’lG : : : :
Col A To! 1st ext 4a.
1955 F - A
100 Feb T3
901* 3 90 901*
Boouv St L A S 1st 50 gu.1951 F A
Houston Belt A Term lat 6a. 1937 J - J 92 9384 901*
67 Aug TO
983* 9914
Cent Br Ry lat gu g 4a... 1919 F A
083* Feb '17 —
Illinois Central las gold ia.,1951 I - J 97 —
-D
77*2 Deo T3
Cent
Br
U
P
lat
g
4a.......1948
92
Aug
T5
Registered.............
1951 i - J
J
110 Mar '05
Leroy A C V A L 1st g 5a..1926
lat gold 3Hs..............."1951 i - i 8H2 90 80 I2 Mar’17 . .. . 85i2 85>2
A 87 92 9212 Deo TO
Pao R of Mo 1st ext g 4s.. 1938
83 Nov’15
Registered........
1951 J - J
10034 IOD4
j
1003.1 Apr '17
2d extended gold 5a___1938
Extended lat gold 3Hs...1951 A-O 8312 80 8512 Deo TO
6 99 10334
99
St L Ir M A S gen con g 5a.1931 - 0 ___ 99*4 99
Registered_________ 1951 A-O
102
July’
1
4
0
Gen
con
stamp
gu
g
da..
1931
80
J'ly
’66
lat gold 3o sterling_____ 1951 M- 8
771.1 771* 5 77 86
j 7712 79
Unified A ref gold 4a... 1929
Registered...... ......... 1951 M- 8
807* Oot '12
j
Registered________ 1929
Coll truat gold 4a______ 1952 A-O 80 87U 83 Apr ' 17 . . . . 88 92
767*
77
•i 767* 84
73
76
Rlv
A
G
Dlv
lat
g
4a...
1933
-N
95T
Sep
T2
Registered______ "1952 A-O
87 Sopt’15 ___ ___ ____
8
Verdi VIA VV 1 st g da...1920
863* 8 85 95
1st refunding 4a___
*1955 M- N 85 Sale 85
D ___ 113 11212 Apr ’ 17 ___ 1121.1 1 1 1 1 *
84 853* j an >47 ___ 853* 853* Mob A Ohio new gold 6a__ 1927
Furobascd lines 3Ha___ 1952 J - J
-- - 108 109 Feb TO
lat extension gold fis___51927 Q L N O &Toraa gold 4s__1953 M- N 831? 84 80 Mar’17 — 88 897*
77 785a
General gold la.............. 1938 •S 771* 80 78 Apr ’ 17
Registered____
1953 M- N 8212 81 81 May’ ll
A .... 10L 101 Oot TO
Montgomery Dlv 1st g 53.1947
89 Apr’ 17 . . . . 89 943*
Cairo Bridge gold 4s..” ' 1950 J - O 84
St Louie Dlv 5a._______ 1927 J - S 913,1 91 89 Deo T5
74 Fob *14
Litchfield Dlv 1st g 3a... 1951 J - J
___
St L A Cairo guar g 4a__ 1931 J - j 86 91 8 a»2 Jan T7
89*4 891*
77 Feb T7
77 83
Loulav Dlv 4 Term g 3H5 1953 J - J
0 1023.1 105*2 lOOU Feb T7 ---- 105 108
Naahv Cbatt A St L 1st 5a. 1928
Registered_________ 1953 J - J
Jasper Branch 1st g 6s___1923 - J ...... 107 IUH4 Mar’HI
102 June’16
Middle Dlv reg 6s_____ 1921 F - A 1001*
j 30 ___ 30 Mar’17 __ 30 30
72*2 Jan '17 __ 721* 7213 Nat Uya of Mex pr Hen 4H8.1957
Omaha Dlv 1st gold 3 s...1951 F - A
O
35 Aug TO
Guaranteed general 4a___1977
77 71 Mar'17 _____ 71 71
St Loula Dlv A Term g 3s 1951 J - J
907, Feb T3
83 84 Apr ’ 17 — 83 861* Nat of Mex prior lien 4HS..1926 J J
Gold 3Ha.................. 195! I - J —
30 Oot TO
1st consol 4s_________ 1951 A O
80 Juae*16
Registered........... 1951 J - J
59 Deo ’ ll!
N O Mob A Chic 1st ref 6a.. 1960 J J
Spring! Dlv 1st g 3HS...1951 J - J 80 ___ 80S* Nov’lO
70 72
New Orleans Term 1st 4a__1953 J - j 68 70 70 Mar' 17
Western lines l 3t g 4s___1951 F - A 84l2 ___ 91t* Doe 16
977* 7 961* 99U
N OTex A Mexico lat 6a ..1925 J ■D 971.1 Sale 97'i
Registered_______ 1951 F - A
92 Nov'lO
Non-oum Income 5s A__ 1935 A- O ___ 41 40 Mar’ 17 _ 46 4334
10734 11712 May’10
Bellev 4 Car lat 6 s........ 1923 J -D
90 Jan T7 . .. . 90 90 N Y Cent Rit conv deb 6 a.. 1935 M --N 107 Sale 10034 10 71 ? 173 1001* 1133*
Carb 4 Shaw 1st gold 4s.. 1932 fd- 8 80
851* 8834
Conaol 4a Series A_____ 1998 - A ___ 85 85*2 Apr ' 17
1075* oot T6
Chic St L 4 N Ogold 5a. 1951 J - D
9,)i* 21 92 98s4
Re! A Imp lHa "A” ...... 2013 - O 951* Sale 92
114 Feb’ll
Registered.................1951 J -D
15 79 807*
80
N Y Central A IT R g 3H3..1997 •J 80 Sale 79
90 Oot ’09
Gold 3Hs.................. 195! J -D
82 857*
Registered_______ ...1997 - J *----- 83's 82 Apr T7
Registered______ 1951 J - D
9013 32 89 91U
Debenture gold 4s_____ 1934 -N 881* 89 89
98 10242
Joint lat ref 5s Series A. 1963 J - D 9714 9934 99 Apr T7
2 88 88
Registered................ 1934 ... -N *___ 9312 92 Doe ’ 10
83
Memph Dlv 1st g 4a__1951 J - O 81 90 88
741t 4 74 81
Lake Shore coll 3 3Ha__1998 F - A 74 70 74
Registered_______ 1951 J - D
Registered_______ ...1998 F - A ___ 70*2 7014 Mar’ 17 ___ 76*2 80
90 95i2 Jan T7
St Loula Sou 1st gu g 4a..1931 M- S
'9512 ‘ 95*12
78 801*
Mich Cent coll gold 3Ha -1998 P - A ----- 75*4 70*2 Apr ’ 17
98 89 Apr T7 ___ 89 OP2
tod 1114 Iowa 1st g 4s___ 1960 J - J
75 80
___ 7734 75 Mar'17
Registered...... .......... 1------lot 4 Great Nor 1st g 6 s___1919 M- N 95 9934 97 Mar’17 _____ 97 100
- D 63U
Battle Cr A Stur lat gu 3a. I
90 927* jan T7 __ 0234 93
James Frank 4 Clear 1st 4 s. 1959 J -D
061*
961*
4
.1
901* 07
2
Beech
Creek
lat
gu
g
4s._l
Kansas City Sou lat gold 3.1.1950 A-O —
07^8 0712 6712
07*2 71*2
93»*___ 95’ i Nov’lO
Registered_________ 1
Registered_____
1950 A-O
63 Oot *00
873.1 83 83
101 ----- 104 May’ 16
Rel A Impt 5s.........Apr 1950 J - J
881? 2 87 91
22 81 90*4*
85
Kansas City Term 1st 4 s...I960 J - J 8IVi Sale 84
............Beech Cr Ext lat g 3H*._et95l A - 0 ___ 8 U2
2 98«4 101
Lake Erie A West lat g 5J..1937 J - J
100 99
99
85 . . . . 89 Nov’lO
2d gold 5a................. 1941 J - J
80 803* Feb '17
803* 83
______ Gouv A Oawe lat gu g 5s. .. 1942 J --D *102 ___
80/* 90
100's 897* Mar’17
North Ohio lat guar g 6 a.. 1915 A - O
94 Mar’ 16
Moh A Mai lat gu g 4a__1991 M97
I.eh Vail N Y 1st gu g 4H8-.1940 J - J 97 101 97
3 97 102
85 ___ 89UFeb TO
N J Juno R guar lat 4a... 1986 F •
Registered__________ 1940 J - J *97 _____ IOU4 Jan '17
10U» 101T
92 83
N Y A Harlem g 3H«__ 2000 M •N 80 ___ 8 H2
811? 5 81*2 811*
3 88 91*2
Lehigh Vail (Pa) eons g 4a..2903 M-N
83
N Y A Northern 1 st g 6s. 1923 - O 103 ___ 106U Sop ’ 16 — ---------- 987* 102
General cons 4Hi___ 2003 M-N 94 99>2 987* Apr ’ 17 —
* N o price Friday: latest bid and asked this week, a Due Jan. 6 Due Feb. g Due June, h Due July, o D ue Oot. « Option sale




A pr . 21 1917.]

New York Bond Record— Continued— Page 3

5->
Price
Week’s
Range
BONDS
Range or
Friday
Since
N. V. STOCK EXCHANGE
April 20
Last Sal*
Jan. 1
Week ending April 20
Bid
Ask Low
High
Low High
N T Gent iH U R S (Con.)—
90
90
N Y & Fu let cons gu g 4a 1993 A - O ___ 90
897* 94
Pine Creek reg guar 6s___1932 J - D 11418----- 113 May’15
R W 4 O con let ext 6S..M922 A - O 102*4 10318 10314 Mar’ 17
103 104*4
R W 4 OT R let gu g 68_1918 M-N 99 ___ 100U Feb '17
100U 100U
Rutland let con g 4*js ...1941 J - J 80ig ----- 8ia4 Dec ’15
70*a Apr ’ 17
Og 4 L Cham let gu 43gl948 J - J
706a 705s
Rut-Canada let gug4e. 1949 J - J 70 ___ 92 June’09
101 Nov’16
St Lawr 4 Adlr let g 6a__1996 J - J
103 Nov’16
2d gold 0e.................. 1990 A - O
Utica 4 Blk Rlv gu g 43__ 1922 J - J 983s 99*2 97i2 July’16
83 8734
83
Lake Shore gold 3**8....... 1997 J -D 78M___ 83
7912 87
Reglatered.................1997 J -D 78*s 80 79i2 7912
913g 97U
Debenture gold 4a.......1928 M- S 92i4 93i2 913g 92is
91 9034
01i2
26-year gold 4a............ 1931 M-N 9 H2 Sale 91
95 Nov’16
Reglatered..............1 9 3 1 M-N
Ka A 4 G R lat gu c 6a__1938 J - J
Mahon C’l RR lat 5s.......1934 J - J 103 ----- 104*2 Deo T5
10334 10334
Pitta 4 L Erie 2d g 53— <31928 A - O 103 ----- 10334 Feb T7
13018 Jan ’09
Pitta McK 4 Y let gu 68—1932 J - J
123U
Mar’1
2
2d guaranteed 8a........1934 J - J
MoKeea 4 B V lat g 88.1918 J - J
106U Aug T6
Michigan Central 6a.......1931 M- S 104iS----- 105
July’16
Reglatered.................1931 Q-M
Apr ’12
4s..............................m o J - J 88 >8 -- 98
87
Fob
’14
Registered..............1940 J - J
90 June’08
J LAS lat gold 3Ms— 1951 M- S
8U2
8 U2 Sale 8U4
81t2 86
lat gold 3Ms___ ____ 1952 M-N ___
8512 89*2 Mar’ 17
8912 9134
20-year debenture 4 s...1929 A - O
92
92 95i2
VI Y Chic 4 St List g 4S..1937 A - O 92 Sale 92
9034 Aug ’16
Registered.................1937 A-O
79 8212
Debenture 4a............. 1 9 3 1 M-N ___ 7912 79 Mar’ 17
87i2 94
West Shore lat 4a guar__2361 J - J 87i2 88 8712 88
843.1 93ig
Registered................ 2361 J - J 8434 Sale 8134 8534
lOOMJan ’17
N YC Linos eq tr 6S-.1916-22 M- N
100i2 lOOM
10034 Jan ’17
10034 10034
Equip trust 4Me—1917-1925 1 - 3
WY Connect lat gu 4^8 A—1953 F - A 95 96*2 90*2 OGI2
96*2 9934
H 1 N H 4 Hartford—
793a Sopt’18
Won-conv deben 4a____ 1947 M- S *___ 80
71 Nov’16
Non-conv deben 3Ms___1947 M- S
Non-conv deben 3Ms__ 1954 A - O "II "(35 " 08 Deo ’ 17
Non-conv deben 4i........ 1955 J - J ___ 70 68 Mar’17
03
68
Non-conv deben 4s........ 1956 M-N ♦___ 73 69U 09U
07 7514
GO
Conv debenture 3Ma.......1950 J - J 59M 62 00
57U 64
Conv debenture Os.......... 1948 J - J 1013SSale 100*8 1013g
99 110M
Cons By non-conv 4s___ 1930 F - A 75 ----- 79 Jan ’17
79 79
Non-conv deben 4s___1954 1 - 3 ___ 7912 OIMJan ’12
Non-conv deben 4a___1955 1 - 3 ___ 7778 7912 Apr TO
Non-conv deben 4s___1955 A - O
Non-conv deben 4s___1956 J - J ___ 80
92 Jan T7
92 92
Harlem R-Pt Chca 1st 4S.1954 M-N
B 4 N Y Air Line 1st 4s.. 1955 F - A 88 -- 88is 88lg
88is 88ts
74 78i2
Cent New Eng lat gu 4s..1901 3 - J ___ 70 74 Apr T7
Hartford St By 1st 4s___1930 M- S
105ia May’15
Houaatonlo R cons g 6s...1937 M-N
87 July’14
Naugatuck RR 1st 4a___1954 M-N
N Y Prov 4 Boston 4a___1942 A - O 90 ----- 88 Aug T3
04i2
64 75*2
NYW’chcsAB lat serf 4Ma*46 J - J 64 Sale 64
107 Aug’09
N H 4 Derby cons oy6s_1910 M-N
Boston Terminal let 4s... 1939 A-O
Hew England cona 6a---- 1945 3 - J 10218----- ......
88 ___ 9912 Mar’12
Consol 4a................... 1946 J - J
Provldonoe Seour deb 4s.. 1957 M-N ----- 60 57 Apr T6
57 57
907g Deo T4
Prov 4 Springfield 1st 6s. 1922 3 - J
Providence Term 1st 4s—.1950 M- 8 817g___ 833g Feb T4
___
___
W4 Con East lat 4Ms— 1943 1 - J --- WY O 4 W ref lat g 4a__ cl992 M- 8 75 80 75*8
75is
75 83
Reglatered 55,000 only..41992 M- 8
92i2Juno’ 12
General 4a..................... 1955 J -D 75 80 79 Mar’17
77 80
Norfolk Sou 1st 4 ref A 6a.. 1961 F - A ----- 81 78 Apr T7
78 823s
HorfASou lat gold 6s........ 1941 M-N 99*4___ 99*4 Apr T7
9 9 3 4 10 1
Norf 4 West gen gold 6s___1931 M- A 114*2___ 115
115
115 122
Improvement 4 eit a 6s..1934 F - A 115 122 122 Nov’lfl
New River lat gold 6a___1982 A - O 114*4___ 12012 Novie
N4 WRy lat cons g4s...1996 A-O 01i2 Sale 91
28 91 97U
93
Registered___ _____ 1990 A-O
94MDeo T6
Dlv’I lat lien 4 gen g 4a.1944 J - j ----- 8934 89 Apr
80 93<8
10-26-year conv 4a.......1932 J -D 127U___ 131>4 Apr T7 ...- 127
134
10-20-year conv 4a___ 1932 M- S 127U___ 128
128
128
136*4
10-25-year conv 4Me— 1938 M- S 1 2 7 1 4 ___ 127i2 Apr T7
126*2
135
Pocah 0 4 0 Joint 4s...1941 J - D ----- 89 88 Apr T7
88
94
C O 4 T 1st guar gold 6a.. 1922 J - J 100 ___ 103 Sopt’10
Solo V 4 N E lat gu g 4s..1989 M- N ----- 89
s Mar’17
"9078 "02"
Nor Paolflo prior lien g 4s...1997 Q- J 90i8 Sale 907
8934 92 ” 79 89*4 06*4
Registered.................1997 Q- J 88 Sale 88
1 88
88
93
General lien gold 3a___ o2047 Q - F 63 65 G3i2
65*4 10 0312 C9'8
Registered ...............a2047 Q - F ----- 6012 67T Jan T7
66*2 67U
0t Paul-Duluth DIv g 4S..1996 J - D 0 U2 0214 917gJan T7
917* 917g
at P A N P gen gold 6s.—1923 F - A 10512 109 109<s Mar’17
1091s 110M
Registered certificates—1923 Q - A
lOOMOct T5
8t Paul 4 Duluth 1st 5s.. 1931 F - F 1043S___ 107 Oot TO
2d 6s........................ 1917 A-O 9912 .... 100 Jan T7 — 100 10 0 M
1st consol gold 4a____ 1968 J -D ’----- 8612 8878 Mar’17
887S 887g
Wash Cent lat gold 4a__ 1948 Q - M ----- 88
8 OI2 Deo TO
Nor Pao Term Co lat g Oa—.1933 J -J 10934 la 10912 109i2 1 109*2 110
Oregon-Wash lat 4 ref 4a...1961 J - J ----- 82 82
0 82
87*8
ue 95 Apr83
Paolflo Coast Co lat g 5o___1946 J -D
T7
03i2 99
Paducah 4 Ilia lat s f 41*3.-1965 J - J "oc" 100 100's Feb T7
99
101
Pennsylvania RR 1st g 4 a...1923 M-N 9912 ___ 99i2 Apr T7
99*2 99*2
Consol gold 5a.............. 1919 M- S IOOI4 10HS 101*8 Apr ’ 17
101*8 10214
Consol gold 4s.............. 1943 M-N 98 ._
9878 Mar’17
9912
Conaol gold 4S___ .....1948 M-N ----- 9912 98i2 9812 " " " 2 98*8
08M 1 0 1
Consol 4Ms.................... I960 F - A 10312 104 103*8 1041.1 9 103i2 107*4
General 4Ma................1985 J -D 97i2 Sale 903.!
9734
2 1 90*4 104M
0034 Sale 90*8
General 4 f i e (whlss) Junol’85
97U 1023 96*3 97*8
Allog Val gen guar g 4s__1942 M- 8 02 . .
97i2 Feb T7
97 97*8
D R RRAB’ge 1st gu 4s g.1930 F - A 05 . . . . 94M Sept'16
Phlla Balt 4 W 1st g 4a.. 1943 M- N
100 Jan T7 __ ioo" 160"
Sodue Bay 4 Sou lat g 5s. 1924 J - J
102 Jan ’03 . . . . ----------Hunbury 4 Lewis lat g 43.1930 J - J
U N J RR 4 Can gen 48-1944 M- 8 09l2 . " I '9978 Mar'17 . . . . 99*8 "997g
Pennsylvania Co­
Guar 1st gold 4Ma..........1921 J - J ------ 102ig 100*4 Apr T7
10 0 M102*4
Registered................ 1921J - J -----100i2
Apr T7
100*8 102*4
Guar 3Ha coll trust reg A.1937 M- S 85*2 . . . 100*8
87
Feb
T7
87 87
Guar 3Ms coll truat eer B.1941 F - A 80 83l2 85i2 Mar’17
85*2 80*4
Guar 3Ms trust otfa O___1942 J - D
80ig
July’16
Guar 3Ms trust otfa D___1944 J -D ----- 8534 8734 Dec TO
Guar 15-26-yoar gold 4s.. 1931 A-O ----- 9212 92ig 0 2 l2
3 92*8 97
46-year guar 4s otfa Ser E.1952 M-N 0134 . . . 92*4 Apr '17
92*4 93
CIn Leb 4 Nor gu 4s g—.1942 M- N 91 ___ 91 Nov’16
Cl 4 Mar lat gug4Ma— 1935 M-N 99*4 . .
100i
2 Mar’17
ioo
100*2
Cl 4 P gen gu 4Hs ser A..1942 J - J 98 102' 102
7 10 2 10 2
102
Serlea B..................... 1942 A-O 101 102 104 Deo ’IS
Int reduced to 3HS—1942 A-O 87M . . . 91U Feb T2 : : : :
---SeriesC3Ms............... 1048 M-N 8712 . . . 90is Oct T2
Series D 3Ms............. 1950 F - A 87*g
88 i2 Feb T7 . .. . 88*2 89M
Erie 4 Pitta gu g 3Ms B..1940 J - J 87*8___ 88
83
88
88
Series 0.....................1940 J - J 873s . . . 90's July’ 1 2
Or R 4 1 ex 1st gu g 4MS1941 J - J ----- 09
99 Mar’17 — 99 99
Ohio Connect 1st gu 4a— 1943 M- S 94lg . . . 93 May’14 —
..............
Pitta Y 4 Ash let cona 58.1927 M- N 102 . .
109 May’10
Tol W V 4 O gu 4HS A—.1931 J - J 90*2___ 98*4 Apr T7
98*4
8erlea B 4Me............. 1033 J - J 9034 . . . 99i2 Feb '17 ___ 98*4
99M 99*2
Serlea C 4a_________ 1942 M- S 00»4 . . . 94 Apr TO
P OC 4 St I, gu 4Ms A ...1940 A - O 100 Sale 100
100 ” "5 ioo" 103"%
Series B guar_______ 1942 A-O 0S12 IOU4 I O O I 4 I O O I 4 2 99i2 102*2
Series O guar_______ 1942 M- N
07U July'15
Series D 4a guar_____ 1945 M- N 0512___ 95U Oot TO
__ Serlea E 3Ms guar gold.1949 F - A 93 ___ 90 Mar’17 — "95*4 "90"‘

II

1577

P
5

BONDS
Price
Week's
Range
Friday
N. Y. STOCK EXCHANGE
Range or
Sine*
Week ending April 20
April 20
Last Sal*
Jan. 1
p O C A St L (Con.)
Bid
Ask Low
High1 N o. Low High
Series F guar 4a gold—.1953 J -D 95M___ 95*4 Jan T4■ ___
Serlea G 4a guar_____ 1957 M-N 95*2___ 957g
957S
957S 97
Serlea I cons gu 4 Ms—-1963 F-A ___ 101 102*2 Apr T7s
102i2 103*8
CSt L <kP let cona g 5a..1932 A-O 103*4___ 107*2 Sept’ie
Peoria A Pekin Un 1st 6s g—1921 Q- F
102 Nov’15
2d gold 4Ms.................61921 M-N
87 Mar’lfl
Pere Marquette 1st Ser A 6sl956
93*4 Sale 9314
94*4; 36 92*4 95
1st Serlea B 4s________ 19 56
70 73 72
73*4r 10 72 77*4
Philippine Ry 1st 30-yr af 4s 1937 J - J ----- 48 42 Feb T7
42 42
Pitta Sh * L E lat g 5s.......1940 A-O 105*8___ 109 Jan '17
109 109
lat consol gold 5a............ 19 4 3 J - J
113*4 Nov’ll
42 91 90ij
Reading Co gen gold 4s.......1997 J - J 91*4 91l2 91*4 92
Registered_________ 199 7 J - J ----- 907g 92*2 Feb T7
92*2 95
Jersey Central coll g 4a...1951 A-O 90 917g 91
91 ” ‘ 5 91 97
Atlantic City guar 4a g.__1951 J - J
St Joa * Gr Isl 1st g 4a.......1947 1 - 3 75 80 80 Mar’ 17 —
79 82
St Louis &San Fran (reorg Co;—
Prior Lien ser A 4a______1950 3 J 66 Sale 65i2 66*8 146 65*i 71*8
Prior lien ser B 5a............ 1950 J - J 82*4 Sale 82*2 82*4 6 82i2 88*4
Cum adjust aer A 6s.......1955 J - J 69*2 Sale 68*4
69*2 59 67*2 76
Income serlea A 6s_____ 1960 July 51 51*2 51
5H2 16 50 567t
St Louis & San Fran gen 6a. 1931 J - J 1 1 0 1 2 112*8 111 Apr T7 ___ 1 1 1 1 1 2 M
General gold 6a.......... 1931 J - J 10 0 1 0 1 10 0
6 100 104
100
St L A S F RR eons g 4a..1996 J - J
78 May’16
General 15-20-yr 5a___1927 M-N ----- 73
74*2 Mar’ 17 ___
74i2 75
___ 81
Truat Co ctfs of deposit___
75 Mar’17
70 75
do
Stamped..
76 Deo T6
Southw Dlv 1st g 58___ 1947 A-O 90 ___ 95*8 Deo T6
Refunding gold 4s.......1951 J - J
83*4 Oot T6
Registered ..............1951 J - J
80*4 Mar’ ll
Trust Co ctfs of deposit.,
78*4 Feb T7
78*4 78*4
___ 79*2 74*4 Sep T6
do
Stamped..
K O Ft S A M cons g 68—1928 M-N ___ 1 0 a 109*4 Mar’ 17 ___ 109*4 111*8
9
72
7
2*8
K C Ft S A M Ry ref g 48-1936 A - 0
72*2 72M
72i2 79*8
90 Feb T7
K C A M R A B 1st gu 58.1929 A-O
90 90
St L S W 1st g 4a bond ctfs.. 1989 M- N 75*4 Sale 75*4
75*2 " i 75*4 80
2d g 4a Income bond otfs.pl989 J - J 63*4 64 64 Feb T7 ___ 64 65*2
Consol gold 4s...............1932 J -D 69*8 70*8 69*2 Apr T7 —
6612 72
2 66*2 71*8
lat terml A unlf 5s.......... 1952 J - J 08 09 68*2
68*4
Gray’aPt Ter 1st gu g 6a—1947 J - D
98*4 Jan '14
8 A A A Pass 1st gu g 4s___1943 J - J
63*8 Sale 637g 637g 22 63*2 65
SFANPlatakfdgSs.......1919 J - J ___ 1 0 1
100*8 Feb T7 ___ 100*8 100*8
Seaboard Air Line g 4s.......1950 A-O ___ 83*4 7978 Feb '17 ___ 797g 8212
Gold 4s stamped............ 1950 A-O ___ 79*8 797g Apr T7 ___ 79*4 82**
19 59*2 68
Adjustment 5s............. 0 1949 F - A 01i2 Sale 59*2
6 H2
1 1 65
Refunding 4s.................1959 A-O 65 67*2 67*2 68
70*2
Atl Blrm 30-yr 1st g 4s..el933 M- S ----- 87
87 Mar’17 ___ 86*4 87
83 88 88 Jan T7 — 83 88
Car Cent 1st con g 4s.......1949 J -J
Fla Cent A Pen 1st g 5a—.1918 J - J 10 0 ___ 99*4 Sep T5
1st land gr ext g 5a.......1930 J - J 1 0 1 ___ 101 Deo '15
Consol gold 5s............1943 J - J ___ 104 103*4 Deo T6
Ga A Ala Ry 1st con 5a..ol945 J - J ___ 10 0 100 Apr '17 ___ 99*4 102
Ga Car A No lat gu g 5s.. 1929 J - J 1 0 1 ___ 102*8 Jan T7 .... 102*4 102*8
Scab A Roan lat 5a____ 1920 J - J 1 0 1 10 2 99*4 Aug T6 — ----------Southern Paolflo Co­
2 82
82
Gold 4a (Cent Pac coll)—*1949 J - D 82 83 82
88
90 Feb T4
Registered..... ......... *1949 J - D
84*4 116 83 88*4
20-year conv 4s_______ g l929 M- S 83i4 Sale 83
20-year conv 6s..............1934 J -D 100 Sale 99*8 100*2 312 99*8 104M
Cent Pac lat ref gu g 4a.. 1949 F - A 86 Sale 85*8 86*8 44 85*g 937*
Registered.................1949 F - A
87*2 Sept’16
Mort guar gold 3Ms..*1929 J - D ___ 89*4 89*4 Feb T7 ___ 89*4 91*2
Through St L 1st gu 4s. 1954 A-O ___ 82*4 84 Feb T7 ___ 84 8712
G H A S A M A P 1st 5a—1931 M-N ----- 1 0 1
100*2 Feb T7 ___ 10 0 M10 2
2d exten 5s guar........ 1931 J - J
96*2 97 97 Apr T7 —
97 98*2
Gila V G A N 1st gu g 58-1924 M-N
100*4 Jan '16
Houa E A W T lat g 5a... 1933 M-N "II ~ 9 9 ~ 100*8 Apr T7 — * 10 0 ** 10 2 **
lat guar 5a red............1933 M-N *___ 100*8 100 Oot T0
1 105 106*2
105
H A T O 1st g 68 lnt gu__1937 J - J 104 106 105
1 96
Gen gold 4a Int guar... 1921 A-O 98 96*2 96
90
96*2
Waco A N W dlv lat g 6a ’30 M-N 100 ___ 109*2 Nov’16
A A N W 1st gu g 6a.......1941 J - J 10 0 ___ 101*2 Deo T6
Louisiana West 1st 6s___1921 J - J ___ 108*2 109 Juno’14
Morgan’s La A T lat 78—1918 A - O ----- 105*8 104*4 July’16
lat gold 6s..................1920 J - J -----104*4 105 Jan '16 ___ . . . . ___
___
N o of Cal guar g 5s........ 1938 A-O
106*8___ 105 Oot T6 —
Ore A Cal 1st guar g 5a__1927 J - J 100*2 10 2 100 Apr T7 ___ 997* 1017*
So Pao of Cal—Gu g 5s...1937 M- N 107*2___ 107*2 Sept’16 — _____ _
So Pao Coast 1st gu 4s g,.1937 J - J 03*2___ 94 Apr T7 ___ 96 90
San Fran Terml 1st 4s...1950 A-O ___ 84 87*i Mar’17 ___ 86*2 89*4
Tex A N O con gold 6s... 1943 J - J ___ 90 95 Nov’16 ___ _ _ ___
72 87 95
So Pao RR 1st ref 4s.......1955 J - J
87 Sale 87
88*2
Southern—1st cons g 6s___1994 J - J
98*4 Sale 98
98*2 66 98 102*4
Registered_________ 1994 J - J ___ 10 2 100*4 Aug T6
68*4 168 68
Develop A gen 4s 8er A...1956 A-O 03*8 Sale 68
77
Mob A Ohio coll tr g 4a...1938 M- S ___ 77 77*2 Apr '17 —
77M 78*2
Mem Dlv lat g 4Ma-Ss— 1990 J - J ___ 98 98*8 Apr T7, . . . . 98 10U*
—
78 80 82 Apr T7
St Louis dlv 1st g 4s____1951 J - J
77*2 84
Ala Cen 1st g Cs..............1918 J - J 99*4 104 102*8 Sept’16
Ala Gt Sou 1st cons A 6s.. 1943 J - D ___ 99*8 98*2 Apr T7 ___ 98*2 98*2
Atl A Char A L 1st A 4Ma 1944 J - J ___ 90*4 92*2 Mar’17 . . . . 92*2 96U
3 99 103*4
1st 30-yr 5s aer B___1944 J- J 99 Sale 99
99
AtlA Danv 1st g 4a........ 1948 J - J ___ 82
83*2 Jan T7 —
83*4 84
2d 4s........................ 1948 J - J ___ 80 81*2 Mar’16 ___
Atl A Yad 1st g guar 4s__1949 A-O
75 75
75 Feb T7
___
E T Va A Ga Dlv g 5s___1930 J - J 10378 ___ 105 Mar’ 17
105 105
Cpn lat gold 5s............1956 M- N ___ 106*4 106*8 106*8 1 105*8 108
E Ten reor lien g 5a........ 1938 M- S ___ 99
101*4 Mar’17 . . . . 100*2 101*4
2 64
Ga Midland 1st 3a_____ 1946 A-O ___ 65 64
64
64
Ga Pao Ry 1st g 6a_____ 1922 J - J 100 106 1067* Feb T7 . . . . 1067* 107
Knox A Ohio lat g Oa___1925 J - J 104*4___ 109*4 Jan T7 . .. . 109*4 109*4
Mob A Blr prior lien g 6s. 1945 J - J 1 0 1 102 106 Sept’16
Mortgage gold 4a........ 1945 J - J ___ 72 74 Mar’17 . . . . 74 74
Rich A Dan deb 5aatmpd. 1927 A-O ___ 105*4 104*4 Apr T7 — 103*2 104*4
Rich A Meek lat gu 4a— 1948 M- N
73 8ept’12
So Car A Ga 1st g 5a.......1919 M-N 99*2 100*8 100 Apr T7 . . . . 100 101*8
Virginia Mid ser D4-5a... 1921 M- S
102*2 June’ll —
..............
Serlea E 5s.................1920 M- 8 ioi'*4
203*8 Aug '16
Series F 5a.................. 1931 M- 8
104i2Deo T6 ___
General 5s............. ...1936 M-N ___ 107 105 Mar’17
ids" ids?"
Va A So’w'n 1st gu 5s..2003 J - J 103 ___ 105 Mar’17 ____ 105 106*2
1st cona 50-year 5s__1958 A-O ___ 88
91 Feb '17 ___ 9012 91*2
W O A W. 1st cy gu 4a___1924 F - A 92 94*4 937g Mar’17 ___ 937* 937*
Spokane Internat lat g 5s...1955 J - J 91*4 90 95*4 Mar’17 ___ 95 90
Ter A of St L 1st g 4M8....... 1939 A - O 96*2 97*2 101 Mar’17 ___ 100*8 101*8
1st con gold 5a____1894-1944 F - A 102*4___ 102 Apr T7 ___ 100*4 10 2
Gen refund af g 4s.......... 1953 J -J 847g 86 86 Mar’17 ___ 86 88*2
St L M Bridge Ter gu g 6s. 1930 A-O ___ 100*8 99 Mar’17 ___ 99 100
1 99 102
Tox A Pac 1st gold 5a........ 2000 J -D 99 Sale 99
99
2 64
2d gold Inc 5a...............?2000 Mar 64 68 64
64
64
La Dlv BL lat g 6a........ 1931 J - J 89 8914 89*4 Jan T7 . . . . 89*4 89*4
W Min W A N W 1st gu 6al930 F - A ___ 95 106*2 Nov’04
Tol A O C 1st g 58.......... ..1935 J - J 99*8 102*8 103 Apr ’ 17 . . . . 103 104M
Western Dlv 1st g 5a.......1935 A-O ___ 98*2 100 Jan T7 ___ 100 100
General gold 6a..............1935 J -D
90 Feb *17 . . . . 87 90
Kan A M lat gu g 4a.......1990 A-O 83*4 85 84 Mar’17 ___ 82*2 84
2d 20-year 5a..............1927 J - J 94U 95*2 97 Apr '17 ___ 96*2 97*4
Tol PAW lat gold 4a........ 1917 J - J 00 70 62 Mar’17 ___ 53 62
Tol St L A W pr Hen g 3MS-1925 J - j 80 83*2 80 Mar'17 ___ 80 83l2
50-year gold 4s.............. 1950 A-O 57 57*2 57 Apr *17 ___ 57 60
Coll tr 4a g Ser A............1917 F - A 25 50 18*8 Mar’06 ___ ___ ___
Tor Ham A Buff 1st g 4a..*1946 J - D 80 87 80 Apr T7 ___ 80 8712
Ulster A Del 1st con g 6a... 1928 J -D 98*4 100*4 99*4 Apr T7 ..._ 99*4 100*2
lat refund g 48............... 1952 A - O ___ 71*2 74 Mar’ 15 ___ ___ ____
74 947g 100
96
947g Sale 947g
Union Pacific lat g 4s........ 1947 J - J
Registered.................1947 J - J ___ 96*4 96*2 Apr '17 ___ 95*2 98*2
2 9H4 99*2
20-year conv 4a..............1927 J - J 91*8 92*8 91*4
92
1st A ref 48.................. 02008 M- 8 88 *s 8 ale 88*2
9 88*2 95**
89
Ore RR A Nav con g 4a.. 1946 J -D ___ 89*2 90*4 Apr T7 —
90*4 95

* No prloe Friday; latest bid and asked. a Due Jan. * Due Feb. e Due May. g Duo Juno. * Duo July, t Due Aug. o Due Oot. v Due Nov. rD uaD ee. e Option sale




1578

Price
Friday
April 20

s i

Week’s
Range or
Last Sale

Range
Since
Jan. 1

I 3

1Bid
High Wo. Low High
Ask Low
Union Pacific (Con)
Ore Short Lino let g 6 s— 1922 F - A ____ 106*4 100*4 Mar’ 17
100 108*2
1st consol g 5a______ 1946 J - J ____ 108*4 1007a Apr ’ 17 ___ | 106 108**
127 89
9478
Guar refund ia ............ 1929 J -D 90 Sale 8912
90
102 Mar’ 16
Utah JfcNor gold 5e___ 1926 J - J
lat extended 4h_____1933 J - J 92 100 90 Apr ’ 16
Vandalla cong g 4aSer A___ 1955 F - A 88I2------ 90*4 Apr ’ 17 ____ 90*4 92
Oonaol 4a Serloa B______1957 M- N 83 ------ 90*4 Apr ’ 17 —
90*4 92
42>3 Aug *15
Vera Cruz 3c P lat gu 4H8--A934 J - J ___87
54 96*8 100*2
Virginian lat 5aSeriea A___ 1962 M -N 96*2 Sale 96*8
97
11 101 10678
Wabash 1st gold 5a............ 1939 M -N 10 Ha Sale 101
101'2
8 99*8 101
2d gold 5s..... ......... .
F - A ____ 9914 9913
9912
105 Oct '10
Debenture Series B....... .1939 J - J 80 .
lat Henequip afd g 5a___1921 M- S 100 ____ 1 0 0 Mar’ 17 ____ 100*8 1005a
lat lien 50-yr g term 4a__1954 J - J 80 ____ 80 Jan '17 —
80
80
Det A C h Ext 1st g 5a___1941 J - J 104 ------ 1051a Feb *17 — 105*2 105*2
Des Moln Dl7 1st g 4u___1939
Ora Dlv lstg 3Ha_____ 1941 A -O ____ 78 75 Apr ’ 17 ____ 73 77
Tol A Ch Dlv 1st g 4a___ 1941 [si- S 81 80
84*4 84*4
Wab Pitta Term latg 4a___ 1954 J -D ____ 1*4
78 Jan ’ 17
7s
7S
Cent and Old CoITr Co certa
____
*4 lig Jan ’ 17
*4 1*2
____
2
2 Oct '10
Columbia Tr Co certfa____
____
3
Col Tr ctfs for Cent Tr otfs. _
1*2 N ov’ lG
____
14
Sid gold 4a......................1954
*4 Aug TO
i4
Trust Co oertfa___. __
86i4 Jan T7 ____
A 78*4 80
A ____ 91
91i2 Aug T5
0
70*2 19
70
70l8 70
103i4 Feb T7 —
J ____ 105
O 8 lli 84>2 80 Mar’ 17 . . . .
50 ____ 37 Oct TO
87*s 16
865s Sale 86*3
A -O 100*4 101 102 Apr T7
J - J ____ 99*8 100 Feb *17 ____
F - A ____ 995s 99*8 Mar’ 17 —
78 Apr T7 ___
80
M- S 77
80 Mar’ 17 ____
J - J 85
87
J - J 85*4 Sale 85*4
80 is 28
m -n
84ta 8812 86is Apr T7 —

FFAJ lA -

Winston-SalemS B lat 4a. _
Sup A Dul dlv A term 1st 4a'33
Street Railway

A-O
J - J
J - J
8 k City 1st con 5a.. 1919-1941 J - J
8 k Q Co A S con gu g 5s. .1941 M -N
Bklyn QCo A S 1st os___1941 J - J
F- A
F-A
F -A
F- A
Nassau Elec guar gold 4a, 1951 J - J
F- A
J - J
J - J
Det United 1st cons g 4H»J - J
?t Smith Lt &Tr lat g 63 ..
M- 8
F- A

'nterboro Rap Tran lat 5a
Metropolitan Street Ry—
Lex Av A I* F lat gu g 5a.
Refunding A exten 4H»Vllnneap St lat cona g 5a..

I'hlrd Aye let ref 4a.

United RRs San Fr a f 4a__19:
7a Ry A Pow lat A ref 5a..19:
Gas and Electric Light

Columnua Gas lat gold 5a.

Hudaon Co Gas 1st g 5a...

Paclflc G A El Co Cal G A E
Pac Pow A Lt 1st A ref 20-yr
PeopGas A C 1st cons g 6s.

97*2 99
____ 74
99*8 Sale
____ 100
_ 90
____ 99*2
90
9Si4
____ 99's
____ 82
____ 81
____ 75
93>s Salo
100l4 -----100 ____
83?3 84

65 Sale
17*3 Sale
F - A ____ 100
A - O 6512 Sale
J - J 95?3 Sale
A -O
84
8873
A -O
87 Sale

J MMF
FJ J J -

97*2
97*2
75 Mar’ 17
99 T
99*3
100*8 Apr T7
9 1*2 Nov'16
101 May’ 13
99 Apr T7
98*2 Apr ’ 17
81
81
8U2 Apr T7
71 Mar’ 17
931S
91*2
101% Feb T7
lOOig Apr T7
83?8
84

S
8
A
A
J
J
J
J - J
J - J
J - J
A -O
M- N
M -N
F-A
- J
M N
J - J
J - J
A-O
J - J
A -O
J- J

F-A
M- S
A -O
M- S
M- S
J - J
J -D
M- N
M- N
F-A
M- N
J -D

Utica Gaa & Elec ref 63____ 1957 J - J 99*2 100*8
Westchester Ltg gold 5a___ 1950 J - D ____ 105
Miscellaneous
JY1 • 3 77
78
Alaska Gold M deb 6a A ___ 1925 M- S 70 Sale
72
Conv deb 6a seriea B . . . . . 1926 M- S 70
Armour A Co 1st real est 4 Ha '39 J -D
93 Salo
Braden Cop M coll tr a f 6s. 1931 F -A
J - J

5

____

Sale 07*4
89*2 89

98
90

------ 92i3 95 Jan T7
100 ____ 99** Oot T5
115 Jan T7
98*s 99
99*s
100
____ OOli 99 3ept’ l^
____ 1011? 101*8 Apr T7
100
100 Sale 100
____ 92
89 Mar’ 17
9 9 '4 ____ 100*2 Fob T7
97 100
88
89*4 89 ADr T7
101*4 Sale 101*2
101*4

97 100
98*2 100
90*4 99*4
103

103

Gen Electric deb g 3 Ha____1942 F - A
111 Steel deb 4H s ................ ..1940 A - O
Int Agrlcul Corp lat 20-yr 5a 1932 M -N
Consol conv a f g 5a........... 1935
Laekaw Steel 1st g 5a........... 1923
1st cona 5a Seriea A _____ 1950
Liggett A Myera Tobao 7 s.. 1944

77*8 78*2 LorlUard Co (P) 7s_. ............1944
90*2 90*2
5a . .......................................... 1951
100 100
Mexican PetrolLtdcon Oa A 1921
102*2 102*2
lat lien A ref 68 series C .1921
76*2 80*4 Midvale Steel A O conv s f 5a 1930
58
73l2 Nat Enarn A Stpg 1st 5 8 ... 1929
105*s 108
Nat Starch 20-yr deb 5e____1930
!)9*a 101
National Tube lat 5a............1952
89*2 90
N Y Air Brake lat conv Os..1928
70
01*2
53
42
93*2

Intorocean P 1st a f 5a...1931
Rcpub I A 3 10-30-yr 5a 3 1 1940
Standard Milling lat 5a____1930
Tenn Coal I A RR gen5a.. 1951
The Texas Co conv deb 6h. . 1931
Union Bag A Paper 1st 5 s.. 1930

A -O
A-O
M- N
J - J
J - J
J - J

1st A ref 53 aeries A ........ 1947 J - J
U S Smelt Ref A M conv 03.1920 F - A

110 129
104*4 10S*4
10078 101*4

8 I 10-GO-yr oa fres........ (J1983 M-N
Va-Car Chcm lat 15-yr 5a.. . 1923 J - D
Conv deb 6a................... el921 A - O

103*4 105*8
100*4 102

We8tlngb’se E A M notes 53.1917 A - O

J

J

101

101

19 07*4 101
9 89
9378
95

95

115 115
15 99*8 102*2
101 103*8
5 100 101*8
89
92
100*2 101*8

__

89
27 100

94*4
102

70
70
92*8

70
70
93
96*8

85

87*4

100
102

101
100

1 67*2 85
2 67*8 8478
49 92*8 9478
2

95

98

87*8 93*2

128 "
103
Apr T7
94*t
99*4

84
1 103 “ 109*2
100
150 88*a
98
93*8
75
101

75*2 Mar’ 17
102*2 Apr T7
94*2 Jau T7
90
90
9158 Apr T7
88*2
90*2
89*2 Apr T8
103*2 Jan '14
102
102*4

id
33

10278
96*4
100*4
9378
75*2
103

94*2 94*2
90
99
91
94*2
88*2 93
887a 91

45 id 1*2 io3"78

-

J

- 1

-D

78

63*4 04

"91 " 287 88*2 02*4
I 104*4 109
104*4
660
105*8 107
105*4 Mar’ 17
OS'3 99
5 97*2 100*4
08*8
98*3
10 9978 103
100*2 100*8 100
100*2
887s Sale '88*2
101*4 105 104*4

100

100*4 100*2 Apr"’"17

100*8 101*8
00*8 96*8
91
93*8

06*4
____ 92

91*2 94
------

80*2 79

80

4

77*2 81
92

93*2 Apr T7

95

05

99 July T 5
2 92*2 95*4
92*2
9212
92*2 93
86*4 80*i 86 Apr T7 ___ 8412 86
80 D c o ’ 16
90
90
1 85
90
87
90

88*2
80
65 88*2
88*4 89
98*8 Apr T7
98
20i-yr convertible 4 Ha___ 1933 M- S 102*4 Salo 102*4
103*2 50 102*4
30-yr temp coll tr 6a........ 1940 J - D 99*4 Salo 99*4
00*4 378 99
Cent Dlat Tol 1st 30-yr 5a.. 1943 J - O ____ 101*2 102 Apr T7
102
___75
99*8 100
_ 99
Metropol Tel A Tel lat a f 5a 1918 M -N 100*8 100*4
Mich State Telep 1st 5a___ 1924 F - A 99*8 100
N Y A N J Telephone 6a g.1920 M -N 100 _
N Y Telep lat A gen a f4 H s . 1939 M-N
90 Sale
Pac Tel A Tel 1st 5a............ 1937 J - J 98*2 99
South Bell Tel A T 1st a f 5a. 1941 J - J 98*i Salo
West Union coll tr cur 5s__ 193J* J - J
M-N
9978 ____
N orthw eatTel gu 4 H » g.. 1934 J - J
5s__ 1937 J - J

81*2

73*2 16 71*2 75*4
100 102
4
100
100
98*2 100
12 100 101*8
L007a
101
97*2
98*s 42 93*2 100
127*4 Mar’ 17 ___ 127*8 120
100
101*o
19 100 104*3
123'2 Apr '17
123*2 128 "
2 99*2 103
99*2
99*4
10I1U
lOdli
2 105*2 107*4
106*2 ion
107 Apr T7
42 93*2 95
93
95
14 99*4 102
09*4
100
4 90
0178
OO'-l
90U
58 9873 103
987a 100
« 102 100
102*2
10278

----- 1 56 "

80

Va Iron CoalACoke lat g 5a. 1949 M- S
Telegraph & Telephone
Am Telop A Tel coll tr la. . . 1929 J - J

3

193 90*4 94
20 101 10378

100*4 Feb T7
99
119 98*4 997a
98*4 Sale 98*4
100 Halo 09'2
100' s 70] 99 101*4
------- 100
100*8 Apr T7
99*3 101
101 102 101
101
1 101 103*8
10:514 Salo 10313
10 103*8 106*8
101
1 88*2 03*2
88*2 90
88*2
88*2

Col Indus 1st A coll 5a gu. . . 1934 F - A

PocpJt Con Collier 1st a f 5a. 1957 J J
St L Rock Mt A P 58 8tmpd.l9o5 J - J

78»4

73*2 70*2 73*2

Cona Coal of Md latAref 3a. 1950 J - D

C um bT A T 1st A

High

99*4 101*8
9334 90*2

Mar’ 17
Mar’ 17

9 1 Salo
100*8 101*2

120 123*2
------- 99*4
106*4 Sale
105*1 100*4
93 Sale
J -D
99*2 100
J J 90*4 91*2
M -N 100 Salo
M-N 10l78 104

U 3 Realty A l conv deb g 5s 1924 j

88
89*4
100 102*8
100 102*8
92*4 93*4
103*2 10178
100 105*4
83*a 88

100
105

78^8 8H2 78*4

A -O
F- A
A O
A-O

100*2 101
87
91

99*4 105*4
114*2 116*2

4
3

99*4 Apr T7
93*4 Apr '17

100*2 103

J - J 100 100's
A -O
M- 8 07*2 98
A -O ------- 123*2

100*8 107*2

93
94
102*2 103*2

85
101*2

3
F - A 102*4 103 10278
20; 99*4 105
104
94*4 90
92*4 Apr T7
92*4 97*4
M -N
M- S 102*2 103 102*2
102*2
3 102*2 104*8
A -O
100 Apr T7
97*2 100*4
81 93
99*2
J - J 98 Sale 98
98*|
A O 119 ____ 119
119
« 119 110*2
F - A 83*2 85
83's
8312
3: 83*2 85
90
15 80*i 92
J - J 90 Sale 89
M -N ------ 104
103*2 Apr ’ 1/ . . . . 103i2 104*4
4]
99 Sale 98*2
M -N
'99*2 28 98l2 102
48 997s 103
A -O 100 Sale 007a loo
F- A
93
95
93*2 Apr T7
92*8 97*2
81
81
F- A
81*4 ____ 81 Mar'17
98
99
M-N ------- 987a 98 Apr ’ 17
98
128 077a 9912
M-N ------- 98*4 98
3 101 102
A -O 101 101*8 101
101
A O 01 Salo 61
61*4 113 61
70
2 103 104*2
J -D 101*2 104*2 104
104

89li 90U

70
01
GO
34*2
88

Hioh No. Low

87

N Y Dock 50-yr lat g 4 a ...1951 F - A 73*4____
Niagara Falla Power 1st 5a. 1932 J -J 102 102*2
A - O ____ 100
Nlag Lock A O Pow 1st 5a.. 1954 M- N 90
93*4
96 Sale
Nor 8tatca Power 25-yr 5s A 1941
Ontario Power N F lat 5a.. 1943 F - A ____ 91*2
83
90
Pub Serv Corp N J gen 5a.. 1959 A -O
89 Salo
Tennessee Cop lat coav 6a.. 1925 M- M 90
92
J - J ____ 102
Wilson A Co let 25-yr a f 6a. 1941 A -O 102*4 Sale

99
637a
31*2
807a

99*4
71*1
47*8
87*4

Range
Since
Jan. 1

85
101*2

125*2
103

•»„

Low

Great Falla Pow lat a f 6a.. 1940 M- N ------ 9978 100
tut Mercan Marine a f 6 3 ... 1941 A - O 92*8 Sale 92
Montana Power lat 5a A . .1043 J - J 93 Sale 98
91*2 92

1st A ref 5s guar A______1912
Cent Leather 20-year g 5a..1925
Col F A I Co gen a f 6s____1943
ConBol Tobacco g 4.1_______ 1951
Com Prod Ref a f g 5a......... 1931
1st 25-year a f 5a_______ 1934
Cuban-Am Sugar coll tr 6s. .1918
Dl3tll See Cor conv lat g 5a. 1927
E I du Pont Powder 4 H i- - - 1936

14

____
____

Week's
Range or
Last Sale

95*4 90*8 96=8
____

M -N
Orauby Cona M S A P con 6a A *28 M -N

G4
60*2 36 64
6OI4
8 15
15
17*2
25*2
100 Feb T7
100 100*2
65
67
91 05
73*2
120 95*8 99*a
95*2
90
3 90*2 93
90
90
3 87
87
88*2
94*2

....
....

98*2
98*2
81
81*2
70*a
93*8
101*8
100
83*8

101*8
77*4
101*3
1017s

Price
Friday
April 20

Bid
Ask
J -D 101 i o n .
Syracuae Llgnt <fc Power 6 3 .. 1951 J - J
84
00 "
Trenton G A El 1st g 5b___ 1949 M- S 101*2____
M- S
M -N
United Fuel Gaa lat a f Oa. 1936 J - J 99
99*4
Utah Power A Lt 1st 53___ 1944 F - A 92
93*8

Conv deben 5e.................. 1924
Am Cot OH debenture 5 a ... 1931
Am Hide A L lat a f g 6a___ 1919
Amer Ice Secur deb g 6s___ 1925
Am Thread 1st coll tr 4s___ 1919
Am Tobacco 40-ycar g Oa__ 1944
Gold 4s..............................1951
Am Writ Paper 1st a f 5a. .1919
Baldw Loco Works 1st 5a__ 1910

*90
97

98
89

80*3 8778
100*2 103
100 100
995s 99*8
78
82
86
88*2
85
S878
80
91

BONDS
N. Y. STOCK EXCHANGE
Week ending April 20

101*4
10U4
86*4
87
74*2
97*4
101*8
101*8
80*4

....
4

J -D 103*4____ 103 Sept 15
i
M-N 101 105 100*3
100*8
A -O
A - O 101 1 Sale 101
4
lo i
J - J 90
01
3
9013 91
J - J
07 Fob '15
Q - F 11073 Salo 110
113
119
M -N ____ I03i2 104*4 Apr T7
J - J ____ IOU4 1007S Apr T7 . . . .
F - A 101’s
101*2 Oct TO
J - J ------ 103*8 104 Apr T7 ___
M- 8 ____ 101
101*2 Apr T7
M - 8 ____ 103
J -D *100 ____ 100 Feb T3
F - A 91
93»2 93 Mar’ 17
M -N 101*2____ 102*a Feb T7
A- 0
907s Dec TC
A -O
99*4 Salo 99*4
99*4
A - O 105 117 114*2
114*2 10
M- S 110 1201a 12S Oot *16
J - J 89
2
89*4
89*4 89
Q - F 100 Sale 100
100
23
A -O 100 101 100*2
9
101
M-N
92*4 Mar’ 17
J - D 103 ____ 103*2
2
103*2
J - D 9978 100 100
5
101*2
F- A
2
83*2
77i2 83's 83*2
J - J 107 ____ 108*4 Deo ’ 1«
F - A 100's 101 101 Apr '67
M- N
J - J

70
75*4
103*4 10534
85*4 80

0 97*2
75
GO 99
—
100*8

97i2 97 Apr T7
99i2 98*2 Mar’ 17
1
90*4
O9I3 96*4
30 Mar’ 14
103 Mar’ 17
93 N ov’ 16
____ 91
100 ____ 101 Aug T6
1
89*4
89*4 Salo 89*4
83*4 Aug 10
____ 86
99
5
99 ------- 99
10
6378 Sale C3?3
0t
139
32 Sale 31*2
35
82 Apr T7 —
76
89
88*a N ov’ lfl
____ 92
____ 77*4 78 Apr ’ 17 ____
9 0 * » ------ 90*2 Feb ’ 17
100 Apr T7 . . . .
____ 100
101 103'2 10212 Mar’ 17 —
____ 7014 76*2 Apr T7 . . . .
18
00
5713 5712 58*3
____ 105*8 I05*a Mar’ 17 —
1
99*s
97
9912 99*8
90 Mar'17 . . . .
____ 85
____
63*4 65*2 78 N ov’ 10
A -O
84 Oct '08
M -N ____ 7478 70 Mar’ 17
J - J ____ 68
01*2 Feb T7 . . . .
A - 0 ____ 51
50 Feb T7 ____
A -O
11
37
37 Salo 36*2
J - J 88
89U 88 Apr *17 ____
D

85*3 86*4

Interest
Period

BONDS
N. Y. STOCK EXCHANGE
Week ending April 20

[Vol. 104

New York Bond Record—Concluded— Page 4

100

100

lCjig Apr T7
09*8
997«
90
09
98*8
99
1)4

97*s
99*4
99*s
99*8

3
ii
40
29
84
26
8

92*4
101
100*4
10178
103
1011*

100 101*2
99 101*8
101*2 101*2
96 100*4
98*2 102
98*2 101»4
99 103**a
92*2 99*4

N o v '18

• No prloe Frklajr, Isceat hid and Mkod. s D m J u . * Due April, i Doe May. # Due June. 9 Due July, fe Due Auc. « Due Oot. v Duo Nov. i Dee Dec. « Option sale




Apb . 2 1 1917.]
tS A M M
Saturday
April 14

BOSTON STOCK EX CH A N G E—Stock Record 3. X « dp„.

PRICR3— N O T

Monday
April 16

Tuesday
April 17

PER

CENTUM

Wednesday
April 18

PRICES.

Thursday
April 19

Friday
April 20

Sales
o f the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1.
Htyhest

Railroads
169 170
170 170 170 170 170 170 170 170
101 Boston A Albany______ ioo
175 Jan 11
72 72
72 72
72 72
72 73
71 72
383 Boston Elevated_______ loo
79 Jan 19
Last Sale 125 Apr’17
125 * 12 0 125 *119 125 *119 125
* 12 0
Boston & Lowell_______ ioo
133 Mar22
37% 38
*30 39
38*? 33 38
38 38
Boston A Maine_______ ioo
45 Marie
*__ 209 *_38*2
_ 205 *__ 205 * .... 205
Last Sale1 2 1 0 Apr’17
Boston A Providence___100
213 Jan 30
*__
Last Sale 4% May' l(i
4
4
4 *___ 4 ♦---Boston Suburban Eleo Cos..
Last Sale 25 Mar’17
Do pref____________”
25 Mar 3 27*2Jan 21
*__
*
Last
Sale
,4%
Nov’16
4
4
4
4
Boston A Woro Electric CosII
*
Last Sale 35
Mar’ 17
36
36 ♦. .
36 *__
Do prel____________
30 *
35 Mar23 38 Feb 5
*
Last Sale 150 Mar'17
153 *
153 *__ 153
153 *
Cblo Juno Ry A D S Y...10O 150 Jan 5 150 Jan 5
*_
106
10
Do pret______________ 105 Feb 3 108 Jan 27
*100
107 106 106 *100 107
*
139 *
139 135 135 * ' 139
4 Connecticut Itlver_____ 166 125 Mar 2
Mar28
72 72
71% 74% *72 74
72 72 *72 74
270 Fitchburg pref_________ ioo 69 Mar 2 140
78*2 Mar22
*__
129 4l
129 *
129 *127 128% Last Sale 127 Apr’ 17
Georgia Ry A Eleo stampdlOO 126 Feb 20 133 Jan 17
Last Sale 91 Mar’17
*89*4 93 *89-34 93 *8934 93 *8934 93
Do pref.................... 100 91 Mar 5 92*2Jan 9
98% 98*2
99% 99% *98 99 *99 100
20 Maine Central_________ 100 98 Apr 9 100*8 Mar 7
*3*2 4*2
*4
5
'T " i
5
*4
*4
5
50 Mass Electrlo Cos______ 100 3% Mar 1 5*2 Mar24
23 23*2 ♦23 23% *22 % 23*2 *22*2 23*2
22
2212
62 Do pref stamped______100 22 Mar 8 27*2Jan 9
43*2 43*2
443* 44% 43 43
44 44
3912 41
335 N Y N H A Hartford.......100 36*8 Feb 16 52*4Jan 2
___ *103 —
Last Sale 103 Apr’ 17
*10 0
* 10 0
Northern New Hampshire. 100 xlOO Mar 12 105 Apr 3
12 0
12 0
12 1
1 2 1 * 12 0
12 1
* 12 0
120 120
* 12 0
10 Old Colony___________100 120 Apr 7 135 Jan 6
*25 30*4 *25 30% *25 30*4 26 26
1 Rutland, pref_________ 100 248, p-gi) 2
34*2 Feb 13
*103 1 1 0
110
1 1 0 *108 1 1 0
*105 1 1 0
110
110
4 Vermont A Massachusetts. 100 103*2Feb 14 110 Jan 15
52% 52% 53
52*2 52li
430 West End Street________ 60 51*4Feb 1 56*2 Mar 17
53*4 533, 52% 53*2 52 72
*70 72 Patriots’
71 71
70 70 *70
57 Do prof___________100 70 Feb 16 74 Jan 6
Day.
Miscellaneous
92 92
91 91
03*2 93*2 *91% 93
91*a 92
95 Amer Agricul Chemical...100 84 Feb 14 93i2Jan 26
100
10 0
100 100*4 100 100
100
100
99*2 99*:
451
Do
pref___________100 98*2Feb 13 1031sJan 27
2
1*2
1 % *1*2
1%
*1*2 13,
1*2
1% 1%
90 Amer Fneumatlo Service.. 50 l'8Apr 9 2*8Jan 9
*1034 12 *10*2 12
12
12
* 11
Last Sale 10*2 Apr’ 11
* 11
Do
pref___________ 50 8*4 Jan 2 14 Mar 8
113*4 113*4 113 113 1 1 2 1 1 2 %*1 11* 2 1 1 2 %
11078 1107)
81 Amer Sugar Refining____100 105*2Feb 3 115 Feb 21
118 1 18*2 119 119 118% 118*2 118*2 118%
118*2 llOij
138 Do pref___________100 116 Mar 1 121i2Jan 24
123*2
123%
123
123*2
1
23*4
123%
123*2 133%
123 1231; 1,708 Amer Telep A Teleg_____100 123 Jan 12 128*4 Jan 25
*50*4 50% *49*2 50*4 *49 49% *483, 49*»
50 Apr’ l]
American Woolen of Maes. 100 40 Feb
543s Apr 3
98 98
98 98
97*2 98
97*4 98
98 98
384 Do pref___________100 94*2 Feb 3 100 Mar15
70
69
69
*68
70 70
69
71
820
69
Apr
16
Amoskeag
Manufacturing__
74 Jan 3
*95
*95
*95
*95
95
Apr’ 17
Do pref_____________ 94 Apr 4 97*2 Jan 5
103 109*4 102 108% 100 103*2 101*4 103
*98 98*2 5,825 Atl Gulf A VVI 8 S Lines..100 89*2Feb 23 12 1* 2 Jan 22
62
61 *60 61
♦ 00
61 0 1
*00
*59 61
25 Do pref___________100 5512 Feb _ 66 Jan 4
* 10
16 * 10
17 *15*2 16
17
10
Cuban Port Cement_____ 10 13*4 Feb 3 19 Jan 2
*8*4 9% *834 9% *8*2 9
Last Sale 7*2
*8*4 9
Apr’17
East Boston Land_______ 10 7*2 Apr 13 10 Jan 22
197 200 199*2 199% 199 199 197 197
196*2 197
107 Edison Electrlo Ilium___ 100 196*2Apr 20 226 Jan 4
166% 160% ♦164*2 105%*165 16512 104% 165
84
General
Electrlo..... ....... 100 16is4Feb 10 170*4Jan 16
102
102
*10 0
102 * 10 0
100 100 ♦ 100
2 0 McElwaln (W H) 1st pref.100 100 Feb 3 102 Jan 18
92% 93
93 93
94% 94% 92*4 94
9134 92
1,063 Massachusetts Gas Cos__100 87 Feb . 100*2 Mar23
78*2 79
*79% 80
79 79*2 79 79
79 79
311 Do pref___________100 78*2Apr 18 81 Mar30
*150 156 150 150 145 150 *140 145
37 Mergentlialer Llnotypo...l00 145 Apr 17 169 Jan 31
*1
—
*1
.... *1 .... *1 —
Last Sale l " " Mar’ 17
Mexican Telephone____ 10
1 Marl6
1 Marie
Last Sale 1 15 8 Dec’ 16
Mississippi River Power..100
Last Sale 38
Feb’17
Do pref___________100 38 Jan 26 40 Jan 17
89 89
89*2 90
90 90 *__
89*4 90
89 89
New Eng Cotton Yarn___100 30 Jan
95 Mar26
92 *__
92
*89 90 *90 92
Last Sale 85
Apr’ 17
Do pref____ ____
100 60 Jan 10 90 Mar27
117 117*4 11734 11734 117% 117%
117 117 ♦__
117*2 117*2
New England Telephone.. 100 117 Apr 14 124*2 MarlO
*
138 __- ___
139
139
Last Sale 141 Mar’17
Nlpe Bay Company_____100 135 Mar 5 147 Jan 19
*95 100 ♦94 100 *89 97 ♦90 98
Last Sale 101 Mar’17
Nova Scotia Steel A C___100 97 Mar 1 112 Jan 11
Last Sale 158 Apr’17
Pullman Company______100 158 Apr 13 166*4Jan 25
33
*33
34
33
34
*33
33*2 34
3378 34
475
Punta
Allegro Sugar___ 60 30 Feb 15 46 Jan 3
*15 15*2 15 15 *15 15% *15 15%
15 15
105 Recce Button-Hole..___ 10 14 Jan 25 10 Mar29
ICO 162 158*2 162% 156*2 158*2 157*4 159%
154 158 12,917 Swift A Co......................100 133 Feb
10278 Apr 16
59
59
*58 59*2 *58*2 60
58 58
58*2 58*8
250 Torrlngton___________ 25 55 Feb
67 Marl2
__ *29 ___ *29 ___ *29%
*20
Last Sale 29
Apr’ 17
29 Apr . 33 Jan 4
Do pref_____ _____25
139*2 MO 135 140 134*2 136*2 136 137%
13134 134
2,922
United
Fruit..........
......
100
131*4
Apr
20
154*2
Jan 22
52%
50''*4 51% 51 51*2
51*2
52% 63
50 51
5,033 United Shoe Mach Corp.. 25 50 Apr 20 68*4 Jan 3
28*2 28*2 28 28*4 28 28*4 27*2 27%
27*2 27*2
822 Do pref____________ 25 27*2Apr 18 30*s Mar 8
112*2 113*s 110*2 113% 1093, 1 1 0 % 110% 1113,
11034 112*4 3,965 U 8 Steel Corporation___100 99*8Feb
118 Mar21
*11734 118 118*4 118*4 *117*2 118 *117*2 118
8 Do pref___________100 116*4 Feb
121 Jan 27
6*4
7
0
7*4 6 % 6 % 6*2 6 %
6 '4
6*2
5,685 Ventura Consol Oil Fields. 6
6 Apr 10
8 78Jan 26
Mining
234 234 ___
234 2 % *234 3
*2% 234
100 Adventure Con_________ 25
2*4 Apr 11
414 Jan 2
♦99 100
99 99% 98 98
95
90
96
96
370 Ahmeek______________ 26 94 Feb 3 108 Jan 2
8
8
7*4 8
*734 8
*734 8
73., 73, 1 ,0 0 0 Alaska Gold__________ 10 6*4 Feb 8 lli2Jan 2
*34 .90 *.70
.90
*8*., .1
% 34
%
34
100 Algomah Mining________ 25
*4 Apr 10
li4Jan 2
03 03
62 63 *61 62
01*3 01*2
60*2 61
195 Allouez________ _____ 26 68 Feb 3 70 Mar 6
34 34*4 3234 34*4 32% 33
32% 33%
30*2
32
1,910
Amer
Zinc,
Lead
A
Smelt.
26
30*2
Apr
20
41*4
Jan 26
67 07*4 6(1 67*2 07 07 *66 07*2
67 67
237 Do prof___________ 25 65 Feb 8 73 Jan 3
123, 1234 12*4 123.,. 1234 123, *1 2 % 1 2 %
Zl2
12
Arizona
Commercial____
6
330
1
0*8
Feb
3
15*s
Jan
4
*1*4 1*2 *1*4 1 % 1 % 1*4
1
1 i
90 f
350 Buttc-Balaklava Copper.. 10 •90 Apr 20 2i4 Jan 26
*44 45 *43 45 *42 43 ♦43 43% Last Sale 42i2 Apr’ l
Butte
A
Sup
Cop
(Ltd)__10
39*4 Feb 2
62
Jan
26
78 78% 77*2 78
77%
76
70*8
76 |
*1,228 Calumet A Arizona_____ 10 73*2 Feb 3 85*4Jan 26
76'% 76
545 548 548 549 543 545 545 545
539 545
141 Calumet A Hecla_______ 25 625 Feb 3 680 Feb 20
19 1 !) *19 20
*19 20 *19 20
19
19
100 Centennial____________ 25 19 Feb 3 27*4Jan 16
5
3
*.,
53%
53*2
53'%1
*51*2 55 *53*4 54
537
8 53
Cblno Copper_________ 5 63 Jan 6 63 Mar 7
130
603, O il
61 Ol'*., 00*2 6 1 34 00*2 61
5978 60
1,413 Copper Range Cons Co... 26 67 Feb 3 68 Jan 17
*134 2
*13, 2
*13, 2
*1 % 2
Last Sale 2
Apr’
l
Daly-West____ _____ 20 2 Apr 4 3 Jan 12
5
5
4% 5
4% 4%'
4% 5
43, 4
4*4 Apr 20
2,170 Davls-Daly Copper____ 10
7%Jan 16
13% 13*2 1 2 % 13*2 1 2 % 1 2 % 13 13 1
12*8
13
East
Butte Copper Min... 10 12 Feb 3 16 Jan
1,381
*7
7
7
7
v% 7
*7
7*2'
7
7
Franklin_____________
25
7
Feb
365
9
Mar
83 82 *80 83*2 *83 83%
*82 85
81*2 81
25 Granby Consolidated___ 100 80*2Feb
92 Jan 17
*41 41% *40 41 *41 in'. *41 42
Last Sale 41
Apr’l
Greene Cananea_______ 100 41 Feb 27 4612Jan 3
*15 16 *15 15*2 15 15 *15 15%
*14 15
20 Hancock Consolidated___25
14*2 Feb 13 20%Jan 19
*234 3
23, 2 % *2*2 3
*234 3
23, 2
75 Indiana Milling_____ . . . 26
1*8Feb 16 4 Mar22
66
64*2 05 *65 GO
66
66
66
*63
64
Island
Creek
Coal____
200
68
Jan
70*2Jan 25
92
92
92 92 *92 93
92*4 92%
92 92
72 Do pref__________
89 Feb
93*2 Marl5
30 30
30 30
30 30
*30*4
29
30
Isle
Royalo
Copper_____
25
370
29
Apr
20
Jan 18
36
♦
4%
4
*2
4i
2
4%
4
*2
*4
*4
4
'As
*4*,
*4*4 4
50 Kerr Lake___________ 5 4*4 Apr .
Feb 15
*2*4 2 % *2*4 2 % *2 *., 2 %
2 % 2*2
2*4 2
80 Keweenaw Copper_____ 25
2*4 Apr 10
4*4 Jan 27
1 1 % 12
*11*2 12
12
12 % 12
* 12
11*2 11
Lake
Copper
Co_______
25
310
11
Feb
2
8
Jan
2
18
*3*2
3%
3% 3*4 3*2 3*2
*3*>8 334
*3*2
3'
70 La Salle Copper_________25 3*2 Apr 17 5 Jan 16
*534
5% 5% *5% 6
6
6 % 5%
53a 5*
260 Mason Valley Mine____ 5 5 Feb
6*4 Mar30
1 2 % 1 2 % *1 2 % 13!,
1 2 -% 13
*1 2 % 13
12*2 12 '
495 Mass Consol.____. . . . _25
11* 2 Feb 15 12 Jan 17
2*4 2*4 *1 % 2*8
2
*2
2
134 1*
75 Mayflower___________ 25
1*4 Apr 20
3i2Jan 6
*3% 4
*3*2 4
334 33, *3*2 4"
4
4
100 Michigan____________ 25
2*2 Jan 10
5*2 Mar24
84 85', 85*2 85*4
*84 8(1
83 84
Mohawk______________
25
84
8
5
*
255
77
Feb
98
Jan 3
223,
2 2 '%
223, *22 223, *22
*22
*22
Last Sale 23
Apr’l
Novada Consolidated___ 6 21*4 Feb _ 26*2 Mar 7
3*2 334
3*4 334 3% 3% 3% 3%
3*2 3*
250 New Arcadian Copper___25
3*2 Apr 14
6 Jan 2
*16 16% *16 16% 16 16 * 16 10
300 Now Idrla QulokBllver.... 5 14 Jan 27 17*2Apr 3
*
28*4
28 *
28 *
28
New River Company___ 100 22 Jan 25 30 Mar20
*
87 87
80
87 *
87 *
Do pref___________100 76 Jan 24 92*4 Mar20
1
*7% 7% *8 % . _ 7% 7% 7% 7%
Nlplsslng
Mines_______ 6
185
712 Apr
7
*2
’
8*4 Jan 2
2 2 % 23
12 1* 2 22
2 1% 2 1%
22*2 23
2078 2
1,465 North Butte_________ 16 20*4 Feb 2 24*4 Mar28
H,
♦1*2 1*4 *1 % 1*4 1*2 1*2
1*2
North
Lake__________
25
360
*1*4
1
Feb
13
2*4 Jan 3
*2
*2
*1
2
%
2*2
1*2
1*2
*1*4
2*8
5
500 OJlbway Mining________ 25 2 Jan 6
27gJan 12
*2
2 % *2
2%
•2
2*4 *2
&2
Old Colony__________ 25 2*8 Jan 12 3 Jan 31
59 59 *58*2 59
58 58% Last Sale 2*467 Apr’
59*2 60
5
1
Old
Dominion
Co_______
25
313
55
Feb
3
67*4
Mar 12
84*2
84%
85*2
84%
85
83*2
.841'.
85
84 85
377 Osceola______________ 25 78*2Feb
95 Mar12
23*2 24% 2234 24% 2 2 % 23% 23*4 23N
2 2 % 23*8 2,757 Pond Creek Coal________ 10 17*2Feb
2778 Mar21
87
85% 87*2 *80 87
86
87
86
85*2 86
198 Quincy_______________ 25 84 Feb
94*2 Feb 21
30*4 30*8 29*2 29*4 *29 29*2 29*2 29*2
*28% 29%
270 Ray Consolidated Copper. 10 23 Feb
32*8Apr 3
793, 80*1 79 80 *78 80
80 80
78
St
Mary's
Mineral
Land..
25
228
741
2 Feb
89*4 Mar 6
*
1
%
*
1*8
1
%
1*2
1
1
%
1
1*8
605 Santa F’e Gold A Copper.. 10
1 Apr 14 2 Jan 2
1 % 1*4
8*4
8 % 8*2
8%
8*2
8*2
8*2
8*2
Shannon_____________
10
8*4
770
7*2 Feb 3 10 Jan 5
26 *25 26% Last Sale 29 8*4
•25*2 20*2 *25*2 26 *25
Shattuok-Arlzona.______ 10 26*2Feb 6 30*8 MarlO
Mar’ 17
5
4
4% *3% 4
5
3% 4
*434 4%
695 South Lake__________ 25 378 Feb 17 6*4 Jan 2
11
* 10
10*2
*1 1 % 11*2
12*2 13
11
Superior______________
25 11 Apr 10 16*%Mar 6
11
185
5
5
^
8
5
*2
5
*
4
53,
5*4
5*2
5*2
4% 5
2,300 Superior A Boston Copper. 10 4*4 Apr 20 8*4 Jan 6
Last Sale 59*2 Mar’ 17
Tamarack_____________25 47 Feb 2 60 Jan 15
4
4
4
4*4 4*4 3*4 3% 4
3*2 3%
400 Trinity............................25 3*2 Apr 17 6 Jan 4
*1*4 1 % *1*4 1 % *1 % 1 % 1 % 1*4
1*4 1 % 1,200 Tuolumne Copper______ 1 1*8Apr 12 2‘/f,Jan 9
57 67
57
57
5.8 58% 58 58
55*., 55%
395 U 8 Smelt Refln A Min__50
62 Feb 3 67*4Jan 4
•19% 50
50*2 50*2 50% 50*2 50 50
49% 50
407 Do prel___________ 60 49*2 Apr 18 62*2Jan 4
3 lAs 21 *
2*8
2*8
2*8
2% 2%
2*8
1,355 Utah-Apex Mining_____ 6
2*8
1*8 Mar28
2*8
3*4 Jan 2
15*2 15% 15% 15%
16 16
15% 16
15 15%
710 Utah Consolidated_____ 6 14*2Apr 7 21*2 Feb 20
*1 1 0 % 11 *109 109% 108 108 •110*4 110%
*
110
*2
1
1
1
Utah
Copper
Co________
10
20
98
Feb
1
116*4
Mar 8
434
5
4% 4% 4% 4%
434
5
4*2 4*2
4*2 Apr 20
930 Utah Metal A Tunnel____ 1
6 *sJan 16
4
*3*2 41,
*4
*4
4*2 4
*'2
*3*2
Victoria______________
25
4
Apr
13
41,
50
6
Jan
2
•__
3% 3*2 3%
4
4
4
115 Winona...__________ 25 3*2 Feb 3 6 *sJan 25
43 43
43*4 43*4 43*4 43*2 43 44
43 43
Wolverine_____________25 43 Apr 11 63*2 Mar 6
199
*.90
*.87
•.87
l's
1%
1 % *.87
1*8
Last Sale 1*4
Wyandott — ____
25
Apr’ 17
1 Feb 14 2*8Jan 3
• Bid and asked prloos. a Ex-dividond and rights, I Assessment pal
h Ex-rlghts. • Ex-dlvldend. » Half-paid.




1579
Ranee ftr Prestons
Year 1916

Lotcut

Blgbest

172 Dec 198 Feb
65iz Apr 88*2 Jan
119 Deo 145 Feb
34 Aug 52 Feb
200 Aug 235*2May
5 Jac
4*2 Feb
30 Dec 40*2Feb
5*2 Jan
4 Mar
42 Feb 45*8 July
150 Oct 154 July
102*2 Apr 110 July
123 Sept 162 Feb
69*4Sept 87 Feb
122 Jan 131*4 Dec
zS6 Jan 94 Deo
98 Sept 10 2 Jan
8*4 Aug
4*2 Dec
26 Dec 44 Aug
60 neo 77*4Jan
97 Jan 107 Sept
134UDeo 157 Feb
20 May 35*2 Deo
100*2 Aug 125 Ma;
*65 Sept 67*i Jan
69 July 80 Feb
64 Apr 10 2 Nov
95*2 Mar 105 Dec
3UApr
*4 Deo
7 Deo 16 May
108 Apr 125*4Oot
114*2 Mar 124 Oot
123 Deo 134*2 Sept
42 Aug 56*4 Nov
92 Jan 101*8Mar
79 Nov
66 Jan
98 July 101*4 Feb
27 Jan 147*4 Dec
42 Jan 72*2Nov
•£8*8 Apr 257sJuly
13*8Jan
8*4 Deo
225 Dec 250 Mar
169*4 Apr 186 Oot
95 June 102it Sept
79 Sept 100*4 Nov
78 Sept 89 Feb
155 May 181 Nov
2*4 Jac
*4 N ov
10 Dec 19 Apr
36 Nov 44 Feb
23*2July 42 Dec
60 Jan 66 Dec
120*4 Deo 140 Mar
102*8Jan 165 Nov
102 Deo 165*4 Nov
15812Apr 176 Oct
3612Deo 59 Oct
15 Feb 10*2 May
126 Feb 177 Oot
70 Nov
36 Jan
28 Jan 33 Mar
13e*2Jan 168*4 Aug
60 June 63*2May
28*2Jan 31 Sept
79*4 Mar 129*8 Nov
115*4Feb 122*4 Nov
C*sSept 13 Jan
5%Dee
1*4 Feb
91 Aug 125*2Nov
10 Deo 26*2Jan
2*2 Nov
*4 May
83*2Nov
66 Deo
29if July 97*8Apr
CO July1 86%Nov
7*8 July1 IS Nov
5*2Feb
1*2 Aug
42 Deo 106*4Mar
66 June 101 Nov
610 Deo 640 Nov
14 July 27 Nov
46 July 73*8Nov
64*» July* 87*4Nov
3 %Mar
2 July
4*4 Deo
7*4 Deo
20 Nov
11* 2 July
6 June
13*4Nov
79 July 120 Nov
34*4 June 56*4 N ov
10*2 June 2312 Nov
2 July
8*2 N ov
42 Sept 73*4 Deo
88 Jan
93*2 Deo
25 July 43 Nov
6 *aM»?
3*« Mar
8 Apr
2*4 Feb
9UJuly 19*2Feb
3*4 July
6*2 N ov
1*2Aug
9 Nov
10 July 19*2Nov
2 July
6 Feb
1*2 Jan
4*4 N ov
77*2 July 108 Nov
15 Jan
33*1 N ov
4%July 10*4 Jan
9 July" 24*4Jan
20 Deo 31*8 Nov
77 Deo 93*4 Nov
6 Mar
9*4 N ov
20 July 32*2 Nov
.60June
4%Jan
l*s July
2%Apr
1*4 July
4 Jan
69 Dec 83 Nov
70 July 10 5 Nov
lUjMar 23*4Dec
81 July 109*2 Nov
20*4 June1 36*4N ov
61*2Jan 110 Nov
1*4 July
3 h Jan
7 July 12*f Feb
24*4Julyi 40*8Feb
4 Aug
8*2 Jan
12*2 July
28*2Jan
1*2 Jan
8*4 Oot
36 Aug 66*4 Jan
4*4 July
12*4 Jac
.16Jan
2%Dec
64*8Jan
81*8 Nov
49 Feb 53*4 Apr
2%Dec
5*8Apr
12*2 Jan
30%Nov
76 June 127*8 Nov
6*4 Deo
11* 2 Mar
2*4 Jan
8*2 Nov
3*4 Mar
8*4 Nov
45 Oct
67*2 Feb
l*s Aug
2 * 4 Ke->

_______ Outside Stock Exchanges__________
Boston Bond Record.— Transactions in bonds at B os­
ton Stock Exchange Apr. 14 to Apr. 20, both inclusive:
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.

Bonds—

Range since Jan. 1.
High.

Low.

9954 100M $14,000
9954 Apr
21,000 8854 Apr
88 54 89
9954 Jan
9954 9954 20,000
Feb
79
82
6,500
81
1,000 10154 Apr
10154 10154
4,000 8454 Mar
86
8654
Apr
92
10,000 92
92
Apr
3,000 95
95
4 5 4 s _____________ 1929
95
Apr
76
2,000 76
Miss River Power 5 s.. 1951
76
8,000 9954 Apr
N E Telephono 5s___ 1932
99 54 99 54 100
Jan
80 Y\ 80 54 4,000 79
Mar
16,000 101
105
Pond Creek Coal 6S..1923 105
105
9954 100 54 14,000 9954 Apr
Swift & Co 1st 5s___ 1944 100
4,000 9654 Mar
United Fruit 454s___ 1925
96 54 9654
Mar
4,000 101
U S Smelt R & M conv 6s _
104 54 10454
Western Tel & Tel 5s. 1932 9754
9754 9754 18,000 9754 Apr

Am Agric Chem 5s— 1928
Am Tel & Tel coll 4 s..1929
5s temporary receipts__
Atl G & W I S 8 L 5 s-1959
Chic June A U S Y 5s. 1910
4 s _______________ 1940

99 54
89
99 54
81

10454
92 54
102
8554
10254
87
9554
9854
78
10254
82
11054
10254
9854
109
10054

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

Baltimore Stock Exchange,— Completo record of the
transactions at tho Baltimore Stock Exchange from Apr. 14
to Apr. 20, both inclusive, compiled from tho 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—

Sales
Friday
Last Week’s Range
of Prices.
W °\
Sale
Par. Price. fj)w. High. Shares.

Ilaltlmoro Electric pref.50
Baltimore Tubo_______100

63
50
100
100
170
22
876
263
4,310
4,563
2,886
375
800
775
225
60
1
51
130
50
300
160
983
1,154

75
36
754
44
100
101
114
10054
1354
1254
454
3654
2254
1754
60
60
76
13
6054
8654
76
82
2954
4

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

8754
3954
954
46
12354
109
127
114
1854
1654
554
4454
32
2354
6754
7154
79
19
72
89
84
92
3554
5

Apr
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan

86
9954
93
96
9154
103
94
10454
100
10054
10454 103
10054
10354
100
10154 10154
92
92
88
8154
8154
65 54 65
8654
8654
87
10154
85

86
99 54
93 54
96 54
92
104
94
105
10054
104 54
10054
10454
100
10154
92
88
8154
6554
87
87
10154
85

$5,000
2,000
3,000
9,000
13,000
20,200
7,000
2,000
50,000
128,000
13,000
7,000
19,000
3,000
4,000
2,000
13,000
26.000
3,300
300
500
4,000

86
9954
93
9054
9154
103
9354
10454
100
103
99
10054
100
101
92
88
8154
6454
8654
87
10154
85

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

89
104
97
97
9354
10754
9554
110
10954
11054
10154
107 54
10354
10354
9254
88
84 54
6754
90
90
10154
88

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

100

M t V-Wood Mills v t r - 100

Atl & Chari 1st 5s----- 1944
Chicago Ry 1st 5s___ 1927
Coal & Coke 1st 53--.1919
Consol G, E L & P 4548 '35
Consol Coal ref 5s___ 1950
Cosden A Co 63..................
Cosden Gas 6s___________
Elkhorn Coal Corp 6s. 1925
Elkhorn Fuel 5 3 ........ 1918
Georgia & Ala cons 53-1945
Ga C a r * Nor 1st 5 s.. 1929
Lexington (Ky) St 5s. 1949
Portland Ry ref 5s__ 1930
United Ry & Elec 4s. .1949
Funding 5s________1936
VaMld lth ser3-4-5s sm '21
Wash Balt & Annap 531941

High.

Low.

87 54
36
754
44
102
10154
120
11054
14 54
135-4
454
37 54
29
23 54
63
70
78
1554
66
87
7854
84
3054
454

Consol Gas, E L & Pow 100 11454
Consolidation Coal___ 100 109
Cosden & C o.................. .5
1354
Cosdcn Gas...................... 5
13
Preferred____________ 5
454
Davison Chemlcal-.no par 3654
Elkhorn Coal Corp____ 50
2854
Houston Oil trust ctfs.. 100 2054
Preferred trust ctfs.-100

Northern C entral____ 50
Pennsylv Water & Pow. 100
Poole Eng & M _______100
United Ry A Electric__ 50
Wayland OH & Gas____ 5
Bonds.

Range since Jan. 1.

85
36
754
44
100
101
114
109
1354
1254
454
3654
2854
2054
62
69
78
14 54
65
87
78
82
2954
4

Alabama Co 1st prof--100
Arundel Sand & Gravel. 100

78
83
2954

93
96
9154
103

_.._

Pittsburgh Stock Exchange.— Record of transactions at
Pittsburgh Apr. 14 to Apr. 20 , both inclusive, compiled
from official sales list:

Stocks—

[Vol. 104

THE CHRONICLE

1580

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

Amor Wind Glass MachlOO
Preferred ................ -100 100
Amer Wind Glass, pret. 100 106
6o
Cable Consol Mining__ 1
49
Cancy River Gas---------25
Columbia Gas & Eleo.-lOO 4454
Consolidated Gas, pref .50
Consolidated Ice, co m ..50
Cruolble Steel, com .- 100
Gold Bar Mines--------------Independent Browing__ 50

33o

La Belle Iron Wks----- 100
Preferred............ — 100

88
12554

Mfrs Light & Heat........ 50
Nat Fireproofing, c o m ..50

72

20
Ohio Fuel Oil.............. . . . I
Ohio Fuel Supply.......... 25
4854
Pittsb Brewing, com__ 50
Preferred........ ........... 50
Pitts Cons M M * T ___ I
62c
Pittsburgh-Joromo C opp.l
60o
Pittsb & Mt Shasta Cop - -1
Pittsburgh Plate Glass. 100 11854
23
Puro Oil common______ 5
River Side West Oil com 25
Ross Mining <fc Milling— 1
Standard San Mfg com 100
U S Steel Corp, com . . . 100
West’houso Air Brake..50 12254
West’house Elec & Mfg.50
4854
Independ Brewing 63.1955
Pittsburgh Brew 6s— 1949
Pittsb Coal deb 5s___ 1931




Range since Jan. L.

1654
54
113
106
6o
49
45 54
20
354
62 54
108
82o
34o
254
1054
88
12554
9554
72
654
15
20
50
2 54
13
10c
70o
70c
11854
2454
16
160
150
14654
11254
123
5054

1654
48
100
105
5o
4354
3554
20
354
6254
108
22o
30o
2
10
7154
124
9054
6254
654
15
1754
4354
2 54
13
8o
60o
COo
118
1954
1454
15o
130
14654
102
12254
4654

36
40
45
48
9954 9954

$9,000
13,000
2,000

30
45
99

1654
53
100
106
5o
49
44
20
354
6254
108
79o
31o
2
10
8354
12454
9554
71
654
15
1954
4854
254
13
90
60o
60o
118
2254
16
150
150
14654
11054
12254
4854

High.

Low.

10
310
170
70
46,300
165
210
10
100
200
160
5,700
750
570
120
805
100
20
1,074
802
205
392
812
400
265
1,300
14,150
47,800
200
7,417
25
5,800
200
50
245
65
555

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

1954 Jan
62
Jan
12454 Jan
Jan
110
llo Mar
Mar
50
4754 Apr
Feb
20
454 Jan
7054 Mar
11254 Mar
1
Apr
480
Jan
354 Jan
1754 Jan
88
Mar
12854 Jan
Mar
98
7354 Apr
754 Jan
1754 Jan
22
Jan
Jan
56
454 Jan
1854 Jan
Jan
15o
1.55 Jan
1.20 Jan
Mar
135
2554 Mar
16
Apr
Jan
280
200 Mar
14654 Apr
118
Mar
15754 Feb
Jan
55

Apr 5054 Jan
Jan
Apr 68
Jan 10054 Mar

Chicago Stock Exchange.— Record of transactions at
Chicago Apr. 14 to Apr. 20, both inclusive, compiled from
___________ _
official sales lists:
Stocks—

Friday
Sales
Last Week’s Range J o r
of Prices.
Sale
Par. Price. Low. High. Shares.

American Radiator___ 100
Amer Shipbuilding___ 100

7254

Booth Fisheries com__ 100
Preferred__________ 100
Cal & Chic Canal & D.100
Chi City & C Ry pt sh com

121
9354
4954

Chio Pneumatic T o o l._ 100
Chic Rys part ctf "2” ____

68
16

Chicago Title & Trust. 100 205
Comnionwealth-Edlson 100
Cudahy Pack Co com. 100 124
99
Deere & Co., pref____ 100
Edmunds & Jones com .100
Diamond Match_____ 100
Hartman C o rp __________
Ilart.Shaff & Marx com 100
Illinois Brick_________100

121
6254

Lindsay Light-----------------

20

77

National Carbon. _
100 311
People’s Gas I. .t Coke 100 80
Prest-O-Litc Co Inc--------- 128
Pub Scrv of No 111 com. 100 10454
Preferred . ________100
9854
Sears Roebuck c o m ... 100 176
Shaw W W common— 100 65
93
Preferred _________100
Stow Warn Speed com . 100 74
Swift & C o___________ 100 156
Union Carbldo C o____ 100 198
United Paper Bd com. . 100 28
Ward, Montgom & Co pref 116
Wilson & Co common.. 100 75
Preferred__________ 100 105
Bonds—
Armour & Co 454s— 1939
Booth Fisheries s fd 6s 1926
Chicago City Ry 5s— 1927
Chic City A Con Rys 5s ’27
C.ilc Pneu Tool 1st 5s. 1921

71

Chicago Telephone 5s. 1923
Commonw-Edlson 5s 1943 10054
Cudahy Pack 1st M 5sl946
Morris
Co 454s----- 1939
N W G L A Coke Co 5s.'28
Peo Gas L A C ref g 5s 1947 9854
Pub Serv Co 1st ref g 5s.’56
Swift A Co 1st g 5s__ 19 14 100
Wilson A Co 1st 6s— 1941 10254
x Ex-dlvldend. b Ex-50% stock

Range since Jan.

445
136
79
96
130
94
53
454
3554
70
25
3
22054
14254
12954
100
101
34
13254
7854
90
8854
2854
2354
78
5354
335
106
146^
114
10254
340
115
239
12754
10154
73
96
101
163
210
3454
11754
84
10754

Feb
Jan
Mar
Jan
Apr
Apr
Man
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Mar
Mar
Mar
Jan
Jan
Jan
: Jan
Man
Man
Feb
?Jan
SMar
Feb
iMar
(Mar
Jan
Apr
Apr
."Jan
i Jan
ivlar
tMar

9254 Apr 9454
91
Feb 9354
9654 Apr 9954
Mar 80
71
Apr 99
98
Apr 9754
93
6654 Mar 7054
Apr 10254
100
10054 Apr 10354
9754 Apr 10054
94
9154 Apr
99
99
Apr
9854 Apr 10254
93
Apr 9654
9954 Apr 102
10154 Jan 10354
stock dividend.

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

108 628454
284 J4 290
5 134
135 135
265 39
7254 73
25 X92
9254 9254
5,157 60
100
130
440 81
9254 94
40 49
4954 4954
3
170
3
3 54
15 24
3055
3054
80 60
68
68
45 16
16
16
2
100
2
254
102 205
205 210
532 *13154
*13154 135
124
129 54 6,332 10854
33 9654
9854 99
10 98
98
98
101 33
36
36
338 119
119
122
175 60
6154 64
85 SO
80
80
380 77
77
80
141
27
1954
2854
375
21
20
1654
24 7654
70 H 77
50
25 50
50
35 295
311
311
2,030
79
79
83
766 102
127 130
343 *104
*104
10654
153 *9854
2-9854 100
20 300
300 300
95 11054
114 115
2,963 175
175 184
2 124
124 12554
100 101
101
101
209 50
65
65
93
100 90
93
1,085 73
74
7754
20,495 13254
15354 163
1,486 169
19654 200
148 2754
28
2854
151 115
11554 116
3,667 58
7454 81
166 10254
105 106
93
93
9354 9354
9654 07
71
72 54
98
98
93
9.554
67
67
100
10054
10054 10! *4
9754 9754
9354 9354
99
99
9854 9954
93
93
9954 10054
10254 10254
dividend, c

$1,000
34,000
5,000
16,000
2,000
17,000
15,000
15,000
17,000
5,000
5,000
3,000
6,000
9,000
43,500
15,000
Ex-25%

1.

High.

Low.
Apr
Mar
Feb
Apr
Jan
Feb
Mar
Jan
Feb
Fob
Aur
Apr
Apr
Apr
Feb
Feb
Feb
Feb
F cd
Apr
Apr
Apr
Jan
Fob
Apr
Apr
Jan
Apr
Feb
Apr
Apr
Feb
; Jan
Apr
Apr
Apr
Feb
Feb
Apr
Feb
Feb
Feb
(Mar
Jan
Jan

Philadelphia Stock Exchange.— Record of transactions
at Philadelphis Apr. 14 to Apr. 20, from official sales lists:

Stocks—

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

Amorloan Gas of N J. .100
..1 0
American Rys, prof.. .100
Baldwin Locum, pref. .100
Buff * Susa Corp v t 0.100
.100
Cambria Iron---------- ..5 0
_ _50
.100
Electric Storago Batt. .100
Insurance Co of N A . ..1 0
Koystono Telephone.. -.50
Lake Superior C orp.. .100
Lehigh Navigation— -.50
Lehigh Valley........ . ..5 0
Lehigh Val Transit, pi -.50
..1 0
__50
Mtnehlll & S II_____ ..GO
North Pennsylvania-. -.50
l ’ennsylv Salt M fg— ..6 0
Pennsylvania---------- ..5 0
Pref (cumulative 6%).50
Philadelphia Electric. ..2 5
Phlla Rapid Transit.. -.50
Voting trust rects . -.50
Philadelphia Traction ..5 0
Railways Co General- ..1 0
..5 0
-.50
Tono-Belmont Devel. . . . i
Tonopah Mining____ . . . i
Union Traction_____ ..5 0
.100
United Gas Improv’t. ..5 0
U S Steel Corp______ .100
Warwick Iron A Stec -.10
Western N Y A Penn. ..5 0
Westmoreland Coal.
Wm Cramp A Sons— .100
..5 0
-.50

94

45
73
2654
1254
1954
7854
6654

9454
6354
38

_3154
2854
7954

654
4254
8654
11154
954
7654
8754

2007
‘2007
1945
1945
Eqult Ilium Gas Lt 5S.192S
Keystone Telep 1st 5s.1935
Lake Super Corp 5s. . 1924
1924
Lehigh Val regls 6s. _ 1923
2003
Loh Val Coal 1st 5s. _1933
L V Trans ref A Imp 5sl960
Nor Cent 2d 5s ser A . 1926

82

Range since Jan. 1.
Low.

118
854
9354
10054
62
52
45
119
73
6254
2654
1254
1954
7854
6554
4454
2554
53
58
9254
94
53
3554
38
3154
29
2854
7954
7
96
42
454
654
4254
224J4
8554
10954
954
22
7654
87
1454
38

119
7 116
8
25
9
62 9354
94
1 100
10054
2 0154
62
21 52
53
151 45
45 54
10 100
119
7 73
73
80 6054
6354
117 2554
2654
12
130
1254
15
2,420
2054
155 7854
79 54
291
6354
6654
134 42
45 54
100 21
2554
3 53
53
35 5654
58
114 9254
93
224 93
95
2,139 5254
5354
50 3554
3554
110 38
38 54
1,114
3154
3254
48 29
29
3154 10,600 2754
75 79
79 54
100
7
454
100 89
9754
85 42
42
1,697 4 3-16
454
554
6 54 3,070
380 42
43
191 223
225
1,780 8554
37
113 54 27,604 9954
160
9
9 54
451
17
22
10 7654
7654
628 66
90
5 13
1454
62 36
38

9554
9654
9454
103
82
83
10554
53
9754
48
52
10954
89
9754
10354
92
105

96
9654
9454
10354
82 54
83
10554
53
9754
48
52
109 54
89
9854
10354
92
105

$4,000
600
4,000
14,000
15,000
1,500
2,000
20,000
3,000
2,000
500
1,000
1,000
7,000
1,000
1,000
10,000

9554
96
9454
103
82
8054
10554
53
9654
48
50
10954
89
0754
10354
92
105

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

High.
121
954
98
102 54
66
58
46
130
74
6754
2754
14
24
85
7954
4754
2554
5454
58
94
90
5754
43
3454
3454
3454
84
7M
10354
45
454
754
4754
226
9154
11854
954
25
80
92
1554
39

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

Apr 9754 Jan
Jan 9754 Mar
Apr 9454 Apr
Apr 10454 Jan
Jan
Jan 84
Jan
Apr 86
Jan
Apr 107
Apr 57
Jan
Mar 99
Apr 683^
Jan 5554
Apr 11054 Jan
Apr 91>4 Jan
Jan
Apr 102
Apr 100 H Jan
Apr 9454 Feb
Apr
Apr 105

A

I’R. 21 1917.J

THE CHRONICLE

Friday
Last IVeeAr’s Range
Sale
Price. Low.
High.

Bonds (Concluded)—
Penn RR gen 4Ms— 1965
do receipts when Issued 97
Consol 4 A s -------- 1960
P W & B ctfs 4s___1921
Pa &Md Steel cons 63.19 25 105X
Perktomen 1st ser 5s.. 1918
Philadelphia Co 1st 5s.1949
Cons & coll trust 5s.1951
Phila Electric new 5s...... 1 0 1 'A
Reading general 4s... 1997 9 1 X
J-C collateral 4s.. .1951
2d Ave Pittsburgh 5s. 1934
Standard G & El 6s.. 1926 102
United Rys Invest 5s. 1920 09
Welsbach Co 5s small. 1930
W N Y & Pa 1st 5s... 1937

Sales
for
Week.

97A 97 X 1,000
96A 97 A 94.000
104 104A 13.000
99 99
8,000
105A 100
3,000
1 0 0 'i 10 0 X
1,000
101X 1 0 1 X 7,000
91 91
0,000
101
io 1 M 115,000
10 1
1 0 1 34 7,200
91X 9134 29,000
90 'A 9034 1,000
94 94
1,000
10,000
101X 102
69 70 51,000
500
98 98
2,000
105 105

.

Range since Jan. 1
Low.

High.

Apr
Apr
Apr
Apr
Apr
Apr
Feb
Feb
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Mar
Feb

97 A

96A
104
99
10534
10034
10134
8834
10034
10 1
91
9034
94
10034
09
98
10434

10434
9834
10734
9934
108
10034
10234
94
102

10234
9634
97
94
102
74
9934
10534

Jan
Apr
Jan
Jan
Jan
Apr
Mar
Mar
Apr
Apr
Jan
Jan
Apr
Apr
Jan
Jan
Jan

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCIIANQE
DAILY. WEEKLY AND YEARLY.
Stocks.

Week ending
April 20 1917.

Shares.

Par Value.

Railroad.
<tc..
Bonds.

State, M u n.
& Foreign
Bonds.

U . S.
Bonds.

265,116 $25,029,800 $1,263,000 SI,219,000
056,912 62,333,200
1,889,000 1,961,000 $1,000
Monday..................
004,220 54,912,000 2,194,000 1,537,000
Tuesday........... ......
500
487,215 44,775,750 2.009.000 1.733.000
Wednesday.............
5,000
490,210 45,084,500 2.015.000 1.636.000
523,930
47,517,500
1,410,500 1.382.000 12,0 0 0
Friday______ ____
Total-------------- 3,033,603 $279,652,750 S10,840,500 $9,468,000 $18,500
Sales at
Week ending April 20.
January 1 to April 20.
New York Stock
Exchange.
1917.
1910.
1917.
1910.
Stocks—No.- shares__
3,033,003
2,240,509
59,257,501
51,080,211
Par value............. $279,052,750 $211,254,450 $5,339,211,180 $4,495,038,095
Bank shares, par.......
SI,000
$ 1,000
$18,400
$80,500
Bonds.
Government bonds...
$18,500
$42,250
$208,000
$470,450
State,mun., &c., bonds
9,408,000 4,902,500
129.707.000
82,221,000
RR. and mlsc. bonds.. 10,840,500 11 , 021,000
200,885,500
218.030.000
Total bonds.......... $20,327,000 $10,025,750 $348,005,000 $343,570,950
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
_________________ BALTIMORE EXCHANGES.
Boston.
Week ending
April 20 1917.

Saturday ...........
Monday.............
Tuesday.............
Wednesday.......Thursday--------Friday.............Total...........

Shares.

Bond Sales.

13,804 $19,000
20,928
30.000
15,082
24,500
11,991
45.000
HOLI DAY
16,244
24.000
78,649' $148,500

Philadelphia.
Shares.

Baltimore.

Bond Sales.

11,371 $74,000
12,962 115,900
8,368
96.100
6,410
60.100
6,573
86,200
10,375
35,000
56.005 $467,300

Shares.

Bond Sales.

1,247 $59,700
3,697
31,500
6,015
54,000
2,321
2 2 ,10 0
2,902
63,200
2,410 104,200
18,652 $334,700

N e w Y o r k “ C u r b ” M a r k e t .— Below we give a record of
the transactions in the outside security market from Apr 14
to Apr. 20, both inclusive. It covers the week ending Fri­
b
day afternoon:______________
Week ending April

20.

Stocks—
Par.
Aetna Explosives r (no par)
Certificates of deposit..
Air Reduction Co r(no par)
Amor & Brit Mfg com. 100
Preferred............... 100
Amer Stores com r(no par)
Amer Sumatra Tob__100
Amer Writ Paper com. 100
Brlt-Amer Tob ord___£1
Ordinary bearer.......£1
Calif Packing Corp r.__(t)
Canadian Natural Gas— 1
Car Ltg & Power r.......25
Carwen Steel Tool------10
Central Foundry com r 100
Preferred r_______ 100
Chevrolet Motor____ 100
Cramp (Win) & Sons Ship
&Eng Bldg r...........100
Curtiss Acrop &M v t c(t)
Preferred........ (no par)
Eastern Steel, common 100
Edmunds &Jones Corpora­
tion, pref r .............100
Electric Gun r________ 1
Elite Plan Stores.r__50c
Emerson Motors, Inc r 10
Emerson Phonograph___5
Everett Heaney A C o r.20
Hall Switch & Slg pref. 100
Ilask & Bark Car.tno par)
Hendce Mfg r............ 100
Holly Sugar Corp (no par)
ImpCarbon Chaser r---- 1
Intercontinental Rubb.100
Int Arms & Fuze Sec— 25
Internat Trading Corp r .1
Preferred r.................1
Joplin Ore &Spelter r---- 5
Keyst Tire &Rub, com. 10
Kresgc (S S) com r.......10
Preferred r._............ 10
Lake Torpedo Bo’t com. 10
1 st preferred r--------- 10
Lima Locomotive com rl00|
Lukens Steel, 1st pref rlOO
Manhattan Elec Supp.100
Mansell Screen r---------10
Marconi Wlrel Tel of Am.5
Marlin Arms v t o.(no par)
Maxim Munitions r---- 10
National Acme Co r---- 50
Nat Conduit & Cable r.(t)
North Am Pulp & Paper(t)
Plcrcc-Arrow Mot Car r(t)
Preferred r ............ 100
Poole Eng &Mach r__100
Premier Motor r (no par)
Prudential Pictures.r___5
St Joseph Lead r.......... 10
Smith &Terry Trans pflOO
Standard Mot Constr rlOO




Friday
Last
Sale
Price.

Sales
Range
for
rices
Week
High. Shares.

Range since Jan. 1
Low.

2
3 % 20,900
2
Apr
l X 2 A 35,000
154 Apr
08 71
1,575 65 Mar
9
9
100
5 Fel>
32 33
20
25 Feb
37
36 37 X 4,700 30 Apr
23 24
900 15
Feb
3X
3A 4
1,300 3 A Feb
1 8/4
100
1754 Mar
19
000
18 Feb
37X
3814
200
Jan
33
5-16
900
54 Apr
2'A 2 A 1,20 0
Feb
254
11X 1 1 X 12
0
10
Feb
24
26 2814 8 ,10
300 1654 Mar
4/
400
35
Feb
93
116
8,150 88
Fob
89
500
Mar
88
♦17 20 A
480 10
Feb
01
63
50 61
Apr
106 107
50 100 Jan
93 93
100
93 Apr
9-10
100
A Apr
X
5,100
%
54 Apr
2
2
2
28
2
Apr
8%
8X
9%
9,195
854 Apr
22
21
22
2,200
2054 Apr
1314
200
1354 Apr
37X
39
2,158 3754 Apr
32
38
2,200
27
Apr
45 45
100
40 Feb
3-10
U 3,100 3-10 Apr
llM
100
Jan
11
25
25
1,400 22
Mar
X
A
15,400
54 Apr
1
1*
1
9,600
Apr
25c
25c 25c
7,000 20 o Apr
15
19)4
800 13 Feb
10)4
n x
3,400 1054 Apr
11X
11X
200
11
Jan
8
8
9
1,980 •654 Feb
8X
8X
100
8
Feb
55'A
65 'A
100
4754 Jan
10 1A
10 1
90
Feb
47 QtJ
100 *30
Jan
10
*1013
702 10
Mar
2X
2X
300
Feb
254
84
83 88
400 *47
Jan
2
2
^14
2
Apr
33
33 *3354 26,500
2,455
32
Feb
34
33 3454 9,200 33 Apr
5X
654 8,000
5X
454 Apr
41X 4154
200
40
Apr
101
10 1
100 10 1
Feb
80
80 84
15 60
Jan
32 'A 3214
100
Apr
3254
414 8,300
4A
4 Mar
n x
18
3,200 1054 Jan
10
10
3,000
854 Mar
14X 13
15
9,750
554 Jan
3A

2A
68

.

High.

754 Feb
454 Apr
75 Apr
12
Apr
40 Mar
3754 Apr
28 Mar
554 Feb
1954 Jan
21
Jan
3954 Mar
1
Jan
354 Apr
14 Mar
3154 Apr
4954 Apr
146
Jan
90 Mar
2554 Feb
63 Apr
113 ,Mar
93 Apr
’A s Apr
% Apr
354 Feb
1354 Jan
22
Apr
1954 Mar
45 Mar
38 Apr
50
Jan
54 Feb
13
Jan
Jan
25
54 Apr
1
Apr
32c
18 Mar
1354 Feb
1154 Mar
1054 Feb
10
6254 Mar
103 Apr
51 Mar
1054 Mar
3
Jan
10 1
Feb
454 Feb
3854 Jan
3654 Apr
954 Jan
54
Jan
104 Feb
90
3254 Apr
454 Mar
1954 Jan
1054 Mar
15 Apr

1 5 81
F r id a y
L a st
Range
S a le
o f P rice s.
P r ic e . L o w .
H ig h

S a le s
fo r
W eek.
Sh a re s

H'eefc's
R a n g e sin c e J a n . 1 .
Stocks (Concluded)—P a r
Low .
H ig h .
Steel Alloys Corp r.......5
2,700
6 A Jan
Jan
754
754 8
9A
Submarine Boat..(no par; 2154 2 1
23
2 ,20 (
Jan
18X Feb 28
Superior Steel Corp.r.lOf
Feb 34A Apr
3454 1,175 28
3354
1 st preferred r____ 10 (
Triangle Film Corp vtc.5
Apr
Jan
154 154 4,700
1A
3A
UnltedDyewoodCorp r 10C
66
66
20 (
63 Apr 66
Apr
United Motors r..(no par; 3054 *30 3554 23,000 *30 Apr 49
Jan
United Sugar Cos r ___50
Jan 37 Mar
3654 3654 4.20C 35
U 8 Steamship..... ........u 3654
5
Feb
7,35(
454
554
4X
6 A Mar
World Film Corp’n v t c.5
Apr
1
54 5,400
54
A
Wright-Martln Alrc r__(t;
5
5 Apr 16X
554
754 6,000
Zlno Concentrating r__n
3
3
3
700
2A
4A
Former Standard OH
Subsidiaries.
Anglo-Amer Oil..........£1 1654 1654 1654
600 16 Feb 1 8 A Jan
Buckeye Pipe Line.......50 105
105 105
Mar 12 2
10 103
Illinois Pipe Line.......10C
Ohio Oil.....................25
355 370
Apr 435
175 333
Jan
South Penn Oil
__10C
Standard Oil (Calif)... 100
285 287
Apr 445
20 285
Standard Oil of N J___100
650 659
165 650
800
Standard Oil of N Y__100 290 288 306
917 270
Jan 345
380 380
25 325
Jan
Jan
490
Other Oil Stocks
Alcoken OHCo r .......... 5
2
254
254 2,600
1 A Mar
2A
Alpha Oil & Gas........... 1 57c
57c 59c 1 1,2 0 0 64c
86 c
Amer Ventura Oil r___ 1 ........ 24c 26c 16,IOC 20 c
31c Feb
Atlantic Petroleum r___5
754
754 754 3,10C 7 X Apr
9A
Barnett Oil & Gas r___ 1
254
254 254 26.70C
2X Apr j 4A
Consol Mex Oil Corp___1 65c
65c 69c
2,475 60c Apr
1A
Cosdcn &Cor.............. 5 1354 1354 14-4 6,30C 13X Apr 18H
Jan
Cosden Oil &Gas com r..5 1354 1254 1354 7,700 12X Apr 16A Jan
Crosby Petrol (prosp’t) r 1 33c
7,400 31c Apr 32c Apr
31c 32c
Crown OH r.................1
1
1
Apr
154 25,900
Apr
154
1A
Elk Basin Petroleum r__5 1 1
Jan 14A Mar
1054 1154 20,500
7A
Elkland Oil & Gas r f__ 1
54
54 7-16 7,700
A Apr
A Apr
Esmeralda Oil Corp r___1
154 1 1-16 154 4,350 70c Feb 3
Feb
Federal Oil r............... 5
6 A Mar
554
554 654 14,200
4 % Feb
Houston Oil common r 10( 20
20
24
5,10C 17 Feb 24 Apr
Internat Petroleum r__ £1
Jan 15X Mar
10,500 1 1
1354 1354 15
Kenova Oil................_]
54 5-16
Jan
54 20.90C
‘As Apr
A
Keystone Con Oil Cor r. 10 554
5A Apr 5 A Apr
554 554 5,00C
Merritt Oil Corp r .......1C 2454 24 2554 35.20C U A Jan 3 1 A Mar
Metropolitan Petroleum25
154
Jan
154 254 61,200
4A
ix Apr
Mld-Cont Cons O& UtllrlO 1554 1454 1554 27,500 12 A Jan 15X Apr
Midwest Oil r.............. 1 79c
77c 80c 19,500 65o Jan 87c Mar
Preferred r........... .... 1 1.03
1
1.06 14,000 86 c Jan 1 1-16 Mar
Midwest Refining r___5( 138 138 143
Mar 145 Mar
2 ,10 0 117
N Y-Okiahoma Oll.r___1
1
54 1
Jan
7,350
X
1 A Mar
2M
2M
Oklahoma Oil com r___ 1
10C 954c 1054c 81,000
Apr 16c Jan
9c
Preferred .r..... ......... 1 78c
72c 79c 16,050
Mar
1
A
Oklahoma Prod & Ref__5 1054 1054 1154 14,400 10
Feb 14A Jan
Okmulgee Prod & Rcfg..5 ____
3,000 5A Apr
6
Apr
554 6
Omar Oil & Gas com___1 35c
31c 38c 19,000 3lo Apr 75c Jan
Osage-IIominy Oil r___ 5
954
954 954 13,400 7A Jan 10 A Mar
Pennsylvania Gasoline__1
Mar
154
54 15-16 31,600
A
Jan
1A
Rice OHr..... ...............1
Mar
54 7-16 11-16 42,720
A
% Feb
Sapulpa Refining r........ 6 1054 1054 1154 8,200
Feb 1 2 A Mar
8A
845 9 Feb
954 10 XA
Sequoyah Oil & Ref.......1 1 5-16
2A
Jan
154 154 50,200
1 A Apr
Sinclair Gulf Corp.r__(t) 3954 3954 4054
325 39X Apr 40 A Apr
United Western Oil r___1
’A s Mar
54 11-16 13-16 19,000
IX Jan
Utah Petroleum (prosp't) 1 37c
36c 45c 17,700 30o Feb 63c Jan
Vacuum Gas & O Ltd___1
Apr 11-16 Jan
54 5-16
54 1,300
A
Victoria Oil r................ 1 1 3-16
154 13-16 19,200 1lA . Feb 2 3-16 Jan
West End Oil &Gas r___1
15c 18c
3,250 15c Jan 60c Jan
West States Petrol r___1
1
1
Apr
154
154 36,000
IX Apr
Mining Stocks.
Alaska-Brit Col Metals. .1 11-16 9-16
Jan
54 20,700
A Mar
A
Alaska Mines Corp(no par) 1 7-16
Jan 1'As Mar
1
154 1 7-16 38,000
Alaska Standard Cop r__1 50c
40c 50c 42,500 3-10 Jan 50o
1-16
1,800
lA
'A s
A rlzona Copperflelds r__1
Feb
54
54
54 2,500
A
X Jan
Atlanta Mines r........... 1 1 2 c
1 2 c 1354c 29,200
9 A c Jan
Jan
20 c
Atlas Copper r_______ 1
Apr
31,000
54
A
5
4
A Apr
Austin-Amazon r..........1
Jan 1 % Apr
1
154
154 154 32,500
Big Jim................... 10c
54
54
54 1,600 80c Apr
IX Jan
Big Ledge Copper Co___1 354
3
3 Apr
354 21,700
6 X Jan
Blsbee Cop M &Dev r__1
Jan
10,550
54 1
A
54
IX Feb
8c
9Hc 5,500 8 c
Boston & Montana Dev..5 62c
58c 65c 24,500 58c Apr 80o Jan
Bradshaw Copper Mr__1
Apr 1 11-16 Jan
1
3,240
54 1
A
Butte Cop & Zinc v t 0 . . . 5
Feb 12X Mar
954
954 954 7,000
7A
Butte-Detrolt Cop & Z. . 1
Apr • 2
54
54
54 1,300
Jan
A
Butte & N Y Copper___1
800
154 154
l A Jan 2X Mar
Caledonia Mining.........1 67c *63c 70c 12,050 •48o. Jan 70o
Calumet & Jerome Cop r 1 154
154 194 19,500
l A Apr
2X Jan
u.
*/s
Canada Copper Ltd___ 5
2 2 3-16 7,900
Feb 2 A Apr
254
1A
Carlisle Mining.............5
6
5
6
Jan
3,500 6
6 X Mar
Cash Boy____ ______ 1 754c
7c 854c 33,850
6C
Jan 16c Mar
Ccrro Gordo Mines........ 1
2
2
Jan 2 X
300
IX
Consol Arizona Smelt___5
154 2 3-16 27,200
Jan 2 %
254
IX
Consolidated Cop Mines.5
Feb
354
3
354 454 2,800
Mar
4A
Consol-Homestead r.......1
54 9-16 11-16 2,900
’A s Feb
A
Cresson Con Gold M & M 1 654
6
654 5,700
5 A Mar
7X Jan
Dundee Arizona Cop <__1
154
154 5,920
%
% Apr
2X Jan
Emma Copper r........... 1
154 1 3-16 154 111,540 1 1-16 Feb
Jan
2A
First National Copper__5 ____
Apr
254 254 1,2 0 0
Jan
2A
3A
Globe-Dominion Copper. 1
500
54
54
54
A Mar
A
Goldfield Consolldated.10 50c *55c 62c 17,425 55c Mar •77c
Goldfield Merger r____ 1 ____
7c
Jan 10C Feb
7c
6,000
6c
Great Bend r................1
5c
6c
054o 10,000
5o Apr 1 1 c Mar
Green Monster Min r___1
154
154 1*4 21,500
IX Feb 2 X Jan
Hargraves................... 1
16c
16c 18c 34,200 14c Jan 25c
Hecla Mining........... 25c 7 11-16 754 754 4,460
7 Feb
8 X Feb
Howe Sound________ 1
6
6
Apr
300
6
6 54
8X
InspiratlonNecdlesCop r <1
Apr 9-10 Jan
54
54 3-16 3,000
A
1 1-1 A
Jerome Verde Cop <.......1
Feb
327,500
254
254
154
3 Mar
i ‘A s
Jerome Victor Ext r i ___1
1
Apr
l
800
Jan
2
154
Jim Butler r_________ 1 72c
70c 73c
5,500 690 Mar 87c Jan
Joscvlg-Kennecott Cop r 1
Apr
54
Apr
54
54 5,500
A
A
Jumbo Extension.........1 42c
41c 45c 11,650 39o Apr 49o Mar
Kerr Lake__________ 5
5 4 7-16 *4 9-16 1 ,1 0 0 4 7-16 Apr
5 Feb
La Rose Consol Mines__5
Jan
Mar
54 9-16 5^00
A
A
Loma Prlcta Cons Mines. 1 154
1
Feb
154 154 7,200
IX Mar
40c
40o
Louisiana Consol___ 10c 90c
90c 95c
5,400 80c Feb
IX Jan
Magma Chief r_______ 1 ____
600 48c Mar
Jan
54
54
A
Magma Copper............. 6 4754 4654 50
Jan 59A Mar
1,870 40
Magmatic Copper r__10c 24c
2 1c
26c
2,700 19c Mar 35o Jan
Magnate Copper, r........ 1 81c
75c 81c 12,400 75C Apr 81o Apr
U
1,20 0
H
Mammoth Channel G r..l
30c 30c* 55,800 30c Apr 30c Apr
Marsh Mining _r_____ 1 1054c *14c 754c 40,950
9c Jan 18Xc Feb
Marysville Gold Min___1
Mar
154 154 *1 7-16 7,070
A
IX Mar
5
Feb
52i 514
Miami Merger Cop r___1 5-16
54 7-16 4,100 20 c Jan 2 5-16 Jan
Milford Copper.r..........1
1
95c 1 1-32 19,500 90c Apr 1 1-32 Apr
Mogul Mining r._ ........ 1 63c
60c 69c
6,500 28c J a n 88 c Mar
Mohican Copper r........ 1
1
1,20 0
A Mar
54 1
IX Mar
Mojave Tungsten r___ 2
54
54 4,600
A Apr
IX Jan
Monitor Sll L & Z M&M 1 1
1,700
54 1
A Mar
IX Jan
Monster Chief r........... 1
54 5-16 7-16 41,860
X Jan
•As Mar
Mother Lode r. ........... 1 33c
33c 35c 27,000 31o Apr 46o Jan
Mutual Min & Leas pf r.l
1
Apr 1 % Apr
54 1 15-16 10,800
A
Nancy Hanks-Montana r 1 1 3-16 l 1-16 1 3-16 4,400 80c Feb
IX Apr
National Zinc & Lead r._l 55c
50c 55c 14,300 50o Apr 57o Mar

F r id a y
L a st
W e e k ’s R a n g e
o f P ric e s
S a le
H ig h .
(.Concluded)Par. P r i c e . L o w .

Week ending A p r.

Mining

[VOL. 104

THE CHRONICLE

1 5 83
20.

S a le s
R a n g e sin c e J a n .
w 'f
Sh a re s.

Low .

1

New Yoik City Realty and Surety Companies

H ig h

lie
10 c Mar
2,000
11c
lie
Nevada Rand r_____ 10c
1A
Newray Mines Ltd r___1 1 7-16 1 7-16 1 7-16 42,200 1 1-16 Feb
Apr
Apr
A
A
7-16
Vs 34,400
N Y Zinc r._................ i
Apr
1
14,100
IH
Nicklas Mining r_..........i 1 3-16
1
I 'A
Feb
HA
1,000
Niplssing Mines.......... 5
7 'A
7A
7A
7A
Mar
700
A
North Butte Dcvel r___1
A
'A
'A
Feb
1A
Ohio Copper ney w i r__1
1A 15-16 5,300
A
lA
33o Apr 68 c Jan
38c 50c 94,465
Old Emma Leasing r.lOc 45c
Apr
Apr
1
1 19-16 3,500
1A
Portl Cons Cop treas ctfs r
1 'A
Jan
Apr
5-16 7-16 7,700
A
A
Progress Min A Mill___ 1
A
Jan
5
1,300 3 A Apr
Ray Hercules r---------- 5 3 A
3H
4
72c Mar 3 Mar
10,000
Ray Portland r..............1 1 A
1A
1A
Apr
l ’A , Feb
A
Red Warrior r________1
A
1 A 23,150
lA
31c 34c 26,000 30o Feb 56o Jan
Rex Consolidated r___ 1 34c
53c 59c 11,0 0 0 50o Apr 67o Jan
Rochester Mines______ 1 59c
46c 46o
300 38c Jan 47C Jan
Round Mountain r____ 1
Jan
1
1,725
1A
Sacramento Vail Cop_r__l
1A
1A
i a
54c Feb *13-16
57c 58c
1,2 0 0
Scratch Gravel Gold M..1
280 O H Apr 14H
8 ectton 30 Mining........ 10
OH
10
1,500 1 0 A Apr 16
Seneca Copper___(no par) i o x 10 A 11
Apr
I
in
4,500
Senorito Copper______ 1
1A
1A
IX
11,500
Silver King of Arizona__1
A s Apr 13-16
'A
'A
a
300 3 A Apr
4A
Silver King Cons of Utahrl
3A
4
12 c
12 c
1,500 lOo Mar 26o Jan
Silver Pick Cons r______1
Apr 25 Mar
20
2 10
20
21
Slocam Star r________ 1
Feb
A
11-16
H
4,500
A
Standard Silver-Lead___1
H
Apr 17-32
5,000
Stewart Mining_______ 1
A
39c 43c 11,900 33o Feb 60c Jan
Success Mining._r____ 1 40c
34o 37c 25,600 330 Feb 600 Jan
Superstition Mining.......1 36c
21c 25c 10,400 2 0 o Mar 70o Jan
Tommy Burns G M com rl 24c
4A
700 4A Jan
Tonopah Belmont r.......1
4H
4A
4A
4A
5,559
3A Mar
Tonopah Extension Min. 1 3 A
3 'A
3A
7
2,500 5 A Feb
6 7-16 6 A
Tonopah Mining............ 1
Jan
8,000
Tri-Bullion S A 1).......... 5
5-16
A
A
40o 45c 13,900 40o Apr 62o
Troy-Arizona Cop Co r_.l 43c
5A
United Eastern..............1
1,150 4 Feb
4X 4 A
32c 40c 91,500 32c Apr 57c Apr
United Magma Mines r..l 40c
1A
23,800
X Apr
United Mines of Arizona. 1
A
H
A
7c Feb U A o
12,400
US Continental r______1 8 c
7A o
HAc
U S Tungsten r __________ 1 2 1 c
20 c 2 2 c
7,900 *18o Feb 26c Jan
Jan
35 37H 2 ,10 0 3 3 A Feb 40
United Verde Extcn r..60c
Mar
6
5
5
5M 2,400 4K Feb
United Zinc........ (no par)
3H
1,400 2 A Jan
Unity Gold Mines....... . . 6
3A
3A
3A
lA s
Utah Nat Mines r.......... 1 1 1-16 650 1 1-16 47,800 65o Apr
70c 84o
7,960 62o Apr 84o Apr
West End Consolidation.5 75c
White Caps Mining__10c
1A 1 1-32 1H 13,400 34c Jan 2 A Mar
Jan
H
1,800
White Cross Copper r__1
A
A
A
Yerrington Mt, Cop___ 1 36c
35c *44c 66,800 2 1 o Feb 60c
Bonds—
OH A
99 $40,000 98X Apr 10 0
Atlanta A Char A L5s r’44 98A
Beth Steel 5% notes..1919 O H 'A 98 98A 120,000 98 Mar OH A
o r ,'A
95 A 4,000 0 5 A Apr 0 5 A
Canada (Dom of) 5s.. 1937 95A
Mar
2,000 10 0 A Mar 1 0 1
10 0 A W 0 A
Chile Copper (is.r______
Jan
50 Feb 62
56 56
10,000
Cons Ariz Smelt 5s__1939
Jan
Apr 109
Cosden * Co 6s r___1926 100 A 100 104 60,000 10 0
Apr 1 1 0 A
Cosden Oil A Gas 6s r. 1919 104'A 103H 104A 45,000 100
Apr 100 A
98
10.000
98 98
Cudahy Packing 5s.. 1946
98 98
15,000 97X Apr OH A
Erie RR 5% notes r..t919
Feb 0 H A
•French Municipals 5Xs'19
96'A 96A 42,000 94
Long Island RR deb 5s r. 84A 84H 87 'A 80,000 83 Mar 89
Midvale St A Ord______ Sec No te (a).
N Y N II &H 5% notes ’18 98
97X 98 30,000 0 7 A Apr 98 Apr
N Y State new Is___1967
105X 105H 10,000 103H Apr 105A
Russian Govt OXs__1919 0 1 H 93 94X 141,000 93A Mar OH A
5 X s .................. 1921 86 A 85 ' 87 114,000 84X Feb 94A
* Odd lots, t No par value, i 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, a: Ex-dividend, y Ex­
rights. z Ex-stock dividend.
a Range of prices and sales of Midvale Steel & Ord. 5s incorrectly reported last
week: should have been 537,000 at 91X ®95X. Range for year should have been
low, 94X Apr. high, 97A Jan.
C U R R E N T N O T IC E .

—The commercial paper houses of Geo. B. Lano and Piper, Jaffray & Co.
at Minneapolis will be succeeded by Lano, Piper & Jaffray, (Inc.). They
will be represented bv McClunoy & Co., St. Louis: W. T. Rickards Co. ,
Chicago, and Blake Bros. St Co., Boston and Now York, anti will in turn
represent thoso companies in the Northwest. Temporary office, 835 First
Nat.-Soo Line Bldg.
—King, Hoagland & Co., Continental & Commercial Bank Building,
Chicago, have prepared a booklet giving a brief history of tho loans auth­
orized by our Government in war times, from colonial days to tho present,
which will bo mailed upon request.
—Spencer Traslc & Co. have Issued a 24-pago booklet describing sovonty
Issues of municipal, railroad, public utility, industrial and foreign Govern­
ment bonds and containing vaiuablo information regarding bonds in
general.
—Hartshorne & Picabla, 7 Wall St., have prepared a letter discussing
tho financial position and prospects of tho Corn Products Refining Co.
Copy of this letter. CR 26, will bo sont on request.

New Y ork City Banks and Trust Companies
Banks-N.y. Bid A Sk
America*-.. 560 575
Amer Excb. 238 245
Atlantic___ 175 182
Battery Park 165 175
Bowery* ... . 400
Bronx Boro* 200
Bronx Nat.. 150
BryantPark* 145 160
Butch A Dr. 90 10 0
Chase____ 370 380
Chat A Phen 240 250
100
120
Chemical__ 390 400
Citizens___ 195 205
City.......... 490 505
coal A Iron. 205 215
Colonial*-.. 450
Columbia* . 315
Commerce.. tl79
Corn Exch*. 330 337
Cosmopol’n* 85 10 0
75
East River.. 65
150
Fidelity
Fifth Ave*.. 4300 4800
Fifth........ 215 230
First......... 1025 10-15
Garfield___ 180 190
Germ-Amer* 135 140
German Ex* 390
Germania *. 475 500
Gotham___ 220
Greenwich*. 310 325
Hanover__ 700 710
Harrlman. . 1235 250
Imp A Trad. 510 525
227
220
Liberty___ 970 1000
Lincoln ----- 310 330

Banks.
Manhattan •
Mark A Fult
Mech A Met
Merchants .
Metropolis*.
Metropol'n *
Mutual*__
New Neth* .
New YorkCo
New York..
Pacific *___
People’s*__
Prod Exch*Publio «__
Seaboard __
Second.......
Sherman__
State *----23d Ward*.
Union Exch
Unit States*
Wash H’ta*.
VVestch Av*
West Side*.
Yorkvlllo*-Brooklyn
Coney Isl’d*
First..........
Flatbush __
Greenpoint .
Hillside •-..
Homestead *
Mechanics*.
Montauk*-.
Natlon’lClty
NorthSide*.
People’s___

Bid

325
320
248
285
180
375
215
400
405
270
450
225
188
230
450
395
12 0
100
100

155
500
275
190
300
590
125
255
140
155
110

128
90
200
265
175
130

* Banka marked with a (*) are State banka,
change thla week. I New atock. r Ex-rlshta




Trust Co's. Bid
New York
Astor____ 470
Bankers Tr. 490
B'way Trust 157
CcntralTrust 785
Columbia t . 298
Commercial. 115
Empire___ 285
Equitable Tr f 360
Farm L A Tr f 470
Fidelity___ 208
270
Guaranty Tr 437
Hudson___ 138
LawTit A Tr 12 0
Lincoln Tr.. 10 0
Metropolitan 385
Mut’I (WestChester) .. 125
N Y Life Ins
A Trust.. 960
N Y Trust.. 600
TttloGuATr 360
Transatlan’o ___
350 Union Trust 420
610 USMtgATr 445
UnltedStates 1 0 1 0
135 Westchester. 130
270
155
Brooklyn
165
Brooklyn Tr 600
12 0
115 Franklin__ 245
138 Hamilton__ 265
105 Kings Co__ 650
Manufact’rs 150
2 10
275 People’s___ 288
200
Queens Co.. 75
140
Ask

335
255
330
295
190
225
415
500
198
240
415
130
110
135
165
___

Ask

480
496
165
795
303
--- 300
370
480
215
280
447
145
125
110
395
—
985
610
370
155
430
455
1025
140
«

610
255

275

....

__
85

t Sale at auction or at Stock Ex­

AllianceR’ty
Amer Surety
Bond A M G
Casualty Co
City Invest g
Preferred..

Bid

70
125
255
Ts’

60

Ask
77

135
260
21

67

Bid

Lawyers Mtg 148
Mtge Bond. 98
Nat Surety. 220
N Y Title A
Mtge__ 90

ASk

154
103
227
100

Bid

Realty Assoc
(Brooklyn) 95
US Casualty 200
USTltleGA I 80
Wes A Bronx
Title AM G 165

Ask

99
95
180

Quotations for Sundry Securities
All bond prices are “ and Interest" except where marked " t "
Standard Oil Stocks Pe Share
Par Bid. Al*
Anglo-Amer Oil new___ £1 *16 17
Atiantlo Refining_____ 100 925 945
Borne-Scrymser Co...... 100 440 460
Buckeye Pipe Lino Co__50 *104 108
Chesebrough Mfg new__100 415 425
Colonial Oil..................100 50 70
Continental OH...........100 540 560
Crescent Pipe Line Co___50 *39 41
Cumberland Pipe Line.. 100 165 175
Eureka Pipe Line Co___100 205 215
Gaiena-Slgnal OHcom...100 152 157
138 142
Illinois Pipe Line - „ 100 225 230
Indiana Pipe Line Co__ 50 99 102
Internat Petroleum........£1 •1312 14
National Transit Co..12.50 •16 18
New York Transit Co.. .100 190 200
Northern Pipe Line Co..100 100 104
355 360
*45 50
Pierce OHCorp________25 *1312 14
Prairie Oil A Gas..........ICO 540 560
rralrlo Pipe Line_____ 100 300 305
Solar Refining........ .... 100 350 370
Southern Pipe Lino Co..100 205 2 10
South Penn Oil............100 295 305
Southwest Pa Pipe Lines. 100 109 113
Standard OH (California) 100 275 280
Standard Oil (Indiana)..100 790 SOO
Standard Oil (Kansas)..100 490 515
Standard Oil (Kentucky) 100 365 175
Standard Oil (Nebraska).100 560 590
Standard OHof New Jer.100 642 547
Standard Oil of New Y’rklOO 289 292
460 ISO

RR. Equipments—PerCt.
Baltimore A Ohio 4Xi--Buff Roch A Pittsburgh 4X»
Equipment 4s........... Canadian Pacific 4X*___
Caro Cllnchf A Ohio 5«___
Central of Georgia 5s........
Equipment 4Xn_______
Chicago A Alton 4s........
Chicago A Eastern 1116 HB-Equipment 4Xs_______
Chic Ind A Loulsv 4Xo......
Chic St LANO 5s.............
Chicago A N W 4Hs..........
Chicago R I A Pac 4 A * ___
Colorado A Southern 6s---Erie 5s........................... .
Equipment 4 A i _______
Equipment 4s......... —

Basis
Bid.

4.70
4.75
4.75
4.75
5.25
4.80
4.80
5.26
6.75
6.75
5.00
4.75
4.50
6 25
5.00
5.00
5.00
5.00
4.75
4.75
4.60
4.60
5.00
4.50
4.75

Ask

4.50
4.50
4.50
4.50
4.76
4.50
4 50
4.78
5.50
6.60
4.50
4.45
4.25
4.75
4.50
4.50
4.50
4.50
4.50
4.50
4.40
4.40
4 50
4.25
4.45
5.00
5.00
4.75
4.75
4.50
4.50
4.50
4.20
4.20
4.30
4.30
4.75
5.00
4.70
4.70
4.50
4.50
4.50

Illinois Central 6 s______
Equipment 4Xs______
Kanawha A Michigan 4X*
Louisville A Nashville Ci_.
Minn St PASHM 4}<l._
Missouri Kansas A Texan 8 a 6.00
Missouri Pacific os_______ 6.00
5.00
Mobile A Ohio 6s______
Equipment 4 A s _______ 5.00
New York Contra! Lines 0s.. 4.75
Equipment 4X»_______ 4.75
N Y Ontario A West 6X1--- 5.00
Norfolk A Western 4Xi___ 4.50
Equipment 4s........ ....... 4.50
Pennsylvania RR 4X*___ 4.50
Equipment 4s___ _____ 4.50
10 0 1 1 0
Union Tank Line Co___100 92 94 St Louis Iron Mt A Sou 54-. 6.25
370 180 St Louis A San FrauclEOO6 l. 6.00
*30 40 Seaboard Air Lino 5s_____ 5.00
Equipment 4X*........ . .. 5,00
Bonds.
Per Cent.
Pierce Oil Coro conv 68.1924 82 84 Southern Pacific Co 4Xi__ 4.70
Southern Railway 4Xs...... 4.90
Ordnance Stocks— Per S hare.
Aetna Explosives pref. . ICO 10 20 Toledo A Ohio Central li... 5.00
9 11
Amer A British Mfg___ 100
Tobacco Stocks— Per sha re.
Preferred___ _____ 100 30 35
Par Bid. Ask
Atlas Powder common.. 100 153 157
Preferred... ..............100 100 102 American Cigar common 100 108 1 1 2
Preferred_________ 100 97 100
1 2 1 125
Bliss (E W) Co common..50 ♦480 525 Amer Machine A Fdry__100 80 90
Preferred........ . .......60 *73 78 Brltlsh-Ainer Tobac ord...£l •18 19
Ordinary, bearer____ £1 •18 20
Buffalo Copper A Brass__ 550 650
Canada Fdys A ForglngslOO 160 180 Conley Foil---------------100 250 300
Canadian Explosives comlOO 350 450 Johnson Tin Foil A Met.100 100 130
Preferred_________ 100 104 110 MacAndrews A Forbes.. 100 2 10 220
Preferred................. 100 100 103
Carbon Steel common... 100 85 00
90 93 Reynolds (R J) Tobacoo.lOO 500 550
1 st preferred........ .... 100
Preferred.......... ......100 117 123
65 75
2 d preferred............ 100
Young ( J S) Co........... 100 105 175
Colt’s Patent Fire Arm«
105 1 1 0
Preferred__________100
102
elO
O
Mfg........................100
duPont (E I) de Nemours
Short Term Notes. Per Cent.
A Co, common____ 100 247 251
10 2 104
10 0 10 0 l2
Empire Steel A Iron com. 100 33 37 Am Cot OH5s 1917...MAN 100
100*8
73 77 Amer Locom 6s. July '17-J-J
244 248 Am T A T 4Xs 1918_____ 10 0 's 100*8
118 1 2 1 Beth Steel 5s 1910 ..FAA15 98 98U
Hopkins A Allen Arms.. 100 10 20 Canadian Pac 6 s 1924.MAS2 1 0 U.| 101*8
25 50 Chic A West Ind 5s ’17-MAS 99-s.i 100 l8
30 35 Erie RR 6 s 1919____ A-O 98 98i,i
99 99*4
Niles-Bement-Pond com. 100 165 171 General Rubber 5s 1918 JAD 100
lOO'i
105 no Hocking Valley 5s 1917.M-N
100
10 0 12
Int
Harv
6
s
Feb
15
’18.F-A
60
55
Penn Seaboard Steel (no par)
300 305 K C Rys 5Xs 1018---- JAJ 100 1C0*4
Scovill Mfg..................100 560 580 K C Term Ry 4X8 ’18-MAN 98E 100
4A » 1921...............JAJ 98l2100
27
20
800 900 Laclede Gas L 6 s 1919.FAA 99Li 100
55 57 MorganAWrlgbt 6 s Deo. 1,18 100 1001 *
New Eng Nav 6 s 1917.M-N 100 1001.1
Public Utilities—
Am Oas A Elec com____ 50 *130 133 N Y Central 4A s May 1918 9912 99*4
Preferred...................60 *49 51 N Y N H A H 5s Apr 15 1918 97*8 98
Am Lt A Trac common.. 100 319 323 Penn Co 4Xs 1921..JAD15 99*4 lOOts
Preferred................. 100 1 1 1 113 Pub Ser Corp N J 6 s ’19 MAS 99 100
Amer Power A Lt com...100 82 84 Rom Ams U.M.C.6s'19FAA 70 75
89 91 Southern Ry 5s 1919-.M-S2 98l,i 98l2
36 39 United Fruit 6 s 1918.. M-N 9978 10 0 U
69 71 UtaUSocurCorp Os'22 M-S15 95 96t2
Cities Service Co com... 100 286 288 Winches RopArms5sT8MacS 94>2 95U
Preferred..
100 87 8712 Now York City Notes—
54 56 6 s Sept 1 1917................... 100*8 1007S
Canadian Govt. Notes—
79 81
Eleo Bond A Share pref.. 100 99l2 100 12 6 s Aug 1 1917.............FAA 100 10 0 U
El Paso Elec Co com---- IOC 105 ___
Industrial
Federal Light A TractionlOC 1U2 13
and Miscellaneous
Preferred_________ 100 46 49
75 80
Great West Pow 5s 1946.JAJ 86 87 American Brass______ 101 295 300
Mississippi RIv Pow comlOO 9 10 American Chicle com....100 54 58
Preferred................ IOC 70 80
34 38
Graphophone com..100 113 1 10
1st M 5s 1951..........JAJ 75 77 Am
Preferred..................10(1 118 122
97 99
98 100 American Hardware___100 135 140
40
55 60 Amor Typefounders com.100 37 90
Preferred..................10<J 87
80 85
106 107
Paclflo Gas A Eled com..100 60 0 1 Borden’s Cond Milk com.100 104
106
Preferred.................10<
92 93
24 29 Celluloid Company.......10f, 184 194
2
70 75 Havana Tobacco Co---- 100 1
100 3
6
Republlo Ry A Light___100 35l2 3012 Preferred_________
1st g 5s June 1 1922. .J-D /52l2 57
68
09
Intercontlnen
Rub
com—100
n
12
89
91
South Calif Edison com.. 100
105 107 Internat Banking Co---- 100 160 __ Southwest Pow A L pref. 100 <1971* 100 International Salt-------100 58 60
*1 2 l.i 13U 1st K 5a 1951-------- A-O 78 81
*38 39 international Silver pref. 100 100 103
Lehigh Valley Coal Sales. 60 *80 90
8
6
30 33 oils Elevator com___ 10( 60 03
Preferred................. 10( 87 91
United Gas A Eleo Corp. 100 7 10 Romington
Typewriter—
72i2 7612
Common............. .... 10( 154j 16lj
9 12
80 83
1 st preferred............. 101
United Lt A Rys com... 100 42 44
73 7412 2 d preferred............ 10 ( 50 53
155
Western Power common.100 14 16 Royal Baking Powd oom.lOC 150
Preferred__________10( 100 10 2
Preferred__________100 52 50
• Per share. 6 Basis, d Purchaser also pays accrued dividend,
e New stock.
/Flatprlco. n Nominal, o Ex-100% dividend, x Ex-dlvldend. y Ex-rights.

ape.

1583

THE CHRONICLE

21 1917.]

rail %xd\t(m&
RAILROAD

GROSS

EARNINGS

The following table shows the gross earnings of every S T E A M railroad from which regular weekly or monthly return*
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
aolumns the earnings for the period from July 1 to and including the latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but oovers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
___________________
J u ly 1 to Latest Date.

Latest Gross Earnings.
Week or
Month.

BOAD8.

Year.

ROADS.

Previous
Year.

Current
Year.

Previous
Year.

$
$
Ala N O & Tex P a c142,797 1,483,103 1,282,755
166,416
Ala & V icksburg. M a rc h ____
1,543,158
138,794
1.260.934
176,945
Vicks Shrov & P_ M a rch -----52,559 2,118,569 2,035,744
52,1129
Ann A rb or_________ 1st wk Apr
87,277,880
10644431
101740955
11591896
Fobruary
A tcli Topeka & 8 Fo
62,521 2,886,183 2,394,715
76,023
A tlanta Birm & A tl 1st wk A pr
905,732
112,543 1,030,556
124,062
Atlanta & West F t . Fobruary 3,348,307
25,785,774 21,831,356
3,790,315
Atlantlc Coast Line February—
165,862 156,929 1,383,535 1,216,611
Chariest & W Car February .
137,177 1,246,863 1,054,024
170.497
Lou Hend & St L February .
a Baltimore & O h io. February . 8,665,656 8,325,177 79,778.514 72,809,769
128,009
139,674 1,215,119 1,137,065
B & O Ch Ter UR Feoruary Bangor Sc Aroostook Fobruary _ 349,919 325,761 2,692,738 2,345,463
473,413 471,820 7,532,716 7,429,821
Bessemer & L Erio Fobruary 88,352
86,975
644,959
626,899
Birmingham South February _
Boston & M aine---- February _ 4,001,884 4,023,019 37,462,584 33,863.284
B uff Uoch & PIttsb. 2d wk Apr 278,963 233,102 10,456,329 9,492,870
121,420
Buffalo & Susq B it . February .
153,7031 1,116,675 1,167,816
Canadian N or S yst. 2d wk Apr 881,600 668,900 31,713,700 25,480,500
Oanadian P a cific. - 2d wk Apr 2,833,000 2,577,000 113315550 99,141,820
Caro C linchf & Ohio Fobruary _ 289,3961 271,754 2,233,546 1,951,085
Central o f G eorgia. Fobruary _ 1,133,566 1,006,963 9,968,819 8,510.460
Cent o f New Jersey February
2,606,875 2,689,773
C ent N ew England February _ 311,921 373,432 3,571,412 3,199,640
Central V erm on t., February .
251,427 333.506 2,860,242 2,774,389
d i e s & Ohio Lines. 2d wk Apr 1,067,671
914,771 39,460,674 37,607,431
C hicago Sc A lton ___ February . 1,376,715 1,344,563 12,519,398 10,762,623
Chic Burl & Quincy February _ 8.592.705 8,249,313 77,274,734 68,472,183
b C hicago Sc East 111 February _ 1,476,334 1,421,580 11,867,426 11,194.896
274,188 12.086.976 11,714,753
c Chic Great W e s t .. 1st w k Apr 282,751
145,221 0.826,434 5,968,713
C hic Ind & L ou isv . 2d wk A pr
179,055
190,074 1,730,098 1,511,107
201,903
Chicago June B i t . . Fobruary .
Chic M ilw & St P__ February . 6,514,625 7.699.229 74,231,088 69,747,011
dC hic& N orth West Fobruary . 7,332,617 7,681,804 69,847,334 62,390,838
144,617 1.282.134 1,167,627
161.536
C hic Peoria & St L . February .
5,949,978 5.748,781 54,934,402 48,249,192
Chic Hock Isl Sc Pac February
293,996 245,720 2,514,830 2,157,054
C hic It I & G u lf. Fobruary
1,298,685 1,511.288 14.506.086 13,264,308
d C hic St P M & Om Fobruary
265,585 251,833 2,080,497 1,740,000
Chic Terre H & S E February
715,170 672,247 7,054,440 7,230,292
CIn Ham Sc D ayton February .
96,278 106,257 1,211,301 1,068,091
C olorado M id lan d . February _
e C olorado & South. 2d wk A pr 303,616 261,262 14,013,205 12,615,423
22,856
23,915
191,355
117,212
C o rn w a ll__________February .
32,034
39,369
353,328
299,126
Cornwall & Lebanon February _
761,119 691,480 3,936,295 3.231,779
C uba Kailroad------ January . .
Delaware & Hudson,February _ 1.762.706 2,125,265 17,530,616 17,217,616
Dela Lack & W est. |February . 3,966,725 3,873,898 35,052,972 32,503,627
D eny & R io Grande 2d wk Apr 578,900 457,800 21,371,362 19.746.316
39,500
Denver Sc Salt Lake 4th wkM ar
30,930 1,475,374 1,470,310
D etroit Sc Mackinac! 1st wk Apr
25,441
22,848
954,057
867,361
Detroit T ol & Iront February
182,336
179,667 1,604,676 1,443,712
D et & T ol Shore L . February .
140,587
161,043 1,134,954 1.117.152
Dul & Iron R a n g e .. Fobruary _ 103,135
102,747 4,758,165 4,063,602
Dul MIssabo & N or Fobruary .
155,649
129,597 10.054.976 7,050,011
93,352
Dul Sou Shore & Atl 1st wk Apr
65,382 3,009,713 2,610,551
Duluth Winn Sc Pac February .
199,783
186,497 1,247,663 1,001,721
Elgin Joliet & E ast. February _ 1,067,210 1,138,547 9,298,990 8,451,179
February
.
1,169,912 880,496 9,323,250 6,680,923
El Paso & So W est.
E rie............- - - - - - - ­ February. .; 5,001,608 5,760,054 48,801,415 48,294,326
Florida East C oast. February _ 886,386 824,530 5,717,616 4,018,272
Fonda Johns Sc G lov February .1
75.021
71,420
617,140
674,610
Georgia R ailroad. . Fobruary _ 258,857 245,842 2,467,649 2.084.153
Grand Trunk P a c .. 3d wk M ar
84,789
96,970 3,800,386 4,363,143
Grand Trunk S yst. 2d wk Apr 1,103,119 1,024,505 48.930.300 42,434,919
Grand Trunk Ry 3d wk M ar 859,871
748,876 35,809,345 29.984.026
Grand Trie W est. 3d wk M ar
137,504
161,695 6,373,537 6,244,725
Det Gr U & M ilw 3d wk Alar
57,390
56,762 2,236,779 2,320,209
Great N orth System M a rch ____ 5,786,000 6,377,977 63,667,482 60,716,950
G u lf M obilo & N o r. February .
154,584
160,107 1,341,944 1,306,190
G u lf Sc Ship Island. February .
145,218
153,423 1,322,892 1,290,028
H ocking Valley------ February .
600,631
535,937 5,883,184 4,855,711
Illinois Central------ M a rc h ____ 6,963,791 5,943,012 58,967,145 51,791,577
Internat Sc G rt N or Fobruary .
817,550 748,946 7,898,558 6,314,258
Kansas City S outh. M a rch ____ 1.075,376 922,754 9,176,973 7,839,632
Lehigh & Hud River February .
148,862 151,596 1,456,320 1,400,907
Lohigh & New E n g . Fobruary .
222,242 263,373 2.068.135 2,322,322
Lehlgh Valley-------- Fobruary . 3,304.753 3.479,847 32,681,451 31,254,043
Los Angeles & S L . . February .
806,277 818,641 7,644,595 7,119,593
Louisiana Sc A rkan. February .
107.201
992,260 1,116,015
109,659
Louisiana Ity & N av February .
182,014
154,926 1,548,095 1,524,572
/L ou lsvlllo & Nashv 1st wk Apr 1.358,490 1,210,965 52,507.480 45.920.026
M aino Central-------- February .
961,206 917,439 8,838,484 7,847,490
M aryland Sc P e n u .. February .
36,108
314,836
336,084
32,821
M idfand Valley------ February _ 203.202
142,088 1,581,740 1,207,576
Mineral Itango____ 1st wk Apr
22,394
817,528
903,010
21,480
M lnneap Sc St Louis 2d wk Apr 235,637 215,375 8,661,791 8,047,728
M inn St P & S S M 2d wk A pr 649,357 631,353 25,943,960 27.588,179
Mississippi C entral. February .
51,772
541,910
534,260
56,138
tj M o Kan Sc T exas, 2d wk Apr „ 666,160 014,421 31.897.300 25,702.672
ft Missouri P a cific.. F ob ru a ry.. 5,659,115 5,022,931 50,086,012 42,484,911
j Now York Central F eb ru a ry.. 13633817 15231375 133437879 122279733
Boston Sc Albany F obruary.. 1.431,906 1,563,382 14,422,722 12,727,259
n Lake Erie Sc W . F obruary._ 608,974 559,932 5,230,317 4,556,762
Michigan Central February. _ 3,450,210 3,350,067 32,028,073 26,604,852
Clevo O O & St L Fobruary. _ 3,320,920 3,640,765 31,844,784 28,445,484
Cincinnati N orth. F ob ru a ry.. , 158,424 138,920 1,366,442 1,190,352
Pitts & Lako Erie F ebruary.. 1.684,853 1,821,842 16,055,651 14.725.317
T ol & Ohio C en t. F ebruary..
430,172 449,112 4,394,156 3,530,952
Kanawha Sc M ich Fobruary. _ 228,989 300,965 2,196,025 2.405.934
T o t all lines above F ebruary._ 21948265 27056362 240976105 216466653

Latest Gross Earnings.
Week or
Month.

N ashv Chatt & St L
N ovada-Cal-O regon
N ew Orl Great N o r .
N Y Chic & St Louis
N Y N II & H a r t f..
N Y Ont & Western
N Y Susq & W e s t ..
N orfolk S ou th ern ..
N orfolk & W esternN orthern P acific__
Northwestern P a c.
P aclfic Coast C o ___
p Pennsylvania RR.
Balt Ches & A t l . .
Cumberland Vail.
Long Island_____
M a ry 'd Del & Va
N Y Phlla & N orf
Phil Balt Sc Wash
W Jersey Sc Seash
Pennsylvania Co___
Grand R ap & Ind
l Pitts C C Sc St L .
T otal linos—
East Pitts & Erie
W est Pitts Sc Erie
All East & W ost.
Pero M a rq u ette___
Reading C o —
Phila Sc R eading.
Coal & Iron C o . .
T otal both co s ___
R ich Fred Sc Potom
R io Grande June___
R io Grande S o u th ..
R u tla n d ___________
St Jos Sc Grand Isl.
St L Brownsv Sc M .
St L Iron M t & S o .
St Louis Sc San Fran
St Louis Southw est.
Seaboard Air L in e ..
Southern P a cific___
k Southern R y Syst.
Ala Great S outh.
Cine N O & T ex P
M o b ile & O h i o . ..
Georgia So & F la.
Spok P ort & Seattle
T onn Ala & Georgia
Tennessee Central.
Texas Sc P a cific____
T oled o Peor Sc W est
T oled o St L Sc W est
Trinity & B razos___
Union P acific S yst.
V irgin ia n __________
W a b a s h ___________
W estern M arylandWestern P acific____
Western R y o f A la .
W heel Sc Lake E rie.
Y azoo & M iss V ail.

J u ly 1 to Latest Date
Current
Year.

Previous
Year.

9,415.422
320,435
1,127,616
10,362,141
54,379,695
5,840,993
2,413,144
3,396.018
39.797.420
55,462,356
3,165,283
4,128,610
154457574
867,091
2,540,253
10,246.007
651,891
3,476,137
17,708,094
5,467.209
49,749,241
4,046,680
43,873,053

8,350,261
277,684
1,176.973
9,305,012
49,628,339
6,154,742
2,893,213
2,950,931
37,289,301
49,820,867
2,859,659
4,345,475
143201094
782,108
2,288,483
9,369,382
620.917
3,002,278
15,194,462
5,095,944
45,777,293
3,726,465
39,093,199

Previous
Year.

Current
Year.

February . 1.095.112 1,028,827
1st w k Apr
6,482
6,351
February .
121,106
147,536
F eb ru a ry.. 1,158,280 1,190,125
February . 5,724,565 5,802,178
February .
563,108 678.143
291,113 394,515
February .
394.870 371,447
February .
F obruary.. 4,527,3451 4,588,416
February . 5,430,116 4,963.512
266,294 252,757
F ebruary..
369.373 497.643
January . .
F ebruary.. 16790813 17028693
54,971
26,613
February. .
323,877 296,790
F ebruary..
930,415 900,233
February. .
47,179
31,579
February. .
February. _ 315,787 344,296
February. 2,039,319 1,783,615
F ebruary._ 487,487 467,253
F eb ru a ry.. 4,456,140 4,989,287
F eb ru a ry.. 427,539 431,985
F obruary.. 4,920,574 4,860,353

F eb ru a ry .. 21227084 21188068 198129490 182002601
F ebruary.. 9,947,658 10408682 98,902,168 89,728.251
F eb ru a ry .. 31174742 31596749 297031658 271730852
410.033 17,608,526 16,143,015
1st wk Apr 469,191
Fobruary .
February .
Fobruary .
February. _
December
Lit wk Apr
February. .
February. .
February .
F ebruary..
F ebruary..
2d wk Apr
F ebruary..
Fobruary .
2d wk Apr
February
February .
2d wk A pr
2d wk A pr
February _
1st wk A pr
F ebruary._
2d wk Apr
M arch
1st wk A pr
February. .
February _
February .
February .
2d wk Apr
February
February.
February
M a rch ___

4,583,701
3,185,199
7,768.900
348,896
92.694
9,067
276,030
164,164
380,403
3,135,425
4,247,604
306.000
2,549,344
13450273
2,147,420
448,336
855,042
241,818
48,033
432,907
2,474
120,934
394,179
97,725
121,483
68,013
7,586.560
720,860
2.718.334
236,371
480,985
110,549
575.374
1,313,780

4,804,679
3,508,006
8.312.685
305,709
76.010
10,479
277,876
154,423
195,711
2.409.8S9
3,847,839
232,000
2,289,728
11186101
1,855,793
430,159
943,990
248,130
45,515
375,742
2,475
119,243
340,152
101,800
108,778
73,182
8,012.375
747,035
2,833.995
222,767
500,266
107,550
682,833
1,058,522

41,406,965
30,453,187
71,860,152
2,538,999
620,679
476.751
2,680,986
1,523,102
3,440.864
26.945.420
37,700,236
12,468,598
18,260,08"
118516488
81.424,394
4.041,584
8,091,305
9,800,309
2,241,888
3,810,203
92,222
1,171,155
17.745,963
933,608
4,695,554
809.751
79,785,785
6,275.363
25.525,260
9,980,765
5,819,330
953,613
6,479,024
12,603,949

38,002,542
24,889,057
62.891.599
2,004,174
551,792
429,073
2,471,981
1,191,134
1.746.637
21,636,782
31,578,386
9,744,294
15,857,544
101121384
72,171,358
3,596.801
7,068.020
9,174,601
1,955.594
3.344.280
76,468
1,054,547
15,471,186
931,155
4,272.334
653,903
69,436.425
4,924,658
22.571.150
8,449,986
4,886,230
879,565
6,778,799
10,224,445

Current
Year.

Previous
Year.

$261 ,128
3,916 ,249
10,603 .704
29,535 ,690
3,109 ,083
1,293 ,981
7,511 ,265
7,322 ,721
351 ,706
3,489 ,522
943 ,941
491 ,277
54,049 ,186
2,498 ,152
627 ,624
35,823 ,235
95 ,333
634 ,560
1,981 ,510
92 ,301
757 ,981
4,248 ,019
977 ,586
9,794 ,426
916 ,721
10,417 ,002
45,196 ,966
21,429 ,328
66,626 ,294
92 ,694
604 ,182

$309,479
4,265,549
11,471.646
30,120.429
3,150,900
1,083,254
6,622,241
7,123,658
269,193
3,567,193
880,664
592,648
53.410.180
2,450,337
789,207
34,734,931
114,443
589,257
1,868,602
95,437
713,543
3,599,942
931,681
10,135,838
862,067
9,816,848
43,201,946
21,076,235
64.278.181
76,010
555,735

Period.

Various Fiscal Years.
Buffalo Sc Susquehanna R R ____
Delaware & H udson___________
E r io ____________________________
N ew Y ork C entral..)___________
Boston Sc A lb a n y------------------Lake Erie & W estern .n _____
M ichigan C entral----------------, Clevo Cine Chic & St L o u is ..
Cincinnati N orthern_________
Pittsburgh & Lake E rie_____
T oled o & Ohio Central______
Kanawha & M ich igan______
T otal all lines_____________
New Y ork Chicago Sc St L o u is ..
N Y Susquehanna Sc W e ste rn ._
p Pennsylvania Railroad-----------Baltimore Chesap & A tlantic
Cumberland V alley_______
Long Island______________
M a ry’d Delaware & Virginia
N Y Philadelphia Sc N orfolk .
Phlla Baltimore Sc W ashing’n
W est Jersey Sc Seashore_____
Pennsylvania Company_________
Grand Rapids Sc Indiana____
l PIttsb Cine Chic Sc St L ouis.
T otal lines— East Pitts & Erie
— W est Pitts & Erie
— All lines E & W .
R io Grande Junction__________
R u t la n d ___________________ . . .

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
D ec
Jan

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

1

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

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
D ec
Feb

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
• Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d

week
week
week
week
week
week
week
week
woek
week

Feb
Feb
Feb
Feb
Mar
M ar
M ar
M ar
Apr
Apr

(30
(27
(30
(28
(29
(30
(31
(3.3
(32
(20

roads)-----roads)____
roads)-----roads)-----roads)-----roads!-----road s)-----road s)-----road s)-----road s)------

Current
Year.

Previous
Year.

increase or
Decrease.

$

$

$

11.094.646
11.941.735
12,907,667
13,508,398
12.798.647
13,411,104
13,198,911
21,296,954
14.388.627
12,150,845

u lUClUUes U lijvuiaui, .......... v. T,

10,983,013
11,333.376
12,411,450
14,066,891
12,115,340
12,018,648
12,565,087
19,034,515
12,933,797
10,688.127
i.jr ,

+ 111,633
+608,359
+496,217
— 558,493
+083,307
+ 1,392,516
+ 633,824
+ 2,262,439
+ 1.454,830
+ 1,402,718

i/ iui;m uua I

J

%

* Monthly Summaries.

Current
Year.

Previous
Year.

increase or
Decrease.

%

1.02
5.37
3.99
3.97
5.64
11.59
5.04
11.82
11.25
13.69

Mileage.
Cur. Yr. Prev. Yr.
June..............220,752 225,803
J u l y ____ j —244,249 243,563
A ugu st_____ 245,516 244.765
September . .248.156 247,466
O c to b e r____ 240,683 246,000
N ovem ber . .248,86.3 248,058
D e ce m b e r_216,811 215,669
January____ 248,477 247,327
February___249,795 248,738
M a r c h _____ 86,517
85.555

■$
285,149,746
308,040,791
333,460,457
332,888,990
345,790,899
330,258,745
262,171,169
307,961,074
271.928.066
76,308.967

S
237,612,967
283,944,649
278.7«7,02l
294,333.449
310,740,113
306,606,471
242,064,235
267,115,289
269,272,382
70,630,936

$
+47,536,779
+ 44,096,142
+ 54,673.436
+38,555.541
+35,050,788
+23,652,274
+20.106.934
+ 40.845.785
+ 2,6 55 ,6 8 4
+ 5,678.031

20.00
10.77
19.66
13.11
11.22
7.71
8.31
15.29
■0.99
7.98

, mu u, ........

...... ' —

-

,1,— . —

■ " ,

,

M innesota Sc Pacific, d Includes not only operating rovonue, but also all other receipts, e D oes not Include earnings o f C olorado Springs Sc Cripple
Creek D istrict R y . /In clu d e s Loulsvlllo & A tlantic and the Frankfort & Cincinnati, g Includes the Texas Central and the W ichita Falls lines.
/■Includes the St. Louis Iron M ountain Sc Southorn. ) Includes the Lako Shore Sc M ichigan Southern R y . , C hicago Indiana <& Southern R R . . and
Dunkirk Allegheny Valley & Pittsburgh H R . * Includes the Alabam a Groat Southern. C ine. N ow Orleans S c Texas P acific, New Orleans & N ortheastern
and the N or. Alabam a. I Includes Vandalla R R . n Includes N ir . Ohio R R . p Includes N orthern Central. * W e no longer Include M exican roads In
any o f our totals.




Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the second week
of April. The table covers 20 roads and shows 1 3 .6 9 % in­
crease in the aggregate over the same week last year.
Ce
Increase. Decrease.C e
-C e
$
Ce
B u ffa lo R ochester & Pittsburgh
278.963
233.162
............C e
45,801
Canadian N orthern.......................
881.600
668,900 212,700
............C e
______ C e
Canadian P a cific________
2,833.000 2.577.000 256,000
...........C e
Chesapeake & O h io ____________ 1,067,617
914,771 152,846
............C e
C hicago Ind & L o u is v ille ...........
179,055
145,221
33,834
______ C o
303,616
261,262
C olorado & Southern__________
42,354
D enver & R io G ran de__________
578,900
457,800 121,100 ............C e
............C e
Georgia Southern & F lorid a____
48,033
45,515
2,518
Ce
Grand T runk o f Canada______ '
............C e
Grand Trunk W estern_____
1,103,119 1,024,505
78,614
D etroit Gr H av & M ilw ____
Ce
Ce
Canada A tla n tic....................
M inneapolis & St L ou is______
______ C e
235.637
215.375
20.262
Ce
Iowa C entral_______________
M inneap St P a u l & S S M . ..........
649,357
631,353
............C e
18,004
______ C e
666,160
614,421
M issouri Kansas & T exas______
51,739
6,312Ce
M ob ile & O h io...............................
241,818
248,130
.C e
St Louis Southwestern................
306,000
232,000
74-.066
.C e
Southern R ailway Syss_______ 2,147,420 1,855,793 291,627
.C e
54,027
Texas & P a cific.......................
394,179
340,152
.C e
W estern M a ry lan d ......... ............
236,371
222,767
13,604
-C e
6,312Ce
T otal (20 ro a d s)______ _______ 12,150,84510.688,1271,469,030
........... C e
N et increase (1 3 .6 9 % )....................... ............. ................ 1.462.718
Second week o f A p ril.

1916.

1917.

For the first week of April our final statement covers 32
roads and shows 1 1 .2 5 % increase in the aggregate over the
same week last year.
First week o f A p ril.

1917.

Previously reported (22 roa d s).
A tlanta Birin & A tla n tic______
Ann A r b o r ____________________
C hicago Great W estern_______
C olorado & Southern..................
D uluth South Shore & A tla n tic.
Louisville & N ashville_________
M ineral R an go_________________
N evada-Callfornla-O regon_____
Pere M a rq u ette________________
R io Grande Southern__________

Increase. Decrease.

1916.

$
$
11,743,218 10,570.063 1,173,156
76,023
62,521
13,502
52,329
52,559
282,751
274,188
8,563
275,461
25,816
249,645
93,352
65,382
27,970
1,358,490 1,210,965
147,525
22,394
21,480
914
6,482
6,351
469,191
410,033
59,158
9,067
10,479

l",412

14,388,627 12,933,797

1,774

230

131

Net Earnings Monthly to Latest Dates.—In our “ Rail­
way Earnings” Section or Supplement, which accompanies
to-day’s issue of the “ Chronicle ” we give the Feb. figures of
earnings of all steam railroads 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
ment for full details regarding the Feb. results for all the
separate companies.
In the following we give all statements that have come
in the present week covering a later or a different period
from that to which the issue of the “ Railway Earnings”
Section is devoted.
----- Gross Earnings—
Current
Year.

Roads.

Previous
Year.

-N et Earnings.
Current
Previous
Year.
Year.

922,754
418,364
368,508
Kansas C ity S ou th ern ..M a r 1,075,376
Jan 1 to M a r 3 1 ............ 3,142,429 2,510,783 1,253.207
913,859
Fixed
Balance,
Gross
Net after
Other
Gross
Income.
Earnings.
Taxes.
Income.
Charges.
Surplus.
$
S
S
i
5
$
io Grande Southern—
554
53,552
18,265
18,819
16,337
2,482
Dec ’ 16
702
15,749
16,451
16,602
48,230
detl51
’ 15
1,407
118,923
117,516
98,503
20,420
326.326
6 mos ’ 16
81,093
1,636
102,550 dei21,457
302,976
79.457
’ 15
176.445
3,124
198.458 def22,013
173,321
585,971
12 mos T6
202,174 dof41,877
160,297
3,309
557,182
156,988
’ 15

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
N am e o f Road
or Company.

[Vol. 104

THE CHRONICLE

15 84

Week or
M onth.

Current
Year.

A dlrond El Pow C orp February . 133,315
25,740
A tlantic Shore R y ___M a r c h ____
cAur Elgin & C h ic R y February . 146,527
68,776
Bangor R y & E lectric February .
18,822
B aton R ouge E lec C o February .
57,747
Belt L R y C orp (N Y C ) January . .
76,080
Berkshire Street R y . February .
Brazilian T rac, L & P February . /6872000
7,714
Brock & Plym St R y . February .
B klyn R ap Tran Syst January . . 2439,469
32,010
Cape Breton E lec C o February .
Cent M iss V El P ro p . February .
24,306
Chattanooga R y & L t February . 102,177
Cities Service C o ____M a r c h ____ 1721,481
32,362
C love Painesv & East February .
C levo Southw & C o l. February . 100,876
^Columbia Gas & E l. M arch — 1017,152
Colum bus (Ga) El C o February .
80,987
Colum (O) R y , L & P February _ 316,318
C om ’w ’th P , R y & Lt M a rc h ____ 1558,538
720,688
Connecticut C o ......... February .
C onsum P ow (M ic h ). M a rc h ____ 454,581
C um b C o (M e) P & L February . 217,275
Dallas E lectric C o ___(F ebruary.. 179,860
D ayton Pow & L Igh t.M arch____ 149,775
g D etroit E d ison ____( M a r c h
1044,105
D etroit United Lines. February . 1282,227
D D E B & B a t t (R e c )(J a n u a r y . .
34,687
Duluth-Superior Trac February . 117,240
East St Louis & S u b . February . 268,158
73,007
Eastern Texas E le c .. February .
El Paso E lectric C o . . February . 111,255
42d St M & St N A ve January . . 140,329
g Federal Lt & T r a c . . February . 229,813
G a lv-llou s E lec C o . . February . 148,284
Grand Rapids R y Co,February . 103,932
328,982
Great W est Pow Syst February
Hagers’n & Fred R y . January . .
45,260
Harrisburg Railways February .
87.121
Havana El R y , L & P February . 504,325
57,984
Honolulu R 1 & Land January . .
H oughton Co T r C o . February .
25,249
b Hudson & M a n h a t. February . 497.800




Jan. 1 to latest date.

Previous
Year.

Current
Year.

Previous
Year.

126,406
23,473
144,234
62,406
17,150
65,731
68,031
/6276000
7,282
2257,559
28,638
23.182
96.183
639.780
29,922
95,603
912,845
64,622
280,700
1353,712
681,372
374,835
198,398
163.759
135,132
848,002
1113.845
40,137
105,151
227,472
64,175
91,146
163,580
216,157
145,763
103,429
310,805
35,876
86,263
489,543
50,243
24,166
472.259

287.467
70,682
306,319
143,460
39,268
57,747
158,121
/14138.000
16,730
2,439.469
70,591
50,634
209,226
5,257,798
68,798
213,906
3,188,644
170,594
653,889
4,706,991
1,507,193
1,402,187
455,994
380,117
394,590
3,188,436
2,678,080
34,687
246,214
560,765
152.359
227,598
140,329
473,691
311.360
217,040
670,667
45,260
179,791
1,051,813
57,984
54,002
1.039.095

265,247
67,842
293,094
128,690
34,977
65.731
140,103
fl 2902,000
15,358
2,257,559
62,758
48,812
197,603
1,976,729
60,823
198,908
2,689.617
136,569
578,117
4,124,259
1,382,878
1,161,227
411,582
336,891
406,296
2,595,801
2,285,430
40,137
210,008
456,840
130,269
196,429
163.580
441,700
302,202
209,246
632,220
35,876
172.580
981,617
50,243
49,002
967.819

N am e o f Road
or Company.

Latest Gross Earnings.
Week or
M onth.

Current
Year.

Previous
Year.

Jan. 1 to latest dale.
Current
Year.

Previous
Year.

$
$
S
$
Illinois T raction____ February . 1057.527 1002,662 2,201,479 2,036,603­
Interboro R ap T ra n . February . 3240,154 3036,983 6,870,847 6,230,727
Jacksonville Trac C o February _
50,136
113.093
53,932
103,18?
Keokuk Electric C o . February .
18,796
39,927
19,030
39,522
K ey W est E lectric__ February .
9,544
18.822
21,985
10,682
Lake Shore Elec R y . February . 120,326 106,507
251,915
219,877
Leblgh Valley Transit February . 198.165 177,727
414.093
363,303
Lewist A ug & W aterv February .
50,574
116,496
54,793
103,457
Long Island E lectric. January . .
15,834
16,258
16,258
15,834
Loulsville R a ilw a y .. January . . 254,383 243,661
254,383
243,661
M ilw El R y & L t C o . February . 634,375 575,254 1,322,030 1,170,084
M ilw L t, H t & T r C o February . 160.752 127,078
331,187
256,135
M onongahela Vail T r M a r c h ___ 202,777 128,044
565,490
371,628
Nashville R y & Light February . 197,593 185,318
407,462
381.903
N Y C ity I n te rb o ro .. January . .
61.247
61,707
61,707
61,247
N Y & Long Is la n d .. January __
29,402
30,165
30,165
29,402
N Y & N orth Shore. . January . .
12,165
11.350
11.350
12,165
N Y & Queens C o ___ January . . 111,404 109.030
111,404
109,030
New Y ork R ailw ays. February . 914,076 1040,676 1,911,151 2,162,113
N Y & Stamford R y . February .
22,358
49,993
23,885
46,465
N Y State R ailw ays. December
651.989 561.901 8,256.470 7.264.676
N Y W estches & Bost February .
36,414
85,364
39,600
78.184
N ortham pton T r a c .. February .
14.490
15,812
30,734
32,320
N or Ohio T rac & L t . February J 483,866 364,153
989,308
739,539
February
.
N orth Texas Electric
329,678
158.578 141,880
292,508
Ocean E lectric (L I ) . January . .
5,424
5,404
5,404
5,424
P acific Gas & E lec___ February . 1625,814 1600,035 3,399,379 3,362,748
P acific Lt & P C orp . . February . 254,174 244,473
544,591
510,639
g Paducah T r & Lt Co February .
25,618
54,338
25,550
53,071
21.833
26,909
Pensacola E lectric Co February .
53,955
45,769
Phila R gpld T ransit. M a r c h ___ 2510,812 2255,672 7,143,949 6.445,758
Phlla & Western R y . M a r c h ___
37.248
116,822
41,097
107,040
P ort(O re)R y,L & P C o. February . 459,908 409,331
864,319
950,139
g Puget Sd T r L & P . February . 720,178 597,215 1,508,048 1,266,800
g R epublic R y & L t . . M a r c h ___ 376,822 330,047 1,114,250
958,821
Rhode Island C o ____ February . 424,512 410,857
890,263
839,073
R ichm ond L t & R R . January . .
31,982
28,235
31,982
28,235
St Jos R y , L, H & P . M a r c h ___ 126,670 112,808
390,311
352.530
Santiago Elec Lt & Tr December
553,589
57,814
478,222
45,961
Savannah Electric Co February .
60,396
144,348
69,295
126.531
Second Avenue (R ec) January . .
61,445
66,179
61,445
66,179
Southern B oulevard. January _ .
18,422
16,584
16,584
18,422
Southern Cal E dison. February . 405,687 411,981
826,271
831,070
Staten Isl’d M id lan d . January . .
21,379
22,933
22,933
21,379
Tam pa E lectric C o _ . February .
90,544
90,360
182,675
177,249
342,658
T hlra A v e n u e ______ January . . 331,001 342,658
331,001
Tw in C ity R ap T ra n . 4th wkM ar 300,737 269,800 2,630.114 2,482,155
Unlon R y C o o f N Y C January . . 230,728 234,769
230,728
234,769
Virginia R y& P ow er. February . 478,490 457,563 1,003,672
946,344
W ash Balt & A nnap. January . .
58.490
66,960
66,960
58,490
W estchester E lectric. January . .
44,266
41,428
41,428
44,266
16,220
W estchester St R R . . February .
16,533
34,621
31,562
W est Penn P ow er___ February . 313,912 235,491
644,667
472,867
g W est Penn T ra c C o February . 571,669 463,883 1,176,149
941.904
Yonkers R ailroad___ January . .
58,444
63,111
58,444
63,111
Y ork Railw ays______ M a r c h ___
89,118
80,938
264,447
241,033
Youngstown
& O h io. February .
____________________________________
24,318_________________________________
23.833
49,666
49,381
b Represents incom e from all sources, c These figures are for consoli­
dated com pany. /E a rn in g s now given In mllreis. 0 Includes constituent
com panies.

Electric Railway and Other Public Utility Net Earn­
ings.— The following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
------ N et Earnings-----■Gross EarningsCurrent
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
2,959
25,740
23,473
1,797
A tlantic Shore R y b ____.M
M ar
67,842
2,546
Jan 1 to M ar 31.
70,682
8,462
115,467
47,832
eb
Kan C ity H om e T e l____.FFeb
49,890
127,629
230,866
93,629
Jan 1 to Feb 28254,869
97,205
P acific Tel & T e l.......... .F e b 1,730,694 1,547,061
382,775
365,893
Jan 1 to Feb 283,490,571 4,119,759
773,215
731,711
141,022
Trl-State T el & T e l____.FFeb
eb
139,488
36,307
44,946
Jan 1 to Feb 23282,160
280,428
93,226
70,300
M ar
W lsconsin E dison.............M
c311,035
C334.123
838,574
965,261
a N et earnings here given are after deducting taxes,
b N et earnings here given are before deducting taxes,
c Balance available for the W isconsin Edison C o ., In c., and depreciation
o f subsidiary com panies, $165,375, against $198,542.
Net after
Fixed
Balance,
Gross
Taxes.
Earnings.
Charges.
Surplus.
$
$
$
A diron El Pow C orp Feb
’ 17133,315 35,296
21,086
14,210
•16
126,406
23,337
43,041
66,378
2 m os ’ 17
287,467
43,683
48,778
92,461
’ 16
265,247
44,711
92,702
137,413
225 1,689,944
Cities Service C o ..M a r ’ 17 1,721,481 1,690,169
44,716
575,986
620,702
’ 16
639,780
824 5,172,121
3 m os ’ 17 5,257,798 5,172,945
131,868 1,789,211
’ 16 1,976,729 1,921,079
531,160
347,115
1374,957
Colum bia Gas & E l.M a r ’ 17 1,017,152
508,115
334,858
*211,403
’ 16
912,845
3 m os ’ 17 3,188,644 1,732,960 1,036,134 x l , 178,373
•10 2,689,617 1,458,992 1,008,488
*564.117
D ayton P ow & L t . - M a r ’ 17
149,775
*16,134
39,608
24,874
’ 16
135,132
*47,260
16,893
63,747
*82,362
3 m os -17
394,590
76,540
155,554
*147,747
51,617
’ 16
406,296
198,539
257,871
84,947
342,818
D etroit E dison....... M ar ’ 17 1,044,105
90,470
332,306
241,836
’ 16
848,002
254,942
899,369
3 m o s ’ 17 3,188,436 1,154,311
288,328
792,088
’ 16 2,595,801 1,080,416
9,783
Eastern Texas E lec Feb
’ 1773,007 33,827
24,044
29,831
20,892
’ 16
64,175
8,939
53,592
73,001
2 m os ’ 17
152,359
19,409
60,785
43,136
’ 16
130,269
17,652
N orth Carolina P ublic Serv
and Salisbury & Spencer
5,912
48,371
R y C o . . ............... Feb ’ 17
19,583
13,671
65,036
12 m os to M a r 31 ’ 17 513,391
145,724
210,760
281,229
813,752
Phila R ap T ra n s it..M a r ’ 17 2,510,812 1,094,981
184,624
816,556
’ 16 2,255,672 1,001,180
9 m os ’ 17 21,001,095 9,221,770 7,328,468 1,893,302
951,159
’ 16 18,862,731 8,297,023 7,345,864
189,142
90,645
Feb ’ 17
720,178
279,787
183,796 dofl9,50 9
Puget Sound T r
597,215
164,287
’ 16
381.067
215,352
596,419
Light & Power 2 m os ’ 17 1,508,048
366,446
36,163
402,609
’ 16 1,266,808
78,348
*53,843
131,058
R epublic R y & L t . - M a r ’ 17
376,822
131,359
*07,386
65,995
’ 16
330,047
359,737
*126,940
235,759
3 m o s ’ 17 1,114,250
397,323
*201,779
*
’ 16
958,821
198,213
50:716
26,753
M ar T 7
126,670
23,963
32,086
52,919
St Jos R y , Lt,
’ 16
112,808
20,833
90,200
162,087
3 m o s ’ 17
390,311
71,887
H t & Power
107,889
’ 16
352,530
62,499
170,388
W isconsin-M inn L t & Power—
256,480
485,224
12 mos to Feb 28 ’ 17 1,434,085
741,704
598.661
’ 16 1.177,623
Companies.

s

B rooklyn Rapid Transit
M ar
3 mos
Pliila.& Western . . . M a r
3 mos
York R a ilw a y s.. .. M a r
4 m os

Gross
Earnings.
S
'17 21,878.135
'10 20,606,405
'17 1,558,538
'16 1,353,712
•17 4,706,991
•16 4,124,259
’ 17
41,097
'16
37,24,8
117
116,822
■16
107,040
’ 17
S9.118
'16
80,938
'17
360,737
’ 16
321,597

Fixed Chgs.
Net
Earnings. A Taxes.
$
$
9,316,704
8,925,899
679,569
698,762
2,150,544
2,177,095
18,291
18,637
53,476
53,405
44,590
45,262
177,055
178,286

Balance,
Surplus.
$

6,078,938 *3,572,090
5,092,971 *4,172,448
523,274
156,295
496,324
202,438
587,008
1,563,536
717,377
1,459,718
5,765
12,526
6, 111
12,526
15,881
37,595
15,755
37,650
25,826
18,764
25,117
20,145
74,884
102,171
104,127
74,159

x A fter allowing for other Income received.

A N N U A L RE P ORT S
New Y o rk C en tra l R ailroad.
{Report for Fiscal Year ending Dec. 31 1910.)
On subsequent pages there is published at length tho re­
marks of President Smith, tho comparative income account
for 1916 and 1915 and the balance sheet as of Dec. 31 1910.
P A SS E N G E R A N D F R E IG H T S T A T IS T IC S
1914.
1916. < _
1015.
5,610
M iles operated________________
*5.60<
5,610
Equipment—
370
395
L ocom otives . -------------------------T, 5
C.'j
477
Pass engor cars-------------------------c m .*
ansi
8,029
Freight c a r s .................................
447
■Working c a r s , - - .................... ......
n
io 0 0 7 /••>49,868,294
Passengers carried-------- -------.).)..)J9,12/
397,627
Passongers carried one m ile------ 2,353,190,469 2,117,743,558
193,729,526
Revenue per passenger per mile
1.934 cts.
1.894 cts.
1.842 cts.
$1.65
Passenger revenue per train mile
§ 1.68
$ 1.76
Tons carried (revenue)_________
106,407,668
87,828,429
80.446,739
Revenue tons carried one inilo.21,382,080,540 17617,028,312 15150,313,773
Revenue per ton per m ile---------0.598 cts.
0.592 cts.
0.595 cts.
Freight revenue per train m ile. .
$4.58
$4.40
$3.82
Operating revenue per m ile-----$35,383
$29,770
$27,012
* Includes 8.46 miles, being 5-12 o f 20.3 miles discontinued in M a y 1916.
IN C O M E A C C O U N T FOR C ALE N D AR YEARS.
1916.
1915.
Revenues—
Freight — ..............- .......... —
Passenger___________________
M a i l ___________________________
E x p r e s s ______
M iscellaneou s..........................................
Incidental, & c___________ ____________

1914.

Michigan Central RR.

{71st Annual Report—Year ending Dec.

1914.
1913.
1916.
1915.
Year ending Dec. 31- 1.862
1,800
1,800
1,803
M iles operated_______ .
Gross earnings_______ $46,418,790 $36,540,665 $33,464,968 $36,676,971
. 30,646,261 25,727,487 25,181,484 28.003.099
.$15,772,529 $10,813,178
1,527,577
Taxes, & c_____________ . 1,696,360

$8,283,485
1,601,689

$8,673,872
1,392,814

$9,285,601
928,483

$6,681,796
926,363

$7,281,058
1,246,057

.815,013,063 $10,214,084
. $3,259,907 $3,444,651
1,706,395
Interest on bonds, &c__. 1,993,942
569,581
.
647,425
Other rents, & c__
1,566,501
. 2,274,352
113,176
i.
144,459
Capital stock purchased. 1,556,525
E quipt. deprec. a cct
500,000
D iv id e n d s _____________ (4)749,520 *(5)936.900

$7,608,158
$3,402,187
1,829,030
597,673
1,364,849

$8,527,115
$3,662,314
1,552,500
661,936
1,367,205

Other incom e.

.$14,076,169
.
936,893

(4)749,520 (6)1,124,280

Balance, surp. or def.sr.$3,886,932sr.$l,876,881 df.$335,100 sr.$158,880
* Includes 1% ($187,380) paid out o f total surplus.
Further comparisons will bo given another week.— V . 101, p. 1045, 863.

Cleveland Cincinnati Chicago & St. Louis.

{‘28th Annual Report—Year ending Dec.

31 1910.)

The report is given at length on a subsequent page.
1914.
1913.
1915.
1916.
Year ending Dec. 31—2,381
2.365
2,385
.
2,387
M iles operated___
$46,678,240 $38,364,087 $35,365,691 $37,613,498
. 31,221,976 27,528,367 28,954,969 32,811.468
N ot earnings__
Taxes, & c _ ..........

$15,456,264 $10,835,720
1,521,617
. 1,692,562

$6,410,722
1.531,992

$4,802,030
1,403,715

Operating incom e.
Other incom e____

$13,763,702
. 1,297,643

$9,314,103
1,134,835

$4,878,730
933,198

$3,398,315
816.196

Gross incom e________$15,061 345 $10,448,938
$571,041
Rentals (leased lines)___
$571 041
5,089,110
4,798 088
Int. on bonds, & c______
556,184
Iliro o f equipm ent-------519 461
704,150
Other rents____________
747 679
E quipt. deprecn. a c c t -750 000
207,525
M iscellaneous__________
300 ,169
Preferred dividends___(3 % )374 944

$5,811,928
$575,901
4,632,909
1,706.712
755,126

$4,214,511
$587,116
4.243,068
1,399,335
700,867

114,968

133.786
(2)^)250,000

Balance, surp. or def-sr.$6,999,964sr.$3,320,929df.$l,973,687df.$3.099,661
Further comparisons will be given auother week.— V . 104, p. 1263.

Southern Pacific Company.

8,009,5j l

Transportation expenses— ......... —
Miscellaneous operations------------------- ,
1
General expenses-------------------------------- 1, w « , s i u
T otal operating expenses---------------- 129,738,369
N e t operating revenues--------------------- 71,846,679
Percentage or oxpenses to revenues. .
(64.36)
Accrued taxes_______________________
8,481,549
U n collectibles-----------------------------------17,907
Operating incom e-------------------------- 63.347,223
M iscella n eou s o p e ra tio n s (n et)---------d ef3 ,2 00
T otal operating incom e----------------- 63,344,017
Other Income—
Hire o f equip m en t-- ............................................... ..
R ents, »&vc.,
received------------_
,------------------ 4,460,665
xioura,
. ( ________
Seoaratoly operated properties---------- 4,350,787
Dividend in com e-. ----------- - - - ............ 11,099,697
Incom e from funded securities...........
476,467
Incom e from unfunded securities, & c__2.235,812
Gross in co m e ......................
85,967,446
Hire o f equipm ent......... ...........
2,200,652
Other rents, & c....... ................................
2,008.845
R ent for leased r o a d s ----------------------- 6.354,581
Interest on funded d ebt ...................... 28,8< 1,300
Interest on unfunded d e b t .. - - - - - - - 617,036
Am ortization o f diset. on funded debt
255,816

Income transferred to other companies
--------Equipment depreciation account----2,500,000
Dividends paid (5 % )........................... 12,466,611
T otal d ed u ction s-- - - - - .................... §5,274,840

Annual Report—Year ending Dec.

31 1916.)

The report will be cited in full in next week’s “ Chronicle.”
109,394,345 113,348,423
58,517,988 39,003,167
(65.15)
(74.40)
8,324,326 8,080,811
14,927
7,896
50,178,735 30.914,461
_ P722
_____14,607
50,180,457 30,929,068
72,<02
903,491
4,069,020
4,122,232
1,875,608 d ef316,536
6,961,516
7,604,726
680,893
604,170
2.969,132
1 ,8 17,782
66,809,329 45,664,933
1,947,094
6,270,648
27.073,097
3,565,747
194,799

2,017,423
7,236,098
22,398,622
4,622,606

46,470
31,936
______
12,466,484 a l l , 574,613

51,564,339

47,881,298

Balance, surplus or deficit.........---SUr30,692,606surl5244,990def2,216,365
a Dividends in 1914 include tnree
three paym ents o f 1 )4 % each on the
the capital
- i. j - x
........
^
d one
of
stock before consolidation,
calling
for- $8,4,58,800,
ana
ono distribution
distrib
144% on the 2,492,578 shares o f stock paid Feb. 1 1915, $3,115,7723.
The
results for—the- year 1J14,
con
xuu __________
. , as , reported
- , , by the separate constituent

companies, havo been adjusted and combined solely for the purpose of
providing an approximate basis for comparisons.
GENERAL B ALA N C E SH E ET D EC. 31.
(For dotails o f 1916 balance sheet see a subsequent page.)
1910.
1915.
t ,
1916.
Liabilities-—•
5
Invest. In road-446,635,868 441.384,043 Capital s t o c k ..249,590,460
Invest. In equip.218,131,883 194,348,618 Equip. Obllg'ns. 40,918,007
Mtge. bonds. 526,481,1)00
Impts. on leased
ry. property. 88,395,158 85,264,5/3 I oil. trust bds. ________
Misc.pliys.prop. 7,998,201
6,877,898 Misc. obllga'ns.
________
Debentures----- 105,500,000
Invest.In aflll .cos.:
S tock s_____ 131.908,216 136,051,231
on-nego’lo debt
Bonds-. - ...... 8,001,609
7,765,389 , to (Iff11. cos . .
153,209
Notes............ 40,374,855 38.161,673 L nsi* bills pay. 4,502,450
8,645,217 l raffle,*o.,bals. 4,492,352
Advances.. . 11,071,917
1,770,000 Acc ts A wages. 14,945,132
Miscellaneous
1,770,009
Other invest'ts- 43,420,709 36,005,823 Int. matured,
unpaid______ 2,868,195
13,718,521 33,809,983
Cash............
153.000 Dlv. pay.Feb. 1 3,116,657
Demand l’ns.&c.
777,820 Divs. unclaimed
619,916
Special deposits
164,795
37,993 Unmat. Int.accr. 5,257,496
22,451
17os A bills reo.
6,699.648 Unmatur. rents
Traffic,&c.,bals. 4,012,809
0.305,097
accrued ........
803,816
Agts. * cond’rs. 7,929,209
Mat'l A suppl’S- 20.311.321 13,627,165 Miscellaneous.. 5,188,877
944,320
Miscellaneous.. 16,719,306 17,243,862 Tax liability..
679,680 Insur. A casual­
Deferred assets. 5,225,312
ty reserves__
313,501
Diset. on funded
6,909,029
Oper. reserves..
362.422
debtunamort. 6,652,501
2,390,578 Accr’d deprec.. 27,638,016
Oth.unadJ.dobs. 3,930,234
Llabll. to lessors
Scours, issued or
12,000
12,000
for equip.aeqd 15.050,192
assum.(umpl.)
For secur. aeqd.
471.351
Equip, acquired
14,005,101 Oth.il nadj.creds. 2,363,932
"> from lessor cos.
Deferred llabll.
603,818
Securs. acquired
471,351 Add'ns to proi).
471.351
from lessor cos.
through inc..
02.531
Sink. fd. reserves
296,854
Profit atul loss.. 65,282,934
T o t a l........ 1,077.402,409 1000003.801
— V . 104, p. 1489, 1388.

31 1916.)

The report is given at length on a subsequent page.

(33 d




1585

THE CHRONICLE

Apr. 21 1917.]

19!5.

§

249,590,460
46,028,753
359,509,000

109,914,000
165,788,400
..............
152.789
22,019,954
5,755,127
10,103,590
2,746,806
3,118,646
150,747
5,518,362
613,617
2,135,S91
837,.821
181.718
526,814
20,274,066
14,005,104
471,351
2,459,658
521,652
8,585
135.421
37,406,474

T o t a l........ 1,077,402,409 1060005.807

— Years ending Dec. 31--------Years ending June 30—
(Including subsidiaries.)
1916.
1915.
1915.
1914.
Average m iles___________
11,096
10,965
10,58/
10,422

$

$

s

$

60.338,687
8.330,487

50,121,367
6,592,920

42,111,833
6,422,219

44,857.992
7,162,625

Operating incom e____ 52.008,200
Othor in c o m o __________ 11,636,116

43,528,447
13,812,424

35,689.614
13,958,378

37,695,367
12,272,459

Gross in c o m e ------------ 63,644,316 57,340,871
164,613
527,670
Iliro o f equipm ent-------2,852,442
Othor rents, & c_________ 2,610,726
B ond, & c., interest------ 24.616,290 25,565,023
957,186
886,428
Sinking, & c., reserves. 604,361
467,116
A m ort, o f debt d is c ., &c..
Dividends ( 6 % ) ------------ 16,364,957
-------------- _ 16,360,559
_ _ _ _ -------

49,647,992
120,851
1,932,952
26,427,810
939,724
596,060
16,360.344

49,967,826
177,822
1,816,281
24,958,983
805,702
1,756,822
16,360,344

Gross ea rnings................163,427,423 142,467,905 129,865,675 138.520.259
Operating expenses_____ 103,088,736 92,346,538 87,753,842 93,662,26i

3.270.251
4.091.872
Balanco, surplus_____ 18,100.371 10,907.444
Further comparisons will be given another week. - V . 104, p. 1046. 953.

•

Canadian Pacific Railway.

{Report for Six Months ending Dec.

31 1916.)

The remarks of R t. Hon. Lord Shaughnessy, President
and Chairman of the company, along with the income and
profit and loss accounts for six months ending Dec. 31 1916.
and the balance sheet as of Dec. 31 1916, will be found on
subsequent pages.
T he date o f the annual m eeting has been changed from the first W ednes­
day in O ctober to the first W ednesday in M a y . to conform to tho practice
now generally adopted in the United States under regulations o f the I.-S . C .
Commission o f making the fiscal year o f railway com panies correspond with
the calendar year, and which it is expected will be made applicable to
Canadian railways b y amendment to the Railway A ct o f Canada.

The annual report also shows the general results of the
company for the entire calendar years 1916 and 1915, com­
paring as follows:
RESULTS FOR E N T IR E C A L E N D A R YEARS.
— Years ending Dec. 31-Years ending June 30—
4914.
1915.
1915.
Freight, A c ., Traffic—
1916.
T ons carried----------------- 30,168,798 24,895,106 21,490,596 27,801.217
7,940,151 10,821.749
aT ons carried one m ile. 14,931,739 10,602,238
0.68 cts.
0.76 cts.
0.75 cts.
R ev. per ton per m ile___
0-65 cts.
Passengers carried_____ 15,577,652 13,073,333 13.202.603 15,638,312
1,164.489
1.587,368
1,185.650
a l’ ass. carried one m ile . 1,367,273
2.06 cts.
2.05 cts.
1.97 cts.
R ev. per pass, per m ile.
1.96 cts.
$
$
Earnings—
•
$
Passenger revenue_____ 26,849,282 23.309.847 24,044,283 32.478.147
Freight_________________ 90,454,896 72,450,028 60,737,737 81,135.295
1,387,099
1,132.715
1,389,33 4
M a i l s . . .............................
1,431,191
E x p ., telegraph, sleep­
ing cars, & c __________ 14,994,3177 12,250,274 12,693,856 15.068.667
T otal revenues______
M alnt. o f w ay, & c-------M alnt. o f equipm ent__
T ransportation------------T ra ffic_________________
Sleeping car, & c., e x p .,
bake, A c ., steamers exp
G e n e ra l________ ______
Com m ercial telegraph..

139,729.687 109,397,248
17,249,500 10,006,682
18.908.464 12,820.747
42,385,348 33.118,705
2,940,872
2,837,971
979,893
998.851
859,438
916.157
3,948.240
4,345.852
1,280,376
1.527,102

T otal expenses______ 89,253,188
N et earnings___________ 50,476,499
, 'L’ lirco ciphers (000) om itted.

65.872,010
43.525,238

98,865,210 129,814.824
11,400.539 16.426,582
11,307,965 16,617,247
32,083,170 42,2.50,286
2,990,164
3,626,612
1,111,253
1,348,979
1,051,782
1,183.397
3,963,203
4.322,104
1.613,688
1.382,507
65,290.583
33,574.627

87,388,896
42.425.928

1 5 86

THE CHRONICLE

FR E IG H T FOR W AR DE D FOR E N T IR E CAL E N D A R YEAR S. AC .
— Years ending D ec. 31— — Years ending June 30—
1916.
1915.
1915.
1914.
Flour ( b b l s .)................. - 11,119,890
8,940,310
8,538,600
8,802,250
Grain (b u s h e ls )-.............256,106,090 219,388,358 126,909,828 184,954,241
L ive stock (head)............ 2.172,437
2,524,603
2,833,726
2,481,360
a Lum ber (feet).............. 3,017,964
2,376,175
2,953,126
2,180,736
F irew ood (cord s)______
289,471
263,384
287,910
254,428
8,148,012
M fd . articles (to n s )____ 8,871,928
6,570,535
6,024,590
9,159,112
Miscellaneous ( t o n s ) . . . 8,487,785
7,367,927
7.423,163
a Threo ciphers (0001 om itted.
C om pare earnings statement published in the Issue o f A pril 14 on page
1483.— V . 104, p . 1488, 1483.

Philadelphia Baltimore & Washington RR.

(First Annual Report—Year ending Dec. 31

191(3.)
Pres. Samuel Rea, Philadelphia, April 4 , wrote in subst.:
M erger.— A n agreement o f consolidation and merger, dated April 3 1916,
effective Sept. 15 1916, was entered into b y the Philadelphia B altim ore &
W ashington R R ., Colum bia & Port Deposit Ity., the Philadelphia & Balti­
m ore Central R It. and the Elkton & M iddletow n R R . o f Cecil C ounty,
thereby form ing the Philadelphia Baltim ore & W ashington R R . A s this
is the first annual report o f the now com pany, all com parisons aro m ade with
the results in 1915 o f the companies now form ing the Philadelphia B alti­
m ore & W ashington R R . and roads operated by them under leases or con­
tracts (V . 102, p. 1897; V . 103, p. 1033).
Results.— T h e wide scopo o f industrial a ctivity, resulting largely from
tho European war, was accountable for the increases in your com pany’s
revenue. The total operating rovenues increased 2 0 % , principally on ac­
cou nt o f increases o f 2 0% in freight revenue, 21 % in passenger revenue, 18%
in express revenue and 58% in incidental rovenue, tho latter being largely
due to demurrage charges paid for tho unreasonable detention o f cars by
consignees and shippers. T ho larger rovenues from this latter source are
largely offset b y an Increaso in your hiro o f equipment paym ents. T otal
operating expenses increased 13% — 8 % for m aintenance o f way and struc­
tures, 18% for maintenance o f equipment and 15% for transportation, all
o f which were attributablo to the increased traffic, tho higher prices for
material and supplies and the increased cost o f labor. Railway tax accruals
increased 17% , principally on account o f tho increase in the Federal incom e
tax rate from 1% to 2 % .
H ire o f equipment charges increased on account o f tho greater volum e and
congestion o f traffic, and the failuro o f consignees to releaso cars within a
reasonable timo, thus causing an increase in tho per diem paym ents for de­
tention o f freight cars o f other com panies. T ho decrease in rent for leased
roads and the increase in interest on funded debt, result from tho consolida­
tion and merger already described. T he net incom e for the year amounted
to $4,021,539, an increaso o f $1,961,488, against which wore charged divi­
dends aggregating 6 % , road and equipment expenditures on lines owned
and leased, and miscellaneous appropriations for advances to branch roads,
leaving a balar.co (surplus) o f $ 4/8,508, transferred to profit and loss. T hat
account was also credited with $4,368,078, due chiefly to taking over the
p roperty and accounts o f the com panies merged to form your com pany.
Property Investment.— W hile the results for tho year show a marked im­
provem ent over 1915, yet tho return on tho property investment in road and
equipment provided for tho public use was only 5 .3 5 % .
Financial.— T o consum m ate the consolidation and merger of tho com pan­
ies form ing tho Philadelphia Baltim ore & W ashington R R ., it was neces­
sary for your com pany not only to take over their railroad, equipment and
other assets, but also assumo their liabilities. T h o decrease in investments
In affiliated companies is duo to surrendering tho stocks and bonds o f com ­
panies owned by tlio form er Philadelphia Baltim ore & W ashington R R .,
which wero parties to the merger agreement, and to tho paym ent o f $10,000
o f 4 % notes o f tho W ashington Term inal C o. During tho year the former
P . B . & W . R R . C o. paid $500,000 o f its 4 % gold bonds, which matured
Jan. 1 1916. T h o final paym ent o f equipment trust obligations, amounting
to $27,663, was m ade during the year.
Road and Equipment.— Tho total expenditures during 1916 for road and
equipment on account o f owned, leased and branch lines amounted to $2,­
959,120, o f which $197,362 will bo reimbursed by leased lines and the bal­
ance, $2,76t,758, was disposed o f as follows:
Charged to incom e (a) for lines ow ned, $1,702,235, and for loased
and branch roads $262,257; and (6) to capital a cc’ t, $797,266;
total, $2,761,758; less expend, on branch roads, not included
in balanco sheet, $136,957___________________________________ $2,624,801
A dd— Items o f ‘ ‘invest, in road and eq u ip .” o f tho constituent
cos. (other than P. B . & W . R R .) at tim o o f merger: Tho
Phila. & Balt. Central R R ., $5,130,917; Colum bia & Port
D eposit R y ., $3,682,665: Elkton & M iddletow n, $69,504-----__ 8,883,086
Construction expenditures o f Chester Creek R R . C o. carried into
16,571
“ improvem ents on leased ry. properties since Juno 30 1917” - _
Increased road and equipment investm ent................................. $11,524,458
T ho expenditures on the Delaware R R . amounted to $288,254, o f which
$166,383 was paid in cash b y that com pany and $121,870 being extraordi­
nary expenditures In connection with construction and renewal w ork, was
paid b y your com pany, lessco, and charged against incom e.
T h o Delaware M aryland & Virginia R R . being unable to meet Its con ­
struction expenditures during tho year, amounting to $57,762, thlssum ,
together with other amounts required to enable that com pany to meet its
fixed charges, wero advanced b y your com pany and charged against incom e.
OPERATIONS A N D FISC AL RESULTS.
Operations—
1913.
1916.
1915.
1914.
M iles operated__
.
718
717
717
717
. 15,101,301 11,622,405 13,221,039 14,072,738
.486,757,484 399,730,608 434,062,962 447,296,144
1.915 cts.
2.083 cts.
R ato per pass, per mile. . 2.067 cts.
1.923 cts.
T ons carried___________ . 19,606,731 16,552,817 15,566,030 16,730,473
T ons carried one m ile___.1543302056 1259162163 1183289105 1265802017
0.842 Cts.
R ate per ton per m ilo___. 0.851 cts.
0.827 cts.
0.870 cts.
Earnings—
.$13,082,012 $10,908,360 $9,925,885 $10,425,732
8,267,167
8,554,107
. 10,036,587
8,307,145
M iscelianoous____
.
444,665
388,155
447,487
421,926
N on-transporta'n.
.
489,377
381,363
283,544
323,938
Express tra ffic___
. 1,038,186
882,161
939,939
1,075,281
Transporta’n o f m a ils ...
455,597
443,953
453,146
403,751
.$25,546,425 $21,311,137 $20,357,562 $21,164,341
Expenses—
M a in t. o f way & struc . $3,256,124 $3,025,635 $3,102,477 $3,403,931
M a in t. o f equipm ent. . 4,743,870
4,032,398
3,766,163
4,049,511
348,273
T ra ffic.............. ............. .
320,805
316,011
421,147
T ransportation_________. 9,690,491
8,458,592
8,874,996
9.175,189
General, & c., expenses .
621,526
608,791
538,388
560,658
T otal expenses_____ .$18,660,284 $16,446,222 $16,598,035 $17,610,436
. $6,886,141 $4,864,915 $3,759,527 $3,553,905
T a x e s____________
.
758,693
647,576
673,330
641,587
Uncollectible ry. rev ___
2,220
2,285
844
. $6,125,228
D ividends received___ . 1,013,007
Joint facil. rents, & c___.
384,550

$4,215,053
989,326
375,361

$3,085,353
1,022.955
365,690

$2,912,318
1,122,834
385,490

Gross incom o_______ $7,522,785
$5,579 ,740 $4,473,998 $4,420,642
Lease o f other roads____
$652,833
$693 ,762
$683,487
$835,342
H iro o f equip.— balanco.
699,404
654 .341
607,564
428,031
Joint facilities, rents___
776,693
770 707
713,969
660,815
B ond interest__________
1,016,121
992 829
1,011,936
980,976
Other interest__________
232,411
216 400
157,538
88,275
M iscellaneou s__________
151,086
191 649
70,351
. .
51,420
Dividends paid_______ (6)1,560,238 (4)1,005 520 (4)1,005,520 (4)1,005,520
A ppr. for add’ ns & b et’ts
...
370,263
Im provem ent o f cq u ip ’t
1,702,235
739 652
223,633
Construction exp en ses..
262,257
169 551

[Vol. 104

B A L A N C E SHEET DEC. 31.
1916.
1915.
1915.
Assets—
Liabilities—
S
S
S
Road & cquip’t- _nf>7, 028,814 55,646,220 Capital stock___ 26 ,438,925 25,138,925
lmprovem'ts slnco
Funded debt____ 27, 700.000 24,500,000
515,879 Plqulp. tr. obllg’ns
June 30 1907__
657,750
27,663
MIsc. phys. prop.
288,883 Mtgs. & gr'd rents 326,146
251,519
286,377
Inv. In affll. cos.:
Loans & bills pay. 4, 655,339 4,900,000
Stocks________7 ,342,230 8,342,133 Traffio, &o., bals.
189,084
845,011
1,003 Accounts & wages 1, 167,517
Bonds ________
3
857,994
213,001 Unmatur ,lnt. ,&c.
Notes_________
203,001
183,224
130,926
399,376 Taxes accrued___
Advances_____
400,033
215,124
124,570
113.000
Other investments 2 023,014 2,022,014 Mat’d Int. unpaid
118,860
Cash.......... ...........
913,009 1,355,850
836.753 1,201,759 Miscellaneous___
255.018
463 Other def’d items.
Traffic, &c., bals.
50,720
27,853
744,784 Depreciation____
927,779
Agents & conduc.
583,453
565,877
142,793
fnt. & dlvs. receiv
142,938 Unadjust, credits.
322,916
129,831
Materials * supp. 1 ,793,785 1,239,291 Corporate surp__ 8, 87.3,067 6,893,601
296,291
Miscellaneous___
241,077 Profit and loss___ 10, 311,806 5,465,220
16,771
UnadJ. debits,&c.
540,448
T o ta l............ ..82,699,290 71,018,632

T o ta l................. 82,699,290 71,018,632

a Includes in 1916 road, $58,606,514: equipment, $8,402,560. and gen­
eral expenditures, $19,740.— V. 104, p. 953.

United Railways & Electric Co. of Baltimore.
(1 8 lit A n n u a l R e p o r t— Y e a r e n d e d D e c . 31 1 9 1 6 ).
A c t in g P r e s . T . A . C r o s s , B a l t ., A p r il 11 , w r o t e in s u b s t .:
Results .— After paying all expenses and chargos of every character, and
aftor crediting tho usual amount to rogular rcservo accounts, tho company
earned $288,756 over and abovo tho amount requirod for the 4% dividond
on the common stock. Of this sum $157,500, roprosonting this company's
total investment on account of tho jitney companies, was sot asido as a
reserve, and there remained, after furthor adjustments, the sum of $103,435,
which was entered to undistributed profit.
For maintenance of way, structures and equipment, thoro was charged to
operating expenses during 1916 $834,116, which with tho $495,703 credited
to depreciation reserve and included in operating expenses, makes a total
of $1,329,819, an increaso of $199,992. The total taxes and public charges
in 1916 paid by tho company wpre $1,158,590. This represents tho total
not earnings (after paying costs of operation only) of ono car in every four.
Tho increaso-s in gross and not over tho year 1915 aro considerably above
normal. The yoar 1915 was a relatively poor ono for tho company, due
mainly to depressed industrial conditions and unregulated jitnoy competi­
tion. Tho situation since that timo has materially changed. Within tho
past year and a half there has boon a groat revival of business activity, and
it is estimated that there has beon exponded or provision has boon mado for
tho expenditure of sums aggrogating ovor $125,000,000 around tho port of
Baltimore for the establishment of now industries or for tho expansion of
existing industries.
•Jilncys, A c .— The Railways Co. invostod in tho stock of two soparato
compatiios, one operating jitneys and tho other a bus lino on ono of tho
principal thoroughfares not provided with direct car sorvioo. Our experi­
ence with this means of transportation was identical with that of others in
tho same field, and it has boon demonstrated conclusively that, under
existing conditions, thoso linos cannot bo operated with profit at a 5-eont
faro. Tho jitnoy company, therefore, has practically ceased operation, but
the bus lino has been continued for tho convenience of tho public. Your
company’s total investment in the stocks of tlieso companies ami its con­
tingent liability as endorser of their notes amounts to $157,500, which has
been covered by a resorvo set up against earnings for tho yoar 1916.
Tho jitneys in Baltimore are under the regulation of tho Bub. Serv. Comm,
and the Court of Appeals has recently upheld a law Imposing a seat-mileage
tax on this form of transportation. At tho present timo thoro aro but few
jltnoys in operation in Baltimore.
N otes .— In order to make provision for certain Improvements contem­
plated during tho next five years and to provide for the payment and
retirement of an underlying issuo of bonds and collateral trust notes ma­
turing during the year, your company issued on Feb. 1 1916 $2,750,000
5-year 5% notes, with tho approval of tho Maryland Public Service Comm.
(V. 102, p. 610 , 523). With part of tho proceeds of tho abovo notes,
$500,000 bonds of tho Baltimore Catonsvillo & Ellicott’s Mills Passenger
lilt, were paid and tho mortgage released (V. 103, p. 146).
Equipment.— Your company also during tho yoar completed tho purchase
of certain equipment acquired Oct. 1 1906, under the car trust plan of the
Maryland Electric Railways Co.
Orders wero placed for 100 doublo-truck, somi-convortiblo pay-withln
cars, under contract for delivery in March and April 1917.
Tho P. S. Commission suggested tho vostibuling of 560 of tho company’s
semi-convertible open-platform cars, and ordered tho installing of an im­
proved form of wheelguard on all cars. Tho total estimated cost of those
two improvements is $443,720.
Netv Lines .— About a milo of new double track has been placed in opera­
tion through "Guilford," a now suburban development of high-grade resi­
dences, under agreement giving us a private right of way and guaranteeing
us against loss for a certain number of years. A double-track extension Is
also in process of construction via Liberty Heights Ave., a distance of 9,635
ft., opening up now territory.
Financial .— Tho company has no floating debt. On Dec. 31 1916 it had
cash on hand amounting to $921,593, and cash available for constructlopurposes only $634,741, being tho balanco of proceeds from tho sale of fiven
yoar notes. About $8,000,000 was made available for this purposo.
OPERATIONS A N D FISC AL RESULTS.
1913.
1916.
1914.
1915.
Car miles________
1: 29,522,100 30,250,194 30,203,185
Revenuo passenger
N ot stated.! 18 i ,744,023 185,206,350 182,180,767
Transfers________
1. 75,807,250 77,102,879 74,634,030
Revenue—
$
$
$
$
Rovenue from transp’n. 9,751.374
8,904,857
9,083,555
8,912,986
Rev. other than transp.
162,677
123,287
120,284
133,506

Total revenuo_______ 9,914,051
Expenses —
Maint. of way & stru c...
403,254
Mant. of equipment___
407,870
Maintenance of pow er...
22,992
Power service_________
680,619
Traffic expenses_______.
7.577
Conducting transport’!!. 2,282,774
General & miscellaneousi
762,864
Depreciation__________
495,703
Total oper. oxponsOs.
Net earnings__________
Other incom e_________

9,028,144

9,203,839

9,046.492

354,613
362,131

399,716
408,211

456,033
417,482

7,498
2,701,046
717,411
410,548

12,563
2,727,442
764,507
469.395

8,722
2,557,695
706,499
530,226

5,063,652
4,850,399
92,000

4,553,247
4,474.897
8,333

4.781,834
4,422,005
24,721

4,676,657
4,369,835
6,945

Gross incom o_______
Deductions—
Interest on bonds______
Taxes, &c____________
R entals______________
Discount, &c__________
Int. on car trust certifs.

4,942,399

4.483,230

4,446,726

4,376,780

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

2,050,305
866,229
7,735
137
3,062

T o ta l..........................
Balance______________
M d. El. Rys. M . sk. fd .
Exting. disc, on securs..
Int. on income bds.(4%)
Preferred dlvs. (4 % )__
Common divs. (4 % )__

3,275,195
1,667,204

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

2,927.468
1,449,312
60,000
37,950
559,080
920
791,362

559,080
920
818,448

None
N ono
Balance, surplus_______. ,\288,756
Nono
$5,434,412 $4,473,998 $4,420,642
T otal deductions____$7,044,277
Balanco, surplus.........
$478,508
$145,328
______
______
x The total surplus Dec. 31 1916, after deducting $157,530 provisions for
N ote.— Comparisons are m ade with results in 1915 o f tho companies now I
form ing tho Phil. B alt. & W ash. R R . and the lines operatedlby them under 1 depreciation of investments and contingent liability as.endorser, &c., and
$27,792 miscellaneous itoms (net), wasj$ 1,111,494.
^
lease or contract.




B A L A N C E SHEET DECEM BER 31.
1915.
1916.
1915.
1916.
L iabilities — ’
S
S
S
8
71,952,178 71,245,948 Common stock__ 20,461,200 20,461,200
23,000
23,000
132,577 Preferred stock _..
a811,740
Bonds (see "Elec
Ry. Section’’) . . 44.670.000 42.920.000
8,000
8,000
Cont.Ry.cons.5s
U.R.AE.cons.4i 3,000,000 2,500,000 2d M. Income 4s.. 13.977.000 13.977.000
92,700
Accounts payable. . 344,053
034,741
Cash for construe
536,500
Accrued Interest.. . 537,750
115,824
Cash (or ilivs., &o.
152,280
209,601 Accrued taxes, Ac . 326,206
921,593
Cash in banks,Ac.
49,491
115,824
400,170 Miscellaneous___
58,754 Deferred llab ll... do,401,2871 5,512,891
70,510
757,352)
635,481 Unadjust. do
Notes receivable..
516,144
303,035 Surplus.............. . . 1,111,494 1,003.059
Supplies and coal.
b5,524,452 9,238,954
c4 ,163,983
.87,725,164 84,733,121

T o ta l................ 87,725,164 84,733,121

a Includes in 1916 stocks and bonds, 387,665; proporty rights, $99,704,
and notes, $624,370.
b “ Deferred assets” ombraco M aryland E lec. R ys., lessor account pro­
ceeds o f $4,489,000 bonds, $4,029,440; payments under 1H % sinking fund,
$515,673; under 7 H % s. f., $794,831; payments o f 10% on account o f
equipm ent purchased, $172,712, and Improvements to property, $1^824.
less equipment reloased (90% o f cost), $26,294, and adding other deterred
items, $36,566.
.
,
.
c This item includes M aryland Trust C o.•trustee. Income bond coupons
under funding agreement dated July 25 1906, $ 3 ,J20,000.
d “ Deferred liabilities” include: Liability for M aryland E lec. R y . bonds
(a u th ., $80,000,000). $4,489,000;_ surplus dependent•upon acquisition o f
loasod property (M aryland Elec. R y s .), $850,944, and m isc., $61,343.
N ote.— Tiio com pany has a contingent liability as guarantor o f the prin­
cipal and interest o f the Baltimore .Sparrows P o i n t * Ohesapoako R y . 4J-S %
1st M . bonds (auth.. $2,000,000). duo Feb. 1 1953 — V . 104, p. 1491. 560

San Joaquin Light & Power Corporation.

(Annual Report for Fiscal Year ending Dec.

31 1910.)

President W m . G . Korckhoff says in substanco:
Gross earnings from operation Increased $39,771, or 2 .2 5 % . Business
conditions generally throughout the territory served by this corporation
havo reflected in a m odlflod degree the general prosperity. There nas beon
a considerable lncroaso in tho agricultural pumping load, but this was more
than offset b y reduction In electric rates mado b y order o f tho R lt . com ­
mission, effective M a y 1 1916. T ho rates established b y this Commission
generally offoctod a reduction o f about 16% .
During tho year 5,602 additional horsepower woro connected. N ovor
in tho history o f tho com pany has thcro boon such a demand for power.
T ho main difficulty now Is In obtaining transformers and m otors. A
careful survey based upon tho live prospects throughout tho territory or
each District Agent Indicates the probability o f connecting upwards o f
10,500 h .p . during tho com ing year.
, .
T ho elimination o f the “ jitn ey” com petition in Bakersfield resulted In
an lncroaso o f gross earnings o f tho electric railway In that city amounting
to $49,550, o f which $26,476 Is net. Tho gross earnings from gas operations
In Bakersfield Increased $11,605 and the net earnings increased $6,762.
These two departments, therefore, aro m ainly responsible for tho lncroaso
o f $35,558 In total net p rofit.
Effect o f the Rate Adjustment on Electric Earnings.
Electric Earnings—
L9i 5 ’, 0,
aoo In c. or Dec.
+ $8,700
M u n ic ip a l l i g h t ......................................
» £8,392
$69,692
— 39,416
powe?
,,g *
877,383
+ 3,269
+ 6,749
R a i l w a y : : : : : : : : - : ................................
34,6 17
27,868

Sdh

£ T o t a l ....... .......... - ................... - .......... $1,545,768 $1,566,406
— $20,698
N otwithstanding tho addition o f power customers aggregating 5,602 h .p .
o f connected load and tho addition o f 2,197 lighting customers, tho adjust­
ment o f rates resulted in a net increase in power earnings o f only $3,259
and a docroaso In commercial lighting revenue oi $39,416. Tho abovo classi­
fication o f rovenuo represents that revenue only which was affected b y tho
rato adjustment and reflocts only 8 m onths’ operation under reduced rates.
In view o f tho fact that tho com pany’s rates now havo beon established
b v nubile authority, any element o f uncertainty as to what rovenuo tho
nrosnoctlvo now business will produce Is rem oved and tho prospects for tho
vear 1917 aro for a groatly Increased growth.
T h e expenditures for net plant additions (cost loss valuo o f proporty re­
placed) amounted to $730,519. principally flumes and ditches, $77,722;
transmission and distributing system , $335,115, and uncom pleted con­
struction expenditures, $246,679. Expenditures account o f authorized
work not yot com pleted and distributed to appropriate accounts.
Gash on hand Increased $133,719, $94,134 o f this being reserved for tho
purchase o f consumers’ transformers. T ho total bonded debt Increased
$495 000. Bond discount account decreased $75,693. o f which $11,455
was written o ff through amortization and $64,229 represents m oney re­
ceived from holders o f scries B bonds who availed thomselvos o f tho con­
version privilege by paying $100 per bond during tho year.
Thcro was a not docroaso In current liabilities for the year o f $13,732.
Notes payable decreased $208,968 and slnco Jan. 1 they havo beon further
reduced to $46,002. There Is, on tho other hand, an lncroaso In accounts
pavablo o f $184.109, which is m ainly due to tho receipt In Decem ber o
machinery for tho Korn Canyon plant and or over $60,000 worth o f copper
wire. T he proceeds o f $195,000 available bonds, together with cash on
hand if applied to current liabilities would reduco tho same to less than
«200 000 against over $1,100,000 current assets.
There will shortly bo submitted to tho stockholders tho proposal to au­
thorize tho execution o f an Indenture securing a total o f $4,500,000 10-year
6 % debentures, o f which $.1 *000,000 aro to bo issued Im mediately. T he
nrocoeds from tho salo o f tho $1,000,000 o f those debentures will bo used
entirely for additions and betterments and the purchase o f now proporty.
T ho com pany’s mortgage at tho present time authorizes the issuanco o f
bonds to tho extent o f 85% o f betterments. In tho past, having provided
no means o f secondary financing, It has boon necessary to make up tho re­
maining 15% from oarnlngs. 1 ursuant to tho expressed desire o f tho H R .
Commission that a smaller proportion o f tho cost o f betterments bo financed
with bonds, It Is proposed that Instead o f Issuing bonds to tho extent o f
85% o f tho cost or bottermonts, this ratio shall bo reduced to 7 5 % . T ho
remaining $3,500,000 o f debentures will bo lssuod from tlm o to tlm o to
provldo 25% o f such cost.
YEARS.
1910.
1915.
1915.
1916.
Gross earnings__ $1,809,586 $1,769,815
$1,101,487 $1,093,202
Exp., taxes, A c ..
736,976
683,631 Bond Interest '
$501,211
$140,870
Oth. lnt., Ac.(not Cr. 12,774
77,870
Net earnings,. .$1,072,610 $1,083,181
28,877
10,018
Other incom o... .
Balance for
Total income $1,101,487 SI,093,202
$610,050 5574.402
B A LA N C E SHEET DEC. 31.
1915.
1916.
1916.
1915.
S
Llabllilles$
A o«/»/«——
$
$
0,500,000 6,500,000
Rights, real estate,
plants, A c -.-- -27,203,861 20 435,631
11,000,000 11,000,000
730,690 B on d s____
Treasury securities 7 i t ,/os
10,135,000 9,610,000
217,799 Acer, bond li_____ . 250,201
351,618
236,462
Cash......................
315,020 Notes payable.’- . .
313,962
122,408
331,376
Notes receivable..
339,991 Accounts payable .
419,763
126,793
71,127
Accts. recolvablo.
323,091 Pay rolls, A c........
369,129
115,586
235,415
Mat’l A supplies.1,451,919 1,257,256
Unamort. disc. A
, , , Reserves______
expenses, Ao__ 1,019,816 1,693,312 Capital surplus...
373,918
373,918
710,008
1,119,767
Mise. A undlstrlb135,592
utod dlsburs’ts.
293,607
T o ta l_____ ...31,321,424 30,211,733
— V . 104, p . 769.




1587

THE CHRONICLE

APE. 21 1917.]

.31,321,424 30,241,733

New Orleans Railway & Light Co.

(Report for Fiscal Year ending Dec.

31 1916.)
Pres. D . D . Curran, New Orleans, April 9, wrote in subst.:
Results.— A s com pared with 1915 tho gross operating revenue Increased
$249,153, or 3 .5 8 % ; net operating revenue Increased $56,067, or 1 .5 8 % ,
and net incom e decreased S68.713, or 8 .7 1 % . T ho decrease In net incom e
Is duo m ainly to the reduction In electric rates, which becam e effective
D oc. 1 1915, and the increase In cost o f materials and wages.
Jitneys.— On M a y 29 an ordinance regulating jitney-bus transportation
became effective, as a result o f which their operation practically ceased
after that date.
M aintenance, A c .— T ho actual charges for maintenance during the year
amountod to $775,599; in addition to this am ount there was expended
$354,378 for renowals and replacem ents, making a total charge o f $1,129,­
977. There was reserved from incom o and surplus for renewals and re­
placements $372,549, resulting in a net credit to renewal and replacement
reservo for tho year o f $18,172.
Capital Expenditures.— There was expended for construction, Im prove­
ments and betterm ents for railw ay, roadway and line, $213,375; electric
lino system and accessories, $131,951; gas distribution system and acces­
sories, $116,416; plant equipm ent, $167,601, and engineering miscellaneous.
& c., $97,090, m aking tho total am ount expended $726,434.
Extension.— In com pliance with the franchise requirem ent, the South
Claiborne line was extended from B roadway St. to Carrollton A ve. on South
Claiborno A ve. Cars started operating over this extension M a r. 1 1916.
Additions.— T he installation o f tho 15,000 k.w . turbine at Central
ower house and three 1,000 k.w . rotary converters at Claiborne power
ouso was com pleted and in operation b y April 4 1916, and as a result we
were able to take care o f tho increased load growth and the economies
anticipated wore effected.
Contract.— On O ct. 27 contract w ith the city o f N ew Orleans for lighting
the public highways, A c ., was renewed for a period o f ten years com m encing
from and after the com pletion o f the system o f lighting provided for therein,
which is now progressing.
Bonds and Notes.— On June 1 you r com pany sold $3,250,000 40-year
Refunding and Gen. Lien 5 % gold m ortgage bonds, and $3,250,000 tw oyear 6 % gold debenture notes, the proceeds o f which were used to retire
$4,000,000 three-year 6 % gold debenture notes maturing Juno 1; $1,051,300
40-ycar 5 % Iter. & Gen. Lien gold m ortgage bonds, French series; and to
reimburse tho treasury for construction, im provem ents and betterments
and other expenditures mado prior to that date (V . 102, p. 198).
S T A TIS TIC S .
1916.
1915.
1914.
1913.
Revenue m ileage............ 19.933,702 19,418,332 19,625,411 19,815,363
Bass, carried (revenue). 87,680,288 83,184,938 87,249,»18 87,038,951
Transfers rodeem od(N o.) 25,173,015 23,260,717 22,979,988 22,373,512
C OM BIN ED IN C O M E AC C O U N T FOR YEARS E N D IN G DEC. 31.
1913.
1914.
1916.
1915.
Railway dept, revenues. $4,422,777 $4,198,235 $4,398,507 $4,401,152
1,335,186
1,427,295
Electric d ept, revenues. 1,433,814
1,489,015
1,158,095
1,186,322
1,264,337
Gas dept, rovenues____ 1,344,149

E

T o t a l ............................. $7,200,740
Railway d ept, expenses. $2,437,364
635,359
Electric d ept, expenses.
Gas dept, oxpenses____
531,136

$6,951,587
$2,342,411
573.406
494,955

$7,012,124
$2,34-1.420
561,227
526,224

$6,894,433
$2,439,154
555,308
425,107

T o t a l ________________ $3,603,859
N ot oper. revenue_____ $3,596,881
T a x e s __________________
775,341
6,500
U ncolloctod accounts__

$3,410,773
$3,540,814
765,827
10,250

$3,428,871
$3,583,253
761,223
9,000

$3,419,569
$3,474,863
724,535
6,661

N ot operating Incomo $2,815,040
Outside operations_____
6,717
M iscell. in com o_______
61,675

$2,764,738
7,595
47,648

$2,813,030
8,012
45,551

$2,743,667
11.791
34,763

Gross Incom e_________ $2,883,431
ln t. on funded d e b t____ $1,828,764
Other interest ch a r g e s ..
25,794
D iv s. on m inority stocks
4,056
A m o rt.fu n d , debt, A c . .
______
Im provem ents, A c _____
16,768
M iscellaneous__________
27,461
Renowals A replacem ’ts
255,883
D lvs. on stk. o f oth. affil.
cos. owned by others.
4,352
P rof. dlvs. ( 5 % ) _______
496,147
Com m on dividends___( M % )50,000

$2,819,980
$1,752,906
22,652
4,101

$2,866,593
$1,709,451
15,628
4,084

16,603
16,650
212,927

17,345
7,341
189,618

$2,790,221
$1,630,731
52,181
4,107
23,375
16,559
4,926
180,813

Total d eductions____$2,709,226
Balance, surplus_______
$174,205
CON SOLIDATED B A LA N C E
1916.
1915.
Assets—
$
S
Property, plant,
franchises, A c ..69,112,801 68,505,275
24,043
Securities owned..
201,093
254,276
Equip, under lease 254,276
445.996
Materials A suppl.
509,696
264.125
Cash.... ............... 194,551
6,244
Notes receivable....................605,255
Aec’ ts receivable.
715,030
195.996
Special deposits..
173,942
7,069
lnt., Ac., recelv’le
7,413
Special deposits for
774,548
coup., div., A c.
623,156
310.013
Sinking funeft___
339,235
13,898
Prepaid Ins., A c ..
10,677
360,437
Temporary advon.
357,618
39,886
Other susp. Items.
63,239
Unamortlzcd dtset.
A exp.with Issue
of secur_______
525,002

$2,730,625 $2,847,149 $2,717,152
$73,069
$19,444
$89,355
SHEET DECEM BER 31.
1916.
1915.
Liabilities—
S
S
Preferred s to c k ...10,000,000 10.000,000
Common stock__ 20,000,000 20,000,000
Stocks of sub. cos.
206,050
221,250
Gen. mtge. 4KS-.17,544,000 17,544,000
Ref. A Gen. M . 5s 5,779,700 3,581,000
6% debentures... 3,250,000 4,000,000
Equip, obligations
160,000
180,000
Funded debt of
subsidiary co s .. 11,580,000 11,637,500
lnt., dlv., Ac., due 1,147,746 1,197,556
427,988
Accounts payable.
456,813
103,748
136,045
Acer.Int., dlvs.,Ac
275,185
290,879
Consum.,Ac.,dep.
24,764
98,953
Miscellaneous___
889,955
908,127
Renewals A rep__
New equip., Ac.,
313,453
(lessor company) 313,453
86,415
Other reserves___
100,501
Surplus_________a 1,181,526 1,324,246

T o ta l................ 73,153,793 71,807,061

5,075
499,710
(1)200,000

4,012
4,770
499,690
499,670
(2)40 0 ,0 0 0(1 ^ )3 00 ,0 0 0

T o ta l................73,153,793 71,807,061

a After deducting In 1916 extraordinary repairs and expenses caused by
storm o f Sept. 29 1915, $80,579; provision for repairs, m aintenance, renew­
als and replacements, $116,667, and miscellaneous (net) aggregating $119,­
679.
Stocks owned D ec. 31 1916 were $21,291,750.— V . 104. p. 1489, 864.

Underground Electric Railways Co. of London, Ltd.
(19th Annual Report—Year ending Dec. 31 1916.)
Chairman Lord George Hamilton, Feb. 23, wrote in subst.;
Results.— T he incom o from Investments, A c., amounted to £653,361,
against £680,741 for 1915, a decrease o f £27,380, or 4 .0 2 % . T ho income
tax on tho interest on the 4 H % bonds due 1933 and on the 6 % incom o bonds
duo 1948, together with the loss on foreign exchange in respect o f coupons
encashod abroad, amounted to £134,015, an increase o f £56,805, or 7 3.5 7% .
After deducting all fixed charges, including interest on tho 6 % first cum u­
lative incom e debenture stock due 1945 (requiring £76.380). a surplus re­
mained o f £436,812, to be .applied" as follows: Interest at the rato o f 5 %
per annum (including £89,6 1 6 incom o tax) on the 6 % incom e bonds due
1948, viz.: 3 % for the half-year ended June 30 1916, £237,377; and 2 %
for the half year ended Dec. 3 1916, £168,801; leaving a balance for the
year o f £30,634. [Tills is after adding £38,576 brought forward from 1915.
See further particulars, inch sub-co. earns., A c ., in V. 104, p. 1046.)
London Electric Railway Companies' Facilities A ct, 1915.— For the year
1916 tho aggregate gross revenue o f tho five companies parties to the com ­
m on fund authorized b y tho above A ct was £6,038,529, and the aggregate
amount retained b y them for "revenue liabilities,” including reserves, was
£5,531,562, leaving £506,968. an increase o f 12.32% as com pared with
1915, which amount was credited to tho com m on f ind. This am ount in
accordance with the com m on fund agreement, was apportioned among the
five companies as follows: C ity A South L ondon R y .. 6 % (increased from
2 % ); Central London R y ., 2 0 % : L ondon E lectric R y ., 30% (increased
from 2 6 % ); M etropolitan District, 1 2% , and London General Ominbus
C o ., 32% (decreased from 4 0 % ).

15 88

THE CHRONICLE

Statistics .—It Is not possible to publish the total number of passengers
carried by tho five companies, owing to the Metropolitan District Ry. still
being under Government control, and the figures not being ascertainable.
N e w W orks and Im p rovem ents o f the Lond on Electric R y .—Authority was
given for the through running of trains from the Bakerloo section of the
railway to Watford on the electrified portion of the London & North West­
ern Ry. The North Western Co. had arranged to provide the joint rolling
stock required for the services, but its manufacture nas been delayed owing
to the war. In order to give the public the benefit of this new service with­
out further delay, arrangements nave been made between the two railway
companies whoreby the London Electric Co. will, for the present, provide
tho necessary trains and work the train service. It is anticipated that this
through running will commence early in April.
A ssocia ted Equ ipm ent C o ., L td .—In order to provide for a larger increase
of output from this company’s factory at Walthamstow, extensions of the
premises have recently been carried out in co-operation with tho Ministry
of Munitions.
D irectors .—Managing Director Sir Albert H. Stanley has, in consequence
of his recent appointment as President of the Board of Trade, resigned his
position with the company.
Shares, & c ., Owned D e c . 31 1916, Total Par £19,394,0-10, Carried at
£14.620,175.
-Pledged ------------------------ Free A ssetsOrd. Stk. P ref. Stk.
D eb.
Ord. Stk. P ref.S lk .
D eb .
£
* £
£
£
£
£
London Elec. Ry.7,900,020 450,466 463,000 1,062,830 200,247 218,427
Met. Dist. Ry— 1,781,500 1,560.000 (£90,000 is 1st pref.)
London Un.Tram. _____
15,000
Lon. & Sub. Trac. 420,734
76,885 ......... 323,590 75,101
Lon. Gen. Omni, i ,600,480
City & So. L. Ry. 1,460,360
IIIIII 412,656
Union Constr.Co. _____
980 .......................
WImb. & Sut. Ry. _____
2,420 ......................
Metrop. Ry. Co. _____
20,000 ............................
Un. Sur. L’ds Co. _____
150,000 _____ 100,000
Assoc. Equip.Co.
b l,000.000 100,000 ..........
b One-half deferred participating income stock ($566,000).
R E V E N U E A C C O U N T , Y E A R E N D I N G D E C . 31.
1916.
1915.
1914.
a Income from investments, &c.......... £653,361
£680,741
£684,626
General expenses.....................
.
£6,981
£11,813
£10.796
Loss of foreign exchange....... .
.
20,289
Interest on bonds, &c__ _____ ______ .
106,508
95,252
89,349
Int. on 1st cum. inc. deben. stock__ .
76,380
76,380
76,380
Interest on notes____________
.
31,500
31,500
21,085
Guarantee Central London Ry_____ .
_____
26,931
37,031
13,466
Interest on Income bonds...............a(5)406,178
,a(5)406,178 (6)438,731 (6)411,543
. £661,303
£680.607
£646,184
. def. £7,942
sur. £134 sur.£38,442
Previous surplus.
.
38,576
38,442
Total surplus..
£38,442
.
£30,634
£38,576
ie tax.
I E E T D E C . 31.
A sse ts —
1916.
1915.
1914.
Stocks and shares_______________ £14,620,175 £14,521,613 £14,520,892
Com. & disc, on 5% prior lien bonds..
428,830
428,830
428,830
Loans and mortgages____________ .
541,500
86,800
41,000
Interest and dividends receivable___ .
260,073
204,826
281,616
Sundry debtors and debit balances__.
95,091
92,665
60.542
Treasury bills__________________ .
98,076
28,815
Cash at bankers and on hand, &c___ .
57,873
107,227
220,696
£16,002.267 £15,577,833
Liabilities—
. £5,000,000 £5,000,000 £5,000,000
"A” ordinary shares_________
.
59,949
59,949
59.949
4M% bonds of 1933_____________ . 1,832,400 1,832,400 1,832,400
6% incomo bonds_______________ . 6,330,050 6,330,050 6,330,050
6% cum. debenture stock_________. 1,273,000 1,273,000 1,273,000
4K % 3-year secured notes (1917)__.
700,000
700.000
700,000
Loan_____________________
390.000
Unclaimed int. and dividends..
.
23,144
19,874
14,161
Sundry creditors, credit balance
.
34,731
44,251
36,741
.
54,972
49,229
45,469
.
38,190
38,190
38,190
x Interest payable on incomo bonds. ..
168,801
226.748
209,431
Credit revenue account______
.
30,634
38,576
38,442
.£15,545,871 £16,002,267 £15,577,833
x Includes income tax.—V. 104, p. 1389, 1265.

A llis -C h a lm e r s

M a n u f a c t u r in g

C o .,

M ilw a u k e e , W is*
1916).
The report, including the remarks of President Otto H .
Falk and the profit and loss account and balance sheet, is
given on subsequent pages.

(4th Annual Report—Year ending Dec. 31

31.
1916.
1915.
1914.
Sales billed_____________________$19,440,509 $11,666,413 10.323,150
Cost, depreciation, & c ...............
14,699,744 9,582,264 9,221,174
Factory profit________________ $4,740,765
$2,084,149 $1,101,976
Other Income___________________
262,709
252.641
347,257
Net profit.................................... $5,003,474 $2,431,406 $1,354,617
Selling, publicity, &c., oxpenses____ 1,838,454
1,353,054 1,379,685
Preferred
ed dlvlaei
*
lends__________
(9%) 1,426.455 (3)475,485
..........
Balance, surplus or deficit_____sur.$l,738,565sur.$602,867 def.$25,068
B A L A N C E S H E E T D E C . 31.
[For details see a subsequent page.]
1916.
1915.
1916.
191
Assets —
Liabilities—
S
S
$
S
Real est.,bldgs.,&cl l ,071,277 11,021,717 Preferred stock...16,500.000 16,500.000
Pat’s, good-will,&c19,615,805 19,615,805 Common stock...26,000,000 26,000 000
Voting trust certs.
Accounts payable. 518,108 429,537
held In trust... 400,136 406,135 Reserve for erection
1st M. 6% bonds,
and completion
873,411 of contr'ts billed 432,333 313
Buil.El.Mfg.Co. 873,951
Cash......... ....... 560,990 1.123,095 Accrued accounts. 461,846 328
Market. Ac. securs\2,140,171 3,530.105 Pref. stk. dividend
Other securities../
pay. Jan. 15... 475,485 475
Notes &nccts. rcc. ,201,853 3,919.966 Reserves........... 364,214
134
Inventories____ 7 ,934,517 4,902,277 Profit and loss__ 3,071,489 1,332
18,774
72,259
Unexp. lnsur., &c.
Total.............47,823,474 45,514,771 Total.............47,823,474 45,514,771
—V. 104, p. 953. 865.
P R O F I T A N D L O S S A C C O U N T FO R Y E A R S E N D I N G D E C .

U ta h C op p er C om pan y.
(12 th Annual Report—Year ending Dec. 31 1916.)

Calendar Y ea rs —-

1916.
1915.
1914.
1913.
.$50,280,073 $27,155,943 $16,222,456 $17,797,564
. 16,532,334 12,132,109 10,230,293 11.494,341
.$33,747,739 $15,023,834 $5,992,163 $6,303,223
Other Incomo________. 5,990.936 2.896,609 2,738,259 2,270,200
.$39,738,675 $17,920,443 $8,730,422 $8,573,423
_____
Sfi.96>
.
Interest________
$51,931
$60,318
Depreciation reserve__.
589,732
546,734
523.851
507,712
Dividends___________. 19,493,880 6,904,082 4,827.885 4,747.710
Per cent______
.
(120%)
(42 H%)
(30%)
(30%)
Balance, surplus____ $19,655,064 $10,462,665 $3,326,755 $3,257,683
Further comparisons will be published another week.—\'.l04,p.1168,869.




[VOL. 104,
G e n e r a l E l e c t r ic C o m p a n y .

(25th Annual Report—Year ending Dec.

31 1916).

The report for the year ending Dec. 31 1916 is published
at length on subsequent pages. Following are comparative
statements compiled for the “ Chronicle” :
A C C O U N T D E C . 31.
1916.
1915.
1914.
1913.
Sales billed....... ........ $134,242,290 $85,522,070 $90,467,692 106,477,439
Cost of sales...............118,948,199 76,898,183 81,496,729 96,207,833
Profit from sales____ $15,294,091 $8,623,887 $8,970,963 $10,269,606
Increase in value of se­
curities of cos. owned _____
............................. $1,036,000
Interest and discount
and sundry profits__ 2,022,237 2,129,265 1,570,431
1,478,721
Income from securities. 1,844,645 1,554,843
1,313,989 1,281,463
Total....................... $19,160,973 $12,307,995 $11,855,383 $14,065,790
D educt —
Interest on debentures.. $571,445
$570,086
$567,556
$576,432
Disct. on deb. issued in
1912 (balance)................. ................................................
37,439
Disc. & exp. on note iss.
_____
_____
____ _
394,040
Dividends paid (8% )... 8,121,646 8,129,918 8,142,768 8.149,204
Balance, surplus....... $10,467,882 $3,607,992 $3,145,059 $4,908,675
C O N S O L ID A T E D B A L A N C E S H E E T D E C . 3 .
1916.
1915.
1914.
1913.
A sse ts —
$
$
$
$
_
1
Patents, franchises, &c.
I
l _
l
Manufacturing plants.. 29,904,764 29,563,332 31,063,332 29.427.168
Real est.,&c.(other than
manufacturing plants)
863,188
996,985
872,216 1,058,387
Stocks, bonds. &c_____a33.773,678 32,916,594 29,667,213 25,064,317
Cash------------------------ 12,167,707 30,138,913 22,528.888 14,844,210
Notes & accts. receiv’le. 26,816,298 19,619,216 19,091,025 26,210,459
Work in progress........ 4,196,020 1,248,630
843,073 2,012,514
Advances to sub. cos... 4,739.819 b4,931,585 b5,059,860 b6,817,563
Furn. & fixtures (other
than in factories)___
1
1
1
Inventories (factories).. 43,963,220 24,544,646 24,253,704 31,697,056
4,010.538
Gon.&local offices,&c. \
13,251,959 3,256.881
Consignments______ 7,197.419 (2,066,690 1,782,177 2,083,145
IN C O M E

Receipts—

Total assets..............163,622,115 149,278,552 138.418,371 144,125,360
Liabilities —
Common stock_______101,512,500 101.510,600 101,485,700 101,381,200
16,000
2,000
5% coup. deb. of 1892..
_____
3tmXA m
% coupon
debentures 2 ,0-17,000 2,0-17,000 2,017,000 2.0-17,000
■ ___________
88,500
18,500
5% coup. deb. of 1907. .
500
2,000
5% coup. deb. of 1912.. 10,000,000 10, 000,000 10 , 000,000 10, 000,000
197,016
Accrued Int. on dobens.
196,519
196,527
196,519
8 , 000,000
_____
Notes (paid Apr. 6 1914)
Accounts payable......... 7,874,873 4,640,207 1,655",226 2,846,657
302,134
Accrued taxes___ ____ 1,149,256
464,116
418,677
279,561
434,705
Adv. pay’ts on contracts 4,650,559 4,740,577
Dividends payable Jan. 2,0.30,154 2,030,102 2,029,718 2.027,472
Surplus .................
34,160,753 23,692.871 20,08-1,879 16.939,820
Total liabilities_____ 163.622,115 149,278,552 138,418,371 14-1,125.360
a Stocks, bonds, &c., $33,773,678 in 1916, consist of $21,675,214 securi­
ties of subsidiary cos. and $12,098,464 of public utility and other companies.
b Denotes amounts due from sub. cos.—V. 104, p. 366.
C a lu m e t & H e c la M in in g C o m p a n y

(M ic h .) , B o s t o n .

(Report for Fiscal Year ending Dec.

31 1916.)

President It. L. Agassiz, April 11, wrote in substance:
R esults .—During the year 1916 tho company produced 76,762,240 lbs. of
copper, of which 71,349,591 lbs. wero produced from tho mine and 5,412,649
lbs. wero recovered from tho sand bank at Torch Lake. Tho price received
for coppor varied from 22H to 35H cts. per lb. Four dividends wero paid
during tho year: $15 on March 23, $15 on Juno 24, $20 on Sept. 22, $25
on Dec. 20.
C O M P A R A T I V E R E S U L T S FO R P A S T F O U R C A L E N D A R Y E A R S .

[Does not Include results of operations on tho sand bank at Torch Lake.]
1916.
Rock treated, tons------ 3,166,274
Mino cost per ton of rock
$2.03
Refined cop. prod., lbs. 71,349,591
Cop. per ton of rock,lbs .
22.53
Cost por lb. for construe.
0.60c.
Total cost por lb______
11.63c.
Price per lb. copper sold
25.48c.
Operations

on

Conglomerate

1916:
Rock treated, tons____ 1,727,794
Mine cost por ton of rock
(excluding construc’n)
$2.63
Copper produced, lbs__ 51,785,016
Copper per ton rock,lbs.
29.97
Total cost copper per ib.
10.t5c.
Shaft sinking................
Oft.
Drifting_____________ 5.1-12ft.

Lode fo r

Calendar

Yea rs.

1015:
1,739,984

Operations on Osceola Lode fo r Calendar

Yea rs.

1916.
Rock treated, tons....... 1,438,480
Mine cost per ton of rock
$1.32
Copper produced, lbs__ 19,56-1.575
Copper per ton rock, lbs.
13.60
Total cost copper per lb.
11.84c.
Shaft sinking............
139 ft.
Drifting____ ________ 16,443 ft.
No work has been done on Kearsargo Lode since July 1913, and nothing
was dono on the St. Louis and Manltou-Frontenac branches in 1916.
Tho operating shafts on tho conglomerate lode havo attained deptlis of
from 6,102 ft. to 8,132 ft.. Calumet No. 4 having reached its 81st level
and South Hecla Nos. 9 and 10 142 ft. under 82d lovel. Tho operating
shafts on the Osceola lode havo attained dopths ranging from 1,460 ft. to
3,274 ft. This lodo shows about tho samo grade of rock as last year, and
foot-wall stopes afforded about 33'A % of tho total product. Shaft open­
ings are so far in advanco of drifts that, except for 139 ft. at No. 17, no
sinking was done in 1916.
_,j
S T A M P M I L L S — C O M P A R A T I V E R E S U L T S ."#

----- P la n t.N o . 1--------- — Plant 'vo. 2----1916.
1915.
Y ea r ending D e c . 31—
1916.
1915.
Coarse tail's crushed tons--------- 1 364,581 337,243 182,705 168,461
Copper per ton in materialI
13.14
13.14
13.98
treated, lb s......... — ............
13.98
4.01
4.73
4.98
Copper saved per ton, lbs...........
3.79
1,380.344 1,352,869 909.453 796.858
6.52c.
4.36c.
: 6.32c.
4.30c.
plant was started on a limited scale In
July, and on Dec. 31 1910 was but half in commission owing to slow deliv­
eries of material. Tho whoio plant of 2,000 tons dally capacity will bo in
operation before spring, and an addition of 2,000 tons capacity has been
contracted for. Oporated on a limited scalo, tho cost, exclusive of smelting
and selling expense, was under 6 cts. per lb. of copper produced.
Reclamation Pla nt .—This plant ran continuously In spite of a severe
winter. The results of this operation, Including leaching, were:

A pr . 21 1917.]

THE CHRONICLE

15 8 9

31.
1916.
1915,
1916.
1915.
$
Liabilities—
$
$
S
Oil lands & leases.30,001,418 29,551,582 Capital stock___40 ,015,854 39,757,404
Personal prop’y &
Bonds.............. 12 ,362,242 13,382,586
Improvements. .24,435,178 21,782,523 Accts. A wages... 669,013 285,924
Stocks and bonds. 7,899,995 8,802,621 Accts. payable__1 ,007,973 321,419
Sinking tund..... 1,012,247 972,517 Loans & notes pay 312,500
Material & supp.. 487,642
143,299 Interest accrued.. 280,139 301,460
Cash.................. 1,634,668 2,405 234 Payments on real
10,342 848,899
Bills&accts.rec.. 2,254,450 1,412,530 estate purchased
Mdse, on hand... 2.532.31S 2,176,336 Other
deferred
3,258
Deferred assets,&c 134,798
72,434 debit items___
4,436
Bond discount,&c. 1,243,679 1.522,640 Miscellaneous---- 438,924 201,642
Due from affili. &
Deprec’n reserve. 12 763,070 10,177,109
prop, cos........ 2.S35.637 2,398,906 Surplus........ ...a6 ,637,537 5,961,920
N U M B E R O F S H A R E S O W N E D I N O TH ER C O M P A N IE S .
Total.......
74,502,029 71,241,622 Total.............74,502,029 71,241,622
Ow ned. Issu e d .
Ow ned. Issu e d .
a
After
deducting
$450,000 reduction in book value of Pioneer Midway
S
up
erior
Copper
Co.
50,100
100,000
Ahmeek Mining Co. 98,048 200,000
Oil Co. cons, stock, $138,034 sale of obsolete material, $93,966 loss on re­
AllouezMining Co.. 41,000 100,000 L a u riu m Mining Co. 39,288 40,000 tired
physical property sold (net), and $146,142 miscellaneous item.
Royalo Cop.Co. 32,910 150,000
CentennlalCop.M.Co.41,500 90,000 Isle
Cliff Mining Co___ 19,400 60,000 T a m a ra ck Min. Co. 19,400 60,000
IN C O M E A C C O U N T S OF A F F IL IA T E D C O M P A N IE S .
Gratiot Mining Co. 50,100 100,000 White Pine Copper
La Salle Copper Co.152,977 302,977 Co., common___ 42,602 85,320
-S terlin g-Wesf Coast Oil------- C a lif. Coast Oil—
do
do
prof
34,259
34,759
OsceolaCons.M.Co.. 32,750 96,150 Calumet Transp. Co. 3,482 -------1916.
1915.
1916.
1915.
1916.
1915.
G’t L. Trans. Corp. 2,000
Gross revenue..$181,668 $123,466$529,997 $476,731 $60,734 $69,697
$75,008$272,478 $162,494 $19,616 $15,353
[For the details of the operations of these companies, reference should be Oper. exp., &c.. $91,636
Deprec. reserve. 37,463
37,570 116,905 109,991 53.503
32,986
made to reports of the companies appended to the pamphlet.—Ed.]
Dividends____ 75,000
50,000 187,344 187,344 41,700
60,800
D IV ID E N D S P A ID D U R IN G C A L E N D A R Y E A R S .
Totaldeduc’s.$204,098 $162,578 $576,726 $459,829 $114,819 $109,139
1916.
1915.
1914.
1913.
Balance____ def.$22,430df$39,112df$46.729sr$16,902df$54.085df$39,442
Total dlvs (nor $25 share)_
$75
$50
$10
$32
The gross revenue for 1916 of the Pantheon Oil Co. was $12,541 and the
Amounting t o ? ..- - ....... ...$7,500,000 $5,000,000 $1,000,000 $3,200,000
balance deficit after deducting expenses, taxes and deprec., was $1,353.
D ividen d s Received fr o m Other M i n i n g C om pa n ies.
—A m a lg . Oil and P rop 'ty C o s. ----- P io n e e r -M id w a y O i l IsleR oga le. A h m eek .
Osceola.
Other.
Total.
1915.
1916.
C a l. Y ea rs—
1916.'
1915. ' 1914.
------ $49,600 $245,625 _____ $295,226 Gross
Rec'd to Dec. 31 1911
$28,266
$23,560
revenue.-$1,809,545 $1,530,377 $1,857,467
do in 1912......................
443,400 409,375"
852,775
do In 1913................ $32,300 539,264 343,875
915,439
D educt —
do In 1914............................ 147,072
245,322
98,250 _____
$24,718\ $33,735
$808,361 $1,043,162
563,776 262,000 41,000 866,776 Oper. exp., Ac. .$1,100,541
do in 1915...............
2,624 [
37,536
38,034
45,076
do in 1916.............. 98,7301225,600 524,000 378,600 2,226,930 Taxes_________
118,608
118,333
195,301
249,672
Deprec.,res’ve.&c. 192,262
Dividends.........
400,000
562,500
750,000
C U R R E N T A S S E T S A N D L I A B I L I T I E S D E C . 31.
Total deduc’s.$l,737,879 $1,603,698 $2,080,868 $145,674 $152,343
1916.
1913.
1914.
1915.
Cash at mine office___ ’
$65,005
$45,034 Balance_____ sur.$71,666 def.$73,321 di.$223,401 df.$122,114df.$124,077
Cash at N. Y. office__
15,000 —V. 104, p. 561, 455.
15,000
Cash and copper at $ll,443,008x $6,552,166
Boston office______
3,704,656 3.780,129
Atlantic Gulf & West Indies Steamship Lines.
Bills rec.at Bos.Amine.,
334,84a
533,730
Sinking fund_________ 4,334,653 1,599,824
463,341
446,466
(Annual Report for Fiscal Year ending Dec. 31 1916.)
Due from Gratiot, Lake
Milling, La Salle, Lau­
Pres. Galen L . Stone, N . Y . , April 9 , wrote in substance:
rium, Seneca, Superior
537,920
772,085
and White Pine____
R esults. —The business of the year 1916 of your steamship lines has been
348,511 extraordinary
348,511
Calumet Transport. Co.
in many respects. The volume thereof has been greater
Supplies on hand......... 1,720,203 1,391,293 1,529,908 1,772,324 than anybody could have foreseen. There have been remarkable changes In
rates on some of the lines operated, and there have been also remarkable
Total assets...............$17,497,865 $9,543,283 $7,432,236 $7,280,229 fluctuations in the cost of doing business. Again, as in 1915, the coastwise
business of the Clyde and Mallory lines has been relatively unsatisfactory,
Liabilities —
$29,541
$80,133
$516,407 but the business of the Porto Rico and New York & Cuba Mall Steamship
Drafts In transit______ $505,195
Bills & accounts payable
companies has been exceptionally satisfactory.
828,391
449,237
Notwithstanding the decreased net earnings of the coastwise lines, the
at Boston and mine..
633,395
209,858
combined net earnings of your corporation and its subsidiary companies,
Notes payable (4% notes
call.for redemp.Feb. 17) 4,134,000
including estimated earnings from Mexican Navigation Co., has amounted
428,905
Reserve for smelting,Ac. 1,466,674
10 a sum equal to about 65% on your outstanding prof, stock, or 60% on
your common stock, after meeting interest, depreciation, insurance and all
$1,286,837
$529,370
Total liabilities_____ $6,739,263
$726,265 other operating charges. Out of the net earnings of your corporation for
Balance of assets_____$10,758,602 $8,256,446 $6,902,866 $6,553,964 the fiscal year ended Dec. 31 1916, four dividends, aggregating 5% on the
outstanding pref. and one dividend of 5% on the outstanding common
x Includes In 1916, cash, $1,303,534, and cash at foreign banks and ac­ stock, have been paid.
counts receivable, including copper and sliver sold but not delivered,
Outlook. —Thus far in the year 1917 the volume of earnings is substan­
$10,139,474.
above that of the corresponding period of the year 1916; profits for
Capital stock Is $2,500,000. In $25 sharos, of which $12 per share paid In. tially
January
a decided improvement over Jan. 1916, but because of a
Total dividends paid to Dec. 31 1916, $136,750,000.— V . 104. p. 1047, 364. necessity show
of chartering at very high prices in order to take care of the busi­
ness between this country and Cuba, which, thus far, has been irregular
and to some extent disappointing, and because of the uncontrollable costs in
Associated Oil Co., San Francisco and New York. nearly all directions, the net outcome of the business of the year 1917 Is
difficult to foresee. The operating expenses from Jan. 1 1917 will be
(Report for Fiscal Year ending Dec. 31 1916.)
charged with moderate increases in regular depreciation accounts.
S h ip s Sold —B uilt, & c . —In 1916 we sold two of our ships—the Satilla
P res. W illia m Sp rou le, San F r a n ., M a r . 2 8 , w rote in su b st.: and
the Ogeechee, for $1,146,000 net. These two ships were carried on
R esults. —The combined report of Associated Oil Co. and Its proprietary
the books at $358,000, so that the net profit of $788,000 was transferred to
companies (viz.. Associated Oil Co. of Nev., Associated Supply Co., profit and loss and Is included in the item of sundry credits in tho income
Associated Water Co., Bakersfield Iron Works and Arlca OH Co.) for tho account. Your corporation also built 7 new freight ships costing over
year 1916 shows a balance, surplus, after taxes, bond Interest and deprecia­ $2,700,000. Of these, steamships Manta, Sioux, Ozama and Philadelphia
tion reservo ($2,359,107) of $3,198,389.
have been chartered to the Clyde SS. Co., and steamships Panuco and
This report also embrace? results of operations of the following companies Cauto to tne N. Y. & Cuba Mail SS. Co. Upon opening of navigation in
in which your company Is Interested through stock ownership: Amalga­ St. Lawrence River, SS. Carib, now detained at Murray Bay, will be
mated Oil Co. and proprietary companies, Sterling Oil A Development Co., delivered and chartered to Clyde SS. Co. Two additional freight ships
Pioneer-Midway Oil Co. Consolidated, West Coast Oil Co., California were also contracted for during the year, to be delivered next October, and
Coast Oil Co., Pantheon Oil Co. and Associated Pipe Line Co.
will cost about $550,000 each. Also during past month an order has been
F in a n ces. —Tho balance sheet shows that curront assets exceed current
given to the Newport News Yard for two large freighters, suitable for foreign
liabilities by $4,640,347, of which $1,634,668 Is cash on hand. Funded trade, for delivery in 1918, at a cost of about $1,250,000 each. When all
debt outstanding decreased from preceding year $1,032,000.
of these ships have been delivered, your corporation will own a fleet of 14
Developm ent and P roduction .—Wells drilled during year,J116;dlvldedasto
freight ships of over 56,000 d. w. tons, all free of encumbrance.
fields, Kern, 70; Midway, 20; McKittrick, 3; Lost IIllls, 23. Oil produc­
During Oct. 1916 the Henry R. Mallory, a combined freight and passen­
tion during year was 7,167,667 bbls., an Increaso of 1,766,938 bbls. over ger steamship, costing about $950,000, was delivered to Mallory SS. Co.,
1915. Owing to Increased demand for fuel and refined oils, an actlvo drill­ for operation between New York and Galveston. The steamship Brazos
ing campaign Is being maintained.
has been sold by the Mallory SS. Co. to the N. Y. & Porto Rico SS. Co.
Property A cq u ired .—Tho following properties were acquired for purpose
Two combined fast freight and passenger steamers, costing about $1,500,000
of securing production to take caro of company’s present and futuro re­ each, are now being built by the Cramp Yard at Philadelphia, for the
quirements:
,
N. Y. & Cuba Mail SS. Co., for service between New York and Havana.
(A) P rod u cin g.—(1) Coallnga field: Aztec loaso, 40 acres; Shawmut The Clyde SS. Co. has added to its fleet the freighter SS. Norfolk during
Oil Co., 60 acres; Arlca Oil Co., 160 acres, and Pantheon Oil Co., 120 the year at a cost of over $290,000, and 49 lighters, casting about $375,000,
acres. (2) Midway field: Mount Diablo lease, 160 acres.
have also been added to the equipment of the various companies.
Slnco Jan. 1 1917 acquired entire capital stock of Casmalla Syndicate,
M ex ica n N avigation C o . —In Aug. 1916 your corporation purchased 2,379
which holds under lease 1,800 acres of proven oil land In Santa Marla field. shares, out of a total of 4,500 shares, of the Mexican Nav. Co., for $1,534­
(B) N o t P rod u cin g.—(1) Lost IIllls field: Rosario Oil Co., 800 acres; (2) 863- These shares, together with 1,000 shares owned for several years by
Kern field, 320 acres; and (3) Santa Marla field, leasehold rights on the Pez- the N. Y. A Cuba Mall SS. Co., constitute a 75% ownership in the com­
zonl property consisting of 1 , 2 2 0 acres.
pany, which operates 9 passenger and freight ships between the eastern coast
Since Jan. 1 1 9 1 7 , mineral rights havo been secured on following oil lands, of Mexico and New Orleans.
aggregating 12,188 acres In Santa Mari field; Wickenden Ranch, 2,735
Owing to the unsatisfactory condition of affairs in Mexico it has been
acres; Ord Peshlne Ranch, 1,210 acres; Zaca Ranch, 4,243 acres; and Corral Impossible to get the accounts of this company.
de Quati, 4.000 acres.
F in a n cia l. —The happy financial result of the operations of your com­
Refined Oil D istributin g S tations .—There was expended $267,517 for ad­
in its Important subsidiaries has enabled them to make all payments
ditional distributing stations and equipment as follows: (A) Distributing pany
date on account of steamship construction, both completed and under
Stations: Arbucklo, Corning, Galt, Hanford, Madera, Nordhoff, Oxnard, to
way,
without
having to sell any form of securities to the public. In addi-’
Porterville, Reno, Selma and Uklah; and (B) Service stations: San Jose (31 tlon, during 1916,
there were bought by the various companies bonds of
and Oakland (5). .
their own issue, to an aggregate par value of $1,936,000. Included in these
Refineries and P ip e L in e s . —Demand for refined products warranted fur­
purchases
was
the
entire
outstanding $890,000 bonds of the Brunswick SS.
ther additions to facilities at Avon Refinery. For this purpsoe expenditures Co., which had been assumed
by your corporation, which bonds after pur­
amounted to $419,287.
chase were canceled, and the two Brunswick Steamship mtges. discharged.
On
the
steamships
under
construction
on Dec. 31 1916, there was due to
I N C O M E A C C O U N T OF A S S O C . O IL & CO. & P R O P R IE T A R Y COS.
builders on uncompleted contracts about $3,600,000.
Calendar Y ea rs—
1916.
1915.
1914.
1913.
M e r g e r Prop osed. —On April 6 1917. a resolution was passed that a
Operating income
$21,094,849 $15,194,792 $14,743,274 $17,122,828 consolidation or merger of the subsidiary companies into this company be
Dlvs. from other than
At this writing the precise form and method to bo adopted in a
proprietary cos., &c..
569,057
623,879
801,401
748,865 made.
virtual consolidation of your company with the Clyde, Mallory, Porto
Rico
and
Mail steamship companies has not been definitely deter­
Total receipts........... $21,663,906 $15,818,671 $15,544,675 $17,871,693 mined, butCuba
any possible variation in method does not affect the substance
of what it is proposed to accomplish.
Operating
expenses-----$15,038,020
$10,778,474
$11,148,988
$13,
------------------------084,139
............ i ., < n M ru 'f
/ / 0711
M/-v 1 a a
r n 1 rxrr
> f 1
11
Miscellaneous
interest-.
77,970
70,109
56,127
28,652 C O N S O L I D A T E D I N C O M E A C C O U N T FO R Y E A R S E N D E D D E C . 31.
247,468
167,578
167,113
136,798
Taxes...........................
(Incl. Clyde SS. Co., Mallory SS. Co., N. Y. A Cuba Mail SS. Co.,
020,790
748,407
764,402
784,254
Interest on bonds.........
122,162
151,293
90,518
91,367 Companla Cubana de Navegacion, N. Y. A Porto Rico SS. Co. of Maine,
Dlsc’t on bonds sold.Ac.
___________________
Depreciation
reserve— 2,359,107 1,984,805 2,052,774 1,924,071 U. S. A Porto Rico Nav. Cc., N. Y. A Porto Rico SS. Co. of N. Y., South­
Dividends.................. (4)1,590,287(4^)1789095 (3)1,200,000 (3)1,200,000 ern SS. Co.. International Shipping Corp., Jacksonville Lighterage Co.,
Tampa Towing A Lighterage Co., Clyde SS. Term. Co., Carolina Term.
Total deductions___$20,055,804 $15,689,762 $15,479,922 $17,249,281 Co., San Antonio Docking Co., San Antonio Co., Santiago Term. Co.,
$128,909
$64,753
$622,412 Santiago Warehouse Co., Wilmington Term. Co., and excl. Mex. Nav. Co.)
Surplus for year...........$1,608,102
Y ea r 1916. S ince Start'a
Tailings treated (tons)------------------------------------- 545,727
727,459
21.06
21.24
Pounds per ton In material treated------------------- Pounds copper saved per ton----------------------------9.92
_9.62
Pounds copper produced______________________ 5,412,649
6,995,451
Cost per lb., excluding smelting and selling_______
4.58c.
4.39c.
501/t A n n iv ersa ry. —On July 15 1916 the 50th anniversary of the opening
of the mine was celebrated.
,
,
,
B onus C on tin ued . —On Pec. 13 notices were posted announcing that the
10% premium now In force would bo continued until July 1 1917, and that
from Jan. 1 to July 1 1917 a 50-cent bonus for each day worked will be paid
employees on regular pay days (as against the 25-cent bonus in force from
July 1 to Dec. 31 1916).
.
Seneca Shares S old. —On Dec. 23 1916 this company sold its 11,207 shares
of the Seneca Mining Co. for $60 a share, receiving therefor $672,420, other
shareholders for a reasonable time being offered the same terms.




A S S O C . O IL C O . & P R O P R IE T A R Y CO S. B A L . S H E E T D E C .

Assets—

THE CHRONICLE

15 9 0

1916.
8
Net opor. lnc.10,481,251
Other incomo. 284,352
Gross inc..10,765,603
Bond & note
interest, &c. 1,409,784
Add’l deprec’n 237,649
Rentals, &c._ 883,503
24,694,719 16,610,173 Total ded’t'ns 2,530,936
Net oper. inc.10,481,251 4,790,301
Net income. 8,234,667

1916.
S
Operate rev.35,175.970
Ded. Maint..
incl. deprec’n 3.113.620
Traffic_____
655,829
Transport’ll.. 15,451,089
General_____ 1,893,080
Charter......... 3,460,808
Taxes...........
120,292

1915.
S
4,790,301
415,755
5,206,057
1,468,244
225.585
848,749

1915.
$
21.400,474
2,332.914
578,479
11,209,804
1,446,075
956,788
86,112

2,542.578
2,663,479

C O N S O L . P R O F I T A N D L O S S A C C O U N T FO R C A L E N D A R Y E A R

1916.

Balance Jan. 1 1916___ $6,708,553 Preferred dividends (5%) $748,995
748,170
Sundry credits....... ....... 1,279,420 Common dividend (5%) Divs. on sub. cos. stock
not held by A. G. W. I.
.49,386
Total......... ...............$7,987,973
Income, as above........... 8,234,667
Surplus, per bal. sheet $14,676,089
Total......................... $16,222,640
C O N S O L . B A L A N C E S H E E T D E C . 31 1916 (S E E C O M P A N I E S A B O V E ).
L iabilities (Total, $83,080,201)—
A sse ts (Total, $83,080,201)—
Marine equip., incl. pay­
Common stock________$14,963,400
ments acc t ships under
Preferred stock_______ 14,979,900
construction ............... $24,264,346 Stocks of sub. cos. not
Term. prop. & equip’t,
not held by A. G. W. I.
369,900
equities in term., &c._ 3,694,712 Collateral trust bonds__ 12,OOO,00O
Cash held by trustee___
814,606 1st M. 5s of subsid. cos.. 14,962.000
Investments__________
2,070,533 U. S. & Porto Rico Nav.
128,000
Goodwill, franchises, &c 41,695,449 Co. bonds__________
40,000
185,088 Mtges. over real estate..
Inventories.................
Notes receivable______
44,816 Accounts payable_____ 1,520,744
289,847
Accounts receivable____
749,935 Interline freight balancos
Agents’ balances______ 1,371,039 Unoarned passage money,
99.614
balances
"Interline
" freight
‘
96,262 &c________________
623,971
Ships' accidents, &c___
461,945 Accrued interest______
187,571
Claims in suspense_____
129.059 Preferred dividends____
748,170
Unexpired insurance___
200,364 Common dividend_____
Prepaid rents_________
23,958 Open voyage acc’ts, &e. . 2,771,571
79,182 Depreciation reserve___ 4,017,158
Market stocks & bonds. .
702,266
Cash for coupons...........
541.925 Sundry reserves.............
Cash for preferred div__
.187,157
. . __ Profit and loss____ .___ 14,676,089
Cash on hand, &c_____ 4,795,219
Open voyage acc’ts, &c__ 1,674.604
C A P IT A L IZ A T IO N — A T L A N T I C G U L F A W E S T IN D IE S SS. L IN E S
A N D S U B . C O S . D E C E M B E R 31 1916.
Ow ned.
Outstanding.
Capital Stock —
A u th orized .
Iss u e d .

A.G.& W.I.SS.Lines—
Preferred.................. $20,000,000 $20,000,000 $5,020,100 $14,979,900
Common................... 20,000,000 20 , 000,000 5,036,600 14,963,400
92,550
7.000.
000
6,907,450
Clyde SS. Co................ 7.000.
000
6,898.050
101,950
Mallory SS. Co............. 7.000.
000
7.000.
000
Comp. Cubana do Nav. 2 .000 . 000 1,287,500 1,287,500
280,250
844,750
do Mexicana do *1,125,000
1,125,000
77,100
N.Y.&CubaMailSS.Co. 10, 000,000 10, 000,000 9,922,900
4,000.000
N.Y.&Porto RicoSS.Co. 5,000.000 4.000.
000
98,300
749,700
Miscellaneous________ 1,148,000
848,000
Total....................... $73,273,000 $71,260,500 $40,667,050 $30,593,450
A u th orized .

Iss u e d .

Canceled.

Ow ned.

Outstand’g .

Bonded Debt—
$
$
$
$
$
A.G.&W.I.SS.Linesl5,000,000 13,000.000 _______ 1,000,000 12,000,000
Clyde SS. Co........ 6,000.000 5,793,000 1,602,000 623,000 3.568,000
Mallory SS. C o ... 6.000,000 4,991,000 1,327,000 725,000 2.939.000
N.Y.& CubaM.SS. 12,000,000 10,826,000 3,488,000 1,250,000 6.088.000
N.Y.&PortoRicoSS 5,000,000 2,968,000 1,119,000 522.000 1,327,000
128,000
U. S. & P. R. Nav. 3,000,000 1,946.000 1,761,000
57.000
535.000
Carolina Term. Co. 1,000,000
700.000
60,000 105,000
505.000
Clyde SS. Term.Co 700,000
635.000 100.000
30.000
40,000
Wilmington Ter.Co
50,000
50,000
10,000
Yoo',665
San Antonio Co
250,000
100.000 ...............
Total................ 49.000,000 41,009,000 9,467,000 4,412,000 27,130.000
—V. 104, p. 1492. 766.

La Belle Iron Works, Wheeling, W. Va.

(Report for Fiscal Year ending Dec. 31

1916.)

President R . C . Kirk says in substance:
Ore Prop erties. —The total production was 352,803 gross tons of ore, an
Increase of 4.4% over 1915.
Beehive Coke Prop erties. —Your beehive coke properties were operated at
capacity, producing 112,986 net tons of coko, a decrease of 12.4%, influ­
enced by tno inadequate car supply during the last two months of the year.
C oal. —Your Steubenville mine was operated continuously, producing
165,289 net tons of coal, or an increase of 2.6%. Arrangements were made
lato in 1916 for the reopening of your Wheoling mine, which mine, by
Dec. 31 1916, was practically supplying the needs of your Wheeling plant.
M a n u fa ctu rin g P la nts. —The demand for our products was such as to
admit of operations being carried on at capacity throughout the year: In
fact, production could not keep paco with demand, prices increasing to a
point beyond previous price records for finished steel products. Your
open-hearth steel production for the year exceeded the production of any
similar period in the history of the company.
TO N N AG E PRODUCED

( I N GR O SS T O N S ) .

1916. 1915. I
1916.
1915.
Pig iron..................257,623 169,836 Billets and slabs___ 350,426 284,089
Ingots................... 416,783 327,8361 Finished goods____ 416,827 376,434
The average number of employees during the year was 3,804, the pay-roll
aggregating $4,033,355, or an average of $1,060 for each employee.
Oil Produ ction . —The oil production was 2,824 bbls., the output now
being about 200 bbis. per month.
tfeB y-Product Coke P lant.—The progress made in tho construction of your
94 1234-ton Koppers by-product coke ovens was disappointing, but It is
now expected that the ovens will be in operation by March 1 1917.
Ohio River B ridge. —This bridge, connecting the properties of your com­
pany at Steubenville, O., with your Brooke County, W. Va., properties,
will, it is expected, bo completed by May 1 1917.
W heeling W o r k s. —Real estate adjoining your property was acquired, on
which was constructed a gas producer plant, consisting of buildings and six
gas producers, together with the necessary tracks.
La Belle Coke C o . —At your mines located at La Bello, Pa., tho necessary
equipment for tho shipping of coal by river, namely,tho construction of ico
piers, trestlo and tho necessary dredging of the harbor, was cpmpleted
during the year, and work in connection with tho remodeling of your
washer and screening station was in progress. It Is expected that washod
coal can be shipped from this mine to your by-product coke plant in
Brooke County, W. Va., by rivor, commencing April 1.
Bond I s s u e . —Tho disposition of bonds, referred to in the last annual
report, was carried out in accordance with tho plan outlined, and on June 1
1916 the 1st M. 6% gold bonds were called for redemption and mortgage
canceled (V. 102, p. 607, 613).
Reserves. —-Adequate provision was mado for all ore and coal land deple­
tions, and ample roserves provided for relining, rebuilding and contingent
fund purposes, including provision for inventory reserve, adjustments, &c.,
of $1,000,000. In addition to this, it will bo observed that $1,037,900 was
expended during the year upon maintenance and repairs, being charged
against tho year's profits, in comparison with $665,300 for 1915. Tho
reserve for genoral depreciation has rocolved a further appropriation of
$500,000, thus bringing the total reserve for this purpose to $2,117,496.
D ivid en d s. —There was paid during tho year in cash dividends $1,289,002,
being 13% on tho outstanding pref. stock, 5% of which liquidated tho
accumulation of back dividends (V. 103, p. 1415, 2082). There was also
declared a dividend of 1%, amounting to $99,154, on tho common stock,
payable Jan. 31 1917 (V. 103. p. 2082, 1415).
General. —Business booked at remunerative prices will engage your ca­
pacity for month.s to come, and tho outlook can be considered promising.




[Vol. 104

31.
1916.
1915.
1914.
1913.
Shipments.................... $19,698,155 $11,352,724 $9,407,546 $12,165,328
Net earnings_________ x$6,434,318 $1,281,492
$588,812 $1,926,447
Exhaust, of minerals, &c
260,214
253,758
209,899
297,299
_______
_______
_______
Accidents, contlng., &c206,185
$378,913 $1,629,148
Profits for year_____ $5,967,919
$1,027,734
$115,686
Interest on bonds_____
$209,166
$105,668
$99,860
Inventory reserve, &c._ 1,000,000
Disc. & prem. on bonds.
270,151
Pref. divs. (cash)..(13%) 1.289,002 (4)396,616 (7)694,078 (8)793,232
(34)49,577 (2)198,308
Common divs. (cash)..(1%)99,154
Total......................... $2,867,473
$496,476
$849,323 $1,107,226
Balance, surp. or dof-sur.$3,100,446sur.$531,258dof.$470,410sur.$521,922
Surp. beginning of year.
3,056,318 2,775,060 3,245,470 2,973,548
T o ta l..-................. $6,156,764 $3,306,318 $2,775,060 $3,495,470
Depreciation.............. .
500,000
250,000
.............
250,000
Total surp. end of year $5,656,764 $3,056,318 $2,775,060 $3,245,470
x After deducting in 1916 charges for maintenance and repairs of plant
of approximately $1,037,900 (against $665,300 In 1915), and adding other
income, $26,182.
B A L A N C E S H E E T D E C E M B E R 31.
1916.
1915.
1910.
1915.
Liabilities—
Assets—
S
S
S
S
Preferred stock__ 9,915,400 9,915,400
Land, bldgs.,plant,
machinery, &cd
.24,835,810 22,576,420 Common stock__ 9,915,400 9,915,400
___ 1,586,500
198,412 1st M. 6% bonds.
Investments (cost)i 167,372
Sink, fund deposit
6,500 1st &Ref. M. bds- 3,242,500
l
Wages, taxes and
Cash for red'
royalties accrued 438,810 303,476
of bonds..
. 20,475
502,881
Accounts payable- 783,337
Deferred chargesi
21,548
11,830
to operation__.
25,652
52,350 Accrued int., &c..
Inventories........ . 4,549,008 3,338,752 1st M. 6s called for
redemption___
20,475
Accounts & notes1
168
99,154
. 2,460,788 1,562,975 Dividends unpaid. 2,937,102
483,764 Depr., Ac., funds.b4,902,910 2,807,198
Total surplus___ 5,656,704 3,056,318
.34,996,297 28,219,172 Total............. 34,996,297 28,219,172
b Reserve funds include: For general depreciation, $2,117,496: exhaus­
tion of minerals, $1,400,070; for ro-lining furnaces and rebuilding furnaces,
$155,892; for accidents and contingencies, $229,451, and for futuro fluc­
tuations in prices, &c.. of raw materials and supplies, $1,000,000.—V. 104.
p. 1149.
R E S U L T S FO R Y E A R S E N D I N G D E C E M B E R

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS,
Birmingham Ensley & Bessemer RR .—Completion

Reorganization.—Tho

of

reorganization committee, C . II.
Zentler, Chairman, gives notice that the reorganization of
the company (per plan N o . 1, dated Sept. 15 1915, V . 101,
p. 1013) has been completed, the properties sold at fore­
closure have been conveyed to the now company, which is
known as Birmingham-Tidewator R y . C o ., and bonds of
that company are ready for distribution.

The stock of said Blrmingham-Tidowater Ry. Co. has boon transferred
to Birmingham Ry., Light & Power Co. in consideration of the guaranty
by said last named company of tho paymont of the principal and interest
of the bonds of the new company held by tho Commlttoe.
Upon surrender to Empire Trust Co., depositary, 120 Broadway, N. Y.
City, of deposit certificates duly ondorsed in blank, depositors will receive:
(1) 1st M. 5% 30-year gold bonds of Blrminghain-Tidowator Ry. Co.,
dated Jan. 1 1916 (scrip certificates for odd amounts loss than $500), with
coupons maturing July 1 1917, and all subsequently maturing coupons
attached of a face amount equal to 50% of tho bonds represented by said
certificates of deposit. (2)Cash equal to tho interest on said new bonds
(or on said scrip) for the year 1916, representing coupons maturing July 1
1916 and Jan. 1 1917-—V. 103, p. 1592. 937.

Birmingham Ry., Light & Power Co.— Guar.

Bonds.—

Seo Birmingham Ensley & Bessemor RR. abovo.—V. 104, p. 1488, 1144.

Birmingham-Tidewater Ry.— Guaranteed Bonds.—

See Birmingham Ensley & Bessemor RR. abovo.

Boston & Maine R R .— Interest

Payment.—

Judgo Morton in tho U. S. District Court at Boston on April 18 authorized
James II. Hustis, receiver, to pay the interest on $2,000,000 notes of the
Connecticut River RR.

Legislation to Permit Reorganization.— Tho New Hampshire
Legislature has passed the bill to enablo the company to put
through tho reorganization recently proposed.

Tho Committee on Railroads of the Massachusetts Legislature has ap
proved tho proposed bill to extend until July 1 1917 tho tlmo within which
reorganization and consolidation of tho system can bo effected.
The stockholders of the Manchester & Lawrence RR. havo voted “ almost
unanimously’’ In favor of the new plan approved by tho other leading
leased lines, tho directors and also, It is understood, tho majority stock
interests. Compare V. 104, p. 1144, 1386.

Brazilian Traction, Light & Power Co.— Divs.

Passed.

A press report from Montreal on Apr. 20 states that the directors have
decided to omit the dividend ordinarily paid on tho common stock Juno 1
and that they will probably not resume payments this year.—V. 103, p.1686.

Bristol (Va.) Traction Co.— Bankrupt.—

Judge Ilenry C. McDowell in the Federal Court at Bristol, Va., on April 9
adjudged this company a bankrupt. It was recontly placed In receiver’s
hands.—V. 103. p. 2237.

Canadian Pacific Ry.— Exchange of Collateral Trust Bonds
for Benefit of British Treasury Indefinitely Postponed.-—Pres.
Lord Shaughnessy has issued the following:

The proposed Issue of collateral trust bonds was entirely at tho Instance
and for tho benefit of tho British Treasury. Tho company would reap no
benefit whatever but felt it a duty to glvo such financial co-operation as
was possible In present circumstances. Had tho issue been mado the com­
pany’s loan of credit and cash to the Exchequer of tho empire would have
approximated $250,000,000. The transaction has boen postponed Indefi­
nitely because new conditions resulting from the ontranco of the United
States Into tho war havo mado other financial plans moro desirable. Com­
pare V. 104, p. 1488, 1483, 1387.

Central Ry. of Canada.— Time

Extended.—

Tho Exchequer Court has rofused tho application for a receiver for this
company and lias given it until July 1 next to complete its plan of reorgani­
zation. The consent of 72% of the bondholders has been secured and the
directors aro stated to bo quite confident that tho full 75% necessary will
bo obtained before July 1.—V. 104, p. 559.

Chicago Kalamazoo & Saginaw Ry.— Earnings.—
Calendar
Year —■

G ross.
R evenue.

N e t (after
T a xes).

Other
In c om e,

Interest
and R ents.

Balance,
S u rp lu s.

1916_________
$223,099 $77,508
$6,643
$70,652
$ 13.499
73,799
5,632
65.493
13.938
1915 ......... - ........ 201,954
Profit and loss debit balance, Dec. 31 1916, $410,850.—V. 102, p. 2253.

C in cin n a ti N orth ern R R .—
Calendar
Yea r —

101(5

Operating
Revenues.

N e t (after
T a xes).

Earnings.—

Other
In c o m e .

Fixed
Charges.

nivs.

B alance,
S u rp lu s.

1 5 % ).

. SI,909,947 $527,172 CV.S10.921 $185,471 $90,000 $268,022

1915 ............ 11628,041
— V . f04. p. 763.

352,212 Deft.21,949

139,588

.

190,075

C in cin n a ti Street R ailw ay C o . —Popular Vote Ratifies
Modification of Franchise with Lease of Proposed Municipal
Rapid Transit Loop and Entrance into City for Suburban Lines.
— The voters of Cincinnati on Apr. 17, by a vote of 30,137 to
14,189, ratified tho franchise and lease ordinance previ­
ously enacted by the City Council and approved by the Rapid
Transit Commission and the Cincinnati Traction Co.
The ordinance (published in full in “ Cincinnati Enquirer”
of M ar. 16) modifies tho company’s 50-year franchise,
granted in 1896, as permitted at the end of 20 and 35-year
periods, respectively. Following aro somo of tho main fea­
tures of the new ordinance:

(a) Retention of 5-cent faro, with 3-cent fares for children, this fare and
the universal transfer featuro to extend also to the lines of the Cincinnati
Traction Co. operated under lease and tho proposed Municipal Rapid
Transit Loop.
(b) Construction by tho city at a cost of about $6,009,000 of a rapid
transit double-tracked loop 1544 miles in length, extending from Oakley
Station to Crawford Station, with no grade crossings, and thence bv a high­
speed surface line via Brighton, Fountain Squaro, Eden Park and Madison
back to Oakley; and tho lease of the loop to tho Cincinnati Streot Ry. Co.
(c) Application of tho recoipts of the system, including tho aforesaid
leased line:!, in such fashion that the Ohio Traction Co., as lossoo of the lines
of the Cincinnati Rapid Transit Co., shall bo allowed to earn each year up
to $416,000 (lacking only $9,000 of 5% on its $8,500,000 prof, stock), before
any division of profits with tho city (or payment by wayof rental for lease
of municipal loop), the common stock up to this point to depend for divi­
dends on the interest in tho Traction Building and tho Investment in the
Cincinnati Car Co.
(d) Provision for granting running rights to suburban linos desiring en­
trance into city.
(e) Possible acquisition of surfaco system at agreed prico ($20,238,950
plus any reducible debt outstanding, including any securities issued with
city’s approval, less amortization fund), or by condemnation.
(/) Revision of all terms in 1931.
,,,
,, ,
[l*or further particulars see "Electric Railway Journal of N. i .for April 7.
1917.] Compare V. 104, p. 72.
R y . —Plan Abandoned—Foreclosure
bondholders’ committee, James N .
Wallace, Chairman, gives notice that the amount of bonds
deposited (only about 6 0 % ) and of the payments received
under tho plan of reorganization dated March 15 1917, has
not been sufficient to enablo the committee to carry tho same
into effect, and that the committee has therefore determined
to abandon the aforesaid plan (V . 104, p. 1145):
C o lo r a d o

M id lan d

Expected to Proceed.— The

Depositing bondholders may withdraw their bonds on payment of a sum
equal to seven-tenths of ono per cent of tho principal amount of their hold­
ings to cover the expenses (but not any compensation) of tho committee,
anii will also receive back without interest any sums paid on account of the
purchase price of new stock.
One element In tho situation which has delayed readjustment proceedings
Is that about $1,500,000 bonds aro held in London and tho British Treasury
has refused to allow English holders to pay the $200 per bond assessment.
Tho total amount of tho bonds outstanding is $9,532,000.
Application will be made on behalf of tho committee to the U. S. District
Court for the District of Colorado, where tho suit for the foreclosure of tho
First Mtge. of the railway company is pending, for an adjournment of the
salo of the property of tho railway company under the foreclosure decree,
but the committee does not expect that said application will be granted,
as it is advised that the court has previously declined to grant any adjourn­
ment of the sale, which has been advertised to be held on April 21 1917.—
V. 104, p. 1145, 951.
C olum bus (G a .) E lectric C o .—
Calendar
Years —

Gross
E arnin gs

15 91

THE CHRONICLE

A p r . 21 1917.1

Earnings.—

N e t (a f t . Interest Sinking P ref. dies.
Balance
T a xes). Charges.
Fund.
(6%). S ur. or dcf.

at its New York agency, 55 Liberty St., or in Havana funds at Monte No. 1.
Havana, Cuba. Stock subscribed for will be Issued as of June 15 1917.
Fractional subscription warrants will pass by delivery and will be wholly
void and of no value, if not converted into full warrants June 12 1917.1
Arrangements aro contemplated with bankers (subject to the approval of
the stockholders at said meeting) for the underwriting of the subscription
and sale at par of tho entire increase of preferred stock.—V. 102, p. 2254.
In d ia n a H arb or B elt R R .—
Calendar
Y ea rs —

Gross
E a rn in gs.

Earnings.—

N e t (after
Other
Ta xes).
In c om e .

In terest,
R ents, A c .

Balance,
S ur. or D e f .

1916-............... $4,653,960 $1,415,104 $103,274 $1,368,233 sur.$150,145
1915 ------------- 3,458,052 1,133,376
93,642 1,296,099
def.69,081
—V. 103, p. 57,
K an sas C ity Mexico & O rien t R R .— Receiver.— Judge
Pollock, in the U . S. District Court at Topeka on April 17
appointed W . T . Kempner, of Kansas C ity, receiver of the
property on the application of a committee of bankers repre­
senting holders of the 2-year gold notes issued when the road
was sold under foreclosure.— V . 103, p. 2340.

K a n sas C ity N orth w estern R R .— Separate Plan Ap­
proved by Kuhn, Loeb & Co.— Extension of Offer.— The bond­
holders’ protective committee, representing 1st M . Series A
5s deposited under deposit agreement of Sept. 1 1915, an­
nounce substantially the following plan, default having oc­
curred Jan. 1916 as to the interest then due on the §1,0 24,0 00
bonds of this issue then held by the public:

1. fA new corporation (the “ Now Company” ) shall acquire:
(а) Property subject to tho lien of the First Mtge. of the Old Company.
(б) All of the bonds of the old company deposited under said deposit
agreement of Sept. 1 1915, under the First Sc Ref. Mtge. of tho Missouri
Facific Ry. Co., or under tho plan of reorganization of the Missouri Pacific
Ry. Co., as modified July 25 1916 (V. 103, p. 406, 493. 579; V. 101. p. 130).
2. The new company shall be capitalized for $1,400,000 (v. t. c.) common
stock (or its equivalent), and all said stock shall bo held in a voting trust
for not exceeding five years, with power to sell the same at such time or
times, and upon such terms, as shall be approved by a majority of the
trustees in their discretion, and pending such sale or sales to voto thereon.
3. Each depositor of the outstanding 1st M. bonds, Series “ A.” of the old
company shall receive for his bonds, if and when this plan and said modified
plan of reorganization shall bo consummated, the following for each $500
principal amount of said Scries "A” bonds: (a) $500 pref. stock (or v. t. c.),
or a like principal amount of incomo bonds of the new M is s o u r i Pacific t o . ,
under tho said plan of reorganization, as modified July 25 1916; (o) $250
stock v. t. c. of the “ now company;” (c) $12 50 cash with interest thereon,
representing Jan. 1 1916 interest on tho bonds of the old company.
4. Tho remainder of tho participation certificates shall be delivered, part
to tho Missouri Facific lty. reorganization managers, and part to the new
management who undertake tho operation of tho property.
.
5. All personal obligations and liabilities against the Missouri Facific lty.
Co., or its receiver or said reorganization managers, or the new Missouri
Facific RR. Co., in respect of the 1st M. bonds. Series “ A” and "B,” of the
old company transferred or acquired under this plan, shall be waived.
6. The new company shall grant such rights and assume such obligations
with respect to its Kaw Itiver bridge and the use of said bridge and its
tracks by the Chicago Great Western RR. Co. and others as this protective
committee may determine.
.
„
.... .
7. Tho plan of reorganization of tho Missouri Facific Ry. Co., as modified
July 25 1916. coupled with tills plan, is accepted, adopted and approved.
8. The conunitteo may in its discretion capitalize the now company for
loss than $1,400,000, provided tho ownership is divided between the Series
“ A” bondholders, said reorganization managers and the management of the
new company in approximately tho proportion shown by paragraphs 3 and 4.
9. Tho time for tho deposit of Series “ A" bonds is hereby extended to
and including May 22 1917.
„ ^
„
,
[Committee: Emile K. Boisot, James B. Forgan Jr., D. M. Cummings
and E. F. Swinney, with First Trust & Sav. Bank, Chicago, as depositary.]
Kuhn, Loeb & C o ., as of April 16, give notice that in order
to secure parity of treatment of depositors of such bonds of
Series “ A ” under this separate plan and under the plan of
reorganization of the Missouri Pacific R y . C o ., the firm, as
reorganization managers under the latter plan, have agreed
to deliver, if said plans shall be consummated.

(a) Voting trust certificates for 5% pref. stock of the new Missouri Facific
1916 ............$881,354 $530,121 $303,415 $40,160 $72,000 sur. $114,546
1915--------- . 721,217 399,177 304,384 40,160 72,000 def. 17,367 RR. Co. in an aggregate par amount equal to tho aggregate principal amount
of such bonds of Series “ A” deposited under said deposit agreement and not
—V. 103, p. 320.
H
withdrawn, and (6) to said protective committeo for distribution among
Connecticut River RR.- -Interest Payment.—
tho holders of its certificates of deposit an amount in cash equal to the
Soo Boston & Maine RR. abovo. -V. 104, p. 1387, 763.
semi-annual installment of interest due Jan. 1 1916, upon said bonds, with
interest on said installment; subject, however, to the reservation of all
E a s t e r n T e x a s E l e c t r ic C o . B e a u m o n t & P o r t A r t h u r , powers conferred by said modified plan.
The time within which additional bonds of said Series A may be de­
T e x .— Additional Bonds Offered.— Stono & Webster are posited
under said modified plan of reorganization of tho Missouri 1 acific
offering at 9 2 ^ and int. to yield about 5 .5 5 % , $600,000 Ry. is hereby extended to May 22 1917.—V. i04, p. 863.
First M tge. Collateral Trust 5 % gold bonds of 1912 due
M a y 1942, making tho total amount outstanding § 1 ,6 4 0 ,­
000. A circular shows:
•

The prococds from the sale of those $600,000 of bonds will provide for the
payment of tho company’s present floating debt amounting to $90,000;
tho installation of a 5,300 h. p. turbine at Fort Arthur and tho construction
of a 33,000-volt transmission line from Fort Artnur to Beaumont. The
authorized amount of these First Mtgo. Coll. Trust 5s, duo Nov. 1 1942, is
not limited, but further bonds can be issued only under restrictions. The
co. also lias outstanding: (a ( Beaumont Trac. Co. First Mtgo. 5s (closed),
duo April 1 1943, $300,000; (6) Throe-year 6% Coupon Notes, duo Dec. 1
1918, $500,000; (c) Fref. stock, 6% cum. (par $100). $1,400,000; (d)
Common stock (paying dividends of 5% per annum), par $100, $1,400,000.
Earnings fo r Calendar Yea rs 1909 to 1916 and Year ended. Feb. 28 1917.
Year—
1909.
1911.
1913.
1915.
1916.
1916-17.
Gross ...-$302,520 $433,901 $502,225 $723,091 $826,313 $848,404
Net earnings (after operating expenses and taxes)__________
394.105
Interest on outstanding bonds, including those now offered___
97.000
Present not earnings four times bond interest charges. Compare V. 101.
p. 1972; V. 97. p. 1822.—V. 102, p. 2254.
H a r r is b u r g (P a .) R a ilw a y s .—
Calendar
Y ea rs—

Gross
E a rnin gs.

1916.......... $1,015,004
1915...........914,936
—V. 101, P- 1272.

N e t , after
T axes. A c .

$209,084
187,819

Earnings.

Other
In c o m e .

$18,797
16,765

Bond
In terest.

$148,608
147,957

N et
I n com e

$79,273
56,627

H a v a n a E le c t r ic R y ., L ig h t & P o w e r C o .—-$6,000,000

New Pref. Slock to Retire §6,0 00,0 00 Underlying Assumed
Obligations.— The shareholders will voto M a y 17 on increasing
tho pref. capital stock from §15,000,000 to §21,000,000 in
order to provide funds for the retirement, at par and int., of
the §6,000,000 6 % General Consolidated Obligations of the
former Compania de Gas y Electricidad de la llabana, which
wero assumed by tho Havana Electric lt y ., L t. & Power C o.,
and which constitute a lien upon its property prior to tho lion
of its General Mortgage bonds. Pres. F . Stoinhart, in cir­
cular of April 12, says in substance:

In case the preferred capital stock bo increased, lt is proposed that tho
privilege should be given to each stockholders of record of either preferred
or common stock at the close of business on May 28 1917 to subscribe for
his proportion, being 20% of his holdings of both preferred and common
stock, at the rate of $100 par per sharo. Subscriptions must be filed and
paid on or before Juno 15 1917 to the company cither In Now York funds




Lake Erie & W e ste riL R R .—
Calendar
Y ea r —

Operating
R evenues.

N e t (.afterj
T a xes).

Earnings.—

Other * Bond
Other I n t ., Balance,
In c o m e . In terest. R e n t s ,A c . S u rp lu s.

1916 ...... $7,404,184 $2,410,960 $126,438$543,750 $473,681 $1,519,967
1915 ......... 6,239.647 1,445,241 126.562 543,750 511,503 516.550
—V. 104. p. 256.
Leh igh V alley T ra n sit C o .—

Listed.—

The Philadelphia Stock Exchango lias listed Girard Trust Co. deposit
receipts issued against $95,000 additional pref. stock and $47,550 additional
common stock deposited under agreement of Feb. 7 1917. making tho total
pref. receipts listed $3,302,350 and common receipts $2,250,500. repre­
senting a like amount of pref. and common stock deposited to April 12 1917.
See plan, V. 104, p. 764, 1146.
—.
M a h on in g C oal R R .—

Earnings.—

1916.
1915. I
Total income.$1,729.410 $1,322.176 Fref. divs. (5%)-Maint., Sec__
3,003.
2,990 Com. divs. (50%)
Interest____
75,000
75,0001 Balance, surplus.
—V. 102. p. 2077.
C al. Y ea rs—

1916.
$33,068 $33,068
750,000 750,000
868,338 461,118

M issouri K a n sas & Texas R y .— Report by Receiver Schaff
Less Favorable Than the Report by J. Ik. Kendrick.— Charles
E . Schaff, former President and now Receiver of the property,
has made a lengthy statement to Hallgarten & Co. and J. &
W . Seligman & C o ., the Reorganization Managers, stating
his reasons for believing that the report of J. W . Kendrick,
cited in V . 104, p. 664, 656, is too optimistic both as to the
probable growth of earnings and the saving in cost of opera­
tion that may be expected to follow physical rehabilitation
and improved methods of operation.

Digest of Report by Charles E. Schaff, Receiver, St. Louis, Mar. 10 ’17.
Mr. Kendrick reaches two very important conclusions: h r s t , that $10,­
000,000 can bo economically expended upon tho property during the next
two years; and, secon d, that tho property can bo operated In 1920 for 64.7%.
In reaching this conclusion ho Indicates certain savings which can bo made
in various departments, and, in passing upon these questions. It will be
with the view or reaching what we believe to bo tho probable operating
ratio that can De obtained in the year 1920.
,
In my original budget I suggested an expenditure of $34,000,000 In four
years, which was later revised to approximately $16,000,000 in two years.
This latter figure 1 believe is absolutely necessary in order to meet the im­
mediate needs of the road, and should be apportioned as follows: $8,000,000
to road and shop facilities, and $8,000,000 for equipment of tbe following
character: Refrigerator cars, oil tanks, coal cars and box cars, lt should

1592

THE CHRONICLE

also be remembered that the cost of equipment, as well as material and sup­
plies, has very largely Increased since this recommendation was made.
[Having commented upon the sections of Mr. Kendrick’s report In their
order, Mr. Schaff draws the following conclusions.]
It would seem proper to recast Mr. Kendrick’s recapitulation of annual
savings, so far as applicable to 1920 as compared with 1915, as follows:
Probable A n n u a l Savings in Y ea r 1920 in Cost o f Operation Com pared with ’15.
Freight loss and damage__ $219,6841Discounting bills_________ $45,000
Personal Injury claim pay’s. 300,000]Fuel economy___________ 396,000
Transportation................. 268,0001Stationery and printing___ 10,000
Scrap reclamation............... 120,000|Motor cars......................... 70,000
Total saving in 1920__________________________________$1,428,684
L ess Probable In crea se in Cost A n n u a lly —
(a) Of ties, $137,987; (6) salaries and wages, $500,000; (c) freight
charges on company fuel, $450,000..................................... . 1,087,987
Net saving In expenses In 1920__________________________ $340,697
In the preceding table no allowance has been made for increased cost of
fuel and material used in the maintenance departments, which are to-day
46% higher than In 1915. Assuming, howover, that there will bo a reces­
sion in prices between now and 1920, we believe that It Is fair to assume that
material and supplies will cost at least 20% more in that year than they did
in 1915. It is very doubtful If prices for labor and material will be as low
as they were in 1915 for many years to come.
In constructing his hypothetical Income account for 1920, Mr. Kendrick
has, I think, over-estimated the probable gross earnings and under-esti­
mated the probable operating expenses. In arriving at the figure of $39,­
400,000, he has taken the average Increase for ten years without allowing
for the effect In earnings of the Increase of about 800 miles in operated mile­
age during that period. Allowing for this Increase In mileage, the earnings
for 1920 would not exceed $37,700,000, and this, In my judgment. Is more
likely to be the maximum figure. This figure Is $1,200,000 more than the
Coverdale & Colpltts estimate of earnings for that year, which estimate Is
as likely to be correct as either the one suggested by Mr. Kendrick or myself.
A careful study of the maintenance accounts indicates that If the property
had been normally maintained prior to 1915, and, If the maintenance ex­
penditures In chat year had been normal, the maintenance cost on tho level
of prices for material and labor then prevailing would have been $1,320 per
mile operated, or say $5,100,000. Labor costs have since Increased, and a
conservative estimate for 1920 will be 15% higher than prevailed In 1915.
Prices of material have increased 46% over 1915, but assuming that they
will be 20% higher in 1920 than they were In 1915, tho Increased cost of ma­
terial, including rail and ties, will bo $756,587, in the charges to operating
expenses. Upon tho above basis, the maintenance of way expenses for
1920 would be $6,397,087. Similar reasoning would placo maintenance of
equipment (Including depreciation, &c.) at $7,243,897; the transportation
expenses at $12,629,500, and the traffic,general and miscellaneous expenses
at $2,100,000. Applying then the estimated savings Indicated, we have
estimated expenses $28,370,484; less probable savings Indicated, $1,428,684;
operating expenses. $26,941,800.
In c o m e ’A ccoun t f o r 1920, Constructed u pon the Foregoing C om pu tation s.
1915.
1920 E sl'd .
1920 E s t'd .
1915.
$
$
$
$
Oper. revenue 32,900,000 37,700,000 Hire of equip. 186,498
None
Oper. exps— 22,968,000 26,941,800 Taxes______ 1.327,871 2 . 100,000
Oper. ratio...
69.8%
71.4% Rentals.net.. 643,556
700,000
Other deducs.
32,626
50,000
Net oper. rev. 9,932,000 10,758,200
Other Income. 215,000
200,000 Total deduc. 2,190.551 2,850,000
Inc. from oper.
Gross income-10,147,000 10,958,200 avail, for lnt.7,955,450 8,108.200
The above does not contemplate any economies to be secured from pro"
posed grade reductions.
It Is fair to assume that the M. K. & T. cannot be operated as cheaply
as the Northern Pacific or Soo lines. [The receiver states his reasons for
so believing.] The present abnormal conditions and the uncertainty of the
future make it exceedingly hazardous to attempt a forecast of expenses
and earnings three years In advance. The scarcity of labor will not only
make it difficult for railroads to secure labor even at greatly increased cost,
but will also materially affect the cost of agricultural products and manu­
factured materials.
The four labor organizations operating the trains will surely continue their
efforts to secure increased compensation, and will no doubt resort to ex­
treme measures to accomplish their purpose. If the Adamson Law is up­
held the wages will automatically advanco; If It Is declared unconstitutional,
the original demands will be immediately Insisted upon. Other employees
are becoming restless and frequent demands for increases In pay are made.
Slight advances have been made to clerks and other non-union labor and
much greater Increases must be made to this class of employees in order to
enable them to live under existing conditions. Thus expenses must neces­
sarily advance and net revenues decline.
There Is but little prospect of rates being advanced on a parity with In­
creasing expenses and It Is doubtful whether sufficient revenue can be se­
cured to meet tho high cost of living of the railroads.
H
Fa

More Hoveful View.— Other

interests say in brief:

Air. Schaff lays particular stress on the increased cost of coal, supplies
and wages, and does not expect that tho Inter-State Commerce Commsfsion
will grant any compensating Increase in rates. Mr. Kendrick estimated a
total saving in the cost of operation four years hence amounting to about
$3,500,000, but Air. Schaff expects to be able to save only about $340,000
at the end of that period. On the other hand, he thinks it is necessary
to spend on the property in the next four years about $34,000,000.
From his income account for 1920 it would appear that all that Mr. Schaff
expects to accomplish under his management in four years, after expenditure
of a large amount of new capital, is an increase In net earnings of $100,000,
making an operating ratio of 71 %, which Is largely in oxccss of what other
roads in the same territory are doing now. Tho Rock Island receivers, are
operating now at about 64% and the Kansas City Southern at about 60%.
In this connection it is interesting to recall that Coverdale & Colpltts,
who were selected with the approval of the old management, estimated for
1920 an operating ratio of 72%, and net earnings of about $9,700,000,
(without, however, suggesting any methods of improving operations), these
conclusions being based on statistics derived from the company’s perform­
ance xinder Air. Schaff’s presidency.
On the other hand. Air. Kendrick gives detailed reasons which lead him
to conclude: (a) That the system could bo operated more efficiently, so
that after a more moderate expenditure of new money for improvements
and betterments the operating ratio in 1920 should not be more than 64.7%;
(b)
that the gross earnings should reach $39,400,000, which, under proper
management, would afford net earnings applicable to interest and dividends
in 1920 of over $11,000,000, Mr. Kendrick figures, presupposes, of course,
that the railroads of the country will bo granted a reasonable increase in
rates such as is generally expected. Compare V. 104, p. 664. 656.—V. 104,
p. 1045, 764.
M issouri Pacific R y .—Assessments Payable—Time for
Deposit of Stock and Bonds Extended Till May 2 2 .— The plan
of reorganization, as modified July 25 1916 (V . 101, p. 130;
V . 103, p. 406), having heretofore been declared operative,
and the reorganization thereunder having been authorized
by the P . S. Commission of Missouri, holders of certificates
of deposit issued by the Central Trust Co, of New York or
Guaranty Trust Co. of New York, London, or issued or
stamped by Administration Office of Broes & Gosman,
Amsterdam, representing stock of the Missouri Pacific R y.
C o ., are notified by adv. on another pago that holders of fche
above-mentioned certificates of deposit are required to pay:

[V o l . 1 0 4 .

posited, and also by the General Alortgage 4% Gold bonds and v. t. c. for
stock of the new Allssouri Pacific Railroad Co., or scrip for tho same, and
other benefits to which the holders of such certificates of deposit would be­
come entitled by making their payments in full.

I

Such payments in the United States must be mado at the office of Central
Trust Co., 54 Wall St., N. Y ., In current New York funds, or at Mercantile
Trust C o., 721 Locust St., St. Louis, in current Now York funas.

The reorganization managers have designated June 1 1917 as tho date from
which such General Alortgage 4% Gold bonds shall bear interest.
The tlmo within which further deposits of stocks and bonds and assign­
ments of claims may be made under the plan and agreement of reorganiza­
tion aforesaid is extended to and including Alay 22 1917. After that date
depositors will not bo entitled to make such deposit or assignment there­
after except In the discretion of the reorganization managers, and upon
such terms as they may impose.
Separate

Plan.—

See Kansas City & Northwestern RR. above.—V. 104, p. 1146, 952.
M u n ic ip a l S e r v ic e C o .—

Purchase— Notes.—

This company, controlled by Boston and Philadelphia interests, tho main
office being located at 424 Land Title Building, Phila., Pa., is completing
negotiations for the acquisition of tho Youngstown & Suburban Ry. and is
expected to take over the property Alay 1. The latter company operates
20 miles of electric line and is now controlled by Boston & Youngstown
interests.
Compare offering of the First Lien & Collateral Trust Notes of 1917, of
which there are now $2,243,000 outstanding, in V. 104, p. 1387.
N e v a d a - C a lif o r n ia - O r e g o n R y .—Sale of 104 Miles of
the Boad— New Mortgage for Refunding, &c.—'This company
having sold 104 miles of its system to the Western
Pacific R R . C o ., leaving 170 miles of line still owned, extend­
ing from Hackstaff, C al., on the Western Pacific, to Lakeview (where connection is made with stages for Paisley,
Klamath Falls, Valley Falls and Adell, O re.), intends to retire
its present 5 % bonds ($1,356,000, due M a y 1, 1919) and to
authorize in place thereof $2,200,000 1st M . 6 % bonds due
M a y 1 1967, interest dates M . and N . (issue date not de­
termined).
Of the new bonds $750,000 are to bo issued
shortly and given in exchangefor $750,000 5 % N -C -0 b o n d s .

[The Western Pacific RR. was amply supplied with funds in the recent
reorganization for all necessary Improvements and additions and the acqulsitlon of branch line feeders. The aforesaid purchase, therefore, requires
the making of no new mortgage.—Ed.]—V. 104, p. 1489.
N ew O r le a n s R y . & L ig h t C o .—

Neio Director— Report.—

Frank B. Williams, it is stated, succeeds Hugh McCloskey as director.
The annual report appears on a preceding page.—V. 104, p. 1489, 864.

N ew Y o r k C e n t r a l R R .— Sale of Notes.— Annual Report.
— J. P . Morgan & Co. have placed privately an issue of
$10,000,000 one-year 4 } ^ % notes dated M a y 1 1917 and due
M a y 1 1918. These notes were offered on a 4 Y\% basis
and the entire amount was quickly subscribed.

Application was recently made to the Now York P. S. Commission for
authority to issue $10,000,000 Ref. & Impt. AI. bonds. Tlieso unsecured
notes, it is understood, were sold in lieu of bonds for markot reasons, just
as the proposed stock issue was withdrawn last January. Compare
"Annual Reports” on a preceding page.
West

Side Case Injunction Dismissed.—

Justice David F. Alanning, in the Supreme Court in Brooklyn on
April 18 dismissed the application for a permanont injunction against the
company’s proposed West Side changes, upheld the constitutionality of the
Act of the Legislature authorizing the road to treat with the Board of
Estimate, and announced that he would vacate any restraining order against
the project that had been granted by any other Justice. This action makes
possible a resumption of negotiations between tho city officials and the
railroad company. Compare plan (since somewhat modified) in V. 104,
p. 257.—V. 10 4, p. 1489. 1388.
N ew Y o r k C h ic a g o & S t. L o u is R R . — Equipment Trust.
— William A . Read & C o. have purchased $3,800,000 5 %
Sinking Fund Equipment Trust of 1917, issued under the
Philadelphia plan. The bankers aro reported to have re­
sold the entire issue, offered on a 5 ^ % basis.

The Equipment Trusts are dated Alay 1 1917 and due May 1 1931, but
redeemable as a whole or by lot for the annual sinking fund at 101 and int.
Certificates of $1,000 each c*. Divs. AI. & N. in N. Y. and Cleveland.
Trustee, Citizens’ Trust & Savings Co., Cleveland. Tho company agrees
to pay the present normal Federal income tax.
The rolling stock under the trust, contracted for somo months ago at
$4,280,000, consist of (a) 35 Alikado locomotives, (6) 10 switching engines,
(c) 1,000 automobile box cars and (d) 750 hopper coal cars.—V. 104,
p. 1264, 952.
N ew Y o r k N e w H a v e n & H a r t f o r d R R .— President
Expects to Remain with the Road.— President Elliott says:

In view of the many rumors about a change in my relations with the
New Haven road and the many questions asked mo, I wish to say that in
the spring of 1916 I suggested to the directors of tho company that the
amount of work and responsibility with which I was burdened was greater
than I desired for my own good, and that I believed that sooner or later
rearrangement of duties should bo made. I mado tho same suggestion
again this spring and it is now being considered by tho board. A plan will
be worked out which cannot be stated at this time.
Whatever is done, I expect to continue with tho Now Haven road and
help in the work of reorganizing and rehabilitating the property. As one
of the committee of five railroad executives who havo been asked to assist
tho Council of National Defenso in handling tho American railroads during
the war, I shall have to be in Washington much of tho time during tho next
few months, which makes it desirable to have relief from somo details of
the New Haven management and its associated properties.

A uthority Soughtfor Saleof Not over$ 5 0,000,000 Pref. Stock.

The company has applied to tho Connecticut General Assembly for au­
thority to issue at par ($100) not more than 500,000 shares of (not to exceed)
7% cum. pref. stock, dividends to be payable semi-annually. A hearing
will be held April 25 next. The new stock is to take tho placo of the
$45,000,000 one-year notes sold to retire a like amount maturing May 1.

Minority Stockholders’ Amended Complaint.—

The amended complaint of minority stockholders in Massachusetts who
have sued to recover triplo damages from tho company and its directors,
only retains as defendants five directors besides tho company itself, namely,
William Rockefeller, Lewis Cass Ledyard, Charles S. l’ratt and the estates
of J. P. Alorgan and II. AIcK. Twombly, all the other defendants being
eliminated. Compare V. 103, p. 844; V. 101, p. 1489, 1188.

Additional Service via Hell Gate Bridge.—

This company and tho Pennsylvania RR. will on April 30 begin operating
a through day train, the “ Colonial Express,” between Boston and Washing­
ton. using the new Hell Gate Bridge route. The Federal Express has been
affording night service by this route since April 1.—V. 104, p. 1489, 1388.
N o r f o lk & W e s t e r n R y .

-Conversion of Bonds, &c.—

Holders of the convertible 10-25-year 4% bonds of 1932 aro reminded
(a) On or before Alay 22 1917 $49 95 per share of stock representixl tl'iere- that
the right to exchange their bonds for paid up shares of common stock
by (being the sum of $50 per share mentioned in said agreement less an ad­ will
continue for only about 5 weeks or until Juno 1.—V. 104, p. 1490.
justment for interest upon the General Mortgage 4% Gold bonds Issuable
against such payments).
N o r t h e r n O h io T r a c . & L ig h t C o ., C le v e la n d .— Earns.
Or (b), at their option, respectively, to pay on or before May 22 1917
Gross
N e t (after P o n d ,A c .,
P f .D i v s . C o m .D iv s.
Balance,
$12 45 per share (being 25% of the sum so mentioned, less such adjustment Cal.
Y e a r . E a rn in gs.
T a xes).
In terest.
1 6 % ).
(5%).
S u rp lu s.
for interest), and the remaining $37 50 on or before Aug. 22 1917, with In­ 1916--$5,170,442
$2,004,463
$619,520
$271,107
$450,000
$663,836
terest on such deferred payments at tho rate of 6% p. a. As provided in 1915-- 3,890.751 1,517,741
628,309 199,281 450.000 240,151
said agreement, such deferred payments will be secured by the stock de- —V. 103, p. 2079.




A pr . 21 1917.]

THE CHRONICLE

1 5 93

This tablo assumos sufficient profit (say $70,000) yearly from the use of
Northern Central Co.— Sale of Stock.—
necessary real estate to cover the cost of carrying the interest and taxes
Stockholders of this company on April 17 received, through Henry & theaccount
of real estate. It also assumes a 2% property tax ($200,000) on
West, payment for their stock at $90 a share and accrued dividends for the on
tho
cost
of tho tunnel and a franchise tax on gross earnings, increasing from
pref. and $50 a share for tho common stock. See V. 104, p. 956.
1% ($7,000) for tho first year to 5% for the fifth year.—V. 104, p. 1505.
12o9, 1388.
Ohio Traction Co.— New Ordinance.—
Seo Cincinnati Rapid Transit Co. above.—V. 103, p. 759.
P u b li c S e r v ic e R a ilw a y C o .— Stock.—
Omaha & Council Bluffs Street Ry.— Earnings.
The Now Jersey P. U. Commission has authorized the company to issue
C a l.
G ro ss
N e t (a f t e r
O th e r
R e n ta ls,
P f.D iv .
Com m on
B a l a n c e , $2,000,000 additional stock at par.—V. 100, p. 557.
Y e a r. E a r n in g s.
T a x e s).
In c o m e , h it . , A c .
(5%). D i v i d e n d s . S u r p l u s .
R e p u b lic R a ilw a y & L ig h t C o .— Status— Officers.— The
1916.$3,253,327 $1,131,501 $14,840 $636,205 $200,000 b$200,000 $110,136
1915. 2,996,079 1,098,777 12,919 631,350 200,000 a212,500 67,845 following published statements have been officially approved:
a 4 X % . b 4%.—V. 104, p. 1146.
The company has recently renewed Its most important power and light­
Pere Marquette Ry.—Mortgage Filed—Report of Coin­ ing franchises In tho Youngstown (O.) district for a period of 25 years, ex­
in 1942. The territory comprised under these franchises produces
mission— Transfer Agent.— This reorganized company on piring
about 60% of all the power and lighting revenues of the company and the
Apr. 13 last took possession of the properties, & c., of the lighting rates have been fixed for a period of ten years. Practically all
power and light franchises under which tho company is operating
railroad company and has since filedfor record the $75,000, other
are without time limit. The granting of this latest franchise, the condi­
000 now First Mortgago.
tions of which became effective April 1 1917, puts the whole situation of
Tho full report of tho I. S. C. Commission regarding the financial diffi­ tho company as regards franchises in enviable condition for tho operating
culties of tho old Pere Marquette and tho Cincinnati Hamilton & Dayton of Its lighting, power and railway business.
R P Stevens President of the Mahoning & Shenango Ry. & Light Co.,
was sent to the Committco on Inter-State and Foreign Commerce of tho
and Robert Lindsey, Vlce-Pres. of tho Cleveland Electric Illuminating Co.,
House on Apr. 20. Compare V. 104, p. 1490, 1388, 1265.
" The Guaranty Trust Co. of New York has boon appointed Transfer Agent have succeeded Samuel IVIcRoberts and George A. Galliver on the executive
committee of the Republic Railway & Light Co.—V. 104, p. 1485, 1146.
for its prior preference, pref. and com. stocks.—V. i04, p. 1388, 1265.

Philadelpha Rapid Transit Co.—

Plan.— Tho

Mr. Taylor Upholds

“ Philadelphia Press” of April 16 contains a
lengthy statement from former Transit Director A . M . T a y ­
lor, analyzing tho figures of Ford, Bacon & Davis, the expert
engineers retained by tho city and upholding the lease plan

R u tla n d R R .—
C a l.
Yea r.

Operating
Revenues.

Report-

N e t (after
T a xes).
'

-For calendar years:
Other
In c om e.

In terest,

D ividen d s.

Balance,

R en ts, A c .
(2%).
S u rp lu s.
1916- -$4,035,656 $1,105,274 $229,825 $692,036 $179,088 $463,974
1915-- 3,549,591
874,189 182,614 600.633 .........
456.170
—V. 104, p. 1046.

Mr. Taylor contends tho contradiction of Transit Director Twinntr.g’s
Savannah (Ga.) Electric Co.— Earnings.—
report of March 29 last, that tho proposed lease of tho city-built high-speed
C a l. Y ea r —
1916.
1915. I
1916.
1915.
lines of tho l’hila. Rapid Transit will in tho course of tho noxt fifty years Gross earnings $826,094 $794,214 Interest, A c ____ $282,757 $278,492
net tho city a total profit of $300,000,000, of which it is estimated $200,­ Net, after taxes-. 272,399 275,725 Balance, deficit.. 10,358
2,767
000,000 will come from profits in operation of tho system and $100,000,000 —V. 103. p. 140.
from increased taxes duo to real estate developments directly traceable to
tho high-speed lines.—Compare V. 104, p. 1490.
Second Avenue R R ., New York.— Death of Receiver.—
Tho doath of John Beaver, Receiver, Is announced.—V. 103, p. 1119.
Pittsburgh & Lake Erie RR.— Earnings.—

Tidewater Power Co., Wilmington, N. C.— Control.—
T a xe s, A c .)
In c o m e .
D e p r.,A c .
(10%). S u r p l u s .
Tho controlling interest in the power company has been purchased bv
1916. $24,043,163 $11,429,331 $1,270,794 $4,078,777 $3,299,280 $5,322,068 Messrs.
& Co. of Scranton. Pa. Arrangements have been completed
1915. 18,196,068 8,617,787 1,033,688 2,082,697 2,998,800 4.569,979 by whichBrooks
tho minority stockholders may dispose of their stock “ on a basis
Tho total surplus Dec. 31 1916, after deducting extra dividend of $10 per of $ 105 a share,
with an additional payment in the form of real estate now
share, on 599,760 shares, declared on July 10 1916 from accumulated surplus owned
by the company.” The new owners, it is stated, will be glad to have
$5,997,600, and misc. items aggregating $144,622. was $20,190,731.— tho stockholders
retain their holdings.—V. 96, p. 731.
V. 103, p. 494.
C a l.
O p e r a t in g
Y e a r . R e ve n u e s.

N e t (a fte r

O th e r

In t . , R e n t s ,

D iv id e n d s

B a la n c e ,

Portland Railway, Light & Power Co.— Notes.—

Wo are advised that arrangements havo been made to tako care of the
2-year notes of this company which mature on May 1 by paying $1,000,000
thereof, tho remainder boing purchased and paymont thereof extended for
ono year to May 1 1918. Compare V. 104. p. 1265, 1146.

Toronto Hamilton & Buffalo R y . — Earnings.—

lo n tln r

r u t -,* *

t v j

__ ».

Y ea r —

Revenue.
T a xes).
In c o m e .
A c.
(2M%). S u rp lu s.
........$1,870,237 $705,029 $87,849 3279,028 $10i;53l
$101,531 $412,319
iSIS1,404,320 492.1S5 132.094 301.466 ________
322,812
Total profit & loss surplus Dec. 31 1916, $1,482,862.—V. 104, p. 1146.

Public Service Corporation of New Jersey.—Elaborate
W e s t e r n P a c i f i c R R . —Acquisition Out of Treasury Funds
Report to Company on Feasibility and Value of Long Projected
Makes No New Mortgage.—
Tunnel for Vehicles (other than Trolley Cars) Between 12th St., —Purchaser
See Nevada-California-Orogon Ry. above.
Jersey City, and Canal St., N. Y. City—Municipal Construc­
Income
Tax
Paid by Co. Notwithstanding Mortgage Clause.—
tion Preferable, though a Tunnel Company Might Build Same Although as shown
the recent statement to the New York Stock
with Proceeds of from .$9,000,000 to $11,500,000 5 % Bonds, Exchange tho mortgageinsecuring
the First Mtge. 5% bonds provides that
of principal and interest is to bo made without deduction for any
Guaranteed by Public Service Corporation.— Exhaustive re­ payment
tax except “ tlio Federal Income Tax,” the “ Chronicle” is informed that the

ports which tho Public Servico Corporation of N . J. has
had compiled, at a cost of $75,000, in tho interest of tho
territory sorved by its trolley and lighting systom, indicato
that “ tho construction of a vehicular tunnel under tho waters
of tho Hudson River will be of inestimable benefit to the
whole metropolitan district and is essential to tho proper
development of northern Now Jersey.” Transportation
of vehicles by ferries, it is pointed out, is antiquated and
already inadequate, involving serious delays and congestion,
and being therefore a constantly increasing handicap to
industrial dovolopinent.
Tho roport has been published in quarto form, embracing
137 pages of text and tables, and also numerous charts pre­
pared by oxperts, showing plans and profile, special sec­
tions, & c., of tho proposed tunnel from Canal S t., N . Y . , to
12th S t., Jersey City. Whilo it is estimated that such a
tunnel for vohiclos (with no provision for rail service) could
bo financod by tho Public Service Corporation even at
present anbormal prices though the sale at 85 of $11,500 000
50 year 5 % guaranteed Tunnel C o. bonds, and after threo
years would probably earn an increasing surplus over all
charges, it is recommended as better business for tho adja­
cent counties under authority of existing laws to build and
operato the tunnel as a freo public highway. Municipal
ownership, it is estimated, would involve an annual cost
of only $550,000, tho item of taxes being eliminated and
tho interest charge being say 4 % on $10,500,000 bonds
with $130,000 for maintenance, labor, &c.

Tho company early In 1916 took up the question of tho foasibilitv and
probablo cost of tho tunnel at the suggestion of President McCarter 'ton
years having elapsed with much public discussion of tho matter but no
prospect of immediate result. I ho industrial development that has taken
place In Brooklyn and Long Island City since the opening of the bridges over
tho East River, it is noted, affords a practical illustration of what might
bo expected in Northern New Jersey, whore land is relatively ehoan if
direct vehicular communication is provided. The lower portion of Jersey
City and tho ontiro Newark and Hackensack meadows district would im­
mediately become readily accessible and available for warehouse and manu­
facturing purposes.
_
In their roport, tho Board of Engineers says that it is ontiroly feasible to
construct a vehicular tunnel under the Hudson River, between C a n al at
N. Y. City, and 12tli St., T---- - ------ *—
*
50 ft. below mean low water
tion; that it is ontiroly fea-------------------------------- -—
tubo when used by gasoline motor vohicios in numbers practically eoual to
its capacity; that tho total estimated cost of construction of such a tunnel
fully equipped, is $6,899,000. at normal prices for labor and matorial and
$2,000,000 more, or $8,899,000, at prices now ruling, including contractors*
profit, engineering and contingencies, but not including easements and real
estato for entrances. Adding these and other items, tho cost might roach
$10,618,000.
,
^
It is estimated that 2,000,000 vehicles will pass through tho tunnel in tho
first year of operation (this estimate being based on the expected diversion
to tho tunnel of one-half of tiio total traffic of the five ferries in 1920) •
whilo tho normal increase in ferry traffic is about 5';, yearly the
vehicular traffic through the tunnel is expected to increase 10%' yearly
Tho capacity of tho tunnel for motor-driven vehicles, it is believed
would be sovoral times tho 2,000,000 vehicles estimated for 1920.
’
R e su lt s if T u n n e l B e C o n stru c te d f o r C o r p o r a t io n a t P re se n t P r i c e «
ls< Y e a r . 2 d Y e a r , '.id Y e a r .
4th Y e a r. 5th Y e a r. 5 th Y e a r
Vehlc., No-2,000,000 2 ,2 0 0 ,0 0 0 2.420,000 2,662,000 2,928 200 3 2 2 1 0 20
Gross rov._ $700,000 $770,000 $847,000 $931,700$ 1,024.870$ 1 127 357
Net,aft.lilt. 1 ( l o s s )
d o e s)
(lo s s)
(s u r p l u s ) (s u r p l u s ) ( s u r p l u s )
& taxos _/$ 141,000 $79,400 $12,410 $60,432 $139,627 $182,939




company has undertaken tho payment of this tax for the present at least.
—V. 104, p. 1491, 1483.
I N D U S T R I A L A N D M IS C E L L A N E O U S .

A e t n a E x p lo s iv e s C o ., I n c . — Receivership.— Judge Julius
M . Mayer in tho U . S. Dist. Court at N . Y . C ity on April 19
appointed ex-Governor Benjamin B . Odell and ex-Federal
Judge George C . Holt as receivers of the property in friendly
proceedings brought by tho Grasselli Chemical C o ., holder
of a claim for $103,655, with the approval of John B . Stanchfield, counsel of the Aetna Co. The pressing need of work­
ing capital, it is supposed, will be met by an issue of receiver’s
certfc. See bal. sheet of Dec. 31 1916 in full, V . 104,p. 1140.

On Doc. 31 1916 there were outstanding bills payable. $2,513 265- ac­
counts payablo, $3,586,378, and bonds, $2,188,050, whilo $2,853,750 addi­
tional bonds were pledged as collateral and $258,000 bonds wore in treasury
On the other hand, tho inventory of materials and finished products ag­
gregated $8,881,251; cash, $160,098: bills receivable, $135,109 and ac­
counts rocoivablo (less reserve), $1,991,022.
’
^

General Creditors' Committee.— General creditors are re­
quested to assign their claims to the committee named below,
subject to tho provisions of a deposit agreement; the New York
Trust C o., being depositary, 26 Broad S t., N . Y .

Gonoral Creditors’ Committee:" Mortimer N. Buckner, Chairman, Presi-

. , .
,
„ x
--------------------, Sherburne C. Prescott.
Iroas. Anglo-American Cotton Corp., and Charlos E. Sholos of Grasselli
Chemical Co., with Robert II. Cox as Secretary, 140 Broadway N Y Citv
and Alexander & Green as counsel, 120 Broadway, N. Y. City.
’

Other Committees— Bondholders' Committee Enlarged.

F.
N. B. Closo, V.-Pros. of tho Bankers Trust Co., has been made Chair­
man of tlio bondholders’ committee, and F. R. Hart. Chairman of the Old
Colony Trust Co. of Boston, has boon added to tho committee (V'. 104
p. 1491). Tlio stockholders' committee was given in V . 104 n 665 —
V. 104, p. 1140, 1146, 1491.
1
A la s k a G o ld M in e s C o . —New

Directors.—

J. B. Ilardon, of Boston, and B. L. Thane, of Alaska, havo been elected
directors to replace J. T. Gilbert, deceased, and W . Ii. Coolidge._V. 102,
p» 163.3, 1626*
A m e r ic a n B la u g a s C o r p o r a t i o n . —Successor Company —

This company was incorporated March 24 1917 under the laws of N Y
Stato, to succeed tho Blaugas Co. of America and to take over the Atlantic
Blaugas Co. of Long Island City and the Eastern Blaugas Co. of Portland
Ale. It will own all tho patents formerly held by the Blaugas Co. of Amer­
ica, and arrangements have been made to provide funds for a comprehensive
development of the various departments of the industrv.
George II. Robinson, of Robinson & Co., 26 Exchange Place N. Y Citv
has been Chairman of tho Reorganization Committee.
Charlos II. Tenney & Co., of Boston, managers of some 25 gas, electric
and industrial enterprises, havo agreed to undertake the general manage­
ment of tho now corporation.
s
Blaugas is to-day used in thousands of homes, schools and on farms for
lighting, cooking and heating, and for various industrial purposes, also by
metal workers who require a quick, safe and efficient gas to be used in con-

, , . ,
C apitalization o f the N e w Corporation.
Authorized capital of 10.000 shares, without par value, of which
4,000 shares will bo retained in the treasury for corporate
purposes, prosont issue to be___________
n 0 0 0 siia-es
First Mtge. 20-year 6 % bonds, limited to $500,000, $200,000 ’
reserved under restrictions for future extension of the
business. Present issue to be_________
$300 000

159 +

[Vol. 104

THE CHRONICLE
E s tim a t e o f E a r n i n g s , C a le n d a r Y e a r s .

C a r w e n S t e e l C o .—

Extra Dividend.—

.

1917.
1918.
1917.
1918.
A dividend of 2% and an extra dividend of
of 1% has been declared
Customers, No__ 2,090
3,000 Net, after deproc’n-$23,330 $37,791 on tho stock, payable May 10 to holders of record May 1.
Sales of gas______ $93,080 $126,1.52 Int. on 1st Mtge.
Tho
Garlson-Wenstrom
Mfg.
Co.
has
declared
a
dividend
of 25%, payable
Sales of equipment. 4,500 10,000 bonds__________ 15,000 18,000 forthwith. All the stock of this company is owned by the above company.
See.
V.
104,
p.
166.
Total rovenues...$97,580 $136,152 Surplus income _. .$8,330 $19,791
Bv 1920 the customers aro expected to reach 5,000, the gross revenues
C h ic a g o T e le p h o n e C o .—-Subscription Rights.—
$203,180 and the not $82,292. Estimated assets as of March 1 1917 off­
Stockholders of record May 1 have been offered tho right to subscribe
setting stock and $300,000 bonds: Plant investment, $307,494; patent at par pro rata for $6,000,000 new stock. Payments to bo made 50%
rights (value not stated); cash, $108,000; accounts receivable (good), July and Oct. 1. The right to subscribe expires May 31.—V. 104, p. 1390$15,000; materials and supplies (usable), $16,000, leaving for renewal and
contingency reserve, $46,494, and surplus, $100,000.
C h ile C o p p e r C o .— New Bonds—Subscription Rights.—

American Book Co. —

N ew

Director.-—•

The new $100,000,000 bond issue having been duly author­

Louis B. Leo succeeds J. A.Greene, resigned, as director.—V. 102.p. 1626. j ized and a certificate having been filed increasing the limit

American Glue Co., Boston.— Stock Dividend.—

A stock dividend of 25% has been declared on the common stock, payable
May 3 to holders of record Apr. 23.—V. 104, p. 1491, 655.

American International Corp.— Sub-Co.

Stock Increase.

This company’s subsidiary, the Rosin & Turpentine Export Co., has au­
thorized an increaso in its capital stock from $300,000 to$800,900. Of
this $500,000 new stock $2 0 0 ,0 0 0 is preferred and has been taken by W. R.
Grace & Co.—V. 104, p. 1491. 1382.

American Malting Co.— Status—Dividend

Plan.—

Wo learn that for the first six months of the current fiscal year (ending
Aug. 31) sales have increased about 2.500,000 bushels, or nearly 60% over
last year, while deliveries show an increase of over 1 ,0 0 0 ,0 0 0 bushels, de­
spite embargoes and limited shipping facilities, or an increase of 30%. It
is estimated by tho management that tho second six months should show
moro substantial increases because brewers bogin to draw to meet their
increased browing demands. The capacity of tho company’s plants is more
than 1 1 ,0 0 0 ,0 0 0 bushels of malt per year.
,
The directors are formulating a plan to discharge the 33% back dividends
on tho $8 ,5 5 9 ,0 0 0 1 st prof, stock, but aro not yet prepared to make an
announcement as to tho details. According to present expectations, the
pref. stock, now receiving 4% p. a. (1% Q.-F.), will in July noxt be placed
on the full 6 % basis, and this action will probably bo followed shortly
thereafter by tho announcement of the aforesaid plan. Working capital
now aggregates closo to $5,000,000, which is considered an unnecessarily
large amount. Compare V. 104, p. 1146, 1265.

American Power & Light Co.— Earnings.—
Calendar
Y ea r —

Gross

N et

Surplus o f

P f. D iv s . C o m .D ie s. Balance,

E a rnin gs.
In com e.
Sub. C os.
(6 %).
(4%). S urp lus.
1916..........$1,236,757 $557,840 C r .$188,811 $213,792 $328,216 $204,643
1915........ - 1.275,687 517,447
32,043 203,734 328,216 17,540
—V. 102. p. 1813.

American Stores Co.— Sales— Officers,

Directors, etc.

F or 3 M o n th s end . M a r . 31—
1917.
1916.
In crea se.
Salos (including five companies)____$15,398,815 $11,699,860 $3,698,955
The salos of three of tho companies aro for the 14 weoks ended April 7.
Officers have boon elected as follows: President, Samuel Robinson;
Vice-Presidents. Robert II. Crawford, Wnt. Crowe, George M. Dunlap,
Georgo It. Pelouzo and John Eagleson; Secretary, E. J. Flanigan, and Treas­
urer, Wm. M. Robinson.
,
,.
Directors: Samuel M. Clement Jr., Joseph Gilfillan, Samuel Robinson,
Robert II. Crawford, D. P. Childs, Georgo M. Dunlap Jr., John Eagleson,
Geo. R. Pelouze, J. It. Trimble and F. W. Bacon of Chandler & Co., Inc.,
and Charles Counsolman.
Tho Guaranty Trust Co. of New York has been appointed transfer agent
In Now York City for tho first preferred, second preferred and common
stocks of the company. Tho Commercial Trust Co. of Phlla.and tho Mer­
chant's Roan & Trust Co. of Chicago have been appointed tho transfer
agones for this stock in their respective cities.—V. 104, p. 1491. 1389.

American Stove Co.— Bonds Paid.—

Wo are advised that this company’s $500,000 5% bonds duo Jan. 1 last
were purchased and paid off on or beforo maturity. Tho company now has
no bonded debt.—V. 95, p. 819.

Amer. Telephone & Telegraph Co.— Sub.

Co. Stock.—

See Nebraska Telephone Co. below.—V. 104, p. 1051, 1039.

Arcadia Mills.— New Company.—

See Arlington Mills below.

Arlington Mills, Lawrence, Mass.— Cotton Plant

Sold.—

The shareholders on April 17 ratified the salo of the cotton department.
A now company, tho Arcadia Mills, will bo formed to tako over the
cotton goods department, William Whitman to bo Pres.—V. 104,p. 1492.

Arizona Power Co., Prescott, Ariz.— Consol. Earnings.—

Calendar Year:
1916.
1915. I
1916.
1915.
Gross earnings-.-$363,776 $279,2801 Bond, &e.. int..-$140,666 $126,033
15,949
Netearnings____ $228,282 $174,0361Depreciation, &c. 25,104
Other income___
687
9811Surplus------------ $63,200 $33,085
—V. 100, p. 1439.

Atlantic Gulf

&

West Indies Steamship Lines.— Plan

of capital stock issue from $110,000,000 ($95,000,000 out­
standing) to $135,000,000, to provido for the conversion
feature of the initial issue of $35,000,000 of these bonds, Secy.
C . K . Lipman, in a circular dated at N . Y . , April 17, de­
scribes the bonds and the rights to subscribe therefor, in sub.;

Those bonds will bo secured by the pledge of tho entire capital stock of
Chile Exploration Co., subject only to the existing lion of $15,000,000 of
Collateral Trust 7% Ten-Year Convertible Gold Bonds of the company
now outstanding, and by the pledge of such other property as may be pro­
vided for in tho trust agreement. As provided in the trust agreoment,
$35,000,000 of said bonds, to bo designated "Series A,” aro subject to im­
mediate issuance and sale. These bonds will be payable April 1 1932; will
bear 6% interest (payable A. & ().): will be redeemable, at option of com­
pany, on any interest date after April 1 1922, at 110% and int., and will bo
convertible into common capital stock at the rate of $35 of bonds for $25
of stock. Denom. $500 and $1,000 c*. and appropriate multiples of $1,000 r*
Stockholders of record at 3 p. m. April 24 1917 will be e ititlod to sub­
scribe until 3 p. m. May 29 1917 for said $35,000,000 bonds at par and
interest in amount, not exceeding 35-90ths of thoir respective holdings of
stock. Subscription warrants will bo Issued shortly after April 24 and will
be payable in cash or in New York funds at the (: uaranty Trust Co. of N. Y .,
140 Broadway, N. Y. City, in installments as follows: 50% upon subscrip­
tion not later than May 29 1917; 50% on May 29 1918. The second Install­
ment may bo prepaid. Tho company will allow interest upon the first in­
stallment at 6% per annum from May 29 1917, payable on Nov. 29 1917
and May 29 1918, and upon the second installment (if paid on or before
May 1 1918), at 3% per annum until May 29 1918, payable on May 29
1918, when tho bonds will be ready for delivery.
.
Warrants of a face amount lass than $500 can be used for subscription
only by exchanging tho saino on or beforo May 29 1917 at 3 p. m. In lots
aggregating $500 or upwards in face amount for full warrants. Full-paid
receipts will be exchangeable for bonds prior to May 29 1918 to enable the
holder to convert such bonds into stock of tho company but for no other
purpose. Further particulars will bo sent to tho stockholders about May 1.
The sale of the bonds offered to stockholders has been underwritten by
Guaranty Trust Co. of Now York, Eugene Meyer Jr. & Co. and Guggen­
heim Brothers, being the bankers referred to in the notice of the special
meeting of stockholders. Seo further data in V. 104, p. 1147.
Tho N. Y. Stock Exchango has admitted to the list $35,000,000 partpaid and full-paid receipts for collateral trust receipts 6% convertible bonds.
Series A, "when issued,” to be traded in flat.—V. 104, p. 1147.
C h in o C o p p e r C o .—

New Director.—

J. M. Sully succeeds B. Hochschild as director.—V. 104, p. 1492, 666.
C o l o r a d o F u e l & I r o n C o .—

Bonds Called.—

Thirty-three ($33,000) General M. Sinking Fund 6% bonds of the Colo­
rado Fuel Co. havo been drawn for payment at 110 & int. on May 1 at the
Metropolitan Trust Co., N. Y. This will reduce tho outstanding amount
to $87,000. Tho payment on May 7 of $36,000 Rocky Mt. Coal & Iron
bonds called for payment, It is understood, will reduce the amount of that
Issue to $420.000.—V. 104, p. 1492, 1147.
C o lu m b ia G a s & E le c t r ic C o .— Initial Dividend— Direc­
initial dividend of 1 % has been declared on the
$50,000,000 stock, payable M a y 15 to holders of rec. Apr. 30.

tors.— An

The board of directors has been reduced from 25 to 15 members by tho
retirement of George P. Toby. J. A. Young, Andrew Squiro. Charles E.
Clark, William S. Cox. Louis J. Hauck. A. Y. Gowen and W. II. Schmidt.
Comparo annual report for 1916 in full in V. 104, p. 1039. and map, &c..
on pages 152 and 153 of "Railway and Industrial Section. ’—V. 104, p. 1147.
C o n t i n e n t a l M o t o r s C o r p .—

Production— Earnings.—

This company reports that its output Is now approaching the production
of “a motor a minute,” while its average daily production of motors was
21% greater on Oct. 31 1916 than at the beginning of the year then ended.
To accomplish this result $2,048,966 was expended in plant enlargement,
equipment and fixed assets between June 30 1915 and Oct. 31 1916, and in­
ventories, supplies, &c., were increased $2,405,327. thus adding to the
total investment in plant, equipment and inventory accounts during the
16 months preceding, $4,454,293. It was to provido additional working
capital necessitated by tho rapid growth of business that the recent financing
plan was adopted.

to Absorb Controlled Companies—Annual Report.—•

The shareholders will vote April 24 on (a) authorizing tho acquisition
bv this corporation of tho business, assets and franchises of ono or more
of the Maine corporations, Clyde SS. Co., Mallory SS. Co., N. Y. Si Cuba V. 101, p. 1018, 954.
Mail SS. Co., N. Y. & Porto Rico SS. Co., or any other corporations, or
Continental Paper Co.— Bonds Called.—
tho consolidation or merger or this corporation with any ono or more of said
Thirty-two ($25,000) First Mtge. 15-year 6% gold coupon bonds of 1912
corporations, or any corporation or corporations, and of authorizing and
approving any resolution or action In respect thereof on the part of tho have been drawn for redemption at par and int. on Oct. 1 at tho Empire
directors; and (6) tho question of increasing tho number of directors, and Trust Co., New York.
tho amendment of tho by-laws to provido that vice-presidents need not be
Cosdon & Co.— Consolidation Plan—Balance Sheet.—
directors. Seo annual report on a previous page.—V. 104, p. 1492, 766.
terms of tho proposed consolidation with tho Cosden Oil & Gas Co.
Belding-Paul-Corticelli Silk Co, Ltd.— Accum. Divs.— aroThe
reported to have been practically completed.
A dividend of 3)4% has been declared on the prof, stock on account of
Balance Sheet (Cosden & C o . and Cosden P ip e L in e C o.)
accumulations payabloMay 15 to holders of record May l.—V. 104, p. 766,
Feb. 28 '17. July 31 TO.
Feb. 28 '17. July 31 TO.
259.
Liabilities-—
$
$
Assets—
S
Booth Fisheries Co., Chicago.— Recapitalization.—
Cap.stk.(autli.S7,Oil lands, leases,
Tho Chicago “ Herald” says: “ Plans are under consideration for a re­
refineries, Ac
7,201.850 7.092,269 000,000) - ........ 5,752,870 5.752.S70
capitalization of tho company, involving the issuance of now common Invest, in affil.cos. 1,9I0,2S2
92 1. 157 10-yr. 6% 1st M.
stock of no par valuo in exchange for the present $5,000,000 common stock Adv. to affil. cos..
- 1,952,260 sk. fd. conv.bds. 5,572.000 5,753,000
outstanding ($100 par). It is understood that tho plan contemplates tho Mat’Is & supplies. 271,910 202,258 Dills payable. - — 1,453,592
218.613
issuance of common stock two now sbaros for ono of old. It Is stated that Insur. unexp.. &c. 109,170
177,200 l’urch.mon.obllgs. _____
tho company’s assets aro $ 1 0 ,0 0 0 ,0 0 0 in excess of debentures and pref. Crude & refined oils3,653,093 3,819,053 Aco’ts pay., &c__ 633,14 l\ 7S9.495
stock outstanding. Its real estato holdings have advanced very greatly, Bills <fc accls. rec. 3,471,900
534,282 Accrd. int.&taxes. 233,090/
sufficient, it is estimated, to offset any depreciation charge; nevertheless Due by affil. cos.. ------208,545 Depreciation, &c. 249,551
since 1911, the management has chargod off $1,900,000 for depreciation." Cash_________
562,583 Surplus.............. 3,657,230 3,018,900
800,276
—V. 104, p. 1492, 1259.
Total.............17,451,431 15,532,903
Total.............17.451.481 15,532,90S
Brier Hill Steel Co.— Extra Dividend.—
An extra dividend of 5% has been declared on the common stock in addi­ —-V. 104. p. 1390. 865.
tion to tho regular quarterly 1 *4% and 1 * 4 % on tho com. and pref. stocks,
(The) Crocker-Wheeler Co.— Earnings.—
respectively, all payable July 1 to holders of record June 20. In April last
The company, it is announced, has made record earnings fortho first quar­
an extra dividend of 2% was paid on tho com.—V. 104, p. 865, 767.
ter of 1917, tile prof its, aftor paying dividends on the pref. stock amounting
California Packing Corporation (of N. Y .).— Earnings. to about $44 17 per sharo on the common shares.—V. 104, p. 1267, 260.
The profits from Nov. 8 1916 to Fob. 28 1917 wore $1,086,522. and de­
Crucible Steel Co., Pitts.— Accumulated Dividends.—
ducting $111,089 prof. div. paid Dec. 30 last, the surplus was $975,433.
A dividend of 3% has been declared on tho pref. stock on account of
The combined profits including the four predecessor companies, absorbod accumulations,
payable May 19 to holders of record May 5. On April 28
in this now company and including tho proportion of controlled companies,
for tho initial fiscal period ended Feb. 28 1917, amounted to $3,754,841.— 1917 2% will also be paid on tho pref. stock on account of accumulations.
—V.
104,
p.
866,
260.
V. 104, p. 364.

Calumet & Hocla Mining Co.— Production

(in Lbs.).—

—C a l .& I I e c . A h m eek . IslcR oya le. Osceola. M isc e ll.
Total.
March... 7.306,144 2,726,889 1,210,330 1,553,218 2,153,338 14,949,919
3 months.20,113,545 7,399,574 3,524,367 4,562,218 6,615,348 42,215,052
See “ Annual Report” on a previous page.—V. 104, p. 1047, 364.

Davis (Cotton) Mills, Fall River.— Slock Dividend.—

10 17

Decatur Land Co., Albany, Ala.— Com.

Stock Payment.—

The stockholders on April 17 ratified tho proposed reduction in par value
Canadian Converters Co., Ltd.— Dividend Resumed.—
A quarterly dividend of 1% has been declared on tho stock, pay:able of the shares from $25 to $23, such reduction to bo effected by tho payment
to stockholders out of capital assets of $2 per sharo, payable May 1.—V.
May 15 to holders of record April 30. This is tho first distribution sinco
s
96. p. 1559.
May 1915.—V. 103, p. 757.




APR. 21 1917.]

THE CHRONICLE
Dividends.—

D o m in io n B r id g e C o ., L t d .—

A quar.div.of '2lA % has boon declared on the stock, payable May 15 to
holders of record April 30. In Feb. last an extra dividend of 2% was paid
with the regular quarterly 2%.—V. 104, p. 062, 305.
D o w C h e m ic a l C o .—

Extra Dividend.—

An extra dividend of 0 M % has Upon declared on the common stock along
with tho regular quarterly 1% %, both payablo May 15 to holdors of record
May 5. A like amount was paid in Feb. last. The regular quarterly
1H % on tho prof, was also declared, payablo the same time.—V. 104, p.305.
D r ig g s -S o a b u r y O r d n a n c e C o .—

Contract.—

Tho Savage Arms Co., controller! by the Driggs-Soabury Co., has re­
ceived a U. S. Govt, order for 6,000 Lewis machine guns to cost over
$5,000,000. This order calls for the full output of the Savage plant.—
V. 104, p. 1207, 657.
F o r t W o r t h P o w e r & L ig h t C o.'— Earnings.—
Calendar
Y ea rs—

Gross
E a rn in gs.

1916---.......$840,482
1915______ 841,295
—V. 102, p. 157.

N e t , after
T a xes.

$499,370
493,190

In terest
Charges.

Gross
E a rn in gs.

N e t after
Taxes.

1910___ $1,597,882
1915 ------ 1,355,991
—V. 101, p. 452.

$598,785
525,660

Earnings-

In terest
C harges.

$218,012
194,229

Preferred
D iv id en d s.

$133,000
115,000

B a la n c e & G r o s je a n M fg . C o ., N . Y . —

Balance,
S urplus.

$247,773
215.931

Bonds Called.—

Eighteen 1st M. 20-year 6% gold bonds, dated May 1 1907, have been
drawn for redemption on May 1 at 105 and lnt. at Brooklyn Trust Co., 177
Montague St., Brooklyn, N. Y.—V. 100, p. 1441. L a u r e n t id e P o w e r C o ., L t d .-

Cal. Y ea r —

G ross.

N e t.

-Earnings.—

1916---------------------$375,381 $335,622
—V. 103, p. 1035.
L i n c o l n M fg . C o ., F a ll R iv e r .—

In terest.

Reserve.

S urplus.

$181,181 $100,000

$54,441

Stock Dividend.—

The directors have voted to recommend to the stockholders an increase
in cnP1*3;1®^?ck from $1,250,000 to $1,625,000, to be made by a stock divi­
dend of 30%.—V. 93, p. 1025.

Quarterly Earnings.

A special dividend of $1 per share has been declared on the stock. In
addition to the regular quarterly $1 50, both payablo June 1 to holders of
record May 1. In leb. last a like amount was paid.—V. 104, p. 260.

(7%).
$77,000
77,000

$305,429
301,703

M a r . 31 Q uar.
1917.
1916. I
1017.
1916.
Net profits-..$2,817,960 $2,893,929|Prcf. divs.(144) $228,125 $228,125
Insur. fund..
75,000
30,000|Com. divs..(2)314,651 (1K)196,659
Depreciation- 500.000
500,0001 Hal., surplUs.$ 1,700,184 $1,939,145
—V. 104, p. 366, 359.

G o r h a m M fg . C o ., P r o v id e n c e .—

K a n s a s G a s & E l e c t r ic C o .—
Calendar
Yea rs —

B a la n ce,
S urplus.

P ref. D iv s.

$116,941
114,487

G e n e r a l C h e m ic a l C o ., N ew Y o r k .—

1595

New Preferred Stock.—

L u d lo w M fg . A s s o c ia t e s , B o s t o n . —

M c C r o r y S t o r e s C o r p o r a t i o n .—

1917— M a rch — 1916.
$578,403
$471,359
—V. 104, p. 1260, 1149.

Extra Dividend.—

Sales.—

In crea se, j
1917—3 M o s . —1916.
$107,0441$1,570,430 $1,229,538

In crease.

$340,892

M a c b e t h -E v a n s G la s s C o . o f P i t t s b u r g h . — Stock Incr.—
The General Assembly of Rhode Island has authorized a charter amend­
ment increasing the capital stock from $5,000,000 to $6,000,000 by tho
Stockholders will vote June 21 on increasing tho capital stock from $2 raising of tho 6% cum. pref. stock from $2,000,000 to $3,000,000, the now 000,000 to $5,000,000 —V. 102, p. 71.
prof, stock to bo offered to the stockholders of the company at par ($100 a
M a g m a C o p p e r C o .— Earnings.— •
share) in proportions to tho amount of their respective holdings. Such
offering will probably be made at an early day. The Silversmiths Co. owns Calendar
Sales o f
Other
In c r . in
D ep recia - E xpen ses
Balance,
over 90% of tho $3,000,000 common.—V. 104, p. 1048.
Yea rs — M e ta ls,A c .
I n c . In ven tory.
lion .
(N e t).
S urplus.
1916....... $2,247,514 $796 $30S,422 $82,431 $1,376,967 $1,097,333
G r a n it e v ille (S. C .) M fg . C o .— Receivership Ended.—
1915....... 1,023.676 339 - ............
59,157
353,128
611,729
This property, which has been in receivers’ hands since Nov. 28 1915, —V. 103, p. 582.
was on April 4 returned to tho stockholders. See plan in VC 103, p. 2346.
M a r lin A rm s C o r p o r a t i o n . ----- Order.—
This company has received an order for machine guns for the U. S. Navy
G r a n b y C o n s o l. M in ., S m e lt. & P o w . C o .L t d .— Produc’n.
additional to the 1,100 guns ordered by tho Government late in March.—
C op p er (in I.b s .) A n yox.
Total Both C om pa n ies Grand Forks.
V.
104, p. 1391. 1049.
1917.
1917.
1916.
1917.
March....................... 2,814,780
3,901,398
3,555,411
i,086,618
M a y D e p a r t m e n t S t o r e s C o .— New Director.—
9,428,162
9,368,555
Three months______ 7,102,708
2,325,455
Jerome Dauby succeeds the late L. A. Braham as director.—V. 104, p.
New Secretary.—
1260, 1149.
Edward Everett has been elected Secretary, to tako cffoct May 1.
M e r c h a n t s ’ M fg . C o ., F a ll R iv e r .— Stock Dividend.—
Northrup Fowler, who resigned, will continuo as a director.—V.104,p. 456.
The directors have voted to recommend an increase in capital stock from
G ra to n & K n ig h t M fg. C o., W orcester, M ass.— Div.— $1,200,000 to $1,500,000 by a stock dividend of 25%.—V. 85, p. 1084.
A stock dividend of 33 1-3% has been declared on tho $1,500,000 common
stock, payablo to holders of record April 3.
M e x ic a n N o r t h e r n P o w e r C o ., L t d .— Suit— Receiver.—
Tlio Montreal Trust Co. has brought suit to enforce the trust deeds and
H ath aw ay M fg. C o., New B edford, M ass .—Stock Div.—
securing bonds or debentures, and also asking for the appoint­
A stock dividend of 100% lias boon declared on tho $800,000 stock, pay­ mortgages
ment of a receiver.—V. 104, p. 526.
ablo to holders of record March 10.
H aw aiian Com m ercial & Sugar C o.—

Earnings.—

C al. Y ea r—
1916.
1915. I
/onx o 1916.
1915.
Profit on sugar
IDivs - (30) 3,000,000 (20) 2,000,00
&sund.earns.$3,567,765 $2.804,7351Bal., surp_. $567,755
$804,735
The total surplus Doc. 31 1916 was $1,985,756.—V. 104, p. 1148.

Total
S ales.

S

N et
Other Bd. , A c . D e p r e E a rn in gs. In c o m e . I n t .
cialion .

s

s

s

Earn., Etc.—

D ividen d
P a id .

s

Balance,
S urp lus.

s

Called.—

1916. . 13,072,440 7,984.134 15,468 --- --- 239,818 b l,295,906 3,463,410
1915-- 7.262,884 3,589.681 15,000 19,907 176,213 al,681,004 1,727,557
a 45%. b 115% .
S. S. Rosenstamm succeeds Herman Sielckon as a director, and E. II.
Westlake has been elected to the board to fill a vacancy.—V. 104, p. 1493.

Dividend.—

Midla,nd C ou n ties P u b . Serv. C orp ., Los A n g .— Bonds.

In d ia n R efin in g C o .—Bonds

One hundred forty-sovon 7% 2d mtge. notes, of $1,000 each, 20 of $500
each, and 59 of $100 each, all of 1913, have been drawn for redemption on
May 1 at par and lnt. at tho Guaranty Trust Co., N. Y.—V. 104, p. 1268.
In gersoll R a n d C o.— 2 0 %

M ia m i CAriz.) C o p p e r C o . ( o f D e l.), N . Y . —
C a l.
Y ea r.

This company has applied to the Cal. RR. Comm, for permission: (a)
A cash dividond of 20% has been declared on tho $10,900,000 common
issue $825,000 bonds, of which $219,000 are to be sold presently; and
stock, payable April 30 to holders ot record April 23. In April 1916 extra to
(6) to sell $56,000 First & Ref. bonds which are reserved to retire at 101
dividends of 30% in cash and 20% in .stock wero paid, and in Dec. 1916 and
int. a like amount of bonds of the Coalinga Water & Electric Co. The
paid 20% extra in cash.—V. 104. p. lo84.
company, it is said, will also in order to discharge more of its floating debt,
In tern a tio n a l M ercantile M arine .—Vessels Requisitioned. levy at once a 10% assessment on its stock, to produce $100,000, and an­
Tho British Government has requisitioned all of this company’s ships other assessment of 10% within a year.—V. 98, p. 1849.
that fly tho English flag, exempting only tho nine vessels of tho American
M otor P rod u cts C orp., D etro it, M ich .— Bonds— Stock.—
Line. This order affects about 90% of tho company’s fleet. Those ships
are tho last to be affected by tho British nationalism” decree.—V. 104 Tho First & Old Detroit National Bank and William P . Bonp. 1148. 1040.
In tern a tio n a l Paper C o .—Notice to Holders of Unde­
The pref. stockholders’ committee an­
nounces that deposits of stock will be received only up to and
including April 26, at which tiino it must bo decided whether
the plan is to be carried out. While the responso to the plan
calling for the adjustment of deferred dividends upon the
preferred stock by tho payment of 7 ]/2% in cash, 1 4 % in
preferred stock and 1 2 % in common stock, is encouraging,
both as to tho amount of stock actually deposited (said to
aggregate over 9 0 % ) and tho number of stockholders as­
senting, the result to dato has not convinced tho company
and the committee that a sufficient amount of stock has been
(loposited to warrant declaring the plan operative.

posited Pref. Stock.'

F u r t h e r S t a t e m e n t b y P r e fe r r e d S t o c k

C o m m i t t e e , A p r il 1G 1917.

The company and the committee arc both hopeful that the stockholders
will realizo that, whether or not tile plan is consummated is not of vital
importance to the company, but It is believed to bo very important to tho
stockholders and a means by widen they may receive the deferred dividends
very much sooner than could otherwise possibly bo the case.
Our committee believe that tho reasoning of tho directors on this point
is sound, and that tlirough the conservative policies whicli the company
lias pursued in tho past and now expects to continuo, the stockholders will
bo benefited by tho proposed adjustment.
Wo request you to deposit your stock under tho dividend adjustment
plan as soon as possiblo, in any event on or before April 26. If you object
to depositing becauso you are opposed to the plan, tho committee would
appreciate the courtesy of being so advised, so that, when tho question of
whether tho plan is to bo carried out is under consideration, wo may know
your position. (Compare plan, &c., in V. 104, p. 563, 1148.)

Suit—Paper Makers Plead Not Guilty.—

The seven men indicted last week for alleged violation of tho Sherman
Anti-Trust Act pleaded not guilty and gave bail.—V. 104, p. 1493.
In tern a tio n a l Salt C o., Scran ton , P a ., & N .

Y.—Earns.

Cal Years —
1916.
1915. I
1916
1915
Gross earns. .$ 1.034,681 Not stated Dividends. . (5%)303,855 (3) 182,313
Net profits... $667,439 $437,472|Balance, surp. $363,584 $255,159

Pres. Mortimer B . Fuller, Scranton, Apr. lOwroto in sub.:

The earnings warranted the payment during tho year just ended of divi­
dends aggregating 5% on the capital stock, and also in declaring and paying
on April 1 1917 a dividend of 1 1 4 % (V. 104, p. 867).
On Feb. 28 1 9 1 7 the net Quick assets of your company and its subsidi­
aries, consisting of cash, bills and accounts receivable, and inventories,
amounted to $588,875, after providing the April 1 19i7 dividend and de­
ducting all current and floating obligations other than bonded debt.
During tho year the sinking fund retired $200,000 bonds, ono year’s
sinking fund being thus paid in advance of the mortgage requirements.
Tho past year lias shown a very satisfactory increase in tonnage of all
grades of salt produced and sold by the subsidiaries. On tho other hand,
increases In wages and cost of all materials and Supplies aggregated upwards
of $200,000 over the cost during tho previous fiscal year.—Y. 104, p. 867.
Isla n d Creek Coal C o .—Board Reduced.—

The directorate has been reduced from 15 to 11.—V. 104. p. 1390,1148.




briglit & Co. are offering at 100.5 and int., yielding about
5}4%, for Jan. 1 1918 maturity, at 100.6 and int., yielding
about 5^2%, for July 1 1918 maturity, and 100 and int. for
remaining maturities, the unsold portion of 81,000,000 First
Mortgago 6 % Serial gold bonds dated Jan. 1 1917 but duo
serially, $100,000 J. & J ., from Jan. 1 1918 to July 1 1922,
inclusive. The bankers report:

These bonds are a direct obligation of tho corporation, being a closed
first mortgago on the company’s plant, which consists of modern and sub­
stantial manufacturing buildings and 62 acres of ground. The entire prop­
erty covered by the mortgage is valued at $1,779,162. Net quick assets
shall be maintained at 245% of bonds outstanding, and in no event shall
they bo less than $750,000 as long as any bonds remain outstanding.
The bonds are callable on any interest date, all or part, at 101 and int.,
upon 60 flays’ notice. Interest J. & J. at the First & Old Detroit Nat.
Bank, Dotroit, Mich. Denom. $500 and $1,000 c*. Free from normal
Federal incomo tax. Trustee, Security Trust Co., Detroit. The proceeds
of this Issue will be used to discharge floating debt, provide funds to dis­
charge unpaid balance on new factory and property recently acquired, and
to provide additional working capital.
J .S.B ach e & C o., New York, are recommending the stock.
. E x t r a c t s o f L e t t e r fr o m D . B . L e e , T r e a s . a n d G e n . M g r ., M a r. 15 1917.

Organization. —Formed about May 1 1916 [incorp. June 3 1916 in N. Y.J
to take over the assets, business, contracts, patents and good-will of the
following: (a) Tho Rands Mfg. Co. of Detroit, Mich.; (b) Diamond Mfg.
Co. of Detroit and Walkerville, Can.; (c) Superior Mfg. Co. of Ann Arbor,
Mich.; (d) Vanguard Mfg. Co. of Detroit: and (e) Universal Metal Co. of
Dotroit, all of which have been in business for a number of years, begin­
ning with a small capital and have built up their assets out of earnings.
A cqu isition —P la nt. —During 1916 tho corporation acquired tho plant
formerly occupied by tho Lozier Motor Co., comprising 62 acre? in Dotroit.
on which are located buildings of the highest type, affording sufficient
spaco for the consolidation of all the Detroit plants (V. 103, p.941). Floor
space approximates 250,000 sq. ft. The former plants have either been
sold or leased. The Ann Arbor plant has a floor space of 100,000 sq. ft.,
and tho Walkerville plant 40,000 sq. ft. Tho Lozier plant employs 1,500
men: in all thcro are 2,100.
B u sin ess. —Manufactures miscellaneous products from steel, brass and
copper, and automobile accessories, consisting of radiators, wind shields,
mufflers, exhaust pipes, cowls, hubs, hub-caps, motor manifolds and other
general motor equipment. Customers comprise practically all automobile
companies in this country.
Capitalization —
A u th orized . Outstanding.
Class “ A” stock, non-voting, no par value_____ 95,000shrs. 75,000 shrs.
Class “ B” stock, voting, no par value_________ 5.000 shrs. 5,000 shrs.
Serial notes 6% 5M-yoar of Jan. 1 1917........$1,000,000
$1,000,000
Both classes of stock will vote alike if, for any two consecutive years, the
company fails to earn $5 a share on its then outstanding stock.
A sse ts —P rofits —D ivid en d s. —Net assets after recent financing (V. 104,
I). 668), and after deducting all liabilities, incl. the $1,000,000 of notes, but
not taking into consideration good-will, patents or trade-marks, amounted
on Dec. 31 1916 to $3,865,616, of which liquid assets amounted to $2,481,­
993. Net profits for the calendar year 1916 were $868,909. out of which
is set asido a reserve of $200,000. A quarterly dividend (initial) of $1 a
share was declared, payable Apr. 3 1917 to holders of record Mar. 21 1917.
Gross sales for Jan. and Feb. of this year amounted to about $1,517,848.
or, on a basis of more than $9,000,000 per ami.

THE CHRONICLE

1596
O perations:

S ales.

S ales.

N e t E a rn s.

N e t E a r n s.

R ep u blic Iro n & Steel C o .-

[Vol. 104.
-Earningsfor March Quarter.—

1913 cal. y r..$3,299,287 $351,568 1915 cal. y r..$4,433,204 $438,289 Not oarnings__________*$5,836,181 Interest on bonds_______ $205,262
1914 do —
_ 3,479,096 349,260 1916 do . . 6,460,213 868,909
Income from invest't, &c.
41,675 Excess profits tax, &c___ 1,021,589
The sales for the two months to Feb. 28 1917 aggregated $1,517,849.
Preferred div. (1H %)___
437,500
U n filled Orders. —As of Mar. 1 1917 there were between $6,000,000 and
Total income________$5,877,856 Common dividona (1H%) 407,865
$7,000,000. The capacity of the Lozier plant alone Is equal to a gross busi­ Depreciation, &c______
252,498 Balanco. surplus_______ x3,501,562
ness of $7,250,000. 1 estimato the gross business for 19l7atabt. $9,000,000. Exhaustion of minerals__
51,5801
Balance Sheet as o f F eb. 28 1917 {Total Each Side $5,817,940).
* After deducting maintenance and repairs of plants amounting to
Liabilities —
Assets$721,334.
$226,913 Accounts payable (not due
Cash ...................
x The following surplus is divided as follows:
for discount)_________ $710,265
Acc’ts receivable—net__ 990,741
M o n th —
1917.
1916. J
1917.
1916Inventories____________ 2,221,792 Accr’d pay-rolls, taxes, &c. 110,961
January........
$1,543,177 $378,845 March...........$1,588,678 $1,018,377
Prepaid insur. & taxes—
6,449 1st M. 6% notes_______ 1,000,000
*Proporties not operated. 386,010 Reserve for gen. purposes. 189,885 February___ 1,215,073 742,2191Total (3 mos.) 4,346.927 2,139,441
Finished and semi-finished orders on hand March 31 1917 amounted to
Properties in operation__ 1,986,035 Capital (80,000 shs., no
par) and surplus......... 3,806,829 593,019 tons, against 617,950 tons on hand on Dec. 31 1916.
These results aro subject to change at the end of tho year, when the
* Property not now operated by corporation consists of city lots, $2,000;
,,,
Rands plant, real estate and buildings (leased out and under option), accounts aro finally audited.
Chairman J.-H. Topping, on April 18 announced that tho directors will
$216,263; machinery stored at Vanguard plant (in course of sale), $191,110.
in future issue quarterly statements of income." See report. V. 104, p. 448.
Deduct reserve for depreciation, $23,363; balance, $386,010.
.
J. W. Deetrick, General Managor, has boon oleetod an additional ViceM a n a g e m e n t. —The same which has brought the various corporations to
their present stage. Directors and officers are: William C. Rands (Pres.), Prcsidont and has also been added to the board.—V. 104, p. 448.
Dwight B. Leo (Treas.), Chas. F. Jensen (V.-Pres.), Sol. Wexler of J. S.
San J oa q u in L ig h t & Power C orp o ra tio n .— Debentures.
Bacho & Co., N. Y.; R. R. Seeley (Production Mgr.).—V. 104, p. 1391.
This company has applied to tho California RR. Comm, for authority:
(a) to execute a mortgage to the Security Trust & Sav. Bank, Los Angeles,
N a tio n a l B iscu it C o.— Advance in Prices.—
This company has put into effect the following higher price schedules, securing an issue of $4,500,000 10-year debentures; (b) to issue $1,000,000
due to tlio riso in the cost of raw materials. Packages formerly 50c. per of these immediately, tho proceeds to bo used to reimburse tho company
dozen aro now 60c.; packages formerly $1 a dozen are now $1 20. It is for money expended for extensions, improvements, &c., to its system, and
obvious that, as the wholesale price is increased to 5c. per packago, a rise in to provide the cost of future additions aftor Jan. 1 1917. See also annua
retail prices is necessary. Chain stores, which retailed the packages at 4c., report on a prevjous page.—V. 104. p. 769.
will no doubt, bo compelled to ask 5c.; other retailers may ask 6c.—
S a n ta Cecilia Sugar C o.— Plan.— A plan of readjustment
V. 10*1. p. 1149, 956.
N a tio n a l C o n d u it & Cable C o., I n c .—

Bonds Sold.—

N ebraska T elep h on e Co. of O m a h a.—

Stock Increase.—

Tho National City Co. and Montgomery. Clothier & Tyler, as head of
tho syndicate which underwrote the $5,000,000 10-year 6% 1st Mtgo.
bonds, announced that the entire amount has been disposed of. Compare
V. 104, p. 1494.
The Nebraska Railway Commission has authorized this company (prac­
tically all of whose stock is owned by the Amor. Tel. & Tel. Co.) to issue
$1,100,000 capital stock to pay ofr an issue of 6% notes held by that com­
pany and $900,000 additional stock for extension, betterments and additions
to tno system in 1917.—V. 98, p. 1248.
N evada C on solidated Copper Co.

Earns.— Director.—

1916.
1916.
1915. !
$
$ .
$
Cross earns..24,366.291 11,685,276 Ore exting.,&c 433,308
Net earnings-14,370,268 5,140,683 Divs. paid... 7,497,963
(75%)
Other income. 1,005,091
764,918 do % paid
Total Income. 15,435,359 5,905,601 Balance, sur.. 7,501,088
Steven Birch, President of Kennecott Copper Corp., has, it
been added to tho board.—V. 104. p. 867, 565.
Calendar
Yea r —

N ew castle L ig h t & Power C o .—

1915.
$
3*17,486
2,999,185
(30%)
2,558,930
is stated,

Bonds Called.—

All tho outstanding ($200,000) First Mtgo. 6% gold bonds have beon
called for payment Juno 1 at 102 and lnt. at Equitable Trust Co., N. Y.
New C en tra l C oal Co. of W . V a .—

Dividend Increased.—

A semi-annual dividend of 2% has beon declared on the$l,000,000 stock
(par $20), payable May 1 to holders of record April 27. Previous payments
were:
____
Dividends_______________ (1911. 1912. 1913. 1914. 1915. 1916.
2
3
4
4
per cent_________________ l 4
—V. 99. p. 1218.

has been presented, dated Apr. 18 1917, under which holders
aro asked to deposit their stock and 1st M . bonds (the latter
with coupons of Aug. 1 1917 attached) at Columbia Trust
C o., GO Broadway, N . Y . , as depositary, on or before M a y 15.

Readjustment Committee: Robert I. Curran, Chairman; C. D. Barnes.
A. II. Lamborn and Chauncey 11. Murphey, with I. II. Lehman as counsel
and R. L. Ccrero as Secretary, 55 Cedar St., Now York.
Digest of Plan of Readjustment.
,
Present Securities Outstanding in H a n d s o f Public.
First Mtgo. 6% Gold bonds, duo Feb. I 1925 but callablo at
102Y i, $1,500,000; owned and pledgod for loans,$753,000----- $747,000
8% cum. pref. stock (issued in 1911; no dividends paid)....... —
715,101)
Common stock originally issued, $1,500,000; in treas., $ 191,000. - 1,309,000
The mortgage provides for sinking fund payments of $76,875 p. a. from
July 1 1906; the arrears thereon now oxcood tho amount of bonds In the
hands of theuublic. No dividends can bo paid while tho sinking fund is
in default. Tho properties and business are in excellent condition, but the
financial and legal conditions prevent the benefits which might othorwiso bo incident to tho increased oarnings. .Tho sinking fund require­
ments appear to be excessive and soasonal loans require tho pledging of the
$753,000 treasury bonds from timo to time, making tho ontiro issue of
$1,500,000 at such times in effect outstanding.
It is proposed to incorporate a now company, known as tho Santa Cocilia
Sugar Corporation or with similar name, to acqulro all of the business and
assets of tho present company as a going concern and assume its contracts,
debts and liabilities of every kind, excepting its 1st M . bonds.
Au th orized Securities o f N e w C om pa n y, all to Be Issu ed on T ransfer o f P roperty.
F irst M ortgage 10-Y e a r 6% Sinking Fu n d Gold B on d s, datod as of tho first

day of tho month following tho incorporation of tho new company,
interest payable semi-annually, without deduction of normal 1*ederal
income tax. Trustee, Columbia Trust Co. Rodeomablo on any inter­
est date at 105 and int. Sinking fund 20% of nut profits in each year,
but not less than $25,000, and, oxcopt optionally, not over $75,000
New N iquero Sugar C o.— Extra Dividend.—
per annum. Total issue---------------------------------------------- $750,000
An extra dividend of 10% has been declared on both tho pref. anil com. Preferred (a. & d .) Stock, 7% cumulative from dato of Issue. Redeemable
stocks, payable April 18 to holders of record April 16.—V. 102, p. 1901.
at 110 and divs. Entitled to vote (oxcopt as othorwiso provided by
statute) only in case of default on prof, divklonds for 18 months, in which
N ip issin g M ines C o.— Earnings.— For Calendar Years:
latter ovont tho preferred stock will during such default vote in like
Cal Yea r—
1916.
1915. I
1916.
1915.
manner as tho common stock. Total Issue (par $100)--------- $1,000,000
Divs fromNip.
[Dividends (30)1,800,000(20)1200,000 Com m on Slock divided into shares of $100 each. Total (v. t. c.).$ 1,750,000
Min.Co.,&c$l,835,140 $1,220,142]Balance........ sur.$5,244def.$21,021
Tho new common stock will bo assigned to Benjamin L. Allon. Charles
Total expenses
29,896
41,1631
II. Buswoll, Alfred A. Cook. Tracy A. Johnson and Montgomery II. Lewis,
Net income of the Nipissing Mining Co. for the year 1916 was $3,027,668 as voting trustees.
,
, „
,
^
,
(against $2,222,256 in 1915); other income, $48,560 (against $34,176) total
It is contemplated that tho by-laws shall require tho Immediate establish­
income (1916), $3,076,228. From this was deducted the cost of mining ment and subsequent maintenance of a reservo of $125,000 for working
and all other expenses, $1,024,745 (against $815,004), and dividends capital and current crop expensos.
$1,835,000 (against $1,220,000), leaving a balance surplus, of $193,866
T erm s o f Exchange
Am ount
-------- Will Be Exchanged f o r -----(against $183,484). The total surplus Dec. 31 1916 was $1,980,126.—
for Existing—Outstanding. 1st M . d s. P ref. Stock. Com .Stock.
V. 103. p. 2434.
IstOsdueFeb. 1 1925--------- $747,000 $747,000x
-------- $858,120 $214,530
N o rth e rn Id ah o &M o n ta n a Power C o .— Time Extended. 8% cumulative pref. stock— 715,1001
120%
30%
The time for the deposits of securities under tho reorganization plan dated Common stock____________1,309,000
......... 1.309,000
-------Jan. 2 1917 has been extended to Juno 1 1917. (See plan V. 104, p. 76.)
Tho reorganization committee, Robert J. Graf, Sec'y, announces that as of
Mar. 30 thero had been deposited $3,833,000 par valuo of bonds, or more
Khoados' t v °C o! of 31 Pine St., N. Y. City, will receive 1,933 shares of
than 83% of tho amount outstanding, and over 55% of the outstanding now
common stock (or v. t. c.) in compensation for tho sorvicos rendered
preferred stock and 66% of tho outstanding common stock.
by
them to tho committeo in formulation and preparation of tho plan and
A report by Sanderson & Porter, based on investigations made late in their
agreement to exert their best efforts (excepting financial commit­
in assisting tho oommlttoe to effectuate tho plan.
Total population servod, 63,892, viz.: Kaltspell (Montana) division, ments)
If
tho
readjustment committee shall not by adv. declare tho plan oper­
10 650; Sandpoint (Idaho) division, 6,300; Willamotto Valley (Oregon)
on or before July 15 1917. depositors may without chargo withdraw.
division, 35,575; Coos Bay (Oregon) division, 11,367; Connected load ative
Compare
report, V. 103, p. 1/92.
Sept. 30 1916: Electric light and powor customers (No.), 10,262; lighting
load 10 556 k. w.; motors connected, 8,151 h. p.; total connected (all
Sapu lp a R efin in g Co. of O k la .— Dividend.—
purposos), 18,035 k. w.; gas customers, 2,128; telephone subscribers,
A dividend of 6% has boon declared on tho stock for tho quartor ending
1,445; water customers, 1,935.
April 30 1917, payablo May 1 1917 to holders of record April 20.—V. 104,
Earnin gs o f Present Properties Yea rs ended Oct. 31 1916 and 1915—
p.
458.
Estimates after R eorganization.)
1914-15. 1915-16. E st. 1st Y r . 2d Yea r.
Shove C o tto n Mill C orp., Fall R iver.— Stock Dividend.—
Gross earnlngs... _................$602,926 $608,993 $675,000 $725,000
Net after opor. exp., maintenance and taxes-------------- 300,000 340,000
The directors have voted to rocommend tho increase in capital stock from
For tho first year the interest chargo would bo about $136,933 (5% on $550,000 to $825,000 by a stock dividend of 50%.—V. 70, p. 636.
$2,477,325 bonds and 6 mos.' lnt. on $522,675 bonds to be Issued for con­
Sierra Pacific Electric C o., R en o, N ov.— Earns.—
struction, &c.), while 5% on $1,794,150 pref. stock would call for $89,707, Calendar
Gross
N et
In t. &
Preferred
B alance,
and depreciation for $42,000, leaving on this basis for common stock $31,Y ea rs —
E a rn in gs.
In com e. S in k .F d .
D ivid en d s.
S u rp lu s.
360.—V. 104. p. 1494, 76.
1916...................$584,961 $335,951 $84,511 (4%)$140.000 $111,439
1915
494,770
284,223
88,961 (5%) 175.000
20.262
Pacific Power & L igh t C o.— Earnings.—
— V. 103, p. 149.
Calendar
Gross
N e t, after
Interest Preferred
Balance,
Y ea rs —
E a rnin gs.
T axes.
Charges. D ividen d s. S urplus.
(R o b t.) Sim pson C o ., L td ., T o r o n to .— Stock Dividend.—
1910
$1,461,699
$709,987$400,883$175,000$134,104
This company’s annual report for tho year ondod Jan. 31 1917 states
1915
. 1 [456,953 743.794 385,323 166.250 192,221 that
a stock dividend of 21 2-3% has boon declared on the common stock,
—V. 102, p. 1722.
together with tho regular cash dividend of 9% on tho $2,744,900 common
Peoples Gas L t. & Coke C o., C h ica g o .— Div. Reduced.— stock, making a total of 30 2-3% for tho year. Principal common stock
A quarterly dividend of 1% has been declared on tho $38,500,000 stock, holdings are: 11. (J. Cox, 1,405 shares; G. A. Cox Estate, 1,088; H* 11.
payable May 25 to holders of record May 1. This compares with 1H% Fudger, 7,677; II. II. Fudgor. in trust, 1,760; R. B. Fudger, 891; J. W.
Flavelle, 8,551,—V. 99, p, 195.
_
In Feb. last.—V. 104, p. 1049, 658.
Poole E n gin eerin g & M achine C o.—

Acquisition.—

This company has acquired, through consolidation, tho exclusive manu­
facturing and selling rights of the turbo-gear, a dovieo lor use with high­
speed electric motors, stoam turbines, &c., manufactured by tho lurboGear Co., Inc., of Baltimore.—V. 104, p. 1495, 957.
P ortlan d G as & Coke C o.—
Calendar
*6. Yea rs —

Gross
E a rnin gs.

Earnings.—

N e t , after
Taxes.

In terest
Charges.

L916
........$1,274,140 $614,746 $323,227
1915
1,246,532 611,256 302,202
—V. 101. p. 698.
Producers Oil C o., H o u sto n ,

P ref. D iv s.

Balances

(7%).
S urplus.
$140,000 $151,519
140,000
169,054

Tex.—Redemption.— _

This company has elected to redeem at 110 and lnt., on July 1 1917, tho
entire outstanding amount ($3,000,000) of its First & Refunding Mtgo. 6%
Convert, gold bonds at Equitable Trust Co., N.Y., trustee.—V■103, p. 148.
R ay C on solid ated Copper C o .—

New Director.—

L. 8. Cates succeeds A. Chester Beatty as director.—V. 104, p. 1391, 566-




Sloss-S h effield Steel & Iron C o.— Common Dividend
directors oil April 17 decided to defer further
dividends on the common stock, both because of the import­
ance of accumulating a large cash surplus in view of unsettled
war conditions and in order that surplus earnings may be
usod for additional improvements. On Fob. 1 1917 a quar­
terly distribution of i lA % was made on the common sharos,
being the first paymont on this issuo siuco Sopt. 1910.

Deferred.— Tho

D ig e st o f S ta te m e n t P u t O u t b y P res. W a d d ill C a t c h in g s , A p ril 17.

While there has been somo criticism of tho management of your cornmany and its accounting mothods, and while it has been stated that the
plants arc not in prime condition. anti that the properties have not been
developed as might, have been expected, it must be held clearly in mind that
the company has large and valuable properties, that these properties are
operating successfully to-day; that tho company is producing pig iron In
large quantities and is earning largo sums monthly. While it is, no doubt,
true that more could be accomplished to-day if a different policy had been

THE CHRONICLE

A pr . 21 1917.]

pursued in the past, still it is an indisputable fact that the company is
operating on a large scale and at a substantial profit each month.
PThc company has not, however, accumulated a cash surplus, and if divi­
dends are continued, even with substantial earnings, the company cannot
accumulate a satisfactory cash reserve for many months.
__
Onthe other hand, it is clearly necessary that the company should make
at this time expenditures in connection \^th its operations in
secure
full operation of its plants and to obtain the benefit to the fullest degree
of the present extraordinary conditions prevailing in the iron and coal
business. While these expenditures will reach substantial amounts, they
are not relatively large in comparison with the company s volume of busi­
ness. They will, however, make an early demand on our cash resources and
add a further reason for the suspension of dividends for the time being­
Having in mind the unsettled conditions existing as a result of the war,
it seems to your President that the interests of
the strengthening of the cash position of the company and makes necessary
deferring dividend payment.—V. 104, p. 1258, 1168.

Southwestern Power & Light Co.— E a r n i n g s .—

"SSn. G's Es -

sMSF-B'ii

..... “ ffilf5

*18®.

—-V. 102, p. 1442.

Standard Gas & Electric G o .—

C o n tro lled C o . N o t e s —

See Western States Gas & Electric Co. below. V. 104, p. 1495. 1269.

StuTiriird Oil Co of N. J»—

N e w D irec to r.

George n f Jonas succeed William H. Libby, deceased, as director.
—V. 104, p. 170.

Stromberg-Carlson Telep. Mfg. Co

— S tock I n c r e a s e . - -

1597

Balance Sheet D e c . 31 1916 ( Total Each Side $4,640,388).
L iabilities —
_
A s s e ts —
Real est., bldgs., equip..$2,802,018 Common stock_________ $1,834,900
Preferred stock-------------- 700,000
Patent rights
160,000
144,227 Bonds_______________
Drawings & patterns___
50,199 Accounts, &c., payable— 1,264,458
Investments, &c_______
88.848
154,495 Accr’d interest, &c_____
Cash________________
320,772
Acc’ts, &c., receivable__ 507,673 Depreciation reserve____
952,907 Reserve for completed con­
Merchandise on hand___
60,000
28,868 tracts, &c___________
Miscellaneous_________
Surplus______________
211,410
As to preferred stock offering, compare V. 94, p. 285.—V. 98, p. 615.

W e s t e r n S t a t e s G a s & E l e c t r ic C o . ( o f C a l .).—Note

Offering.—W m . P . Bonbright & C o ., In c., N . Y . , and H . M .
Byllesby & Co., Chicago, are offering, by adv. on another

page, at 98 and in t., yielding over 6 } 4 % , $1,564,000 6 %
gold notes, dated Feb. 1 1917, due Feb. 1 1927, but callable,
all or part, upon 30 days’ published notice any time prior to
Feb. 1 1921 at 102 and int.; at 101 and int. thereafter and
prior to Feb. 1 1925; and thereafter at 100 and int.

Interest is payable F. & A. at Guaranty Trust Co., of N. Y., trustee.
Denom. $100, $500 and $1,000 c*, S1.000, &c., r*. The company will pay
the normal Federal income tax not in excess of 2%.
Digest of Letter of Vice-Pres. J. J. O’Brien, Chicago, April 12 1917
Tho company, incorporated in 1910, owns and operates water-power,
electric and gas utilities in Central Calif., which supply more than thirty
communities including Stockton, Richmond and Eureka, having a total
population of about 82,000.
Capitalization u p o n C om pletion o f Present F in a n cin g.

Capitalization —
A u th orized . Outstand'g.
The Shareholders on April 12 ratified the proposed increaso in capital
$3,231,500
stock from SlSO.OOO to $1,000,000. par .$25. The increase is to provide Common stock______________________________
10,000,000 2.125.000
farcer capital and to retire an increased temporary indebtedness due to a Preferred 7% Cumulative stock....................
J^^rnr ^niiirno of business in the past few years. Net earnings for 1916 are First & Refundlnr Mtge. 5s, due 1941--------------- 10^000,000 4.506.000
351,000
K t L T t W S l f f l f T o r nearly 50% on the $395,000 stock now out­ American River Electric Co. 5s, due 1933----------- Closed
Six Per Cent gold notes---------------------------------- 5,000,000 1.564.000
standing.—V. 104, p. 1392.
$357,000 of First & Ref. bonds have been canceled by sinking fund;
Texas Power & Light Co.— E a r n i n g s .
$621,500^of 6% notes^due Oct. 1 1917, were called for payment on April 1
' Balance
Interest Preferred
Calendar
Gross
N e t , after
S u rp lu s.
C harges. D ivid en d s.
1^'These^ V o l c s o new mortgage may be created upon the present prop­
Yea rs —
E a rnin gs.
la zes.
1916
_____ $2,214,011 $1,000,201 $424,602 $180,667 $388,932 erty without equally securing these notes. The remaining nooes may be
338,935 135,539 246,215 issued only when net earnings, after interest on all prior liens, are three
1 9 1 5 I - . .......... ......... 1,864,309
720,689
times tho annual interest charges on (a) all notes, including those applied
—V. 103, p. 417.
for; (b) on floating debt; interest on obligations to be paid by proceeds not
Unitod States Steel C orp. —Chairman E. II. Gary Dis­ to be considered. [For details of 1st & Ref. bonds see V. 102, p. 1544;
River 5s, V, 82, p. 1498.1
cusses Effect of War Taxes, &c.—European Holdings of Stock. American
E q u ity .—Junior to this issuo aro $2,125,000 pref. stock, and $3,503,000
See editorial columns in this Issuo.—V. 104, p. 1495, 1392.
common stock of tho Western States Gas & Elec. Co. of Del., which owns
tho entire capital stocks (excepting directors’ shares) of the California Co.
United States Public Service Co .—Bond Sale.—William Based on market prices, these stocks are valued at over $3,000,000.
Tho proceeds will retire the $621,500 notes called for payment April 1
P . Bonbright & C o. announce by advertisement on another and
tho floating indebtedness, will provide funds for extensions and addi­
page the sale at 99 and int. of a now issue of $2,750,000 birst tions to tho properties, and payment for the recently acquired water rights
Lion 6 % gold bonds, dated Feb. 1 1917, duo Fob 1 1927, and storage reservoirs on the south fork of American River (V. 104, P-1505).
Prop erties. —Owns and operates water-power, electric and gas utilities in
but redeemable on any int. date at lOo and interest.
Central Calif, as follows: (1) hydro-electric plant on American River near
v «- a nf nfrtrn of Wm. P. Bonbright & Col, Inc. Donoin. $100, Placcrvillo, with about 300 miles transmission system; (2) gas works, power
*500 and* 1 000 c°-$1 000 &c., r*. Trustee, Guaranty Trust Co. of N. Y. houso and distributing systems in Stockton; (3) electric distributing sys­
Tiu?company will pay normal Foderal income tax not in excess of 2%. tems in Elk Grove, Florin, Galt, Lockeford, Placervillo, Plymouth, Sheldon
refunded. Maintenance and improvement fund is pro- and numerous other towns; (4) hydro-electric power plant on the Trinity
l i X d from1918*o1922, both incl., the difference between 10% ( and after River near Junction City, with about 100 miles of transmission system; (5)
Yo99 19#Vof the gross operating rovonuo for tho preceding year and the gas works and power house, with dlstrioutlng systems in Eureka; (6) electric
amount expended during such year for maintonanco and improvements. distributing systems in Areata, Alton, Blue Lake. Carlotta. Ferndale,
Fields Landing, Fortuna, Ilydesvillo. Rhonervlllo and Loleta, all in Hum­
Surplus of this fund may bo expended for improvements, &c.
boldt County; and (7) electric distributing systems in Richmond and
Extracts from Letter of Pres. VVurdack, St. Louis. Alo.
vicinity in Contra Costa County, &c.
, „ . ,
.
vm n erlu —Owns all of tho outstanding securities of tho following cos.
The company has recently acquired water rights and partially developed
Cnvrmit tho prof, stock of tho Monmouth and Oberlin companies, which it storage reservoirs on the south fork of tho American River together with
must acquiro on or boforo Feb. 1 1918). The companies named supply about 200 ml les of diversion ditches. Theso sites and water rights will make
electricity, gas, water, &c., in 36 cities having a combined population posslblo an additional development of about 30,000 h. p. Tho company
has extensive transmission lines in San Joaquin, Sacramento, El Dorado
estimated at 150,000:
and Amador counties, by which electricity is supplied for agricultural pur­
■Missouri Public Utlitios Co. (Mo.); Oberlin Gas & Elec. Co. (Ohio);
poses, irrigation and gold dredging, also for an interurban and a street rail­
Texas Utlitles Co. (Texas);
Havenna Gas & Elec. Co. (Ohio):
Monmouth Public Service Co. (111.); DanvilleLt.. Pow. &Trac. Co. (Ky.); way system. Reproduction value of properties is placed at over $7,000,000.
Has further contracts with other companies for purchase of electric energy.
MHcholl Power Co. (So. Dale.);
Paris Gas & Electric Co. (Ky.).
Also all tho outstanding bonds on plant and property at Millersburg, E a rn in gs fo r the 12 M o s . en d . F e b . 28 as against Present Interest Charge
1915.
1916.
1917.
Ohio will bo transferred to tho Buckoyo Utilities Co., a new company, all
Grossearnings...................................$1,134,114 $1,198,253 $1,259,374
the securities of which are to bo pledged.
Not,
after
operating
expenses
&
taxes.
$537,095
$581,589
$607,573
Canitalization (A fte r Present F in a ncing )—
A u th orized .
Outst'g.
Annual int. on bonds, $242,850; note int., $93,840-------------$336,690
First L ien gold bonds, First Serios 6% duo 1927___ (Seo test) $2,750,000
Tabulation Showing Growth o f B usin ess as o f D ecem ber 31.
_
Preferred s to c k .......................................... .............................. $2,5 0 0 ,0 0 0 *1,025.000
Electric.
Gas.
I I . P .S ta t.M o t.S e r v e d .
Total K . W .
Commonstock ...................................................... 7,500,000 *4,055,000 C ustom ers —
1914
16.172
7,909
23,722
33,974
* Not including $1,000,000 of pref. and $500,000 of com. hold in treasury 1915 I V „ ........ 17,373
8,438
24,103
36,653
These P on d s. —Secured by deposit of all outstanding bonds and stoejes of
18325
9,011
28,089
42,275
the subsidiary companies, except $50,000 pref. stock of tho Oberlin com­ 1916:::......... .
F
ra
n
ch
ises
.—These
are
favorable
and
principally
unlimited
as
to
time.—
pany and $65,500 prof, stock of tho Monmouth P. S. Co., which stocks
must bo acquired and pledged, or canceled, within one year. Tho securities V. 104, p. 1505, 1270.
so pledged amount to $2,871,000 of bonds and $3,218,200 pref. and com­
W il s o n & C o ., I n c . — New Officers.—
mon stocks. Bonds subsequently issuable to 80% of tho cost or valuo
George If. Cowan, A. E. Peterson, J. A. Hawkinson and V. D. Skipworth
(whichever is less) of (a) extensions and improvements or (6) of additions
have
boon elected additional Vice-Presidents. C. E. Wilson was ro-elected
when net earnings are at least twice tho interest requirement including
Presldont and James A. Howard Vice-Presidont.—V. 104, p. 950, 368.
bonds to bo issued.
....
.
Purpose o f I s s u e . —To bring tho financing of subsidiaries within tho scope
of ono specific funded obligation. Proceeds will retire $1,200,000 Col­
C U R R E N T N O T IC E .
lateral Lien 6% gold notes, due April l 1918; will pay for certain subsidiary
bonds acquired and pledged; will discharge all other indebtedness and
will provide working capital.
—A meeting of representative financial statisticians of the Street at the
C om bined E a rn in gs o f Subsidiary C os
(In t. Charge in 1916, $ 165 ,00 0).
Traders’ Club last week resulted in the formation of an association
Calendar Y e a r “— 482 Lumber
to foster tho study of financial statistics and to assist its members in co­
|903 operative work in the financial field. The organization is to be known as
,321 tho American Association of Financial Statisticians. Tho co-operative
Total corporate income................. m .a o o
2 62,108
3 10,990
394,224
work of tho now association will undoubtedly prove a distinct efficiency
T erritory, A c . —The communities served, oxcopt thoso in Southwestern
Missouri, are in thriving farming and industrial sections. All tho physical mcasuro in tho work of the bond houso. Tho executive committee and
properties aro in excellent operating condition. Tho generating plants officers were elected as follows: President, Charles W. Gerstonburg,
are at Capo Girardeau, Charleston, Sikcston, Poplar Bluff and Sonath, Director of tho Department of Finance of the Now York University School
Mo.; Plainview and Lubbock, lex.; Monmouth, III.; Mitchell, So. Dak.; of Commcrco, Accounts and Finance; First Vice-President, C. Copeland,
Oberlin, llavenna and Millersburg, Ohio, and Danvillo and Paris, Ky.,
and have a total generating capacity of 8,917 k.w. Reproduction cost of of H. II. Copeland & Sons; Second Vice-President, Luigi Criscuolo, of Red­
properties in oxcess of par valuo of bonds.
mond & Co.; Treasurer, J. Frederick Tracy, of Knauth, Nachod & Kuhne:
Operating Statistics—
1913.
1914.
1915.
1916.
Secretary, Malcolm S. Black, of Hemphill, White & Chamberlain; Libra­
Electric k .w . generated
6 ,463,769
8,22 3 ,6 0 6
10,373,070 16,774,391
rian,
F. E. Seidman, of Eastman, Dillon & Co.; and as member of the
1',r* 0 0 0 o n o
<597 o n n o-rr, r r, 1 o n o o i k o n e ciA,<
Executive Committee, F. W. Seymour, of Knauth, Nachod & Kuhne.
Tho nowiy formed Executive Committee is putting forth every effort to
Include a truly representative body as the charter members. All members
Gas customers----------4,811
5,346
5,579
5,763 taken into tho association before July 1 1917 aro to be considered such.
Water customers-------§42
, 986
1,069
3,249
Total customers--------13,277
15,143
17,347
12,612 At last week’s meeting there were over thirty-five representatives of the
Tho transmission system includes 223 miles of distribution lines and 195 financial houses of the Street, and many other firms, it is stated, have
miles of high tension lines, 'lho daily capacity of tho gas plants is 825,000 signified their intention of being represented. It is tho ultimate plan of
ft and the length of gas mains Ls 91 miles.
the association to extend its organization Into many other cities through­
Fra n ch ises .—Satisfactory and free from burdensome restrictions and
out tho country.
mainly extend beyond tho life o f thosebonds.
C o n tr o l _Entire stock owned by the Light & Development Co. of
—Wadsworth & Wright of 2 Wall Street, New York, announce their
St. Louis'.—V. 104, P- 1270.j
discontinuance on qr. before May 1 of active business in the execution of
Stock Exchange commission orders and the lending of money with securities
Warren Bros. Co., Boston.— Increase in Par Value.—
The shareholders on April 17 ratified tho proposed Increaso in the par as collateral. Tho firm, established in 1901, will continue with offices at
value of their shares of stock from $50 to $100 and voted to reduco tho num­ 2 Wall Street, in name and in personnel as heretofore. Glen Wright, In
ber of shares from 90,000 to 4u,000._Comparo bond offering, V.104,p.958 addition to retaining his membership in the firm of Wadsworth & Wright,
will also become actively associated with tho firm of Messrs. Foster &
k“"W e llm a n ^ S e a v e r-M o rg a n ^ C o ., C l e v e . , . 0 .—No~Div.— M Adams, established 1880, members of the New York Stock Exchange,
• A press report from Cleveland says the directors of this company have having offices at 71 Broadway, New York, where he will make his head­
decided to pass tho quarterly dividend duo April 15 on tho cumulative prof, quarters. Foster & Adams will take over the active Stock Exchange
stock. Pres. E. S. Church says earnings in 1916 wore unsatisfactory,
accounts of Wadsworth & Wright.
although 1917 indicates a liberal profit.




1 5 98

THE CHRONICLE

[Vol. 104.

THE NEW YORK CENTRAL RAILROAD COMPANY
ANNUAL REPORT— FOR THE FISCAL YEA R ENDED DECEM BER 31 1910.
T o th e S to ck h o ld er s o f T h e N e w Y o r k C en tr a l R a ilr o a d C o m p a n y :

The Board of Directors herewith submits its report for
the year ended December 31 1916, with statements showing
the'^results for the year and the financial condition of the
company.
The mileage covered by this report is as follows:
Miles.

, , , ..
, ,
,
M a i n l in e a n d b r a n c h e s o w n e d ________________ __________*
P r o p r i e t a r y l i n e _____________ ________ _______________ . .
L e a s e d l i n e _____________________________________________
’
L i n e o p e r a t e d u n d e r c o n t r a c t _____________________
L i n o o p e r a t e d u n d e r t r a c k a g e r i g h t s _______________ _

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

T o t a l r o a d o p e r a t e d ......................... ............................... ............................................5 ,6 8 8 . 7 9

an increase of 48.56 miles over the mileage reported Decem­
ber 31 1915. The increases are due to the inclusion in this
report of the mileage of the Ottawa & New York Railway
and to minor changes due to revision of line. Changes in
line operated under trackage rights are the result of a careful
revision of measurements by the owning companies, reclassi­
fication of previously reported mileage and the discontinu­
ance of operation over the Pennsylvania Railroad from
Irvona to Amsbry in M ay 1916.
S U M M A R Y OF F IN A N C IA L OPERATIONS AFFECTING IN CO M E.
1916.
1915.
Increase ( + ) or
Operating Income—
5 , 6 8 8 . 7 9 miles
5 ,6 4 0 . 2 3 miles
Decrease (— L
R a i l w a y O p e r a t io n s :
operated.
operated.
+ 4 8 . 5 6 miles
R e v e n u e s --------------------- 8 2 0 1 ,5 8 5 ,0 4 8 6 8 $ 1 6 7 ,9 1 2 ,3 3 3 3 3
1 2 9 ,7 3 8 ,3 6 9 19
1 0 9 ,3 9 4 ,3 4 4 7 1
E x p e n s e s ......................
N e t R ev en u e fro m
R a i l w a y O p e r ’n s $ 7 1 ,8 4 6 ,6 7 9 4 9

Percentage of exp. to rev.

$ 5 8 ,5 1 7 ,9 8 8 6 2

+ $ 3 3 ,6 7 2 ,7 1 5 35
+ 2 0 ,3 4 4 ,0 2 4 48
+ $ 1 3 ,3 2 8 ,6 9 0 87

(6 4 .3 6 % )

(6 5 .1 5 % )

$ 8 , 4 8 1 , 5 4 9 11

$ 8 ,3 2 4 ,3 2 5 75

+ $ 1 5 7 ,2 2 3 36

$ 1 7 ,9 0 6 8 4

1 4 ,9 2 7 3 0

+ 2 ,9 7 9 54

R a i l w a y O p e r a t in g
I n c o m e ___________ $ 6 3 ,3 4 7 ,2 2 3 5 4

R a ilw a y ta x e s a c c r u e d
U n c o l l e c t i b l e r a i lw a y
r e v e n u e s __________

— (0 .7 9 % )

$ 5 0 ,1 7 8 ,7 3 5 5 7

+ $ 1 3 ,1 6 8 ,4 8 7 97

$ 1 ,7 5 8 59
4 ,9 6 4 80

$ 6 ,4 3 1 21
4 ,7 0 9 24

— $ 4 ,6 7 2 6 2
+ 2 5 5 56

21

$ 1 ,7 2 1 9 7

— $ 4 , 9 2 8 18

T o t a l O p e r a t in g
I n c o m e ________ $ 6 3 ,3 4 4 ,0 1 7 3 3

$ 5 0 ,1 8 0 ,4 5 7 5 4

+ $ 1 3 ,1 6 3 ,5 5 9 79

M is c e l la n e o u s O p e r a t io n s :
R o v e n u e s --------------------E xpen ses an d ta x e s. _
N e t R e v e n u e fro m
M i s c . O p e r a t io n s

d e f .$ 3 ,2 0 6

Other Income—
H ir o
of
e q u ip m e n t—
c r e d i t b a l a n c e ________
J o in t f a c ilit y r e n t in ­
c o m e ................. ..................
I n c o m e f r o m le a s e o f
r o a d ________ ___________
M i s c e l l . r e n t i n c o m e ___
M is c e ll. n o n -o p e r a tin g
p h y s i c a l p r o p e r t y ___
S e p a ra te ly o p e r . p r o p ­
e r t ie s — p r o f i t _________
D iv i d e n d i n c o m e ______
In c o m e fro m fu n d e d se­
c u r i t i e s ________________
I n c o m e fro m u n fu n d e d
s e c u r it ie s & a c c o u n t s
M is c e l la n e o u s I n c o m e . .

$ 7 2 ,7 0 2 3 3

— $ 7 2 ,7 0 2 3 3

$ 3 ,0 7 9 , 9 5 2 01

2 ,8 2 9 , 8 8 6 9 0

+ 2 5 0 ,0 6 5 11

1 1 5 ,5 5 4 4 9
6 6 6 ,9 9 8 86

7 7 ,0 9 8 0 4
6 8 0 ,4 6 4 11

+ 3 8 ,4 5 6 45
— 1 3 ,4 6 5 2 5

5 1 5 ,6 3 0 71

4 0 9 ,7 7 2 5 8

+ 1 0 5 ,8 5 8 13

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

1 .8 7 5 ,6 0 7 91
6 ,9 6 1 ,5 1 5 79

+ 2 ,4 7 5 ,1 7 9 44
+ 4 ,1 3 8 ,1 8 1 5 0

4 7 6 ,4 6 7 3 6

6 8 0 ,8 9 3 0 0

— 2 0 4 ,4 2 5 6 4

2 ,2 3 5 ,8 1 1 6 7
8 2 ,5 2 9 2 7

2 ,9 6 9 , 1 3 2 41
7 1 , 7 9 8 15

— 7 3 3 ,3 2 0 7 4
+ 1 0 ,7 3 1 12

T o t a l O t h e r I n c o m e $ 2 2 ,6 2 3 ,4 2 9 01
G r o s s I n c o m e ___

$ 8 5 ,9 6 7 ,4 4 6 3 4

$ 1 6 ,6 2 8 ,8 7 1 2 2

+ $ 5 ,9 9 4 ,5 5 7 79

$ 6 6 ,8 0 9 ,3 2 8 7 6

+ $ 1 9 ,1 5 8 ,1 1 7 58

Deductions from Gross

Income—
H ir e
o f e q u ip m e n t—
d e b i t b a l a n c e _________
J o i n t f a c i l i t y r e n t s _____
M i s c e l la n e o u s r e n t s ___
M is c e ll. ta x a c c r u a l s ..
R e n t f o r le a s e d r o a d s . .
I n t . o n f u n d e d d e b t ___
I n t . o n u n fu n d e d d e b t .
A m o r tiz a tio n
of
d is ­
c o u n t o n fu n d e d d e b t
M a in t e n a n c e o f in v e s t­
m e n t o r g a n i z a t i o n ___
I n c o m e tra n sfe rre d t o
o t h e r c o m p a n i e s _____
O t h e r d e d u c t i o n s ______

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

72
27
39
81
50
62
95

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

77
09
69

88
21
16

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

72
50
70
12
62
41
21

2 5 5 ,8 1 6 0 0

1 9 4 ,7 9 9 0 0

+ 6 1 ,0 1 7 0 0

2 ,6 7 4 7 0

7 , 4 8 9 13

— 4 ,8 1 4 43

6 3 ,0 5 7 9 8

4 6 ,4 7 0 3 4
7 8 ,2 3 8 9 0

— 4 6 ,4 7 0 34
— 1 5 ,1 8 0 9 2

T ota l
D e d u c t io n s
f r o m G r o s s I n c . $ 4 0 ,3 0 8 ,2 2 8 9 4

$ 3 9 ,0 9 7 ,8 5 5 17

+ $ 1 ,2 1 0 ,3 7 3 77

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

$ 2 7 ,7 1 1 ,4 7 3 5 9

+ $ 1 7 , 9 4 7 , 7 4 3 81

come—
D iv id e n d s d e c la r e d — 5
p e r c e n t _______________ $ 1 2 ,4 6 6 ,6 1 1 2 5
T o e q u ip m e n t d e p r e c ia ­
t i o n a c c o u n t __________
2 ,5 0 0 ,0 0 0 0 0

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

N e t C o rp . I n c o m e ..

Disposition of Net In­

S u r p lu s f o r t h e y e a r c a r ­
r ie d t o p r o f i t a n d lo s s $ 3 0 ,6 9 2 ,6

P R O F IT

AND

6 15

@ $ 1 2 7 50
@ 2 ,5 0 0 ,0 0 0 00

$ 1 5 ,2 4 4 ,9 8 9 8 4

@ $ 1 5 , 4 4 7 , 6 1 6 31

LOSS A C C O U N T .

B a l a n c e t o c r e d i t o f p r o f i t a n d lo s s (fr e o s u r p lu s ) o n D e c e m ­
b e r 3 1 1 9 1 5 .............. ....................................................................... ................. $ 3 7 ,4 0 6 ,4 7 3 6 6
A d d it io n s :
S u r p lu s f o r t h e y e a r 1 9 1 6 ......................................$ 3 0 ,6 9 2 ,6 0 6 15
S u n d r y d e f e r r e d c r e d it s a n d a d j u s t m e n t s . .
5 4 1 ,1 9 5 0 1
---------------------------- 3 1 , 2 3 3 ,8 0 1 16




$ 6 8 ,6 4 0 ,2 7 4 8 2

D e d u c t io n s :
D e p r e c ia t io n p r io r t o 1907 o n e q u ip m e n t
r e t ir e d d u r i n g 1 9 1 6 ------------------------------------------ $ 1 , 5 6 6 , 0 6 4 9 2
A d j u s t m e n t o f a c c o u n t s w i t h P u llm a n C o .
1 8 7 ,5 8 6 9 3
C a n c e lla t io n o f lo a n t o N e w J e rs e y J u n ctio n
R a il r o a d C o m p a n y _________
1 1 3 ,6 5 9 68
A d j u s t m e n t s a c c o u n t o f le a s e o f S t . L a w ­
r e n c e & A d ir o n d a c k R a ilw a y a n d O tta w a
& N e w Y o r k R a i l w a y ____________________
6 8 5 ,1 9 1 9 2
C a s h a d v a n c e s t o C le a r fie ld B itu m in o u s
C o a l C o r p o r a t i o n ___________________________
2 7 2 ,8 6 0 4 0
A b a n d o n e d p r o p e r t y __________________________
2 2 7 ,7 7 4 18
C h a r g in g o f f v a r i o u s u n c o l l e c t i b l e a c c o u n t s
a n d s u n d r y a d j u s t m e n t s o f a c c o u n t s _____
3 0 4 ,2 0 2 4 3
----------------------------

3 .3 5 7 .3 4 0 4 6

B a la n c e t o C r e d i t o f P r o f i t a n d L o s s ( F r e e S u r p lu s ) D e ­
c e m b e r 3 1 1 9 1 6 ______ _____________ ____________ _______________ $ 6 5 ,2 8 2 ,9 3 4 3 6

On October 19 1916 the Board of Directors authorized the
execution of an agreement to be dated January 1 1917, for
the establishment of the Now York Central Railroad Equip­
ment Trust of 1917, providing for an issuo of $19,995,000 of
equipment trust certificates, bearing interost at tho rate of
4 Y2 % per. annum, which amount is not to bo in excess of
80% of the cost of tho equipment to bo furnished under the
terms of said agreement. The certificates are to bo paid in
fifteen annual installments, tho first being duo January 1
1918. Of the said certificates, the Board on Octobor 19 1916
authorized tho sale of $12,000,000.
With tho permission of tho Public Servico Commission of
tho Second District of tho Stato of Now York, this company
has acquired the entire capital stock of the Dolgevillo &
Salisbury Railway Company, and on January 15 1917
merged that company with itself.
This company had been operating, as agont, the property
of tho Fulton Chain Railway Company unclor agreement
dated M ay 29 1901, and the property of tho Raquotto Lake
Railway Company under agreement dated January l 1901.
Tho Board of Directors of tho Now York Central Railroad
Company offered to accept, as of July 1 1916, all tho capital
stock and bonds of the Fulton Chain Railway Company and
tho Raquetto Lake Railway Company, provided thoso two
companies first secured tho satisfaction of all dobts and claims
against them, other than the mortgage bonds abovo men­
tioned, owing to any persons or companies other than The
Now York Central Railroad Company, and upon such trans­
fer to cancel the indebtedness of tho Raquetto Lako Railway
Company to it. This offer was accepted by tho owners of
tho stocks and bonds of the two railway companies and a
petition dated September 15 1916 was presented to tho Public
Service Commission of the Stato of Now York for its approval
to tho transfer of the securities mentioned and tho cancella­
tion of tho indebtedness of tho Raquotto Lako Railway
Company.
T h o fu n d e d d e b t o f th o c o m p a n y a s r e p o r te d a t th e b e g in ­
n i n g o f t h o y e a r w a s . ........................................................................... . $ 6 S l , 2 4 0 . 1 5 3 01
I t h a s b e e n r e d u c e d d u r i n g t h o y e a r a s f o ll o w s :
N o r w o o d & M o n t r e a l R R . C o . F irs t M o r t ­
g a g e b o n d s , m a t u r e d A p r i l 1 1 9 1 6 __________
$ 1 3 0 ,0 0 0 0 0
B a la n c e o f n o t e t o N e w Y o r k N e w I l a v e n &
H a r t f o r d R a i l r o a d C o _________________________ 1 ,1 0 0 ,4 0 0 0 0
P r i n c ip a l o f m o r t g a g e s o n r e a l e s t a t e in t h o
C i t y o f N e w Y o r k , d u e M a y 1 1 9 2 3 _______ 2 ,0 0 0 ,0 0 0 0 0
P a y m e n t s f a ll i n g d u e d u r i n g t h o y e a r a n d o n
J a n u a r y 1 1 9 1 7 , o n t h o c o m p a n y ’s l i a b i l i t y
f o r c e r t i f ic a t e s is s u e d u n d e r e q u i p m e n t t r u s t
a g r e e m e n t s a s f o ll o w s :
T r u s t o f 1 9 0 7 , in s t a ll m e n t d u e N o v . 1 9 1 6 1 ,4 9 2 ,8 8 4 7 5
T r u s t o f 1 9 1 0 , in s t a llm e n t d u o J a n . 1 9 1 7 1 , 4 0 6 ,4 1 3 7 4
T r u s t o f 1 9 1 2 , in s t a llm e n t d u o J a n . 1 9 1 7
6 8 8 ,3 9 8 9 0
T r u s t o f 1 9 1 3 , i n s t a llm e n t d u o J a n . 1 9 1 7
7 5 9 ,5 8 1 8 0
B o s t o n & A l b a n y t r u s t o f 1 9 1 2 , i n s t a ll ­
m e n t d u o O c t . 1 9 1 6 ______________________
5 0 0 ,0 0 0 0 0
T r a n s fe r o f tru s t lo c o m o t iv e s to th o M ic h ig a n
C e n t r a l R a il r o a d C o .............. ....................................
2 3 3 ,4 6 6 4 4
a t o t a l d e c r e a s o o f _________________________________________________

8 , 3 1 1 , 1 4 5 63

l e a v i n g t h o f u n d e d d e b t o n D e c e m b e r 3 1 1 9 1 6 a t ....................$ 6 7 2 ,9 2 9 ,0 0 7 3 8

Consolidation mortgago bonds, Scries A, bearing interest
at tho rate of 4% per annum, aggregating $65,238,000, wero
substituted for a like amount of N . Y . C. & II. R. R R . Co.Lako Shoro Collateral gold bonds, bearing interest at tho
rate of
per annum, under tho authority to issuo
$70,000,000 of Consolidation mortgago bonds to tho lioldors
of Lake Shore Collateral bonds who consented to tho consoli­
dation of 1914.
In July tho company sold its holdings, amounting to a
par value of $15,018,000 of tho capital stock of Tho New
York Chicago & St. Louis Railroad Company, which had
been carried on the books at a valuation of $8,447,746 94, for
$8,500,000, of which $2,000,000 was in tho form of cash and
$6,500,000 in the form of notes given by tho purchasers.
In the operation of the Pension Department 251 employees
were retired and placed upon tho pension roll. Of those
retirements 157 wero authorized because of tho attainment
of seventy years of ago, and 94 becauso of total and permanent
physical disability; 170 pensioners died during 1916, and at
tho close of tho year, 1,474 rotired employees woro carried
upon tho pension rolls. Tho avorago monthly ponsion allow­
ance of these employees was $24.75, and tho total amount
paid in pension alloAvances during tho yoar was $425,938 55.

Aril. 21 1917.]

THE CHRONICLE

The year 1916 was remarkable in many ways. The extra­
ordinary business pressure growing out of the domand for
munitions, foodstuffs and other materials for export pro­
duced the largest traffic in tho history of tho road. For a
part of the year this growth in traffic was profitable becauso
tho plant was adequate in condition and capacity. With
the congestion of terminals which later developed, however,
together with many changes in tho markets roached by
various productions upon our line, we arrived at a point
whero additional business was sometimes unprofitable be­
causo efficiency involved a dispatch of business and a co­
operation by patrons that did not develop) ratably with tho
demand for transportation.
,
The causes for this are, essentially, beyond the company s
control.
They are a function of the changes in markets,
supply and demand, prices and the commerce of the times.
In othor words, we were adapted in plant and equipment to
tho maximum expectation of business as manifested hereto­
fore, and your property was developing currently with tho
indications of normal business growth. Furthermore,' largo
investments in equipment have been made with which to
meet the crisis as far as equipment applies.
Equipment,
liowover, is not tho limiting factor so much as tho facilities
for tho use of the equipment and tho prompt co-operation
of shippers and consignees in relieving tho company from
protracted and costly custody of traffic.
The impressivo fact is, thoreforo, that for additional
growth of traffic beyond that witnessed during tho year 1916,
thoro are required in many places large investments in ter­
minals and other facilities that will need extensive financial
provision when reached.
In view of the wide publicity given to the subject by tho
press of tho country, it will suffice to state briefly that the
oight-liour legislation passed on September 2 1916 by Con­
gress, in order to avert the threatened blow to tho country,
has, during tho time this report was in process of compila­
tion, been declared by the Supremo Court of the United
States to bo a competent exercise of tho power delegated to
Congress to regulate commerco betweon States. Further­
more, this decision arrived with tho conclusion of a media­
tion botween tho railroads and the train sorvico employees
by a Commission appointed by the President for tho emer­
gency, consisting of the Secrotary of the Interior, tho Secre­
tary of Labor, the President of tho American Federation of
Labor and tho President of the Baltimore & Ohio Railroad,
Chairman of tho Advisory Commission to tho Council of
National Defense.
.
.. . . .
.
Tho mediation was made in the light ot representations
from the President that a national crisis impended, not only
in respect of tho threatened strike, but also in respect of
foreign relations, in which hour ho could not tolerate tho
thought of a disturbance of domestic affairs. Tho appeal led
the Railroad Presidents to give full power to tho Mediation
Board to effect a settlement of the controversy. This settle­
ment conceded all tho important demands of tho employees
with tho exception of punitive overtime.
The act of the Government through tho Commission, as
well as through the decision of tho Supremo Court, has there­
fore fixed a responsibility in the Government for wages and
conditions of employment which has heretofore not been
assumed, although for many years tho Government had as­
sumed the control of rovenues. The decision of tho Supreme
Court is reassuring in respect of the declaration that concer­
ted acts to interrupt the operations of railways aro intolerant
to the spirit of the laws.
While, therefore, new burdens and problems aro thrown
upon the railway managements in order to meet tho costs and
complications which these mattors liavo added, as well as the
increased cost of fuel and supplies, tho situation calls for
renewed efforts toward increased efficiency and prompt and
thorough presentation of^ the need for additional revenue
through rate increases. This condition is so obvious and
provalont and so generally recognized by the public and their
representatives, as to warrant tho hope that tho railroads will
bo permitted additional revenue through rate increases with­
out delay, not only to help them pay tho higher costs of labor,
fuel and supplies, but to favor their credit in respect to tho
noed of plant enlargement. Toward tho realization of this
liopo it may bo said that applications havo been and aro being
mado to tho proper authorities to sanction tho increases, not
only on tho ground of the increased cost of tho things tho
railroad has to buy, but tho increased value of tho service ren­
dered to tho traffic conveyed.
Tho postal compensation has been changed from a weight
to a space basis. Tho current pay is now a provisional rato
fixed by the Inter-State Commerce Commission under tho
Act with a view to collecting statistics as to tho experience
under this method of pay in tho near future. Tho docision
rests with the Inter-State Commerce Commission and not
with tho Post Office Department as heretofore.
On the suggestion of tho President of tho United States,
Congress has appointed a joint commission to inquire into
tho railroad situation. It has asked for ovidonco on tho vari­
ous subjects attempted to be regulated through the country,
including tho relation of one State regulation to the other and
all of thorn to the Federal regulation, tho issuo of securities,
various police regulations, wage and employment conditions,
control of rates, scopo of incorporation, and possibilities of
Government ownership. At least the desire to hear tho caso
of tho railroads along tho broad lines of inquiry announced




1 5 99

by tho Commission is encouraging. What is needed most of
all is a sense of conviction in the minds of the people of the
real facts of the case, that the railroads are an instrumen­
tality with tho debit of obligations for wages, materials, fuel,
taxes and plant, and the credit of earnings for service per­
formed; that, broadly speaking, they will thrive and be
efficient as then- means are ample, and that they welcome
equitable regulation.
Because of the unusual demand for labor and the high
prices offered by industries there has been difficulty in
keeping full forces at shops, terminals and maintenance work,
and there have been sporadic interruptions, which had to be
remedied locally. It is not surprising, however, that the
conditions and times havo had such effect, but rather grati­
fying that we have cause to acknowledge the services rendered
under these trying conditions by the officers and employees
of the company, to whom thanks are hereby a ccord ed /
For the Board of Directors,
ALFR ED II. SM IT H , President.
CONDENSED GENERAL BALANCE SHEET
D E CEM BER 31 1916.
ASSETS.
In vestm en ts:
I n v e s t m e n t in r o a d __________________________$ 4 4 6 ,6 3 5 ,8 6 7 5 7
I n v e s t m e n t in e q u i p m e n t :
T r u s t . . ............................. . $ 8 2 , 0 8 7 , 1 0 9 6 3
O t h e r ............... ....................... 1 3 6 ,0 4 4 ,7 7 3 6 5
------------------------------ 2 1 8 ,1 3 1 ,8 8 3 2 8
-$ 6 6 4 ,7 6 7 ,7 5 0 8 5
Improvements on leased railway property_______
.
8 8 ,3 9 5 ,1 5 7 57
Miscellaneous physical property__________________________ .
7 ,9 9 8 , 2 0 4 3 6

Investments in affiliated companies:
S t o c k s . ■______________________________
$ 1 3 1 ,9 0 8 ,2 1 5 9 5
B o n d s . _______ ______________________________
8 ,0 0 4 ,6 0 9 26
N o t e s ........................
4 0 ,3 7 4 ,8 5 4 99
1 1 ,0 7 1 ,9 1 6 5 0
A d v a n c e s _______________________________________
M i s c e l l a n e o u s _________________________________
1 ,7 7 0 ,0 0 0 0 0
1 9 3 ,1 2 9 .5 9 6 7 0
O th o r in v e stm e n ts:
S t o c k s ..........................
$ 3 1 ,1 2 8 ,1 5 1 3 0
B o n d s ...............................................
2 ,0 9 9 ,6 6 0 87
N o t e s ......... ................................................................
1 0 ,1 8 0 ,0 2 6 0 3
A d v a n c e s _______________________________________
2033
M i s c e l l a n e o u s _________________________________
1 2 ,8 5 0 0 0
4 3 ,4 2 0 ,7 0 8 53
T o t a l I n v e s t m e n t s ______________________
C u rre n t A ssets:
C a s h ____________________________________________ $ 1 3 ,7 1 8 ,5 2 0
6 1 9 ,9 1 5
S p e c i a l d e p o s i t s _______________________________
2 2 ,4 5 1
L o a n s a n d b ills r e c e i v a b l e __________________
T r a f f i c a n d c a r s e r v i c o b a l a n c e s r e c e iv a b le
4 ,0 4 2 ,8 0 8
N o t b a la n c e d u e f r o m a g e n ts a n d c o n d u c ­
7 ,9 2 9 ,2 0 9
t o r s __________________________________________
1 3 ,1 8 3 ,0 7 4
M is c e l la n e o u s a c c o u n t s r e c e i v a b l e ________
2 0 ,3 4 1 ,3 2 1
M a t e r i a l a n d s u p p l i e s ______________________
3 ,0 9 8 ,6 6 6
I n t e r e s t a n d d i v i d e n d s r e c e i v a b l e ________
1 6 ,1 2 6
l t o n t s r e c e i v a b l e _____________________________
4 2 1 ,4 9 9
O t h e r c u r r e n t a s s e t s _________________________

.$ 9 9 7 ,7 1 1 ,4 1 8 01
75
71
10
64
10
35
13
62
76
08
6 3 ,3 9 3 , 5 9 3 2 4

D e fe r r e d A sse ts:
W o r k i n g f u n d a d v a n c e s _____________________
I n s u r a n c e a n d o t h e r f u n d s ------------------------O t h e r d e f e r r e d a s s e t s _______________________

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

U n a d ju s te d D e b it s :
B e n t s a n d in s u r a n c e p r e m iu m s p a i d in
a d v a n c e _____________________________________
D is c o u n t o n fu n d e d d e b t u n a m o r t iz e d ..
O t h e r u n a d ju s t e d d e b i t s ___________________
S e c u r it ie s is s u e d o r a s s u m e d — u n p le d g e d
S e c u r it ie s a c q u i r e d f r o m le s s o r c o m p a n i e s
( p e r c o n t r a ) ________________________________

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

85
97
04
00

4 7 1 ,3 5 1 0 0
1 1 ,0 7 2 ,0 8 5

86

$ 1 ,0 7 7 , 4 0 2 ,4 0 9 0 5
L IA B IL IT IE S .
S tock :
C a p i t a l s t o c k _____________________________________________
.$ 2 4 9 , 5 9 0 , 4 6 0
L o n g -T e r m D e b t:
F u n d ed d e b t u n m a tu rod :
E q u ip m e n t o b lig a t io n s .$ 4 0 ,9 4 8 ,0 0 7 3 8
M o r t g a g e b o n d s _______ 5 2 6 ,4 8 1 ,0 0 0 0 0
D e b e n t u r e s ______________ 1 0 5 ,5 0 0 ,0 0 0 0 0
-$ 6 7 2 ,9 2 9 , 0 0 7 3 8
N o n -n c g o tia b le d e b t t o a ffilia te d c o m ­
1 5 3 ,2 0 9 4 4
p a n ie s —
6 7 3 ,0 8 2 ,2 1 6
C u r r e n t L i a b i l it i e s :
$ 4 ,5 0 2 4 5 0 0 0
L o a n s a n d D ills p a y a b l e _____________________
4 ,4 9 2 35 1 94
T r a f f ic a n d c a r -s e r v ic e b a la n ce s p a y a b le .
A u d i t e d a c c o u n t s a n d w a g e s p a y a b l e ___
1 4 ,9 4 5 1 3 2 0 5
I n t e r e s t m a t u r e d u n p a id :
M a t u r e d , p a y a b lo J a n u ­
a r y 1 1 9 1 7 --------- ---------- $ 2 , 8 2 0 , 3 5 9 4 1
I n t e r e s t u n c l a i m e d _____
4 7 ,8 3 5 85
2 .8 6 8 , 1 9 5 2 6
3 ,1 1 6 6 5 7 5 0
D iv id e n d d e c la r e d , p a y a b le F e b . 1 1 9 1 7 164 7 9 5 3 3
D i v i d e n d s m a t u r e d u n c l a i m e d ____________
790 00
F u n d e d d e b t m a t u r e d u n p a i d _____________
5 ,2 5 7 4 9 6 4 5
U n m a t u r e d i n t e r e s t a c c r u e d _______________
803 816 2 1
U n m a t u r e d r e n t s a c c r u e d __________________
5 ,1 8 1 ,0 8 7 4 0
O t h e r c u r r e n t l ia b il i t i e s ------------------------------4 1 ,3 3 9 ,7 7 2
U n a d ju s te d C r e d its :
T a x l i a D i l i t y ___________________________________
$ 9 4 4 ,3 1 9 6 2
I n s u r a n c e a n d c a s u a l t y r e s e r v e s ---------------3 1 3 ,5 6 1 14
O p e r a t in g r e s e r v e s __________________________
3 6 2 ,4 2 1 51
A c c r u e d d e p r e c i a t io n o f e q u i p m e n t ______
2 7 ,6 3 8 ,0 4 6 2 0
L i a b i l i t y t o le s s o r c o m p a n i e s f o r s e c u r it ie s
a c q u i r e d ( p e r c o n t r a ) _____________________
4 7 1 ,3 5 1 0 0
O t h e r u n a d ju s t e d c r e d i t s ----------------------------2 ,3 6 3 ,9 3 1 6 0
3 2 .0 9 3 . 6 3 1
D e f e r r e d L i a b i l it i e s :
L ia b ilit y t o le s so r c o m p a n ie s f o r e q u ip ­
m e n t __________________________________________ $ 1 5 ,0 5 0 ,1 9 1 86
M i s c e l l a n e o u s ______ - ________________________
6 0 3 ,8 1 7 8 5
1 5 ,6 5 4 ,0 0 9
C o r p o r a t e S u r p lu s :
A d d it io n s t o p r o p e r t y th r o u g h In co m e
,523 0 8 1
a n d s u r p l u s ___________________________________
$6
S i n k i n g f u n d r e s e r v e s ___________________________
2 ,8
9 65 4 14
T o t a l a p p r o p r i a t e d s u r p l u s __________
P r o f i t a n d l o s s — b a l a n c e ___________________

00

82

14

07

71

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

For tables of Comparative Statistics see preceding pages under
“ A nnual R eports.”

1600

THE CHRONICLE

[Vol. 104.

THE MICHIGAN CENTRAL RAILROAD COMPANY
SEVEN TY-FIRST ANNUAL REPORT— FOR THE Y E A R EN DED DECEM BER 31 191G.
On November 15 1916 the Board of Directors authorized
Tho Board of Directors herewith submits its report for the the execution of an agreement dated March 1 1917 for tho
year ended December 31 1916, with statements showing the establishment of the Michigan Central Railroad Equipment
results for the year and the financial condition of the corn- Trust of 1917. This agreement provides for an issuo of
pant.
$9,000,000 of equipment trust certificates, bearing interest
The report covers tho operation of mileage as follows:
at rate of 4 Yi°/o per annum, which amount is not to bo in
M iles.
excess of 80% of tho cost of tho equipment to bo furnished
M a i n l in o a n d b r a n c h e s o w n e d ___________________________________________1 ,1 8 2 .8 4
under tho terms of said agreement. Certificates aro to bo
L i n o j o i n t l y o w n e d ___________________________________________________________
.7 1
L e a s e d l i n o s ____________________________________________________________________
5 7 8 .1 6
paid in fifteen annual installments, tho first installment being
L i n e s o p o r a t e d u n d e r t r a c k a g e r i g h t s _____________________________________
1 0 0 .0 6
duo March 1 1918. On November 15 1916 the Board of
Directors authorized tho issuance and sale of $8,000,000 of
T o t a l r o a d o p e r a t e d ______________________________________________________1 ,8 6 1 -7 7
During the year this company acquired by purchase tho these certificates at not less than 97% of par, tho proceeds
railroad and other property of the following companies, sub­ to be used in tho purchaso of 6,000 froight cars and 50 passen­
ger and baggage cars.
ject to tho lien of existing mortgages:
During the year this company purchased $153,000 of tho
Company—
Road—
M iles.
B a y C i t y & B a t t l e C r e e k R y _____________ W e s t B a y C i t y t o M i d l a n d ,
$250,000 First Mortgage 3 % gold bonds of tho Bay City &
M i c h i g a n __________________
1 8 .1 8
Battle Creek Railway Company, bringing this company’s
D e t r o i t & B a y C i t y R R __________________D e t r o i t t o B a y C i t y , M i c h . ,
a n d b r a n c h e s _____________
1 6 6 .7 2
holdings of such bonds at par valuo up to $201,000, which
D o t r o i t & C h a r l e v o i x R R ________________ F r e d e r i c t o E a s t J o r d a n ,
are to bo canceled, reducing tho outstanding indebtedness
M i c h i g a n ___________
4 2 .6 6
D e t r o i t B e l t L i n e R R ______________________ C i t y o f D e t r o i t , M i c h _____
6 .3 5
on account of this issuo to $49,000.
D e t r o i t D e l r a y & D e a r b o r n R R _________ D e l r a y t o D e a r b o r n , M i c h . ,
On March 15 1916 this company issued its one-year promis­
a n d b r a n c h e s _____________
8 .9 9
sory notes for $4,000,000, bearing interest at tho rate of
G r a n d R i v e r V a l l e y R R ___________________ R i v e s J u n c t i o n t o G r a n d
8 3 .8 2
R a p i d s , M i c h _____________
4 K % per annum, and tho 4 ^ % notes,-aggregating $4,000,­
J a c k s o n L a n s in g & S a g in a w R R _________ J a c k s o n t o M a c k i n a w C i t y ,
000, which matured March 2 1916 and March 15 1916 were
M i c h , a n d b r a n c h e s _____ 3 7 0 .0 4
K a l a m a z o o & S o u t h H a v e n R R _________ K a l a m a z o o t o S o u t h H a v e n ,
retired.
M i c h _______________________
3 9 .3 4
During the year this company surrendered to Tho Toronto
M i c h i g a n A i r L i n o R R ____________________ J a c k s o n , M i c h . , t o S o u t h
B e n d , I n d . ..............................
1 1 5 .2 5
Hamilton & Buffalo Railway Company the second mort­
T o le d o C a n a d a S ou th ern & D e tr o it R y .D e t r o it , M ic h ., t o T o le d o ,
gage bonds of that company, of a par valuo of $357,000, in
O h i o ..................................
5 9 .2 2
oxchango for 3,570 fully-paid shares of its capital stock, in­
T o t a l ................................. ...................................................... .................. ..................... 9 1 0 .5 7
creasing this company’s holdings in capital stock of The
Tho acquisition of theso properties addod to the mileage Toronto Hamilton & Buffalo Railway Company to 9,842
owned 910.57 miles, and increased the miles of road oporated shares.
42.66 miles, which, with certain reclassifications, remeasurcUnder date of February 1 1916 this company jointly and
ments and small extensions, resulted in a total increase in severally with Tho Canada Southern Railway Company, Tho
road operated over 1915 of 58.77 miles.
New York Central Railroad Company and The Canadian
The capital stock of the several companies mentioned, Pacific Railway Company, entered into an agreement to
owned by The Michigan Central Railroad Company, or guarantee tho principal and interest of consolidated mortgage
acquirod in connection with the purchase of their properties, bonds of Tho Toronto Hamilton & Buffalo Railway Company
will bo canceled as soon as all legal formalities havo been com­ to an amount not exceeding $10,000,000, at a rate of interest
pleted. As a result of tho morger thero has been an increase not in excess of 5 % per annum. In accordance with further
in tho company’s investment in road and equipment of $21,­ provisions of this agreement, this company has subscribed
989,566 70, and in its bonded indebtedness of $3,149,000 00. and paid for $250,000 of such consolidated bonds at 90% of
Thero was no change in capital stock during the year, the par.
amount authorized and outstanding being $18,738,000.
In the operation of tho Pension Department, 44 employees
T h o f u n d e d d e b t o u t s t a n d i n g D e c . 3 1 1 9 1 5 w a s ________________ § 4 7 , 3 8 4 , 7 1 9 61
were retired and placed upon tho ponsion roll. Of these
I t h a s b e e n in c r e a s e d d u r i n g t h o y e a r b y :
retirements, 26 wero authorized becauso of tho attainment of
B o n d s o f T o le d o C a n a d a S ou th ern & D e tr o it
R a i l w a y C o . a s s u m e d _________________________ $ 3 , 1 0 0 , 0 0 0 0 0
seventy years of ago, and 18 becauso of total and permanent
B o n d s o f B a y C i t y & B a t t lo C r e e k R a ilw a y
physical disability. 22 pensioners died during 1916, and at
C o m p a n y a s s u m e d ____________________________
4 9 ,0 0 0 00
C e r t i f i c a t e s is s u e d u n d e r t h e M i c h i g a n C e n ­
tho close of the year 277 rotired employees wero carried upon
tr a l R a ilr o a d e q u ip m e n t tr u s t a g re e m e n t
tho pension rolls. Tho averago monthly ponsion allowance
o f 1 9 1 5 ____________
4 ,5 0 0 ,0 0 0 00
A d d it io n a l lia b ility fo r c e r tific a t e s o u t s t a n d ­
to these employees was $22 08, and tho total amount paid
in g u n d e r 1910 tr u s t, a c c o u n t tra n s fe r o f
in pension allownaces during tho year was $74,111 82.
15 l o c o m o t i v e s f r o m T h o N o w Y o r k C e n ­
T o th e S to ck h o ld er s o f T h e M i c h i g a n C e n tr a l R a ilr o a d C o m p a n y :

t r a l R a i l r o a d C o m p a n y ---------------------------------

2 3 3 ,4 6 6 4 4
------------------------- -

7 ,8 8 2 ,4 6 6 44

S 5 5 .2 6 7 .1 8 6 0 5
I t h a s b e e n d e c r e a s e d d u r in g th e y e a r b y :
P a y m e n t o f p r o r a t a o f in s t a ll m e n t s o n a c c o u n t o f e q u i p ­
m e n t t r u s t c e r t i f ic a t e s :
$ 2 6 0 ,4 2 5 4 5
T r u s t o f 1 90 7, d u e N o v . 1916 ( N .Y .C .L i n e s ) .
3 9 3 ,9 6 0 4 4
T ru st o f 1910,
d u o J a n . 1917
"
“
1 5 1 ,7 1 0 9 0
T ru st o f 1912,
d u e J a n . 1917
“
“
2 4 4 ,8 9 5 3 4
T ru st o f 1913,
d u o J a n . 1917
“
"
3 0 0 ,0 0 0 0 0
T r u s t o f 1 9 1 5 , d u o O c t . 1 9 1 6 ( M . C . R R . ) ------$ 1 , 3 5 0 , 9 9 2 13
M i c h i g a n C e n t r a l - J a c k s o n L a n s in g & S a g in a w
314 % f ir s t m o r t g a g e g o l d b o n d s o f 1 9 5 1 p u r ­
ch a se d a n d ca n c e le d b y th o T ru ste e s o f th o
L a n d G r a n t F u n d o f t h o J a c k s o n L a n s in g
& S a g in a w R a i l r o a d C o m p a n y ________________
1 ,0 0 0 0 0
--------------------------

N et

R e v e n u o fro m

R a il-

Percentage of expenses
revenues ________________

to
!

R a i l w a y T a x A c c r u a l s _____
.
U n c o lle c t ib le R a ilw a y R e v e ­
n u e s ____________________
.
1 , 3 5 1 ,9 9 2 13

T o t a l f u n d e d d e b t D e c . 3 1 1 9 1 6 ............................................................$ 5 3 ,9 1 5 ,1 9 3 9 2

On December 13 1916 tho Board of Directors authorized,
and the stockholders, at a meeting called to bo held on Febru­
ary 7 1917, will be requested to consent to, tho execution of
a refunding and improvement mortgage, to be dated January
1 1917, to secure tho company’s now outstanding Debentures
of 1909, amounting to $7,634,000, and to secure, equally and
ratably with tho Debentures, bonds to be issuod under tho
mortgage to an amount not exceeding $100,000,000. By the
terms of tho proposed mortgage, tho Board of Directors is
given tho power to authorize the issue of bonds, in series,
maturing on such dates, not later than January 1 2017, and
bearing interest at such rates, as shall bo fixed and deter­
mined by tho Board, for tho purposes specified in the mort­
gage; and it is provided that when tho amount issued for
purposes other than the refunding of Debentures or of prior
debt shall bo $10,000,000, no additional amount of bonds
shall bo issued in respect of work done, or of property ac­
quired, in any amount exceeding seventy per cent of tho cost
of such work or property.
Certificates issued under tho agreement dated October 1
1915, establishing tho Michigan Central Railroad Equip­
ment Trust of 1915, were sold at the beginning of tho year.
Under the provisions of the trust tho following equipment was
received:
3 , 5 0 0 a ll s t e e l 5 0 t o n a u t o m o b i l o b o x c a r s .
5 0 0 a ll s t e e l 5 5 t o n c o m p o s i t e g o n d o l a c a r s .
4 5 ste e l u n d e rfra m o 4 0 t o n a u t o m o b ilo b o x ca r s .




S U M M A R Y O F F IN A N C IA L O P E R A T IO N S A F F E C T IN G IN C O M E .
Inc. ( + ) or
1916.
1915.
Dec. (— ) .
1 , 8 6 1 .7 7 miles 1 ,8 0 3 .0 0 miles
Operating Income—
operated.
operated.
+ 5 8 .7 7 miles.
R a ilw a y o p e r a tio n s :
4 6 , 4 1 8 , 7 9 0 11 3 6 , 5 4 0 , 6 6 5 12 + 9 , 8 7 8 , 1 2 4 9 9
.3 0 .6 1 6 ,2 0 0 7 2 2 5 , 7 2 7 , 4 8 7 1 1 + 4 , 9 1 8 , 7 7 3 6 1

(6 6 .0 2)
1 , 686,0 10 0 6

1 0 ,8 1 3 ,1 7 8 01

+ 4 ,9 5 9 ,3 5 1 3 8

( 7 0 .4 1 )
1 , 5 2 2 ,9 3 5 9 6

(— 4 . 3 9 )
+ 1 6 3 ,0 7 4 10

1 0 ,3 4 9 9 0

4 ,6 4 0 7 6

+ 5 , 7 0 9 14

. 1 ,0 9 6 ,3 5 9 9 0

1 ,5 2 7 ,5 7 6 7 2

+ 1 6 8 ,7 8 3 2 4

1 4 ,0 7 6 .1 6 9 4 3

9 ,2 8 5 ,6 0 1 2 9

+ 4 , 7 9 0 , 5 6 8 14

2 2 5 .3 7 6 7 9
274 67
5 ,1 0 7 5 5

2 3 3 ,4 4 3 8 9

— 8 , 0 6 7 10
+ 2 7 4 67
+ 1 ,4 0 2 3 0

1 ,7 8 7 0 0

1 ,5 3 3 7 2

+ 2 5 3 28

4 7 6 ,0 8 1 2 5
4 6 , 7 3 9 17

0 1 0 33
4 6 9 ,4 2 5 5 0
4 7 ,6 0 0 00

— 610 33
+ 6 ,6 5 5 75
— 8 6 0 83

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

1 7 0 ,7 9 7 3 9
1 ,3 6 7 0 7

+ 9 ,2 7 2 34
+ 9 0 16

9 3 6 ,8 9 3 3 9

9 2 8 ,4 8 3 15

+ 8 ,4 1 0 24

1 5 ,0 1 3 ,0 6 2 8 2 1 0 ,2 1 4 ,0 8 4 4 4

+ 4 ,7 9 8 ,9 7 8 3 8

Non-operating Income—
J o in t fa c ility re n t i n c o m o ..
.
I n c o m e f r o m le a s e o f r o a d _____.
M is c e l la n e o u s r e n t i n c o m o _____.
M i s c e lla n e o u s n o n - o p e r a t i n g
p h y s i c a l p r o p e r t y ____________ .
S e p a r a t e ly o p e r a t e d p r o p e r t ie s
— p r o f i t ________________
D i v i d e n d i n c o m e _________
.
I n c o m e f r o m f u n d e d s e c u r it i e s:
I n c o m o fr o m u n fu n d e d s e c u r i­
t ie s a n d a c c o u n t s ______
.
M is c e l la n e o u s i n c o m o ___
T o t a l N o n - o p e r a t i n g I n c o m o)

Deductions from Gross Income—
H ir e o f e q u ip m e n t— d o b lt b a l­
a n c e ....................
2 ,2 7 4 , 3 5 2 3 8
J o i n t f a c i l i t y r e n t s _____________
5 8 7 ,9 7 2 7 5
R e n t f o r le a s e d r o a d s ___________ 3 , 2 5 9 , 9 0 7 2 2
M is c e l la n e o u s r e n t s ____________
1 ,9 6 1 4 9
M is c e l la n e o u s t a x a c c r u a l s ___
2 ,4 6 6 01
S e p a r a t e l y o p e r a t e d p r o p e r t ie s
— lo s s .........................
2 7 ,4 6 4 4 4
I n t e r e s t o n f u n d e d d e b t ________ 1 , 7 6 8 ,1 3 8 0 9
I n t e r e s t o n u n f u n d e d d e b t _____
2 2 5 ,8 0 4 0 0
A m o r tiz a tio n o f d is c o u n t o n
f u n d e d d e b t ___________________
2 2 ,7 0 4 0 0
M i s c e l la n e o u s i n c o m o c h a r g e s 4 ,8 5 6 25

3 ,7 0 5 25

1 ,5 6 6 ,5 0 0
5 3 5 ,4 7 9
3 ,4 4 4 .6 5 0
1 0 ,4 9 1
2 ,2 4 9

95
00

66
72
62

+ 7 0 7 ,8 5 1
+ 5 2 ,4 9 3
— 1 8 4 ,7 4 3
— 8 ,5 3 0
+216

43
75
44
23
39

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

+ 1 1 .1 8 0 7 5
+ 3 7 8 ,5 4 3 57
— 9 0 .9 9 5 94

5 ,0 7 6 9 7

+ 2 2 .7 0 4 00
— 220 72

T o t a l D e d u c t io n s fro m G ro s s
I n c o m e ______________________ 8 ,1 7 5 , 6 2 6 6 3

7 ,2 8 7 . 1 2 7 0 7

+ 8 8 8 ,4 9 9 56

N e t I n c o m o ___________________

2 ,9 2 6 ,9 5 7 37

+ 3 ,9 1 0 ,4 7 8 8 2

0 , 8 3 7 , 4 3 6 19

A p b . 21 1917.]

THE CHRONICLE

1 6 01

Inc. ( + ) or
Dec. (— ) .
+ 5 8 . 7 7 miles
$

1916.
1915.
,8 6 1 .7 7 miles 1 ,8 0 3 . 0 0 miles

State Commerce matters, he rendered valuable and efficient
service, and placed himself in the front rank of railway coun­
D iv i d e n d a p p r o p r i a t i o n o f i n ­
s
sel in the United States. He was born at Brattleboro, Ver­
c o m e ( 4 % ) _______ ____________
749,520 00
749,520 00
mont, November 9 1870, and his untimely death w'as a dis­
A p p r o p r ia t e d fo r in v e s tm e n t
in p h y s i c a l p r o p e r t y :
tinct loss to tho companies he served so well.
A d d it io n s a n d b e t t e r m e n ts .
1,459 19
— 2 ,6 5 1 3 8
4,110 57
Michael C. Coyle, Division Superintendent of this com­
A d d it io n s a n d b e tte r m e n ts —
Io a s e d l in e s __________________
143,000 04
+ 3 3 ,9 3 4 4 0
pany at Bay City, died November 13 1916. Ho was born
109.065 64
C a p it a l s t o c k p u r c h a s e d :
at Angelica, New York, March 24 1854, and began railway
J a c k s o n L a n s in g & S a g i ­
n a w I t i t . C o _____________ 1,151.150 00
+ 1 ,1 5 1 ,1 5 0 0 0
work as messenger on tho New York & Erie Railway at
G ra n d R iv e r V a lle y U R .
tho ago of twelve. He entered the service of this company
C o .............................................
+ 4 0 5 .3 7 5 00
405,375 00
in August 1874 as train dispatcher, and during a continuous
M i s c e l la n e o u s a p p r o p r i a t i o n o f
in c o m e :
period of forty-two years faithfully performed his work in
T o e q u i p m e n t d e p r e c i a t io n
the different positions to which he was promoted.
a c c o u n t ______________________
5 0 0 ,0 0 0 0 0
........................
+ 5 0 0 ,0 0 0 00
The following appointments were effective during the year:
T o t a l A p p r o p r ia t io n s .
8 6 2 ,6 9 6 21 + 2 , 0 8 7 , 8 0 8 0 2
. 2 ,9 5 0 , 5 0 4 2 3
Feb. 1st, Adna K . Masters, Freight Claim Agent.
)
Fob. 10th, Sheldon W . Brown, Assistant to tho General
2 ,0 6 4 ,2 6 1 16 + 1 ,8 2 2 ,6 7 0 8 0
C r e d i t o f P r o f i t a n d L o s s ___ . 3 ,8 8 6 ,9 3 1 9 6
Manager.
Sept. 1st, Henry Shearer, General Superintendent.
P R O F IT A N D LO SS A C C O U N T
Sept. 1st, William H. O’Keefe, Assistant General Super­
A m o u n t t o c r e d i t o f p r o f i t a n d lo s s D e c . 3 1 1 9 1 5 -------------------- 8 1 3 ,6 3 8 ,9 7 4 4 5
intendent.
Add:
S u r p lu s f o r t h e y e a r 1 9 1 6 _______________________ 8 3 ,8 8 6 ,9 3 1 9 6
Sopt. 14th, Abraham T . Hardin, Vice-President.
R e fu n d o f F e d e ra l e x clso ta x o v e r p a id fo r
Acknowledgment is hereby made to officers and employees
year 1911___ ________________________
11,990 48
Sundry adjustments and cancellations (net).
1,890 11
for faithful and efficient service.
------------------ 3,900,812 55
For the Board of Directors,
8 1 7 ,5 3 9 ,7 8 7 0 0
A LFRED H. SM ITH , President.
Disposition of Net Income—

operated.

operated.
$

D ed u ct:
D is c o u n t , c o m m is s io n a n d e x p e n s e s , M C R R
e q u i p m e n t t r u s t o f 1 9 1 5 ______ _______________
$ 6 ,6 8 5 13
D is c o u n t , c o m m is s io n a n d e x p e n s e s , N V C
L in e s e q u ip m e n t t ru s ts o f 1 91 0 a n d 1 9 1 3 ..
4 ,9 2 2 25
D e p r e c i a t i o n u n a c c r u e d p r io r t o J u l y 1 1 9 0 7
o n e q u i p m e n t r e t ir e d d u r i n g 1 9 1 6 __________
2 6 6 ,1 1 3 8 0
C a n c e ll a t i o n o f i n t e r e s t a c c r u e d o n a d v a n c e s
t o D o tr o it T e r m in a l R a ilr o a d C o m p a n y ..
5 7 ,5 1 3 13
A b a n d o n e d p r o p e r t y ...................... ......................._ _
9 1 ,1 1 9 7 5
--------------------------

CONDENSED

G E N E R A L B A L A N C E S H E E T D E C E M B E R 31 1 9 1 6 .

ASSETS.

4 2 6 ,3 5 4 0 6

Investments—
I n v e s t m e n t in r o a d a n d e q u i p m e n t :
R o a d a n d e q u i p m e n t t o J u n e 3 0 1 9 0 7 _____$ 3 5 ,2 1 3 ,2 5 7 0 9
S in c e J u n e 3 0 1 9 0 7 :
R o a d ........... ................
$ 2 7 ,4 5 1 ,8 5 2 6 9
E q u ip m e n t — t r u s t ______ 2 2 ,5 8 6 ,4 2 1 0 9
E q u i p m e n t — o w n e d ______
8 8 2 ,6 5 1 2 0 5 0 ,9 2 0 ,9 2 4 9 8

B a l a n c e t o c r e d i t o f p r o f i t a n d lo s s D e c . 31 1 9 1 6 - - ...................... $ 1 7 ,1 1 3 ,4 3 2 9 4

The total gross revenue for tho year was $46,418,790 11,
an increaso of $9,878,124 99, duo principally to tho heavier
volume of traffic incident to tho generally prosperous busi­
ness conditions during tho year.
Tho total railway operating expenses wero $30,646,260 72,
an increaso of $4,918,773 61. By groups tho increases wero
as follows:

T o t a l i n v e s t m e n t in r o a d a n d e q u i p m e n t _____________ $ 8 6 ,1 3 4 ,1 8 2 0 7
I m p r o v e m e n t s o n le a s e d r a i lw a y p r o p e r t y :
T o J u n e 3 0 1 9 0 7 . . ..................................................
$ 8 2 3 ,7 7 3 7 6
S in c o J u n o 3 0 1 9 0 7 ........................... .......................
1 ,4 1 7 .8 0 4 6 4
2 ,2 4 1 ,5 7 8 4 0
M is c e l la n e o u s p h y s i c a l p r o p e r t y i n v e s t m e n t s in a f f i l i a____
t e d. c o m p a n i e s :
S t o c k s . . ............................
B o n d s .........................................
N o t e s ---------------------------------------A d v a n c e s ________________

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

50
00
62
28

1 0 ,5 7 8 ,4 0 2 4 0
$ 6 3 3 ,1 6 0 0 9
M a i n t e n a n c e o f w a y a n d s t r u c t u r e s _____________________
M a i n t e n a n c e o f e q u i p m e n t , __________________________________________
9 0 9 ,9 9 8 5 8 O t h e r i n v e s t m e n t s — S t o c k s .
1 5 ,0 0 4
00
T r a f f i c ------------------------9 7 ,8 6 8 2 2
T r a n s p o r t a t i o n ___________________________________________________________
3 ,0 1 0 ,8 7 4 52
T o t a l i n v e s t m e n t s _____________________________________________$ 9 9 ,9 2 4 ,6 6 5 10
1 3 1 ,2 4 5 19
Miscellaneous operations_______________________________________
Current Assets—
G e n e r a l .......................................................................................
1 3 5 ,6 2 7 01
C a s h — ..................
$ 3 ,0 9 4 ,2 8 3 8 1
S p e c ia l d e p o s i t s ___________________________________
2 2 ,3 0 7 5 0
T o t a l ..................
$ 4 , 9 1 8 , 7 7 3 61
N o t b a l a n c e s r e c e iv a b le f r o m a g e n t s a n d
3 ,6 5 4 ,4 7 5 9 0
c o n d u c t o r s ......... ...........................................
M is c e l la n e o u s a c c o u n t s r e c e i v a b l e ____________
1 ,7 1 6 ,9 1 0 8 7
M a t e r i a l s a n d s u p p l i e s __________________________
5 , 1 6 i , 9 2 9 10
I n t e r e s t a n d d i v i d e n d s r e c e i v a b l e _____________
2 3 6 ,2 1 2 00
1 3 ,8 8 6 ,1 1 9 18

A dock is being constructed along the Dotroit River front­
age of this company’s property between Third Street and
Eighth Street, Detroit, on the Harbor Lino. It is completed
for about 1,200 feet, and filling has been done for about 400
feet. When tally completed there will havo been reclaimed
about 2 % acres of valuable land.
Tho construction of a connection, near Harper Avenue,
on tho Dotroit Belt Lino, with tho North Yard, at tho junc­
tion of tho Dotroit Terminal Railroad, is about completed.
This will greatly relievo congestion on that portion of tho
bolt lying between Belt Lino Junction and Harper Avenue,
and will open up a very valuablo industrial district which will
bo sorved exclusively by this line.
Under date of M ay 29 1916 this company, togother with
Tho Now York Central Railroad Company, Pore Marquette
Railroad Company, Wabash Railway Company and tho
Detroit United Railway Company, executed an agreement
with the City of Detroit providing for tho separation of grades
at various street crossings in tho City of Dotroit between
Junction Avenue and River Rouge, the City to assumo all
abuttal damages, and tho railroad companies tho entire cost
of construction, which need not exceed $200,000 in any ono
year.
Tho changes in tho road and equipment account during
the year, wero as follows:
T h o a m o u n t c h a r g e d t o D e c . 3 1 1 9 1 5 w a s --------------------------I n c r e a s o In r o a d :

’

gog o ,o
'

07

Expenditures during tho year ---------------------$1,168,092 36

In cre a so a cco u n t p u rch a se o f p ro p o r ty o f
railroads a s previously referred t o --------------2 1 , 9 7 3 , 9 5 7 7 9
I n c r e a s o in e q u i p m e n t :
C o s t o f e q u ip m e n t a c q u ir e d

~~
under

’

'

2 3 - 1 4 2 -050 15

tru st

agreements ----------------- ----------------------------$6,330,711 92

E x ce ss c o s t o f n ow e q u ip m e n t p u rch a se d ,
a n d a d d it io n s a n d b e tte r m e n ts t o e q u ip ­
m e n t o v e r v a l u e o f e q u i p m e n t r e t i r e d _____

3 2 1 ,7 7 1 1 3 *

----------- ------------T o t a l a m o u n t ch a rg e d t o ro a d a n d e q u ip m e n t D e c .

6 ,6 5 2 ,4 8 3 05

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

Tho changes during tho year in tho account showing
amount of improvements on leased railway property wero
as follows:
T h o a m o u n t c h a r g e d t o D e c . 3 1 1 9 1 5 w a s ---------------------$ 1 7 ,8 7 8 5 7 1 5 7
D e c r e a s e d d u r i n g t h e y e a r b y t r a n s f e r o f e x p e n d it u r e s o n
p r o p e r t y o f le a s e d lin e s p u r c h a s e d b y I 'h o M i c h i g a n C o n ­
t r a ! R a il r o a d C o m p a n y .............................................................................. 1 5 ,8 1 8 ,1 3 5 0 7
E x p e n d itu r e s d u r in g th o y e a r , fo r a d d it io n s a n d b e tte r m e n ts
— r o a d ..............................................................................................
T o ta l am ou n t ch arged to D e c.

1 8 1 ,1 4 1 9 0

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

The death during tho year of two officers of tho company
is rocordod.
Ora E. Butterfield, General Solicitor, died December 22
1916 in Now York City. Mr. Butterfield was connected
with tho law department of this company from 1896 until
tho timo of his death. As local attorney and general attor­
ney for this company and during later years as General Solici­
tor of all tho New York Contral Lines, in chargo of Inter


Deferred Assets—
W o r k i n g f u n d a d v a n c e s ..................
O t h e r d o f e r r e d a s s e t s ___________________________

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

66,290 90

Unadjusted Debits—
R e n t s a n d in s u r a n c e p r e m iu m s p a i d in a d ­
v a n c e ___________________________________________
D i s c o u n t o n f u n d e d d e b t _______________________
O t h e r u n a d ju s t e d d e b i t s _______________________
S e c u r it ie s is s u e d o r a s s u m e d — u n p l e d g e d ___

S176 80
7 9 4 ,6 2 6 0 5
4 1 6 ,6 6 1 8 3
1 .6 0 0 00

1 , 2 1 3 ,0 6 4

68

T o t a l .............. .................................................................................................... $ 1 1 5 ,0 9 0 ,1 3 9

86

LIABILITIES.

Stock—
C a p it a l s t o c k ____________________
Long Term Debt—
F u n d e d d e b t u n m a tu red :
E q u ip m e n t o b l ig a t io n s —
E q d i p . t r . c t f s . o f 1 9 0 7 . . $ 1 ,5 6 2 ,5 5 2
3 ,1 5 1 ,6 8 3
E q u ip , t r . c t fs . o f 1 9 1 0 ..
E q u ip , t r . c t fs . o f 1 9 1 2 ..
1 ,5 1 7 ,1 0 9
E q u ip , t r . c t fs . o f 1 9 1 3 ..
2 , 6 9 3 ,8 4 8
E q u ip , t r . c t fs . o f 1 9 1 5 ..
4 ,2 0 0 , 0 0 0

$ 1 8 ,7 3 8 ,0 0 0 0 0

68
48
00
76
00

-$13,125,193 92

M o rtg a g e b on d s—
M i c h . C e n t . 1st m t g e . . $ 1 8 , 0 0 0 , 0 0 0 0 0
G r a n d R i v . V a l. l s t m t g e
1 ,5 0 0 ,0 0 0 0 0
D e t r o i t & B . C . 1 st m t g o
4 ,0 0 0 ,0 0 0 0 0
K a l. & S o . H a v . ls t m t g e
7 0 0 ,0 0 0 0 0
M i c h . A i r L i n o 1st m t g e
2 ,6 0 0 ,0 0 0 00
J a c k s o n L a n s in g & S a g i­
n a w 1st m t g e __________
1 ,7 0 7 ,0 0 0 0 0
.T o lie t & N o . I n d . 1st m t g o
1 , 5 0 0 ,0 0 0 0 0
B a y C it y & B a ttle C reek
1s t m t g e ________________
4 9 ,0 0 0 0 0
T o le d o C a n a d a S ou th ern
& D o t r o i t 1 st m t g e ___
3 .1 0 0 ,0 0 0 00
,
„
.
---------------------------- 3 3 . 1 5 6 , 0 0 0 0 0
M i s c e l la n e o u s o b l ig a t io n s — •
G o l d d e b e n t u r e s o f 1 9 0 9 ................... .............
7 ,6 3 4 ,0 0 0 0 0

Current Liabilities—
L o a n s a n d b i ll s p a y a b l e ________________________ $ 4 ,2 8 8 ,9 0 1 8 3
T r a f f i c a n d c a r s e r v ic e b a la n c e s p a y a b l e _____
5 1 7 , i 4 6 51
A u d i t e d a c c o u n t s a n d w a g e s u n p a i d _________
4 ,8 4 9 ,4 8 9 70
M is c e l la n e o u s a c c o u n t s p a y a b l e _______________
9 3 ,9 5 8 7 3
I n t e r e s t m a t u r e d u n p a i d ----------------------------------2 7 ,5 7 5 0 0
D iv i d e n d s m a t u r e d u n p a i d ------------------------------4 ,5 0 6 0 0
F u n d e d d e b t m a t u r e d u n p a i d _________________
2 ,0 0 0 00
U n m a t u r o d d i v i d e n d s d e c l a r e d ________________
3 7 4 ,7 6 0 0 0
U n m a t u r o d in t e r e s t a c c r u e d ___________________
3 4 6 ,9 9 3 9 9
U n m a t u r e d r e n t s a c c r u e d ______________________
4 6 0 ,0 7 5 2 0
Deferred Liabilities—
O t h e r d e f e r r e d l ia b il i t i e s __________________________________________
Unadjusted Credits—
O p e r a t in g r e s e r v e s ______________________________
$ 8 7 ,9 0 3 9 4
A c c r u e d d e p r e c i a t io n — r o a d a n d e q u i p m e n t
, 2 0 5 ,8 0 5 3 1
A c c r u e d d e p r e c i a t io n — m is c e lla n e o u s p h y s ­
i c a l p r o p e r t y ___________________________________
7 ,2 7 4 2 2
O t h e r u n a d ju s t e d c r e d i t s _______________________
8 6 4 ,2 6 8 4 6
Corporate Surplus—
A d d it io n s t o p r o p e r t y t h r o u g h in c o m e a n d
s u r p l u s _____________ ___________ _________________$ 6 , 2 0 1 , 0 8 3 19
P r o f i t a n d lo s s — b a l a n c e _______________________ 1 7 ,1 1 3 ,4 3 2 94

5 3 , 9 1 5 ,1 9 3 9 2

1 0 ,9 6 5 ,4 0 6 9 6
1 ,9 9 1 ,7 7 0 9 2

6 , 1 6 5 .2 5 1 9 3

2 3 . 3 1 4 , 5 1 6 13
T o t a l ..................................................................................................................... $ 1 1 5 ,0 9 0 ,1 3 9

86

For tables o f Comparative Statistics see preceding pages under
‘A nnual R eports.”

[Vol. 104

THE CHRONICLE

1 6 02

THE CLEVELAND CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY
TW EN TY -E IG H TH ANNUAL REPORT— FOR THE Y E A R ENDED D E CEM BER 31 1916.
To

th e

S to ck h o ld er s

o fThe

C lev ela n d

C in c in n a ti

C h ic a g o

&

S t . L o u i s R a il w a y C o m p a n y :

The Board of Directors herewith submits its report for
the year ended December 31 1916, with statements showing
the results for the year and tho financial condition of the
company.
_
The mileage embraced in tho operation of the road is as
follows:
Miles.

M a i n l in o a n d b r a n c h e s o w n e d ----------------------------------------------------------------------1 ’ 6 8 7 .8 7
P r o p r i e t a r y l in e s _____________________________________________________________
1 2 6 .0 9
L e a s e d l in e s ____________________________________________________________________
2 0 7 .5 8
O p e r a t e d u n d e r c o n t r a c t ____________________________________________________
2 0 1 .3 7
T r a c k a g e r ig h t s _______________________________________________________________ 1 6 4 .0 0
T o t a l r o a d o p e r a t e d ________________________________ ■---------------------------------- 2 , 3 8 6 .9 1

The increase of 2.03 miles, compared with tho previous
year, is due to new line constructed for the Saline Valley
Railway, 3.18 miles, and an increase of .39 mile in trackage
rights over tho New York Central Railroad, Rockwell .Junc­
tion to Toledo, Ohio, partly offset by a decrease of 1.54 miles
duo to tho discontinuance of the use of trackage rights over
the Toledo & Ohio Central Railway, Berwick to Whitmore,
Ohio.
There was no change in the capital stock during tho year,
the amounts authorized and issued to December 31 1916
being as follows:
P r e f e r r e d s t o c k a u t h o r i z e d _______________________________________ 5 1 0 ,0 0 0 ,0 0 0 0 0
C o m m o n s t o c k a u t h o r i z e d _______________________________________
5 0 ,0 0 0 ,0 0 0 0 0
T o t a l s t o c k a u t h o r i z e d __________________________________________ $ 6 0 ,0 0 0 ,0 0 0 0 0
P r e f e r r e d s t o c k i s s u e d __________________________ $ 1 0 ,0 0 0 ,0 0 0 0 0
_
5 7 ,0 5 6 , 3 0 0 0 0
C o m m o n s t o c k i s s u e d ____________________________ 4 7 , 0 5 6 , 3 0 0 0 0
B a l a n c e c o m m o n s t o c k a u t h o r i z e d b u t n o t is s u e d D e c e m ­
b e r 3 1 1 9 1 6 _______________________________________________________
$ 2 ,9 4 3 , 7 0 0 0 0
T h o f u n d e d d e b t u n m a t u r e d o u t s t a n d i n g D e c e m b e r 31
1 9 1 5 w a s ___________________________________________________________ $ 1 0 0 ,5 2 7 ,7 9 8 7 0
I t h a s b e e n in c r e a s e d d u r i n g t h e y e a r a s f o l l o w s :
C e n t r a l G r a in E l o v a t o r C o m p a n y 5 %
m o r t g a g e b o n d s a s s u m e d in c o n n e c t i o n
w it h th e a c q u is itio n o f e le v a to r s a t
C le v e la n d , O h io ; B e e c h G r o v e , I n d ia n a :
S h e l d o n , I l l i n o i s , a n d C h a m p a i g n , I ll i ­
$ 2 3 7 ,0 0 0 0 0
n o i s ...................................... .......................................
C e r t ific a t e s issu e d u n d e r t h o B ig F o u r
R a ilw a y E q u ip m e n t T r u s t A g re e m e n t
„
o f 1 9 1 4 - - . - - . . ......... .............- .............................
1 ,4 9 5 ,0 0 0 0 0
1 ,7 3 2 ,0 0 0 0 0
$ 1 0 2 ,2 5 9 ,7 9 8 7 0
I t h a s b e o n d e cre a s e d d u r in g th e y e a r as fo llo w s :
E q u ip m e n t
tru st
c e r tific a t e s
p a y a b le
J u n o 1 1 9 1 6 ......... .................................................
$ 2 5 8 ,0 0 0
E q u ip m e n t
tru st
c e r tific a t e s
p a y a b le
1 1 5 ,0 0 0
J u l y 1 1 9 1 6 _________________________________
P r o r a ta e q u ip m e n t tru s t c e r tific a t e s p a y ­
2 4 6 ,6 8 9
a b l e N o v e m b e r 1 1 9 1 6 ____________________
P r o r a t a e q u ip m e n t tr u s t c e r tific a t e s p a y ­
4 7 6 ,2 4 9
a b l e J a n u a r y 1 1 9 1 7 _______________________
C . I . S t . L . & C . I t y . C o . g e n e r a l f ir s t
7 1 .0 0 0
m o r t g a g e b o n d s r e t i r e d ___________________
C . I . S t . L . & C . R y . C o . fir s t m o r tg a g e
6,000
b o n d s r e t i r e d ________________________________
R e t i r e m e n t o f n o t e s is s u e d in p a r t p a y ­
m e n t fo r e q u ip m e n t p u rch a se d u n d er
4 6 6 ,6 3 5
B i g F o u r E q u i p m e n t T r u s t o f 1 9 1 4 ------O . C . C . & S t . L . ( S t . L . D i v . ) fir s t c o l l a t ­
eral tru st m o rtg a g e b o n d s p u rch a sed
3 4 .0 0 0
f o r s i n k i n g f u n d ____________________________
T o t a l fu n d e d d e b t o u t s t a n d in g D e c o m b e r 31

00
00
81
73

00
00
00

1 ,6 7 3 ,5 7 4 5 4

1 9 1 6 ------- $ 1 0 0 ,5 8 6 ,2 2 4 16

Road—
C h arges:
A d ju s t m e n t o f e r r o n e o u s c r e d i t in O c t o b e r 1 8 9 9 , a c c o u n t
l a n d le a s e d t o D a y t o n U n io n R a il w a y C o m p a n y ---------------$ 7 2 ,8 2 8 8 4
C o s t o f 100 s h a res o f c o m m o n s t o c k o f th e C in c in n a t i &
S p r i n g f ie l d R a i l w a y C o m p a n y , p a r v a l u e $ 5 0 0 0 , p u r ­
c h a s e ! d u r in g t h o y e a r ________________________________ __________
10 0 00
A d d i t i o n s a n d b e t t e r m e n t s _______________________________________ 1 ,6 0 4 ,5 3 4 6 5
T o t a l .......................................................................................... .......................... $ 1 ,6 7 7 ,4 6 3 4 9
Equipment—

Charges:

T r u s t e q u i p m e n t ___________________________________$ 1 , 0 1 4 , 4 3 3 51
O w n e d e q u i p m e n t _______________________ __________
3 9 3 ,4 4 1 15

B a la n c o

S U M M A R Y O F F IN A N C IA L O P E R A T IO N S A F F E C T IN G IN C O M E .
1916.
1915.
Increase ( + ) or
2 , 3 8 6 .9 1 miles 2 , 3 8 4 . 8 8 miles Decrease (— ' .
Operating Income—
operated.
operated.
+ 2 . 0 3 miles.
R a ilw a y o p e r a t io n s :
$
$
$
R e v e n u e s .........................................4 6 , 6 7 8 , 2 4 0 4 4 3 8 , 3 6 1 , 0 8 6 9 3 + 8 , 3 1 4 , 1 5 3 51
E x p e n s e s .................................... . 3 1 , 2 2 1 , 9 7 6 5 0 2 7 , 5 2 8 , 3 6 6 7 6 + 3 , 6 9 3 , 6 0 9 7 4
N e t r e v e n u e f r o m r a i lw a y
.1 5 ,4 5 6 ,2 6 3 9 4

:s

( 6 6 .8 9 )
1 , 6 8 6 ,7 1 9 9 3
9 ,6 7 7 6 4
U n c o l l e c t i b l e r a i lw a y r o v e n u o ss

$ 1 , 4 0 7 ,8 7 4 66
1 ,8 0 9 ,2 1 9 6 5

( c r e d i t ) ______________________________________________

4 0 1 ,3 4 4 9 9

G r a n d t o t a l ( n e t ) _____________________________________________$ 1 , 2 7 6 , 1 1 8 5 0

Work was continued throughout the year under Section
19-A of tho Act to Regulate Commerce, which provides that
tho Inter-State Commerce Commission shall investigate and
ascertain the value of all property owned and used by rail­
road companies. Tho Government forces completed iho
inventory of buildings, and tho ascertainment of values of
adjacent land by tho same forces is about one-half completed.
The latter work is being carriod on also by tho forces of the
railroad company independent of tho Governmental investi­
gation, and the company’s engineering forces are making
independent computations of tho quantities of bridges,



— ( 4 .8 7 )
+ 1 7 2 ,5 8 8 4 9
— 40 90

1 ,5 2 3 ,8 4 9 9 8

+ 1 7 2 ,5 4 7 5 9

9 , 3 1 1 , 8 7 0 19

+ 4 , 4 4 7 , 9 9 6 18

1 6 ,2 7 7 2 4
1 2 ,4 4 1 3 5

1 6 ,6 5 0 6 7
1 4 ,4 1 7 5 2

— 373 43
— 1 ,9 7 6 17

o p e r a tin g
’

T o t a l o p e r a tin g in c o m e .

+ 4 ,6 2 0 ,5 4 3 77

( 7 1 .7 0 )
1 ,5 1 4 ,1 3 1 4 4
9 ,7 1 8 54

1 ,6 9 6 .3 9 7 57

M is c e l la n e o u s o p e r a t i o n s :
R e v e n u e s __________________
E x p e n s e s a n d t a x e s ______
M i s c e l la n e o u s
■ i n c o m e _____

1 0 ,8 3 5 ,7 2 0 17

1 3 ,7 5 9 ,8 6 6 3 7

3 ,8 3 5 89

2 ,2 3 3 15

+ 1 ,6 0 2 7 4

1 3 .7 6 3 ,7 0 2 2 6

9 ,3 1 4 ,1 0 3 34

+ 4 ,4 4 9 ,5 9 8 92

4 6 3 ,8 7 3 7 2
1 8 6 ,8 8 5 3 7

4 4 0 ,9 4 6 93
1 4 9 ,9 5 5 7 0

+ 2 2 ,9 2 6 7 9
+ 3 6 , 9 2 9 61

8 4 .1 1 1 6 0
1 0 2 ,2 0 5 9 0
2 8 1 ,2 7 8 0 2

8 0 ,6 9 8 21
0 2 ,1 4 9 0 5
2 2 9 ,0 7 4 0 3

+ 3 ,4 1 3 39
+ 1 0 0 ,0 5 6 2 5
+ 5 1 ,6 0 3 99

6 7 .7 7 8 4 8

Non-operating Income—
.
.
M is c e l la n e o u s r e n t s _____
M is c e l la n e o u s
n o n -o p e :
5
.
p h y s i c a l p r o p e r t y _____
.
D iv i d e n d i n c o m o _________
I n c o m e f r o m f u n d e d s e c u r it ie si
I n c o m o fro m u n fu n d e d s
"
t ie s a n d a c c o u n t s ______
l
d e b t __________________
.
M is c e l la n e o u s i n c o m o .

6 7 ,6 0 7 5 8

+ 170 9 0

1 ,1 9 1 7 8
5 0 ,3 1 8 3 9

1 0 3 ,8 0 3 18

+ 1 ,1 9 1 7 8
— 5 3 .1 8 4 7 9

; 1 . 2 9 7 ,6 4 3 2 6

1 ,1 3 4 ,8 3 5 3 4

+ 1 0 2 ,8 0 7 9 2

. 1 5 ,0 6 1 ,3 4 5 5 2 1 0 ,4 4 8 ,9 3 8

Deduclions from Gross Income—
H ir e o f e q u i p m e n t — d e b i t b a l ­
a n c e __________________
5 1 9 ,4 6 0
5 6 2 ,5 6 2
J o i n t f a c i l i t y r e n t s _____________
R e n t f o r le a s e d r o a d s __________
5 7 1 ,0 1 1
M is c e l la n e o u s r e n t s ____________
1 8 5 ,1 1 6
M is c e l la n e o u s t a x a c c r u a l s ___
456
S e p a ra te ly o p e r a te d p r o p e r ­
t ie s — l o s s ______________________
7 2 ,3 5 3
I n t e r e s t o n f u n d e d d e b t ________ 4 , 7 1 8 , 7 7 4
I n t e r e s t o n u n f u n d e d d e b t _____
7 9 ,3 1 3
A m o r tiz a tio n o f d is c o u n t o n
f u n d e d d e b t ___________________
1 0 ,1 6 5
M is c e l la n e o u s i n c o m e c li a r g a s .
1 0 ,4 0 0

68 + 4 , 6 1 2 , 4 0 6 8 4

62
10
00
77
80

— 3 6 ,7 2 3 0 0
— 216 34

22
25
62

9 0 ,0 2 4 2 0
4 ,3 5 7 ,8 5 5 78
7 3 1 ,2 5 4 0 0

— 2 3 ,6 7 0 9 8
+ 3 0 0 .9 1 8 4 7
— 6 5 1 ,9 4 0 3 8

30
26

1 6 ,5 3 8 66
1 0 ,7 3 0 5 0

— 6 ,3 7 3 3 6
— 336 30

T o t a l d e d u ctio n s fro m g ross
’ 6 , 7 2 9 , 6 4 3 14

7 ,0 4 4 ,2 0 7 49

— 3 1 4 ,5 6 4 3 5

8 ,3 3 1 , 7 0 2 3 8

3 , 4 0 4 ,7 3 1 19

+ 4 , 9 2 6 , 9 7 1 19

2 8 ,9 6 6 67

2 7 ,6 7 7 0 0

00

Under Big Four Railway Equipment Trust Agreement of
June 1 1914 there were contracted for 25 locomotives, 1,000
freight train cars and 15 passenger train cars, at an estimated
cost of 82,186,500 00, and trust certificates issued to tho
total amount of 81,495,000 00 to represent not to exceed
80% of the cost thereof. Of this now equipment, tho loco­
motives, passenger train cars and 66 of the freight cars woro
received and put in service during tho year.
Tho changes in tho road and equipment account during tho
year were as follows:

C r e d it a c c o u n t v a lu e o f e q u ip m e n t r e t ir e d .

buildings, tracks and roadway in order to have a check of
the Government notes when tho tentative valuation is com­
plete. Complete maps and profiles of the entiro lino have
been filed with the Inter-State Commerce Commission,
Division of Valuation, during the year.

Disposition of Net Income—
I n c o m o a p p li e d t o s i n k i n g f u n d
D i v i d e n d (3 M % o n p r e f e r r e dl
s t o c k ) ____________ ______________
I n c o m e a p p r o p r i a t e d f o r in ­
v e s t m e n t in p h y s i c a l p r o p ’ t y :
To
e q u ip m e n t
d e p r e c i a t io ni

62
70
00
04
07

5 5 6 ,1 8 3
5 6 2 ,7 7 9
5 7 1 ,0 1 1
1 4 1 ,3 7 0
423

+ 4 3 ,7 4 5 " 27
+ 3 2 27

+ 1 ,2 8 9 6 7
+ 3 7 4 ,9 4 3 7 5

3 7 4 ,9 4 3 7 5
5 6 ,1 2 4 9 4

+ 1 2 1 ,7 0 2 9 9

1 ,3 3 1 .7 3 8 3 5

8 3 ,8 0 1 9 4

+ 1 . 2 4 7 ,9 3 6 4 1

S u r p lu s t r a n s f e r r e d t o c r e d i t
J 0 ,9 9 9 , 9 6 4 0 3

3 ,3 2 0 ,9 2 9 25

+ 3 ,6 7 9 ,0 3 4 7 8

1 7 7 .8 2 7 9 3

+ 7 5 0 ,0 0 0 00

7 5 0 ,0 0 0 0 0

S u r p lu s f o r y e a r 1 9 1 6 — .............................. .................................................... 9 2
A m o u n t t o d e b i t o f p r o f i t a n d lo s s D e c o m b e r 3 1 1 9 1 5 ---------------- 1 ,0 3 1 ,5 7 3 18
$ 5 ,9 6 8 ,3 9 0 8 5
A d ju s t m e n t o f s u n d r y a c c o u n t s ( n o t ) --------------------------------------------

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

Deduct—
U n a c c r u e d d e p r e c i a t io n p r i o r t o 1 9 0 7 o n e q u i p ­
m e n t r e t ir e d d u r i n g 1 9 1 0 _________________________
P r o p e r t y a b a n d o n e d _________________________________
S u r p lu s a p p r o p r i a t e d f o r i n v e s t m e n t in p h y s i c a l
p r o p e r t y _____________________________________________

$ 7 7 4 ,5 5 5 5 0
9 2 ,4 7 9 7 1
17 ,o b o o'J

b o 4 » o J o uu

B a la n c e t o c r e d i t o f p r o f i t a n d lo s s D e c o m b o r 3 1 1 9 1 0 ------- $ 5 , 1 4 7 ,0 0 9 0 9

The gross oporating rovenuos for tho year, $40,078,240 44,
were tho greatest in tho history of tho company, being $8,­
314,153 51 in excess of tho previous year. Transportation
revenue increased $8,102,273 49 and incidental and joint
facility revenues increased $211,880 02.
Freight revenuo was $32,530,543 01, an increase of $0,­
025,711 41, or 22.73 per cent, duo to prosperous businoss
conditions which continued throughout tho year.
Total revenuo tonnago carried was 32,902,583, an increase
of 5,418,900 tons, of which increase 1,950,049 tons was
bituminous coal, tho remainder boing distributed among tho
principal classes of articles transported. Tho avorago reve­
nue per ton per mile was 5.50 mills, a decrease of .01 mill
due to the proportionately greater volume of low-grade ton­
nage and an increase in tho avorago haul of 4.4 miles. Tho
average amount received per ton of freight was 98.9 cents,
an increase of 2.4 cents. Revenuo train loading for tho year
was 054 tons per train mile, an increase of 05 tons, or 11.04
per cent. Freight rovenue per train mile was $3 04, an in­
crease of 3G cents.
.
Passenger rovonuo was $10,020,741 54, an increaso of
$1,512,052 09 over 1915. Of this incroaso $821,710 52 was

A pr . 21 1917.]

THE CHRONICLE

1603

m interline and $690,341 57 in local business. The average
d ^ an ce per passenger carried was 54.6 miles, an increase
ot
miles. The average amount received from each
passenger was $1,095, an increase of $.048, and the average
r cCeJw>s pei^ PassenSer milo were 2.007 cents, an increase
of .006 cents.

S m f T 3 2 1 f f i Se^ and taxeM $2,023,643 27, operating incomo, 3W4i,bU2 58, non-operating mcome, $396,710 16
l^6¥4V^C02 T ’H$r 1?; 31| ^ 41’c5educ^ons from ^oss income!
nrofi^nnd^nQ^t10^ ’ S47.’ 1.60 48. Sundry adjustments of
profit and loss items resulting in a debit of $25,073 67 were
made
m accordance with the operating agreement, which
M a il reven ue was $900,666 66, an increase o f $71,21 6 31.
T ^ n ^ h V 116 deflcit/ or tho year was added to $384,duo to th o greater v olu m e o f business h an dled.
• / u ? p,any for advances on December 31 1915,
Revenue from express traffic was $1,331,473 27, an in­
crease of $378,760 13, or 39.76 per cent, principally duo to $456,788*66 indebtedness on December 31 1916 a total of
this company’s share in the revenue from the increased ex­
press business over its lines.
were
L ^ lf PensioflDepartment
46 employees
were retfredl’n
retired andd ^placed
upon the pension roll
Of these
^ ? - i i way °P erating expenses for the year were $31,221
S Z Z t v % o L WT auth°™ ed b e i s e of the attainment
976 50, an increase of $3,693,609 74.
Fluctuations in expenses for the year by groups were as ot seventy years of age, and 19 because of total and nerma­
nn
dls^b^ity- 22 pensioners died duringP 1916
follows:
Maintenance of way and structures— increase______________ $130,568 96
Maintenance o f equipment— increase.................. ..................... 1,199,179 18
Iraffic— increase___________
_
_
152,289 88
Transportation— railline— increase______________ - ........... __ 2,105,915 62
Miscellaneous operations— increase............................................
8,305 05
80,307 49
Oencral (including Government valuation)— increase_______
1 ransportation for investment— credit— decrease__________
17,043 56

Net increase------------------------------------------------ --------.83,693,609 74
Maintenance of way and structures increased $130,568 96
the principal primary accounts showing material increases
being superintendence, $32,066 76, due to increased force
and rates of pay; roadway maintenance, $69,341 53 prin­
cipally duo to greater expenditures this year in general clean
r°ad6ed; bridges, trestles and culverts,
$286,27.) o8, mainly on account of extensive renewals of
structures in 1916; shops and enginehouses, $24,275 24
mostly due to tho renewal of turntables at Bellofontaine,
Ohio, and Moorfiold, Indiana, and power cables at Beech
Grovo, Indiana; maintaining joint tracks, yards and other
facilities, debit, $54,125 90, extensivo work having been.dono
by other railway companies in tho joint territories, Berwick
to Toledo, Ohio, North Vernon to Jeffersonville, Indiana,
and Lafayette to Templeton, Indiana. Theso increases
wero partially offset by decrease in ties, $258,383 97, other
track material, $36,163 47, ballast, $27,195 85, and track
laying and surfacing, $67,828 06, principally due to scarcity
of laborers.
Maintenance of equipment increased $1,199,178 18, prin
cipally duo to increased cost of material and labor and i
greater number of cars and locomotives repaired in 1916*
There was also an increase of $190,547 62 in depreciation
on account of an increase in the rate from 2 per cent to 2 V
per cont per annum.
Traffic expenses increased $152,289 88, tho principal items
of increaso being superintendence, $25,454 59; outsido agon
cies, $67,745 72, largely duo to tho salaries and expenses
incidont to a number of newly created offices; advertising
$22,564 48, principally duo to increased advertising matter
necessitated by tho creation of new agencies and officesstationery and printing, $17,829 40, largely on account of
tariffs; other expenses, $16,752 10, principally this com­
i t y ’s proportion of the cost of the Ohio and Indiana rate
_ rE * n2 R $ & tion ex.penses increased $2,105,915 62, of which
$1 ,095 ,8Jo 17 was m pay-rolls. Fuel for locomotives in­
creased $543,200 99, principally duo to an increased con­
sumption of 261,442 tons. Tho balance of the increaso ex­
tends to practically all of the accounts in this groun and re
fleets the increases in tonnage, locomotivo, car and train
mileage, and increased rates of pay.
Of tho increase in general expenses amounting to $,
307 49, salaries and expenses of clerks and attendants in­
creased $14,239 99, law expenses increased $12 960 58 the
largest item boing the oxpenses in connection with the arbi­
tration of the case of the C . C . C . & St. L . R v On vm-mm
the C . N . 0 . & T . P . R y . Co. for use of joint facilities at
Cincinnati, Ohio, amounting to $6,812 79; other exnenses
increased $11,089 73, principally duo to $7,215 22 naid to
employees while serving in tho Federal Military service
During tho year thero was charged to income the com­
pany s proportion of the deficit resulting from tho onemtion
of tho Central Indiana Railway for the y o M a m o S S tn
$49,600 09, or $13,353 37 less than the p revioS ?w ar
Tho operations of the Kankakeo & Seneca Railroad (Tor
which separate accounts are maintained) show revenue
for the year *108,730 87; operating eJonsea t o
and
additions and betterments, $137,314 41; defied
f7A ka
one-half of which, $14,287 20, was assumed by thislom nanv
and charged to income in 1916.
y tms comPany
The Mount Gilead Short Lino (for which separate accounts
are maintained) shows revenues for tho year $6 472 80
operating expenses and taxes, $15,071 17, non-oDera’tino- ini
come, $132 50, deficit, $8,465 87, all of w h ic h ^ v^ ch afge d
to income in 1916.
Tho not income for tho year was $8,331 702 38 in in­
crease of $4,926,971 19. Dividends aggregating 3 75 per
cont, or $374,943 75 on tho outstanding preferred stock of
tho company, were paid and charged against tho net in­
come. Tho surplus for the year was $6,999 964 03 -in in­
crease of $3,679,034 78.
Tho summary of financial operations affecting income in­
cludes tho operations of tho Peoria & Eastern Railway
Indianapolis, Indiana, to Peoria, Illinois. Separate ac­
counts for this lino are maintained, and tho operations for
tho year 1916 show revenues amounting to $2,345,245 85




and at the close of the year 313 retired employees wire carl
ried upon the pension rolls. The average monthly pension
allowance of these employees was $21 65, and the total
$77?121 48aid m penS10n allowanees during the year was
Appointments during the year were as follows-

Gener aSaSger’
A ‘ W° r°eSter’ **“ * * ■ “ » * “ d
On January 1, Earl M . Costin, General Superintendent.
On June 15, William T . Stevenson, General Freight Agent.
On September 14, Abraham T. Hardin, Vice-President.
1 iianks and appreciation are extended to the officers and
employees for their loyal and efficient service during the year.
For the Board of Directors,
ALFRED H. SMITH, President.
C O N D E N S E D G E N E R A L B A L A N C E S H E E T , D E C E M B E R 31, 1916.

„

ASSETS.

Investments—

I n v e s t m e n t In r o a d a n d e q u i p m e n t

®i

s f f i n ^ f S n d s 8 ° n 1CaSed r a i l w a y P r o p e r t y !

kk

co p non

qa

2 9 7 ;0 0 9 3 7

318 8 8
33,805 00

M i s c e l la n e o u s p h y s i c a l p r o p e r t y ___ ! ! ! ! ! "
I n v e s t m e n t s in a f f i l i a t e d c o m p a n i e s —
*”
3 7 ,2 8 8 ,5 0 6 21
nA°„CHS - - ..................
....................- .................. - 5 , 7 4 5 , 4 0 2 0 0
N o t e s ----------------1 5 ,0 0 0 0 0
1 ,0 5 4 .7 0 7 8 4
A d v a n c e s -----------------

14,103,616 05

O th e r in v e s tm e n ts —

Stocks----------Notes_____

$36 00
w o on

M A d v fn c°s —
M i s c e l l a n e o u s __________________

81. 000 00
2 ,4 8 0 0 0
— ------------

Current Assets—

1 4 0 ,0 9 8 8 9

’

"

s ^ a f a ^ i f t i : : : : : : : : : : : : : : : : : : .......-

$170,165,131 18

ff

Loans anti bills receivable_____________
Traffic and car-service balances receivable .
Not balances receivable from agents and
conductors________________________
Miscellaneous accounts receivable
Material and supplies__
Rents receivable..______ I ! ! : : : : : : : ----Other current assets__________________

’ I4 ’ i 8 4 6 7
1,469,026 70
x 427 425 07
2'616’260 4 4
2 '0 7 0 ’ 3 1 5 4 R
2 860 12
55,326 49
13,134.253 73

Deferred Assets—

Working fund advances______
Other deferred assets_________

$11,995 94
521,135 85

533,131 79
$63 562 94
1,016,097 62
--------------------1.079,660 56
Total........... - ..............................................................$184,912,177 26
Unadjusted Debits—

Discount on funded debt.........................
Other unadjusted debits..........................

„

,

Stock—

LIA BIL ITIE S.

Capital stock.................................................................... $57,027,200 0 0
Long Term Debt—

Fundod debt uftmaturod—
Equipment obligations:
Equip, tr. ctfs. of 1907- $1,480,138 87
Equip, tr. ctfs. of 1910- 1,597,006 56
Equip, tr. ctfs. of 1912. 1,598,902 00
Equip, tr. ctfs. of 1913- 1,284,070 79
Equip, tr. ctfs. of 1914. 4,849,000 00
Equip, tr. ctft. of 1915- 1,495,000 0 0
_
, ,
$12,304,118 22
Mortgago bonds_______ 59,363,500 00
Collateral trust bonds... 9,256,000 00
Miscellaneous obligations 19,662,605 94
Non-negotiablo debt to affiliated companies^ *^(j)523llll 9 5
107.109,413 11
Current Liabilities—
Loans and bills payable___
$i koo nqn nq
Traffic and car-service balances payable..
1,032,461 52
Audited accounts and wages unpaid___
3 fiKfi 4 9 9 m
Miscellaneous accounts pavable
28,911 15
Interest matured unpaid
1,130,089 86
Dividends matured unpaid__
19,959 62
Unmaturod dividends declared
124,981 25
Unmatured interest accrued.
448.603 15
Unmaturod rents accrued.
99,685 32
Other current liabilities...
87,191 08
8,128,304 96
Deferred Liabilities—
Other deferred liabilities...
84 044 81
Unadjusted Credits—
Premium on fundod debt_____
$13,109 66
Accrued depreciation—equipment__
4.800,918 61
Other unadjusted credits_____
1.371.146 61
6,185,174 88
Corporate Surplus—
Additions to property through income and
surplus___ ___ _ _
Sinking fund reserves_____
465,699 67
Total appropriated surplus....................
Profit and loss—credit balance__ _
Total________________

$1,231,030 41
5,147,009 09

6,378,039 50
1Q4 Q19 177 9ft

F o r ta b le s o f co m p a r a tiv e s ta t is t ic s , see p r e c e d in g p a g e s u n d e r
A n n u a l R e p o r t s .”

1604

[Vol. 104.

THE CHRONICLE

CANADIAN PACIFIC RAILWAY COMPANY
T H I R T Y -S I X T H A N N U A L R E P O R T — F O R T H E H A L F -Y E A R

ENDED

DECEM BER

31ST

1916.

in a currency foreign to tho American market, could be more
advantageously utilized if put in a form familiar to American
investors. The need of tho British Treasury for securities
to obtain dollars has been imperative to carry on t h o v a r ,
„
„
.
__S76.717.96536 and your Company has felt it not only a duty to bo of assist­
Gross Earnings............
45.843.199 50
Working Expenses---------------------------------------------------- ------------------ - ance in this situation, but also a privilege, in view o the
___S30,874.765 86 present position of your Company having boon m a large
Net Earnings----------------------------------------------..........................
5.132,551 09
Deduct Fixed Charges.............................. - — ........
part due to tho investment of British capital over since its
_
,
____ $25,742,214 77 formation.
N o Company in the British Empire stands in
Surplus-----------........................................... - ..........
200.000 00
Contribution to Pension -------------------------------------------- ,----------------- - higher credit among American investors than tho Canadian
$25,542,214 77 Pacific Railway Company, and His M ajesty s Government
Deduct Net Earnings of Pacific
transfenS
had tho assurance that your Company s obligations it ottered
mercial Telegraph, and News Department, transterreu
in a form suitable to the American market, could bo readily
-----Incomei Account.................. .......... .......... .......
to Special
$24,398,143 33 sold in tho United States in largo amounts and at a favorable
nrico. Acting under an understanding with your Com pany,
From this there has boen charged a ouartorly dividend on
Ordinary Stock of 1M per cent, paid January 2nd 1917--- $4 ,5 h»,uui> uu the Lords Commissioners of His M ajesty’s treasury liavo
$19,848,143 33 decided to take over or acquire, under their general powers
F r o m th is th e re h a s b e e n d e c la r e d th e h a lf­
in that behalf, or under regulations mado pursuant to the
y e a r ly d iv id e n d o n P re fe re n ce S t o c k , o f
Defence of the Realm Consolidation Act of !9 1 4 and amend­
2 per cent, payable March 31st 1917------ $1,613,038 12
ing onactmonts, from all persons ordinarily resident in t ie
And a second quarterly dividend on Ordinary
S tock o f H i p er ce n t, p
a y M
3U t
^
QQ
United Kingdom, their outstanding holdings of Canadian
6,163,638 42 Pacific 4 % Consolidated Debenture Stock, Atlantic and
North W est 1st Mortgage 5 % Bonds, Algoma Branch 1st
Mortgage 5 % Bonds, and Ontario & Quoboc 5 % Deben­
ture Stock, which tho Imperial Government proposes to
per cent was paid from Special Income.
THE FOLLOWING ARE THE1DETAILS' ^ n^PJ39J^i'1I^ ’? 0 ME FOR lodge with your Company in oxchango for such an amount
SIX MONTHS ENDED DECEMBER 31SI 1'Jlb.
of 20-30 year 5 % collateral trust bonds of tho Canadian
Balance at Juno30th t9 1 6 ---------------;--$ 1,)>,^ ’^55
Less Dividend paid September 30th 1916-- l.JjQ.OPO
407,099 09 Pacific Railway Company in dollar form as will equal, at
par, the value, on a 5 % basis, of tho securities received from
V *1 Q 1 V f i'i f)2
sns’oo's 07 tho Treasury, calculating tho pounds sterling at tho rate
Interest on Proceeds Land Sales---------------------------------Interest on Deposits and Loans . - - - - - - - - - - - - - - Tf “ [ “
vo’se.n
nn
79,860
00
of £21 to $100. If all of tho abovo four issues should bo
Interest from Minneapolis St. Paul* S. S. Marie Ry. Bonds.
25,080 00
Interest from Mineral Range Ry. Bonds-- — ------— ■~~~
acquired and deposited, your Company would issue $198,­
Interest from Montreal & Atlantic Ry. bonds and other
36,470 08 979 580 of bonds, payablo as to principal and interest in gold
Interest*froVi Bcrlir~i\Vatcrloo wWesfey & Lake Huron By.
8,520 00 in dollars in New York or Montreal at tho option of tho hol­
der, with a fixed maturity of 30 years, but redeemable at
Interestf from St.~ John 'Bridie "& Railway 'Extension Co.
3,125 00 par at tho option of your Company on and after the ex­
Interest*from Esquimalt &" Nanai'mhTYy'. Bonds! I I - - - 96,640 00 piration of 20 years. It is also provided that the bonds may
Interest from Dominion Atlantic Ry. Extension Debenture
28,470 00 be redeemed, if requested by the Government, at lOo and
18,493 34
Interest fr'om'D'omi'n'i'o'n'AtlanticRy'. 2nd Debenture' StSik!
20,000 00 interest, at any time within tho first fivo years ot their life.
Interest from Hull Electric Railway----------------------------100,000 00 Tho pledged collateral will be lodged at the specific prices
Dividend on Dominion Express Co. Stock--si "lit
35,000 00
Dividend on St. John Bridge & Railway Extension Co. Stock
of 80 for tho Canadian Pacific 4 % Debenture Stock and at
Dividend on Minneapolis St. 1 aul & S.S. Mario Ry. ^
445,322 50 par for tho abovo mentioned 5 % securities. Under tho pro­
Dividend1oi^Mi'n'neapolls St". Paul & S'.S. Mario Ry. "Pro222,663 00 posed arrangement the annual fixed charges of your Company
will remain as they are at present, interest on tho collateral
DWklends^on^West"Kootenay Power & Light Co. Preferred
1,925 00 trust bonds being covered by interest on tho securities de­
178,243
75
Dividend's"on'Consol'idYted M '^ n g & 'Smelting C o . Stock posited as collateral, and, although your
Dividend on Berlin Waterloo Wellesley & Lake Huron Ky.
6,250 00 ing liability for repayment on a speed led date, that liability
Dividends on T o ro n to Hamiih^&_Bu^fajoRy. Stock -------- 2.54(5.249 48 is covered by an undertaking of the Imperial Government to
Earnings from Ocean Steamsnips and Hotels..—
’ i ud’ rr? 7 <
s
Revenue from Company’s Interest in Coal Mine 1 rope
79,042 85 provide tho funds required for redemption of tlio bonds in
Nct, Karn\::^toMl’ aciricCoastateamshi"p3.CommcrcralTele^ > |44 ()7] 44 whole or in part during tho first fivo years, or after 20 years
or at maturity, as may bo determined. Included in the
4 % Consolidated Debenture Stock that the Imperial Gov­
$14,822,451 54 ernment proposes to acquire and deposit is the amount of
Less—Payment to Shareholders in dividend:
_ 1,950.000 00 $40 000,000 recently issued by your Company and loaned
January 2nd 1917......................- ...............
to the British Treasury, which tho Imperial Government
$12,872,451 54 will purchaso at 8 0 % of its face va uo, the proceeds of the
From this a dividend has been declared, payable March 31st
qqq qq
sale namely, $32,000,000, to bo loaned to tho Imperial
1917..................................- ............... - .......................................
Treasury for a period of fivo years at an annual interest rate
2 The working expenses for the six months amounted to of 514%, payablo semi-annually. The Company was not
59.75 per cent of tho gross earnings, and the not earnings empowered by existing legislation to issue securities of tho
to 40.25 per cent, as compared with oo,43 and 4 4 .o7 per character described, and, therefore, application has been
made to tho Dominion Parliament for the requisite statu­
G° f Under^thlT’regulations of the Inter-State Commerce tory authority. A s no interest is injuriously affected, and
Commission, railway companies in the United States are now your Company is amply safeguarded, your Directors com­
required to make their fiscal year correspond with the calen­ mend to your favorablo consideration and approv al the f >
dar year, and it is understood that at the present Session mal agreement between His M ajesty’s Imperial Government
of the Dominion Parliament similar legislation will be anil lo u r Company which will bo submitted to you at tho
passed with reference to railway companies in Canada. In Special General Meeting, and ask you to authorize and ap­
order to conform to this requirement, which has tho merit prove tho creation and issuance of collateral ^rus_
of facilitating tho comparison of tho cost of operations and pursuant to the terms of .the agreement, and a p p r o v e the
other statistics, your Directors recommend that D ec. 3 lst form of trust deod to bo givon to secure tho holders of such
in each year bo made tho end of the Company s fiscal yeai bonds as may bo issued, and to do whatever else may bo
instead of June 30th, as horotoforo, and with this change in necessary to carry tho provisions of tho agreement into
viow your Directors liavo adopted a By-law, which you will
bo asked to approve, changing tho date of the Annual Gen­ 0^ 7 ° The sales of agricultural land during tho half year wero
eral Meeting of Shareholders from tho first Wednesday in 328^574 acres for $5,295,345, being an average of $16 12
October to the first Wednesday in May.
per acre. Included in this area were 8,852 acres of irrigated
4 You will also bo asked to give your sanction to amend­ land which brought $49.78 per acre, so that tho average price
ments to By-laws N os. 47 and 49, providing for the issue of
of tho balance was $15.18 per aero. .
« „ {„ loia.
tho Company’s 4 % Consolidated Debonture^ Stock and 1 /o
8 . Acting upon tho authority received from you m 1914
Preference Stock, in dollar currency denominations as well vour Directors have purchased practically all of the stock ol
as in sterling money of Great Britain.
... , »
the Spokano International Railway Company, at a cost ot
5 Tho financial reports and accounts now submitted tor about $2,500,000, tho former owners having liquidated all ot
your consideration cover the six months ended Dec. 31st the floating liabilities, so that tho property is free from
1916, and, therefore, tho noxt Annual Report and state­ indebtedness excepting tho outstanding bonds.
ments to bo placed before you a year hence will embrace the
9. A n ocean steamship of 9,400 tons carrying capacity and
operations of the calendar year 1917.
a snood of 13 knots, now under construction at Nowcastle-on6 W ith tho assent of your Company the British Treasury Tyno has been purchased at a cost of £240,000 for delivery
included among tho securities which wore being borrowed in July or August. This will mako tho tonnage of your ocean
in Great Britain, tho various outstanding obligations ol your fleet practically tho same as it was boforo the outbreak of war,
Company, and these obligations liavo already been used, to but to provide for future requirements and to secure tho adsome extent, for tho purpose of pledge m N ew York aS se­
curity for tho obligations of tho United Kingdom of Great
Britain and Ireland. It bocamo evident, however, that the
obligations of your Company, being to a largo extent issued

To the Shareholders:

j _j
The accounts of the Company for the half-year ended
D ec. 31 1916 show the following results:




building and Engineering Company, Limited, and Harland
& W olff, Limited, for tho building, on a cost and percentage
basis, of two steamships 605 ft. in length between perpen­
diculars with a speed of 20 knots per hour, and two steam­
ships 546 ft. in length between perpendiculars with a speed
of 16 knots per hour.
.
10. Connaught Tunnel, at the summit of the Selkirk
Mountains, has been completed and is now in successful
operation. Your Directors are satisfied that increased
safety and economy in the operation of that portion of your
railway system will more than compensate for the large
capital expenditure involved in the work. The estimated
value of 15 miles of railway abandoned by reason of the con­
struction of the Tunnel, namely $1,665,000, has been
charged against revenue, thus reducing the capital account
by that amount.
11. The yield of tho harvest last Autumn and the general
business of the country substantially exceeded anticipa­
tions, and the result is reflected in your gross and net income
during tho half year under review.
12. Anticipating your approval, capital expenditure has
been authorized in the current year to the amount of $4,­
178,775. Of this, additional wharf accommodation and
other facilities at Vancouver will absorb $841,000; shops,
stations and other buildings, $397,000; transfer tracks,
crossing sidings and enlargement of yards, $792,000; craft
for coastal service, $134,000; telegraph lines, $82,000; and
tho balance is required for a variety of additions and im­
provements over the whole System.
13. Your Directors regret to announce tho death in D e­
cember last of their esteemed colleague and friend, H on.
Robert M ackay, who had been a member of tho Board since
1903. H on. Frederick L . Beique, K . C ., Senator, of M o n ­
treal, has been elected a Director to fill the vacancy in the
Board caused by tho death of H on. Robert M ackay.
14. The underihentioned Directors will rotire from office
at tho approaching Annual Meeting. They are eligible for
re-election.
M R . E D W A R D W . B E A T T Y , K .C .,
H O N . F R E D E R I C K L . B E IQ U E , K .C .
H O N . JA M E S D U N S M U IR ,
M R . CHARLES R . H OSM ER.

For the the Directors,
SH AU G H N ESSY,

President and Chairman.

M ontreal, April 10th 1917.
G E N E R A L B A L A N C E S H E E T D E C E M B E R 31ST 1916.
ASSETS.
P roperty Investm ent­
R a ilw a y .................. ...................................... .$364,641,211 23
R olling Stock E qu ipm ent_____________ 153,605,367 56
Ocean, Lake and R iver Steam ers_______
24,735,315 14
------------------------- $532,981,893
Acquired Securities (C ost)—
Schedulo “ A " ------------------------------------------------------------------- 114,231,203
Advances on Lines and Steamships Under C onstruction___ 43,416,517
Advances and Investm ents_________________________________ 10,453,138
Deferred Paym ents on Lands and Townsltos Sales, N o. 2 . . 16,889,679
Special Investm ent Fund—■
Deferred Paym ents on Lands and T ow n 37,917,833 40
sites-----------------Governm ent and other Securities_______
11,266,784 50
D eposited with Trustee_________________
7,810,699 88
------------------------- 56,995,317
W orking Assets—
M aterial and Supplies on H and...................$13,597,395 84
A gents’ and Conductors’ Balances______
2,676,544 77
N et T ra ffic Balances__________
210,829 04
M iscellaneous A ccounts R eceivable_____
8,818,455 99
Tem porarily Invested in W ar L oans____
5,979,274 51
Cash In H a n d .......................
57,076,018 77
------------------------- 88,358,518
Other Assets—
Schedule “ B " ........................................................
123,442,275

93
48
33
31
00

78

92
15

$986,768,543 90
L IA B IL IT IE S .

C apital Stock—
Ordinary S tock _______________
$260,000,000 00
Four Per C ent Preference S tock_________ 80,681,921 12
------------------------- $340,681,921
Four Per Cent Consolidated Debenture S tock______________ 176,284,882
M ortgago Bonds—
A lgom a Branch 1st M ortgago 5 per cen t_________________
3,650,000
N ote Certificates 6 Per Cent
____________________________ 52,000,000
Premium on Ordinary Capital Stock S old...............
45,000,000
Current—
A udited V ouchers..........................................
7,259,721 59
P ay R olls..........................
4,529,490 73
M iscellaneous A ccounts P ayable..............
6,199,836 70
------------------------17,989,049
Accrued—
Rentals o f Leased Linos and Coupons on M ortgage Bonds
544,060
Equipm ent Obligations......................................................
11,130,000
Reserves and Appropriations—
Equipm ent Replacem ent.............................
5,693,822 98
Steamship R eplacem ent_____ ______
4,415,457 26
Reserve lu rid for Contingencies and for
Contingent W ar Taxes
23,284,640 80
M arino Insurance F u n d ..
555,362 71
-------------------------- 33,949,283
,
' '
N et Proceeds Lands and Tow nsites.......................
71,999,871
Surplus Revenue from Operations................................
116,804,453
Surplus in Other Assets.................
116.735,021

12
10
00
00
00

02
51
00

75
75
96
69

$986,768,543 90
I. G . O G D E N .

Vice-President.

A U D I T O R ’S C E R T IF IC A T E .
W o have examined the B ooks and Records o f the Canadian P acific R ail­
way C o. for tho six m onths ending Decem ber 31st 1916, and having com ­
pared tho annoxcd Balance Sheet and Incom e A ccoun t therewith, we certify
that. In our opinion, tho Balance Sheet is properly drawn up so as to show
tho true financial position o f tho C om pany at that dato, and that the relative
Incom o A ccoun t for the six months is correct.
P R IC E , W A T E R H O U S E & C O .,
Chartered Accountants (England.)
M ontreal, A pril 10th 1917.




1605

THE CHRONICLE

A p r . 21 1917.J

F I X E D C H A R G E S F O R S IX M O N T H S E N D E D D E C . 31ST 1916.
£200,000
St. Lawrence & Ottawa R y . 4 % First M o rt„ _
$19,466 67
gage B onds__________________ ____________
$2,544,000
M an. S. W est. Colzn. R y . 1st M ortgage 5 %
_____
Bonds, due June 1st 1934________________
63,600 00
£4.007,381 15 5 Ontario & Quebec R y . Debenture Stock 5 %
487,564 78
$2,000,000
Ontario & Quebec R y . Ordinary Stock 6 % 6O,00O00
£1,330,000
A tlantic & N orth W est. R y. 1st M ortgage
B onds, due January 1st 1937------------------161,816 67
£750,000
A lgom a Branch 5 % 1st M ortgage Bonds
due July 1st 1937-------------------------------------91,250 00
$500,000
N ew Brunswick Southern R y . 1st M ortgage
B onds, 3 % .....................- ............ - ...........- - 7,500 00
$500,000
Lindsay B obcaygeon & F ontyp ool R y . 1st
_
M ortgage B onds, 4 % ____________________
10.000 00
Rental T oron to Grey & Bruce R y ---------------76.000 00
R ental, Calgary & Edm onton R y ---------------109,178 80
700 00
R ental, Farnham to Brigham J et__________
R ental, M attawam keag to V an ceboro_____
11,900 00
R ental, N ew Brunswick R y . System ______
186,414 87
R ental, Term inals at T o ro n to ______________
11,770 75
R ental, Terminals at H am ilton____________
19,485 99
R ental, Ham ilton Jet. to T o ro n to __________
21,832 10
R ental, St. Stephen and M illtow n R y _____
1,025 00
R ental, Jollette & Brandon R y ____________
2,500 00
R ental. Lachine Canal B ranch____________
469 98
Interest on M ontreal & W estern R y ________
5,944 49
Interest on Equipm ent Obligations................
264,433 34
£36 222,921
•

4%
C O N S O L ID A T E D
DEBENTURE
S T O C K ..........................................................

$1,606,853 44
3,525,697 65
$5,132,551 09

SC H E D U L E “ A ” — A C Q U IR E D S E C U R IT IE S .
Securities o f Leased Lines.
Atlantic & N orth W est R y . 1st M ortgage B onds, 5 % ______
Eganvilie Branch 1st M ortgage B onds, 4 % ______________
Guaranteed S tock ________________________________________
♦Capital S tock .......................
Alberta Railway & Irrigation C o . ♦lst M . B onds, 4 % _____
Ordinary S tock ....................................
Alberta Central Railway ls t M ortgage B onds, 4 % -------------Capital S to c k ......................- ......................................................
British Colum bia Southern R y . ls t M ortgage B onds, 5 % . .
♦Capital S tock ................................. .......... ................................
Berlin W aterloo W ellesley & Lake Huron R y . * lst M o r t­
gage Bonds, 4 % _________________________ _______ ____ _
♦ c o i t a l s t o c k : . : . : . : . . . ..........................................- ...........
Calgary & Edm onton R y . lst'M ortga ge B onds, 4 % -----------♦Capital S tock__________________________________________
Cam pbcllford Lake Ontario & W estern R y . ls t M . B d s., 4 %
♦Capital S tock ....................................................
Cap de la M adeleine R y . *Capital S tock__________________
Colum bia & K ootenay R y . le t M ortgage B onds, 4 % ---------♦Capital S tock ........................................................
Colum bia & W estern R y . 1st M ortgage B onds, 5 % -----------♦Capital S tock............................................................... - ...........
Dom inion Atlantic R y . Capital S tock -------------------------------Preferred S tock.............................................................................
2nd Debenture S tock -------------Extension Debenture S tock ----------------------------------------------Esquimalt & N anaim o R y . * lst M ortgage B onds, 4 % ..........
♦Capital S tock............................................................
Great N orth W est Central R y . ls t M ortgage B onds, 5 % —
♦Capital S to c k ...................................................
Guelph & Goderich R y . ls t M ortgage B onds, 4 % -------------♦Capital S tock................................. ................... - .....................
Georgian B ay & Seaboard R y . ls t M ortgage B onds, 4 % ----♦Capital S tock................................................................- ..........
Kettle Valley R y . *Capital S tock...............................................
Kingston <fc Pem broke R y . ls t M ortgage B onds. 4 % . ..........
1st Preferred S tock --------------- ---------------- - ...............- .............

Par Value.
$19,466 67
302,400 00
3,240,000 00
176,000 00
2,396,000 00
3,171,500 00
2,240,000 00
50,000 00
1,175,000 00
172,200 00
426,000 00
125,000 00
5,900,000 00
1,000,000 00
9.220.000 00
125,000 00
30,000 00
1,277,500 00
250.000 00
5,691,000 00
925.000 00
1,101.848 93
i.RlO.gOg 00
924.666 67
1,423,oOO 00
4,832.000 00
2,500,000 00
1,375,000 00
500,000 00
2,415,000 00
125,000 00
4,840,000 00
250,000 00
375,000 00
1,075.000 00
995,450 00

K ootenay & Arrowhead R y . * ls t M ortgage B onds, 5 % ---♦Capital S tock ..............................
K ootenay Central R y . ls t M ortgage B onds. 4 % ---------------♦Capital S tock..............................................................
Lindsay B obcaygeon & P ontypool R y . *CapitaI S tock -----M anitoba & N orth Western R y . ls t M ortgage B onds. 6 % .
ls t M ortgage Bonds. 5 % .......................
Shell River Branch lst M ortgago B onds, 5 % ----------------Debenture Stock. 5 % - ...................................... - ...........— Preferred S tock, 5 % ............................. ....................... - .............

780,000 00
250,000 00
2.970,000 00
250,000 00
200,000 00
2,627,513 33
2 ^20.000 00
160,600 00
9 } 3 >2RR RR
. 4 } § ’99§ RR

M anitoba South W est C ol. R y . ls t M ortgage B onds, 5 % - Capital S tock............................................................
M ontreal & Ottawa R y . ls t M ortgage B onds, 5 % ................
♦Capital S tock....................................- ................. - ...................
New Brunswick Southern R y . ♦Capital S to c k .-------- ----------Northern Colonization R y . ls t M ortgago B onds, 4 % ---------♦Capital S tock ................................
N icola Kamloops & Slmllkamcon R y. ls t M . B onds, 4 % - ♦Common S tock ..............................................................
Nakusp & Stocan R y. 'C om m on S tock _____________________
Ottawa Northern & Western R y . ls t M . Bonds, 4 % ---------♦Capital S tock .............................................................................
Ontario & Quebec R y . Capital S tock ---------------Orford M ountain R y . ls t M ortgage Bonds, 4 % .....................

72,000 00
700,000 00
1,636.250 00
227,200 00
49,000 00
L 118.000 00
32R.RRR RR
1,1(5,000 00
250.000 RR
300,000 00
3,075,000 00
804.000 00
..J j ’RRR RR
ZR?'RRR RR

Saskatchewan & Western R y. lst M ortgage B onds, 6 % ----♦Common S tock____________ __________________ _________
South Ontario Pacific R y . * lst M ortgago B onds, 4 % ---------♦Common S tock......... ....................................................- ..........
Shuswap & Okanagan R y . lst M . Bonds (£256,700), 4 % . .
Com m on S tock....................................................
St. Lawrence & Ottawa R y. 'C o m m o n S tock--------------------St. M a ry ’s & Western Ontario R y . *lst M . B onds, 4 % -----♦Capital S tock............- .............
St. M aurice Valley R y . lst M ortgage B onds, 4 % ................
♦capital s to c k .....................................................— .................
Tlllsonburg Lake Erie & Pacific R y . ls t M . B onds, 4 % -----♦Common S tock............................................................. - ...........
Vancouver & Lulu Island R y . lst M ortgago B onds, 5 % —
♦Capital S tock................................................................ - ...........
W alkerton & Lucknow R y . ls t M ortgage B onds. 4 % ---------♦Common S tock...................................................- .....................

181.040 00
232,500 00
49o,000 00
, 20,000 00
1 ,249,2/3 33
741.000 00
466,000 00
356.500 00
250,000 00
945.000 00
.RRR-RRRRR
1.067,500 00
400,000 00
455,000 RR
2R’RRR RR
<40,000 00
19,000 00

Securities o f Other Companies, Controlled hut Not Leased.
Duluth South Shore & Atlantic R y . C on. M . B onds, 4 % . . $15,107,000 00
Incom e Certificates...................................................- ...............
§ ’?RR’RRR RR
Preferred S tock...................... ............ .......... ................. .............
5 ’ JRR’RRR RR
M inn. St. Paul & Sault Ste. M arie R y . ls t M . B onds, 4 % - Preferred Stock. 7 % ..................................- ................................
M ontreal & Atlantic R y . ls t M ortgage B onds. 5 % -------------Com m on S tock.................................................................... ........
St. John Bridge & R y . Extension C o. ls t M . B onds, 5 % . .
♦Common S tock...........................................................................
Spokanb International R y. Capital S tock---------------------------Dom inion Express C o. ♦Common S tock....................................
Chateau Frontenac H otel C o. ‘ Com m on S tock----------------Allan Line Steamship C o ., L im ited, C apital S to ck ______

3,993,000 00
i H R A ’tRRRR
945.000
2 4 69'RRR
125,000
„ 200,000

00
RR
00
00
RR
2 ,000,000 00
60,617 sh ges

1606

THE CHRONICLE
Miscellaneous Securities.

Alberta Stock Y ards C o ., Lim ited, Preferred S tock ______
C om m on S tock__________________________________________
Canada N orth W est Land C om pany C om m on S tock______
M ineral Range R y . 1st M ortgage Bonds. 4 % ______________
Pennsylvanla-Ontarlo Transportation C o ., C om m on S tock T oron to Hamilton & B uffalo R y . Capital S tock __________
T ow n o f M orris, M anitoba, B onds________________________
T he Public M arkets, Lim ited, o f M anitoba, S tock _______
Canadian Pacific Railway (Souris Branch) * lst M . B d s.,4 %
Pacific Steamships *4% First M ortgage__________£720,000
P acific Coast Steamships *5% First M ortgage____ £225,000

Par Value.
21,100 00
79,900 00
5,625 00
1,254,000 00
250,000 00
749,600 00
15,000 00
265,000 00
1,946,666 67
3,504,000 00
1,095,000 00

----------$170,723,116 23
♦Denotes com plete ownership.
W e have examined all the Securities, Including those listed above, held
for account o f the Canadian Pacific Railway C om pany, b y the Treasurer,
and have received certificates from the Custodians, for those deposited with
the Banks and Trust Companies for safe cu stody, and haviog compared
them with the records o f the C om pany, find them correct and In order.
P R IC E . W A T E R H O U S E & C O ..
M on treal, April 10th 1917.
Chartered Accountants (England).
SCH E DU LE “ B” — IN V E N T O R Y D E O . 31 1916 OF T H E A C T IV E
A N D IN A C T IV E ASSETS OF T H E C O M P A N Y , AS SH O W N
IN T H E G E N E R A L B A L A N C E S H E E T .
A C T IV E ASSETS.
177,025 Shares Consolidated M ining & Smelting Com pany
Stock, cost________________________________________________ $2,146,641 57
650 Shares W est K ootenay Power & Light C om pany, Pre­
55,000 00
ferred Stock, cost_________________________________________
H ull Electric Railway C om pany, cost to d a to___________ ___
1,067,602 17
C om pany’s Collieries in Alberta and British C olum bia, and
C om pany's interest in other producing coal mines_______
2,466,666 67
IN A C T IV E ASSETS CON SISTIN G OF UNSOLD LA N D S
A N D OTHER PROPERTIES.
SU R PLU S L A N D S A N D B U IL D IN G S available for sale
in the Provinces o f N ew Brunswick, Quebec, Ontario,
M anitoba and British C olum bia, representing m ainly
those purchased in excess o f the requirements when secur­
ing right o f w ay, station grounds and shop sites, as being
m oro economical than a resort to condem nation proceed­
ings.......................................... .......................................................... $2,390,360 00
M A N IT O B A :
Acres.
Agricultural lands___________________
200,859 at $10 00 $2,008,590 00
SASKATCHEW AN:
Agricultural la n d s-.........................1,904,712
at $13 00 24,761,256 00
ALBERTA:
Agricultural la n d s-..................................2,962,208 at 13 00 38,508,704 00
A . It. & I. (500,000 acre tract, under
agreement with G overnm ent)_____
26,552 at
5 00
132,760 00
A L B E R T A — Irrigated lands:
W estern Section.............................
39,274
at 25 00
981,850 00
Eastern S e c t io n .-'..................
408,020 at 40 00 16,320,800 00
A . R . & I. S e ctio n ,.........................
30,889
at 40 00
1,235.560 00
Land reserved in Irrigation Blocks for
right o f way and operating purposes
57,357 at 13 00
745,641 00
D E M O N S T R A T IO N F A R M S :
S tra th m oro _________________________
75,000 00
T i l l e y .........................................................
15,000 00
B r o o k s ______________________________
10,000 00
C a s s ils ______________________________
5,000 00
M ixed Farms (1 3 )..........
123,000 00
T I M B E R L A N D S A N D M IL L S :
T im ber and T ie reserve in British
C olu m b ia -__________
552.348 at
4 00
2,209,392 00
A . R . & I. Tim ber lim it in A lb e r t a -..
45,000 at
1 50
67,500 00
Bull R iver M ill and im p rovem en ts..
100,OoO 0O
B R IT IS H C O L U M B IA :
C olum bia & K ootenay L ands___
20,923
at
2 00
41,846 00
U nsoldjportion o f Esquim alt & N ana­
im o Land G ran t__________________ 1,059,099
4,997,960 0 )
U N SO LD L A N D S IN T O W N S IT E S :
Subdivided sites in M anitoba, Saskat­
chewan and A lberta_______________
7,500,000 00
U nsubdivided land adjoining T ow n
Plots in M anitoba, Saskatchewan
and A lberta_____ __________________ 136,940
4,953,600 00
Unsold lots in British C olum bia, in­
cluding V ancouver________________
4,500,000 00
U nsubdivided land adjoining T ow n sites in British C olum bia, including
5,000,000 00
V an cou v er________________________
C O A L L A N D S:
3,000,000 acres o f coal right reserved
under land sold and unsold in A l­
berta, to bo developed on a royalty
100
b a s is ______________________________
46,933 acres o f coal land in British
C olu m b ia ...............................................
at 10 00
469,330 00
Iron property in British C olu m bia___
25,000 00
N A T U R A L GAS:
Rights reserved in 100,000 acres o f
land sold and unsold in Alberta.
(Revenue from area under lease to
D oc. 31st 1916, $110,138 9 7 ).........
1 00
P E T R O L E U M R IG H T S :
Rights reserved in 50,000 acres o f land
sold and unsold in Alberta, to bo
developed on a royalty basis.
1 00
IM P R O V E D F A R M S :
Buildings and im provem ents on im­
proved (ready made) farms Saskat­
chewan, M anitoba and British C ollum bia; investment being repaid
with land installments with inter­
est at 6 % ________________________
445,372 48
L IV E S TO C K :
L ive Stock (horses, cattle, sheep and
swino) advanced to farmers having
land contracts with C om pany, on
security lien notes_________________
82,840 26
T o t a l .............................................7,444,181

$123,442,275 15

[Vol. 104

SCH E D U L E ‘ D’ — D E T A IL S OF E X P E N D IT U R E ON L E A S E D A N D
A C Q U IR E D L IN E S . F R O M J U L Y 1 1916 T O D E O . 31 1916.
N E W B R U N S W IC K R A IL W A Y :
Additional Sidings, Buildings, Stations and
Y a r d s _________________ _______________ ____
C r . $300 75
Permanent Bridges and Im provem ents o f Lino
3,856 02
St. John Term inals.................................................
133,457 78—$137,013 05
A T L A N T IC & N O R T H W E S T R A IL W A Y :
Additional Sidings, Buildings, Station and
Y a r d s ......... ..........................
106,803 67
Permanent Bridges and Im provem ents o f Lino
12,469 25— 119,272 92
M O N T R E A L & O T T A W A R A IL W A Y :
Permanent Bridges and Im provem ents o f Lino
4,578 37
M O N T R E A L & W E S T E R N R A IL W A Y :
Permanent Bridges and Im provem ents o f Lino
410 02
A ccoun t Purchase o f R o a d __________________
7,917 00—
8,327 02
O N T A R IO & Q U E BE C R A IL W A Y :
Additional Sidings, Buildings, Stations and
Y a r d s ....................................................................
91,549 76
Permanent Bridges and Im provem ents o f Line
27,762 70
D ou blo T rackin g_____________________________
1,314 47
T oron to Term inals___________________________
70,229 41— 190,856 34
M A N IT O B A & N O R T H W E S T E R N R A IL W A Y :
A dditional Sidings, Buildings, Stations and
Y a r d s ....................................................................
13,6 71 6 6
Permanent Bridges and Im provem ents o f Lino
880 13
R ight o f W a y ...................
540 70— 15,092 49
M A N IT O B A SOU TH W E S T E R N C O L O N IZ A T IO N R Y .
A dditional Sidings, Buildings, Stations and
Y a r d s . . . ........................
1,367 71
Permanent Bridges and Im provem ents o f Lino
12,058 35— 13,426 06
C A L G A R Y & E D M O N T O N R A IL W A Y :
Additional Sidings, Buildings, Stations and
Y a r d s ......... ............................................
1,659 01
Permanent Bridges and Im provem ents o f Lino
2,129 40—
3,788 41
C O L U M B IA & W E S T E R N R A IL W A Y :
Additional Sidings, Buildings, Stations and
Y a r d s _______________
7,512 40
Permanent Bridges and Im provem ents o f Lino
7,517 44
R ight o f W a y ......... ..................................................
769 38— 15.799 22
C r. 129 68
N E W B R U N S W IC K S O U T H E R N R A I L W A Y .......................
J O L IE T T E & B R A N D O N R A I L W A Y ______ ______________
2,021 16
O T T A W A N O R T H E R N & W E S T E R N R A I L W A Y _______
17 79
79 87
ST. M A U R IC E V A L L E Y R A I L W A Y _______ ______________
G E O R G IA N B A Y & S E A B O A R D R A I L W A Y ......................
9,988 54
L IN D S A Y B O B C A Y G E O N & P O N T Y P O O L R Y ..................
578 80
SOU TH O N T A R IO P A C IF IC R A I L W A Y ................................
5,733 02
A L B E R T A C E N T R A L R A I L W A Y . . . ...................................... Cr.3,125 97
652 98
C O L U M B IA & K O O T E N A Y R A I L W A Y .................................
K A SLO & S LO C AN R A I L W A Y ......... .........................................
1,043 68
$525,014 07
R E C E IP T S

AND

E X P E N D IT U R E S — S IX M O N T H S E N D E D
D E C E M B E R 31 1916.
Cash in hand Juno 30 1916..............................................................$41,581,680 69
T em porarily invested in W ar Loans_________________________
5,272,690 63
R e ce ip ts .
Surplus Revenue as por statom ont___________ $24,398,143 33
Special Incom o as por statem ent____________
6,415,352 45
------------------------ 30,813,495 78
LAND DEPARTM EN T:
Lands and Townsites:
Proceeds o f Sales and Interest_______